monday.com Ltd (MNDY) 2021 Q3 法說會逐字稿

Thank you for standing by, and welcome to the monday.com Q3 Fiscal 2021 Earnings Conference Call. (Operator Instructions) As reminder, today's conference call is being recorded.

感謝您的支持，歡迎參加 monday.com 2021 財年第三季財報電話會議。（操作員指示）提醒一下，今天的電話會議正在錄音。

I would now like to turn the call over to your host, Mr. Byron Stephen, Investor Relations Director. Please go ahead, sir.

現在我想將電話轉給主持人、投資者關係總監拜倫史蒂芬先生。先生，請繼續。

Thank you. Good day, everyone, and welcome to monday.com's Third Quarter 2021 Earnings Conference Call. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com; and Eliran Glazer, monday.com's CFO.

謝謝。大家好，歡迎參加 monday.com 2021 年第三季財報電話會議。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。

Earlier today, we released our results for the third quarter. Our earnings materials are available on our Investor Relations website at ir.monday.com. There, you'll find the investor presentation that accompanies our prepared remarks and a replay of today's webcast under the News and Events section.

今天早些時候，我們發布了第三季的業績。我們的收益資料可在投資者關係網站 ir.monday.com 上找到。您可以在新聞和事件部分找到附有我們準備好的發言的投資者簡報和今天的網路廣播的重播。

Certain statements made on the call today may 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.

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

Additionally, non-GAAP financial measures may be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available in our earnings release and the earnings presentation for today's call, which is posted on our Investor Relations website.

此外，電話會議上也可能討論非公認會計準則財務指標。我們的收益報告和今天電話會議的收益報告中提供了與最直接可比較的 GAAP 財務指標的對帳表，這些對帳表已發佈在我們的投資者關係網站上。

With that, let me turn the call over to Roy.

說完這些，讓我把電話轉給羅伊。

Thank you, Byron, and welcome to the monday.com team. Thank you, everyone, for joining us today.

謝謝你，拜倫，歡迎加入 monday.com 團隊。感謝大家今天的參與。

During our first earnings call, we were thrilled to introduce many of you monday.com and to share with you our thoughts on the company and the large opportunity ahead of us. Going forward, we will focus these calls on our most recent performance and our future expectations. We invite those of you who are still just getting to know monday.com and our Work OS platform to visit our company and Investor Relations websites and where we have many videos and a lot of other content that should be helpful to understanding our company and our business.

在我們的第一次財報電話會議上，我們很高興向你們介紹monday.com，並與你們分享我們對公司以及我們面前的巨大機遇的看法。展望未來，我們將重點放在我們最近的表現和未來的期望。我們邀請那些剛剛了解 monday.com 和我們的 Work OS 平台的人訪問我們的公司和投資者關係網站，我們在那裡有很多影片和許多其他內容，有助於了解我們的公司和我們的業務。

Now let me briefly talk to you about Q3, which was another strong quarter of growth. Even more organizations use monday.com to create software that fits their needs. Revenue grew 95% year-over-year to $83 million as we continue to drive growth through the acquisition of new customers and increase adoption and expansion within our existing customer base.

現在讓我簡單跟大家談談第三季度，這又是一個強勁成長的季度。越來越多的組織使用 monday.com 來創建適合其需求的軟體。由於我們繼續透過吸引新客戶並增加現有客戶群的採用和擴展來推動成長，營收年增 95% 至 8,300 萬美元。

As mentioned previously, upmarket growth is one of our top priorities. I'm pleased to report that our expansion into the enterprise space continues to gain momentum. We ended the third quarter with 613 enterprise customers, up 231% from 185 in the third quarter of 2020.

如同前面所提到的，高端市場成長是我們的首要任務之一。我很高興地報告，我們在企業領域的擴張繼續保持強勁勢頭。截至第三季度，我們擁有 613 家企業客戶，較 2020 年第三季的 185 家成長 231%。

Additionally, we continue to expand within our existing customer base. Our net dollar retention rate increased in the third quarter as a result of our ability to continue to deliver strong ROI and great customer experience. Net dollar retention for customers with more than 10 users improved to over 130%, and our net dollar retention rate for all customers improved to over 115%. As a reminder, our net dollar retention rate is a trailing 4-quarter weighted average calculation.

此外，我們也將持續擴大現有的客戶群。由於我們能夠繼續提供強勁的投資回報率和良好的客戶體驗，我們的淨美元留存率在第三季度有所增加。擁有超過 10 個用戶的客戶的淨美元保留率提高到 130% 以上，所有客戶的淨美元保留率提高到 115% 以上。提醒一下，我們的淨美元留存率是過去 4 季的加權平均計算。

Because of these outstanding results and our continued upward trajectory, we are raising guidance for the remainder of the year. For full year revenue, we are increasing guidance to a range of $300 million to $301 million, representing 86% growth for the year. Eliran will provide you with more details on our third quarter results, along with full updated guidance.

由於這些出色的業績和持續的上升勢頭，我們上調了今年剩餘時間的業績預期。對於全年收入，我們將預期提高至 3 億美元至 3.01 億美元，相當於全年成長 86%。Eliran 將為您提供有關我們第三季業績的更多詳細資訊以及完整的更新指南。

I'll now turn it over to Eran to give you some further highlights from Q3.

現在我將把時間交給 Eran，讓他為您介紹第三季的一些亮點。

Thank you, Roy. As we continue to take our product innovation to new heights, we give our customers more capabilities to easily build their perfect no-code/low-code work software. In Q3, we experienced a strong start to our new monday workdocs, launched new capabilities with My Work and introduced one of the first 2D work management apps in the Quest store at Meta recent Connect event.

謝謝你，羅伊。隨著我們不斷將產品創新推向新的高度，我們為客戶提供更多功能，使他們能夠輕鬆建立完美的無程式碼/低程式碼工作軟體。在第三季度，我們的新 Monday 工作文件取得了良好的開端，透過 My Work 推出了新功能，並在最近的 Meta Connect 活動中在 Quest 商店中推出了首批 2D 工作管理應用程式之一。

Let me first touch on monday workdocs. In Q3, we launched workdocs, giving our customers the ability to manage their work, ideas and data in an unstructured way. These are more flexible ways to onboard and adopt our platform, adding a new customer entry point.

讓我先談談週一的工作文件。在第三季度，我們推出了工作文檔，使我們的客戶能夠以非結構化的方式管理他們的工作、想法和數據。這些是加入和採用我們平台的更靈活方式，增加了新的客戶切入點。

To date, our customers are using monday workdocs for a range of use cases and industries, such as marketing, operations, CRM and more. More than 40,000 existing customers are already using monday workdocs, with many using monday workdocs for core, complex workflows.

到目前為止，我們的客戶正在將 Monday Workdocs 用於一系列用例和行業，例如行銷、營運、CRM 等。現有客戶已有超過 40,000 名在使用 Monday Workdocs，其中許多客戶使用 Monday Workdocs 來處理核心、複雜的工作流程。

Since our launch, our customers have created more than 300,000 workdocs on money.com. It's amazing to see how much our customers love monday workdocs. And in line with our mission, we wanted to provide our customer with even more freedom to adjust monday workdocs to their business needs.

自推出以來，我們的客戶已經在 money.com 上創建了超過 300,000 個工作文件。看到我們的客戶如此喜愛 Monday WorkDocs 真是太棒了。為了實現我們的使命，我們希望為客戶提供更多的自由，使他們能夠根據自己的業務需求調整週一的工作文件。

That's why we launched to create layout with monday workdocs. Layouts allow customers to create any kind of template with live data for their monday workdocs, such as the CRM contact page, a deal page, a marketing campaign review and much more.

這就是我們推出使用 Monday WorkDocs 建立佈局的原因。佈局允許客戶為其周一工作文件創建任何類型的帶有即時數據的模板，例如 CRM 聯絡頁面、交易頁面、行銷活動評論等等。

Our no-code automations and integrations are used by the vast majority of our customers. 100% of our enterprise accounts use them, while 88% use more than 50 different automations. Over the past year, our customers have automated over 900 million actions using our platform. Starting this quarter, we introduced a dynamic workflow builder, enabling our customers to easily create, without any code, any kind of new automation or integration, no matter how complex they need it to be.

我們的無程式碼自動化和整合被絕大多數客戶使用。我們的 100% 企業帳戶均使用它們，而 88% 的企業帳戶則使用超過 50 種不同的自動化系統。在過去的一年裡，我們的客戶利用我們的平台自動執行了超過 9 億次操作。從本季度開始，我們推出了動態工作流程建立器，使我們的客戶能夠輕鬆創建任何類型的新自動化或集成，而無需任何程式碼，無論他們需要它有多複雜。

Customers can now mix and match actions and triggers, without limits on the number of actions and triggers involved. Developers can add their own no-code automations and integrations to create even more applications for our customers. Our dynamic workflow builder will completely take our automations and integration to the next level, giving even more power to customers and developers.

客戶現在可以混合和搭配操作和觸發器，而不限制所涉及的操作和觸發器的數量。開發人員可以添加自己的無程式碼自動化和集成，為我們的客戶創建更多應用程式。我們的動態工作流程建立器將把我們的自動化和整合提升到新的水平，為客戶和開發人員提供更強大的功能。

We're excited to announce today the launch of My Work, a place for customers and organization to centralize all items, whether it's deals, campaigns, tasks or anything else, associated with their accounts. This mega-table gives individuals within teams the ability to gather customized data across all business units. We believe My Work is another step in giving organizations the resources to improve operational efficiency and productivity.

今天，我們很高興地宣布推出“我的工作”，這是一個供客戶和組織集中管理其帳戶相關所有項目（無論是交易、活動、任務還是其他任何內容）的地方。這個巨型表格使團隊內的個人能夠收集所有業務部門的客製化資料。我們相信，My Work 是向組織提供資源以提高營運效率和生產力的又一步。

Let me turn it back to Roy to further discuss our expanding ecosystem.

讓我把話題轉回給 Roy，進一步討論我們不斷擴大的生態系統。

Thanks, Eran. We made steady progress during the quarter in growing our ecosystem and expanding our global footprint. During the third quarter, we signed a new global alliance agreement with Tata Consultancy Services, a leading global IT services, consulting and business solution organization. TCS and monday will work together to innovate digital workflow and automation solutions, transforming workflow collaboration while ensuring regulatory compliance.

謝謝，Eran。本季度，我們在發展生態系統和擴大全球影響力方面取得了穩步進展。第三季度，我們與全球領先的 IT 服務、諮詢和業務解決方案組織塔塔諮詢服務公司簽署了新的全球聯盟協議。TCS 和 Monday 將共同努力創新數位化工作流程和自動化解決方案，轉變工作流程協作，同時確保法規遵循。

We have also partnered with Hootsuite and Semrush, who have built apps on the monday marketplace, to help deepen the value for customers using monday for marketing operations. Partnering with our customers is key to molding our platform's future together. Lastly, we expanded our workforce presence with additional offices in Tokyo and Sao Paulo. We will continue to invest in growing our ecosystem and workforce in order to serve over 1 billion global knowledge workers.

我們還與 Hootsuite 和 Semrush 合作，他們在 Monday 市場上開發了應用程序，幫助深化使用 Monday 進行行銷營運的客戶的價值。與客戶合作是共同塑造我們平台未來的關鍵。最後，我們在東京和聖保羅增設了辦事處，擴大了我們的員工隊伍。我們將繼續投資發展我們的生態系統和勞動力，為全球超過 10 億知識工作者提供服務。

Now let me turn it back to Eran to discuss our operating highlights.

現在讓我把話題轉回給埃蘭，討論一下我們的營運亮點。

Thanks, Roy. We had another outstanding quarter in terms of customer wins and expansions. These were broad-based across industry verticals, with major companies including Jamf, eBay, Cegedim and Outbrain. Let me speak briefly about Jamf and how their usage of our Work OS continue to evolve.

謝謝，羅伊。我們在客戶贏得和業務擴展方面又度過了一個出色的季度。這些公司廣泛分佈於各個垂直行業，主要公司包括 Jamf、eBay、Cegedim 和 Outbrain。讓我簡單談談 Jamf 以及他們對我們的 Work OS 的使用如何不斷發展。

Jamf is the world leader in Apple Enterprise Management, helping more than 57,000 companies, schools and government organizations around the world manage and secure more than 25 million Apple services (sic) [devices]. Jamf's marketing team has been using the monday.com Work OS to increase collaboration and efficiency since 2019.

Jamf 是 Apple 企業管理領域的全球領導者，幫助全球超過 57,000 家公司、學校和政府組織管理和保護超過 2500 萬項 Apple 服務 (原文如此) [設備]。自 2019 年以來，Jamf 的行銷團隊一直在使用 monday.com Work OS 來提高協作和效率。

Recently, they have added many more groups, such as product, engineering, project management and sales enablement to the platform, allowing their 2,000 employees to work more closely together. This is another example of how monday.com can help high-growth global companies, and we're very happy to be part of their growth and success.

最近，他們在該平台上添加了產品、工程、專案管理和銷售支援等更多團隊，使其 2,000 名員工能夠更加緊密地合作。這是 monday.com 幫助高成長全球公司的另一個例子，我們很高興成為他們成長和成功的一部分。

Our exceptional third quarter results are further proof that our customers are seeing the value of using our Work OS. With the platform's no-code capabilities, customers can adopt each building block to build software applications and tools that fit their desired use cases and evolving needs.

我們出色的第三季業績進一步證明我們的客戶看到了使用我們的 Work OS 的價值。借助該平台的無程式碼功能，客戶可以採用每個構建塊來建立適合其所需用例和不斷變化的需求的軟體應用程式和工具。

Creating a great user experience is at the core of how our company operates, which was recently on display at Elevate, our flagship customer conference. At this year's Elevate, we're able to help even more customers reimagine the way that they work, with over 52,000 registrants from over 100 countries, over 3x the number of registrants from last year.

創造卓越的使用者體驗是我們公司營運的核心，這在我們最近的旗艦客戶會議 Elevate 上得到了展示。在今年的 Elevate 大會上，我們能夠幫助更多客戶重新構想他們的工作方式，來自 100 多個國家的註冊者超過 52,000 名，是去年註冊者的 3 倍多。

Additionally, we continue to make investments in our people, and leading publications are taking notice. During the past quarter, monday.com was recognized by Fortune magazine as one of the Best Small to Medium Workplaces, along with one of the Best Places to Work for Millennials.

此外，我們繼續對員工進行投資，並引起了主要出版物的關注。在過去的一個季度中，monday.com 被《財富》雜誌評為最佳中小型工作場所之一，以及千禧世代最佳工作場所之一。

I'm extremely proud of our employees and where our company has come in a short amount of time. The opportunity ahead of us is huge. We believe that we are at the intersection of a number of work trends: no-code/low-code, massive digitization and remote work, that positions our Work OS to become the market leader in our category.

我為我們的員工以及公司在短時間內取得的成就感到非常自豪。我們面前的機會是巨大的。我們相信，我們正處於多種工作趨勢的交匯處：無代碼/低代碼、大規模數位化和遠端工作，這使我們的工作作業系統成為我們類別的市場領導者。

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

現在我將把權力交給 Eliran 來負責我們的財務和指導。

Thank you, Eran, and thank you, everyone, for joining our call. Today, I'll review our third quarter fiscal 2021 results in detail and provide updated guidance for the fourth quarter and full year fiscal 2021.

謝謝你，埃蘭，也謝謝大家參加我們的電話會議。今天，我將詳細回顧我們 2021 財年第三季的業績，並提供 2021 財年第四季和全年的最新指引。

We are extremely pleased with the results of the quarter, which demonstrated continued high growth at scale across all fronts. As Roy mentioned, total revenue in the third quarter came in at $83 million, up 95% year-over-year, led by large expansion within our existing customer base and acquisition of new customers.

我們對本季的業績感到非常滿意，這表明各方面都繼續保持高速成長。正如 Roy 所提到的，第三季的總收入達到 8,300 萬美元，年增 95%，這得益於我們現有客戶群的大幅擴張和新客戶的獲得。

We continue to execute against an ambitious hiring plan. For Q3, we ended the quarter with close to 950 employees globally. This represents an increase of more than 50% from a year ago, with the majority of additions coming from R&D and sales and marketing. We plan to continue to make substantial investment in these categories for the foreseeable future.

我們將繼續執行雄心勃勃的招募計畫。截至第三季度，我們在全球擁有近 950 名員工。這比一年前增加了 50% 以上，大部分新增人員來自研發、銷售和行銷部門。我們計劃在可預見的未來繼續對這些類別進行大量投資。

For the reminder of the financial metrics disclosed, unless otherwise noted, I will be referencing non-GAAP financial measures. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release.

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

Gross margin came in at 90.2%, up from 87.1% in the year-ago quarter. Research and development expense was $14.3 million or 17% of revenue compared to 22% in the year-ago quarter. We will continue to invest purposely as we position monday to drive durable growth and win in large addressable markets. While we continue to invest significantly in R&D, the pace of our revenue growth has outpaced the investment growth.

毛利率為 90.2%，高於去年同期的 87.1%。研發費用為 1,430 萬美元，佔營收的 17%，去年同期為 22%。我們將繼續有目的地進行投資，因為我們定位於推動持久成長並在大型潛在市場中獲勝。雖然我們繼續在研發方面投入大量資金，但我們的收入成長速度已經超過了投資成長。

Sales and marketing expense was $61 million or 73% of revenue compared to 128% in the year-ago quarter. The improvement was driven primarily by continued efficiencies as we continue to scale our sales and marketing spend to focus on customers with 10-plus users and enterprise customers. Similar to R&D, the pace of our revenue growth has outpaced the investment growth.

銷售和行銷費用為 6,100 萬美元，佔收入的 73%，而去年同期為 128%。這項改進主要得益於持續的效率提高，因為我們不斷擴大銷售和行銷支出，以專注於擁有 10 個以上用戶和企業客戶的客戶。與研發類似，我們的營收成長速度超過了投資成長。

G&A expense was $9.1 million or 11% of revenue compared to 9% in the year-ago quarter, reflecting increased costs of being a public company. Operating loss was $9.4 million, and operating loss margin improved to negative 11%. Net loss was $11.4 million, and loss per share was negative $0.26.

一般及行政開支為 910 萬美元，佔營收的 11%，而去年同期為 9%，反映出作為上市公司的成本增加。營業虧損為 940 萬美元，營業虧損率改善至負 11%。淨虧損為 1,140 萬美元，每股虧損為負 0.26 美元。

Moving on to the balance sheet and cash flow. We ended the quarter with approximately $876.2 million in cash and cash equivalents. Net cash provided by operating activities was $3.8 million in the quarter.

繼續討論資產負債表和現金流。截至本季末，我們的現金和現金等價物約為 8.762 億美元。本季經營活動提供的淨現金為 380 萬美元。

Adjusted free cash flow was $2.9 million and was driven by strong collections stemming from our continued strong billings. Adjusted free cash flow is defined as net cash from operating activities, less cash used for property and equipment and capitalized software costs, excluding nonrecurring items such as costs related to the build-out of our corporate headquarter office in Tel Aviv.

調整後的自由現金流為 290 萬美元，主要得益於我們持續強勁的帳單收入帶來的強勁回款。調整後的自由現金流定義為來自經營活動的淨現金，減去用於物業和設備的現金以及資本化的軟體成本，不包括非經常性項目，例如與在特拉維夫建造公司總部辦公室相關的成本。

Now turning to our outlook for the fourth quarter and the full year 2021. For the fourth quarter of fiscal year 2021, we expect our revenue to be in the range of $87 million to $88 million, representing growth of 74% to 75% year-over-year. We expect a non-GAAP operating loss of $23 million to $22 million.

現在來談談我們對 2021 年第四季和全年的展望。對於 2021 財年第四季度，我們預計營收在 8,700 萬美元至 8,800 萬美元之間，年增 74% 至 75%。我們預計非 GAAP 營業虧損為 2,300 萬美元至 2,200 萬美元。

For the full year 2021, we are raising guidance and now expect revenue to be in the range of $300 million to $301 million, representing growth of 86% to 87% year-over-year. We expect a full year non-GAAP operating loss of $65 million to $64 million and a negative operating margin of 22% to 21%.

對於 2021 年全年，我們上調了預期，目前預計營收在 3 億美元至 3.01 億美元之間，年增 86% 至 87%。我們預計全年非 GAAP 營業虧損為 6,500 萬至 6,400 萬美元，營業利潤率為負 22% 至 21%。

As our guidance indicates, we expect to end 2021 on a very positive note and enter 2022 with strong momentum. We plan to introduce guidance for 2022 on our next earning calls. With that, now let me turn it over to the operator.

正如我們的指引所示，我們預計 2021 年將以非常積極的態度結束，並以強勁的勢頭進入 2022 年。我們計劃在下次獲利電話會議上推出 2022 年的指引。說完這些，現在讓我把麥克風交給接線生。

(Operator Instructions) Our first question comes from Kash Rangan of Goldman Sachs.

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

Congratulations on a spectacular quarter here. Not only did you show solid top line, but you're able to show leverage on the bottom line here as well. All the metrics look fantastic, so congrats.

恭喜您度過了一個輝煌的季度。您不僅展現了穩健的營收表現，而且還能夠展現出對營收的影響力。所有指標看起來都很棒，所以恭喜你。

My question is, as you look at '22 and beyond, it looks like when you compare your financial results to the current company with the largest revenue, you're coming up on them very quickly. And so I'm curious to get your thoughts on the competitive landscape. As you especially move upmarket, what is it like? Are you still seeing the wide open space that you did at the time of the IPO and before? Are you seeing the margins and changes in the competitive landscape?

我的問題是，當你展望22年及以後時，你會發現當你將你的財務表現與目前收入最高的公司進行比較時，你會發現自己很快就會趕上他們。所以我很好奇您對競爭格局的看法。當您特別走向高端市場時，情況是什麼樣的？您是否仍看到首次公開募股時以及之前所看到的廣闊空間？您是否看到了競爭格局的利潤與變化？

And as a result of moving upmarket, I would assume that the prospects and the deal sizes that are afforded to you will start to expand pretty significantly. And so you're going to have to hire more enterprise or the enterprise-class sales people. How does that motion coming along for you guys as you look upon this tremendous option in front of you?

隨著市場向高端邁進，我認為您所獲得的前景和交易規模將會大幅擴大。因此你將不得不僱用更多的企業或企業級銷售人員。當你們面臨這個巨大的選擇時，你們是如何做出這項舉動的？

Kash, it's Roy. Thank you for the questions. So yes, we see -- as we grow, and you asked like if we see this as a greenfield market. So the answer is like, definitely, yes. We are now only starting to see that companies are asking for Work OS, okay? Up until now, they looked at us for different solutions, but not for the core of like building their own software. That's what they understood after they asked for us.

卡什，我是羅伊。感謝您的提問。是的，我們看到 - 隨著我們的成長，你問我們是否將其視為綠地市場。所以答案肯定是肯定的。我們現在才開始看到公司要求使用 Work OS，好嗎？到目前為止，他們向我們尋求不同的解決方案，但並非尋求建立自己的軟體的核心。他們向我們詢問後就明白了這一點。

We're starting to see that they are asking it for -- before. So I think that's a really positive momentum in the market, that people are starting to understand this category. Companies are looking for it. So I think we're just like really in the beginning.

我們開始發現他們之前就提出過這樣的要求。所以我認為這是市場的一個真正積極的勢頭，人們開始了解這個類別。許多公司正在尋找它。所以我認為我們才剛開始。

And obviously, as we grow upmarket, we will have to scale our sales operations and invest a lot more in both marketing and sales and build that as we scale our operation. And yes, that's something we're planning on doing this year, next year. And like it's something we're very bullish about.

顯然，隨著我們向高端市場發展，我們必須擴大我們的銷售業務，並在行銷和銷售方面投入更多資金，並在擴大業務規模的同時進行建設。是的，這是我們計劃今年、明年要做的事。這是我們非常看好的事情。

Our next question comes from Ittai Kidron of Oppenheimer.

下一個問題來自奧本海默公司的伊泰‧基德隆 (Ittai Kidron)。

Maybe a couple ones for me. Guys, can you talk about workdocs? And My Work seems to be off to a very nice start here. How do you think about the impact of those solutions on your net retention numbers?

對我來說也許有幾個。夥計們，你們能談談工作文檔嗎？我的工作似乎在這裡有一個很好的開始。您認為這些解決方案對您的淨保留數字有何影響？

And then also, Eliran, maybe you could talk about the Israeli shekel [currency]. It's acting quite aggressively. What does it do for your planning and your OpEx as you move into '22? How far ahead are you hedged? And when and how does it hit?

另外，Eliran，也許您可以談談以色列謝克爾 [貨幣]。它的行為相當激進。當您進入'22年時，它對您的規劃和營運支出有何影響？您提前對沖了多遠？它何時、如何被攻擊？

Yes. So Ittai, this is Eran. I can start with the first part of your question, and then I'll hand over to Eliran. So as we mentioned in the beginning, we see amazing adoption of workdocs. More than 40,000 accounts are using it. But I think, even more importantly, 50% of workdocs are being used for what we define as core workflows, meaning that's a very important part of how companies manage their day-to-day.

是的。那麼 Ittai，這是 Eran。我可以從你問題的第一部分開始回答，然後將時間交給 Eliran。正如我們在開始時提到的，我們看到了工作文件的驚人採用。已有超過 40,000 個帳戶正在使用它。但我認為，更重要的是，50% 的工作文件用於我們定義的核心工作流程，這意味著這是公司日常管理的一個非常重要的部分。

This is, up to date, one of our most widely adopted features in such a short amount of time. More than 250,000 workdocs were created since we launched it. It was like a soft launch. So looking at all parameters, we see this as a huge success.

這是迄今為止我們在如此短的時間內最廣泛採用的功能之一。自我們推出以來，已經創建了超過 250,000 份工作文檔。這就像一次軟啟動。因此，從所有參數來看，我們認為這是一個巨大的成功。

It's hard to say how much this will impact net retention because it's still early days. But judging from the adoption and the excitement and the fee that we get from users, I'm sure it has a lot of value to our customers. And it will be reflected in their satisfaction and how they use the platform over time.

目前還處於早期階段，因此很難說這將對網路保留產生多大影響。但從用戶的採用情況、興奮程度和我們從用戶那裡獲得的費用來看，我相信它對我們的客戶有很大的價值。這將反映在他們的滿意度以及他們長期使用該平台的方式。

Thank you, Eran. Ittai, it's Eliran. With regards to your question on the shekel and dollar, obviously, this is a challenge for the entire industry in Israel, the ecosystem of the start-up companies. But if you think about us from a global perspective, first of all, 50% of our expenses are in U.S. dollars, if you think about our online marketing spend and payroll outside of Israel. So this is hedged by definition.

謝謝你，埃蘭。伊泰，我是伊萊蘭。關於你提到的謝克爾和美元的問題，顯然，這對以色列的整個產業、新創企業的生態系統來說是一個挑戰。但如果從全球角度考慮我們，首先，如果您考慮我們在以色列以外的線上行銷支出和薪資單，我們的 50％ 的支出都是以美元計算的。所以根據定義，這是有對沖的。

In addition to that, we are doing and using an hedging company in Israel to make sure that we are protecting the budget. Obviously, this year, we took the dollar rate, 3.2, and now the shekel at 3.1, but we are trying to proactively hedge against it. We don't see yet -- seen a big issue due to the cost breakdown. However, this is something that we are very much focused on with regards to the Israeli shekel-dollar.

除此之外，我們也在以色列設立了一家對沖公司，以確保預算的安全。顯然，今年我們的美元匯率是 3.2，而現在謝克爾匯率是 3.1，但我們正試圖主動對沖它。我們還沒有看到由於成本分攤而出現的大問題。然而，我們非常關注以色列謝克爾元的問題。

On the revenue side, most of our revenue is collected in U.S. dollar and a small portion is in euro and British pound. So we are also looking at hedging strategies to make sure that we're also protecting our top line, where possible.

在收入方面，我們的大部分收入是以美元收取的，一小部分是以歐元和英鎊收取的。因此，我們也在研究對沖策略，以確保我們盡可能地保護我們的營收。

Our next question comes from Scott Berg of Needham. (Operator Instructions)

我們的下一個問題來自尼德姆的斯科特·伯格。（操作員指令）

Our next question comes from Mark Murphy of JPMorgan.

下一個問題來自摩根大通的馬克墨菲。

I'll add my congrats on a very solid quarter. My first question is, curious to what extent you think you're seeing uplift in demand based on favorable linkage with being able to enable companies to adjust to hybridized workforces. In other words, having employees that would be both remote and in-office as the economies start to reopen from the pandemic, just in terms of creating this ability to have better collaboration around projects and deadlines.

我要對本季的業績非常穩健表示祝賀。我的第一個問題是，您認為在多大程度上，基於有利的聯繫與使公司能夠適應混合勞動力之間的聯繫，需求會有所提升。換句話說，隨著經濟開始從疫情中恢復，我們需要既能遠距辦公又能到辦公室辦公的員工，這樣才能更好地圍繞專案和截止日期進行協作。

Thank you. It's Roy. So I think that, even during the beginning of the pandemic, we've got a lot of reports from customers that it will seem less for them to move to work remotely. And I feel we'll play a big part in helping people organize, companies organized around anything, whether they are in work or work remotely or both.

謝謝。是羅伊。因此，我認為，即使在疫情開始時，我們也收到了許多客戶的報告，他們似乎不太可能轉向遠距辦公。我覺得我們將在幫助人們、公司組織任何事情方面發揮重要作用，無論他們是在工作、遠距工作還是兩者兼而有之。

So this thing, that changes all the time. I think this is the world we live in, but it's going to stay. I don't know how it is around the world. In Israel, I can tell you, we go back and forth. And the systems stay stable, and you can work with it wherever you are.

所以這個東西一直在改變。我想這就是我們生活的世界，但它將會繼續存在。我不知道世界各地情況如何。在以色列，我可以告訴你，我們來來回回。並且系統保持穩定，無論您身在何處都可以使用它。

Okay. As a follow-up, I was chuckling because I saw another monday.com ad on my browser when I logged in this morning to listen to the call. And I think, every time I see one of your ads, I -- a couple of times a week, I think these advertising campaigns are brilliant and they're fantastic. You had one that -- it has a gorilla or big foot or something like that. They're super creative.

好的。接下來，我笑了，因為當我今天早上登入收聽電話會議時，我在瀏覽器上看到了另一個 monday.com 廣告。而且我認為，每當我看到你們的廣告時，每週都會看到幾次，我會認為這些廣告活動非常精彩，非常棒。你有一個——它有一隻大猩猩或大腳或類似的東西。他們非常有創造力。

We also keep hearing that Apple's deprecation of IDFA is kind of upending that -- this model of performance advertising, right, because you might not be able to use cookies or some of these low-privacy schemes. And so, I guess, I'm curious, how have you been able to adapt and keep this retargeting going with these ads across our devices and websites? And just how have you been able to successfully navigate that and stay ahead of the curve?

我們也不斷聽說蘋果對 IDFA 的棄用有點顛覆了這種效果廣告模式，因為你可能無法使用 cookie 或一些低隱私方案。所以，我很好奇，您是如何適應並保持這些廣告在我們的設備和網站上重新定位的？那麼，您是如何成功實現這一目標並保持領先地位的呢？

Yes. Mark, this is Eran. So I can answer that question. So I think the changes that you referred to are affecting more B2C companies who rely heavily on advertising through mobile devices and tracking people across different applications. We're in a different position in terms of how we exercise.

是的。馬克，這是伊蘭。所以我可以回答這個問題。所以我認為您提到的變化正在影響更多嚴重依賴透過行動裝置投放廣告和跨不同應用程式追蹤用戶的 B2C 公司。就鍛鍊方式而言，我們處於不同的地位。

First of all, obviously, a big part of our budget is -- goes to Google AdWords and other services that are more intent-based. So it's not about tracking people, but seeing people's intent and what they're searching for.

首先，顯然，我們預算的很大一部分用於 Google AdWords 和其他更基於意圖的服務。因此，這並不是要追蹤人們，而是要了解人們的意圖以及他們正在搜尋的內容。

And in other platforms such as Facebook or Instagram, we target mostly what people are interested in and not personal information. So those changes that you refer to aren't affecting us at all in terms of our ability to target people and find relevant customers on those platforms.

在 Facebook 或 Instagram 等其他平台上，我們主要關注人們感興趣的內容，而不是個人資訊。因此，就我們在這些平台上定位目標群體和尋找相關客戶的能力而言，您所提到的那些變化根本不會影響我們。

And maybe, Mark, to add to what Eran said, we also have a DPO in the organization that is working very closely with us. And we are looking into all the security issues with regards to our campaigns. We don't see much of an impact. But I would like also to take the positive of what you said earlier and said that we continue to invest aggressively in our online campaigns and what you see.

馬克，也許我要補充伊蘭所說的，我們組織中還有一位 DPO 與我們密切合作。我們正在調查與我們的行動有關的所有安全問題。我們沒有看到太大的影響。但我也想從您之前所說的中得出積極的看法，即我們將繼續大力投資我們的線上活動以及您所看到的情況。

This is part of our strategy. So onwards, if you look at Q4, even next year, this is one of the things that we would like to double down to make sure that you and your friends and your colleagues will continue to see these amazing advertisements as we continue to invest in them.

這是我們戰略的一部分。因此，如果您看一下第四季度，甚至明年，這是我們希望加倍努力的事情之一，以確保您和您的朋友和同事將繼續看到這些令人驚嘆的廣告，因為我們將繼續對它們進行投資。

Our next question comes from Derrick Wood of Cowen and Company.

下一個問題來自 Cowen and Company 的 Derrick Wood。

Very impressive quarter. A couple of questions on the inflection on new $50,000 customers. Is that driven all by expansion business? Or are you starting to see more net new customers landing in that $50,000 range? And maybe could you comment on what geographies you're seeing in terms of incremental strength?

非常令人印象深刻的季度。關於新 50,000 美元客戶的幾個問題。這一切都是由擴張業務所推動的嗎？或者您開始看到更多淨新客戶進入 50,000 美元的範圍內？也許您能評論一下您所看到的增量實力所在的地區嗎？

Yes, this is Eran. So I would say both. So we see our existing customers -- just to remind us, in our model, it's land and expand. So usually, people start using monday organically and scale. And then our sales team pick up those leads and have them scale. So we definitely see a lot of benefits from that, and we get more and more customers that are able to scale within our platform.

是的，這是 Eran。所以我想說兩者皆有。因此，我們看到了我們現有的客戶——只是提醒我們，在我們的模型中，它是土地和擴張。因此通常情況下，人們開始有機地使用星期一並擴大規模。然後我們的銷售團隊接收這些線索並擴大其規模。因此，我們確實從中看到了許多好處，並且獲得了越來越多能夠在我們的平台內擴展的客戶。

But one very interesting trend that we're starting to see, as we scale and as we kind of grow our brand, is customers who land with higher contracts, people that want to adopt monday widely within their company and sell with larger account. So my answer would be both those 2 trends are what's affecting the growth. And like Eliran mentioned in the beginning, this is a core part of our strategy going forward and a big focus for us as a company.

但隨著我們規模的擴大和品牌的發展，我們開始看到一個非常有趣的趨勢，那就是簽訂了更高合約的客戶，他們希望在公司內部廣泛採用「星期一」並透過更大的帳戶進行銷售。因此我的答案是這兩個趨勢都在影響成長。正如 Eliran 在一開始提到的，這是我們未來策略的核心部分，也是我們公司關注的重點。

And maybe just to add to Eran that we land bigger and we see better retention profile, it will obviously impact all our KPIs to the results that you have seen in the press release.

也許只是想向 Eran 補充一點，我們的業務範圍更廣，我們看到了更好的保留情況，這顯然會影響我們所有的 KPI，從而影響您在新聞稿中看到的結果。

Fantastic. And second question, interesting to hear you or see you spark a new global alliance with Tata. Can you just talk about how you plan to build on this relationship and generate new channel leverage? And what's the strategy with trying to coalesce other SIs?

極好的。第二個問題，很高興聽到或看到您與塔塔建立新的全球聯盟。您能談談您計劃如何建立這種關係並產生新的通路槓桿嗎？嘗試聯合其他 SI 的策略是什麼？

Yes, I can pick this one. This is Roy. So we see partners as a big part of our strategy worldwide. Tata is one of them. And we work with -- we have over 100 worldwide of medium size, and we're growing into the large ones. And it's amazing. We see a lot of synergies with the existing practices that they have, that we can just like integrate into those. And it's super exciting.

是的，我可以選擇這個。這是羅伊。因此，我們將合作夥伴視為我們全球策略的重要組成部分。塔塔就是其中之一。我們與全球 100 多家中型企業合作，並且我們正在發展成為大型企業。這真是令人驚奇。我們看到與他們現有的實踐有很多協同作用，我們可以將其融入其中。這非常令人興奮。

Our next question comes from DJ Hynes of Canaccord.

下一個問題來自 Canaccord 的 DJ Hynes。

I want to ask a little bit about the marketplace. You've announced Hootsuite and Semrush building out apps in the marketplace. I think you've talked about launching a payment system into the marketplace at some point. Obviously, that would be huge for your partners there. Just any thoughts around timing and ability to monetize that -- the marketplace as it continues to scale?

我想問一些關於市場的問題。您已經宣布 Hootsuite 和 Semrush 將在市場上推出應用程式。我想您曾經談到在某個時候向市場推出支付系統。顯然，這對你們在那裡的合作夥伴來說意義重大。您對於時機和隨著市場不斷擴大而實現盈利的能力有什麼想法嗎？

Yes, sure. So this is Eran. So yes, definitely, having the ability to monetize through our marketplace is on the road map going forward. We don't have exact dates, but probably at the beginning of next year, that's kind of the time line. Again, we keep investing into the marketplace, adding a lot of more features. And we've seen those big partners, those also on apps.

是的，當然。這就是 Eran。所以是的，毫無疑問，透過我們的市場實現盈利的能力是我們未來的發展規劃。我們沒有確切的日期，但可能是明年年初，這就是時間表。再次，我們繼續向市場投資，增加了更多功能。我們已經看到了那些重要的合作夥伴，他們也在應用程式上。

And overall, we see much more adoption within the marketplace, more asking bills, more users, installing those applications. And we have a lot of features that we plan to add to that marketplace. As I mentioned, it's a very strategic part of how we think about monday as a platform. So we're going to invest heavily into that.

整體而言，我們看到市場採用這些應用程式的現象越來越普遍，收費標準越來越高，安裝這些應用程式的使用者也越來越多。我們計劃為該市場添加許多功能。正如我所提到的，這是我們將星期一視為一個平台的一個非常具有戰略意義的部分。因此我們將對此進行大量投資。

Our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

This is John Byun for Brent Thill. I have 2 questions. On -- first, on workdays (sic) [workdocs]. Wondering if you're seeing different use cases compared to the use of boards, whether the same users are doing -- using both boards and docs? Just if you can give more detail there.

我是布倫特·蒂爾 (Brent Thill) 的約翰·拜恩 (John Byun)。我有兩個問題。首先，在工作日（原文如此）[workdocs]。想知道與使用論壇相比，您是否看到了不同的用例，同一個使用者是否同時使用論壇和文件？但願您能提供更多細節。

And just a quick housekeeping. On the share lock-up that was mentioned in the press release, wondering approximately how many shares may be released? I think from the F-1, it looked like it was a fairly small amount, but it sounds like it may be more broad-based.

這只是一個簡單的整理工作。關於新聞稿中提到的股份鎖定，想知道大約可以釋放多少股份？我認為從 F-1 來看，這個數字似乎相當小，但聽起來可能更廣泛。

So it's Roy. I can take the workdocs part. So yes, we have many users that are builders, like they build the workflow. And for them, it's both, like they create a board and connect it to a document. Sometimes you create like a whole area of work, where you have both integrated.

原來是羅伊啊。我可以承擔工作文檔部分。是的，我們有很多用戶是建設者，就像他們建立工作流程一樣。對於他們來說，這兩者都是，就像他們創建一個板並將其連接到一個文件一樣。有時你會創造一個完整的工作領域，將兩者融為一體。

And the reason we created workdocs is because we wanted to allow people an unstructured way to start work. And we see a lot of people just start with the document and might write some things, and then you create a board within that doc, okay? And then it takes off from there.

我們創建工作文件的原因是因為我們希望允許人們以非結構化的方式開始工作。我們看到很多人只是從文件開始，可能會寫一些東西，然後在該文件中建立一個板，好嗎？然後它從那裡起飛。

I can tell you that many people do the exact opposite. They have a board, and then they had a document column. And they have moved lot of documents within the board, and they manage documents from the structured way to the unstructured.

我可以告訴你，許多人做的恰恰相反。他們有一個公告板，然後有一個文件欄。他們在董事會內部移動了大量文檔，並從結構化方式轉向非結構化方式來管理文件。

So I think we really saw -- one of the things we are trying to achieve, which is a multiplication of abilities effect, like you add like seamlessly just like 1 building block, but then it's multiplied by the power of others. So it's really like a really core and amazing addition to the Work OS.

所以我認為我們確實看到了——我們正在嘗試實現的目標之一，即能力的倍增效果，就像你無縫地添加 1 個構建塊一樣，但隨後它會乘以其他人的力量。所以它真的就像是 Work OS 的一個核心且令人驚嘆的附加功能。

This is Eliran. Just to make sure, you were asking about the share count? Just to make sure this is the question.

這是 Eliran。只是為了確認一下，您問的是股票數量嗎？只是為了確保這是問題所在。

No, the release of the share lock-up. That's coming up on Friday?

不是，是解除股權禁售。那是星期五嗎？

The release of the share lock-up, so we are going to do this Friday, on November 12. That is going to be the release of the lock-up, the expiration.

解除股份鎖定，所以我們將要在11月12日星期五進行這件事。那將會解除鎖定，終止鎖定。

Is there a rough number of the shares that you expect to be eligible for release? I mean, from the F-1, I think we're getting some questions that the numbers were fairly small, but looks like it's broad-based.

您預計有資格釋放的股票數量大概是多少？我的意思是，從 F-1 來看，我認為我們得到的一些問題是，數字雖然相當小，但看起來基礎很廣泛。

We can't really tell. We -- remember, we had 2 gradual releases along the way, so we can't anticipate what will be the number of the release.

我們確實無法判斷。我們 — — 記得，我們​​在過程中有過兩次逐步發布，所以我們無法預測發布的次數。

Our next question comes from Brent Bracelin of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brent Bracelin。

I'm impressed to see another quarter of accelerating growth here, gentlemen. But I'd be curious to hear how the freemium offering is impacting the land motion, top-of-funnel build. Are you starting to see any kind of conversions to paid yet? Any color on the freemium offering that -- and tier that was launched early this year would be helpful.

先生們，我很高興看到這裡又一個季度的成長加速。但我很好奇免費加值服務對土地動向和漏斗頂端建設有何影響。您是否開始看到任何形式的付費轉換？關於今年早些時候推出的免費增值服務和層級的任何細節都會有所幫助。

Sure. This is Eran. So as we mentioned, it was a very successful launch for us as a company, and we've seen no negative impact on the conversion. But on the other hand, it would be a new type of funnel for the user. I would say that it's not yet super significant in terms of adding new paying customers because the funnel is very long.

當然。這是 Eran。正如我們所提到的，對於我們公司來說，這是一次非常成功的發布，我們沒有看到對轉換的負面影響。但另一方面，這對使用者來說將是一種新型的管道。我想說，在增加新付費客戶方面，它還不是特別重要，因為漏斗太長了。

But what we do see is that, with awareness of our brand, we see more people using the platform in absolute numbers because we get a lot of free accounts, individual usage. And we feel that, over time, this will create more exposure for our brand. Conversion rate is steady. So we see that free funnel converting over time, but it's still hard to kind of forward-predict how much impact this will have on our bottom line of the company.

但我們確實看到，隨著我們品牌的知名度不斷提高，從絕對數量上看使用該平台的人數越來越多，因為我們獲得了許多免費帳戶和個人使用機會。我們覺得，隨著時間的推移，這將為我們的品牌帶來更多的曝光。轉化率穩定。因此，我們看到免費管道隨著時間的推移而轉變，但仍很難預測這將對公司底線產生多大的影響。

So overall, it's a very successful step and change in our product. And I'm sure it's going to have a very positive effect on our brand. And over time, we might see more and more paying customers converting from that free funnel.

總的來說，這是我們產品非常成功的一步，也是非常成功的改變。我確信這將對我們的品牌產生非常積極的影響。隨著時間的推移，我們可能會看到越來越多的付費客戶從免費管道轉換而來。

Yes. I can also add, it's Roy, that we see the free as a base infrastructure to build more stuff. Because if you have that ability to give customers something that they can rely on forever for free, you can offer other stuff that they can tie into, like forms and other things. So I think it's a base for us to jump into future products more than anything, and that's what we're super excited about.

是的。我還可以補充一點，羅伊，我們將免費視為建造更多東西的基礎設施。因為如果你有能力免費為客戶提供他們可以永遠依賴的東西，那麼你就可以提供他們可以依賴的其他東西，例如表格和其他東西。因此我認為這是我們邁向未來產品的基礎，這也是我們非常興奮的事情。

Helpful color there. And Eliran, just one quick clarification. You did generate positive free cash flow in the quarter. It's well ahead of a year, ahead of schedule there. I guess, how are you thinking about balancing kind of growth here in cash flow? Do you plan to further accelerate investments? Just how should we think about kind of the nice little surprise here on free -- positive free cash flow this quarter? And how should we think about that going forward?

那裡有有用的顏色。還有 Eliran，我只想快速澄清一件事。您在本季度確實產生了正的自由現金流。這比計劃提前了一年多。我想，您是如何考慮平衡現金流的成長的？您是否計劃進一步加速投資？我們該如何看待本季出現的免費小驚喜——正自由現金流呢？那我們今後該如何思考這個問題呢？

Thank you, Brent. Actually, I expected this question. So obviously, this is the result of the fact that we had a significant increase in revenue and ARR. And just as a reminder, our business model is paying upfront -- [10%] of the subscribers are paying upfront and 30% are paying monthly. So the fact that we had an eye for growth, together with a very efficient collection, drove this efficiency within our cash flow.

謝謝你，布倫特。事實上，我早就預料到這個問題。顯然，這是我們的收入和 ARR 大幅增加的結果。提醒一下，我們的商業模式是預付費——[10%] 的用戶是預付費，30% 的用戶是按月付費。所以，我們著眼於成長，加上非常有效率的收款方式，推動了我們的現金流效率。

Overall, we will continue to operate in accordance with our long-term plan. We don't aim -- this is not a target for us to be cash flow positive in the near future or to generate cash. Definitely, we are, as we said, we're going to continue to invest aggressively as we talked, if I may, relating to Mark's question earlier on the marketing campaigns and hiring. So from our perspective, this is -- obviously, this is great, but we would like to continue to invest aggressively and make sure that we see this efficiency going further.

整體來說，我們還是會按照長期規劃繼續運作。我們的目標不是在不久的將來實現現金流為正或產生現金。當然，正如我們所說的，我們將繼續積極投資，如果可以的話，就像我們之前談論馬克關於行銷活動和招募的問題一樣。因此從我們的角度來看，這顯然是偉大的，但我們希望繼續積極投資，並確保這種效率進一步提高。

As a reminder, one more thing that -- because we generate such a huge capital efficiency of 3x, if you think about every dollar that we burned since inception, it's -- we are getting like $3 in terms of ARR. Definitely, for us, it would be s(expletive) not to continue to invest. So this is the direction. We are going to continue to invest aggressively on all fronts.

提醒一下，還有一件事——因為我們的資本效率提高了 3 倍，如果你想想我們自成立以來燒掉的每一美元，我們得到的 ARR 就是 3 美元。毫無疑問，對我們來說，不繼續投資是愚蠢的。所以這就是方向。我們將繼續在各方面大力投資。

Yes. And if I can support what Eliran is saying, it's Roy, then the plans we have for next year are going to challenge the revenue growth, but we can't predict. But we have big plans for next year.

是的。如果我能支持 Eliran 的說法，那就是 Roy，那麼我們明年的計畫將挑戰收入成長，但我們無法預測。但我們對明年有宏偉的計劃。

Our next question comes from Arjun Bhatia of William Blair.

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

And congrats on a great quarter, guys. I was particularly impressed with the $50,000 trends. And I'm wondering, as you kind of expand your presence, as brand awareness builds and as you see more upmarket traction, whether the profile of the customers that you're attracting has changed. Obviously, customers are willing to spend more. But I'm wondering if the profile tends to be more, are you starting to see more larger enterprises come in? Or is it too early to see that mix shift in the customer profile at this point?

大家，恭喜你們度過了一個美好的季度。50,000 美元的趨勢給我留下了特別深刻的印象。我想知道，隨著你們擴大影響力、品牌知名度不斷提高以及看到更多高端市場的吸引力，你們吸引的客戶群是否發生了變化。顯然，顧客願意花更多錢。但我想知道，如果概況趨於更多，您是否開始看到更多大型企業加入？或者說，現在就看到客戶資料的混合轉變還為時過早嗎？

So yes, sure. So we are going to -- as we said, the core focus for our customers is the customers with 10-plus users. So we see the share of these customers, Arjun, are basically increasing, over time, their share of ARR and also will land higher. So the profile of these customers is definitely contributing to our net dollar retention rate and growth.

所以是的，當然。因此，正如我們所說，我們客戶的核心關注點是擁有 10 個以上用戶的客戶。因此，我們看到這些客戶 Arjun 的份額基本上在增加，隨著時間的推移，他們的 ARR 份額也會更高。因此，這些客戶的概況無疑地對我們的淨美元留存率和成長做出了貢獻。

In addition to that, we see customers with more than $50,000 in ARR growing as well. So the combination of customer of 10-plus users, plus a group of them are sub-users, customers with more than $50,000 in ARR, are becoming the kind, I would say, the bulk of our customers. And this is the customers that we are pursuing as part of our marketing and sales efforts. So we expect this trend to continue up.

除此之外，我們還看到 ARR 超過 5 萬美元的客戶也在成長。因此，我認為，10 個以上使用者的客戶加上一組子使用者（ARR 超過 50,000 美元的客戶）構成了我們客戶的主要組成部分。這正是我們在行銷和銷售工作中所追求的客戶。因此我們預計這一趨勢將持續下去。

Important to say that we don't neglect the smaller customers because they are basically what later will become the bigger customers. So even if we start with -- we see the profiting of the big customers, it's important for us to have the small ones that later become the big ones, if it makes sense to you, Arjun.

需要指出的是，我們不會忽視小客戶，因為他們基本上以後會成為大客戶。因此，即使我們一開始就看到大客戶的獲利，但對我們來說，擁有後來成為大客戶的小客戶也是很重要的，如果你覺得這有道理的話，阿瓊。

Yes, that's very helpful. Very clear. And then I wanted to follow up on Brent's last question there around investments. It sounds like you have big plans for 2022. And I was wondering if you could maybe just touch on the go-to-market investments that you're making right now, particularly in that direct enterprise group.

是的，這很有幫助。非常清楚。然後我想跟進布倫特關於投資的最後一個問題。聽起來你對 2022 年有很大計劃。我想知道您是否可以談談您正在進行的市場投資，特別是在直接企業集團的投資。

Because we did see a big step-up in R&D expense this quarter. But I think the tick up in sales and marketing was a little bit more modest. So I was wondering if there's any hiring trends that you would point out that maybe are not coming in yet that might come in next year?

因為我們確實看到本季研發費用大幅增加。但我認為銷售和行銷的成長幅度比較溫和。所以我想知道您是否可以指出一些可能現在還未出現但明年可能會出現的招聘趨勢？

So definitely, we are going to continue to hire aggressively. So just -- we had a PR in the past. We opened a cert academy in Israel, where we had, I think, thousands of registrations. And we only choose a few dozens of them just to make sure that we have the talent.

因此，我們肯定會繼續積極招募。所以只是——我們過去有過一次 PR。我們在以色列開設了一所認證學院，我想那裡有數千名註冊學員。我們只從其中挑選幾十個人，以確保我們擁有人才。

It's not only salespeople, it's customer success and customer success managers because they drove retention and customers, big customers. So this is another place of our effort. So we have big plans to double down on hiring the customer success managers, sales, and this is part of our go-to-market strategy.

這不僅是銷售人員，也是客戶成功和客戶成功經理，因為他們推動了客戶保留和大客戶。這是我們努力的另一個地方。因此，我們制定了宏偉計劃，加倍聘用客戶成功經理和銷售人員，這是我們行銷策略的一部分。

In addition to that, we would like to continue to invest, as you said, on R&D. So the combination of investments in R&D as well as in sales and customer success, alongside the partners, this is, I would say, the main focus of us within next quarter and the following years.

除此之外，正如您所說，我們也想繼續對研發進行投資。因此，我認為，對研發、銷售和客戶成功以及合作夥伴的投資是我們下個季度和未來幾年的主要關注點。

Our next question comes from Scott Berg of Needham.

我們的下一個問題來自尼德姆的斯科特·伯格。

I apologize for the audio issue earlier. Nice quarter. I guess, I got 2 questions here and 1 revisit, I guess, question from a moment ago around enterprise customers. But I wanted to ask the question, I guess, in a slightly different way is, as you just look at your lands broadly, whether it's a small customer or a large customer today, are your customers landing with a different seat count on initial sale kind of on average than, say, maybe a year ago, right as the pandemic was really kind of running full force?

我對於先前出現的音頻問題深感抱歉。不錯的季度。我想，我在這裡有 2 個問題，還有 1 個問題是關於剛才有關企業客戶的問題。但是我想問一個稍微不同的問題，當您廣泛地看待您的土地時，無論是今天的小客戶還是大客戶，您的客戶在首次銷售時的座位數量是否平均與一年前（當時疫情正在全面爆發）不同？

Yes. Thank you. So this is Eran. So Scott, I think definitely, yes, we see a trend where, as I mentioned, a big part of our enterprise strategy is bottom-up. But we're also seeing larger companies starting from a larger deployment within monday. So as we kind of increase our brand awareness and people are more aware about our solution, so we see kind of more companies started in adopting monday with other deployments.

是的。謝謝。這就是 Eran。所以史考特，我認為肯定的，我們看到了一種趨勢，正如我所提到的，我們的企業策略很大一部分是自下而上的。但我們也看到一些較大的公司在周一開始進行更大規模的部署。因此，隨著我們品牌知名度的提高以及人們對我們解決方案的了解不斷增加，我們看到越來越多的公司開始採用我們的解決方案並進行其他部署。

I think it's also the fact that we improved our product and make it more enterprise-ready and on other changes that we're making to our platform. So definitely, yes. But again, it's both, both bottom-up and larger accounts deploying. But that trend you mentioned, we definitely see it.

我認為事實是，我們改進了我們的產品，使其更適合企業，並且對我們的平台進行了其他的更改。所以絕對是的。但同樣，這是兩者兼而有之，既自下而上，又部署了更大的帳戶。但您提到的趨勢，我們確實看到了。

Great. And then from a -- a follow-up question is, I had heard from a consultant not that long ago on their thoughts that back to the office might actually have a positive impact for vendors in this space, mainly because they start seeing all the antiquated processes even more once they're in-person in an office versus maybe not seeing all the other challenges when they're working at home. Do you think going back to the office can be a trend to help adopt tools like monday today? Or it's -- maybe that trend's just been set from working from home over the last year?

偉大的。然後來自一個後續問題是，不久前我從一位顧問那裡聽說，他們認為回到辦公室實際上可能對這個領域的供應商產生積極的影響，主要是因為一旦他們親自在辦公室，他們就會開始看到所有過時的流程，而當他們在家工作時可能看不到所有其他挑戰。您是否認為重返辦公室可以成為一種趨勢，有助於採用「週一今日」之類的工具？或者是——也許這種趨勢只是去年在家工作所形成的？

It's Roy. So what we saw during like the shift from work to home is that people was struggling to organize things, and so we helped push them to digitize and organize themselves. And when they come back, what we see is that -- and it might support what you got, is that it's easier to adopt a new tool and to change things when you're together in an office, okay? So I think the adoption of new tools are easier when you're together. And kind of like doubling down on solutions, we already have kind of -- when people are apart, but also adoption, if it helps.

是羅伊。因此，我們看到，在從工作到家庭的轉變過程中，人們在組織事物方面遇到了困難，所以我們幫助推動他們實現數位化和自我組織。當他們回來時，我們看到的是——這可能支持你所得到的結果，那就是當你們一起在辦公室時，更容易採用新工具和改變事情，好嗎？因此我認為，當你們團結一致時，採用新工具會更容易。就像加倍努力尋找解決方案一樣，我們已經有了某種解決方案——當人們分開時，也會採用，如果有幫助的話。

So maybe just to add to Roy. If you think about what happened in the last 2 years in the industry, in the sector that we operate, so definitely, there is a secular tailwind and there is momentum with digitization. Obviously, there are more for the cloud, the use of cloud. So this is a long-term trend that we are seeing. So the fact that either with working remotely or going back to the office, that I think this trend will continue and will drive further growth in the sector, in our space.

所以也許只是為了補充 Roy。如果你回想過去兩年裡，在我們所在的產業、在我們營運的領域裡，你會發現，毫無疑問，存在著長期的順風，數位化也具有發展勢頭。顯然，對於雲端、對雲端的用途還有更多。這是我們看到的長期趨勢。因此，無論是遠距工作還是重返辦公室，我認為這種趨勢將會持續下去，並將推動我們這個領域的進一步成長。

Our next question comes from Andrew DeGasperi of Berenberger (sic) [Berenberg] Capital.

我們的下一個問題來自 Berenberger (原文如此) [Berenberg] Capital 的 Andrew DeGasperi。

Berenberg. Just 2 questions, if I may. The first one, at Elevate, you announced the workdocs release. And I was just wondering, how does that stack up, for example, with what Microsoft announced last week at Ignite with Loop? And how would you say -- is this just an indication that Microsoft is also trying to get into the work management space?

貝倫貝格。如果可以的話，我只想問兩個問題。第一個，在 Elevate 上，您宣布了 workdocs 的發布。我只是想知道，這與微軟上週在 Ignite 大會上宣布的 Loop 內容相比如何？您會怎麼說——這是否僅僅表明微軟也在試圖進入工作管理領域？

Yes. So this is Eran. Yes, I think Microsoft is definitely looking into this market. And I think kind of the disadvantage is that, that Microsoft is very fragmented. You have many, many tools that can do many things. I think the benefit of having 1 platform, 1 work less, where you can manage all aspects of your work is really a game changer in how users adopt our solution and how they use it.

是的。這就是 Eran。是的，我認為微軟肯定正在關注這個市場。我認為微軟的缺點是，它非常分散。您擁有很多很多可以做很多事情的工具。我認為擁有一個平台、減少一項工作、從而能夠管理工作的各個方面的好處，確實徹底改變了用戶採用我們的解決方案的方式以及他們如何使用它。

Definitely, over time, we're going to see more kind of companies looking into, I think, those kind of capabilities. But again, I think we're in a very different position in terms of customer adoption.

當然，隨著時間的推移，我認為我們將看到更多公司研究此類能力。但我再次認為，在客戶採用方面，我們處於非常不同的地位。

As you can see, just -- since we released workdocs, the adoption and usage on our platform has been really significant. So this really shows that the combination of the other elements of the platform, the board, the views, the dashboard with the workdocs is the true game changer. I think the workdocs, just by themselves, would have made this impact on our users and how people use it.

正如您所看到的，自從我們發布 Workdocs 以來，我們平台上的採用和使用情況非常顯著。所以這確實表明，平台的其他元素、面板、視圖、儀表板與工作文件的組合才是真正的遊戲規則改變者。我認為工作文件本身就會對我們的使用者以及人們的使用方式產生影響。

That's helpful. And then secondly, separately on the enterprise wins this quarter. Can you maybe disclose to us how many seats, so to speak, have the biggest deals landed with? And then -- and if any of the deals you signed an enterprise were wall-to-wall, so to speak, or exclusive?

這很有幫助。其次，分別談談本季的企業勝利。您能否向我們透露一下，最大的交易涉及多少個席位？然後——如果您與企業簽署的任何交易都是全面的，或者是獨家的，那該怎麼辦？

Yes. So we are seeing thousands of seats that we are landing in and expanding within our existing customer base. We are approaching 7-figure transactions. And hopefully -- this is not why it's not the target for us. This is something that we would like to pursue as well. So we are seeing constant growth in the number of seats, and in the -- we land bigger within customers.

是的。因此，我們看到我們在現有客戶群中佔據了數千個席位，並且不斷擴大。我們的交易額即將突破 7 位數。希望這不是我們將其排除在目標之外的原因。這也是我們想要追求的。因此，我們看到席位數量不斷增長，我們的客戶數量也在增加。

Yes. And correct me if I'm wrong, Eliran. We're not disclosing like wall-to-wall or how many accounts, but we definitely see those as well.

是的。如果我錯了，請糾正我，Eliran。我們不會全面披露具體帳戶數量，但我們肯定也看到了這些。

Thank you. I'm showing no further questions at this time. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating, and have a great day. You may all disconnect.

謝謝。我目前沒有其他問題。女士們、先生們，今天的會議到此結束。感謝大家的參與，祝福大家有個愉快的一天。你們都可以斷開連線。