monday.com Announces Second Quarter 2024 Results
monday.com (MNDY) reported strong Q2 2024 results, with revenue reaching $236.1 million, up 34% year-over-year. The company achieved GAAP operating profitability for the first time, with a margin of 1%. Non-GAAP operating income was $38.4 million with a 16% margin. The company closed its largest deal ever, an 80,000-seat agreement with a multinational healthcare company.
Key metrics showed growth: 110% net dollar retention rate, 57,203 paid customers with 10+ users (up 15% YoY), and 1,009 customers with $100,000+ ARR (up 49% YoY). For Q3 2024, monday.com expects revenue of $243-247 million and non-GAAP operating income of $19-23 million. The full-year 2024 outlook projects revenue of $956-961 million and non-GAAP operating income of $100-105 million.
monday.com (MNDY) ha riportato risultati forti per il secondo trimestre del 2024, con un fatturato che ha raggiunto 236,1 milioni di dollari, in aumento del 34% rispetto all'anno precedente. L'azienda ha raggiunto per la prima volta la profitabilità operativa secondo i principi contabili GAAP, con un margine dell'1%. Il reddito operativo non GAAP è stato di 38,4 milioni di dollari, con un margine del 16%. L'azienda ha chiuso il suo affare più grande di sempre, un contratto per 80.000 posti con una multinazionale del settore sanitario.
I principali indicatori hanno mostrato crescita: 110% di tasso di retention dei dollari netti, 57.203 clienti paganti con oltre 10 utenti (in aumento del 15% su base annua) e 1.009 clienti con un ARR superiore a $100.000 (in aumento del 49% su base annua). Per il terzo trimestre del 2024, monday.com prevede un fatturato di 243-247 milioni di dollari e un reddito operativo non GAAP di 19-23 milioni di dollari. Le prospettive per l'intero anno 2024 prevedono un fatturato di 956-961 milioni di dollari e un reddito operativo non GAAP di 100-105 milioni di dollari.
monday.com (MNDY) reportó resultados sólidos para el segundo trimestre de 2024, con ingresos alcanzando 236.1 millones de dólares, un aumento del 34% interanual. La compañía logró la rentabilidad operativa GAAP por primera vez, con un margen del 1%. El ingreso operativo no GAAP fue de 38.4 millones de dólares con un margen del 16%. La empresa cerró su mayor acuerdo hasta la fecha, un contrato de 80,000 asientos con una multinacional del sector salud.
Las métricas clave mostraron crecimiento: tasa de retención de dólares netos del 110%, 57,203 clientes pagos con más de 10 usuarios (aumento del 15% interanual) y 1,009 clientes con un ARR superior a $100,000 (aumento del 49% interanual). Para el tercer trimestre de 2024, monday.com espera ingresos de 243-247 millones de dólares e ingresos operativos no GAAP de 19-23 millones de dólares. Las proyecciones para el año completo de 2024 prevén ingresos de 956-961 millones de dólares e ingresos operativos no GAAP de 100-105 millones de dólares.
monday.com (MNDY)는 2024년 2분기에 강력한 실적을 보고했으며, 매출은 2억 3천 6백 10만 달러에 달해 전년 대비 34% 증가했습니다. 회사는 최초로 GAAP 기준 운영 수익성을 달성했으며, 마진은 1%입니다. 비 GAAP 기준 운영 수익은 3천 840만 달러로 16%의 마진을 기록했습니다. 회사는 다국적 의료 회사와 8만 좌석 계약을 체결하며 역대 최대 계약을 성사시켰습니다.
주요 지표들은 성장세를 보였습니다: 110%의 순 달러 유지율, 10명 이상의 사용자를 보유한 유료 고객 57,203명(전년 대비 15% 증가), 그리고 연간 반복 수익(ARR) 10만 달러 이상의 고객이 1,009명(전년 대비 49% 증가)입니다. 2024년 3분기에는 2억 4천 3백만에서 2억 4천 7백만 달러의 매출과 1천 900만에서 2천 300만 달러의 비 GAAP 운영 수익을 예상합니다. 2024년 전체 연도 전망은 9억 5천 6백만에서 9억 6천 1백만 달러의 매출과 1억 포백만에서 1억 5백만 달러의 비 GAAP 운영 수익을 예측하고 있습니다.
monday.com (MNDY) a rapporté de solides résultats pour le deuxième trimestre 2024, avec un chiffre d'affaires atteignant 236,1 millions de dollars, soit une augmentation de 34 % par rapport à l'année précédente. L'entreprise a réalisé pour la première fois une rentabilité opérationnelle GAAP, avec une marge de 1 %. Le revenu opérationnel non GAAP s'est élevé à 38,4 millions de dollars avec une marge de 16 %. L'entreprise a clôturé son plus gros contrat à ce jour, un contrat de 80 000 sièges avec une multinationale du secteur de la santé.
Les principaux indicateurs ont montré une croissance : taux de rétention net de 110 % des dollars, 57 203 clients payants comptant plus de 10 utilisateurs (augmentation de 15 % par rapport à l'année précédente) et 1 009 clients avec plus de 100 000 $ de revenu récurrent annuel (augmentation de 49 % par rapport à l'année précédente). Pour le troisième trimestre 2024, monday.com prévoit un chiffre d'affaires de 243 à 247 millions de dollars et un revenu opérationnel non GAAP de 19 à 23 millions de dollars. Les prévisions pour l'année 2024 dans son ensemble estiment un chiffre d'affaires de 956 à 961 millions de dollars et un revenu opérationnel non GAAP de 100 à 105 millions de dollars.
monday.com (MNDY) hat im zweiten Quartal 2024 starke Ergebnisse gemeldet, mit einem Umsatz von 236,1 Millionen Dollar, was einem Anstieg von 34% im Vergleich zum Vorjahr entspricht. Das Unternehmen erreichte erstmals GAAP-Betriebsrentabilität mit einer Marge von 1%. Das nicht GAAP-Betriebseinkommen betrug 38,4 Millionen Dollar bei einer Marge von 16%. Das Unternehmen schloss seinen größten Vertrag aller Zeiten, einen 80.000-Plätze-Vertrag mit einem multinationalen Gesundheitsunternehmen.
Wichtige Kennzahlen zeigten Wachstum: 110% Nettodollar-Retention-Rate, 57.203 zahlende Kunden mit mehr als 10 Nutzern (ein Anstieg von 15% im Jahresvergleich) und 1.009 Kunden mit über 100.000 Dollar ARR (ein Anstieg von 49% im Jahresvergleich). Für das dritte Quartal 2024 erwartet monday.com einen Umsatz von 243-247 Millionen Dollar und ein nicht GAAP-Betriebseinkommen von 19-23 Millionen Dollar. Die Prognose für das gesamte Jahr 2024 geht von einem Umsatz von 956-961 Millionen Dollar und einem nicht GAAP-Betriebseinkommen von 100-105 Millionen Dollar aus.
- Revenue grew 34% year-over-year to $236.1 million
- Achieved first quarter of GAAP operating profitability with 1% margin
- Non-GAAP operating income increased to $38.4 million with 16% margin
- Closed largest deal in company history with 80,000-seat agreement
- Number of customers with $100,000+ ARR grew 49% year-over-year
- Raised full-year 2024 revenue guidance to $956-961 million
- Net dollar retention rate decreased to 110% from previous quarters
Insights
monday.com's Q2 results demonstrate robust growth and improved profitability. Revenue increased by
Key highlights include:
- Non-GAAP operating income of
$38.4 million , up from$16.6 million last year - Free cash flow of
$50.8 million , indicating strong cash generation - Net dollar retention rate of
110% , showing solid customer expansion
monday.com's Q2 performance reflects resilience in a challenging macroeconomic environment. The company's success in expanding upmarket is evident from the
The consistent net dollar retention rates across customer segments (all at
The company's multi-product strategy and focus on innovation appear to be paying off, enabling it to compete effectively in the crowded work management software market. The raised guidance for 2024 signals confidence in sustaining this momentum.
monday.com's Q2 results highlight its successful transition from a project management tool to a comprehensive work operating system. The company's ability to secure an 80,000-seat deal demonstrates the scalability and robustness of its platform, capable of serving large enterprises with complex needs.
The strong growth in customers with higher ARR (>
The company's focus on innovation and product expansion is paying dividends. As they continue to add new capabilities and integrate AI technologies, monday.com is well-positioned to capture a larger share of the digital transformation market. However, they must maintain a balance between rapid innovation and platform stability to retain and grow their enterprise customer base.
Second quarter revenue of
Achieved GAAP operating profitability and record non-GAAP operating income
Closed an 80,000-seat agreement, marking the largest deal in company history
Management Commentary:
“Q2 marks three years since our debut on the Nasdaq, and we’re more excited than ever about the opportunities we see ahead,” said monday.com co-founders and co-CEOs, Roy Mann and Eran Zinman. “We continue to drive strong and efficient growth, while constantly innovating to ensure that our go-to-market strategy, products, and platform can effectively scale as our customers grow. In Q2, these ongoing investments enabled us to more than triple our largest seat count as we continue to focus on expanding upmarket.”
“monday.com delivered a strong second quarter, and we’re very encouraged by the progress we continue to make against both our short- and long-term financial goals,” said Eliran Glazer, monday.com CFO. “Most notably, we were able to deliver exceptional efficiency in Q2, achieving our first quarter of GAAP operating profitability. These results demonstrate not only our highly effective execution, but the strong demand we continue to see even through a challenging macroeconomic environment.”
Second quarter Fiscal 2024 Financial Highlights:
-
Revenue was
$236.1 million 34% year-over-year. -
GAAP operating income was
$1.8 million $12.2 million 1% compared to negative7% in the second quarter of 2023. -
Non-GAAP operating income was
$38.4 million $16.6 million 16% , compared to9% in the second quarter of 2023. -
GAAP basic and diluted net income per share was
$0.29 $0.27 $0.15 $0.99 $0.94 $0.43 $0.41 -
Net cash provided by operating activities was
$55.8 million $50.8 million $47.6 million $45.9 million
Recent Business Highlights:
-
Net dollar retention rate was
110% . -
Net dollar retention rate for customers with more than 10 users was
114% . -
Net dollar retention rate for customers with more than
$50,000 114% . -
Net dollar retention rate for customers with more than
$100,000 114% . -
The number of paid customers with more than 10 users was 57,203, up
15% from 49,936 as of June 30, 2023. -
The number of paid customers with more than
$50,000 43% from 1,892 as of June 30, 2023. -
The number of paid customers with more than
$100,000 49% from 677 as of June 30, 2023. - Closed the largest deal in monday.com's history with a multinational healthcare company, expanding our largest seat count to 80,000 seats.
Financial Outlook:
For the third quarter of fiscal year 2024, monday.com currently expects:
-
Total revenue of
$243 million $247 million 28% to31% . -
Non-GAAP operating income of
$19 million $23 million 8% to9% . -
Free cash flow of
$70 million $74 million 29% to30% .
For the full year 2024, monday.com currently expects:
-
Total revenue of
$956 million $961 million 31% to32% . -
Non-GAAP operating income of
$100 million $105 million 10% to11% . -
Free cash flow of
$270 million $275 million 28% to29% .
Non-GAAP Financial Measures:
This press release and the accompanying tables contain the following non-GAAP financial measures: revenue excluding FX impacts, 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 income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share, free cash flow, and free cash flow margin. Certain of these non-GAAP financial measures exclude share-based compensation.
monday.com believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to monday.com’s financial condition and results of operations. monday.com management uses these non-GAAP measures to compare monday.com performance to that of prior periods, for trend analysis and for budgeting and planning purposes. monday.com believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing monday.com financial results to the results of other software companies, many of which present similar non-GAAP financial measures to investors. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.
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 monday.com financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.
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. monday.com urges investors to review these reconciliation tables and not to rely on any single financial measure to evaluate the monday.com business. Management is not able to forecast GAAP operating income (loss) on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting share-based compensation expense, the amounts of which may be significant in future periods. Management is not able to forecast GAAP net cash provided by operating activities on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting property and equipment purchases and capitalized software costs, the amounts of which may be significant in future periods
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 Retention 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 subscription plans 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 monday.com control. monday.com’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to our limited operating history at our current scale; our ability to effectively manage the scope and complexity of our business following years of rapid growth and our ability to maintain profitability; foreign currency exchange rate fluctuations; the fact that we continue to derive a majority of revenues from a single platform; fluctuations in operating results; real or perceived errors, failures, vulnerabilities or bugs or interruptions or performance problems in the technology or infrastructure underlying our platform; risks related to artificial intelligence or machine learning in offerings; our ability to attract customers, grow our retention rates and expand usage within organizations, including cross selling and upselling; risks related to our subscription-based business model; our sales efforts may require considerable time and expense or may extend sales cycles, and downturns or upturns are not immediately reflected in full in results of operations; our ability to offer high-quality customer support and consistent sales strategies; our ability to enhance our reputation, brand, and market awareness of our products and maintenance of corporate culture; risks related to actions by governments to restrict access to our platform and products or to require us to disclose or provide access to information; risks related to international operations and compliance with laws and regulations applicable to our global operations; difficulties in integration of partnerships, acquisitions and alliances; risks associated with environmental and social responsibility and climate change; our dependence on key employees and ability to attract and retain highly skilled employees; our ability to raise additional capital or generate cash flows necessary to grow our business; uncertain global economic conditions and inflation; changes and competition in the market and software categories in which we participate; our ability to maintain adequate research and development resources and introduce new products, features, integrations, capabilities, and enhancements; the ability of our platform to interoperate with a variety of software applications; our reliance on third-party application stores to distribute our mobile application; our successful strategic relationships with, and our dependence on third parties; our reliance on traditional web search engines to direct traffic to our website; interruption or delays in service from third parties or our inability to plan and manage interruptions; risks related to security disruptions, unauthorized system access; evolving privacy protection and data security laws, regulations, industry standards, policies, contractual obligations, and cross-border data transfer or localization restrictions; new legislation and regulatory obligations regulating AI; changes in tax law and regulations or if we were to be classified as a passive foreign investment company; our ability to maintain, protect or enforce our intellectual property rights or risks related to claims that we infringe the intellectual property rights of others; risks related to our use of open-source software; risks related to our founder shares that provide certain veto rights; risks related to our status as a foreign private issuer incorporated and located in
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. monday.com anticipates that subsequent events and developments will cause its views to change. monday.com undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing monday.com’s views as of any date subsequent to the date of this press release.
Earnings Webcast:
monday.com will hold a public webcast at 8:30 a.m. ET today to discuss the results for its second quarter 2024 and financial outlook. The live call may also be accessed via telephone at +1 (646) 968-2525 or +1 (888) 596-4144 (toll-free). Please reference conference ID: 8772190. An archived webcast can be accessed from the News & Events section of monday.com’s Investor Relations website following the call.
Investor Presentation Details:
An investor presentation providing additional information can be found at http://ir.monday.com.
About monday.com:
The monday.com Work OS is a low code-no code 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. monday.com has offices in
Visit us on our LinkedIn, X (formerly Twitter), Instagram, YouTube, TikTok, and Facebook. For more information about monday.com please visit our Press Room.
MONDAY.COM LTD |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
( |
||||||||||||
|
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited) |
|
(unaudited) |
||||||||
Revenue |
$ |
236,106 |
|
$ |
175,679 |
|
$ |
453,019 |
|
$ |
337,935 |
|
Cost of revenue |
|
23,763 |
|
|
19,516 |
|
|
47,217 |
|
|
36,530 |
|
Gross profit |
|
212,343 |
|
|
156,163 |
|
|
405,802 |
|
|
301,405 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||
Research and development |
|
50,445 |
|
|
39,106 |
|
|
94,868 |
|
|
76,169 |
|
Sales and marketing |
|
131,471 |
|
|
107,443 |
|
|
259,612 |
|
|
215,123 |
|
General and administrative |
|
28,633 |
|
|
21,781 |
|
|
54,550 |
|
|
45,032 |
|
Total operating expenses |
|
210,549 |
|
|
168,330 |
|
|
409,030 |
|
|
336,324 |
|
Operating income (loss) |
|
1,794 |
|
|
(12,167 |
) |
|
(3,228 |
) |
|
(34,919 |
) |
Financial income, net |
|
14,850 |
|
|
7,612 |
|
|
27,689 |
|
|
17,495 |
|
Income (loss) before income taxes |
|
16,644 |
|
|
(4,555 |
) |
|
24,461 |
|
|
(17,424 |
) |
Income tax expense |
|
(2,329 |
) |
|
(2,480 |
) |
|
(3,068 |
) |
|
(4,278 |
) |
Net income (loss) |
$ |
14,315 |
|
$ |
(7,035 |
) |
$ |
21,393 |
|
$ |
(21,702 |
) |
Net income (loss) per share, basic |
$ |
0.29 |
|
$ |
(0.15 |
) |
$ |
0.43 |
|
$ |
(0.45 |
) |
Net income (loss) per share, diluted |
$ |
0.27 |
|
$ |
(0.15 |
) |
$ |
0.41 |
|
$ |
(0.45 |
) |
Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, basic |
|
49,680,114 |
|
|
48,209,039 |
|
|
49,442,327 |
|
|
48,061,281 |
|
Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, diluted |
|
52,209,431 |
|
|
48,209,039 |
|
|
52,106,369 |
|
|
48,061,281 |
|
|
|
|
|
|
|
|
|
|
||||
MONDAY.COM LTD |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
( |
||||||
|
|
June 30, |
|
December 31, |
||
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
(unaudited) |
|
(audited) |
||
CURRENT ASSETS: |
|
|
|
|
||
Cash and cash equivalents |
$ |
1,290,242 |
|
$ |
1,116,128 |
|
Accounts receivable, net |
|
19,602 |
|
|
17,911 |
|
Prepaid expenses and other current assets |
|
56,181 |
|
|
39,103 |
|
Total current assets |
|
1,366,025 |
|
|
1,173,142 |
|
LONG-TERM ASSETS: |
|
|
|
|
||
Property and equipment, net |
|
39,326 |
|
|
37,418 |
|
Operating lease right-of-use assets |
|
60,910 |
|
|
62,280 |
|
Other long-term assets |
|
3,937 |
|
|
2,816 |
|
Total long-term assets |
|
104,173 |
|
|
102,514 |
|
Total assets |
$ |
1,470,198 |
|
$ |
1,275,656 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
|
||
Accounts payable |
$ |
46,293 |
|
$ |
24,837 |
|
Accrued expenses and other current liabilities |
|
137,216 |
|
|
106,691 |
|
Deferred revenue, current |
|
317,069 |
|
|
266,284 |
|
Operating lease liabilities, current |
|
19,510 |
|
|
18,201 |
|
Total current liabilities |
|
520,088 |
|
|
416,013 |
|
LONG-TERM LIABILITIES |
|
|
|
|
||
Operating lease liabilities, non-current |
|
37,335 |
|
|
42,946 |
|
Deferred revenue, non-current |
2,653 |
|
|
3,189 |
|
|
Total long-term liabilities |
39,988 |
|
|
46,135 |
|
|
Total liabilities |
560,076 |
|
|
462,148 |
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
||
Other comprehensive income |
|
2,657 |
|
|
9,804 |
|
Share capital and additional paid-in capital |
|
1,470,476 |
|
|
1,388,108 |
|
Accumulated deficit |
|
(563,011 |
) |
|
(584,404 |
) |
Total shareholders’ equity |
|
910,122 |
|
|
813,508 |
|
Total liabilities and shareholders’ equity |
$ |
1,470,198 |
|
$ |
1,275,656 |
|
MONDAY.COM LTD |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||
( |
|||||||||||||||
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(unaudited) |
|
(unaudited) |
|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|||||||
Net income (loss) |
$ |
14,315 |
|
$ |
(7,035 |
) |
$ |
21,393 |
|
$ |
(21,702 |
) |
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|||||||
Depreciation and amortization |
|
2,920 |
|
|
2,164 |
|
|
5,453 |
|
|
4,136 |
|
|||
Share-based compensation |
|
36,623 |
|
|
28,784 |
|
|
63,166 |
|
|
51,243 |
|
|||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|||||||
Accounts receivable, net |
|
(1,292 |
) |
|
3,850 |
|
|
(1,691 |
) |
|
(1,910 |
) |
|||
Prepaid expenses and other assets |
|
(17,306 |
) |
|
6,149 |
|
|
(15,199 |
) |
|
5,987 |
|
|||
Accounts payable |
|
9,625 |
|
|
(220 |
) |
|
21,668 |
|
|
3,596 |
|
|||
Accrued expenses and other liabilities, net |
|
(3,636 |
) |
|
(4,252 |
) |
|
2,710 |
|
|
(148 |
) |
|||
Deferred revenue |
|
14,545 |
|
|
18,149 |
|
|
50,249 |
|
|
49,115 |
|
|||
Net cash provided by operating activities |
|
55,794 |
|
|
47,589 |
|
|
147,749 |
|
|
90,317 |
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|||||||
Purchase of property and equipment |
|
(4,504 |
) |
|
(1,123 |
) |
|
(5,964 |
) |
|
(4,684 |
) |
|||
Capitalized software development costs |
|
(469 |
) |
|
(534 |
) |
|
(1,070 |
) |
|
(1,019 |
) |
|||
Net cash used in investing activities |
|
(4,973 |
) |
|
(1,657 |
) |
|
(7,034 |
) |
|
(5,703 |
) |
|||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|||||||
Proceeds from exercise of share options and employee share purchase plan |
|
10,616 |
|
|
5,267 |
|
|
19,324 |
|
|
10,353 |
|
|||
Receipt of tax advance relating to exercises of share options and RSUs, net |
|
4,261 |
|
|
2,613 |
|
|
14,075 |
|
|
8,516 |
|
|||
Net cash provided by financing activities |
|
14,877 |
|
|
7,880 |
|
|
33,399 |
|
|
18,869 |
|
|||
INCREASE IN CASH, AND CASH EQUIVALENTS |
|
65,698 |
|
|
53,812 |
|
|
174,114 |
|
|
103,483 |
|
|||
CASH AND CASH EQUIVALENTS - Beginning of period |
|
1,224,544 |
|
|
935,565 |
|
|
1,116,128 |
|
|
885,894 |
|
|||
CASH AND CASH EQUIVALENTS - End of period |
$ |
1,290,242 |
|
$ |
989,377 |
|
$ |
1,290,242 |
|
$ |
989,377 |
|
|||
MONDAY.COM LTD |
||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information |
||||||||||||
( |
||||||||||||
|
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited) |
|
(unaudited) |
||||||||
Reconciliation of gross profit and gross margin |
|
|
|
|
|
|
|
|
||||
GAAP gross profit |
$ |
212,343 |
|
$ |
156,163 |
|
$ |
405,802 |
|
$ |
301,405 |
|
Share-based compensation |
|
1,872 |
|
|
1,845 |
|
|
3,116 |
|
|
3,322 |
|
Non-GAAP gross profit |
$ |
214,215 |
|
$ |
158,008 |
|
$ |
408,918 |
|
$ |
304,727 |
|
|
|
|
|
|
|
|
|
|
||||
GAAP gross margin |
|
90 |
% |
|
89 |
% |
|
90 |
% |
|
89 |
% |
Non-GAAP gross margin |
|
91 |
% |
|
90 |
% |
|
90 |
% |
|
90 |
% |
|
|
|
|
|
|
|
|
|
||||
Reconciliation of operating expenses |
|
|
|
|
|
|
|
|
||||
GAAP research and development |
$ |
50,445 |
|
$ |
39,106 |
|
$ |
94,868 |
|
$ |
76,169 |
|
Share-based compensation |
|
(13,567 |
) |
|
(11,198 |
) |
|
(23,193 |
) |
|
(19,742 |
) |
Non-GAAP research and development |
$ |
36,878 |
|
$ |
27,908 |
|
$ |
71,675 |
|
$ |
56,427 |
|
|
|
|
|
|
|
|
|
|
||||
GAAP sales and marketing |
$ |
131,471 |
|
$ |
107,443 |
|
$ |
259,612 |
|
$ |
215,123 |
|
Share-based compensation |
|
(10,733 |
) |
|
(8,612 |
) |
|
(18,068 |
) |
|
(13,640 |
) |
Non-GAAP sales and marketing |
$ |
120,738 |
|
$ |
98,831 |
|
$ |
241,544 |
|
$ |
201,483 |
|
|
|
|
|
|
|
|
|
|
||||
GAAP general and administrative |
$ |
28,633 |
|
$ |
21,781 |
|
$ |
54,550 |
|
$ |
45,032 |
|
Share-based compensation |
|
(10,451 |
) |
|
(7,129 |
) |
|
(18,789 |
) |
|
(14,539 |
) |
Non-GAAP general and administrative |
$ |
18,182 |
|
$ |
14,652 |
|
$ |
35,761 |
|
$ |
30,493 |
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of operating income (loss) |
|
|
|
|
|
|
|
|
||||
GAAP operating income (loss) |
$ |
1,794 |
|
$ |
(12,167 |
) |
$ |
(3,228 |
) |
$ |
(34,919 |
) |
Share-based compensation |
|
36,623 |
|
|
28,784 |
|
|
63,166 |
|
|
51,243 |
|
Non-GAAP operating income |
$ |
38,417 |
|
$ |
16,617 |
|
$ |
59,938 |
|
$ |
16,324 |
|
GAAP operating margin |
|
1 |
% |
|
(7 |
%) |
|
(1 |
%) |
|
(10 |
%) |
Non-GAAP operating margin |
16 |
% |
|
9 |
% |
|
13 |
% |
|
5 |
% |
|
MONDAY.COM LTD |
||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information (Cont.) |
||||||||||||
( |
||||||||||||
|
|
|
|
|
|
|
|
|||||
|
Three months ended June 30, |
|
Six months ended June 30, |
|||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
(unaudited) |
|
(unaudited) |
|||||||||
Reconciliation of net income (loss) |
|
|
|
|
|
|
|
|
||||
GAAP net income (loss) |
$ |
14,315 |
|
$ |
(7,035 |
) |
$ |
21,393 |
|
$ |
(21,702 |
) |
Share-based compensation |
|
36,623 |
|
|
28,784 |
|
|
63,166 |
|
|
51,243 |
|
Tax benefit related to share-based compensation(1) |
|
(1,620 |
) |
|
(786 |
) |
|
(3,525 |
) |
|
(1,345 |
) |
Non-GAAP net income |
$ |
49,318 |
|
$ |
20,963 |
|
$ |
81,034 |
|
$ |
28,196 |
|
Reconciliation of weighted average number of shares outstanding |
|
|
|
|
|
|
|
|
||||
Weighted-average ordinary shares used in calculating GAAP and Non-GAAP net income (loss) per ordinary share, basic |
|
49,680,114 |
|
|
48,209,039 |
|
|
49,442,327 |
|
|
48,061,281 |
|
Effect of dilutive shares (2) |
|
2,529,317 |
|
|
2,949,919 |
|
|
2,664,042 |
|
|
2,932,350 |
|
Weighted-average ordinary shares used in calculating GAAP and Non-GAAP net income (loss) per ordinary share, diluted |
|
52,209,431 |
|
|
51,158,958 |
|
|
52,106,369 |
|
|
50,993,631 |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
GAAP net income (loss) per share, basic |
$ |
0.29 |
|
$ |
(0.15 |
) |
$ |
0.43 |
|
$ |
(0.45 |
) |
GAAP net income (loss) per share, diluted |
$ |
0.27 |
|
$ |
(0.15 |
) |
$ |
0.41 |
|
$ |
(0.45 |
) |
Non-GAAP net income per share, basic |
$ |
0.99 |
|
$ |
0.43 |
|
$ |
1.64 |
|
$ |
0.59 |
|
Non-GAAP net income per share, diluted |
$ |
0.94 |
|
$ |
0.41 |
|
$ |
1.56 |
|
$ |
0.55 |
|
(1) |
|
The tax benefits generated from the exercise of the disqualifying disposition of incentive share options were excluded in calculating non-GAAP net income and non-GAAP net income per basic and diluted 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) | The effect of these dilutive shares was not included in the GAAP calculation of diluted net loss per share for the three and six months ended June 30, 2023, because the effect would have been anti-dilutive. |
MONDAY.COM LTD |
||||||
Reconciliation of GAAP to Non-GAAP Financial Information (Cont.) |
||||||
( |
||||||
The following table reconciles our quarterly reported year-over-year revenue growth rates to the non-GAAP measure of FX adjusted year-over-year revenue growth rates, which excludes the impact of changes in foreign currency exchange rates. The company believes FX adjusted growth rates provide a useful framework for assessing our business performance excluding the effects of foreign currency exchange rate fluctuations. The impact of foreign currency exchange rate fluctuations is determined by calculating the current year result using foreign exchange rates consistent with the prior year period. |
||||||
|
|
Three months ended June 30, |
||||
|
|
2024 |
|
|
2023 |
|
|
(unaudited) |
|||||
|
|
|
|
|||
Revenue growth as reported |
|
34 |
% |
|
42 |
% |
Impact of foreign currency |
|
0 |
% |
|
1 |
% |
Revenue growth, FX adjusted |
34 |
% |
43 |
% |
||
MONDAY.COM LTD |
||||||||||||
Reconciliation of net cash provided by operating activities to free cash flow |
||||||||||||
( |
||||||||||||
|
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(unaudited) |
|
(unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|||||
Net cash provided by operating activities |
$ |
55,794 |
|
$ |
47,589 |
|
$ |
147,749 |
|
$ |
90,317 |
|
Purchase of property and equipment |
|
(4,504 |
) |
|
(1,123 |
) |
|
(5,964 |
) |
|
(4,684 |
) |
Capitalized software development costs |
|
(469 |
) |
|
(534 |
) |
|
(1,070 |
) |
|
(1,019 |
) |
Free cash flow |
$ |
50,821 |
|
$ |
45,932 |
|
|
140,715 |
|
|
84,614 |
|
Free cash flow margin |
|
22 |
% |
|
26 |
% |
|
31 |
% |
|
25 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240812155396/en/
Investor Relations:
Byron Stephen
byron@monday.com
Media Relations:
Or Elmaliah
ore@monday.com
Source: monday.com
FAQ
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