monday.com Ltd (MNDY) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the monday.com Q2 fiscal 2021 earnings call. (Operator Instructions). I would now like to turn the call over to your host, Keenan Zopf. You may begin.

女士們，先生們，感謝你們的支持，歡迎來到 monday.com 2021 財年第二季度財報電話會議。 （操作員說明）。我現在想把電話轉給主持人 Keenan Zopf。你可以開始了。

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.

今天在電話會議上做出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信息做出的最佳判斷。這些陳述涉及可能導致實際結果與我們的預期不同的風險和不確定性。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，請參閱我們的收益發布。

Additionally, non-GAAP financial measures may 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 is posted on our Investor Relations webpage at IR.monday.com. With that I will turn the call over to Roy Mann, Co-CEO of monday.com.

此外，可能會在電話會議上討論非 GAAP 財務措施。與最直接可比的 GAAP 財務指標的調節可在今天電話會議的收益發布和收益報告中找到，這些報告發佈在我們的投資者關係網頁 IR.monday.com 上。有了這個，我將把電話轉給 monday.com 的聯席首席執行官 Roy Mann。

Thank you and thank you, everyone, for joining us today. We are very excited to have completed the successful IPO and to announce very strong results for our first quarter as a public company. As you've seen from our press release, our business continues to accelerate across revenues, pay customers and customer expansion. We generated $70.6 million in revenue, up 94% year-over-year.

謝謝大家今天加入我們。我們非常高興能夠成功完成首次公開募股，並宣布我們作為一家上市公司的第一季度業績非常強勁。正如您從我們的新聞稿中看到的那樣，我們的業務在收入、付費客戶和客戶擴展方面繼續加速。我們創造了 7060 萬美元的收入，同比增長 94%。

Eliran, our CFO, will provide you with more financial detail and commentary on what drove Q2 results. He will also provide our guidance for the rest of the year. Since this is our first earnings call as a public company, I'd like to take a few minutes to tell you a bit about monday.com. We have also posted a slide deck on our IR website that provides you with additional color on our business and a review for our Q2 financials.

我們的首席財務官 Eliran 將為您提供更多財務細節和對推動第二季度業績的因素的評論。他還將為我們提供今年剩餘時間的指導。由於這是我們作為上市公司的第一次財報電話會議，我想花幾分鐘時間向您介紹一下 monday.com。我們還在我們的 IR 網站上發布了一個幻燈片，為您提供更多關於我們業務的顏色和對我們第二季度財務狀況的審查。

When we first started monday.com we started it with a mission, to give our customers the power to create their own work software. To do that we revolutionized the way people use software, giving them the same low code/no code capabilities once reserved for software creators and designers.

當我們第一次啟動 monday.com 時，我們的使命是讓我們的客戶能夠創建自己的工作軟件。為此，我們徹底改變了人們使用軟件的方式，為他們提供了曾經為軟件創建者和設計者保留的相同的低代碼/無代碼功能。

Today, more than nine years later, our customers use monday.com in ways we could have never imagined, across virtually limitless use cases and in organizations of all sizes. With that mission we are leading in a new category called Work OS. Eran?

九年多後的今天，我們的客戶以我們無法想像的方式使用 monday.com，跨越幾乎無限的用例和各種規模的組織。帶著這個使命，我們在一個名為 Work OS 的新類別中處於領先地位。伊蘭？

Thank you, Roy. Before we dive deeper into our platform, we'd like to highlight our market opportunity. Our Work OS is broadly explicable for any organization and team across a growing number of use cases. According to estimates from IDC, our total addressable market was $56.1 billion in 2020, and will grow to $87.6 billion in 2024. Further, we believe our Work OS platform is applicable across the 1.25 billion information workers that industry analysts estimate exist globally.

謝謝你，羅伊。在深入研究我們的平台之前，我們想強調一下我們的市場機會。我們的 Work OS 廣泛適用於任何組織和團隊，涵蓋越來越多的用例。根據 IDC 的估計，我們的總目標市場在 2020 年為 561 億美元，到 2024 年將增長到 876 億美元。此外，我們相信我們的 Work OS 平台適用於行業分析師估計的全球 12.5 億信息工作者。

Now, let's dive deeper into our platform. Our cloud-based platform is a no code/low code framework. It consists of modular building blocks that allow our customers to create their own software applications and work management tools. By using our platform our customers can simplify and accelerate their digital transformation, create a unified workspace across departments, and increase operational efficiency and productivity.

現在，讓我們深入了解我們的平台。我們基於雲的平台是一個無代碼/低代碼框架。它由模塊化構建塊組成，允許我們的客戶創建自己的軟件應用程序和工作管理工具。通過使用我們的平台，我們的客戶可以簡化和加速他們的數字化轉型，創建跨部門的統一工作空間，並提高運營效率和生產力。

Our software is simple enough for anyone to use; yet it is powerful enough to drive core functionality within any organization. Our platform also integrates with other systems and applications, creating a new connective layer for organizations that links departments and bridges information silos. We believe this makes our Work OS a core solution that customers can rely on to run their business.

我們的軟件非常簡單，任何人都可以使用；但它的功能強大到足以驅動任何組織內的核心功能。我們的平台還與其他系統和應用程序集成，為連接部門和彌合信息孤島的組織創建了一個新的連接層。我們相信，這使我們的 Work OS 成為客戶開展業務時可以依賴的核心解決方案。

Our customers are our partners. We are continuously molding our partner future together. We distinguished customers with more than 10 users from our broader customer base, and they are the core focus of our sales and marketing efforts. The revenue growth rate of our customers with more than 10 users has outpaced the rest of the business in each of our previous fiscal years and our expectation is that such customers will continue to grow in the future.

我們的客戶是我們的合作夥伴。我們不斷共同塑造我們合作夥伴的未來。我們從更廣泛的客戶群中區分出擁有 10 多個用戶的客戶，他們是我們銷售和營銷工作的核心重點。在我們之前的每個財政年度，擁有 10 個以上用戶的客戶的收入增長率都超過了其他業務，我們預計此類客戶未來將繼續增長。

Moreover, our ability to successfully move upmarket is demonstrated by the consistent growth in a number of our enterprise customers, which we define as customers with more than $50,000 in ARR. We ended the quarter with 470 enterprise customers compared to only 144 in the year ago quarter, an increase of 226%.

此外，我們成功進入高端市場的能力體現在我們的許多企業客戶的持續增長上，我們將這些客戶定義為 ARR 超過 50,000 美元的客戶。本季度結束時，我們擁有 470 家企業客戶，而去年同期只有 144 家，增長了 226%。

We employ an efficient go-to-market model, combining our extensive self-service funnel and a direct sales approach, which consists primarily of our sales team, our customer success and partner teams as well as our apps marketplace.

我們採用高效的上市模式，結合我們廣泛的自助服務渠道和直接銷售方式，主要由我們的銷售團隊、我們的客戶成功和合作夥伴團隊以及我們的應用程序市場組成。

I want to share some of our product solution go-to-market approach. Product solutions are complete products, horizontal or vertical, built on top of the Work OS platform. This allows customers with different intents to find and adopt monday. Now, I will turn this over to Roy to discuss our apps and apps marketplace.

我想分享一些我們的產品解決方案上市方法。產品解決方案是構建在 Work OS 平台之上的水平或垂直的完整產品。這使得具有不同意圖的客戶可以在星期一找到並採用。現在，我將把這個交給 Roy 來討論我們的應用程序和應用程序市場。

Thank you, Eran. We took our no limits approach to new heights to allow any developer to build on top of monday.com with monday apps. We added even more freedom with our apps marketplace where each customer can extend the platform on their own. This no limits approach leads to happy customers that not only love our product but also feel they are a part of our journey.

謝謝你，伊蘭。我們將我們的無限制方法提升到了新的高度，允許任何開發人員在 monday.com 之上構建 monday 應用程序。我們通過我們的應用程序市場增加了更多的自由度，每個客戶都可以在其中自行擴展平台。這種無限制的方法會帶來快樂的客戶，他們不僅喜歡我們的產品，而且覺得他們是我們旅程的一部分。

As the number of our customers grew we heard more and more stories on how we changed their business and, for some, their lives. We began to feel an ever growing sense of responsibility, a responsibility to be there for our customers with world-class support and an ever improving platform that allows them to do anything their business demands or their imagination takes them towards.

隨著我們客戶數量的增長，我們聽到越來越多的故事，講述我們如何改變他們的業務，對一些人來說，他們的生活。我們開始感受到越來越強烈的責任感，有責任為我們的客戶提供世界級的支持和不斷改進的平台，使他們能夠做任何他們的業務需求或他們的想像力。

This responsibility extends towards the communities we live in as well. We saw the amazing impact monday.com has on nonprofit organizations. From work we have done together we see that many nonprofit organizations have a massive technological divide, a divide that prevents them from making the impact that they seek. Our Equal Impact initiative aims to close that digital divide with long-term, ambitious goals for making a lasting impact on nonprofit organizations.

這種責任也延伸到我們生活的社區。我們看到了 monday.com 對非營利組織的驚人影響。從我們共同完成的工作中，我們看到許多非營利組織存在巨大的技術鴻溝，這種鴻溝阻礙了他們產生他們所尋求的影響。我們的 Equal Impact 倡議旨在通過長期、雄心勃勃的目標來縮小數字鴻溝，從而對非營利組織產生持久影響。

With our knowledge and resources in digital transformation, running business and scaling teams, we aim to be a partner for the world's nonprofit organizations who want to make a positive change for all of us.

憑藉我們在數字化轉型、運營業務和擴展團隊方面的知識和資源，我們的目標是成為全球非營利組織的合作夥伴，這些組織希望為我們所有人做出積極的改變。

I want to give a quick shout out to our employees. monday.com's success happened only because of our amazing employees and the strong culture of transparency, ownership and trust we have built together. All of us at monday feel we share the same goal and walk on the same path forward.

我想快速向我們的員工大聲疾呼。 monday.com 的成功完全歸功於我們出色的員工以及我們共同建立的透明、主人翁意識和信任的強大文化。星期一，我們所有人都覺得我們有著相同的目標，走在相同的前進道路上。

We believe that we are on the cusp of a massive change in work software. If the last 10 years were defined by the SaaS cloud, then the next 10 years will be focused on giving people the power to create software that fits their own needs. We believe that we are best positioned to be the leaders in this change. We have built the company to take such an opportunity head on while keeping our culture our values and the love we still have towards creating beautiful powerful digital products.

我們相信我們正處於工作軟件巨大變革的風口浪尖。如果過去 10 年是由 SaaS 雲定義的，那麼未來 10 年將專注於賦予人們創建適合自己需求的軟件的能力。我們相信，我們最有能力成為這場變革的領導者。我們建立公司是為了抓住這樣的機會，同時保持我們的文化、我們的價值觀和我們對創造美麗強大的數字產品的熱愛。

Today we are thrilled to introduce a completely new capability to monday.com's Work OS platform, monday workdocs. Workdocs represents the next step in our Work OS platform. Documents provide a great canvas for people to start their work in. We see this as a massive opportunity to expand how monday is adopted so our customers can create no code/low code work software.

今天，我們很高興地向 monday.com 的 Work OS 平台介紹一項全新的功能，monday workdocs。 Workdocs 代表了我們 Work OS 平台的下一步。文檔為人們開始工作提供了一個很好的畫布。我們認為這是一個巨大的機會來擴展星期一的採用方式，以便我們的客戶可以創建無代碼/低代碼工作軟件。

With monday workdocs our customers now have the ability to manage their work, ideas and data in a completely unstructured way. Our workdocs include two powerful technologies embedded in them: our real-time engine and document connectivity. We believe document-based collaboration is crucial for many work processes.

借助星期一工作文檔，我們的客戶現在能夠以完全非結構化的方式管理他們的工作、想法和數據。我們的工作文檔中嵌入了兩種強大的技術：我們的實時引擎和文檔連接。我們相信基於文檔的協作對於許多工作流程至關重要。

That's why we've built our real-time engine from scratch. It's a completely new technology that allows for hundreds of people to work together on the same document. It's a strong foundation that will allow us to take document collaboration to uncharted territories.

這就是我們從頭開始構建實時引擎的原因。這是一項全新的技術，允許數百人一起處理同一份文檔。這是一個堅實的基礎，使我們能夠將文檔協作帶到未知領域。

Another critical part of our workdocs is that they are connected to other applications. We see this as part of our connectivity layer that the Work OS provides. We allowed any monday object such as widgets, charts and views to be embedded into documents. This means that our workdocs have live objects that update in real time whenever their source of data changes. So, monday workdocs are never stale because they are connected documents. This makes workdocs another no code way for our customers to build work applications on top of monday.com Work OS.

我們工作文檔的另一個關鍵部分是它們連接到其他應用程序。我們將其視為 Work OS 提供的連接層的一部分。我們允許將任何星期一對象（例如小部件、圖表和視圖）嵌入到文檔中。這意味著我們的工作文檔具有活動對象，只要數據源發生變化，這些對象就會實時更新。因此，星期一的工作文檔永遠不會過時，因為它們是相互關聯的文檔。這使 workdocs 成為我們客戶在 monday.com Work OS 之上構建工作應用程序的另一種無代碼方式。

Traditional documents were never designed to be used in the way many teams use them today. Teams use documents to start work processes and collaborate together, but the documents themselves were never created to support this. We see this as an opportunity to turn these beginnings of documents into real work tools that people can use to work together better.

傳統文檔從未設計為以當今許多團隊使用它們的方式使用。團隊使用文檔來啟動工作流程並一起協作，但從未創建文檔本身來支持這一點。我們將此視為一個機會，可以將這些文檔的開端轉變為人們可以用來更好地協同工作的實際工作工具。

Workdocs represent the next step in our journey to give our customers the ability to create their own work software, no matter how they begin or continue their work. Until now boards where the sole entry point to our platform. Workdocs are an additional unstructured, more flexible way to onboard and deepen adoption in companies. Workdocs are now live and working on monday's Work OS and are available to all our plans. Eran?

Workdocs 代表了我們旅程的下一步，讓我們的客戶能夠創建自己的工作軟件，無論他們如何開始或繼續他們的工作。到目前為止，登上我們平台的唯一入口點。 Workdocs 是一種額外的非結構化、更靈活的方式，用於在公司中加入和深化採用。 Workdocs 現已在周一的 Work OS 上運行並運行，並且適用於我們的所有計劃。伊蘭？

Thank you, Roy. In Q2 we officially launched a free tier of monday.com Work OS. This is geared to small teams and limited only to two users. We believe that this is an excellent way to drive awareness and broader adoption among a new set of audiences. We are encouraged by the early response to the free offering and see this as a way to seed monday usage and ultimately drive conversion to enterprise customers.

謝謝你，羅伊。在第二季度，我們正式推出了免費版的 monday.com Work OS。這適用於小型團隊並且僅限於兩個用戶。我們相信，這是在新的受眾群體中提高認識和更廣泛採用的絕佳方式。我們對免費產品的早期反應感到鼓舞，並將其視為一種培養週一使用率並最終推動企業客戶轉化的方式。

We had a great quarter in terms of customer wins and expansions. These were broad-based across industry verticals with major companies including Headspace, Mintel, Adyen and Wellington Altus.

我們在客戶贏得和擴張方面有一個很好的季度。這些是跨行業垂直領域的廣泛基礎，主要公司包括 Headspace、Mintel、Adyen 和 Wellington Altus。

Let's talk about Headspace as an example. Headspace is a very well-known mindfulness and meditation app dedicated to improving the health and happiness of the world. Headspace has begun to use monday.com Work OS to increase collaboration and efficiency for all of their marketing and creative processes across the globe.

讓我們以 Headspace 為例。 Headspace 是一個非常著名的正念和冥想應用程序，致力於改善世界的健康和幸福。 Headspace 已開始使用 monday.com Work OS 來提高全球所有營銷和創意流程的協作和效率。

In order to win subscription-based companies like Headspace must operate real-time, adjusting to changes in each of their markets every day, which is why they chose our platform. This win is another example of how monday can help high-growth global companies and we are very happy to be a part of their growth and success.

為了贏得像 Headspace 這樣基於訂閱的公司必須實時運營，每天根據每個市場的變化進行調整，這就是他們選擇我們平台的原因。這場胜利是星期一如何幫助高增長的全球公司的另一個例子，我們很高興能成為他們成長和成功的一部分。

During Q2 we continued to expand our partnership ecosystem. To that end we kicked off new strategic alliances with global systems integrators across key industries such as manufacturing and real estate including Hitachi Solutions and NTT-Data.

在第二季度，我們繼續擴大我們的合作夥伴生態系統。為此，我們與製造和房地產等關鍵行業的全球系統集成商建立了新的戰略聯盟，其中包括 Hitachi Solutions 和 NTT-Data。

We accelerated our growth and expansion into the Latin America market with new channel partners, customer deals, increasing our ARR in this region. As part of our expansion into new markets, we also added Polish as an additional language available on our platform, increasing the total number of languages to 14.

我們通過新的渠道合作夥伴、客戶交易加速了我們在拉丁美洲市場的增長和擴張，增加了我們在該地區的 ARR。作為我們向新市場擴張的一部分，我們還增加了波蘭語作為我們平台上可用的額外語言，使語言總數增加到 14 種。

One of the things that we are most excited about is that we are truly developing a monday.com ecosystem of third parties, interfaces, partners and developers that collectively drive usage and multiple monetization opportunities. You will be hearing much more from us on this front in the coming quarters and years.

最讓我們興奮的事情之一是，我們正在真正開發一個由第三方、接口、合作夥伴和開發人員組成的 monday.com 生態系統，它們共同推動使用和多種貨幣化機會。在接下來的幾個季度和幾年裡，您將在這方面聽到更多關於我們的信息。

As I hope has come through in our presentation and our comments today, monday.com is a highly differentiated company with a strong and unique point of view about the future of work and collaboration. We are capturing a massive market opportunity that is expected to reach over $85 billion in the next few years. monday.com can help drive results for almost every business of every size around the world.

正如我希望在我們今天的演講和評論中表達的那樣，monday.com 是一家高度差異化的公司，對未來的工作和協作有著強烈而獨特的觀點。我們正在抓住一個巨大的市場機會，預計在未來幾年內將達到 850 億美元以上。 monday.com 可以幫助推動全球幾乎所有規模的企業取得成果。

We are very excited to speak with the analysts covering the Company and the investors who are joining us on this journey today. I'll turn it over to Eliran to cover our financials and guidance.

我們很高興能與今天加入我們這一旅程的公司分析師和投資者交談。我會把它交給 Eliran 來涵蓋我們的財務和指導。

Thank you, Roy and Eran, and thank you to everyone for joining our call today. We are very excited about the opportunities we see for the Company to continue to grow and evolve. I will go through our second-quarter results, then discuss in more detail the business and close with guidance.

謝謝 Roy 和 Eran，感謝大家今天加入我們的電話會議。我們對公司繼續發展和發展的機會感到非常興奮。我將介紹我們的第二季度業績，然後更詳細地討論業務並以指導結束。

We were pleased with the results for the quarter, which demonstrated continued high-growth at scale. Revenue in the second quarter came in at $70.6 million, up 94% year-over-year led by large expansions within our existing customer base.

我們對本季度的結果感到滿意，該結果表明規模持續高增長。第二季度的收入為 7060 萬美元，同比增長 94%，這得益於我們現有客戶群的大規模擴張。

Our net dollar retention rate for customers with more than 10 users was over 125% and our net dollar retention rate for all customers was over 111%. As a reminder, our net dollar retention rate is a trailing four quarter weighted average calculation.

我們擁有超過 10 個用戶的客戶的淨美元保留率超過 125%，我們所有客戶的淨美元保留率超過 111%。提醒一下，我們的淨美元保留率是尾隨的四個季度加權平均計算。

Also our focus on moving upmarket is working. We ended the quarter with 470 enterprise customers, up 226% from 144% in the year-ago quarter.

我們對移動高端市場的關注也在發揮作用。本季度結束時，我們擁有 470 家企業客戶，比去年同期的 144% 增長了 226%。

On the hiring front, during the last two quarters, we added more than 170 employees to monday.com, particularly focusing on R&D and sales and marketing. These new hires account for more than 70% of the new talent added during this period. We ended Q2 with more than 850 employees globally and we plan to continue investing aggressively in adding new talent with a focus on R&D and our enterprise sales force.

在招聘方面，在過去的兩個季度中，我們為 monday.com 增加了 170 多名員工，尤其是在研發、銷售和市場營銷方面。這些新員工佔這一時期新增人才的70%以上。我們在第二季度結束時在全球擁有 850 多名員工，我們計劃繼續積極投資以增加新人才，重點是研發和我們的企業銷售隊伍。

Next, I'll provide more detail on the second-quarter financial results. Before turning to expense items and profitability, I would like to point out that, unless otherwise noted, all metrics are non-GAAP. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release.

接下來，我將提供有關第二季度財務業績的更多細節。在談到費用項目和盈利能力之前，我想指出，除非另有說明，否則所有指標均為非 GAAP。我們在收益發布中提供了 GAAP 與非 GAAP 財務的對賬。

Gross margin came in at 89.7%, up from 88.3% in the year-ago quarter. Research and development expense was $11.2 million or 16% compared to 20% in the year-ago quarter. We continue to invest significantly in R&D, including high growth in our engineering headcount, but the pace of our revenue growth has outpaced the investment growth.

毛利率為 89.7%，高於去年同期的 88.3%。研發費用為 1120 萬美元或 16%，而去年同期為 20%。我們繼續在研發方面進行大量投資，包括我們工程人員的高速增長，但我們的收入增長速度已經超過了投資增長。

Sales and marketing expense was $55.5 million or 79% of revenue compared to 101% in the year-ago quarter. The improvement was driven primarily by lower marketing investments as we are becoming more efficient, allocating our marketing spend to focus on customers with 10-plus users and enterprise customers.

銷售和營銷費用為 5550 萬美元，佔收入的 79%，而去年同期為 101%。這一改進主要是由於隨著我們變得更有效率，營銷投資減少，我們將營銷支出分配給擁有 10 多個用戶的客戶和企業客戶。

We continue to make substantial investments in our sales organization and have significantly expanded our sales team over the last year. Similar to R&D, the pace of our revenue growth has outpaced the investment growth.

我們繼續對我們的銷售組織進行大量投資，並在去年顯著擴大了我們的銷售團隊。與研發類似，我們的收入增長速度超過了投資增長。

G&A expense was $6.5 million or 9% of revenue, compared to 8% in the year-ago quarter reflecting increased costs of being a public company. Operating loss was $9.9 million and operating loss margin came in at 14%. Net loss was $11.3 million and loss per share was negative $0.26.

G&A 費用為 650 萬美元，佔收入的 9%，而去年同期為 8%，這反映了上市公司成本的增加。營業虧損為 990 萬美元，營業虧損率為 14%。淨虧損為 1130 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 $878 million in cash, cash equivalents, short-term deposits and restricted cash. Net cash used in operating activities was $0.4 million in the quarter. Adjusted free cash flow was negative $1.5 million and was driven by strong collection stemming from our strong billings in Q4 and Q1.

轉到資產負債表和現金流量。本季度結束時，我們擁有約 8.78 億美元的現金、現金等價物、短期存款和受限現金。本季度用於經營活動的現金淨額為 40 萬美元。調整後的自由現金流為負 150 萬美元，這是由於我們在第四季度和第一季度的強勁賬單帶來的強勁收款推動的。

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 in Tel Aviv.

調整後的自由現金流定義為經營活動產生的淨現金減去用於財產和設備的現金以及資本化的軟件成本，不包括非經常性項目，例如與特拉維夫公司總部擴建相關的成本。

Now turning to our outlook for the third quarter and the full year of 2021. We believe we can deliver high growth for the foreseeable future as we are addressing a large and growing market, and we believe we are well-positioned to be one of the long-term winners in this space.

現在轉向我們對第三季度和 2021 年全年的展望。我們相信，隨著我們正在應對一個龐大且不斷增長的市場，我們可以在可預見的未來實現高增長，並且我們相信我們有能力成為這個領域的長期贏家。

There are more than 1 billion global knowledge workers today that could potentially use monday. We are introducing Q3 and full-year guidance as follows. For the third quarter of fiscal year 2021 we expect our revenue to be in the range of $74 million to $75 million, representing growth of 74% to 76% year-over-year. We expect non-GAAP operating loss of $26 million to $25 million.

今天全球有超過 10 億知識工作者可能會使用星期一。我們將介紹第三季度和全年指導如下。對於 2021 財年第三季度，我們預計我們的收入將在 7400 萬美元至 7500 萬美元之間，同比增長 74% 至 76%。我們預計非 GAAP 營業虧損為 2600 萬至 2500 萬美元。

For the full year 2021, revenues are expected to be in the range of $280 million to $282 million, representing growth of 74% to 75% year-over-year. We expect full year non-GAAP operating loss of $93 million to $91 million and negative operating margin of between 33% and 32% compared to negative operating loss of $86.2 million in 2020 and negative operating margin of 53%.

2021 年全年收入預計在 2.8 億美元至 2.82 億美元之間，同比增長 74% 至 75%。我們預計全年非 GAAP 營業虧損為 9300 萬美元至 9100 萬美元，負營業利潤率為 33% 至 32%，而 2020 年為負營業虧損 8620 萬美元，負營業利潤率為 53%。

We believe we can deliver high growth for the foreseeable future as we are addressing a large and growing market that is still very early in its maturity. As a result, we will continue to prioritize investments in the business over near-term profitability, and we continue to make progress against our growth phase target margins.

我們相信，我們可以在可預見的未來實現高增長，因為我們正在應對一個仍處於成熟早期的龐大且不斷增長的市場。因此，我們將繼續優先考慮對業務的投資，而不是近期盈利能力，我們將繼續在增長階段目標利潤率方面取得進展。

I'll also note that we intend to be active with regard to Investor Relations and will be conducting a number of non-deal roadshows and started to present at investor conferences in September. With that I'll turn it over to the operator for questions. Operator?

我還要指出，我們打算在投資者關係方面保持活躍，並將進行一些非交易路演，並開始在 9 月的投資者會議上展示。有了這個，我會把它交給接線員提問。操作員？

(Operator Instructions). Kash Rangan, Goldman Sachs.

（操作員說明）。 Kash Rangan，高盛。

Hi, thank you very much. Lovely day fantastic results and congratulations on the first quarter as a public company. What a great start. Roy, one question for you. You talked about sales and marketing investments.

你好，非常感謝。美好的一天取得了驚人的成績，並祝賀第一季度成為一家上市公司。多麼好的開始。羅伊，問你一個問題。您談到了銷售和營銷投資。

Can you talk about -- how should we think about how productive did the shift towards more selling and a little bit less marketing as it pertains to sales and marketing is likely to drive traction in the enterprise going forward? Because it certainly seems that you had a great quarter but you're just getting started building out and scaling your sales effort for the enterprise.

你能談談——我們應該如何考慮轉向更多銷售和更少營銷的生產力，因為它與銷售和營銷有關，可能會推動企業向前發展？因為看起來你有一個很棒的季度，但你才剛剛開始為企業建立和擴大你的銷售工作。

And one for you, Eliran. It does look like you made significant progress with operating margin and free cash flow, yet your guidance still calls for a snapback to previous [services] losses. So, just wondering if there's any specific investment you are making in the second half or just trying to keep things conservative and wait till the quarters prove themselves? Thank you so much, congrats.

還有一個給你，Eliran。看起來你在營業利潤率和自由現金流方面取得了重大進展，但你的指導意見仍然要求快速恢復以前的[服務]損失。那麼，只是想知道下半年是否有任何具體投資，或者只是想保持保守，等到季度證明自己？非常感謝，恭喜。

Hey, Kash, thank you. It's Roy. So, yes, we are putting a lot of emphasis on growing. Like we mentioned before in our -- during the IPO, we have a funnel that is driven by no touch, like we do marketing that we get leads. Those leads become paying customers. And our sales force are addressing those customers after they pay and help them scale.

嘿，卡什，謝謝你。是羅伊。所以，是的，我們非常重視增長。就像我們之前在 IPO 期間提到的那樣，我們有一個不受接觸驅動的漏斗，就像我們進行營銷一樣，我們會獲得線索。這些線索成為付費客戶。我們的銷售人員在客戶付款並幫助他們擴大規模後向他們致意。

So, while we invest a lot in marketing, we see that we're doing that in a more efficient way, which is what you can see with the results this quarter. Our approach to new customers is becoming more efficient, while we scale the sales team and its approach to grow our customers way more. So, you see both of these working really well and I think we are, as we mentioned before, seeing our sales team that has been growing the last two years reach more maturity and it's working better and better.

因此，雖然我們在營銷方面投入了大量資金，但我們看到我們正在以更有效的方式進行營銷，這就是您在本季度的結果中看到的。我們對待新客戶的方法變得更加高效，同時我們擴大了銷售團隊及其方法，以更多地發展我們的客戶。所以，你看到這兩者都運作得非常好，而且我認為，正如我們之前提到的，我們看到過去兩年一直在增長的銷售團隊變得更加成熟，並且工作得越來越好。

Kash, hi. This is Eliran. With regards to your question on guidance, so first of all, we are very confident on our guidance and we feel comfortable with the plan that we have to continue to invest aggressively. One of the things that's important for us to say that, while we did very good result in Q2, we are going to continue to invest aggressively in the second half of the year in order to generate additional hyper growth at scale.

卡什，你好。這是伊萊蘭。關於您關於指導的問題，首先，我們對我們的指導非常有信心，我們對必須繼續積極投資的計劃感到滿意。對我們來說很重要的一件事是，雖然我們在第二季度取得了很好的成績，但我們將在下半年繼續積極投資，以實現額外的大規模高速增長。

Just in terms of numbers, our capital efficiency is well above 2.5. Just as a reminder, for every dollar that we invest (inaudible) section, we basically generate more than $2.5 in terms of ARR. So, there is a huge opportunity; it is a greenfield market. Therefore, we would like to ensure we don't pass this opportunity and continue to invest.

就數字而言，我們的資本效率遠高於 2.5。提醒一下，對於我們投資（聽不清）部分的每一美元，我們基本上產生超過 2.5 美元的 ARR。所以，這是一個巨大的機會；這是一個未開發的市場。因此，我們要確保我們不會錯過這個機會並繼續投資。

And there are going to be additional costs. We are going to continue to hire aggressively in sales and marketing, R&D. We are going to have the full impact of our new headquarters in Tel Aviv. We are going to continue to invest across other places in the organization. Hopefully we are going to see some of that continued growth as we continue to go forward. Does this answer your question, Kash?

並且會有額外的費用。我們將繼續在銷售和營銷、研發方面積極招聘。我們將充分發揮我們在特拉維夫的新總部的影響。我們將繼續在組織的其他地方進行投資。希望隨著我們繼續前進，我們將看到一些持續增長。這是否回答了你的問題，卡什？

Absolutely. Great start. Congratulations. Thank you so much.

絕對地。好的開始。恭喜。太感謝了。

Mark Murphy, JPMorgan.

馬克·墨菲，摩根大通。

Good morning. This is Matt Coss on behalf of Mark Murphy. I will add my congratulations on the quarter. Can you talk to us about the distribution of new use cases by prepackaged solutions versus someone using monday to build something completely from the ground up? And then maybe you can help us understand how many of your customers who have adopted prepackaged solutions are using the low code/no code advantages of the platform to really customize their application.

早上好。我是馬特·科斯，代表馬克·墨菲。我將對本季度表示祝賀。您能否與我們談談通過預先打包的解決方案分發新用例與使用星期一完全從頭開始構建某些東西的情況？然後也許您可以幫助我們了解有多少採用預打包解決方案的客戶正在使用該平台的低代碼/無代碼優勢來真正定制他們的應用程序。

Sure. This is Eran. Can you just repeat the first part of the question, please?

當然。這是伊蘭。請您重複問題的第一部分好嗎？

Yes. So, if you have a sense of your customers using monday.com, new customers buy a prepackaged solution versus using monday to build their own application from the ground up.

是的。因此，如果您了解您的客戶使用 monday.com，那麼新客戶會購買預先打包的解決方案，而不是使用 monday 從頭開始構建他們自己的應用程序。

Yes, okay. So, this is Eran. So, basically the majority of our customers usually start with one use case and then over time expand to more use cases. I would say the vast majority start with a prepackaged solution, just because usually the way it works is that usual search for a very specific problem they're trying to solve. And this is kind of how we lead them through the ongoing process.

是的，好的。所以，這是伊蘭。因此，基本上我們的大多數客戶通常從一個用例開始，然後隨著時間的推移擴展到更多用例。我會說絕大多數都是從預先打包的解決方案開始的，只是因為通常它的工作方式是通常搜索他們試圖解決的非常具體的問題。這就是我們如何引導他們完成正在進行的過程。

But I think the interesting part of that, over time, we see two trends. One is further customizing their existing solution, meaning matching that to their need. But then finding more and more product solutions they can use and expanding the usage within the organization. And also building their own kind of solutions on their own, their own templates and use cases.

但我認為其中有趣的部分是，隨著時間的推移，我們看到了兩種趨勢。一種是進一步定制他們現有的解決方案，這意味著將其與他們的需求相匹配。但後來發現越來越多的產品解決方案可供他們使用，並擴大了組織內的使用範圍。並且還自行構建自己的解決方案，自己的模板和用例。

In terms of the low code/no code, so basically everybody using monday essentially is using no code capability, building the board itself and customizing the coms is essentially, if you think about it, building a database to capture data. And as we disclosed during the IPO process, over 90% of our customers use automation and integration. So, it's pretty popular within enterprise accounts. So, I would say, broadly speaking, every customer of monday is leveraging our no code and low code capabilities.

就低代碼/無代碼而言，基本上每個使用星期一的人基本上都在使用無代碼功能，如果你仔細想想，構建板本身和定制 coms 本質上就是構建一個數據庫來捕獲數據。正如我們在 IPO 過程中披露的那樣，超過 90% 的客戶使用自動化和集成。因此，它在企業帳戶中非常受歡迎。所以，我想說，從廣義上講，星期一的每個客戶都在利用我們的無代碼和低代碼功能。

Brent Thill, Jefferies.

傑富瑞的布倫特·希爾。

Thank you. I was curious if you could spend a little more time on the enterprise traction and maybe provide some examples of where you're staying great traction. I think maybe if you could also talk about your largest deployment and give us a little more color in terms of how that buildout is going.

謝謝。我很好奇你是否可以在企業牽引力上多花一點時間，並提供一些你在哪些方面保持強大牽引力的例子。我想也許你也可以談談你最大的部署，並就擴建的進展情況給我們更多的顏色。

Yes, so we see very high growth in the customers over 60,000, over 226% year-over-year growth. From our side of the Company, this is a strategic part of our business going forward. We do invest heavily into the no touch and bring in new pay customers into our funnel.

是的，所以我們看到超過 60,000 名客戶的增長非常快，同比增長超過 226%。從我們公司的角度來看，這是我們未來業務的戰略組成部分。我們確實在無接觸上投入了大量資金，並將新的付費客戶引入我們的渠道。

But at the same time, as we mentioned at the beginning of the call, we invest heavily into making the product better for enterprise customers, keep adding features and capabilities. And this part of the business is growing significantly faster than the whole of the business. Those customers demonstrate very high net [call] retention numbers, they expand more and we are keeping and launching new features to that part of the business going forward.

但與此同時，正如我們在電話會議開始時提到的那樣，我們投入巨資使產品更適合企業客戶，不斷增加特性和功能。而且這部分業務的增長速度明顯快於整個業務。這些客戶表現出非常高的淨 [呼叫] 保留數字，他們擴展得更多，我們正在為這部分業務保留並推出新功能。

Yes, it's Roy. I can add that in enterprise we are focusing on security control features and governance. And that's basically enabling us to get into larger customers. They want it and we need to just open the door right now with enabling all those things. And that's where our biggest focus is product wise.

是的，是羅伊。我可以補充一點，在企業中，我們專注於安全控制功能和治理。這基本上使我們能夠接觸到更大的客戶。他們想要它，我們需要現在就打開大門，啟用所有這些東西。這就是我們最大的關注點是產品方面。

Great. And just curious if there were any geographic trends that you're seeing that are different between the US, EMEA and APAC. Anything stand out? There has been a lot of questions as it relates to the return to the office as some people have been coming back in. Have you seen any noticeable differential in customer behavior? Obviously the numbers suggest that it doesn't really matter what environment we are in for you guys right now given the great growth. But any color on that would be helpful.

偉大的。只是想知道您看到的美國、歐洲、中東和非洲和亞太地區之間是否存在任何不同的地理趨勢。有什麼突出的嗎？由於一些人已經回來，所以有很多關於返回辦公室的問題。您是否看到客戶行為有任何明顯的差異？顯然，這些數字表明，考慮到巨大的增長，我們現在所處的環境對你們來說並不重要。但是上面的任何顏色都會有所幫助。

So, as a reminder, we enjoyed hyper growth before COVID and we expect to continue to grow hyper scale also post COVID. Hopefully it will come soon. As a reminder, we see the breakdown -- geographical breakdown, 52% of our revenue is outside of the US, 38% is in the US. 70% of our customers are non-tech. And we even added another language to our platform which is Polish. Now we have 14 languages.

因此，提醒一下，我們在 COVID 之前享受了高速增長，我們希望在 COVID 之後繼續超大規模增長。希望它會很快到來。提醒一下，我們看到了細分——地域細分，我們 52% 的收入在美國以外，38% 在美國。我們 70% 的客戶不是技術人員。我們甚至在我們的平台上添加了另一種語言，即波蘭語。現在我們有 14 種語言。

So, what you see is basically we are expanding within existing customer base in the geographies we already operate in. But as a reminder, we also have our partner channel that, in places where we don't have the sales force to expand within the visibility of our partner -- partner's ecosystem. And this helps us to gain additional markets where we don't operate holistically through this channel.

所以，你所看到的基本上是我們正在我們已經開展業務的地區的現有客戶群中擴展。但提醒一下，我們也有我們的合作夥伴渠道，在我們沒有銷售人員的地方擴展我們合作夥伴的可見性——合作夥伴的生態系統。這有助於我們獲得我們不通過該渠道全面運營的其他市場。

Bhavan Suri, William Blair.

Bhavan Suri，威廉布萊爾。

Let me echo my congrats. That is a great quarter out of the gate. I guess I want to touch on the enterprise traction. You have added more than 100 customers to the 50,000-plus ARR. I guess I'm trying to understand how much of this do you attribute to the product getting more sophisticated, it's ability to handle complex workflows? Or do you think it's more driven by the fact that direct sales motion and customer adoption is maturing. How would you balance those two?

讓我回應我的祝賀。這是一個很棒的季度。我想我想談談企業的吸引力。您已將 100 多個客戶添加到 50,000 多個 ARR。我想我想了解您認為這在多大程度上歸因於產品變得越來越複雜，它能夠處理複雜的工作流程？或者您認為它更多地是由直銷運動和客戶採用日趨成熟這一事實推動的。你會如何平衡這兩者？

So, my short answer will be both. I think we've seen the combination of two forces. One is obviously the fact that we -- between our sales team, we had more sales reps in our Company and they are becoming more experienced. So, this is one part of this effect. The second part is that we invested heavily into the product for enterprise accounts and we're [keeping] to do that. So, we're doing a lot on that front just to make the product more scalable.

所以，我的簡短回答是兩者兼而有之。我認為我們已經看到了兩種力量的結合。一個顯然是我們 - 在我們的銷售團隊之間，我們公司有更多的銷售代表，而且他們變得更有經驗。所以，這是這個效果的一部分。第二部分是我們對企業帳戶產品進行了大量投資，並且我們[繼續]這樣做。因此，我們在這方面做了很多工作，只是為了使產品更具可擴展性。

And we see that, as we progress, larger and larger accounts are able to adopt monday. And another very interesting trend that we see is that every sales cycle that (inaudible) within existing accounts is for another sales cycle. So, it's like a never ending process of finding new use cases, new departments that can use monday. So, it's not like a one-time deal that you sign off, but more of a process. So, that's where we get larger and larger accounts using us.

我們看到，隨著我們的進步，越來越多的客戶能夠採用星期一。我們看到的另一個非常有趣的趨勢是，現有賬戶中（聽不清）的每個銷售週期都是針對另一個銷售週期的。因此，這就像一個永無止境的尋找新用例的過程，可以在星期一使用的新部門。因此，這不像是您簽署的一次性交易，而是一個過程。所以，這就是我們使用我們獲得越來越大的帳戶的地方。

Got you, got you. And then I want to touch a little bit on the freemium offering. I'd love to understand -- and you gave some great color, but I'd love to understand what impact have you see, on the top of the funnel because of freemium? And then it makes sense to me that they'll grow, but have you seen any customers downgrade at all saying, hey, I've only got a small handful, maybe I'll go to freemium? Have you seen that motion at all, the reverse of what we would like to happen? Thank you.

懂你，懂你。然後我想談談免費增值產品。我很想了解 - 你給了一些很好的顏色，但我很想了解你看到了什麼影響，因為免費增值在漏斗的頂部？然後我覺得他們會增長是有道理的，但是你有沒有看到任何客戶降級說，嘿，我只有一小部分，也許我會去免費增值？你有沒有看到那個動作，與我們希望發生的相反？謝謝。

Sure, so this is Eran again. So, this is very exciting for us. So, as we launched this free tier, we see that it just adds more customers that use monday. It didn't hurt or cannibalize our existing convert into payment in terms of acquiring new customers, but it increased the top of the funnel for the Company. And we didn't see any impact on our existing customers. So, customers are not reducing their plans or anything like that.

當然，這又是伊蘭。所以，這對我們來說非常令人興奮。因此，當我們推出這個免費套餐時，我們看到它只是增加了更多使用星期一的客戶。在獲取新客戶方面，它並沒有傷害或蠶食我們現有的轉化為付款，但它增加了公司漏斗的頂部。我們沒有看到對現有客戶有任何影響。因此，客戶不會減少他們的計劃或類似的事情。

One thing that is super interesting -- but again this is still very early days, but we've now seen a new type of funnel being created of [freemium accounts] that over time -- and again, we see early signs of this, converting to paying companies. So, I think this will increase the exposure of monday as a tool, what we offer and the amount of people that are exposed to its capability and how they can use it.

有一件非常有趣的事情——但同樣，這仍處於早期階段，但我們現在已經看到了一種新型的 [免費增值賬戶] 隨著時間的推移而創建的渠道——我們再次看到了這方面的早期跡象，轉換為付費公司。因此，我認為這將增加星期一作為一種工具的曝光度，增加我們提供的內容以及了解其功能的人數以及他們如何使用它。

I would just add that our free tier is now limited to only two users. So, it's not really impacting the larger customers, it's just a way to keep on using us and use us for those type of chooser plan. So, like two user plan.

我只想補充一點，我們的免費套餐現在僅限於兩個用戶。所以，這並沒有真正影響到更大的客戶，這只是一種繼續使用我們並將我們用於那些類型的選擇計劃的方式。所以，就像兩個用戶計劃一樣。

Got you, got you. That is very helpful. Thanks for the color, gentlemen, and congrats again.

懂你，懂你。這很有幫助。感謝顏色，先生們，再次祝賀。

Brent Bracelin, Piper Sandler.

布倫特·布拉斯林，派珀·桑德勒。

Thank you and good morning -- or should I say good afternoon. I wanted to go back to the growth divers of the business. Growth accelerated here to 94%. You are taking your full-year outlook up to 75% growth for the year. I think we were at 60% kind of going into the quarter. So, as you look at just the overall business, what's performing better?

謝謝你，早上好——或者我應該說下午好。我想回到業務的增長潛水員。這裡的增長加速到 94%。您將全年展望定為全年增長 75%。我認為我們進入本季度的進度為 60%。那麼，當你只看整體業務時，什麼表現更好？

It sounds like enterprise is strong, existing customers is strong. Is that the main driver here giving you optimism, just stronger adoption and expansion than you expected? Is it broad-based, is there a particular region or segment of the business that is outperforming? It just seems like the business here is much stronger. Your optimism is much higher. Trying to understand what the primary kind of rank order drivers here of the business are. Thanks.

聽起來企業強大，現有客戶強大。這是這裡的主要驅動力讓你樂觀，只是比你預期的更強大的採用和擴展？它的基礎是否廣泛，是否有特定地區或業務部門表現出色？只是這裡的生意，似乎要強大很多。你的樂觀情緒要高得多。試圖了解業務的主要排名順序驅動因素是什麼。謝謝。

Basically I think everything that you said, it is all of the above. So, obviously our growth was being driven by long-term secular tailwinds and momentum in the space and the category. And there is a combination of the following. There is new customers that we continue to add to our platform. There is obviously an expansion within our existing customer base, high quality and which can be demonstrated from our net dollar retention rate, which is now over 125%. As a reminder, it was 121% in Q1.

基本上我認為你所說的一切，都是以上所有。因此，很明顯，我們的增長是由長期的長期順風以及該領域和該類別的勢頭推動的。並且有以下的組合。我們將繼續向我們的平台添加新客戶。我們現有的客戶群顯然在擴大，質量很高，這可以從我們現在超過 125% 的淨美元保留率中得到證明。提醒一下，第一季度為 121%。

And we're also seeing, obviously, the enterprise momentum and the motion of 470 enterprise accounts, up 226% year-over-year. And the indications that we are seeing is basically that it continues to trend up. And I believe that [that is a fuel] of Monday. The fact that we are a market leader, the brand awareness hopefully also supported by the IPO. The [forward] motion that was mentioned by Eran and Roy, we kind of had (inaudible) organization mid-2018.

顯然，我們還看到了 470 個企業賬戶的企業動能和動態，同比增長 226%。我們看到的跡象基本上是它繼續呈上升趨勢。我相信星期一的[那是一種燃料]。事實上，我們是市場領導者，品牌知名度也有望得到 IPO 的支持。 Eran 和 Roy 提到的 [前進] 動議，我們在 2018 年年中有點（聽不清）組織。

So, now we see the fruits of this investment. So, all the things -- combination of all these things are creating our optimism with regards to -- to this growth and potentially continuous growth.

所以，現在我們看到了這項投資的成果。因此，所有事情——所有這些事情的結合正在使我們對這種增長和潛在的持續增長感到樂觀。

Great to hear there and appreciate that color. I guess on the flipside of that, operating losses have narrowed meaningfully in the quarter. It looks like your guidance suggests that operating losses here could continue to narrow. Is that a function of just not being able to hire as aggressively as you would like?

很高興在那裡聽到並欣賞那種顏色。我想另一方面，本季度的經營虧損已經大幅收窄。看起來你的指引表明這裡的經營虧損可能會繼續縮小。這是因為無法像您希望的那樣積極招聘嗎？

I know it's a tight labor market right now. Or is there something structurally more efficient about your sales and marketing spend where you feel you can drive this hyper growth without aggressively investing as much as you have in the past? Just trying to understand why you are kind of narrowing the operating loss here for the second half of the year. Thanks.

我知道現在勞動力市場緊張。或者，您的銷售和營銷支出是否有結構上更有效的東西，您覺得可以推動這種高速增長，而無需像過去那樣積極投資？只是想了解為什麼你在某種程度上縮小了今年下半年的經營虧損。謝謝。

So, as I mentioned earlier, Brent, we are not trying to optimize costs. Actually we are going to continue and invest aggressively. But definitely we see some efficiencies within our sales and marketing investment. But we will continue to invest aggressively. I don't want to think about it as an indicated kind of direction as we are operating in accordance with what we presented in our growth phase model.

所以，正如我之前提到的，布倫特，我們並沒有試圖優化成本。實際上，我們將繼續積極投資。但我們肯定會在銷售和營銷投資中看到一些效率。但我們將繼續積極投資。我不想將其視為一種明確的方向，因為我們正在按照我們在增長階段模型中呈現的內容進行運營。

We are going to see further additional costs, I believe, in the second half of the year. As I mentioned, we just moved to the new building. We are going to continue to hire aggressively. Even though there are some challenges with hiring, we are still hiring very well. And there are going to be salary increases. We are going to have events by the end of the year.

我相信，我們將在今年下半年看到更多的額外成本。正如我提到的，我們剛剛搬到新大樓。我們將繼續積極招聘。儘管在招聘方面存在一些挑戰，但我們仍然招聘得很好。並且會有加薪。我們將在年底前舉辦活動。

So, I think we are going to be costs that really are going to be incurred in the second half of the year. But obviously we are working in accordance with our growth phase operating model.

因此，我認為我們將成為下半年真正發生的成本。但顯然我們正在按照我們的增長階段運營模式開展工作。

Helpful color. Great to see the momentum in the business. Thank you.

有用的顏色。很高興看到業務的發展勢頭。謝謝。

Ittai Kidron, Oppenheimer.

Ittai Kidron，奧本海默。

Hey guys, great quarter out of the gate, good stuff. I wanted, maybe Roy and Eran, to talk about workdocs, the announcement you made today, if you could give us a little bit more color. And more interestingly, how does that work its way into your pricing plans? What are the odds that within the next 12 to 18 months you actually raise prices across your plans?

嘿伙計們，很棒的四分之一，好東西。我想，也許是 Roy 和 Eran，談談工作文檔，你們今天發布的公告，如果你們能給我們多一點色彩的話。更有趣的是，這如何影響您的定價計劃？在接下來的 12 到 18 個月內，您實際提高整個計劃價格的可能性有多大？

Yes, it's Roy. So, that's super exciting, the workdocs. So, we are -- essentially we see a lot of starting points for Monday in our Monday boards where it's a very structured way of information. And the documents essentially allow customers to start with an unstructured way, right? Like you start something and then usually it stops with old fashion docs. With monday we saw a massive opportunity with continuing that work on the platform, adding more people.

是的，是羅伊。所以，這非常令人興奮，workdocs。所以，我們 - 本質上，我們在周一的董事會中看到了周一的許多起點，這是一種非常結構化的信息方式。這些文檔本質上允許客戶以非結構化方式開始，對吧？就像你開始做某事，然後通常它會以舊時尚文檔停止。週一，我們看到了在平台上繼續這項工作、增加更多人手的巨大機會。

So, we see this as a new way for customers to start using monday. So, the docs, as you asked, are accessible to everyone. We don't want to limit that by pricing tier and those kinds of limitations because we want everyone to start. We will in the future consider adding more tiers into the documents for extended functionality, but we don't have that now.

因此，我們將此視為客戶開始使用星期一的新方式。因此，正如您所要求的，每個人都可以訪問這些文檔。我們不想通過定價層和這些限制來限制它，因為我們希望每個人都開始。我們將來會考慮在文檔中添加更多層以擴展功能，但我們現在沒有。

And if I can add, Ittai, this is Eran. So, another point that's super interesting is the combination between [growth] and workdocs. So, the fact that you can embed into a workdoc a board where you can actually change the board from within the dock, (inaudible) and have several people working together in this very intuitively and in real time is, again, a power multiplier in terms of [to] and vice versa.

如果我可以補充一點，Ittai，這是 Eran。因此，另一點非常有趣的是 [growth] 和 workdocs 之間的結合。因此，您可以在工作文檔中嵌入一塊板，您可以在其中實際從 dock 中更改板（聽不清），並讓幾個人非常直觀和實時地一起工作，這一事實再次成為功率倍增器[to] 的術語，反之亦然。

You can have a dock within a port. So, combining those two products together I think will generate very exciting ways that our customers can leverage the power of both.

您可以在港口內擁有碼頭。因此，我認為將這兩種產品結合在一起會產生非常令人興奮的方式，我們的客戶可以利用這兩種產品的力量。

Great. Maybe as a follow-up, if you could update us on right now how big is your largest deployment, how many seats are in your largest deployment?

偉大的。也許作為後續行動，如果您現在可以向我們更新您最大的部署有多大，您最大的部署中有多少席位？

Frankly, currently it is 7,000 seats. This is a customer that we have, this is the biggest account we currently have.

坦率地說，目前是7000個席位。這是我們擁有的客戶，這是我們目前擁有的最大客戶。

Got it. Excellent. Good stuff. Thanks.

知道了。出色的。好東西。謝謝。

DJ Hynes, Canaccord.

DJ 海因斯，Canaccord。

Great start here, thanks for taking the questions. Just one from me. I'll direct it at Eran, but anyone feel free. I was hoping you could talk a little bit about coexistence with other work management tools in your large enterprise accounts. I look at Fortune 500 penetration for guys like Smartsheet, Asana, yourselves. There's clearly overlap there.

很好的開始，感謝您提出問題。就我一個。我會把它指向 Eran，但任何人都可以隨意。我希望您能談一談與您的大型企業帳戶中的其他工作管理工具共存的問題。我看一下像 Smartsheet、Asana 和你們自己這樣的人在財富 500 強中的滲透率。那裡顯然有重疊。

So, hoping you could talk about how you see this playing out. Will there always be room for multiple vendors in these large accounts? Or do you think they consolidate around a single vendor over time? And how do you position monday to be that vendor?

所以，希望你能談談你是如何看待這一切的。這些大客戶中是否總有多個供應商的空間？或者您認為他們會隨著時間的推移圍繞單一供應商進行整合嗎？你如何定位星期一成為那個供應商？

Thanks DJ. It is Eran. It's a great question. Overall main account is a Work OS. So, essentially there's a lot of things that could build within monday, but one of the key things that were super important for us being a Work OS is to integrate really well with other tools. So, essentially our goal is not to replace all tools within the organization, but to be a place where people can build stuff and manage a lot of the core functionality within monday.

謝謝 DJ。是伊蘭。這是一個很好的問題。總的來說主賬號是一個Work OS。所以，基本上有很多東西可以在星期一內構建，但對於我們作為 Work OS 來說非常重要的關鍵事情之一就是與其他工具很好地集成。因此，從本質上講，我們的目標不是替換組織內的所有工具，而是成為人們可以在周一內構建東西並管理許多核心功能的地方。

But any app that an organization already uses can be integrated into monday. Data can be presented within Monday, you can change things and data can be synced back into a third-party application. So, essentially it our philosophy is to work well with everybody.

但是組織已經使用的任何應用程序都可以集成到星期一。數據可以在周一內呈現，您可以更改內容，數據可以同步回第三方應用程序。所以，從本質上講，我們的理念是與每個人都很好地合作。

We are not trying to replace everything within an organization, so I don't think it is a point of consolidation. But very likely positioned in a way that we're kind of the [work customization], the backbone that connects everything within an organization, if it makes sense.

我們並不是要替換組織內的所有內容，因此我認為這不是整合點。但很可能我們的定位是某種[工作定制]，如果有意義的話，它是連接組織內一切事物的骨幹。

Perfect. Thank you guys, congrats on the start.

完美的。謝謝大家，祝賀你的開始。

Derrick Wood, Cowen and Company.

德里克·伍德、考恩公司。

Great, thanks for taking my questions and congratulations on my end as well. Maybe first one for Eliran. The enterprise net revenue retention rate you mentioned was 125%, up from 121% last quarter. Could you unpack how much has come from improvements in gross retention and how much is from stronger expansion trends?

太好了，感謝您提出我的問題並祝賀我。也許是 Eliran 的第一個。你提到的企業淨收入保留率為 125%，高於上一季度的 121%。您能否分析一下有多少來自總保留率的提高，有多少來自更強勁的擴張趨勢？

And then speaking about expansion, project management is a core area for you. But we get a lot of questions from investors, what are the next most popular two or three use cases and what's growing the fastest. So, if you could comment on that as well that would be helpful.

然後談到擴展，項目管理是您的核心領域。但是我們從投資者那裡收到了很多問題，下一個最受歡迎的兩三個用例是什麼，增長最快的是什麼。所以，如果你也能對此發表評論，那將會很有幫助。

Definitely. On the question with regards to use cases, I will defer later to Roy or Eran. But let me start with the net dollar retention rate. So, as a reminder, the core focus for our business is customers with 10-plus users. They include enterprise accounts and accounts that are less than $50,000. What we see is basically a strong expansion within this existing customer base.

確實。關於用例的問題，我稍後會聽取 Roy 或 Eran 的意見。但讓我從淨美元保留率開始。因此，提醒一下，我們業務的核心重點是擁有 10 個以上用戶的客戶。它們包括企業賬戶和低於 50,000 美元的賬戶。我們看到的基本上是現有客戶群的強勁擴張。

And as kind of a proxy to this expansion, if you think about recent cohorts, when we are looking at our cohorts, the recent cohorts -- and this is something we shared historically -- we see that the customers that we have are landing at bigger accounts, so they have a larger ARR and higher retention. And because the net dollar retention population is trailing four quarters -- rated average trailing four quarters, what we see is basically it's catching up.

作為這種擴張的一種代表，如果你考慮最近的群體，當我們查看我們的群體時，最近的群體——這是我們歷史上分享的東西——我們看到我們擁有的客戶正在登陸更大的賬戶，所以他們有更大的 ARR 和更高的保留率。而且由於淨美元保留人口落後四個季度——額定平均水平落後四個季度，我們看到的基本上是在追趕。

So, the impact of these cohorts, which are getting much better, are impacting the net dollar retention. And this is the result that you see in our net dollar retention basically getting to 125%. And obviously also impacted by our expansion within enterprise accounts. With regards to use cases -- this is okay, DJ (sic - Derrick), I mean this is -- before I defer to Roy?

因此，這些正在變得更好的群體的影響正在影響淨美元保留率。這就是您在我們的淨美元保留率中看到的結果，基本上達到 125%。顯然也受到我們在企業賬戶內擴張的影響。關於用例——沒關係，DJ（原文如此——Derrick），我的意思是——在我聽從 Roy 之前？

Yes, perfect.

是的，完美。

Roy, I will defer to you on the use cases.

羅伊，我會在用例上聽從你的意見。

Yes. So, I would appreciate if you can repeat the question.

是的。所以，如果你能重複這個問題，我將不勝感激。

Yes, it was just that we get questions from investors on what are the most popular two or three use cases outside of core project management in terms of where you guys are seeing the most traction. I know there's a lot of different fronts that you guys compete and offer, but if you had the top two or three that would be helpful.

是的，只是我們從投資者那裡得到了關於核心項目管理之外最流行的兩三個用例的問題，就你們認為最有吸引力的地方而言。我知道你們有很多不同的戰線可以競爭和提供，但如果你有前兩三名，那將是有幫助的。

Yes, so that's great. I would say one more that is CRM for smaller use cases up to midsize use cases, we see that as a big trend for us. And also we have a lot of customers that build their own use case. So, they manage -- we have customers from over 190 different business verticals. So, they do -- they run manufacturing plants, some manage clinical [prior] research, run production.

是的，那太好了。我還要說的是 CRM，適用於小型用例到中型用例，我們認為這對我們來說是一個大趨勢。而且我們還有很多客戶構建自己的用例。因此，他們管理 - 我們擁有來自 190 多個不同業務垂直領域的客戶。所以，他們這樣做——他們經營製造工廠，一些管理臨床[先前]研究，經營生產。

So, it's not project management as much as they run their own processes and they build their own tools to run those processes. So, whatever that might be. And that's more in the workflow process management kind of space.

所以，這不是項目管理，而是他們運行自己的流程，他們構建自己的工具來運行這些流程。所以，不管那是什麼。這更多是在工作流過程管理類空間中。

Okay, thanks for the color.

好的，謝謝你的顏色。

Scott Berg, Needham.

斯科特·伯格，李約瑟。

Hi, everyone. I also echo my congratulations on the strong first post-quarter IPO results. I guess the first question is, and I don't know who wants to take it, but it's on the workdocs, and not specifically the product, but just how you think about pricing more in general going forward.

大家好。我也對強勁的第一個季度後 IPO 結果表示祝賀。我想第一個問題是，我不知道誰想接受它，但它在工作文檔中，而不是具體的產品，而是你如何考慮未來的定價。

Today you released the functionality or you talked about the functionality being included in the base price. But do you ever get to a situation, maybe over the next couple years, where you modularize or componentize some of that functionality and sell that as an upsell premium tier versus an all-you-can-eat-today scenario?

今天您發布了功能，或者您談到了基本價格中包含的功能。但是你有沒有遇到過這樣的情況，也許在接下來的幾年裡，你將某些功能模塊化或組件化，並將其作為追加銷售的高級層銷售，而不是今天吃到飽的情況？

Yes, so thanks, Scott, for your question. This is Eran. So, it's a great question. When we launched workdocs today, our thinking that we wanted to be available in all pricing plans, because the idea was that anything that can drive usage and have more people in an organization that can use monday, it makes sense to be available in all [clients], because essentially we wanted to get everyone on board.

是的，謝謝斯科特提出你的問題。這是伊蘭。所以，這是一個很好的問題。當我們今天推出 workdocs 時，我們認為我們希望在所有定價計劃中都可用，因為我們的想法是任何可以推動使用並讓組織中有更多人可以在星期一使用的東西，在所有 [客戶]，因為基本上我們想讓每個人都參與進來。

In regards to future thoughts in terms of further pricing and packaging, so this only -- the way we think about future pricing is around packaging in terms of different product solutions that we offer. So, in different industries we have different pricing levels. For example, in CRM we can charge more poor user and other industries as well.

關於進一步定價和包裝方面的未來想法，所以這只是 - 我們考慮未來定價的方式是圍繞我們提供的不同產品解決方案的包裝。所以，在不同的行業，我們有不同的定價水平。比如在CRM中我們可以對更多的貧困用戶進行收費，其他行業也是如此。

So, our thinking going forward is to package a product more significantly for those product solutions, and then we can add differentiated pricing and perhaps different tiers for those product solutions. So, definitely going forward it is in our roadmap.

因此，我們未來的想法是為這些產品解決方案更重要地打包產品，然後我們可以為這些產品解決方案添加差異化定價和可能的不同層級。因此，肯定會在我們的路線圖中繼續前進。

Understood. Quite helpful. And then from a follow-up perspective, you all had mentioned partners a couple different times during your script. As we have had a chance to speak with different partners that you're currently starting to engage with, it's still very early in that lifecycle.

明白了。很有幫助。然後從後續的角度來看，你們都在劇本中多次提到了合作夥伴。由於我們有機會與您目前開始接觸的不同合作夥伴交談，因此它仍處於生命週期的早期階段。

But how should we think about partners contributing to the monday.com business maybe over the next two or three or four years? Do they become a substantial part of your go-to-market sales strategy, or will there always be a smaller ancillary opportunity there? Thank you.

但是我們應該如何考慮在未來兩三年或四年內為 monday.com 業務做出貢獻的合作夥伴？它們是否成為您進入市場銷售策略的重要組成部分，或者那裡總是會有較小的輔助機會？謝謝。

Great. It's Roy. So, yes, the partners are a big part of our roadmap going forward. So first of all, like you mentioned, it is helping us with global expansion and places we don't have the sales team on. But also we are working with a lot of them together to offer solutions for larger companies, large enterprises that want to tailor-make the platform connected to other stuff. So, they help us with a lot with professional services.

偉大的。是羅伊。所以，是的，合作夥伴是我們未來路線圖的重要組成部分。因此，首先，就像您提到的那樣，它正在幫助我們進行全球擴張以及我們沒有銷售團隊的地方。但我們也正在與他們中的許多人一起工作，為希望定制連接到其他東西的平台的大公司、大企業提供解決方案。因此，他們通過專業服務為我們提供了很多幫助。

And many of them also are large contributors to our marketplace, they develop apps and a lot of stuff people across the platform use. So, it's a very -- we have varied partnerships. Obviously not every one are the same, but as a whole the partnership is a big part of our vision going forward.

他們中的許多人也是我們市場的重要貢獻者，他們開發應用程序和平台上人們使用的很多東西。所以，這是一個非常 - 我們有不同的合作夥伴關係。顯然不是每個人都是一樣的，但作為一個整體，合作夥伴關係是我們未來願景的重要組成部分。

Andrew DeGasperi, Berenberg.

貝倫貝格的安德魯·德加斯佩里。

Thanks for taking my question and congrats on going public. First I guess I wanted to ask and follow up on the competition question. I know that a lot of other work management tools are also chasing the larger end of the market or the enterprise customer. So, I was just wondering if any of these bids are competitive that you are seeing right now or are they mostly greenfield?

感謝您提出我的問題並祝賀您上市。首先，我想我想詢問並跟進競爭問題。我知道許多其他工作管理工具也在追逐更大的市場或企業客戶。所以，我只是想知道您現在看到的這些出價中的任何一個是否具有競爭力，或者它們主要是綠地？

Anything that we see, this is a huge greenfield opportunity for us on -- this is [something we follow] as part of the IPO. On 70% of the deals we see literally no competition. Usually customers use email and spreadsheets and PowerPoint -- and email to communicate and collaborate. And it just seems that everybody are trying to improve how they work and make it more efficient. It doesn't feel like a greenfield.

無論我們看到什麼，這對我們來說都是一個巨大的綠地機會——這是 IPO 的一部分[我們遵循的]。在 70% 的交易中，我們幾乎看不到競爭。通常，客戶使用電子郵件、電子表格和 PowerPoint 以及電子郵件來進行交流和協作。似乎每個人都在努力改進他們的工作方式並提高工作效率。感覺不像是一片綠地。

On 30% of the deals we see, I would say, more of a vertical competition. So, if somebody used monday for [CRM] for example, we might compete with SMB focused CRMs. If somebody is using project [development] we might see other competitors in the project management space. But broadly speaking, this is a huge greenfield and there's a huge opportunity to grow within this market.

我想說，在我們看到的 30% 的交易中，更多的是垂直競爭。因此，例如，如果有人將星期一用於 [CRM]，我們可能會與專注於 SMB 的 CRM 競爭。如果有人正在使用項目 [開發]，我們可能會在項目管理領域看到其他競爭對手。但從廣義上講，這是一個巨大的綠地，在這個市場中有巨大的發展機會。

That's helpful. And just as a follow-up, these other solutions, the CRM, the software development, the HR, it seems pretty unique relative to your competitors and it seems to also, I guess, expand into other end markets that there's some bigger players in like (inaudible) and salesforce. So, I was just wondering are you really just focused on that smaller end of the market with these tools and you don't really see these other larger software companies in that field or those fields?

這很有幫助。作為後續行動，這些其他解決方案，CRM，軟件開發，人力資源，相對於你的競爭對手來說似乎非常獨特，而且我猜它似乎也擴展到其他終端市場，那裡有一些更大的參與者像（聽不清）和銷售人員。所以，我只是想知道你是否真的只專注於使用這些工具的較小端市場，而你真的沒有看到該領域或那些領域的其他大型軟件公司？

So, that's a really great question, because we see a lot of those verticals as a go-to-market for us. Like we want to put the foot in the door and get into companies. And as we scale we are partnering and integrating into those larger players, as you mentioned.

所以，這是一個非常好的問題，因為我們將很多垂直領域視為我們的市場進入點。就像我們想踏入大門並進入公司一樣。正如您提到的，隨著我們規模的擴大，我們正在與那些更大的參與者合作並融入其中。

Meaning that we see ourselves as unifying the workspace, like creating unified workspaces for companies with no code/low code capabilities and integrations that really connect all those tools you mentioned to the rest of the organization and allowing them to create more workflows with them.

這意味著我們將自己視為統一的工作空間，例如為沒有代碼/低代碼功能和集成的公司創建統一的工作空間，這些功能和集成真正將您提到的所有這些工具與組織的其他部分聯繫起來，並允許他們使用它們創建更多的工作流程。

If they want to replace, fine. But usually the bigger pain points are connecting, breaking silos, having people work together. So, it is a two way go-to-market that we land on the smaller use cases and even small size CRMs. And we have a lot of large enterprises that start with a small one on different stuff that they use. So, it's a great foot in the door for us even for enterprises and then we integrate with larger players.

如果他們想更換，那很好。但通常更大的痛點是連接、打破孤島、讓人們一起工作。因此，我們著眼於較小的用例甚至小型 CRM，這是一種進入市場的兩種方式。我們有很多大企業都是從小企業開始的，他們使用的是不同的東西。因此，這對我們甚至企業來說都是一個很好的開端，然後我們與更大的參與者整合。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接並度過美好的一天。