monday.com Ltd.

Good morning or good afternoon all and welcome to the Monday.com fourth quarter fiscal year 2022 earnings conference call. My name is Adam and I'll be your operator today. If you'd like to ask a question during the Q&A portion of today's call, you may do so by pressing the star followed by one on your telephone keypad. I will now hand the floor over to Byron Stephen to begin. So Byron, please go ahead when you are ready.

Hello, 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 2022. Joining me today are Roy Mann and Aaron Zimman, co-CEOs of Monday.com, and Elrond Glazer, Monday.com CFO. We released our results for the fourth quarter and fiscal year 2022 earlier today. You can find our quarterly shareholder letter along with our investor presentation 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 the 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 in the earnings release and on the investor presentation for today's call. which are posted on our investor relations website. Now, let me turn the call over to Roy.

Thanks, Byron, and thank you, everyone, for joining us today. Fiscal year 2022 was a year of significant accomplishments at Monday.com. We finished the year more energized than ever with strong financial results, improved efficiency, and continued product innovation. We put this progress on display at our Elevate 2022 World Tour. where we had the opportunity to meet with customers and partners in person. We also announced plans to launch MondayDB, which will upgrade our infrastructure, drive faster board performance, and provide even more flexibility. MondayDB will enhance the way WorkOS engines run and store data, ensure that our platform is schema-less, completely flexible, and built for infinite scale, supporting 100 times larger boards. Q4 capped off an amazing year with strong revenue growth and free cash flow expansion. We finished the quarter with $150 million in revenue, $30 million in free cash flow, and achieved positive adjusted operating profits for the first time. New customer demand trends also continue to be strong. In FY 2022, we added 34,000 net new customers to Monday.com family. Our fastest growing customer segments remain the enterprises. where we grew customers by 86% to 1,474 customers. While we are seeing healthy new customer demand, we continue to see competitors significantly reduce their performance marketing efforts. As a result, we have been able to build market share and improve overall customer acquisition efficiency. Our results demonstrate that Monday.com continues to drive growth and profitability at scale, Since inception, the company has now generated more than $5 in ARR for every $1 in cash burned. Regardless of macro uncertainties, we believe we are well positioned for the road ahead. Let me now turn it over to Iran to walk you through some of our business highlights for the year.