Business
monday.com Announces First Quarter 2022 Results
First quarter revenue surpassed $100 million growing 84% year over year Number of Customers with more than $50k ARR grew 187% year over year Net dollar
About this update from Monday.com Ltd.
[{"type":"text","content":"\nFirst quarter revenue surpassed $100 million growing 84% year over year\n\nNumber of Customers with more than $50k ARR grew 187% year over year\n\nNet dollar retention rate for customers with more than $50k ARR was over 150%\n\nAnnounced launch of monday Work OS products, new end-to-end products\n\n NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--\nmonday.com (NASDAQ: MNDY), a work operating system (Work OS) where organizations of any size can create the tools and processes they need to manage every aspect of their work, today reported financial results for its first quarter ended March 31, 2022.\n\nManagement Commentary:\n\n“In the first quarter we made meaningful progress in capturing our large market opportunity with strong top line growth and increasing net dollar retention,” said monday.com founder and co-CEO, Roy Mann. “We are excited to take the next step in our product evolution with the introduction of monday Work OS products,” said monday.com founder and co-CEO, Eran Zinman. “These new end-to-end products will provide our customers with more robust solutions containing advanced features and capabilities to address their specific needs.”\n\n“Q1 was another quarter of great execution at monday.com, led by strong demand with larger customers,” said Eliran Glazer, monday.com CFO. “While growing and scaling the company will remain our top priority, we are equally focused on improving capital efficiency and operating leverage as we move forward.”\n\nFirst Quarter Fiscal 2022 Financial Highlights:\n\n\nRevenue was $108.5 million, an increase of 84% year-over-year.\n\n\nGAAP operating loss was $67.5 million compared to a loss of $37.8 million in the first quarter of 2021; GAAP operating margin was negative 62% compared to negative 64% in the first quarter of 2021.\n\n\nNon-GAAP operating loss was $43.8 million compared to a loss of $23.3 million in the first quarter of 2021; non-GAAP operating margin was negative 40%, the same as first quarter of 2021.\n\n\nGAAP net loss per basic and diluted share was $1.48 compared to GAAP net loss per basic and diluted share of $3.52 in the first quarter of 2021; non-GAAP net loss per basic and diluted share was $0.96 compared to non-GAAP net loss per basic and diluted share of $0.63 in the first quarter of 2021.\n\n\nNet cash used in operating activities was $12.9 million, with negative ad...