Hubspot (HUBS) FY2022 results: revenue $1.7 billion, up 33.1% on the year

Hubspot Inc. (HUBS) reported revenue of $1.7 billion for fiscal 2022, the year ended 31 December 2022, up 33.1% on the year before. Net income was -$107 million, and diluted earnings per share $-2.23. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$1.7 billion

+33.1% on the year

FY2015FY2022

Operating margin

-5.9%

-4.2% a year earlier

FY2015FY2022

Net income

-$107 million

FY2015FY2022

Diluted EPS

-$2.23

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,731	1,301	883	+33.1%
Cost of revenue	308	259	167	+19.0%
Gross profit	1,423	1,042	716	+36.6%
Gross margin	82.2%	80.1%	81.1%
Research and development	442	302	206	+46.4%
Operating income	-103	-54.8	-50.8
Operating margin	-5.9%	-4.2%	-5.8%
Interest expense	3.8	30.3	37.0	-87.6%
Pre-tax income	-98.5	-73.8	-80.8
Income tax	8.9	4.0	4.2	+121.3%
Net income	-107	-77.8	-85.0
Net margin	-6.2%	-6.0%	-9.6%
Diluted EPS	-$2.23	-$1.66	-$1.90

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	273	239	88.9	+14.4%
Capital expenditure	37.4	28.7	37.3	+30.3%
Free cash flow	236	210	51.6	+12.3%
Free cash flow margin	13.6%	16.1%	5.8%
Cash from investing	-320	-180	-216
Cash from financing	7.4	-51.5	222
Depreciation and amortisation	58.1	45.2	37.1	+28.8%
Share-based compensation	276	167	121	+65.4%
Diluted shares, weighted	48m	47m	45m	+2.5%
Shares outstanding at period end	49m	47m	46m	+3.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	995	871	763	+14.2%
Debt	454	403	479	+12.8%
Operating lease liabilities	316	284	280	+11.4%
Other liabilities	780	617	452	+26.3%
Total liabilities and equity	2,545	2,175	1,973	+17.0%
Fixed assets	105	96.1	101	+9.5%
Goodwill	46.2	47.1	31.3	-1.8%
Intangible assets	17.4	10.6	10.3	+65.1%
Investments	1,194	996	904	+19.9%
Cash and equivalents	331	377	378	-12.2%
Receivables	227	157	126	+44.2%
Other assets	624	491	422	+27.0%
Total assets	2,545	2,175	1,973	+17.0%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.