monday.com Ltd.

Thank you for standing by and welcome to the Monday.com Q3 fiscal 2021 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question at that time, please put star then one on your touchtone telephone. As a reminder, today's conference call is being recorded. I would now like to turn the call over to your host, Mr. Byron Stevens, Investor Relations Director. Please go ahead, sir.

Thank you. Good day, everyone, and welcome to Monday.com's third quarter 2021 earnings conference call. Joining me today are Roy Mann and Aaron Zinman, co-CEOs of Monday.com, and Elrond Glazer, Monday.com's CFO. Earlier today, we released our results for the third quarter. Our earnings materials are available on our investor relations website at ir.monday.com. There you'll find the investor presentation that accompanies our prepared remarks and a replay of today's webcast under the news and events section. Certain statements made on the call today may be forward-looking statements which reflect management's best judgment based on currently available information. These statements involve risk and uncertainties and may cause actual results to differ from our expectations. Please refer to our earnings release for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements. Additionally, non-GAAP financial measures may be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available in our earnings release and the earnings presentation for today's call, which is posted on our investor relations website. With that, let me turn the call over to Roy.

Thank you, Byron, and welcome to the Monday.com team. Thank you, everyone, for joining us today. During our first earning call, we were thrilled to introduce many of you Monday.com and to share with you our thoughts on the company and the larger opportunity ahead of us. Going forward, we will focus these calls on our most recent performance and our future expectations. We invite those of you who are still just getting to know Monday.com and our Workhorse platform to visit our company and investor-relation websites and where we have many videos and a lot of other content that should be helpful to understanding our company and our business. Now let me briefly talk to you about Q3, which was another strong quarter of growth. Even more organizations used Monday.com to create software that fits their needs. Revenue grew 95% year-over-year to $83 million as we continue to drive growth through the acquisition of new customers and increase adoption and expansion within our existing customer base. As mentioned previously, upmarket growth is one of our top priorities. I'm pleased to report that our expansion into the enterprise space continues to gain momentum. We ended the third quarter with 613 enterprise customers, up 231% from 185 in the third quarter of 2020. Additionally, we continue to expand within our existing customer base. Our net dollar retention rate increased in the third quarter as a result of our ability to continue to deliver strong ROI and great customer experience. Net dollar retention for customers with more than 10 users improved to over 130%. And our net dollar retention rate for all customers improved to over 115%. As a reminder, our net dollar retention rate is a trailing four-quarter weighted average calculation. Because of these outstanding results and our continued upward trajectory, we are raising guidance for the remainder of the year. For full year revenue, we are increasing guidance to a range of $300 million to $301 million, representing 86% growth for the year. Eliran will provide you with more details on our third quarter results along with full updated guidance. I'll now turn it over to Eran to give you some further highlights from Q3. Thank you, Roy.