Price Is Right Powerpoint Template

By | October 20, 2021

monday.com Ltd. (NASDAQ: MNDY)

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Q2 2021 Antithesis Call

Aug 17, 2021, 8:30 a.m. ET

Operator

Ladies and gentlemen, acknowledge you for continuing by, and acceptable to the monday.com Q2 budgetary 2021 antithesis call. At this time, all participants are in a listen-only mode. Afterwards the speakers’ presentation, there will be a question-and-answer session. [Operator instructions] I would now about-face the alarm over to your host, Keenan Zopf.

You may begin.

Keenan Zopf — Broker Relations

Certain statements on the alarm today may be advanced statements, which reflect management’s best acumen based on currently attainable information. These statements absorb risks and uncertainties that may annual absolute after-effects to alter from my expectations. Amuse accredit to our antithesis absolution for added advice on the specific factors that could annual absolute after-effects to alter materially from our advanced statements. Additionally, non-GAAP banking measures may be discussed in the call.

Reconciliations to the best anon commensurable GAAP banking measures are attainable in our antithesis absolution and the antithesis presentation of today’s call, which is acquaint on our broker relations web folio at ir.monday.com. With that, I will about-face the alarm over to Roy Mann, co-CEO of monday.com.

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Roy Mann — Co-Chief Executive Officer

Thank and acknowledge you, everyone, for abutting us today. We are actual aflame to accept completed a acknowledged IPO and to advertise a actual able aftereffect for our aboriginal division as a attainable company. As you’ve apparent from our columnist release, our business continues to advance beyond revenues, advantageous customers, and chump expansions. We generated $70.6 actor in acquirement up 94% year over year.

Eliran, our CFO, will accommodate you with added banking capacity and annotation on what collection Q2 results. He’ll additionally accommodate our advice for the blow of the year. Since this is our aboriginal antithesis alarm as a attainable company, I’d like to booty a few annual to acquaint you a bit about monday.com. We’ve additionally acquaint the advance accouter on our IR website that provides you with added blush on our business and a analysis of our Q2 financials.

When we aboriginal started monday.com, we started it with a mission to accord our barter the adeptness to actualize their own assignment software. To do that, we revolutionized the way bodies use software, giving them the aforementioned low-code/no-code capabilities already aloof for software creators and designers. Today added than nine years afterwards our barter use monday.com in agency we could accept never imagined, beyond about bottomless use cases and in alignment of all sizes with that mission we are arch in a new class alleged Assignment OS. Eran?

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Thank you, Roy. Afore we dive added into our belvedere we’d like to highlight our bazaar opportunity. Our Assignment OS is broadly applicative for any alignment and aggregation beyond a growing cardinal of use cases. According to estimates from IDC, our absolute addressable bazaar was $56.1 billion in 2020 and will abound to $87.6 billion in 2024.

Further, we accept our Assignment OS belvedere is applicative beyond the 1.25 billion advice workers that industry analysts appraisal abide globally. Now, let’s dive added into our platform. Our cloud-based belvedere is a no-code/low-code framework. It consists of modular architecture blocks that acquiesce our barter to actualize their own software applications and assignment administration tools.

By appliance our platform, our barter can abridge and advance their agenda transformation, actualize a unified workspace beyond departments, and access operational adeptness and productivity. Our software is simple abundant for anyone to use, yet it’s able abundant to drive bulk functionality aural any organization. Our belvedere additionally integrates with our systems and applications creating a new affiliation band for organizations that links departments and bridges advice silos. We accept this makes our Assignment OS a bulk band-aid that barter can await on to run their business.

Our barter are our partners. We are continuously abstraction our belvedere approaching together. We analyze barter with added than 10 users from our broader chump abject and they are the bulk focus of our sales and business efforts. The acquirement advance bulk of our barter with added than 10 users has outpaced the blow of the business in anniversary of our antecedent budgetary years.

And our apprehension is that such barter will abide to abound in the future. Moreover, our adeptness to auspiciously move up bazaar is approved by the constant advance in the cardinal of our action customers, which we ascertain as barter with added than 50,000 ARR. We concluded the division with 470 action barter compared to alone 144 in the year-ago division an access of 226%. We apply an able go-to-market archetypal accumulation our all-encompassing self-service carry and a absolute sales approach, which consists primarily of our sales team, our chump success, and our partner’s aggregation as able-bodied as our apps marketplace.

I appetite to allotment some of our artefact band-aid go-to-market approach. Artefact solutions are complete products. Horizontal or vertical congenital on top of the worker’s platform. This allows the chump with altered intents, define, and all-embracing monday.

Now, I will about-face this over to Roy to altercate our apps in our apps marketplace.

Roy Mann — Co-Chief Executive Officer

Thank you, Ron. We took our no-limits access to new heights to acquiesce any developer to body on top of monday.com with monday apps. We added alike added abandon with our app exchange breadth anniversary chump can extend the belvedere on their own. This no-limits access leads to blessed barter that not alone adulation our artefact but additionally feel they’re allotment of our journey.

As the cardinal of our barter grew, we heard added and added belief on how we afflicted our business and for some their lives. We began to feel an ever-growing faculty of responsibility, a albatross to be there for our barter with world-class abutment and an ever-improving belvedere that allows them to do annihilation their business demands or their acuteness takes them toward. This albatross extends adjoin the communities we alive in as well. We saw the amazing appulse monday.com has on a nonprofit organization.

From work, we accept done together, we see that abounding nonprofit organizations accept a massive abstruse divide. A bisect that prevents them from authoritative the appulse that they seek. Our according appulse action aims to abutting that agenda bisect with the abiding ambitions goals of authoritative an adaptable appulse on nonprofit organizations. With our adeptness and assets in agenda transformation, alive businesses, and ascent teams, we aim to be a accomplice for the world’s nonprofit organization, appetite to accomplish a absolute change for all of us.

I appetite to accord a quick shoutouts for our employees. Monday.com success happened alone because of our amazing advisers and the able adeptness of transparency, ownership, and assurance we accept congenital together. All of us at monday feel we allotment the aforementioned ambition and airing on the aforementioned aisle forward. We accept that we are on the bend of a massive change in assignment software.

If the aftermost 10 years were authentic by the SaaS cloud, afresh the abutting 10 years will be focused on giving bodies the adeptness to actualize software that treats their own needs. We accept that we are best positioned to be the leaders in this change. We accept congenital a aggregation to booty such an befalling bang while befitting our culture, our values, and the adulation we still accept adjoin creating admirable able agenda products. Today, we are captivated to acquaint a absolutely new adequacy to monday.com’s Assignment OS belvedere monday workdocs.  Workdocs represents the abutting footfall in our Assignment OS platform.

Documents accommodate a abundant canvas for bodies to alpha their assignment in. We see this as a massive befalling to aggrandize how monday is adopted so our barter couldn’t actualize no-code/low-code assignment software. With monday workdocs our barter now accept the adeptness to administer their work, ideas, and abstracts in a absolutely baggy way. Our workdocs accommodate two able technologies anchored in them.

Our real-time agent and certificate connectivity. We accept document-based accord is acute for abounding assignment processes. That’s why we’ve congenital our real-time agent from scratch. It’s a absolutely new technology that allows for hundreds of bodies to assignment calm on the aforementioned document.

It’s a able foundation that will acquiesce us to booty abstracts accord to alien territories. Addition analytical allotment of our workdocs is that they’re affiliated to added applications. We see this as allotment of our connectivity to their Assignment OS provides. We accustomed any monday article such as widget, chart, and angle to be anchored into documents.

This agency that our workdocs accept a alive article that afterlight in real-time whenever there are sorts of abstracts changes. So monday workdocs are never dried because they are affiliated documents. These accomplish workdocs and added no-code agency for our barter to body assignment applications on top of monday.com Assignment OS. Traditional abstracts were never advised to be acclimated in the way abounding teams use them today.

Teams use abstracts to alpha assignment processes and coact together, but the abstracts themselves were never created to abutment this. We see this as an befalling to about-face these ancestry of abstracts into absolute assignment accoutrement that bodies can use to assignment calm better. Workdocs represents the abutting footfall in our adventure to accord our barter the adeptness to actualize their own assignment software. No bulk how they activate or abide their work.

Until now boards were aloof sole access credibility to our platform. Workdocs are an added baggy added adjustable way to onboard and deepen acceptance in companies. Workdocs are now alive and alive on monday’s Assignment OS and are attainable to all our plans. Eran?

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Thank you, Roy. In Q2 we acutely barrage a chargeless bank of monday.com Assignment OS. This is geared to baby teams and bound alone to two users. We accept that this is an accomplished way to drive acquaintance and broader acceptance amid a new set of audiences.

We’re encouraged by the beforehand acknowledgment to the chargeless alms and see this as a way to berry monday acceptance and ultimately drive about-face to action customers. We had a abundant division in agreement of chump wins and expansions. These were ample abject beyond industry verticals with aloft companies including Headspace, Mintel, Adyen, and Welling Altus. Let’s allocution about Headspace as an example, Headspace is a actual acclaimed amenity and brainwork app committed to convalescent the bloom and beatitude of the world.

Headspace has amorphous to use monday.com Assignment OS to access accord and adeptness for all of their business and the artistic action beyond the globe. In adjustment to win subscription-based companies like Headspace allegation accomplish in real-time adjusting to changes in anniversary of their markets every day. Which is why they chose our platform. This win is addition archetype of how monday can advice high-growth all-around companies and we’re actual blessed to be allotment of their advance and success.

During Q2, we abide to aggrandize our affiliation ecosystem. To that end, we bang off new cardinal alliances with all-around arrangement integrators beyond key industries such as accomplishment and absolute acreage including Hitachi solutions and NTT Data. We advance our advance and amplification into the Latin American bazaar with new access partners, chump deals, accretion our ARR in this arena as allotment of our amplification into a new market. We additionally added Polish as an added accent attainable on our platform, accretion the absolute cardinal of languages to 14.

One of the things that we are best aflame about is that we are absolutely developing monday.com ecosystem of third parties, interfaces, partners, and developers that collectively drive acceptance and assorted monetization opportunities. You will be audition added abundant added from us on this advanced in the advancing abode and years. As I achievement as appear through in our presentation in our comments today monday.com is the awful differentiated aggregation with a able a altered point of appearance about the approaching of assignment and collaboration. We are capturing a massive bazaar befalling that is accepted to adeptness over $85 billion in the abutting few years.

Monday.com can advice drive after-effects for about every business of every admeasurement about the world. We’re actual aflame to allege with analysts accoutrement the aggregation and investors who accompany us on this adventure today. I’ll about-face it over to Eliran to awning our financials and guidance.

Eliran Glazer — Chief Banking Officer

Thank you, Roy, and Eran. And acknowledge you to anybody for abutting our alarm today. We are actual aflame about the opportunities we see for the aggregation to abide to abound and evolve. I will go to our second-quarter after-effects afresh altercate in added detail the business and abutting with guidance.

We were admiring with the after-effects for the quarter, which approved affiliated aerial advance at scale. Acquirement in the added division came in at $17.6 actor up 94% year over year laid by beyond amplification aural our absolute chump base. Our net dollar assimilation bulk for barter with added than 10 users was over 125% and our net dollar assimilation bulk for all barter was over 111%. As a reminder, our net dollar assimilation bulk is a abaft four-quarter abounding boilerplate calculation.

Also, our focus on affective upmarket is working. We concluded the division with 470 action barter up 226% for 144 in the year-ago quarter. On the hiring front, during the aftermost two quarters, we added added than 170 advisers to monday.com, decidedly absorption on R&D and sales and marketing. These new hires annual for added than 70% of the new aptitude added during this period.

We concluded Q2 with added than 850 advisers globally and we plan to abide advance aggressively in abacus new aptitude with the focus on R&D and our action sales force. Next, I’ll accommodate added detail on the second-quarter banking results. Afore axis to costs annual and advantage I would like to point out that unless contrarily acclaimed all metrics are non-GAAP. We accept provided the adaptation of GAAP to non-GAAP financials in our antithesis release.

The gross allowance came in at 89.7% up from 88.3% in the year-ago quarter. Analysis and development bulk was $11.2 actor or 16% compared to 20% in the year-ago quarter. We abide to advance decidedly in R&D including aerial advance in our engineering headcount, but the clip of our acquirement advance has outpaced the advance growth. Sales and business costs were $55.5 actor or 79% of acquirement compared to 101% in the year-ago quarter.

The advance was apprenticed primarily by lower business advance as we are acceptable added efficient. Allocating our business absorb to focus on barter with 10 added users and action customers. We abide to accomplish a abundant advance in our sales alignment and accept decidedly broadcast our sales aggregation over the aftermost year. Similar to R&D the clip of our acquirement advance has outpaced the advance growth.

G&A bulk was 6.5 actor or 9% of acquirement compared to 8% in the year-ago division absorption the added bulk of actuality a attainable company. Operating accident was $9.9 actor and operating accident allowance came in at 14%. Net accident was $11.3 actor and accident per allotment was abrogating $0.26. Affective on to the antithesis breadth and banknote flow, we concluded the division with about $878 actor in cash, banknote equivalents, concise deposit, and belted cash.

Net banknote acclimated in operating activities was 0.4 actor in the quarter. Adjusted chargeless banknote breeze was abrogating $1.5 actor and it was apprenticed by able collections stemming from our able billings in Q4 and Q1. Adjusted chargeless banknote breeze is authentic as net banknote from operating activities, beneath banknote acclimated for acreage and equipment, and capitalized software costs excluding non-recurring items. Such as costs accompanying to the accretion of our accumulated headquarter in Tel Aviv.

Now axis to our angle for the third division and the abounding year of 2021, we accept we can bear aerial advance for the accountable future. As we are acclamation a ample and growing bazaar and we accept we are well-positioned to be one of the abiding winners in this space. There are added than 1 billion all-around adeptness workers today that could potentially use monday. We’re introducing Q3 and full-year advice as follows.

For the third division of the budgetary year 2021, we apprehend our acquirement to be in the ambit of $74 actor to $75 actor apery a advance of 74%to 76% year over year. We apprehend a non-GAAP operating accident of $26 actor to $25 million. For the full-year 2021, revenues are accepted to be in the ambit of $280 actor to $282 actor apery advance of 74% to 75% year over year. We apprehend a full-year non-GAAP operating accident of $93 actor to $91 actor and a abrogating operating allowance of amid 33% and 32% compared to a abrogating operating accident of $86.2 actor in 2020 and a abrogating operating allowance of 53%.

We accept we can bear aerial advance for the accountable approaching as we are acclamation a ample and growing bazaar that is still actual aboriginal in its maturity. As a result, we will abide to accent investments in the business of near-term advantage and we abide to accomplish advance adjoin our advance appearance targets margins. I’ll additionally agenda that we intend to be alive with absorption to broker relations and we’ll be administering a cardinal of non-deal roadshows and starting to present at broker conferences in September. With that, I’ll about-face it over to the abettor for questions.

Operator?

Operator

[Operator instructions] Our aboriginal catechism comes from Kash Rangan with Goldman Sachs.

Kash Rangan — Goldman Sachs — Analyst

Hi. Acknowledge you actual much. Lovely day. Fantastic after-effects and congratulations on the aboriginal division as a attainable company.

What a abundant start. Roy, one catechism for you. You talked about sales and business investments. Can you allocution about, how should we anticipate about how advantageous the about-face adjoin added affairs and a little bit beneath business as a pretense to accept said in business is acceptable to drive traction? And the action activity advanced because it absolutely seems that you had a abundant quarter, but you’re aloof accepting started architecture out and ascent your sales accomplishment for the enterprise.

And one for you Eliran. It does attending like you fabricated cogent advance with operating margins and chargeless banknote breeze yet your advice still calls for a breeze aback to the sounds of losses. So aloof apprehensive if there is any specific advance you’re authoritative in the added bisected or aloof aggravating to accumulate things bourgeois and delay till the abode prove themselves. Acknowledge you so much.

Congrats.

Roy Mann — Co-Chief Executive Officer

Thanks, Kash. Acknowledge you. It’s Roy. And so yeah it’s — we’re putting a lot of emphases on growing.

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And like we mentioned afore in our ad during the IPO, we accept and carry that is apprenticed by — and no-touch like we do business that we get leads. Those leads to acceptable advantageous barter and our sales force are and acclamation those barter afterwards they pay and advice them scale. So why do we advance a lot in marketing? We see that we’re accomplishing that in a added able way. OK.

This is what you can see with the after-effects of this quarter. Our access to new barter is acceptable added efficient. While we calibration the sales aggregation and needs access to abound our barter way more. So you see both of these alive absolutely able-bodied and I anticipate as we mentioned afore seeing our sales aggregation that has been growing in the aftermost two years adeptness added maturity.

And it’s like alive bigger and better.

Eliran Glazer — Chief Banking Officer

And, Kash, hi. This is Eliran. With absorption to your catechism on guidance. So aboriginal of all, we are actual assured in our advice and we feel adequate with the plan that we accept to abide to advance aggressively.

One of the things that is important for us to say is that while we did actual acceptable after-effects in Q2 we are activity to abide to advance aggressively in the added bisected of the year in adjustment to accomplish added hyper-growth at calibration Aloof in agreement of numbers, our basic adeptness is able-bodied aloft 2.5. Aloof as a admonition for every dollar that we invested in birth we basically accomplish added than $2.5 in agreement of ARR. So there is a huge befalling it’s a greenfield market. Therefore, we would like to ensure that we don’t canyon this befalling and abide to advance and they are activity to be added costs.

We’re activity to abide to appoint aggressively in sales and business R&D. We’re activity to accept the abounding appulse of our new address in Tel Aviv. We’re activity to abide to advance beyond added places in the alignment and hopefully, we’re activity to see some affiliated advance as we abide to go forward. Does this acknowledgment your question, Kash?

Kash Rangan — Goldman Sachs — Analyst

Absolutely. Abundant start. Congratulations. Acknowledge you so much.

Operator

Our abutting catechism comes from Mark Murphy with JPMorgan.

Matt Coss — JPMorgan Chase & Co. — Analyst

Hey. Acceptable morning. This is Matt Coss on annual of Mark Murphy. I accept my congratulations on the quarter.

Can you allocution to us about the administration of new use cases by prepackaged solutions against addition appliance monday to body article absolutely from the arena up? And then, maybe you can advice us accept how abounding of your barter who accept adopted prepackaged solutions are appliance array of the low-code/no-code advantages of the belvedere to absolutely adapt their application.

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Sure. This is Eran. Can you aloof acknowledgment the aboriginal allotment of the question, please?

Matt Coss — JPMorgan Chase & Co. — Analyst

Yeah. So if you accept a faculty of your barter appliance monday.com new barter you buy a prepackaged band-aid against array of aloof appliance monday to body their own appliance from the arena up.

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Yeah. OK. So this is Eran. So basically, the majority of our barter usually alpha with one use case.

And afresh over time aggrandize to added use cases. I would say the all-inclusive majority alpha with a prepackaged band-aid aloof because usually the way it works is that users chase for a actual specific botheration they’re aggravating to break and this is affectionate of how we led them through the advancing process. But I anticipate this is allotment of that over time we see two trends. One is added customizing their absolute solution, acceptation analogous that to their need, but afresh award added and added access solutions that they can use and accretion the use of aural the organization.

And additionally architecture their own affectionate of solutions on their own templates and use cases. In agreement of the low-code/no-code, so basically everybody appliance monday about is appliance no-code adequacy appliance the architecture the lath itself and customizing the coms is about if you anticipate about it architecture a database to abduction data. And as we appear during the IPO action over 90% of our barter use automation and integration. So it’s appealing accepted aural our action accounts.

So everybody — I would say broadly speaking every chump of monday has to advantage in our no-code and low-code capabilities.

Matt Coss — JPMorgan Chase & Co. — Analyst

OK. Acknowledge you actual much.

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Sure.

Operator

Our abutting catechism comes from Brent Thill with Jefferies.

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Brent Thill — Jefferies — Analyst

Thank you. I was analytical if you could absorb a little added time on the action absorption and maybe accommodate some examples of breadth you’re seeing abundant traction. I anticipate maybe you could additionally allocution about your bigger deployment and accord us a little added blush in agreement of how that buildout is going.

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Yeah. So this is Eran. So we see actual aerial advance in the barter over 50 k over 226% year-over-year advance from our accessory of the company. This is a cardinal allotment of our business activity forward.

We do advance heavily into the no-touch and bringing new advantageous barter into our funnel. But at the aforementioned time as we mentioned at the alpha of the call, we advance heavily into authoritative the artefact bigger for action barter accumulate abacus appearance and capabilities. And this allotment of the business is growing decidedly faster than the accomplished of the business. Those barter authenticate actual aerial accustomed assimilation numbers.

They extend added and we are befitting and ablution new appearance to that allotment of the business activity forward.

Roy Mann — Co-Chief Executive Officer

Yeah. Hi. It’s Roy. I can add that we’re in action we’re absorption on aegis ascendancy appearance and governance.

And that’s basically enabling us to get to beyond customers. They appetite it and we allegation to aloof attainable the aperture appropriate now with enabling all those things. And that’s breadth our bigger focus is artefact wise.

Brent Thill — Jefferies — Analyst

Great. Aloof analytical if there were any geographic trends that you’re seeing that are altered amid the U.S., EMEA, and APAC. Any angle out. There’s been a lot of questions as it relates to affectionate of the acknowledgment to the appointment to some bodies that appear aback in.

If you’ve apparent any apparent cogwheel in the chump behavior. Obviously, the numbers advance that it doesn’t absolutely bulk what ambiance we’re in for you guys appropriate now accustomed the abundant growth. But any blush on that would be helpful.

Eliran Glazer — Chief Banking Officer

Brent, hi. This is Eliran. So as a admonition we enjoyed the hyper-growth afore COVID and we apprehend to abide to abound to the blazon of calibration additionally post-COVID. Hopefully, it will appear soon.

As a reminder, we see the breakdown bounded breakdown 52% of our acquirement is alfresco of the US, 48% in the US, 70% of our barter are non-cash and we alike added addition Polish — addition accent to our platform, which is Polish. Now we accept 14 languages. So what it is basically we are accretion aural absolute customer-facing those geographies we already accomplish in. But as a reminder, we additionally accept our partnered access that’s in places breadth we don’t accept the sales force we aggrandize aural the adeptness of our partners’ ecosystem.

And this helps us to accretion added markets breadth we don’t accomplish holistically through this channel.

Brent Thill — Jefferies — Analyst

Thank you.

Operator

Our abutting catechism comes from Bhavan Suri with William Blair.

Bhavan Suri — William Blair — Analyst

Hey, guys. Let me acknowledgment my congrats. It’s a abundant division out of the gate. I assumption I appetite to blow on on the action absorption you’ve added added than hundred barter to the 50k-plus ARR.

I assumption I’m aggravating to understand, how abundant of this you aspect to the point of accepting added adult its adeptness to handle circuitous workflows or do you anticipate it’s added apprenticed by the actuality the absolute sales motion and chump acceptance as maturing? Like how would you antithesis those two?

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Yeah. Hi, this is Eran. So my abbreviate acknowledgment will be both. I anticipate we’ve apparent the aggregate of two forces.

One is obviously, the actuality that we are crumbling our cocky aggregation we accept added sales reps on our aggregation and they’re acceptable added experienced. So absolutely this is one allotment of this effect. The added allotment is that we advance heavily into the artefact for action accounts and we’re befitting to do that. So we’re accomplishing a lot on that advanced aloof to accomplish the artefact added scalable.

And we see that as we advance beyond and beyond accounts are able to accept monday and addition actual absorbing trend that we see is that every auction aeon that goes with this in an annual is for addition sales cycle. So it’s like an end amaranthine action of allotment in these cases the administration that could use monday. So it’s not a ancient accord that you assurance off, but added of a process. So, therefore, we get beyond and beyond accounts appliance us.

Bhavan Suri — William Blair — Analyst

Gotcha, gotcha, gotcha. And then, I appetite to blow a little bit on the exceptional offering. I assumption I’d adulation to accept and you accord some abundant color, but aloof what appulse did you see on the top of the carry because of premium? And then, it makes faculty to me that they’ll grow. But accept you apparent any barter decline at all adage “hey I’ve alone got a baby handful” maybe over a premium? Accept you apparent that motion at all? The about-face of what we would like to happen.

Thank you.

Eran Zinman — Co-Chief Executive Officer and Co-Founder

This is Eran again. So this is actual agitative for us. So as we barrage this chargeless bank we see that you aloof add added barter that use monday. It didn’t aching or cannibalize our absolute catechumen into acquittal in agreement of accepting customers, but access the top of the carry for the company.

And we didn’t see any appulse on our absolute customers. So barter are not activity to abbreviation their affairs or annihilation like that. One affair that is cool absorbing but afresh this is still actual aboriginal days. But we will now see a new blazon of carry actuality created of freemium accounts that over time and afresh we see aboriginal signs of the converting to advantageous company.

So I anticipate this will access the acknowledgment of monday as a tool. What we action and the bulk of bodies that are apparent to its adequacy and how they can use it.

Roy Mann — Co-Chief Executive Officer

Hi. It’s Roy. I will aloof add that our chargeless bank is now bound to alone two users. OK.

So it’s not absolutely impacting the beyond chump it’s aloof a way to accumulate on appliance us and use us for and those types like two use their plan, So.

Bhavan Suri — William Blair — Analyst

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Gotcha. Gotcha. It’s actual helpful. Acknowledgment for the blush gentlemen and congrats again.

Roy Mann — Co-Chief Executive Officer

Thank you.

Operator

Our abutting catechism comes from Brent Bracelin with Piper Sandler.

Brent Bracelin — Piper Sandler — Analyst

Thank you and acceptable morning. Or should I say? Acceptable afternoon. I appetite to go aback to the advance drivers of the business. Advance accelerating actuality to 94% you’re demography your for your full-year angle up to 75% advance for the year.

I anticipate we were at 60% affectionate of activity into the quarter. So as you attending at aloof the all-embracing business, what’s assuming bigger it sounds like enterprises able absolute barter a strong. Is that the capital disciplinarian actuality giving you optimism aloof stronger acceptance and amplification than you expected? Is it broad-based? Is there a accurate arena or added the business that’s outperforming? It aloof seems like the business actuality is abundant stronger and your optimism is abundant higher? Aggravating to accept what the primary affectionate of rank adjustment drivers actuality the business are? Thanks,

Eliran Glazer — Chief Banking Officer

Hey, Brent. This is Eliran. Basically, I anticipate aggregate that you’ve said it’s all of the above. So obviously, our advance was actuality apprenticed by abiding civil tailwind and drive in the amplitude in the category.

And there was a aggregate of the afterward there is new barter as we abide to add to our platform. There is acutely an amplification aural our absolute chump base. Aerial affection and which can be approved from our net dollar assimilation rate, which is now over 125% as a reminder, it was 121% in Q1. And we are additionally seeing acutely the action drive and the motion of 470 action accounts up 226% year over year.

And the break that we are seeing is basically that abide to trend up and I accept that there is of use of monday. The actuality that we are a bazaar baton the cast acquaintance hopefully additionally accurate by the IPO. The aboriginal advanced motion that was mentioned by Eran and Roy, we affectionate of had the sales alignment in mid-2018. So now we see the fruits of this investment.

So all of the things the aggregate of all of these things are creating our optimism with commendations to this advance and potentially affiliated growth.

Brent Bracelin — Piper Sandler — Analyst

Great to apprehend there and acknowledge that color. I assumption on the cast accessory of that, operating losses accept narrowed advisedly in the division it looks like your advice suggests that operating losses actuality could abide to narrow. Is that a action of aloof not actuality able to appoint as aggressively as you would like? I apperceive it’s a bound activity bazaar appropriate now or is there article structurally added able about your sales and business spend? Breadth do you feel you can drive this hyper-growth after aggressively advance as abundant as you accept in the past? Aloof aggravating to understand, why you’re affectionate of absorption the operating accident actuality attending for the added bisected of the year. Thanks.

Roy Mann — Co-Chief Executive Officer

So as I mentioned beforehand Brent. So we’re not aggravating to optimize cost. Actually, we are activity to abide and advance aggressively, but definitely, we see some efficiencies aural our sales and business investments but we will abide to advance aggressively. I don’t appetite to anticipate about it as an indicator of a affectionate of administration as we are operating in accordance with what you presented in the workspace model.

We are activity to see added added costs I accept in the added bisected of the year. As I mentioned, we aloof confused to the new building. We’re activity to abide to appoint aggressively alike admitting there are some challenges with hiring. We are still are in actual able-bodied and are activity to be bacon increases.

We’re activity to accept contest by the end of the year. So I anticipate we are activity to be costs that absolutely are activity to be incurred in the added bisected of the year, but obviously, we’re alive in accordance with our advance appearance operating model.

Brent Bracelin — Piper Sandler — Analyst

Helpful color. Abundant to see the drive in the business. Acknowledge you.

Operator

Our abutting catechism comes from Ittai Kidron with Oppenheimer.

Ittai Kidro — Oppenheimer — Analyst

Hey, guys. Abundant division out of the aboideau acceptable stuff. I capital maybe Roy and Eran, to allocution about workdocs, the advertisement you fabricated today. If you could accord us a bit added blush and added interestingly how does that assignment its way to your appraisement plan? What are the allowance that aural the abutting 12, 18 months you absolutely accession prices beyond your plans?

Roy Mann — Co-Chief Executive Officer

Hi, and it’s Roy. Yeah. So that’s cool exciting. The workdocs, so we’re about — we see a lot of starting credibility for monday in our monday boards breadth it’s like a actual structured way of chargeless information.

And the abstracts about acquiesce barter to alpha in an baggy way. Right? Like you alpha article and afresh usually it stops with like old ancient docks with monday we saw a massive befalling with continuing that assignment on the belvedere abacus added people. So we see this as a new way for barter to alpha appliance monday. So the docs as you ask are attainable to everyone.

We don’t appetite to absolute that by appraisement bank and those kinds of limitations because we appetite anybody to start. We will in the approaching accede abacus added and tiers into the abstracts for the like continued functionality, but we don’t accept that now.

Eran Zinman — Co-Chief Executive Officer and Co-Founder

And if I can add, Ittai. This with Eran. So I anticipate addition point that that’s cool absorbing is the aggregate amid advance and workdocs. So able you can bury into a workdoc aboard breadth you can absolutely change the lath from aural the doc.

Everything central you can accept several bodies alive calm in this actual allegedly and in real-time it is afresh a adeptness multiplier in agreement of to and carnality versa. You can accept a doc aural the port. So amalgamate those two articles calm I anticipate for abundant ablaze actual agitative agency that our barter can advantage the adeptness of growth.

Ittai Kidro — Oppenheimer — Analyst

Great. Maybe as a aftereffect if you could amend us on appropriate now, how big is your bigger deployment? How abounding seats are in your bigger deployment?

Eliran Glazer — Chief Banking Officer

Currently, Ittai. This is Eliran. Currently, it’s 7,000 seats. This is a chump that we have.

This is the bigger annual that we currently have.

Ittai Kidro — Oppenheimer — Analyst

Got it. Excellent. Acceptable stuff. Thanks.

Operator

Our abutting catechism comes from DJ Hynes with Canaccord.

DJ Hynes — Canaccord — Analyst

Hey, guys. Abundant alpha here. Acknowledgment for demography the questions. Aloof one for me I’ll absolute it at Eran, but anyone feel free.

I was acquisitive to allocution a little bit about co-existence with added assignment administration accoutrement in your ample action accounts, right? I mean, I attending at Fortune 500 assimilation for guys Smartsheet, Asana, yourselves. I beggarly there’s acutely overlap there. So I’m acquisitive you could allocution about how you see this arena out. Well, there consistently be allowance for assorted vendors in these ample accounts.

Or do you anticipate they consolidate about a distinct bell-ringer over time? And how do you position monday to be that vendor?

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Yeah. Thanks, DJ. It’s Eran. So it’s a abundant question.

Overall may not appear it is a Assignment OS. So about there’s a lot of things that can body aural monday. But one of the key things that were cool important for us actuality a Assignment OS. Accommodate absolutely able-bodied with our tools.

So about our ambition is not to alter all accoutrement with an organization, but to be a abode breadth bodies can body actuality and administer a lot of the bulk functionality aural monday. But any app that’s the alignment already you can be chip into monday. Afresh it can be presented aural monday you can change things and afresh it can bore aback into a third-party application. So about affectionate of our aesthetics is to assignment able-bodied with everybody.

We’re not aggravating to alter aggregate aural our organization. I don’t anticipate it’s a point of alliance and that’s breadth we accomplish this position in the way that we’re affectionate of the worker’s organization. The courage that connects aggregate aural the organization. If it makes sense?

DJ Hynes — Canaccord — Analyst

Perfect. Acknowledge you, guys. Congrats on the start.

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Thank you.

Operator

Our abutting catechism comes from Derrick Wood with Cowen and Company.

Derrick Wood — Cowen and Aggregation — Analyst

Great. Acknowledgment for demography my questions and congratulations on my end as well. Maybe the aboriginal one for Eliran. The Action net acquirement assimilation bulk you mentioned was 125, but from 121 aftermost quarter.

Could you affectionate of ameliorate how abundant has appear from improvements in gross retention? And how abundant is from stronger amplification trends? And then, speaking about amplification I beggarly activity administration is a bulk breadth for you, but we get a lot of questions from investors affectionate of what are the abutting best accepted two or three use cases and what’s growing the fastest? So if you could animadversion on that as well, they’d be helpful.

Eliran Glazer — Chief Banking Officer

Definitely. So this is Eliran. On the catechism with commendations to use cases, I will adjourn afterwards to Roy or Eran. But let me alpha with the net dollar assimilation rates.

So as a admonition the bulk focus for our business is barter with 10-plus users. They accommodate an action annual and an annual that are beneath than $50,000. What we see is basically a able amplification aural the absolute chump abject and is that affectionate of a proxy for this amplification if you anticipate about the contempo cohorts. So back we are attractive at our cohorts.

The contempo cohorts and this is article that we showed historically. We see that the barter that we accept are lending and bigger accounts. So that they accept a beyond ARR in our assimilation and because of the net dollar acknowledgment the assimilation abacus is abaft four abode abounding boilerplate four quarters. What you see is basically it’s communicable up.

So the appulse of these cohorts, which are accepting abundant bigger are impacting the net dollar attention. And this is the aftereffect that you see in our net dollar in assimilation basically accepting to 125% and acutely additionally impacted by our amplification aural action accounts. With commendations to use cases. Is this is OK with you? I beggarly this is — afore I adjourn to Roy.

Derrick Wood — Cowen and Aggregation — Analyst

Yeah. Perfect.

Eliran Glazer — Chief Banking Officer

Roy, I would accredit to you on the use cases.

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Roy Mann — Co-Chief Executive Officer

Yeah. So I would acknowledge it if you can acknowledgment the question?

Derrick Wood — Cowen and Aggregation — Analyst

Yeah. I was aloof I get — we get questions from investors on affectionate of what are the best accepted two or three use cases alfresco of bulk activity management. In agreement of breadth you guys are seeing affectionate of best traction. I apperceive there’s a lot of altered fronts that you guys attempt and offer, but you had the top two or three that be helpful.

Roy Mann — Co-Chief Executive Officer

Yeah. So that’s great. So I would say one added and that is — CRMs for like abate use cases up to mid-sized use cases. We see that as a big trend for us.

And also, we accept a lot of barter there body their own use case. So they ability administer — we accept barter from over 190 altered business verticals. So they do their own accomplishment bulb some administer analytic trials a chase run production. So it’s not activity administration as abundant as like they run their own processes and they body their own accoutrement to run those processes.

So whatever that ability be and that’s added in the workflow action administration affectionate of space.

Derrick Wood — Cowen and Aggregation — Analyst

OK. Acknowledgment for the color.

Roy Mann — Co-Chief Executive Officer

Thank you.

Operator

Our abutting catechism comes from Scott Berg with Needham.

Scott Berg — Needham & Aggregation — Analyst

Hi, everyone. I additionally acknowledgment my congratulations on the able aboriginal column division IPO results. I assumption the aboriginal catechism is and I don’t apperceive who wants to booty it, but is on the workdocs and that’s accurately the product. But aloof how you anticipate about appraisement more, in general, activity forward.

Today, you appear the functionality or you talked about functionality be included in the abject price, but do you anytime get to a bearings maybe over the abutting brace of years breadth you affectionate of modularize or componentize some of that functionality and advertise that as an upside exceptional bank against an all in all you can eat today scenario?

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Yeah. So thanks, Scott, for the question. This is Eran. So it’s a abundant question, back we launched workdocs today our cerebration that we appetite this to be attainable in our accomplished appraisement plan because the abstraction was that annihilation that can drive acceptance and accept added bodies aural the alignment and can use monday makes faculty to be attainable in all plan because about we appetite to get everybody on board.

In commendations to the affectionate of approaching admeasurement in agreement of appraisement and packaging. So absolutely the way that we anticipate about the affectionate of approaching appraisement is about packaging in agreement of altered artefact solutions that we offer. So in altered industries, we accept altered appraisement levels. For example, in CRM we can allegation added per user in added industries as well.

So our cerebration activity advanced is to amalgamation the artefact added decidedly for those artefact solutions and afresh we can add differentiated appraisement and conceivably altered tiers for those articles solutions. So absolutely activity advanced it is in our roadmap.

Scott Berg — Needham & Aggregation — Analyst

Understood. Quite attainable and afresh from a aftereffect perspective, you all accept mentioned ally a brace of altered times during your script. As we’ve had a adventitious to allege with altered ally that you’re currently starting to appoint with. It’s still actual aboriginal in that lifecycle.

But how should we anticipate about ally accidental to the monday.com business maybe over the abutting two to three or four years? Do they can become a abundant allotment of your go-to-market sales action or were there consistently be — accept or maybe a abate affectionate of accessory befalling there. Acknowledge you.

Roy Mann — Co-Chief Executive Officer

Great. So it’s Roy. So, yeah, the accomplice is a big allotment of our roadmap activity forward. So, aboriginal of all, like you mentioned it is allowance us with all-around amplification and places we don’t accept the sales aggregation on, but additionally they are and we’re alive with a lot of them calm to action solutions for beyond companies beyond enterprises that appetite to custom-built the belvedere affiliated to added stuff.

So they advice us a lot with able casework and abounding of them additionally are ample contributors to our marketplace. They advance apps and afresh a lot of stuff. Bodies beyond the belvedere use. So it’s a actual we accept assorted partnerships.

Obviously, not anybody are the same, but as a whole, the affiliation is like a big allotment of our eyes activity forward.

Scott Berg — Needham & Aggregation — Analyst

Thank you.

Operator

Our aftermost catechism comes from Andrew DeGasperi with Berenberg.

Andrew DeGasperi — Berenberg Basic Markets — Analyst

Thanks for demography my catechism and congrats on activity public. First, I assumption I capital to ask a aftereffect on the antagonism question. I apperceive that a lot of added assignment administration accoutrement are additionally block the beyond end of the bazaar or the action customer. So I was aloof apprehensive if any of these bids are aggressive that you’re seeing appropriate now.

Are they mostly greenfield?

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Yeah. So thanks. Andrew this is Eran. So annihilation that we see this is a huge greenfield and befalling for us.

This is article we chase as allotment of the IPO. On 70% of the deals we see actually no competition. Usually, barter use email, and spreadsheets, and PowerPoint, and email to acquaint and collaborate. And it aloof seems that everybody are aggravating to advance amend assignment and accomplish it added efficient.

So it doesn’t assume like a greenfield. On 30% of the deals we see, I would say added of a vertical competition. So if somebody use monday for CRM for archetype we ability attempt with SMB focused CRMs. If somebody is in activity administration we ability see added competitors in the activity administration space.

But broadly speaking this is a huge greenfield and it is a huge befalling to abound aural this market.

Andrew DeGasperi — Berenberg Basic Markets — Analyst

That’s helpful. And aloof as a aftereffect these added solutions, the CRM, the software development, the HR, it seems appealing altered about to your competitors and it seems to also, I guess, aggrandize into added end markets that there are some bigger players in like [Inaudible] and Salesforce. I’m aloof apprehensive are you absolutely aloof focused on that abate end of the bazaar with these accoutrement and you don’t absolutely see these added beyond software companies in that acreage or those fields?

Roy Mann — Co-Chief Executive Officer

Hi. It’s Roy. So that’s a absolutely abundant catechism because it’s — we see a lot of those verticals as they go to bazaar for us like we appetite to put the bottom in the aperture and get into companies. And as we calibration and we are partnering and amalgam into those beyond players as you mentioned.

Meaning that we see ourselves as accumulation the workspace like creating a unified workspace for companies with no-code/low-code capabilities and the integrations. That absolutely connects all the accoutrement you mentioned to the blow of their alignment and acceptance them to actualize added workflows with them if they appetite to alter it, fine. But usually, like the bigger affliction credibility are connecting, breaking silos, accepting bodies assignment together. So it’s a two-way go-to-market that we acreage on the abate and use cases and alike the baby admeasurement CRM and we accept a lot of ample enterprises that alpha with the abate one on altered actuality that they use.

So it’s a abundant bottom in the aperture for our articulation for enterprises and afresh we accommodate with the beyond players.

Andrew DeGasperi — Berenberg Basic Markets — Analyst

Great. Acknowledge you.

Operator

[Operator signoff]

Duration: 53 minutes

Keenan Zopf — Broker Relations

Roy Mann — Co-Chief Executive Officer

Eran Zinman — Co-Chief Executive Officer and Co-Founder

Eliran Glazer — Chief Banking Officer

Kash Rangan — Goldman Sachs — Analyst

Matt Coss — JPMorgan Chase & Co. — Analyst

Brent Thill — Jefferies — Analyst

Bhavan Suri — William Blair — Analyst

Brent Bracelin — Piper Sandler — Analyst

Ittai Kidro — Oppenheimer — Analyst

DJ Hynes — Canaccord — Analyst

Derrick Wood — Cowen and Aggregation — Analyst

Scott Berg — Needham & Aggregation — Analyst

Andrew DeGasperi — Berenberg Basic Markets — Analyst

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