Monday.Com Shares Drop Despite Q1 Beat; Clocks 84% Revenue Growth

  • Monday.Com Ltd MNDY reported first-quarter FY22 revenue growth of 84% year-on-year to $108.5 million, beating the consensus of $101.2 million.
  • The net dollar retention rate was over 125%. The net dollar retention rate for customers with over ten users was over 135%.
  • The number of paid customers with over $50,000 in annual recurring revenue was 960, up 187%Y/Y.
  • The percentage of ARR attributable to customers with over $50,000 in ARR was 22%, up from 12% a year ago.
  • The non-GAAP operating margin loss was (40)%, the same as a year back.
  • Non-GAAP EPS loss of $(0.96) beat the consensus loss of $(1.02).
  • Monday.Com used $(12.9) million in operating cash flow and held $849.6 million in cash and equivalents.
  • "Q1 was another quarter of great execution at, led by strong demand with larger customers," CFO Eliran Glazer said.
  • Outlook: Monday.Com sees Q2 revenue of $117 million - $119 million, above the consensus of $110.9 million. 
  • Monday.Com raised FY22 revenue guidance from $470 million - $475 million to $488 million - $492 million, above the consensus of $474.5 million.
  • Price Action: MNDY shares traded lower by 3.24% at $106.80 in the premarket on the last check Monday.
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