monday.com (MNDY) 14 Aug 232023 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by. 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 Second Quarter Fiscal Year 2023 Earnings Conference Call.

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

thank discuss joining monday.com's the XXXX. fiscal and conference second on call year to financial you everyone, us for today's quarter Hello, results for

of Roy Eran Joining monday.com's Mann today Eliran Glazer, are Zinman, me co-CEOs monday.com and CFO. and

for results quarter second our earlier released the We today.

the investor IR statements on under statements differ to You specific & the our could cause that our Events letter, today from website replay Certain our a call uncertainties section materially along shareholder available more find our the and to forward-looking on Please factors may that based of from reflect expectations. for currently the our to at be News refer made ir.monday.com. information. involve best risks differ forward-looking can management's with of statements quarterly on presentation will today's results our results actual statements. webcast which earnings These cause actual release and information judgment

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

over turn me Now let to Roy. the call

XX% you, thank demand you, Byron, grew us make the today. for In quarter, healthy. for Thank and our remain we strides executing as everyone, exceptional our Revenue deliver results. joining in second customers significant to continued long-term strategy,

through cash financial improved and growth, commitment operating generation, demonstrate detail. will driving to efficiency more performance Eliran our our continue you reflecting sustainable We to in talk ongoing

Monday to experiencing more of and and functionality. version our are workflows. Monday more scalability efficiently platform. data-intensive X.X to work them times Work the and boards enabling completion Future announce complex brand-new and is DB releases infrastructure will we With speed, all the X enhancement, DB provide and Monday complicated already This handle for This to quarter, are customers of the thrilled our loading faster, DB of accounts. initial OS even large more release

new In QX, e-mail This we also include automated launched our composition several generation, generation. builder, AI desk and content and AI capabilities. introduced assistant formula

infrastructure registrants Additionally, and than interest X,XXX more the global to apps XX external we showcased tremendous AI AI within the with AI our which and Hackathon, a and over generated enthusiasm monday.com our Hackathon opened hosted assistant talent community. developers developed,

as have across interface to the connection user We efforts, our organizational robust all and and partner opportunity ecosystem. cross-selling monday.com inter-department enhance to experience use extraordinary reinforce working vital also been cases. business see We strengthen infrastructure a optimize multiproduct an a to solidify and enhance

it our Let over walk you me now turn through to efforts. innovation of Eran to recent some

you, Roy. Thank

approximately our to cross-functional focused for enable the As product. mentioned, available on collaboration Cell products that CRM our half our to Monday strong and customers, multiproduct is of we Roy we continue now can for and ensuring remain customers. our see successfully strategy demand

We to continuously features. CRM product committed with are cell elevating our best-in-class

quarter, Monday we users to capabilities, mass to through out introduced contacts multiple allowing reach cell This emailing new CRM.

access to revamped before making go. easier update on our and we've page addition, item than upgraded and mobile it In information ever the

transitioned already has that top Monday and one track of earned also a successfully been as has Monday the announced recently softwares out product strong, Initial and We the beta. for Dev GX. on Dev place demand of bug

placed offering our product our underscores with began in and customers existing and product our trust value an later with foster our us. of Cell additional Since the expand opportunity an out X,XXX impressive work their Monday gradually an cross-selling. we CRM have in Monday accounts XXXX, incredible customer portfolio see base, roll the to we expansion and we've product. our This management initially As Dev significant of to the suite seen launch

levels with customers are build workflows we that for to utilizing intuitive workflows Monday workflow workflow our announce Monday it users add-on. offers open simplifies empowering XX% to a blocks, with the is entire The all by users workflows excited are By visually all of of and customers customizable of we end accessible interface, of fully the of experience currently be Monday and the the ease. Separately, new open expertise. technical process, creation workflow introduction to elevating will Monday making our drag-and-drop to customers workflow to QX. gradually

that, over to Roy. me it turn With back let

Eran. Thank you,

team right as Chief and both Both Officer. are our years for as outstanding served and has place Legal Chief at future, and People the senior Nawi Shiran Officer, to lead Daniel right and will of the we X monday.com excel executives. with to focused monday.com into to took Technology leaders Product continue we strengthen many have we on grow, an our we first steps they was Daniel As ensuring confident we and team are management the promotion senior Shiran quarter worlds. here the these as and the the that appointed in new Lereya and appointed in

are exclusively shareholders. first a Elevate us our calendars Finally, for will Investor Day our ever excited as this exciting your that December segment for year's feature Mark we New City announce X, our journey ahead. on York we to join showcase Conference and

this We quarter. incredibly proud what monday.com are of the accomplished team

our about to and scratching shareholders. excited We generate for potential, the surface sustainable are just long-term opportunities value we are the continue of to our

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

suite. you from at strong the and million, call. QX in fiscal everyone up quarter. ago provide in customer results I'll came guidance. OS demand and our Thank Total for updated quarter driven 'XX year in by another monday.com to revenue XX% $XXX.X Today, was detail our increasing for the XXXX quarter platform QX joining second product review Work

revenue exchange, XX% year-over-year. foreign of impact grew the Excluding

in expansion overall net challenging QX, rate reflecting customer retention declined continued macroeconomic slowdown dollar Our seat the a environment. in amid

pressure our slightly fiscal NDR of full now and in 'XX, on We continue below expect assumes second year the to some year guidance half NDR XXX%.

average quarter a is weighted our calculation. trailing NDR As reminder, X

metrics Unless disclosed referencing financial financial otherwise the noted, measures. be of will remainder the I For non-GAAP

in of financials non-GAAP reconciliation We our to have release. earnings provided a GAAP

expense XXs XX%. or margin Second Research range. gross to margin to XX% long quarter the to of be term, the and continue medium we compared XX% revenue $XX.X was million was high XXXX. in in expect development gross to In

in year we that teens marketing or For anticipate in the our a horizontally high XXXX. product and compared suite million of platform, R&D build XX% and revenue as be of 'XX, scale as $XX.X work to expenses we both XX% vertically. to percentage revenue Sales fiscal OS expense QX was and our

million a per based share $XX.X on in XX.X loss up $X.XX revenue net million QX in to 'XX. G&A was XXXX. X% fully Diluted was income shares million income outstanding. expense was $XX.X million, from of compared or of $XX diluted XX% Net QX

QX quarter, 'XX. of employee was As the increase employees X,XXX, count end total of XX of head the an since

continue and out throughout we 'XX product fiscal We on our hiring year expect and a the of suite. focus build with our platform R&D course to teams as sales product

balance of end up the free as $XX.X million revenue, Free We from on ended defined at as QX of cash cash $XXX.X with cash as quarter million to Moving margin flow and $XXX.X was and cash the and flow cash percentage the free million, for sheet was XX%. a flow. flow 'XX. equivalents, in cash QX

fiscal forward to positive report moving year free free 'XX. to expect being third consecutive basis our continue positive year achieve consistent to cash cash of on and We in quarterly a flow flow

activities, software property equipment net Free as is cash last capitalized operating and cash cash used for and from flow costs. defined

Now turn our fiscal to for let's updated XXXX. year outlook

XX% to third of million, of the growth For the revenue $XXX representing 'XX, million year-over-year. year expect $XXX we to range XX% quarter fiscal our be of in to

operating non-GAAP of expect to X%. to million income margin We operating and $X $X an of X% million

XXXX, of representing of be to XX% now year full we range of and year-over-year. revenue to $XXX growth in the the For $XXX expect million million, XX%

$XX and to of an X%. operating non-GAAP expect million $XX operating We margin X% million full to year income of

We your the turn now it I'll operator to over questions. for

Kash Your Sachs. first with Instructions] Rangan from question [Operator Goldman comes

Your line is open.

customer see see DB got also these that? Because base these products, if installed bottom superb start you've should is two the quarter. see rate Roy, expect the growth and on products OS at Glad When and database work should and here. some get expansion we expansion Eliran. point? are the differentiation within to the products product. Congratulations base? Eran your unique the that for to margin thoughts these stabilize we Monday do if turn that for a flow has the obviously, cash I'm its curious free on in What to we to think metric. potential And successful, net you in the

So just on have you thoughts if wondering that. any

asking Monday were just So first DB and debt? your part about you of the Monday repeat question, to

The differentiation versus base of your within the competition? these products two

Yes.

is accounts Monday a So it's set released and database to new basically, capabilities we Monday of a but product, not all our of that users. DB,

announced company. that X.X, ahead finished and milestone it and about think a the of deployment impact that, just schedule change of the which You infrastructure can us we for the as is as a of major version we

among allows scale dramatically more use lead our more infrastructure and will operations terms just This customers attention that customers. dramatically to in to automations, of our will more we this scale of enterprise to of usage able cases, being lead larger more which integrations. their dashboards, add size customers more boards, new And of size accounts, platform and users, on net ultimately and extension to think top

going sprints R&D just for as And basically we nicely. effectively in beta, this We a we and and Monday operations. developers out managed Dev work some is product see this see to that's competing very managers and launched is of strategic And us a our as the allowing industry, very numbers designers mentioned. we company. as Dev momentum, good industry agile product product and on and

their we this them, platform. are shape advantage Yes, deals And and that that management it's Dev top and with whatever the when customers differentiator see it's of a products our built and CRM huge the which Roy. our and talk on OS. of a The we allows customers also we organization the like they are products, we add solution how a platform, works. the it's with work fact all in as thing on the that to fit work to major on I top can see for built see the also

address question will MG. I And on your

Yes.

I please on you follow have maybe to wanted [MDR], just up but

was in thoughts you I kind Dev curious of No. community I was the marketplace just -- what wanted problem? the about. particular with you to what get That the the on missing could address that is think

the So of see at When is player look and comprised like designers, I also we the the major just towards want customers and more part parts customize have geared one it's Monday, we our is within have you market. that other to then connect rest developers. And feel it's R&D very better more you everyone And this people also of that feel of and teams, -- think it they to the takes where can a the it's product there organization we developers. company to. not with what workflow connected and

I with your question to -- on regards will address MDR.

slightly on we in to And MDR as way, it year. expect question, remainder end below expect XXX%. So to it full into into continue -- guidance we expect and though, assume signs we July, the and pressure stabilize, net MDR be of by the your we the we year. we throughout stabilization, to to moderate To account going took by already we of said, year when the the of it our see off level

quarters a is reminder, lagging average, effect. a as Just because then a four waited it's there

some that on offset saw same MDR level customer same was though acquisition. mentioning kind worth also stable. strong And even just on of the by gross it decline, retention remain -- we the Maybe the

question next from Pinjalim Bora Our with JPMorgan. comes

line open. is Your

being to the about like seems in you XX%. itself kind the were percentage about see of question. are as you of the it are going marketplace. monetized the talking apps platform ask up mainly I steadily. I that It wanted previous about

version. recently the You API launched

One accelerate it of development. your third-party said partners could

like Do layer well as growth partners. workflow exposing think emerging starts you driver seems are the You marketplace the as XXXX? in as a engine material AI the to

close the management, say that material work which growth Roy. it's have the It's believe will do does be hard much driver. is Pinjalim, We our it CRM to product, how main the core because we us making on of of, help deals. it more that for like you a mentioned, solutions. and lot the will long-term suited working partners more products, are There's larger marketplace complete, those each

of it's a think lot just longer-term and making marketplace like put of for lot emphasis very next the than I and the so numbers in the And year. And a investment on a play it's ecosystem. a rather we

XXX% of about that macro Just at follow-up seems you're XXX% it to the one down. like expecting on environment. like It earlier a a it's tick seems little stabilize on bit

stabilized? a will And what changed seeing Has August? saying environment, in are about can the in help maybe if that What now you I'm and you July on tease also You're us maybe it's of below. said that slightly a through the top little seeing that? talk bit? confused macro the in funnel you are the You macro? bit help. That

development new customers' longer what the Pinjalim decision said to cycles. demand with So prior the brought expansion, pressure mostly and to really sales in quarter. makers changed expansion are with still table regards see We we hasn't the to some with

and So there called slightly wasn't big pressure to also now power it net that a retention, on the going out said change and really in be it's dollar quarters below XXX%. we

see with going getting flat. retention as dollar into stabilization some kind net But of the we did July it's

And pretty going going because the quarters hopefully, to end we're of X trend. it's see the but flatten then change we going by that of to then. then it's a the lagging to trailing by year, year, continue, So the the of much next effect believe in

the of funnel this Any in the demand and at July August? top on comments point

Top healthy fact now definitely of customers beta, joining healthy. a the are of Monday, CRM a healthy funnel we stream it is and that that that Dev bringing have We of fact activity still Monday to mind stream see remain we the having very out customers. in new contributes also

from comes Jackson MoffettNathanson. Next question Ader with

of terms are at First of kind Monday customers? adoption usage or the driving big seat load commentary largest quantitative any these Are boards either report DB. of metrics one or in to on there whether or times count faster from increased some something your on

Eran. is this Jackson, Yes.

already has we'll more in loading terms on terms Money the boards. other see of release of impact, the we about as it's times X And the in -- performance of additional So platform. parts large versions, impact

reminder, great from use get So And are just definitely, usage. or finished on don't and yet a terms in because retention effect it out as able boards. rolling to numbers this larger we we Customers to customer net just revenue customers and longer-term to expect that we of a feedback see customers. expansion feel customers. have it We our larger

results in terms in the and the terms that But results of and positive. super we are time loading feedback customer performance, measure of

now. So it right It's quantify it will hard exactly we're have impact. to really certain pretty an

the it -- And turning to there's kind in coming curious then of the or you terms to just little as -- signs be or talked of users seem to of rate, small we of head segment ahead end around keep net market, particular enterprise that Any and whether year? that next the of I'm July. whether have but any retention time stabilizing we it's XX-plus might that lift a it, bit into more back in in

of Eliran. it's board. broad-based. basis, you is but the it's when month-on-month pretty decline becoming across We're on more seeing look It's more and Jackson, first all, it a moderate the

specific segment. So out any I wouldn't call

Just more encouraging segments. across all

Next comes question with Steve from Citi. Enders

about as typical going of the CRM? at the to success is platform back kind those what's is some of customer use journey want I for we numbers, I point. the of And at over the using guess from and this think look it I Or cross-sell from converting maybe capabilities customers do guess, for CRM the like ask like on cases? and existing of that to new those CRM the it into customer case? net base the use look kind already like side

Eran. is this Steve,

buy CRM the over our that a Monday accounts so the then buying X,XXX mentioned, already in year, has months, initially as were that two few product were and product to management lot So offering over it's decided as that product products, we using product. a explored sometimes to CRM accounts not the and sometimes for but and using those like work addition

CRM to I that interesting, work found what almost in were management cases, the we is one using in the all think users we're what's addition the that platform.

salespeople So you team and would seats buying -- people for CRM sales the from manager the additional product. see

deployment and within So departments of having kind joining really large think I this encouraging other to see customers. is

platform So a but And didn't yet work it introduced the CRM of they use management, of new that mostly were we teams, a sometimes just to to reminder, times, we're connected lot or is was But moving start of with a teams strategy lot this within ensued approaching our it numbers the really product. any to sound different the departments put very and or products from promotions effort new organically. already [indiscernible] us encouraged with promote new and selling to the within organization. the customers were

the of strong really first maybe about in throughout linearity Is the in then year. half cash there that free anything for terms And of we be Eliran, like should flow thinking into the that rest change nature the the maybe -- that in like year? the got into typical some would pulled there? got of anything seasonality onetime of half pulled first And

Yes.

We're low regards probably looking funnel that contributes regards free Steve, year So a looking we're also cash at are cycle. and that healthy we're improving and -- we contributed to with probably to flow, healthy fiscal of that when twenties. efficiency QX, very the high activity teens, looking as disciplined at whole, top a to a with spending so to at seeing very collection 'XX

So all, the kind the in of increased for and year. all end we QX of expectations our

Bhatia Next question Arjun William comes from Blair. with

to strong. on touch clear customers a that I quarter. XX,XXX upmarket It's of you're Congrats, on are seeing. the traction some guys, great wanted

keep moving Is size on for on complexity into from to company as you Or going perspective? to possible to more just far just how go? level profile thought putting high You're with out the a that's as you be you the customer or at to want the limit focus and you're what's ideal Have it? that DB as Like rolling you enterprise? about capabilities high product a Whether more that a workflows enterprise there want upmarket are capabilities? enterprise. you would catered do

the question. It's for Roy. you Thank

new deeper upmarket. see a we going been cases think it and new we a want for demand ones. Monday we taking would of DB. as new We've cases This out while door use I a probably journey newer now. strong those and be keep And every use even for Like and up opens good roll time for more we a lot the it's example So stuff. features, seeing, then capabilities,

larger all ourselves will see direction. I size. that journey pushing and not -- the we few our that do are larger into an really company companies we to But So exact limiting think And a go it's years a to towards take the time. as

to this Eliran. is to Roy, just Arjun, add Maybe,

We not have when at you XXX,XXX end the and and we capabilities more more about the year, -- us of retention functionalities more customers to last better have and adding had it products, allows of basically, existing think the of base. journey, can monetization only that or customers become increased year. following be customer and joined SMB new as mid-market, but customers accounts may part And enterprise in this as

with So the as our base land we existing an growth. have the expansion well both customer customers, new as that potential and for

the at I to you're -- that I look Dev products sold the getting adoption CRM, Dev X,XXX have that and then work on CRM you customers that have the because into on quite both touch customers adopted I base. want And few a If management, again kind from a net just new. from good of there's cross-sell and or seems lot mean new new cross of it

management point seen that adopt an so customers top platform? Or cross-selling platform X,XXX-plus Is of the And that customers and and the think how work other a already? landing I becoming Dev guess, question, then for still you opportunity way work your do the there? into management out those about have funnel CRM is you

is is thanks, This Eran. -- Arjun. Yes. This

great you the those think than new point. product. a are Obviously, work made management I more products So obviously

CRM thing how also products company. seeing are death. was on work we our from was substantial beginning for make a management the we're on move to from But can or one So very that focused existing customers focus. initial really go-to-market to more focused a us as That those

And moving us as really really our back to our helps So in go-to-market. to two from going work CRM management. we'll extends accounts ways. think a strategy, definitely, going I forward, see company it One,

work is which one, just management. having of instead So

also, it for greater a ACV Now allows we us and CRM have multiples of have to management. both work But customers.

mutual the can but you that. limited not on but potential buy top revenue, So customer, specific of expansion to vertical, potential to is products only have that

to going So around I us we'll well. from forward, work a opportunity think as go-to-market. for that management way see terms of And in people creates other the big moving CRM

with question Wood TD from comes Derrick Cowen. Next

just launched road? that has AI Can remind just the AI quarter. you're how mentioned the monetizing about approach to down you guys been? interest You you what talk this then initial the the about assistant thinking us And

like with few So the taken the we section developers AI, capabilities hoping and approach auto And formula adding reaction of we and right examples can AI sign people being platform because want got product. complete layer the forward. add from and those any apps a launch things. builder now. it, you layer amazing for a any we to was started to The going have were like to built lot platform from you kind up marketplace we to of several the new where stuff X,XXX entire we And released to we actually for like hackathon had that like a are of

early we're how that to areas. for manage really adding control will people committed feel as stuff they place with very lot a ahead days, like forward, to us more the power give really their journey interest And take, AI it's going customer in even business. think those it's it's and to And we see to of we and more a AI. I

helpful. Got it, I product staying discussion. that’s on guess just

what time through give Now like? that the may X.X, X.X I some next look us X.X things as expecting that line out what be to just color of we DB, phase, what's you're should you of can and guess, the Monday

Yes.

time dashboards. X.X the as is released overall, well. we the customers Nexa, be to DB website, going with Monday on on which complete focus our be all, a going of share is large QX. year, which have But we in line is First This to our

boards. data Just as reminder, from multiple contains a dashboard

capability. will terms that transformation in a and of go performance through So radical

on minor sort And focus API Monday DB going release [Indiscernible] which of then is plan and to X.X, another our aggregation. filter we and

to year release accounts. major lot a will large enterprise XXXX, be just really into we're on and of going changer going of databases terms accounts. do a X.X, very focus size in game Going larger and a sheer which accommodating And next larger to we're accommodating of Monday

releases a but have to is, pipeline, already to because of DB the incremental engine are a lot part new customers having to Monday I in most we So are be X.X significant releases released all easier the customers. now much our going using think, and in get out

Next question comes from Brent Thill with Jefferies.

the great. of magnitude beat was The

You guidance maybe I'm actually the you to raise the the that curious I through? you're characterize you're you the than seeing? just raised follow-up. actually guidance seeing flow if a more saw more it had than could And beat. quick a strength Where

Yes.

reminder, our a we healthy beat fact the to and FX with dollar that $X strong. the help side. contributed -- versus also on based just also by It's we are very of well on sale revenue cost the she So million the was

part momentum have, we provide So year disciplined the the achieve combination of that have that a for the and numbers. we comfort spend new are Monday the end of and as guidance the to efficient we product the with playbook, that to us with the of increase these together seeing

you in of already to seeing this think terms you're when you're in you the like when average? an in core think seeing the looks you uplift deals, the additive there Or what price these think some that what about And do is CRM, platform? nature about of of the monetization, for ultimately, type

Yes, is Brent, this Eran.

it One, I've think two we goes those using new see So as I mentioned, products. additional ways. users

seats additional that that's didn't we before. So have

average. we're addition that, pricing below that. still to with In market product to We're per higher And the seat. experience has CRM the going

there's So to prices. increase those more room

terms in both to and average those increase our having the potential pricing think of the individual product customers. seats two factors the upside for a also ACV as major a and I of So for company, more

George Iwanyc Oppenheimer. with comes Next question from

or across you expansion Any Maybe differences within into tool departments in the any competition? consolidation digging of signs environment, either head-to-head across use competitive divisions? are seeing case

it's I with pretty So before. what we think much mentioned aligned

[Indiscernible]. competition terms in market, As XX% new to and bit competitors CRM Zoho I see products, want vertical and in and mention CRM seeing new of are are the we a our competitors we will reminder, such XX% debt hotspot no in the deals the all of new competitors. little at of as a that see we seeing force to, sales do

another of still and with the new business, that's still not part that significant on fact but impact we aligned or turning that those has much deals, address audiences before. seeing the tools vertical I any one competitor pretty think anything

And customer account. are parallel in Or some is deployment using seeing to maybe take you smaller you Salesforce, your a the over in Salesforce? with do when CRM, customers actually already see overall with of opportunity the

It's Roy.

a we So ourselves of of sales have force, and alongside sales force, together. we do Even a lot we those and definitely deals see #X lot deals. it's our integration, to Monday,

displace strategy larger for CRM be the the to the when something to we companies the them to is is it going this and us to built organization completes definitely, connect and like go -- all. forward that than at rest of So around rather

simple make looking that upwards, we graduated compete on from the that big as with us when have your they're a we see they it can solutions what only to of we the customize there, and need, is very see see rigid that CRMs that's able be other ones CRM And they ones. mid-market own. one So small part and do in the they like to to really what the

Genuity. from Canaccord Next question with DJ comes Hynes

about expand? you Eran, the continues to me. lands product revisit Roy packaging think platform opportunity of the incentivize for how Just do one to as multiproduct kind and to the of scope

strategy a It's terms of in our point. great touched things you we're right think actually on now I forward. discussing going

not into then we a package to a solution product mutable as companies. such sell management have product and account senior just One offer product offering our taking launched to of suite products that ability package products Work is now [Indiscernible], that actually individual expand the as business and the as of previously can options WorkForms we also that and within a into that we

help drive more more us with enterprise also top-down will I think and and sales. to do decision-makers allow that talking deals

looking and caused definitely, strategy we're that. going So into definitely our forward,

with Next comes Berenberg. DeGasperi Andrew question from

Maybe first on Monday Dev.

Just for similar CRM stage? this noticed then what, just at Wondering could to have XXX I customers. expect a follow-up. if product be a in Or the different we And have, you this should of under where ramp-up it cost? was terms

it's than overall, with own it far to say, but traction very would with strong. compare seeing we from very growth we're that will Momentum get benchmarks I or the So even play rate, we're customers CRM we're with happy the if early It's the is but faster to when product, so happy with what And or also numbers. is CRM, if still monday.com, very hard very we slower we and bit we tell results. the days, feedback a started than positive. our the

how plays So growth, see we're happy with and very the we'll it out.

And of lot a of using has but see analysts. further within a our organization. part product We see we expand not I as just potential designers, Roy teams customers team. joining, the dev we think this product are new the to answer, that mentioned for product see previous our

ecosystem So using Monday basically, we got product. around products people debt using their building old this

that potential of lot the within a using has this in think accounts terms I growth of So it.

unique terms little this you market performance side. marketing we can do maybe a this there to did Was change you the back in it maybe expect of And happened? mean elaborate in what in the half? quarter? of terms the I -- was what in And on then bit see

Andrew. Sure,

have significantly out really performance change we're new uptick, customers. see prices. doesn't to marketing stable. much of materially largely on that seeing. in our to before. some anything is marketing the didn't the been that it the what we We into spend has saw call Obviously, there But should we order material to pretty environment come competitors nothing start some but affect back acquire So

Next question Scott Needham comes & from Company. with Berg

questions noticed This is the you for CWM disconnect trends in use the lot And of coming, will DB are then so existing like got it little Monday discussions? shifts target top Have Bergen these if discussions releases Rob with future of different to release anticipating any Marelli offer already of bit, and customer on these hearing around you I Scott are that consolidation you a or of But cases? funnel your with within a asked. and some apologies space.

the we has So but more as serve the we as it the we of we part refund questions, I up your market potential go refer to of mentioned, X.X. part DB anything, to and think basically, to than feel first lot this And other few question, of larger enterprise versions question, can additional feedback new them we see and you repeat and we the of next months. part this infrastructure, and release versions And larger and major customers, scaling sorry? second plan using minor got We your the just from to deals. in great a

within Just top consolidation trends, discussions? to from regards funnel of a customer or guys consolidation have shifting trend noticed your with anything you in just existing

Yes.

customers nothing behavior. in did taking platform, any noticed We substantial. but few haven't super a the we So products customer consolidate see change that Monday some on Monday into

also any don't customers Monday stop We see because consolidation. any of using

stable. stable. been very Downgrade has Eliran very mentioned, is As churn

any see don't we overall, movements like this. So

KeyBanc. Next question with Celino comes from Jason

other remarks think doing I help efforts? reps your make didn't this a when approach not, the here? faster response the in I you might sense it or with on of then prepared topic. mentioned cross-sell. marketing to if hear questions make quite to And Eran sales some Are of expanding more your you here forward in you're

Yes. Jason, it's Eran.

customers We customers storing team inviting discover members. ourselves those by meaning those And call extending and what So we had new no see touch, into see Severn products buying products them the new team both approach we we enlisting and then and new themselves offering both. product. also

our land more larger expand optimizing that keep accounts. our to potential funnel ability sales see to we'll deals going to with we So with expansion. other cross-sell both into managing are and But team, we forward, definitely,

or clarification flowing Eliran, able question. stabilization, And reflection Great. those maybe a just subtleties. cells then quick touched seeing optimizations and you're seat slower July curious on the subtle us curious know of comments some of out? I tiering? some if or a you're on signs on we've details but you help on some to of Just down down Is this your

I the recovery, believe the to now we during last see years macroeconomy a challenging, regards that the effect. decline with X.X was there So that that was with

kind about a then trailing XX If dollar weighted our pickup retention a ago. starting of to we a months it's look year from way net at to now you the see you compare and if we're And average. think a --

there at into actually much is pretty starting cohorts of joined signs some that to positive getting we're good the back year. last of and So the deals see the end

a we MDR are but are Now drives stabilization seeing seeing, trend in still the that and positive not we what signs. positive impact, is calling the this

D.A. with Davidson. comes Next from Robert question Simmons

I the core be you with that interesting the there you expected able was or to into in are surprising interest might maybe you're there, trends seeing suite? areas the pull customer product more into marketplace, had any that or wondering platform than

Yes.

first of the question? up. you can some There So was repeat your breaking part

about interesting seeing might surprising the wondering trends you're plans? or your that in inform marketplace. future there how product and that Yes, I'm

Yes.

we So some we popular see others. marketplace, than apps and good traction see being with our

or the of Monday terms about up we're even can as apps kind specific of -- extending it capabilities to a think going right I platform most point use on significant that product or now opens additional in thoughts terms are features additional have cases. opportunities the of nothing now platform seeing on in acquisitions top of can or Definitely, our we I features the capabilities. of that our forward but to capabilities potential platform, right maybe finalize

are questions gentlemen, Ladies conference concludes [Operator Instructions] further There no today's this and at call. time. this

disconnect. now may You