A：In the first quarter of fiscal year 2025, Monday.com reported robust revenue growth year over year, a record quarterly operating profit, and generated the highest ever cash flow for a single quarter.

A：New capabilities launched in Q1 include AI-powered risk insights, AI-powered portfolio reports, managed templates, resource planning capabilities, and more, designed to provide business leaders with enhanced visibility and control over execution across departments.

A：The appointment of Casey George as Chief Revenue Officer is significant as he brings nearly 30 years of experience in scaling enterprise software organizations and driving strategic market expansion, and is expected to further accelerate enterprise growth and strengthen customer relationships.

A：The adjusted free cash flow margin for Q1 was 39%, and Monday.com remains on target to meet its Investor Day goal of generating over $1 billion in free cash flow from fiscal year 2023 to 2026.

A：The updated outlook for fiscal year 2025 includes a revenue range of $292 million to $294 million for the second quarter, representing year-over-year growth of 24% to 25%, and a forecasted non GAAP operating margin of 11% to 12% for the full year. The company expects non GAAP operating income of $120 million to $1220 million and an operating margin of approximately 20% for the full year, with adjusted free cash flow of $110 million to $1120 million and a margin of 20%.

A：The new chief revenue officer is expected to preserve the successful go-to-market approach that combines product-led growth with sales-led motion. The goal is to maintain and scale the multi-product strategy, which has been successful, including work management and CRM products. Additionally, the individual should help accelerate the upmarket motion and improve efficiency.

A：The company's product suite showed great momentum overall, with Qi experiencing a strong performance in terms of net customer adds. Q1 was a seasonally strong quarter for performance marketing investment, leading to high net adds that were in line with expectations. Moreover, services showed strong momentum across all customer segments, with 70% of revenue from mid-market and enterprise customers.

A：The company has not seen any changes in customer behavior, but due to the uncertain macroeconomic environment, it expects NDR to be slightly below 112% by the end of the year.

A：The company is very happy with the adoption of AI actions, which are bringing real business value to customers. While monetization is still in the early stages and usage patterns are being experimented with, there is a correlation between usage and pricing, indicating that customers are willing to pay for the real value they receive.

A：The company anticipates a negative foreign exchange impact on Q1 revenue, with an expectation that the impact for the entire year will be less than 1%. The guidance does not reflect the full impact due to a conservative approach taken by the company due to macroeconomic uncertainties.

A：The core work management offering is experiencing significant upmarket success, leading the category in reviews and introducing deep features that enterprises need to manage operations at scale. The performance varies across different solutions, with work management positively impacting larger enterprises. Other products like service and CRM have their own unique customer segments and are not necessarily affected by work management's upmarket shift.

A：The outlook for NDR (Net Dollar Retention) is that it will be slightly below 12%.

A：Enterprise and SMB segments have shown consistent growth throughout Q1 and into April, with the enterprise being the fastest-growing segment, but all segments being pretty much in line with what was seen in Q1.

A：The majority of the customer expansion is still based on adding significant amount of seats rather than significant cross sales, but the company does see more cross sale, especially with monthly service subscriptions, which is more meaningful.

A：Demand has been healthy and consistent across all regions, with nothing unusual occurring in any specific geography in Q1.

A：The company is happy with the progress of Dev and sees momentum there, with the team doing a great job. The stronger performance in customer additions in Q1 was mainly due to efficient use of performance marketing.

A：During periods of uncertainty, the company expects larger enterprises to take more time to buy, optimize more, scrutinize over seats, and ensure each one is used over time.

A：The investments in the CR organization, specifically in sales people for the enterprise motion and R&D for product improvement, are expected to drive growth by allowing for upselling and expanding the existing customer portfolio.

A：The company plans to use the introduction of MCP, a new way for platforms to interact with Monday, to improve interaction and allow for better integration of work with the platform. This is intended to be an open approach for developers and customers to build on.

A：There have been no observed changes in competition or win rates across the enterprise and SMB market segments.

A：The company does not see any changes in competition in the CRM space and faces players that focus on the SMB and mid-market. The power of the platform and its flexibility are cited as reasons for their competitive advantage and customer preference for their solutions over others.

A：Q1 is typically the company's strongest quarter, with strong billings and collections from customers acquired at the end of the prior year. Q2 has bonus payments, salary increases, and other events that affect results. The company expects the levels of Q1 to be consistent throughout the year, based on the full-year guidance given.

A：Stripping price out of NRR shows that the underlying trends are more stable and have been trending upwards, as the contribution of price increases was anticipated to be around 15% to 20%, which is now more evident as price increases from last year's implementation have taken effect.

A：Large enterprise customers, having made significant investments, have shown an appetite for growth and additional product adoption. However, for CRM and similar products, these are not mature enough for cross-selling to large enterprises, but there is potential for cross-selling with other services and with large customers.

A：The recent uncertainty and lack of knowledge on how it will evolve throughout the year are the reasons for the uncertainty in NDR expectations. The company has taken a conservative approach due to these reasons.

A：The deceleration in the European business's growth is attributed to some challenges within the region. However, the company is stabilizing, although it's not at the level seen in North America, and they are happy with the progress.

A：The company's guidance indicates an overall NDR below 112%, a potential FX impact, and customer growth in the mid to high single digits. They plan to focus on expanding rather than growing the customer base, with an expectation to increase headcount significantly by 30%. These factors are taken into account when considering the guidance.

A：AI credits are being used more frequently by customers who are tech-oriented or solution-oriented, with adoption starting among those who are early to adopt the technology. The company is understanding these use cases and rolling them out to other customers with the help of templates and use cases. The current macroeconomic environment is in the base case scenario based on the company's performance and guidance. They have not seen anything that would guide to a weakening macro and continue with the base case scenario as outlined at the last analyst day.

A：Casey George was chosen for his enterprise experience, particularly in large enterprises and smaller companies, as well as his experience managing a large scale of customers. This background makes him a suitable fit for the company's strategy, which involves scaling to large enterprises and doing more top-down selling. The partner strategy is expected to continue focusing on additional geographies without sales presence, helping to reach enterprise customers, scaling the sales operation, offering technical expertise, and providing professional services such as data migration, integration, and white label implementation services. The company continues to invest in partners as a big part of their go-to-market motion, and there is an expectation that this relationship will become more significant over time.