Hubspot (HUBS) FY2021 results: revenue $1.3 billion, up 47.3% on the year

Hubspot Inc. (HUBS) reported revenue of $1.3 billion for fiscal 2021, the year ended 31 December 2021, up 47.3% on the year before. Net income was -$78 million, and diluted earnings per share $-1.66. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2022.

Revenue

$1.3 billion

+47.3% on the year

FY2014FY2021

Operating margin

-4.2%

-5.8% a year earlier

FY2014FY2021

Net income

-$78 million

FY2014FY2021

Diluted EPS

-$1.66

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,301	883	675	+47.3%
Cost of revenue	259	167	130	+55.0%
Gross profit	1,042	716	545	+45.5%
Gross margin	80.1%	81.1%	80.7%
Research and development	302	206	158	+46.9%
Operating income	-54.8	-50.8	-47.0
Operating margin	-4.2%	-5.8%	-7.0%
Interest expense	30.3	37.0	22.8	-18.3%
Pre-tax income	-73.8	-80.8	-50.8
Income tax	4.0	4.2	3.0	-4.7%
Net income	-77.8	-85.0	-53.7
Net margin	-6.0%	-9.6%	-8.0%
Diluted EPS	-$1.66	-$1.90	-$1.28

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	239	88.9	119	+168.5%
Capital expenditure	28.7	37.3	40.4	-22.9%
Free cash flow	210	51.6	78.6	+306.7%
Free cash flow margin	16.1%	5.8%	11.6%
Cash from investing	-180	-216	-316
Cash from financing	-51.5	222	359
Depreciation and amortisation	45.2	37.1	28.8	+21.9%
Share-based compensation	167	121	97.8	+37.3%
Diluted shares, weighted	47m	45m	42m	+4.8%
Shares outstanding at period end	47m	46m	43m	+2.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	871	763	650	+14.2%
Debt	403	479	341	-15.9%
Operating lease liabilities	284	280	244	+1.5%
Other liabilities	617	452	335	+36.6%
Total liabilities and equity	2,175	1,973	1,569	+10.2%
Fixed assets	96.1	101	83.6	-4.9%
Goodwill	47.1	31.3	30.2	+50.3%
Intangible assets	10.6	10.3	11.8	+2.8%
Investments	996	904	746	+10.2%
Cash and equivalents	377	378	270	-0.3%
Receivables	157	126	92.5	+24.5%
Other assets	491	422	336	+16.2%
Total assets	2,175	1,973	1,569	+10.2%

10-K for the year ended 31 December 2021, filed 14 February 2022: the filing.