Business
monday.com Announces Third Quarter 2022 Results
Third quarter revenue of $136.9 million grew 65% year over year (68% FX-adjusted) Number of Customers with more than $50k ARR grew 116% year over year Number
About this update from Monday.com Ltd.
[{"type":"text","content":"\nThird quarter revenue of $136.9 million grew 65% year over year (68% FX-adjusted)\n\nNumber of Customers with more than $50k ARR grew 116% year over year\n\nNumber of paying accounts from new monday Work OS products has surpassed 3,000\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 third quarter ended September 30, 2022.\n\nManagement Commentary:\n\n“The strength of our Work OS platform and continued execution in the quarter resulted in strong top line growth, with revenue growing 65%,” said monday.com founder and co-CEO, Roy Mann. “This quarter once again demonstrated our ability to drive growth from both new and existing customers, particularly at the enterprise level where we expanded our base to over 1,300 customers.”\n\n“Our new Work OS products continue to see great traction, and we are very encouraged by the adoption and positive feedback we have received from early customers,” said monday.com founder and co-CEO, Eran Zinman. “We remain confident in the long-term opportunity ahead as we continue to provide products and solutions that are core to our customers’ business success across an expanding breadth of use cases.”\n\n“We made strong progress against our financial and operating plans, which drove improving margins and positive adjusted free cash flow in the third quarter,” said Eliran Glazer, monday.com CFO. “While uncertainties in the macroeconomic environment remain, these results give us confidence to increase our outlook for the balance of the year, as we remain focused on improving efficiency and profitability while investing responsibly to grow the business.”\n\nThird Quarter Fiscal 2022 Financial Highlights:\n\n\nRevenue was $136.9 million, an increase of 65% year-over-year, or 68% on an FX-adjusted basis.\n\n\nGAAP operating loss was $28.2 million compared to a loss of $29.2 million in the third quarter of 2021; GAAP operating margin was negative 21% compared to negative 35% in the third quarter of 2021.\n\n\nNon-GAAP operating loss was $2.2 million compared to a loss of $9.4 million in the third quarter of 2021; non-GAAP operating margin was negative 2% compared to negative 11% in the thir...