monday.com Ltd.

Ladies and gentlemen, thank you for standing by, and welcome to the Monday.com Q4 Fiscal 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during this session, you will need to press star then 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star then 0. I would now like to turn the conference over to your speaker for today, Byron Stevens. You may begin.

Good day, everyone, and thank you for joining us on today's conference call to discuss the financial results for Monday.com's fourth quarter and fiscal year 2021. Joining me today are Roy Mann and Aaron Zinman, co-CEOs of Monday.com, and Elrond Glazer, Monday.com's CFO. We released our results for the fourth quarter and fiscal year 2021 earlier today. Our earnings materials are available on the Investor Relations website at ir.monday.com. There you will 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 will be forward-looking statements, which reflect management's best judgment based on currently available information. These statements involve risk and uncertainties that 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 will be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available on the earnings release and the earnings presentation for today's call, which are posted on the Investor Relations website. With that, let me turn the call over to Roy.

Thanks, Byron, and thank you, everyone, for joining us today. We had another great quarter at Monday.com and ended the fiscal year of 2021 exceptionally strong. During the past quarter, revenue grew by 91% compared to the fourth quarter of 2020. We are again seeing strong revenue growth across all verticals, customer segments, and geographies, with over half of our revenue coming from outside the U.S. Let me discuss three main factors that drove our strong top-line performance. First, we remain highly focused on acquiring new customers. In 2021, we added 38,000 net new customers, bringing our total customer count to 152,000 customers, representing 34% growth from the prior year. Second, we are seeing great momentum with large customers. In Q4, the total number of customers with more than 50K in annual recurring revenue was 793, up 200% from a year ago. The enterprise tiers remain our fastest growing customer tier. New accounts with 100 plus users are now more inclined to take enterprise tier as default as we continue to add more value to the tier. During the last quarter, we enhanced the enterprise tier by adding several new administrative and security features including content directory, audit log, and encryption key enhancement. These improvements will allow enterprise customers to manage and grow their business with confidence and ease while making their data more secure than ever. Third, we continue to see strong expansions within our existing customer base. Once customers adopt the WorkOS platform and realize its value, their usage often grows organically, expanding across use cases and departments. In Q4, net dollar retention for customers with more than 10 users improved to over 135%. Customers with more than 10 users now account for 72% of our ARR, up from 63% a year ago. Overall, net dollar retention rate for all customers improved to over 120%. As a reminder, our net dollar retention rate is trailing four-quarter weighted average calculation. Our continued net dollar retention rate improvements are further proof to our ability to deliver strong ROI and a great user experience for our customers. Let me now turn it over to Aran to walk you through some exciting product announcements.