monday.com Ltd (MNDY) 2025 Q4 法說會逐字稿

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

再會。我叫黛西蕾，今天我將擔任你們的會議接線生。在此，我謹代表monday.com歡迎各位參加2025財年第四季及全年業績電話會議。

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

我謹將電話轉交給 monday.com 的投資人關係副總裁拜倫史蒂芬先生。請繼續。

Hello, everyone, and thank you for joining us on today's conference call to discuss the financial results for monday.com's fourth quarter and fiscal year 2025. Joining me today are Roy Mann and Eran Zinman, Co-CEOs of monday.com; Eliran Glazer, monday.com's CFO; and Casey George, monday.com's CRO.

大家好，感謝各位參加今天的電話會議，共同討論 monday.com 第四季和 2025 財年的財務表現。今天與我一同出席的有 monday.com 的聯合首席執行官 Roy Mann 和 Eran Zinman；monday.com 的首席財務官 Eliran Glazer；以及 monday.com 的首席營收官 Casey George。

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

我們今天稍早發布了第四季和 2025 財年的業績報告。您可以造訪我們的投資者關係網站 ir.monday.com，在「新聞與活動」版塊下找到我們的季度股東信、投資者簡報以及今天網路直播的回放。

Certain statements made on the call today will be forward-looking statements, which reflect management's best judgment based on the 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.

今天電話會議所作的某些陳述屬於前瞻性陳述，反映了管理階層根據目前可取得的資訊所做出的最佳判斷。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有所不同。有關可能導致實際結果與我們的前瞻性聲明存在重大差異的具體因素的更多信息，請參閱我們的盈利報告。

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 our Investor Relations website.

此外，電話會議也將討論非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調節表可在盈利報告和今天電話會議的盈利演示文稿中找到，這些文件已發佈在我們的投資者關係網站上。

Now, let me turn the call over to Roy.

現在，我把電話交給羅伊。

Thank you, Byron, and thank you, everyone for joining us today. As we reflect on the past year, we are proud of the progress monday.com has made across every dimension of the business. We delivered another year of strong disciplined execution, with revenue growing 27% year over year and operating margin reaching 14%. This result underscores the durability of our model, the strength of our go-to-market engine, and our ability to scale profitably while continuing to invest in the long term.

謝謝你，拜倫，也謝謝今天到場的各位。回顧過去一年，我們為 monday.com 在業務的各個方面所取得的進步感到自豪。我們又一年保持了強勁而嚴謹的執行力，營收年增 27%，營業利潤率達到 14%。這項結果凸顯了我們模式的持久性、我們市場推廣引擎的強大實力，以及我們在持續進行長期投資的同時實現盈利性規模化的能力。

In 2025, we continued to make meaningful progress, winning further upmarket. Larger customers are increasingly standardizing on monday.com to support more complex, critical workflows across their organizations. Customers with more than $50k in ARR now represent 41% of total ARR, reflecting strong expansion within existing accounts and success in landing larger, more strategic customers. At the high end, we delivered a record net adds of customers with over $100k plus in ARR, and customers with over $500k in ARR grew 74% year over year, underscoring our ability to support enterprise-scale deployments.

2025年，我們持續取得實質進展，進一步贏得高端市場。為了支援其組織內更複雜、更關鍵的工作流程，越來越多的大型客戶開始採用 monday.com 作為標準化解決方案。ARR 超過 5 萬美元的客戶目前佔總 ARR 的 41%，反映出現有客戶的強勁成長以及在爭取更大、更具戰略意義的客戶方面的成功。在高端市場，我們新增了年經常性收入超過 10 萬美元的客戶，創下了淨增長紀錄；年經常性收入超過 50 萬美元的客戶同比增長了 74%，這凸顯了我們支持企業級部署的能力。

At the same time, no-touch channels continue to operate in a choppy demand environment, particularly among the smaller customers which we expect to persist in 2026. What this means in practical terms is that the cost to acquire and expand self-serve customers have increased over the past year, and the returns on those investments have been below historical levels.

同時，非接觸式通路在需求波動較大的環境下繼續運營，尤其是在小型客戶群中，我們預計這種情況將持續到 2026 年。從實際意義上講，這意味著過去一年來獲取和擴大自助服務客戶的成本增加，而這些投資的回報卻低於歷史水準。

We do not see this same dynamic in our touch business, which have continued to accelerate in this past year. In response, we continue to shift investment to higher ROI opportunities that drive demand and success for larger customers. In addition, we continued to meaningfully improve the entire customer buying process, leveraging AI agents to improve conversion, adoption, and engagement of all our customers.

我們在觸控業務中沒有看到同樣的趨勢，該業務在過去一年中持續加速成長。為此，我們將繼續把投資轉向投資報酬率更高的機會，以推動對大客戶的需求和成功。此外，我們持續實際改善整個客戶購買流程，利用人工智慧代理來提高所有客戶的轉換率、採用率和參與度。

Now, let me turn it over to Eran to walk you through some of the significant progress we've made in our AI-driven products during the quarter.

現在，讓我把麥克風交給 Eran，讓他為大家介紹一下我們在本季人工智慧驅動產品方面取得的一些重大進展。

Thank you, Roy.

謝謝你，羅伊。

During our Investor Day in September 2025, we've shown the fundamental shift in monday.com vision: from helping customers manage work to actually doing the work for them. Over the last five months, we've executed relentlessly against that vision. This was not an incremental change. We've meaningfully re-architected the core of our platform and redefined what our products do for customers.

在 2025 年 9 月的投資者日上，我們展示了 monday.com 願景的根本轉變：從幫助客戶管理工作到真正為他們完成工作。過去五個月裡，我們一直不懈地朝著這個願景努力。這並非漸進式的改變。我們對平台的核心進行了意義深遠的重新架構，並重新定義了我們的產品為客戶帶來的價值。

Today, monday.com is evolving into an AI-powered work execution platform built around three distant layers of AI value. First, AI agents, which is now in beta and AI workflows. These allow customers to create an on-demand workforce of AI agents that can reason, act, and execute across their workflows, effectively enabling businesses to scale output without scaling headcount.

如今，monday.com 正在發展成為一個由人工智慧驅動的工作執行平台，該平台圍繞著三個不同的 AI 價值層構建。首先是人工智慧代理（目前處於測試階段）和人工智慧工作流程。這些功能使客戶能夠創建一支按需使用的 AI 代理隊伍，這些代理商可以在其工作流程中進行推理、行動和執行，從而有效地使企業能夠在不增加員工人數的情況下擴大產量。

Second is monday vibe. Over the past few months, vibe has taken a major leap forward. Customers can now build full applications directly on top of their monday data and workflows and consolidate additional business processes into a single intelligent platform. And third, AI sidekick. sidekick has evolved into the central intelligence layer of every account, the gateway and the brain of the system, enabling customers to ask questions, surface insights, and take action across all the data and workflows.

其次是星期一的氛圍。在過去的幾個月裡，氛圍有了巨大的飛躍。現在，客戶可以直接在其 Monday 數據和工作流程之上建立完整的應用程序，並將其他業務流程整合到一個智慧平台中。第三，AI助理。助理已經發展成為每個帳戶的中央智慧層，是系統的入口和大腦，使客戶能夠提出問題、獲取見解，並對所有數據和工作流程採取行動。

We're seeing very strong demand and accelerating adoption of monday AI across our customer base. monday blocks have already powered more than 77 million actions. sidekick has processed over 0.5 million user messages. And early beta users of AI agents are blown away from its capabilities. Teams are increasingly relying on monday.com not just to organize work, but to make decisions, automate outcomes, and execute faster with confidence.

我們看到客戶群對 Monday AI 的需求非常強勁，並且正在加速採用。 Monday 模組已經支援了超過 7700 萬次操作。 Sidekick 已經處理了超過 50 萬個用戶訊息。人工智慧代理的早期測試用戶都被其功能所震撼。團隊越來越依賴 monday.com 來組織工作，而且用它來做決策、自動化結果，並更有信心地更快地執行任務。

monday vibe is also off to an exceptional start. It is the fastest product in monday's history to surpass $1 million of ARR, highlighting customer willingness to pay for its value and signaling meaningful revenue potential ahead. The pace of adoption reinforced our confidence that vibe can become a significant growth driver as we scale.

週一的氣氛也開局極佳。這是周一以來最快突破 100 萬美元年度經常性收入 (ARR) 的產品，凸顯了客戶願意為其價值付費，並預示著未來巨大的收入潛力。使用者的接受速度增強了我們的信心，隨著我們規模的擴大，vibe 可以成為重要的成長驅動力。

We are proud of the progress we made in 2025 and encouraged by the momentum we're seeing across the business. Looking ahead to 2026, we believe we are still early in this transition. As AI becomes a core driver of customer value and differentiation, monday.com is uniquely positioned to lead. With a powerful platform, a clear upmarket strategy, and a global team focused on embedding intelligence deeply across workflows, we believe monday.com is well positioned to deliver durable, profitable growth in the years ahead.

我們為 2025 年取得的進展感到自豪，並對我們在整個業務中看到的良好勢頭感到鼓舞。展望2026年，我們認為我們仍處於這一轉型過程的早期階段。隨著人工智慧成為客戶價值和差異化的核心驅動力，monday.com 擁有獨特的領先優勢。憑藉強大的平台、清晰的高端市場策略以及專注於將智慧深度嵌入工作流程的全球團隊，我們相信 monday.com 已做好充分準備，在未來幾年實現持久、盈利的成長。

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

接下來，我將把發言權交給埃利蘭，由他來介紹我們的財務狀況和業績展望。

Thank you, Eran, and thank you to everyone for joining our call. Today, I'll review our fourth-quarter and fiscal year 2025 results in detail and provide initial fiscal year 2026 guidance.

謝謝你，埃蘭，也謝謝各位參加我們的電話會議。今天，我將詳細回顧我們第四季和 2025 財年的業績，並提供 2026 財年的初步指引。

As Roy mentioned, we are very pleased with our results in 2025. Total revenue in Q4 came in at $334 million, up 25% from the year ago quarter, and $1.232 billion in fiscal year 2025, up 27% from the prior year. Our overall NDR was 110% in Q4. We expect overall NDR to be stable at 110% in fiscal year 2026. As a reminder, our NDR is trailing fourth-quarter weighted average calculation.

正如羅伊所說，我們對2025年的結果非常滿意。第四季總營收為 3.34 億美元，比去年同期成長 25%；2025 財年總營收預計為 12.32 億美元，比上年成長 27%。第四季我們的整體淨現率達到 110%。我們預計 2026 財年整體淨存款率將穩定在 110%。提醒一下，我們的 NDR 是第四季度加權平均值計算得出的。

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

除非另有說明，其餘揭露的財務指標均指非GAAP財務指標。我們在獲利報告中提供了GAAP財務報表與非GAAP財務報表的調節表。

Fourth-quarter gross margin was 89% and 90% for the fiscal year 2025. Research and development expense was $67.7 million in Q4, or 20% of revenue, up from 18% in the year ago quarter, and $238.5 million in fiscal year 2025, or 19% of revenue, up from 17% in the prior year. Sales and marketing expense was $159.9 million in Q4, or 48% of revenue, compared to 48% of revenue in the year ago quarter, and $586.8 million in fiscal year 2025, or 48% of revenue, down from 51% in the prior year. General and administrative expense was $29.2 million in Q4, or 9% of revenue, compared to 9% in the year ago quarter, and $106.9 million in fiscal year 2025, or 9% of revenue, up from 8% in the prior year.

第四季毛利率為 89%，2025 財年毛利率為 90%。第四季研發費用為 6,770 萬美元，佔營收的 20%，高於去年同期的 18%；2025 財年研發費用為 2.385 億美元，佔營收的 19%，高於前一年的 17%。第四季銷售和行銷費用為 1.599 億美元，佔營收的 48%，與去年同期持平；2025 財年預計為 5.868 億美元，佔營收的 48%，低於上年的 51%。第四季一般及行政費用為 2,920 萬美元，佔營收的 9%，與去年同期持平；2025 財年一般及行政費用為 1.069 億美元，佔營收的 9%，高於上年的 8%。

Operating income was $41.9 million in Q4, up from $40.3 million from the year ago quarter, and operating margin was 13%. Operating margin in Q4 had an approximately 180 basis points negative FX impact, mainly from depreciation of the Israeli shekel compared to the US dollar. For fiscal year 2025, operating income was $175.3 million, or 14% of revenue, compared to 14% of revenue in the prior year, reflecting an approximately 110 basis points impact from FX.

第四季營業收入為 4,190 萬美元，高於去年同期的 4,030 萬美元，營業利潤率為 13%。第四季營業利潤率受到匯率波動約 180 個基點的負面影響，主要原因是以色列新謝克爾對美元貶值。2025 財年，營業收入為 1.753 億美元，佔營收的 14%，與前一年的收入佔比相同，這反映了匯率波動帶來的約 110 個基點的影響。

Net income was $55 million in Q4 '25, compared to $57.3 million in Q4 '24. For fiscal year 2025, net income was $233.6 million, up from $183.3 million in fiscal year '24. Diluted net income per share was $1.04 in Q4 and $4.40 in fiscal year 2025 based on $52.9 million and $53.1 million fully diluted shares outstanding, respectively.

2025 年第四季淨收入為 5,500 萬美元，而 2024 年第四季淨收入為 5,730 萬美元。2025 財年淨收入為 2.336 億美元，高於 2024 財年的 1.833 億美元。根據完全稀釋後的流通股數量分別為 5,290 萬股和 5,310 萬股，第四季度稀釋後每股淨收益為 1.04 美元，2025 財年稀釋後每股淨收益為 4.40 美元。

In the fourth quarter of 2025, we recognized a $61.2 million non-cash income tax benefit related to deferred tax assets, reflecting our sustained profitability. Because this is a discrete, non-operational item, it is excluded from non-GAAP net income. Looking ahead, we may begin paying cash taxes in the near future.

2025 年第四季度，我們確認了與遞延所得稅資產相關的 6,120 萬美元非現金所得稅收益，這反映了我們持續的獲利能力。由於這是一項獨立的、非經營性項目，因此不計入非GAAP淨收入。展望未來，我們可能在不久的將來開始繳納現金稅。

Total employee headcount was 3,155, an increase of 137 employees since Q3. Looking ahead to fiscal year 2026, we expect headcount growth in the mid-teens percentage range, with incremental investment primarily directed towards sales and R&D.

員工總數為 3,155 人，比第三季增加了 137 人。展望 2026 財年，我們預期員工人數成長率將達到 15% 左右，新增投資主要集中在銷售和研發方面。

Moving on to the balance sheet and cash flow. We ended the quarter with $1.5 billion in cash and cash equivalents, compared to $1.53 billion at the end of Q3, reflecting $135 million of share repurchase executed during the quarter. As of the end of Q4, approximately $735 million remained available under our existing share purchase authorization program.

接下來來看資產負債表和現金流量表。本季末，我們持有現金及現金等價物15億美元，而第三季末為15.3億美元，這反映了本季執行的1.35億美元股票回購。截至第四季末，我們現有的股票購買授權計畫下仍有約 7.35 億美元可用。

Adjusted free cash flow for Q4 was $56.7 million, and adjusted free cash flow margin was 17%. In fiscal year 2025, adjusted free cash flow was $322.7 million, and adjusted free cash flow margin was 26%. Adjusted free cash flow is defined as net cash from operating activities, less cash used for property and equipment, and capitalized software costs, plus costs associated with the buildout and expansion of our corporate headquarters.

第四季調整後自由現金流為 5,670 萬美元，調整後自由現金流利潤率為 17%。2025 財年調整後自由現金流為 3.227 億美元，調整後自由現金流利潤率為 26%。調整後的自由現金流定義為經營活動產生的現金淨額，減去用於購置物業和設備的現金以及資本化的軟體成本，再加上與公司總部建設和擴建相關的成本。

Before I discuss guidance for fiscal year 2026, I did want to touch on our approach to guidance moving forward. Our confidence in the underlined fundamentals of the business and our long-term financial trajectory remains unchanged since our Investor Day in September.

在討論 2026 財年的業績指引之前，我想先談談我們未來業績指引的方法。自9月份的投資人日以來，我們對公司基本面和長期財務發展前景的信心依然不變。

Given the evolving nature of the AI landscape and the choppiness in the no-touch demand environment, we believe it is responsible to keep our near-term communication focused on what we can execute and deliver with high confidence. As a result, we will no longer be discussing our previously provided 2027 targets, but will be centering our discussion on our 2026 outlook, which reflects the continuing momentum we see across our AI work platform, new products introductions, and upmarket sales motion. We remain committed to disciplined execution, which is consistent with our track record, and we will revisit long-term targets when there is greater visibility and it is appropriate to do so.

鑑於人工智慧領域的不斷發展變化以及非接觸式需求環境的波動性，我們認為，負責任的做法是將近期溝通的重點放在我們能夠高度自信地執行和交付的事情上。因此，我們將不再討論先前提供的 2027 年目標，而是將討論重點放在 2026 年的展望上，這反映了我們在 AI 工作平台、新產品推出和高端銷售方面看到的持續成長勢頭。我們將繼續秉持嚴謹的執行原則，這與我們以往的業績一致。我們將在情況更加明朗且時機成熟時重新審視長期目標。

Let's now turn to our outlook for fiscal year 2026. For the first quarter of fiscal year 2026, we expect our revenue to be in the range of $338 million to $340 million, representing growth of approximately 20% year over year. We expect non-GAAP operating income of $37 million to $39 million, with an operating margin of 11% to 12%, which assumes a negative FX impact of 100 to 200 basis points.

現在讓我們展望一下2026財年。我們預計 2026 財年第一季的營收將在 3.38 億美元至 3.4 億美元之間，年增約 20%。我們預期非GAAP營業收入為3,700萬美元至3,900萬美元，營業利潤率為11%至12%，這假設匯率波動會產生100至200個基點的負面影響。

For the full year of 2026, we expect revenue to be in the range of $1.452 billion to $1.462 billion, representing growth of 18% to 19% year over year. We expect full-year non-GAAP operating income of $165 million to $175 million, with an operating margin of 11% to 12%, which assumes a negative FX impact of 100 to 200 basis points. We expect full-year adjusted free cash flow of $275 million to $290 million, with adjusted free cash flow margin of 19% to 20%, which assumes a negative FX impact of 100 to 200 basis points.

我們預計 2026 年全年營收將在 14.52 億美元至 14.62 億美元之間，年增 18% 至 19%。我們預期全年非GAAP營業收入為1.65億美元至1.75億美元，營業利益率為11%至12%，這假設匯率波動會產生100至200個基點的負面影響。我們預計全年調整後自由現金流為 2.75 億美元至 2.9 億美元，調整後自由現金流利潤率為 19% 至 20%，這假設匯率波動會產生 100 至 200 個基點的負面影響。

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

現在我把電話交給接線員，回答您的問題。

(Operator Instructions) Arjun Bhatia, William Blair.

（操作說明）Arjun Bhatia，William Blair。

Perfect. Thank you, guys. Appreciate it. Can you maybe just touch on the growth outlook a little bit for 2026? I think I heard that NRR might be stable in a year, but the guidance is calling for a decel -- an overall top-line growth from 27% to 18%. So it's remarkable that the guide kind of -- that you can still grow at that high-teens range even when NRR is 110%.

完美的。謝謝大家。謝謝。能否簡要談談2026年的成長前景？我聽說淨收入可能會在一年內保持穩定，但業績指引顯示整體營收成長率將放緩，從 27% 降至 18%。所以，令人驚訝的是，該指南指出——即使 NRR 為 110%，你仍然可以在十幾個百分點的範圍內成長。

So maybe just touch on the different pieces of what you're expecting from customers expanding, especially in the enterprise, how much of a headwind the no-touch is, and maybe when we can start to see that turn around. Is that late '26? Or is that 2027 dynamic? Thank you.

所以，或許可以談談您對客戶擴張的不同期望，尤其是在企業客戶方面，非接觸式服務會帶來多大的阻力，以及我們何時才能開始看到這種情況有所改善。那是1926年末嗎？或者，2027 年是動態的？謝謝。

Hey, Arjun. It's Eliran. So thank you for the questions.

嘿，阿俊。是埃利蘭。謝謝大家的提問。

Guidance for now reflects what we believe we can execute against with high confidence. It doesn't assume any rebounds in performance marketing or top-of-the-funnel activity, and it's based on the current condition, with growth driven primarily by the following: upmarket and enterprise customer expansion, multi-product adoption, and disciplined investment and improving efficiency across the go-to-market model that we have.

目前的指導意見反映了我們認為能夠高度自信地執行的方案。它不假設效果行銷或漏斗頂端活動會出現任何反彈，而是基於當前情況，成長主要由以下因素驅動：高端和企業客戶擴張、多產品採用，以及在我們現有的市場推廣模式中進行有紀律的投資和提高效率。

As you rightfully stated, NDR to remain flat at 100% -- 110% by the end of the year. With regards to maybe the margins, we assume that we are going to go in terms of headcount growth of mid-teens, and there is also a significant impact of the Israeli appreciation of the -- appreciation of the Israeli shekel versus the US dollar that is contributing to 100 to 200 basis points negative on our margins. So these are the things that we took into account when we built the budget -- the guidance.

正如您所言，到年底，淨債務比率將保持在 100% 至 110% 之間。至於利潤率方面，我們預計員工人數將成長十幾個百分點，此外，以色列謝克爾對美元升值也對我們的利潤率產生了重大影響，導致利潤率下降 100 至 200 個基點。所以，這些都是我們制定預算時要考慮的因素──指導原則。

Okay, perfect. Thank you. And then just one on sidekick. It looks like you started the monetization strategy. You have a price in place, and you're going to turn that on in 2026. I'm just curious how you think about customers' propensity to pay for that solution, what incremental capabilities you've included in the paid editions of sidekick, and how you think that monetization might scale throughout the year.

好的，完美。謝謝。然後就只有一個配角。看來你們已經開始實施獲利策略了。你們已經定好了價格，並且打算在 2026 年啟用。我只是好奇您如何看待客戶為該解決方案付費的意願，您在 Sidekick 的付費版本中添加了哪些增量功能，以及您認為這種盈利模式在一年中可能會如何擴展。

Yeah. Hi, Arjun. This is Eran. So we're very excited from the latest release of sidekick. Basically, sidekick offers our customers not just to use AI capabilities within their account, but also they can access the brain of the account. It knows everything about the work, about who you are, your place in the organization. It's also context-aware of every data and content that exists within your monday account, and we're also planning to integrate with third-party tools. So essentially, it becomes like a business brain of the company.

是的。你好，阿俊。這是埃蘭。我們對 Sidekick 的最新發布感到非常興奮。基本上，Sidekick 不僅讓我們的客戶能夠在他們的帳戶中使用 AI 功能，而且還讓他們能夠存取帳戶的核心。它了解工作的一切，了解你是誰，了解你在組織中的地位。它還能感知您 Monday 帳戶中存在的每項數據和內容，我們還計劃與第三方工具整合。所以從本質上講，它就成了公司的商業大腦。

We're already seeing great momentum. sidekick is now available to all customers. It's basically offered as a paid add-on for Pro and below packages, and it's part of the Enterprise package. Going forward, we might have additional monetization for sidekick, but it's a very interesting product that gives a lot of value to our customers because of its capabilities.

我們已經看到了強勁的發展勢頭。 Sidekick 現在開放給所有客戶。它基本上是作為專業版及以下套餐的付費附加元件提供的，並且是企業版套餐的一部分。展望未來，我們可能會為 Sidekick 增加額外的獲利模式，但它本身就是一款非常有趣的產品，憑藉其強大的功能，能為我們的客戶帶來很多價值。

Wonderful. Thank you.

精彩的。謝謝。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi, everyone. Thanks for taking my questions. I guess I wanted to start probably with a question for Roy, because I think he mentioned, high level, some impact obviously on the cost of customer acquisition and AI in the space. I just wanted to see if you could clarify that comment.

大家好。謝謝您回答我的問題。我想先問羅伊一個問題，因為我覺得他提到過，從宏觀層面來看，這顯然會對客戶獲取成本和人工智慧領域產生一些影響。我只是想看看您能否解釋一下那句話。

I guess what is the impact like? My guess is it's just through the sales process as customers evaluate different technologies and functionalities. But are you seeing that impact more on those self-serve, low-touch, smaller customers? Or are you also seeing some impact negatively from maybe your larger customer opportunities as well?

我想問一下，影響會是什麼樣的？我猜這只是在銷售過程中，客戶在評估不同的技術和功能時才會遇到的情況。但您是否發現這種影響對那些自助服務、低接觸、小型客戶群的影響更大？或者，您也發現，一些更大的客戶機會也受到了負面影響？

Hi. Thank you. So what we see right now in performance marketing is the same things we called out before just continues, meaning we see headwind in our ability to buy media and the ROI is the same as we saw before and remains choppy. So what we're doing is shifting budgets to higher ROI channels and media, which means we're focusing more on the higher customers, the better customers with better ROI. So essentially, we're leaving the smaller ones and focusing on the better ones with higher ROI, bigger retention, and that is successful.

你好。謝謝。所以，我們現在在效果行銷領域看到的情況，和我們之前指出的情況一樣，仍在繼續，這意味著我們在購買媒體方面面臨阻力，投資回報率和我們之前看到的一樣，仍然不穩定。因此，我們正在將預算轉移到投資回報率更高的管道和媒體，這意味著我們將更加關注投資回報率更高的優質客戶。所以本質上，我們放棄了規模較小的項目，專注於投資報酬率更高、用戶留存率更高的優質項目，而這些項目是成功的。

Scott, maybe -- this is Eliran -- just to add to what Roy said to your question about the bigger customers, we don't see this impact on the bigger customer. We have strong momentum with the upmarket motion, and we only see it in the SMB segment, namely the S of the SMB.

Scott，或許——我是 Eliran——補充 Roy 對你關於大客戶的問題的回答，我們沒有看到這種影響對大客戶的影響。我們看到了強勁的上行市場勢頭，而且這種勢頭只出現在中小企業市場，也就是中小企業中的「S」級市場。

Very helpful. And then my follow-up would be for Eliran. In fact, if I look at your guidance for the year, your operating margin -- non-GAAP operating margins implies about 11.6% for the full year, and I understand there's a 100- to 200-basis-point headwind due to FX, but that operating margin is actually lower than what you reported in fiscal '25, and the growth is, as Arjun mentioned, 8, 9, 10 points lower. Why shouldn't we see margins kind of inflect a little bit more over the next year if this kind of high-teens 20% growth rate is likely probably what the right growth rate for the company is over the next year or two?

很有幫助。接下來我要跟進的是埃利蘭。事實上，如果我看一下你們今年的業績指引，你們的營業利潤率——非GAAP營業利潤率意味著全年約為11.6%，我知道由於匯率波動，有100到200個基點的不利影響，但這個營業利潤率實際上低於你們在2025財年報告的水平，而且正如Arjun提到的，增長率也低了8、9、10個百分點。如果這種接近 20% 的成長率很可能是公司未來一兩年內的合適成長率，那麼為什麼我們不應該看到利潤率在未來一年內出現更大幅度的變化呢？

Hi, Scott. Thanks. So just to reiterate maybe that given the current macro and demand environment, we believe that we are putting numbers that are achievable and doable. The biggest change in recent appreciation of the Israeli shekel happened in the last few months. We have 55% of our headcount in Israel, and this is very concentrated, primarily contributing to the impact of FX. We also prioritize investment in the SLG motion and AI, as you heard in the prepared remarks, and this is front-loaded cost that basically takes a bit longer for the payoff time, and this is the impact on margins.

嗨，斯科特。謝謝。因此，我想再次強調，鑑於當前的宏觀經濟和需求環境，我們相信我們提出的數字是可以實現和做到的。以色列新謝克爾近期升值幅度最大的時期發生在過去幾個月。我們 55% 的員工在以色列，而且非常集中，這主要導致了外匯波動的影響。正如您在準備好的演講稿中聽到的那樣，我們也優先投資於 SLG 運動和人工智慧，這是前期投入成本較高，需要更長的時間才能獲得回報，這就是對利潤率的影響。

Very helpful. Thanks for taking my questions.

很有幫助。謝謝您回答我的問題。

Ryan MacWilliams, Wells Fargo.

瑞安‧麥克威廉斯，富國銀行。

Thanks for taking the question. So investors are clearly worried about the threat of AI to software here, but I think there's a fair case to be made that not every workflow needs to be generative and that it can make more sense to build agents off your already established workflows that work 100% of the time. With that in mind, we would love to hear some of the attributes about why it might make the most sense for a monday customer to build agents within monday itself instead of outside the platform. Thanks.

感謝您回答這個問題。所以投資人顯然擔心人工智慧對軟體的威脅，但我認為，並非每個工作流程都需要生成式的，而且基於已經建立的、始終有效的工作流程來建立代理可能更有意義。考慮到這一點，我們很想了解一下，對於 Monday 的客戶來說，為什麼在 Monday 平台內建立代理程式而不是在平台外建立代理程式可能是最合理的選擇。謝謝。

Yeah. Hi, Ryan. This is Eran. This is exactly how we think about things. I think people underestimate how important it is when you have all your data and processes and workflows inside a platform, and then the ability to create agents on top of it and get significant value because of that is exactly what we aim for.

是的。嗨，瑞恩。這是埃蘭。我們就是這樣看待問題的。我認為人們低估了將所有數據、流程和工作流程都集中在一個平台內的重要性，然後能夠在平台上創建代理並因此獲得顯著價值，這正是我們所追求的。

We've done the same with sidekick. The fact that sidekick knows everything about your organization really helps our customers kind of figure out everything about their account, and the same goes for our agents offering. With the agents offering, not only you can scale your business based on agents, but also, it knows everything about your workflows, your data, your history. It's also secure, enterprise-grade. So given all of that, we see a lot of potential in our new agent offering, and we see a lot of excitement for our products.

我們對助手也做了同樣的事情。Sidekick 了解您組織的一切信息，這確實可以幫助我們的客戶了解他們帳戶的方方面面，我們的代理商服務也是如此。透過代理商服務，您不僅可以根據代理商數量擴展業務，而且它還了解您的工作流程、資料和歷史記錄等所有資訊。它還具有安全性，達到企業級標準。綜上所述，我們認為我們的新代理商產品具有很大的潛力，並且我們看到大家對我們的產品充滿熱情。

I think we all agree that the future of software will change over time with agents. But I think the way the transition will go is very different than how we imagined, and I think we have a significant advantage once we introduce these capabilities to capture significant value of those agents.

我想我們都同意，隨著智慧代理的出現，軟體的未來將會隨著時間的推移而改變。但我認為轉型的方式將與我們想像的截然不同，而且我認為一旦我們引入這些能力來獲取這些代理人的巨大價值，我們將擁有巨大的優勢。

Appreciate the color there. And then for Eliran, just on the free cash flow guidance for this year, is there any extra conservatism baked in that number? And then anything to call out in the differences between the initial starting point between the op margin and the free cash flow margin? They just look a little tighter than a year's past. Thanks.

欣賞那裡的色彩。那麼對於 Eliran 而言，就今年的自由現金流預期而言，這個數字是否包含任何額外的保守因素？那麼，營業利益率和自由現金流利潤率這兩個初始起點之間有什麼需要特別指出的差異嗎？它們看起來比往年稍微緊身一些。謝謝。

Thanks, Ryan. Eliran. So a few things impacted our free cash flow forecast for 2026; one is the FX impact. The Israeli shekel, as I mentioned, is very strong versus the US dollar, and it happened really fast in Q4 of last year going into this year. Obviously, we said that we are increasing investment in AI and SLG motion. There is also the lower interest rate environment, and as we move to profitability, we might be paying taxes.

謝謝你，瑞恩。埃利蘭。因此，有幾件事影響了我們對 2026 年自由現金流的預測；其中之一是匯率的影響。正如我之前提到的，以色列新謝克爾對美元非常強勢，而且這種情況在去年第四季到今年年初迅速發生。顯然，我們說過我們將增加對人工智慧和SLG運動的投資。此外，目前利率環境較低，而且隨著我們獲利，我們可能需要繳稅。

And the last thing is the share buyback. As we continue to prioritize opportunistic share buyback, obviously taking into account the current level of the share price, the reasons that I mentioned, all of the above, is impacting our free cash flow guidance for 2026.

最後一件事就是股票回購。鑑於我們繼續優先考慮機會性股票回購，顯然要考慮到目前的股價水平，以及我提到的所有原因，以上所有因素都影響了我們對 2026 年自由現金流的預期。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Thanks for the question. Just wondering, with all the rapid pace of innovation, new technologies across the workforce, how are your customers or potential customers evaluating monday among all the alternatives out there? Are you seeing any shifts in sales cycles as you're moving up market or any changes to customer behaviors?

謝謝你的提問。我只是好奇，在創新日新月異、新技術層出不窮的今天，您的客戶或潛在客戶是如何評價Monday這家公司在眾多選擇中的優劣的？隨著您向高端市場拓展，您是否觀察到銷售週期出現任何變化或客戶行為有任何改變？

Hi, Josh. This is Casey. So a couple things. One, obviously by the numbers, we're very encouraged that the progress we're making up market. So we're showing up in different ways with these customers, especially with AI. And as I speak to customers, they're not necessarily looking for a science project. And Eran touched on this a little bit. They're interested in having a trusted partner and a trusted platform so that they can deploy this technology in a trusted way. So for that, it's showing up in our retention numbers. It's showing up in our customer acquisition and obviously the cohort of customers that are $50k or greater.

嗨，喬希。這是凱西。有兩件事。首先，從數字上看，我們非常鼓舞人心，因為我們在市場上的進展令人振奮。因此，我們正在以不同的方式與這些客戶互動，尤其是在人工智慧方面。而且，當我與客戶交談時，我發現他們並不一定是在尋找科學專案。埃蘭也稍微談到了這一點。他們希望找到值得信賴的合作夥伴和值得信賴的平台，以便以值得信賴的方式部署這項技術。因此，這一點體現在我們的客戶留存率上。它體現在我們的客戶獲取方面，尤其是在年收入 5 萬美元或以上的客戶群中。

So with that, this is truly a differentiator for us. We're not running away from AI. We're embracing this and leading the market with it. So that's what I see. That's what we see when we engage with customers. And it's being validated in the numbers as well as we move up market.

因此，這確實是我們的一大優勢。我們並非要逃避人工智慧。我們正在擁抱這一趨勢，並以此引領市場。這就是我看到的。這就是我們在與客戶互動時看到的。隨著我們向高端市場拓展，數據也驗證了這一點。

Okay. That's helpful, Casey. And just a quick follow-up on the margin topic. Any sense for gross margins in 2026?

好的。那很有幫助，凱西。關於邊際效益的問題，我再補充一點。2026年的毛利率有什麼預測嗎？

Yeah. So hi, it's Eliran. What we said is, in our recent Investor Day, that we're expecting gross margin to be in mid- to high-80s. And we believe this is going to be the case for 2026.

是的。大家好，我是埃利蘭。我們在最近的投資者日上表示，我們預計毛利率將在 80% 到 80% 之間。我們相信2026年也會如此。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

Great. Hey. This is Nate Ruoss on for Jackson Ader. Thanks for taking our questions today. So I was wondering how much core versus new product growth is baked in for fiscal year 2026? Thank you.

偉大的。嘿。這是內特·魯奧斯替補傑克遜·阿德爾上場。感謝您今天回答我們的問題。所以我想知道，2026 財年核心產品成長與新產品成長的預期分別是多少？謝謝。

Hi. This is Eliran. So maybe just to expect when we took -- what we took into account is the continuous of the business that we currently see, meaning the four product lines that we have in monday -- monday work management, monday CRM, monday service, and monday dev -- continue also to see some revenue coming from the AI products that we have. So we believe this is going to be the trajectory for fiscal year 2026, mostly focusing on the existing products. And the new product will continue to become a larger part of our business as we move forward to 2027.

你好。這是埃利蘭。所以，我們或許可以預期，當我們考慮到——我們考慮到的是我們目前所看到的業務的持續性時，這意味著我們在Monday的四條產品線——Monday工作管理、Monday CRM、Monday服務和Monday開發——也會繼續從我們擁有的AI產品中獲得一些收入。因此，我們認為這將是 2026 財年的發展軌跡，主要集中在現有產品上。隨著我們邁向 2027 年，新產品在我們業務中所佔的比重將繼續增大。

Great. Thank you so much. Very helpful.

偉大的。太感謝了。很有幫助。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you. Can you please quantify the headwind from the no-touch business in 2026 or the SMB segment in general? In other words, is it a 5-point headwind? Is it a 10-point headwind, et cetera? And then I have a quick follow up.

謝謝。能否量化一下到 2026 年非接觸式業務或中小企業領域整體面臨的不利因素？換句話說，這是 5 個百分點的逆風嗎？是10個百分點的逆風嗎？然後我還有一個簡短的後續問題。

Hi. It's Roy. So the situation is that it's a bit choppy like we mentioned. So we don't -- I can't predict the future on what performance marketing will do. I'll tell you that we looked into the year in the way that it will continue to be choppy. And that's like how we built the guide.

你好。是羅伊。所以情況就像我們之前提到的那樣，有點不穩定。所以我們無法－我無法預測效果行銷的未來發展方向。我可以告訴你，我們展望今年時就預料到，這一年將會繼續充滿波折。我們就是這樣寫這份指南的。

Okay. But it could be you're baking in something like a 5-point headwind there maybe?

好的。但你那裡可能遇到了 5 度逆風吧？

Again, we don't know how to predict what it will do.

我們仍然無法預測它會發生什麼。

Yeah, okay. And then Eliran, just thinking back to the last earnings cycle, you did bless the $1.5 billion revenue consensus for 2026. I don't think anyone really put any faith in that comment. But just irrespective, can you explain what changed fundamentally that leads to the lower outlook today?

好的。然後，Eliran，回想上一個財報週期，你確實認可了 2026 年 15 億美元的營收預期。我覺得沒人會真的相信那句話。但撇開其他因素不談，您能否解釋一下導致如今前景黯淡的根本原因是什麼？

And I'm just trying to understand the -- I think you said you're no longer discussing the FY27 revenue target. But you said somehow the fundamentals are unchanged. I think we could just use a little bit of straight talk. I'm just trying to understand what has changed here.

我只是想弄清楚——我想您說過您不再討論 2027 財年的收入目標。但你說過，基本面並沒有改變。我認為我們需要一些坦誠的交流。我只是想弄清楚這裡發生了什麼變化。

Hey, Mark. It's Eliran. So it's a fair question. But as we said, the last time we gave guidance, we felt and we believed, based on the visibility that we had at the time, that the $1.5 billion number is the number that we are going to achieve. It looked reasonable to us.

嘿，馬克。是埃利蘭。所以，這是一個很合理的問題。但正如我們所說，上次我們給出業績指引時，根據當時的情況，我們認為並相信15億美元的數字是我們將會實現的數字。我們覺得很合理。

Since then, there is a lot of noise in the market in terms of macroeconomy. As we said, our no-touch business continued to be choppy and volatile. We didn't see the improvement that we expected to see. And we see shift in the business and shift in the business takes time. So this is why we thought, based on what we know today, that it would be prudent to reset the guidance that we are giving.

自那以後，宏觀經濟方面市場出現了許多噪音。正如我們所說，我們的非接觸式業務仍然波動不定。我們沒有看到預期的改善。我們看到商業模式正在轉變，而商業模式的轉變需要時間。因此，根據我們目前所掌握的信息，我們認為有必要重新調整我們給予的指導意見。

And we -- given the current macro, as I mentioned, and then the many environment, we believe that it's appropriate to put numbers that reflect what we can execute against with high confidence. And this is the reason why we did this adjustment.

鑑於我剛才提到的當前宏觀經濟狀況以及許多外部環境，我們認為應該給出能夠高度自信地反映我們能夠執行的目標的數字。這就是我們進行此次調整的原因。

Okay. So it's noise in the market, low-touch being volatile, there's a shift in the business, but we don't know what you're embedding for the low-touch piece of it. Is that -- we're going to kind of leave it at that?

好的。所以，這是市場噪音，低接觸式服務波動較大，業務正在轉變，但我們不知道你們在低接觸式服務方面做了哪些調整。那就──我們就到此為止吧？

Yeah. We are expecting it not to get any better from what we have seen in fiscal year 2025. We didn't see the improvement that we hoped for or we believe that we're going to see. So we believe it might be choppy. Not might be, it will be choppy throughout 2026.

是的。我們預計2025財年的情況不會比現在好轉。我們沒有看到我們所希望的，或我們認為將會看到的改善。所以我們認為可能會有些顛簸。不，不是“可能”，而是2026年全年都會動盪不安。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Thanks. When you think about the enterprise go-to-market motion, I think there's been a lot of pent-up concern about what's happening there and the strategy. Can you just maybe walk through what you're seeing at the higher end of the market?

謝謝。當你思考企業市場進入策略時，我認為人們一直對當前情勢和策略抱持著很大的擔憂。您能否簡單介紹一下您在高端市場看到的情況？

Yeah. So we're seeing a couple of things. One, we continue to accelerate up market on the back of a couple of things. One, obviously, our clients like our products. They really do. That's the first one. Second one is they look to vendor consolidation. They're looking to rationalize their vendor suite. And we have a very healthy portfolio that we can offer to our clients so that they continue to consume more of our products.

是的。所以我們看到了兩件事。第一，我們持續加速向高端市場擴張，主要得益於以下兩點。首先，很顯然，我們的客戶喜歡我們的產品。確實如此。這是第一個。第二點是他們尋求供應商整合。他們正在尋求優化供應商組合。我們擁有非常健康的多元化產品組合，可以提供給我們的客戶，以便他們可以繼續消費更多我們的產品。

And then the expansion piece, since it's early days of us moving up market, the ground is very fertile. And so when they're looking to consolidate, we're well positioned to take advantage of that. So those are three of the key factors for us.

至於擴張方面，由於我們進軍高端市場還處於早期階段，所以發展空間非常廣闊。因此，當他們尋求整合時，我們就能很好地利用這一點。所以，以上就是我們考慮的三個關鍵因素。

And then I would say it's early days again, but the acceleration of AI, we're engaging in different conversations than we were before because of the technology we have embedded in our platform. So pretty bullish on the move up market and looking forward to another good year.

然後我想說，現在還處於早期階段，但人工智慧的加速發展，讓我們能夠進行與以前不同的對話，這都歸功於我們平台中嵌入的技術。因此，我對上漲行情非常看好，期待又一個好年。

Maybe one thing I would add -- Brian, this is Eran -- I just wanted to add one more thing on top of what Casey said is that we actually see high levels of cross retention across our $50k cohort. Now at 91%, this number has been growing quarter after quarter for the past two years. And also, we see renewal rates in the high-90s. So overall, we said that this segment of the business has been performing really well. We have a high degree of confidence, not just for the execution so far, but also forward looking.

我可能還要補充一點——布萊恩，我是埃蘭——我只是想在凱西所說的基礎上再補充一點，那就是我們實際上看到，在我們5萬美元的群體中，交叉留存率很高。目前這一比例為 91%，並且在過去兩年中每個季度都在增長。此外，續約率也高達 90% 以上。總的來說，我們認為這部分業務表現非常出色。我們不僅對目前的執行情況充滿信心，而且對未來也充滿信心。

And just a quick follow-up, Casey, are you still hiring pretty aggressively on enterprise reps? Or is that slowed down?

凱西，我再問一個後續問題，你們公司還在積極招募企業銷售代表嗎？還是速度減慢了？

We're growing our headcount in the organization, but in the mid-teens, especially around our AI specialists.

我們公司正在增加員工人數，但目前增幅在十幾人左右，尤其是在人工智慧專家方面。

Howard Ma, Guggenheim Securities.

Howard Ma，古根漢證券。

Great. Thanks for taking the question. I have two. I'll just ask them together. The first, for Eliran, a lot of effort was put into building the FY27 target. So I just want to be sure, is it off the table altogether? Or is that still a possible scenario? But maybe it's more of a high-end scenario.

偉大的。感謝您回答這個問題。我有兩個。我直接問他們兩個吧。首先，對於 Eliran 而言，投入了大量精力來建立 2027 財年目標。所以我想確認一下，這個方案是不是完全不可能了？或者，這種情況仍然有可能發生嗎？但也許這更像是一種高端場景。

And then for either Roy or for Eran, what indications have your customers given you that they want to standardize on monday.com as both a provider of agents, the sales and service agents, and also an agentic workflow orchestration platform? Because as they evaluate other agentic tools that are offered by the Frontier Labs and the hyperscalers, I imagine there's a lot of choice out there. So what gives you the confidence that you will retain and expand this usage on monday.com? Thank you.

那麼，對於 Roy 或 Eran 來說，你們的客戶有哪些跡象表明他們希望將 monday.com 作為代理商（銷售和服務代理商）的提供者以及代理商工作流程編排平台？因為當他們評估 Frontier Labs 和超大規模資料中心提供的其他代理工具時，我想他們有很多選擇。那麼，是什麼讓你有信心維持並擴大 monday.com 的使用率呢？謝謝。

Hey, Howard. This is Eliran. To your first question -- and then I will defer to Roy and Eran -- as I said, due to the macroeconomy and the choppiness that we have seen, this is the 2027 numbers currently off the table and we are focusing on fiscal year 2026 execution.

嘿，霍華德。這是埃利蘭。對於你的第一個問題——然後我將請 Roy 和 Eran 回答——正如我所說，由於宏觀經濟和我們所看到的波動，2027 年的數據目前不在考慮範圍內，我們正在專注於 2026 財年的執行。

Yeah. And maybe, Howard, on the second part of the question about AI, I think most -- I feel the whole industry is living and breathing AI and aware of all the changes and improvement. But most of our customers, and I don't think we're in a unique position, are still trying to figure out what's the best way to leverage that technology. And for them, the best way to leverage that technology is use all the systems they're using before where they have most of the data, in the context and the workflows.

是的。霍華德，關於人工智慧問題的第二部分，我認為大多數人——我覺得整個產業都在關注人工智慧，並且意識到所有的變化和改進。但是我們的大多數客戶（我認為我們並非個例）仍在努力尋找利用這項技術的最佳方法。對他們來說，利用這項技術的最佳方式是使用他們以前使用的所有系統，因為在這些系統中他們擁有大部分數據，並且具備相關的上下文和工作流程。

And with that, they're trying, and a vendor that they trust and love to use. And on that, they're trying to leverage the capabilities. They're more coming from a place of curiosity and trying to understand what's the best way to leverage that technology. And because of the relations that we built and the way they use the product, they look to us as the vendor of choice. So we see the interest, we see the engagement with the customers, we see the excitement on any new AI feature that we introduce. That gives a lot of confidence that monday can offer significant value with our AI offering.

因此，他們正在嘗試尋找他們信任且喜歡使用的供應商。他們正試圖利用這些能力來做到這一點。他們更多的是出於好奇，想要了解如何才能最好地利用這項技術。正是因為我們與他們建立了良好的關係，以及他們使用我們產品的方式，他們才將我們視為首選供應商。因此，我們看到了客戶的興趣，我們看到了客戶的參與，我們看到了客戶對我們推出的任何新的人工智慧功能的興奮之情。這讓我們更有信心，週一我們的人工智慧產品能夠帶來顯著價值。

Yeah. And hi, this is Roy. I can add that we also have monday vibe, which is basically the only vibe tool out there that is like enterprise grade and to the level that companies would adopt internally. And we've built it that way. So there's a lot of interest in that, and it just blows their mind what they can build with it.

是的。大家好，我是羅伊。我還可以補充一點，我們還有 Monday Vibe，它基本上是目前市面上唯一一款企業級氛圍工具，達到了公司內部採用的水平。我們就是這樣建造的。所以大家對此非常感興趣，而且它能創造出來的東西也讓他們感到無比震撼。

And joining to what Casey said about consolidation, that's like one of the main drivers. If you can take all those small ones -- small application and merge them, it's very interesting for all our customers.

再加上凱西所說的整合，這可以說是主要驅動因素之一。如果你能把所有這些小應用程式合併起來，這對我們所有的客戶來說都非常有意義。

Steve Enders, Citibank.

史蒂夫恩德斯，花旗銀行。

Hi. Great. Thanks for taking the questions this morning. Maybe just starting on monday vibe, I guess what are maybe the main use cases that you're seeing customers build with that? And then how do you view the learnings that you've had so far to potentially drive those incremental use cases or broaden them out across the rest of the customer base and drive incremental ARR from here?

你好。偉大的。感謝您今天上午回答問題。或許可以從週一開始著手準備，我想了解您觀察到的客戶使用該功能建立的主要用例有哪些？那麼，您如何看待您目前所獲得的經驗，以推動這些增量用例的出現，或將其推廣到其他客戶群，並從此推動年度經常性收入的成長？

Thank you. So it's Roy. So we see a really wide variance in what customers do with vibe because essentially they can do anything they want, and it's connected to their existing data platform users. So we see things from very small stuff like creating dashboards and presentation of data and reports to the higher end of building complete, really meaningful, large applications on top of it that they couldn't do before. And a lot of the great stuff we see is that in some areas where we were, maybe it was a vertical or those type areas that we were not going to develop specific features for, vibe completes the gap and creates like an amazing solution together with the whole of the other offering we have on the platform.

謝謝。原來是羅伊。因此，我們看到客戶在使用 vibe 時表現出非常大的差異，因為基本上他們可以做任何他們想做的事情，而且它與他們現有的數據平台用戶相連。因此，我們看到從創建儀表板、數據和報告的演示等非常小的事情，到在此基礎上構建完整、真正有意義的大型應用程式等更高層次的事情，而這些都是他們以前無法做到的。我們看到很多很棒的事情是，在某些領域，例如某個垂直領域或其他我們原本不會開發特定功能的領域，Vibe 可以填補空白，並與我們平台上的其他產品一起創造一個很棒的解決方案。

And regarding monetization, this is like a super -- we shared the numbers, and for us, it's like the beginning. And we're going to see where it evolves.

至於獲利方面，這就像一個超級——我們分享了數據，對我們來說，這就像一個開始。我們將拭目以待，看看它會如何發展。

Okay. Great to hear. And then maybe just on the performance marketing dynamics, I just want to clarify, it seems like you're assuming that's not getting better -- for '26, it's kind of like baked into the guide. I guess I'm just going to clarify that point.

好的。聽到這個消息真是太好了。然後，關於效果行銷動態，我想澄清一下，你似乎認為情況不會好轉——對於 2026 年來說，這似乎已經寫入了指南中。我想澄清一下這一點。

And then, I guess, secondly, just in terms of those dollars shifting to other channels, what kind of ROI are you seeing? And just how are you kind of viewing the improvement or timeline in terms of those other channels beginning to drive incremental performance from here?

其次，我想問的是，就這些資金轉移到其他管道而言，你們看到了怎樣的投資報酬率？那麼，您如何看待其他管道開始逐步提升業績的改進或時間表呢？

Yeah, thank you. So yeah, we expect '26 to not be different than what we've seen so far with the choppiness in the performance marketing. And it mainly affects the small businesses, like Eliran said, and the smaller area. And we run a lot of campaigns, and we're shifting the budget to the ones who bring us larger customers. They have larger landing, and they have more expansion opportunity and higher retention. So essentially, we're making that shift and driving more and more into those areas because they have much higher ROI for us.

是啊，謝謝。所以，我們預期 2026 年的情況不會比目前為止看到的有所不同，效果行銷方面依然會比較不穩定。正如埃利蘭所說，這主要影響的是小型企業和較小的地區。我們進行了許多行銷活動，並將預算轉移到那些能為我們帶來更大客戶的活動。它們的著陸面積更大，擴張機會更多，客戶留存率更高。所以，從本質上講，我們正在做出這種轉變，並且越來越多地投入這些領域，因為它們能為我們帶來更高的投資報酬率。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Hey. Thank you. So maybe just going back to the vibe coding, can you talk a bit about what you're seeing in terms of the decisioning process around choosing a vibe coding platform? I realize it's early. But as best as you can tell, are customers piloting multiple vibe coding tools and then settling on one? Is there going to be coexistence of all these different platforms inside the same organization? I'm just trying to get a better sense for competitive dynamics here and kind of how those decisions are being made.

嘿。謝謝。那麼，回到氛圍編碼的話題，您能否談談您在選擇氛圍編碼平台的決策過程中觀察到的情況？我知道現在還早。但據你所知，客戶是否會試用多種氛圍編碼工具，然後最終選擇一種？同一個組織內部，所有這些不同的平台能否共存？我只是想更了解這裡的競爭動態，以及這些決策是如何做出的。

Yeah. Hi, DJ. This is Eran. So I think we need to distinguish between two different things. One is that we added the ability to vibe code on top of a platform. So an existing monday customer -- and by the way, we're one of the only few enterprise companies that offer, apparently, vibe coding within their platform.

是的。嗨，DJ。這是埃蘭。所以我認為我們需要區分兩件不同的事。其中之一是我們增加了在平台上進行 vibe 程式碼編寫的功能。所以，我們週一已經是客戶了——順便說一句，我們是為數不多的幾家在其平台內提供氛圍編碼的企業公司之一。

So our customers basically can leverage their existing data, workflows, and processes, and basically vibe code on top of that almost anything they want in our platform. And our customers are building unbelievable things. This is part of the momentum that we see, the excitement that we see from our customers. And for me, I think vibe coding is an ability that maybe going forward, a lot of the software vendors will at some point embrace.

因此，我們的客戶基本上可以利用他們現有的數據、工作流程和流程，並在我們的平台上在此基礎上編寫幾乎任何他們想要的程式碼。我們的客戶正在創造出令人難以置信的產品。這是我們看到的勢頭的一部分，也是我們從客戶那裡看到的興奮之情的一部分。對我來說，我認為「氛圍編碼」這項能力，或許在未來的某個時候，會被許多軟體供應商所接受。

In addition to that, in addition to the ability to vibe code within the platform, we also created a new go-to-market that allows customers looking for a new vibe coding solution to find monday as one of the alternatives. The thing is that we're very focused around work and enterprise-grade solutions. So unlike the tools that exist today, which are more kind of consumer SMB-oriented, the way we build it is that we build it on top of the monday platform. So basically, all the databases, all the data structures are based within monday, so you enjoy all the security. You can afterwards integrate it with third-party platforms. And it's a different kind of tool with a different kind of offering compared to what exists in the market today.

除此之外，除了平台內的 vibe 編碼功能外，我們還創建了一種新的市場推廣方式，讓正在尋找新的 vibe 編碼解決方案的客戶能夠將 Monday 作為替代方案之一。關鍵在於，我們非常專注於工作和企業級解決方案。因此，與目前更偏向消費者和中小企業的工具不同，我們建構它的方式是在 Monday 平台之上建構它。所以基本上，所有資料庫、所有資料結構都基於 Monday，因此您可以享受所有安全性。之後您可以將其與第三方平台整合。它與目前市場上現有的工具及其提供的服務都截然不同。

Yeah, okay. That's helpful context. And then Eliran, follow-up for you, so 91% gross retention in that $50k plus cohort, is that the right level? Are you happy with that? Or do you see potential to drive gross retention gains over time?

好的。提供的背景資訊很有幫助。Eliran，我來跟進一下，在5萬美元以上的客戶群中，91%的總留存率，這個水平合適嗎？你對此滿意嗎？或者，您認為隨著時間的推移，有潛力提高總留存率？

And I guess the second part of that question, those that are churning off the platform, are they consolidating to other package work management vendors? Or are you seeing firms trying to build -- bring some of that functionality in-house and kind of build it themselves?

我想問的是問題的第二部分，那些離開該平台的用戶是否正在轉向其他軟體包管理供應商？或者您看到一些公司試圖將部分功能引入公司內部，自行建構？

Hi. It's Eliran. So in terms of gross retention, not only that this is historical highs in Q4 of 2025, but this is the cadence that we have seen over the past few quarters. So we have reasons to believe that once we continue to offer the additional product and we continue to extract more revenue from existing customer base with AI products that are providing a stickiness and retention, this number will continue to go up. By the way, I don't know to what level, but we saw an improvement, so we believe this is something that we will continue.

你好。是埃利蘭。因此，就總留存率而言，這不僅是 2025 年第四季的歷史最高水平，也是我們在過去幾季中看到的節奏。因此，我們有理由相信，一旦我們繼續提供額外的產品，並繼續利用人工智慧產品從現有客戶群中榨取更多收入，從而提高客戶黏著度和留存率，這個數字就會繼續上升。順便說一句，我不知道達到了什麼程度，但我們看到了進步，所以我們相信我們會繼續這樣做。

With regards to the churn, I don't want to tell you that any one of the customers who churned is going to consolidate products on other platforms. On the contrary, I think that what we offer on monday on the platform, the multi-product, the AI products that are layered within our platform, allows customers to actually consolidate on us.

關於客戶流失問題，我不想說任何流失的客戶都會把產品轉移到其他平台。相反，我認為我們週一在平台上提供的多產品、平台內分層的 AI 產品，實際上可以讓客戶在我們這裡進行整合。

While it's still early days and we see mostly AI adoption and engagement that is significant, the churn is probably the lower end customers on the S mostly, that potentially either churning due to price or other reasons. But we don't see a churn of customers who wants to consolidate on the platform.

雖然現在還處於早期階段，我們看到的主要是人工智慧的採用和顯著的參與，但流失的客戶可能主要是S系列產品的低端客戶，他們流失的原因可能是價格或其他原因。但我們並沒有看到大量客戶流失，他們希望將數據整合到該平台上。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Hey, guys. This is Damon Kogan on for Raimo. Thanks for taking the question. It looks like net retention may have fell slightly short of your expectation in the fourth quarter. Was this primarily driven by pressure down market? Or was there anything else that drove this?

嘿，夥計們。這是達蒙‧科根替雷莫解說。感謝您回答這個問題。第四季淨留存率似乎略低於您的預期。這主要是受市場下行壓力驅動的嗎？還是有其他原因導致這種情況發生？

Hi. This is Eliran. The reduction in net retention, the 100 basis points, is mostly due to pricing that we are starting to lap. As a reminder, we introduced the pricing increase or price adjustment two years ago. And after the round of all of our customers, 250,000 customers completed this. So this is what we assume to be the main reason going from 111% to 110%.

你好。這是埃利蘭。淨留存率下降 100 個基點，主要是因為我們開始跟上價格的步伐。再次提醒，我們兩年前推出了價格上漲或價格調整措施。在所有客戶完成這一輪調查後，共有 25 萬名客戶完成了這項調查。所以我們認為這是從 111% 降到 110% 的主要原因。

And I just want to mention that overall trailing 12 months NDR was trailing -- NDR was stable from Q3 to Q4. And just as a reminder, our NDR is the weighted average of the last four quarters. So this is important that we have seen stabilization within the quarters and linearity.

我只想提一下，過去 12 個月的整體淨收入比率 (NDR) 有所下降——從第三季度到第四季度，淨收入比率保持穩定。再次提醒一下，我們的淨利潤率是過去四個季度的加權平均值。因此，我們看到季度內趨於穩定和線性成長，這一點非常重要。

Derrick Wood, TD Cowen.

德里克·伍德，TD Cowen。

Great. Thanks, guys. This is Cole for Derek. Can you just walk through what's embedded in the guide for next year across customer growth, seed growth, and crossover soft sell? I think there was a comment earlier that the agentic offerings could increase productivity while headcount stays flat. So just think about that and squaring it with seed growth assumptions for next year. Thanks.

偉大的。謝謝各位。這是科爾給德里克的。能否簡要介紹明年指南中關於客戶成長、種子成長和跨界軟銷售的具體內容？我認為之前有人評論說，代理服務可以在員工人數保持不變的情況下提高生產力。所以，想想看，並將其與明年的種子生長假設進行對比。謝謝。

Hi. It's Eliran. So what we baked into guidance for next year is upmarket and enterprise customer expansion continue the multi-product adoption. We also said that we are going to be disciplined of the level of investment, and we are going to improve efficiency as we continue to reshape our go-to-market model. We mentioned that NDR is going to remain at 110% flat.

你好。是埃利蘭。因此，我們在明年的業績指引中融入了高端市場和企業客戶拓展的趨勢，並將繼續推動多產品採用。我們也表示，我們將嚴格控制投資水平，並在不斷調整市場進入模式的同時提高效率。我們之前提到過，NDR 將維持在 110% 不變。

We're not expecting to see a significant increase in number of customers. We said that, in the past, we have more than 250,000 customers and we would like to extract our revenue within these customers. And we see this by our ACV actually growing, and we see bigger and more significant customers replacing the smaller customers. And the last thing is we also took into account the negative FX impact on margins between 100 and 200 basis points due mostly due to the appreciation of the Israeli shekel.

我們預計客戶數量不會大幅成長。我們說過，過去我們擁有超過 25 萬名客戶，我們希望從這些客戶身上獲取收入。我們從年度合約價值 (ACV) 的成長中看到了這一點，我們看到規模更大、更重要的客戶取代了較小的客戶。最後一點是，我們也考慮到了匯率波動對利潤率造成的100至200個基點的負面影響，這主要是由於以色列新謝克爾升值造成的。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Hey, guys. Thanks for taking the question. Maybe just wanted a quick follow-up for me. Can you maybe give us a bit of an update on monday CRM and monday service? How did they perform versus expectations in the quarter in terms of their contribution to net new ARR today and how we should think about those, particularly as you're moving up market for next year?

嘿，夥計們。感謝您回答這個問題。或許只是想給我一個簡短的後續回饋。您能否簡單介紹一下週一的客戶關係管理（CRM）和週一的服務狀況？就其對目前淨新增 ARR 的貢獻而言，它們在本季的表現與預期相比如何？我們該如何看待這些？尤其是明年你們將業務拓展到更高市場的情況下？

Yeah. Hi, Alex. This is Eran. So overall, we're very happy with the progress of both CRM and service in Q4. Q4 was a little bit tend to benefit work management. Q4 was more enterprise deals oriented. So work management is kind of our more mature enterprise products. So it's not that the products underperformed, it's just work management overperformed in Q4. It's more of a seasonal thing.

是的。嗨，Alex。這是埃蘭。總的來說，我們對第四季度客戶關係管理和服務的進展都非常滿意。第四季在工作管理方面略有優勢。第四季更著重於企業交易。所以，工作管理算是我們比較成熟的企業級產品。所以不是產品表現不佳，而是第四季的工作管理表現超乎預期。這比較是一種季節性現象。

And overall, we're very happy with the progress so far with CRM, the new monday campaign product, monday service performs very well. And as we've mentioned throughout the call, we expect the products to continue to be a larger and larger part of our revenue going forward. Momentum is strong. And this is how we see it going to 2026.

總的來說，我們對 CRM 目前的進展非常滿意，新的 Monday 活動產品和 Monday 服務表現都非常出色。正如我們在電話會議中多次提到的，我們預計未來產品在我們收入中所佔的比例將越來越大。勢頭強勁。這就是我們對2026年發展的預測。

Billy Fitzsimmons, Piper Sandler.

比利·菲茨西蒙斯，派珀·桑德勒。

Hey, guys. Can we maybe dig a little deeper in terms of some of the dynamics of back-end self-serve channel? And I know this is tough to do, but help separate a little bit what you'd attribute to macro and what, if anything, you'd attribute to maybe potential AI experimentation headwinds, if you're seeing anything there? Because one of the debates that came up for the last week generally across all software is that maybe SMB customers are more willing to experiment with plugins or my coding, or SMB customers are maybe being more sensitive right now around pricing or price increases.

嘿，夥計們。我們能否更深入探討後端自助服務管道的一些動態因素？我知道這很難做到，但能否幫我稍微區分一下，哪些因素是你認為是宏觀因素造成的，哪些因素（如果有的話）是你認為可能是人工智慧實驗帶來的阻力造成的？因為過去一周，所有軟體領域普遍出現的一個爭論是，中小企業客戶可能更願意嘗試插件或我的程式碼，或者中小企業客戶現在可能對定價或價格上漲更加敏感。

So I know it's tough to comment on in terms of direct anecdotes because they're some of your smallest customers, and it goes to the self-serve channel. But any color in terms of what you're seeing and hearing in real time would be helpful.

我知道很難用直接的軼事來評論，因為他們是你們最小的客戶群之一，而且是透過自助服務管道進行的。但任何能反映你即時所見所聞的顏色資訊都會有所幫助。

Yeah. Hi, Bill. This is Eran. So hopefully, I got your question right. You broke a little bit. But overall, in terms of the top-of-funnel activity, we don't see any change in terms of the competition dynamics. We see that -- Roy talked about the choppiness that we see, and we see that that choppiness contributed to the impact we've seen in the top-of-funnel. We didn't see anything else. We didn't see anything new in sales calls or when customers compare us to other vendors. So we don't see any material impact from anything.

是的。你好，比爾。這是埃蘭。希望我理解對了你的問題。你稍微有點兒壞了。但總體而言，就漏斗頂端的活動而言，我們沒有看到競爭格局有任何變化。我們看到——羅伊談到了我們看到的波動性，我們也看到這種波動性導致了我們在漏斗頂端看到的影響。我們沒看到其他東西。我們在銷售電話中，或當客戶將我們與其他供應商進行比較時，都沒有發現任何新的情況。所以，我們沒有看到任何實質的影響。

And on the contrary, we offer a lot of new AI capabilities within the platform, not just for existing users, but also to new users. We change our messaging around our ads. We change our messaging around the homepage to be more AI-oriented. So again, to summarize, we don't see any impact currently from any AI company, and we're shifting our product, regardless, to be more AI-native.

相反，我們在平台內提供了許多新的人工智慧功能，不僅面向現有用戶，也面向新用戶。我們會改變廣告宣傳語。我們改變了首頁的宣傳訊息，使其更加以人工智慧為導向。綜上所述，我們目前沒有看到任何人工智慧公司對我們產生影響，但無論如何，我們正在調整我們的產品，使其更加原生於人工智慧。

Allan Verkhovski, BTIG.

Allan Verkhovski，BTIG。

Hey. Thanks, guys. I wanted to just ask on pricing here. What drove the decision to raise price on service? And how are you thinking about potentially raising price on other products within the portfolio? Thanks.

嘿。謝謝各位。我只是想問價格。是什麼原因促使公司決定提高服務價格？那麼，您打算如何考慮提高產品組合中其他產品的價格呢？謝謝。

Yeah, I'm not sure which price raise you refer to. So we didn't increase pricing recently on any of our products. We introduced a price increase about 1.5 years ago, and it's been that one-time price increase that we introduced. We didn't change pricing to our existing product.

是的，我不確定你指的是哪一次漲價。所以，我們近期沒有提高任何產品的價格。我們大約在 1.5 年前進行了一次提價，而且是一次性提價。我們沒有改變現有產品的價格。

Maybe other than the pricing list that we have, then we move more customers.

或許我們可以採用與現有價格表不同的定價方式，這樣就能吸引更多客戶。

Matt Bullock, Bank of America.

馬特·布洛克，美國銀行。

Great. Thanks for the question. I wanted to ask a follow-up on the free cash flow margin guidance. I understand there's some FX in there, you're growing headcount, investing in sales-led growth, but maybe if you could clarify what's baked in in terms of incremental cash taxes, lower interest income. And then I wanted to ask the follow-up because I think you mentioned something about the buyback program relative to free cash flow, so I just wanted to clarify there.

偉大的。謝謝你的提問。我想就自由現金流利潤率指引進行後續詢問。我知道這裡麵包含一些外匯交易，你們正在增加員工人數，投資於銷售驅動型成長，但也許你們可以澄清一下，在增加現金稅和降低利息收入方面，哪些因素已經包含在內。然後我想問個後續問題，因為我覺得您提到了股票回購計畫與自由現金流的關係，所以我想確認一下。

Yeah, sure. It's Eliran. So I will repeat what I said earlier. So the biggest impact is the appreciation of the Israeli shekel on the free cash flow. 55% of the headcount is based in Israel. We have seen over the past year a reduction of more than 20% in the US dollar versus the Israeli shekel. We have a hedging strategy, so we were able to defend some of it. We are doing a rolling forecast of 12 months, but still, the decline was so sharp, Israel recovered really significantly, so it's obviously impacted our cost and our free cash flow numbers.

當然可以。是埃利蘭。所以我再重複一次我之前說過的話。因此，最大的影響是以色列新謝克爾升值對自由現金流的影響。公司55%的員工位於以色列。過去一年，美元兌以色列新謝克爾匯率下跌超過20%。我們採取了對沖策略，所以能夠保護一部分損失。我們正在進行為期 12 個月的滾動預測，但即便如此，下滑幅度仍然非常大，以色列的經濟也大幅復甦，因此這顯然影響了我們的成本和自由現金流數據。

In addition to that, we are looking at a reduction of around 1% in interest rate environment, and we have significant amount of cash. Obviously, this impacts our return in terms of the interest that we are getting. Share buyback, we said that we are going to be opportunistic. At the end of last year, we already acquired, in 2025, $135 million. In 2026, we will continue with the same program, but we are going to be opportunistic, having in mind the current level of the share price. So we obviously also take it into account, because if we buy shares, then the cash is not used to get interest.

除此之外，我們預計利率環境將下降約 1%，而且我們擁有大量現金。顯然，這會影響我們獲得的利息回報。關於股票回購，我們說過我們會抓住機會。截至去年年底，我們已經獲得了 1.35 億美元的收益，預計到 2025 年將實現這一目標。2026年，我們將繼續執行同樣的計劃，但我們會抓住機會，考慮到目前的股價水準。所以我們顯然也要考慮到這一點，因為如果我們買股票，那麼現金就不能用來賺取利息。

And as I mentioned, as we become more profitable, there is a potential -- or we may be paying taxes throughout the year, depending on our progress. So these are the reasons for the adjustment of the free cash flow.

正如我之前提到的，隨著我們盈利能力的提高，我們可能會全年繳納稅款，這取決於我們的發展。所以，以上就是調整自由現金流的原因。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yeah, hi. Thanks so much for taking my questions. The first one is, so even if we adjust for the FX headwind, it still looks like operating income and free cash flow margins are down a bit on a year-over-year basis. So could you just unpack the drivers of that more specifically?

嗨，你好。非常感謝您回答我的問題。首先，即使考慮到匯率不利因素，營業收入和自由現金流利潤率似乎仍略有下降。那麼，您能否更具體地解釋一下這些驅動因素？

So when you talk about investment with AI, does that mean we could see gross margin pressure as we head into this year? Does that mean you need to make bigger platform or architecture changes for an AI world? Is it really just a function of this continued shift up market? Where in the line items could we see it? And then what are these investments actually going towards?

那麼，當您談到人工智慧領域的投資時，這是否意味著我們今年可能會看到毛利率面臨壓力？這是否意味著你需要對平台或架構進行更大的變革以適應人工智慧時代？這真的只是市場持續上漲的結果嗎？我們可以在哪裡看到它？那麼，這些投資究竟用於什麼方面呢？

Hi, Taylor. It's Eliran. So to your point, first of all, you are accurate with regards to gross margin. If we're going to invest with AI, we said that we're going to see gross margin in mid-80s to high-80s, and we used to have 90%. So this is something that we took into account.

你好，泰勒。是埃利蘭。所以，就你剛才說的毛利率而言，首先，你是準確的。如果我們要投資人工智慧，我們說過，我們將看到毛利率在 80% 到 80% 之間，而我們以前曾達到 90%。所以這是我們考慮到的一點。

In addition to that, last year or in 2025, we increased our headcount significantly, mostly around SLG motion and R&D and product people. This is also going to be the area of investment this year, much less than last year. But still, this is the place where we're going to invest. And because we had significant hiring at Q4 of last year, we're seeing now the impact in terms of cost. We're going to prioritize investment in AI where we see the opportunity based on the returns as well.

除此之外，去年或 2025 年，我們大幅增加了員工人數，主要集中在 SLG 運動、研發和產品人員。今年這方面也將是投資重點領域，但會比去年少很多。但是，這裡仍然是我們打算投資的地方。由於我們在去年第四季度進行了大規模招聘，現在我們看到了成本的影響。我們將優先投資於我們認為有投資機會且回報可觀的人工智慧領域。

So it's mostly -- to summarize, it's mostly headcount around SLG and AI. We might see investment that is taking into account some adjustment to the gross margin in there, where we said we're going to be mid-80s to high-80s, and the FX impact, which is significant, unfortunately, but this is it.

總而言之，主要是 SLG 和 AI 的人員配置問題。我們可能會看到一些投資考慮到了毛利率的一些調整，我們說過毛利率會達到 80% 到 80% 以上，以及匯率的影響，不幸的是，匯率的影響很大，但就是這樣。

Just to add to what Eliran said -- sorry, Taylor -- I just wanted to comment on a previously asked question, not yours, Taylor, but I think it was Allan who asked about it, the price increase for service. So I just asked the team to double-check, and it seems like there's an 18% increase to a subset of core of customers that join monday service. So it's not a significant amount, a small amount of customers, but just wanted to point it out and give some more call on that.

我只是想補充一下 Eliran 的話——抱歉，Taylor——我只是想評論一下之前有人問過的問題，雖然不是你的問題，Taylor，但我認為問這個問題的是 Allan，也就是服務價格上漲的問題。所以我讓團隊再次核實了一下，結果顯示，週一加入服務的核心客戶群中有一部分成長了 18%。所以數量不多，顧客數量也很少，但我還是想指出來，並對此多加關注。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi. Thank you for taking my question. Eliran, could you just discuss to what extent customers are expecting your new AI capabilities to be bundled into, say, existing subscriptions versus paying for them as a premium add-on? And maybe also talk about how that's either shaping or not shaping your packaging and monetization strategy in the coming year.

你好。感謝您回答我的問題。Eliran，您能否談談客戶希望您的新 AI 功能在多大程度上被捆綁到現有訂閱服務中，而不是作為高級附加功能付費購買？或許還可以談談這會如何影響或不影響你來年的包裝和獲利策略。

Hi. It's Eliran. I think, Casey, probably better for you to take it.

你好。是埃利蘭。凱西，我覺得你最好還是接受它。

Yeah, happy to. So thank you for the question. So our AI capabilities are foundational in our platform. They're embedded in our workflows. And based on the feedback we've gotten from customers, they really enjoy the predictability of PPU pricing, and they like to consume those capabilities that way.

是的，我很樂意。謝謝你的提問。因此，我們的人工智慧能力是我們平台的基礎。它們已融入我們的工作流程中。根據我們從客戶那裡得到的回饋，他們非常喜歡按用戶付費 (PPU) 定價的可預測性，並且喜歡以這種方式使用這些功能。

With that said, some of the more compute-intensive workloads that drive outputs with these workloads, we are charging and monetizing that through credit. And our customers like the mix of both of those. So again, it's early, and we're very encouraged that this model is going to be released.

也就是說，對於驅動這些工作負載輸出的一些計算密集型工作負載，我們正在透過積分的方式收費和獲利。我們的客戶喜歡這兩種元素的結合。所以，現在下結論還為時過早，但我們非常高興這款模型即將發布。

Ladies and gentlemen, that concludes the question-and-answer session. Thank you all for joining in. You may now disconnect. Everyone, have a great day.

女士們、先生們，問答環節到此結束。感謝大家的參與。您現在可以斷開連線了。祝大家今天過得愉快。