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      "Insert a Complication slide after S3 stating the strategic tension (e.g., 'Front-office software is fragmenting under AI — winners will own the unified data + AI layer') so S4-11 read as the answer",
      "Rewrite S13-15 titles to lead with the insight (e.g., 'Q2 revenue grew X% YoY, beating guidance on constant-currency basis') instead of generic period labels",
      "Add a section divider before S3 ('Strategy & Platform') and break S3-11 into 2-3 MECE pillars (e.g., Platform → Data/AI → Distribution) so the strategy half mirrors the clean 'Financial Overview' break at S12",
      "Replace S22 'Thank You' with an explicit ask or forward-looking close that reinforces the three takeaways from S21 (e.g., 'Why HubSpot now: durable growth + margin expansion + <10% penetration')"
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          "text": "Non-GAAP Operating Income: We define as GAAP operating income or loss plus stock-based compensation, amortization of acquired intangible assets, gain on termination of operating leases, loss on disposal of fixed assets, and acquisition-related expenses.",
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          "text": "Net Revenue Retention: Net Revenue Retention is a measure of the percentage of recurring revenue retained from Customers over a given period of time. Our Net Revenue Retention for a given period is calculated by first dividing Retained Subscription Revenue by Retention Base Revenue in the given period, calculating the weighted average of these rates using the Retention Base Revenue for the period, and then annualizing the resulting rates. A definition of each of the key terms used to calculate Net Revenue Retention is included below.",
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          "text": "Customers: We define our Customers at the end of a particular period as the number of business entities with one or more paid subscriptions to our CRM Platform either purchased directly with us or purchased from a Solutions Partner. We do not include in Customers business entities with one or more paid subscriptions solely for our legacy Sales Hub ($10) product or any PieSync product. A single Customer may have separate paid subscriptions to our CRM Platform, but we count these as one Customer if certain Customer-provided information such as company name, URL, or email address indicate that these subscriptions are managed by the same business entity.",
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