エドガーで原本を確認する
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MONDAY.COM LTD.
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By:
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/s/ Shiran Nawi
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Name: Shiran Nawi
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Title: Chief
People and Legal Officer
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Description
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Revenue was $216.9 million, an increase of 34% year-over-year.
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GAAP operating loss was $5.0 million compared to a loss of $22.8 million in the first quarter of 2023; GAAP operating margin was negative 2% compared to negative 14% in the first quarter of 2023.
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Non-GAAP operating income was $21.5 million compared to a loss of $0.3 million in the first quarter of 2023; non-GAAP operating margin was 10%, compared to 0% in the first quarter of 2023.
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GAAP basic and diluted net income per share was $0.14, compared to GAAP basic and diluted net loss per share of $0.31 in the first quarter of 2023; non-GAAP basic and diluted net income per share was $0.64 and $0.61, respectively, compared
to non-GAAP basic and diluted net income per share of $0.15 and $0.14, respectively, in the first quarter of 2023.
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Net cash provided by operating activities was $92.0 million, with $89.9 million of free cash flow, compared to net cash provided by operating activities of $42.7 million and $38.7 million of free cash flow in the first quarter of 2023.
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Net dollar retention rate was 110%.
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Net dollar retention rate for customers with more than 10 users was 114%.
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Net dollar retention rate for customers with more than $50,000 in annual recurring revenue (“ARR”) was 114%.
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Net dollar retention rate for customers with more than $100,000 in ARR was 113%.
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The number of paid customers with 10+ users was 55,515, up 18% from 47,228 as of March 31, 2023.
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The number of paid customers with more than $50,000 in ARR was 2,491, up 48% from 1,683 as of March 31, 2023.
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The number of paid customers with more than $100,000 in ARR was 911, up 55% from 588 as of March 31, 2023.
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monday sales CRM and monday dev are now available to all customers, and both products saw accelerated account growth in the quarter.
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Total revenue of $226 million to $230 million, representing year-over-year growth of 29% to 31%.
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Non-GAAP operating income of $17 million to $21 million and operating margin of 8% to 9%.
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Free cash flow of $47 million to $51 million and free cash flow margin of 21% to 22%.
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Total revenue of $942 million to $948 million, representing year-over-year growth of 29% to 30%.
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Non-GAAP operating income of $77 million to $83 million and operating margin of 8% to 9%.
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Free cash flow of $238 million to $244 million and free cash flow margin of 25% to 26%.
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Three months ended March 31,
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2024
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2023
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(unaudited)
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Revenue
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$
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216,913
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$
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162,256
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Cost of revenue
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23,454
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17,014
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Gross profit
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193,459
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145,242
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Operating expenses:
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Research and development
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44,423
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37,063
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Sales and marketing
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128,141
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107,680
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General and administrative
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25,917
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23,251
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Total operating expenses
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198,481
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167,994
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Operating loss
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(5,022
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(22,752
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Financial income, net
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12,839
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9,883
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Income (loss) before income taxes
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7,817
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(12,869
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Income tax expense
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(739
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(1,798
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Net income (loss)
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$
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7,078
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$
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(14,667
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)
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Net income (loss) per share, basic and diluted
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$
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0.14
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$
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(0.31
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)
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Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, basic
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49,204,541
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47,912,353
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Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, diluted
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52,020,163
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47,912,353
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March 31,
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December 31,
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2024
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2023
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(unaudited)
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(audited)
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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1,224,544
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$
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1,116,128
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Accounts receivable, net
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18,310
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17,911
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Prepaid expenses and other current assets
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48,998
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39,103
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Total current assets
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1,291,852
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1,173,142
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LONG-TERM ASSETS:
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Property and equipment, net
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37,502
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37,418
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Operating lease right-of-use assets
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58,740
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62,280
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Other long-term assets
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2,670
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2,816
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Total long-term assets
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98,912
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102,514
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Total assets
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$
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1,390,764
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$
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1,275,656
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LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Accounts payable
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$
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37,172
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$
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24,837
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Accrued expenses and other current liabilities
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134,678
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106,691
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Deferred revenue, current
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302,481
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266,284
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Operating lease liabilities, current
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18,853
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18,201
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Total current liabilities
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493,184
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416,013
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LONG-TERM LIABILITIES
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Operating lease liabilities, non-current
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39,035
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42,946
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Deferred revenue, non-current
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2,696
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3,189
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Total long-term liabilities
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41,731
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46,135
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Total liabilities
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534,915
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462,148
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SHAREHOLDERS' EQUITY:
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Other comprehensive income
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6,468
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9,804
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Share capital and additional paid-in capital
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1,426,707
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1,388,108
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Accumulated deficit
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(577,326
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(584,404
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Total shareholders’ equity
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855,849
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813,508
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Total liabilities and shareholders’ equity
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$
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1,390,764
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$
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1,275,656
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Three months ended
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March 31,
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2024
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2023
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(unaudited)
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income (loss)
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$
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7,078
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$
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(14,667
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Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
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Depreciation and amortization
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2,533
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1,972
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Share-based compensation
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26,543
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22,459
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Changes in operating assets and liabilities:
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Accounts receivable, net
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(399
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(5,760
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Prepaid expenses and other assets
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2,107
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(162
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Accounts payable
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12,043
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3,816
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Accrued expenses and other liabilities, net
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6,346
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4,104
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Deferred revenue
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35,704
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30,966
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Net cash provided by operating activities
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91,955
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42,728
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchase of property and equipment
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(1,460
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(3,561
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Capitalized software development costs
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(601
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(485
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Net cash used in investing activities
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(2,061
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(4,046
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Proceeds from exercise of share options and employee share purchase plan
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8,708
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5,086
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Receipt of tax advance relating to exercises of share options and RSUs, net
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9,814
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5,903
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Net cash provided by financing activities
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18,522
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10,989
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INCREASE IN CASH, AND CASH EQUIVALENTS
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108,416
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49,671
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CASH AND CASH EQUIVALENTS - Beginning of period
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1,116,128
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885,894
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CASH AND CASH EQUIVALENTS - End of period
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$
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1,224,544
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$
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935,565
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Three months ended
March 31,
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2024
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2023
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(unaudited)
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Reconciliation of gross profit and gross margin
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GAAP gross profit
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$
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193,459
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$
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145,242
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Share-based compensation
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1,244
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1,477
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Non-GAAP gross profit
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$
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194,703
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$
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146,719
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GAAP gross margin
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89
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%
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90
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%
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Non-GAAP gross margin
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90
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%
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90
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%
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Reconciliation of operating expenses
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GAAP research and development
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$
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44,423
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$
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37,063
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Share-based compensation
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(9,626
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(8,544
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Non-GAAP research and development
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$
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34,797
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$
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28,519
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GAAP sales and marketing
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$
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128,141
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$
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107,680
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Share-based compensation
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(7,335
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)
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(5,028
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Non-GAAP sales and marketing
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$
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120,806
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$
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102,652
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GAAP general and administrative
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$
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25,917
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$
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23,251
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Share-based compensation
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(8,338
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(7,410
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Non-GAAP general and administrative
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$
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17,579
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$
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15,841
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Reconciliation of operating income (loss)
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GAAP operating loss
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$
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(5,022
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$
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(22,752
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Share-based compensation
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26,543
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22,459
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Non-GAAP operating income (loss)
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$
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21,521
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$
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(293
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)
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GAAP operating margin
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(2
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)%
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(14
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)%
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Non-GAAP operating margin
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10
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%
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(0
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)%
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Reconciliation of net income (loss)
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GAAP net income (loss)
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$
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7,078
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$
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(14,667
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) | |||
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Share-based compensation
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26,543
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22,459
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Tax benefit related to share-based compensation(1)
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(1,905
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) |
(559
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Non-GAAP net income
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$ |
31,716
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$ |
7,233
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Reconciliation of weighted average number of shares outstanding
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Weighted-average ordinary shares used in calculating GAAP and Non-GAAP net income (loss) per ordinary share, basic
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49,204,541
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47,912,353
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Effect of dilutive shares
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2,815,622
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2,926,057
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Weighted-average ordinary shares used in calculating Non-GAAP net income (loss) per ordinary share, diluted
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52,020,163
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50,838,410
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GAAP net income (loss) per share, basic and diluted
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$ |
0.14
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$ |
(0.31
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)
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Non-GAAP net income per share, basic
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$ |
0.64
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$ |
0.15
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Non-GAAP net income per share, diluted
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$ |
0.61
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$ |
0.14
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(1) |
The tax benefits generated from the exercise of the disqualifying disposition of incentive share options were excluded in calculating non-GAAP net income (loss) and non-GAAP net income (loss) 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.
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Three months ended
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March 31,
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2024
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2023
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(unaudited)
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Revenue growth as reported
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34
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%
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50
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%
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Impact of foreign currency
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0
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%
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1
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%
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Revenue growth, FX adjusted
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34
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%
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51
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%
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Three months ended
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March 31,
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2024
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2023
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(unaudited)
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Net cash provided by operating activities
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$
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91,955
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$
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42,728
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Purchase of property and equipment
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(1,460
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)
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(3,561
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Capitalized software development costs
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(601
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)
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(485
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)
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Free cash flow
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$
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89,894
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$
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38,682
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Free cash flow margin
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41
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%
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24
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%
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