Q2 2024 Monday.Com Ltd Earnings Call Transcript
Key Points
- Monday.Com Ltd (MNDY) achieved a record non-GAAP operating profit and GAAP operating profitability for the first time in the company's history.
- The company reported a significant increase in its largest customer seat count, growing from 25,000 to 80,000 seats.
- MondayDB 2.0 was launched, enhancing scalability and enabling customers to manage boards with up to 100,000 items and dashboards with up to 500,000 items.
- The introduction of GenAI chatbot for customer service has resolved around 50% of customer service tickets automatically, reducing reliance on external support.
- Total revenue for Q2 2024 was $236.1 million, up 34% from the year-ago quarter, highlighting robust revenue growth and enhanced profitability.
- The macroeconomic environment remains inconsistent and choppy, posing challenges for sustained growth.
- Despite the positive reception, the new pricing structure has led to some churn, particularly among very small businesses and individual users.
- The company's gross margin, while high at 91% this quarter, is expected to stabilize in the high 80s range in the medium to long term.
- There is a cautious spend environment among many customers, which could impact future growth.
- The company is behind on hiring targets for the quarter, which may affect future operational capabilities.
I would like to welcome everyone to the monday.com second-quarter fiscal year 2024 earnings conference call. (Operator Instructions)
I would now like to turn the call over to Byron Stephen, Vice President of Investor Relations. Please go ahead.
Hello, everyone, and thank you for joining us on today's conference call to discuss the financial results for monday.com's second quarter fiscal year 2024.
Joining me today are Roy Mann and Eran Zinman, Co-CEOs of monday.com; and Eliran Glazer, monday.com CFO. We released our results for the second quarter of fiscal 2024 earlier today. You can find our quarterly shareholder letter, along with our investor presentation and a replay of today's webcast under the News & Events section of our IR website at ir.monday.com.
Certain statements made on the call today will be forward-looking statements, which reflect management's best judgment based on currently available information. These statements involve risks and uncertainties that
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