mondaycom Reports Q2 Fiscal 2024 Financial Results
Intellectia.AI Updated: 2024-08-12
monday.com Reports Q2 Fiscal 2024 Financial Results
Tel Aviv, New York, August 12, 2024 – monday.com (NASDAQ: MNDY), a multi-product platform that optimizes work management, has announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 FY2024 | Q2 FY2023 | YoY Growth | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $236.1 million | $176.2 million | +34% | $228.77 million |
| GAAP Operating Income | $1.8 million | -$12.2 million | - | - |
| Non-GAAP Operating Income | $38.4 million | $16.6 million | +131% | - |
| GAAP Net Income per Share (Basic) | $0.29 | -$0.15 | - | - |
| GAAP Net Income per Share (Diluted) | $0.27 | -$0.15 | - | - |
| Non-GAAP Net Income per Share (Basic) | $0.99 | $0.43 | +130% | - |
| Non-GAAP Net Income per Share (Diluted) | $0.94 | $0.41 | +129% | $0.56 |
| Net Cash from Operations | $55.8 million | $47.6 million | +17% | - |
| Free Cash Flow | $50.8 million | $45.9 million | +11% | - |
monday.com exceeded consensus estimates for both revenue and earnings per share (EPS). The company displayed robust revenue growth of 34% year-over-year (YoY) and enhanced its operating efficiency, achieving its first quarter of GAAP operating profitability.
Revenue Performance by Segment
| Segment | Q2 FY2024 Revenue | Previous Guidance | YoY Growth |
|---|---|---|---|
| Platform Services | $150 million | $145 million | +3.4% |
| Products | $86.1 million | $84 million | +2.5% |
Both major segments of monday.com showed growth, with Platform Services and Products surpassing previous guidance, indicating the company's strategic success in scaling its services and products.
Key Operational Data
| Metric | Q2 FY2024 | Q2 FY2023 | YoY Growth |
|---|---|---|---|
| Net Dollar Retention Rate | 110% | - | - |
| Net Dollar Retention Rate (>10 users) | 114% | - | - |
| Net Dollar Retention Rate ($50K ARR) | 114% | - | - |
| Net Dollar Retention Rate ($100K ARR) | 114% | - | - |
| Paid Customers (>10 users) | 57,203 | 49,936 | +15% |
| Paid Customers ($50K ARR) | 2,713 | 1,892 | +43% |
| Paid Customers ($100K ARR) | 1,009 | 677 | +49% |
| Largest Seat Agreement | 80,000 seats | - | Largest in company history |
Executive Commentary
Co-founders and co-CEOs, Roy Mann and Eran Zinman, emphasized the sustained strong and efficient growth, citing significant progress and innovations. CFO Eliran Glazer highlighted the company’s achievement of GAAP operating profitability, given the challenging macroeconomic environment.
Forward Guidance
For Q3 FY2024, monday.com expects: - Total revenue: $243 million to $247 million (28% to 31% YoY growth) - Non-GAAP operating income: $19 million to $23 million - Free cash flow: $70 million to $74 million
For the FY2024 year-end, the expectations are: - Total revenue: $956 million to $961 million (31% to 32% YoY growth) - Non-GAAP operating income: $100 million to $105 million - Free cash flow: $270 million to $275 million
Stock Price Movement
Following the earnings release, monday.com’s stock price rose by approximately 3.01%.
monday.com continues to demonstrate strong financial health and operational efficiency, marking significant milestones three years post its Nasdaq debut.
Source: Businesswire
