Business
monday.com Announces Fourth Quarter and Fiscal Year 2022 Results
Fiscal year 2022 revenue of $519.0 million grew 68% year over year (71% FX-adjusted) Number of customers with more than $50k ARR grew 86% year over year
About this update from Monday.com Ltd.
[{"type":"text","content":"\nFiscal year 2022 revenue of $519.0 million grew 68% year over year (71% FX-adjusted)\nNumber of customers with more than $50k ARR grew 86% year over year\nAchieved positive adjusted free cash flow for the second consecutive year\nAnnounced a partnership with Appfire to expand the monday.com app marketplace\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 fourth quarter and fiscal year ended December 31, 2022.\n\nManagement Commentary:\n\n“Q4 capped off an amazing year, exceeding our expectations on both the top and bottom lines,” said monday.com founder and co-CEO, Roy Mann. “We finished FY’22 with strong revenue growth, improving efficiency, and positive free cash flow for the second consecutive year. Despite macro uncertainties, we believe we are well positioned for the road ahead.”\n\n“We continue to see strong new customer demand for our products, adding more than 34,000 net new customers during the year,” said monday.com founder and co-CEO, Eran Zinman. “Customers are turning to monday.com to help them execute more strategically and efficiently, and we remain confident in the long-term opportunity ahead as we continue to provide solutions that are core to our customers’ use cases.”\n\n“Our performance in Q4 and FY’22 demonstrates that monday.com continues to drive growth and profitability at scale,” said Eliran Glazer, monday.com CFO. “These strong results make us even more confident in reaching our targets in both the short- and long-term, and we expect to again be free cash flow positive in FY’23.”\n\nFourth Quarter Fiscal 2022 Financial Highlights:\n\n\nRevenue was $149.9 million, an increase of 57% year-over-year, or 60% on an FX-adjusted basis.\n\n\nGAAP operating loss was $10.1 million compared to a loss of $31.6 million in the fourth quarter of 2021; GAAP operating margin was negative 7% compared to negative 33% in the fourth quarter of 2021.\n\n\nNon-GAAP operating income was $14.3 million compared to a loss of $9.9 million in the fourth quarter of 2021; non-GAAP operating margin was positive 10% compared to negative 10% in the fourth quarter of 2021.\n\n\nGAAP net loss per basic and diluted share ...