Monday.com reported Q1 2024 results this morning and they were definitively decisive that MNDY is still a solid growth player. The stock had been languishing in the ‘bad doggy’ doldrums after its last report when snooty investors disparaged it with a great rolling number of ‘UH-OHs’, Caution Flag articles and even downgrades. The stock plummeted from admittedly lofty heights: skittish investors sold while even true believers reduced positions. But not today.
Today MNDY roared back, staggering the nay sayers with multiple customer growth punches:
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The number of paid customers with 10+ users was 55,515, up 18% from 47,228 as of March 31, 2023.
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The number of paid customers with more than $50,000 in ARR was 2,491, up 48% from 1,683 as of March 31, 2023.
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The number of paid customers with more than $100,000 in ARR was 911, up 55% from 588 as of March 31, 2023.
Revenue Growth came in at 34% and the company produced record…I say record Free Cash Flow.
Other Highlights Include:
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Non-GAAP operating income was $21.5 million compared to a loss of $0.3 million in the first quarter of 2023; non-GAAP operating margin was 10%, compared to 0% in the first quarter of 2023.
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Non-GAAP basic and diluted net income per share was $0.64 and $0.61, respectively, compared to non-GAAP basic and diluted net income per share of $0.15 and $0.14, respectively, in the first quarter of 2023.
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Net cash provided by operating activities was $92.0 million, with $89.9 million of free cash flow, compared to net cash provided by operating activities of $42.7 million and $38.7 million of free cash flow in the first quarter of 2023. (This was worth saying twice.)
But perhaps best of all was this comment from the company:
“Our Q1 results mark an exceptional start to the year, with strong demand for our products across all ends of the market,” said monday.com co-founders and co-CEOs, Roy Mann and Eran Zinman. “We are particularly pleased with the rapid growth of monday sales CRM and monday dev, which are both now accessible to all customers and saw accelerating account additions in the quarter. As we continue to evolve the WorkOS platform, we remain focused on delivering growth at scale while driving meaningful business value for our customers.”
Here is the report Press release:
Fan Reaction:
The stock is up 20+ percent in Intraday trading.
Headlines:
All the Best