monday.com Ltd (MNDY) 2025 Q1 法說會逐字稿

Good day. My name is Janice, and I'll be your conference operator today. At this time, I would like to welcome everyone to monday.com's first-quarter fiscal year 2025 earnings conference call.

再會。我叫 Janice，今天我將擔任您的會議主持人。現在，我歡迎大家參加monday.com 2025財年第一季財報電話會議。

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 的投資者關係副總裁拜倫史蒂芬先生。請繼續。

Hello, everyone, and thank you for joining us on today's conference call to discuss the financial results for monday.com's first quarter fiscal year 2025. 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 2025 財年第一季的財務業績。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 的財務長 Eliran Glazer。

We released our results for the first quarter fiscal year 2025 earlier today. You can find our quarterly shareholder letter, along with our investor presentation and a replay of today's webcast under the News and Events section of our IR website at ir.monday.com.

我們今天稍早發布了 2025 財年第一季的業績。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.

今天電話會議上的某些陳述將是前瞻性陳述，反映管理層根據當前可用資訊做出的最佳判斷。這些聲明涉及風險和不確定性，可能導致實際結果與我們的預期不同。

Please refer to our earnings release for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements. Additionally, non-GAAP financial measures will be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available in the earnings release and the earnings presentation for today's call, which are posted on our Investor Relations website.

有關可能導致實際結果與我們的前瞻性陳述存在重大差異的具體因素的更多信息，請參閱我們的收益報告。此外，電話會議也將討論非公認會計準則財務指標。在我們的投資者關係網站上發布的今天電話會議的收益報告和收益報告中，可以找到與最直接可比較的 GAAP 財務指標的對帳。

Now let me turn the call over to Roy.

現在讓我把電話轉給羅伊。

Thank you, Byron, and thank you everyone for joining us today. We are pleased to report that 2025 is off to an exceptional start for monday.com. In Q1, we delivered robust revenue growth of 30% year over year, achieved record quarterly operating profit and generated our highest ever cash flow for a single quarter.

謝謝你，拜倫，也謝謝大家今天的到來。我們很高興地告訴大家，2025 年對 monday.com 來說是一個非凡的開始。第一季度，我們的營收年增 30%，季度營業利潤創歷史新高，單季現金流也創歷史新高。

These results reflect the strengths of our multiproduct offering, the dedication of our teams and our continued focus on operational excellence. We also continue to invest in product innovation, including the launch of new monday work management capabilities and AI powered features which are being rapidly adopted by our customers.

這些結果反映了我們提供多種產品的優勢、我們團隊的奉獻精神以及我們對卓越營運的持續關注。我們也持續投資於產品創新，包括推出新的週一工作管理功能和人工智慧功能，這些功能正被我們的客戶迅速採用。

As of the end of Q1, we've seen our user perform more than 26 million AI actions to date, up more than 150% since the end of 2024. We are thrilled to see such rapid growth in usage of AI as our customers utilize the features to automate complex tasks, extract insights and accelerate decision making. Our strong financial performance and discipline operations position as to whether any uncertainties in the year ahead.

截至第一季末，我們已經看到用戶執行了超過 2,600 萬次 AI 操作，自 2024 年底以來增長了 150% 以上。我們很高興看到人工智慧的使用如此快速成長，因為我們的客戶利用這些功能來自動執行複雜的任務，提取見解並加速決策。我們強勁的財務表現和嚴謹的營運立場決定了未來一年是否存在任何不確定性。

During times of market volatility, customers increasingly rely on monday.com for our flexible platform and cost effective solutions. Our adaptable product suite and scalable pricing enable businesses to stay agile, optimize resources and confidently manage the changing demands.

在市場波動時期，客戶越來越依賴 monday.com 的靈活平台和經濟高效的解決方案。我們適應性強的產品套件和可擴展的定價使企業能夠保持敏捷、優化資源並自信地管理不斷變化的需求。

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

現在，讓我將主題轉到 Eran，讓他向您介紹本季我們的一些業務和產品亮點。

Thank you, Roy. The enterprise continued to be our fastest-growing segment and present significant opportunities for market share expansion. And we are excited to be strengthening our efforts with these customers. In Q1, we launched a set of new capabilities available exclusively in the work management enterprise tier, designed to provide business leaders with enhanced visibility and control our execution across departments.

謝謝你，羅伊。企業繼續成為我們成長最快的部門，並為擴大市場份額提供了重大機會。我們很高興能夠與這些客戶加強合作。在第一季度，我們推出了一系列僅在工作管理企業層提供的新功能，旨在為企業領導者提供增強的可視性並控制跨部門的執行情況。

This includes exciting new features, such as AI-powered risk insights, AI-powered portfolio reports, managed templates, resource planning capabilities and more.

這包括令人興奮的新功能，例如人工智慧驅動的風險洞察、人工智慧驅動的投資組合報告、託管模板、資源規劃功能等。

We are also very happy to announce the appointment of Casey George as Chief Revenue Officer. Casey brings nearly 30 years of experience in scaling enterprise software organization and driving strategic market expansion.

我們也非常高興地宣布任命 Casey George 為首席營收長。Casey 在擴大企業軟體組織規模和推動策略市場擴張方面擁有近 30 年的經驗。

Most recently, he served as Executive Vice President of Global Sales at Qlik, where we offer saw $1.3 billion in annual recurring revenue and led a global team of over 1,000 employees. His leadership track record also includes senior roles at Talent, Verint and IBM, where he successfully built and align go-to-market organizations across multiple business environments.

最近，他擔任 Qlik 的全球銷售執行副總裁，該公司的年經常性收入達到 13 億美元，並領導一支擁有 1,000 多名員工的全球團隊。他的領導經驗還包括在 Talent、Verint 和 IBM 擔任高階職務，在這些職位上他成功地建立並協調了跨多個商業環境的行銷組織。

Casey will be based out of our North America headquarters in New York City. This marks an exciting milestone as we welcome our first global C-level leader to monday.com. We are confident that his expertise will further accelerate our enterprise growth, strengthen customer relationships and support the next phase of our go-to-market strategy.

凱西將駐紮在我們位於紐約市的北美總部。這標誌著我們迎來了第一位全球 C 級領導者，一個令人興奮的里程碑。我們相信，他的專業知識將進一步加速我們的企業發展，加強客戶關係並支持我們行銷策略的下一階段。

In sum, the strong momentum we achieved at the close of 2024 has continued into the first month of 2025, setting a solid foundation for sustained growth. Looking ahead, we remain confident in our ability to execute on our strategic initiatives and capitalize on the significant growth opportunities that lie before us.

總而言之，我們在 2024 年底取得的強勁勢頭一直延續到 2025 年第一個月，為持續成長奠定了堅實的基礎。展望未來，我們仍然對自己執行策略性舉措和利用擺在我們面前的重大成長機會的能力充滿信心。

Despite recent macroeconomic uncertainty, we believe that our strong product offering, resilient business model and disciplined approach position us well to build market share and continue delivering value for customers and shareholders.

儘管近期宏觀經濟存在不確定性，但我們相信，我們強大的產品供應、有彈性的商業模式和嚴謹的方法使我們能夠很好地建立市場份額，並繼續為客戶和股東創造價值。

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

現在，我將把主題交給 Eliran 來介紹我們的財務和指導。

Thank you, Eran, and thank you to everyone for joining our call. As Roy and Eran mentioned, Q1 marked a strong start to 2025 with solid revenue growth and improving efficiency. Total revenue came in at $282 million, up 30% from the year ago quarter. Overall, NDR was stable at 112% in Q1 with improving retention for our larger customers' cohort. As a reminder, our NDR is a trailing four quarter weighted average calculation.

謝謝你，Eran，也謝謝大家參加我們的電話會議。正如 Roy 和 Eran 所提到的，第一季標誌著 2025 年的一個強勁開端，收入穩步增長，效率不斷提高。總營收達 2.82 億美元，比去年同期成長 30%。總體而言，第一季的 NDR 穩定在 112%，並且我們較大客戶群的保留率有所提高。提醒一下，我們的 NDR 是過去四個季度的加權平均計算。

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. First quarter gross margin was 90%.

為了提醒大家，除非另有說明，所揭露的財務指標都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 財務狀況的對帳表。第一季毛利率為90%。

In the medium to long term, we continue to expect gross margin to be in the high-80s range. Research and development expense was $53.8 million in Q1 or 19% of revenue, up from 16% in the year ago quarter. Sales and marketing expense was $135.9 million in Q1 or 48% of revenue compared to 56% in the year ago quarter.

從中長期來看，我們預計毛利率仍將維持在 80% 左右。第一季研發費用為 5,380 萬美元，佔營收的 19%，高於去年同期的 16%。第一季銷售和行銷費用為 1.359 億美元，佔營收的 48%，去年同期為 56%。

Net income was $58.4 million in Q1 '25, up from $31.7 million in Q1 '24. Diluted net income per share was $1.10 in Q1 based on 53 million fully diluted shares outstanding. Total employee head count was 2,695, an increase of 187 employees since Q4. We continue to expect to grow head count by approximately 30% in fiscal year '25.

2025 年第一季淨收入為 5,840 萬美元，高於 2024 年第一季的 3,170 萬美元。根據 5,300 萬股完全稀釋流通股計算，第一季每股稀釋淨收益為 1.10 美元。員工總數為 2,695 人，自第四季度以來增加了 187 人。我們預計 25 財年員工人數仍將增加約 30%。

Moving on to the balance sheet and cash flow. We ended the quarter with $1.53 billion in cash and cash equivalents, up from $1.41 billion at the end of Q4. Adjusted free cash flow for Q1 was $109.5 million, and adjusted free cash flow margin was 39%.

繼續討論資產負債表和現金流量。本季末，我們的現金和現金等價物為 15.3 億美元，高於第四季末的 14.1 億美元。第一季調整後的自由現金流為 1.095 億美元，調整後的自由現金流利潤率為 39%。

Adjusted free cash flow margin is defined as adjusted free cash flow as a percentage of revenue. We remain on target to meet our Investor Day goal generating over $1 billion in free cash flow from fiscal year '23 to fiscal year '26.

調整後的自由現金流利潤率定義為調整後的自由現金流佔收入的百分比。我們仍有望實現投資者日的目標，從 23 財年到 26 財年產生超過 10 億美元的自由現金流。

Adjusted free cash flow is defined as net cash from operating activities, less cash used for property and equipment and capitalized software costs, plus costs associated with the build-out and expansion of our corporate headquarters.

調整後的自由現金流定義為來自營運活動的淨現金，減去用於財產和設備的現金和資本化的軟體成本，加上與公司總部建設和擴建相關的成本。

Now let's turn into our updated outlook for fiscal year 2025. For the second quarter of fiscal year 2025, we expect our revenue to be in the range of $292 million to $294 million, representing growth of 24% to 25% year-over-year.

現在讓我們來看看 2025 財年的最新展望。對於 2025 財年第二季度，我們預計營收將在 2.92 億美元至 2.94 億美元之間，年增 24% 至 25%。

We expect non-GAAP operating income of $32 million to $34 million and an operating margin of 11% to 12%. For the full year 2025, we expect revenue to be in the range of $1.220 billion to $1.226 billion, representing growth of 25% to 26% year over year.

我們預計非公認會計準則營業收入為 3,200 萬美元至 3,400 萬美元，營業利潤率為 11% 至 12%。我們預計 2025 年全年營收將在 12.20 億美元至 12.26 億美元之間，年增 25% 至 26%。

This forecast now assumes a negative impact from FX of less than 100 basis points. We expect full year non-GAAP operating income of $144 million to $150 million and an operating margin of approximately 12%. We expect full year adjusted free cash flow of $310 million to $360 million and adjusted free cash flow margin of 25% to 26%.

該預測現在假設外匯造成的負面影響不到 100 個基點。我們預計全年非公認會計準則營業收入為 1.44 億美元至 1.5 億美元，營業利潤率約為 12%。我們預計全年調整後自由現金流為 3.1 億美元至 3.6 億美元，調整後自由現金流利潤率為 25% 至 26%。

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

現在我把問題交給接線生來回答你們的問題。

(Operator Instructions) Kash Rangan, Goldman Sachs.

（操作員指示）高盛的 Kash Rangan。

Well, thank you so much. Congratulations on a spectacular start to the year. With the new addition of your Chief Revenue Officer coming on board, I'm curious to get your take on what are the things about the go-to-market approach for monday, which has worked really so beautifully that you preserve with this new executive going forward?

嗯，非常感謝。恭喜您今年取得了輝煌的開端。隨著新任首席營收長的加入，我很好奇，您對週一上市策略有何看法？這種策略效果非常好，您會在新的主管領導下繼續沿用嗎？

And what are the things that you would like to be done differently, especially with the broader diversification of the product. We've got multiple products. Now you've got the work management, you got dev, you've got a CRM, a whole bunch of IT, et cetera. So given that the company wants to scale and become even more successful, what changes in go-to-market do you foresee ahead. Thank you so much, and that's it for me.

您希望以哪些不同的方式來做事，特別是在產品更加多樣化的情況下。我們有多種產品。現在您已經有了工作管理、開發、CRM、一大堆 IT 等等。那麼，鑑於公司希望擴大規模並取得更大的成功，您預見未來的行銷會發生哪些變化。非常感謝，我的回答就到這裡。

Hey, Kash. This is Eran. So first of all, I want to say we're very excited for Casey to join. He actually joined last week and it's been a long process, and we feel very confident about Casey joining the company. I can say that on one hand, I think, like you mentioned, it's a machine that we've built over the years that combines product-led growth with self-led motion.

嘿，卡什。這是埃蘭。首先，我想說我們非常高興凱西的加入。他實際上是上週加入的，這是一個漫長的過程，我們對凱西加入公司非常有信心。我可以說，一方面，我認為，正如您所提到的，這是我們多年來打造的一台將產品主導的成長與自我主導的運動相結合的機器。

And I think we would love to preserve our ability to do both performance marketing and to do more top-down selling at the same time. Also, the multiproduct strategy has been very successful. We definitely want to preserve that and scale that. I think Casey brings a lot of experience overall, but even more specifically, I think, can help accelerate our go-to-market upmarket motion.

我認為，我們希望能夠同時保留績效行銷和自上而下銷售的能力。此外，多產品策略也非常成功。我們絕對希望保留這一點並擴大其規模。我認為 Casey 總體上帶來了豐富的經驗，但更具體地說，我認為，他可以幫助我們加速進入高端市場的步伐。

It's been one of our most strategic pillars and things we'll be focused on as a company. Casey brings a lot of expertise and knowledge about selling to larger enterprises and scale in that operation, and I'm sure it's going to help us accelerate what we've already been doing. In addition to improving a lot of the things, increasing efficiency, and I think it's going to be a smooth transition with a lot of potential upside going forward.

這是我們公司最重要的策略支柱之一，也是我們關注的重點。凱西 (Casey) 擁有豐富的向大型企業銷售以及擴大業務規模的專業知識和經驗，我相信這將幫助我們加速我們已經在做的事情。除了改進很多事情、提高效率之外，我認為這將是一個平穩的過渡，未來具有很大的潛在優勢。

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 the question. Congrats on a great quarter. Maybe just run us through what you saw this quarter from the CRM and the service business. And then that looked surprisingly strong actually according to our numbers. So just maybe give us a little bit of an explanation there.

嘿，大家好。感謝您回答這個問題。恭喜本季取得優異成績。也許您可以向我們介紹本季 CRM 和服務業務的情況。根據我們的數據，這實際上看起來出奇地強勁。所以也許您可以給我們一點解釋。

And then on NRR or NDR, it was solid at flat at 112%. There were some moving pieces where it looks like it's continuing to strengthen upmarket. So maybe help us understand how to think about that going forward as we go through 2025. Thanks, guys.

然後在 NRR 或 NDR 上，它穩定在 112% 左右。有一些變動看起來似乎會繼續加強高端市場。所以也許可以幫助我們理解在 2025 年到來時該如何思考這個問題。謝謝大家。

Yeah. Thanks, Alex. This is Eran. So yeah, we see great momentum overall with our product suite. More specifically, Q1 had a strong performance in terms of net adds of customers. I think part of it is seasonality of our performance marketing spend.

是的。謝謝，亞歷克斯。這是埃蘭。是的，我們看到我們的產品套件總體上發展勢頭強勁。更具體地說，第一季在客戶淨增方面表現強勁。我認為部分原因是我們的績效行銷支出具有季節性。

Traditionally, Q1 is a strong quarter for us in terms of performance marketing investment and because of the nature of those products and the fact that it's a new go-to market for us. Just the net adds that we saw in Q1 were high and aligned with our expectations.

傳統上，就績效行銷投資而言，第一季對我們來說是一個強勁的季度，這得益於這些產品的性質以及這是我們新的目標市場。我們在第一季看到的淨增值很高，符合我們的預期。

With that, I would say service is not just an SMB product. We see 70% of the ARR for monday service coming from mid-market and enterprise segments also strong momentum there. And for monday dev, we're very encouraged with the go-to-market. We're making some changes in optimizations.

因此，我想說服務不僅僅是 SMB 產品。我們看到週一服務的 70% ARR 來自中端市場，而企業部門也同樣勢頭強勁。對於 monday dev，我們對進入市場感到非常鼓舞。我們正在進行一些優化方面的改變。

And overall, we feel there's good momentum. So overall, it's very much in line with what we expected from Q1. Momentum is strong across all products, and we continued investment in terms of performance marketing going forward. In terms of net retention, I'll refer to Eliran.

總體而言，我們感覺勢頭良好。所以總體而言，這與我們對第一季的預期非常一致。所有產品的發展勢頭強勁，我們將繼續在績效行銷方面進行投資。在淨留存率方面，我會參考 Eliran。

Sure. Hi, Alex. It's Eliran. With regards to NDR, look, while we haven't seen any changes in customer behavior, there is more uncertainty in the macroeconomic environment. So when we think about NDR, currently, it's around 112%. We believe it's going to be slightly below 112% potentially by the end of the year, having in mind the uncertainty that they currently exist.

當然。你好，亞歷克斯。是 Eliran。關於 NDR，雖然我們沒有看到客戶行為有任何變化，但宏觀經濟環境的不確定性更大。因此，當我們考慮 NDR 時，目前它約為 112%。考慮到目前存在的不確定性，我們認為到今年年底這一數字可能會略低於 112%。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Just want to ask on your actions. It seems like that's growing exponentially. Maybe talk about that strength. How much of that is experimentation at this point versus being added to production workflows or automation? Have you heard any productivity improvements from customers? And have you started monetizing the actions at this point?

只是想詢問你的行為。看起來它正在呈指數級增長。也許可以談談那種力量。目前，其中有多少是實驗，有多少是添加到生產工作流程或自動化？您是否聽說過客戶在生產效率方面有任何改進？現在您已經開始將這些行動貨幣化了嗎？

Yeah. Hi. It's Roy. So yeah, we're very happy with the adoption on a lot of levels. First off, we see a lot of customers get a lot of value out of those actions and the numbers are great, but they don't really represent the value. It's like real business value in a lot of aspects.

是的。你好。是羅伊。是的，我們對許多層面的採用感到非常高興。首先，我們看到很多客戶從這些行動中獲得了很多價值，而且數字也很棒，但它們並不能真正代表價值。從很多方面來看，它都具有真正的商業價值。

And we are monetizing it. It's still, I would say, like the usage we see it dip in many areas, but the monetization is still early in early stages, and we're experimenting with it. We do see a correlation between usage and in pricing and the fact that people do actually pay when they get new real value.

我們正在將其貨幣化。我想說的是，我們看到它的使用率在許多領域有所下降，但其貨幣化仍處於早期階段，我們正在對其進行試驗。我們確實看到了使用量和定價之間的關聯，而且人們在獲得新的實際價值時確實會付費。

Understood. One quick follow-up for Eliran. Eliran, can you help us understand the FX impact in Q1? And it seems like you're kind of taking down the FX headwind assumption, which makes sense, but the guidance is not coming up as much, right?

明白了。對 Eliran 進行一次快速跟進。Eliran，您能幫助我們了解第一季的外匯影響嗎？看起來你正在放棄外匯逆風假設，這是有道理的，但指導並沒有那麼多，對嗎？

So I wanted to ask you, anything you said you're not seeing any change in behavior, but is that purely based on prudence? Or is there anything that you're seeing at this point?

所以我想問你，你所說的任何內容你都沒有看到行為上的任何改變，但這純粹是基於謹慎嗎？或是您現在看到了什麼嗎？

Yeah. Sure, Pinjalim. So we did have some negative FX impact to Q1 revenue. But as a reminder, when we started the year, once the tariff was announced, FX became very volatile. Going into April, there is some more balanced trends. So we assume that the effect for the entire year is going to be less than 1%.

是的。當然，Pinjalim。因此，外匯確實對第一季的營收產生了一些負面影響。但需要提醒的是，今年年初，關稅一宣布，外匯就會變得非常不穩定。進入四月，趨勢更加平衡。因此我們假設全年的影響將小於 1%。

And the reason not everything is reflected in the guidance because we did take a more conservative approach with regards to our expectations for the end of the year because of the macroeconomic situation and the uncertainties that still exist.

之所以並非所有內容都反映在指引中，是因為考慮到宏觀經濟情勢和仍然存在的不確定性，我們對年底的預期採取了更保守的態度。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. Thank you, guys and congrats on the strong Q1 here. One if I can ask, it seems like the (technical difficulty) market margin, it seems like you're seeing quite a bit of success there, especially with the core work management offering moving up.

完美的。謝謝你們，恭喜你們第一季取得強勁成績。我可以問一下，似乎（技術難度）市場利潤，似乎您在那裡看到了相當大的成功，特別是隨著核心工作管理服務的提升。

I guess my question is as the work management offering moves upmarket, does that drag your other solutions upmarket as well with CRM service dev. And what kind of traction are you seeing there? Are those on their own independent trajectory to enterprise on its own from work management? How would you think about that? Thank you.

我想我的問題是，隨著工作管理產品向高端市場邁進，這是否也會拖累您的其他解決方案以及 CRM 服務開發向高端市場邁進。您在那裡看到了什麼樣的牽引力？那些依照自己獨立的軌跡去企業自行進行工作管理的嗎？您對此有何看法？謝謝。

Hi. It's Roy. So yeah, you're right. Like work management is going a lot up market. We're leading that category also in all their reviews. And we're seeing a lot of deep features or capabilities that we're releasing that enterprise really need to manage things at scale.

你好。是羅伊。是的，你是對的。就像工作管理正在走向高端市場一樣。我們在所有評論中也都處於領先地位。我們看到，我們發布的許多深層特性或能力是企業真正需要大規模的管理。

Regarding other products, it varies according to each product. So for example, service is obviously targeted into the larger customers like mid-market to higher size while CRM, we see a lot of success in the SMB low mid-market.

至於其他產品，則根據每個產品而有所不同。舉例來說，服務顯然針對的是較大的客戶，例如中型市場到大型市場，而 CRM，我們看到在 SMB 中低端市場取得了許多成功。

And so, one may not have that impact on the other like you suggested, and each product has their own path. Having said that, I'll tell you we push all the poor products upwards all the time. As we increase the capabilities and deepen each product suite ecosystem, we naturally go up market.

因此，一個產品可能不會像您所說的那樣對另一個產品產生影響，並且每種產品都有自己的路徑。話雖如此，我會告訴你，我們一直在向上推銷所有劣質產品。隨著我們功能的增強和每個產品套件生態系統的深化，我們自然會走向高端市場。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

I guess, I just wanted to dig a little bit more on to the guide. I just want to get a better sense for how the uncertainty that you're seeing with customers is playing out with the assumptions that you're making? Just anything on, I guess, as it related to deal cycles or deals pushing or conversion rate change assumptions? Just how is the, I guess, uncertainty actually manifesting into how you're thinking about, I guess, what's incrementally changed with the outlook versus before?

我想，我只是想更深入地了解該指南。我只是想更了解您所看到的客戶的不確定性與您所做的假設有何關係？我想，這是否與交易週期、交易推動或轉換率變化假設有關？我猜，這種不確定性實際上是如何體現出來的？您認為，與以前相比，前景發生了哪些漸進性的變化？

Sure. Hey, Steve, it's Eliran. So first of all, overall customer growth, we believe it's going to be in the mid to high single-digit growth year-over-year. We still continue to believe that it's impact, as I mentioned earlier, is going to be less than 1% as we have seen it's very volatile. Overall NDR that always is taking into account as part of guidance, we said it's going to be slightly below [112%].

當然。嘿，史蒂夫，我是 Eliran。首先，我們相信整體客戶成長將實現年比中高個位數成長。我們仍然相信，正如我之前提到的，它的影響將低於 1%，因為我們已經看到它非常不穩定。總體而言，NDR 始終作為指導的一部分考慮在內，我們表示它將略低於[112%]。

We don't have any revenue from AI that we are currently taking into account in fiscal year 2025. And we have a very small amount of monday service revenue that we built into the guidance. But I think all of that is, again, we see some uncertainty in the market still exists with everything that is going on. We did take a more conservative approach, and we want to see how it's going to develop throughout the year.

我們目前還沒有將 2025 財年的任何人工智慧收入納入考量。而且，我們將非常少量的週一服務收入計入了指導中。但我認為，所有這些都表明，隨著正在發生的一切，市場仍然存在一些不確定性。我們確實採取了更保守的方法，我們想看看它全年將如何發展。

(Operator Instructions) Brent Thill, Jefferies.

（操作員指示）布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Thanks. Curious if you could just give us a sense of what you saw in April versus March and how the current quarter is trending. And just curious if you looked at enterprise versus SMB, any notable trends that you're seeing? Thanks.

謝謝。我很好奇，您是否可以告訴我們 4 月與 3 月相比的情況以及本季的趨勢如何。我很好奇，如果您比較一下大型企業和中小型企業，您發現有什麼值得注意的趨勢嗎？謝謝。

Hey, Brian. This is Eran. Yeah. I mean across all segments, enterprise and SMB is pretty consistent throughout Q1 and also going into April. So we don't see any major changes, still enterprise is our fastest-growing segment, but pretty much in line with what we saw in Q1.

嘿，布萊恩。這是埃蘭。是的。我的意思是，在所有領域，企業和 SMB 在整個第一季以及進入四月時都相當一致。因此，我們沒有看到任何重大變化，企業仍然是我們成長最快的部分，但與我們在第一季看到的情況基本一致。

And also, we've seen very strong demand in terms of mid-market and in Q1 and also going into April. Let me mention like the net adds was strong in Q1 as we expected. So I would say, all in all, it's pretty much in line. We don't see anything special going into April.

此外，我們也看到中階市場、第一季和四月的需求非常強勁。我要說的是，正如我們預期的那樣，第一季的淨增額表現強勁。所以我想說，總的來說，這是相當符合的。我們認為四月不會有任何特別的情況。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Thank you for taking the call here. I wanted to double-click into the larger cohort of customers. Another good quarter here of expansion. How much of the momentum here is driven by cross-sell, where larger enterprises are actually adding new apps versus expansion. Obviously, expansion has been the biggest driver of the move-up market. Wondering how much of a role cross-sell has now as well in aiding that move. Thanks.

感謝您接聽我的電話。我希望能夠進一步擴大客戶群。這是又一個擴張良好的季度。這裡的成長勢頭有多少是由交叉銷售推動的，大型企業實際上正在添加新的應用程式而不是擴展。顯然，擴張一直是升級市場的最大驅動力。想知道交叉銷售在幫助這項措施方面發揮了多大作用。謝謝。

Yeah. Hi, Brent. This is Eran. So look, definitely, a lot of the expansions are -- a lot of the enterprise accounts are coming from expansions of accounts that kind of grew within the platform. We do see more and more accounts that closed bigger deals from the beginning, but I would say still the vast majority is account expanding. We do see more cross-sell definitely on a month of service.

是的。你好，布倫特。這是埃蘭。所以看起來，很多擴充都是——很多企業帳戶都來自於平台內成長的帳戶的擴展。我們確實看到越來越多的帳戶從一開始就達成了更大的交易，但我想說絕大多數仍然在擴大帳戶。我們確實看到在一個月的服務中交叉銷售會更多。

It's more meaningful, but also happens with other products. I would say the vast majority of like the major expansions we see today are based on adding significant amount of seats and not like significant cross-sell yet. But over time, we think this will change, obviously.

這更有意義，但也發生在其他產品上。我想說，我們今天看到的絕大多數重大擴張都是基於增加大量座位，而不是大規模交叉銷售。但隨著時間的推移，我們認為這種情況顯然會改變。

Helpful color. And then just one follow-up for Eliran, if I could. You talked a little bit about linearity in the quarter. Could you talk about geo? Obviously, we're all kind of nervous around what happens next. It sounds like things continue to plug along here for you. But from a geo perspective, was there any unusual activity by any geography? Or again, was it still pretty balanced for what you've seen so far?

有用的顏色。如果可以的話，我只想對 Eliran 進行一次跟進。您談到了本季的線性問題。能談談地理嗎？顯然，我們都對接下來發生的事情感到有些緊張。聽起來你這裡的事情還在繼續順利進行中。但從地理角度來看，任何地區是否有異常活動？或者說，就您目前所見而言，它是否仍然相當平衡？

Yeah. Hey, Brent. So the short answer is demand has been healthy and consistent across all regions in Q1. We didn't see anything that we can call out in a different manner.

是的。嘿，布倫特。因此，簡而言之，第一季所有地區的需求都健康且穩定。我們沒有看到任何可以用不同方式呼喊的東西。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

Thanks for taking our questions, guys. The first one on dev. The customer additions saw a really nice bounce back here in the first quarter. And so, can we just get an update on where we are in the timing of dev's repositioning in the market? Thank you.

謝謝你們回答我們的問題。第一個在 dev 上。第一季度，客戶數量出現了非常好的反彈。那麼，我們能否了解開發人員在市場中重新定位的時機呢？謝謝。

Yeah. So, Jackson, this is Eran. So look, I mean, overall, we're happy with the progress with monday dev. And definitely, we see momentum there and the team is doing a great job. It's good see for customers -- I would say, the change in the growth, most of the change in terms of customer adds in Q1 was stronger performance marketing that we're able to span efficiently.

是的。那麼，傑克遜，這是埃蘭。所以，總的來說，我們對週一開發的進展感到滿意。毫無疑問，我們看到了那裡的勢頭，而且團隊做得很好。這對客戶來說是件好事——我想說，成長方面的變化，第一季客戶增加方面的大部分變化都是我們能夠有效實現的更強大的績效行銷。

So there's not like major go to market change in monday dev. And it's more of a seasonality, I would say, that's kind of skewed a little bit towards Q1. But yeah, I mean, overall, we're happy with the progress. The team is launching a lot of new features and capabilities, and there's good feedback from customers. So overall, we're happy with the progress and the momentum.

因此，週一的開發中不會出現重大的市場變化。我想說，這更多的是一種季節性，有點偏向第一季。但是，是的，我的意思是，總的來說，我們對進展感到滿意。該團隊正在推出許多新功能和新能力，並獲得了客戶的良好回饋。總的來說，我們對進展和勢頭感到滿意。

Okay. Great. And then just as a quick follow-up. I mean if you think periods of uncertainty and that might manifest itself in the business. I mean do you expect would be -- how would that show up? Would it be your performance marketing channels like top of funnel becomes more difficult? Is it people buying more standard basic instead of pro. What does that look like if it were to happen?

好的。偉大的。然後只是進行快速跟進。我的意思是，如果你考慮到不確定的時期，這可能會在業務中反映出來。我的意思是，您期望它會如何出現？您的績效行銷管道（例如漏斗頂部）是否會變得更加困難？人們是不是更願意購買標準基礎版而不是專業版？如果真的發生了，會是什麼樣子？

Hi. It's Roy. So I think what we saw is like in the past is that for larger enterprises, it takes more time to buy, more decision-making and they might optimize way more scrutinize over seats and see that each one is like really used over time. So that's where we see things.

你好。是羅伊。所以我認為我們過去看到的情況是，對於較大的企業來說，需要花費更多的時間來購買，做出更多的決策，他們可能會對席位進行更多的優化和審查，並確保每個席位隨著時間的推移都得到真正的使用。這就是我們所看到的。

Like I can say right now, from where we look at things, the demand is very healthy. And we're able to continue in investing growth in a very good way and also expand really well. But again, that's what happens and sometimes that's what we see in different years.

我現在可以說，從我們的角度來看，需求非常健康。我們能夠繼續以非常好的方式投資成長，並且能夠很好地擴張。但事實就是如此，有時我們在不同的年份也會看到這樣的情況。

Michael Berg, Wells Fargo Securities.

麥可‧伯格，富國證券。

Hi, there. Thanks for taking my questions and congrats on the quarter. I wanted to touch on the hiring plans. You had another uptick on year-over-year growth. I know there's a lot of focus around high enterprise sales reps.

你好呀。感謝您回答我的問題並祝賀本季取得佳績。我想談談招聘計劃。與去年同期相比，您的業績又出現了小幅上升。我知道，企業高層銷售代表受到廣泛關注。

So maybe you can help us give us some better color on the typical timing of ramps for enterprise sales reps and how much of the contribution from this new cohort of sellers is embedded in the guidance? Thanks.

那麼，也許您可以幫助我們更好地了解企業銷售代表的典型成長時間，以及這群新銷售人員的貢獻有多少包含在指導中？謝謝。

Yeah. Hi, Michael, this is Eran. So yeah, I mean, overall, we see strong hiring trends in Q4 and into Q1. Just to mention in Q1, we added about 187 new employees. And overall, there's almost 2,700 people in the company. And we expected to see this going into Q2 and the remainder of the year.

是的。你好，邁克爾，我是伊蘭。是的，我的意思是，總體而言，我們看到第四季和第一季的招募趨勢強勁。僅提到第一季度，我們增加了約 187 名新員工。總的來說，公司共有近 2,700 名員工。我們預計這種情況將持續到第二季​​以及今年剩餘時間。

Just as a reminder, we expect to grow our headcount this year in about 30% overall. I would say the vast majority of our investment goes into the CRO organizations and mostly around salespeople that are doing the enterprise motion and also R&D. That's a big part of our investment. It sends us improving product and our road map.

提醒一下，我們預計今年的員工總數將增加約 30%。我想說，我們的絕大部分投資都投入了 CRO 組織，主要是從事企業行動和研發的銷售人員。這是我們投資的很大一部分。它向我們發送了改進的產品和路線圖。

And yeah, look, we see a lot of opportunity to upsell and extend our existing customer portfolio. The hiring pretty much start with the performance that we see in the return on this at. So far, we're very happy with the results, and we continue to invest through the remainder of the year.

是的，我們看到了很多追加銷售和擴展現有客戶組合的機會。招募基本上是從我們在回報中看到的表現開始的。到目前為止，我們對結果非常滿意，並將在今年剩餘時間繼續投資。

Tom Blakey, Cantor.

湯姆·布萊基，領唱者。

Hey, guys. Thanks for squeezing me in here. Just maybe a couple of quick ones. You mentioned the use of MCP in your shareholder letter. There's been an uptick in that in recent months. I'd just like to know how you're planning on using that and it's going to open up the Work OS platform for other agents and other applications across other larger platforms. That's a question.

嘿，大家好。謝謝你把我擠到這裡。也許只是幾個簡單的問題。您在致股東信中提到了 MCP 的使用。近幾個月來，這一情況有所上升。我只是想知道您打算如何使用它，它將為其他代理商和其他更大平台上的其他應用程式開放 Work OS 平台。這是個疑問。

And then secondly, as you're moving upmarket, any changes in competition that you're seeing maybe in the recent months in 1Q and recent months? Any change there that you're seeing any win rate changes, that would be helpful as well. Thanks for taking the question.

其次，隨著你們向高端市場邁進，在最近幾個月（第一季和最近幾個月）中，你們是否看到競爭發生了任何變化？您看到的任何變化，即任何勝率變化，也都會有所幫助。感謝您回答這個問題。

So, hi. It's Roy. So regarding the MCP, it's super exciting. It's a new way for LLMs to interact with the platform. And I think we're happy, we're like one of the first to kind of release it and adopt it. It is going to, in general, allow anyone to interact better with monday also to build stuff to work with the platform better.

那麼，你好。是羅伊。因此，就 MCP 而言，這非常令人興奮。這是法學碩士與平台互動的新方式。我認為我們很高興，我們是第一批發布和採用它的人之一。總的來說，它將允許任何人更好地與 Monday 互動，並建立更好地與平台協作的東西。

We're always like our approach is being very open also to developers and our customers that can build whatever they want. And I think MCP is a great addition into that AI tool set. And it's very early days, right? Like you say, it's being picked up. It was invented in the last quarter. So like that's moving really quickly. And I think a lot of really good things are coming that way.

我們始終對開發人員和客戶採取非常開放的態度，讓他們能夠建立任何他們想要的東西。我認為 MCP 是 AI 工具集的一個很好的補充。現在還為時過早，對吧？正如您所說，它正在被拾起。它是在上個季度發明的。所以進展真的很快。我認為很多真正好的事情都會以這種方式發生。

Regarding the second part of your question, we don't see any changes in terms of -- this is Eran, we don't see any change in terms of competition or win rates across enterprise and SMB mid-market segment. So no changes here.

關於你問題的第二部分，我們沒有看到任何變化——這是 Eran，我們沒有看到企業和 SMB 中端市場領域的競爭或勝率有任何變化。所以這裡沒有變化。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Great. Good morning. This is, Matt Bullock on from Mike Funk. My questions on monday CRM looks like a really strong quarter with net adds accelerating. Maybe if you could just comment on what you're seeing out there in terms of competition, who you're seeing out there most often during RFPs win rates? And then maybe what's resonating most significantly with customers from a functionality standpoint?

偉大的。早安.我是 Mike Funk 的 Matt Bullock。我周一的問題是 CRM 看起來是一個非常強勁的季度，淨增額正在加速。也許您可以評論一下您在競爭方面看到的情況，在 RFP 中標率期間您最常看到誰？那麼從功能的角度來看什麼最能引起客戶的共鳴呢？

Yeah. Definitely. Hi, this is Eran. So in terms of CRM. So we don't see any changes I would say in the last quarter in terms of competition. I would say the players we meet the most would be, Pipedrive, Zoho, SugarCRM, [Hotspots] from time to time. So it's mostly, I would say players that focus right now on SMB mid-market, that would be the most.

是的。確實。你好，我是 Eran。就 CRM 而言。因此，我認為上個季度在競爭方面我們沒有看到任何變化。我想說我們最常遇到的玩家是 Pipedrive、Zoho、SugarCRM，有時還會遇到 [Hotspots]。所以我認為目前最關注的是中小企業中端市場的參與者。

And I think here the power of the platform, the flexibility played a major role in why we win and why customers prefer to purchase monday over other solutions. But definitely, we keep investing into the product and over time we'll sell to hopefully larger and larger enterprise as we add more enterprise functionality.

我認為平台的強大功能和靈活性是我們成功的關鍵，也是客戶更願意在周一購買而不是其他解決方案的原因。但毫無疑問，我們會繼續對產品進行投資，隨著時間的推移，隨著我們增加更多的企業功能，我們希望將產品銷售給越來越大的企業。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Thank you. Thanks for squeezing me in. Question on cash flow. You had a very strong in Q1. Was there anything special in there that we should be aware of? And how should we think about seasonality for the rest of the year there? Thank you.

完美的。謝謝。謝謝你把我擠進來。關於現金流的問題。您在第一季表現非常出色。這裡面有什麼特別的東西要我們注意嗎？那麼我們該如何看待一年中剩餘時間的季節性呢？謝謝。

Sure. Hi, it's Eliran. So with regards to seasonality, Q1 is usually our strongest quarter. In Q2, you have the bonus payments to the salespeople, the results of the hiring in Q1, the salary increases and the comp adjustment that we are doing in Q1, some events or they are all kind of in Q2.

當然。你好，我是 Eliran。因此，就季節性而言，第一季通常是我們表現最強勁的季度。在第二季度，我們將向銷售人員發放獎金，第一季的招募結果，以及我們在第一季度進行的加薪和薪資調整，還有一些事件，或者它們都發生在第二季度。

So Q1, usually at the beginning of the year, we see strong billings and collections from customers that acquired our products and solution at the end of the year. Overall, in accordance with what we gave as part of our full year guidance, this is the level that we are expecting throughout the year.

因此，通常在第一季度，也就是年初，我們會看到在年底購買我們的產品和解決方案的客戶的帳單和收款額大幅成長。總體而言，根據我們全年指導中給出的內容，這是我們全年預期的水平。

DJ Hynes, Canacord.

DJ Hynes，Canacord。

Hey, good morning, guys. Eliran, if we strip price out from the NRR calculus, what are the underlying trends look like there? Are they more stable? Or are they still trending upwards?

嘿，大家早安。Eliran，如果我們從 NRR 計算中剔除價格，其潛在趨勢是什麼樣的？它們更穩定嗎？或者它們仍呈上升趨勢？

I think they are more stable pretty much. We said last year that the contribution of price increase would be around 1% to 2%. Now obviously, the impact was mostly (inaudible) so I would say more stable by and large.

我認為它們更加穩定。我們去年就說過，物價上漲的貢獻大概在1%到2%左右。現在顯然，影響主要是（聽不清楚），所以我認為整體上更加穩定。

Yeah. Makes sense. And then Eran or Roy, so if I think back to last year, Q2, Q3, you had some pretty major seat expansion deals with some of your largest customers. I'm curious what the appetite looks like within those folks for additional product adoption, right?

是的。有道理。然後是 Eran 或 Roy，如果我回想去年第二、第三季度，你們與一些最大的客戶達成了一些相當大的座位擴展協議。我很好奇這些人對於採用更多產品的興趣是什麼樣的，對嗎？

I mean, they've recently made big bets with you guys. Is there some digestion that needs to happen? Or does that increase surface area actually make it more likely that they add additional functionality sooner?

我的意思是，他們最近和你們下了很大的賭注。是否需要進行一些消化？或者說，增加表面積實際上是否更有可能讓他們更快地添加額外的功能？

Yeah. Hi, DJ, it's Eran. So look, I think when it comes to CRM and dev, I think those products are not mature enough in order to be kind of cross-sell to large enterprises. We're talking here, let's say, over 10,000 seats. But we see some maybe surprising momentum with monday service, where there's more adoption with the larger enterprises.

是的。你好，DJ，我是 Eran。所以，我認為，當談到 CRM 和開發時，這些產品還不夠成熟，無法向大型企業進行交叉銷售。我們這裡說的是，超過 10,000 個座位。但我們看到週一服務出現了一些令人驚訝的勢頭，大型企業對此的採用率更高。

So here, I think there's an opportunity for more cross-sell to larger customers. So I think it's still premature for CRM and dev, but with monday services more potential. We're starting to see more and more cross-sell, not just for SMBs in market, but also for enterprise customers.

因此，我認為這裡有向更大客戶進行更多交叉銷售的機會。因此我認為 CRM 和開發還為時過早，但周一服務更有潛力。我們開始看到越來越多的交叉銷售，不僅針對市場上的中小企業，也針對企業客戶。

And if I can add, so we do see for some of them that they adopted really well and people are using and they have like appetite, like you said, for growth.

如果我可以補充的話，那麼我們確實看到其中一些產品採用得非常好，人們正在使用，而且他們對成長有胃口，就像你說的。

Connor Murphy, Capital One.

康納墨菲，Capital One。

Hey, good morning, guys. Thank you. I just want to take another crack at the NDR downtick in guidance. In the last quarter, you thought it was unstable for (technical difficulty) this year, it sounds like you're now it's going to be below 112%.

嘿，大家早安。謝謝。我只是想再次嘗試 NDR 指導的下降。在上個季度，您認為今年（技術難度）不穩定，現在聽起來它會低於 112%。

Can you just unpack that a little more. It sounds like trends are stable through April, expansion sounds pretty good with larger customers. Is it purely just conservatism because of the macro? Or is there anything else you guys can give us on that? Thank you.

能再詳細解釋一下嗎？聽起來四月的趨勢比較穩定，隨著顧客數量的增加，擴張聽起來也相當不錯。這純粹是因為宏觀而採取的保守主義嗎？或者你們還能提供我們其他資訊嗎？謝謝。

Hey, Conner. It's Eliran. Again, it's mostly the recent uncertainty, and we did take some conservatism for our NDR expectations because really we don't know how it's going to evolve throughout the year. I would say this is probably the most significant factor.

嘿，康納。是 Eliran。再次強調，這主要是最近的不確定性，我們對 NDR 預期確實採取了一些保守態度，因為我們真的不知道它會如何發展到全年。我想說這可能是最重要的因素。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi, everyone. Nice quarter. Eliran, I wanted to expand on the answer you gave to, I think it, was Brent earlier around geographic traction on what you've seen there. It looks like your European business, in particular, did see some kind of, I don't know, meaningful growth deceleration in the quarter.

大家好。不錯的季度。Eliran，我想擴展你給的答案，我認為是 Brent 之前關於你所看到的地理牽引力的問題。看起來你們的歐洲業務在本季確實出現了某種程度的，我不知道的，有意義的成長減速。

Was it something on the sales side? Or was there an FX component? I'm trying to understand why that growth in that particular geo was meaningfully different from last quarter? Thank you.

這是銷售方面的問題嗎？或有一個 FX 組件？我想了解為什麼該特定地區的成長與上一季有顯著差異？謝謝。

So hi, Scott, it's Eliran. With regard to Europe for the last year, we saw some weakness when we called it out versus North America. North America continues to be strong. I think sure, there is some challenges in the region in some places. But overall, I think we are getting a more clearer picture. We're actually stabilizing -- still not what we are seeing in North America. But overall, we are pretty happy with the progress that we are seeing there.

你好，斯科特，我是 Eliran。就去年歐洲而言，當我們將其與北美進行比較時，我們發現歐洲存在一些弱點。北美持續保持強勁。我認為，該地區某些地方確實存在一些挑戰。但總體而言，我認為我們得到了更清晰的認識。我們實際上正在穩定下來——但仍然不是我們在北美看到的那樣。但總體而言，我們對所看到的進展感到非常滿意。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yeah. Hi, thanks so much for taking my question. So if I look at the guide from 2Q through 4Q, it implies stability and growth in the mid-20s. So Eliran, could you just walk us through the different assumptions and what's supporting your comfort and stability in the mid-20s?

是的。你好，非常感謝您回答我的問題。因此，如果我查看第二季到第四季的指南，它意味著 20 年代中期的穩定和成長。那麼 Eliran，您能否向我們介紹不同的假設，以及是什麼支撐著您在 20 多歲時的舒適和穩定？

I think before you talked about price contributing an incremental $40 million and then seeing CRM, dev and service scaling to maybe low-teens there. So any changes in those inputs or second half growth catalysts that could offset some of the macro headwinds potentially? Thanks.

我認為在您談到價格貢獻增量 4000 萬美元，然後看到 CRM、開發和服務擴展到可能低於十幾歲的水平之前。那麼這些投入或下半年成長催化劑的任何變化可能會抵消一些宏觀不利因素嗎？謝謝。

Sure. So nothing has changed. Our approach and philosophy to guidance has been consistent. As I said, it's a bit more conservative due to the factors that I mentioned earlier, just to recap them really quickly. The overall NDR, that is going to be below [112%]. The FX impact potentially customer growth that is going to be mid to high single digits.

當然。所以什麼都沒有改變。我們的指導方法和理念始終如一。正如我所說，由於我之前提到的因素，它有點保守，只是為了快速回顧一下。整體 NDR 將會低於[112%]。外匯可能會對客戶成長產生中高個位數的影響。

In the past, we said high single digits, but we got to a scale of 245,000 customers at the end of last year and now we're focusing more on expanding rather than growing them. We're still going to increase head count in a significant way, 30%. So I think all of these reasons are taken into account when we think about the guidance, but nothing really changed in the philosophy or the way we are building our guidance.

過去，我們的目標是高個位數，但去年年底我們的客戶規模已經達到 245,000 家，現在我們更注重擴大客戶規模，而不是增加客戶數量。我們仍將大幅增加員工人數，增幅達 30%。因此，我認為當我們考慮指導時，所有這些原因都會被考慮在內，但在理念或我們制定指導的方式上並沒有真正改變。

Allan Verkhovski, Scotiabank.

加拿大豐業銀行的 Allan Verkhovski。

Hey. Thank you for taking the question. Can you unpack what stands out in terms of what types of customers are using AI credits more than others? And then considering the financial framework you laid out at the last Analyst Day through fiscal '26, can you just reconcile what macro we're in today relative to the base case scenario? Thanks, guys.

嘿。感謝您回答這個問題。您能否解釋一下哪些類型的客戶比其他類型的客戶更多地使用 AI 積分？然後考慮到您在上次分析師日到 26 財年期間所製定的財務框架，您能否將我們今天所處的宏觀環境與基本情況相協調？謝謝大家。

Okay. I'll take the AI one. So what we see now is that with AI blocks, we've released something that is a very core capability is something that you can do. And where we see adopting the most where we have champions that are more tech-oriented or solution-oriented and they are playing with it and use it.

好的。我要選AI的。所以我們現在看到的是，透過 AI 模組，我們發布了一些非常核心的功能，你可以做到。我們看到，採用率最高的是那些更注重技術或解決方案的擁護者，他們正在嘗試並使用它。

What we are doing now is like understand those use cases and then rolling them out and explain more deeply with templates, with use cases to other customers, like what can they use it for and how can they build solutions that really give them value. So it's like any technology. You're starting with the people who adopt it and then you productize it more and more and more and give it in more people's hands.

我們現在所做的就是了解這些用例，然後將它們推廣出去，並透過模板、用例向其他客戶進行更深入的解釋，例如他們可以將它用於什麼，以及如何建立真正為他們帶來價值的解決方案。所以它就像任何技術一樣。你從採用它的人開始，然後你逐漸將它產品化，並把它交到更多人的手中。

Sure. Allan, it's Eliran. I'm now going to take the question on the Investor Day model. So we are still in the base case, best on core performance. We haven't seen anything guided to a weakening macro.

當然。艾倫，我是伊萊蘭。我現在要回答有關投資者日模型的問題。因此我們仍處於基本情況，核心性能最佳。我們還沒有看到任何導致宏觀經濟疲軟的因素。

And when we see it, we called it out, like we said about our conservative approach to guidance. We do see some improvements to the margins that we have said that we are going to get at the Investor Day. But other than that, we continue with the base case scenario.

當我們看到它時，我們會大聲喊出來，就像我們所說的保守的指導方法一樣。我們確實看到了利潤率的一些提高，正如我們在投資者日上所說的那樣。但除此之外，我們將繼續討論基本情況。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. Thank you, guys. Good afternoon. Two part question on go to market first. On the Casey George hire. I just would love to hear from you guys, perhaps, Roy. What was it about his background in particular that made him the right fit for you guys. I'm sure you guys certainly had your pick.

偉大的。謝謝你們。午安.首先關於進入市場的兩部分問題。關於 Casey George 的聘用。羅伊，我只是想聽聽你們的意見。他的背景有什麼特別之處，使得他適合你們？我確信你們肯定做了自己的選擇。

And then secondly, would just be curious as you have more success moving upmarket how if at all the partner strategy needs to evolve. Thank you very much.

其次，我很好奇，既然您在進入高端市場方面取得了更多成功，那麼合作夥伴策略是否需要發展呢？非常感謝。

Yeah. Hi, Rob. This is Eran. So I would say a combination of a few things. I've mentioned the enterprise experience at the beginning of the call. So that's definitely was a key part of what we felt like Casey can be a major accelerator to our strategy. Also, I think his previous experience was one in larger enterprise, but also in smaller companies and also in his last company, he managed a large-scale customer, over 50,000 customers.

是的。你好，羅布。這是埃蘭。所以我想說的是幾件事的結合。我在通話開始時提到了企業體驗。所以，這絕對是我們認為 Casey 可以成為我們策略重要加速器的關鍵部分。此外，我認為他之前的經驗不僅在大型企業，也在小型公司，而且在他上一家公司，他管理著一個大型客戶，超過 50,000 名客戶。

So I think he kind of brings the knowledge of on one hand going upmarket and dealing with large enterprises on the other hand, dealing with large amount of organizations that customers on the semi funnels, large numbers and kind of more of an analytical approach to sales and go to market.

因此，我認為他一方面帶來了進入高端市場和與大型企業打交道的知識，另一方面帶來了與大量組織打交道的知識，這些組織的客戶來自半漏斗狀的、數量龐大的客戶，並且更多地採用分析方法來進行銷售和進入市場。

So overall, I think for us it was the perfect fit in terms of on one hand, sending the perplexity of managing a large customer base. On the other hand, scaling to large enterprises and doing more top-down selling. I would say also on a personal level, we felt strong connection and felt like it's going to be a great opportunity to work together and come with saw eye-to-eye on what's important for us in terms of managing the team and scaling the team going forward.

所以總的來說，我認為對我們來說這是完美的契合，一方面可以緩解管理龐大客戶群的困惑。另一方面，擴大企業規模並進行更多自上而下的銷售。我想說，從個人層面來說，我們也感受到了強烈的聯繫，並覺得這將是一個很好的合作機會，在管理團隊和擴大團隊規模方面，我們對重要的事情達成了一致的看法。

So that's kind of the high level and as I said, we're very excited for him to join and be part of the team. In terms of partner strategy, so I would say that pretty much didn't change in the last quarter, but overall, I would say a combination of one focus on additional geography that we don't have self presence.

這就是高水平，正如我所說，我們非常高興他能加入並成為團隊的一員。就合作夥伴策略而言，我想說上個季度幾乎沒有變化，但總的來說，我想說的是，我們將重點放在我們沒有自己存在的額外地理區域上。

And partners help us reach enterprise customers and scale scale our sales operation. They also bring a lot of technical expertise. A lot of our partners are doing professional services to customers. They help with anywhere from data migrations, integration, to help them build solution on top of monday and they offer like [white last] implementation services for customers.

合作夥伴幫助我們接觸企業客戶並擴大我們的銷售業務。他們也帶來了許多技術專長。我們的許多合作夥伴都在為客戶提供專業服務。他們提供從資料遷移、整合等各個方面的協助，幫助他們在周一之上建立解決方案，並為客戶提供類似 [white last] 的實施服務。

And also, we have partners that specialize in specific industries so they can help with specific knowledge on specific limitation for industry. Overall, I would say we continue to invest. Partners is a big part of our go to market motion as a company if anything it become more significant over time. I think Casey sees the same way as we do about partners and potential and we continue to invest in that part of the business going forward.

此外，我們擁有專門從事特定行業的合作夥伴，因此他們可以針對行業的特定限制提供專業知識的協助。總的來說，我想說我們會繼續投資。合作夥伴是我們公司走向市場的重要組成部分，隨著時間的推移，它變得越來越重要。我認為凱西對合作夥伴和潛力的看法與我們相同，我們將繼續對未來業務的這一部分進行投資。

(Operator Instructions) Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

（操作員指示）女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。