monday.com Ltd.

welcome everyone to the Monday.com second quarter fiscal year 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star and the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. I would now like to turn the call over to Byron Stevens, 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 second quarter fiscal year 2024. Joining me today are Roy Mann and Aaron Zimman, co-CEOs of Monday.com, and Elrond Glazer, Monday.com's CFO. We released our results for the second 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 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 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. Since our debut in Nasdaq three years ago, we have made significant progress in realizing our vision of becoming the platform to run the core of all work for customers. In that time, we have transitioned from a single product offering to a true platform with multiple products. This transition and our strong execution have allowed us to nearly double our customer base, triple annual recurring revenue, and increase our largest customer seat count tenfold. Our impressive growth trajectory aside, Monday.com's unique strength lies in our ability to achieve this expansion while driving operational efficiency. this quarter we achieved a record non-gap operating profit and notably attained gap operating profitability for the first time in the company's history our investment in the enterprise go-to market and platform infrastructure through monday db continued to yield promising results in december 2023 we announced a significant increase in our largest seat count growing over three-fold to 25 000. this quarter we are pleased to announce another significant milestone Our largest seat count has more than tripled once again to reach 80,000 seats. Beginning with the finance and product teams to address multiple use cases, this multinational healthcare company rapidly extended its Monday usage to encompass additional teams within the organization. Impressed by our WorkOS's ease of use and customization capabilities, the company made a strategic decision in Q2 to expand Monday work management across the entire organization to address all work and project management needs. Let me now turn it over to Iran to walk you through some of our product highlights for the quarter.