monday.com Ltd (MNDY) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to monday.com's Second Quarter Fiscal Year 2023 Earnings Conference Call. I would like to turn the call over to monday.com's Director of Investor Relations. Mr. Byron Stephen. Please go ahead.

女士們先生們，謝謝你們的支持。我叫 Desiree，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 monday.com 2023 財年第二季財報電話會議。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 the financial results for monday.com's Second Quarter fiscal year 2023. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com and Eliran Glazer, monday.com's CFO.

大家好，感謝大家參加今天的電話會議，討論 monday.com 2023 財年第二季度的財務業績。的財務長。

We released our results for the second 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 & 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. 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.

我們今天早些時候發布了第二季的業績。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網路廣播的重播。今天的電話會議上做出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。這些陳述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。請參閱我們的收益報告，以了解有關可能導致實際結果與我們的前瞻性陳述有重大差異的具體因素的更多資​​訊。

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. Now let me turn the call over to Roy.

此外，電話會議也將討論非公認會計準則財務指標。我們的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演示中提供了與最直接可比較的 GAAP 財務指標的調整表。現在讓我把電話轉給羅伊。

Thank you, Byron, and thank you, everyone, for joining us today. In the second quarter, we continued to make significant strides in executing our long-term strategy, deliver exceptional results. Revenue grew 42% as demand for our customers remain healthy. We continue to demonstrate improved operating efficiency and cash generation, reflecting our ongoing commitment to driving sustainable growth, Eliran will talk you through our financial performance in more detail.

謝謝拜倫，也謝謝大家今天加入我們。第二季度，我們在執行長期策略方面持續取得重大進展，並取得了優異的業績。由於客戶需求保持健康，收入增加了 42%。我們繼續展示改進的營運效率和現金生成，反映了我們對推動永續成長的持續承諾，Eliran 將向您詳細介紹我們的財務表現。

This quarter, we are thrilled to announce the completion and release of Monday DB 1.0 to all our accounts. This is the initial version of our brand-new infrastructure for the Work OS platform. With Monday DB customers are already experiencing large and more complex boards loading 5x faster, enabling them to work more efficiently and handle data-intensive and complicated workflows. Future releases of Monday DB will provide even more speed, enhancement, scalability and functionality.

本季度，我們很高興地宣布 Monday DB 1.0 已完成並向所有帳戶發布。這是我們 Work OS 平台全新基礎架構的初始版本。週一，DB 客戶已經體驗到大型且更複雜的電路板加載速度提高了 5 倍，使他們能夠更有效率地工作並處理資料密集和複雜的工作流程。 Monday DB 的未來版本將提供更快的速度、增強功能、可擴展性和功能。

In Q2, we also launched our AI assistant and introduced several new AI capabilities. This include automated desk generation, formula builder, e-mail composition and content generation. Additionally, we opened our AI assistant infrastructure to external developers and hosted a global AI Hackathon, which generated tremendous interest with over 1,600 registrants and more than 40 AI apps developed, the Hackathon showcased the enthusiasm and talent within our monday.com community.

在第二季度，我們還推出了人工智慧助手，並引入了一些新的人工智慧功能。這包括自動桌面生成、公式生成器、電子郵件撰寫和內容生成。此外，我們向外部開發者開放了人工智慧助理基礎設施，並舉辦了一場全球人工智慧黑客馬拉松，引起了超過1,600 名註冊者的極大興趣，並開發了40 多個人工智慧應用程序，黑客馬拉松展現了monday.com 社群的熱情和才華。

We have also been working to optimize our infrastructure and interface to enhance the user experience and reinforce a robust multiproduct ecosystem. We see an extraordinary opportunity to enhance cross-selling efforts, strengthen inter-department organizational connection and solidify monday.com as a vital partner across all business use cases.

我們也一直致力於優化我們的基礎設施和介面，以增強用戶體驗並加強強大的多產品生態系統。我們看到了加強交叉銷售工作、加強部門間組織聯繫並鞏固 monday.com 作為所有業務用例的重要合作夥伴的絕佳機會。

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

現在讓我把它交給 Eran，帶您了解我們最近的一些創新工作。

Thank you, Roy. As Roy mentioned, we remain focused on our multiproduct strategy and ensuring that our products can successfully enable cross-functional collaboration for our customers. Monday Cell CRM is now available to approximately half of our customers, and we continue to see strong demand for the product. We are committed to continuously elevating our cell CRM product with best-in-class features.

謝謝你，羅伊。正如羅伊所提到的，我們仍然專注於我們的多產品策略，並確保我們的產品能夠成功地為客戶實現跨職能協作。 Monday Cell CRM 現在已可供約一半的客戶使用，我們也持續看到對該產品的強勁需求。我們致力於不斷提升我們的單元 CRM 產品的一流功能。

This quarter, we introduced new mass emailing capabilities, allowing users to reach out to multiple contacts through Monday cell CRM. In addition, we've revamped and upgraded our mobile item page making it easier than ever before to access and update information on the go. We also recently announced that Monday Dev successfully transitioned out of beta. Initial demand for the product has been strong, and Monday Dev has already earned a place as one of the top-rated bug tracking softwares on G2.

本季度，我們推出了新的群發電子郵件功能，讓使用者可以透過 Monday cell CRM 聯繫多個聯絡人。此外，我們還改進和升級了行動項目頁面，讓您可以比以往更輕鬆地隨時隨地存取和更新資訊。我們最近也宣布 Monday Dev 成功退出測試版。該產品最初的需求非常強勁，Monday Dev 已成為 G2 上評價最高的錯誤追蹤軟體之一。

As we gradually roll out Monday cell CRM and Monday dev to our existing customer base, we see an incredible opportunity to foster cross-selling. Since the launch of our product suite in 2022, we've seen an impressive 1,656 accounts initially began with our work management product and later expand their portfolio with an additional product. This significant expansion underscores the value of our offering and the trust our customers have placed in us.

隨著我們逐步向現有客戶群推出 Monday cell CRM 和 Monday dev，我們看到了促進交叉銷售的絕佳機會。自 2022 年推出我們的產品套件以來，我們已經看到令人印象深刻的 1,656 個帳戶最初使用我們的工作管理產品，後來透過其他產品擴展了他們的產品組合。這項重大擴張凸顯了我們產品的價值以及客戶對我們的信任。

Separately, we are excited to announce that we are elevating the workflow experience for our customers with the introduction of Monday workflows add-on. Monday workflows offers a fully customizable and visually intuitive interface, empowering users to build workflows with ease. By utilizing drag-and-drop blocks, Monday workflow simplifies the entire workflow creation process, making it accessible to users of all levels of technical expertise. The new Monday workflow is currently open to 20% of our customers and will be gradually open to all customers by the end of Q3.

另外，我們很高興地宣布，我們將透過推出週一工作流程附加元件來提升客戶的工作流程體驗。 Monday 工作流程提供了完全可自訂且視覺直覺的介面，使用戶能夠輕鬆建立工作流程。透過利用拖放塊，Monday 工作流程簡化了整個工作流程創建流程，使各種技術專業水平的使用者都可以使用它。新的週一工作流程目前已向 20% 的客戶開放，並將在第三季末逐步向所有客戶開放。

With that, let me turn it back over to Roy.

說到這裡，讓我把它轉回給羅伊。

Thank you, Eran. As we continue to grow, we are focused on ensuring we have the right team and the right place to lead monday.com into the future, and we took steps in the quarter to strengthen our management team with the promotion of two senior executives. Daniel Leyera appointed as the first Chief Product and Technology Officer, and (inaudible) was appointed as our Chief People and Legal Officer. Both Daniel and (inaudible) has served as an outstanding senior leaders for many years here at monday.com and we are confident that they will both excel in these new worlds.

謝謝你，埃蘭。隨著我們的不斷發展，我們致力於確保我們擁有合適的團隊和合適的位置來帶領monday.com 走向未來，我們在本季度採取了措施，提拔了兩名高級管理人員，以加強我們的管理團隊。 Daniel Leyera 被任命為首位首席產品和技術官，並（聽不清楚）被任命為我們的首席人力和法律官。 Daniel 和（聽不清楚）多年來一直在 monday.com 擔任傑出的高級領導者，我們相信他們都將在這些新世界中脫穎而出。

Finally, we are excited to announce that this year's New York City Elevate Conference on December 6, will feature a segment exclusively for our shareholders. Mark your calendars and join us for our first ever Investor Day as we showcase our exciting journey ahead. We are incredibly proud of what the monday.com team accomplished this quarter. We are just scratching the surface of our potential, and we are excited about the opportunities to continue to generate sustainable long-term value for our shareholders.

最後，我們很高興地宣布，今年 12 月 6 日舉行的紐約市 Elevate 會議將專門為我們的股東安排一個環節。標記您的日曆並加入我們的第一個投資者日，我們將展示我們令人興奮的未來旅程。我們對 monday.com 團隊本季所取得的成就感到無比自豪。我們的潛力才剛觸及表面，我們對有機會繼續為股東創造可持續的長期價值感到興奮。

With that, I'll turn it over to Eliran to cover our financial and guidance.

這樣，我將把它交給 Eliran 來負責我們的財務和指導。

Thank you to everyone for joining our call. Today, I'll review our second quarter fiscal '22 results in detail and provide updated guidance. Q2 2023 was another strong quarter driven by increasing customer demand for the monday.com works (inaudible) platform and product suite. Total revenue in Q2 came in at $175.7 million, up 42% from the year ago quarter. Excluding the impact of foreign exchange, revenue grew 43% year-over-year.

感謝大家加入我們的電話會議。今天，我將詳細回顧 22 財年第二季業績並提供最新指導。由於客戶對 monday.com Works（聽不清楚）平台和產品套件的需求不斷增長，2023 年第二季又是一個強勁的季度。第二季總營收為 1.757 億美元，比去年同期成長 42%。剔除外匯影響，營收年增43%。

Our overall net dollar retention rate declined in Q2, reflecting a continued slowdown in customer seat expansion amid the challenging macroeconomic environment. We continue to expect some pressure on NDR in the second half of fiscal year '23, and our guidance now assumes full year NDR slightly below 110%. As a reminder, our NDR is trailing 4 quarter weighted average calculation.

第二季我們的整體淨美元保留率有所下降，反映出在充滿挑戰的宏觀經濟環境下客戶數量擴張持續放緩。我們繼續預計 23 財年下半年 NDR 將面臨一些壓力，我們的指導現在假設全年 NDR 略低於 110%。提醒一下，我們的 NDR 落後於 4 個季度的加權平均計算。

For the remainder of the financial metrics disclosed unless otherwise noted, I will be referencing non-GAAP financial measures. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release. Second quarter gross margin was 19%. In the medium to long term, we continue to expect gross margin to be in the high 80s range. Research and development expense was $27.9 million or 16% of revenue compared to 19% in Q2 2022.

對於所揭露的其餘財務指標，除非另有說明，否則我將參考非公認會計原則財務指標。我們在收益報告中提供了 GAAP 與非 GAAP 財務數據的調整表。第二季毛利率為19%。從中長期來看，我們繼續預期毛利率將在 80 左右。研發費用為 2,790 萬美元，佔營收的 16%，而 2022 年第二季為 19%。

For fiscal year '23, we anticipate that R&D expenses as a percentage of revenue to be in the high teens as we build our product suite and scale our work OS platform, both horizontally and vertically. Sales and marketing expense was $98.8 million or 56% of revenue compared to 70% in Q2 2022.

對於 23 財年，隨著我們建立產品套件並橫向和縱向擴展我們的工作作業系統平台，我們預計研發費用佔收入的百分比將達到兩位數。銷售和行銷費用為 9,880 萬美元，佔收入的 56%，而 2022 年第二季為 70%。

G&A expense was $14.7 million or 8% of revenue compared to 12% in Q2 '22. Net income was $21 million, up from a loss of $14.9 million in Q2 2022. Diluted net income per share was $0.41 based on 51.2 million fully diluted shares outstanding. As of the end of the quarter, total employee head count was 1,646, an increase of 64 employees since Q1 '23. We expect to continue hiring throughout the course of fiscal year '23 with a focus on our R&D product and sales teams as we build out our platform and product suite.

G&A 費用為 1,470 萬美元，佔營收的 8%，而 2022 年第二季為 12%。淨利潤為 2,100 萬美元，高於 2022 年第二季的虧損 1,490 萬美元。截至本季末，員工總數為 1,646 人，自 23 年第一季以來增加了 64 名員工。我們預計將在整個 23 財年繼續招聘，在我們建立平台和產品套件時重點關注我們的研發產品和銷售團隊。

Moving on to the balance sheet and cash flow. We ended the quarter with $989.4 million in cash and cash equivalents, up from $935.6 million at the end of Q1 '23. Free cash flow for Q2 was $45.9 million, and free cash flow margin as defined as free cash flow as a percentage of revenue, was 26%. We continue to 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 year '23.

接下來是資產負債表和現金流量。截至本季末，我們的現金和現金等價物為 9.894 億美元，高於 23 年第一季末的 9.356 億美元。第二季的自由現金流為 4,590 萬美元，自由現金流利潤率（定義為自由現金流佔收入的百分比）為 26%。我們繼續預計未來每季都會報告正的自由現金流，並在 23 財年實現連續第三年自由現金流為正。

Free cash flow is defined as net cash from operating activities, last cash used for property and equipment and capitalized software costs.

自由現金流被定義為經營活動產生的淨現金、最後用於財產和設備的現金以及資本化軟體成本。

Now let's turn to our updated outlook for fiscal year 2023. For the third quarter of fiscal year '23, we expect our revenue to be in the range of $181 million to $183 million, representing growth of 32% to 34% year-over-year. We expect non-GAAP operating income of $4 million to $6 million and an operating margin of 2% to 3%. For the full year of 2023, we now expect revenue to be in the range of $713 million to $717 million, representing growth of 37% and 38% year-over-year.

現在讓我們來看看我們對 2023 財年的最新展望。我們預計非 GAAP 營業收入為 400 萬至 600 萬美元，營業利潤率為 2% 至 3%。對於 2023 年全年，我們預計營收將在 7.13 億美元至 7.17 億美元之間，年增 37% 和 38%。

We expect full year non-GAAP operating income of $24 million to $28 million and an operating margin of 2% to 4%. I'll now turn it over to the operator for your questions.

我們預計全年非 GAAP 營業收入為 2,400 萬美元至 2,800 萬美元，營業利潤率為 2% 至 4%。我現在將其轉交給接線員詢問您的問題。

(Operator Instructions) Your first question comes from Kash Rangan with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Kash Rangan。

Congratulations on the superb quarter. Roy, Eran and Eliran. Glad to see the growth and the free cash flow margin expansion here. I'm curious to get your thoughts on the dev OS and also the database product. What is the unique differentiation that Monday has for these products within its customer base? And if these products are successful, should we expect net expansion rate to stabilize at some point? When do you think we see the bottom in that? Because obviously, if you've got installed base potential for these two products, we should start to see a turn in that metric. So just wondering if you have any thoughts on that.

恭喜這個出色的季度。羅伊、埃蘭和埃里蘭。很高興看到這裡的成長和自由現金流利潤率的擴大。我很想了解您對開發作業系統和資料庫產品的想法。週一這些產品在其客戶群中的獨特差異是什麼？如果這些產品取得成功，我們是否應該預期淨擴張率會在某個時候穩定下來？您認為我們什麼時候會見到底？因為顯然，如果您擁有這兩種產品的安裝基礎潛力，我們應該開始看到該指標的轉變。所以想知道您對此是否有任何想法。

Yes. Thanks, Kash. This is Eran. So just to repeat the first part of your question, you were asking about Monday DB and Monday debt?

是的。謝謝，卡什。這是埃蘭。那麼，重複一下你問題的第一部分，你問的是周一DB和周一債務？

Exactly, exactly. The differentiation of these two products within your base versus the competition?

完全正確。這兩種產品在您的基地中與競爭對手相比有何差異化？

Yes. So Monday DB, Monday database is basically, it's not a product, but a new set of capabilities that we released to all of our accounts and users. You can think about it as the infrastructure change and the impact of that, we just announced that we finished the deployment of version 1.0, which is ahead of schedule and a major milestone for us as a company.

是的。所以星期一資料庫，星期一資料庫基本上，它不是一個產品，而是我們向所有帳戶和使用者發布的一組新功能。你可以將其視為基礎設施的變化及其影響，我們剛剛宣布完成了 1.0 版本的部署，這比計劃提前，對於我們公司來說是一個重要的里程碑。

This new infrastructure just allows customers to dramatically scale on top of our platform in terms of size of boards, size of dashboards, automations, integrations. And we think that this will lead to enterprise customers being able to dramatically scale their operations and accounts, add more users, more use cases, which will ultimately lead to more net extension and more usage and more attention among our larger customers.

這種新的基礎設施允許客戶在我們的平台上大幅擴展電路板的大小、儀表板的大小、自動化和整合。我們認為，這將導致企業客戶能夠大幅擴展其營運和帳戶，添加更多用戶、更多用例，最終將導致更多的網路擴展、更多的使用以及我們的大客戶的更多關注。

Monday Dev is our product that's competing in the dev industry, basically allowing developers and product managers and designers to work effectively on agile sprints and managed R&D operations. And this product is going very nicely. We just launched out of beta, as we mentioned. And we see some good numbers and momentum, and we see this as a very strategic industry for us as a company.

Monday Dev 是我們在開發行業中具有競爭力的產品，基本上允許開發人員、產品經理和設計師有效地進行敏捷衝刺和託管研發營運。這個產品進展非常順利。正如我們所提到的，我們剛剛推出測試版。我們看到了一些良好的數字和勢頭，我們認為這對我們公司來說是一個非常具有戰略意義的行業。

Yes Kash, it's Roy. I can add that like the differentiator we see for dev and all our products, also CRM and the work management is the fact that we are in a platform. The products are built on top of the platform, which allows our customers to shape the solution to whatever they see fit and how their organization works. And we see this as a huge advantage also on deals and with customers when we talk with them, it's a major thing that it's built on top of the work OS.

是的，卡什，我是羅伊。我可以補充一點，就像我們在開發和所有產品、CRM 和工作管理中看到的差異化因素一樣，我們處於一個平台中。這些產品建構在平台之上，使我們的客戶能夠根據他們認為合適的方式以及組織的運作方式製定解決方案。當我們與客戶交談時，我們認為這對交易和客戶來說也是一個巨大的優勢，這是它建立在工作作業系統之上的一個重要因素。

And I will address your question on MG.

我將回答你關於 MG 的問題。

Yes.

是的。

I wanted to just [MDR], but please follow up on maybe you have...

我只想 [MDR]，但請跟進，也許您有...

No. I just wanted to get the thoughts on -- what is kind of missing in the marketplace with the dev community that you think you could address the particular problem? That was what I was curious about.

不。這就是我好奇的地方。

So I think there is like one major player within this market. And what we see is that it's very geared towards developers. When we look at the R&D teams, it's comprised also of product people and designers, and then you have the rest of the company that you want to connect to. And with Monday, we feel -- our customers feel they can customize it better have a workflow where everyone takes part more and it's also more connected to other parts of the organization and not just the developers.

所以我認為這個市場有一個主要參與者。我們看到它非常適合開發人員。當我們審視研發團隊時，它也由產品人員和設計師組成，然後你還有你想要聯絡的公司其他人員。到了星期一，我們覺得——我們的客戶覺得他們可以更好地定制它，擁有一個每個人都更多地參與的工作流程，而且它也與組織的其他部分（而不僅僅是開發人員）有更多的聯繫。

Okay. Thank you, Roy. This is Eliran, Kash. I will address your question on -- with regards to MDR. So as we said, we continue to expect moderate pressure on MDR throughout the remainder of the year. And by the way, we took it into account in our guidance -- and we assume full year net MDR to be slightly below 110%. To your question, when we expect it to stabilize, though, already going into July, we see signs of stabilization, and we expect it to level off by the end of the year. Just as a reminder, because it's a waited 4 quarters average, then there is a lagging effect.

好的。謝謝你，羅伊。這是埃里蘭，卡什。我將回答您關於 MDR 的問題。因此，正如我們所說，我們預計今年剩餘時間內 MDR 將面臨適度壓力。順便說一句，我們在指導下考慮了這一點——我們假設全年淨 MDR 略低於 110%。對於你的問題，當我們預計它會穩定下來時，進入七月，我們看到了穩定的跡象，我們預計它會在年底前趨於平穩。提醒一下，因為這是等待 4 個季度的平均值，所以存在滯後效應。

Maybe just also worth mentioning that the gross retention on the same kind of -- on the same level remain stable. And even though we saw some MDR decline, it was offset by strong customer acquisition.

也許也值得一提的是，同一類型的總保留率保持穩定。儘管我們看到 MDR 有所下降，但它被強勁的客戶獲取所抵消。

Our next question comes from Pinjalim Bora with JPMorgan.

我們的下一個問題來自摩根大通的 Pinjalim Bora。

Congrats on the great quarter. Roy or Eliran. I wanted to ask you about the platform itself as you were talking in the previous question, mainly about the marketplace. It seems like the percentage of apps that are being monetized are kind of going up steadily. I see it about 45%. You recently launched the API version. One of your partners said it could accelerate third-party development. You are exposing the AI layer as well as the workflow engine seems like to the partners. Do you think marketplace starts emerging as a material growth driver in 2024?

恭喜這個偉大的季度。羅伊或埃利蘭。正如您在上一個問題中所談論的那樣，我想問您有關平臺本身的問題，主要是有關市場的問題。似乎正在貨幣化的應用程式的百分比正在穩步上升。我看大約有45%。您最近推出了 API 版本。您的一位合作夥伴表示，這可以加速第三方開發。您正在向合作夥伴公開人工智慧層和工作流引擎。您認為 2024 年市場會開始成為實質成長驅動力嗎？

Pinjalim, it's Roy. It's hard to say how much material it will be because we have our core product, the CRM that does the work management, which is the main growth driver. We do believe that the marketplace will help us close larger deals. There's a lot of, like you mentioned, partners are working on it and making each of those products, more complete, more suited for long-term solutions. And so we put a lot of emphasis on the marketplace and a lot of investment and in the ecosystem. And I think it's a very it's a longer-term play rather than just like making the numbers for next year.

平賈利姆，我是羅伊。很難說會有多少材料，因為我們有我們的核心產品，也就是進行工作管理的 CRM，這是主要的成長動力。我們確實相信市場將幫助我們完成更大的交易。正如您所提到的，有許多合作夥伴正在致力於此，並使每個產品更加完整，更適合長期解決方案。因此，我們非常重視市場，並對生態系統進行大量投資。我認為這是一個非常長期的遊戲，而不僅僅是為明年做數字。

Understood. Just one follow-up on the macro environment. It seems like that 110% earlier on -- you're expecting it to stabilize at about 110% seems like it's a little bit of a tick down. You're now saying slightly below. What are you seeing in the macro? Has that changed a bit? You also said that it's stabilized? I'm a little bit confused on maybe what are you seeing in the macro environment, help us tease through that? And maybe if you can talk about the top of the funnel in July and August? That will help.

明白了。只是宏觀環境的一個後續行動。早些時候似乎是 110%——你預計它會穩定在 110% 左右，但似乎有點下降了。你現在說的稍微低於一點。你在宏觀上看到了什麼？這有一點改變嗎？你還說穩定了？我有點困惑，也許你在宏觀環境中看到了什麼，請幫我們梳理一下？也許您能談談七月和八月的漏斗頂部嗎？那會有幫助的。

So demand development hasn't really changed to what we said Pinjalim in the prior quarter. We still see some pressure with the new customers' expansion, with mostly expansion with regards to decision makers are brought to the table and longer sales cycles. So there wasn't really a big change and the pressure on net dollar retention, we also called it out in power quarters and now said that it's going to be slightly below 110%.

因此，需求發展並沒有真正改變我們在上一季所說的 Pinjalim。我們仍然看到新客戶擴張帶來的一些壓力，其中大部分擴張涉及決策者的討論和更長的銷售週期。因此，並沒有真正發生大的變化，淨美元保留壓力也很大，我們也在電力季度指出了這一點，現在說它將略低於 110%。

But we did see some stabilization with the net dollar retention going into July as kind of it's getting flat. So by the end of the year, because of the lagging effect of the four trailing quarters it's going to continue, but then we believe that it's going to pretty much flatten by then. And then hopefully, next year, we're going to see a change in the trend.

但我們確實看到了一些穩定，進入 7 月份美元淨保留量趨於持平。因此，到今年年底，由於四個尾隨季度的滯後效應，這種情況將持續下去，但我們相信到那時它將基本上趨於平緩。希望明年我們會看到趨勢改變。

Understood. Any comments on the top of the funnel demand at this point in July and August?

明白了。對 7 月和 8 月此時漏斗需求頂部有何評論？

Top funnel activity remains healthy. We still see a very healthy stream of new customers that joining Monday, also having in mind the fact that we now have CRM and Monday Dev is out of beta, it definitely contributes to the fact that we are bringing a healthy stream of customers.

頂部漏斗活動保持健康。我們仍然看到週一加入的新客戶流非常健康，同時考慮到我們現在擁有 CRM 並且 Monday Dev 已經結束測試版這一事實，這肯定有助於我們帶來健康的客戶流。

Next question comes from Jackson Ader with Mofit-Nesansen.

下一個問題來自 Jackson Ader 和 Mofit-Nesansen。

First one on the commentary from Monday DB. Are there any kind of quantitative metrics to report in terms of whether these faster load times on big boards are driving either increased usage or adoption or seat count or something at some of your largest customers?

第一篇是來自星期一 DB 的評論。是否有任何類型的定量指標可供報告，以衡量大板上更快的加載時間是否會推動某些最大客戶的使用量、採用率或席位數或其他方面的增加？

Yes. Jackson, this is Eran. So in terms of the impact, Monday DB has already -- it's about 5x the performance in terms of loading large boards. And as we release additional versions, we'll see more impact on other parts of the platform. So definitely, customers feel that we get great feedback from customers. Customers are able to use larger and larger boards. We don't see it yet in terms of revenue numbers or net retention because just as a reminder, we just finished rolling it out to our customers. And we expect this to have a longer-term effect on customer expansion and usage.

是的。傑克遜，這是伊蘭。因此，就影響而言，Monday DB 在加載大型電路板方面的性能已提高了約 5 倍。隨著我們發布其他版本，我們將看到對平台其他部分的更多影響。毫無疑問，客戶認為我們從客戶那裡得到了很好的回饋。客戶能夠使用越來越大的電路板。我們還沒有在收入數字或淨保留率方面看到它，因為只是提醒一下，我們剛剛向客戶推出了它。我們預計這將對客戶擴展和使用產生長期影響。

But in terms of customer feedback and the results that we measure in terms of loading time and performance, the results are super positive. So we're pretty certain it will have an impact. It's really hard to quantify it exactly right now.

但就客戶回饋以及我們在載入時間和效能方面衡量的結果而言，結果非常積極。所以我們非常確定它會產生影響。現在確實很難準確量化它。

Okay. Yes, that makes sense. And then in terms of the net retention rate, it kind of keep coming back to it, but I'm just curious whether there's any -- in the signs of turning around that we -- that you talked to in July. Any particular segment of the market, whether it's enterprise or 10-plus users or small end that seem to be stabilizing ahead of time and might have a little bit more lift as we head into next year?

好的。是的，這是有道理的。然後就淨保留率而言，它一直在回歸，但我只是好奇是否有任何 - 在我們的轉變跡像中 - 你在七月與我們交談過。市場的任何特定部分，無論是企業還是 10 多個用戶或小型終端，似乎都在提前穩定下來，並且在我們進入明年時可能會有更多的提升？

Jackson, it's Eliran. It's pretty broad-based. We're seeing it when you look on a month-on-month basis, first of all, it's the decline is becoming more and more moderate but across the board. So I wouldn't call out any specific segment. Just more encouraging across all segments.

傑克遜，我是埃里蘭。它的基礎相當廣泛。當你逐月查看時，我們會看到這一點，首先，下降幅度變得越來越溫和，但全面下降。所以我不會指出任何特定的部分。所有細分市場都更加令人鼓舞。

Next question comes from Steve Enders with Citi.

下一個問題來自花旗銀行的史蒂夫恩德斯。

Okay. Great. I do want to ask on the CRM side and the success of the cross-sell back into the customer base at this point. I guess as we think about that and look at those numbers, I guess, what's like the typical customer journey look like going from the platform to the CRM? And is it for kind of net new use cases? Or is it customers kind of converting over from maybe already using some of those existing capabilities for CRM like use case?

好的。偉大的。我確實想詢問 CRM 方面以及此時交叉銷售回客戶群是否成功。我想，當我們思考這個問題並查看這些數字時，我想，從平台到 CRM 的典型客戶旅程是什麼樣的？它是針對某種新的用例嗎？或者客戶是否正在從可能已經使用 CRM 的一些現有功能（例如用例）進行轉換？

Steven, this is Eran. So as we mentioned, over 1,600 accounts that were using work management as lot the CRM product and the product in addition to that and so it's not like initially buying those two products, but accounts that were already using Monday sometimes for a few months, sometimes over a year, has explored our product offering and then decided to buy the CRM product.

史蒂文，這是埃蘭。正如我們所提到的，超過1,600 個帳戶使用工作管理以及CRM 產品和除此之外的產品，因此這並不像最初購買這兩種產品，而是已經使用星期一的帳戶有時持續幾個月，有時一年多來，我們探索了我們的產品，然後決定購買 CRM 產品。

I think what's interesting, what we found is that almost in all cases, the CRM users were in addition to the one that we're using the work management platform. So you would see people -- salespeople and manager from the sales team buying additional seats for the CRM product. So I think this is kind of really encouraging to see other departments joining and (inaudible) a large deployment within customers.

我認為有趣的是，我們發現幾乎在所有情況下，CRM 用戶都是在我們使用工作管理平台的使用者之外。因此，您會看到銷售人員和銷售團隊的經理為 CRM 產品購買額外的席位。因此，我認為看到其他部門加入以及（聽不清楚）在客戶中進行大規模部署確實令人鼓舞。

So mostly with new teams, sometimes they were already use us from the work management, but a lot of times, it was new teams that were introduced to the new CRM product. And just as a reminder, we didn't put a lot of effort yet to promote it within the platform or any promotions or self-(inaudible) approaching customers and sound (inaudible) organically. But we're very encouraged with the numbers and this is really connected to our strategy of selling moving products to different departments within the organization.

因此，大多數新團隊，有時他們已經在工作管理中使用我們，但很多時候，是新團隊被引入新的 CRM 產品。提醒一下，我們還沒有投入大量精力在平台內推廣它或任何促銷活動或自我（聽不清楚）接近客戶和有機地聲音（聽不清楚）。但我們對這些數字感到非常鼓舞，這確實與我們向組織內不同部門銷售行動產品的策略有關。

Okay. Got you. That's helpful. And then maybe for Eliran, really strong free cash flow in the first half of the year. Is there anything that we should be thinking about in terms of like linearity throughout the rest of the year? And anything like onetime in nature that maybe got pulled into -- got pulled into the first half that would change some of the typical seasonality there?

好的。明白你了。這很有幫助。然後，對於 Eliran 來說，上半年的自由現金流可能非常強勁。在今年剩餘時間裡，我們是否應該考慮類似線性的問題？自然界中曾經有過的事情可能會被拖入上半年，從而改變那裡的一些典型季節性？

Yes. So with regards to -- Steve, with regards to free cash flow, so when we're looking at Q3, we're probably looking at high teens, and we are looking at fiscal year '23 as a whole, probably low twenties. We're seeing a very healthy disciplined spending and improving efficiency that also contributed to that a very healthy top of funnel activity that contributes to the collection cycle. So all in all, we kind of increased our expectations for Q3 and the end of the year.

是的。所以，史蒂夫，關於自由現金流，所以當我們看第三季度時，我們可能會看到高十幾歲的人，我們正在看整個 23 財年，可能會低二十歲。我們看到非常健康的有紀律的支出和不斷提高的效率，這也促成了非常健康的漏斗頂部活動，從而促進了收集週期。總而言之，我們提高了對第三季和年底的預期。

Next question comes from Arjun Bhatia with William Blair.

下一個問題來自阿瓊·巴蒂亞和威廉·布萊爾。

Congrats, guys, on a great quarter. I wanted to touch on some of the upmarket traction that you're seeing. It's clear 50,000 customers are strong. You're rolling out product capabilities with DB and workflows that are going to be more catered to the enterprise. Have you thought just at a high level about how far upmarket you would want to go? Like what's the ideal customer profile for you as you focus on more enterprise capabilities? Whether that's from a company size or complexity perspective? Is there a limit that you're putting on it? Or do you want to just keep moving as high as possible into the enterprise?

恭喜夥計們，這個季度表現出色。我想談談您所看到的一些高端市場的吸引力。很明顯，50,000 名客戶實力雄厚。您正在推出具有資料庫和工作流程的產品功能，這些功能將更適合企業。您是否曾從高層次思考過您想要向高端市場發展到什麼程度？當您專注於更多企業功能時，您的理想客戶檔案是什麼？是從公司規模還是複雜性的角度來看？您對此有限制嗎？還是你想繼續盡可能地進入企業？

Thank you for the question. It's Roy. So I think it's a journey going upmarket. We've been taking it for a while now. And every time we keep seeing, as we roll out new features, and new capabilities, we see strong demand for even deeper and newer ones. Like a good example would be Monday DB. This opens up the door for a lot of new use cases and then those use cases we want probably more stuff. So we do not see ourselves as limiting our -- the company to an exact size. But I think it's a journey that will take a few years to really go into larger and larger companies all the time. And we are pushing towards that direction.

謝謝你的提問。是羅伊。所以我認為這是一個走向高端市場的旅程。我們已經服用了一段時間了。每當我們推出新功能和新功能時，我們都會看到對更深入、更新的功能的強烈需求。星期一資料庫就是一個很好的例子。這為許多新用例打開了大門，然後我們可能需要更多的東西。因此，我們並不認為自己限制了我們公司的確切規模。但我認為，要真正進入越來越大的公司，這是一個需要幾年時間的旅程。我們正在朝這個方向努力。

Maybe, Arjun, just to add to Roy, this is Eliran. We have -- at the end of last year, we had the 186,000 customers and when you think about adding more capabilities and more functionalities and more products, basically, it allows us to have better retention and increased monetization of not only new customers but existing customer base. And as part of this journey, customers that may be joined as SMB or mid-market, can become enterprise accounts in the following year. So we have both the new customers, the land and as well as expansion with an existing customer base that our potential for growth.

也許，阿瓊，只是想補充羅伊，這是埃里蘭。去年年底，我們擁有 186,000 名客戶，當你考慮添加更多能力、更多功能和更多產品時，基本上，它使我們能夠更好地保留新客戶並提高現有客戶的貨幣化率客戶群。作為這趟旅程的一部分，可能以中小企業或中端市場身分加入的客戶可以在明年成為企業帳戶。因此，我們既有新客戶、土地，也有現有客戶群的擴展，這就是我們的成長潛力。

All right. Perfect. That's very helpful. And then I want to touch on the new products again because it seems you're getting a lot of good adoption on dev and CRM, both from new customers and cross-sell into the base. If I look at the 1,600 customers that you -- that have kind of cross sold from work management, I mean there's quite a few that have just adopted CRM or dev net new. And so the question, I guess, is how do you think about dev and CRM becoming a top of funnel landing point for customers and then cross-selling the other way into the work management platform? Is that an opportunity that's still out there? Or have you seen those 8,000-plus customers adopt your work management platform already?

好的。完美的。這非常有幫助。然後我想再次談談新產品，因為看起來您在開發和 CRM 方面獲得了許多良好的採用，無論是來自新客戶還是交叉銷售。如果我看看 1,600 名客戶，他們從工作管理中進行了交叉銷售，我的意思是有相當多的客戶剛剛採用了 CRM 或新的開發網絡。所以我想問題是，您如何看待開發和 CRM 成為客戶的漏斗頂部著陸點，然後以另一種方式交叉銷售到工作管理平台？這是一個仍然存在的機會嗎？還是您已經看到這 8,000 多名客戶已經採用您的工作管理平台？

Yes. This is -- thanks, Arjun. This is Eran. So I think you made a great point. Obviously, those products are obviously more new than the work management product. So we are more focused on seeing how existing customers can move from work management to CRM or dev. But one thing that we're really focused on from the very beginning was to make those products also a substantial go-to-market for us as a company. That was our initial focus.

是的。這是——謝謝，阿瓊。這是埃蘭。所以我認為你說得很好。顯然，這些產品顯然比工作管理產品更新。因此，我們更關注現有客戶如何從工作管理轉向 CRM 或開發。但我們從一開始真正關注的一件事是讓這些產品也成為我們公司的重要市場產品。這是我們最初的重點。

So definitely, going forward, we'll see accounts moving from CRM to work management. And going back to our strategy, I think it really helps us as a company in two ways. One, really extends our go-to-market. So instead of having just one, which is work management. Now we have multiples of both CRM and work management. But also, it allows us to have a greater ACV for customers. So you can buy customer, but the potential revenue, potential expansion is not limited only to that specific vertical, but to have mutual products on top of that.

因此，未來我們肯定會看到客戶從 CRM 轉向工作管理。回到我們的策略，我認為它確實在兩個方面對我們公司有幫助。第一，真正擴大了我們的市場推廣範圍。因此，與其只有一項，就是工作管理。現在我們擁有多種 CRM 和工作管理。而且，它還使我們能夠為客戶提供更大的 ACV。所以你可以購買客戶，但潛在的收入、潛在的擴張不僅限於特定的垂直領域，還包括在此之上的共同產品。

So I think that creates a big opportunity for us in terms of go-to-market. And going forward, we'll see the other way around people moving from CRM to work management as well.

所以我認為這為我們進入市場創造了一個巨大的機會。展望未來，我們也將看到人們從 CRM 轉向工作管理的另一種方式。

Next question comes from Derrick Wood with TD Cowen.

下一個問題來自 Derrick Wood 和 TD Cowen。

You guys mentioned that you launched the AI assistant this quarter. Can you just talk about what the initial interest has been? And then just remind us how you're thinking about the approach to monetizing AI down the road?

你們提到你們本季推出了人工智慧助理。能簡單談談最初的興趣是什麼嗎？然後提醒我們您如何考慮未來將人工智慧貨幣化的方法？

Sure. It's Roy. So we have taken several layer approach to AI, where we started with like adding a layer to the platform to the entire platform that you can add any AI capabilities you want to any section of the product. And we released a few examples for it, like formula builder and like auto complete stuff and those kind of things. The reaction we got from the marketplace actually from developers was amazing because we had like 1,600 people sign up for hackathon and a lot of apps are being built right now and we were hoping to launch new going forward.

當然。是羅伊。因此，我們對人工智慧採取了多層方法，我們首先為整個平台添加一個層，您可以將任何想要的人工智慧功能添加到產品的任何部分。我們發布了一些範例，例如公式產生器和自動完成功能等等。我們從市場上實際上從開發人員那裡得到的反應是驚人的，因為我們有大約 1,600 人報名參加了黑客馬拉松，現在正在構建許多應用程序，我們希望未來能夠推出新的應用程序。

I think it's very early days, and we see a lot of customer interest in those areas. And we feel it's a journey ahead that will take, and we're really committed to AI. And even adding more stuff going forward, with AI as really it's like the place for us to give more power to people to control how they manage their business.

我認為現在還處於早期階段，我們看到很多客戶對這些領域感興趣。我們認為這是一個未來的旅程，我們真正致力於人工智慧。甚至在未來添加更多的東西，人工智慧實際上就像我們賦予人們更多的權力來控制他們管理業務的方式。

Got it. That's helpful. I guess just staying on a product discussion. Now that you're through 1.0 of Monday DB, what's the next phase, I guess, the 2.0, can you just give us some color as to what things we should be expecting out of 2.0 and what that timeline may look like?

知道了。這很有幫助。我想只是停留在產品討論上。現在您已經完成了 Monday DB 的 1.0，下一階段是什麼，我想是 2.0，您能否給我們一些關於 2.0 中我們應該期待什麼以及時間線可能是什麼樣子的信息？

Yes. First of all, we have a complete timeline on our website, which we share with our customers as well. But overall, [next is], which is the Monday DB 1.1 is going to be released in Q4. This year, the focus is going to be on large dashboards. Just as a reminder, dashboard contains data from multiple boards. So that will go through a radical transformation in terms of performance and capability.

是的。首先，我們的網站上有完整的時間表，我們也與客戶分享。但總體而言，[下一個是]，即星期一 DB 1.1 將於第四季度發布。今年，重點將放在大型儀表板上。提醒一下，儀表板包含來自多個板的資料。因此，這將在性能和能力方面經歷根本性的轉變。

And then we plan another minor release of Monday DB 1.2, which is going to focus on our API and (inaudible) filter and [sort] and aggregation. Going into next year 2024, we're going to do a major release of Monday 2.0, which will be a really game changer in terms of accommodating larger and larger accounts. And we're going to focus a lot on just sheer size of databases and accommodating very large enterprise accounts. So we have a lot of releases in the pipeline, but having Monday DB 1.0 already released is, I think, the most significant part because now all customers are using a new engine and those incremental releases are going to be much easier to get out in to our customers.

然後我們計劃週一 DB 1.2 的另一個小版本，它將重點關注我們的 API 和（聽不清楚）過濾器、[排序]和聚合。進入明年 2024 年，我們將發布 Monday 2.0 的主要版本，這將在容納越來越大的帳戶方面真正改變遊戲規則。我們將重點放在資料庫的龐大規模和容納超大型企業帳戶的能力。因此，我們正在醞釀許多版本，但我認為，週一 DB 1.0 已經發布是最重要的部分，因為現在所有客戶都在使用新引擎，而這些增量版本將更容易發布給我們的客戶。

Next question comes from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的布倫特希爾 (Brent Thill)。

The magnitude of the beat was great. You actually raised the guidance more than the beat. I'm just curious if you could maybe characterize the strength that you're seeing? Where you're seeing it to raise the guidance more than you actually saw a flow through? And I had a quick follow-up.

節拍的幅度很大。事實上，你提高了指導性，而不是節拍性。我只是好奇你能否描述一下你所看到的力量？您認為它在哪裡提高了指引，而不是您實際看到的流量？我進行了快速跟進。

Brent, it's Eliran. Yes. So based on -- just a well reminder, we beat revenue by $7 million and with the help of also the FX dollar versus the (inaudible) very strong. It's also contributed to the fact that we are healthy on our cost side. So the combination of the new product that we have, the momentum that we are seeing together with the disciplined and efficient spend that we have as part of a Monday playbook, provide us with comfort to increase the guidance for the end of the year and to achieve these numbers.

布倫特，我是埃里蘭。是的。因此，基於 - 只是一個很好的提醒，我們的收入超過了 700 萬美元，並且在外匯美元兌（聽不清楚）非常強勁的幫助下。這也有助於我們在成本方面保持健康。因此，我們擁有的新產品、我們所看到的勢頭以及我們作為週一行動手冊一部分的紀律和高效支出相結合，使我們能夠放心地增加年底的指導並達到這些數字。

And when you think about for CRM, the type of price uplift that you're seeing in some of these deals, is there an average? Or when you think about the monetization, ultimately, what do you think this looks like in terms of the additive nature to what you're seeing already in the core platform?

當您考慮 CRM 時，您在其中一些交易中看到的價格上漲類型，是否有一個平均值？或者，當您最終考慮貨幣化時，您認為從您在核心平台中已經看到的內容的附加性質來看，這看起來是什麼樣子？

Yes, Brent, this is Eran. So I think it goes two ways. One, as I've mentioned, we see new users using those additional products. So that's additional seats that we didn't have before. In addition to that, the CRM product has higher pricing per seat. And we're going to experience with that. We're still below the market average. So there's more room to increase those prices. So I think both in terms of the individual pricing for each product and also the potential and having more seats for a company, those two factors as a major upside to increase the average ACV of our customers.

是的，布倫特，這是埃蘭。所以我認為有兩種方式。第一，正如我所提到的，我們看到新用戶使用這些附加產品。這是我們以前沒有的額外座位。除此之外，CRM 產品的每個席位定價更高。我們將對此進行體驗。我們仍然低於市場平均。因此，價格上漲的空間更大。因此，我認為，無論是每種產品的單獨定價，還是公司的潛力和擁有更多席位，這兩個因素都是提高客戶平均 ACV 的主要優勢。

Next question comes from George Iwanyc with Oppenheimer.

下一個問題來自喬治·伊凡尼克和奧本海默。

Maybe digging into the competitive environment, are you seeing any differences in use case expansion head-to-head competition? Any signs of tool consolidation within either across departments or across divisions?

也許深入研究競爭環境，您是否發現用例擴展的正面競爭有什麼差異？有任何跨部門或跨部門工具整合的跡象嗎？

Yes. This is Eran. So I think it's pretty much aligned with what we mentioned before. As a reminder, 70% of our deals will see -- 70% no competition at all -- [feel grateful]. I do want to mention that in terms of the vertical products, we are seeing new competitors in the CRM market, we see new competitors such as Zoho CRM and Hotspot and a little bit of sales force and in the debt to, we are seeing new competitors. I think that's another part of the fact that we address new audiences and seeing those vertical tools turning deals, but still not one significant competitor or anything that has any impact on the business, still pretty much aligned with before.

是的。這是埃蘭。所以我認為這與我們之前提到的非常一致。提醒一下，我們 70% 的交易將看到——70% 根本沒有競爭——[感到感激]。我確實想提一下，就垂直產品而言，我們在CRM 市場中看到了新的競爭對手，我們看到了新的競爭對手，例如Zoho CRM 和Hotspot 以及一些銷售人員，並且值得慶幸的是，我們看到了新的競爭對手競爭對手。我認為這是事實的另一部分，我們面向新的受眾並看到這些垂直工具推動交易，但仍然沒有一個重要的競爭對手或任何對業務有任何影響的東西，仍然與以前基本一致。

Great. And maybe in CRM, when a customer is already using Salesforce, are you seeing your deployment in parallel with Salesforce? Or do you see some of the opportunity actually with smaller customers to take over the overall account.

偉大的。也許在 CRM 中，當客戶已經在使用 Salesforce 時，您是否會看到您的部署與 Salesforce 並行？或者您是否看到小客戶實際上有一些機會來接管整個帳戶。

It's Roy. So we definitely see ourselves alongside sales force, and we have a lot of those deals. Even it's our #1 integration, to Monday, sales force, and we do a lot of deals together. So -- and definitely, this is the strategy going forward when we go to larger companies is to be like something that completes this for us and built around it to connect the rest of the organization to the CRM rather than displace them at all. So what we do see is like on the small mid-market there, we see that we can -- we compete with other CRMs that have graduated from the very simple ones and the rigid ones. And when they're looking upwards, they see us as one of the only solutions that they can really customize to what they need, and that's a big part in CRM to be able to make it your own.

是羅伊。因此，我們肯定會看到自己與銷售人員並肩作戰，而且我們有很多這樣的交易。即使這是我們的#1整合，到週一，銷售人員，我們一起做了很多交易。所以，毫無疑問，當我們去大公司時，這就是我們未來的策略，就是為我們完成這個任務，並圍繞它進行構建，將組織的其他部分連接到 CRM，而不是完全取代它們。因此，我們確實看到，在小型中端市場上，我們可以與其他 CRM 競爭，這些 CRM 已經從非常簡單的CRM 升級到了僵化的CRM。當他們向上看時，他們將我們視為唯一可以真正根據自己的需求進行客製化的解決方案之一，而這正是 CRM 的重要組成部分，能夠使其成為您自己的解決方案。

Next question comes from DJ Hynes with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 DJ Hynes。

Just one for me. Roy and Eran, how do you think about the opportunity to revisit product packaging to kind of incentivize multiproduct lands as the scope of the platform continues to expand?

只給我一個。 Roy 和 Eran，隨著平台範圍的不斷擴大，您如何看待重新審視產品包裝以激勵多產品領域的機會？

This is Eran. I think you touched on a great point. It's actually things we're discussing right now in terms of our strategy going forward. One of the options that we now have as we expand our product offering and also taking into account previously launched products such as WorkForms and Work [Kansas], is the ability to package mutable product into a product suite and then offer that not just a package of individual products that actually as a business solution that we can sell to senior management within companies.

這是埃蘭。我認為你談到了一個很好的觀點。這實際上是我們現在正在討論的關於我們未來策略的事情。當我們擴展我們的產品範圍並考慮到先前推出的產品（例如 WorkForms 和 Work [Kansas]）時，我們現在擁有的選擇之一是將可變產品打包到產品套件中，然後提供不僅僅是一個包實際上，我們可以將單一產品作為業務解決方案出售給公司內的高階管理層。

I think that will also help drive more enterprise deals and talking more with decision-makers and allow us to do top-down sales. So definitely, caused our strategy going forward, and we're definitely looking into that.

我認為這也將有助於推動更多的企業交易並與決策者進行更多的交談，並使我們能夠進行自上而下的銷售。所以肯定會導致我們的策略向前發展，我們肯定會對此進行研究。

Next question comes from Andrew DeGasperi with Berenberg.

下一個問題來自安德魯·德加斯佩里 (Andrew DeGasperi) 和貝倫貝格 (Berenberg)。

Maybe first on Monday Dev. Just noticed you have, what, just under 800 customers. Wondering if the ramp-up for this product could be similar to CRM in terms of where it was at this stage? Or should we expect a different path? And then I have a follow-up.

也許首先是周一開發。剛剛注意到您有不到 800 名客戶。想知道該產品的升級是否與現階段的 CRM 類似？或者我們應該期待一條不同的路？然後我有一個後續行動。

Yes. Andrew, this is Eran. So it's still early days, I would say, with that product, but we're very happy with the traction and what we're seeing so far with the numbers. It's hard to tell if we will play faster than CRM or a bit slower than the CRM, but overall, if we compare it to benchmarks or even our own growth rate, when we started monday.com, we're very happy with the results. Momentum is very strong. And also the feedback we get from customers is very positive. So we're very happy with the growth, and we'll see how it plays out.

是的。安德魯，這是埃蘭。所以我想說，該產品還處於早期階段，但我們對它的吸引力以及迄今為止所看到的數字感到非常滿意。很難說我們會比 CRM 玩得更快還是比 CRM 慢一點，但總的來說，如果我們將其與基準甚至我們自己的成長率進行比較，當我們啟動 monday.com 時，我們對結果非常滿意。勢頭非常強勁。我們從客戶那裡得到的回饋也非常正面。因此，我們對這種增長感到非常滿意，我們將看看它的效果如何。

And I think this new product has a lot of potential to further expand within our organization. Roy mentioned that as part of a previous answer, but our customers are not using the product just for the dev team. We see product teams joining, we see designers, we see analysts. So basically, we got people using their old ecosystem around building products using this Monday debt product. So I think this has a lot of potential in terms of growth within the accounts that are using it.

我認為這個新產品有很大的潛力在我們的組織內進一步擴展。羅伊在先前的回答中提到了這一點，但我們的客戶不僅為開發團隊使用該產品。我們看到產品團隊加入，我們看到設計師，我們看到分析師。所以基本上，我們讓人們利用他們的舊生態系統來使用週一的債務產品來建立產品。因此，我認為這在使用它的帳戶的成長方面具有很大的潛力。

And then maybe on the performance marketing side. I mean there was -- maybe can you elaborate a little bit in terms of what did you see in the market this quarter? Was it unique in terms of what happened? And do we expect this to change in the back half?

然後也許是在效果行銷方面。我的意思是——也許您可以詳細說明一下您在本季的市場中看到的情況嗎？就所發生的事情而言，這是獨一無二的嗎？我們預期這種情況會在後半段改變嗎？

Sure, Andrew. So our marketing environment has been largely stable. We didn't see anything materially change that we should call out pretty much what we saw before. Obviously, some of the competitors have to come back into the performance marketing spend in order to start to acquire new customers. But it doesn't really affect significantly on the prices. there is some uptick, but nothing material that we're seeing.

當然，安德魯。所以我們的行銷環境基本上穩定。我們沒有看到任何實質的變化，我們應該指出我們之前看到的情況。顯然，有些競爭對手必須重新投入績效行銷支出才能開始獲取新客戶。但它實際上並沒有對價格產生太大影響。有一些上升，但我們沒有看到任何實質的變化。

Next question comes from Scott Berg with Needham & Company.

下一個問題來自 Needham & Company 的 Scott Berg。

This is Rob Marelli on for Scott Bergen I got a disconnect a little bit, so apologies if some of these questions are already asked. But with the release of Monday DB and future releases coming, are you anticipating that these will like you to target and offer different use cases? And then hearing a lot of discussions around consolidation trends within the CWM space. Have you noticed any shifts in your top of funnel or with existing customer discussions?

這是 Rob Marelli 為 Scott Bergen 做的節目，我有點脫節，所以如果有人問了其中一些問題，我深表歉意。但隨著 Monday DB 的發布和未來版本的到來，您是否預計這些版本會希望您瞄準並提供不同的用例？然後聽到很多關於 CWM 領域整合趨勢的討論。您是否注意到漏斗頂部或現有客戶討論發生了任何變化？

Yes. This is Eran. So the first part of your question, I think we refer to it as part of the other questions, but basically, as we mentioned, we refund the DB 1.0. And more than anything, we feel this has a lot of potential to go up market and to serve larger and larger enterprise deals. We got great feedback from customers, and we see them scaling using this new infrastructure, and we plan to release additional minor versions and major versions in the next few months. And can you just repeat the second part of your question, sorry?

是的。這是埃蘭。所以你的問題的第一部分，我認為我們將其作為其他問題的一部分，但基本上，正如我們提到的，我們退還了 DB 1.0。最重要的是，我們認為這有很大的潛力進入市場並服務越來越大的企業交易。我們從客戶那裡得到了很好的回饋，我們看到他們使用這個新的基礎設施進行擴展，我們計劃在未來幾個月內發布更多的次要版本和主要版本。抱歉，您可以重複問題的第二部分嗎？

Just from a consolidation trend in regards to consolidation trends, have you guys noticed anything shifting within your top of funnel or just with existing customer discussions?

僅從整合趨勢來看，你們是否注意到漏斗頂部或現有客戶討論中發生了任何變化？

Yes. So we haven't noticed any change in customer behavior. We did see some customers consolidate on Monday taking a few products into the Monday platform, but nothing that super substantial. We also don't see any customers stop using Monday because of any consolidation. As Eliran mentioned, churn has been very stable. Downgrade is very stable. So overall, we don't see any movements like this.

是的。所以我們沒有註意到客戶行為有任何變化。我們確實看到一些客戶在周一整合了一些產品到週一平台，但沒有什麼特別重要的。我們也沒有看到任何客戶因為合併而停止使用週一。正如 Eliran 所提到的，客戶流失率一直非常穩定。降級非常穩定。所以總的來說，我們沒有看到任何這樣的動作。

Next question comes from Jason Celino with KeyBanc.

下一個問題來自 KeyBanc 的 Jason Celino。

Eran I think you mentioned in your prepared remarks you're doing faster cross-sell. I didn't quite hear in your response to some of the other questions on this topic. Are you expanding here with the help of sales reps or marketing efforts? And then if not, when might it make sense to make a more forward approach here?

埃蘭，我認為您在準備好的演講中提到您正在進行更快的交叉銷售。我沒有完全聽到您對有關此主題的其他一些問題的回答。您是否在銷售代表或行銷工作的幫助下在這裡擴張？如果沒有，什麼時候在這裡採取更前瞻性的方法才有意義？

Yes. Jason, it's Eran. So we see both. We see both customers extending what we call no touch, meaning discover those new products by themselves and then buying into those new products and inviting new team members. And we also had ourselves team storing approach enlisting customers and offering them the Severn product. So we see both definitely, with our sales team, we are managing to land larger deals with more potential to expansion. But going forward, we'll keep optimizing that funnel and expand our ability to cross-sell into other accounts.

是的。傑森，我是伊蘭。所以我們兩個都看到。我們看到這兩家客戶都在擴展我們所謂的“無接觸”，這意味著自己發現這些新產品，然後購買這些新產品並邀請新的團隊成員。我們還擁有自己的團隊儲存方法來招募客戶並向他們提供 Severn 產品。因此，我們確實看到了這兩點，透過我們的銷售團隊，我們正在設法達成具有更大擴張潛力的更大交易。但展望未來，我們將繼續優化該管道，並擴展我們向其他帳戶進行交叉銷售的能力。

Great. And then Eliran, just a quick clarification question. I know we've you touched on your comments on July and you're seeing some signs of stabilization, but curious on maybe some of the subtle details if you're able to help us out? Is this a reflection of [slowing] down cells or slowing seat optimizations or slower down tiering? Just curious on some of those subtleties.

偉大的。然後 Eliran，只是一個快速澄清的問題。我知道我們已經提到了您在 7 月的評論，並且您看到了一些穩定的跡象，但如果您能夠幫助我們，也許對一些微妙的細節感到好奇？這是[減慢]細胞速度或減慢座位優化速度或減慢分層速度的反映嗎？只是對其中一些微妙之處感到好奇。

So with regards to the recovery, I believe that during the last 1.5 years with macroeconomy that was challenging, there was a decline that now we see the effect. If you think about the way we look at our net dollar retention it's a trailing 12 months and then weighted average. And now we're starting to see a kind of a pickup from -- if you compare to a year ago. So pretty much there is some positive signs of getting back into the deals and we're starting to see the good cohorts that actually joined at the end of last year.

因此，關於復甦，我認為在過去 1.5 年中，宏觀經濟面臨挑戰，出現了下滑，現在我們看到了影響。如果你考慮我們看待美元淨保留的方式，那就是過去 12 個月的數據，然後是加權平均值。現在，如果與一年前相比，我們開始看到一種回升。因此，幾乎有一些積極的跡象表明重返交易，我們開始看到去年年底實際加入的優秀群體。

Now we are seeing the positive impact, and this is what drives stabilization in the MDR that we are seeing, still not calling a trend but positive signs.

現在我們看到了正面的影響，這就是我們所看到的推動 MDR 穩定的因素，仍然不是趨勢，而是正面的跡象。

Next question comes from Robert Simmons with D.A. Davidson.

下一個問題來自羅伯特·西蒙斯和 D.A.戴維森。

I was wondering in the marketplace, are there any interesting or surprising trends that you're seeing there, maybe areas with more customer interest than you had expected that you might be able to pull into the core platform or into the product suite?

我想知道在市場上，您是否看到了任何有趣或令人驚訝的趨勢，也許客戶感興趣的領域比您預期的要多，您可以將其納入核心平台或產品套件？

Yes. So can you repeat the first part of your question?

是的。那你能重複一下你問題的第一部分嗎？

There was some breaking up.

有一些分手了。

Yes, in the marketplace. I'm wondering about interesting or surprising trends that you're seeing there and how that might inform your future product plans?

是的，在市場上。我想知道您在那裡看到的有趣或令人驚訝的趨勢，以及它們如何為您未來的產品計劃提供資訊？

Yes. So we see good traction with our marketplace, and we see some apps being more popular than others. I think -- the most of apps we're seeing right now are additional capabilities on top of the Monday platform to kind of finalize our use cases. Definitely, it opens up opportunities in terms of additional features that we can have to the platform or maybe even thoughts going forward about potential acquisitions or extending our capabilities as a platform, but nothing significant that I can point on right now in terms of specific product features or capabilities.

是的。因此，我們看到市場的良好吸引力，並且我們看到一些應用程式比其他應用程式更受歡迎。我認為 - 我們現在看到的大多數應用程式都是周一平台之上的附加功能，以最終確定我們的用例。當然，它為我們可以在平台上擁有的附加功能開闢了機會，甚至可能考慮未來的潛在收購或擴展我們作為平台的能力，但就具體產品而言，我現在可以指出的沒有什麼重要的特徵或能力。

(Operator Instructions) There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

（操作員說明） 目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。