monday.com Ltd (MNDY) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the monday.com Q4 Fiscal 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to turn the conference over to your speaker for today, Byron Stephen. You may begin.

女士們，先生們，感謝你們的支持，歡迎參加 monday.com 2021 財年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。 （操作員指示）現在，我想將會議交給今天的發言人拜倫·史蒂芬 (Byron Stephen)。你可以開始了。

Good day, everyone, and thank you for joining us on today's conference call to discuss the financial results for monday.com's fourth quarter and fiscal year 2021. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com; and Eliran Glazer, monday.com's CFO.

大家好，感謝您參加今天的電話會議，討論 monday.com 2021 財年第四季和年度財務業績。今天與我一起參加會議的還有 monday.com 的聯合執行長 Roy Mann 和 Eran Zinman；以及 monday.com 的財務長 Eliran Glazer。

We released our results for the fourth quarter and fiscal year 2021 earlier today. Our earnings materials are available on the Investor Relations website at ir.monday.com. There, you will find the investor presentation that accompanies our prepared remarks and a replay of today's webcast under the News and Events section.

我們今天稍早發布了 2021 年第四季和財年的業績。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」部分找到伴隨我們準備好的發言的投資者簡報以及今天的網路廣播的重播。

Certain statements made on the call today will be forward-looking statements, which will 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將是前瞻性陳述，將反映管理層根據當前可用資訊做出的最佳判斷。這些聲明涉及風險和不確定性，可能導致實際結果與我們的預期不同。有關可能導致實際結果與我們的前瞻性陳述存在重大差異的具體因素的更多信息，請參閱我們的收益報告。

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

此外，電話會議也將討論非公認會計準則財務指標。在投資者關係網站上發布的收益報告和今天電話會議的收益報告中，可以找到與最直接可比較的 GAAP 財務指標的對帳。

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

說完這些，讓我把電話轉給羅伊。

Thanks, Byron, and thank you, everyone, for joining us today. We had another great quarter at monday.com and ended the fiscal year of 2021 exceptionally strong. During the past quarter, revenue grew by 91% compared to the fourth quarter of 2020. We are again seeing strong revenue growth across all verticals, customer segments and geographies, with over half of our revenue coming from outside the U.S. Let me discuss 3 main factors that drove our strong top line performance.

謝謝拜倫，也謝謝大家今天加入我們。 monday.com 又度過了一個出色的季度，並以異常強勁的表現結束了 2021 財年。上一季度，營收與 2020 年第四季相比成長了 91%。我們再次看到所有垂直產業、客戶細分市場和地理區域的收入強勁成長，其中超過一半的收入來自美國以外。讓我來討論一下推動我們強勁營收表現的三個主要因素。

First, we remain highly focused on acquiring new customers. In 2021, we added 38,000 net new customers, bringing our total customer count to 152,000 customers, representing 34% growth from the prior year.

首先，我們仍然高度重視獲取新客戶。 2021年，我們淨增加38,000名新客戶，總客戶數達到152,000名客戶，比前一年增長34％。

Second, we are seeing great momentum with large customers. In Q4, the total number of customers with more than $50,000 in annual recurring revenue was 793, up 200% from a year ago. The enterprise tiers remain our fastest-growing customer tier. New accounts with 100-plus users are now more inclined to take enterprise tier as default as we continue to add more value to the tier. During the last quarter, we enhanced the enterprise tier by adding several new administrative and security features, including content directory, audit log and encryption key enhancements. These improvements will allow enterprise customers to manage and grow their business with confidence and ease while making their data more secure than ever.

其次，我們看到大客戶的發展勢頭強勁。第四季度，年經常性收入超過 5 萬美元的客戶總數為 793 家，比去年同期成長了 200%。企業層仍然是我們成長最快的客戶層。隨著我們繼續為該層級增加更多價值，擁有 100 多名用戶的新帳戶現在更傾向於將企業層級作為預設層級。上個季度，我們透過新增幾個新的管理和安全功能增強了企業層，包括內容目錄、稽核日誌和加密金鑰增強功能。這些改進將使企業客戶能夠自信、輕鬆地管理和發展業務，同時使他們的資料比以往更加安全。

Third, we continue to see strong expansions within our existing customer base. Once customers adopt the Work OS platform and realize its value, their usage often grows organically, expanding across use cases and departments. In Q4, net dollar retention for customers with more than 10 users improved to over 135%. Customers with more than 10 users now account for 72% of our AR, up from 63% a year ago.

第三，我們持續看到現有客戶群的強勁擴張。一旦客戶採用 Work OS 平台並意識到其價值，他們的使用量通常會有機成長，擴展到各個用例和部門。第四季度，擁有 10 個以上用戶的客戶的淨美元保留率提高到 135% 以上。擁有 10 個以上用戶的客戶目前占我們應收帳款的 72%，高於一年前的 63%。

Overall, net dollar retention rate for all customers improved to over 120%. As a reminder, our [net] data retention rate is trailing 4 quarter weighted average calculation. Our continued net dollar retention rate improvements are further proof to our ability to deliver strong ROI and a great user experience for our customers.

整體而言，所有客戶的淨美元保留率提高至 120% 以上。提醒一下，我們的[淨]資料保留率是落後於 4 個季度的加權平均計算。我們持續的淨美元留存率提高進一步證明了我們有能力為客戶提供強勁的投資回報率和出色的用戶體驗。

Let me now turn it over to Eran to walk you through some exciting product announcements.

現在讓我把時間交給 Eran，讓他向您介紹一些令人興奮的產品公告。

Thank you, Roy. We continue to take our product innovation to new heights as we give our customers more capabilities to easily create software applications and work management tools that suit their needs. Our mission is to allow anyone to run the core of their business on monday.com. That's why we're so excited to announce today that we are expanding from one product into a product suite that will further push our mission forward. Going forward, our users will be able to switch between products within their Work OS platform so they can unify work across their organization.

謝謝你，羅伊。我們不斷將產品創新推向新的高度，為客戶提供更多功能，使他們能夠輕鬆創建適合其需求的軟體應用程式和工作管理工具。我們的使命是讓任何人都可以在 monday.com 上開展其業務的核心。這就是為什麼我們今天如此興奮地宣布，我們將從一種產品擴展為產品套件，這將進一步推動我們的使命向前發展。展望未來，我們的使用者將能夠在其 Work OS 平台內切換產品，以便他們能夠統一整個組織的工作。

These new products expand and augment our go-to-market strategy and create additional entry point for new customers to our platform. It is a great way for us to reach new audiences and to explore new markets. This quarter, we are thrilled to announce 2 new stand-alone products to the monday ecosystem, monday WorkForms and monday Canvas. This products continue our vision to cater to the beginning of work when teams first begin their projects, processes and workflows. Let me first touch on monday WorkForms, which we launched in beta this past quarter.

這些新產品擴大並增強了我們的行銷策略，並為新客戶進入我們的平台創造了額外的切入點。這是我們接觸新受眾和探索新市場的好方法。本季度，我們很高興地宣布向 Monday 生態系統推出兩款新的獨立產品：Monday WorkForms 和 Monday Canvas。該產品延續了我們的願景，滿足團隊首次開始其專案、流程和工作流程時的工作需求。首先讓我談談我們上個季度推出的 Monday WorkForms 測試版。

Forms are the beginning of so many workflows. People understand that they need to collect information with forms even before they know exactly what they're going to do with it later. We created monday WorkForms to capture data and collect feedback with building conditions and data insights. WorkForms can be used for inventory tracking, order management, surveys and much more. With monday WorkForms, users can create personalized forms for their business with no code form builder, allowing users to easily set conditions to get the right information and reduce the back and forth. monday WorkForms can easily embed any form to your website, launch in an e-mail, and you can instantly share the link with all the stakeholders to see results faster. Once the form is completed, users can visualize and analyze data all in one place and generate shareable reports.

表單是許多工作流程的開始。人們甚至在確切知道以後要如何處理資訊之前就明白，他們需要用表格來收集資訊。我們創建了 monday WorkForms 來捕獲數據並收集有關建築條件和數據洞察的回饋。 WorkForms 可用於庫存追蹤、訂單管理、調查等。使用 monday WorkForms，使用者可以為自己的業務建立個人化表單，無需程式碼表單產生器，讓使用者輕鬆設定條件以獲取正確的資訊並減少來回操作。 monday WorkForms 可以輕鬆地將任何表單嵌入到您的網站，在電子郵件中啟動，您可以立即與所有利益相關者共享鏈接，以更快地查看結果。表單完成後，使用者可以在一個地方視覺化和分析資料並產生可共享的報告。

Let me turn it back over to Roy to discuss monday Canvas.

讓我把它交還給 Roy 來討論星期一的 Canvas。

Thanks, Eran. In addition to monday WorkForms, we are pleased to announce the launch of monday Canvas. Ideas and innovation often begin in an unstructured space, and digital whiteboards have become the go-to tool for brainstorming and collaborating together. monday Canvas provides users with real-time collaboration in a visual way on an infinite canvas that is full of brainstorming, editing features and templates of any use case. In monday Canvas, users can add Sticky Notes, do free drawing, create diagrams and user flows using shape and connectors and add text using text blocks. monday Canvas will help teams collaborate, brainstorm and manage to work together with more business impact.

謝謝，Eran。除了 monday WorkForms 之外，我們也很高興地宣布推出 monday Canvas。想法和創新通常始於非結構化空間，而數位白板已成為集思廣益和共同協作的首選工具。 monday Canvas 為使用者提供在無限畫布上以視覺化方式進行即時協作的功能，該畫布充滿了腦力激盪、編輯功能和任何用例的模板。在 Monday Canvas 中，使用者可以添加便籤、進行自由繪圖、使用形狀和連接器建立圖表和使用者流程以及使用文字區塊新增文字。 monday Canvas 將幫助團隊協作、集思廣益並設法共同努力以產生更大的業務影響。

We are super excited about these new products, and you can now sign up and use them on workforms.com and canvas.monday.com. Let me now touch on the continued success of monday workdocs, which is out of beta and available to 100% of our customers. It's amazing to see how much our customers love monday workdocs. Over 60,000 customers are using monday workdocs for a range of use cases and industries, such as marketing, operations, CRM and more. monday workdocs remain one of the fastest adoption of a building block we ever had, with customers having created over 800,000 workdocs to date.

我們對這些新產品感到非常興奮，您現在可以在 workforms.com 和 canvas.monday.com 上註冊並使用它們。現在讓我來談談 monday workdocs 的持續成功，它已經脫離測試階段，可供 100% 的客戶使用。看到我們的客戶如此喜愛 Monday WorkDocs，我們感到非常驚訝。超過 60,000 名客戶正在使用 Monday Workdocs 來處理各種用例和行業，例如行銷、營運、CRM 等。 monday workdocs 仍然是我們有史以來採用速度最快的構建塊之一，迄今為止客戶已經創建了超過 800,000 個工作文件。

Lastly, we were proud to be named CRN's 2021 Tech Innovator Award Winner for Office Productivity Software during the fourth quarter. This award reflects our investment in research and development, and our ability to hire top talent are paying off.

最後，我們很榮幸在第四季度被評為 CRN 2021 年度辦公室生產力軟體技術創新獎得主。該獎項反映了我們在研發方面的投資以及我們聘請頂尖人才的能力正在獲得回報。

Let me now turn it back to Eran to further discuss our expanding Work OS ecosystem.

現在讓我回到 Eran 進一步討論我們不斷擴展的 Work OS 生態系統。

Thanks, Roy. This is all super exciting. We continue to grow and empower our strong partner ecosystem by allowing others to more easily operate and build on top of our Work OS platform. Let me first touch on our app marketplace, which continues to expand.

謝謝，羅伊。這一切都非常令人興奮。我們允許其他人更輕鬆地在我們的 Work OS 平台上進行操作和構建，從而不斷發展和增強我們強大的合作夥伴生態系統。首先讓我談談我們的應用程式市場，它正在不斷擴大。

We now have over 100 applications that have been developed on top of the Work OS platform. In this quarter, we are pleased to announce that we have gone live with a new built-in payment solution for the ops marketplace. This new solution will enhance developer abilities to monetize their application. No longer will our marketplace partners and external developers need to develop and manage their own monetization system. It will also create a better overall experience for our users as they can now easily pay within the Work OS platform and manage their payments all in one place.

我們現在有超過 100 個基於 Work OS 平台開發的應用程式。本季度，我們很高興地宣布，我們已經為營運市場推出了新的內建支付解決方案。這項新解決方案將增強開發人員將其應用程式貨幣化的能力。我們的市場合作夥伴和外部開發人員不再需要開發和管理自己的貨幣化系統。它還將為我們的用戶創造更好的整體體驗，因為他們現在可以在 Work OS 平台內輕鬆付款並在一個地方管理他們的付款。

We're also excited to announce that we have expanded the partnership we have with KPMG and signed a strategic alliance agreement with the firm. This alliance leverages the business insights of KPMG with the local NoCo Technology of monday.com to build enterprise-grade solutions that empower KPMG member firms across the world to deliver strategic operating models to customers on top of an agile work operating system. With the announcement of this alliance, monday.com joined a select network of leading technology and data companies working in alliance with KPMG to solve pressing business challenges and accelerate digital transformation. We are super excited to grow together with KPMG as we continue to expand globally and put the boundaries of the way enterprises work.

我們也很高興地宣布，我們擴大了與畢馬威的合作夥伴關係，並與該公司簽署了戰略聯盟協議。該聯盟利用畢馬威的商業洞察力和 monday.com 的本地 NoCo 技術來建立企業級解決方案，使全球各地的畢馬威成員公司能夠在敏捷的工作作業系統上向客戶提供策略營運模式。隨著該聯盟的宣布，monday.com 加入了與畢馬威合作的領先技術和數據公司精選網絡，以解決緊迫的業務挑戰並加速數位轉型。我們非常高興能夠與畢馬威共同成長，繼續在全球擴張，並突破企業運作方式的界限。

Lastly, I'd like to briefly touch on our progress with the digital-lift initiative, which we launched as part of our June 2021 IPO. As a reminder, the digital-lift initiative was established to further our mission of closing the digital divide between the for-profit sector and the nonprofit sector. For every dollar of revenue we earn, we have committed to donating up to $1 worth of monday.com licenses to nonprofit teams. To date, monday.com has donated licenses worth over $7 million of ARR to over 5,000 nonprofits in 52 countries. For us, it's just the beginning. The digital-lift initiative is open to all nonprofits across the globe. We believe our commitment to ESG will pay a large role in shaping the future of monday.com, our values and our ecosystem in the coming years.

最後，我想簡要介紹我們在數位提升計劃方面的進展，該計劃是我們作為 2021 年 6 月 IPO 的一部分推出的。提醒一下，數位提升計畫的成立是為了進一步實現我們的使命，即縮小營利部門和非營利部門之間的數位落差。對於我們賺取的每一美元收入，我們都承諾向非營利團隊捐贈價值高達 1 美元的 monday.com 許可證。迄今為止，monday.com 已向 52 個國家的 5,000 多家非營利組織捐贈了價值超過 700 萬美元 ARR 的許可證。對我們來說，這只是一個開始。數位提升計劃向全球所有非營利組織開放。我們相信，我們對 ESG 的承諾將在未來幾年塑造 monday.com 的未來、我們的價值觀和我們的生態系統方面發揮重要作用。

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

現在，我將把權力移交給 Eliran 來負責我們的財務和指導。

Thank you, Eliran, and thank you to everyone for joining our call. Today, I will review our most recent financial results in detail and provide initial guidance for the first quarter and full fiscal year 2022.

謝謝你，Eliran，也謝謝大家參加我們的電話會議。今天，我將詳細回顧我們最近的財務業績，並為 2022 年第一季和全年提供初步指導。

We are extremely pleased with the way we finished the year. Total revenue in the fourth quarter came in at $96 million, up 91% from a year ago. This brought our fiscal year 2021 revenue to $308 million, an increase of 91% from the prior year. These results demonstrate our continued expansion within our existing customer base and acquisition of new larger customers. We continue to execute against an ambitious hiring plan. We ended the year with 1,064 employees globally. This represents an increase of 51% from a year ago, with the majority of additions coming from R&D, sales and marketing. We continue to have ambitious goal for hiring these categories for the foreseeable future.

我們對今年的結束方式感到非常滿意。第四季總營收為 9,600 萬美元，比去年同期成長 91%。這使我們 2021 財年的營收達到 3.08 億美元，比上一年增長 91%。這些結果顯示我們繼續擴大現有客戶群並獲取新的大客戶。我們將繼續執行雄心勃勃的招募計畫。截至今年年底，我們在全球擁有 1,064 名員工。這比去年同期增加了 51%，其中大部分新增人員來自研發、銷售和行銷。在可預見的未來，我們將繼續為招募這些類別的人才設定雄心勃勃的目標。

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 earning release. Gross margin came in at 90%, up from 88.6% in the year-ago quarter. R&D expense was $15.4 million or 16% of revenue. We will continue to invest significantly in R&D as we position monday.com to drive durable growth and win our large addressable markets.

提醒一下所揭露的財務指標，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 財務狀況的對帳表。毛利率達 90%，高於去年同期的 88.6%。研發費用為 1,540 萬美元，佔營收的 16%。我們將繼續大力投資研發，使 monday.com 能夠推動持久成長並贏得廣大潛在市場。

Sales and marketing expense was $69.4 million or 73% of revenue compared to 107% 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 enterprise customers and 10+ users, which now account for 72% of total ARR in Q4.

銷售和行銷費用為 6,940 萬美元，佔收入的 73%，而去年同期為 107%。這項改善主要得益於持續的效率提升，因為我們持續擴大銷售和行銷支出，將重點放在企業客戶和 10 個以上用戶的客戶身上，目前這些客戶佔第四季總 ARR 的 72%。

G&A expense was $11.1 million or 12% of revenue compared to 10% in the year-ago quarter, reflecting increased cost of being a public company. Operating loss was $9.9 million and operating margin improved to negative 10%. Net loss was $11.7 million, and loss per share was negative $0.26.

一般及行政費用為 1,110 萬美元，佔收入的 12%，而去年同期為 10%，反映出作為上市公司的成本增加。營業虧損為 990 萬美元，營業利益率改善至負 10%。淨虧損為 1,170 萬美元，每股虧損為負 0.26 美元。

Moving on to the balance sheet and cash flow. On a GAAP basis, we ended the quarter with approximately $886 million in cash and cash equivalents. Net cash provided by operating activities was $13.5 million in the quarter. Adjusted free cash flow was $10.1 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. We are very proud of our achievements during this exceptional year and look forward to carrying the business momentum into 2022.

繼續討論資產負債表和現金流量。根據 GAAP 計算，本季末我們持有的現金和現金等價物約為 8.86 億美元。本季經營活動產生的淨現金為 1,350 萬美元。調整後的自由現金流為 1,010 萬美元，這得益於我們持續強勁的帳單帶來的強勁回款。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財產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。我們為這非凡的一年所取得的成就感到非常自豪，並期待將這項業務動能延續到 2022 年。

Now let's turn to our outlook for fiscal year 2022. For the first quarter of fiscal year 2022, we expect our revenue to be in the range of $100 million to $102 million, representing growth of 70% to 73% year-over-year. We expect a non-GAAP operating loss of $47 million to $45 million. This includes onetime Super Bowl advertising cost of $8 million. For the full year 2022, we expect revenue to be in the range of $470 million to $475 million, representing a growth of 53% to 54% year-over-year. We expect a full year non-GAAP operating loss of $147 million to $142 million and a negative operating margin of 31% to 30%. With a large market opportunity and customers increasingly adopting the broader monday.com work operating system platform across their organizations, we are committed to investing aggressively in our company. We will continue to prioritize growth, which we believe is the best interest of our shareholders, employees and customers.

現在讓我們來看看 2022 財年的展望。對於 2022 財年第一季度，我們預計營收將在 1 億美元至 1.02 億美元之間，年增 70% 至 73%。我們預計非公認會計準則營業虧損為 4,700 萬美元至 4,500 萬美元。其中包括一次性 800 萬美元的超級盃廣告費用。我們預計 2022 年全年營收將在 4.7 億美元至 4.75 億美元之間，年增 53% 至 54%。我們預計全年非公認會計準則營業虧損為 1.47 億美元至 1.42 億美元，營業利益率為負 31% 至 30%。由於市場機會龐大，且客戶越來越多地在其組織內採用更廣泛的 monday.com 工作作業系統平台，我們致力於積極投資於我們的公司。我們將繼續優先考慮成長，我們相信這符合股東、員工和客戶的最大利益。

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

現在我把問題交給接線生。

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

（操作員指示）我們的第一個問題來自高盛的 Kash Rangan。

Congratulations on a spectacular finish, a strong top line growth rate and also generating free cash flow, which is very remarkable. A question for the team. Can you tell us a little bit more about how the breadth of use cases is evolving for the company? Because we all know that monday.com is not about just project management, something beyond the concept of Work OS. If you can you elaborate a little bit on the breadth of use cases and also touch upon the competitive environment are you putting away? Or how do things look from the standpoint of your traditional competitors?

恭喜您取得了輝煌的成績，強勁的營收成長率，並產生了自由現金流，這是非常了不起的。向團隊提出一個問題。您能否向我們詳細介紹一下公司用例的廣度是如何演變的？因為我們都知道，monday.com 不僅僅是專案管理，它超越了 Work OS 的概念。您能否詳細說明一下用例的廣度並談談您正在考慮的競爭環境？或者從傳統競爭對手的角度來看情況如何？

And I guess on the financial front, the disconnect is that you're generating better-than-expected operating margins, better-than-expected free cash flow, which is great. But the guidance has not really changed that much for calendar '22 relative to the time you went public with respect to non-GAAP operating losses. So can you help us bridge the tremendous progress you're making on the financials with the very conservative financial outlook for operating margins?

我想，從財務方面來看，脫節之處在於，你創造了好於預期的營業利潤率，好於預期的自由現金流，這很好。但相對於您公開非公認會計準則經營虧損時的情況而言，22 年的指引其實並沒有太大變動。那麼，您能否幫助我們將您在財務方面取得的巨大進步與非常保守的營業利潤率財務前景聯繫起來？

Thank you, Kash. So I'll start with the use cases and Eliran will continue on the second part. So it's true, monday has so many different use cases. And I think you can look at it in 2 different ways.

謝謝你，卡什。因此，我將從用例開始，然後 Eliran 將繼續第二部分。所以確實，星期一有很多不同的用例。我認為你可以從兩個不同的角度來看待這個問題。

One is horizontals. So we are also a CRM as much as the project management tool. We are also used as a team for our -- tool for R&D teams to manage their work, for marketing teams. So that's like a horizontal view. But then we have over 130 different business use cases, where you see different types of businesses from manufacturing plants that use monday to run their operation, to clinical trial research, to really any kind of business out there. And also 70% of our customers come from non-tech segments, like not tech companies. So we see a really wide spread usage of monday throughout those different verticals and through horizontals. So it really is reaching the 1.3 billion information worker that this is our vision to enable them to work better. So thank you, and Eliran can touch on the second part here.

一類是水平線。因此，我們既是專案管理工具，也是 CRM。我們也可以作為一個團隊，為研發團隊和行銷團隊提供管理工作的工具。這就像一個水平視圖。但是我們有超過 130 種不同的業務用例，您可以看到不同類型的業務，從利用周一來運營的製造工廠，到臨床試驗研究，到實際上任何類型的業務。而我們 70% 的客戶來自非科技領域，例如非科技公司。因此，我們看到星期一在各個垂直和水平領域的使用非常廣泛。因此，我們的願景是真正惠及 13 億資訊工作者，使他們能夠更好地工作。所以謝謝你，Eliran 可以在這裡談談第二部分。

Thank you, Roy. Hi, Kash. So truly, we had an exceptional year in 2021, and we'd like to provide a responsible guidance for 2022 and demonstrate -- continue to demonstrate hyper growth at scale.

謝謝你，羅伊。你好，卡什。所以，2021 年確實是我們不同尋常的一年，我們希望為 2022 年提供負責任的指導，並繼續展現大規模的超速成長。

So a few things that we have to take in mind. We are now -- as we said in Q2, we now would like to invest in further grow the business, not only in 2022, but also beyond 2022. Therefore, we took advantage of the fact that we finished the year with cash flow positive much ahead of what we said even in the IPO. We have a massive opportunity ahead of us. This is the time for us to grab land, to increase our market shares. And as you saw in the script, we are coming with new products, innovation, and product road map is a big thing for us this year. So we said, let's take advantage of the fact that we are actually well ahead of what we anticipated or where we anticipated to be and continue to invest and drive hyper growth for the foreseeable future. So this is the number one priority for us, but we do it with scale, and therefore, also mindful to the returns that we are doing and other business initiatives that we are currently pursuing.

因此我們必須記住一些事情。正如我們在第二季度所說的那樣，我們現在希望投資進一步發展業務，不僅在 2022 年，而且在 2022 年以後。因此，我們利用了這一事實，即我們在年底的現金流為正，遠高於我們在 IPO 時所說的水平。我們面前有一個巨大的機會。現在正是我們搶佔土地、增加市場份額的時候。正如您在腳本中看到的，我們將推出新產品，創新和產品路線圖對我們來說是今年的一件大事。所以我們說，讓我們利用這樣一個事實，即我們實際上已經遠遠超出了我們的預期或我們預期的水平，並在可預見的未來繼續投資並推動超速增長。所以這是我們的首要任務，但我們會擴大規模，因此也會留意我們正在做的回報以及我們目前正在追求的其他商業計劃。

Our next question comes from the line of Brent Bracelin with Piper Sandler.

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

I want to start with the new products you talked about, WorkForms and Canvas. Could you talk a little bit about pricing? And then talk a little bit about kind of adoption trends. How broadly could these products be cross-sold in the installed base?

我想從您談論的新產品 WorkForms 和 Canvas 開始。能談談定價問題嗎？然後稍微談談採用趨勢。這些產品在現有客戶群中交叉銷售的覆蓋範圍有多廣？

Yes. Thanks, Brent. This is Eran. So first of all, we're very excited to launch these 2 new products. This is the first time for us as a company that we expand our product line, adding 2 new products and basically giving a product suite to our customers. Currently, our focus was to build 2 new products where feel people start to do their work. So people might start a new process or a new project with a form to capture data or to manage internal requests. And also people might start with a whiteboard just to organize their thoughts or to start a process.

是的。謝謝，布倫特。這是埃蘭。首先，我們非常高興推出這兩款新產品。這是我們公司第一次擴展產品線，增加了 2 款新產品，基本上為我們的客戶提供了一套產品。目前，我們的重點是打造 2 款新產品，讓人們能夠開始工作。因此，人們可能會使用表單來擷取資料或管理內部請求，從而開始一個新流程或新專案。人們也可能從白板開始只是為了組織他們的想法或開始一個過程。

We see this as a huge opportunity to capture new markets and new people that might be potential users for the platform over time. So those are going to be independent products, and we're going to charge for them separately. People will be able to use them. But we feel that both forms and whiteboards are never the goal. They're on the path to achieve something and basically by allowing them to use both of those products. And then over time, also integrate with monday and continue the work and the process that started in each one of those tools might be a great leverage for us as a platform. So we see this as a strategic part of us growing our ecosystem of products and capturing more users, more audiences and more people that want to start any kind of work process or a project.

我們認為這是一個巨大的機會，可以佔領新的市場和新的人群，而這些人可能隨著時間的推移成為該平台的潛在用戶。所以它們將成為獨立的產品，我們將單獨收取費用。人們將能夠使用它們。但我們覺得表格和白板永遠都不是目標。他們正在努力實現某些目標，基本上就是透過允許他們使用這兩種產品。然後隨著時間的推移，與週一整合並繼續工作，並且在每個工具中開始的流程可能對我們作為平台具有很大的影響力。因此，我們認為這是我們發展產品生態系統並吸引更多用戶、更多受眾以及更多想要啟動任何類型的工作流程或專案的人的策略部分。

Helpful color. So it sounds like these are actually going after potential new lands, not necessarily new products going out and targeting big cross-sell opportunities. Helpful color there. I guess, Eliran, my last follow-up for you is just on free cash flow. Two consecutive quarters of positive free cash flow. I guess we can't quite call it a trend yet, but a very impressive execution there.

有用的顏色。因此，聽起來這些實際上是為了爭奪潛在的新市場，而不一定是推出新產品並瞄準大型交叉銷售機會。那裡有有用的顏色。我想，Eliran，我對您的最後一個跟進只是關於自由現金流。連續兩季的自由現金流為正。我想我們還不能稱之為一種趨勢，但它的執行效果非常令人印象深刻。

As you think about the investments you're making in the coming year, it is a bit of a departure from what we've seen in the last couple of quarters. Walk us through the biggest areas you're investing in. Is it still largely around sales capacity? Is it still tied to digital advertising? Just trying to better understand where you're prioritizing the investments in 2022 year.

當您考慮來年進行的投資時，您會發現它與我們在過去幾季看到的情況有所不同。請介紹一下你們投資最大的領域。主要還是圍繞著銷售能力嗎？它是否仍與數位廣告相關？只是想更了解您在 2022 年優先投資的領域。

So Brent, so with regards to your question on free cash flow. So we are coming from an exceptional year, but we had COVID. So many things that we plan to do during the year, even with Q4, we had Omicron. So getting back to normal, we are going to invest in having conferences. People will travel to see one another, exhibitions, company events. This is one area that you would like to continue to invest. Second thing is we accelerated hiring. So what we are doing, we saw the trend in Q4, which we had a massive hiring continue, by the way, into the fiscal year 2022. So this is a place where we are going to invest significantly.

布倫特，關於你關於自由現金流的問題。我們剛度過了一個不平凡的一年，但我們卻遭遇了新冠疫情。我們計劃在今年做很多事情，即使在第四季度，我們也有 Omicron。為了恢復正常，我們將投資舉辦會議。人們會出門去探望彼此、參加展覽、公司活動。這是您想要繼續投資的一個領域。第二件事是我們加快了招募。我們正在做的是，我們在第四季度看到了這種趨勢，順便說一下，我們的大規模招聘將持續到 2022 財年。因此，我們將在這個領域進行大量投資。

In addition to that, we are going to do things that relate to new products and new investments to address new markets that we're currently not operating to enhance our existing work operating system and to grab land in -- versus competition. So from our perspective, investing in headcount, investing in getting back to normal and with the (inaudible), for example, the Super Bowl event that we did, that was an exceptional $8 million, these are the things that we are aiming this year very.

除此之外，我們還將做一些與新產品和新投資相關的事情，以應對我們目前尚未運作的新市場，從而增強我們現有的工作作業系統，並在競爭中搶佔先機。因此，從我們的角度來看，投資於員工人數，投資於恢復正常，以及（聽不清楚），例如，我們舉辦的超級盃活動，花費了 800 萬美元，這些都是我們今年的目標。

It's Roy. I'd love to add to Eliran that we see a massive opportunity in our ability to grow this year, both in marketing, market demand, like in a lot of areas. And it like makes us confident in investing a lot of money to do that.

是羅伊。我想向 Eliran 補充一點，我們看到今年我們在行銷、市場需求以及許多領域都有巨大的成長機會。這使得我們有信心投入大量資金來做這件事。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

And I will add my congratulations as well on just a fantastic free cash flow performance. I did want to start, Roy, you had just mentioned, I believe, the Super Bowl ad. What is your early sense of the effectiveness of that ad? That for instance, did it drive website traffic? Did it drive a free tier sign-ups? And could you boost customer metrics or billings metrics in Q1? Any kind of insights would be greatly appreciated there. And then I have a quick follow-up.

我還要對出色的自由現金流表現表示祝賀。我確實想開始，羅伊，我相信你剛才提到了超級盃廣告。您最初覺得廣告的效果如何？例如，它是否增加了網站流量？它是否推動了免費套餐的註冊？您能否在第一季提高客戶指標或帳單指標？如有任何見解，我們將不勝感激。然後我有一個快速的跟進。

Sure. So thank you for the question. So actually, we love the Super Bowl. It was amazing. And we do like being the data nerd that we are, we track everything so we kind of measure ramp-up between countries and the website and searches and a lot of different things. So we saw a big spike following the ad itself. But for us, it's mainly an ability to jump to the next level of brand recognition in the world. It's a long-term play. It's not something that we measure on a day-to-day basis, although that was also great, and the overall coverage we got for the ad was amazing.

當然。謝謝你的提問。所以實際上，我們喜歡超級盃。這真是太神奇了。我們確實喜歡成為數據狂，我們追蹤一切，因此我們可以衡量國家、網站、搜尋和許多不同事物之間的成長。因此，我們看到廣告本身就帶來了大幅成長。但對我們來說，這主要是一種躍升至世界品牌認知度更高水準的能力。這是一場長期博弈。這不是我們每天衡量的東西，儘管這也很好，而且我們獲得的廣告整體覆蓋率令人驚嘆。

Okay. Okay. Excellent. And as a follow-up, Eliran, if you drill into the sequential change in billings, and I think we understand those numbers can bounce around. But I believe it's 15% for Q4. The prior couple of years had been 23% to 24%. So I'm curious just if there was any impact to billings, perhaps stemming from duration or timing and any other factors? And if you might just have any thought on perhaps on how to model billings, if anything is unusual in that setup for Q1.

好的。好的。出色的。作為後續問題，Eliran，如果您深入研究帳單的連續變化，我想我們就會明白這些數字可能會出現波動。但我相信第四季的成長率是 15%。前幾年這一比例為 23% 至 24%。所以我很好奇這是否會對帳單產生影響，也許是由於持續時間或時間以及其他因素？如果您可能只是對如何模擬帳單有任何想​​法，那麼 Q1 的設定中是否存在任何異常。

Sure. So with regards to billing, just as a reminder, our business model based on the ARR is 70% or more now actually is coming from annual subscription and 30%-ish is coming from monthly subscription. So we see some trend towards the annual, which obviously we benefit from, but this is pretty much the trend. As a leading indicator, this is one of the reasons why we care about billings, but you cannot really forecast the trend over time. This is important for us in terms of the health of the business. When we look at the return of the spend that we are doing either in performance marketing or sales and marketing or sales, by the way, then we see the return, measure the return. Then we kind of forecast the billings that we are going to get. We have an algorithm to address this.

當然。因此，關於計費，需要提醒的是，我們基於 ARR 的業務模式現在實際上 70% 或更多來自年度訂閱，而 30% 左右來自月度訂閱。因此，我們看到了一些朝著年度發展的趨勢，這顯然使我們受益，但這基本上就是趨勢。作為領先指標，這是我們關心帳單的原因之一，但你無法真正預測一段時間內的趨勢。就業務健康而言，這對我們來說非常重要。順便說一下，當我們查看績效行銷、銷售和行銷或銷售方面的支出回報時，我們就會看到回報，衡量回報。然後我們就可以預測我們將要收到的帳單。我們有一個演算法來解決這個問題。

And with regards to our growth in the next year, this is a main driver of the cash flow and the billings. Revenue growth this year was 91%, obviously, drove strong cash collection, net dollar retention that was above 120% for all customers and above 135% for temp proof. Also in driving this, the growth in the enterprise customers is also a driver. So all of these unit economics are main drivers of our ability to continue and collect and have a very healthy billings model.

對於我們明年的成長而言，這是現金流和帳單的主要驅動力。今年的收入成長率為 91%，顯然推動了強勁的現金回籠，所有客戶的淨美元保留率超過 120%，臨時證明的淨美元保留率超過 135%。此外，企業客戶的成長也是推動這一趨勢的因素。因此，所有這些單位經濟都是我們繼續收集和擁有非常健康的帳單模式的能力的主要驅動力。

Our next question comes from the line of Bhavan Suri with William Blair.

我們的下一個問題來自 William Blair 的 Bhavan Suri。

I wanted to touch a little bit on the 50k-plus cohort. Growth there is really, really strong. I guess I'd love to understand a little bit about sort of who are you replacing as you're expanding or landing larger accounts? Like is there an incumbent? Or is it still pretty much manual workforces that you're replacing? And sort of how sophisticated are these workflows when you get about 50k? Is it sort of replacing sort of very sophisticated workflows? How should we think about what's being done with monday that was not able to do or poorly done with either other products or menu? How is that space? I'd love to talk about that for a minute.

我想稍微談談 5 萬多群體的情況。那裡的成長確實非常強勁。我想我很想了解一下，當您擴大或獲得更大的客戶時，您會替換誰？例如有現任者嗎？或者說，你們所取代的仍然是大量體力勞動者？當您獲得大約 50k 時，這些工作流程有多複雜？它是否在某種程度上取代了非常複雜的工作流程？我們應該如何看待週一所做的其他產品或菜單無法做到或做得不好的事情？那個空間怎麼樣？我很樂意談論一下這個問題。

Sure. So thank you, Bhavan, for the question. This is Eran. So basically, as we scale into the enterprise, and again, this is right for small businesses, but also for the larger companies, we see that 70% of the deals we see literally no competition. People use spreadsheets and e-mails and PowerPoint. And usually, we displace those. So taking what they used to do offline or using very basic tools and using that and we're taking that with monday. So it's not exactly replacing, but it's certainly a lot of vacuum that exists within the organization.

當然。所以，感謝 Bhavan 提出這個問題。這是埃蘭。因此，基本上，隨著我們擴大企業規模，這對小型企業來說是正確的，但對於大公司來說也是如此，我們發現 70% 的交易實際上沒有競爭。人們使用電子表格、電子郵件和 PowerPoint。通常，我們會取代它們。因此，我們將把他們過去離線做的事情或使用非常基本的工具來做，並將其與週一所做的事情結合起來。因此，這並不完全是替代，但確實填補了組織內部存在的大量真空。

People use a variety of tools and then move and using monday to fill all those gaps, all those processes that didn't have a place to be. And another thing that monday plays a major role in is to integrate a lot of the tools that are being used already in the organization. So whether a company uses a CRM software or another project management tool, by integrating that into monday, you create one place where you can reflect a lot of the data that happens in other departments within the organization, connect different people and basically break the silo that exists because different people use different software. So it's not really displacing an existing software, but more about filling the vacuum and connecting everything else that's being used by the organization.

人們使用各種各樣的工具，然後利用星期一來填補所有這些空白，以及所有那些沒有地方可以完成的流程。週一發揮的重要作用的另一件事是整合組織中已經在使用的許多工具。因此，無論公司使用 CRM 軟體還是其他專案管理工具，透過將其整合到 Monday，您可以創建一個地方，在這裡您可以反映組織內其他部門發生的大量數據，連接不同的人，並從根本上打破由於不同的人使用不同的軟體而存在的孤島。因此，它實際上並不是取代現有的軟體，而是填補空白並連接組織正在使用的所有其他軟體。

This is Roy. And sorry -- I can add to what Eran said that -- yes, that the use cases themselves can grow to be really complex and doing a lot of things across departments, some stuff customers build like really blows their mind. And -- but it happens gradually. The onboard, initially, everyone use it to track the work and really manage everything, and then it grows over time with complexity and our help all the time. So that's kind of like the, I don't know, life cycle of usually most of our customers.

這是羅伊。抱歉，我可以補充 Eran 所說的內容，是的，用例本身可能會變得非常複雜，需要跨部門做很多事情，客戶建立的一些東西確實讓他們大吃一驚。而且——但它是逐漸發生的。在船上，最初，每個人都使用它來追蹤工作並真正管理一切，然後隨著時間的推移，隨著複雜性和我們的不斷幫助，它變得越來越大。所以這有點像是我們大多數客戶的生命週期。

Got it. Yes, and I agree with Eran, like e-mail and Excel is not automation, right? So that makes a ton of sense. I guess you guys have said earlier, you're sort of data nerds, and we've all known each other. Well, I know you are. The freemium model is something you guys started. We all talked about, is that the right way to do it? And it's obviously working really well. But I'd love to get a little more color on how that's impacting the top of the funnel activity and net new customers. Obviously, healthy growth there. But I guess what is the early data to tell you about sort of customer awareness and the return you're seeing from the premium strategy? I'd love to get a little more depth or color there.

知道了。是的，我同意 Eran 的觀點，電子郵件和 Excel 不是自動化，對嗎？這很有道理。我想你們之前就說過，你們是資料迷，而且我們都互相認識。嗯，我知道你是。免費增值模式就是你們開創的。我們都討論過，這是正確的做法嗎？而且顯然效果非常好。但我很想更詳細地了解這對漏斗頂部活動和新客戶有何影響。顯然，那裡正在健康發展。但我想，早期數據能告訴您哪些有關客戶意識以及您從高端策略中看到的回報的資訊？我希望那裡能有更多的深度和色彩。

Yes. So this is Eran again. So the free tier that we launched is very successful. So far, we see significant increase in the amount of people that use the freemium version of monday, while not hurting our existing funnel. We mentioned that previously, but we AB-tested that thoroughly and just to make sure it doesn't hurt the funnel, but actually add a lot of free-tier users.

是的。這又是 Eran。因此，我們推出的免費套餐非常成功。到目前為止，我們看到使用Monday免費增值版的人數顯著增加，同時並沒有損害我們現有的管道。我們之前提到過這一點，但我們對此進行了徹底的 AB 測試，以確保它不會損害管道，但實際上增加了許多免費用戶。

What we are seeing and actually seeing this accelerating as a trend, is customers from the free tier moving to and becoming paying customers. It's kind of a second wave, if you like, of those kind of customers, but we see this growing and accelerating. So this is very exciting.

我們看到並且實際上看到這種趨勢正在加速，即免費層的客戶正在轉向付費客戶。如果你願意的話，這可以說是這類客戶的第二波浪潮，但我們看到這種浪潮正在成長和加速。這非常令人興奮。

And also another thing that, unfortunately, we can measure is the awareness of the brand and people using monday to do other things apart from work. So it's kind of hard to measure the effect of this, but definitely, it has some effect of the brand and the awareness of what monday can do.

不幸的是，我們還可以衡量另一件事，那就是品牌知名度以及人們利用周一做工作以外的其他事情的情況。因此，很難衡量這種做法的效果，但可以肯定的是，它對品牌和人們對週一能做什麼的認識產生了一定的影響。

Yes. And it's good to see that freemium conversion accelerate. I appreciate the color, guys. Nice job.

是的。很高興看到免費增值模式的轉換正在加速。我很欣賞這個顏色，夥計們。幹得好。

Our next question comes from the line of Brian Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brian Thill。

This is John for Phil. So I was hoping that maybe you could dig in a little bit more on the new products, WorkForms and Canvas, both being in beta. Just wondering when you expect those micro GA. And then the pricing is a little bit higher. I guess the WorkForms standard is around $29, and wondering about the go-to-market for those, as well as you can shed any light on the pricing for Canvas. And lastly, how to think about contribution within the guidance for this year.

我是菲爾的約翰。所以我希望您能更深入地了解新產品 WorkForms 和 Canvas，它們目前都處於測試階段。只是想知道您何時期待這些微型 GA。然後定價就會稍微高一點。我猜 WorkForms 標準版的價格約為 29 美元，我想知道這些產品的上市情況，以及您是否可以透露一下 Canvas 的定價。最後，如何考慮今年指導的貢獻。

Yes. So this is Eran. Thank you for the question. So basically, we just launched this product, They're now in beta. We're actually still experimenting with pricing. The pricing also might be different. For example, we might charge not per user with the forms, but use different metrics to price our product. So it's still work in progress. As I mentioned, it's just the beginning. These are kind of new seeds of products that we plan it, and we will see the results in the future.

是的。這就是 Eran。謝謝你的提問。基本上，我們剛剛推出了這款產品，它們現在處於測試階段。實際上，我們仍在嘗試定價。定價也可能不同。例如，我們可能不會根據表單中的每位使用者收費，而是使用不同的指標來為我們的產品定價。所以這項工作仍在進行中。正如我所提到的，這只是一個開始。這些都是我們計劃推出的新產品，我們將在未來看到成果。

From our perspective, we didn't take those projects into account with our guidance and kind of revenues going forward, but we see this as a huge potential for the next few years, both in user acquisition, as I've mentioned previously, but also as a revenue generator over time. Again, it's early days. We'll see experimenting. We'll change the pricing over time. But we're very excited about this. We got some great initial feedback from customers. It seems like there's a huge need in the market with those kinds of products. So we feel there might be a great opportunity with those going forward.

從我們的角度來看，我們沒有將這些項目納入我們的指導和未來的收入範圍，但我們認為這在未來幾年具有巨大的潛力，不僅在用戶獲取方面（正如我之前提到的），而且隨著時間的推移，它還可以成為收入來源。再次強調，現在還為時過早。我們將會看到實驗。我們會隨時間改變價格。但我們對此感到非常興奮。我們從客戶那裡得到了一些很好的初步回饋。看來市場對這類產品的需求很大。因此，我們認為未來可能會有很大機會。

This is Eliran. Maybe just to add to what Eran said, also related to a question earlier on where we are going to invest. Innovation is one of the key drivers within monday, and we speak about it a lot. So we would like to continue to innovate and add additional products over time, as I said, not only for 2022, and this is where we do some experiments, but also beyond. So with regard to the ecosystem, this is a place of high focus so far as part of our investment -- continued investment in R&D and adding additional resources.

這是 Eliran。也許只是想補充一下 Eran 所說的內容，這也與之前關於我們將在哪裡投資的問題有關。創新是周一的主要驅動力之一，我們經常談論它。因此，正如我所說，我們希望隨著時間的推移繼續創新並增加更多產品，不僅在 2022 年，這是我們進行一些實驗的地方，而且還有更長遠的目標。因此，就生態系統而言，這是我們迄今為止投資重點關注的領域——持續投資研發並增加額外資源。

Next question comes from the line of Andrew DeGasperi with Berenberg.

下一個問題來自 Berenberg 的 Andrew DeGasperi。

First on the NRR progression. I mean, I noticed it picked up quite a bit in Q4 to 120% or above 120%. And given this is a trailing metric, it sounds like you had a lot of expansion in the quarter. Can you maybe elaborate on what happened there and what was popular? And I have a follow-up.

首先是 NRR 進展。我的意思是，我注意到它在第四季度上升了不少，達到了 120% 或 120% 以上。鑑於這是一個滯後指標，聽起來您在本季度取得了很大的擴張。您能否詳細說明那裡發生了什麼以及流行什麼？我還有一個後續問題。

Yes. sure, Andrew. Thank you. So as we said, we are driving revenue and ARR is being driven by 2 main things. One is adding new customers. And as you can see, we have now over than 152,000 customers. And many of these customers that we add are becoming -- we start -- more than 80% of our ARR is coming from foreign enterprise deals. And what you see basically is that once they are becoming customers of monday, there is an expansion process because we already have them as customers. And the salespeople actually are expanding inside. And you can see that the ease of use of the product, the fact that we are already embedded inside, the fact that we have multiple champions is a key driver, as we continue to go upmarket with customers with 10+ users now already represent [72%] of total ARR as well as the expansion within the enterprise account, this is basically driving this expansion within this existing customer base.

是的。當然，安德魯。謝謝。正如我們所說，我們正在推動收入，而 ARR 主要由兩個因素推動。一是增加新客戶。如您所見，我們現在擁有超過 152,000 名客戶。我們新增的許多客戶正在成為—我們開始—我們 80% 以上的 ARR 來自外國企業交易。而你基本上看到的是，一旦他們成為星期一的客戶，就會有一個擴張過程，因為我們已經將他們當作客戶。而銷售人員實際上正在內部擴張。您可以看到，產品的易用性、我們已經嵌入其中的事實以及我們擁有多位冠軍的事實是一個關鍵驅動因素，隨著我們繼續向高端市場邁進，擁有 10 個以上用戶的客戶現在已經佔總 ARR 的 [72%] 以及企業帳戶內的擴展，這基本上推動了現有客戶群的擴展。

And then in terms of large deal activity, maybe another way to ask you this question is, I think last quarter, you mentioned you were approaching 7-figure deals. I was just wondering if any were booked this quarter? Or if you're seeing any more activity on that front for this year?

然後就大型交易活動而言，也許問您的這個問題的另一種方式是，我想上個季度，您提到您正在接近 7 位數的交易。我只是想知道本季是否有預訂？或者您看到今年該方面還有更多活動？

Yes. Thanks, Andrew. So this is Eran. So definitely, we see also acceleration in the amount of bigger deals that we managed to close another data point that we can share is that we have several deals over $1 million for the first time. So this is also very exciting, but it's not a onetime thing. We see this as a trend that continues to happen and expand over time. So definitely, we managed to land bigger deals and to close bigger companies using the product, and we see this trend continuing in 2022 as well.

是的。謝謝，安德魯。這就是 Eran。因此，我們確實看到，我們成功達成的大型交易數量也在加速成長。我們可以分享的另一個數據點是，我們首次達成了幾筆價值超過 100 萬美元的交易。所以這也非常令人興奮，但這不是一次性的事情。我們認為這是一種隨著時間的推移而持續發生並擴大的趨勢。因此，毫無疑問，我們成功地透過該產品達成了更大的交易並與更大的公司達成了交易，而且我們認為這種趨勢在 2022 年也將繼續下去。

Our next question comes from the line of DJ Hynes with Canaccord.

我們的下一個問題來自 Canaccord 的 DJ Hynes。

Congrats on the continued momentum here. As you think about the evolution to a product suite, as you kind of talked about in the prepared remarks, how do you envision that impacting the go-to-market motion? I mean should we expect more in terms of kind of bundling and packaging various solutions? And I guess, what could the implications be on landing ASPs?

恭喜您繼續保持這樣的良好勢頭。當您考慮產品套件的演變時，正如您在準備好的發言中談到的那樣，您認為這會對上市動議產生什麼影響？我的意思是，我們是否應該對各種解決方案的捆綁和​​包裝有更多期待？我想，這對登陸 ASP 會有什麼影響呢？

It's Roy. So yes, we see this as a massive go-to-market for us, an additional go-to-market for us, mainly because the need for those tools is separate. And an important thing to note is that these are complete stand-alone products, both forms, WorkForms and Canvas. And so we expect it to be another addition for different types of customers who may be looking for something else other than a platform such as our Work OS to join the ecosystem in a separate place and then be exposed to the suite of products and maybe try out other stuff. So we definitely see opportunities all around with this approach.

是羅伊。所以是的，我們認為這對我們來說是一次大規模的市場進入，一次額外的市場進入，主要是因為對這些工具的需求是獨立的。需要注意的一件重要事情是，這些都是完整的獨立產品，包括表單、WorkForms 和 Canvas。因此，我們希望它能為不同類型的客戶帶來另一種選擇，這些客戶可能正在尋找除了我們的 Work OS 等平台之外的其他東西，以便在單獨的地方加入生態系統，然後接觸到產品套件並嘗試其他東西。因此，我們確實看到了這種方法帶來的各種機會。

Got it. And then a follow-up, just with respect to kind of your new partnership with KPMG, like at what spend level would a partner like KPMG typically start to get involved? And I guess, do you anticipate that they could bring new customers that start near these levels? Or is it more about helping you to kind of scale your more mature customers in their use cases?

知道了。然後是後續問題，關於您與畢馬威的新合作關係，像畢馬威這樣的合作夥伴通常會在什麼支出水平上開始參與？我想，您是否預期他們可以帶來接近這些水平的新客戶？或者它更多的是為了幫助您擴大更成熟客戶的使用案例？

It's Roy still. So yes, so with KPMG, it's a special partnership because we see the future together. And I feel KPMG, we managed to find a way to get into existing practices, okay, like digital transformations and others. And we're very experimenting a lot with like a carbon measurement and a lot of other stuff that I think will be the future for many different practices. So I think they see the no-code local capabilities we have as a big leverage to solve many big problems, and that's where it grew from.

仍然是羅伊。是的，與畢馬威合作是一種特殊的合作關係，因為我們共同展望未來。我覺得畢馬威，我們設法找到了一種方法來融入現有實踐，例如數位轉型等等。我們正在進行大量實驗，例如碳測量和許多其他東西，我認為這將影響許多不同實踐的未來。因此，我認為他們將我們擁有的無程式碼本地功能視為解決許多大問題的巨大槓桿，這就是它的發展方向。

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

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

My first question, I wanted to touch on the net revenue retention rate, a 10+ cohort, up from [119% to 136%], that's a 17% increase, really impressive. So how much of that was improvement in churn? And how much of that was just pure expansion? And if you looked at the expansion, if you think about more viral adoption with better brand awareness or what you guys have done with direct sales and customer success teams, I mean, which area would you point to having a great impact on it?

我的第一個問題是關於淨收入保留率，10+ 群體從 [119% 到 136%] 上升了 17%，這確實令人印象深刻。那麼其中有多少是客戶流失率的改善呢？其中有多少只是純粹的擴張？如果您看一下擴張，如果您考慮更多的病毒式採用和更好的品牌知名度，或者您在直銷和客戶成功團隊方面所做的事情，我的意思是，您認為哪個領域對其產生了重大影響？

Yes. Thanks, Derrick. This is Eran. So basically, it's a result of both. So we've both seen less churn with our cohorts, and also we see more expansion within existing users. The more expansion, we can attribute that to our ability to allow larger enterprises to use monday and extend more also product improvement that we introduced and the fact that those companies can use monday across multiple departments. So they can expand more and more as they scale the deployment of monday within the company and also tends to be a lot of product improvements that we introduced this year. We see all those cohorts having less churn. Also, I think the feature kind of a little bit contributed to that. People are able to try the product more and then churn less and kind of have more confidence. So a lot of great things that we introduced to the product managed to increase the net dollar retention.

是的。謝謝，德里克。這是埃蘭。所以基本上，這是兩者共同的結果。因此，我們的用戶流失率下降，現有用戶的成長也有所加快。擴展越多，我們可以將其歸因於我們能夠允許更大的企業使用星期一並擴展更多我們推出的產品改進以及這些公司可以在多個部門使用星期一的事實。因此，隨著他們在公司內部擴大部署規模，他們可以不斷擴展，而且我們今年也推出了許多產品改進。我們發現所有這些群體的流失率都降低了。此外，我認為該功能對此有一點貢獻。人們可以更多地嘗試產品，從而減少流失並更有信心。因此，我們在產品中引入的許多優秀元素都成功地提高了淨美元保留率。

And as Eliran mentioned, not only does the net dollar retention itself grew but also the proportion of the 10+ user population has increased. So it's a double kind of increase that we see within our customer base. So do great trends that we've seen. And we also see this is going to continue in 2022.

正如 Eliran 所提到的，不僅淨美元留存率本身有所成長，而且 10+ 使用者群體的比例也有所增加。因此，我們看到客戶群呈現雙重成長。我們所看到的偉大趨勢也是如此。我們也認為這種情況將在 2022 年繼續下去。

That's very helpful color. And maybe, Eliran, a follow-up for you on the operating income guide for 2022. Obviously, you guys -- and product development R&D is going to be a big focus as well as sales and marketing as you invest more in growth. But I wanted to unpack that sales and marketing a bit more. I mean, on the marketing side, is there any impacts from IDFA that's changing the calculus there? And then on the sales side, what should we expect kind of continue the headcount growth levels as we saw in 2021?

這是非常有用的顏色。也許，Eliran，關於 2022 年營業收入指南，我可以為您跟進。顯然，隨著你們在成長方面投入更多，產品開發研發以及銷售和行銷將成為重點。但我想進一步解釋一下銷售和行銷。我的意思是，在行銷方面，IDFA 是否會產生影響並改變那裡的計算方式？那麼在銷售方面，我們該如何預期員工人數的成長水準能夠延續到 2021 年呢？

Derrick, so with regard to the IDFA, this is less of a concern to us. It's mostly for the B2C companies. We don't see any issue with that in our B2B model with regards to the performance marketing. So when you think about our business more than we have a hybrid model, just as a reminder, we started performance marketing. We generate the leads. And then there is the salespeople and the customer success and the partners that actually -- this continued the motion. So we are investing in both these categories, on one hand, continue to invest in performance marketing. We have a phenomenal unit economics, as you can see by the level of the cash flow, by the level of returns. And on top of that, are bringing additional salespeople to the SMB categories, to the mid-market and to the enterprise. And this is a place, if you think about the way we plan our headcount growth this year, and this is why we said that we are going to accelerate hiring. We are front-loading expenses in the first quarter and in fiscal year '22 as a whole in order to continue to drive the growth that we are seeing. So definitely continue to invest in sales; on headcount; already increasing the quota bearing significantly, also increasing the partners' channels in places where we don't have sales people and continue also to expand our customer success management group that is also helping us a lot between (inaudible) and supporting the big customers who are becoming more meaningful. So investing at all fronts to drive further growth.

德里克，就 IDFA 而言，我們不太擔心這一點。它主要針對 B2C 公司。就績效行銷而言，我們認為 B2B 模式中不存在任何問題。因此，當您考慮我們的業務時，我們會採用混合模式，提醒一下，我們開始了績效行銷。我們產生線索。然後還有銷售人員、客戶成功和合作夥伴——這實際上延續了這項動議。因此，我們對這兩個類別都進行了投資，一方面，繼續對績效行銷進行投資。我們擁有驚人的單位經濟效益，您可以從現金流水準和回報水準中看到這一點。除此之外，我們還將向中小型企業、中型市場和大型企業招募更多銷售人員。如果你想想我們今年計劃員工人數成長的方式，你會發現這就是我們說要加快招募的原因。我們在第一季和整個 22 財年預先投入了開支，以繼續推動我們所看到的成長。所以一定要繼續投資銷售；員工人數；我們已經大幅增加了配額，也在沒有銷售人員的地方增加了合作夥伴的管道，並且還繼續擴大我們的客戶成功管理團隊，這也為我們提供了很大的幫助（聽不清楚）並支持越來越有意義的大客戶。因此，要從各個方面進行投資，以推動進一步的成長。

(Operator Instructions)

（操作員指示）

Our next question comes from the line of Robert Simmons with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Robert Simmons。戴維森。

So I was wondering how much revenue are you expecting from the payment solution in the app marketplace? And how much is included in guidance?

所以我想知道您預計應用市場支付解決方案能帶來多少收入？指導包含多少內容？

Sorry, can you repeat the question, please?

抱歉，您能重複這個問題嗎？

Yes. On the payment solution that you have now in the app marketplace, how much revenue -- how much revenue from that is included in the guidance?

是的。就您目前在應用程式市場上提供的支付解決方案而言，預計能帶來多少收入？其中有多少收入包含在預期內？

Okay. Yes. So thanks for the question, Robert. So this is basically a new feature that we introduced just recently, announced it now as part of the earnings call. So it's just early days, very insignificant, almost none so far. And also this year, we didn't add this revenue as far as the guidance. So again, this is for us, the beginning of kind of evolution of our marketplace. We see more and more developers creating apps within the marketplace. Already some of them have created their own solution to monetize those apps, and we now introduce a way for those developers to easily charge our customers using the enough payment systems, which will reduce the friction and allow more developers to charge and build more applications that they can monetize. So definitely, we're very excited about this. But again, it's early days. And this year, it's going to be insignificant as part of our revenue.

好的。是的。謝謝你的提問，羅伯特。這基本上是我們最近推出的一項新功能，現在作為收益電話會議的一部分宣布了它。所以這只是早期階段，非常微不足道，到目前為止幾乎沒有。而且今年我們也沒有按照預期增加這筆收入。所以，這對我們來說，就是我們市場變革的開始。我們看到越來越多的開發人員在市場上創建應用程式。他們中的一些人已經創建了自己的解決方案來實現這些應用程式的盈利，現在我們為這些開發人員引入了一種使用足夠的支付系統輕鬆地向我們的客戶收費的方法，這將減少摩擦並允許更多的開發人員收費並構建更多可以盈利的應用程式。所以我們對此感到非常興奮。但現在還為時過早。而今年，它對我們的收入來說將微不足道。

Got it. Great. And then -- so it looks like both the number of clients and the revenue per client grew quite a bit in the last year. How much of the revenue per client growth is coming from kind of seat growth? And how much is it coming from other factors besides just the number of paid users?

知道了。偉大的。然後——看起來去年客戶數量和每個客戶的收入都增加了不少。每位客戶的收入成長有多少來自於座位數的成長？除了付費用戶數量之外，還有多少來自其他因素？

Robert, so first of all, welcome on board. I think this is your first call. So when we look at the revenue per client, because we have a large and diversified customer base, more than 152,000 customers, we don't really differentiate between the 2. But if you want to think about the way the business model works is the combination of what I mentioned earlier. We have the new customers and the expansion. So there is a certain ratio between the 2, and they basically -- when we look at the total revenue per client, because of the diversity in the client, big clients versus small clients, the ACV is kind of a metric that we look, but we don't use as an indicator of our business health.

羅伯特，首先歡迎您加入。我想這是你的第一通電話。因此，當我們查看每個客戶的收入時，由於我們擁有龐大而多樣化的客戶群，超過 152,000 名客戶，我們實際上並沒有區分這兩者。但如果你想思考商業模式的運作方式，那就是我之前提到的組合。我們有新客戶，也有擴張。因此，兩者之間存在一定的比例，基本上——當我們查看每個客戶的總收入時，由於客戶的多樣性，大客戶與小客戶，ACV 是我們關注的一種指標，但我們不會將其用作業務健康狀況的指標。

Our next question comes from the line of Scott Berg with Needham.

我們的下一個問題來自 Needham 的 Scott Berg。

This is John Godin on for Scott Berg. Just as far as 2022 goes, how should we think about the contribution from the partner channel for this year? And how have you seen that kind of evolving over the past couple of years?

這是約翰·戈丁 (John Godin) 為斯科特·伯格 (Scott Berg) 主持的節目。就 2022 年而言，我們該如何看待今年合作夥伴通路的貢獻？在過去的幾年中，您如何看待這種變化？

So the partner channel is something that we started very early in the life of monday. And we are very proud of. It continues to grow quickly. As a reminder, in places where we don't have the sales people, we have 11 offices around the world. In Latin America, in Asia Pacific, in other places in Europe, we actually have partners. They are becoming very meaningful in our contribution of total ARR. We have more than 150 channel partners globally. This is, obviously, the network. With key partner example, you can see Slack, Google, Microsoft, Salesforce, Zoom, et cetera. But we also continue to hire internally partner channel managers. They are becoming also very meaningful in our total headcount. So I would say that they are very, very significant in our total ARR.

因此，我們在 Monday 成立之初就啟動了合作夥伴管道。我們對此感到非常自豪。它繼續快速增長。提醒一下，在我們沒有銷售人員的地方，我們在全球設有 11 個辦事處。在拉丁美洲、亞太地區、歐洲其他地方，我們其實都有合作夥伴。它們對於我們對總 ARR 的貢獻變得非常有意義。我們在全球擁有超過 150 個通路合作夥伴。顯然，這就是網路。以主要合作夥伴為例，您可以看到 Slack、Google、Microsoft、Salesforce、Zoom 等等。但我們也繼續在內部聘請合作夥伴通路經理。它們對於我們的總員工人數也變得非常重要。所以我想說它們對我們的總 ARR 來說非常非常重要。

Great. And just second on workdocs. How are you kind of seeing customers use that functionality the most initially? How do you think about quantifying that usage within the broader platform in the near term, maybe over the long term as well?

偉大的。在工作文檔方面僅次於其他公司。您最初是如何看到客戶最常使用該功能的？您如何看待在短期內以及長期內在更廣泛的平台上量化這種使用？

Yes. Thanks, Scott. This is Eran. So basically workdocs, we just announced is out of beta. We've made a lot of progress in terms of product innovation. We mentioned this earlier, but the trend still continues. It's one of the fastest building block or feature that we have released with the highest adoption rate. More than 60,000 existing accounts already using workdocs. And those customers created over 800,000 workdocs to date, which they use and engage with. So it's a very meaningful part of our platform. It becomes -- it became a meaningful part of what people do with the platform. And again, the fact that this, in terms of retention and usage and revenue, we'll see over time, but in terms of engagement and usage and value that our customers get from workdocs, it's a phenomenal feedback and statistics that we see so far. So we're very proud of that product.

是的。謝謝，斯科特。這是埃蘭。因此，基本上，我們剛剛宣布的 workdocs 已經脫離測試階段。我們在產品創新方面取得了巨大進展。我們之前提到過這一點，但這種趨勢仍在繼續。這是我們發布的、採用率最高的速度最快的構建塊或功能之一。已有超過 60,000 個現有帳戶正在使用 workdocs。迄今為止，這些客戶已經創建了超過 800,000 個工作文檔，供他們使用和參與。所以它是我們平台非常有意義的一部分。它已成為人們利用該平台進行活動的一個有意義的一部分。再次強調，就保留、使用和收入而言，我們會隨著時間的推移看到這一點，但就客戶從工作文件中獲得的參與度、使用和價值而言，這是我們迄今為止看到的驚人的反饋和統計數據。所以我們對該產品感到非常自豪。

Our next question comes from the line of George Iwanyc with Oppenheimer.

我們的下一個問題來自奧本海默公司的喬治·伊万尼克 (George Iwanyc)。

So with the continued aggressive hiring, can you give us maybe some perspective on how quickly the recent sales hires have ramped up? And as you look at adding people this year, are there any changes in where you're focusing your hiring, either from a vertical perspective or a regional perspective?

那麼，在持續積極招募的情況下，您能否向我們介紹最近銷售人員招募的成長速度有多快？當您考慮今年增加人員時，從垂直角度或區域角度來看，您的招募重點有什麼變化嗎？

George, yes, so we continue to hire aggressively in the sales team. We also did some initiatives that actually accelerated hiring. I can tell you that in December, January and February -- sorry, in Q4 of last year or December -- November, December and already the beginning of this year, we are getting very close to achieving our targets with regards to sales. We are hiring in Israel as well as in other places in the U.S., in Europe and in other places where we are now opening offices such as Tokyo and Asia Pacific, this is in our plan. And this is something that we are pursuing aggressively.

喬治，是的，所以我們繼續積極招募銷售團隊。我們也採取了一些措施來真正加速招募。我可以告訴你，在 12 月、1 月和 2 月——抱歉，是去年第四季或 12 月——11 月、12 月以及今年年初，我們已經非常接近實現銷售目標。我們正在以色列、美國其他地方、歐洲以及我們現在開設辦事處的其他地方（如東京和亞太地區）招募員工，這是我們的計劃。這正是我們積極追求的目標。

Okay. And just one more question. Given the continued strong customer growth, are you seeing any changes in the way customers land either from a use case perspective or the type of team that initially engaged?

好的。還有一個問題。鑑於客戶數量持續強勁成長，從用例角度或最初參與的團隊類型來看，您是否看到客戶登陸方式有任何變化？

So we see customers lending bigger as we have a very -- thousands of use cases, basically, we have a number of products, the customers' lending, project management, work management. We also see others like CRM, marketing. We have different solutions that we offer to the customers, and we can see them coming from kind of directions as part of their search in Google or other searching engines online.

因此，我們看到客戶貸款規模越來越大，因為我們有成千上萬的用例，基本上，我們有許多產品，包括客戶貸款、專案管理、工作管理。我們也看到了其他內容，例如 CRM、行銷。我們為客戶提供不同的解決方案，並且我們可以看到他們在 Google 或其他線上搜尋引擎上進行搜尋時來自各個方向的解決方案。

I'm not showing any further questions in the queue. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

我不會在隊列中顯示任何其他問題。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。