2024

Future

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<p class="has-drop-cap">monday.com (NASDAQ: MNDY) reported a robust performance for the <a href="https://ir.monday.com/news-and-events/news-releases/news-details/2024/monday.com-Announces-Second-Quarter-2024-Results/default.aspx" target="_blank" aria-label="second quarter of 2024 (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">second quarter of 2024</a>, presenting a significant year-over-year revenue growth and achieving GAAP operating profitability for the first time. <br><br>The company’s revenue for Q2 2024 reached $236.1 million, marking a 34% increase compared to the same period last year. This growth can be attributed to the company’s strategic investments in innovation and scaling its platform, which has resonated well with its expanding customer base.</p> 
<p>In terms of profitability, monday.com reported a GAAP operating income of $1.8 million, a notable improvement from a loss of $12.2 million in the second quarter of 2023. The GAAP operating margin also shifted positively to 1% from a negative 7% in the previous year. <br><br>On a non-GAAP basis, the operating income surged to $38.4 million, up from $16.6 million last year, with a non-GAAP operating margin of 16%, compared to 9% in the same period last year. This performance underscores the company’s efficient execution and strong market demand, even amidst challenging macroeconomic conditions.</p> 
<p>Additionally, monday.com achieved a significant milestone by closing an 80,000-seat agreement with a multinational healthcare company, marking the largest deal in the company’s history. This deal reflects the company’s capability to handle large-scale enterprise needs and its focus on expanding upmarket. The net cash provided by operating activities was $55.8 million, with free cash flow amounting to $50.8 million, further highlighting the company’s solid financial health.</p> 
<h3 id="monday-com-reports-double-beat-in-q2-2024">monday.com Reports Double Beat in Q2 2024</h3> 
<p>When comparing the current quarter’s performance against expectations, monday.com exceeded market estimates notably. Analysts had projected an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">earnings per share (EPS)</a> of $0.56 and revenue of $229.04 million for Q2 2024. <br><br>However, the company outperformed these expectations significantly, reporting a non-GAAP diluted net income per share of $0.94 and revenue of $236.1 million. The actual EPS on a GAAP basis was $0.27, compared to a net loss per share of $0.15 in the same period last year.</p> 
<p>This performance highlights monday.com’s ability to meet and exceed market anticipations, demonstrating the effectiveness of their business strategies and operational efficiencies. The revenue growth of 34% year-over-year is particularly impressive, considering the challenging economic environment many tech companies are navigating. This growth was driven by increased paid customers and higher annual recurring revenue (ARR) from existing customers, reflecting strong customer retention and upsell capabilities.</p> 
<p>Moreover, the net dollar retention rate remained robust at 110%, with higher retention rates for customers with more than 10 users and those generating significant ARR.</p> 
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<h3 id="guidance-and-future-outlook">Guidance and Future Outlook</h3> 
<p>Looking ahead, monday.com provided optimistic guidance for the third quarter and the full fiscal year 2024. For Q3 2024, the company expects total revenue to be in the range of $243 million to $247 million, representing a year-over-year growth of 28% to 31%. <br><br>The non-GAAP operating income is projected to be between $19 million and $23 million, with an operating margin of 8% to 9%. Additionally, the company anticipates free cash flow to range from $70 million to $74 million, with a free cash flow margin of 29% to 30%.</p> 
<p>For the full year 2024, monday.com has set its revenue expectations between $956 million and $961 million, indicating a year-over-year growth of 31% to 32%. The non-GAAP operating income is expected to be in the range of $100 million to $105 million, with an operating margin of 10% to 11%. The projected free cash flow for the year is between $270 million and $275 million, with a free cash flow margin of 28% to 29%.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/monday-coms-mndy-revenue-surges-by-34-y-y-in-q2-2024/">monday.com’s (MNDY) Revenue Surges by 34% y/y in Q2 2024</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

monday.com’s (MNDY) Revenue Surges by 34% y/y in Q2 2024

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