JP Morgan 51st Annual Global Investing Conference
May 22, 2023 1:30 Central Time
Land and expand is critical to mass adoption for MNDY. Bottom up resonates w/ a lot of their customers.
Competitive differentiation. On 70% of deals they see no competition. Where they do see competition, it’s very departmentalized/silo oriented. They win because they are a platform, will never hit a wall and can expand as they need/want.
Seeing a lot of consolidation rolling up their event management, budgeting, etc to use Monday’s platform.
Generative AI (GAI) makes the usage of the platform even easier. They see GAI as a great opportunity to package technology however their customers need it. They see Microsoft sewing GAI into all their
solutions. So does MNDY. Customers have to be able to work quickly. They will continue adding more and more over the years. GAI becomes table stakes. We will keep using the same tools. For example, If someone builds the best document editor for lawyers, they’re not going to displace existing players such as MSFT Word. Don’t see GAI as something that will completely disrupt certain softwares, but rather expand its capabilities.
MNDY works with so many verticals and AI will help others build software on their MNDY platform. The AI in general has to have a layer of its own. They’ve built MNDY so they can use GAI as a suggestive layer. Anyone can build whatever they want on top of MNDY.
We are in a time in MNDY that their penetration within their existing customers needs AI to continue to expand their revenue, seating numbers and pricing. MNDY will get more market share next year. Their top of funnel is very healthy.
Aspirations around MNDY DB and what does it enable you to do?
MNDY DB in essence is quite unique, flexible and schema-less architecture. It’s their solution to provide better scale and optimize performance with their MNDY platform. MNDY DB will allow people to expand use cases on MNDY’s platform. It will actually drive the performance of everything they can do going forwards.
MNDY DB Aspirations: Increase limits of number of rows and verticals. Super unique w/ what you can do w/ connectivity and visualizations in the future. Provides a lot of room to grow.
What is driving your traction w/ MNDY CRM? Showing the number of accounts. Scaling 5X as fast. CRM is a thin layer on top of MNDY itself. People are experiencing what is making this work so great and
specifically they see the platform as the reason their project mgt, CRM, etc. works so well. A lot of customer companies now see MNDY CRM as a more mature version of their old CRM and/or Project Management software.
MNDY CRM is soon planning to open to all of MNDY’s customers. Each time MNDY matures, it takes some time to train their sales force. NRR is 110% for customers and 115% for their larger enterprises. They see
a trend of expanding NRR going forward. That is how it’s trending now.
What gives you the confidence to raise guidance going forward.
They went public 2 years ago. What companies can do with MNDY’s platform is limitless. This provides us with a lot of confidence. Originally profitable by 2025, and growth is still #1 priority. When our competitors pull back, then profitability will come.
sjo
