HUBSPOT INC
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
HUBS$196.99-4.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | ||||
|---|---|---|---|---|
| 2023 · 2022 · 2021 | ||||
| Operating Activities: | ||||
| Net loss | $(176,295) | $(112,749) | $(77,837) | |
| Adjustments to reconcile net loss to net cash and cash equivalents provided by operating activities, net of acquisitions | ||||
| Depreciation and amortization | 72,673 | 58,150 | 45,159 | |
| Stock-based compensation | 432,271 | 275,849 | 166,761 | |
| Restructuring charges | 67,263 | — | — | |
| Loss on early extinguishment of 2022 Convertible Notes | — | — | 4,892 | |
| Repayment of 2022 Convertible Notes attributable to the debt discount | — | — | (26,428) | |
| Gain on termination of operating leases | — | — | (4,276) | |
| Loss on disposal of fixed assets | — | — | 6,468 | |
| Gain on strategic investments | — | (4,201) | (11,741) | |
| Impairment of strategic investments | 1,704 | 5,863 | — | |
| Provision for (benefit from) deferred income taxes | 5,208 | (2,122) | (2,869) | |
| Amortization of debt discount and issuance costs | 1,986 | 2,013 | 23,507 | |
| (Accretion) amortization of bond discount | (42,907) | (9,118) | 4,275 | |
| Unrealized currency translation | (341) | 1,010 | 1,304 | |
| Changes in assets and liabilities, net of acquisition | ||||
| Accounts receivable | (57,618) | (73,985) | (34,107) | |
| Prepaid expenses and other assets | (47,048) | (5,987) | (1,077) | |
| Deferred commission expense | (81,178) | (37,583) | (32,560) | |
| Right-of-use assets | 29,173 | 29,531 | 31,418 | |
| Accounts payable | (14,031) | 18,277 | (10,608) | |
| Accrued expenses and other current liabilities | 87,074 | 32,375 | 58,209 | |
| Operating lease liabilities | (36,889) | (21,118) | (29,478) | |
| Deferred revenue | 109,926 | 116,969 | 127,716 | |
| Net cash and cash equivalents provided by operating activities | 350,971 | 273,174 | 238,728 | |
| Investing Activities: | ||||
| Purchases of investments | (1,580,504) | (1,507,870) | (1,484,762) | |
| Maturities of investments | 1,502,534 | 1,184,506 | 1,387,498 | |
| Sale of investments | — | 124,998 | — | |
| Purchases of property and equipment | (33,718) | (37,426) | (28,726) | |
| Capitalization of software development costs | (66,372) | (44,345) | (33,139) | |
| Purchases of intangible assets | (164) | (10,000) | — | |
| Acquisition of a business, net of cash acquired | (142,129) | — | (16,810) | |
| Proceeds from sale of strategic investments | — | — | 12,620 | |
| Payments for equity method investments | (2,025) | (3,150) | (3,100) | |
| Purchase of strategic investments | (12,388) | (26,371) | (13,089) | |
| Net cash and cash equivalents used in investing activities | (334,766) | (319,658) | (179,508) | |
| Financing Activities: | ||||
| Proceeds from settlement of Convertible Note Hedges related to the 2022 Convertible Notes | — | 60,483 | 8,985 | |
| Payments for settlement of Warrants related to the 2022 Convertible Notes | — | (34) | — | |
| Payment for settlement of 2022 Convertible Notes | — | (79,807) | (89,525) | |
| Repayment of 2025 Convertible Notes attributable to the principal | (13) | (1,619) | — | |
| Employee taxes paid related to the net share settlement of stock-based awards | (10,714) | (11,526) | (17,439) | |
| Proceeds related to the issuance of common stock under stock plans | 47,738 | 39,931 | 46,510 | |
| Net cash and cash equivalents provided by (used in) financing activities | 37,011 | 7,428 | (51,469) | |
| Effect on exchange rate changes on cash and cash equivalents | 4,649 | (6,811) | (8,861) | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | 57,865 | (45,867) | (1,110) | |
| Cash, cash equivalents and restricted cash, beginning of year | 334,175 | 380,042 | 381,152 | |
| Cash, cash equivalents and restricted cash, end of year | 392,040 | $334,175 | $380,042 | |
| Supplemental cash flow disclosure: | ||||
| Cash paid for interest | $1,722 | $1,746 | $1,843 | |
| Cash paid for income taxes | $12,911 | $4,685 | $6,970 | |
| Right-of-use assets obtained in exchange for operating lease facilities | $7,059 | $74,985 | $92,131 | |
| Right-of-use asset reductions related to operating lease terminations | $(7,382) | $ | - | $(46,587) |
| Non-cash investing and financing activities: | ||||
| Capital expenditures incurred but not yet paid | $1,068 | $247 | $470 | |
| Asset retirement obligations | $(199) | $1,113 | $71 | |
| Issuance of common stock for repayment of 2022 Convertible Notes | $— | $— | $493,172 | |
The accompanying notes are an integral part of the consolidated financial statements
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