monday.com Ltd (MNDY) 2022 Q2 法說會逐字稿

Good day. My name is Charlie, and I'll be your conference operator today. At this time, I would like to welcome everyone to monday.com's Second Quarter Fiscal Year 2022 Earnings Conference Call. I'd now like to hand the call over to monday.com's Director of Investor Relations, Mr. Byron Stephen. Byron, please go ahead.

再會。我叫查理，今天我將擔任您的會議主持人。現在，我歡迎大家參加 monday.com 2022 財年第二季財報電話會議。現在我想將電話交給 monday.com 的投資者關係總監拜倫史蒂芬先生。拜倫，請繼續。

Good day, everyone, and thank you for joining us on today's conference call to discuss the financial results for monday.com’s Second Quarter Fiscal Year 2022. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com; and Eliran Glazer, monday.com’s CFO.

大家好，感謝您參加今天的電話會議，討論 monday.com 2022 財年第二季度的財務業績。今天與我一起參加的是 monday.com 的聯合執行長 Roy Mann 和 Eran Zinman；以及 monday.com 的財務長 Eliran Glazer。

We released our results for the Second Quarter Fiscal Year 2022 earlier today. This quarter, we have introduced a new shareholder letter with our results and commentary for the quarter. You can find the shareholder letter, along with our investor presentation that accompanies our prepared remarks and a replay of today's webcast under the News and Events section of our IR website at ir.monday.com. Certain statements made on the call today will be forward-looking statements, which reflect management's best judgment based on currently available information.

我們今天稍早發布了 2022 財年第二季的業績。本季度，我們推出了一封新的股東信，其中包含本季的業績和評論。您可以在我們 IR 網站 ir.monday.com 的「新聞與活動」部分找到股東信函、伴隨我們準備好的發言的投資者簡報以及今天的網路廣播重播。今天電話會議上的某些陳述將是前瞻性陳述，反映管理層根據當前可用資訊做出的最佳判斷。

These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our earnings release for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements. Additionally, non-GAAP financial measures will be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available in the earnings release and the earnings presentation for today's call, which are posted on our Investor Relations website. With that, let me turn the call over to Roy.

這些聲明涉及風險和不確定性，可能導致實際結果與我們的預期不同。有關可能導致實際結果與我們的前瞻性陳述存在重大差異的具體因素的更多信息，請參閱我們的收益報告。此外，電話會議也將討論非公認會計準則財務指標。在我們的投資者關係網站上發布的今天電話會議的收益報告和收益報告中，可以找到與最直接可比較的 GAAP 財務指標的對帳。說完這些，讓我把電話轉給羅伊。

Thanks, Byron. Good day, everyone, and welcome to our second-quarter earnings call. It's been 1 year since our IPO, and monday.com continues to grow. Our total revenue in Q2 was $123.7 million, up 75% from Q2 last year. We continue to move upmarket at a fast pace, wearing our enterprise customer base to more than 1,000 customers this quarter while maintaining our best-in-industry net dollar retention rate. We continue to see strong growth across all customer segments with enterprise customers leading the way. In the second quarter of fiscal 2022, we finished with 1,160 enterprise customers, 147% year-over-year increase. The second quarter saw a significant improvement in our operating margin as we continue to make our business more efficient. Since the company was founded, we've generated approximately $4 in recurring revenue for every $1 we burn.

謝謝，拜倫。大家好，歡迎參加我們的第二季財報電話會議。自我們首次公開發行 (IPO) 以來已經過去了一年，monday.com 仍在繼續發展。我們第二季的總營收為 1.237 億美元，比去年第二季成長 75%。我們繼續快速進軍高端市場，本季我們的企業客戶群已超過 1,000 家，同時保持了業界最佳的淨美元留存率。我們繼續看到所有客戶群的強勁成長，其中企業客戶處於領先地位。 2022財年第二季度，我們擁有1,160家企業客戶，較去年同期成長147％。隨著我們繼續提高業務效率，第二季我們的營業利潤率顯著提高。自公司成立以來，我們每消耗 1 美元就能產生約 4 美元的經常性收入。

The secret behind our efficiency is our big brain analytics platform. If you ever visited our offices, you've seen dashboards on nearly every wall is playing insights from BigBrain, our in-house business intelligence tool. BigBrain collects over 200 million events a day, which informs each of our marketing campaigns and every interaction we have with our customers. By measuring everything, we empower our employees to make efficient data-driven decisions, optimizing for cash flow and maximizing efficiency. Another key part of our long-term strategy is expansion of our product offering. This past quarter, we announced our new Work OS product suite, and we've already seen impressive adoption.

我們高效的秘訣在於我們的大腦分析平台。如果您曾經造訪過我們的辦公室，您會看到幾乎每面牆上的儀表板都在播放來自我們內部商業智慧工具 BigBrain 的見解。 BigBrain 每天收集超過 2 億個事件，為我們的每次行銷活動以及與客戶的每次互動提供資訊。透過衡量一切，我​​們使員工能夠做出有效的數據驅動決策，優化現金流並最大限度地提高效率。我們的長期策略的另一個關鍵部分是擴大我們的產品供應。上個季度，我們發布了新的 Work OS 產品套件，並且已經獲得了令人印象深刻的採用。

Within 2 months, we have had over 1,000 new paying accounts sign up with our new Work OS product. Our new end-to-end products are tailored by vertical and build on top of the monday Work OS platform, including monday projects, monday sale CRM, monday dev, and monday marketer. Customers can now switch between products within their Work OS platform so they can unify work across their organization. We're committed to being best-in-class in every one of our product categories, and we are confident that we can achieve that thanks to the flexibility and unique infrastructure of our Work OS. These new products expand and elevate our go-to-market strategy and create additional entry points for new customers to our platform. Let me now turn it over to Eran to walk you through how customers are using monday.com to run their businesses better.

在 2 個月內，我們的新 Work OS 產品已擁有超過 1,000 個新付費帳戶註冊。我們的全新端到端產品是按垂直行業量身定制的，並建立在 Monday Work OS 平台之上，包括 Monday Projects、Monday Sale CRM、Monday Dev 和 Monday Marketer。客戶現在可以在其 Work OS 平台內切換產品，以便在整個組織內統一運作。我們致力於在每個產品類別中做到最好，我們相信，憑藉我們的 Work OS 的靈活性和獨特的基礎設施，我們能夠實現這一目標。這些新產品擴展並提升了我們的市場進入策略，並為新客戶進入我們的平台創造了額外的切入點。現在，讓我將主題交給 Eran，讓他向您介紹客戶如何使用 monday.com 來更好地經營他們的業務。

Thank you, Roy. Monday.com is core to our customer's business success. We're proud of the efficiency of the reaching with the Work OS platform with a customer base of more than 152,000 in over 200 countries and 200 different industries, our customers spend thousands of diverse use cases. We've pulled a handful of examples to give you a sense of that range. Renault Group recently signed up with monday.com and now uses the Work OS platform to share and manage the communication activities of its brands around the world. They're using the platform to increase their communication functions collaboration and efficiency across 39 countries.

謝謝你，羅伊。 Monday.com 是我們客戶業務成功的核心。我們為 Work OS 平台的高效覆蓋感到自豪，該平台擁有遍布 200 多個國家和 200 個不同行業的 152,000 多名客戶，我們的客戶擁有數千種不同的用例。我們列舉了一些例子來讓您了解這個範圍。雷諾集團最近與monday.com簽約，現在使用Work OS平台來分享和管理其品牌在世界各地的傳播活動。他們正在使用該平台來提高 39 個國家的通訊功能協作和效率。

As part of their goal to innovate the property industry, Savills turned to monday.com to execute impactful marketing campaigns across the global markets. Our implementation consultants are partnering with Savills to standardize their marketing processes, minimize wasted time and align faster decisions with their KPIs and OKRs. Lastly, in the total economic impact study released in March, Forrester cited Motorola's use monday.com for its global internal creative agency. The report showed that Motorola had significant cost saving along with increases in overall productivity, producing an overall return on investment of 346%. Reading this report was really exciting. We built monday.com as a unifying workspace that increases operational efficiency and productivity. And it's amazing to see that in action.

作為創新房地產行業目標的一部分，第一太平戴維斯利用 monday.com 在全球市場開展有影響力的行銷活動。我們的實施顧問正在與 Savills 合作，以標準化他們的行銷流程、最大限度地減少浪費的時間並使更快的決策與他們的 KPI 和 OKR 保持一致。最後，在三月發布的總體經濟影響研究中，Forrester 指出摩托羅拉將 monday.com 用作其全球內部創意機構。報告顯示，摩托羅拉在提高整體生產效率的同時，大幅節省了成本，整體投資報酬率達346%。閱讀這份報告確實令人興奮。我們將 monday.com 建構成一個統一的工作空間，以提高營運效率和生產力。看到這項成果真是令人驚奇。

Our dedicated product alignment team works on meeting the complex needs of our increase in enterprise customer base. This past quarter, we prioritized making our platform even more resilient and reliable with less platform friction and more customizable administrative permissions, we improved our platform infrastructure and database, strengthening our board's stability by 75%, improve our board loading time by over 15%, expanding our multi-region architecture and made our core building blocks world worthy with hundreds of fixes and improvements across boards, dashboards and docs. In addition to those platform improvements, we prioritized the granular customizable security and administration features that our customers need, including editing permissions by sub-item and item-specific review information. These new features has helped us maintain our best in industry retention rates and enabled higher ARR.

我們專門的產品協調團隊致力於滿足不斷成長的企業客戶群的複雜需求。在過去的一個季度中，我們優先考慮使我們的平台更具彈性和可靠性，減少平台摩擦並提供更多可定制的管理權限，我們改進了平台基礎設施和數據庫，將董事會的穩定性提高了 75%，將董事會的加載時間縮短了 15% 以上，擴展了多區域架構，並通過對董事會、儀表板和文檔的數百個修復和改進，使我們的核心構建塊具有世界價值。除了這些平台改進之外，我們還優先考慮客戶需要的細粒度可自訂的安全性和管理功能，包括按子專案編輯權限和特定於專案的審查資訊。這些新功能幫助我們保持了業界最佳的保留率並實現了更高的 ARR。

Finally, every quarter, our customer success managers helped hundreds of customers reach their business goals and add measurable value to the company. For example, in Q2, one of our customer success managers worked with a larger consumer goods customer to maintain 100% of the monday.com licenses of remaining employees during layoffs. Our efforts resulted in more than 65% jump in average monthly active paying users and high satisfaction with the platform. At the same time, we're improving the way we communicate with customers around the platform. We started rolling out support over chat as well as an e-mail to the CEO feature, which allows users to directly send us feedback. Both initiatives have shown us where our platform can grow while increasing customer engagement. Let me now turn it back over to Roy.

最後，每個季度，我們的客戶成功經理都會幫助數百名客戶實現他們的業務目標並為公司增加可衡量的價值。例如，在第二季度，我們的一位客戶成功經理與一家較大的消費品客戶合作，在裁員期間保留了剩餘員工 100% 的 monday.com 許可證。我們的努力使每月平均活躍付費用戶數量增加了 65% 以上，且平台滿意度很高。同時，我們正在改進透過平台與客戶溝通的方式。我們開始推出聊天支援以及向 CEO 發送電子郵件的功能，以便用戶直接向我們發送回饋。這兩項措施都向我們展示了我們的平台在提高客戶參與度的同時還能實現成長的地方。現在讓我把話題交還給羅伊。

Thank you, Eran. Our marketplace and partnership continues to be one of our larger growth drivers across our company, increasing our ability to serve any and all types of organizations. At the end of Q2, our partner ecosystem consists of 177 active channel partners, 417 new referral partners, and over 150 marketplace apps with 30 monetized apps that show meaningful traction. Such strong product innovation, expanding ecosystem and consistent growth is only possible with our amazing team. We finished Q2 with nearly 1,500 monday.com employees around the world. And even as we grow, we maintain our culture and employee engagement levels. We see that not just from our internal surveys, but from outside the world as well, winning 2 major workplace awards this year with Fortune certifying monday as a great place to work and Inc recognizing us as one of the best workplaces of 2022. With this success, we remain committed to aid nonprofits with digital transformation through our digital lift initiative, including our commitment to donate 10% of our equity over time to foundations.

謝謝你，埃蘭。我們的市場和合作夥伴關係繼續成為我們整個公司最大的成長動力之一，增強了我們為各種類型的組織提供服務的能力。截至第二季末，我們的合作夥伴生態系統包括 177 個活躍通路合作夥伴、417 個新推薦合作夥伴以及超過 150 個市場應用程序，其中 30 個已實現盈利的應用程式表現出顯著的吸引力。只有我們出色的團隊才能實現如此強大的產品創新、不斷擴展的生態系統和持續的成長。截至第二季末，monday.com 在全球擁有近 1,500 名員工。即使我們不斷發展，我們仍保持著我們的文化和員工敬業度水準。我們不僅從內部調查中看到了這一點，而且從外部世界也看到了這一點，今年我們贏得了兩項重要的職場獎項：《財富》雜誌將我們評為“最佳工作場所”，《Inc.》雜誌將我們評為 2022 年最佳工作場所之一。憑藉這一成功，我們將繼續致力於透過我們的數位提升計畫幫助非營利組織進行數位轉型，包括我們承諾逐步將 10% 的股權捐贈給基金會。

During the past quarter, we launched a Digital Lift product, an open application for a year-long grant up to $100,000. In parallel, our emergency response team partnered with the organization around the world to streamline their relief efforts. We leverage the monday.com platform to support humanitarian and disaster relief efforts of NGOs on the ground, including initiatives in Durban, Ukraine, and more. All in all, it's been a strong impact to a quarter, and we're excited to see what the next quarter brings. With that, I'll turn it over to Eliran to cover the financial and guidance.

在過去的一個季度，我們推出了一款 Digital Lift 產品，這是一項開放申請，可提供為期一年、最高 10 萬美元的資助。同時，我們的緊急應變小組與世界各地的組織合作，簡化他們的救援工作。我們利用 monday.com 平台支援當地非政府組織的人道和救災工作，包括在德班、烏克蘭等地進行的行動。總而言之，它對本季度產生了強烈的影響，我們很高興看到下個季度會帶來什麼。說完這些，我將把責任交給 Eliran 來負責財務和指導。

Thank you, Roy, and thank you to everyone for joining our call. Today, I will review our second quarter results in detail and provide an updated guidance for the third quarter and full year 2022. We delivered another strong quarter of growth driven by customers increasingly adopting the broader monday.com Work OS and our product suites across the organizations. Total revenue came in at $123.7 million in the second quarter, up 75% from the second quarter a year ago. Additionally, we saw significant margin expansion during the quarter, stemming from our platform-based land-and-expand strategy and operational efficiencies. We continue to see strong expansion within our existing customer base, which is reflected in our best-in-industry retention rates. Our net dollar retention rate remained stable across all categories in the second quarter. Net dollar retention rate for customers with more than $50,000 in ARR was over 150%. Net dollar retention rate for customers with more than 10 users was over 135%, and our net dollar retention rate for all customers was above 125%.

謝謝你，羅伊，也謝謝大家參加我們的電話會議。今天，我將詳細回顧我們第二季的業績，並提供 2022 年第三季和全年的最新指引。我們又實現了強勁的成長，這得益於客戶越來越多地在各個組織中採用更廣泛的 monday.com Work OS 和我們的產品套件。第二季總營收為 1.237 億美元，較去年同期第二季成長 75%。此外，由於我們基於平台的登陸和擴張策略以及營運效率的提高，本季我們的利潤率顯著擴大。我們現有客戶群持續強勁擴張，這體現在我們業內最佳的保留率。我們第二季所有類別的淨美元留存率保持穩定。對於 ARR 超過 50,000 美元的客戶，淨美元留存率超過 150%。對於擁有 10 個以上用戶的客戶的淨美元留存率超過 135%，對於所有客戶，我們的淨美元留存率超過 125%。

As a reminder, our net dollar retention rate is a trailing 4 quarters weighted average calculation. For the reminder of the financial metrics disclosed, unless otherwise noted, I will be referring to non-GAAP financial measures. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release. Second quarter gross margin was 89%. In the medium to long term, we continue to expect gross margin to remain in the high 80% range. Research and development expense was $24 million or 19% of revenue compared to 16% in the year-ago quarter. We will continue to invest significantly in R&D throughout the remainder of the year as we build our product suite and scale our Work OS platform, both horizontally and vertically. Sales and marketing expense was $86.7 million or 70% of revenue compared to 79% in the year-ago quarter.

提醒一下，我們的淨美元留存率是過去 4 季的加權平均計算。提醒一下所揭露的財務指標，除非另有說明，我將參考非 GAAP 財務指標。我們在收益報告中提供了 GAAP 與非 GAAP 財務狀況的對帳表。第二季毛利率為89%。從中長期來看，我們預期毛利率仍將維持在80%的高點。研發費用為 2,400 萬美元，佔營收的 19%，去年同期為 16%。我們將在今年剩餘時間繼續大力投資研發，打造我們的產品套件，並橫向和縱向擴展我們的 Work OS 平台。銷售和行銷費用為 8,670 萬美元，佔收入的 70%，而去年同期為 79%。

We anticipate sales and marketing expenses as a percentage of revenue to remain at the low to mid-70s throughout the remainder of the year. G&A expense was $14.6 million or 12% of revenue compared to 9% in the year-ago quarter, reflecting increased costs since becoming a public company. Operating loss was $15.4 million and operating margin was negative 12% a net loss was $14.9 million. Total employee headcount was 1,489, an increase of 205 employees since Q1 2022. We hired across all major functions with over 60% of new hires in customer-facing roles.

我們預計，今年剩餘時間內銷售和行銷費用佔收入的百分比將維持在 70% 左右。一般及行政費用為 1,460 萬美元，佔收入的 12%，而去年同期為 9%，反映出自上市以來成本增加。營業虧損為 1,540 萬美元，營業利潤率為-12%，淨虧損為 1,490 萬美元。員工總數為 1,489 人，自 2022 年第一季以來增加了 205 名員工。我們在所有主要職能部門招募員工，其中超過 60% 的新員工擔任面向客戶的職位。

We anticipate that the levels of hiring will slow in the second half of fiscal 2022. We anticipate that the levels of hiring will slow in the second half of fiscal year 2022. Moving on to the balance sheet and cash flow. We ended the quarter with approximately $834.6 million in cash and cash equivalents. Net cash used in operating activities was $14.1 million in the quarter. Deferred revenue increased to $177.9 million at the end of the second quarter, up from $160 million at the end of the first quarter. Adjusted free cash flow was negative $19.2 million and included year-end bonus payment of $6.6 million and an insurance payment of $7 million.

我們預計 2022 財年下半年招募水準將會放緩。我們預計 2022 財年下半年招募水準將會放緩。接下來是資產負債表和現金流。本季末，我們的現金和現金等價物約為 8.346 億美元。本季經營活動所用淨現金為 1,410 萬美元。遞延收入從第一季末的 1.6 億美元增至第二季末的 1.779 億美元。調整後的自由現金流為負 1,920 萬美元，其中包括 660 萬美元的年終獎金和 700 萬美元的保險金。

Adjusted free cash flow margin as defined as adjusted free cash flow as a percentage of revenue was negative 15.6%. Adjusted free cash flow is defined as net cash from operating activities, less cash used for property and equipment, and capitalized software costs, excluding non-recurring items. Now, let's turn to our updated outlook for fiscal year 2022. For the third quarter of fiscal year 2022, we expect our revenue to be in the range of $130 million to $131 million, representing growth of 57% to 58% year over year. We expect a non-GAAP operating loss of $25 million to $24 million. For the full year 2022, we now expect revenue to be in the range of $498 million to $502 million, representing growth of 62% to 63% year-over-year. We expect the full-year non-GAAP operating loss of $112 million to $108 million and a negative operating margin of 22% to 21%.

調整後的自由現金流利潤率（即調整後的自由現金流佔收入的百分比）為-15.6%。調整後的自由現金流定義為經營活動產生的淨現金減去用於財產和設備的現金以及資本化的軟體成本（不包括非經常性項目）。現在，讓我們來看看我們對 2022 財年的最新展望。對於 2022 財年第三季度，我們預計營收將在 1.3 億美元至 1.31 億美元之間，年增 57% 至 58%。我們預計非公認會計準則營業虧損為 2,500 萬至 2,400 萬美元。對於 2022 年全年，我們目前預計營收將在 4.98 億美元至 5.02 億美元之間，年增 62% 至 63%。我們預計全年非公認會計準則營業虧損為 1.12 億至 1.08 億美元，營業利益率為負 22% 至 21%。

With the recent strengthening of the U.S. dollar, we now expect FX to negatively impact our full-year revenue growth estimated 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 Europe at the end of Q2. And while 1 month is not enough data to extrapolate a longer trend, we are closely monitoring the demand environment across all areas of our business and will be transparent with our investors about our expectations. We clearly have momentum across all of the areas critical for us to drive sustained levels of high revenue growth over the long term, including new customer acquisition, strong net dollar retention and an expanding product suite. Our strategic focus remains on balancing healthy investment in the business with improving efficiency and profitability. We'll continue to measure and monitor our returns and adjust investment levels as needed. I'll now turn it over to the operator for your questions.

隨著近期美元走強，我們預期外匯將對我們全年營收成長產生負面影響，預計影響約為 300 個基點。鑑於對宏觀經濟和市場的擔憂，我們提供了審慎但可實現的前瞻性指導。值得注意的是，我們確實看到第二季末歐洲的需求疲軟。雖然一個月的數據不足以推斷出長期趨勢，但我們正在密切監測我們業務各個領域的需求環境，並將向投資者透明地說明我們的預期。顯然，我們在所有對我們長期持續保持高收入成長至關重要的領域都保持著強勁勢頭，包括新客戶獲取、強勁的淨美元保留率和不斷擴大的產品套件。我們的策略重點仍然是平衡業務的健康投資與提高效率和盈利能力。我們將繼續衡量和監控我們的回報並根據需要調整投資水準。現在我將把問題交給接線員來回答您的問題。

(Operator Instructions) Our first question comes from Kash Rangan of Goldman Sachs.

（操作員指示）我們的第一個問題來自高盛的 Kash Rangan。

Reporting on a day like monday, I wouldn't expect anything less from monday, so spectacular results, congratulations to the entire team. I had 2 questions. One is with the rebranding around the Work OS and having new functionality focused on the developer, marketer, CRM, et cetera. How are sales cycles changing for the company? And who are the targets you're able to reach out to what budgets are you able to tap into? That's one thing. And second is more of a financial question. You talked about operating efficiencies. And I'm curious how you do that while not sacrificing the growth potential of the company. Thank you so much again.

在周一這樣的日子進行報道，我對週一不會有任何期待，結果非常出色，祝賀整個團隊。我有兩個問題。一是圍繞 Work OS 進行品牌重塑，並推出專注於開發人員、行銷人員、CRM 等的新功能。公司的銷售週期如何改變？您能夠接觸的目標客戶是誰？您能夠利用的預算有多少？這是一回事。第二個問題更多的是一個財務問題。您談到了營運效率。我很好奇您是如何做到這一點的，同時又不犧牲公司的成長潛力。再次感謝您。

Yes. Thanks, Kash. This is Eran. I'll send the first part of your question, and then I'll have it over to Eliran. So first of all, it's not a rebranding. We see this more of an evolution from where we were. So just as a reminder, originally, the platform up until this day is very dynamic and flexible, allows everybody to build anything on top of our Work OS. And then last quarter, we took it a step further and further packaged our product as a CRM product, as a tool for developers, and for marketers.

是的。謝謝，卡什。這是埃蘭。我會發送您問題的第一部分，然後將其轉交給 Eliran。首先，這不是品牌重塑。我們認為這與我們過去的處境相比，更像是一種演變。所以提醒一下，最初，直到今天，該平台都非常動態和靈活，允許每個人在我們的 Work OS 上建立任何東西。上個季度，我們更進一步，將我們的產品打包為 CRM 產品，作為開發人員和行銷人員的工具。

And we saw great momentum in the last quarter just reported that we saw more than 1,000 paying customers using those products in addition to using the work management platform. And this is, again, part of our strategy. We offer the flexible platform. But in addition to that, we help customers onboard with those specific solutions. We see this create better dynamics in terms of our ability to sell to larger enterprises, our ability to land new customers while also offering the flexibility which to grow into once they start using this initial product. So overall, this increase ability to go to market and also land larger customers and offer better solutions for our customers.

我們在上個季度看到了巨大的發展勢頭，剛剛報告稱，我們看到超過 1,000 名付費客戶除了使用工作管理平台外，還在使用這些產品。這又是我們戰略的一部分。我們提供靈活的平台。但除此之外，我們也幫助客戶採用這些特定的解決方案。我們認為這將為我們向大型企業銷售產品的能力、吸引新客戶的能力創造更好的動力，同時也為他們在開始使用初始產品後的發展提供靈活性。因此總體而言，這提高了進入市場的能力，並吸引了更大的客戶，並為我們的客戶提供了更好的解決方案。

Kash, this is Eliran. With regards to your question, as a reminder, we always said that we invest based on the return that we see from our investment. And this is the playbook of monday. So when we think about investing into the future, we are focusing on making sure that we invest in product and engineering, and we grow the revenue-generating sales outcome as we did. In H1, we hired a lot of employees and added a lot of talent, and we continue to invest also in online marketing. But the important thing is if it doesn't meet our guidance, internal expectations with regards to return, we take it in a more modest way. So from our perspective, we continue to invest when we see the returns that we are used to. And this is a playbook that we operate in accordance.

卡什，這是伊萊蘭。關於您的問題，提醒一下，我們總是說，我們的投資是基於投資的回報。這是周一的劇本。因此，當我們考慮投資未來時，我們專注於確保我們投資於產品和工程，並像我們一樣增加創收銷售成果。在上半年，我們僱用了大量員工，增加了大量人才，我們也繼續在網路行銷方面進行投資。但重要的是，如果它不符合我們的指導，不符合對回報的內部預期，我們就會以更溫和的方式對待它。因此從我們的角度來看，當我們看到習慣的回報時，我們會繼續投資。這是我們依照其行動的劇本。

Our next question comes from Ittai Kidron of Oppenheimer.

我們的下一個問題來自奧本海默公司的 Ittai Kidron。

Nice numbers. Eliran, maybe you can just talk about the softness you've seen late in the quarter in Europe. How much of this you think is macro? Is FX a little bit more of a play here? And maybe you can give us some color on the month of July. Has that weakness continued into July? Or you've seen an improvement. Help us think about have you qualified what you've seen into the rest of the year guidance.

不錯的數字。 Eliran，也許您可以談談您在本季末看到的歐洲經濟疲軟情況。您認為這其中有多少是宏觀的？ FX 在這裡是否更有戲份？也許您可以告訴我們七月份的色彩。這種疲軟態勢是否持續到了七月？或者你已經看到進步了。幫助我們思考一下，您是否將所見內容納入了今年剩餘時間的指導中。

It's Eliran. So as we said, we did see some softness in Europe. We think it's broad-based. It's not specific countries, but you see it across many countries and also not specific to any segment. It started in June. We also see it in July, to be honest. And if you combine into this, the FX impact, it's also definitely something that we should account for. So we said that in Q2, we estimate the FX impact approximately 2% negative on our growth rates. And we estimate that by the end of the year, it's going to be around 300 basis points. We don't have a crystal ball. But looking at the macro economy and geopolitical terms, the Russia, Ukraine war inflation and everything, we definitely monitor carefully, the level of impact on our businesses and we adjust our investments accordingly. So I would assume that we should take it into account even when we speak about guidance probably by the end of the year.

是 Eliran。正如我們所說，我們確實看到了歐洲的一些疲軟。我們認為其影響範圍廣泛。它不是針對特定國家，而是在許多國家都可以看到它，而且它也不是針對任何特定部分。事情從六月開始。說實話，我們在七月也看到了它。如果將外匯影響納入其中，這肯定也是我們應該考慮的事情。因此，我們估計第二季外匯影響將對我們的成長率產生約 2% 的負面影響。我們估計，到今年年底，這一數字將達到 300 個基點左右。我們沒有水晶球。但從宏觀經濟和地緣政治角度來看，俄羅斯、烏克蘭戰爭通膨等所有因素，我們肯定會仔細監控對我們業務的影響程度，並相應地調整我們的投資。因此，我認為，即使在我們談論年底前的指導時，我們也應該考慮到這一點。

Got it. And just as a follow-up regarding your expectations of a slower hiring in the second half of the year. Is that just because you've kind of pretty much did what you needed to do on headcount? Or again, this is with the macro environment in mind, trying to be a little bit more cautious and focused on margins.

知道了。順便問一下，您預計下半年招募速度會放緩。這只是因為你們在員工人數方面已經做了大部分需要做的事情嗎？或者，這是考慮到宏觀環境，試圖更加謹慎並關注利潤率。

So when you think about timing, we did what we expected to do in H1. We hired the positions that we think we needed in order to scale the company for mature growth. Now we are more focused in H2 on bringing additional headcount, definitely not only related to the macro economy, but this is according to the plan that we had originally and also looking at the macro economy, but this is not the main driver. So we're going to slow down the having and focus on positions that will now help us to complete the supporting functions to scale the company.

因此，當您考慮時間表時，我們做了我們預期在上半年要做的事情。我們招募了我們認為需要的職位，以便擴大公司規模，以實現成熟成長。現在，我們在下半年更專注於增加員工數量，這絕對不僅與宏觀經濟有關，但這符合我們最初的計劃，同時也考慮了宏觀經濟，但這不是主要驅動力。因此，我們將放慢擁有的速度，並專注於那些能夠幫助我們完成支援功能以擴大公司規模的職位。

Our next question comes from Arjun Bhatia of William Blair.

我們的下一個問題來自 William Blair 的 Arjun Bhatia。

Perfect. Congrats on a great quarter, guys. I wanted to touch on the enterprise traction. It seems like you're getting really good performance in that 500k cohort, it sounded like I think this was the highest sequential adds that we've seen. Can you just talk about the dynamic that you're seeing there? Is that customers expanding seats? Are those new customers landing at those high ARR metrics? And then I'm curious, as customers do grow with you, is there -- are you starting to see more consolidation of spend on monday across several different software solutions, perhaps and departments as well?

完美的。大家，恭喜你們取得了優秀的季度成績。我想談談企業吸引力。看起來您在那 50 萬個群組中獲得了非常好的表現，聽起來我認為這是我們見過的最高連續增加。您能談談您在那裡看到的動態嗎？那是顧客擴大座位嗎？這些新客戶是否達到了這些高 ARR 指標？然後我很好奇，隨著客戶與您一起成長，您是否開始看到週一在幾個不同的軟體解決方案以及部門之間進行更多的支出整合？

Yes. Jon, this is Eran. So definitely, we're very focused on our enterprise customer segment, keep seeing great growth there, and we see the momentum increasing over time. So definitely, we see fruits on that investment, and we're committed to continue to invest going forward. We sell that to your question specifically, we do see larger initial deals as a trend. So definitely, that's one trend. I would say that the additional new products that we launched last quarter definitely also make a big impact on those customers, our ability to sell more products over time and expand their usage is definitely another trend that we're seeing.

是的。喬恩，這是伊蘭。因此，我們非常關注企業客戶領域，並不斷看到該領域的巨大成長，而且我們看到這種勢頭隨著時間的推移而增強。因此，我們確實看到了這項投資的成果，並且我們致力於繼續進行投資。我們專門針對您的問題進行推銷，我們確實將更大規模的初始交易視為一種趨勢。所以這肯定是一個趨勢。我想說的是，我們上個季度推出的更多新產品肯定也會對這些客戶產生重大影響，我們隨著時間的推移銷售更多產品並擴大其用途的能力肯定是我們看到的另一個趨勢。

Also in regard to your question about consolidation, I think that -- in addition to what Eliran said with the macro economy, -- we see here a great opportunity for us as a company because a lot of our customers realize that they can do much more with monday as a platform. They might have several use cases, but now they see the potential of the spend on monday throughout many more departments and perhaps consolidate a few different tools under monday. So definitely, we're starting to see this as a trend. So that's also very interesting. It's something we also push in given the macro economy.

另外，關於您關於整合的問題，我認為——除了 Eliran 所說的宏觀經濟之外——我們認為這對我們公司來說是一個巨大的機遇，因為我們的許多客戶意識到，他們可以利用 Monday 這個平台做更多的事情。他們可能有幾種用例，但現在他們看到了周一支出在更多部門的潛力，並且可能在周一整合一些不同的工具。因此，我們確實開始將此視為一種趨勢。這也很有趣。考慮到宏觀經濟，這也是我們推動的事情。

Very helpful. And just I think Eliran, just touched on this, but I wanted to maybe ask a little bit more pointedly. When you think about the go-to-market strategy in the back half of the year, how much are you balancing between performance marketing versus the direct sales investments? Is it just that the direct sales investments are already made and you don't need to add more? Or are you pulling back on performance marketing even further in this environment? How do you view that in the back half?

非常有幫助。我認為 Eliran 剛剛談到了這一點，但我想更尖銳地問一下。當您考慮下半年的市場進入策略時，您在績效行銷和直接銷售投資之間取得了多大的平衡？是直接銷售的投資已經完成了，不需要再增加投資了？或者在這種環境下，您會進一步減少績效行銷？如何看待後半部分？

So as a reminder, when we spoke in Q1, we said that we fund loading expenses in online marketing in Q1, which was an outlier. And then when we continue in Q2 going forward, it's going to be a more modest investment. We continue to invest in performance marketing. We believe this is an important go-to-market tool for us, driving and generating leads. In addition to that, we also continue to hire salespeople, but it's going to be in 2 -- if you think about it, first, we are looking at the return on investment that we are doing on performance marketing. And second, we are going to hire in a slower pace, the additional salespeople and CPMs in the partners team.

因此，提醒一下，當我們在第一季發言時，我們說過我們為第一季的線上行銷提供載入費用，這是一個異常值。然後，當我們繼續進行第二季時，這將是一項更溫和的投資。我們繼續投資於績效行銷。我們相信這是我們進入市場的重要工具，可以推動和產生潛在客戶。除此之外，我們還將繼續招募銷售人員，但這將分為 2 步驟——如果你想想，首先，我們正在考慮在績效行銷上進行的投資回報。其次，我們將放慢招募速度，增加合作夥伴團隊的銷售人員和 CPM。

Our next question comes from Scott Berg of Needham.

我們的下一個問題來自尼德姆的斯科特·伯格。

Congrats on a really nice quarter. I guess 2 questions here. First of all, I wanted to start on partner impact on the quarter before I discussed some of the momentum that you're having here. But if you look at your new bookings in the quarter or whether it was directly through a partner or just influence from your ecosystem, how would you compare the traction in the quarter, say, versus a year ago?

恭喜您度過了一個非常愉快的季度。我想這裡有兩個問題。首先，在討論您在這裡所取得的一些進展之前，我想先談談合作夥伴對本季的影響。但是，如果您查看本季度的新預訂量，或者是否直接透過合作夥伴或僅受生態系統的影響，您會如何比較本季與一年前相比的吸引力？

In partners... Scott, it's Eliran. So we continue to see strong momentum with our partners channel. We now have -- with regard to global expansion, we are covering new markets where we don't have reps directly. As of today, we have more than 177 active channel partners with 26 channel partners added on Q2. And we have outside of monday, addition of 470 new referral partners on Q2. So overall, we see momentum. Obviously, with the current situation in Europe, potentially, there might be some slowdown in the future, but this is something that we account for and measuring or looking at on a constant basis.

合作夥伴...史考特，我是伊萊蘭。因此，我們繼續看到合作夥伴通路的強勁發展勢頭。現在，就全球擴張而言，我們正在涵蓋沒有直接代表的新市場。截至今天，我們擁有超過 177 個活躍通路合作夥伴，第二季新增了 26 個通路合作夥伴。除週一外，我們在第二季還增加了 470 名新的推薦合作夥伴。總體而言，我們看到了勢頭。顯然，鑑於歐洲目前的情況，未來可能會出現一些放緩，但這是我們不斷考慮、衡量或關注的事情。

Got it. Helpful. And then from a follow-up question perspective, I know there was a question that was already asked and the cash asset on the new Work OS launches recently, the new functionality there. But how should we think about the impact on that on your bookings going forward? Is that more to help land with new customers? Or does it help expand with your existing customers better?

知道了。很有幫助。然後從後續問題的角度來看，我知道有一個問題已經被問過了，並且新 Work OS 上的現金資產最近剛推出，那裡有新功能。但是我們應該如何看待這對您未來預訂的影響呢？這是否更有助於吸引新客戶？或者它是否有助於更好地擴大您現有的客戶？

Scott, it's Roy. So that move with introducing new products was both of the things you said. One, it allows us to open up new markets and have other customers consider monday on a different approach and gain more market share and more quickly. And on the other hand, and especially in these times, it help customers expand into new use cases, adding more departments, adding more use cases and deepening their usage of Monday, even within existing departments. So it plays on both ends, and that's how we see it.

史考特，我是羅伊。所以推出新產品的舉措就是您所說的兩件事。一是，它使我們能夠開拓新市場，並讓其他客戶考慮不同的方法，從而更快地獲得更多的市場份額。另一方面，特別是在當今時代，它可以幫助客戶擴展到新的用例，增加更多部門，增加更多用例並深化對 Monday 的使用，甚至在現有部門內也是如此。所以它在兩端發揮作用，這就是我們的看法。

Our next question comes from Pinjalim Bora of JPMorgan.

下一個問題來自摩根大通的 Pinjalim Bora。

Great. Congrats on the great quarter. I wanted to ask you on retention. I know you don't give the fidelity, I guess we know it's been pretty stable over a certain amount. But is there a way to understand qualitatively the directionality of that metric? And how has gross dollar retention been trending in the business?

偉大的。恭喜本季取得如此出色的成績。我想問你關於保留的問題。我知道你不相信保真度，我想我們知道它在一定數量上是相當穩定的。但是有沒有辦法從品質上理解該指標的方向性呢？那麼，業務中總美元保留率的趨勢如何？

Pinjalim, it's Eliran and congratulations for the first time you're covering us. So good question on retention. So when we speak about retention, we mentioned that we believe we are now at a stage where it's stabilized. So we also spoke about ranges. When we are now with all customers above 125%. And when we think about the range, probably the range that we expect is between 120% to 125%. If you think about 10-plus users is 135% to 140% and when we think about enterprise customers of 50,000, it's around 145% to 150% and above. So potentially, this is kind of the ranges that we believe that are going to be. With regards to gross retention, we look at gross retention, obviously, it's getting better. The fact that we are actually getting more momentum with customers with 10-plus users and enterprise accounts also improving our gross retention. We usually don't disclose this number, but this is getting better as we continue to move upmarket.

Pinjalim，我是 Eliran，恭喜你第一次報道我們。關於保留的問題真是好問題。因此，當我們談到保留時，我們提到我們相信我們現在處於穩定的階段。因此我們也討論了範圍。當我們現在與所有客戶的合作都超過125%時。當我們考慮範圍時，我們預期的範圍可能在 120% 到 125% 之間。如果考慮 10 多個用戶，則該比例為 135% 到 140%；如果考慮 50,000 個企業客戶，則該比例約為 145% 到 150% 甚至更高。因此，潛在的，這就是我們認為的範圍。關於總留存率，我們來看看總留存率，顯然情況正在好轉。事實上，擁有 10 個以上使用者和企業帳戶的客戶為我們帶來了更大的發展動力，這也提高了我們的總保留率。我們通常不會透露這個數字，但隨著我們不斷進軍高端市場，情況正在好轉。

Okay. Understood. One follow-up for you, Eliran. Obviously, you said you're seeing some softness in Europe. You said it continues into July. I see the upside to the revenue guidance is a little bit timid versus prior years or prior quarters. Is there -- is it possible to estimate what kind of a macro impact are remodeling at this point? And what other assumptions are you baking into the guidance?

好的。明白了。還有一件事要跟進，Eliran。顯然，您說您看到歐洲出現了一些疲軟跡象。你說這種情況會持續到七月。我認為與前幾年或前幾季相比，收入預期的上升幅度有點小。是否有可能估計出此時重塑會產生什麼樣的宏觀影響？您還在指導中考慮了哪些其他假設？

So naturally, when we look at guidance, we take into account all of the number of considerations, inclusive of, of course, the geopolitical situation as well as the FX impact and other macro economy environment that is out there. So this is part of the way we measure. This is part of the way we do our projections, so we take it into account altogether.

因此，當我們查看指導時，我們自然會考慮所有因素，當然包括地緣政治局勢以及外匯影響和其他宏觀經濟環境。這是我們測量方式的一部分。這是我們進行預測的方式的一部分，因此我們會將其全部考慮在內。

Our next question comes from Brent Bracelin of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brent Bracelin。

I wanted to go back around some of the momentum you're seeing here with the enterprise customers. The vendor consolidation is a narrative. We're starting to hear a little bit more about. You've obviously came out with the new Work OS platform that expands the reach into CRM, dev, marketing. Are you seeing that play out and drive some of the momentum, record number of enterprise customers this quarter or not? Is that a narrative you're going to lean in more on? Just love to get your views around the opportunity you see with your low cost platform given vendor consolidation is a narrative we'll start to hear a lot more in the enterprise space.

我想回顧一下您在企業客戶中看到的一些發展勢頭。供應商整合是一個敘述。我們開始聽到更多相關的消息。您顯然已經推出了新的 Work OS 平台，將業務範圍擴展到 CRM、開發和行銷領域。您是否看到這種情況發生並推動了一些勢頭，本季企業客戶數量創下了紀錄？這是您會更傾向相信的敘述嗎？鑑於供應商整合是企業領域中我們會開始聽到的更多話題，我很想聽聽您對低成本平台所帶來機會的看法。

Yes. Thanks, Brent. So this is Eran. So I mean, definitely, we see this as a great growth driver. I don't think we're going to see like immediate impact in terms of our already great momentum in the enterprise customers might take some more time to have another growth on top of the already existing growth that we have. But definitely, in terms of consolidation, this is something that's really helpful. So the timing was really right considering what we've seen in the market. And if you think about it, monday is literally one of the best platforms to do consolidation on because from day 1, monday was very flexible, very generic allows -- and customers already use it for many use cases.

是的。謝謝，布倫特。這就是 Eran。所以我的意思是，我們絕對認為這是一個巨大的成長動力。我認為，就我們在企業客戶領域已經強勁的發展勢頭而言，我們不會看到立竿見影的效果，可能需要更多時間才能在現有的成長基礎上再實現一次成長。但毫無疑問，就整合而言，這確實很有幫助。因此，考慮到我們在市場上看到的情況，時機確實恰到好處。如果你仔細想想，你會發現Monday實際上是進行整合的最佳平台之一，因為從第一天起，Monday就非常靈活，非常通用——而且客戶已經將它用於許多用例。

So already customers, even before going to happen now in the market, if you use monday for a variety of use cases. Some companies ran all the departments and use cases on top of our platform. So I think we're in a great position as a company to offer that consolidation. It happened with customers in the past. And definitely, we've seen those conversations right now. And we're pushing that through our customer success and sales team and even get feedback from customers that's going through this process. So definitely something with a big upside that we have as a company, and we'll continue to offer that with our customers as we go forward.

因此，即使在市場上出現這種情況之前，客戶也可以使用 Monday 來處理各種用例。一些公司在我們的平台上運行所有部門和用例。因此我認為我們作為一家公司，在提供這種整合服務方面處於非常有利的地位。過去客戶也發生過類似的事情。毫無疑問，我們現在已經看到了這些對話。我們正在透過客戶成功和銷售團隊推動這一進程，甚至從正在經歷這一過程的客戶那裡獲得回饋。因此，這無疑對我們公司具有很大的優勢，並且我們將繼續為客戶提供這種服務。

That's helpful color. And then just, Eliran, as we just think about maybe the path to positive free cash flow here, you have certainly a very strong balance sheet of $800 million in cash. You only burned $14 million, but how much of that cash position do you think you're going to need to consume before you get to positive free cash flow?

這是很有幫助的顏色。然後，Eliran，當我們思考也許是實現正自由現金流的途徑時，你的資產負債表確實非常強勁，有 8 億美元的現金。您只消耗了 1,400 萬美元，但是您認為在獲得正自由現金流之前您需要消耗多少現金？

Brent, it's Eliran. So with regards to free cash flow, maybe to start and say that we expect margins in H2 to improve as part of the business growth. I don't want to tell you the exact number of how much we are going to consume. But I think if we continue to deliver the growth and improved margins as we see now. So potentially, with regards to free cash flow, as we said in the past, is going to be low double digits free cash flow as a percentage of revenue by the end of the year. And I would assume that somewhere next year in H2, we're going to see a shift towards breakeven or some free cash flow positive. So this is the plan. And if you think about the range that we are currently consuming, I expect it's not going to be very meaningful from our total cash.

布倫特，我是艾利蘭。因此，關於自由現金流，也許首先可以說，我們預計下半年的利潤率將隨著業務成長而提高。我不想告訴你我們將要消耗多少的具體數字。但我認為，如果我們繼續實現現在的成長和利潤率的提高。因此，就自由現金流而言，正如我們過去所說的那樣，到今年年底，自由現金流佔收入的百分比將達到兩位數以下。我預計明年下半年某個時候，我們將看到損益兩平或自由現金流轉為正值。這就是計劃。如果你考慮我們目前消耗的範圍，我預計它對我們的總現金來說不會有太大意義。

Our next question comes from Andrew DeGasperi of Berenberg.

我們的下一個問題來自貝倫貝格的 Andrew DeGasperi。

I know this has been asked several times on this call. But in terms of the annual guidance, what I just want to make clear is you flagged a weakness in Europe, and you said that you're accounting for that. But are you also accounting for any additional potential weakness in other regions or end markets as part of the guide, the after the year?

我知道這個問題在這通電話中已經被問過好幾次了。但就年度指導而言，我只想明確指出的是，您指出了歐洲的弱點，並且您說您正在考慮到這一點。但是，作為指南的一部分，您是否還將今年之後其他地區或終端市場的任何其他潛在弱點考慮在內？

Andrew, it's Eliran. When we look at the guidance, we examined wide range of potential outcomes and set our guidance to the level that we feel confident that we'll be able to meet and exceed. And certainly that on a wide range of potential outcomes include the macroeconomy environment that could be worse and potentially the geopolitical situation can be longer than expected. So we try or we make sure we take it into account to a certain extent. We don't want to be completely conservative or pessimistic. So we take all of this into account when we do the projections.

安德魯，我是伊萊蘭。當我們查看指導時，我們研究了各種潛在結果，並將指導設定為我們有信心達到並超越的水平。當然，一系列潛在結果包括宏觀經濟環境可能變得更糟，地緣政治局勢可能比預期持續更長時間。因此，我們會嘗試或確保在一定程度上考慮到這一點。我們不想完全保守或悲觀。因此，我們在進行預測時會考慮所有這些因素。

And then just one on your pricing strategy. I know you haven't raised prices since 2019. Just curious to know, given the inflationary and wage pressures a lot of companies are facing, are you thinking or are you changing that? Or are you taking a closer look at it?

然後只討論一下您的定價策略。我知道你們自 2019 年以來就沒有漲過價。我只是好奇，考慮到許多公司面臨的通膨和薪資壓力，你們是否考慮過或正在改變這種狀況？或者您正在仔細觀察它？

Yes, Andrew, this is Eran. So we haven't made any significant changes to our pricing structure. If anything, we always try to make it easier and simpler for our customers. I would say, as we mentioned, we have a big upside with our new Work OS products that offer us the ability to charge a premium over our work management platform while giving this value to our customers. So definitely, this is a big upside that we have also in terms of pricing and engagement and usage. We also see this as a potential to increase the number of seats within accounts. So that's a big upset that we have in terms of pricing. But in regards to our basic price model, we don't expect to see any changes right now.

是的，安德魯，這是埃蘭。因此，我們沒有對定價結構做出任何重大改變。無論如何，我們總是盡力讓客戶的事情變得更輕鬆、更簡單。我想說，正如我們所提到的，我們的新 Work OS 產品具有很大的優勢，它使我們能夠在為客戶帶來價值的同時，在我們的工作管理平台上收取更高的價格。因此，毫無疑問，從定價、參與度和使用率來看，這也是我們的一大優勢。我們也認為這有可能增加帳戶內的席位數量。所以就定價而言，這是我們遇到的一個大問題。但就我們的基本價格模式而言，我們預計目前不會有任何變化。

Yes. It's Roy. I would add that given our motion to enterprise, we see a lot more in the percentage of seats which are enterprise within our revenue is growing. So it is not a price increase, but it is like a much more significant portion.

是的。是羅伊。我想補充一點，考慮到我們向企業邁出的步伐，我們看到企業席位在我們的收入中所佔比例正在大幅增長。因此，這不是價格上漲，而是份額增加了很多。

Our next question comes from David Hynes of Canaccord.

我們的下一個問題來自 Canaccord 的 David Hynes。

So R&D spend ticked up a little bit, right? You clearly invested in product. I'm curious, what do you see as the more significant opportunity? Is it horizontal expansion of Work OS or vertical expansion?

那麼研發支出略有增加，對嗎？您顯然對產品進行了投資。我很好奇，您認為更重要的機會是什麼？是Work OS的橫向擴展還是縱向擴展？

It's Roy, David. So we actually see both. Like the reason we launched the product is because we saw of our past horizontal moves, what customers actually did with us. We took that and launched the product, so we can go deeper inside each one and be best-in-class within every vertical. What happens outside this product is that customers on board to the works and still use us for many more use cases, which we, in the future, will probably turn into products as well. So all these products move was actually to get deeper into areas.

我是羅伊，大衛。所以我們實際上看到了兩者。我們推出該產品的原因是因為我們看到了我們過去的橫向舉措，以及客戶實際上與我們做了什麼。我們利用這一點並推出了產品，這樣我們就可以更深入地了解每一個產品，並在每個垂直領域中成為一流的。在這個產品之外發生的事情是，客戶參與到工作中並且仍然在更多的用例中使用我們，而我們將來可能也會將這些用例轉化為產品。因此，所有這些產品的舉動實際上都是為了深入各個領域。

Yes. Okay. And then a follow-up for Eliran. Just the softness you're seeing versus your expectations, is that showing up more in top of funnel activity or expansion momentum?

是的。好的。然後是 Eliran 的後續行動。與您預期相比，您所看到的疲軟是否更多地體現在漏斗活動的頂部還是擴張勢頭中？

David, it's Eliran. I think it's both. On one hand, when you think about extension, so the conversations are different. If you think about companies, now the sales cycles are taking longer. Companies are taking some of the -- companies out there are making a decision with regards to the level of spend with regard to the level of expansion. This is on the extension side. On the top of funnel, when you get into new audiences, definitely the spend or the online spend that companies are doing is different. Therefore, there is, I believe, some slowdown in this in the environment as part of the macroeconomy challenges.

大衛，我是 Eliran。我認為兩者都有。一方面，當你考慮擴展時，對話就會有所不同。如果你考慮一下公司，現在的銷售週期正在變得更長。公司正在採取一些措施——公司正在就擴張水平的支出水平做出決定。這是在擴展方面。在漏斗頂端，當你獲得新的受眾時，公司所做的支出或線上支出肯定會有所不同。因此，我認為，作為宏觀經濟挑戰的一部分，環境方面的成長會有所放緩。

Our next question comes from Derrick Wood of Cowen and Company.

下一個問題來自 Cowen and Company 的 Derrick Wood。

It's Andrew on for Derrick, nice quarter. The Renault Group was an impressive win. They have 170,000 employees. Was this a displacement or greenfield? And could you give us any color on how many seats this deployment is? And then to reach like close to 50,000 seat levels, what would need to improve on the product to get to those levels?

安德魯替換德里克，表現不錯。雷諾集團的勝利令人印象深刻。他們有 17 萬名員工。這是一次置換還是一次綠地？您能告訴我們這次部署有多少個座位嗎？那麼，為了達到接近 50,000 個座位的水平，需要對產品進行哪些改進才能達到這個水平？

Can you just repeat the first part of the question? You were breaking up a little bit. First part...

你能重複問題的第一部分嗎？你們有點分手了。第一部分...

Sorry. The Renault Group was impressive. They have 170,000 employees just trying to get a feel for the size of this by seats and whether this was displacement or greenfield?

對不起。雷諾集團令人印象深刻。他們有 17 萬名員工，只是想透過座位數來了解這個機場的規模，以及這是替代機場還是新建機場？

Okay. Yes. So this is Eran. So it's a very significant deployment. We didn't disclose the amount of seats, but it's a very significant deployment. I would say, a few hundred more to the top part. But definitely, this is an account that we play a virtual call in, and we continue to expand our footprint within this account. Part of the reason we're so excited is also the upsell opportunity that we have with that customer and the ability to expand to more departments over time. And this is just one use case out of many that we saw this quarter of larger enterprises to adopt monday on a big scale and continue to scale over time.

好的。是的。這就是 Eran。所以這是一個非常重要的部署。我們沒有透露席位數量，但這是一個非常重要的部署。我想說，距離頂部還有幾百個。但毫無疑問，這是一個我們進行虛擬呼叫的帳戶，我們將繼續擴大我們在這個帳戶內的足跡。我們如此興奮的原因之一是，我們擁有向該客戶追加銷售的機會，並且能夠隨著時間的推移擴展到更多部門。這只是我們本季看到的大型企業大規模採用並隨著時間的推移不斷擴大的眾多用例之一。

And the second question? Sorry. Yes. Can repeat that?

第二個問題呢？對不起。是的。可以重複一下嗎？

Yes, just to get to the higher sea level numbers that like to get to 50,000 plus seats, what would need to improve on the product side to get there?

是的，為了達到更高的海平面數字，即達到 50,000 多個座位，需要在產品方面進行哪些改進才能達到這個目標？

Yes. So I don't think it's much of things that need to be improvement to the product, although we keep investing more and more in terms of product features that allow enterprise companies to scale. First of all, it's a process. Companies go and scale over time gradually. So we definitely see this as a process. Our future enterprise customers are now growing, and this is probably the reason why we see so much momentum that group. But our sweet spot is still under 10,000. We continue to invest and raise the bar every year, and we'll continue as a company to invest and allow a larger enterprise to use monday both from a security perspective, governance and also in terms of features. We're heavily investing into that part of the business.

是的。因此，我認為產品不需要做太多改進，儘管我們在產品功能方面不斷投入，以使企業能夠擴大規模。首先，這是一個過程。隨著時間的推移，公司逐漸發展並擴大規模。所以我們確實將此視為一個過程。我們未來的企業客戶正在不斷成長，這可能是我們看到該群體如此強勁發展勢頭的原因。但我們的最佳點仍然在 10,000 以下。我們每年都會繼續投資並提高標準，作為一家公司，我們將繼續投資並允許更大的企業從安全角度、治理和功能方面使用 Monday。我們正在大力投資該部分業務。

Great. And then Eliran, on the billings number, was there anything -- the upside was a little softer. Is there anything invoicing flexibility-wise to customers that impacted this? And is this expected to persist in the second half?

偉大的。然後，埃利蘭 (Eliran) 就帳單數字而言，有什麼情況嗎——上行趨勢稍微弱一些。對於客戶來說，發票彈性方面是否有任何影響？預計下半年這種情況還會持續嗎？

Sure. So billings tend to be a bit lumpy, and we do not measure the business or manage the business to billing. We look at the dollar retention rate, revenue growth and customer growth. If you think about revenue growth on a sequential basis, we grew 14% quarter-by-quarter and 75% year-over-year. So this is the measures that -- or the metrics that we use to look when we look at the business as well as comparison more difficult this quarter when we are getting bigger on the numbers.

當然。因此帳單往往有點不穩定，我們不會衡量業務或管理業務以進行帳單管理。我們關注美元保留率、收入成長和客戶成長。如果以連續性來考慮營收成長，我們的季度環比成長了 14%，年增了 75%。因此，這是我們在觀察業務時所使用的衡量標準或指標，而當本季的數字越來越大時，比較也會變得更加困難。

Our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Curious if you could update us on your quota-carrying sales rep hiring plan for the year. Have you changed your plan relative to what you're seeing. Can you just give us any color in what you're expecting this year?

好奇您是否可以向我們介紹今年的配額銷售代表招聘計劃。您是否根據所見的情況改變了計劃？能否透露一下您對今年的期望？

Brent, it's Eliran. So with regards to quota carrying, we do change the plan numbers we continue to grow. This is another area, together with R&D that we invest, we continue to invest even with the current environment. So the plans are remain as we when we did the plan for the year.

布倫特，我是艾利蘭。因此，就配額承載而言，我們確實會改變我們持續成長的計畫數字。這是另一個領域，除了我們投資的研發之外，即使在當前環境下，我們仍會繼續投資。因此，這些計劃與我們制定年度計劃時一樣。

And just real quick, what you're embedding in your overall guidance, are you assuming a flat environment, an improving environment or slightly worse in the environment, how would you characterize your guidance relative to the back half in your plan?

簡單來說，您在整體指導中嵌入了什麼，您假設的環境是平穩的、改善的還是略微惡化的，相對於計劃的後半部分，您如何描述您的指導？

So as I mentioned earlier in one of my replies, we do account for the macroeconomy environment and the geopolitical challenges to continue by the end of the year. Again, I don't have a crystal ball, and I don't have better expectations than anyone else. We're trying to be a bit cautious, remaining optimistic with regards to next year. But by the end of this year, we think it's going to be the same environment that we see today.

因此，正如我之前在回覆中提到的那樣，我們確實考慮到了宏觀經濟環境和地緣政治挑戰將在年底前持續存在。再說一次，我沒有水晶球，我的期望也不比任何人好。我們試著保持謹慎，對明年保持樂觀。但到今年年底，我們認為情況將會和今天一樣。

(Operator Instructions). Our next question comes from Robert Simmons of D.A. Davidson.

（操作員指令）。下一個問題來自 D.A. 的 Robert Simmons。戴維森。

Sorry if my audio is a little off. You have 30 apps so far. Is there any cadence we can expect the number of assets that will become monetized over the next quarters or years? And then are you earning revenue on those that are currently monetized? And if not, what's the (technical difficulty) for doing so?

如果我的音訊有點不對，請見諒。您目前有 30 個應用程式。我們是否可以預期未來幾季或幾年內將貨幣化的資產數量？那麼，您是否從目前已貨幣化的內容中賺取收入？如果不是，那麼這樣做的（技術難度）是什麼？

Yes. Robert, this is Eran. So definitely, we have very good momentum in our marketplace. We continue to invest there and working with other third-party developers and companies that -- to help them develop apps on top of our marketplace. We did launch our payment service in the marketplace 2 quarters ago, and we see great momentum. We see app developers moving from independent payment to use our payment system and also new developers that join the marketplace using our payment system. It's still not significant, I would say, compared to our total revenue, but it's growing very nicely. So definitely, we're keeping tracking that. And for us, as we mentioned previously, it's a very strategic part of our product. And we see this as our ability to expand our use cases and offer long-tail solutions to our customers. So definitely a lot of investments in terms of R&D and our focus over in the marketplace. So we're very happy with the momentum.

是的。羅伯特，這是埃蘭。因此，毫無疑問，我們的市場發展勢頭非常好。我們將繼續在那裡投資，並與其他第三方開發人員和公司合作，幫助他們在我們的市場上開發應用程式。我們確實在兩個季度前在市場上推出了我們的支付服務，並且我們看到了強勁的發展勢頭。我們看到應用程式開發人員從獨立支付轉向使用我們的支付系統，也有新開發人員使用我們的支付系統加入市場。我想說，與我們的總收入相比，這個數字仍然不算大，但成長非常快。因此，我們肯定會繼續跟踪此事。對我們來說，正如我們之前提到的，它是我們產品中非常具有戰略意義的一部分。我們認為這是我們擴展用例並為客戶提供長尾解決方案的能力。因此，我們在研發方面肯定投入了大量資金，並且專注於市場。所以我們對這種勢頭感到非常高興。

At this time, we currently have no further questions. And therefore, this concludes today's call. Thank you for joining. You may now disconnect your lines.

目前，我們沒有其他問題。今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。