monday.com Announces First Quarter 2024 Results
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Revenue was $216.9 million, an increase of 34% year-over-year.
|
● |
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.
|
● |
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.
|
● |
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.
|
● |
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,
| ||||||||
2024
|
2023
| |||||||
(unaudited)
| ||||||||
Revenue
|
$
|
216,913
|
$
|
162,256
| ||||
Cost of revenue
|
23,454
|
17,014
| ||||||
Gross profit
|
193,459
|
145,242
| ||||||
Operating expenses:
| ||||||||
Research and development
|
44,423
|
37,063
| ||||||
Sales and marketing
|
128,141
|
107,680
| ||||||
General and administrative
|
25,917
|
23,251
| ||||||
Total operating expenses
|
198,481
|
167,994
| ||||||
Operating loss
|
(5,022
|
)
|
(22,752
|
)
| ||||
Financial income, net
|
12,839
|
9,883
| ||||||
Income (loss) before income taxes
|
7,817
|
(12,869
|
)
| |||||
Income tax expense
|
(739
|
)
|
(1,798
|
)
| ||||
Net income (loss)
|
$
|
7,078
|
$
|
(14,667
|
)
| |||
Net income (loss) per share, basic and diluted
|
$
|
0.14
|
$
|
(0.31
|
)
| |||
Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, basic
|
49,204,541
|
47,912,353
| ||||||
Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, diluted
|
52,020,163
|
47,912,353
|
March 31,
|
December 31,
| |||||||
2024
|
2023
| |||||||
(unaudited)
|
(audited)
| |||||||
ASSETS
| ||||||||
CURRENT ASSETS:
| ||||||||
Cash and cash equivalents
|
$
|
1,224,544
|
$
|
1,116,128
| ||||
Accounts receivable, net
|
18,310
|
17,911
| ||||||
Prepaid expenses and other current assets
|
48,998
|
39,103
| ||||||
Total current assets
|
1,291,852
|
1,173,142
| ||||||
LONG-TERM ASSETS:
| ||||||||
Property and equipment, net
|
37,502
|
37,418
| ||||||
Operating lease right-of-use assets
|
58,740
|
62,280
| ||||||
Other long-term assets
|
2,670
|
2,816
| ||||||
Total long-term assets
|
98,912
|
102,514
| ||||||
Total assets
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$
|
1,390,764
|
$
|
1,275,656
| ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
CURRENT LIABILITIES:
| ||||||||
Accounts payable
|
$
|
37,172
|
$
|
24,837
| ||||
Accrued expenses and other current liabilities
|
134,678
|
106,691
| ||||||
Deferred revenue, current
|
302,481
|
266,284
| ||||||
Operating lease liabilities, current
|
18,853
|
18,201
| ||||||
Total current liabilities
|
493,184
|
416,013
| ||||||
LONG-TERM LIABILITIES
| ||||||||
Operating lease liabilities, non-current
|
39,035
|
42,946
| ||||||
Deferred revenue, non-current
|
2,696
|
3,189
| ||||||
Total long-term liabilities
|
41,731
|
46,135
| ||||||
Total liabilities
|
534,915
|
462,148
| ||||||
SHAREHOLDERS' EQUITY:
| ||||||||
Other comprehensive income
|
6,468
|
9,804
| ||||||
Share capital and additional paid-in capital
|
1,426,707
|
1,388,108
| ||||||
Accumulated deficit
|
(577,326
|
)
|
(584,404
|
)
| ||||
Total shareholders' equity
|
855,849
|
813,508
| ||||||
Total liabilities and shareholders' equity
|
$
|
1,390,764
|
$
|
1,275,656
|
Three months ended
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March 31,
| ||||||||
2024
|
2023
| |||||||
(unaudited)
| ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
| ||||||||
Net income (loss)
|
$
|
7,078
|
$
|
(14,667
|
)
| |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization
|
2,533
|
1,972
| ||||||
Share-based compensation
|
26,543
|
22,459
| ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable, net
|
(399
|
)
|
(5,760
|
)
| ||||
Prepaid expenses and other assets
|
2,107
|
(162
|
)
| |||||
Accounts payable
|
12,043
|
3,816
| ||||||
Accrued expenses and other liabilities, net
|
6,346
|
4,104
| ||||||
Deferred revenue
|
35,704
|
30,966
| ||||||
Net cash provided by operating activities
|
91,955
|
42,728
| ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
| ||||||||
Purchase of property and equipment
|
(1,460
|
)
|
(3,561
|
)
| ||||
Capitalized software development costs
|
(601
|
)
|
(485
|
)
| ||||
Net cash used in investing activities
|
(2,061
|
)
|
(4,046
|
)
| ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
| ||||||||
Proceeds from exercise of share options and employee share purchase plan
|
8,708
|
5,086
| ||||||
Receipt of tax advance relating to exercises of share options and RSUs, net
|
9,814
|
5,903
| ||||||
Net cash provided by financing activities
|
18,522
|
10,989
| ||||||
INCREASE IN CASH, AND CASH EQUIVALENTS
|
108,416
|
49,671
| ||||||
CASH AND CASH EQUIVALENTS - Beginning of period
|
1,116,128
|
885,894
| ||||||
CASH AND CASH EQUIVALENTS - End of period
|
$
|
1,224,544
|
$
|
935,565
|
Three months ended
March 31,
| ||||||||
2024
|
2023
| |||||||
(unaudited)
| ||||||||
Reconciliation of gross profit and gross margin | ||||||||
GAAP gross profit
|
$
|
193,459
|
$
|
145,242
| ||||
Share-based compensation
|
1,244
|
1,477
| ||||||
Non-GAAP gross profit
|
$
|
194,703
|
$
|
146,719
| ||||
GAAP gross margin
|
89
|
%
|
90
|
%
| ||||
Non-GAAP gross margin
|
90
|
%
|
90
|
%
| ||||
Reconciliation of operating expenses | ||||||||
GAAP research and development
|
$
|
44,423
|
$
|
37,063
| ||||
Share-based compensation
|
(9,626
|
)
|
(8,544
|
)
| ||||
Non-GAAP research and development
|
$
|
34,797
|
$
|
28,519
| ||||
GAAP sales and marketing
|
$
|
128,141
|
$
|
107,680
| ||||
Share-based compensation
|
(7,335
|
)
|
(5,028
|
)
| ||||
Non-GAAP sales and marketing
|
$
|
120,806
|
$
|
102,652
| ||||
GAAP general and administrative
|
$
|
25,917
|
$
|
23,251
| ||||
Share-based compensation
|
(8,338
|
)
|
(7,410
|
)
| ||||
Non-GAAP general and administrative
|
$
|
17,579
|
$
|
15,841
| ||||
Reconciliation of operating income (loss) | ||||||||
GAAP operating loss
|
$
|
(5,022
|
)
|
$
|
(22,752
|
)
| ||
Share-based compensation
|
26,543
|
22,459
| ||||||
Non-GAAP operating income (loss)
|
$
|
21,521
|
$
|
(293
|
)
| |||
GAAP operating margin
|
(2
|
)%
|
(14
|
)%
| ||||
Non-GAAP operating margin
|
10
|
%
|
(0
|
)%
| ||||
Reconciliation of net income (loss) | ||||||||
GAAP net income (loss)
|
$
|
7,078
|
$
|
(14,667
| ) | |||
Share-based compensation
|
26,543
|
22,459
| ||||||
Tax benefit related to share-based compensation(1) |
(1,905
| ) |
(559
| ) | ||||
Non-GAAP net income
|
$ |
31,716
| $ |
7,233
| ||||
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
|
49,204,541
|
47,912,353
| ||||||
Effect of dilutive shares
|
2,815,622
|
2,926,057
| ||||||
Weighted-average ordinary shares used in calculating Non-GAAP net income (loss) per ordinary share, diluted
|
52,020,163
|
50,838,410
| ||||||
GAAP net income (loss) per share, basic and diluted
|
$ |
0.14
| $ |
(0.31
|
)
| |||
Non-GAAP net income per share, basic
| $ |
0.64
| $ |
0.15
| ||||
Non-GAAP net income per share, diluted
| $ |
0.61
| $ |
0.14
|
(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.
|
Three months ended
| ||||||||
March 31,
| ||||||||
2024
|
2023
| |||||||
(unaudited)
| ||||||||
Revenue growth as reported
|
34
|
%
|
50
|
%
| ||||
Impact of foreign currency
|
0
|
%
|
1
|
%
| ||||
Revenue growth, FX adjusted
|
34
|
%
|
51
|
%
|
Three months ended
| ||||||||
March 31,
| ||||||||
2024
|
2023
| |||||||
(unaudited)
| ||||||||
Net cash provided by operating activities
|
$
|
91,955
|
$
|
42,728
| ||||
Purchase of property and equipment
|
(1,460
|
)
|
(3,561
|
)
| ||||
Capitalized software development costs
|
(601
|
)
|
(485
|
)
| ||||
Free cash flow
|
$
|
89,894
|
$
|
38,682
| ||||
Free cash flow margin
|
41
|
%
|
24
|
%
|
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Disclaimer
monday.com Ltd. published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 12:09:39 UTC.