HubSpot at Morgan Stanley Conference: AI Strategy and Growth Prospects

On Tuesday, 04 March 2025, HubSpot (NYSE: HUBS) participated in the Morgan Stanley Technology, Media & Telecom Conference. CEO Yamini Rangan presented a strategic overview that highlighted both the strengths and challenges facing the company. While HubSpot’s AI-driven innovations and stable demand environment are promising, the company also faces financial pressures and evolving monetization strategies.

Key Takeaways

• HubSpot is integrating AI across its platform, focusing on a unified customer experience.
• The company aims for an 18% operating margin in 2025, with a target of 20% to 22% by 2027.
• AI features are driving increased customer engagement, with significant growth in the user base.
• Monetization strategies include hybrid pricing models for AI agents.
• Upcoming events promise further AI-powered innovations.

Financial Results

• Operating Margin Targets: HubSpot aims for an 18% operating margin for fiscal year 2025, with a goal of 20% to 22% by 2027.
• Factors Influencing Margins: Foreign exchange headwinds and increased 401(k) contributions slightly impact 2025 margins.
• Margin Improvements: Past improvements were due to cost efficiencies and changes in partner commissions.
• Pricing Model Adjustments: Initial pricing changes lowered average selling prices, but seat upgrades are now benefiting the company.
• Customer Migration: A new pricing model is expected to increase costs for existing customers by up to 5%.

Operational Updates

• Demand Environment: HubSpot reports stable demand, with growing customer engagement since September.
• AI Integration: Over 100 AI features have been launched, enhancing various hubs.
• Breeze Platform: Includes co-pilots and agents, with an expanding agent marketplace.
• AI Engagement: Significant engagement with AI features among enterprise and pro customers.
• Support and Prospecting Efficiency: AI resolves 35% of support tickets and set up 10,000 meetings in Q4.

Future Outlook

• AI-Driven Efficiency: Continued experimentation with AI to improve sales and marketing.
• Agent Monetization: Implementation of a hybrid pricing model as AI agents scale.
• M&A Strategy: Focus on acquiring technology and talent to enhance the product roadmap.
• Upcoming Events: Spring spotlight and inbound conference will showcase new AI features.

Q&A Highlights

• Value Creation with Agents: Agents perform tasks or call other agents, with early adopters seeing a 42% resolution rate.
• Content Creation: 30% of content is generated by customers using content agents.
• Monetization Strategy: Existing hub and seat-based monetization will continue, with potential usage-based components.

For more detailed insights, readers are encouraged to refer to the full transcript.

Full transcript - Morgan Stanley Technology, Media & Telecom Conference:

Elizabeth Porter, Analyst, Morgan Stanley: Good afternoon, everyone. Thank you for joining us for the Morgan Stanley TMT Conference. My My name is Elizabeth Porter. I’m an analyst on the U. S.

Software Equity Research team. And I’m really excited to have with us today HubSpot’s CEO, Yamini Rangan.

Yamini Rangan, CEO, HubSpot: Elizabeth, thank you for having me. Good to be here.

Elizabeth Porter, Analyst, Morgan Stanley: Great. So we are going to take audience Q and A at the end, so mics will go around. And before we start, for important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. And with that, thanks everyone for joining us. So Yamini, I think it’d be great to start off the conversation with getting your view on just what’s happening in the macro demand environment.

I think when we exited 2024, we looked at indicators like small business sentiment in The U. S, got really excited. I know that there is tariff trade war headlines going on now that certainly increased the volatility. So what are you seeing today in the macro demand environment? And what’s your initial outlook for 2025?

Yamini Rangan, CEO, HubSpot: Yes. I think I would say broadly the demand environment for us has been stable. And if I characterize the small medium business segment, starting September, we’ve had more growth conversations, conversations about growth initiatives with our customers than before. Now having said that, broadly, our customer base tends to be very value focused. They still tend to be very focused on beneficiary of that move.

And they’re beginning to kind of like experiment with AI, but broadly, the trends are stable. Now, I say that as I read daily updates on tariffs and some trade war that’s starting. So I’d say that it is a volatile environment, but the environment so far has been stable. Great. And one of

Elizabeth Porter, Analyst, Morgan Stanley: the other things that has been stable to accelerating is your pace of innovation. Yes. And we saw just last fall at your inbound conference, the announcement of the Breeze platform. Yes. And across that platform, you have things like co pilots, you have agents, you have features that you’re integrating into the product.

And it would be great to get your view on just the longer term vision that you have for agents and really what differentiates the HubSpot agent versus what seems to be a very crowded marketplace?

Yamini Rangan, CEO, HubSpot: Place? Yes. Lots of agents out there. So I’ll step back and say this whole trend is a decade long plus trend. We definitely see software as a service kind of moving into results as a service, which is what AI enables.

And our strategy from almost the minute we saw ChatGPT come into the world has been we want one single product, which is an AI first customer platform. That has been a strategy. We believe that nobody should be buying an AI SKU versus a non AI SKU. There should be one SKU, one product, which is an AI first product. And therefore, our strategy has been to build AI into every hub and every part of the platform.

Over the last two years, we have launched more than 100 features that are embedded within parts of the hubs. We have launched a co pilot that assists all front office teams in leveraging HubSpot with AI. And we launched a series of agents last year at inbound. The Breeze agents are prospecting agent, customer agent, social and content agent. And we have an innovation bet in an agent marketplace where we are thriving.

We’re creating like a thriving ecosystem for agent builders. So our strategy kind of has been across all of our platform. Now having said that, you asked a question, how do you differentiate yourself? We think about this and we feel that we have three unique value proposition to offer, which is why we think we’ll win within the AgenTek future. The first is data.

HubSpot has always been great at bringing structured data together for our customers. Structured data is who’s your customer, what’s the contact, what is the conversation that you’ve had. We’ve always been great at bringing structured data. Now we see the opportunity to bring structured and unstructured data. Unstructured data in emails, in Slacks, in conversations you have, in Zoom meetings, we’re bringing all of that and we’re simplifying it to build the data fabric for small and medium businesses.

That’s unique to us. We have nearly 1,800,000 CRM users that are using our product on every single day, which means there’s a vast amount of structured and unstructured data that we can bring. Second reason we’ll win is because we have the context and we’re building a context layer on top of that data layer. What does that mean? If you are onboarding a new employee, you provide context to that employee.

That employee should know what are your products, what’s the value proposition of the product, what is the tone, what’s the voice, who is your ideal customer. All of that is how you onboard your employees, agents and co pilots and features need to be onboarded and we’re building a context layer. We acquired this company called Frame and that technology allows us to look at structured and unstructured data and build that context for every single company, which is their brand, their voice, their ideal customer profile, the value proposition. So that’s unique in how we build it and you got to have a platform to be able to do it. And the third is really the platform centric approach.

HubSpot has won not because we have had individual hubs. We have actually won because we have a platform layer that provides primitives, that provides very clear ways in which the hubs can manifest the features. And so we have AI intelligence platform layer with skills, with governance, with trust, with security, with permissioning built into it. And that enables our agents to kind of have the context across the whole journey and build on top of that data. So I think we’re going to win because of the data layer, because of the context layer and because of the platform centric approach that we bring to small and medium customers.

Elizabeth Porter, Analyst, Morgan Stanley: And I really think that we’re starting to see this differentiation play out with the fact that two thirds of your enterprise customers and over half of your pro customers are engaging with the AI today. And I wanted to ask, given we’ve seen some of the early indicators of AI features driving more customer engagement, how do you think about monetizing all of this innovation? And what’s the timeline for transitioning from delivering value to monetizing these AI features?

Yamini Rangan, CEO, HubSpot: Yes. So maybe I’ll take a step back. When our strategy from a product is to have one single product, which is an AI powered customer platform, which we are monetizing today. By embedding all of our hubs with features, we are actually accelerating the acquisition of the platform. So if you asked us how you monetizing, we have one product.

And every hub and every part of the platform has AI features. And the way we see that translate into monetizing is we see better attach rates of Content Hub. We launched Content Hub last year. It is an AI first hub. All of the features that we launched last year are AI features.

And we have seen the attach rate of Content Hub to Marketing Hub grow threefold. It was 13% at the beginning of the year. The end of the year was 54%. So we’ve seen the attach rate of hubs like Content Hub increase. Service Hub, also another AI first hub where we have launched a whole array of AI features and we have continued to see increase in Service Hub adoption across our entire customer base, same thing with Sales Hub.

So we’re already seeing monetization because we have one single product, which is all embedded within AI and we’ll continue to see improvements in attach rate, improvements in upgrade rates and a faster pace of acquisition. Now having said that, there is this whole set of agents that we launched and I talked about this. We launched four Breeze agents. And when those agents add consistent value and it is driving value for a larger base of our customers, then we will layer in, in addition to the seats pricing model, we’ll layer in a usage or credit based mechanism to monetize the agents. Like I would say that early innings of this agentic kind of future, our first set of agents are beginning to drive value, but it’s for a smaller base of customers.

And so this year, we’re really focused on making sure that the agents scale and can drive predictable value. And when it does, we see a future of hybrid pricing, one with seats as well as usage or credit based monetization happening. Great. And with these

Elizabeth Porter, Analyst, Morgan Stanley: agents, I think a really interesting concept is they’re getting more specialized. You can find the right agent to do the right task for your specific team. It’s almost like hiring an employee for your team. And Dharmesh has kind of taken this view and worked on what you mentioned as the agent AI platform. Yes.

And so that’s kind of like a professional network for AI agents. Correct. I understand it. And you referenced that just the base of users on AI agent platform has massively grown from about 50,000 at inbound to over 900,000 at your most recent call. So it’d be great to better understand what’s the vision for AI agent and how is it going to contribute to the HubSpot platform?

Yes.

Yamini Rangan, CEO, HubSpot: I think that’s a great question. We’re very happy with the momentum that we have with the agent AI, which Dharmesh is spearheading. But maybe to provide context, if you think about HubSpot, we’ve always built best in class hubs like marketing hub, sales hub, service hub, but we also had a thriving ecosystem where others build apps on top of HubSpot and offer it to the joint customer base of small and medium businesses. And that’s the same ecosystem playbook that we are now applying to agents. We certainly want to create and we’ve already launched a handful of best in class agents that I talked about.

And we also want a vibrant ecosystem of agent builders that are building on top of HubSpot in a marketplace and able to leverage the HubSpot data within our platform. And so we launched agent.ai at inbound. At that time, we had about 50,000 users. And right now, it’s close to 900,000 users. So it has grown tremendously in terms of the number of users.

And what our vision is, is to make it easy for builders to leverage a platform and build agents. And the kinds of agents that we now have, we have hundreds of agents built by agent builders. It’s all the way super simple things from researching a company or generating an image to multi step agents that can actually look at your campaigns to hopefully an agent that can call other agents, which is really the broader vision. So that’s why you mentioned the word network of agents, which in the future we think that agents can call other agents. So our broad strategy is build best in class agents that we know every customer will need and also create a thriving ecosystem for builders to experiment build with, so that if you have a small medium business, you should be coming to HubSpot and either adopting our first party created agent or something that is built by one of our partners.

And And a

Elizabeth Porter, Analyst, Morgan Stanley: part of the Breeze platform that we haven’t touched on yet is Breeze Intelligence. Yes. And that was built with the acquisition that you guys did from Clearbit. Correct. And really it opened up your exposure to the TAM in the data market, which is a multibillion dollar TAM.

And clearly, there are some natural adjacencies to that market next to the CRM. So I first wanted to ask, just can you talk about the near term demand trends that you’re seeing for Breeze Intelligence? And then second, how do you expect capabilities for Breeze Intelligence to evolve?

Yamini Rangan, CEO, HubSpot: Yes. Yes. So great question. I think maybe I’ll start with the vision that we have for EnRICH data. I talked about how we differentiate in providing agents.

It starts with great data. It starts with great company data, but it also starts with great intent data. So, our vision is to provide the best data about customers to our customers, right? That is really the vision that we have in terms of Breeze Intelligence. And if we think about the three core use cases of Breeze Intelligence, the first one is helping marketeers get better data about prospects so that they can run better campaigns.

And typically, you have an ideal customer profile and Breeze Intelligence can help you identify hundreds, thousands of customers that are similar to that ideal customer profile. That’s kind of use case number one, identify better prospects and customers for your product. The second is, once you’ve identified the ideal customers within your prospect base, do they have the intent to purchase your product? And typically, the intent signals are did they visit your website? Did they ask questions about you in a community?

Did they try your free product? Those are all intent signals. And so, Breeze Intelligence allows us to be able to capture that intent signal. And the third is once that intent signal is clear, if someone visits your website, can you convert them faster? Because you now have enough information about them and typically a lot of people leave by half they complete a form.

They don’t want to fill out all of the fields and so can you do it better. So those are the data use cases that we want to be able to drive and that’s our broader vision in terms of BRIE’s Intelligence. Now we launched BRIE’s Intelligence. It went into GA January. So it’s been four weeks, so very, very early days.

And the patterns of customer adoption are pretty similar to our hypothesis. So a lot of customer adoption in marketing by campaign managers, folks that are designing channel mix for their customers and early use cases are all kind of in the marketing use case. And so we have a lot more to build and a lot more to deliver to our customers, but very excited about the vision of including enriched data within the CRM.

Elizabeth Porter, Analyst, Morgan Stanley: And you referenced earlier that we’re going to see an evolution of the pricing structure. It’s going to be some seats. It’s going to be some consumption. And you did recently move to more of a seat based pricing model across all the tiers. Yes.

And so I wanted to better understand what the strategic rationale was for the pricing change now and what are the opportunities that have fundamentally opened up for HubSpot?

Yamini Rangan, CEO, HubSpot: Yes, it’s a great question. So it’s been about a year since we changed the pricing model and introduced a few changes to the pricing model, I should say. Last March, we introduced this and there were three key changes. The first one is we lowered the price per seat. And clearly, that was for us to acquire more customers.

So the rationale was if below the seat price, we actually can grab more market share. And we certainly think we’re in the early innings of building market share momentum and that was change number one. The second one is we lowered price minimum. So our Pro and Enterprise tier of our product had seat minimums and that created a friction for customers to upgrade into higher tiers and we wanted to remove that friction. So we removed the friction and now we are benefiting from customers buying exactly what they want and then upgrading to additional seats.

And so we’re seeing the benefit of that second change. The third one is we introduced a core seat. For many years, we’ve had CRM, which is we call it a smart CRM and that CRM component has added tremendous value to our customers. And so, what we introduced as a change last year was that you can view it, but if you need to edit that CRM and edit the record within the CRM, then you need to pay. And so that was the third change that we did.

So stepping back, why did we make the price change and what are we seeing as benefits? We did the price change to lower friction for customers and have them start with HubSpot and grow with HubSpot without friction. And that is exactly what we are seeing. Last year, we obviously had a bit of an ASP drop. And this year, we’re benefiting from seat upgrades.

This year, in addition to kind of new customers going through the pricing model, we’ll have our installed base of customers go through that pricing model that will start this year, but it will also continue into next year. And as they migrate into the new pricing model, then we’ll also increase up to a 5% for the installed base of customers. Overall, we think super early stages. Everything that we do from a pricing is to increase the market share acceleration and provide value to our customers and it’s very consistent with our pricing strategy.

Elizabeth Porter, Analyst, Morgan Stanley: Great. And in addition to being able to see customers expand in the new model by adding more seats, there’s also opportunity to expand by taking more hubs, taking more functionality. And you’ve referenced the Frame AI acquisition. You’ve seen cash flow as another acquisition. So I wanted to better understand how you’re thinking about the M and A strategy.

Yes. You guys have been very organic builders. Yes. So kind of what are the frameworks in this decision? Yes.

Yamini Rangan, CEO, HubSpot: I mean, we plan to be organic crafters of a product. I think for if you think about small medium businesses, they either had to assemble a set of point solutions or they had to take like enterprise class solutions to be able to grow and both of those not great options. And that’s why our value proposition of being super easy, getting fast time to value and having a unified crafted customer experience has been really important for that segment. So we plan to deliver a crafted customer experience for our customers. So having said that, our M and A strategy is mostly to look for great tech and great talent that can accelerate portions of our roadmap.

And so when we acquired Clearbit, which you mentioned, or cash flow that you mentioned, the first thing that we do is we rewrite that technology onto our platform so that we can deliver a very cohesive experience to customers. With cash flow, they provide CPQ and we are taking that CPQ functionality natively building it within the HubSpot platform so our customers can have a great experience. With Clearbit, it was an acquisition of data and data enrichment, and that’s exactly what we are building into Breeze Intelligence. So our M and A, we think of our philosophy as very Apple esque. We will acquire tech, we will acquire talent, but we will maintain the integrity of a cohesive customer experience.

Elizabeth Porter, Analyst, Morgan Stanley: Okay. And I want to switch a little bit over to the financials. Sure. For your operating margin guidance, you did about 18% for fiscal twenty twenty five, which puts HubSpot well on the path to reach 20% to 22% targets in fiscal twenty twenty seven. And I’d note that your 18% in fiscal twenty twenty five probably would have been closer to 20% already if it wasn’t for FX and the company increasing the match to their employees’ four zero one.

So as we look forward, what are some of the operational levers you’re planning to use to achieve the 20% to 22 target by fiscal twenty twenty seven? And particularly, how are you balancing the margin expansion with all of the potential investments that you could do behind AI capabilities, just given the innovation and momentum in that market?

Yamini Rangan, CEO, HubSpot: Yes. It’s a great question, Elizabeth. So I’d say maybe starting with principles, we are really focused on balancing growth and efficiency as we continue to grow and scale. So you’ll see us look at both. Now it might not be linear, so every year it’s not going to be a linear change in operating margin, but we are very committed to the short term targets as well as the midterm and longer term targets that we have shared with you in terms of operating margin.

Now the second point I would make is that if you look at the last few years, we’ve had multiple levers to drive margin. We improved COGS and that was part of driving the gross margin that then shows up in operating margin. We have made our support and services team much more efficient. That drove margins. Partner commissions, the change that we made in partner commissions drove the margin.

So in any given year, there are multiple initiatives, multiple projects that drive efficiency. Now as we think about the future, we do think that AI is a really good lever to drive efficiency. As much as we have innovated with the product in with AI, we’ve also been experimenting and reimagining our own internal go to market teams with AI. Now that’s not a one year benefit. It is a multi year arc of benefit.

Our support has significantly improved in terms of efficiency. 35% of our support tickets are being resolved by AI and we have a path to get it to 50% this year. Our marketing has gotten much more efficient with the use of AI. We’re able to drive better personalization of content and conversion of demand with AI and that drives some amount of leverage. And we have continued to kind of experiment in prospecting use cases that drive leverage.

So last quarter Q4, we had 10,000 meetings that were set up purely by AI. And we’re beginning to see efficiency from a prospecting perspective. I share all of those as examples. The way we think about driving efficiency is continue to experiment with AI and continue to improve our overall sales and marketing leverage over the next few years. Right.

Elizabeth Porter, Analyst, Morgan Stanley: And seeing some of those use cases internally gives you that much more confidence to invest on behalf of your clients. Absolutely.

Yamini Rangan, CEO, HubSpot: I mean, of course, we like the efficiency benefit. But even more than that, it is finding signal, finding use cases that are driving value, being the best user of HubSpot software and the first user of HubSpot software and then educating and inspiring our customers. So there’s even more value in becoming like really innovative with AI internally. Great.

Elizabeth Porter, Analyst, Morgan Stanley: I’m going to ask another question and then open up to the audience to see if there’s any. One of the things you just referenced was the partner commission changes. Yes. And so that was announced back in 2023, but it wasn’t going into effect until early this year. And as some of the things like the payouts on the lifetime commissions end, should we see that as a tailwind to margins?

And if so, what’s the how do you think about letting that flow through or reinvesting back into the partner network to drive growth? Yes. Great question. So maybe to give context, we have a thriving partner ecosystem of

Yamini Rangan, CEO, HubSpot: for new deals for new deals. And that actually started, Elizabeth, in 2023. So in 2023, if a partner brought in a new deal, then it was for a three year period. So some of the effect is already there. And this year, you’re absolutely right, for existing partners that had existing deals that they brought in, if they continue to have conversations with customers, they’ll continue to get commissions.

If they’re not having conversations with customers, we’re not going to pay the commissions. And it feels almost like logical. And so we’ve given a lot of time for our partner ecosystem to adjust to the change. They’ve known this is coming and they’ve actually implemented that over the last two years. So that’s the change.

And more philosophically, we want to invest in growth oriented partners. If partners are having great conversations with our customers, if they are engaging customers, if they are driving multi hub adoption, if they are driving retention of customers, we’re going to invest in those types of growth partners. And as you said, part of the change was to take the commissions from some of these lifestyle partners and invest in growth partners. And we had our ecosystem kickoff last week and we announced a set of investments to drive co marketing with HubSpot to drive acceleration in AI readiness and to drive overall scale within the partner ecosystem. So we’re investing heavily to help our partner ecosystem really leverage the larger opportunity both with AI as well as upmarket.

Great.

Elizabeth Porter, Analyst, Morgan Stanley: Do we have any questions from the audience? I think we have one up here in the front. So Mike will be here. Just a second.

Unidentified speaker: First off, thanks so much for coming out here, Yamini. This has been great to hear you talk a lot about HubSpot and a lot of the AI efforts. I’d love to double click a little bit on the point that you raised about transitioning from software as a service to results as a service, and the importance with these agents of providing value.

Yamini Rangan, CEO, HubSpot: Yep.

Unidentified speaker: And I’d love to double click on that last part about driving consistent value.

Yamini Rangan, CEO, HubSpot: Yeah.

Unidentified speaker: How do you evaluate these AI agents? And I guess when it and kind of in the context of shifting from the conceit base to consumption and usage base, like what does success look like? And how do you measure that these agents are successfully driving value?

Yamini Rangan, CEO, HubSpot: Yes. Great question. So I think it’s like two parts. How do you think about value creation with agents? And then how do you think about layering monetization of that value creation with agents?

So I’ll take the first part, which is how can agents add value. Simplistically, agents are basically software that can complete tasks or multiple step tasks or call other agents to complete tasks. That’s the simplest definition of agent. And we’ve launched four agents at inbound customer agent, prospecting social and content agent. Now customer agent went into general availability earlier this year.

We have a cohort of 1,500 early adopter customers on customer agent. And within those 1,500 customers, we are seeing an average resolution rate of 42%, which is great. It’s just been few weeks out and it’s like early adopters, but we’re already seeing promising results in terms of ticket resolution. And now our job is to take it to hundreds and thousands of customers, but also expand the resolution rate from 40% to 5060% and so on. Even within that early cohort, we’re seeing customers that get to 60% of resolution rate if they have great data, great documentation, great knowledge base and good history.

So that customer agent is an example of how you begin to create value and we are seeing green shoots of delivering that value. The second is Content Agent and again early days, but 30% of content created by customers is through that agent, which means there is value, there is early value. Again, we’d like to see more customers adopt content agent and also drive much more usage of content creation through that agent. So at least in the four agents that we have launched, they’re on the path to general availability. When they get to general availability, there are early adopters adopting the technology and beginning to get value.

The question then becomes, how do we provide that value at scale, not just for 1,500 customers, but for thousands and hundreds of thousands of customers? That’s really the focus for us this year. Almost everybody within the product and engineering organization, they’re fine tuned to drive that repeat value and repeat usage for our customers that are now exploring the Agentic technology. I think it’s a very good start, but a lot more work to be done, not just by HubSpot, but by the industry to drive the type of results that we know that AgenTic workflows can deliver. Having said that, how do we think about monetizing?

I think we already have a core way of monetizing, which is by hub and by seat. And I think that will continue to be there. You think about chatGPT, which is one of the most used, most popular AI, it’s driven by seats. And there’s like tiers of functionality. And if you want the operator, you need a Pro Plus.

If you want some other functionality, you need like a lower tier. And so I do think that the seats model is not going to go away. The seats and tier pricing will continue to exist. Having said that, if agents begin to be the primary way in which customers get work done, then there will be a usage based component. And we clearly see that there is a usage based component that will be added.

And that will be based on the value that we deliver. So if we can deliver a ton of value on a consistent basis, then we’ll use a credit mechanism to overlay on top of the seats mechanism and that will drive a level of consumption and usage based monetization. So I think it’s hybrid. And I think the more value that we deliver with agents, the more usage we can drive and that’s going to create a tailwind. The one thing I would say is that this is AI is a shift that’s a decade plus shift.

And we are literally in the first innings of a very long game. And we think about how do we win with AI. And I think early stages of a technology shift, you really have to be obsessed about value creation. And if we can really deliver the value to customers and there’s more software in the world, not less, then we are going to be able to monetize and we’re going to be able to win within the whole cycle. So our focus is who’s our customer, what’s the value, how do we deliver repeated value and make AI a necessary part of their workflow.

Great.

Elizabeth Porter, Analyst, Morgan Stanley: I think we have just a minute left. So to wrap up, one of the next catalysts that we have to look forward to with HubSpot is your spring spotlight in April, and then that will be followed by inbound in September. So what are some of the new capabilities and exciting things that we should be keeping an eye out for?

Yamini Rangan, CEO, HubSpot: I mean, Elizabeth, so you know, you followed us for a while. We had this one big event, which was called inbound. The pace of our product innovation increased so much that consistently our customers will tell us that, I didn’t know that you already had this functionality or I didn’t know you already launched this. So because of our pace of product innovation, we created two big events. And so we have a spring spotlight that we launched last year in April, and we’re going to continue to do that.

And again, this spring spotlight is going to be in New York, and we’re getting like super excited. I mean, you can expect more agents. You can expect more AI powered features and a lot more innovation within kind of the core platform. Our teams are laser focused on that. So going to be an exciting launch.

Elizabeth Porter, Analyst, Morgan Stanley: Awesome. Thank you so much for joining us today. We’re really looking forward to everything in 2025.

Yamini Rangan, CEO, HubSpot: Thanks a lot for having me. Thanks

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