Eran Zinman and Roy Man (photo by Nathaniel Tobias)
monday.com, which develops an operating system for work (Work OS) that enables organizations of all sizes to create the tools and processes they need to manage every aspect of their work, today reported its financial results for the fourth quarter and the fiscal year ended December 31, 2022. According to them: the revenue in the fiscal year 2022 reached 519.0 million dollars, an increase of 68% compared to the corresponding period last year.
“The fourth quarter concludes an excellent year, which exceeded our expectations on the top and bottom lines,” said Monday’s co-founder and CEO, Roi Man. “We ended fiscal year 2022 with significant revenue growth, efficiencies and positive free cash flow for the second year in a row from the date of the IPO. Despite the uncertainty in the macroeconomic environment, we are well prepared to achieve the following goals.’
More in-
Main data for the fourth quarter of the fiscal year 2022:
• Revenues were 149.9 million dollars, an increase of 57% compared to the corresponding period last year, or 60% on an exchange rate adjusted basis.
• The GAAP operating loss was $10.1 million, compared to a loss of $31.6 million in the fourth quarter of 2021; The GAAP operating loss rate was 7% of revenues, compared to a 33% loss rate in the fourth quarter of 2021.
• Non-GAAP operating profit was $14.3 million, compared to a loss of $9.9 million in the fourth quarter of 2021; Non-GAAP operating profit rate was 10% of revenues, compared to a loss rate of 10% in the fourth quarter of 2021.
• Basic and diluted GAAP net loss per share was $0.03 compared to basic and diluted GAAP net loss per share of $0.73 in the fourth quarter of 2021; Non-GAAP basic and diluted net earnings per share were $0.47 and $0.44, respectively, compared to non-GAAP basic and diluted net loss of $0.26 in the fourth quarter of 2021.
• Net cash flow from operating activities was $34.1 million, with adjusted free cash flow of $29.7 million, compared to net cash flow from operating activities of $13.5 million and adjusted free cash flow of $10.1 million in the fourth quarter of 2021.
Main data for fiscal year 2022:
• Revenues were $519.0 million, an increase of 68% compared to 2021, or 71% on an exchange rate adjusted basis.
• The GAAP operating loss was $152.0 million, compared to a loss of $126.1 million in fiscal year 2021; The GAAP operating loss rate was 29% of revenues, compared to a loss rate of 41% in fiscal year 2021.
• Non-GAAP operating loss was $47.1 million, compared to a loss of $52.6 million in fiscal year 2021; The Non-GAAP operating loss rate was 9% of revenues, compared to a loss rate of 17% in fiscal year 2021.
• Basic and diluted GAAP net loss per share was $2.99 compared to basic and diluted GAAP net loss per share of $4.53 in fiscal year 2021; Basic and diluted non-GAAP net loss per share was $0.73, compared to basic and diluted non-GAAP net loss per share of $1.33 in fiscal year 2021.
• Net cash flow from operating activities was $27.1 million, with adjusted free cash flow of $8.1 million, compared to net cash flow from operating activities of $16.4 million and adjusted free cash flow of $9.9 million in fiscal year 2021.
Main business updates:
• The Net Dollar Retention rate was higher than 120%.
• The Net Dollar Retention rate of customers with more than 10 users was higher than 130%.
• The Net Dollar Retention rate for customers with annual recurring revenue (ARR) higher than $50,000 was more than 135%.
• The number of paying customers was 186,477, an increase of 23% compared to 152,048 customers on December 31, 2021.
• The number of paying customers with an ARR higher than $50,000 was 1,474, an increase of 86% compared to 793 customers on December 31, 2021.
• Announcing a collaboration with Appfire, one of the largest providers in the world for building business applications, to enrich Monday’s application store with the development and construction of new applications that will respond to the evolving needs of the monday.com customer and partner community.
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