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      "kind": "list",
      "text": "S&M Leverage: Invest in data and systems to improve rep efficiency; Grow freemium acquisition; Non-linear growth with Commerce",
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      "text": "Long-Term Target Model: These estimates reflect our current operating plan as of September 7, 2022 and are subject to change as future events and opportunities arise. 2022e: represents the current midpoint of HubSpot's full year 2022 guidance. All percentages are non-GAAP and exclude expenses associated with stock based compensation, amortization of acquired intangibles and acquisition related expenses. Percentages are based on actual values. Totals may not sum due to rounding. Please refer to appendix for a reconciliation of GAAP to non-GAAP figures.",
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      "text": "Gross Margin: 2018 (82%), 2022e (82%), Long Term Target Model (81% - 83%); R&D % of revenue: 2018 (18%), 2022e (20%), Long Term Target Model (18% - 20%); S&M % of revenue: 2018 (46%), 2022e (45%), Long Term Target Model (30% - 35%); G&A % of revenue: 2018 (11%), 2022e (9%), Long Term Target Model (8% - 9%); Operating Margin: 2018 (6%), 2022e (8%), Long Term Target Model (20% - 25%)",
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