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monday.com Announces Strong Q1 2024 Results with 34% Revenue Growth
NEW YORK & TEL AVIV – monday.com (NASDAQ: MNDY), the multi-product platform for work management, has reported impressive financial results for the first quarter ending March 31, 2024. The company achieved significant revenue growth and set new records in free cash flow, driven by strong demand and strategic product expansions.
Key Financial Highlights:
- Revenue: $216.9 million, up 34% year-over-year.
- GAAP Operating Loss: $5.0 million, a substantial improvement from a $22.8 million loss in Q1 2023.
- GAAP Operating Margin: Improved to negative 2% from negative 14% in Q1 2023.
- Non-GAAP Operating Income: $21.5 million, compared to a loss of $0.3 million in Q1 2023.
- Non-GAAP Operating Margin: 10%, up from 0% in Q1 2023.
- GAAP Net Income per Share: $0.14, compared to a loss of $0.31 in Q1 2023.
- Non-GAAP Net Income per Share: $0.64 (basic) and $0.61 (diluted), compared to $0.15 and $0.14 respectively in Q1 2023.
- Operating Cash Flow: $92.0 million, with a record free cash flow of $89.9 million, up from $42.7 million and $38.7 million respectively in Q1 2023.
In reaction to these strong results, monday.com's stock rose by 18% in pre-market trading.
Strategic Business Highlights
monday.com continues to expand its product offerings and customer base, achieving significant milestones in Q1 2024:
- Net Dollar Retention Rate: 110% overall, 114% for customers with more than 10 users, and 114% for customers with more than $50,000 in ARR.
- Customer Growth:
- Customers with 10+ users: 55,515, up 18% year-over-year.
- Customers with more than $50,000 in ARR: 2,491, up 48% year-over-year.
- Customers with more than $100,000 in ARR: 911, up 55% year-over-year.
- Product Expansion: monday sales CRM and monday dev are now accessible to all customers, contributing to accelerated account growth.
Management Commentary
Roy Mann and Eran Zinman, co-founders and co-CEOs of monday.com, expressed their satisfaction with the Q1 performance: “Our Q1 results mark an exceptional start to the year, with strong demand for our products across all ends of the market. We are particularly pleased with the rapid growth of monday sales CRM and monday dev.”
Eliran Glazer, CFO, highlighted the impact of strategic pricing adjustments: “Q1 represents another great step forward for monday.com, with strong revenue growth and profitability, as well as record free cash flow. These results are supported by recent adjustments made to our pricing model, which thus far have exceeded our initial expectations.”
Financial Outlook for Q2 and FY 2024
Second Quarter Fiscal 2024:
- Revenue: Expected between $226 million and $230 million, representing 29% to 31% year-over-year growth.
- Non-GAAP Operating Income: Between $17 million and $21 million.
- Non-GAAP Operating Margin: 8% to 9%.
- Free Cash Flow: $47 million to $51 million, with a margin of 21% to 22%.
Full Year Fiscal 2024:
- Revenue: Expected between $942 million and $948 million, representing 29% to 30% year-over-year growth.
- Non-GAAP Operating Income: Between $77 million and $83 million.
- Non-GAAP Operating Margin: 8% to 9%.
- Free Cash Flow: $238 million to $244 million, with a margin of 25% to 26%.
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