monday.com Ltd.

Good day. My name is Charlie, and I'll be your conference operator today. At this time, I'd like to welcome everyone to Monday.com's second quarter fiscal year 2022 earnings conference call. I'd now like to hand the call over to Monday.com's Director of Investor Relations, Mr. Byron Stephen. Byron, please go ahead.

Good day, everyone, and thank you for joining us on today's conference call to discuss the financial results for Monday.com's second quarter fiscal year 2022. Joining me today are Roy Mann and Aaron Zimmern, co-CEOs of Monday.com, and Elrond Glazer, Monday.com CFO. We released our results for the second quarter fiscal year 2022 earlier today. This quarter, we have introduced a new shareholder letter with our results and commentary for the quarter. You can find the shareholder letter along with our investor presentation that accompanies our prepared remarks and a replay of today's webcast under the news and events section of our IR website at ir.monday.com. 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 risks 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 in the earnings release and the earnings presentation for today's call, which are posted on our investor relations website. With that, let me turn the call over to Roy.

Thanks, Byron. Good day, everyone, and welcome to our second quarter earning call. It's been one year since our IPO. and Monday.com continues to grow. Our total revenue in Q2 was $123.7 million, up 75% from Q2 last year. We continue to move up market at a fast pace, growing our enterprise customer base to more than 1,000 customers this quarter, while maintaining our best-in-the-industry net dollar retention rate. We continue to see strong growth across all customer segments, with enterprise customers leading the way. In the second quarter of fiscal 2022, we finished with 1,160 enterprise customers, a 147% year-over-year increase. The second quarter saw significant improvements in our operating margin as we continued to make our business more efficient. Since the company was founded, we've generated approximately $4 in recurring revenue for every $1 we burnt. The secret behind our efficiency is our BigBrain Analytics platform. If you ever visited our offices, you've seen dashboards on nearly every wall displaying insights from BigBrain, our in-house business intelligence tool. BigBrain collects over 200 million events a day, which informs each of our marketing campaigns and every interaction we have with our customers. By measuring everything, we empower our employees to make efficient, data-driven decisions, optimizing for cash flow and maximizing efficiency. Another key part of our long-term strategy is expansion of our product offering. This past quarter, we announced our new WorkOS product suite. And we've already seen impressive adoption. Within two months, we have had over a thousand new paying accounts sign up with our new WorkOS products. Our new end-to-end products are tailored by vertical and built on top of the Monday WorkOS platform. including Monday Projects, Monday Sales CRM, Monday Dev, and Monday Marketer. Customers can now switch between products within their WorkOS platform so they can unify work across their organization. We're committed to being best in class in every one of our product categories, and we're confident that we can achieve that thanks to the flexibility and unique infrastructure of our WorkOS. These new products expand and elevate our go-to-market strategy and create additional entry points for new customers to our platform. Let me now turn it over to Eran to walk you through how customers are using Monday.com to run their businesses better. Thank you, Roy.