monday.com Ltd (MNDY) 2023 Q1 法說會逐字稿

Good day. My name is Jean-Louis and I will be your conference operator today. At this time, I would like to welcome everyone to monday.com's First Quarter Fiscal Year 2023 Earnings Conference Call. I would like to turn the call over to monday.coms Director of Investor Relations, Mr. Byron Stephen. Please go ahead.

再會。我叫 Jean-Louis，今天我將擔任您的會議接線生。現在，我歡迎大家參加 monday.com 2023 財年第一季財報電話會議。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。

Hello, everyone, and thank you for joining us on today's conference call to discuss financial results for monday.coms first quarter fiscal year 2023. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com and Eliran Glazer, monday.com CFO. We released our results for the first quarter 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.

大家好，感謝您參加今天的電話會議，討論 monday.com 2023 財年第一季的財務業績。今天與我一起參加會議的還有 monday.com 的聯合執行長 Roy Mann 和 Eran Zinman，以及 monday.com 的財務長 Eliran Glazer。我們今天早些時候公佈了第一季的業績。您可以在我們 IR 網站 ir.monday.com 的「新聞與活動」部分找到我們的季度股東信函、投資者介紹以及今天的網路廣播重播。

Certain statements made on the call today will be forward-looking statements. which reflect management's best judgment based on currently available information. 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.

今天電話會議上的某些陳述將是前瞻性陳述。這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。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。

Now let me turn the call over to Roy.

現在讓我把電話轉給羅伊。

Thank you, Byron, and thank you, everyone, for joining us today. After a strong fiscal year of 2022, we are happy to say that we kept the momentum going with an exceptional Q1 in fiscal year 2023. Despite the persistent uncertainties in the macro environment, we continue to invest in our growth and profitability at scale, and we are seeing the results. Q1 revenue totaled $162.3 million, an increase of 50% year-over-year.

謝謝拜倫，也謝謝大家今天加入我們。在經歷了強勁的 2022 財年之後，我們很高興地說，我們保持了這一勢頭，並在 2023 財年第一季取得了卓越的成績。儘管宏觀環境仍然存在不確定性，但我們仍在繼續大規模投資於我們的成長和獲利能力，並且我們正在看到結果。第一季營收總計1.623億美元，年增50%。

We generated a record $38.7 million in free cash flow during the quarter, and are well positioned in meeting our goal of positive free cash flow for the third straight year. Additionally, we are pleased to report that we are now guiding to positive non-GAAP operating profit for fiscal year 2023, 2 years ahead of expectations. Eliran will walk you through our guidance in more detail. Customers acquisition continued to be exceptionally strong, our fastest-growing customer segment remains the enterprise. Where we grew customers by 75% to 1,683 customers, marking a record number of quarterly net new enterprise customers.

我們在本季度創造了創紀錄的 3870 萬美元的自由現金流，並且預計將連續第三年實現正自由現金流的目標。此外，我們很高興地報告，我們目前預計 2023 財年非公認會計準則營業利潤將為正，比預期提前兩年。 Eliran 將向您更詳細地介紹我們的指導。客戶獲取持續保持強勁勢頭，我們成長最快的客戶群仍然是企業。我們的客戶數量成長了 75%，達到 1,683 名客戶，創下了季度淨新增企業客戶數量的新高。

Equally impressive has been the fast adoption and strong customer feedback of our Monday sales CRM product. Customers love Monday sales CRM as it's more customers an easy to use and transitional CRM tools. In Q1, we opened our Monday sales CRM to a selection of our existing customer base and the response has been tremendous. Total sales in CRM accounts accelerated to 5,441 accounts representing a record number of quarterly net new sales CRM accounts. We are incredibly pleased about all the recent business and product accomplishments this quarter and believe we are well positioned to deliver our goals for fiscal year 2023 and beyond.

同樣令人印象深刻的是我們的 Monday sales CRM 產品的快速採用和強烈的客戶回饋。客戶喜歡 Monday sales CRM，因為它為更多客戶提供了一個易於使用且過渡性的 CRM 工具。在第一季度，我們向部分現有客戶群開放了 Monday 銷售 CRM，反應非常熱烈。 CRM 帳戶總銷售額加速成長至 5,441 個帳戶，創下季度淨新增 CRM 帳戶銷售數量的新高。我們對本季所有近期業務和產品成就感到非常高興，並相信我們已準備好實現 2023 財年及以後的目標。

Let me now turn it over to Eran to walk you through some of our recent innovation efforts.

現在，讓我將主題交給 Eran，讓他向您介紹我們最近的一些創新努力。

Thank you, Roy. This quarter, we are excited to announce our plans for incorporating AI into our Work OS platform, which we already started implementing. The key components of our AI strategy includes increasing monday.com users efficiency, increasing our own internal efficiency and in the future, harnessing the power of our proprietary data spreading over 200 different business verticals.

謝謝你，羅伊。本季度，我們很高興地宣布將人工智慧融入我們的 Work OS 平台的計劃，我們已經開始實施該計劃。我們的人工智慧策略的關鍵組成部分包括提高 monday.com 用戶的效率、提高我們自己的內部效率，並在未來利用遍布 200 個不同業務垂直領域的專有數據的力量。

This month, the first version of Monday AI assistant is going live with features such as automated data generation, e-mail composition and document summaries. All features, which will greatly increase the efficiency, speed and general experience of our users. In June, we are opening our platform to third-party developers to build AI apps on the monday.com Work OS, increasing collaboration and speedy innovation. These apps will be available on our Monday AI assistant infrastructure. Internally, too, we are focusing on using the Monday.com data to enhance our operations through AI, including automating parts of our sales operations, our customer experience and adding an AI layer to our in-house business intelligence tool, Big Brain.

本月，Monday AI 助理的第一個版本上線，具有自動資料產生、電子郵件撰寫和文件摘要等功能。所有功能將大大提高使用者的效率、速度和整體體驗。 6 月份，我們將向第三方開發者開放我們的平台，以便在 monday.com Work OS 上建立 AI 應用程序，從而加強協作並加快創新。這些應用程式將在我們的 Monday AI 助理基礎設施上提供。在內部，我們也專注於使用 Monday.com 資料透過人工智慧來增強我們的運營，包括實現部分銷售營運和客戶體驗的自動化，並為我們的內部商業智慧工具 Big Brain 添加人工智慧層。

Finally, we plan to harness our data to help future customers navigate the best ways to set up and maintain the most optimal workflows at automation as well as connect the right people to the right processes. This can significantly improve monday.com speed of adoption within companies and further enhance data-driven product development initiatives. This quarter, we are also delighted to kick off the first phase of Monday DB. As a reminder, Monday DB is a brand-new data infrastructure from the Monday Work OS platform. enabling bigger workflows, larger boards and dashboards, more robust development capabilities and improved overall performance, Monday DB is being released in multiple phases over the next year with each phase expected to boost performance and scale.

最後，我們計劃利用我們的數據來幫助未來的客戶找到在自動化中設定和維護最優化工作流程的最佳方法，以及將合適的人員與合適的流程連結起來。這可以顯著提高monday.com在公司內部的採用速度，並進一步增強數據驅動的產品開發計劃。本季度，我們也很高興啟動 Monday DB 的第一階段。提醒一下，Monday DB 是 Monday Work OS 平台全新的資料基礎架構。為了實現更大的工作流程、更大的面板和儀表板、更強大的開發能力和更好的整體效能，Monday DB 將在明年分多個階段發布，預計每個階段都將提升效能和規模。

The first phase of Monday DB is focused on Monday boards. Now we're available to 30% of accounts Monday DB 1.0 is already having a big effect on board performance in all times, especially on large and complex boards. Monday DB 1.0 loads boards with thousands of items within a matter of seconds, allowing customers to work with bigger, more complex workflows than ever. We expect money to be 1.0 to be rolled out to all customers by the end of Q2. In addition to our innovation efforts, we continue to make strides in accelerating our efforts in building our apps marketplace. This quarter, enterprise collaboration app provider the Database Group join us for an app accelerated project.

Monday DB 的第一階段主要集中在 Monday 板塊。現在我們已經為 30% 的帳戶提供服務，Monday DB 1.0 已經對董事會在任何時候的表現產生了很大的影響，特別是對大型和複雜的董事會。 Monday DB 1.0 可以在幾秒鐘內加載包含數千個項目的板，從而使客戶能夠處理比以往更大、更複雜的工作流程。我們預計 Money 1.0 將在第二季末向所有客戶推出。除了創新努力之外，我們也持續大力加快應用程式市場的建設。本季度，企業協作應用程式供應商資料庫集團加入我們的應用程式加速專案。

The event focused on introducing several potential new apps and supercharging adaptive its first monday.com app, unlimited sale items which has quickly become a customer favorite. Working with the large enterprise asset providers such as (inaudible) and up fire will allow us to build a strong foundation and take our marketplace at the next level. With that, let me turn it back over to Roy.

活動的重點是推出幾款有潛力的新應用程序，並對其首款 monday.com 應用程式進行增強，無限量銷售商品已迅速成為客戶的最愛。與 (inaudible) 和 up fire 等大型企業資產提供者合作將使我們能夠建立堅實的基礎並將我們的市場提升到新的水平。說完這些，讓我把話題交還給羅伊。

Thank you, Eran. We continue to make progress on our ESG efforts and leading publications are taking notice. Monday.com emergency response team recently received an honorable mention in the corporate social responsibility category of Fast Company's 2023 world-changing ideas list. This prestigious list honors initiatives that use companies' platforms and power to help advance change either internally for the community or for the world at large. To read more about our emergency response teams effort and all of our ESG initiatives please see our recent published 2022 ESG report.

謝謝你，埃蘭。我們在 ESG 工作方面不斷取得進展，並引起了主要出版物的關注。 Monday.com 緊急應變團隊最近在《Fast Company》2023 年改變世界創意榜單的企業社會責任類別中獲得了榮譽獎。這份享有盛譽的榜單旨在表彰那些利用公司平台和力量來幫助推動社區內部或整個世界變革的舉措。要了解有關我們的緊急應變團隊工作和所有 ESG 舉措的更多信息，請參閱我們最近發布的 2022 年 ESG 報告。

None of our achievements this quarter would have been possible without our amazing monday.com team. We continue to invest in our people with recent opening of the new APAC headquarters in Sydney and increased our overall head count in the quarter to 1,582 employees. We are grateful to all our employees for their hard work and their contribution to the strong start to fiscal 2023. With that, I'll now turn it over to Eliran to cover our financials and guidance.

如果沒有我們出色的 monday.com 團隊，我們本季的任何成就都不可能實現。我們繼續對員工進行投資，最近在雪梨開設了新的亞太區總部，本季我們的員工總數增加到 1,582 人。我們感謝所有員工的辛勤工作以及他們為 2023 財年的強勁開局所做的貢獻。現在，我將把時間交給 Eliran 來介紹我們的財務狀況和指導。

Thank you, Roy, and thank you to everyone for joining our call. Today, I'll review our first quarter fiscal 2022 results in detail and provide updated guidance. We started the year exceptionally strong. Total revenue in Q1 came in at $162.3 million up 50% from the year ago quarter. Excluding the impact of foreign exchange, revenue grew 51% year-over-year. As expected, our overall net dollar retention rate declined slightly in Q1, reflecting slower enterprise customer seat expansion amid the challenging macroeconomic environment.

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 2022 財年第一季的業績並提供更新的指導。我們今年的開局異常強勁。第一季總營收為 1.623 億美元，比去年同期成長 50%。排除外匯影響，營收年增51%。正如預期的那樣，我們第一季的整體淨美元留存率略有下降，反映出在充滿挑戰的宏觀經濟環境下企業客戶席次擴張放緩。

We continue to expect moderate pressure on NDR throughout fiscal year 2023. As a reminder, our NDR 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. First quarter gross margin was 90%. In the medium to long term, we continue to expect gross margin to remain in the high 80s range.

我們預計 2023 財年全年 NDR 將面臨中等壓力。提醒一下，我們的 NDR 是過去 4 個季度的加權平均計算結果。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。第一季毛利率為90%。從中長期來看，我們預計毛利率仍將維持在 80% 左右的高點。

Research and development expense was $28.5 million or 18% of revenue, in line with Q1 2022. We plan to continue investing significantly in R&D in fiscal year '23 as we build out our product suite and scale our Work OS platform, both horizontally and vertically. Sales and marketing expense was $102.7 million or 63% of revenue compared to 100% in Q1 2022. G&A expense was $16.8 million or 10% of revenue compared to 11% in Q1 2022. Net income was $7.2 million, up from a loss of $43.2 million in Q1 '22, diluted net income per share was $0.14 based on [50.8 million] fully diluted shares outstanding.

研發費用為 2,850 萬美元，佔營收的 18%，與 2022 年第一季持平。我們計劃在 23 財年繼續大力投資研發，以建立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 1.027 億美元，佔營收的 63%，而 2022 年第一季為 100%。一般及行政費用為 1,680 萬美元，佔營收的 10%，而 2022 年第一季為 11%。淨收入為 720 萬美元，高於 2022 年第一季的 4,320 萬美元虧損，基於 [5,080 萬] 股完全稀釋流通股，每股攤薄淨收入為 0.14 美元。

As Roy mentioned, total employee headcount was 1,582, an increase of 33 employees since Q4 2022. We expect to continue hiring throughout fiscal 2023 with a focus on our R&D and product team as we build out our platform and product suite. Moving on to the balance sheet and cash flow. We ended the quarter with $935.6 million in cash and cash equivalents, up from $885.9 million at the end of Q4 2022. Free cash flow for Q1 was $38.7 million, and free cash flow margin as defined as free cash flow as a percentage of revenue was 24%.

正如 Roy 所提到的，員工總數為 1,582 人，自 2022 年第四季以來增加了 33 人。我們預計在 2023 財年繼續招聘，重點是我們的研發和產品團隊，以建立我們的平台和產品套件。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 9.356 億美元，高於 2022 年第四季末的 8.859 億美元。第一季的自由現金流為 3,870 萬美元，自由現金流利潤率（即自由現金流佔收入的百分比）為 24%。

We now expect to report positive free cash flow on a consistent quarterly basis moving forward and to achieve our third consecutive year of being free cash flow positive in fiscal 2023. Free cash flow is defined as net cash from operating activities, less cash used for property and equipment and capitalized software costs. Now let's turn to our updated outlook for fiscal year 2023. For the second quarter of fiscal year 2023, we expect our revenue to be in the range of $168 million to $170 million, representing growth of 36% to 37% year-over-year.

我們現在預計，未來每季的自由現金流將持續為正，並在 2023 財年實現連續第三年自由現金流為正。自由現金流定義為經營活動產生的淨現金減去用於物業和設備的現金以及資本化的軟體成本。現在讓我們來看看我們對 2023 財年的最新展望。對於 2023 財年第二季度，我們預計營收將在 1.68 億美元至 1.7 億美元之間，年增 36% 至 37%。

We expect non-GAAP operating income of $2 million to $4 million and an operating margin of 1% to 2%. For the full year 2023, we now expect revenue to be in the range of $702 million to $706 million, representing growth of 35% to 36% year-over-year. We expect full year non-GAAP operating income of $8 million to $12 million and an operating margin of approximately 1%. I'll now turn it over to the operator for your questions.

我們預計非公認會計準則營業收入為 200 萬至 400 萬美元，營業利潤率為 1% 至 2%。對於 2023 年全年，我們目前預計營收將在 7.02 億美元至 7.06 億美元之間，年增 35% 至 36%。我們預計全年非公認會計準則營業收入為 800 萬美元至 1,200 萬美元，營業利潤率約為 1%。現在我將把問題交給接線員來回答您的問題。

(Operator Instructions) Your first question comes from the line of Kash Rangan of Goldman Sachs.

（操作員指示）您的第一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Congratulations on these fantastic results. I always get to -- good to see Monday results on a Monday. A question for you is if you look at the packaging of the Monday percent of packaging or Monday based on individual percentage you have the CRM application right now. What other applications do you foresee coming down the research and development organization? And where do you draw the line between what Monday does versus leaving it to the third parties to build applications on top of the platform.

恭喜您取得這些出色的成績。我總是很高興在周一看到週一的結果。您的一個問題是，如果您查看週一包裝的百分比或週一基於個人百分比的包裝，您現在就有 CRM 應用程式。您預計研發機構還會推出哪些其他應用程式？您如何區分 Monday 自己做的事情和讓第三方在平台上建立應用程式？

It's Roy here. So that's a great question of where are we taking the capabilities of the platform forward towards their growth. So our strategy now is to focus this year on the core products that we have, like CRM is doing amazingly well, and we're pushing on that. We're doubling down on what we're really good at, which is project and work management and there we go also out of beta, and that's great momentum there. Going forward, when we're looking into where we are going into and where we are not, we're seeing Monday going into areas where it is very highly differentiated across the organization, like meaning that the customers will know exactly which product to take.

我是羅伊。所以，這是一個很好的問題：我們要如何利用平台的功能來促進他們的發展？因此，我們現在的策略是將今年的重點放在我們擁有的核心產品上，例如 CRM 表現非常好，我們正在努力推動這項產品的發展。我們正在加倍努力，專注於我們真正擅長的領域，即專案和工作管理，我們也已經完成了測試階段，這是一個巨大的發展勢頭。展望未來，當我們研究我們要進入哪些領域以及我們不進入哪些領域時，我們看到 Monday 正在進入整個組織內差異化程度極高的領域，這意味著客戶將確切地知道要選擇哪種產品。

And we're not going down in specific vertical areas, the long tail. And this is something we're going to leave for the community to fill as it's like -- and we're building out within the company, teams that focus on each specific product and taking it to be best-in-class.

我們不會深入特定的垂直領域，即長尾領域。而這正是我們要留給社區去填補的空缺——我們正在公司內部組建團隊，專注於每個特定的產品，並使其成為一流的產品。

And I have a follow-up for Eran. If you can expand on the generative AI capabilities and what kind of large language models are you guys -- you take advantage of is it your own model? And what is the future product strategy for generative AI on the Monday platform? That's it for me.

我對 Eran 有一個後續行動。如果您可以擴展生成式人工智慧功能以及您所利用的大型語言模型的類型——它是您自己的模型嗎？那麼Monday平台生成式AI未來的產品策略是什麼呢？對我來說就是這樣。

Yes. Thanks, Kash. Thanks for the question. So when we think about AI, and we mentioned that briefly in our intro, -- so we think about different aspects. One are already capabilities that we added into the product. So a lot of the things that you can do now with Monday could be automated using AI whether it's creating content, meaning generating documents within the platform, generating tasks. So all that can be done using the AI. Also, another aspect is to make the platform work for you. So automation, formula, all those things that are considered to be low code. We also enable with AI to further automate that. So that's one aspect.

是的。謝謝，卡什。謝謝你的提問。因此，當我們考慮人工智慧時，我們在介紹中簡要地提到了這一點——我們會考慮不同的方面。其中之一是我們已經添加到產品中的功能。因此，現在使用 Monday 可以完成的許多事情都可以透過人工智慧自動完成，無論是創建內容、在平台內產生文件還是生成任務。所以所有這些都可以透過人工智慧來完成。此外，另一個方面是讓平台為您服務。因此自動化、公式以及所有那些被認為是低程式碼的東西。我們也利用人工智慧進一步自動化。這是一個方面。

The second aspect is making our own company more efficient, optimizing sales processes, customer success and so on. So I think that in the long term, has the potential to improve margins and to improve the company efficiency. But if I think about long term, monday has a very unique data set. If you think about it, we have customers across so many verticals, and they all use monday in different ways. And over time, we generate so many ways of how customers work with monday, how to leverage the platform. So it's really a unique data set.

第二個面向是讓我們自己的公司更有效率，優化銷售流程、客戶成功等等。因此我認為從長遠來看，這有潛力提高利潤率並提高公司效率。但如果我從長遠考慮，週一有一組非常獨特的資料集。如果你仔細想想，我們的客戶遍布如此多的垂直行業，他們都以不同的方式使用星期一。隨著時間的推移，我們創造了許多關於客戶如何與 Monday 合作以及如何利用該平台的方法。所以這確實是一組獨特的資料集。

And going forward, we're thinking about adding capabilities that allow customers that are new to the platform or want to explore more opportunities through the platform to generate for them different ways to work. So I think that's going to be a big game changer for us as a company. In terms of vendors, we use multiple vendors, not one specific. We didn't build the AI capabilities themselves ourselves, but we're using different vendors and teach the AI using our unique data set.

展望未來，我們正在考慮增加一些功能，以便新使用該平台的客戶或希望透過該平台探索更多機會的客戶能夠找到不同的工作方式。所以我認為這對我們公司來說將是一個巨大的改變。在供應商方面，我們使用多個供應商，而不是某個特定的供應商。我們自己並沒有建立人工智慧功能，但我們使用不同的供應商並使用我們獨特的數據集來教授人工智慧。

Your next question comes from the line of Pinjalim Bora of JPMorgan.

您的下一個問題來自摩根大通的 Pinjalim Bora。

This is Noah on from Pinjalim. Congrats on a great quarter. I just wanted to touch a little bit about the Monday DB infrastructure upgrade. Could you maybe just provide some context as to what the customer feedback has been since rolling that out? And just any more color around it would be really helpful. And I also have a quick follow-up.

這是來自 Pinjalim 的 Noah。恭喜本季取得優異成績。我只是想稍微談談週一資料庫基礎設施升級的情況。您能否提供一些背景信息，說明自推出該功能以來客戶的反饋情況？只要周圍有更多的顏色就會很有幫助。我還有一個快速的後續行動。

Yes. Thanks, Pinjalim, this is Eran. So first of all, we're very excited with the progress of MondayDB. Over our schedule in terms of releasing that to our users, it's now open to 30% I would say that, generally speaking, from the customers that's already open for them, reactions are super positive, especially for the larger customers who have large boards. They used to experience high load times for their boards and content, that dramatically improved with the new Monday DB and reactions are super positive.

是的。謝謝，Pinjalim，這是 Eran。首先，我們對 MondayDB 的進展感到非常興奮。按照我們的計劃，就向用戶發布該功能而言，現在已經開放了 30%，我想說，一般來說，從已經開放的客戶來看，他們的反應非常積極，特別是對於擁有大型主機板的大客戶。他們的公告板和內容的載入時間曾經很長，但新的 Monday DB 大大改善了這個問題，而且反應也非常積極。

Our plan going forward is to further release this first version Monday DB 1.0 to all of our customers by the end of Q2. And again, this is ahead of plan. We initially thought about releasing by the end of the year. But just to remind you, this is just version 1.0. Further, throughout the year, we're going to release additional version with further improvement. So a lot of exciting things are happening. But overall, very happy with the gradual release so far. Reactions are super positive and there's a lot of things that will happen going forward.

我們未來的計劃是在第二季末向所有客戶發布第一個版本 Monday DB 1.0。再次強調，這比計劃提前了。我們最初考慮在年底發布。但需要提醒您的是，這只是 1.0 版本。此外，全年我們將發布具有進一步改進的其他版本。因此，很多令人興奮的事情正在發生。但總體而言，我對目前的逐步發布感到非常高興。反應非常積極，未來還會發生很多事情。

And then just for a quick follow-up. What are some of the levers you're pulling to drive the strong guidance on margins?

然後只是進行快速跟進。您採取了哪些措施來推動利潤率的強勁成長？

(inaudible) Eliran. So when we are looking at guidance, what drove the bit was we did $7 million more on the revenue side. On the expenses side, we had $5 million less of expenses due to improved operating of the marketing expenses as well as less consultants that than we anticipated. In addition, we had some additional OpEx savings across multiple operating expenses like headcount in fact that we were below plan, slightly. Travel and other operating expenses that we achieved from savings. And when we look into guidance, we always take into account the latest trends that we are seeing. So obviously, we are looking at currently the challenging macroeconomic conditions that probably are going to continue to apply some moderate pressure on NDR.

（聽不清楚）Eliran。因此，當我們查看指導時，推動這一成長的因素是我們在收入方面增加了 700 萬美元。在費用方面，由於行銷費用的營運改善以及顧問費用低於預期，我們的費用減少了 500 萬美元。此外，我們在多項營運費用（如員工人數）方面還節省了一些額外的營運支出，實際上，我們的支出略低於計劃。我們透過節省開支來實現差旅費和其他營運費用。當我們研究指導時，我們總是考慮到我們所看到的最新趨勢。因此顯然，我們目前正在關注充滿挑戰的宏觀經濟條件，這些條件可能會繼續對 NDR 施加一定的壓力。

So we're looking at around 110% overall NDR for our population and around 115 to 120 for 10-plus users (inaudible) While saying this, we're also seeing a consistent top of funnel demand and strengthening customer growth that will drive further growth into the future. So overall efficiency and cash generation is looking good. And obviously, with CRM and development , this is something that we also anticipate will contribute to the growth of the business. So we took all of this into account when we did the guidance for the year.

因此，我們預計我們的用戶整體 NDR 約為 110%，10 個以上用戶的 NDR 約為 115 到 120（聽不清楚）。同時，我們也看到漏斗需求持續上升，客戶成長不斷加強，這將推動未來的進一步成長。因此，整體效率和現金產生看起來不錯。顯然，透過 CRM 和開發，我們也預計這將有助於業務的成長。因此，我們在製定年度指導時將所有這些都考慮在內。

Your next question comes from the line of Jackson Ader of SVB

你的下一個問題來自矽谷銀行的 Jackson Ader

The first one is, I think, on the continued growth. If you had to think about what -- is there -- has there been a change in the competitive environment that's allowed you to maybe win more deals from legacy competitors? Is it the same story that we've seen other competitors start to receive in their investments? Like can you rank order some of the things that are causing the outperformance on the top line?

我認為，第一個是關於持續成長。如果您必須思考什麼——競爭環境是否發生了變化，讓您有可能從傳統競爭對手那裡贏得更多交易？這是否與我們在其他競爭對手的投資中看到的一樣？例如，您能否對導致營收表現優異的一些因素進行排序？

Yes. Jackson, this is Eran. So no, I don't think we can pinpoint 1 specific factor. But I would say the fact that monday offering is so broad, it's not exposed to one specific sector. Also, just to remind you, 70% of our customers are non-tech only 30% are tech. I think we have very high stability in our customer base. Also, we continue to see very strong demand. And we doubled down our marketing. We still have been very bullish and there is more demand than ever before. And I think the quality of customers that are joining us right now is even higher than before because given what's happening in the economy, everybody is searching for solution are really kind of putting a lot of effort into that.

是的。傑克遜，這是埃蘭。所以不，我認為我們無法確定一個具體的因素。但我想說的是，週一發行的股票範圍非常廣泛，並非針對某一特定產業。另外，需要提醒您的是，我們 70% 的客戶都不是技術人員，只有 30% 是技術人員。我認為我們的客戶群穩定性非常高。此外，我們繼續看到非常強勁的需求。我們加倍了行銷力度。我們仍然非常看好，而且需求比以往任何時候都多。我認為現在加入我們的客戶的品質比以前更高，因為考慮到當前的經濟形勢，每個人都在尋找解決方案，並為此付出了很多努力。

So I think all those things combined create a great environment of opportunity for us as a company, and we'll continue to invest I think also the success we've seen with the CRM and now with the debt product and continued innovation in our products really help scaling customers and acquiring new ones.

所以我認為所有這些因素結合起來為我們公司創造了一個充滿機會的環境，我們將繼續投資，我認為我們在 CRM 和現在的債務產品上看到的成功以及我們產品的持續創新確實有助於擴大客戶規模和獲得新客戶。

Maybe Jackson this is Eliran. Just add to what Eran said. In prior quarters, you mentioned big brain and our ability to actually look at every campaign and see the returns while others pool back, we actually doubled down our investment so we continue with this playbook of monday. When we see good returns, we continue to invest. And this is something we believe is providing us with differentiation versus our competition.

也許是傑克遜，這是伊萊蘭。只需補充一下 Eran 所說的內容。在前幾個季度，您提到了大腦和我們實際審視每個活動並看到回報的能力，而其他人則回來了，我們實際上加倍了投資，所以我們繼續執行週一的劇本。當我們看到良好的回報時，我們會繼續投資。我們相信，這為我們提供了與競爭對手的差異化優勢。

Okay. All right. Great. And then the follow-up is, I guess, more conceptual. When you guys talk about focusing on the core product and kind of letting the third party develop the vertical-specific applications like going deep in their own vertical. I'm curious how that actually works. So what happens if somebody goes really deep on a specific vertical? And then are you guys then maybe subject to having to maintain or develop capabilities on top of this industry-specific stuff that maybe you didn't plan on. And so your product road map kind of gets out of, I don't know, like out over your skis. I'm just curious how that -- how that will work maybe 2 years from now.

好的。好的。偉大的。那我想，後續的內容就更加概念化了。當你們談論專注於核心產品並讓第三方開發垂直特定應用程式時，就像深入他們自己的垂直領域一樣。我很好奇它實際上是如何運作的。那麼如果有人深入研究某個特定的垂直領域會發生什麼事呢？那麼，你們是否可能需要在這些你們沒有計劃到的行業特定事物的基礎上維持或發展能力？因此，你的產品路線圖有點像是從你的滑雪板上掉下來的。我只是好奇，兩年後它會如何運作。

It's Roy. So that's a great question. Actually, because monday is a platform, a true platform and an open one, everyone can develop whatever they need. So whatever like builders want to build they never hit the wall because it's all open. They can develop their own missing capabilities for that vertical. And that's why we're also opening it up for them. So essentially, it's never going to limit us.

是羅伊。這是一個很好的問題。其實因為monday是一個平台，一個真正的平台，一個開放的平台，每個人都可以開發自己需要的東西。因此，無論建築工人想建造什麼，他們都不會撞到牆，因為一切都是開放的。他們可以開發自己在該垂直領域所缺乏的能力。這就是我們也向他們開放的原因。所以從本質上來說，它永遠不會限制我們。

What it will do is provide a lot of very wide feedback on where we should take the platform. And those capabilities that we offer developers are also the same ones that we ourselves are developing our own products. So we are completely aligned with our ecosystem and so it's one road map and like just helps us speed up in those long tails that we would probably not go into anyway.

它將提供大量非常廣泛的回饋，告訴我們應該把平台帶到何處。我們為開發人員提供的功能與我們自己開發的產品的功能相同。因此，我們與我們的生態系統完全保持一致，因此它是一個路線圖，可以幫助我們加速那些我們可能不會進入的長尾。

Your next question comes from the line of Arjun Bhatia of William Blair.

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

Maybe I just wanted to circle back on the product solutions. It seems like CRM is doing really well. It looks like you double the -- more than double the customer base since last quarter. What are you seeing with the other product solutions, it looks like? I think there's 2 or 3 other ones at least that are in market. I would love to hear how progress on those are going? And as you roll those out, what does that do for vendor consolidation at your customers? Is that something that can increase as those get introduced to the market?

也許我只是想重新討論產品解決方案。看起來 CRM 確實做得很好。看起來，自上個季度以來，您的客戶群已經增加了一倍——一倍多。您看到的其他產品解決方案是什麼樣的？我認為市場上至少還有 2 或 3 種其他產品。我很想聽聽這些方面的進展如何？當您推出這些功能時，這對您的客戶的供應商整合有何影響？隨著這些產品進入市場，其銷售是否會成長？

Yes, Arjun, this is Roy. Thanks for the question. So as we mentioned during the call, so CRM is doing really well also that product is gaining a lot of momentum. We actually just announced it out of beta. So this is another product we're very excited about. We already seen great signs of very good momentum in terms of acquiring customers. The project management, we actually kind of remain that work management. It's a broader category. Again, this is the bread and butter of monday. We'll continue to double down that adding more features and capabilities.

是的，阿瓊，這是羅伊。謝謝你的提問。正如我們在通話中提到的那樣，CRM 表現得非常好，而且該產品正在獲得很大的發展勢頭。實際上，我們剛剛宣布了它的測試版本。這是另一款讓我們非常興奮的產品。我們已經看到了在獲取客戶方面非常好的勢頭的跡象。專案管理，我們實際上保留了工作管理。這是一個更廣泛的類別。再說一遍，這是周一最需要做的事情。我們將繼續加倍努力，增加更多功能和能力。

And in terms of marketing, we're actually consolidating that into the work management as it's much more of a vertical of work management. And going forward, we plan to release more kind of horizonal or large products like that. So overall, when we look at the overall strategy of packaging the platform into products and adding more deep features and capabilities, we're very pleased with the progress and how it's going. And already now, we've seen signs of our ability to cross-sell those products and having customers with multiple products being sold to them, whether it's upfront or after the initial purchase of one product. So I think going forward, this has a lot of upside baked into our model.

在行銷方面，我們實際上將其整合到工作管理中，因為它更像是一個垂直的工作管理。展望未來，我們計劃發布更多類似的水平或大型產品。因此總的來說，當我們審視將平台打包成產品並添加更多深度特性和能力的整體策略時，我們對進展和進展感到非常滿意。現在，我們已經看到了交叉銷售這些產品的能力，並向客戶銷售多種產品，無論是預售還是在首次購買產品後。因此我認為，展望未來，我們的模型將具有很大的優勢。

Perfect. And then one for Eliran. I noticed the commentary that NRR is going to be pressured a little bit more. Is it fair to say that a lot of the traction that you're seeing is coming on the new customer side? And would love to hear some color on where -- if that's the case where some of those new customers are coming from. Does that tend to be displacements? Or are you seeing expansion into new customer segments? Any color there would be helpful.

完美的。然後還有一篇是給 Eliran 的。我注意到有評論說 NRR 將面臨更大的壓力。您是否認為，您所看到的許多成長動力都來自於新客戶？並且很想聽聽一些細節——如果是這樣的話，這些新客戶來自哪裡。這是否意味著位移？或者您看到了新客戶群的擴張？任何顏色都會有幫助。

So with regards to India in general, as we said, we continue to see a slowdown in expansion of funnel compared to a year ago, larger customers, especially have become more cautious with their budgets. If you think about what happened in Q3 and Q4 of last year, and we believe it's going to persist by the end of this year as well. On the positive side, we believe that the NBR decline has been offset by strong customer acquisition. So the fact that we are actually seeing a very healthy top of funnel activity with the expansion into CRM and other use cases is going to bring, we believe, next year some recovery on that front.

因此，就印度整體而言，正如我們所說，與一年前相比，我們繼續看到通路擴張放緩，尤其是大客戶在預算方面變得更加謹慎。如果您想想去年第三季和第四季發生的事情，我們相信這種情況也會持續到今年年底。從積極的一面來看，我們相信 NBR 的下降已經被強勁的客戶獲取所抵消。因此，隨著 CRM 和其他用例的擴展，我們實際上看到了非常健康的漏斗頂部活動，我們相信明年這將帶來一些復甦。

It's important to say that growth retention has remained stable. And this is something that we are very much encouraged by and as part of going up market with enterprise accounts, we're also lending in larger customers from day one for expansion is probably going to be a bit more slower.

重要的是，成長保持穩定。這是我們非常受鼓舞的事情，作為透過企業帳戶進入高端市場的一部分，我們從第一天起就為更大的客戶提供貸款，擴張的速度可能會慢一些。

All right. Perfect. Congrats on the strong quarter it is.

好的。完美的。恭喜本季業績強勁。

Your next question comes from the line of Brent Bracelin.

您的下一個問題來自布倫特布雷斯林 (Brent Bracelin)。

Wanted to go back to the demand picture here. Clearly, I get we're in a challenging environment, but the strength of demand here is impressive here in the quarter in the outlook despite the moderating NDR. What's driving the optimism here for you guys here for the guide up for June and full year? Is it larger new lands are you really excited about the CRM cross-sell into the installed base, maybe a mix shift to higher tier pricing.

想回到這裡的需求圖。顯然，我知道我們正處於一個充滿挑戰的環境中，但儘管 NDR 有所緩和，但本季的需求強度仍然令人印象深刻。是什麼讓你們對 6 月份和全年的預測如此樂觀？您是否真的對更大的新市場感到興奮，因為 CRM 交叉銷售進入已安裝基礎，也許是混合轉向更高層次的定價。

Just walk us through what's driving your near-term optimism with the caveat of the challenges you face.

請向我們介紹是什麼促使您近期保持樂觀，並指出您面臨的挑戰。

Brent, this is Eliran. So we are seeing strong customer demand of our Work OS platform and product basically around all customer segments. So this is not something that we can call out that is unique. It's across the board, having in mind the multiple use cases that we have. And again, the fact is 70% for our customers, and as they go so provides us with some strength. On the other hand, as we said, we continue to see a slow enterprise customer seat expansion, but this is mostly related to the challenging macro environment.

布倫特，這是埃利蘭。因此，我們看到所有客戶群對我們的 Work OS 平台和產品都有強勁的需求。因此，我們無法說出這是獨一無二的東西。它是全面的，考慮到我們擁有的多種用例。事實上，我們的客戶佔比為 70%，他們的進步為我們提供了力量。另一方面，正如我們所說，我們繼續看到企業客戶席次擴張緩慢，但這主要與充滿挑戰的宏觀環境有關。

However, if you think about where we see the strength is the largest number of net new enterprise customers in the quarter came this quarter. This is the biggest. I think more than 200 customers were added this quarter. And if you think about the structure of the subscribers, 80% of our contracts are now annual versus almost 70% a year ago. So we are kind of became (inaudible) and more subscribers if you think about the profile which pay upfront. So I believe all of these things together with the additional add-ons and functionalities that we are adding Monday DB has mentioned earlier, is providing us with some positive view for the rest of the year, Q2 and fiscal year '23.

然而，如果你想想我們看到的優勢，那就是本季新增企業客戶數量最多。這是最大的。我認為本季增加了 200 多名客戶。如果你考慮一下訂戶的結構，我們現在 80% 的合約都是按年簽訂的，而一年前這一比例接近 70%。因此，如果您考慮預付費的個人資料，我們就會變得（聽不清楚）並且擁有更多的訂閱者。因此，我相信所有這些以及我們之前提到的 Monday DB 添加的附加組件和功能，將為我們對今年剩餘時間、第二季度和 23 財年帶來一些積極的看法。

Helpful color there. It sounds like a pretty broad-based strength. Last question for me is just a follow-up on profitability. Clearly, surprised us here this quarter. On positive cash flow, guiding to profitability for the full year. You have over $900 million in cash. The commentary suggests you're not done improving efficiencies internally. What do you do with all that cash?

那裡有有用的顏色。這聽起來像是一種相當廣泛的優勢。對我來說，最後一個問題只是關於獲利能力的後續問題。顯然，本季的情況令我們感到驚訝。現金流為正，引領全年獲利。你有超過9億美元現金。評論顯示你們尚未完成內部效率的提升。你用這些現金做什麼？

A million dollar, actually the $935 million question. So what we are trying to do is, obviously, we are going to continue to invest in the business. Priority #1 is priority growth -- sorry, organic growth, reinvesting into growing the company. We have a lot of initiatives expanding the platform, the products, operations and obviously, a global reach to build the market share further. Verified is a very innovative company. So this is something we would like to continue, not only thinking about 2023, but also on the longer term 2024 and beyond.

一百萬美元，其實是九億三千五百萬美元的問題。因此，我們顯然會繼續對這項業務進行投資。首要任務是優先成長－抱歉，是有機成長，再投資於公司的發展。我們採取了許多措施來擴大平台、產品、運營，顯然還有全球影響力，以進一步擴大市場份額。 Verified 是一家非常具有創新精神的公司。因此，我們希望繼續這樣做，不僅考慮 2023 年，還考慮更長遠的 2024 年及以後。

We're also thinking about potentially when the market now is becoming more normal, potentially, there are going to be opportunities for an M&A. It can be small tuck-in acquisition, which is more like opportunistic or strategic and then we can also enhance or escalate our product road map. But this is not something that is going to be on the shorter term. But obviously, longer term, we're taking about nonorganic growth as well as organic growth.

我們也在考慮，當市場變得更加正常時，可能會出現併購的機會。它可以是小型的補充收購，更像是機會主義或策略性的收購，然後我們也可以增強或升級我們的產品路線圖。但這不是短期內能夠實現的事情。但顯然，從長遠來看，我們既要考慮有機成長，也要考慮非有機成長。

Your next question comes from the line of Steve Enders of Citigroup.

您的下一個問題來自花旗集團的史蒂夫恩德斯。

Great. I guess I want to ask on the kind of customer feedback from CRM now that it's being sold and pushed back into the customer base. I mean, are you primarily seeing like net new CRM use cases coming from that? Or is there some level of converting customers over who may already be using some of the Monday platform for CRM like functionality there.

偉大的。我想問一下，現在 CRM 已經售出並推回客戶群中，客戶有什麼樣的回饋。我的意思是，您是否主要看到了由此產生的全新 CRM 用例？或者是否有某種程度的轉換客戶，這些客戶可能已經在使用 Monday 平台的某些 CRM 功能。

It's Roy. So we're seeing both. We're seeing that we are really well positioned for customers maturing from the long tail of CRM products for the smaller ones, the more rigid ones. And they see in Monday, the flexibility that they need to really operate their business and then they're maturing from an existing CRM. But the CRM space is also a huge area in digitization, a lot of customers are coming from literally nothing, and we're -- and they find us there.

是羅伊。所以我們看到了兩者。我們看到，對於從 CRM 產品的長尾中逐漸成熟的客戶，對於規模較小、較為嚴格的客戶，我們已經做好了充分的準備。他們在 Monday 看到了真正經營業務所需的靈活性，並且他們正在從現有的 CRM 中成熟。但 CRM 領域也是數位化的一個巨大領域，許多客戶都是從無到有，而我們——他們在那裡找到了我們。

So we're really seeing both and it's a really exciting market for us as it opens the door for a lot of other opportunities, CRM is really very widely used in different scenarios within large customers.

因此，我們確實看到了兩者，這對我們來說是一個非常令人興奮的市場，因為它為許多其他機會打開了大門，CRM 在大型客戶的不同場景中確實得到了非常廣泛的應用。

Okay. Got you. That's helpful context there. And then I guess on the competitive outlook and kind of what you're seeing out there in the marketing world. How should we think about like where we are in terms of the cost per ad at this time? And has there been kind of any change in the environment out there in the past quarter versus maybe we're seeing in the back half of last year?

好的。明白了。這是很有幫助的背景資訊。然後我想談談競爭前景以及你在行銷世界中看到的情況。我們該如何考慮目前每個廣告的成本是多少？與去年下半年相比，過去一個季度的環境有什麼變化嗎？

Yes. I would say we're still seeing the cost per ad and media is still way cheaper than it was a year ago. And I think it stabilizes now compared to a quarter ago, it's not dropping anymore. But that still puts us in a very good place, and we're still gaining market share compared to, let's say, last year. So for us, it's a really good space, and it's a very -- it's one that the costs are moderate and very good as well, like Eran mentioned before, like the customers we're gaining now are also ones that really are looking for solutions.

是的。我想說的是，我們仍然看到每個廣告和媒體的成本比一年前便宜得多。我認為與一個季度前相比，現在已經穩定下來，不再下降了。但這仍然使我們處於非常有利的地位，而且與去年相比，我們的市場份額仍在增加。所以對我們來說，這是一個非常好的領域，而且成本適中，而且非常好，就像 Eran 之前提到的那樣，我們現在獲得的客戶也是真正在尋找解決方案的客戶。

It's not a nice to have for them. They really are looking for them if they're to put their money in there. So they're like better customers on average than we would have seen like a year ago.

對他們來說，這不是什麼好事。如果他們要把錢投入那裡，他們確實在尋找這些。因此，平均而言，他們是比一年前更好的客戶。

Your next question comes from the line of Jason Delino of KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Jason Delino。

Great. This is Devin on for Jason today. Maybe just one from us. I wanted to double click on the strong enterprise customer net add of 200, really nice acceleration there. I just want to ask, are you seeing more opportunities in the marketplace just because you have more products, for example, the Monday beta? Or is it just attributed to the strong go-to-market team execution there that drove the acceleration?

偉大的。今天由 Devin 代替 Jason 發言。也許只是我們當中的一個。我想雙擊 200 的強大企業客戶淨添加，那裡的加速效果真的很好。我只是想問一下，您是否因為擁有更多產品（例如周一測試版）而在市場上看到了更多機會？或者這只是由於強大的行銷團隊執行力推動了加速？

Thanks for the question. This is Eran. So I don't think it's specifically related to Monday CRM or Beta thing. I think it's more about our continued momentum and our investment in the enterprise tier. We keep adding features and capabilities. keeps scaling our sales team and partners team. So I think that's the result of our investment. And we'll continue to invest and accelerate that part of the business. So I think that's kind of our focus has been as a company for the last few years, and we continue to double down on that.

謝謝你的提問。這是埃蘭。所以我不認為它與 Monday CRM 或 Beta 事情有特別的關係。我認為這更多的與我們持續的發展勢頭以及我們在企業層面的投資有關。我們不斷添加特性和能力。不斷擴大我們的銷售團隊和合作夥伴團隊。所以我認為這是我們投資的結果。我們將繼續投資並加速該部分業務的發展。所以我認為這是我們公司過去幾年一直在關注的重點，而且我們將繼續加倍努力。

Your next question comes from the line of Brent Thill of Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Just if you could double-click on the enterprise strength. And ultimately, what you're doing to help build out that go-to-market to continue the impressive penetration out market?

只要你能雙擊企業實力就好了。最後，您將採取哪些措施來幫助拓展市場，從而繼續保持令人印象深刻的市場滲透率？

Yes, Brent, this is Eran. So I think pretty much what I said about a continued demand. I think Money DB is definitely something that we see that will help to accelerate our ability to not just acquire enterprise customers, but also to scale them. And we also see a trend where we see enterprise customers land bigger on initial deals, meaning customers upfront are buying bigger licenses and seats. So I think that's another very positive trend that we've seen. Maybe put a little bit of pressure on NDR, but overall, a very good trend that we've seen. And again, we continue to develop a lot of -- apart from NABB, a lot of features around security, admin, permission, we just this release a bunch of features. So I think all that investment really drives the enterprise growth.

是的，布倫特，這是埃蘭。所以我認為我所說的關於持續需求的內容基本上一致。我認為 Money DB 絕對有助於加速我們不僅獲得企業客戶的能力，還能擴大其規模。我們也看到一種趨勢，即企業客戶在初始交易中獲得更大的份額，這意味著客戶會預先購買更大的許可證和席位。所以我認為這是我們看到的另一個非常積極的趨勢。或許會給 NDR 帶來一點壓力，但總體而言，我們看到了一個非常好的趨勢。再次強調，除了 NABB 之外，我們還繼續開發許多有關安全性、管理、權限的功能，我們剛剛發布了一系列功能。所以我認為所有這些投資確實推動了企業的成長。

And just real quick in terms of your assumptions in the back half of the year, I think you beat Q1 by roughly $7 million, but you raised your guidance more than double that beat. So it seems that your visibility and your confidence level is pretty high. Can you just speak to the factors that you're taking into account on the back half of your guidance?

簡單來說，就您對今年下半年的假設而言，我認為您的業績比第一季高出約 700 萬美元，但您將預期提高了一倍以上。所以看起來你的知名度和自信心水準相當高。您能否談談您在指導後半部考慮的因素？

Overall, Brent, it's Eliran. Overall, we took into account the fact that basically we had a strong Q1, so it's going to impact the rest of the year. So we definitely kind of account for that when we provided the guidance for the year. As I mentioned earlier, although we had some moderator -- top of the rate pressure on NDR, we assume that we are going to continue to see positive around 110 overall India for entire customers and around 120 for the 50,000 NBR.

總的來說，布倫特，這是伊萊蘭。總體而言，我們考慮到我們第一季表現強勁，因此這將對今年剩餘時間產生影響。因此，我們在提供年度指導時肯定會考慮到這一點。正如我之前提到的，儘管我們在 NDR 利率壓力方面有一些緩和，但我們假設我們將繼續看到整個印度客戶的利率在 110 左右，而 50,000 NBR 的利率在 120 左右。

So if we will continue to see the top of funnel demand, and we continue to see strong new customer growth, as we've seen together with the efficiencies, the overall efficiency and cash generation, we believe this is something that provides us with some positive view on the rest of the year. So this is something that allows us to make this guidance.

因此，如果我們繼續看到漏斗頂部的需求，並且我們繼續看到強勁的新客戶成長，正如我們所看到的效率、整體效率和現金產生一樣，我們相信這將為我們對今年剩餘時間帶來一些積極的看法。因此，這使我們能夠做出這樣的指導。

Your next question comes from the line of Scott Berg of Needham.

您的下一個問題來自尼德姆的 Scott Berg。

Apologies for the background noise here. I want to start off talking about other applications on the Monday Work OS with the success of your CRM solution. Can you envision the world maybe year 3, 4 years from now that you've built other prepackaged applications versus users just using the form platform?

抱歉，這裡的背景噪音有點大。我想先談談 Monday Work OS 上的其他應用程式以及您的 CRM 解決方案的成功。您能否想像，也許 3 年或 4 年後，您已經構建了其他預先打包的應用程序，而用戶僅僅使用表單平台？

Scott, this is Roy. Can you just repeat the last part of the question, sorry, there was some noise.

斯科特，這是羅伊。您能否重複問題的最後一部分，抱歉，有點噪音。

Yes. No. Just how do you think about building other kind of prebuild applications on the Monday Work OS? You've had success with CRM, but outside of having to be a free form platform that customers can build themselves on top of, how do you think about just adding other kind of rebuilt applications?

是的。不。您如何看待在 Monday Work OS 上建置其他類型的預先建置應用程式？你們在 CRM 方面取得了成功，但除了必須成為一個客戶可以在其上建立自己的自由形式平台之外，你們如何考慮添加其他類型的重建應用程式？

Thanks, Scott. This is Ron. So Yes, definitely, we've seen success with CRM and Dev. Obviously, work management is a huge 1 for us years ago. Going forward, we're probably going to add a few more kind of core products to our product suite, might be HR, might be other categories we're going to double down on. So we're open on adding new products. We see a lot of opportunity within our own customer base. We see demand from our own customer base. So definitely, there's opportunity there and the results from CRM and also debt now are very encouraging. And like we mentioned, for the long tail, we're going to open it up for third-party vendors to extend our product suite.

謝謝，斯科特。這是羅恩。是的，我們確實看到了 CRM 和 Dev 的成功。顯然，工作管理對我們來說在幾年前就是一個巨大的挑戰。展望未來，我們可能會在我們的產品套件中添加幾個核心產品，可能是人力資源，也可能是我們將加倍投入的其他類別。因此我們願意增加新產品。我們在自己的客戶群中看到了很多機會。我們看到了來自我們自己的客戶群的需求。因此，毫無疑問，那裡存在著機會，而且 CRM 和債務現在的結果非常令人鼓舞。正如我們所提到的，對於長尾，我們將向第三方供應商開放，以擴展我們的產品套件。

But overall, if you kind of have me too envision Monday, 2, 3 years, I see a company offering a very strong product suite, maybe 4, 5, 6 potential products that are kind of core to the company in addition to a long offering of long-tail solutions from different kind of more nuanced vertical industries. So that's how kind of I envision the monday suite going forward.

但總的來說，如果您讓我也想像一下，2、3 年後，我會看到一家公司提供非常強大的產品套件，可能有 4、5、6 種潛在產品，這些產品是公司的核心，此外還提供來自不同類型的更細緻的垂直行業的長尾解決方案。這就是我對未來週一套房的想像。

Yes. It's Roy here. So I can add that -- we have a lot of visibility into what's working and what's not because like you said, like Monday is a platform, our customers are building whatever they want on top of us. And when we see something succeeds exceptionally, and identify use case and a penetration point. It's very -- it's much more clear to us where to start and what is the need that is out there. So we have great visibility into like the areas that we might go into next, some of them around mentioned.

是的。我是羅伊。所以我可以補充一點——我們對什麼有效、什麼無效有很強的了解，因為就像你說的，Monday 是一個平台，我們的客戶可以在我們的基礎上建立任何他們想要的東西。當我們看到某件事異常成功時，就會確定用例和滲透點。這對我們來說更加清楚從哪裡開始以及現在的需求是什麼。因此，我們對下一步可能進入的領域有很好的了解，其中一些領域已經提到過。

Excellent. For my last question, I wanted to talk about traction within your partner ecosystem. You get plenty of commentary on the overall business right now in this general macro environment. Have you seen any changes specifically within your partner ecosystem in terms of how they're bringing you net new customers or new opportunities?

出色的。對於我的最後一個問題，我想談談合作夥伴生態系統內的牽引力。在目前的宏觀環境下，你會看到很多關於整體業務的評論。就合作夥伴生態系統如何為您帶來新客戶或新機會而言，您是否看到任何具體變化？

Yes. Thanks, Scott. So overall, we see -- we continue to see great momentum with our partner ecosystem. They continue to extend our ability to sell across different regions. But also, I think, some trend that we've seen that is increasing is our ability to do professional services for our customers as we go upmarket with larger enterprises, I think the fact that our enterprises help onboard those customers and develop customized feature for them really help us scale our enterprise offering.

是的。謝謝，斯科特。總體而言，我們繼續看到合作夥伴生態系統的強勁發展勢頭。它們不斷擴展我們在不同地區銷售的能力。但同時，我認為，我們看到的一個趨勢是，隨著我們向大型企業高端市場邁進，我們為客戶提供專業服務的能力正在增強，我認為我們的企業幫助這些客戶入駐並為他們開發定制功能這一事實確實有助於我們擴大企業服務規模。

So we see great momentum with the partner ecosystem. It's a great extension of our ability to sell, and we continue to invest in that part of the business.

因此，我們看到合作夥伴生態系統的巨大發展勢頭。這大大擴展了我們的銷售能力，我們將繼續對該部分業務進行投資。

(Operator Instructions) Our next question comes from the line of George Iwanyc City of Oppenheimer.

（操作員指示）我們的下一個問題來自奧本海默市的喬治·伊万尼克 (George Iwanyc)。

Congrats on the strong results. Eran, maybe building in a little bit more color on your AI commentary. How do you see this changing the competitive landscape -- do you see this as a net positive? And how do you see it changing kind of the seat growth opportunity?

恭喜您取得如此優異的成績。 Eran，也許可以為你的 AI 評論添加更多色彩。您認為這會如何改變競爭格局—您是否認為這會帶來淨收益？您如何看待它對座位成長機會的改變？

Roy. So we're super excited about AI because when you think about it, Monday has always been a place where customers -- we gave customers more power to build their own software, more power to run their own businesses and the way that they want to. And like AI is exactly that. Like it's a technology.

羅伊。所以我們對人工智慧感到非常興奮，因為想想看，Monday 一直是客戶的地方——我們給予客戶更多權力來建立自己的軟體，更多權力來以他們想要的方式經營他們自己的業務。而人工智慧正是如此。就像它是一門技術。

It's something that people want to harness and Monday is like in an area that we feel we're in a great place to offer that alongside everything else we do. So I do think it's too early to say like what competitive edge it will give us. But as a leader in this category, I feel like it's a great opportunity for us and definitely going to be like huge value for our customers and like we're super excited about it.

這是人們想要利用的東西，而 Monday 就像是我們覺得我們處於一個很好的位置，可以與我們所做的其他事情一起提供這一點。所以我確實認為現在談論它會為我們帶來什麼競爭優勢還為時過早。但作為這一領域的領導者，我覺得這對我們來說是一個很好的機會，而且肯定會為我們的客戶帶來巨大的價值，我們對此感到非常興奮。

Your next question comes from the line of Derrick Wood of TD Cowen.

您的下一個問題來自 TD Cowen 的 Derrick Wood。

A lot of questions on the enterprise side, which is great to see. Maybe I'll take the other side of that and just ask about the SMB cohort. Just give us a sense for how that's trending? Has there been any change in churn rates, kind of what you're expecting through the year and kind of an update and focus at the lower end of the market.

企業方面有很多問題，這很高興看到。也許我會從另一個角度來詢問 SMB 群體的情況。請讓我們了解一下目前的趨勢如何？客戶流失率是否有任何變化？您對全年的預期是什麼？以及對低端市場的更新和關注。

Yes. Thanks, Derrick. I think it's a great question because, obviously, we put a lot of focus on our enterprise segment. But I think if anything in the last few quarters, I think SMBs also showed their strength. I think the fact that we have a mixture of both enterprise but also SMBs as part of our business model really was a big benefit for us as a company. Surprisingly, SMB's net retention was pretty much stable given the current economy. We saw SMBs stabilizing on monday, adding more solutions, unifying different tools into monday. So I think that's a very interesting segment in the long term as well.

是的。謝謝，德里克。我認為這是一個很好的問題，因為顯然我們非常重視企業部門。但我認為，如果說過去幾季有什麼變化的話，我認為中小企業也展現了它們的實力。我認為，我們的商業模式中既有企業，也有中小型企業，這對我們公司來說確實是一個巨大的優勢。令人驚訝的是，考慮到當前的經濟狀況，中小企業的淨留存率相當穩定。我們看到中小企業在周一趨於穩定，增加了更多的解決方案，並將不同的工具統一到週一。所以我認為從長遠來看這也是一個非常有趣的部分。

So if anything is just assure the fact that we need to double down not just in enterprise but also the SMBs like we've done throughout the year. And we see a lot of stability in that part of the business. Obviously, keep investing, but very, very interesting dynamic here

因此，如果有什麼可以保證的話，我們不僅需要加倍投入在企業上，還需要加倍投入在中小型企業上，就像我們全年所做的那樣。我們看到該部分業務非常穩定。顯然，繼續投資，但這裡的動態非常非常有趣

Our next question comes from the line of David Hynes of Canaccord.

我們的下一個問題來自 Canaccord 的 David Hynes。

Two quick ones on Monday DB. So with the phased approach to the rollout there, the 30% of accounts that are live -- did you start with your largest customers who would see the most benefit? Or how did that play out? And then second, Eran, I'd love to hear you talk a little bit about what V2 and V3 of that effort looks like? Like where will the focus be in future iterations of Monday DB?

週一 DB 上的兩個簡短訊息。那麼，透過分階段推出的方法，對於 30% 的活躍帳戶，您是否從最能受益的最大客戶開始？或是事情進展如何？其次，Eran，我很想聽您談談這項工作的 V2 和 V3 是什麼樣的？例如，Monday DB 未來版本的重點會放在哪裡？

Yes. Thanks, DJ. So overall, when we started initially, we saw with the smaller accounts, but then we just opened up for different sizes of accounts. Some of the largest accounts were I would say the most eager to get Monday DB. So we actually rolled those accounts sooner. So now we have a mixture of both small accounts, but also very large accounts using Monday DB. The most gain was obviously in the larger accounts. Smaller accounts, business experienced much lag, but the larger ones did. So we saw most of the benefit over there. Version 1.0 is focused mainly on consuming data and viewing data where the next few versions are going to focus on different parts of the platform, for example, dashboards, they're going to be blazing and fast.

是的。謝謝，DJ。所以總的來說，當我們剛開始時，我們看到的是較小的帳戶，但後來我們就開放了不同規模的帳戶。我想說，一些最大的帳戶最渴望獲得周一 DB。因此我們實際上更早地推出了這些帳戶。因此，現在我們既有使用 Monday DB 的小額帳戶，也有使用 Monday DB 的大帳戶。收益最大的顯然是大額帳戶。較小帳戶的業務會遭遇許多滯後，但較大帳戶的業務也會遭遇落後。所以我們在那裡看到了大部分好處。 1.0 版本主要側重於使用數據和查看數據，而接下來的幾個版本將側重於平台的不同部分，例如儀表板，它們將會非常快。

Going forward. We're going to offer more scaling opportunities. So that means larger debt assets. And I think those further assessments in the products will be a big game changer because it will just allow us to be significantly better than where we are today and offers significant different customers the ability to use Monday. So looking forward for the next version. I think the first step is always the hardest. And the next phase will be easier to implement.

繼續前進。我們將提供更多的擴展機會。這意味著更大的債務資產。我認為對產品的進一步評估將會產生巨大的改變，因為它將使我們比現在做得更好，並為不同的客戶提供使用 Monday 的能力。因此期待下一個版本。我認為第一步總是最難的。而下一階段將會更容易實施。

Your next question comes from the line of Andrew DeGasperi of Berenberg.

您的下一個問題來自貝倫貝格的 Andrew DeGasperi。

I just had one question on the Monday debt platform you're planning to roll out. I know it's already accessible to existing customers, but just wondering being out of beta at this point? I mean, is it essentially live with all of -- with essentially everything that it would come with and then maybe could we touch on like in terms of the customer adoption? Could it be similar to Monday CRM in terms of how quickly you think that could ramp up?

我對您計劃推出的周一債務平台只有一個疑問。我知道現有客戶已經可以使用它了，但只是想知道它現在是否已經脫離測試階段？我的意思是，它是否基本上具備所有功能 - 基本上具備它所附帶的一切功能，然後我們是否可以談談客戶採用方面的問題？就您認為其成長速度而言，是否與 Monday CRM 類似？

Yes. Thanks, Andrew. So yes, Monday debt is now out of beta. It doesn't mean that all the features that are out there is far from where we want to try to be. We have a lot of exciting features we plan to roll out. We just reached a place of stability and scale that we feel comfortable migrating money day out of beta. We've seen great momentum. That's 1 of the reasons why it was important for us to emphasize that. It's hard to compare to CRM because it's kind of earlier phase of the CRM, but we're very encouraged in seeing the momentum that we've seen in the product. And overall, when I look at both the CRM and the dev we're very pleased with the rate of adoption, with the feedback that we're getting.

是的。謝謝，安德魯。是的，週一債務現已脫離測試階段。這並不意味著現有的所有功能都與我們想要達到的目標相差甚遠。我們計劃推出許多令人興奮的功能。我們剛剛達到了穩定和規模的水平，我們可以輕鬆地將資金從測試版中轉移出來。我們看到了巨大的發展動能。這就是我們必須強調這一點的原因之一。它很難與 CRM 進行比較，因為它屬於 CRM 的早期階段，但我們對該產品的發展勢頭感到非常鼓舞。總體而言，當我查看 CRM 和開發時，我們對採用率以及收到的回饋感到非常滿意。

And if the momentum keeps this way, this is a great win for us as a company.

如果這種勢頭能夠持續下去，那麼對我們公司來說，這將是一個巨大的勝利。

Your next question comes from the line of Shelby Seyrafi of FBN Securities.

您的下一個問題來自 FBN Securities 的 Shelby Seyrafi。

So I'm pretty impressed by your billings growth, which was 43%, up from 41% in Q4 and it came in 11% above consensus versus in line basically the prior 2 quarters. So what drove that strong billing speed? Was it pricing? Was it enterprise? Was it geo? Any other factors.

因此，我對你們的帳單成長印象深刻，從第四季的 41% 上升到 43%，比普遍預期高出 11%，與前兩季基本持平。那麼，是什麼推動瞭如此強勁的計費速度呢？是定價嗎？是企業嗎？是地理嗎？任何其他因素。

So as a reminder, we said that billing is an imperfect measure of the underlying health of the business. It's a bit lumpy. We look at revenue growth, we look at the new customers. Nevertheless, with this strong new customer demand in Q1. The combination of 80% of the contracts are now annual paying upfront, also contributing for the fact that the bidding number has gone up. In addition, largest number of net new enterprise customers in the quarter, we added more than 200 enterprise customers the combination of these 2 drivers together with the strong top of funnel activity drove the billings upside.

因此，提醒一下，我們說計費不能完美衡量企業的基本健康狀況。有點凹凸不平。我們專注於收入成長，我們專注於新客戶。儘管如此，第一季新客戶需求強勁。目前 80% 的合約都是按年預付，這也是投標數量上升的原因之一。此外，本季新增企業客戶數量最多，我們增加了 200 多家企業客戶，這兩個驅動因素加上強勁的漏斗頂部活動推動了營業額的上升。

Your next question comes from the line of Robert Simmons of D.A. Davidson.

您的下一個問題來自地方檢察官羅伯特·西蒙斯 (Robert Simmons)。戴維森。

So I was wondering, where have you seen the fastest uptake of sales CRM so far? Has there been a vertical or. A geography that's been the most receptive to it.

所以我想知道，到目前為止，您在哪裡看到銷售 CRM 的普及速度最快？有沒有垂直的或。對此最為接受的地區。

Sorry, can you repeat the question?

抱歉，您能重複這個問題嗎？

Yes. Yes. I was wondering on sales CRM, where have you seen the most receptivity to it. Has there been certain verticals or geographies or any kind of color there would be helpful.

是的。是的。我想知道，在銷售 CRM 方面，哪些地方對它的接受度最高。是否存在某些垂直行業、地理或任何類型的顏色都會有所幫助。

Yes. Thanks, Robert. So I can't point on any specific segment or industry. I think that was pretty much across the board, different industries, different verticals, looking for a certain solution. I think what is surprising for us is that there's a good balance between customers looking for kind of their first version of CRM, but also a lot of customers migrating from existing solutions. They've been using a CRM for different reasons, to mention their sales operation. And now they wanted to kind of go to the next level and Monday CRM, including a large percentage -- so that was an interesting kind of insight into those customers.

是的。謝謝，羅伯特。所以我無法指出任何特定的領域或行業。我認為這幾乎是全面的，不同的產業、不同的垂直產業都在尋找某種解決方案。我認為令我們感到驚訝的是，在尋求其第一個 CRM 版本的客戶和從現有解決方案遷移的客戶之間存在著良好的平衡。他們使用 CRM 的原因各不相同，例如他們的銷售業務。現在他們想要進入下一個層次，包括 Monday CRM，其中包括很大一部分客戶——這是對這些客戶有趣的洞察。

We just now in the last quarter, started to open it up for our existing customers and going forward, we plan to offer that solution kind of more proactively. So there's also upside to that.

我們剛剛在上個季度開始向現有客戶開放該解決方案，並且未來我們計劃更積極地提供該解決方案。所以這也有好處。

There are no further questions at this time. I'd like to turn the call back over to Byron for closing remarks.

目前沒有其他問題。我想將電話轉回給拜倫，請他做最後發言。

Thank you for everyone for joining the call today, and hope you have a great rest of the day. Thank you.

感謝大家今天參加電話會議，希望大家今天過得愉快。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。