monday.com Ltd.

Good day. My name is Jean-Louis and I will be your conference operator today. At this time, I would like to welcome everyone to Monday.com's first quarter fiscal year 2023 earnings conference call. I would like to turn the call over to Monday.com's Director of Investor Relations, Mr. Byron Stephen. Please go ahead.

Hello, everyone, and thank you for joining us on today's conference call to discuss financial results for Monday.com's first quarter fiscal year 2023. Joining me today are Roy Mann and Aaron Zimmern, co-CEOs of Monday.com, and Elrond Glazer, Monday.com's CFO. We released our results for the first quarter 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 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. Now, let me turn the call over to Roy.

Thank you, Byron, and thank you everyone for joining us today. After a strong fiscal year of 2022, we are happy to say that we kept the momentum going with an exceptional Q1 in fiscal year 2023. Despite the persistent uncertainties in the macro environment, we continue to invest in our growth and profitability at scale, and we are seeing the results. Q1 revenue totaled $162.3 million, an increase of 50% year over year. We generated a record $38.7 million in free cash flow during the quarter and are well positioned in meeting our goal of positive free cash flow for the third straight year. Additionally, we are pleased to report that we are now guiding to positive non-GAAP operating profit for fiscal year 2023, two years ahead of expectations. Eliran will walk you through our guidance in more detail. Customers acquisition continued to be exceptionally strong. Our fastest growing customer segment remains the enterprise, where we grew customers by 75% to 1,683 customers, marking a record number of quarterly net new enterprise customers. Equally impressive has been the fast adoption and strong customer feedback of our Monday Sale CRM product. Customers love Monday Sale CRM as it's more customer-friendly and easy to use than traditional CRM tools. In Q1, we opened our Monday sales CRM to a selection of our existing customer base, and the response has been tremendous. Total sales in CRM accounts accelerated to 5,441 accounts, representing a record number of quarterly net new sales CRM accounts. We are incredibly pleased about all the recent business and product accomplishments this quarter, and believe we are well positioned to deliver our goals for fiscal year 2023 and beyond. Let me now turn it over to Iran to walk you through some of our recent innovation efforts.