Slide 1: Q3 FY25 Earnings
Q3 FY25 Earnings November 2025
Slide 2: Safe harbor
Safe harbor This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. These forward-looking state
Slide 3: Strong revenue growth
$317M 26% Strong revenue growth $317M Revenue YoY revenue growth $299M $282M 37% 117% $268M $251M YoY increase in customers Net dollar retention rate* of with $50k+ ARR* to 3,993*** customers with $50k+ ARR*** 90% $92M Adjusted free cash flow ** Gross margin** Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 represent
Slide 4: Our guiding principles for the future of work with AI
Our 3 guiding principles for the future of work with Al The infinite workforce The traditional limits of capacity and cost are being erased with agents. The limitless software engine Software creation is abundant and instantaneous, allowing us to build solutions and pursue new growth opportunities.
Slide 5: In this new era, our mission is transformed.
d In this new era, — our mission is transtormed.
Slide 6: From managing work to doing the work.
-_ From managing work to doing the work.
Slide 7: monday agents, sidekick, magic, vibe
monday monday agents magic monday monday sidekick vibe
Slide 8: Total customers
Total customers 245K +22% 225K 186K 152K Customers CAGR 114K 90K 2019 – 2024 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 Note: data as of the end of each year
Slide 9: Customers spanning across 200+ industries
Customers spanning across 200+ industries > _ no Education Industrials Finance Marketing Retail Publishing « Ms. al. core
Slide 10: % of revenue
% of revenue Europe North 27% America 54% MEA 5% Latam APAC 6% 8% Note: data as of the end of Q3 FY25
Slide 11: $50k+, $100k+ and $500k+ ARR customers
$50k+ ARR customers $100k+ ARR customers $500k+ ARR customers +37% YoY growth +48% YoY growth +73% YoY growth 3,993 1,603 78 3,702 1,472 68 3,444 1,328 3,201 1,207 57 2,907 1,080 50 45 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Note: for definition of A
Slide 12: % of total ARR by customer tier
% of total ARR $50k+ ARR customers $100k+ ARR customers $500k+ ARR customers 40% 27% 6% 26% 38% 37% 24% 24% 5% 5% 36% 22% 34% 4% 4% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Note: for definition of ARR, see Appendix Not e : dat a as of t he e nd of e a
Slide 13: Financial overview and update
Financial overview and update
Slide 14: Quarterly and annual revenue
Quarterly revenue Annual revenue +26% YoY growth ’20-’24 CAGR: 57% $317M $972M $299M $282M $268M $251M $236M $730M $217M $203M $189M $519M $308M $161M Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 FY-20 FY-21 FY-22 FY-23 FY-24
Slide 15: Remaining performance obligations (RPO)
Remaining performance obligations (RPO) $747M $699M $660M $614M $548M $518M $462M $414M $386M Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Note: for definition of RPO, see Appendix
Slide 16: Net dollar retention rate: all customers
All customers 125% 125% 123% 121% 121% 117% 117% 114% 112% 112% 112% 110% 110% 110% 111% 111% 111% Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Note: for definition of net dollar retention rate, see Appendix Not e : dat a as of t he e nd of e
Slide 17: Net dollar retention by customer segment
Customers with 10+ users $50k+ ARR customers $100k+ ARR customers 117% 117% 117% 117% 116% 116% 116% 115% 115% 115% 115% 115% 115% 115% 114% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Note: for definition of net dollar retention rate, see Appendix Not e
Slide 18: Expenses as a % of revenue
Quarterly expenses as a % of revenue Annual expenses as a % of revenue 13% 15% 14% 15% 15% (53%) (17%) (9%) 8% 14% 52% 48% 48% 47% 48% 113% 79% 69% 57% 51% 17% 18% 19% 20% 18% 19% 17% 18% 16% 17% 9% 9% 9% 9% 9% 9% 11% 11% 9% 8% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 FY-20 FY-21 FY-22 FY-23 FY-24 Operating ma
Slide 19: Adjusted free cash flow margin
Quarterly adjusted free cash flow margin Annual adjusted free cash flow margin 39% 30% 28% 33% 29% 27% 21% 3% 2% (25%) Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 FY-20 FY-21 FY-22 FY-23 FY-24 Adjusted free cash flow amounts to: $82.4M, $72.7M, $109.5M, $64.1M, Adjusted free cash flow amounts to: ($40.7M), $9.9M,
Slide 20: Appendix
Appendix Supplementary materials
Slide 21: Definitions
Definitions (1) Annual recurring revenue (“ARR”) is defined to mean, as of a measurement date, the annualized value of our customer subscription plans assuming that any contract that expires during the next 12 months is renewed on its existing terms. (3) We calculate Net Dollar Retention Rate (NDR)
Slide 22: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted free cash flow ($ in millions) FY’20 FY’21 FY’22 FY’23 FY’24 Net cash provided by (used in) operating (37.2) 16.4 27.1 215.4 311.1 activities Purchase of PP&E (4.4) (11.6) (16.0) (7.9) (13.2) Capitalized software development costs (1.1) (2.2) (3
Slide 23: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted free cash flow ($ in millions) Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Net cash provided by operating activities 86.6 76.7 112.0 66.8 95.1 Purchase of PP&E (3.8) (3.4) (3.7) (5.9) (4.0) Capitalized software development costs (0.4) (0.6) (0.8) (0.9) (0.9)
Slide 24: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) FY’20 FY’21 FY’22 FY’23 FY’24 ✦ Reconciliation of gross profit: GAAP gross profit 138,635 269,137 452,501 649,050 868,304 Add: Share-based compensation 2,720 7,681 10,406 6,307 6,603 Non-GAAP gross profit 141,355 276,818 462,907 655,357
Slide 25: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) FY’20 FY’21 FY’22 FY’23 FY’24 Reconciliation of operating expenses (cont.): GAAP general and administrative 54,339 53,493 85,401 92,733 142,090 Less: Share-based compensation 39,415 20,934 28,100 29,747 37,746 Less: Charitable contributi
Slide 26: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 ✦ Reconciliation of gross profit: GAAP gross profit 225,028 237,474 253,445 267,841 281,067 Add: Share-based compensation 1,881 1,606 1,134 2,272 2,964 Non-GAAP gross profit 226,909 239,080 254,579 270,113 2
Slide 27: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures ($ in thousands) Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Reconciliation of operating expenses (cont.): GAAP general and administrative 55,637 31,903 32,544 39,763 38,184 Less: Share-based compensation 10,012 8,945 8,445 13,200 11,213 Less: Charitable contribution