Why Monday.Com Shares Are Jumping Today

by Lekha Gupta, Benzinga Editor
May 15, 2023 9:04 AM | 2 min read |
  • Monday.Com Ltd MNDY shares are up Monday morning following its beat and raise quarterly performance.
  • MNDY reported Q1 2023 revenue growth of 50% Y/Y to $162.3 million, beating the consensus of $155.3 million.
  • The net dollar retention rate was over 115%, with the net dollar retention rate for customers with more than ten users being over 125%.
  • The number of paid customers with over $50,000 in annual recurring revenue (ARR) rose 75% Y/Y to 1,683.
  • The non-GAAP operating margin loss was (0)% versus (40)% a year back.
  • Non-GAAP EPS of $0.14 beat the consensus loss of $(0.28).
  • In Q1, MNDY generated net cash provided by operating activities of $42.7 million, with $38.7 million of free cash flow, compared to net cash used of $(12.9) million and negative $(16.2) million of free cash flow in 1Q22.
  • MNDY held $935.6 million in cash and equivalents.
  • Outlook: Monday.Com sees Q2 revenue of $168 million-$170 million (versus the consensus of $165.6 million) and adjusted operating income of $2 million-$4 million, with a margin of 1% to 2%.
  • Monday.Com raised FY23 revenue guidance to $702 million-$706 million (+35% to +36% Y/Y, consensus: $690.74 million) from $688 million-$693 million expected earlier.
  • The company now expects an adjusted operating income of $8 million-$12 million (from an adjusted operating loss of $(36) million-$(32) million earlier), with an operating margin of approximately 1%.
  • "The monday.com team is off to a strong start in 2023, with our results reflecting increasing customer demand for our Work OS platform and product suite, as well as our ongoing commitment to improving efficiency and profitability. As we begin to roll out mondayDB and introduce transformative AI capabilities, we are highly confident in our ability to continue this momentum through the rest of 2023 and beyond," stated Roy Mann, founder and co-CEO.
  • Price Action: MNDY shares are trading higher by 15.16% at $150.98 in the premarket on the last check Monday.
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