Monday.com Ltd. · NASDAQ:MNDY
Monday.com — Investor Day (September 2025)
120 slides from Monday.com's investor day presentation, Sep 17, 2025
Slide 1: Investor Day '25
Investor Day ‘25 September 17
Slide 2: Agenda
Agenda 1 2 3 4 5 6 Go-to- Opening Strategic Product Financial market remarks vision strategy strategy Q&A overview Byron Stephen Roy Mann & Eran Daniel Lereya Vice President, Zinman Co-Founders Chief Product & Casey George Eliran Glazer monday.com Investor Relations & Co-CEOs Technology Officer Chie
Slide 3: Safe harbor
Safe harbor This presentation has been prepared by monday.com Ltd. (“we,” “us,” “our,” “monday.com” or the “Company”). This presentation (including oral commentary that accompanies this presentation) contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Priv
Slide 4: Strategic vision
Strategic vision Roy Mann & Eran Zinman Co-Founders & Co-CEOs
Slide 5: AI is a transformative technology
AI is a transformative technology Unleashing this power for work is what guides us forward
Slide 6: Our guiding principles for the future of work with AI
Our 3 guiding principles for the future of work with AI The traditional limits of Software creation is abundant Value for businesses comes capacity and cost are being and instantaneous, allowing us from closing the adoption gap erased with agents to build solutions and pursue through usability, trus
Slide 7: In this new era, our mission is transformed
A In this new era, — our mission is transformed.
Slide 8: From managing work to doing the work
_ From managing work to doing the work.
Slide 9: Rapid AI innovation with strong customer usage
Rapid AI innovation with strong customer usage Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 10: Today you'll learn how AI will do the work for you
Today you’ll learn how AI will do the work for you Unlimited workforce Software is infinite Adoption will win monday monday agents magic monday monday sidekick vibe Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 11: Strong foundation for the next growth chapter
Strong foundation for the next growth chapter Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 12: Our story so far…
Our story so far… ✦ H1 FY’25 $1.2B+ 28% ~2.5M 250k+ Annual recurring Monthly active paying revenue (ARR)* Revenue growth people (MAPP)* Customers 30% 15% $1.6B 2.9k Adjusted free cash Non-GAAP operating Cash and cash flow margin** margin** equivalents Employees Note: metrics end of the half ended Ju
Slide 13: monday.com is in a class of its own. Rule of 60 leadership
monday.com is in a class of its own. Rule of 60 leadership Note: Data calculated as past 4 quarters of revenue growth and adjusted free cash flow margin, Strategic vision Product strategy Go-to-market overview Financial strategy based on public disclosures
Slide 14: New products are an accelerating ARR growth driver
New products are an accelerating ARR growth driver Recently crossed $100M ARR! monday's fastest growing product Healthy growth (+64% YoY) 0 10 20 30 40 # of months since first paid customer Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ARR, see Ap
Slide 15: A major cross-sell opportunity to our existing base
A major cross-sell opportunity to our existing base Today → Growth potential Only Cross-sell growth potential 6% ~40% of our accounts have of monday work management users are from sales, two products or more developer, or IT teams Accounts with 2+ core products out of our total accounts Strategic vi
Slide 16: A world-class customer acquisition machine
A world-class customer acquisition machine ✦ Performance Marketing (PM) spend 55+ Customer acquisition channels ~10% New ARR from Google Search Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ARR, see Appendix
Slide 17: The future of AI Marketing: AI optimization (AIO)
The future of AI Marketing: AI optimization (AIO) Visitors from AI engines are already growing → Leveraging exponentially before monetization and AIO at scale Developing internal tools to enhance AI- focused performance marketing capabilities → Tailored content Increasing visibility in AI search wit
Slide 18: New deals landing larger, from quantity to quality
New deals landing larger, from quantity to quality ✦ New land accounts ACV ✦ % of new ARR from Enterprise pricing tier 38% 25% H1’21 (IPO) H1’25 New accounts average contract value (ACV) % of gross new ARR from Enterprise pricing tier accounts Strategic vision Product strategy Go-to-market overview
Slide 19: Upmarket acceleration continues for largest clients
Upmarket acceleration continues for largest clients ✦ $500k+ ARR customers +115% ARR CAGR* $900k ACV 15 Avg. use cases per customer Note: for definition of ARR, see Appendix Strategic vision Product strategy Go-to-market overview Financial strategy *CAGR since H1’21
Slide 20: Strategy & execution led to ~5X ACV growth in a decade
Strategy & execution led to ~5X ACV growth in a decade ✦ Average Contract Value AI Blocks monetization DB 2.0 Scale Enterprise add-ons DB 1.0 Speed Sales & partners groups founded App marketplace Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ACV s
Slide 21: Slower headcount growth as we scale with higher internal efficiency
Slower headcount growth as we scale with higher internal efficiency Yearly Headcount Growth AI augments every worker, allowing us to scale with lower cost ➔ R&D - 100% of developers use AI, 20x improvement* in biggest tech debt project investment ➔ CRO - agents have already executed 1,000+ calls, bo
Slide 22: The future of monday.com
The future of monday.com Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 23: A new era of work for monday work management
A new era of work for monday work management Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 24: A new era of work for monday CRM
A new era of work for monday CRM Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ARR, see Appendix
Slide 25: A new era of work for monday dev
A new era of work for monday dev Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 26: A new era of work for monday service
A new era of work for monday service Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 27: monday DB is the enterprise grade infrastructure for scale
monday DB is the enterprise grade infrastructure for scale and resilience Data building blocks: boards and columns, boards linkage, Visualization building blocks: board views, widgets, Logic building blocks: automations and hierarchy dashboards workflows Extendible: API & monday apps framework Nativ
Slide 28: A hybrid monetization model
A hybrid monetization model Pricing model Seat-based Consumption-based ✦ ✦ Rollout in Q4’25 ✦ ✦ ✦ AI Blocks ✦ Available now! ✦ Available now! ✦ Rollout in H1’26 ✦ Available now! Free Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 29: Key takeaways
Key 1 Durable model with industry leading execution Rule of 60 performance, improving margins, and a strong cash position give us the flexibility to scale takeaways 2 AI is accelerating adoption and efficiency Embedded across every product, AI is driving faster customer adoption, stronger usage, and
Slide 30: What you will hear today
What you will hear today Product Go-to-Market Financial strategy overview strategy → Daniel Lereya, CPTO → Casey George, CRO → Eliran Glazer, CFO Our unique platform provides the We continue to evolve our GTM We are well positioned to infrastructure required to strategy to drive upmarket and continu
Slide 31: Product Strategy: The future of work with AI
Product Strategy: The future of work with AI Daniel Lereya Chief Product & Technology Officer
Slide 32: It's a new world of work with AI
It's a new world of work with Al
Slide 33: AI fundamentally changes the expectations from work software
AI fundamentally changes the expectations from work software A perfect solution, for every A virtual workforce, vertical need, in seconds at your hands Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 34: This presents huge opportunity for businesses
This presents huge opportunity for businesses Can be infinite Push for Provide service times more unprecedented with superior powerful efficiency quality Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 35: We're known for our culture and unmatched execution
We’re known for our culture and unmatched execution That culture is exactly why we’re moving so fast in this new AI era. Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 36: Introducing monday magic
Introducing: Transforms a simple prompt into a complete, customized work solution. Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 37: From intent to solution
From intent to solution Project Management monday magic provides: Infinite use cases Marketing Campaigns Management Creative Project Management Near-instant onboarding Customer Relationship Management from intent to a working solution in minutes. Repair schedule Operations Management Real Estate Man
Slide 38: Vibe coding is transforming how software is being created
Vibe coding is transforming how software is being created
Slide 39: Introducing monday vibe
Introducing: Build fully connected, enterprise-grade business apps on top of monday.com, in minutes, with simple words. “The more I use Vibe, the more I am falling in love with it. It has given me the ability to channel my inner developer and improve the speed at which I can get things done״. Andr
Slide 40: Vibe coding creates siloed apps. Businesses need scalable work software.
Vibe coding creates siloed apps. Businesses need scalable work software. Apps alone aren’t enough. To power real work, they must meet the standards of enterprise software
Slide 41: monday vibe + monday DB: Unleashing the power of vibe coding for work
monday vibe + monday DB: Unleashing the power of vibe coding for work With monday DB, every app built on vibe gains the full strength of monday’s platform. ✦ Unified & connected natively linked to your data, workflows, and integrations, ensuring no silos. ✦ Built to scale years of investment enablin
Slide 42: 17,000+ apps have already been built with vibe
17,000+ apps have already been built with ✦ Apps created by users with monday vibe General Gradual availability release Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 43: With AI, everyone is now a builder
With AI, everyone is now a builder Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 44: Introducing monday agents
Introducing: Build powerful agents for any kind of job. Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 45: Unleashing the power of agents for all information workers
Unleashing the power of agents for all information workers With a simple and intuitive experience, no code needed. Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 46: monday platform is going to do the work for you
monday platform is going to do the work for you A perfect solution, for every A virtual workforce, vertical need, in seconds at your hands Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 47: Multi-product synergy
Multi-product synergy Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 48: From managing work to doing the work
From managing work to doing the work Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 49: The category leader, serving customers of all sizes
The category leader, serving customers of all sizes $1.1B 80,000 seats ARR monday.com is the only work management largest deployment vendor to be named a Leader in 3 Gartner®, Magic Quadrant™ reports Note: for definition of ARR, see Appendix Collaborative Adaptive Project Marketing Work Diversified
Slide 50: Fueling our upmarket momentum
Fueling our upmarket momentum Next generation of Work Management, built for Enterprise Delivering the enterprise-grade trust, security, and governance and the advanced PMO capabilities, required by the world’s largest organizations. Enterprise-scale reporting across Portfolio management Resource man
Slide 51: A personal AI agent for every monday user
A personal AI agent for every monday user Introducing: ✦ Understands your full work context ✦ Lives where you work ✦ Improves with every interaction ✦ Easy to adopt with just one click Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 52: Enabling infinite use cases
Enabling infinite use cases ✦ Sidekick interactions ✦ Types of work done by Find candidates Generate a report best fit to develop showing how many me an application properties are in for mobile. each payment status HR Sales Team Lead Gradual release Draft a follow-up Set up an email to a client inte
Slide 53: From managing sales to closing deals
From managing sales to closing deals actual sales Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 54: From $0 to $100M ARR in just years
From $0 to $100M ARR in just 3 years $100M+ 1,500 33,479 ARR seats accounts largest deployment 61% Y/Y growth 33% ARR by customer size Leading with SMB SMB cross-sell % of total ARR Mid-market Enterprise Segments defined by company size. SMB = less than 100 employees; mid-market = 100-1,500 employee
Slide 55: Introducing the new way for marketers to win
Introducing the new way for marketers to win create, launch, and optimize marketing campaigns.
Slide 56: AI that generates demand for you
AI that generates demand for you From drafting content To AI instantly creating manually and waiting → campaign-ready emails, on designers ads, and visuals. From manually To AI proactively checking → surfacing high-potential engagement reports leads as they emerge. Strategic vision Product strategy
Slide 57: From a single product to a CRM suite
From a single product to a CRM suite: accelerating growth in the mid-market Sales Closing deals Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 58: From a single product to a CRM suite
From a single product to a CRM suite: accelerating growth in the mid-market Marketing Sales Lead generation with Post-sales Closing deals monday campaigns project delivery Large potential within Marketing campaigns and lead generation capabilities are requested by existing customers more than 50% of
Slide 59: From empowering the sales process to executing sales for you
From empowering the sales process to executing sales for you Introducing: Chris, the AI SDR agent ✦ Contacts 100% of leads ✦ Available 24/7 ✦ Speaks every major language and engages naturally Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 60: A new era for software creation
A new era for software creation Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 61: Strong and balanced growth across all segments
Strong and balanced growth across all segments $14M 600 4,673 ARR seats accounts largest deployment 67% Y/Y growth 44% Diversified ARR by customer size customer base SMB cross-sell Mid-market % of total ARR Enterprise Enterprise Segments defined by company size. SMB = less than 100 employees; mid-ma
Slide 62: Empowering the next generation of software development
Empowering the next generation of software development ✦ Available in Q4‘25 ✦ Available in Q2‘26 ✦ Available in Q1‘26 Developers Developer managers The business A connective tissue between Leveraging AI to provide deep Breaking the organizational developers and AI agents insights for development “wa
Slide 63: From answering tickets to solving problems
From answering tickets to solving problems Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 64: Our fastest-growing product, fueled by large accounts
Our fastest-growing product, fueled by large accounts $7M 2,500 1,008 ARR Note: for definitions of ARR and cross-sell, see Appendix seats accounts Highest ACV product largest deployment 45% Q/Q growth 60% 60%+ Leading with ARR by customer size mid-market and enterprise cross-sell non-IT internal bus
Slide 65: Enterprise Service Management, for every department in the organization
Enterprise Service Management, for every department in the organization Next generation of Enterprise Service Management: 98% of HR tickets Multi portal SLA management Serve multiple audiences from Track and meet SLAs with one platform with personalized adaptable rules, alerts, and triaged with AI p
Slide 66: From solving tickets to solving problems: best in class service
From solving tickets to solving problems: best in class service, across your entire organization Old world | Manual service Teams triaged, routed, and resolved every ticket themselves. ➝ Chasing Service Level Agreements (SLAs) ➝ High cost, as service scales with people ➝ Inconsistent service quality
Slide 67: From solving tickets to solving problems. Best in class service
From solving tickets to solving problems. Best in class service, across your entire org Old world | Manual service New world | AI-based service Teams triaged, routed, and resolved AI agents are solving tickets every ticket themselves. ➝ Chasing Service Level Agreements (SLAs) ➝ Service Level Agreeme
Slide 68: Empowering organizations to build, train and perfect AI-based service
Empowering organizations to build, train and perfect AI-based service ✦ Seamlessly connect to organizational data and tools ensuring agents have the full context to deliver accurate, high-quality outcomes. ✦ Govern and control AI performance with enterprise-grade oversight, tuning, and security guar
Slide 69: The future of work by monday.com
The future of work by monday.com Unlimited workforce Software is infinite Adoption will win monday monday agents magic monday monday sidekick vibe Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 70: We don't just build AI — we live it.
We don’t just build AI — we live it. 100% of monday developers are using AI every day AI benefits for engineering teams: Accelerated pace Improved Product Engineering of innovation Quality and Service Productivity ➝ 3 major AI capabilities ➝ From 3d → 1d handling ➝ 21% faster onboarding released in
Slide 71: Key takeaways
Key 1 From managing to doing Product strategy is shifting from supporting work to actually doing it, with AI-powered agents and workflows. takeaways 2 The platform is our moat mondayDB provides the enterprise-grade foundation for AI apps, ensuring security, scale and governance. 3 Multi product stra
Slide 72: Go-to-market strategy
Go-to-market strategy Casey George Chief Revenue Officer
Slide 73: My journey to monday.com
My journey to monday.com 30+ years of GTM leadership at leading technology firms, including GM roles at Verint North America and IBM Security North America Led Qlik’s global revenue organization (Thoma Bravo- backed), overseeing $1.3B in ARR and managing a 1,000+ person team across sales, channels &
Slide 74: We serve a huge & highly diversified customer base
We serve a huge & highly diversified customer base Note: metrics as of the end of the quarter ended June 30, 2025 Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ARR, see Appendix
Slide 75: Adopted across the world's largest brands
Adopted across the world’s largest brands Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 76: Consistent ARR hypergrowth
Consistent ARR hypergrowth ✦ Total ARR +50% ARR CAGR H1’20-H1’25 Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ARR, see Appendix
Slide 77: New products' ARR increased 98% YoY, with a growing share in total ARR
New products’ ARR increased 98% YoY, with a growing share in total ARR ✦ Products % of ARR Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ARR, see Appendix
Slide 78: Cross-sell shows significant potential
Cross-sell shows significant potential 2.5X 6% 3% ACV Multi-product Enterprise tier uplift adoption add-on adoption Accounts with multi-product 6% of total accounts have 3% of Enterprise tier adoption show a 2.5x uplift adopted more than one accounts have adopted to ACV product one of our paid add-o
Slide 79: Growing number of large customers with higher seats & ARR
Growing number of large customers with higher seats & ARR ✦ $50K+ ARR customers ✦ $100K+ ARR customers % of ARR 11% 20% 27% 32% 36% 38% % of ARR 5% 12% 17% 20% 24% 26% Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ARR, see Appendix
Slide 80: $500K+ ARR accounts are growing rapidly
$500K+ ARR accounts are growing rapidly, currently 5% of total ARR Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ARR, see Appendix
Slide 81: Ongoing expansion at a major global bank
Ongoing expansion at a major global bank Strategic vision Product strategy Go-to-market overview Financial strategy Note: for definition of ARR, see Appendix
Slide 82: A growing partnership network supporting our growth
A growing partnership network supporting our growth Added Active channel Cloud alliance Apps collecting ARR partners partners payments ~20% 266 577 From partners +8% YoY +61% YoY Referral Partner product Certified Marketplace partners specialists reps apps 2,111 41 6,000+ 819+ +111% YoY +53% YoY Not
Slide 83: Turning our successes into an even more significant growth engine
, Turning our Successes INtO an even more significant growth engine “.monday:.-.
Slide 84: Accelerating our GTM strategy
Accelerating our GTM strategy Multi-product Accelerate Customer growth upmarket retention ✦ Product suite play ✦ Solution selling ✦ End-to-end ownership ✦ Increase cross-sell ✦ Outbound sales ✦ Fewer stakeholders ✦ Pricing & bundling ✦ Global expansion ✦ AI-powered at scale ✦ Integrated AI capabilit
Slide 85: Multi-product
Multi-product Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 86: Aligning our QC headcount to enhance our product motion
Aligning our QC headcount to enhance our product motion ✦ New product overlays Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 87: Product bundling: Platform consolidation for a seamless customer experience
Product bundling: Platform consolidation for a seamless customer experience at a competitive price Connected Connected Connected business customer journey operations → SMB → Mid-market → High mid-market & Enterprise AI offering Strategic vision Product strategy Go-to-market overview Financial strate
Slide 88: Moving upmarket
Moving upmarket Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 89: Outbounding to our existing base
Biggest growth opportunity Outbounding to our existing base Opportunity Strategy → Outcome Leverage touch All existing enterprise channels to target and accounts are Drive incremental new pipeline and underpenetrated build relationships with unlock previously-untapped budgets C-suite executives Stra
Slide 90: Moving to solution selling: Driving stickiness, expansion and higher ACV
Moving to solution selling: Driving stickiness, expansion and higher ACV Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 91: Customer retention
Customer retention Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 92: Pillars for success
Pillars for success ✦ ✦ ✦ End-to-end Minimize AI-powered ownership stakeholders at scale Every customer assigned Streamline roles to reduce Enhancing engagement to a dedicated Retention overlap and ensure clear and efficiency across all Owner with clear KPIs accountability customer interactions Stra
Slide 93: Doubling down on retention with a new AI-first customer focused organization
Doubling down on retention with a new AI-first customer focused organization
Slide 94: Leveraging AI capabilities for improved sales efficiency
Leveraging AI capabilities for improved sales efficiency Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 95: Leveraging AI agents at scale to enhance our GTM
Leveraging AI agents at scale to enhance our GTM Our agents optimize and speed execution, cut manual work, and let reps focus on what really matters: closing deals. Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 96: Our AI agents have already handled 1,000+ calls
Our AI agents have already handled 1,000+ calls, booked 250+ meetings, and generated 180+ leads ✦ Speed to ✦ Efficiency ✦ Improved ✦ AI-powered lead gains conversions processes Agents reach leads One AI agent books 20% more Rebalancing 400+ in minutes vs. days, ~3x more meetings conversions portfoli
Slide 97: Key takeaways
Key 1 Significant mid and upmarket opportunity Expansion within existing large accounts remains the single biggest growth lever takeaways 2 Multi-product adoption unlocks value 2.5x ACV uplift as customer embrace new products and add-ons 3 Solution selling to the C-suite Increasing executive-level e
Slide 98: Financial strategy
Financial strategy Eliran Glazer Chief Financial Officer
Slide 99: Strategic vision Product strategy Go-to-market overview
Strategic vision Product strategy Go-to-market overview Financial strategy
Slide 100: Market-leading growth through strong execution
Market-leading growth ✦ Total revenue through strong execution +50% Revenue CAGR FY’20-FY’25F Strategic vision Product strategy Go-to-market overview Financial strategy *Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materials on August 11, 2025
Slide 101: Driving significant operating leverage
Driving significant operating leverage ✦ Non-GAAP operating income* +6,600bps Operating margin* expansion FY’20-FY’25F *Non-GAAP financial measures Strategic vision Product strategy Go-to-market overview Financial strategy **Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materia
Slide 102: Well positioned with strong cash generation and balance sheet
Well positioned with strong cash generation and balance sheet $1.6B ✦ Adjusted FCF margin* Cash position $326M FY25 Adj. free cash flow* Note: Cash position as of the end of Q2 FY25 **Non-GAAP financial measures Strategic vision Product strategy Go-to-market overview Financial strategy **Midpoint of
Slide 103: ARR trends reflect more upmarket adoption
ARR trends reflect more upmarket adoption ✦ % of ARR - contract size ✦ % of ARR - contract duration Multi-year Strategic vision Product strategy Go-to-market overview Financial strategy Note: For definition of ARR, see Appendix
Slide 104: Ongoing customer expansion across all cohorts
Ongoing customer expansion across all cohorts Note: This chart illustrates the total ARR of each cohort as of June 30, 2025 over the periods presented. Each cohort represents customers who made their first purchase from us in a given year. For example, the 2022 cohort includes all customers that mad
Slide 105: Stable NDR metrics with opportunities for improvement
Stable NDR metrics with opportunities for improvement ✦ All customers ✦ $50k+ customers ✦ $100k+ customers Strategic vision Product strategy Go-to-market overview Financial strategy *For definition of NDR, see Appendix
Slide 106: Focused on gross retention
Focused on gross ✦ Gross retention retention +800bps Gross retention improvement Q2’21-Q2’25 Strategic vision Product strategy Go-to-market overview Financial strategy *For definition of gross retention, see Appendix
Slide 107: Driving a durable revenue stream
Driving a durable revenue stream ✦ Remaining performance obligation (RPO) *For definition of RPO, see Appendix Strategic vision Product strategy Go-to-market overview Financial strategy Please note: metrics were restated on September 30, 2025
Slide 108: Sustained top-line strength in interim outlook
Sustained top-line strength in interim outlook ✦ Total Revenue Strategic vision Product strategy Go-to-market overview Financial strategy *Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materials on August 11, 2025
Slide 109: Maintaining disciplined investment approach
Maintaining disciplined ✦ Total headcount investment approach ✦ PRODUCTIVITY-FOCUSED Disciplined headcount growth with a focus on productivity over pace ✦ PLATFORM and AI Investing in infrastructure and enhancing AI capabilities ✦ PRODUCT SUITES Investing in expanding our products ✦ EXPANDING GTM EC
Slide 110: Continued profitable growth at scale
Continued profitable growth at scale Incremental AI-related compute Gross profit costs will moderate gross margins to mid-80% Sales & Drive Non-GAAP S&M as a % of revenue to 40% by marketing FY’27 Research & Continue to invest in organic innovation (AI, new development products) General & Drive effi
Slide 111: Scaling efficiently for sustained margin growth
Scaling efficiently for sustained margin growth ✦ Non-GAAP operating margin** targets ✦ Adj. FCF margin** targets *Midpoint of FY’25 financial outlook as provided in Q2 FY25 earnings materials on August 11, 2025 Strategic vision Product strategy Go-to-market overview Financial strategy **Non-GAAP fi
Slide 112: We are ahead of our plans to generate $1B in cash
We are ahead of our plans to generate $IB 1B in cash From FY23-FY26 _¢ monday...
Slide 113: Announcing our first-ever share repurchase program
Announcing our first-ever hare repurchase program up to ,8/0 milllon “monday...
Slide 114: Capital allocation focused on building market share
Capital allocation focused on building market share Investing in M&A Share organic growth repurchases ✦ Platform and AI ✦ Acquisitions that ✦ Tool to manage dilution accelerate our product ✦ Product suite offerings roadmap ✦ Sales and marketing ✦ Grow in talent and technology Strategic vision Produc
Slide 115: Key takeaways
Key 1 We have a strong track record of execution Consistently delivered strong top-line growth, margin expansion and cash generation takeaways 2 Durable revenue visibility Growing RPO provides a strong forward revenue stream and enhances predictability 3 Disciplined investment approach Balanced inve
Slide 116: Executive leadership team
Byron Stephen Roy Mann Eran Zinman Daniel Lereya Casey George VP investors relations Co-Founder & Co-CEO Co-Founder & Co-CEO Chief Product & Tech. Officer Chief Revenue Officer ¥ Eliran Glazer Shiran Nawi Harris Beber Adi Dar Chief Financial Officer Chief People & Legal Officer Chief Marketing Offic
Slide 117: Appendix
Appendix (1) Annual recurring revenue (“ARR”) is defined to mean, as of a measurement date, the annualized value of our customer subscription plans assuming that any contract that expires during the next 12 months is renewed on its existing terms. (2) Monthly active paying people (“MAPP”) measures t
Slide 118: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Adjusted free cash flow ($ in millions) FY’20 FY’21 FY’22 FY’23 FY’24 H1’25 Net cash provided by (used in) operating (37.2) 16.4 27.1 215.4 311.1 178.8 activities Purchase of PP&E (4.4) (11.6) (16.0) (7.9) (13.2) (9.6) Capitalized software development co
Slide 119: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Non-GAAP operating income ($ in thousands) FY’20 FY’21 FY’22 FY’23 FY’24 H1’25 ✦ Reconciliation of gross profit: GAAP gross profit 138,635 269,137 452,501 649,050 868,304 521,286 Add: Share-based compensation 2,720 7,681 10,406 6,307 6,603 3,406 Non-GAAP
Slide 120: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Non-GAAP operating income (cont.) ($ in thousands) FY’20 FY’21 FY’22 FY’23 FY’24 H1’25 Reconciliation of operating expenses (cont.): GAAP general and administrative 54,339 53,493 85,401 92,733 142,090 72,307 Less: Share-based compensation 39,415 20,934 2