monday.com Ltd (MNDY) 2024 Q2 法說會逐字稿

I would like to welcome everyone to the monday.com second-quarter fiscal year 2024 earnings conference call. (Operator Instructions)

歡迎大家參加monday.com 2024財政年度第二季財報電話會議。（操作員指令）

I would now like to turn the call over to Byron Stephen, Vice President of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係副總裁拜倫史蒂芬 (Byron Stephen)。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 2024.

大家好，感謝您參加今天的電話會議，討論monday.com 2024財年第二季的財務業績。

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 second quarter of fiscal 2024 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.

今天與我一起參加的是 monday.com 的聯合執行長 Roy Mann 和 Eran Zinman；以及 monday.com 財務長 Eliran Glazer。我們今天稍早發布了 2024 財年第二季的業績。您可以在我們 IR 網站 ir.monday.com 的新聞和事件部分找到我們的季度股東信函、投資者介紹和今天的網路廣播重播。

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 actual results to differ materially from our forward-looking statements.

今天電話會議上的某些陳述將是前瞻性陳述，反映了管理層根據當前可用的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。

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.

此外，電話會議上也將討論非公認會計準則財務指標。與最直接可比較的 GAAP 財務指標的對帳表可在收益報告和今天電話會議的收益報告中找到，這些報告和收益報告已發佈在我們的投資者關係網站上。

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.

謝謝拜倫，也謝謝大家今天的參與。

Since our debut in Nasdaq three years ago, we have made significant progress in realizing our vision of becoming the platform to run the core of all work for customers. In that time, we have transitioned from a single product offering to a true platform with multiple products. This transition and our strong execution have allowed us to nearly double our customer base, triple annual recurring revenue, and increase our largest customer seat count tenfold.

自從三年前在納斯達克首次亮相以來，我們在實現成為客戶所有工作核心運行平台的願景方面取得了重大進展。在此期間，我們已經從提供單一產品轉變為提供多種產品的真正平台。此次轉型以及我們強大的執行力使得我們的客戶群幾乎翻了一番，年度經常性收入增加了兩倍，最大客戶席位數量增加了十倍。

Our impressive growth trajectory aside, monday.com's unique strength lies in our ability to achieve this expansion while driving operational efficiency. This quarter, we achieved a record non-GAAP operating profit, and notably, attained GAAP operating profitability for the first time in the company's history. Our investment in the enterprise go-to-market and platform infrastructure through mondayDB continued to yield promising results.

除了我們令人印象深刻的成長軌跡之外，monday.com 的獨特優勢在於我們能夠在提高營運效率的同時實現這種擴張。本季度，我們實現了創紀錄的非公認會計準則營業利潤，尤其是公司歷史上首次實現了公認會計準則營業利潤。我們透過 mondayDB 對企業上市和平台基礎設施的投資持續產生可喜的成果。

In December 2023, we announced a significant increase in our largest seat count growing over threefold to 25,000. This quarter, we are pleased to announce another significant milestone our largest seat count has more than tripled once again to reach 80,000 seats.

2023 年 12 月，我們宣布最大座位數大幅增加，增加了兩倍多，達到 25,000 個。本季度，我們很高興地宣布另一個重要的里程碑：我們的最大座位數再次增加了兩倍多，達到 80,000 個座位。

Beginning with the finance and product teams to address multiple use cases, this multinational healthcare company rapidly extended its monday usage to encompass additional teams within the organization. Impressed by our Work OS's ease of use and customization capabilities, the company made a strategic decision to expand monday work management across the entire organization to address all work and project management needs.

這家跨國醫療保健公司從財務和產品團隊開始解決多種用例，並迅速擴展其周一使用範圍，以涵蓋組織內的其他團隊。我們的 Work OS 的易用性和客製化功能給該公司留下了深刻的印象，因此該公司做出了一項策略決策，將週一工作管理擴展到整個組織，以滿足所有工作和專案管理需求。

Let me now turn it over to Eran to walk you through some of our product highlights for the quarter.

現在，我請 Eran 向您介紹我們本季的一些產品亮點。

Thank you, Roy. Our efforts to enhance our underlying architecture with mondayDB remains on schedule and reached another exciting milestone in Q2 with the launch of mondayDB 2.0. MondayDB 2.0 will elevate scalability, enabling customers to manage boards with up to 100,000 items and linked items, and dashboards with up to 500,000 items, significantly inventing their work capabilities. AI continues to be a top priority, and we are actively integrating it across all areas of monday.

謝謝你，羅伊。我們利用 mondayDB 增強底層架構的努力仍在按計劃進行，並在第二季度隨著 mondayDB 2.0 的推出達到了另一個令人興奮的里程碑。 MondayDB 2.0 將提升可擴展性，使客戶能夠管理最多包含 100,000 個項目和連結項目的板以及最多包含 500,000 個項目的儀表板，從而顯著提高他們的工作能力。人工智慧仍然是重中之重，我們正在積極將其整合到週一的各個領域。

In mid-2023, we deployed a third-party GenAI chatbot for managing customer service tickets, yielding impressive results. The chatbot has resolved around 50% of customer service tickets automatically.

2023 年中，我們部署了第三方 GenAI 聊天機器人來管理客戶服務單，並取得了令人矚目的成果。聊天機器人已經自動解決了大約 50% 的客戶服務問題。

The initial success has led to a significant increase in chat ticket volume and reduced our reliance on external support for ticket management, as customers benefit from the chatbot's quick and accurate responses. We expect this trend to continue through 2025 and beyond. And GenAI further enhances our efficiency in meeting customer needs.

初步成功導致聊天票證量顯著增加，並減少了我們對票證管理外部支援的依賴，因為客戶受益於聊天機器人的快速和準確的回應。我們預計這一趨勢將持續到 2025 年及以後。GenAI進一步提高了我們滿足客戶需求的效率。

Additionally, we are using GenAI to improve the user experience through advanced automation and test management collaboration. In Q2, we introduced the new GenAI features to the monday platform, including auto-generated action items, threat summaries, and enhanced text extraction capabilities. We continue to make significant progress in enhancing and expanding our product suite. Monday CRM has been a major success, and it continues to exceed expectations, expanding to over 20,000 accounts since its launch in '22.

此外，我們正在使用 GenAI 透過先進的自動化和測試管理協作來改善使用者體驗。在第二季度，我們為 Monday 平台引入了新的 GenAI 功能，包括自動產生的行動項目、威脅摘要和增強的文字擷取功能。我們在增強和擴展我們的產品套件方面繼續取得重大進展。Monday CRM 取得了巨大的成功，並且繼續超越預期，自 1922 年推出以來已擴展到超過 20,000 個帳戶。

In Q2, we introduced several new features, including e-mail engagement tracking and timeline reminders to further enhance its functionality.

在第二季度，我們推出了幾項新功能，包括電子郵件參與度追蹤和時間軸提醒，以進一步增強其功能。

For monday work management, we are focused on addressing the needs of larger accounts. In Q2, we launched our portfolio solution for enterprise work management, which has already shown strong initial adoption. Monday dev continued to resonate with customers by offering a comprehensive suite of tools for managing their development process.

對於週一的工作管理，我們專注於滿足較大帳戶的需求。在第二季度，我們推出了企業工作管理的產品組合解決方案，該解決方案已顯示出強勁的初步應用效果。Monday dev 透過提供一套全面的工具來管理客戶的開發流程，持續引起客戶的共鳴。

This quarter, we introduced roving tracker, which enables users to visualize company, track progress and focus on key commitments. And finally, our latest product, monday Service is now on beta and is scheduled for full release by the end of 2024. We remain highly enthusiastic about its potential.

本季度，我們推出了行動追蹤器，使用戶能夠直觀地了解公司狀況、追蹤進度並專注於關鍵承諾。最後，我們的最新產品 Monday Service 現已處於測試階段，計劃於 2024 年底全面發布。我們對它的潛力仍然充滿熱情。

In closing, we are less than a month away from the kickoff or annual conference, Elevate. Elevate is a must-attend event for monday.com passionate customers and anyone excited about tech. This year's Elevate will take place in London, New York City, and Sydney over the coming months. Please join us live or online as we will share our vision, strategy, and product road map, allowing you to gain deeper insights into our product and future plans.

最後，距離 Elevate 年度會議的開幕還有不到一個月的時間。對於 monday.com 的熱情客戶以及任何對科技感興趣的人來說，Elevate 都是一項必參加的活動。今年的 Elevate 活動將於未來幾個月在倫敦、紐約和雪梨舉行。請現場或線上加入我們，我們將分享我們的願景、策略和產品路線圖，讓您更深入地了解我們的產品和未來計劃。

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

說完這些，我現在將把話題交給 Eliran 來負責我們的財務和指導。

Thank you, Eran, and thank you to everyone for joining our call.

謝謝你，埃蘭，也謝謝大家參加我們的電話會議。

Before I walk you through our second-quarter results in detail, let me first give you a brief update on pricing. Our new pricing structure that was introduced in Q1 '24 continues to yield positive results and has now been extended to approximately 40% of our customer base. We maintain our forecast of a $25 million in revenue benefit from this new pricing structure for fiscal year '24, with projected total revenue benefit of $75 million to $80 million from fiscal year '24 to fiscal year '26.

在我向您詳細介紹我們第二季的業績之前，我先請容許我簡單介紹一下定價狀況。我們於 24 年第一季推出的新定價結構繼續產生積極成果，目前已擴展到我們約 40％ 的客戶群。我們維持新定價結構將在24財年帶來2,500萬美元收入的預測，預計24財年至26財年的總收入收益將達到7,500萬至8,000萬美元。

We delivered strong results in Q2, marked by robust revenue growth and enhanced profitability. These results highlight our effective execution and the demand of our work operating system products across companies of all sizes.

我們在第二季度取得了強勁的業績，其特點是營收強勁成長且獲利能力增強。這些結果凸顯了我們的有效執行以及各種規模的公司對我們的工作作業系統產品的需求。

Total revenue Q2 '24 came in at $236.1 million, up 34% from the year ago quarter. Our overall net dollar retention rate was stable in Q2 24 at 110%, reflecting the recent pricing updates and strong demand for our work operating system products. We continue to anticipate reported NDR to remain stable throughout fiscal year '24, with an expected small improvement by the end of the year. As a reminder, our NDRs trailing four quarter weighted average calculation.

24 年第二季總營收為 2.361 億美元，較去年同期成長 34%。我們的整體淨美元留存率在 24 年第二季度保持穩定在 110%，這反映了最近的價格更新以及對我們工作操作系統產品的強勁需求。我們繼續預計報告的NDR 將在整個24財年保持穩定，並預計到年底會略有改善。提醒一下，我們的NDR是按照過去四個季度的加權平均值計算的。

For the reminder 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.

為了提醒您揭露的財務指標，除非另有說明，我將參考非 GAAP 財務指標。我們在收益報告中提供了 GAAP 與非 GAAP 財務數據的對帳表。

Second-quarter gross margin was 91%. In the medium to long term, we continue to expect gross margin to remain in the high 80s range. Research and development expense was $36.9 million in Q2 '24 or 16% of revenue compared to 16% in Q2 '23.

第二季毛利率為91%。從中長期來看，我們預計毛利率仍將維持在 80% 左右的高點。24 年第二季的研發費用為 3,690 萬美元，佔營收的 16%，而 23 年第二季為 16%。

Sales and marketing expense was $120.7 million in Q2 '24 or 51% of revenue compared to 56% and in Q2 '23. G&A expense was $18.2 million in Q2 '24 or 8% of revenue compared to 8% of revenue in Q2 '23. Net income was $49.3 million in Q2 '24, up from $21 million in Q2 '23. Diluted net income per share was $0.94 in Q2 '24, based on 52.2 million fully diluted shares outstanding.

24 年第二季的銷售和行銷費用為 1.207 億美元，佔營收的 51%，而 23 年第二季為 56%。24 年第二季的 G&A 費用為 1,820 萬美元，佔營收的 8%，而 23 年第二季該費用佔營收的 8%。24 年第二季淨收入為 4,930 萬美元，高於 23 年第二季的 2,100 萬美元。基於 5,220 萬股完全稀釋流通股，24 年第二季每股攤薄淨利潤為 0.94 美元。

Total employee headcount was 2,110 employees, an increase of 122 employees since Q1 '24. We expect to ramp throughout fiscal year '24 with a continued focus on our R&D product and sales team as we build out our platform and product suite.

總員工人數為 2,110 人，自 24 年第一季以來增加了 122 人。我們預計在 24 財年繼續加大力度，在建立我們的平台和產品套件的同時，繼續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 $1.3 billion in cash and cash equivalents, up from $1.1 billion at the end of Q4 '23. In Q2 '24, free cash flow was $50.8 million, and free cash flow margin, as defined as free cash flow as a percentage of revenue, was 22%. Free cash flow is defined as net cash from operating activities less cash used for property and equipment and capitalized software costs.

繼續討論資產負債表和現金流。本季末，我們的現金和現金等價物為 13 億美元，高於 23 年第四季末的 11 億美元。24 年第二季度，自由現金流為 5,080 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 22%。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。

Now let's turn to our updated outlook for fiscal year 2024. For the third quarter of fiscal year 2024, we expect our revenue to be in the range of $243 million to $247 million, representing growth of 28% to 31% year over year. We expect non-GAAP operating income of $19 million to $23 million, and an operating margin of 8% to 9%. We expect free cash flow of $70 million to $74 million, and free cash flow margin of 29% to 30%.

現在讓我們來看看 2024 財年的最新展望。對於 2024 財年第三季度，我們預計營收在 2.43 億美元至 2.47 億美元之間，年增 28% 至 31%。我們預計非 GAAP 營業收入為 1,900 萬美元至 2,300 萬美元，營業利潤率為 8% 至 9%。我們預計自由現金流為 7,000 萬至 7,400 萬美元，自由現金流利潤率為 29% 至 30%。

For the full year '24, we expect revenue to be in the range of $956 million to $961 million, representing growth of 31% to 32% year over year. We expect full-year non-GAAP operating income of $100 million to $105 million, and an operating margin of 10% to 11%. We expect full year free cash flow of $270 million to $275 million, and free cash flow margin of 28% to 29%.

我們預計 24 年全年營收將在 9.56 億美元至 9.61 億美元之間，年增 31% 至 32%。我們預計全年非 GAAP 營業收入為 1 億至 1.05 億美元，營業利益率為 10% 至 11%。我們預計全年自由現金流為 2.7 億至 2.75 億美元，自由現金流利潤率為 28% 至 29%。

Let me now hand over to the operator for your questions.

現在我將把您的問題交給接線員。

(Operator Instructions) Brent Bracelin, Piper Sandler.

（操作員指示） Brent Bracelin、Piper Sandler。

Good morning and Thank youfor taking the questions here. I wanted to touch base on the large customer cohort. You added a record number of 100,000 customers this quarter from a net add perspective. The net expansion metrics actually improved here despite some macro headwinds. So can you just talk through what seems to be resonating in this environment that's still challenged with the larger customers, why they're turning to monday, would be super helpful. Thanks.

早上好，感謝您在這裡回答問題。我想要與廣大客戶群取得聯繫。從淨增額的角度來看，本季您新增了 10 萬名客戶，創下了歷史新高。儘管存在一些宏觀阻力，但淨擴張指標實際上有所改善。那麼，您能否談談在這種環境下似乎引起了什麼共鳴，大客戶仍然面臨著什麼挑戰，為什麼他們轉向星期一，這將非常有幫助。謝謝。

Yes, Brent, this is Eran. So yes, we continue to see strong traction in our larger accounts. A lot of them are just accounts we already have on the platform to continue to expand and grow and increase the number of users. Some of it is software consolidation, but a lot of it is just natural growth and more usage of monday within their own company. So that's continued to trend and looks fairly healthy, even given the environment right now. So that's basically what contributed to the increase in the 50,000 and 100,000, and also their NDR.

是的，布倫特，這是埃蘭。因此是的，我們繼續看到較大帳戶的強勁成長。其中許多只是我們平台上已有的帳戶，以便繼續擴大和成長並增加用戶數量。其中有些是軟體整合，但很多只是自然成長和公司內部對 Monday 的更多使用。因此，即使考慮到目前的環境，這種趨勢仍然持續，而且看起來相當健康。所以這基本上就是導致 50,000 和 100,000 以及 NDR 增加的原因。

Helpful color there. As a follow-up, Eliran, I know you talked about kind of trying to still wanting to reinvest in the business. Op margins came in here better than expected in the quarter. Is that improvement tied to some of those customer -- or cost savings that you referenced using GenAI? Or are there other factors that contribute to margin outperformance here in the first half?

那裡有有用的顏色。作為後續問題，Eliran，我知道您談到仍然想對該業務進行再投資。本季的營業利潤率優於預期。這種改進是否與您提到的使用 GenAI 帶來的一些客戶或成本節省有關？或者還有其他因素導致上半年利潤率表現優異？

Hey, Brent. It's Eliran. Sure, so I would say some of it is related to the fact that we are using GenAI in customer success. So we don't need x amount of people like we used to in the past.

嘿，布倫特。是 Eliran。當然，我想說其中一些與我們在客戶成功中使用 GenAI 的事實有關。因此我們不再像過去那樣需要大量人員。

In addition to that, we are always speaking about efficient growth. So on one hand, while we are behind on hiring this quarter, we have some ambitious plan on hiring, as well as our spend on the performance marketing that is related the BigBrain system that we have, then this is something that we always monitor. But as part of our efficient growth, we kind of look at our cost as well not only on the top line, and this is the result of some of the things that I mentioned.

除此之外，我們一直在談論高效成長。因此，一方面，雖然本季度我們的招聘工作落後了，但我們在招聘方面有一些雄心勃勃的計劃，而且我們在與 BigBrain 系統相關的績效營銷上的支出，這是我們一直監控的事情。但作為我們高效成長的一部分，我們不僅關注營收，還會關注成本，這是我提到的一些因素的結果。

Jackson Ader, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jackson Ader。

Thank for taking my questions, guys. First one is on usage and utilization, maybe between the different customer segments. So what does utilization look like for your down the middle, small and medium-sized business customer versus maybe some of your largest customers? Not -- it doesn't have to be the 80,000 seat, but like the large customers versus SMB utilization.

謝謝你們回答我的問題。第一個是關於使用情況和利用率，可能在不同的客戶群之間。那麼，與您的一些最大客戶相比，您的中小型商業客戶的使用率如何？不是——不一定要有 80,000 個席位，而是像大客戶與 SMB 的利用率一樣。

Hi. This is Roy. So you mean utilization in terms of like their seat count versus their usage of it or use cases?

你好。這是羅伊。那麼，您的意思是利用率，例如他們的座位數量與他們的使用或用例？

Yeah. Yeah, like you've got 100 people and 70 of them really use it every day and, I don't know, 30 kind of check in every once in a while. Like utilization of the product, meaning like how often they're using it. And I guess like if there's any measure of depth to how they're using it as well.

是的。是的，例如有 100 個人，其中 70 人確實每天都在使用它，還有 30 人偶爾會登入。例如產品的利用率，也就是他們使用產品的頻率。而且我想，他們使用它的方式是否有任何深度可言。

Yeah. So we have a lot of different measurements, obviously, and we see ourselves as a core tool. We go after core use cases, meaning like it managed the core of work, and we see really high engagement across our customer base.

是的。因此，顯然，我們有很多不同的測量方法，並且我們將自己視為核心工具。我們追求核心用例，這意味著它管理工作的核心，我們看到整個客戶群的參與度非常高。

Having said that, like being part of the flywheel motion, what we see is that you have a team using a core use case with runs really the core of what they do, and then they invite other people that are helping them or connecting to them. And the flywheel motion means that, over time, they will start creating their own core use case and then we scale there.

話雖如此，就像成為飛輪運動的一部分一樣，我們看到的是，你有一個團隊使用一個核心用例來運行他們真正工作的核心，然後他們邀請其他人來幫助他們或與他們聯繫。飛輪運動意味著，隨著時間的推移，他們將開始創建自己的核心用例，然後我們在那裡擴展。

So we have two tiers, if you like, of types of customers, the ones who are like in the main use case and the ones who are kind of like more invited and part of others' workflow, and that's how we grow over time.

因此，如果您願意的話，我們可以將客戶分為兩層，一層是主要用例的客戶，另一層是受到更多邀請並成為他人工作流程一部分的客戶，這就是我們隨著時間的推移而成長的方式。

Okay. All right. Great. And then actually staying kind of on the product side. For mondayDB, can we -- could you guys just put the scalability in context? 100,000 items on board, 500,000 on a dashboard sounds like a lot. But can you compare that maybe to what those statistics look like under mondayDB 1.0 and then maybe even prior to mondayDB being rolled out last year?

好的。好的。偉大的。然後實際上停留在產品方面。對於 mondayDB，我們可以——你們能否將可擴展性放在上下文中？船上有 10 萬個項目，儀表板上有 50 萬個項目，聽起來很多。但是，您能否將其與 mondayDB 1.0 下的統計數據進行比較，甚至與去年 mondayDB 推出之前的統計數據進行比較？

Yeah. Jackson, this is Eran. So compared to mondayDB 1.0, that's a 10x from the limits we had before in the prior version. And the number of items will continue to scale in future releases. So it is a significant growth, both in terms of boards and dashboards. And in future releases, we're going to have another kind of significant stats in terms of scale of what the board is going to contain.

是的。傑克遜，這是埃蘭。因此與 mondayDB 1.0 相比，這是我們先前版本的限制的 10 倍。並且在未來版本中項目的數量將繼續擴大。因此，無論從板子還是儀表板的角度來看，這都是一個顯著的成長。在未來的版本中，我們將在主機板包含內容的規模方面擁有另一種重要的統計數據。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Hey, guys. Thanks for taking my questions and congrats. Maybe just help us -- give us a flavor for kind of the demand environment, the linearity of the quarter and particularly the large deal cadence, which was, again, quite extraordinary. Maybe how did it compare to last quarter? How do they compare to your expectations? And how to think through, again, in this kind of dicey macro environment that we seem to be in for this year?

嘿，大家好。感謝您回答我的問題，恭喜您。也許只是幫助我們——讓我們了解需求環境、季度的線性，特別是大筆交易的節奏，這再次是非常特別的。也許和上一季相比怎麼樣？與您的期望相比如何？那麼，我們在今年似乎又陷入了這種危險的宏觀環境中，該如何思考呢？

Sure. Hey, Alex. This is Eliran. So with regards to demand, a few things that I would like to highlight. So SMB, the strength of monday and it continues to perform very well.

當然。嘿，亞歷克斯。這是 Eliran。因此，關於需求，我想強調幾點。因此，SMB 週一表現強勁，並且繼續表現良好。

In terms of what we see, demand environment in general in terms of macro is inconsistent and choppy. We also saw it from other companies that mentioned it. But the fact that despite persistent macro challenges, we see the demand steady across all segments. This is something that is very encouraging for us. And in addition to that, maybe to provide the KPI to demonstrate this strength is our growth retention is record levels. But we are still seeing some cautious spend environment with many other customers.

從我們所看到的情況來看，宏觀的需求環境總體上是不一致且不穩定的。我們也看到其他公司提到了這一點。但事實是，儘管宏觀挑戰持續存在，但我們看到各個領域的需求都保持穩定。這對我們來說是一件非常令人鼓舞的事。除此之外，也許可以提供 KPI 來證明這一優勢，那就是我們的成長保留率達到了創紀錄的水平。但我們仍然看到許多其他客戶仍保持謹慎的消費環境。

So all in all, pretty consistent with what we saw in the past. It's not getting any better, but it's not getting any worse. And we maintain our strength in SMBs and across all segments.

總的來說，與我們過去看到的情況非常一致。情況沒有變得更好，但也沒有變得更糟。我們在中小型企業和所有領域都保持優勢。

And maybe, Alex --

也許，亞歷克斯--

Sorry. Yeah, go ahead.

對不起。嗯，請說。

Just you also asked about the large deal that we closed, so maybe -- this is Eran. To maybe just to give you some more color on this, it's a European-based multinational healthcare company. They're actually an existing customer of monday since about 2020, four years now. They started -- the first use case was mostly focused on finance and R&D, managed workforce and projects. And then we expanded.

您剛才也問到了我們達成的大交易，所以也許——這是 Eran。也許只是為了給你更多的信息，這是一家總部位於歐洲的跨國醫療保健公司。實際上，他們從 2020 年左右開始就是 Monday 的現有客戶，到現在已經四年了。他們開始了——第一個用例主要集中在財務和研發、管理勞動力和專案。然後我們擴大了。

Now it's being used across procurement, design, internal ticketing management. And basically, last year, kind of end of last year, but closed now, they made a decision to consolidate on monday, and kind of basically standardize the whole company on the platform. So that's large accounts, but it's a very healthy expansion and long kind of use case over the years and happy partners of them since 2020.

現在它被廣泛應用於採購、設計、內部票務管理等領域。基本上，去年，也就是去年年底，但現在已經關閉了，他們在周一做出了合併的決定，基本上在平台上對整個公司進行標準化。雖然這是一個大型帳戶，但多年來這是一個非常健康的擴張和長期的使用案例，自 2020 年以來一直是他們的滿意合作夥伴。

Perfect. And maybe just as a follow-up, on the CRM sales net customer adds going forward, it's been about 4,000 now a quarter the past two. Is this the right way to think about it going forward? And given the launch of DB -- 2.0 version of mondayDB, is it fair to think that we should start to see that [ASRPC] go a little higher on the sales side as well?

完美的。也許只是作為後續行動，關於 CRM 銷售淨客戶增加的情況，過去兩個季度，每季的客戶增加量約為 4,000 家。這是思考未來問題的正確方式嗎？鑑於 DB——mondayDB 2.0 版本的推出，我們是否應該開始看到 [ASRPC] 在銷售方面也略有上漲？

Yes, I think -- this is Eran again. So I think it's a fair assessment to say that's more that's going to be the pace. Most of the growth is still coming from existing users. So it's less of a case of mondayDB making a huge impact on numbers, it's mostly customer, acquisition of new customers that kind of generate and kind of help this number grow.

是的，我想──這又是埃蘭。因此，我認為，公平地評價說，這更多的是步伐。大部分成長仍來自現有用戶。因此，mondayDB 對數字產生巨大影響的情況並不多，主要還是客戶和新客戶的獲取產生了這個數字並幫助其成長。

Yeah. And -- it's Roy. If we're talking about the CRM product, like we see a nice growth and we're always going upmarket and improving our capabilities there. So we do expect us to be able to get bigger pie, let's say, for CRM.

是的。而且——他是羅伊。如果我們談論 CRM 產品，我們看到了良好的成長勢頭，而且我們也不斷進軍高端市場，提升我們在那裡的能力。因此我們確實期望能夠獲得更大的份額，比如說，在 CRM 領域。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. Thank you and congrats guys on the kind of strong quarter here. Maybe I wanted to ask about the service management product build-out. It seems like your infill data with that and maybe now you have a little bit of a better idea of what it looks like at launch.

完美的。謝謝大家，並祝賀你們本季取得如此強勁的業績。也許我想問一下有關服務管理產品的建構。這看起來像是您填充的數據，也許現在您對它在啟動時的樣子有了更好的了解。

So what is your sense of how that product will differentiate versus competitive products in the market now that you have some feedback from customers? And how quickly it might scale and get adoption out of the gate compared to some of the other solutions you've launched like CRM and dev?

那麼，現在您已經收到了一些客戶回饋，您認為該產品與市場上的競爭產品相比有何差異？與您推出的其他解決方案（如 CRM 和開發）相比，它的擴展和採用速度有多快？

Yeah. Thanks, Arjun, this is Eran. So first of all, we launched monday ServiceNow in beta. We already have a few dozens of customers using it and paying for the product. Look, it's very early days to say compared to -- how this will compare to monday CRM or monday dev. What we can share is that the feedback is very positive from customers, a lot of excitement.

是的。謝謝，Arjun，我是 Eran。首先，我們週一推出了 ServiceNow 測試版。我們已經有幾十位客戶使用它併購買該產品。瞧，現在說這與 monday CRM 或 monday dev 相比如何還為時過早。我們可以分享的是，客戶的回饋非常積極，令人興奮。

One of the things that really resonates compared to other players in the market, again, is the flexibility, kind of similar to CRM and dev products. But I think specifically for Service, it kind of -- the effect of this is even more significant to our customers because they want to automate a lot of the processes within the IT service management product, and they want to have more customability on how they catch data and how the process workflows. So this is exactly where monday shines.

與市場上的其他參與者相比，真正引起共鳴的一點是靈活性，有點類似 CRM 和開發產品。但我認為，具體對於服務而言，這種影響對我們的客戶來說更為重要，因為他們希望自動化 IT 服務管理產品中的許多流程，並且希望在如何捕獲資料和流程工作流程方面有更多的可自訂性。這正是星期一閃耀光芒的地方。

The feedback is very positive. People want to use this in addition to other products they're already using with monday. So it looks very promising. But again, early days. We're going to have a full towards the end of the year, and then we'll get more traction and we'll be able to share more numbers.

反饋非常正面。人們希望在周一已經使用的其他產品的基礎上再使用它。因此它看起來很有前景。但這只是開始而已。我們將在年底前完成所有工作，然後我們將獲得更多關注並能夠分享更多數據。

Okay. Perfect. That's helpful. And then I think you talked about in the shareholder letter, the work management portfolio product. Can you just expand on what that product does a little bit, how customers would use it in conjunction with the core work management solution? Why it's important for enterprises and then on the economic side of the equation? How do you price a solution like this? And how should we think about the upsell? Sorry, a lot of questions in there, but you get the gist of it.

好的。完美的。這很有幫助。然後我想您在致股東的信中談到了工作管理組合產品。您能否稍微介紹一下該產品的功能以及客戶如何將其與核心工作管理解決方案結合使用？為什麼它對企業以及經濟方面都很重要？您如何為這樣的解決方案定價？那我們該如何考慮追加銷售呢？抱歉，這裡面有很多問題，但你已經明白問題的主旨了。

Yeah, sure. It's Roy here. So portfolio management is essentially a way to manage like 1,000 projects, let's say. A lot of projects together. So until now, monday was amazing at managing really complex projects with different workflows across the organization. And this is a step-up for us in terms of the volume of projects, even super complex ones, but give a high-level overview and management of massive projects even to management.

是的，當然。我是羅伊。因此，投資組合管理本質上是一種管理 1,000 個專案的方法。很多項目都在一起。所以到目前為止，Mondali 在管理整個組織內具有不同工作流程的真正複雜專案方面表現出色。就項目數量而言，這對我們來說是一個進步，即使是超級複雜的項目，也能為管理層提供大型項目的高層次概述和管理。

And essentially, it's a building block for us towards managing massive organizations' complete project portfolio and its entire hierarchy. And so this allows us essentially to go upmarket, to have larger customers depend on us and like really manage the core of their entire project operations.

本質上，它是我們管理大型組織的完整專案組合及其整個層次結構的基石。因此，這使我們能夠進入高端市場，讓更大的客戶依賴我們，並真正管理他們整個專案營運的核心。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Hi, guys. Thanks for taking my questions. I thought it was interesting how you added GenAI to your customer service efforts. And while interactions doubled, you were still able to reduce 30% of your external customer service account. Any learnings here as it relates to the upcoming launch of your monday Service product?

嗨，大家好。感謝您回答我的問題。我認為您將 GenAI 添加到客戶服務工作中很有趣。儘管互動次數增加了一倍，但您仍然可以減少 30% 的外部客戶服務帳戶。您有關於即將推出的周一服務產品的任何經驗嗎？

Can you repeat the last part of the question, about the --

你能重複一下這個問題的最後部分嗎？--

Yeah, just like how did this -- how do this customer service experience in GenAI relate to your upcoming launch of monday Service? Like anything you can bring over to the new product?

是的，就像這個一樣——GenAI 中的客戶服務體驗與您即將推出的 Monday Service 有何關係？就像您可以為新產品帶來什麼？

Yeah. Thanks, Ryan, it's Eran. Yeah, it's completely separate. So basically, we kind of built and used some third-party tools to automate some of our external customer support, that means supporting our own customers. And that's regardless of building monday Service.

是的。謝謝，Ryan，我是 Eran。是的，這是完全分開的。所以基本上，我們建立並使用了一些第三方工具來自動化我們的一些外部客戶支持，這意味著支持我們自己的客戶。這與週一的服務建設無關。

In regards to monday Service, definitely, we're going to have AI capabilities within the product and it's a good experience for us to kind of experiment on ourselves and saving costs and seeing the benefit of that. But that's going to be kind of more of a future release of that product.

關於 Monday Service，我們肯定會在產品中加入人工智慧功能，這對我們來說是一種很好的體驗，我們可以進行自我實驗，節省成本，看到其中的好處。但這更像是該產品的未來版本。

The initial term of monday Service will won't have a lot of kind of capabilities in the first version. But later on, we're going to release future versions with more AI capabilities. But it's definitely a good experience for us and definitely a huge cost saver for us as a company.

週一服務的初始版本中將不會擁有很多功能。但稍後我們將發布具有更多 AI 功能的未來版本。但這對我們來說絕對是一次很好的經歷，無疑能為我們公司節省大量成本。

I appreciate that color. And then just on the pricing impact, how are conversations, customer conversations been so far around contract renewal? Like are you capturing the pricing benefit you expected? And then how can we think about the contribution to net retention firm pricing this year? Thanks.

我很欣賞那個顏色。那麼僅就定價的影響而言，到目前為止，圍繞合約續約的對話、客戶對話進度如何？例如，您是否獲得了預期的定價優勢？那我們要如何考慮今年對淨留存公司定價的貢獻呢？謝謝。

Hey, Ryan. It's Eliran. So just by way of a reminder, we are on target and consistent with what we communicated in Q1. New pricing structure already rolled out to 40% of the customers. So this stage, obviously, we said that it's going to be until the H1 of next year because this is a rolling forecast. This is a rolling forecast of 12 months.

嘿，瑞安。是 Eliran。因此，只是提醒一下，我們已經達到了目標，並且與我們在第一季傳達的訊息一致。新的定價結構已經向 40% 的客戶推出。所以在這個階段，顯然，我們說這將持續到明年上半年，因為這是一個滾動預測。這是12個月的滾動預測。

So all in all, conversations are going well. With regards to enterprise accounts, obviously, because there are big accounts, there is some negotiation in the way we kind of increase prices. But all in all, reaction is good and continue to evolve.

總的來說，對話進展順利。對於企業帳戶，顯然，因為有大帳戶，所以我們會透過某種方式進行談判來提高價格。但總體來說，反應還是不錯的，而且還在不斷發展。

Derrick Wood, TD Cowen.

德里克·伍德（Derrick Wood），TD Cowen。

Great, thanks. I'll add my congratulations. As you're driving some of the strongest growth in the SaaS market, from a competitive standpoint, would you say that win rates against core competitors have gone up? Or do you say you're tapping into new budgets you've never been in before and competing against different vendors? Just wondering how you talk about the strength of your competitive positioning.

太好了，謝謝。我要表達我的祝賀。由於你們在 SaaS 市場中推動了一些最強勁的成長，從競爭的角度來看，你們是否認為對核心競爭對手的勝率上升了？或者您說您正在利用以前從未有過的新預算並與不同的供應商競爭？只是想知道您如何談論您的競爭定位的優勢。

Hi. It's Roy here. So for one, I feel like we're still doing super strong on the performance marketing end. Because we have great visibilities into the return all our campaigns, we know where to put the money and see the returns. And I think like that's something we can do way better. And we still gain a larger share of the market because of that on the new side.

你好。我是羅伊。首先，我覺得我們在績效行銷方面仍然表現非常強勁。由於我們對所有活動的回報都有很好的了解，所以我們知道把錢投到哪裡，並且看到回報。我認為我們可以做得更好。由於新的因素，我們仍然獲得了更大的市場份額。

On the other hand, really, we're still like fitting this with the greenfield space. We see most of our deals were not up against competitors. But in some areas, we do. And where we win, we win a lot because of the platform and our capabilities and the fact that companies see they can rely on us in the future as well in a lot of other things they can do. So yeah, so on all fronts, we see our future as positive competitively.

另一方面，實際上，我們仍然喜歡將其與綠地空間相匹配。我們發現我們的大多數交易都沒有與競爭對手競爭。但在某些領域，我們確實如此。我們之所以能取得勝利，是因為我們擁有強大的平台和能力，而且很多公司都認為，他們將來可以在許多其他事情上依賴我們。是的，從各方面來看，我們都認為我們的未來在競爭上是正面的。

Great. And maybe just to touch on that greenfield aspect. I mean we've heard that your new AI-powered templates are really helping to drive greater user adoption and just making it a lot easier to spin up new use cases on the platform. Can you talk about how your new AI technology is helping drive higher adoption and maybe expansion rate?

偉大的。或許只是想談談綠地的方面。我的意思是，我們聽說您的新 AI 模板確實有助於推動更多用戶採用，並使在平台上啟動新的用例變得更加容易。您能談談您的新 AI 技術如何幫助推動更高的採用率和擴張率嗎？

Hi. So it's still early days to know the exact impact of it. We see great positive feedback from customers using it. And it is, like you said, with -- it's a lot of power because we built it on top of the platform. It's totally integrated into it in a way that you can build where you want. Like we showcased in the demo we did in Investor Day, essentially can build any AI work, integrate AI into any workflow you want. And it's superpowerful and we see people building great things with it. And going into the future, we expect great things from this.

你好。因此，現在要了解其確切影響還為時過早。我們看到使用它的客戶給出了非常積極的回饋。正如您所說，它非常強大，因為我們是在平台之上構建的。它完全整合在其中，您可以在任何您想要的地方進行建置。就像我們在投資者日的演示中所展示的那樣，基本上可以建立任何 AI 工作，將 AI 整合到您想要的任何工作流程中。它的強大功能讓我們看到人們用它創造出偉大的事物。展望未來，我們對此抱持美好的期待。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. Hey. Thanks for taking my questions and congrats on a solid quarter here. One question on guidance/macro, I guess. It seems like you're raising the full-year guide by more than the Q2 beat, and you're not raising the pricing benefit for the year. So trying to understand what gives you confidence in this macro to essentially raise the core guide? Is that the large deal dynamics that you're seeing? Is that mainly because of the gross retention improving? Any color helps.

偉大的。嘿。感謝您回答我的問題，並祝賀您本季業績表現穩健。我想，有一個關於指導/宏觀的問題。看起來你們將全年業績指引上調了超過第二季度的指引，但並沒有提高全年的定價收益。那麼，試著去理解是什麼讓您對這個宏有信心從而從本質上提升核心指南？這就是您所看到的大型交易動態嗎？這主要是因為總留存率提高了嗎？任何顏色都有幫助。

Yes. Pinjalim, it's Eliran. So as you know, first of all, we didn't adjust our pricing estimates since Q1 earnings. So it remains $25 million for the year, fiscal year '24. And just as a reminder, by fiscal year '26, we're looking at around $75 million to $80 million.

是的。Pinjalim，我是 Eliran。所以如您所知，首先，自第一季收益以來，我們沒有調整我們的定價估計。因此，24財年的營收仍為2,500萬美元。提醒一下，到 26 財年，我們預計營收將達到 7,500 萬至 8,000 萬美元左右。

We follow the same playbook that we always do based on what we know today, based on the data that we have, the sentiment. We obviously account for the sentiment in the market. We provide our guidance. Nothing has changed in terms of philosophy, but we do encouraged by the fact that top of funnel is still very healthy. The fact that we achieved a large customer that is proving our use cases is becoming more perceived by our customers.

我們遵循相同的劇本，基於我們今天所知的情況、基於我們掌握的數據和情緒。我們顯然考慮了市場情緒。我們提供指導。從哲學角度來看沒有任何改變，但我們確實受到漏斗頂部仍然非常健康這一事實的鼓舞。我們已獲得一個大客戶，證明了我們的用例，這一事實越來越被客戶所認識到。

So all of the above, in accordance of what we know today, provide us with the confidence that we can achieve the numbers that we provided this guidance.

因此，根據我們今天所了解的情況，以上所有內容都讓我們有信心實現我們在此指導中給出的數字。

Got it. Very helpful. Thank you. And one follow-up. Maybe talk about the pricing environment in general in this market. One of your competitors lowered prices, while almost everyone seems like raised prices. Do you see any pressure in the pricing dynamics in the market, especially among the enterprise customers? Or do you think people are looking beyond list prices for monday and kind of focusing on ROI?

知道了。非常有幫助。謝謝。還有一次後續行動。也許可以談談這個市場的整體定價環境。您的一個競爭對手降低了價格，而幾乎所有人似乎都提高了價格。您是否認為市場定價動態有任何壓力，尤其是對企業客戶而言？或者您認為人們不僅關注週一的標價，還關注投資回報率？

Yeah. Eran, do you want to?

是的。埃蘭，你想這麼做嗎？

Yeah, I can take it. Hi, Pinjalim, it's Eran. So look, the price increase reception went really well from our customers, specifically in the enterprise segment. Very receptive. Again, it's literally the first time we've raised prices for existing customers. So given all the value that we added to the platform, they received it really well.

是的，我可以接受。你好，Pinjalim，我是 Eran。所以看起來，我們的客戶對價格上漲的接受度很高，特別是在企業領域。非常容易接受。再說一次，這實際上是我們第一次針對現有客戶提高價格。因此，考慮到我們為平台增加的所有價值，他們對此反應良好。

I would say that in the EBITDA that we've done before and also we see now, some -- a little bit of impact on customers that are very, very small businesses. I mean individual users or companies of two or three people. So that might impact the total customer account.

我想說的是，我們之前做過的 EBITDA 以及我們現在看到的 EBITDA 對那些非常非常小的企業客戶產生了一點影響。我指的是個人用戶或兩三個人的公司。所以這可能會影響整個客戶帳戶。

But we anticipated this and we kind of planned that this will happen. And we think that it kind of correlates with our focus to go upmarket and focus on teams and kind of larger mid-market and as customers. That's pretty much in line. But apart from that, like we see no impact on our existing customer base and definitely not the enterprise segment.

但我們預料到了這一點，我們也計劃這樣做。我們認為這與我們進入高端市場、關注團隊以及更大的中端市場和客戶的重點有關。這基本上符合。但除此之外，我們認為這對我們現有的客戶群沒有影響，而且絕對不會對企業部門產生影響。

[Catherine Ing], Goldman Sachs.

[凱瑟琳英格]，高盛。

Hi. It's Gili Naftalovich on for Kash. Thank you for taking my question. You had impressive internal metrics regarding the implementation of GenAI services, and also mentioning the rollout of new functionality to customers on the platform. How you have seen over the last few quarters shaping your view on the technology and how it's going to be incorporated, both in the broader software ecosystem and monday, in particular?

你好。吉利·納夫塔洛維奇替換卡什上場。感謝您回答我的問題。您在實施 GenAI 服務方面有著令人印象深刻的內部指標，也提到了在平台上向客戶推出的新功能。在過去幾個季度中，您如何看待自己對這項技術的看法，以及如何將其融入更廣泛的軟體生態系統以及週一的情況？

Eliran, curious to hear how you're thinking about this in terms of its ability to maybe change customers' propensity to pay or the need for the number of subscriptions a customer opt into. And I have a follow-up.

Eliran，我很好奇想聽聽您如何看待這一點，它是否可能改變客戶的支付傾向或客戶選擇的訂閱數量的需求。我還有一個後續問題。

Yeah, sure. So yeah, look, definitely, the technology is real, and we've already seen some great benefits from adding features. I think so far, we mostly were focused on adding platform abilities in terms of AI, meaning allowing our customers the same flexibility and allow them to integrate AI workflows into their existing work streams.

是的，當然。是的，看起來，這項技術確實是真實存在的，而且我們已經看到了添加功能帶來的一些巨大好處。我認為到目前為止，我們主要專注於增加人工智慧方面的平台能力，這意味著讓我們的客戶享有相同的靈活性，並允許他們將人工智慧工作流程整合到他們現有的工作流程中。

Kind of the next phase for us right now is to add AI capabilities into our product suite. So add specific AI features to CRM. Obviously, monday Service is going to benefit from AI features. So right now, our kind of future focus is adding more AI capabilities to the products themselves.

我們目前的下一階段就是將 AI 功能加入我們的產品套件中。因此，為 CRM 添加特定的 AI 功能。顯然，Monday Service 將受益於 AI 功能。所以現在，我們未來的重點是為產品本身添加更多的人工智慧功能。

But again, we're working on both fronts. And the feedback is good. It takes time for people to adopt those features definitely. But the ones that do, we hear great feedback.

但同樣，我們正在兩個方面開展工作。而且反饋也很好。人們肯定需要時間來適應這些功能。但對於那些確實這麼做的人，我們聽到了很好的回饋。

Yeah. Maybe to follow up, Gili, to your question from customers. I think that the big question with AI is always about unitization. So obviously, we saw the infrastructure companies as well as the hardware are benefiting from the fact that there is an AI kind of boom.

是的。吉利，也許可以跟進客戶提出的問題。我認為人工智慧的最大問題始終是關於單元化。顯然，我們看到基礎設施公司和硬體公司都受益於人工智慧的蓬勃發展。

But I think we are now focusing on, as Eran said, adding value. To monetize this, we will have a few options in the future, either as part of an add-on or to add a feature or a functionality to our existing solutions. But nothing -- I mean, we didn't account for this, this year. I think in this year, we are looking mostly at the development and the contribution to retention and adoption of the platform by our customers.

但我認為，正如伊蘭所說，我們現在專注於增加價值。為了將其貨幣化，我們將來會提供一些選擇，要么作為附加元件的一部分，要么為我們現有的解決方案添加特性或功能。但沒有什麼——我的意思是，今年我們沒有考慮到這一點。我認為今年我們主要關注的是該平台的開發以及對客戶保留和採用該平台的貢獻。

Perfect. Thanks. And how is the adoption curve this year? I mean shaping your view on pricing go-to-market more broadly, particularly as you look to the GA of Monday service and future products. Should we expect this to follow the same curve in the sense that it will be released to new customers before existing? Or are you guys taking a different approach?

完美的。謝謝。今年的採用曲線如何？我的意思是更廣泛地塑造您對定價上市的看法，特別是當您展望週一服務和未來產品的 GA 時。我們是否應該預期它會遵循相同的曲線，即在現有客戶之前向新客戶發布？或者你們採取了不同的方法？

Gili, it's Eliran. We're using the same approach. As I said, monetization will come later. Maybe it will be -- not maybe, it will be part of the total offering. But in terms of changing the pricing due to AI, it's still early days and I think not now.

吉利，我是埃利蘭。我們採用的是相同的方法。正如我所說，貨幣化將會稍後實現。或許會——不是或許，它將成為全部產品的一部分。但就因人工智慧而改變定價而言，現在還為時過早，我認為還不是。

Yeah. But I think maybe to -- you asked monday Service, the rollout. So specifically about that, we're probably going to follow the same path. That means go to a kit with the new product. But again, judging from what we're already seeing in terms of demand from our own customer base, I think there's also going to be a strong cross-sell opportunity there with monday Service.

是的。但我想也許——你周一問過服務部門，推出的情況。所以具體來說，我們可能會遵循同樣的路徑。這意味著要使用具有新產品的套件。但是，從我們自己的客戶群的需求來看，我認為 Monday Service 也將帶來強大的交叉銷售機會。

So again, it's very early days, so it's really hard to determine. But in terms of people searching for such products online and also our own customer base, I think we're going to benefit from both.

所以，現在還處於早期階段，因此很難確定。但對於在線搜尋此類產品的人們以及我們自己的客戶群而言，我認為我們將從中受益。

Michael Berg, Wells Fargo.

富國銀行的麥可‧伯格。

Hi. Congrats on the quarter. Thanks for taking my question. I wanted to touch on cash flow for a second. It looked like cash in the quarter wasn't quite as robust as operating margins, but the implied rest of your outlook looks incredibly showing, in particular in Q3, but Q4 remains a little bit low implied. Anything to point to on seasonality or timing of free cash flow, and maybe how to think about that beyond this year? And then I have a follow-up.

你好。恭喜本季取得佳績。感謝您回答我的問題。我想談一下現金流。看起來本季的現金並不像營業利潤率那麼強勁，但隱含的其餘前景看起來令人難以置信，特別是在第三季度，但第四季的隱含前景仍然有點低。關於自由現金流的季節性或時間性有什麼需要指出的嗎？然後我有一個後續問題。

Yeah, sure. So with regards to free cash flow, we mentioned in the past that there is some seasonality. For example, in Q2, this is the month -- or the quarter where you pay the salary increases or you pay commission for the salespeople vacation days and all of the above. So this is something that is usually traditionally more expensive in terms of free cash flow.

是的，當然。關於自由現金流，我們過去曾提到過，它具有一些季節性。例如，在第二季度，這是您支付加薪或為銷售人員休假支付佣金等的月份或季度。因此，從自由現金流的角度來看，這通常是更昂貴的。

Q3 and Q4, I would say there is some seasonality mostly related to the fact that there are sometimes one-time events. But other than that, with the exception of Q2, which is more seasonality wise and some Q4 that we paid some commission for the salespeople, this is basically the behavior of the free cash flow.

Q3 和 Q4，我想說有些季節性，主要與有時會發生一次性事件有關。但除此之外，除了第二季（受季節性影響較大）和第四季（我們向銷售人員支付了一些佣金）之外，這基本上是自由現金流的行為。

I would mention one thing that as part of our moving to new offices in London, we get the benefit of $11 million cash incentive related from the prior landlord. So this is something that obviously we took into account as part of our annual estimate. So this is something that I would say it's a one-off, the $11 million that we are getting.

我想提一件事，作為我們搬到倫敦新辦公室的一部分，我們從之前的房東那裡獲得了 1100 萬美元的現金獎勵。因此，我們在年度估算中顯然已將此考慮在內。所以我想說，這是我們獲得的 1100 萬美元的一次性款項。

But all in all, we see the fact that, basically, our operating profit and free cash flow are getting more closer in terms of the numbers -- in terms -- percentage wise.

但總而言之，我們看到的事實是，基本上，我們的營業利潤和自由現金流在數字上（百分比上）越來越接近。

Helpful. So to be clear, the $10 million of the incremental free cash flow raised on the incentives, and then does that also explore the pickup in CapEx?

很有幫助。因此，要明確的是，透過激勵措施籌集的 1,000 萬美元增量自由現金流，是否也探討了資本支出的回升？

Yeah, pickup in CapEx is related to the fact that as we grow in terms of number of people, we added 123 people and we exceeded 2,100 employees. Yes, we invest in offices to accommodate for all these people. So this is the increase in CapEx.

是的，資本支出的增加與我們員工數量的成長有關，我們增加了 123 名員工，員工總數超過了 2,100 人。是的，我們投資建造辦公室來容納所有這些人。這就是資本支出的增加。

Helpful. And then a quick follow-up. So with service coming out later this year, you had three strong new products over the past, we call it, 18, 24 months. Nothing has been announced beyond that. So how could we think about new products or how you're thinking about new products or areas to focus on beyond Service from here?

很有幫助。然後快速跟進。因此，隨著今年稍後服務的推出，在過去的 18 到 24 個月裡，您推出了三款強大的新產品。除此之外，還沒有公佈任何消息。那麼，我們如何考慮新產品，或者您如何考慮除了服務之外的新產品或重點領域？

Yeah. This is Eran. So right now, we don't expect to add new products in the, I would say, coming future. We're very much focused on going deep for each one. That means we're going to focus on CRM, dev, work management, obviously, and service. And going deep means adding more functionality. Maybe we're going to have like subproduct within those kind of mini products suite. But not going to open -- we're not going to open more product lines in the upcoming future.

是的。這是 Eran。所以現在，我們預計在未來不會增加新產品。我們非常注重深入研究每一個問題。這意味著我們將專注於 CRM、開發、工作管理以及服務。而深入則意味著增加更多功能。也許我們會在這類迷你產品套件中推出類似的子產品。但我們不會在未來開設更多的產品線。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克（Michael Funk）。

Great. Thank you for the questions this morning. I think you briefly mentioned earlier that part of what you're seeing is consolidation. A small part of your growth, but still seeing it. Anything to call out on your product advantage or reason customers are consolidating onto monday, or maybe why they're moving away from competitor products?

偉大的。感謝您今天上午的提問。我記得您之前簡要地提到過，您所看到的部分是整合。你成長的一小部分，但仍然看到它。有什麼可以突出您的產品優勢或讓客戶選擇週一購買的原因，或者為什麼他們會放棄競爭對手的產品？

Yeah. Hi, Mike. This is Eran. I see the main reason what we've seen -- it's not huge numbers, but it's definitely a little bit green that customer can only do it on Monday, mainly because it can do many things because of its flexibility.

是的。你好，麥克。這是 Eran。我看到了我們看到的主要原因——雖然數字並不大，但客戶只能在周一做這件事肯定有點環保，主要是因為它的靈活性，它可以做很多事情。

I think where other products don't have this ability is where they kind of build for one purpose. And then if you want to add more use cases or want to had kind of consolidate other products, it's almost impossible technically to do it. And with monday, a lot of our customers managed to it and kind of consolidate different products they're using into the platform. So just with the nature of the flexibility, it allows our customers to do more and more of that consolidation.

我認為其他產品之所以不具備這種能力是因為它們只是為了一個目的而製造的。然後，如果您想添加更多用例或想要合併其他產品，從技術上來說幾乎不可能做到這一點。隨著 Monday, 我們許多客戶都成功實現了這一目標，並將他們正在使用的不同產品整合到平台上。因此，憑藉靈活性的本質，它允許我們的客戶進行越來越多的整合。

Thank you for that. Just to comment on the macro. I know you mentioned you are in some macro impact, but an interesting quarter with some other software companies highlighting a real slowdown end of quarter and demand. So love to hear your thoughts on maybe a seeing less macro impact. And then if there's been any shift in incentives, sales force compensation you've implemented to maybe to address some of the weak metric -- macro.

謝謝你。僅對宏觀進行評論。我知道您提到您受到了一些宏觀影響，但這是一個有趣的季度，一些其他軟體公司突顯出季度末和需求的真正放緩。我很想聽聽你對減少宏觀影響的看法。如果您實施的激勵措施、銷售人員薪酬發生了任何變化，也許可以解決一些宏觀薄弱指標。

Hey, Mike. It's Eliran. So maybe as we said earlier, the demand environment in general is still a bit inconsistent and choppy. But for us, we understand in the past. So despite macro challenges, we see a steady demand across all segments. SMB is an area of strengthen in us, but also mid-market and enterprise continue to grow in a very nice way.

嘿，麥克。是 Eliran。所以也許正如我們之前所說的那樣，整體需求環境仍然有點不一致和不穩定。但對我們來說，過去我們已經了解了。因此，儘管面臨宏觀挑戰，我們仍然看到各領域的需求保持穩定。中小企業是我們加強的領域，但中型市場和大型企業也繼續以非常好的方式成長。

So it's not related to the fact that we implemented a new compensation. This is very early days of this implementation. But hopefully, over time, we are going to see the benefits of that as we continue to kind of figure it between segments and the way we compensate our salespeople for each segment.

所以這與我們實施新的補償措施無關。這項實施還處於早期階段。但希望的是，隨著時間的推移，我們將看到這樣做的好處，因為我們將繼續在各個細分市場之間進行權衡，並確定我們為每個細分市場支付銷售人員的報酬的方式。

I would say it's also related to the fact that our gross retention is at record levels. Although we see cautious spend environment, we are encouraged the fact that customers are unlocking the value from monday platform as we continue to add more value and more features and functionalities.

我想說這也與我們的總留存率達到創紀錄的水平有關。儘管我們看到謹慎的消費環境，但我們很高興看到，隨著我們繼續增加更多價值、更多功能和功能，客戶正在從週一平台釋放價值。

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Hey, guys. Congrats on a nice quarter here and to the results. Just one for me. Eran, I want to ask you a high-level question around R&D spend. I mean you guys clearly continue to innovate quickly, but when I look at your business compared to, say, somebody like Atlassian, right, which maybe they're not the best comp given the unique P&L. But you guys spent quite a bit less on R&D. Can you just talk about that product development efficiency, what drives it? And how we should think about trends in R&D spend over time?

嘿，大家好。恭喜您度過了一個愉快的季度並取得了良好的業績。對我來說只有一個。Eran，我想問你一個有關研發支出的高級問題。我的意思是，你們顯然正在繼續快速創新，但當我將你們的業務與 Atlassian 之類的公司進行比較時，考慮到獨特的損益表，也許他們並不是最好的競爭對手。但你們在研發上的投入卻少了很多。您能談談產品開發效率嗎？我們該如何看待研發支出隨時間的變化趨勢？

Yeah. Hi, DJ. It's Eran. So unfortunately, from my own experience, spending more R&D doesn't always correlate to more execution. So I wish this was the case. Being efficient in terms of R&D developers, product and designers is all the goal of us, and it's very important for us. Often, what we found is sometimes having less people on the team makes it the more efficient, as opposed to having a lot of people on the team.

是的。嗨，DJ。是埃蘭。因此不幸的是，從我自己的經驗來看，更多的研發支出並不總是意味著更多的執行力。所以我希望情況確實如此。提高研發開發人員、產品和設計師的效率是我們所有人的目標，這對我們來說非常重要。我們經常發現，團隊中人數較少有時會比人數較多更有效率。

And you've seen our execution over the years. We always believe in high-velocity execution. We drive to make an impact with our product teams and given then a lot of the ownership. We're very proud in how we manage our R&D team and execution.

你們已經看到了我們這些年來的執行情況。我們始終堅信高速執行。我們致力於透過我們的產品團隊產生影響，並賦予他們很大的所有權。我們對我們的研發團隊和執行方式感到非常自豪。

In terms of the percentage of spend, it might go up a little bit in terms of -- maybe Eliran can add more calls on this. But we're keen to keep our efficiency, and even more than that, we're keen to continue and execute as we scale the company.

就支出百分比而言，它可能會略有上升 - 也許 Eliran 可以在這方面增加更多電話。但我們熱衷於保持效率，甚至更重要的是，我們熱衷於在公司規模擴大的同時繼續執行。

Yeah. It's Eliran. Maybe DJ, just to add that in terms of R&D, we always want to hire -- this is the number one priority of hiring, bringing resources to monday. But the flip side of it, you compare it to Atlassian, there is always like if you look at MSN and R&D, I would look at them together because it's also important to understand the other divisions as well, where we were able to reduce cost as percentage of revenue.

是的。是 Eliran。也許是 DJ，只是想補充一下，在研發方面，我們總是希望招募——這是招募的首要任務，為週一帶來資源。但另一方面，如果你將它與 Atlassian 進行比較，你會發現如果你看一下 MSN 和研發部門，我會將它們放在一起看，因為了解其他部門也很重要，我們能夠將成本降低到收入的百分比。

In terms of other companies, sometimes it can be the other way around. So I think that all in all, investment in R&D is a top priority of us, and we continue to be efficient. But definitely this is something that we would like to highlight.

對於其他公司而言，有時情況可能正好相反。所以我認為總的來說，對研發的投入是我們的首要任務，我們會繼續保持高效率。但這絕對是我們想要強調的一點。

Steve Enders, Citibank.

花旗銀行的史蒂夫恩德斯。

Okay, great. Thanks for taking the questions here. I guess maybe just to start, I want to ask about the, I guess, annual customers coming up for renewal and the impact of the price increases are having into that base. I guess is there a way to frame kind of how those conversations are trending? And how much of the price increase is being adopted today versus maybe that driving a discussion to drive more adoption, and maybe the price increase will come in kind of later, or in fact, will come in later down the line?

好的，太好了。感謝您在這裡回答問題。我想也許只是開始，我想問一下即將續約的年度客戶以及價格上漲對該基礎的影響。我想是否有辦法概括出這些對話的趨勢？那麼，今天的價格上漲有多少已經被採納，或者可能正在引發討論以推動更多人採用，也許價格上漲會在稍後出現，或者實際上，會在以後的某個時候出現？

Yeah, sure. Steve, it's Eliran. So in terms of price increase, we already communicated to, I would say, around 40% for our customers. The price increase, just as a reminder, we ended last year with 225,000 customers, significantly higher than some of our peers. And on that front, we also would like to mention that we anticipate total customer account growth around -- to grow this year, high-single digits.

是的，當然。史蒂夫，我是埃利蘭。因此就價格上漲而言，我們已經與客戶溝通過，我認為漲幅在 40% 左右。價格上漲，提醒一下，去年年底我們有 225,000 名客戶，明顯高於我們的一些同行。在這方面，我們也想提一下，我們預計今年的總客戶帳戶數量將成長約個位數。

The fact that we basically implemented the price increase, obviously, the ones that were kind of small users or students or small companies that didn't see the value, we would have expected churn. So now we are focused on more high-value customers.

事實上，我們基本上實施了價格上漲，顯然，那些小型用戶、學生或小公司看不到其價值，我們預期他們會流失。所以現在我們專注於更多高價值客戶。

With regards to the enterprise customers, obviously, they are in a higher tier. So there is -- there are negotiations going on. Reception was very well, but it's important to mention the things that I highlighted as part of us continue to onboard the price increase.

對於企業客戶來說，顯然他們處於較高的層級。因此，談判正在進行中。接待效果很好，但必須提一下我所強調的事情，因為我們會繼續接受價格上漲。

Okay. That's helpful context there. And then I guess maybe we can think about the impact of metrics. I mean the 50,000, 100,000 adds came in pretty solid. I guess, how much of that is attributable to the price increases coming in here? And how should we think about the trends on those ads throughout the rest of the year?

好的。這是很有幫助的背景資訊。然後我想也許我們可以考慮一下指標的影響。我的意思是 50,000 和 100,000 的增加量相當可觀。我想，其中有多少是因為這裡的價格上漲造成的？那麼，我們該如何看待今年剩餘時間這些廣告的趨勢呢？

Yeah. Hi, Steven. It's Eran. So I don't think it's had almost any impact on the growth in terms of the 50,000 and 100,000. Those conversations things longer. We expect kind of the first of the price increase to finish by the end of Q3 of next year. I think that's where most of the enterprise accounts, definitely above 50,000, where we're new and will benefit from the price increase for those accounts. So it will take another kind of full year to do the full cycle for those enterprise customers.

是的。你好，史蒂文。是埃蘭。因此，我認為它對 5 萬和 10 萬的成長幾乎沒有任何影響。這些談話的時間更長。我們預計首次價格上漲將在明年第三季末完成。我認為，對於大多數企業帳戶來說，數量肯定超過 50,000，我們是新客戶，並且將從這些帳戶的價格上漲中受益。因此，還需要整整一年的時間才能為這些企業客戶完成完整的週期。

Scott Berg, Needham & Company.

斯科特·伯格，Needham & Company。

Hi, everyone. Really nice quarter here. I had a question on the [EDK CTL], certainly more than the last largest customer size of 25,000 we heard last year. But as you think about a deal that size, is that customer fundamentally purchasing anything different in terms of your functionality relative to maybe some -- maybe another customer at 500 or 1,000? Thanks.

大家好。這裡真的是一個很不錯的地方。我對 [EDK CTL] 有疑問，肯定超過了我們去年聽說的 25,000 個最大客戶規模。但是，當您考慮如此規模的交易時，就功能而言，相對於其他 500 或 1,000 名客戶而言，該客戶在購買什麼方面是否有根本性的不同？謝謝。

Hi. It's Roy here. So -- sorry about that. So essentially, they're not using us for anything materially different, just at scale. So they did take us on the work management ticket and managing projects and portfolios and workflows across the organization. They understand our road map. They are with us for a long time.

你好。我是羅伊。所以——我很抱歉。因此本質上，他們並沒有利用我們做任何實質的不同的事情，只是規模不同而已。因此，他們確實讓我們參與工作管理並管理整個組織的專案、投資組合和工作流程。他們了解我們的路線圖。他們和我們在一起很久了。

And essentially, when you reach those scales, there are things that are needed from the platform like, let's say, different user management and other such governance features, which we do have. And so -- and working on all the time. So the product -- the core product is the same, but the, let's say, management around is a bit different, and we have been working on those things for a long time as well.

本質上，當你達到這些規模時，平台就需要一些東西，例如不同的使用者管理和其他類似的治理功能，我們確實有這些。就這樣——一直在努力。因此，產品——核心產品是相同的，但是，可以說，周圍的管理有點不同，而且我們在這些事情上已經工作了很長時間。

Understood. Helpful. And then Eliran, your gross margins, they were an all-time high in the quarter. Greater than 90%. Should we assume that they're going to remain greater than 20% -- or excuse me, greater than 90% going forward, especially with how you've been able to reduce some of those customer service costs through the GenAI technologies?

明白了。很有幫助。然後是 Eliran，你們的毛利率在本季創下了歷史新高。大於 90%。我們是否應該假設它們的佔比將保持在 20% 以上——或者對不起，超過 90%，尤其是考慮到你們已經能夠透過 GenAI 技術降低部分客戶服務成本？

Hi, Scott. It's Eliran. So I think as we mentioned in our script, it's going to be high 80s. Like the 91% is an outlier to a certain extent, timing spending. I would say, high 80s is probably the number to look at.

你好，斯科特。是 Eliran。所以我認為，正如我們在腳本中提到的那樣，溫度將達到 80 多度。就像 91% 在某種程度上是一個異常值、時機支出。我想說，80 多歲可能是值得關注的數字。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yeah. Hi. Thanks for taking my questions. The first one is that you saw a stabilization to an inflection this quarter an NRR with those larger customers. And I think that was a little earlier than expected, but you reiterated the stable NRR guide and then slight improvement in 4Q.

是的。你好。感謝您回答我的問題。第一個是，本季您看到較大客戶的 NRR 趨於穩定。我認為這比預期要早一點，但您重申了穩定的 NRR 指南以及第四季度的略有改善。

So can you just comment on what's driving some of that conservatism despite recent trends and the uplift from price? Anything to be mindful of in the half in terms of renewal or gross retention or sources of that prudent?

那麼，儘管最近的趨勢和價格都有所上漲，但您能否評論一下，是什麼導致了這種保守主義的出現？在續約或總保留或審慎來源方面，有什麼需要注意的嗎？

Sure. Hi, Taylor. It's Eliran. So just by rough expectations, they are not -- didn't change from Q1. So we expect reported NDR to be largely stable throughout fiscal year '24. As a reminder, just to remind you, we are reporting the weighted average of the last four quarters.

當然。你好，泰勒。是 Eliran。因此，僅根據粗略的預期，它們與第一季相比沒有變化。因此，我們預計報告的NDR 在24財年將基本保持穩定。提醒一下，只是為了提醒您，我們報告的是過去四個季度的加權平均值。

So if you see an uptick due to price increase or to consolidations on our platform of larger customers on the trailing 12 months aspect, the impact on the reported NDR is going to be delayed a bit. So this is why we kind of said that we expect the impact when we exit fiscal year '24 going into 2025. And long term, we expect overall NDR to be between [110 to 150], as we said in the past.

因此，如果您看到由於價格上漲或我們平台上較大客戶在過去 12 個月內整合而出現上漲，那麼對報告的 NDR 的影響將會稍微延遲。所以這就是為什麼我們說，我們預計在結束 24 財年進入 2025 年時會產生影響。從長期來看，我們預計整體 NDR 將在 [110 至 150] 之間，就像我們過去所說的那樣。

Great. And then just as a follow-up. So it seems like CRM customer growth is trending really nicely and they're scaling well. So can you help us quantify maybe how that might be contributing to growth this year? Are we getting to the point where these could be more than just the one to two-point contributor? Any help as we think about that in this year.

偉大的。然後只是作為後續行動。因此看起來 CRM 客戶成長趨勢非常好，而且規模也很大。那麼您能否幫助我們量化這對今年的成長可能有何貢獻？我們是否已經達到了這樣的程度：這些人可能不只是一到兩分的貢獻者？當我們今年考慮這個問題時，有任何幫助嗎？

Yeah. Hi, Taylor. It's Eran. So look, again, it's pretty early days for us. Although both are growing really well, and we showed some numbers in the Investor Day about CRM, and continue to grow really well above our expectations, but still it's relatively low in terms of percentage compared to our total revenue count.

是的。你好，泰勒。是埃蘭。所以，看起來，對我們來說，現在還為時過早。雖然兩家公司都發展得很好，而且我們在投資者日展示了一些有關 CRM 的數據，而且其成長速度遠超我們的預期，但與我們的總收入相比，其佔比仍然相對較低。

But given the high growth rate, over time, we expect this to become more and more material part of our revenue, internal percentages. But again, right now, it's still early days in terms of growth and relative size.

但考慮到高成長率，隨著時間的推移，我們預計這將成為我們收入和內部百分比中越來越重要的一部分。但就目前而言，從成長和相對規模來看，仍處於早期階段。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. Thank you. Good morning. Thanks for taking my questions. First one is on sales ramp. I know you guys referenced in your prepared remarks or in response to a question that most of your wins generally are still greenfield.

偉大的。謝謝。早安.感謝您回答我的問題。第一個是銷售坡道。我知道你們在準備好的發言中或在回答問題時提到，你們的大多數勝利通常仍是未開發的領域。

But I'd be curious to know what you're seeing in terms of early trends on sales CRM, is that still a filling that void in the market at the low to mid-range where traditional CRM hasn't historically served? Or as you move upmarket, are you starting to see some bump-up against some competitors and some potential competitive displacements?

但我很好奇，您對銷售 CRM 的早期趨勢有何看法，它是否仍然可以填補傳統 CRM 尚未服務的中低端市場空白？或者隨著您進入高端市場，您是否開始看到與某些競爭對手的競爭以及一些潛在的競爭取代？

Yeah. Hi, it's Roy. So I would still say we're like 50% greenfield in CRM. It's like a largely growing segment, okay, and we're like mostly growing, I think, in accounts in the SMB space. But we're going upmarket into the mid-market as well.

是的。你好，我是羅伊。因此我仍然會說我們在 CRM 領域還有 50% 的空白。這是一個正在快速成長的領域，好的，而且我認為，我們在 SMB 領域的帳戶成長最為迅速。但我們也會進軍高端市場，進軍中端市場。

And yes, on 50%, we do see other CRMs, which we compete against. And what the -- I think what makes us succeed and be in a really good sweet spot is, on one hand, our customability and the fact that we're really good at trading any workflow you want around CRM, obviously, if you have projects involved as well in the sales process or after that. So that's where we shine. And CRMs, in general, needs a lot of customization. That's what customers really want.

是的，在 50% 中，我們確實看到了其他與我們競爭的 CRM。我認為，讓我們取得成功並處於最佳狀態的一方面是我們的可自訂性，以及我們非常擅長圍繞 CRM 交易您想要的任何工作流程的事實，顯然，如果您在銷售過程中或之後也有涉及的項目。這就是我們的閃光點。一般來說，CRM 需要大量客製化。這才是顧客真正想要的。

And on the other hand, we're seeing great success in the performance marketing side. So we're able to capture a large -- like a great deal of the market demand.

另一方面，我們在績效行銷方面取得了巨大的成功。因此我們能夠滿足大量的市場需求。

Great. That's helpful. Thank you. And then just a quick question on your partner network, which continues to have impressive numbers. Can you talk a little bit about the role that partners are playing, particularly as you move upmarket and bring more of a multiproduct solution to customers? Are you seeing partners buy-in and sent an opportunity?

偉大的。這很有幫助。謝謝。然後我想問一下關於你們的合作夥伴網絡的問題，你們的合作夥伴網絡繼續保持著令人印象深刻的數字。您能否談談合作夥伴所扮演的角色，特別是當您進入高端市場並為客戶提供更多多產品解決方案時？您是否看到合作夥伴的認同並獲得了機會？

I mean you mentioned customization necessary in CRM, that's obviously great for the customer. It could also be a source of consult for the partners as well. So just wondering what you're seeing there as you move up market. Thank you.

我的意思是您提到 CRM 中需要定制，這對客戶來說顯然很有好處。它也可以作為合作夥伴的諮詢來源。所以只是想知道當您進入高端市場時您看到了什麼。謝謝。

Cool. So yeah, partners are a significant part of our go-to-market, and we're gradually seeing and driving actually towards partners giving more and more services to our customers and helping them adopt. We're even having a nice evolution in the partner space to larger partners, doing more professional services to customers creating deeper integrations and implementations of monday. And that's like an area we keep investing in.

涼爽的。是的，合作夥伴是我們進入市場的重要組成部分，我們逐漸看到並推動合作夥伴為我們的客戶提供越來越多的服務並幫助他們採用。我們甚至在合作夥伴領域取得了良好的發展，向更大的合作夥伴發展，為客戶提供更專業的服務，從而實現更深層的整合和實施。這正是我們持續投資的領域。

Seeing as there are no more questions in the queue. That concludes our question and answers. That also concludes this call. Thank you for joining. You may now disconnect.

看到隊列中沒有其他問題。我們的問答就到此結束。本次通話到此結束。感謝您的加入。您現在可以斷開連線。