In the custom report builder, what happens if you apply an ALL filter to the fields in your filtering options?

Data will appear in your report only if it adheres to all of the conditions set in the filters area.
Data will appear in your report if it adheres to any of the conditions set in the filters area.
Data will only appear in your report if you are a super admin in your HubSpot account.
Data that meets the conditions set in your filters area will be excluded from your report.

The correct answer is:

Data that meets the conditions set in your filters area will be excluded from your report.