monday.com Ltd.

Thank you for standing by. My name is Mark and I will be your conference operator today. At this time, I would like to welcome everyone to the Monday.com first quarter fiscal year 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I would now like to turn the call over to Byron Stephen. Vice President of Investor Relations. Please go ahead.

Hello, everyone, and thank you for joining us on today's conference call to discuss the financial results for Monday.com's first quarter fiscal year 2024. Joining me today are Roy Mann and Aaron Zimman, co-CEOs of Monday.com, and Elaron Glazer, Monday.com's CFO. We released our results for the first quarter fiscal 2024 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 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 today. 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 the investor relations website. Now, let me turn the call over to Roy.

Thank you, Byron, and thank you everyone for joining us today. Following an exceptional year of growth and progress, we are thrilled to report that 2024 is off to another strong start. In the first quarter, Monday.com showcased outstanding business and financial performance, highlighted by increasing adoption over new products, robust revenue growth, and record-level free cash flow. Underlying product demand remains strong across all business segments. Despite lingering macroeconomic uncertainties, customers continue to build on the WorkOS platform due to our ability to streamline workflows, enhance collaboration, and drive efficiency, ultimately empowering organizations to adapt and strive in challenging environments. One of the key drivers behind our remarkable Q1 performance was the adjustments made to our pricing model. As a reminder, our pricing model structure is being rolled out in waves. For new Monday customers and those billed monthly, new pricing took effect in Q1, while other customers will see updated pricing upon renewal. So far, the results from our new pricing structure have exceeded our initial projections, underscoring the strong value proposition of our products. We are particularly pleased with the initial churn data. Overall gross retention reached an all-time high in Q1, continuing its upward momentum over the past year. Let me now turn it over to Iran to walk you through some of our product highlights.