monday.com Announces Second Quarter 2022 Results
monday.com reported a strong second quarter for fiscal 2022 with revenues of $123.7 million, a remarkable 75% increase year-over-year. The number of customers with over $50k in annual recurring revenue (ARR) surged by 147%, reaching 1,160 clients. Despite a GAAP operating loss of $46.2 million, the company achieved an improved operating margin of -37%. Looking ahead, the revenue forecast for Q3 is projected between $130 million and $131 million, reflecting a year-over-year growth of 57% to 58%.
- Revenue increased by 75% year-over-year to $123.7 million.
- Number of customers with more than $50k ARR grew by 147% to 1,160.
- Net dollar retention rate was over 125%.
- Adoption of new products surpassed 1,000 accounts within two months of release.
- GAAP operating loss increased to $46.2 million from $27.5 million year-over-year.
- Negative operating margin was -37%, only slightly improved from -39% in Q2 2021.
- Expectations of FX negatively impacting full year revenue growth by approximately 300 basis points.
Second quarter revenue of
Number of Customers with more than
Number of paying accounts from new monday Work OS products surpassed 1,000
Management Commentary:
“We continue to deliver strong top line growth with revenue growing
“As we announced last quarter, we’re evolving into a product suite offering as part of our larger strategy, and we have been impressed by early new customer demand for our products,” said
“We were pleased with our improving operating margins in the second quarter and are committed to improving efficiency,” said
Second Quarter Fiscal 2022 Financial Highlights:
-
Revenue was
, an increase of$123.7 million 75% year-over-year. -
GAAP operating loss was
compared to a loss of$46.2 million in the second quarter of 2021; GAAP operating margin was negative$27.5 million 37% compared to negative39% in the second quarter of 2021. -
Non-GAAP operating loss was
compared to a loss of$15.4 million in the second quarter of 2021; non-GAAP operating margin was negative$9.9 million 12% compared to negative14% in the second quarter of 2021. -
GAAP net loss per basic and diluted share was
compared to GAAP net loss per basic and diluted share of$1.01 in the second quarter of 2021; non-GAAP net loss per basic and diluted share was$1.67 compared to non-GAAP net loss per basic and diluted share of$0.33 in the second quarter of 2021.$0.26 -
Net cash used in operating activities was
, with negative$14.1 million of adjusted free cash flow compared to net cash used in operating activities of$19.3 million and negative$0.4 million of adjusted free cash flow in the second quarter of 2021.$1.5 million
Recent Business Highlights:
-
Net dollar retention rate was over
125% . -
Net dollar retention rate for customers with more than 10 users was over
135% . -
Net dollar retention rate for customers with more than
in annual recurring revenue (“ARR”) was over$50,000 150% . -
The number of paid customers with more than
in ARR was 1,160, up$50,000 147% from 470 as ofJune 30, 2021 . - Adoption of new monday Work OS products, including monday sales CRM, monday marketer, monday dev and monday projects, surpassed 1,000 paying accounts within the first two months of products’ release.
- Notable new customer wins or expansions during the quarter included Renault, Savills, Jellysmack, Safras & Cifras and BKP.
Financial Outlook:
For the third quarter of the fiscal year 2022,
-
Total revenue of
to$130 million , representing year-over-year growth of$131 million 57% to58% . -
Non-GAAP operating loss of
to$25 million and negative operating margin of$24 million 19% to18% .
For the full year 2022,
-
Total revenue of
to$498 million , representing year-over-year growth of$502 million 62% to63% . -
Non-GAAP operating loss of
to$112 million and negative operating margin of$108 million 22% to21% .
With the recent strengthening of the US dollar, we now expect FX to negatively impact our full year revenue growth estimates by approximately 300 basis points.
Given the concerns about the macro economy and the market, we have provided prudent yet achievable forward-looking guidance. It should be noted that we did see some softness in demand in
Non-GAAP Financial Measures:
This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share and adjusted free cash flow. Certain of these non-GAAP financial measures exclude share-based compensation.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in
Reconciliation tables of the most directly comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.
Definitions of Business Key Performance Indicators
Net Dollar Retention Rate
We calculate Net Dollar Retention Rate as of a period end by starting with the ARR from customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current Period ARR”). The calculation of Current Period ARR includes any upsells, contraction and attrition. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12-month calculation, we take a weighted average of this calculation of our quarterly Net Dollar Retention Rate for the four quarters ending with the most recent quarter.
Annual Recurring Revenue (“ARR”)
Is defined to mean, as of the measurement date, the annualized value of our customer subscriptions plan assuming that any contract that expires during the next 12 months is renewed on its existing terms.
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “outlook,” “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond
Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent monday.com’s views as of the date of this press release.
Earnings Webcast:
Investor Presentation Details:
An investor presentation providing additional information can be found at http://ir.monday.com.
About
The monday.com Work OS is an open platform that democratizes the power of software so organizations can easily build work management tools and software applications to fit their every need. The platform intuitively connects people to processes and systems, empowering teams to excel in every aspect of their work while creating an environment of transparency in business.
Visit us on our LinkedIn, Twitter, Instagram and Facebook .
For more information about
|
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
( |
|||||||||||||||
|
|
Three months ended
|
|
Six months ended
|
|||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
Revenue |
$ |
123,718 |
|
$ |
70,615 |
|
$ |
232,215 |
|
$ |
129,587 |
|
|||
Cost of revenue |
|
16,730 |
|
|
9,108 |
|
|
31,339 |
|
|
17,032 |
|
|||
Gross profit |
|
106,988 |
|
|
61,507 |
|
|
200,876 |
|
|
112,555 |
|
|||
Operating expenses: |
|
|
|
|
|
|
|
|
|||||||
Research and development |
|
33,962 |
|
|
16,271 |
|
|
60,503 |
|
|
31,852 |
|
|||
Sales and marketing |
|
96,740 |
|
|
61,057 |
|
|
212,713 |
|
|
124,105 |
|
|||
General and administrative |
|
22,466 |
|
|
11,648 |
|
|
41,336 |
|
|
21,914 |
|
|||
Total operating expenses |
|
153,168 |
|
|
88,976 |
|
|
314,552 |
|
|
177,871 |
|
|||
Operating loss |
|
(46,180 |
) |
|
(27,469 |
) |
|
(113,676 |
) |
|
(65,316 |
) |
|||
Financial income (expense), net |
|
2,452 |
|
|
(359 |
) |
|
4,445 |
|
|
(765 |
) |
|||
Loss before income taxes |
|
(43,728 |
) |
|
(27,828 |
) |
|
(109,231 |
) |
|
(66,081 |
) |
|||
Income tax expense |
|
(1,943 |
) |
|
(1,063 |
) |
|
(3,118 |
) |
|
(1,762 |
) |
|||
Net loss |
$ |
(45,671 |
) |
$ |
(28,891 |
) |
$ |
(112,349 |
) |
$ |
(67,843 |
) |
|||
Deemed dividend to preferred shareholders |
|
- |
|
|
(3,589 |
) |
|
- |
|
|
(8,203 |
) |
|||
Net loss attributable to ordinary shareholders |
$ |
(45,671 |
) |
$ |
(32,480 |
) |
$ |
(112,349 |
) |
$ |
(76,046 |
) |
|||
|
|
|
|
|
|
|
|
|
|||||||
Net loss per share attributable to ordinary shareholders’, basic and diluted |
$ |
(1.01 |
) |
$ |
(1.67 |
) |
$ |
(2.50 |
) |
$ |
(4.78 |
) |
|||
Weighted-average ordinary shares used in calculating net loss per ordinary share, basic and diluted |
|
45,074,912 |
|
|
19,417,672 |
|
|
45,027,168 |
|
|
15,924,392 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
( |
|||||||
|
|
|
|
|
|
||
|
|
2022 |
|
|
2021 |
||
ASSETS |
|
(unaudited) |
|
(audited) |
|||
CURRENT ASSETS: |
|
|
|
|
|||
Cash and cash equivalents |
$ |
834,620 |
|
$ |
886,812 |
|
|
Accounts receivable, net |
|
9,510 |
|
|
8,509 |
|
|
Prepaid expenses and other current assets |
|
24,314 |
|
|
18,172 |
|
|
Total current assets |
|
868,444 |
|
|
913,493 |
|
|
LONG TERM-ASSETS: |
|
|
|
|
|||
Property and equipment, net |
|
26,694 |
|
|
19,599 |
|
|
Operating lease right-of-use assets |
|
64,456 |
|
|
- |
|
|
Other long-term assets |
|
100 |
|
|
100 |
|
|
Total long-term assets |
|
91,250 |
|
|
19,699 |
|
|
Total assets |
$ |
959,694 |
|
$ |
933,192 |
|
|
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY |
|
|
|
|
|||
CURRENT LIABILITIES: |
|
|
|
|
|||
Accounts payable |
$ |
10,917 |
|
$ |
23,612 |
|
|
Accrued expenses and other current liabilities |
|
68,238 |
|
|
70,135 |
|
|
Deferred revenue |
|
177,882 |
|
|
134,438 |
|
|
Operating lease liabilities, current |
|
10,885 |
|
|
- |
|
|
Total current liabilities |
|
267,922 |
|
|
228,185 |
|
|
LONG-TERM LIABILITIES |
|
|
|
|
|||
Operating lease liabilities, non-current |
|
47,703 |
|
|
- |
|
|
Other non-current liabilities |
2,039 |
|
|
1,612 |
|
||
Total long-term liabilities |
49,742 |
|
|
1,612 |
|
||
Total liabilities |
317,664 |
|
|
229,797 |
|
||
SHAREHOLDERS' EQUITY: |
|
|
|
|
|||
Other comprehensive income |
|
(6,749 |
) |
|
594 |
|
|
Share capital and additional paid-in capital |
|
1,206,788 |
|
|
1,148,461 |
|
|
Accumulated deficit |
|
(558,009 |
) |
|
(445,660 |
) |
|
Total shareholders’ equity |
|
642,030 |
|
|
703,395 |
|
|
Total liabilities and shareholders’ equity |
$ |
959,694 |
|
$ |
933,192 |
|
|
|
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||
( |
|||||||||||||||
|
|
Three months ended |
|
Six months ended |
|||||||||||
|
|
|
|
|
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
||||
|
|
(unaudited) |
|
(unaudited) |
|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|||||||
Net loss |
$ |
(45,671 |
) |
$ |
(28,891 |
) |
$ |
(112,349 |
) |
$ |
(67,843 |
) |
|||
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|||||||
Depreciation and amortization |
|
1,397 |
|
|
527 |
|
|
2,524 |
|
|
1,074 |
|
|||
Capital loss from sale of property and equipment |
|
- |
|
|
2 |
|
|
- |
|
|
47 |
|
|||
Share-based compensation |
|
30,822 |
|
|
17,558 |
|
|
54,488 |
|
|
32,098 |
|
|||
Change in accrued interest on revolving credit facility |
|
- |
|
|
(2 |
) |
|
- |
|
|
19 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|||||||
Accounts receivable, net |
|
384 |
|
|
533 |
|
|
(1,001 |
) |
|
(453 |
) |
|||
Prepaid expenses and other assets |
|
(7,995 |
) |
|
(429 |
) |
|
(3,295 |
) |
|
(2,058 |
) |
|||
Accounts payable |
|
(6,448 |
) |
|
(4,972 |
) |
|
(12,624 |
) |
|
(1,003 |
) |
|||
Accrued expenses and other liabilities, net |
|
(3,502 |
) |
|
1,099 |
|
|
1,840 |
|
|
5,961 |
|
|||
Deferred revenue |
|
16,952 |
|
|
14,220 |
|
|
43,444 |
|
|
31,204 |
|
|||
Net cash used in operating activities |
(14,061 |
) |
|
(355 |
) |
|
(26,973 |
) |
|
(954 |
) |
||||
|
|
|
|
|
|
|
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Purchase of property and equipment |
|
(4,550 |
) |
|
(1,358 |
) |
|
(6,904 |
) |
|
(5,581 |
) |
|||
Capitalized software development costs |
|
(684 |
) |
|
(718 |
) |
|
(1,610 |
) |
|
(1,158 |
) |
|||
Proceeds from sale of property and equipment |
|
- |
|
|
- |
|
|
- |
|
|
21 |
|
|||
Changes in short-term deposits |
|
- |
|
|
(51 |
) |
|
- |
|
|
(51 |
) |
|||
Net cash used in investing activities |
(5,234 |
) |
|
(2,127 |
) |
|
(8,514 |
) |
|
(6,769 |
|||||
|
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont.) |
|||||||||||||||
( |
|||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Proceeds from initial public offering and concurrent private placement, net of underwriting discounts and other issuance costs |
|
- |
|
|
736,227 |
|
|
- |
|
|
736,020 |
|
|||
Proceeds from exercise of share options and employee share purchase plan |
|
3,354 |
|
|
1,300 |
|
|
4,705 |
|
|
1,843 |
|
|||
Receipt of tax advance relating to exercises of share options |
|
1,017 |
|
|
6,023 |
|
|
(21,367 |
) |
|
6,023 |
|
|||
Capital lease payments |
|
(32 |
) |
|
(21 |
) |
|
(43 |
) |
|
(49 |
) |
|||
Net cash provided by (used in) financing activities |
|
4,339 |
|
|
743,529 |
|
|
(16,705 |
) |
|
743,837 |
|
|||
|
|
|
|
|
|
|
|
||||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
(14,956 |
) |
|
741,047 |
|
|
(52,192 |
) |
|
736,114 |
|
||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period |
849,576 |
|
|
126,881 |
|
|
886,812 |
|
|
131,814 |
|
||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period |
$ |
834,620 |
|
$ |
867,928 |
|
$ |
834,620 |
|
$ |
867,928 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEET: |
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
$ |
834,620 |
|
$ |
865,328 |
|
$ |
834,620 |
|
$ |
865,328 |
|
|||
Restricted cash – Included in prepaid expense and other current assets |
- |
|
|
600 |
|
|
- |
|
|
600 |
|
||||
Restricted cash – Included in other long-term assets |
- |
|
|
2,000 |
|
|
- |
|
|
2,000 |
|
||||
Total cash, cash equivalents, and restricted cash |
$ |
834,620 |
|
$ |
867,928 |
|
$ |
834,620 |
|
$ |
867,928 |
|
|||
|
|||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information |
|||||||||||||||
( |
|||||||||||||||
|
|
Three months ended
|
|
|
Six months ended
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
||||
|
|
(unaudited) |
|
(unaudited) |
|||||||||||
Reconciliation of gross profit and gross margin |
|
|
|
|
|
|
|
|
|||||||
GAAP gross profit |
$ |
106,988 |
|
$ |
61,507 |
|
$ |
200,876 |
|
$ |
112,555 |
|
|||
Share-based compensation |
|
2,915 |
|
|
1,833 |
|
|
5,356 |
|
|
3,364 |
|
|||
Non-GAAP gross profit |
$ |
109,903 |
|
$ |
63,340 |
|
$ |
206,232 |
|
$ |
115,919 |
|
|||
GAAP gross margin |
|
86 |
% |
|
87 |
% |
|
87 |
% |
|
87 |
% |
|||
Non-GAAP gross margin |
|
89 |
% |
|
90 |
% |
|
89 |
% |
|
89 |
% |
|||
Reconciliation of operating expenses |
|
|
|
|
|
|
|
|
|||||||
GAAP research and development |
$ |
33,962 |
|
$ |
16,271 |
|
$ |
60,503 |
|
$ |
31,852 |
|
|||
Share-based compensation |
|
(9,999 |
) |
|
(5,068 |
) |
|
(17,387 |
) |
|
(9,605 |
) |
|||
Non-GAAP research and development |
$ |
23,963 |
|
$ |
11,203 |
|
$ |
43,116 |
|
$ |
22,247 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
GAAP sales and marketing |
$ |
96,740 |
|
$ |
61,057 |
|
$ |
212,713 |
|
$ |
124,105 |
|
|||
Share-based compensation |
|
(10,075 |
) |
|
(5,536 |
) |
|
(17,453 |
) |
|
(9,570 |
) |
|||
Non-GAAP sales and marketing |
$ |
86,665 |
|
$ |
55,521 |
|
$ |
195,260 |
|
$ |
114,535 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
GAAP general and administrative |
$ |
22,466 |
|
$ |
11,648 |
|
$ |
41,336 |
|
$ |
21,914 |
|
|||
Share-based compensation |
|
(7,833 |
) |
|
(5,121 |
) |
|
(14,292 |
) |
|
(9,559 |
) |
|||
Non-GAAP general and administrative |
$ |
14,633 |
|
$ |
6,527 |
|
$ |
27,044 |
|
$ |
12,355 |
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of operating loss |
|
|
|
|
|
|
|
|
|||||||
GAAP operating loss |
$ |
(46,180 |
) |
$ |
(27,469 |
) |
$ |
(113,676 |
) |
$ |
(65,316 |
) |
|||
Share-based compensation |
|
30,822 |
|
|
17,558 |
|
|
54,488 |
|
|
32,098 |
|
|||
Non-GAAP operating loss |
$ |
(15,358 |
) |
$ |
(9,911 |
) |
$ |
(59,188 |
) |
$ |
(33,218 |
) |
|||
GAAP operating margin |
|
(37 |
%) |
|
(39 |
%) |
|
(49 |
%) |
|
(50 |
%) |
|||
Non-GAAP operating margin |
|
(12 |
%) |
|
(14 |
%) |
|
(25 |
%) |
|
(26 |
%) |
|||
|
|||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information (Cont.) |
|||||||||||||||
( |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net loss |
|
|
|
|
|
|
|
|
|||||||
GAAP net loss |
$ |
(45,671 |
) |
$ |
(28,891 |
) |
$ |
(112,349 |
) |
$ |
(67,843 |
) |
|||
Share-based compensation |
|
30,822 |
|
|
17,558 |
|
|
54,488 |
|
|
32,098 |
|
|||
Tax benefit related to share-based compensation(1) |
|
(68 |
) |
|
- |
|
|
(295 |
) |
|
- |
|
|||
Non-GAAP net loss |
$ |
(14,917 |
) |
$ |
(11,333 |
) |
$ |
(58,156 |
) |
$ |
(35,745 |
) |
|||
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of net loss attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|||||||
GAAP net loss attributable to ordinary shareholders |
$ |
(45,671 |
) |
$ |
(32,480 |
) |
$ |
(112,349 |
) |
$ |
(76,046 |
) |
|||
Deemed dividend to preferred shareholders |
|
- |
|
|
3,589 |
|
|
- |
|
|
8,203 |
|
|||
Share-based compensation |
|
30,822 |
|
|
17,558 |
|
|
54,488 |
|
|
32,098 |
|
|||
Tax benefit related to share-based compensation(1) |
|
(68 |
) |
|
- |
|
|
(295 |
) |
|
- |
|
|||
Non-GAAP net loss |
$ |
(14,917 |
) |
$ |
(11,333 |
) |
$ |
(58,156 |
) |
$ |
(35,745 |
) |
|||
|
|
|
|
|
|
|
|
|
|||||||
GAAP net loss per share attributable to ordinary shareholders’, basic and diluted |
$ |
(1.01 |
) |
$ |
(1.67 |
) |
$ |
(2.50 |
) |
$ |
(4.78 |
) |
|||
Non-GAAP net loss per share, basic and diluted |
$ |
(0.33 |
) |
$ |
(0.26 |
) |
$ |
(1.29 |
) |
$ |
(0.81 |
) |
|||
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of basic and diluted weighted average number of shares outstanding |
|
|
|
|
|
|
|
|
|||||||
Weighted average number of ordinary shares outstanding used in computing basic and diluted net loss per share (GAAP) |
|
45,074,912 |
|
|
19,417,672 |
|
|
45,027,168 |
|
|
15,924,392 |
|
|||
Additional shares giving effect to IPO and concurrent private placement (2) |
|
- |
|
|
3,946,810 |
|
|
- |
|
|
4,489,262 |
|
|||
Additional shares giving effect to conversion of convertible preferred shares at the beginning of the period (3) |
|
- |
|
|
20,629,197 |
|
|
- |
|
|
23,518,666 |
|
|||
Weighted average number of ordinary shares outstanding used in computing basic and diluted net loss per share (Non-GAAP) |
|
45,074,912 |
|
|
43,993,679 |
|
|
45,027,168 |
|
|
43,932,320 |
|
(1) | The tax benefits generated from the exercise of the disqualifying disposition of incentive share options were excluded in calculating its non-GAAP net loss and non-GAAP basic and diluted net loss per share. The Company believes that excluding these tax benefits enables investors to see the full effect that excluding share-based compensation expenses had on the operating results. |
|
(2) | Assumes ordinary shares outstanding after accounting for the issuance of 5,037,742 ordinary shares associated with our initial public offering and concurrent private placement at the beginning of the three months and six months periods ending on |
|
(3) | Assumes ordinary shares outstanding after accounting for the automatic conversion of the preferred shares then outstanding into ordinary shares at the beginning of the fiscal year. | |
|
|||||||||||||||
Reconciliation of net cash used in operating activities to adjusted free cash flow |
|||||||||||||||
( |
|||||||||||||||
|
|
|
|
|
|||||||||||
|
|
Three months ended
|
|
|
Six months ended
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
||||
|
(unaudited) |
|
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net cash used in operating activities |
$ |
(14,061 |
) |
$ |
(355 |
) |
$ |
(26,973 |
) |
$ |
(954 |
) |
|||
Purchase of property and equipment |
|
(4,550 |
) |
|
(1,358 |
) |
|
(6,904 |
) |
|
(5,581 |
) |
|||
Capitalized software development costs |
|
(684 |
) |
|
(718 |
) |
|
(1,610 |
) |
|
(1,158 |
) |
|||
Purchase of property and equipment related to build-out of our new corporate headquarters |
|
- |
|
|
951 |
|
|
- |
|
|
4,618 |
|
|||
Adjusted free cash flow |
$ |
(19,295 |
) |
$ |
(1,480 |
) |
$ |
(35,487 |
) |
$ |
(3,075 |
) |
|||
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005006/en/
Investor Relations:
byron@monday.com
Media Relations:
leah@monday.com
Source:
FAQ
What were monday.com's revenues for Q2 2022?
How much did monday.com's customer base with over $50k ARR grow?
What is the revenue forecast for monday.com in Q3 2022?
What was monday.com's GAAP net loss per share in Q2 2022?