monday.com Ltd (MNDY) 2022 Q3 法說會逐字稿

Good day. My name is Alex, and I will be your conference operator today. At this time, I would like to welcome everyone to Monday.com's Third Quarter Fiscal Year 2022 Earnings Conference Call. I would now like to turn the call over to Monday.com's Director of Investor Relations, Mr. Byron Stephen. Please go ahead.

再會。我叫亞歷克斯，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 財年第三季財報電話會議。現在我想將電話轉給 Monday.com 的投資者關係總監拜倫史蒂芬先生。請繼續。

Good day, everyone, and thank you for joining us on today's conference call to discuss the financial results of monday.com's Third Quarter Fiscal Year 2022. Joining me today are Roy Mann and Eran Zinman, co-CEO of monday.com; and Eliran Glazer, monday.com CFO. We released our results for the third quarter fiscal year 2022 earlier today. You can find our quarterly shareholder letter, along with our investor presentation 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 the currently available information. These statements involve risks and uncertainties that may cause actual results to differ from our expectations.

大家好，感謝您參加今天的電話會議，討論 monday.com 2022 財年第三季的財務業績。今天與我一起參加會議的有 Roy Mann 和 monday.com 聯合執行長 Eran Zinman；以及 monday.com 財務長 Eliran Glazer。我們今天稍早發布了 2022 財年第三季的業績。您可以在我們 IR 網站 ir.monday.com 的新聞和事件部分找到我們的季度股東信函、投資者介紹和今天網路廣播的重播。今天電話會議上的某些陳述將是前瞻性陳述，反映了管理層根據當前可用資訊做出的最佳判斷。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。

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 the Investor Relations website. With that, let me now turn the call over to Roy.

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。在投資者關係網站上發布的收益報告和今天電話會議的收益報告中，可以找到與最直接可比較的 GAAP 財務指標的對帳。說完這些，現在讓我把電話轉給羅伊。

Thanks, Byron. Good day, everyone, and welcome to our third-quarter earnings call. We are pleased to say that Q3 was another terrific quarter for Monday.com. We posted strong growth with enterprise customers, saw continued momentum in our new Work OS product suite with Monday CRM exceeding expectations, scaled our global workforce and operations and digital while generating positive adjusted free cash flow. We ended the quarter with a revenue of $136.9 million, reflecting growth of 65% year-over-year on a reported basis or 68% on an FX-adjusted basis. Adjusted free cash flow of EUR 14 million, representing a 10% adjusted free cash flow margin. We are closely monitoring uncertainties in the macro environment and the impact it's having on our customers and our business.

謝謝，拜倫。大家好，歡迎參加我們的第三季財報電話會議。我們很高興地說，第三季對 Monday.com 來說又是一個出色的季度。我們的企業客戶實現了強勁成長，新的 Work OS 產品套件繼續保持成長勢頭，其中 Monday CRM 超出預期，擴大了我們的全球員工隊伍和營運及數位化規模，同時產生了正的調整後自由現金流。本季結束時，我們的營收為 1.369 億美元，以報告基礎計算年增 65%，按外匯調整基礎計算成長 68%。調整後的自由現金流為 1,400 萬歐元，代表調整後的自由現金流利潤率為 10%。我們正在密切關注宏觀環境中的不確定性及其對我們的客戶和業務的影響。

We currently see 2 primary headwinds. First, we continue to see pockets of stress in our customer base, in particular, in Europe, with some indication of softness spreading to other regions. Second, since we have a large presence of business outside the U.S., the strong U.S. dollar has negatively impacted reported results and represents an FX headwind to revenue growth. Despite these uncertainties, new customer demand remains solid, and acquisition efficiency improved in Q3. While others are pulling back, we continue to see opportunities and invest for growth and gain market share. With our in-house business intelligence tools, big brain, we track every marketing campaign in detail, allowing us to easily adapt to changes in the business environment. Let me now turn it over to Eran to walk you through our Q3 product highlights.

我們目前看到兩個主要阻力。首先，我們繼續看到客戶群中存在一些壓力，尤其是在歐洲，並且有跡象表明疲軟趨勢正在蔓延到其他地區。其次，由於我們的業務大量存在於美國境外，強勢美元對報告結果產生了負面影響，並對收入成長構成了外匯阻力。儘管存在這些不確定性，但新客戶需求仍然強勁，第三季的收購效率也有所提高。當其他公司撤退時，我們繼續看到機會並進行投資以實現成長並獲得市場份額。透過我們內部的商業智慧工具——大腦，我們可以詳細追蹤每個行銷活動，讓我們輕鬆適應商業環境的變化。現在，讓我將主題轉到 Eran，讓他向您介紹我們第三季的產品亮點。

Thank you, Roy. As Roy mentioned, our strong growth this quarter continues to be led by enterprise customers, with our enterprise base growing 116% year-over-year in Q3. We achieved this by delivering several key updates that are tailored to the needs of larger customers. We continue to invest heavily in the overall performance of the Workers platform, adding more enterprise features and functionality and building our direct sales organization in order to land larger and expand more with enterprise customers. Most notably, this quarter, we enhanced board load time by 25%, improved our mobile experience to achieve an amazing 99.8% crash-free rate, and significantly improved our strategic integration with both Salesforce and Jira to make them as seamless as possible. As a result, as of Q3, customers with 10-plus users now represent 76% of ARR, up from 70% a year ago. Customers with more than 50,000 in ARR now represent 26% of ARR, up from 18% a year ago. We intend to provide these 2 metrics on a quarterly basis going forward.

謝謝你，羅伊。正如 Roy 所提到的，我們本季的強勁成長繼續由企業客戶引領，我們的企業客戶群在第三季度同比增長了 116%。我們透過提供幾項針對大客戶需求的關鍵更新實現了這一目標。我們將繼續大力投資 Workers 平台的整體效能，增加更多企業特性和功能，並建立我們的直銷組織，以便與企業客戶建立更大的合作關係並擴大業務。最值得注意的是，本季度，我們將主機板加載時間提高了 25%，改善了我們的行動體驗，實現了驚人的 99.8% 的無崩潰率，並顯著改善了我們與 Salesforce 和 Jira 的策略集成，使它們盡可能無縫銜接。因此，截至第三季度，擁有 10 個以上用戶的客戶佔 ARR 的 76%，高於一年前的 70%。目前，年平均收入 (ARR) 超過 50,000 的客戶佔 ARR 的 26%，高於一年前的 18%。我們打算今後每季提供這兩項指標。

Next, I would like to highlight the continued success of our Work OS product suite, which represents a huge opportunity for money.com. In just 5 months since their launch, we've seen over 3,000 new customers adopt at least one of the new Work OS products. We are extremely encouraged by the adoption that we are seeing in these early stages, especially for Monier, which consists of over half of the new Work OS product sign-ups. Monday CellCRM is already rated as one of the best CRMs in the market, according to G2, and we continue to focus on making it even better through advancements such as new layouts and new reporting widget types. As a reminder, these new Work OS products have only been made available to new customers, and we are excited to all the products out to our existing customer base in the near future. With that, let me now turn it back over to Roy.

接下來，我想強調一下我們的 Work OS 產品套件的持續成功，這對 money.com 來說是一個巨大的機會。自推出以來的短短 5 個月內，我們已經看到超過 3,000 名新客戶採用了至少一款新的 Work OS 產品。我們對早期階段的採用感到非常鼓舞，特別是對於 Monier 而言，它佔據了新 Work OS 產品註冊量的一半以上。根據 G2 的評價，Monday CellCRM 已被評為市場上最好的 CRM 之一，我們將繼續致力於透過新佈局和新報告小部件類型等改進使其變得更好。提醒一下，這些新的 Work OS 產品僅向新客戶提供，我們很高興在不久的將來將所有產品推廣到我們現有的客戶群。說完這些，現在讓我把話題交還給羅伊。

Thank you, Eran. Earlier this month, over 97,000 registrants from over 174 countries came together for our annual online conference Elevate. This exciting event offer customers training and product workshops on ways to make the most out of the Work OS, deep insights on how to boost efficiency and improve workflows, and inspiring talks from leading companies and fellow customers. We are also hosting additional invite-only events for industry leaders in New York City, London, and Sydney this month. We are extremely excited to meet many of our customers and partners in person in the coming weeks.

謝謝你，埃蘭。本月初，來自 174 多個國家的 97,000 多名註冊者齊聚我們的年度線上會議 Elevate。這項令人興奮的活動為客戶提供培訓和產品研討會，講解如何充分利用 Work OS、深入了解如何提高效率和改善工作流程，以及來自領先公司和其他客戶的鼓舞人心的演講。本月，我們還將在紐約、倫敦和雪梨為行業領袖舉辦額外的僅限受邀者參加的活動。我們非常高興在接下來的幾週內與我們的許多客戶和合作夥伴見面。

At Elevate, we opted to plan 1 free in honor of every registrant in place of sending physical gifts. Now we are taking this step further, and we'll plan 265,000 trees across 4 different forests in Southeast Africa over the next 18 months. This effort is a reflection of our ongoing commitment to making the planet sustainable, equitable and (inaudible). This effort is a reflection of our ongoing commitment to making the planet sustainable, equitable, and safe. Finally, such strong, consistent innovation and growth this quarter wouldn't be possible without our amazing team, which grew this quarter to over 1,550 employees around the world. We continue to invest in our people with new offices in New York City, Chicago, Miami, and Tokyo. We believe these spaces will invite even more collaboration and community for our teams while providing the flexibility they need to be successful. These offices signify not only where we are right now but where we are going in the future. We are very proud of the growth we achieved this quarter and look forward to carrying this momentum into the end of the year. With that, I'll turn it over to Eliran to cover our financial and guidance.

在 Elevate，我們選擇為每位註冊者免費提供 1 份禮物，而不是發送實體禮物。現在我們更進一步，計劃在未來 18 個月內在東南非洲的 4 片不同森林中種植 265,000 棵樹。這項努力體現了我們持續致力於建立可持續、公平和（聽不清楚）的地球的承諾。這項努力體現了我們持續致力於建立可持續、公平和安全的地球的承諾。最後，如果沒有我們出色的團隊，本季不可能實現如此強勁、持續的創新和成長。本季度，我們在全球的員工人數已超過 1,550 人。我們持續對員工進行投資，並在紐約市、芝加哥、邁阿密和東京設立了新辦公室。我們相信這些空間將為我們的團隊帶來更多的合作和社區，同時提供他們成功所需的靈活性。這些辦公室不僅標誌著我們現在所處的位置，也標誌著我們未來的發展方向。我們對本季取得的成長感到非常自豪，並期待將這一勢頭延續到年底。說完這些，我將把責任交給 Eliran 來負責我們的財務和指導。

Thank you, Roy, and thank you to everyone for joining our call. Today the results will be in detail and provide updated guidance for the fourth quarter and full year 2022. We continue to deliver strong growth driven by customers increasingly adopting the broader monday.com Work OS and our product suite across the organization. Total revenue came in at $136.9 million in the third quarter, up 65% year-over-year on an as-reported basis and 68% on an FX-adjusted basis.

謝謝你，羅伊，也謝謝大家參加我們的電話會議。今天將公佈詳細的業績，並提供 2022 年第四季和全年的最新指引。我們持續實現強勁成長，這得益於客戶越來越多地在整個組織內採用更廣泛的 monday.com Work OS 和我們的產品套件。第三季總營收為 1.369 億美元，以報告基礎計算年增 65%，按外匯調整基礎計算成長 68%。

Additionally, we saw continued operating margin expansion during the quarter, stemming from our platform-based lending expense strategy and operational efficiencies. Coming off historical highs, our net dollar retention rate, or NDR, declined slightly in the third quarter, negatively impacted by a strong U.S. dollar and our increasing ability to land larger initial deals. NDR for customers with more than $50,000 in ARR was over 145%. NDR for customers with more than 10 users was over 135%, and our NDR for all customers was over 120%. As a reminder, our net dollar retention rate is a trailing 4-quarter weighted average calculation. For the remainder of the financial metrics disclosed, unless otherwise noted, I will be referencing our non-GAAP financial measures. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release. 

此外，由於我們基於平台的貸款費用策略和營運效率，本季我們的營業利潤率持續擴大。從歷史高點回落後，我們的淨美元留存率（NDR）在第三季度略有下降，這受到美元走強和我們達成更大初始交易的能力增強的負面影響。對於 ARR 超過 50,000 美元的客戶，NDR 超過 145%。對於擁有 10 個以上使用者的客戶的 NDR 超過 135%，對於所有客戶的 NDR 超過 120%。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。對於其餘揭露的財務指標，除非另有說明，我將參考我們的非公認會計準則財務指標。我們在收益報告中提供了 GAAP 與非 GAAP 財務狀況的對帳表。

Third quarter gross margin was 89%. In the medium to long term, we continue to expect gross margin to remain in the high 80s range. Research and development expense was $26.3 million or 19% of revenue compared to 17% 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 $82.4 million or 60% of revenue compared to 73% in the year-ago quarter. We anticipate sales and marketing expenses as a percentage of revenue to be in the mid-to-high 60s range in Q4. G&A expense was $15.2 million or 11% of revenue compared to 11% in the year-ago quarter. Operating loss was $2.2 million, and the operating margin was negative 2%. Net income was $2.6 million. Diluted net income per share was $0.05 based on 50.3 million fully diluted shares outstanding.

第三季毛利率為89%。從中長期來看，我們預計毛利率仍將維持在 80% 左右的高點。研發費用為 2,630 萬美元，佔營收的 19%，去年同期為 17%。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 8,240 萬美元，佔收入的 60%，而去年同期為 73%。我們預計第四季度銷售和行銷費用佔收入的百分比將達到 60% 左右。一般及行政費用為 1,520 萬美元，佔營收的 11%，去年同期為 11%。營業虧損為 220 萬美元，營業利益率為-2%。淨收入為260萬美元。根據 5,030 萬股完全稀釋流通股計算，每股稀釋淨收益為 0.05 美元。

Total employee headcount was 1,552, an increase of 63 employees since last quarter. We continue to execute on our hiring playbook that we laid out at the beginning of the year with elevated hiring in the first half and a much slower rate in the second half. We anticipate that this current level of hiring will be consistent moving forward. Moving on to the balance sheet and cash flow. We ended the quarter with 852.6 million in cash and cash equivalents. Net cash provided by operating activities was $20 million in the quarter. Adjusted free cash flow was $14 million, including approximately $7 million from financial income. Adjusted free cash flow margin was 10%, adjusted free cash flow is defined as net cash from operating activities, less cash used for property and equipment, and capitalized software costs, excluding nonrecurring items. Now let's turn to our updated outlook for the fiscal year 2022. 

員工總數為 1,552 人，比上一季增加了 63 人。我們繼續執行年初制定的招募計劃，上半年招募速度加快，下半年招募速度則大幅放緩。我們預計目前的招募水準將持續維持。繼續討論資產負債表和現金流量。本季末，我們的現金和現金等價物為 8.526 億美元。本季經營活動提供的淨現金為 2,000 萬美元。調整後的自由現金流為 1,400 萬美元，其中包括約 700 萬美元的財務收入。調整後的自由現金流利潤率為 10%，調整後的自由現金流定義為來自經營活動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 2022 財年的最新展望。

For the fourth quarter of fiscal year 2022, we expect our revenue to be in the range of $140 million to $142 million, representing growth of 47% to 49% year-over-year. We expect a non-GAAP operating loss of $22 million to $20 million. For the full year 2022, we now expect as-reported revenue to be in the range of $509 million to $511 million, representing growth of 65% to 66% year-over-year. We now expect a full-year non-GAAP operating loss of $83 million to $81 million and a negative operating margin of approximately 16%.

對於 2022 財年第四季度，我們預計營收將在 1.4 億美元至 1.42 億美元之間，年增 47% 至 49%。我們預計非公認會計準則營業虧損為 2,200 萬至 2,000 萬美元。對於 2022 年全年，我們目前預計報告營收將在 5.09 億美元至 5.11 億美元之間，年增 65% 至 66%。我們現在預計全年非公認會計準則營業虧損為 8,300 萬美元至 8,100 萬美元，營業利潤率約為負 16%。

With the recent strengthening of the U.S. dollar, we estimate that at the current spot rate, FX will negatively impact our full-year revenue growth estimate by approximately 300 basis points. Given the concerns about the macro economy and the market, we have provided what we believe to be achievable forward-looking guidance. Please note that we will be introduced guidance for the full year 2023 in our fourth-quarter earnings. In sum, we remain committed to balancing healthy growth in the business while also sustaining disciplined on improving efficiency and profitability. We have had an abundance of great opportunities ahead, and we'll continue to make decisions with the longer-term view. I'll now turn it over to the operator for your questions.

隨著近期美元走強，我們估計，以當前現貨匯率計算，外匯將對我們的全年營收成長預測產生約 300 個基點的負面影響。鑑於對宏觀經濟和市場的擔憂，我們提供了我們認為可以實現的前瞻性指導。請注意，我們將在第四季財報中推出 2023 年全年業績指引。總而言之，我們將繼續致力於平衡業務的健康成長，同時保持提高效率和獲利能力的紀律。我們面前有大量的良好機遇，我們將繼續以長遠的眼光做出決策。現在我將把問題交給接線員來回答您的問題。

Thank you. (Operator Instructions) Our first question for today comes from Steve Enders of Citi.

謝謝。 （操作員指示）我們今天的第一個問題來自花旗的史蒂夫·恩德斯。

I just want to dig in a little bit more into some of the outlook that you're seeing out there and particularly what you're seeing on the billing side. Are there going to kind of any change in customer dynamics either with the FX impact that came in, in the quarter, or anything around deal durations or any split between the kind of SMB or Esprit you're seeing out there with customers?

我只是想更深入地了解您所看到的一些前景，特別是您在計費方面所看到的情況。在本季度，客戶動態是否會發生任何變化，無論是由於外匯影響，還是交易期限，或您在客戶中看到的 SMB 或 Esprit 之間的任何劃分？

Yes, sure. Steve, this is Eran. So first of all, I want to start with all our underlying fundamentals are very strong. We continue to see very strong enterprise growth. NDR keeps remaining very high and stable. And we can see the early adoption of our new Work OS products. As we mentioned also in the previous quarter, we continue to see the same FX headwinds that we had that have an impact on our revenue growth and also NDR. And as we mentioned as well, we see some softness in Europe that also continued into Q3. One thing to mention in addition that in September and October, we started to see some indication that the softness is kind of spreading a bit more roll. So definitely, we do see that as well. But from another perspective in terms of performance marketing, we continue to heavily invest for new customers. I would say that becomes more efficient for us to acquire customers lower bids in the market. And definitely, it's an option for us to gain a larger market share. And also our free-to-pay conversion overall funnel remains very stable. So taking all of that into account, all the fundamentals remain very [indiscernible.

是的，當然。史蒂夫，這是埃蘭。首先，我想說的是，我們所有的基本面都非常強大。我們繼續看到非常強勁的企業成長。 NDR 一直保持很高且穩定。我們可以看到我們的新 Work OS 產品早期被採用。正如我們在上一季所提到的，我們繼續看到同樣的外匯逆風，這對我們的收入成長和 NDR 產生了影響。正如我們所提到的，我們看到歐洲經濟的疲軟態勢也持續到了第三季。另外值得一提的是，9 月和 10 月，我們開始看到一些跡象顯示疲軟趨勢正在進一步蔓延。所以，我們確實也看到了這一點。但從績效行銷的另一個角度來看，我們持續大力投資新客戶。我想說，這讓我們能夠更有效地在市場上以更低的出價獲得客戶。毫無疑問，這是我們獲得更大市場份額的選擇。而且我們的免費到付費轉換整體管道仍然非常穩定。因此，考慮到所有這些因素，所有基本面仍然非常[音訊不清晰]。

I guess just again on the kind of profitability upside in the quarter. I guess can you dig in a little bit more about kind of what were the drivers there? Were there any kind of delay in spend that you have that maybe you shifted some things into 4Q or maybe some changes in kind of hiring expectations? Can you just kind of dig in (inaudible)?

我想這又是關於本季獲利能力的上升。我想您能否更深入地了解那裡的驅動因素是什麼？您的支出是否存在任何延遲，也許您將一些項目轉移到了第四季度，或者在招聘預期方面發生了一些變化？能深入挖掘一下嗎（聽不清楚）？

Sure, Steve. It's Eliran. So first of all, welcome to the conference meeting for the first time. We were operating in accordance with our playbook. We have a system called a big brain that is measuring everything that we do. And going back to what Eran said, our performance marketing and marketing spend overall is lower than anticipated because the cost per sign-up went down. Therefore, we benefit from this efficiency. Obviously, we beat the top line by $6 million, and this impacted our (inaudible) on our discretionary spending, if there is not necessarily things to do in advance or travel, then, obviously, we are more cautious with the level of spend. So all of this together, combined with our -- the way we manage the business from an efficiency perspective and the playbook that we apply drove the great margins that we saw in this quarter.

當然，史蒂夫。是 Eliran。首先，歡迎大家第一次參加會議。我們按照劇本進行操作。我們有一個稱為大腦的系統，它測量我們所做的一切。回到 Eran 所說的，我們的績效行銷和行銷支出總體低於預期，因為每個註冊的成本下降了。因此，我們從這種效率中受益。顯然，我們的營業額超出了 600 萬美元，這影響了我們的可自由支配的開支，如果沒有必要提前做事或旅行，那麼顯然，我們對支出水平會更加謹慎。因此，所有這些，加上我們從效率角度管理業務的方式以及我們應用的策略，推動了我們在本季度看到的巨大利潤率。

Our next question comes from Pinjalim Bora from JPMorgan.

下一個問題來自摩根大通的 Pinjalim Bora。

Congrats on the quarter. I want to ask on the work away production, it seems pretty impressive results. Can you help us understand what kind of price points those things -- those new products are landing at? It seems like CRM is doing well. What about the other parts, the other 3 products? And then how should we think about the contribution of those products this year?

恭喜本季取得佳績。我想問一下關於工作成果的問題，看來成果相當可觀。您能幫助我們了解這些新產品的定價嗎？看起來 CRM 表現不錯。那麼其他部分、其他 3 種產品呢？那我們該如何看待這些產品今年的貢獻呢？

Yes. And Jean, thanks for the question. This is Eran. So definitely, we're very happy and excited, and we are encouraged from the results we're seeing so far with the new Work OS products. I would say all of them are successful. CRM definitely stands out as being the most dominant one. We mentioned over 50% of new customers that are behind those people to the product -- and just to mention that all these new customers are basically new paint customers. So we just open it up as of now, just for new customers. We haven't started cross. All those products have a different price point, and definitely, that's another upside that we take into account. We didn't put that into the model we have because it's still early days and small numbers. But definitely, the momentum that we're seeing and the growth is very encouraging and very promising for the future. That's probably the reason why we're so excited about this.

是的。還有 Jean，謝謝你的提問。這是埃蘭。所以毫無疑問，我們非常高興和興奮，而且我們對新 Work OS 產品迄今為止的成果感到鼓舞。我想說他們都是成功的。 CRM 無疑是最主要的。我們提到，超過 50% 的新客戶都是該產品背後的人——而且，所有這些新客戶基本上都是新的油漆客戶。因此我們現在就開放它，只面向新客戶。我們還沒有開始穿越。所有這些產品都有不同的價格點，當然，這是我們考慮到的另一個好處。我們沒有將其納入我們現有的模型，因為它還處於早期階段並且數量較少。但毫無疑問，我們所看到的勢頭和成長非常令人鼓舞，未來前景光明。這或許就是我們對此如此興奮的原因。

Understood. One question for Elran on billings. When we look at the sequential billings, growth seems a little bit muted. I was wondering if you can tease out the FX impact on billings or if you're seeing any kind of a change in invoicing duration. And how should we think about billings going forward? Do you think it could lag revenue in the near term?

明白了。我向 Elran 詢問有關帳單的一個問題。當我們查看連續的帳單時，成長似乎有點放緩。我想知道您是否可以梳理出外匯對帳單的影響，或者您是否看到發票期限有任何變化。我們該如何考慮未來的帳單？您認為短期內收入會落後嗎？

Sure. So when we speak about calculated billings, we mentioned this is not the best measurement of our business. We believe revenue growth, customer growth, and NDR are the best indicators of the health of the business. Calculated billings were definitely impacted by the FX. If you think about the fact that 30% of our ARR is in currencies that are not U.S. dollar, name 10% euro, about 5% British pound, and (inaudible) these other currencies, definitely, it has impact on the calculated billings overall.

當然。因此，當我們談論計算帳單時，我們提到這不是衡量我們業務的最佳方法。我們相信收入成長、客戶成長和 NDR 是業務健康狀況的最佳指標。計算出的帳單肯定受到外匯的影響。如果您考慮到我們的 30% ARR 是以美元以外的貨幣支付的，其中 10% 是歐元，約 5% 是英鎊，還有（聽不清楚）其他貨幣，那麼這肯定會對整體計算的帳單產生影響。

Our next question comes from Brent Bracelin from Piper Sandler.

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

And great to see the momentum in the business and the return to positive free cash flow. I wanted to double-click into the CRM product. What's resonating with customers here on the product? Is the profile of new customers changing? Is it a larger customer willing to spend more from a user perspective? Is it a smaller customer? Any color you could provide around the type of customer and what's resonating with that type of customer for the new CRM product would be great.

很高興看到業務的發展勢頭和自由現金流的回歸。我想雙擊進入 CRM 產品。該產品能引起顧客什麼共鳴？新客戶的概況是否正在改變？從使用者角度來看，這是否是一個願意花更多錢的更大客戶？是較小的客戶嗎？如果您能根據客戶的類型以及新 CRM 產品中與該類型客戶產生共鳴的內容提供任何顏色，那就太好了。

This is Roy. So yes, so I think CRM is... We tapped into a new market. We've seen new customers of a new kind, and we also see them comparing us to other companies that we were not compared to before. So like Iran said, the type of customers that are joining us are completely new. It's like -- it's not existing customers. And so obviously, they start off from like a different scale. They want different things. And this is very encouraging for us because it proves for us that Monday is a true platform that has completely different products on it. And obviously, CRM requests differ greatly from (inaudible) to manage customers, e-mail them and manage the whole life cycle of the customer. And one of the great powers that we see that customers buy into Monday in CRM is its customizability. The fact that they can really do everything with it and that they never hit the wall. And that's something that a lot of -- it gives us a massive competitive edge compared to other platforms that they compare us to. I hope this answers the question.

這是羅伊。是的，所以我認為 CRM 是...我們進入了一個新的市場。我們看到了新類型的新客戶，我們也看到他們將我們與以前從未被比較過的其他公司進行比較。因此，正如伊朗所說，加入我們的客戶類型是全新的。這就像——這不是現有客戶。顯然，他們是從不同的規模開始的。他們想要不同的東西。這對我們來說非常令人鼓舞，因為它向我們證明了 Monday 是一個真正的平台，上面有完全不同的產品。顯然，CRM 請求與（聽不清楚）管理客戶、向客戶發送電子郵件以及管理客戶的整個生命週期有很大不同。我們發現客戶購買 Monday CRM 的一大優點就是它的可自訂性。事實上，他們確實可以用它做任何事情，而且永遠不會遇到困難。與其他平台相比，這給了我們巨大的競爭優勢。我希望這能回答這個問題。

Helpful color there, for sure. And then I guess, Elran, as you just think about sales and marketing efficiency, pretty dramatic improvement in just a 2-, 3-quarter period here. Can we just double-click into kind of the drivers of it? Was there an element of lower CPM pricing that's helping here? Just walk through how you were able to drive such impressive improvement in sales and marketing efficiency.

那裡的顏色確實很有幫助。然後我想，Elran，當你考慮銷售和行銷效率時，在短短 2 到 3 個季度內就會有相當顯著的改善。我們可以透過雙擊來查看它的驅動程式嗎？較低的 CPM 定價是否有幫助？請簡單介紹一下您是如何推動銷售和行銷效率如此顯著的提升的。

Thanks, Brent, yes. So in the third quarter, and I think throughout the time that we gave the earnings calls, we are operating in currency with our playbook. And we said that we have the ability due to the big brand and the efficiency metrics that we are operating. We have the ability to (inaudible) in the performance market. So what happened in the (inaudible) because the market environment has become more challenging across the board, in general, so the cost per click or the cost per sign-up is much lower today. Therefore, we are benefiting that, as we mentioned in the kind of the beginning of the call, we have the ability to measure every campaign, every companies do, what is their return. Therefore, we were able to relatively quickly adjust the spend. In addition, in H2, also, we said that we were going to be more prudent on hiring and look at other discretionary costs that relates to marketing. So altogether, this helped us to reduce the cost of marketing -- sales and marketing in general.

謝謝，布倫特，是的。因此，在第三季度，我認為在我們召開收益電話會議的整個過程中，我們都在按照我們的策略進行運作。我們說，我們有能力憑藉大品牌和我們營運的效率指標。我們有能力（聽不清楚）在演出市場。那麼（聽不清楚）發生了什麼，因為整個市場環境變得更具挑戰性，所以今天的每次點擊費用或每次註冊費用要低得多。因此，我們受益匪淺，正如我們在電話會議開始時提到的那樣，我們有能力衡量每家公司開展的每項活動以及他們的回報。因此，我們能夠相對快速地調整支出。此外，我們也表示，在下半年，我們將在招募方面更加謹慎，並考慮與行銷相關的其他可自由支配的成本。總的來說，這有助於我們降低行銷成本——總體而言是銷售和行銷成本。

Our next question comes from Jackson Arbor from SVB Securities.

我們的下一個問題來自 SVB 證券的 Jackson Arbor。

The first one, actually, if we can just follow up on that comment on hiring. You've been rolling out a few more offices than the U.S., and I'm just curious what you're seeing in the labor market, whether it's a little bit maybe easier to hire some of the talents that you're looking for these days than it was, say, 6 or 12 months ago?

實際上，第一個問題，我們是否可以跟進關於招聘的評論。你們在美國設立的辦公室數量比在美國多，我很好奇你們對勞動市場的看法，現在招募你們需要的人才是否比 6 個月或 12 個月前更容易一些？

Jackson, it's Eliran Yes, we don't see much of a change. Obviously, now when companies -- there are unfortunately some reduction in imports in other companies, it's easier to hire people, but I don't know to tell you that this is a dramatic move because I think the good people are still working for this company. So overall, I would say a lighter or more easier environment but not dramatically changed.

傑克遜，我是埃利蘭，是的，我們沒有看到太大的變化。顯然，現在當公司——不幸的是其他公司的進口量有所減少——僱用員工就更容易了，但我不知道該如何告訴你這是一個重大舉措，因為我認為優秀的人才仍在為這家公司工作。所以總的來說，我認為環境會變得更輕鬆或更簡單，但不會發生巨大的變化。

And then the follow-up is on the European market. You kind of called out the struggles there, but I'm curious whether you're seeing any maybe competitive impacts just in terms of a tough environment, maybe seeing some of the younger, smaller, more kind of start-ups received from the European market as it looks like it's going to be a tougher environment in the coming months.

隨後是歐洲市場。您好像提到了那裡的困難，但我很好奇，您是否看到了在艱難的環境中可能產生的競爭影響，也許看到一些來自歐洲市場的年輕、規模較小、更多的初創企業，因為看起來未來幾個月的環境會更加艱難。

Jackson, it's Roy. So yes, we definitely see less -- it's easier for us compared to others because of the stability of the platform because of the fact that we mentioned a few times about the marketing and the fact that we are still out there pushing the product. So all in all, like for us, because of the stability of the company and the platform, we see it as a positive. And I would -- I can add that a lot of -- we were always like Eliran said with our playbook, while other companies spend way more gave like different discounts and those kinds of stuff. And we don't see that anymore. So I'd say it's now easier for us to gain more market share.

傑克遜，我是羅伊。所以是的，我們確實看到的更少——與其他人相比，這對我們來說更容易，因為平台穩定，因為我們多次提到行銷，而且我們仍然在推銷產品。總而言之，對我們來說，由於公司和平台的穩定性，我們認為這是一件積極的事。我想補充的是，我們總是像 Eliran 所說的那樣使用我們的劇本，而其他公司則花費更多，提供不同的折扣和諸如此類的東西。而我們再也看不到這樣的情況了。所以我想說，現在我們可以更輕鬆地獲得更多的市場份額。

Our next question comes from Ittai Kidron from Oppenheimer.

我們的下一個問題來自奧本海默公司的 Ittai Kidron。

Eliran, in your prepared remarks, you talked about the decline in the dollar retention rate, explaining it as initial lands are getting bigger. Can you give -- can you be a little bit more specific, like what is an initial land right now? And how did it change over the past year?

Eliran，在您準備好的發言中，您談到了美元保留率的下降，並解釋說這是因為初始土地越來越大。您能否更具體一點，例如現在的初始土地是什麼？過去一年來它發生了怎樣的變化？

So first of all, as a reminder, our net dollar retention rate is the best in the industry. And we mentioned that over time, we are going to see a range if you think about what we said also prior quarter. So we said that we believe that the right range would be around 1.45% to 150% for our customers with 50,000 in AR. We said that we are going to remain around 35% for customers with 10-plus users and between 120% to 125% for all customers. So there is the impact of, first of all, FX with 30% of them are coming from customers that are paying in nondollar currency. Obviously, your starting point is different from your ending point. This kind of impacted a few basis points in our network retention rate. And obviously, in Europe, part of the macroeconomy environment is also pending some customers are waiting for decision makers to waiting with decisions to kind of expand their usage of Monday products. So the combination of these 2 is impacting the net retention rate. We don't expect any dramatic move, but this is the range that we feel comfortable with.

首先，提醒一下，我們的淨美元留存率是業界最好的。我們提到，隨著時間的推移，如果你考慮我們上一季所說的內容，我們就會看到一個範圍。因此，我們認為對於應收帳款 50,000 美元的客戶來說，正確的範圍應該是 1.45% 到 150% 左右。我們表示，對於擁有 10 個以上用戶的客戶，我們將保持在 35% 左右，對於所有客戶，我們將保持在 120% 到 125% 之間。因此，首先要考慮的是外匯的影響，其中 30% 來自使用非美元貨幣支付的客戶。顯然，你的起點與終點是不同的。這對我們的網路保留率產生了一些基點的影響。顯然，在歐洲，部分宏觀經濟環境也懸而未決，一些客戶正在等待決策者做出決定，以擴大對 Monday 產品的使用。因此，這兩者的組合正在影響淨留存率。我們並不期待任何重大的舉動，但這是我們感到舒適的範圍。

Okay. And then, can you talk about the competitive landscape? Has anything changed in the past quarter? And maybe you could tie in to churn? Has anything in churn changed?

好的。那麼，您能談談競爭格局嗎？過去一個季度有什麼變化嗎？也許你可以參與攪動？流失率有什麼變化嗎？

Yes. Thank you. This is Eran. So I'll start with the second part of your question. So we didn't see anything meaningful of an impact to neither our churn or downgrade, which I think kind of tells the stability that we've seen in our existing customer base. Apart from FX in terms of usage, we haven't seen anything significant. And overall, I think that's the first part of the question, sorry?

是的。謝謝。這是埃蘭。因此，我將從問題的第二部分開始。因此，我們沒有看到對我們的客戶流失或降級產生任何重大影響，我認為這表明我們在現有客戶群中看到了穩定性。除了使用方面的 FX 之外，我們還沒有看到任何重要的東西。總的來說，我認為這是問題的第一部分，對不起？

The competitive landscape, anything on that front, any changes?

競爭格局，這方面有什麼改變嗎？

Yes, I appreciate that. So we already mentioned this a little bit. So in terms of marketing-wise, we don't -- we see that we're able to grab a larger market share. Some of the other caps has lowered their marketing spend, which allowed us to grab a larger percentage. And also, this translates into the actual deals. And the deals that we do see competition, which are only 30%, 70%, we see still no competition. And the 30% that we do, we see less competitors, and also some of the competitors who were very aggressive in terms of discounts, become less aggressive. So that's something we see a momentum here where we're able to win more deals in deals that we compete with other players in.

是的，我很感激。我們已經稍微提到了這一點。因此從行銷角度來看，我們認為我們能夠搶佔更大的市場份額。其他一些公司已經降低了行銷支出，這使我們能夠獲得更大的份額。而且，這也轉化為實際的交易。而我們確實看到競爭的交易只有 30%、70%，我們仍然沒有看到競爭。當我們將折扣提高 30% 時，我們發現競爭對手減少了，而且一些之前在折扣方面非常激進的競爭對手也變得不那麼激進了。因此，我們看到了一種勢頭，我們能夠在與其他參與者的競爭中贏得更多交易。

Our next question comes from DJ Hynes of Canaccord.

我們的下一個問題來自 Canaccord 的 DJ Hynes。

Congrats on the nice results. So at the elevated event, you guys spent some time talking about infrastructure upgrades that should improve scalability. I'm wondering if you could just unpack that a bit. Like what were the big changes? What should that enable you to do? And any color on that front would be helpful.

恭喜你取得如此好的成績。因此，在這次高層活動中，你們花了一些時間討論應該提高可擴展性的基礎設施升級。我想知道您是否可以稍微解釋一下這一點。比如說，有哪些重大變化？這能讓你做什麼？任何顏色都會有幫助。

Yes. Thanks for the question, Vijay. This is Eran. So yes, definitely, this is something that we worked really hard on, I would say, in the last 6 months and continue to heavily invest. I think part of our scale as a company, we attracted larger customers, and also our existing customers are really scaling their operation on Monday. Part of it presents some challenges in terms of handling large and a lot of data sets, improving performance, and keep improving what they're using. So definitely, it's a very positive trend that we're seeing. But at the same time, we need to -- we're constantly improving performance, speed, capability. So definitely something we're putting a lot of focus on (inaudible)

是的。謝謝你的提問，維傑。這是埃蘭。是的，毫無疑問，這是我們在過去 6 個月中付出了很多努力並繼續大力投資的事情。我認為，我們公司規模擴大的一部分原因是我們吸引了更大的客戶，而我們現有的客戶確實在周一擴大了他們的業務。其中一部分在處理大量資料集、提高效能以及不斷改進其使用方面提出了一些挑戰。所以，毫無疑問，我們看到的是一個非常正面的趨勢。但同時，我們需要不斷提高效能、速度和能力。所以我們肯定會非常關注（聽不清楚）

My apologies. We are having some audio issues. Please hold as I find a solution.

我很抱歉。我們遇到了一些音訊問題。請稍候，我會找到解決方案。

So I think we were talking about upgrades. What that enables you to do? What the big changes were? Any color on the strategy there?

所以我認為我們正在談論升級。這能讓你做什麼？有哪些重大變化？那裡的策略有什麼特色嗎？

Can you hear me now?

現在你能聽到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Awesome. All right. So I think, Eran, you were talking about some of the infrastructure upgrades, kind of the improved scalability, what the big changes were, what that enabled you to do? Any color along those lines would be helpful.

驚人的。好的。所以我認為，Eran，您談論的是一些基礎設施升級，可擴展性的提高，有哪些重大變化，這些變化使您能夠做什麼？任何類似的顏色都會有幫助。

Yes. Thanks, DJ. Hopefully, you can hear me fine now. So as I've said, what changed was that our customers grew larger in their operations with a Monday scale, their usage, their data sets. And as part of that, we're also scaling our own infrastructure because we want to deliver an optimal experience for our customers. So definitely, we're putting a lot of efforts over there. We see our customers using Monday more and more over time, which is very encouraging, but we wanted to have a seamless experience doing that and don't suffer from any performance or scalability issues. So we've done a lot of changes in improvements and we're committed to do that in the upcoming quarters.

是的。謝謝，DJ。希望您現在能聽清楚我的話。正如我所說的，變化的是，我們的客戶的營運規模、使用量和資料集都隨著星期一而成長。作為其中的一部分，我們也在擴展我們自己的基礎設施，因為我們希望為客戶提供最佳體驗。所以，我們確實在那裡付出了很多努力。我們看到我們的客戶隨著時間的推移越來越多地使用 Monday，這非常令人鼓舞，但我們希望獲得無縫的體驗，並且不會遇到任何效能或可擴展性問題。因此，我們在改進方面做了很多改變，並致力於在接下來的幾季中實現這些改變。

Got it. And then maybe a follow-up, Eliran, just on the sales and marketing line, can you remind me how much of that line item it's people-based versus maybe more discretionary spend that you can flex up and down on the latter, kind of what's the strategy in the current environment?

知道了。然後也許可以跟進一下，Eliran，僅在銷售和營銷方面，您能否提醒我，該項目中有多少是基於人員的，而有多少是可以自由支配的支出，後者您可以靈活調整，在當前環境下的策略是什麼？

Yes, sure. So if you think about the (inaudible), I would say, around 30% to 35% is performance marketing, and about 65% is payer related for sales, customer success, partners, headcount, and related. So all in all, if we would like to adjust sales and marketing costs, we would relatively adjust the performance marketing, and therefore, we are able to do quick wins, if need, based on our efficiency metrics.

是的，當然。因此，如果你考慮（聽不清楚），我會說，大約 30% 到 35% 是績效行銷，大約 65% 與銷售、客戶成功、合作夥伴、員工人數等付款人相關。總而言之，如果我們想調整銷售和行銷成本，我們會相對調整績效行銷，因此，如果需要，我們可以根據我們的效率指標快速取勝。

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

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

It's Andrew on for Derek. Just one for me actually. When are you planning to open up the suite to existing customers? And could that be an incremental growth lever early next year?

安德魯 (Andrew) 取代德瑞克 (Derek)。實際上對我來說只有一個。您計劃何時向現有客戶開放該套件？這是否會成為明年年初的一個漸進式成長槓桿？

Yes. Thanks for the question. This is Eran. So definitely going to outcome in the future. But right now, we're focused on keep iterating on the product and improving it. We get a lot of interest from our existing customers about these new products. And once we feel they are mature enough, we'll definitely open them up for our existing customers. We see a great opportunity for a cross-sell and upsell for our existing customers. Many of them are using money from many cases. They want to extend their usage (inaudible). So there's a lot of upside baked into that opportunity, but we want to do it in a proper way. And as I mentioned, we've already seen great momentum from new customers. So we keep improving and iterating on those products.

是的。謝謝你的提問。這是埃蘭。所以未來一定會有結果。但現在，我們專注於不斷迭代和改進產品。我們的現有客戶對這些新產品表現出了濃厚的興趣。一旦我們覺得它們足夠成熟，我們一定會向現有客戶開放。我們看到了對現有客戶進行交叉銷售和追加銷售的絕佳機會。他們中的許多人都在使用多起案件的錢。他們希望擴大用途（聽不清楚）。因此，這個機會有很多好處，但我們希望以適當的方式來實現它。正如我所提到的，我們已經看到新客戶的巨大發展勢頭。因此我們不斷改進和迭代這些產品。

Our next question comes from Fred Lee of Credit Suisse.

下一個問題來自瑞士信貸的 Fred Lee。

Very nice quarter, particularly the enterprise customer adds and margin improvement. You've already touched on part of this, but I was wondering if you could talk more deeply about your -- how your go-to-market strategy is changing as companies look to cut costs? And also, how is the focus of the conversation changing at your larger customers?

非常好的一個季度，特別是企業客戶的增加和利潤率的提高。您已經談到了這部分內容，但我想知道您是否可以更深入地談談——隨著公司尋求削減成本，您的市場進入策略是如何變化的？此外，您與大客戶之間的談話重點有何變化？

Yes. So the first part of the question regarding cost cutting. So a lot of companies, as you mentioned, are now kind of going through their SaaS stack or reevaluating the tools that they're using. But for us, we mentioned this in the previous quarter, and definitely, we see this trend increases. This presents a great opportunity. A lot of companies are looking into consolidation of SaaS tools that they're using. And Monday is really built from the bottom up for that purpose because every customer is Monday use money for many use cases. Some of them are kind of reevaluating the tools they're using and thinking about moving their operations to Monday. Some were the more you did -- we also did an operation within the company where we kind of guided our entire customer success team and sales team to offer that proactively for the customers, and we also see success momentum there. So it's hard to tell how much Swills scale over time, but definitely, we've seen customers doing that. And Monday, as I've mentioned, it's a great bloom to do that. So there's definitely an opportunity there.

是的。問題的第一部分是關於削減成本的。正如您所說，許多公司現在正在審查他們的 SaaS 堆疊或重新評估他們正在使用的工具。但對我們來說，我們在上一季提到了這一點，而且我們確實看到這種趨勢正在增加。這是一個很好的機會。許多公司正在研究整合他們正在使用的 SaaS 工具。而 Monday 確實是為此目的而自下而上構建的，因為每個客戶 Monday 都會在許多用例中使用資金。他們中的一些人正在重新評估他們正在使用的工具，並考慮將他們的業務轉移到週一。有些是你做得越多——我們還在公司內部進行了一項行動，指導我們的整個客戶成功團隊和銷售團隊主動為客戶提供這些服務，我們也看到了成功的勢頭。因此很難判斷 Swills 隨著時間的推移會擴大到何種程度，但我們確實看到客戶這樣做。正如我所提到的，星期一是做這件事的好時機。所以那裡肯定有機會。

Yes. And it's Roy. I would add that, like on the churn side, we see a lot of stability within our customer base. So it talks to the platform and how much it's a port for many of our customers.

是的。他是羅伊。我想補充一點，就像在客戶流失方面一樣，我們看到客戶群非常穩定。因此，它與平台進行了對話，並表明它對於我們的許多客戶來說是一個多大的連接埠。

And I think we missed your second part of the question, Fred, if you can repeat that?

我認為我們錯過了你問題的第二部分，弗雷德，你能重複嗎？

Sure. The second part was just how the focus of conversations is changing at your larger customers, if at all?

當然。第二部分是，如果發生的話，您與大客戶的對話重點是如何改變的？

Yes, it's Roy. So it's definitely a different conversation in terms of like the length of -- when we talk to new customers, the length it takes to create -- to close a deal, the number of people involved, then those kind of things are happening now, I think, for a lot of us around the world with a lot of companies, and we see that definitely is something that companies are looking into and like changing how they acquire new tools.

是的，是羅伊。因此，就與新客戶交談的時間長度、達成交易所需的時間、涉及的人數而言，這絕對是一個不同的話題，我認為，對於世界各地的許多公司來說，這些事情現在都在發生，我們看到，這肯定是公司正在研究並改變他們獲取新工具的方式的事情。

Our next question comes from Andrew DeGasperi from Berenberg.

下一個問題來自貝倫貝格的 Andrew DeGasperi。

I guess my first question, and a follow-up to DJ's earlier on performance marketing versus sales headcount. I was just wondering, at the 35% number, what is it typically, I guess, historically has it been? And I guess, how should we expect it going forward? Would it be at this level? Or do you think it will ramp up?

我想我的第一個問題，也是 DJ 之前關於績效行銷與銷售人員數量的後續問題。我只是想知道，35% 這個數字，從歷史上看，通常是多少？我想，我們該如何期待它的未來發展？會是這個水平嗎？或者您認為它會增加嗎？

Andrew, it's Elian. So historically, if you look at Monday 5 years ago, and I think mentioned it in the past, it was an 80% to 90% performance marketing. But over time, we introduced a sales-led organization that including salespeople, partners, customer success managers, and obviously, the app marketplace. Over time, I think that we care a lot about the performance marketing. It generates leads. It gets us to new audiences. It brings a lot of traffic, a healthy traffic, I would say. And if you continue to operate in accordance with our playbook, I would say that 30%, by and large, will continue to be -- it can be 25%. It can be 32, but around 30% will continue to be performance marketing as long as it meets our efficiency criteria. In addition to that, we'll continue to invest in bringing headcount for our enterprise accounts, mid-tier, and SMBs. So I would say 25-30, 65-70% breakdown.

安德魯，我是埃利安。因此，從歷史上看，如果你回顧 5 年前的星期一，我想過去也提到過，當時的績效行銷佔比為 80% 到 90%。但隨著時間的推移，我們引入了一個以銷售為主導的組織，其中包括銷售人員、合作夥伴、客戶成功經理，當然還有應用程式市場。隨著時間的推移，我認為我們非常關心績效行銷。它會產生線索。它為我們帶來了新的觀眾。我想說，它帶來了大量的流量，健康的流量。如果你繼續按照我們的劇本行事，我想說，總的來說，30% 將繼續是——可以是 25%。可以是 32，但只要符合我們的效率標準，大約 30% 將繼續進行效果行銷。除此之外，我們還將繼續投資，為我們的企業客戶、中型企業和中小企業招募員工。所以我認為細分比例為 25-30、65-70%。

That's helpful. And then in terms of your referral partners, I saw it jump sequentially. I just wondered, are you doing anything different there? Should we expect that continued momentum?

這很有幫助。然後就您的推薦合作夥伴而言，我看到它連續成長。我只是想知道，你在那裡做什麼不同的事情嗎？我們是否應該期待這種勢頭持續下去？

Yes. So we continue to invest in our partner ecosystem, definitely growing and expanding. I would say the partners are a little bit more affected by the headwinds that we see in Europe because most of them are not based in the U.S. So our partner is more footprint. But for us, as we mentioned, it's a strategic part of growing our business. It's a great way to go to market in territories, and we continue to scale and grow there. And also not just with referrals but also with kind of larger and more strategic partners that we partner with over time. So for us, it's a greater market and expansion options for our audience across the globe, and we'll continue to (inaudible).

是的。因此，我們將繼續投資於我們的合作夥伴生態系統，並不斷成長和擴張。我想說的是，合作夥伴受到我們在歐洲看到的逆風的影響更大一些，因為他們中的大多數都不在美國。所以我們的合作夥伴的足跡更廣。但對我們來說，正如我們所提到的，這是我們業務成長的策略部分。這是進入特定地區市場的絕佳方式，而且我們會繼續在該地區擴大規模並不斷發展。而且，我們不僅透過推薦，還透過長期合作與更大、更具策略性的合作夥伴建立合作關係。因此對我們來說，這是一個更大的市場，並為我們的全球觀眾提供擴展選擇，我們將繼續（聽不清楚）。

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。

2 quick questions here. On the first one, how are your tapping funnel activities today in the current macro versus maybe what you saw 3 months ago to start Q3 oven 6 months ago to start Q2?

這裡有 2 個簡單的問題。第一個問題，與 3 個月前開始的第三季以及 6 個月前開始的第二季相比，您今天在當前宏觀環境中的挖掘漏斗活動情況如何？

Scott, it's Roy. So you broke up for a second. Like you're talking about the funnel that we see, like customer fund...

史考特，我是羅伊。所以你們暫時分手了。就像您談論我們看到的漏斗一樣，例如客戶基金...

Yes, just top-of-customer funnel activities in terms of maybe size or complexity today versus last 2 quarters.

是的，就規模或複雜性而言，今天的頂級客戶漏斗活動與過去兩個季度相比有所差異。

Yes. So like we mentioned, it's very healthy. We still see the same volume, and then we keep with our efficiency metrics like gaining more market share by adding more customers. The sales cycle has been longer in that respect, but we see a lot of quality customers, still strong demand for the platform across the board. So it's very stable.

是的。正如我們所提到的，它非常健康。我們仍然看到相同的交易量，然後我們保持我們的效率指標，例如透過增加更多客戶來獲得更多的市場份額。從這方面來看，銷售週期較長，但我們看到許多優質客戶，整個平台的需求仍然強勁。所以它非常穩定。

And maybe, Scott, this is Eran. Already, you can see in our shareholder letter. We actually attached to rate shows the growth in new accounts and showed the spend in performance marketing, like we mentioned, our top funnel remains very stable even though in terms of efficiency, we managed to spend back and require those customers is probably what we mentioned. But it's very important for us to demonstrate that we have greater efficiency, we managed to acquire the same amount of customers that time.

也許，斯科特，這是埃蘭。您已經可以在我們的股東信中看到。我們實際上附加了顯示新帳戶成長的費率，並顯示了績效行銷的支出，就像我們所提到的那樣，儘管在效率方面，我們的頂級管道仍然非常穩定，但我們設法收回成本並要求那些客戶可能是我們所提到的。但對我們來說，證明我們擁有更高的效率非常重要，我們當時成功獲得了相同數量的客戶。

Great. The last question for me is your enterprise growth was very strong again in the quarter. How much of that growth is coming from new initial lands versus expansions from those types of customers today? And how do you expect that to maybe trend over the next couple of quarters as a result?

偉大的。對我來說最後一個問題是，貴公司本季的企業成長再次非常強勁。這種成長有多少是來自於新的初始土地，有多少是來自於目前這類顧客的擴張？您預計未來幾季的趨勢會如何？

Scott, it's Eliran again. I think it's both. We are lending with the new products that we have, the CRM, and other multiple use cases that are being part of our platform. So we land with customers. So it's a combination of new customers and expansion of existing customers.

斯科特，又是我 Eliran。我認為兩者都有。我們正在利用我們現有的新產品、CRM 以及我們平台的其他多種用例進行借貸。因此我們與客戶達成了一致。因此，這是新客戶和現有客戶擴張的結合。

Our next question comes from Jason Celino of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Jason Celino。

Really great results here. When you mentioned in a prior response September and October, you started to see some softness spread. It looks like you're managing through quite well. But to what magnitude can you clarify, and was it more SMB? And if any regions are worth calling out?

這裡的結果確實很棒。當您在先前的回覆中提到九月和十月時，您開始看到一些疲軟的蔓延。看起來你處理得相當好。但是您能澄清到什麼程度，它是否更像 SMB？有哪些地區值得關注？

Yes, Jason, this is Eran. Yes. So as we mentioned, there's some FX headwinds and all the effects that we saw in Europe. I wouldn't say it has any significant impact on one particular group, neither SMBs nor larger enterprises. I would say it's kind of across the board. But definitely, enterprise customers are a bit more stable or kind of don't see any kind of more major impact compared to SMBs. But overall, we're very diverse in terms of our customer base. Many industries, as a reminder, only 30% of our customers are tech companies, 70% are nontech. And we have over 200 different business verticals. So (inaudible) and even our existing customer base, but we don't see any kind of major group that's been affected more than any other group.

是的，傑森，這是埃蘭。是的。正如我們所提到的，歐洲存在一些外匯逆風和各種影響。我不會說它對某個特定群體有任何重大影響，無論是中小型企業還是大型企業。我想說這是一個全面的現象。但毫無疑問，與中小型企業相比，企業客戶更加穩定，或者說不會受到任何重大影響。但總體而言，我們的客戶群非常多樣化。需要提醒的是，在許多產業中，我們的客戶只有 30% 是科技公司，70% 是非科技公司。我們擁有超過 200 個不同的垂直業務。所以（聽不清楚）甚至是我們現有的客戶群，但我們沒有看到任何主要群體受到比其他群體更嚴重的影響。

Our next question comes from Robert Simmons of D.A. Davidson.

下一個問題來自 D.A. 的 Robert Simmons。戴維森。

So I was looking at the marketplace, you now have 16 apps there. And I think about 20% are monetized. I guess what's the reasonable expectation for the boost to revenue you're going to see from that next year? Are we saying closer to 1%? Or could it be more meaningful than that?

所以我查看了市場，發現那裡現在有 16 個應用程式。我認為其中約有 20% 已經貨幣化。我想，您對明年的營收成長的合理預期是什麼？我們說的是接近 1% 嗎？或者它可能比這更有意義？

Yes. So I think like we're not going to -- we're not relying for next year on the marketplace revenue is something that we build any of our models on. And it's something that we just released not so far behind in time and the monetization of it. And I wouldn't build on that. Although we do see a strong momentum there, a lot of interest from developers, and it's very healthy. And we do see the future of Monday being as an open platform and providing a lot of like third-party developers building on us great things. So we are excited about it, but we didn't model next year with the marketplace.

是的。所以我認為我們不會——我們不會依賴明年的市場收入來建立我們的任何模型。這是我們剛發布不久的產品，並且已經實現了貨幣化。我不會以此為基礎。儘管我們確實看到了強勁的發展勢頭，開發商表現出了濃厚的興趣，而且情況非常健康。我們確實看到了 Monday 未來將成為一個開放平台，並為許多第三方開發人員提供在我們基礎上建立偉大事物的機會。所以我們對此感到很興奮，但我們沒有為明年的市場做模型。

And then the decline of net retention, how much of that is purely from FX, and how much is it from other factors like longer and slower sales vehicles?

那麼淨留存率的下降有多少是純粹由於外匯因素造成的，又有多少是來自其他因素，例如更長更慢的銷售車輛？

So, Robert, it's Eliran. I would say 2% to 3% by and large, is coming from FX, and the rest is the macroeconomic environment.

那麼，羅伯特，我是 Eliran。我認為整體而言，2% 到 3% 來自外匯，其餘則來自宏觀經濟環境。

And I would also add, increasing, it's really -- like I would also add the increasing deal size initially. Like as we ramped up the sales team and we got better and better, the initial deal size grew. Obviously, they -- like in the past, they started with big self-serve motion, okay? They started very small, and so the NDR ended somewhere. And then we have -- as the brand grew and customer demand grew like they want initial deal sizes that are bigger. And that also has an effect on the NDR.

我還要補充一點，增加，這真的——就像我最初也會增加交易規模一樣。隨著我們銷售團隊的壯大，我們變得越來越好，初始交易規模也隨之成長。顯然，他們——就像過去一樣，他們從大型自助行動開始，好嗎？他們起步規模很小，因此 NDR 最終在某個地方結束。然後，隨著品牌的發展和客戶需求的成長，他們希望初始交易規模更大。這也對 NDR 產生了影響。

Our next question comes from Shebly Saraf from FBN Securities.

我們的下一個問題來自 FBN Securities 的 Shebly Saraf。

So I noticed that your headcount growth slowed to like 53% from over 200 the prior 2 quarters. I want to know whether there has been recently a deliberate decision to slow down headcount growth. And separately, related maybe is your expense growth for Q4 seems to -- relative to your guidance imply an acceleration in year-to-year growth versus Q3. And so it seems to me that your R&D line is going to accelerate. Is that true? And if so, why is it accelerating so much?

所以我注意到你們的員工人數成長從前兩季的 200 多人放緩至 53%。我想知道最近是否有意決定減緩員工人數的成長。另外，也許相關的是，相對於您的指導，第四季度的支出成長似乎意味著與第三季相比同比成長加速。因此在我看來，你們的研發線將會加速發展。這是真的嗎？如果是的話，為什麼速度會這麼快？

Shelly, it's Eliran. So welcome on board. With regards to your first question, in prior quarters, we mentioned that we are going to hire most of the people in H1, front-loaded of expenses because we believe this is what will drive revenue into 2022 and the rest of the year. And we mentioned that we are going to be more prudent and have more moderate hiring in H2. We are continuing to hire in places where is really important for us to continue to innovate. R&D. You saw that R&D went up from 17% as a percentage of revenue to 19%. And we also will continue to focus on revenue-generating headcount. So this is with regard to your first question. Your second question, I wasn't sure that you said accelerating top line, just to make sure that I answered the question.

雪莉，我是伊萊蘭。歡迎加入。關於您的第一個問題，在前幾個季度，我們提到我們將在上半年招募大部分員工，並預先支付費用，因為我們相信這將推動 2022 年及今年剩餘時間的收入成長。我們提到，我們將更加謹慎，並在下半年進行更適度的招募。我們將繼續在對我們繼續創新真正重要的地方招募人才。研發。您會看到研發佔收入的比例從 17% 上升到了 19%。我們也將持續關注創收員工數量。這是關於您的第一個問題。您的第二個問題，我不確定您是否說過加速頂線，只是為了確保我回答了這個問題。

No. I'm getting in my model that your R&D expense growth is going to be something like 100% in Q4 versus 84% in Q3. Is that right? Is that directionally correct? And if so, why are you going to be accelerating your R&D expense growth?

不。我的模型顯示，第四季的研發費用成長率將達到 100%，而第三季的研發費用成長率將達到 84%。是嗎？這個方向正確嗎？如果是的話，為什麼您要加速研發費用的成長？

R&D... Yes. So I think if I understood this. So we continue to invest, as I mentioned, in R&D. Bear in mind that there is also most of the hiring of R&D in Israel. So there is the FX impact, which also impacts in terms of (inaudible) it's a bulk of a significant part of our cost and just to make sure that I understand, I believe this will cover your question.

研發……是的。所以我想如果我理解了這一點。正如我所提到的，我們將繼續在研發方面進行投資。請記住，大部分研發人員的招募也是在以色列進行的。因此存在外匯影響，這也會影響（聽不清楚），這是我們成本的很大一部分，為了確保我理解，我相信這可以回答您的問題。

Our next question comes from Jake Roberge from William Blair.

我們的下一個問題來自 William Blair 的 Jake Roberge。

Congrats on the quarter. Following up on the product size solutions, it's great to see the strong adoption here, and I appreciate the coupon CRM. But once you open those solutions to the existing base, how do you think that monetization path will work, given a number of those customers may already be using some type of CRM template that you released a year or 2 ago?

恭喜本季取得佳績。在追蹤產品尺寸解決方案後，很高興看到這裡得到了廣泛的採用，並且我很欣賞優惠券 CRM。但是，一旦您將這些解決方案開放給現有客戶群，考慮到許多客戶可能已經在使用您一兩年前發布的某種 CRM 模板，您認為貨幣化途徑將如何運作？

Yes, Jake, thanks for the question. This is Eran. So the new products that we released are -- that provide much more value than a template. Basically, what we've done as part of those products is to go very deep future-wise in each one of those products. We had a lot of functionality. A lot of this is proprietary to specifically CRM or developer tools. So it's not just templates or boards or dashboard back to that purpose, but a lot of R&D effort has gone into that. So I think already new customers are getting a lot of value from that. And I'm sure that already -- that also exists customers, we get a lot of value for you to products. Part of that is that we'll help them for those who want to move. We'll build the migration to that will help them try those new products. But (inaudible) we're still focusing on acquiring customers. And over time, we'll start offering those new work for existing ones. And as I said, we see a lot of potentials there.

是的，傑克，謝謝你的提問。這是埃蘭。因此，我們發布的新產品比模板更有價值。基本上，我們在這些產品中所做的就是對每一款產品的未來進行深入的探討。我們有很多功能。其中很多是專門針對 CRM 或開發人員工具的。因此，它不僅僅是模板、板或儀表板，還投入了大量的研發精力。所以我認為新客戶已經從中獲得了很多價值。我確信這一點已經存在了，客戶們，我們為你們的產品帶來了許多價值。其中一部分是我們會為那些想要搬家的人提供幫助。我們將建立遷移機制來幫助他們嘗試這些新產品。但（聽不清楚）我們仍然專注於獲取客戶。隨著時間的推移，我們將開始為現有的客戶提供新的工作。正如我所說，我們看到那裡有很多潛力。

And then it seems like growth in the partner channel is really starting to accelerate for both referral partners and the AS marketplace, are there any specific product-type solutions that you've seen partners prioritize in the sales process or really build more tailored solutions on top of the platform?

然後看起來，無論是推薦合作夥伴還是 AS 市場，合作夥伴管道的成長都開始真正加速，您是否看到合作夥伴在銷售過程中優先考慮任何特定的產品類型的解決方案，或者在平台上真正建立更客製化的解決方案？

Yes. So this is Eran again. So apart from extending our global workforce in terms of offering kind of more opportunities for cellular products worldwide. Both quarters also offer the ability to customers to customize their products, help them onboard, help them build more workflows and processes. So part of that also drives the growth in each one of those territories. So we really see them as a value-add partner. So definitely, that's something that's really kind of help with acceleration. And as I said, we're continuing to invest heavily into those partners. And over time, I think it will continue and grow rapidly.

是的。這又是 Eran。因此，除了擴大我們的全球勞動力之外，我們還為全球蜂窩產品提供了更多機會。這兩個部門也為客戶提供客製化產品的能力，幫助他們加入，幫助他們建立更多的工作流程和流程。因此，這也在一定程度上推動了各個地區的成長。因此，我們確實將他們視為增值合作夥伴。所以毫無疑問，這對加速確實有一定的幫助。正如我所說，我們將繼續大力投資這些合作夥伴。隨著時間的推移，我認為它將會持續並快速成長。

Our final question for today comes from Brent Thill of Jefferies.

我們今天的最後一個問題來自 Jefferies 的 Brent Thill。

Just a question on some of your deployments. I think in the past, you've talked about one of your larger customers was pushing over 7,000 seats. Are you starting to see the 10,000-plus seat deals open up? Or are you still -- is that 7,000 seats still the largest deployment you have right now?

我只是想問一下關於您的一些部署的問題。我想，過去您曾經談過，您的一個大客戶擁有超過 7,000 個座位。您是否開始看到超過 10,000 個座位的交易開放？或者您仍然——7,000 個座位仍然是您目前最大的部署嗎？

Yes. So this is Eran. So definitely, over time, we're increasing our -- we work -- we really kind of work in a sweet spot fashion, meaning that we keep increasing the average enterprise deal size. Up until a year ago, it was around 2,000 seats. We increased it to 5,000. That means that we're able to close those deals quicker and quicker. And basically, we continue to improve the product offer to scale the operation, and we expect this number to increase. We see this more of a way for us to create an organic sales motion within our sales team as opposed to a specific customer that we are in for in terms of landing a very large deal.

是的。這就是 Eran。因此，毫無疑問，隨著時間的推移，我們正在增加我們的工作——我們確實以一種最佳方式工作，這意味著我們不斷增加平均企業交易規模。直到一年前，它的座位數還只有 2,000 個左右。我們將其增加到 5,000。這意味著我們能夠越來越快地完成這些交易。基本上，我們會繼續改進產品供應以擴大營運規模，我們預計這個數字會增加。我們認為這更像是一種在銷售團隊中創造有機銷售動力的方式，而不是為了達成一筆大交易而針對特定客戶。

We have no further questions for today. So that concludes today's conference call. Thank you all for joining. You may now disconnect.

今天我們沒有其他問題。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。