monday.com Ltd (MNDY) 2024 Q3 法說會逐字稿

Good day. My name is Desiree, and I'll be your conference operator today. At this time, I would like to welcome everyone to monday.com's third-quarter fiscal year 2024 earnings conference call.

再會。我叫 Desiree，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 monday.com 2024 財年第三季財報電話會議。

I would like to turn the call over to monday.com's Vice President of Investor Relations, Mr. Byron Stephen. Please go ahead.

我想將電話轉給 monday.com 投資者關係副總裁 Byron Stephen 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 third quarter fiscal year 2024. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com; and Eliran Glazer, monday.com's CFO.

大家好，感謝您參加今天的電話會議，討論 monday.com 2024 財年第三季的財務業績。今天加入我的是 monday.com 聯合執行長 Roy Mann 和 Eran Zinman；和 Eliran Glazer，monday.com 的財務長。

We released our results for the third 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.

我們今天稍早發布了 2024 財年第三季的業績。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。

Certain statements made on the call today will be forward-looking statements, which reflect management's best judgment based on currently available information. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our earnings release for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements.

今天的電話會議上所做的某些陳述將是前瞻性陳述，反映了管理層根據當前可獲得的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.

此外，電話會議也將討論非公認會計準則財務指標。今天電話會議的收益發布和收益演示中提供了與最直接可比較的 GAAP 財務指標的對賬，這些數據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. We're fresh off another strong quarter in Q3, highlighted by improving retention trends, strong financial performance and robust product development. This quarter also marked a significant milestone for monday.com as we surpassed $1 billion in annual recurring revenue.

謝謝拜倫，也謝謝大家今天加入我們。我們在第三季度又迎來了一個強勁的季度，突出表現是保留趨勢的改善、強勁的財務業績和強勁的產品開發。本季也標誌著 monday.com 的一個重要里程碑，我們的年度經常性收入超過了 10 億美元。

Reaching the $1 billion ARR milestone is not just a number, it's a pivotal moment in our company's journey, and we are ready to build on that momentum. With a total addressable market of over $100 billion growing 14% annually across four markets: work management, CRM, service management, and software development; there is a substantial opportunity ahead.

達到 10 億美元的 ARR 里程碑不僅僅是一個數字，它是我們公司發展歷程中的關鍵時刻，我們已準備好在此基礎上再接再厲。工作管理、CRM、服務管理和軟體開發這四個市場的潛在市場總額超過 1,000 億美元，每年增長 14%；前方存在著巨大的機會。

To drive our next stage growth, we remain committed to deepening and expanding our product offering and increasing our global presence. As the landscape of work evolves, we are determined to stay ahead of the curve by continuously investing in technology, exploring new markets, and fostering a culture of agility. monday.com is not just keeping pace with the industry, we are shaping its future.

為了推動我們下一階段的成長，我們仍然致力於深化和擴大我們的產品供應並擴大我們的全球影響力。隨著工作格局的發展，我們決心透過不斷投資技術、探索新市場和培養敏捷文化來保持領先地位。 monday.com 不僅與產業保持同步，而且還在塑造其未來。

Before I turn it over to Eran, I'd like to cover a few changes in our management team. First, we are pleased to announce the appointment of Adi Dar as Chief Operating Officer, with over 20 years of experience driving sustainable growth in global tech companies. Adi brings significant expertise to our executive team and has already made a strong impact since joining us a few months ago.

在交給 Eran 之前，我想先介紹一下我們管理團隊的一些變更。首先，我們很高興地宣布任命 Adi Dar 為首席營運官，他擁有 20 多年推動全球科技公司永續成長的經驗。阿迪為我們的執行團隊帶來了重要的專業知識，自幾個月前加入我們以來已經產生了巨大的影響。

On a different note, we would like to share that our Chief Revenue Officer, Yoni Osherov, has informed us that he will depart the CRO role at the end of December. Since joining in 2017 as VP Global Sales and Marketing and becoming the CRO in 2022, Yoni has been instrumental in developing our sales and partner channels. During Yoni's tenure we have seen remarkable growth with ARR increasing from $10 million to over $1 billion. We are deeply grateful for his contribution and wish him all the best in his future endeavors. We are conducting a global search for Yoni's new successor, and he will continue to serve as an adviser until the CRO is appointed.

另一方面，我們想告訴大家，我們的首席營收長 Yoni Osherov 已通知我們，他將於 12 月底辭去 CRO 職務。自 2017 年加入擔任全球銷售和行銷副總裁並於 2022 年成為 CRO 以來，Yoni 在開發我們的銷售和合作夥伴通路方面發揮了重要作用。在 Yoni 任職期間，我們看到了顯著的成長，ARR 從 1000 萬美元增加到超過 10 億美元。我們對他的貢獻深表感謝，並祝福他在未來的工作中一切順利。我們正在全球尋找 Yoni 的新繼任者，他將繼續擔任顧問，直至任命 CRO。

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

現在讓我把它交給 Eran，帶您了解我們本季的一些產品亮點。

Thank you, Roy. I'm pleased to share highlights from our recent flagship user conference, Elevate, which took place in London, New York City and Sydney. This year's event was our largest ever with attendance doubling compared to last year. Thank you to all who joined us. For those who could not attend in person, we invite you to participate in Elevate Online on December 4.

謝謝你，羅伊。我很高興與大家分享我們最近在倫敦、紐約和雪梨舉行的旗艦用戶大會 Elevate 的亮點。今年的活動是我們有史以來規模最大的活動，參與人數比去年翻了一番。感謝所有加入我們的人。對於那些無法親自參加的人，我們邀請您參加 12 月 4 日的 Elevate Online。

Our Elevate Conference provide us with a platform to showcase our latest product innovations. This year we featured monday AI, which include no-code AI building blocks that customers can tailor to their specific business needs. We are excited to report initial strong adoption with a remarkable 150% increase in the use of AI blocks since Q2. Looking ahead, monday AI will be integrated throughout our entire product suite, enhancing functionality across the platform.

我們的 Elevate 會議為我們提供了一個展示最新產品創新的平台。今年，我們以星期一人工智慧為特色，其中包括無程式碼人工智慧構建塊，客戶可以根據其特定業務需求進行客製化。我們很高興地報告，自第二季以來，AI 區塊的使用量顯著增加了 150%，初步得到了廣泛採用。展望未來，週一人工智慧將整合到我們的整個產品套件中，從而增強整個平台的功能。

We also highlighted our second largest product, monday CRM, and our vision to expand its capabilities behind sales, fostering collaboration across various revenue teams. Upcoming features will include e-mail marketing functionality, enabling teams to manage their campaigns directly within monday CRM.

我們也重點介紹了我們的第二大產品 Monday CRM，以及我們擴展其銷售能力、促進各個收入團隊之間協作的願景。即將推出的功能將包括電子郵件行銷功能，使團隊能夠直接在周一的 CRM 中管理他們的行銷活動。

Additionally, we're excited to demo our latest product, monday service at Elevate. Although still in beta, monday service has shown promising cross-sell potential, and it's on track for release by the end of 2024.

此外，我們很高興能夠在 Elevate 上展示我們的最新產品、週一服務。儘管仍處於測試階段，但週一服務已顯示出巨大的交叉銷售潛力，預計將於 2024 年底發布。

As we expand our product offerings and support our customers' growth, we are committed to building a robust platform for scalable work. With Elevate, we announced the next iteration of mondayDB is now live. mondayDB 2.0 is all about scale and allows boards with up to 100,000 items and linked items and a dashboard with 0.5 million items.

隨著我們擴大產品範圍並支持客戶的發展，我們致力於建立一個強大的平台來實現可擴展的工作。透過 Elevate，我們宣布 mondayDB 的下一個迭代現已上線。 mondayDB 2.0 的重點在於規模，允許面板包含多達 100,000 個項目和連結項目，以及一個包含 50 萬個項目的儀表板。

Lastly, we are pleased to report that monday work management continues to gain significant traction with enterprise customers. In Q3, our second largest customer, increased their seat count from 25,000 to 60,000 as part of their initiative to simplify and consolidate the technology stack. This represents a remarkable 24-fold increase in their seat count since 2022.

最後，我們很高興地報告，週一工作管理繼續受到企業客戶的廣泛關注。第三季度，我們的第二大客戶將座位數從 25,000 個增加到 60,000 個，作為簡化和整合技術堆疊計畫的一部分。這意味著自 2022 年以來，其座位數顯著增加了 24 倍。

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

有了這個，我現在將把它交給 Eliran 來負責我們的財務和指導。

Thank you, Eran, and thank you to everyone for joining our call. Q3 was another strong quarter for monday.com, with solid revenue growth and profitability and improving retention. We are pleased that fiscal year '24 is on target to be above our base case guidance outlined at our December Investor Day.

謝謝你，埃蘭，也謝謝大家加入我們的電話會議。第三季度是 Monday.com 的另一個強勁季度，營收和獲利能力穩健成長，留存率也有所提高。我們很高興 24 財年的目標高於我們在 12 月投資者日概述的基本情境指引。

Having surpassed $1 billion in ARR, we are now focused on leveraging our momentum to advance into the next stage of growth for the company. Total revenue in Q3 '24 came in at $251 million, up 33% from the year-ago quarter. Overall, NDR increased to 111% in Q3 '24. We expect NDR to be stable through the end of the year. As a reminder, our NDR is trailing four-quarter weighted average calculation.

在 ARR 超過 10 億美元之後，我們現在專注於利用我們的勢頭推動公司進入下一階段的成長。2024 年第三季的總營收為 2.51 億美元，比去年同期成長 33%。總體而言，24 年第 3 季的 NDR 增至 111%。我們預計 NDR 到年底將保持穩定。提醒一下，我們的 NDR 落後於四季的加權平均計算。

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.

為了提醒所揭露的財務指標，除非另有說明，我將參考非公認會計準則財務指標。我們在收益報告中提供了 GAAP 與非 GAAP 財務數據的調整表。

Third-quarter gross margin was 90%. In the medium to long term, we continue to expect gross margin to remain in the high-80s range.

第三季毛利率為90%。中長期來看，我們繼續預期毛利率將維持在 80 左右的區間。

Research and development expense was $43 million in Q3 '24 or 17% of revenue, compared to 15% in Q3 '23. Sales and marketing expense was $130.3 million in Q3 '24 or 52% of revenue, compared to 54% in Q3 '23. General and administrative expense was $21.4 million in Q3 '24 or 9% of revenue, compared to 8% in Q3 '23.

24 年第三季的研發費用為 4,300 萬美元，佔營收的 17%，而 23 年第三季為 15%。24 年第三季的銷售和行銷費用為 1.303 億美元，佔營收的 52%，而 23 年第三季為 54%。24 年第 3 季的一般及管理費用為 2,140 萬美元，佔營收的 9%，而 23 年第 3 季則為 8%。

Net income was $45 million in Q3 '24, up from $33 million in Q3 '23. Diluted net income per share was $0.85 in Q3 '24 based on 52.6 million fully diluted shares outstanding.

24 年第三季的淨利為 4,500 萬美元，高於 23 年第三季的 3,300 萬美元。基於 5,260 萬股完全稀釋的已發行股票，2024 年第三季稀釋後每股淨利為 0.85 美元。

Total employee head count was 2,305, an increase of 195 employees since Q2 '24. We expect to increase head count by mid-30% in fiscal year '24, with continued focus on our R&D product and sales team as we build out our platform and product suite.

員工總數為 2,305 人，自 2024 年第二季以來增加了 195 人。我們預計在 24 財年將員工人數增加 30%，在建立我們的平台和產品套件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 $1.34 billion in cash and cash equivalents, up from $1.29 billion at the end of Q4.

接下來是資產負債表和現金流量。本季末，我們的現金和現金等價物為 13.4 億美元，高於第四季末的 12.9 億美元。

Free cash flow for Q3 '24 was $82.4 million, and free cash flow margin as defined as free cash flow as a percentage of revenue was 33%. It should be noted that free cash flow for the quarter was impacted by a onetime net cash incentive of approximately $11 million for our new London office rental agreement. Free cash flow is defined as net cash from operating activities less cash used for property and equipment and capitalized software costs.

24 年第三季的自由現金流為 8,240 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 33%。應該指出的是，本季的自由現金流受到我們新的倫敦辦公室租賃協議約 1,100 萬美元的一次性淨現金誘因的影響。自由現金流定義為經營活動產生的淨現金減去用於財產和設備以及資本化軟體成本的現金。

Now, let's turn to our updated outlook for fiscal year 2024. For the fourth quarter of fiscal year 2024, we expect our revenue to be in the range of $260 million to $262 million, representing growth of 28% to 29% year over year. We expect a non-GAAP operating income of $29 million to $31 million and an operating margin of 11% to 12%. We expect free cash flow of $63 million to $66 million and free cash flow margin of 24% to 25%.

現在，讓我們來看看我們對 2024 財年的最新展望。2024財年第四季度，我們預計營收將在2.6億至2.62億美元之間，年增28%至29%。我們預計非 GAAP 營業收入為 2,900 萬美元至 3,100 萬美元，營業利潤率為 11% 至 12%。我們預計自由現金流為 6,300 萬美元至 6,600 萬美元，自由現金流利潤率為 24% 至 25%。

For the full year 2024, we expect revenue to be in the range of $964 million to $966 million, representing growth of approximately 32% year over year. We expect full year non-GAAP operating income of $121 million to $123 million and an operating margin of 12% to 13%. We expect full year free cash flow of $286 million to $289 million and free cash flow margin of approximately 30%.

2024 年全年，我們預計營收將在 9.64 億美元至 9.66 億美元之間，年增約 32%。我們預計全年非 GAAP 營業收入為 1.21 億至 1.23 億美元，營業利益率為 12% 至 13%。我們預計全年自由現金流為 2.86 億至 2.89 億美元，自由現金流利潤率約為 30%。

Let me now turn it over to the operator for your questions.

現在讓我將其轉交給接線員詢問您的問題。

(Operator Instructions) Gili Naftalovich, Goldman Sachs.

（操作員指令）Gili Naftalovich，高盛。

Hey, team. It's Gili on for Kash. Congrats on reaching the $1 billion run rate mark. Two questions, if I may.

嘿，團隊。吉利隊對卡什隊。恭喜您達到 10 億美元運行率大關。如果可以的話，有兩個問題。

As we see your larger cohort supporting an inflection in NRR, we see a softening of your net new customer adds. Can you share how monday's engagement with customers is evolving, and whether you're seeing any changes in the broader demand or competitive environment?

當我們看到您的更大群體支持 NRR 的變化時，我們看到您的淨新客戶增加量減弱。您能否分享一下週一與客戶的互動是如何演變的，以及您是否看到更廣泛的需求或競爭環境發生了任何變化？

Yeah. Hi, Gili, it's Eran. First of all, as we mentioned, we see good retention results. Our NRR is improving and also our gross retention is at record level historically. So overall, we see better retention with small and larger customers.

是的。嗨，吉利，我是埃蘭。首先，正如我們所提到的，我們看到了良好的保留結果。我們的 NRR 正在改善，而且我們的總留存率也達到了歷史最高水準。總的來說，我們發現小客戶和大客戶的保留率都較高。

We do see a little bit less customer adds, but that's part of our price increase and part of our strategy that we focus not just on SMBs, but also on large enterprises. So overall, if I take everything, we see demand to be steady, pretty similar to what we saw on previous quarters in terms of retention of customers and also in adding new customers.

我們確實看到客戶數量有所減少，但這是我們價格上漲的一部分，也是我們策略的一部分，我們不僅關注中小企業，還關注大型企業。因此，總的來說，如果我綜合考慮的話，我們認為需求是穩定的，在保留客戶和增加新客戶方面與前幾季的情況非常相似。

Gili, this is Eliran. Maybe I will add one more thing, is that with the new product that we introduced, service, we see also with CRM and service, you see cross sales in between our existing customers and new customers that continue to add additional potential momentum to our sales.

吉利，這是埃里蘭。也許我還要補充一件事，那就是，透過我們推出的新產品、服務，我們也透過CRM 和服務看到，您會看到我們現有客戶和新客戶之間的交叉銷售，這繼續為我們的銷售增加額外的潛在動力。

Perfect. Thanks. And when we think about your growth initiatives that you just mentioned as well as the hiring uptick that we saw in this quarter and what we're expecting in 4Q, how are you thinking about that expansion versus larger new land, especially in the backdrop of the second largest customer that you saw an expansion there?

完美的。謝謝。當我們考慮您剛才提到的增長計劃以及我們在本季度看到的招聘增加以及我們對第四季度的預期時，您如何看待擴張與更大的新土地的比較，特別是在您在那裡看到擴張的第二大客戶是？

Hey, Gili. So this is Eran again. So the fact that we hired more salespeople is basically because we see a lot of demand and a lot of opportunity within our own customer base. So it makes sense building towards growth for 2025. So we're pretty confident on that and our plans for 2025 as well.

嘿，吉利。這又是埃蘭。因此，我們僱用更多銷售人員的事實基本上是因為我們在自己的客戶群中看到了很多需求和很多機會。因此，朝著 2025 年的成長目標邁進是有意義的。因此，我們對此以及 2025 年的計劃充滿信心。

And again, like as we grow, more revenues coming from existing customers as they upgrade, buying more products and adding more seats. But our acquisition engine and bringing the customers remains a very strong part of the business. And we're investing a lot into that and growing that as well. So I would say that both in expanding existing customers and acquiring new customers, it's according to our original plan. And demand in the market looks very stable.

再一次，就像我們的成長一樣，隨著現有客戶升級、購買更多產品和增加更多座位，更多收入來自於他們。但我們的收購引擎和吸引客戶仍然是我們業務的一個非常重要的部分。我們對此投入了大量資金並不斷發展。所以我想說，無論是擴大現有客戶還是獲取新客戶，都是按照我們原來的計畫進行的。而且市場需求看起來非常穩定。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Great. Thank you for taking the questions. It seems like you're seeing half of paying customers for service come from cross-sell. And I think the product is still in beta, right? So do you think service might have a much bigger cross-sell opportunity versus CRM and that you might actually realize it faster than CRM?

偉大的。感謝您提出問題。您似乎看到一半的付費服務客戶來自交叉銷售。我認為該產品仍處於測試階段，對吧？那麼您是否認為服務可能比 CRM 擁有更大的交叉銷售機會，並且您實際上可能比 CRM 更快地意識到這一點？

Yeah, hi. It's Roy. So we do see a great opportunity to cross-sell with service. It is, like you mentioned, still in beta and very early stage. So like it's not something we see as a significant part of our, let's say, revenue next year. But we do see it as a huge growth potential going forward. Too soon to tell how it will measure up compared to CRM.

是的，嗨。是羅伊。因此，我們確實看到了交叉銷售與服務的絕佳機會。正如您所提到的，它仍處於測試階段並且非常早期。因此，我們認為這並不是我們明年收入的重要組成部分。但我們確實認為它是未來巨大的成長潛力。與 CRM 相比，現在判斷它的表現還為時過早。

Okay. Understood. I wanted to ask you on net retention as well, just as a follow-up. It seems like you're seeing an uptick, but it seems like the uptick is largely in the large customer segments.

好的。明白了。我也想問你有關淨留存率的問題，作為後續行動。您似乎看到了成長，但成長主要集中在大型客戶群中。

Maybe talk about how much of that is due seat unlocks from mondayDB versus cross-sell? And maybe broadly, Eliran, has that metric turned the corner as we look into the next several quarters?

也許可以談談從 mondayDB 與交叉銷售中解鎖的席位有多少？也許從廣義上講，Eliran，當我們展望未來幾季時，該指標是否已經出現轉折點？

Yeah. Hi, Pinjalim, it's Eliran. So again, we are pleased with our NDR. It increased to 111%, which is ahead of our expectations. And I think that we expect it to be largely stable in Q4.

是的。嗨，Pinjalim，我是 Eliran。再次強調，我們對 NDR 感到滿意。增長至111%，超出了我們的預期。我認為我們預計第四季將基本穩定。

To your question if it's going to be a turning point going into next year, so we foresee opportunity for continued improvement in fiscal year 2025. This is the result of the fact that we continue to go up market, potentially, the impact of the price increase around 100 to 200 basis points. And I would say it's also broad-based across all customers with gross retention also getting to record high.

對於你的問題，這是否會成為明年的轉捩點，因此我們預計 2025 財年將有持續改進的機會。這是我們持續走高市場的結果，可能受到價格上漲100到200個基點左右的影響。我想說的是，它在所有客戶中也具有廣泛的基礎，總保留率也創歷史新高。

Understood. Thank you very much.

明白了。非常感謝。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Thank you. Good morning. I wanted to touch base on service again. What are the key kind of product milestones you're looking for that product to hit in order to GA? I know it's been a pretty successful beta. But what are the key last parameters that you'd like to see before that's released?

謝謝。早安.我想再談談服務。您希望該產品達到哪些關鍵的產品里程碑才能上市？我知道這是一個非常成功的測試版。但在發布之前您希望看到的最後關鍵參數是什麼？

And then one quick follow-up on guidance.

然後是對指導的快速跟進。

Yeah. So, hi, Brent, this is Eran. So like Eliran mentioned, we're very excited about monday service. It feels like there's a huge opportunity there, especially cross-selling that product to existing customers. Because of that and because we see them and also from our larger customers, we just want to make sure that, one, the product is mature enough so that it can scale within our existing customers, not just the smaller ones but also the midmarket enterprise customers.

是的。所以，嗨，布倫特，這是埃蘭。正如 Eliran 所提到的，我們對週一的服務感到非常興奮。感覺那裡有巨大的機會，尤其是向現有客戶交叉銷售該產品。正因為如此，因為我們看到了他們，也看到了我們的大客戶，我們只想確保，第一，產品足夠成熟，以便它可以在我們現有的客戶中擴展，不僅是小型客戶，而且是中端市場企業顧客。

And then there's a bunch of features that we're planning to finalize before the official launch. One of them is the customer portal where people can create tickets, and also some AI functionality that we added into the product. We feel that we're pretty close to launching the full release of that product. And the feedback from customers is very good.

我們計劃在正式發布之前完成一系列功能。其中之一是客戶門戶，人們可以在其中建立票證，還有我們添加到產品中的一些人工智慧功能。我們覺得我們已經非常接近推出該產品的完整版本了。而且客戶的反饋非常好。

So overall, we're very excited. There seems to be strong demand in terms of go-to market, and also a great reception from customers who already use the product.

總的來說，我們非常興奮。市場需求似乎很強勁，並且已經使用該產品的客戶也很受歡迎。

Helpful. And then, Eliran, the guidance here have been pretty consistent all year, 28% to 30% forward outlook here for four consecutive quarters now. How would you frame just the demand going into kind of year-end here?

有幫助。然後，Eliran，這裡的指導全年都相當一致，現在連續四個季度的前瞻性展望為 28% 到 30%。您將如何定義進入年底的需求？

So demand development -- hey, Brent, it's Eliran. As Eran said, demand development has been very stable. It's broad-based. We still see strong momentum coming from SMB and continue to move up market. I would expect it to be getting slightly better going into next year based on what we heard from other companies. But there are still some signs of choppiness in some segments.

所以需要開發——嘿，布倫特，我是 Eliran。正如Eran所說，需求發展一直非常穩定。它的基礎廣泛。我們仍然看到中小企業的強勁勢頭，並繼續向高端市場邁進。根據我們從其他公司聽到的消息，我預計明年情況會略有好轉。但某些領域仍存在一些波動的跡象。

So I would say -- I don't want to tell you that there's going to be a dramatic change going into next year, but it's going to be a combination of we see strong momentum on our business, but there is some choppiness in market.

所以我想說 - 我不想告訴你明年將會發生巨大的變化，但這將是我們看到業務強勁勢頭的結合，但市場存在一些波動。

Helpful color. Thank you.

有用的顏色。謝謝。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

Hey, guys. Thanks for the question. Just a follow-up on Brent's question. As we think about our models for next year and building up to our estimates for 2025, any early insight into the things to think about maybe as we continue all of the price increase into next year? Maybe should we look at 4Q as a reasonable starting point? Just any bread crumbs we can use for our models for next year growth.

嘿，夥計們。謝謝你的提問。只是布倫特問題的後續。當我們思考明年的模型並建立 2025 年的預測時，當我們繼續將所有價格上漲延續到明年時，您對需要考慮的事情有什麼早期見解嗎？也許我們應該將第四季視為一個合理的起點？我們可以將任何麵包屑用於我們明年成長的模型。

Hi. This is Eliran. so we will give our fiscal year '25 guidance as part of next year earnings call. But we remain optimistic that with monday service, with the price increase that we did, with the cross-sell opportunities, with the fact that momentum continues to be good, we are going to see some potential upside also next year.

你好。這是埃里蘭。因此，我們將在明年的財報電話會議中提供 25 財年的指導。但我們仍然樂觀地認為，透過週一的服務、我們所做的價格上漲、交叉銷售機會以及勢頭繼續良好的事實，我們明年也將看到一些潛在的上漲空間。

Excellent. And then you guys have seen really strong product development with the new product line releases. But any thoughts on M&A here? Like, would it make sense to maybe acquire some bolt-on AI capabilities? Just wanted to see if your thought process has changed around that at this point.

出色的。然後你們就看到了新產品線發布後非常強勁的產品開發。但對於併購有什麼想法嗎？例如，獲得一些附加的人工智慧功能是否有意義？只是想看看此時您的思考過程是否有改變。

Yeah. Hi, Ryan, this is Eran. So yes, definitely, we have an M&A team. We're constantly monitoring the market and looking for opportunities. Once we find the right one, we'll definitely try to explore that opportunity. But given the cash reserves that we have and the opportunity that we have as a company, we're definitely looking into that as well.

是的。嗨，瑞安，我是伊蘭。所以，是的，我們肯定有一個併購團隊。我們不斷監控市場並尋找機會。一旦找到合適的人，我們一定會嘗試探索這個機會。但考慮到我們擁有的現金儲備以及我們作為一家公司所擁有的機會，我們肯定也會對此進行研究。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks. With Yoni's leaving, can you just talk through the transition? And ultimately, in past sales transition, it takes some time to settle in. What gives you confidence maybe this isn't as big of a turbulence? Or perhaps it is, but give us a sense of how you're going to manage that?

謝謝。隨著 Yoni 的離開，你能談談過渡期嗎？最終，在過去的銷售轉型中，需要一些時間來適應。是什麼讓你有信心也許這不是那麼大的動盪？或者也許是，但請讓我們了解一下您將如何管理它？

Yeah, Brent. So this is Eran. So basically, Yoni will stay in his role until the end of the year. And then he will remain in the company as an adviser until we find a replacement for CRO. We're pretty confident that we'll be able to find a new CRO of the company in the near future. We're looking for candidates across the globe, and there's a lot of great talent out there.

是的，布倫特。這就是埃蘭。所以基本上，Yoni 將繼續擔任他的角色直到今年年底。然後他將繼續留在公司擔任顧問，直到我們找到 CRO 的替代者。我們非常有信心在不久的將來能夠為該公司找到新的 CRO。我們正在全球範圍內尋找候選人，那裡有很多優秀的人才。

And we're doing an orderly transition plan. We've got everything covered and got great management as part of our leadership -- and leadership in our CRO organization. So we're pretty confident that things will remain stable, and we have ambitious plans for 2025.

我們正在製定有序的過渡計劃。作為我們領導層以及 CRO 組織領導力的一部分，我們已經涵蓋了一切，並擁有出色的管理。因此，我們非常有信心事情將保持穩定，並且我們為 2025 年制定了雄心勃勃的計劃。

Great. And then can you just give us a quick update on the CRM traction? What mile markers are you proud of? And what's kind of the next chapter as we head into next year that you're excited to cross with CRM? thanks.

偉大的。那麼可以為我們簡單介紹一下 CRM 的最新發展嗎？您為哪些里程標記感到自豪？當我們進入明年時，您對跨入 CRM 感到興奮的下一章是什麼？謝謝。

Yeah, hi. It's Roy. So within CRM, we are always looking to like scale it up a notch in terms of the sizes of business we're approaching. Part of it is like scaling the infrastructure like we announced to support large data sets, and also adding AI to many areas that really facilitate and make sales process much faster and robust. So we're super excited about CRM, it remains a very strong growth area for us, and keep investing in it.

是的，嗨。是羅伊。因此，在 CRM 中，我們總是希望根據我們正在處理的業務規模將其擴大一個檔次。其中一部分就像我們宣布的那樣擴展基礎設施以支援大型數據集，並將人工智慧添加到許多領域，從而真正促進並使銷售流程變得更快、更穩健。因此，我們對 CRM 感到非常興奮，它對我們來說仍然是一個非常強勁的成長領域，並繼續對其進行投資。

Thanks.

謝謝。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc 資本市場。

Great. Thanks for taking our questions. The first one is on the sales rep motion. Can we just kind of go over what that typical motion looks like? Are they trying to sell into net new high-level purchasers? Is it rounding up kind of disparate teams that might be using monday across an organization and bringing them all together? And then I'm just curious like how this role might change with the leadership changes in that organization?

偉大的。感謝您回答我們的問題。第一個是關於銷售代表的動議。我們可以回顧一下典型的運動是什麼樣子嗎？他們是否試圖向新的高層淨買家出售產品？是否會將整個組織中可能使用周一的不同團隊聚集在一起？然後我很好奇這個角色會如何隨著組織中領導階層的變化而改變？

Yeah. Jason, this is Eran. So very broadly, in general, the way our sales organization is built is that we have different teams that focus on different go-to-market, meaning SMB, mid-market and enterprise customers.

是的。傑森，這是伊蘭。總的來說，我們的銷售組織的建構方式是，我們擁有不同的團隊，專注於不同的市場推廣，即中小企業、中端市場和企業客戶。

And then within each one of those segments, we have the AEs and AMs. AEs focus on acquiring and converting new businesses that sign up or have interest in using platforms; and AMs, which is the most significant part of our sale organization, are focused on expanding the customers.

然後在每一部分中，我們都有 AE 和 AM。AE 專注於收購和轉換註冊或有興趣使用平台的新業務； AM 是我們銷售組織中最重要的部分，專注於擴大客戶。

What they usually do is either expand an existing use case or find new buyers within the organization to sell them additional use cases or additional products. We're planning to scale that.

他們通常所做的就是擴展現有用例或在組織內尋找新買家向他們出售額外的用例或額外的產品。我們正計劃擴大規模。

As part of the CRM transition, I think this also presents an opportunity. We're also going up market and definitely opportunity to expand that motion. We're going to bring more seasoned sales reps, and perhaps, leadership that have expertise in getting into the enterprise segment as well. So all in all, this is how the team is built, and we're planning to scale that and invest more heavily into larger accounts.

作為 CRM 轉型的一部分，我認為這也提供了一個機會。我們也正在進入高端市場，這絕對是擴大這項動議的機會。我們將引進更多經驗豐富的銷售代表，也許還有在進入企業領域擁有專業知識的領導階層。總而言之，這就是團隊的組建方式，我們計劃擴大規模，並向更大的客戶投入更多資金。

Okay. All right. Great. Understood. And then my second question is actually also on go-to-market, but it's more in down-market, that kind of the funnel on the low end.

好的。好的。偉大的。明白了。然後我的第二個問題實際上也與進入市場有關，但更多的是在低端市場，即低端的漏斗。

But has there been any impact from your pricing increases on maybe the -- has there been a commensurate increase in performance marketing spend to try and land those customers in the funnel, given that now you've got an increased lifetime customer value, you assume from the higher prices? But I'm curious how that impacts the performance marketing spend. Thank you.

但是，您的定價上漲是否會產生任何影響 - 效果行銷支出是否相應增加，以嘗試將這些客戶納入漏斗，因為現在您的終身客戶價值增加了，您假設來自較高的價格？但我很好奇這如何影響效果行銷支出。謝謝。

Hi. It's Roy. Our performance marketing, like always, is driven by results. And we did a test before the pricing and after. And obviously, what you see is less pure number of customers, but higher quality ones that has more potential to scale upwards. And this is in line with the strategy we have in the sales team and like the whole company is geared towards like taking our sweet spot, if you like, higher.

你好。是羅伊。我們的績效行銷一如既往地以結果為驅動力。我們在定價之前和之後做了測試。顯然，您看到的客戶數量不那麼純粹，而是質量更高、更有潛力向上擴展的客戶。這符合我們銷售團隊的策略，整個公司都致力於將我們的最佳位置（如果你願意的話）提升到更高的水平。

Okay, Roy. Thank you.

好吧，羅伊。謝謝。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey, guys. Maybe just the very large customer expansion. Can you talk a bit about what they adopted? Was there a consolidation motion with respect to that? And maybe just the pipeline for those types of deals as you kind of go into the end of the year? And then I have a quick follow-up.

嘿，夥計們。也許只是非常大的客戶擴張。能談談他們採用了什麼嗎？是否有與此相關的合併動議？也許只是在年底時進行此類交易的管道？然後我會進行快速跟進。

Yeah. Hi, Alex, this is Eran. So this company has grown a lot since 2023, over 24x increase. Just until recently they had 25,000 seats, and now we have this additional upgrade.

是的。嗨，亞歷克斯，這是埃蘭。因此，自 2023 年以來，這家公司成長了許多，成長了 24 倍以上。直到最近，他們還有 25,000 個座位，現在我們進行了額外的升級。

What basically happened is they got more departments using the product across the team. We now have departments from consulting, infrastructure, finance, operations, and also the sales team. So all in all, it's become a very significant tool within the company.

基本上發生的事情是，他們讓整個團隊中有更多的部門使用該產品。我們現在有諮詢、基礎建設、財務、營運等部門，還有銷售團隊。總而言之，它已成為公司內非常重要的工具。

And also more room to grow. The physique is great. And if you add that to the other large customers that we announced in the previous quarter, we see great traction in terms of not just landing larger accounts, but also extending them over time. So we see more and more of those deployments that land within our platform.

還有更多的成長空間。體質棒極了。如果將其添加到我們上一季宣布的其他大客戶中，我們不僅會看到更大的客戶，而且會隨著時間的推移而擴展它們。因此，我們看到越來越多的部署落入我們的平台。

Perfect. And then maybe just with the management changes, what does Adi bring to the table that you didn't have before? And maybe why was that the right time after this addition? And as you think about Yoni's replacement, how important is kind of larger enterprise sales experience with respect to that?

完美的。也許隨著管理階層的變動，阿迪會為你帶來什麼以前沒有的東西？也許為什麼在這個添加之後是正確的時間？當您考慮替換 Yoni 時，大型企業的銷售經驗對此有多重要？

Yeah. This is Eran. So first of all, we're very excited for Adi to join. I think it brings experience in two ways.

是的。這是埃蘭。首先，我們對阿迪的加入感到非常興奮。我認為它透過兩種方式帶來經驗。

One is scaling, building large organizations. He had experience managing a very big organization with a lot of people, a lot of departments with complexity. And I think his expertise and knowledge can really help us scale the organization, not just in terms of management, but also in terms of processes, business processes, strategic processes that we have. So definitely, we already see great impact from that. That's definitely very helpful.

一是擴大規模，建立大型組織。他有管理一個擁有很多人、很多複雜部門的大型組織的經驗。我認為他的專業知識和知識確實可以幫助我們擴大組織規模，不僅在管理方面，而且在我們擁有的流程、業務流程和策略流程方面。毫無疑問，我們已經看到了巨大的影響。這絕對非常有幫助。

Also, we have a lot of technology expertise in different domains, but he really understands technology, understands the SaaS business, and he knows how to leverage and increase also sales org, and he brings a lot of expertise around those areas as well. So all in all, I think he will bring a lot to the table and will help us scale the company past this point.

此外，我們在不同領域擁有很多技術專業知識，但他真正了解技術，了解 SaaS 業務，他知道如何利用和增加銷售組織，他也帶來了這些領域的大量專業知識。總而言之，我認為他會帶來許多好處，並幫助我們擴大公司規模，超越目前的規模。

Yeah. Hi. It's Roy. I can add that we -- Adi is someone we rely on a lot during this transition period and he helps us across the company.

是的。你好。是羅伊。我可以補充一點，阿迪是我們在這個過渡時期非常依賴的人，他為我們整個公司提供了幫助。

There was a second part, this is Eliran, there was a second part of the question, I'll remind you, one about the CRO, how important it is to have experience in going up market.

還有第二部分，這是 Eliran，問題的第二部分，我提醒你，關於 CRO，擁有進入高端市場的經驗是多麼重要。

Yeah. So definitely, in terms of the new CRO that we're looking for, we're looking for somebody that will help us go through this transition that we're going through as a company. We're investing a lot into that. And as part of that, Yoni has been busy transitioning the sales team. And in this new role, we also look to, as always, continue that momentum. We already made a lot of progress, great progress on that front. I'm sure that once we find the right person to join the company, he or she will help us complete this transition.

是的。因此，毫無疑問，就我們正在尋找的新 CRO 而言，我們正在尋找能夠幫助我們完成公司轉型的人。我們對此投入了大量資金。作為其中的一部分，Yoni 一直忙於調整銷售團隊。在這個新角色中，我們也希望一如既往地延續這股勢頭。我們已經取得了許多進展，在這方面取得了巨大進展。我確信，一旦我們找到合適的人加入公司，他或她將幫助我們完成這項轉變。

Perfect.

完美的。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Hey, guys. I wanted to go back to monday CRM for a bit. I think you announced some pretty interesting new capabilities at Elevate. It sounds like there's campaign management capabilities that are going to be now built in-house.

嘿，夥計們。我想稍微回顧一下週一的 CRM。我認為您在 Elevate 上宣布了一些非常有趣的新功能。聽起來現在將在內部建立活動管理功能。

Can you talk a little bit about what your long-term ambitions are for monday CRM? And could we, in the future, expect this to become a full-on kind of sales and marketing suite that lives inside monday? And if so, how do you think about kind of the build versus buy versus partner motion for CRM in particular?

能否談談您對 CRM 的長期目標是什麼？未來，我們能否期望這成為​​週一內的一種全面的銷售和行銷套件？如果是這樣，您如何看待 CRM 的建置、購買和合作夥伴動議？

Hi. It's Roy. So CRM is essentially built on monday work OS, which gives us amazing capabilities in terms of flexibilities and the complexity it can manage, and also the connectivity to the rest of the organization. So I think this is something that our customers really appreciate and want; the connectivity across the organization, being able to build things connectively with other departments.

你好。是羅伊。因此，CRM 本質上是建立在周一工作作業系統的基礎上的，它為我們提供了令人驚嘆的靈活性和可管理的複雜性以及與組織其他部門的連接方面的能力。所以我認為這是我們的客戶真正欣賞和想要的東西；整個組織的連結性，能夠與其他部門建立連結。

And those additions we mentioned, kind of connected to that as well and add more wholeness to the CRM suite that we see ourselves building over time.

我們提到的這些新增內容也與此相關，並為我們隨著時間的推移而建立的 CRM 套件增添了更多完整性。

Okay. Understood. And then if I can just turn to the quarter for a second. Certainly, 32% growth is very strong. I think when I look at the sequential growth from Q2 to Q3, it looks a little bit lighter than we've seen historically. So can you just touch a little bit on what happened this quarter? What trends you saw in the business and whether there's any timing elements from the move up market that we should consider as we're just thinking about the financials this quarter and going forward?

好的。明白了。然後我可以談談本季的情況嗎？當然，32%的成長是非常強勁的。我認為，當我查看第二季到第三季的連續成長時，它看起來比我們歷史上看到的要輕一些。能簡單介紹一下本季發生的事情嗎？您在業務中看到了哪些趨勢，以及我們是否應該考慮上升市場的任何時機因素，因為我們只是考慮本季和未來的財務狀況？

Sure, Arjun. This is Eliran. First of all, we are pleased with Q3 performance. We are still a Rule of 50 company. We had an exceptional performance in Q2. It sets a high bar for Q3. And if you think about what we presented even in the Investor Day, we are going to be above our expectation in fiscal year '24.

當然，阿瓊。這是埃里蘭。首先，我們對第三季的表現感到滿意。我們仍然是 50 規則公司。我們在第二季度表現出色。它為第三季設定了很高的標準。如果你想想我們在投資者日所展示的內容，我們將在 24 財年超越我們的預期。

Nevertheless, in Q3, we saw some continued choppiness in the macro, including pure enterprise customers, if you look at the total heads, which was impacted in part by slower hiring in sales. As I said, we had a very strong Q2, an outlier, and a slower-than-expected growth in monday dev as we pivot to focus on developers. So I would say all of the above created some light September, but we're seeing already strong momentum in October.

儘管如此，在第三季度，我們看到宏觀經濟持續波動，包括純粹的企業客戶，如果你看看總負責人，這在一定程度上受到銷售招聘放緩的影響。正如我所說，隨著我們專注於開發人員，我們的第二季表現非常強勁，但週一開發人員的成長卻低於預期。所以我想說，上述所有因素都為 9 月帶來了一些光明，但我們在 10 月已經看到了強勁的勢頭。

Okay. Got it. That's helpful. Thank you, Eliran.

好的。知道了。這很有幫助。謝謝你，埃里蘭。

Michael Berg, Wells Fargo Securities.

麥可‧伯格，富國銀行證券公司。

Hi. Thank you for taking the questions. Congrats on the quarter. I wanted to turn back to pricing real quick. There hasn't been much of an update in the last couple of quarters on contribution from pricing. Is there any incremental color there from the potential contribution in the quarter or for the year or in the quarter, whether it be quantitative or directional?

你好。感謝您提出問題。恭喜本季。我想盡快回到定價問題上。過去幾個季度，定價貢獻沒有太多更新。本季、本年度或本季的潛在貢獻是否有任何增量色彩，無論是定量的還是方向性的？

Yeah. So this is Eran. So just a quick update on pricing. The new pricing remains on target to be fully rolled out by July of 2025. So we're still kind of in the middle of the process.

是的。這就是埃蘭。所以只是快速更新一下定價。新定價仍定於 2025 年 7 月全面推出。所以我們仍然處於這個過程的中間。

So far, it's been rolled out to about 50% of our customers. We see about 30% impact -- $30 million, sorry, impact for fiscal 2024. And total impact from the price increase will be about $80 million between fiscal '24 and fiscal year '26. So those are kind of the updated figures.

到目前為止，它已推廣到我們約 50% 的客戶。我們看到大約 30% 的影響——抱歉，2024 財年的影響為 3000 萬美元。從 24 財年到 26 財年，價格上漲的總影響約為 8,000 萬美元。這些是更新後的數據。

But just to give you some more color, we are going really well with the price increase. Reception from customers is good. We don't see any kind of negative feedback. So we continue to roll out the pricing as we planned.

但為了帶給大家更多的色彩，我們在提價方面進展順利。客戶的反應良好。我們沒有看到任何負面回饋。因此，我們繼續按計劃推出定價。

Helpful. And then a quick follow-up on service. It looks like it's expected to be GA here in Q4. We had heard through the grapevine that there might have been some delays. Anything to point to there? Any color versus potentially prior expectations around GA? Obviously, the feedback is incredibly strong from the ecosystem as well as from Elevate. So anything to help point us in the right direction there would be helpful. Thanks.

有幫助。然後快速跟進服務。看起來預計將在第四季正式發布。我們透過小道消息聽說可能會有一些延誤。有什麼可以指點的嗎？與 GA 相關的潛在先前預期相比，有什麼顏色嗎？顯然，來自生態系統和 Elevate 的回饋非常強烈。因此，任何能幫助我們指明正確方向的事情都會有所幫助。謝謝。

Yeah. So this is Eran. So there's no delay. Basically we planned to roll out at the end of the year, and this is largely when we release the full version. Just to remind you, it's already available for customers in beta, with great reception and feedback when they used the product.

是的。這就是埃蘭。所以沒有延遲。基本上我們計劃在今年年底推出，這主要是在我們發布完整版本的時候。只是提醒您，它已經可供測試版客戶使用，並且在使用該產品時獲得了良好的反響和反饋。

So around the end of the year, beginning of next year, January, we'll announce the product to be GA, and then kind of open it up for our entire customer base. But the product is up and running and there's great feedback from customers, so it's pretty much on schedule.

因此，在今年年底、明年年初、一月左右，我們將宣布該產品正式上市，然後向我們的整個客戶群開放。但該產品已經啟動並運行，並且得到了客戶的良好反饋，所以它基本上是按計劃進行的。

Thank you.

謝謝。

Mike Funk, Bank of America.

麥克‧芬克，美國銀行。

Yeah. Thank you for the questions. Just quick one, thinking about the revenue growth trajectory and the factors that go into that. We did see either a flattening or a decline in the customer net additions across CRM and dev this quarter. You mentioned the price impact of $30 million for '24, a slight uptick from what you had before. And then not expecting a lot of contribution from service next year.

是的。謝謝你的提問。快速思考一下營收成長軌跡及其影響因素。我們確實看到本季 CRM 和開發領域的客戶淨增量趨於平緩或下降。您提到了 24 年 3000 萬美元的價格影響，比您之前的影響略有上升。然後預計明年的服務會做出很多貢獻。

So maybe just help me think through those factors and how they're going to impact revenue growth, if I'm missing anything. And if maybe we are hitting a point when law of large numbers is catching up to us in terms of maintaining 30%-plus.

因此，也許只是幫助我思考這些因素以及它們將如何影響收入成長（如果我遺漏了什麼）。如果我們正達到一個臨界點，大數定律正在追趕我們，保持 30% 以上。

Hi, it's Eliran. So as we said in prior quarters, as part of the price increase, we said that we expect high single digits ahead of new customers compared to prior year. However, the ACV and the land is bigger. And this is something when we already finished the last year with 225,000 customers, obviously, in terms of percentage are going to be slightly lower than what you have seen in the past.

嗨，我是伊萊蘭。正如我們在前幾個季度所說，作為價格上漲的一部分，我們預計新客戶數量將比去年高出個位數。然而，ACV和土地更大。這是去年我們已經擁有 225,000 名客戶的情況，顯然，就百分比而言，將略低於您過去看到的情況。

With regards to service, strong momentum, we expect it to continue to next year. This is in line with what we saw with CRM. Great adoption between our customers -- sorry, among our customers. So this is something that we think will contribute to next year.

在服務方面，強勁的勢頭，我們預計明年仍將持續。這與我們在 CRM 中看到的情況一致。我們的客戶之間的廣泛採用 - 抱歉，我們的客戶之間的採用。因此，我們認為這將在明年做出貢獻。

And price increase, as Eran mentioned, we continue to contribute by between 2024 and 2026 around $80 million. So nothing much has changed from what we have seen in the past other than what I mentioned earlier with regards to enterprise net adds in Q3, as well as some softness in dev.

至於價格上漲，正如 Eran 所提到的，我們將在 2024 年至 2026 年間繼續貢獻約 8,000 萬美元。因此，除了我之前提到的第三季企業網路增加以及開發方面的一些疲軟之外，我們過去看到的情況沒有太大變化。

And also, hi, it's Roy, I can add that, like you mentioned, like size, so we have a very large amount of existing customers. And a large portion of our sales team is focused on increasing adoption within existing customers and also a product road map geared towards growth within existing customer, if that helps.

另外，嗨，我是羅伊，我可以補充一點，就像你提到的，例如尺寸，所以我們有大量的現有客戶。我們的銷售團隊的很大一部分專注於提高現有客戶的採用率，以及面向現有客戶成長的產品路線圖（如果有幫助的話）。

Okay. And just to confirm that my notes are correct, the $30 million impact for fiscal '24 from price, that was an increase from $25 million previously?

好的。只是為了確認我的筆記是正確的，24 財年價格影響為 3000 萬美元，比之前的 2500 萬美元增加了？

Yes, $25 million to $30 million, correct.

是的，2500 萬到 3000 萬美元，正確。

Great. Okay, thank you all very much.

偉大的。好的，非常感謝大家。

Derrick Wood, TD Cowen.

德里克·伍德，TD·考恩。

Thanks, guys. So you've been pushing up market pretty aggressively in recent quarters. And I'm just wondering if this is having any impact to deal cycle time frames. I imagine, as you start doing more multi-thousand seat deals, there's more buyers involved and a longer sales cycle.

謝謝，夥計們。所以最近幾季你們一直在非常積極地推高市場。我只是想知道這是否會對交易週期時間框架產生任何影響。我想，當你開始進行更多的數千座位交易時，就會有更多的買家參與其中，銷售週期也會更長。

So just wondering if perhaps there's a little more seasonality coming into the model because of these bigger deals and perhaps a little less activity in Q3 and a little more of a flush of activity in Q4? Is that the right way to be thinking about it? And any comment of how you're seeing pipelines of large 1,000-seat-plus deals heading into Q4?

因此，我想知道，由於這些較大的交易，以及第三季度的活動可能會減少一些，而第四季度的活動會增加一些，模型中是否會出現更多的季節性？這是正確的思考方式嗎？您對進入第四季度的 1,000 多個席位的大型交易有何評論？

Yeah. Derrick, it's Eliran. So as I mentioned earlier, we came on a very strong -- we came on the back of a very strong Q2. And obviously, Q3, you have July and August which are traditionally months of vacations in Europe and potentially in the US. But I don't want to kind of provide this as a seasonality kind of dramatic change that we have seen.

是的。德瑞克，我是艾利蘭。正如我之前提到的，我們在第二季表現非常強勁。顯然，第三季度，七月和八月傳統上是歐洲休假的月份，也可能是美國休假的月份。但我不想將其視為我們所看到的季節性的戲劇性變化。

As I said, potentially with the fact that there is some still macro headwinds to a certain extent in some areas of the market, the macro is still choppy, potentially, this has contributed to some of the fact that we saw less enterprise customer adds. And as I mentioned also, the monday dev that was more soft than we anticipated. But again, looking at October, we are seeing still momentum very positive. And I don't want to tell you that this was a strong seasonality trend in Q3.

正如我所說，由於市場某些領域在一定程度上仍然存在一些宏觀阻力，因此宏觀經濟仍然不穩定，這可能導致我們看到企業客戶數量減少。正如我也提到的，週一的開發比我們預期的更加疲軟。但同樣，展望 10 月份，我們看到勢頭仍然非常積極。我不想告訴您這是第三季的強勁季節性趨勢。

Got it. And then maybe just to touch on just the competitive landscape. I mean, I guess as you've pushed into new product areas, more up market, there was some stats in the past on, like greenfield percentage of deals. Like has that changed much as your market positioning has evolved?

知道了。然後也許只是談談競爭格局。我的意思是，我猜當你進入新產品領域、更高端的市場時，過去有一些統計數據，例如綠地交易的百分比。隨著您的市場定位的發展，這種情況是否發生了很大變化？

Hi. It's Roy. So I think as we push towards larger deals, we see more competition on deals. If you look at the average, I'm not sure if it's changed or not, but definitely within CRM, we are competing against other players. But while a lot of new adoption comes from greenfield still, but they are comparing us to competitors.

你好。是羅伊。因此，我認為，隨著我們推動更大的交易，我們會看到交易上的競爭更加激烈。如果你看一下平均值，我不確定它是否改變了，但在 CRM 中，我們肯定是在與其他參與者競爭。儘管許多新的採用仍然來自於未開發的領域，但他們正在將我們與競爭對手進行比較。

Yaah. That makes sense. Okay, thank you.

是啊。這是有道理的。好的，謝謝。

DJ Hynes, Canaccord.

DJ 海因斯，Canaccord。

Hey, guys. Thanks for taking the questions. Any updates on the partner ecosystem, especially as you go further upmarket, growth there, contribution of the business, your ability to monetize that activity? And any trends emerging that are worth calling out?

嘿，夥計們。感謝您提出問題。關於合作夥伴生態系統的任何更新，特別是當您進一步進入高端市場時，那裡的成長，業務的貢獻，您透過該活動獲利的能力？有哪些值得關注的新興趨勢？

Yeah. Hi, DJ, this is Eran. So no major update, but we continue to see great momentum with our partner ecosystem. What we see over time is more and more partners are also delivering services to our customers, not just helping them with the implementation, but also help them customize the platform even more.

是的。嗨，DJ，我是埃蘭。因此，沒有重大更新，但我們繼續看到我們的合作夥伴生態系統的強勁勢頭。隨著時間的推移，我們看到越來越多的合作夥伴也在為我們的客戶提供服務，不僅幫助他們實施，還幫助他們進一步客製化平台。

We're also starting to see more partners specialize in each one of our specific products, so more partners that focus on CRM, more partners that focus on dev products. And I'm sure as we launch monday service, we're going to add more partners that have expertise in that.

我們也開始看到更多的合作夥伴專注於我們的每一種特定產品，因此更多的合作夥伴專注於 CRM，更多的合作夥伴專注於開發產品。我確信，當我們推出週一服務時，我們將增加更多擁有這方面專業知識的合作夥伴。

But overall, we continue to see great momentum with the partner ecosystem. It remains a significant part of our revenue composition and in terms of helping larger customers onboard and use the platform.

但總體而言，我們繼續看到合作夥伴生態系統的強勁勢頭。它仍然是我們收入組成的重要組成部分，並幫助更大的客戶加入和使用平台。

Got it. And then maybe a follow-up on service. Just based on the beta usage you've seen to date, how much of the demand has been for internal ticketing use cases versus customer-facing support? And do you see that kind of evolving over time with public availability here on the horizon?

知道了。然後也許是後續服務。僅根據您迄今為止所看到的測試版使用情況，內部票務用例與面向客戶的支援的需求有多少？您是否認為隨著時間的推移，隨著公眾可用性的出現，這種情況會改變？

Yes. So maybe -- this is Eran. So maybe important to emphasize, we don't just see IT service. What we've seen currently from different use cases that we have, we see, obviously, IT service, but we see a lot of ticketing around HR, around operations, all the way to finance, marketing teams and customer support, internal customer support ticketing.

是的。所以也許──這是埃蘭。因此，也許需要強調的是，我們不僅僅看到 IT 服務。我們目前從不同的用例中看到的，顯然是 IT 服務，但我們看到大量圍繞人力資源、營運、一直到財務、行銷團隊和客戶支援、內部客戶支援的票務售票處。

Currently, we don't plan to position monday service as an outside-facing support platform, but mostly within the company. But given the current use cases, it's very broad across the company, not just for IT, but across almost any department.

目前，我們不打算將週一服務定位為面向外部的支援平台，而主要是在公司內部。但考慮到目前的用例，它在整個公司範圍內非常廣泛，不僅適用於 IT，而且幾乎適用於所有部門。

Okay, got it. Thank you, guys. Appreciate the color.

好的，明白了。謝謝你們，夥計們。欣賞顏色。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Okay. Great. Thanks for taking questions here. I guess I just want to ask on some of the choppiness that you're seeing and some of the impacts that you saw this quarter. I guess, maybe, how is that being accounted for in the Q4 outlook? Is there maybe some incremental conservatism that's being baked in or accounted for here? Just can you also think about maybe some of the moving pieces that you're kind of incorporating in the outlook?

好的。偉大的。感謝您在這裡提出問題。我想我只是想問一下您在本季度看到的一些波動和一些影響。我想，也許，第四季的前景如何解釋這一點？這裡是否可能存在一些漸進的保守主義？您是否也可以考慮一下您將在前景中融入的一些令人感動的部分？

Yeah. Steve, hi, it's Eliran. So I think I spoke about this earlier, but I will repeat. I mean, no, we continue to see steady demand across our business segments and its consistent growth rate. As we said, gross retention is at record levels. But there is some cautious spend environment with many of our customers. And in Q3, we saw some continued choppiness in the macro.

是的。史蒂夫，嗨，我是埃里蘭。所以我想我之前已經談到過這一點，但我會重複一遍。我的意思是，不，我們繼續看到我們各業務部門的穩定需求及其持續的成長率。正如我們所說，毛保留率達到了創紀錄的水平。但我們的許多客戶的消費環境都比較謹慎。在第三季度，我們看到宏觀經濟持續波動。

So again, we saw enterprise. Although it's the fastest-growing segment that we have, we saw fewer enterprise customer adds in Q3. As I said, it was impacted in part by slower hiring in sales and on the back of a very strong Q2. So I don't want to tell you that we baked conservatism. As we always said, when we provide guidance, we try to do it in a prudent way based on all the information that we know in the quarter. And we account for all the things that we know today.

我們再次看到了企業。儘管這是我們成長最快的細分市場，但我們在第三季看到的企業客戶數量有所減少。正如我所說，這在一定程度上受到銷售招聘放緩以及第二季度強勁表現的影響。所以我不想告訴你我們助長了保守主義。正如我們總是說的，當我們提供指導時，我們會根據本季度掌握的所有信息，嘗試以謹慎的方式進行。我們解釋了我們今天所知道的所有事情。

In addition, the company is growing and becoming more mature, and we wanted to make sure that we are providing the most accurate guidance possible while maintaining strong conviction in meeting our estimates.

此外，該公司正在成長並變得更加成熟，我們希望確保我們提供盡可能準確的指導，同時保持堅定的信念來滿足我們的估計。

Okay. Perfect. That's helpful context there. And then, I guess just following up on that, I think you said the sales hires is maybe a little bit slower. I guess, I just want to clarify that comment. And I guess, secondly, just how are you guys thinking about future sales headcount growth and maybe how that should kind of layer into the hiring plans going into next year?

好的。完美的。這是很有幫助的背景。然後，我想接下來，我想你說銷售人員的招募速度可能會慢一些。我想，我只是想澄清這個評論。我想，其次，你們如何看待未來銷售人員的成長，也許這應該如何融入明年的招募計畫？

Just, Steven, the last part of the question about hiring? You broke up a little.

史蒂文，關於招募問題的最後一部分？你們分手了一點。

Yeah. Just how you're thinking about future sales headcount adds and I guess the case of that as we head into '25.

是的。您如何看待未來銷售人員數量的增加，我猜當我們進入 25 年時，情況就是如此。

Pace of hiring. So Steve, this is Eliran, I will take it. So as we said, sales hiring was slower than what we anticipated, but we expect it to rebound in Q4. And we plan to ramp up hiring for sales quota carriers in Q4 and in fiscal year '25. The areas of investment will continue to be product R&D and go-to-market.

招募速度。所以史蒂夫，這是埃里蘭，我會接受的。正如我們所說，銷售招募速度比我們預期的要慢，但我們預計第四季會反彈。我們計劃在第四季和 25 財年增加銷售配額承運人的招募。投資領域將繼續是產品研發上市。

Worth mentioning that, if we look at the evolution of the business, with all the changes that we are doing in the CRO, so obviously, Eran mentioned earlier, we're going to hire people in the segment of account management, enterprise to continue to deepen within existing customer base. But momentum will continue to be strong across hiring.

值得一提的是，如果我們看看業務的發展，以及我們在 CRO 中所做的所有變化，那麼顯然，Eran 之前提到，我們將在客戶管理、企業領域僱用人員來繼續深化現有客戶群。但招募方面的勢頭將持續強勁。

Okay, perfect. Thanks for taking the questions.

好的，完美。感謝您提出問題。

Scott Berg, Needham.

史考特伯格，李約瑟。

Hi, everyone. Thanks for taking me questions. First one I wanted to jump on was your R&D spend took kind of an abnormal increase quarter over quarter, especially relative to historical seasonality between Q2 and Q3. Can you help us maybe unpack and understand what's driving the big R&D increase? Is there a specific product or something else in the strategy? Or is it just general hiring for R&D?

大家好。謝謝你回答我的問題。我想指出的第一個問題是，你們的研發支出逐季出現異常成長，特別是相對於第二季和第三季之間的歷史季節性而言。您能幫助我們解開並了解是什麼推動了研發的大幅成長嗎？策略中是否有特定的產品或其他內容？還是只是一般的研發招募？

Yeah, hi, Scott. It's Eliran. So over the last few quarters, we continue to say that an area of investment for us is going to be R&D and product. Having in mind everything that we are doing, innovation is in the core of everything we do on monday, introducing new product, investing in existing products, mondayDB, AI capabilities, features and functionalities.

是的，嗨，斯科特。是伊萊蘭。因此，在過去的幾個季度中，我們繼續說我們的投資領域將是研發和產品。考慮到我們正在做的一切，創新是我們週一所做的一切的核心，推出新產品、投資現有產品、mondayDB、人工智慧能力、功能和功能。

All of these things require talent, and this is something that we continue to do proactively. So we had strong overall hiring plans in Q3, and particularly for product and R&D, and as well as operations. So all of that is contributing to the fact that R&D is becoming more significant quarter over quarter.

所有這些事情都需要人才，這是我們繼續積極主動做的事情。因此，我們在第三季制定了強有力的整體招聘計劃，特別是在產品和研發以及營運方面。因此，所有這些都導致​​研發逐季變得更加重要。

Helpful, Eliran. And then as you think about your sales and marketing hiring, you've talked a couple of times how that was a little bit behind in the third quarter. Do you catch up on the hiring there in the fourth quarter? Or is this going to be an item that persists into maybe early '25?

有幫助，埃里蘭。然後，當您考慮銷售和行銷招聘時，您已經多次談到第三季度的情況有些落後。你趕上第四季的招募了嗎？或者這會是一個持續到 25 年初的專案嗎？

Yeah. So we expect it to rebound in Q4. Again, with all the changes that we are doing, obviously, we are looking at all the plans. And also, going into fiscal year '25, we would like to make sure that we will ramp up hiring for sales quota carriers.

是的。因此我們預計第四季將出現反彈。同樣，對於我們正在做的所有改變，顯然我們正在考慮所有計劃。此外，進入 25 財年，我們希望確保增加對銷售配額承運商的招募。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

The first one would just be in thinking about the $5 million raised from price to the full year rev guide. Can you maybe provide a little bit more color on how much of the upside came from outperformance on price in 3Q versus what you are expecting for 4Q? And just the reason why I ask is you've mentioned some of like the macro choppiness. Just curious if some of like the sales hiring or that macro choppiness was a bottleneck to 3Q, and if there's any areas on that choppiness that you called in particular? Thanks.

第一個就是考慮將全年轉速指南的價格提高 500 萬美元。您能否提供更多資訊來說明第三季價格表現優於您對第四季的預期有多少上漲空間？我之所以問這個問題，是因為您提到了宏觀波動等問題。只是好奇銷售招聘或宏觀波動等因素是否是第三季度的瓶頸，以及您特別提到的任何波動領域？謝謝。

Yeah. Taylor, it's Eliran. If you recall, when we did the price increase, it actually was launched at the end of February, early this year. And we said at the time that we don't know what would be the impact, what would be -- because this is the first time we do it, what would be the churn of the customers in accordance with the price increase. Overall it became better than what we anticipated.

是的。泰勒，我是埃里蘭。如果你還記得的話，我們提價的時候，其實是在今年二月底、今年年初推出的。我們當時說，我們不知道會產生什麼影響，因為這是我們第一次這樣做，隨著價格上漲，客戶流失會是什麼。總體而言，它比我們預期的要好。

For most customers, it has been largely a nonevent. Gross retention has been improved. So I would say that the $5 million extra is the fact that the profile of the customers and the momentum is better than what we anticipated. So this was a good surprise for us.

對於大多數客戶來說，這基本上沒什麼大不了的。總保留率得到改善。所以我想說，額外的 500 萬美元是因為客戶的情況和勢頭比我們預期的要好。所以這對我們來說是一個很好的驚喜。

Perfect. And then just as we think about the 1-point uptick in NRR, could you maybe like unpack that a little bit more? So was that largely due to price? Or are you seeing cross-sell or seat expansions actually drive some of that upside? Is this more work management stable?

完美的。然後，當我們考慮 NRR 上升 1 點時，您能否進一步解釋一下？那麼這主要是由於價格嗎？或者您看到交叉銷售或席位擴張實際上推動了一些上漲？這樣工作管理比較穩定嗎？

And then, I know you're talking about expecting NRR to be stable and the outlook for 4Q. I think you made a comment earlier about seeing some good momentum in October, so is that just really prudence? Or anything to keep in mind there from a seasonal perspective? Thanks.

然後，我知道您正在談論期望 NRR 保持穩定以及第四季度的前景。我想您之前曾評論過 10 月會出現一些良好的勢頭，那麼這真的是謹慎嗎？或者從季節的角度來看有什麼需要記住的嗎？謝謝。

Yeah. So I think it's all of the above. All of the above, meaning, pricing contributed around 100 to 200 basis points to the reported NDR in Q3. We expect pricing, that will continue to positively contribute approximately 200 basis points for the reported NDR in fiscal year '24 as a whole. We said that it's going to be stable in Q4, around 111%. There is potentially some upside in next year; too early to say, but so far we're seeing good momentum going also into October.

是的。所以我認為以上都是。所有上述因素意味著，定價對第三季報告的 NDR 貢獻了約 100 至 200 個基點。我們預計定價將繼續為整個 24 財年報告的 NDR 貢獻約 200 個基點。我們說第四季會穩定在111%左右。明年可能會有一些上行空間；現在說還為時過早，但到目前為止我們看到十月也有良好的勢頭。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Thanks. I made it. A couple of questions for me.

謝謝。我做到了。有幾個問題問我。

First, on dev, it's been somewhat underwhelming since you've announced it. Can you talk about from either future or go-to-market standpoint, what needs to change in the product for you to get a better and more consistent contribution here?

首先，在開發方面，自從您宣布以來，它一直有些平淡無奇。您能否從未來或上市的角度談談，您需要對產品做出哪些改變才能在這裡獲得更好、更一致的貢獻？

Yeah. Hi, Ittai, it's Eran. So first of all, we're happy with the progress with monday dev. It might not grow as fast as CRM, but the growth, we're very pleased with it. With monday dev, we're very focused on software developers. So it might be just a part that takes a little bit longer to scale compared to CRM, which is kind of more of a broad use case.

是的。嗨，Ittai，我是 Eran。首先，我們對週一開發人員的進展感到滿意。它的成長可能不如CRM那麼快，但我們對它的成長感到非常滿意。在周一開發中，我們非常關注軟體開發人員。因此，與 CRM 相比，它可能只是需要更長的時間來擴展的一部分，而 CRM 的用例更為廣泛。

But we're kind of now in the -- we finalized the kind of refocusing of our go-to-market. We're adding specific features that are more tailored towards developers. It might be more slowdown in the net adds in the short term, but in the long term, we're pretty confident in the product. We see great feedback about using the product, great use cases, and retention of the customers to do that.

但我們現在已經完成了市場投放的重新調整。我們正在添加更適合開發人員的特定功能。短期內淨增量可能會進一步放緩，但從長遠來看，我們對產品非常有信心。我們看到了有關使用該產品的良好回饋、良好的用例以及客戶的保留。

So overall we're happy with the progress, and we continue to invest into that product.

總的來說，我們對進展感到滿意，並將繼續投資該產品。

That's great. And then for you, Roy, in your prepared remarks -- or I think it was Eran, I'm sorry, you talked about that AI blocks up quite significantly quarter over quarter. Can you talk about evolution here? How do we think about AI blocks?

那太棒了。然後是你，羅伊，在你準備好的發言中——或者我認為是埃蘭，我很抱歉，你談到人工智慧每季都會出現相當大的阻塞。你能在這裡談談進化論嗎？我們如何看待人工智慧區塊？

First of all, how would this change, let's say, a year from now? And what do you expect it to do to customer pattern in the context of expansion and moving up price tiers? How do you see this impacting that?

首先，一年後，這種情況會發生什麼變化？在擴張和提升價格層級的背景下，您預期它會對客戶模式產生什麼影響？您認為有何影響？

Yeah. So yeah, the adoption -- we're very pleased with the adoption. Like I've mentioned, in terms of total AI actions, it grew for more than 250% compared to Q2. And the AI blocks grew 150% from Q2.

是的。所以，是的，我們對這項收養感到非常滿意。正如我所提到的，就 AI 總行動而言，與第二季相比成長了 250% 以上。AI 區塊較第二季成長了 150%。

So overall, we see more and more customers adopt those blocks. People incorporate them into their automation. They create a lot of processes within the product that involves AI within that. And over time, we are planning to roll out the monetization tied with AI, where we're going to generate clear and efficient value for our customers.

總的來說，我們看到越來越多的客戶採用這些模組。人們將它們融入自動化。他們在產品中創建了許多涉及人工智慧的流程。隨著時間的推移，我們計劃推出與人工智慧相關的貨幣化，為客戶創造清晰、高效的價值。

So definitely, we're very happy to see the progress with the AI features, the adoption of AI features, and over time, we're going to add the ability to monetize that as well.

因此，我們當然很高興看到人工智慧功能的進步、人工智慧功能的採用，隨著時間的推移，我們也將增加將其貨幣化的能力。

Eran, is that a '25 time frame for monetization on AI?

Eran，這是人工智慧貨幣化的「25 年時間框架」嗎？

Yeah, we don't have a specific date, but it might be in 2025, but we can't commit to that.

是的，我們沒有具體的日期，但可能是 2025 年，但我們無法承諾這一點。

We're not modeling for that in the plan for '25.

我們不會在 25 年的計劃中為此建模。

Thank you, appreciate it. Thank you.

謝謝，很感激。謝謝。

Ladies and gentlemen, that concludes the question-and-answer session. Thank you all for joining. You may now disconnect.

女士們、先生們，問答環節到此結束。感謝大家的加入。您現在可以斷開連線。