monday.com Announces Second Quarter 2021 Results

August 17, 2021

Second quarter revenue growth accelerated to 94% year over year
Net-dollar-retention rate for customers with 10+ users was over 125%
Introduces strong Q3 and fiscal year guidance
Announced monday workdocs, a new capability that turns documents into actionable workflows

NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--Aug. 17, 2021-- monday.com (NASDAQ: MNDY), a work operating system (Work OS) where organizations of any size can create the tools and processes they need to manage every aspect of their work, today reported financial results for the second quarter of 2021 ended June 30, 2021.

Management Commentary:

“We delivered strong results in our first quarter as a public company, as strong execution and expanding adoption of monday.com Work OS drove total revenue growth of 94%. We are pleased with the momentum in our business that demonstrates continued high growth at scale,” said monday.com founder and co-CEO, Roy Mann. “monday.com Work OS is the leader in the low-code no-code market, and our business is accelerating as we continue to expand platform usage into use cases such as operations, project management, CRM, finance, marketing, HR, and IT,” said monday.com founder and co-CEO, Eran Zinman.

“Rapid growth in the second quarter was driven by large expansions within our existing base and strong growth upmarket as we continue to see momentum in Enterprise,” said Eliran Glazer, monday.com CFO. “While we have made tremendous progress in the last few years, we believe that we are still in the very early stages of our growth as a company, and our guidance for the balance of 2021 suggests a strong second half of the year as we continue to drive fundamental improvements to the future of work and collaboration for companies of all sizes globally.”

Second Quarter Fiscal 2021 Financial Highlights:

  • Revenue was $70.6 million, an increase of 94% year-over-year.
  • GAAP operating loss was $27.5 million compared to a loss of $28.2 million, in the second quarter of 2020; GAAP operating margin was negative 39%, compared to negative 77% in the second quarter of 2020.
  • Non-GAAP operating loss was $9.9 million compared to a loss of $14.9 million, in the second quarter of 2020; non-GAAP operating margin was negative 14% compared to negative 41%, in the second quarter of 2020.
  • GAAP net loss per basic and diluted share was $1.67 compared to GAAP net loss per basic and diluted share of $2.79, in the second quarter of 2020; non-GAAP net loss per basic and diluted share was $0.26 compared to non-GAAP net loss per basic and diluted share of $0.39, in the second quarter of 2020.
  • Net cash used in operating activities was negative $0.4 million, with negative adjusted free cash flow of $1.5 million, compared to negative net cash used in operating activities of $13.9 million and $15.0 million of negative adjusted free cash flow, in the second quarter of 2020.
  • Cash, cash equivalents, short-term deposits and restricted cash was $878.0 million as of June 30, 2021, including $21 million from borrowings under our revolving credit facility, and net proceeds from our IPO and concurrent private placement of $736.2 million.

Recent Business Highlights:

  • Our net dollar retention rate for customers with more than 10 users was over 125%.
  • The number of paid enterprise customers with more than $50,000 in annual recurring revenue was 470, up 226% from 144, in the second quarter of 2020.
  • Announced monday workdocs, a completely new capability to monday.com Work OS, which enables organizations to take document collaboration to new levels. Documents are the starting point for work and monday workdocs is a completely new style of connected documents that are built to support collaboration, with live objects that update in real time whenever their source of data changes. The introduction of monday workdocs is a significant opportunity to provide our customers with new ways to create no-code, low-code software and expand how monday.com is adopted across organizations of all sizes.
  • Announced the official launch of the free tier of monday.com, limited to two users. The free offering is designed to increase our market opportunity by driving awareness and broader adoption among a new set of audiences.
  • Notable new customer wins or expansions during the quarter included Headspace, Wellington-Altus Private Wealth, Mintel, and Adyen.
  • New strategic alliances with Global Systems Integrators across key industries such as manufacturing and real estate including Hitachi Solutions and NTT-Data.
  • Continued international and geographic expansion with new channel partners, customer deals, and increasing our ARR in this region. Added Polish as a new supported language, increasing our total languages supported to 14 languages.

Financial Outlook:

For the third quarter of the fiscal year 2021, monday.com currently expects:

  • Total revenue of $74 to $75 million, representing year-over-year growth of 74% to 76%.
  • Non-GAAP operating loss of $26 million to $25 million.

For the full year 2021, monday.com currently expects:

  • Total revenue of $280 million to $282 million, representing year-over-year growth of 74% to 75%.
  • Non-GAAP operating loss of $93 million to $91 million and negative operating margin of between 33% and 32%.

Non-GAAP Financial Measures:

This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share and adjusted free cash flow. Certain of these non-GAAP financial measures exclude share-based compensation.

monday.com believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to monday.com’s financial condition and results of operations. monday.com management uses these non-GAAP measures to compare monday.com performance to that of prior periods for trend analysis and for budgeting and planning purposes. monday.com believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing monday.com financial results to the results of other software companies, many of which present similar non-GAAP financial measures to investors. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in monday.com financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.

Reconciliation tables of the most directly comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. monday.com urges investors to review these reconciliation tables and not to rely on any single financial measure to evaluate the monday.com business. Management is not able to forecast GAAP net loss attributable to ordinary shareholders on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting share-based compensation expense, the amounts of which may be significant in future periods.

Definitions of Key Performance Indicators:

Annual Recurring Revenue (“ARR”)

Is defined to mean, as of the measurement date, the annualized value of our customer subscription plans assuming that any contract that expires during the next 12 months is renewed on its existing terms.

Net Dollar Retention Rate

We calculate Net Dollar Retention Rate as of a period end by starting with the ARR from customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current Period ARR”). The calculation of Current Period ARR includes any upsells, contraction and attrition. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12-month calculation, we take a weighted average of this calculation of our quarterly Net Dollar Retention Rate for the four quarters ending with the most recent quarter.

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “outlook,” “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond monday.com control. monday.com actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to our ability to predict our revenue and evaluate our business and future prospects; our ability to manage our growth effectively execute our business plan or maintain high levels of service and customer satisfaction; our ability to achieve and maintain profitability and compete effectively with established companies and new market entrants in a competitive and rapidly changing market; interruptions or performance problems associated with the technology or infrastructure underlying our platform; real or perceived errors, failures, vulnerabilities, or bugs in our Work OS; our ability to attract customers, grow our retention rates, expand usage within organizations and sell subscription plans; our ability to offer high-quality customer support; our ability to effectively develop and expand our direct sales capabilities; our ability to enhance our reputation and market awareness of our Work OS; actions by governments to restrict access to our platform in their countries; our ability to identify and integrate future acquisitions, strategic investments, partnerships or alliances; our ability to attract and retain highly skilled employees; our ability to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies; the market and software categories in which we participate; our ability to ensure that our Work OS interoperates with a variety of software applications that are developed by third parties; the success of our strategic relationships with third parties; privacy, data and cybersecurity incidents or any actual or perceived failure by monday.com to comply with privacy, data protection, information security, consumer privacy, data residency, or telecommunications laws, regulations, government access requests, and obligations; intellectual property disputes; changes in foreign exchange rates; general political or destabilizing events, including war, conflict or acts of terrorism and other factors described in “Risk Factors” in our prospectus for the initial public offering of our ordinary shares filed with the SEC on June, 11, 2021 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. Further information on potential risks that could affect actual results will be included in the subsequent filings that monday.com makes with the Securities and Exchange Commission from time to time.

Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent monday.com views as of the date of this press release. monday.com anticipates that subsequent events and developments will cause its views to change. monday.com undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing monday.com views as of any date subsequent to the date of this press release.

Earnings Webcast:

monday.com will hold a public webcast at 8:30 a.m. ET today to discuss the results for its second quarter of 2021 and financial outlook. A link to the live webcast of the conference call, will be made available on monday.com’s investor relations website at https://ir.monday.com/events/event-details/mondaycom-q2-fiscal-2021-earnings-conference-call. The live call may also be accessed by dialing (877) 311-0436 within the U.S., and (470) 495-9349 internationally. The conference ID is 2478416. The webcast replay and audio download will also be available on our Investor Relations website.

Investor Presentation Details:

An investor presentation providing additional information can be found at http://ir.monday.com.

About monday.com:

monday.com Work OS is an open platform that democratizes the power of software so organizations can easily build software applications and work management tools to fit their every need. The platform intuitively connects people to processes and systems, empowering teams to excel in every aspect of their work. monday.com has teams in Tel Aviv, New York, San Francisco, Miami, Chicago, London, Kiev, and Sydney. The platform is fully customizable to suit any business vertical and is currently used by over 127,000 customers across over 200 industries in more than 190 countries.

Visit us on our LinkedIn, Twitter, Instagram and Facebook.

For more about monday.com please visit our Press Room.

MONDAY.COM LTD 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data; Unaudited)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

Revenue

$

70,615

 

$

36,460

 

$

129,587

 

$

68,389

 

Cost of revenue

 

9,108

 

 

4,883

 

 

17,032

 

 

9,474

 

Gross profit

 

61,507

 

 

31,577

 

 

112,555

 

 

58,915

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

16,271

 

 

12,781

 

 

31,852

 

 

19,432

 

Sales and marketing

 

61,057

 

 

39,636

 

 

124,105

 

 

76,581

 

General and administrative

 

11,648

 

 

7,351

 

 

21,914

 

 

11,096

 

Total operating expenses

 

88,976

 

 

59,768

 

 

177,871

 

 

107,109

 

Operating loss

 

(27,469

)

 

(28,191

)

 

(65,316

)

 

(48,194

)

Financial income (expense), net

 

(359

)

 

141

 

 

(765

)

 

490

 

Loss before income taxes

 

(27,828

)

 

(28,050

)

 

(66,081

)

 

(47,704

)

Income tax expense

 

(1,063

)

 

(350

)

 

(1,762

)

 

(559

)

Net loss

$

(28,891

)

$

(28,400

)

$

(67,843

)

$

(48,263

)

Deemed dividend to preferred shareholders

 

(3,589

)

 

(4,665

)

 

(8,203

)

 

(9,331

)

Net loss attributable to ordinary shareholders

$

(32,480

)

$

(33,065

)

$

(76,046

)

$

(57,594

)

 

 

 

 

 

 

 

 

 

Net loss per share attributable to ordinary shareholders’, basic and diluted

$

(1.67

)

$

(2.79

)

$

(4.78

)

$

(4.88

)

Weighted-average ordinary shares used in calculating net loss per ordinary share, basic and diluted

 

19,417,672

 

 

11,836,484

 

 

15,924,392

 

 

11,807,296

 

MONDAY.COM LTD 

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share and per share data; Unaudited)

 

 

 

June 30

 

 

December 31

 

 

2021

 

 

2020

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

$

865,328

 

$

129,814

 

Short term deposits

 

10,051

 

 

10,000

 

Accounts receivable, net

 

4,364

 

 

3,911

 

Prepaid expenses and other current assets

 

6,901

 

 

3,898

 

Total current assets

 

886,644

 

 

147,623

 

Property and equipment, net

 

13,905

 

 

7,178

 

Other long-term assets

 

2,100

 

 

2,619

 

Total assets

$

902,649

 

$

157,420

 

LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' (DEFICIT) EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Accounts payable

$

25,325

 

$

25,734

 

Accrued expenses and other current liabilities

 

34,529

 

 

22,967

 

Deferred revenue

 

101,923

 

 

70,719

 

Revolving credit facility

 

21,035

 

 

21,016

 

Total current liabilities

 

182,812

 

 

140,436

 

OTHER LONG-TERM LIABILITIES

 

1,244

 

 

1,045

 

Total liabilities

 

184,056

 

 

141,481

 

CONVERTIBLE PREFERRED SHARES

 

 

 

233,496

 

SHAREHOLDERS' (DEFICIT) EQUITY:

 

 

 

 

Share capital and additional paid-in capital

 

1,102,802

 

 

98,809

 

Accumulated deficit

 

(384,209

)

 

(316,366

)

Total shareholders’ deficit

 

718,593

 

 

(217,557

)

Total liabilities, convertible preferred shares, and shareholders’ deficit

$

902,649

 

$

157,420

 

MONDAY.COM LTD 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands; Unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

 

June 30,

 

 

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net loss

$

(28,891

)

$

(28,400

)

$

(67,843

)

$

(48,263

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

527

 

 

441

 

 

1,074

 

 

787

 

Capital loss from sale of property and equipment

 

2

 

 

 

 

47

 

 

 

Share-based compensation

 

17,558

 

 

13,301

 

 

32,098

 

 

16,527

 

Change in accrued interest on revolving credit facility

 

(2

)

 

(12

)

 

19

 

 

(18

)

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

533

 

 

(2,636

)

 

(453

)

 

(2,306

)

Prepaid expenses and other assets

 

(429

)

 

(214

)

 

(2,058

)

 

(2,125

)

Accounts payable

 

(4,972

)

 

(1,416

)

 

(1,003

)

 

2,289

 

Accrued expenses and other liabilities

 

1,099

 

 

2,743

 

 

5,961

 

 

3,569

 

Deferred revenue

 

14,220

 

 

2,343

 

 

31,204

 

 

10,557

 

Net cash used in operating activities

 

(355

)

 

(13,850

)

 

(954

)

 

(18,983

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

(1,358

)

 

(1,032

)

 

(5,581

)

 

(2,174

)

Capitalized software development costs

 

(718

)

 

(250

)

 

(1,158

)

 

(359

)

Proceeds from sale of property and equipment

 

 

 

 

 

21

 

 

 

Changes in short-term deposits

 

(51

)

 

 

 

(51

)

 

 

Net cash used in investing activities

 

(2,127

)

 

(1,282

)

 

(6,769

)

 

(2,533

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from initial public offering and concurrent private placement, net of underwriting discounts and other issuance costs

 

736,227

 

 

 

 

736,020

 

 

 

Proceeds from exercise of share options

 

1,300

 

 

187

 

 

1,843

 

 

247

 

Receipt of revolving credit facility, net of payments

 

 

 

1,000

 

 

 

 

3,000

 

Receipt of tax advance relating to exercises of share options

 

6,023

 

 

 

 

6,023

 

 

 

Capital lease payments

 

(21

)

 

(18

)

 

(49

)

 

(36

)

Net cash provided by financing activities

 

743,529

 

 

1,169

 

 

743,837

 

 

3,211

 

 

 

 

 

 

 

 

 

 

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

741,047

 

 

(13,963

)

 

736,114

 

 

(18,305

)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period

 

126,881

 

 

167,658

 

 

131,814

 

 

172,000

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period

$

867,928

 

$

153,695

 

$

867,928

 

$

153,695

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEET:

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

865,328

 

$

151,695

 

$

865,328

 

$

151,695

 

Restricted cash – Included in prepaid expense and other current assets

 

600

 

 

 

 

600

 

 

 

Restricted cash – Included in other long-term assets

 

2,000

 

 

2,000

 

 

2,000

 

 

2,000

 

Total cash, cash equivalents, and restricted cash

$

867,928

 

$

153,695

 

$

867,928

 

$

153,695

 

MONDAY.COM LTD 

Reconciliation of GAAP to Non-GAAP Financial Information

 

 

 

Three months ended

 

 

Six months ended

June 30,

 

 

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

Reconciliation of gross profit and gross margin

 

 

 

 

 

 

 

 

GAAP gross profit

$

61,507

 

$

31,577

 

$

112,555

 

$

58,915

 

Share-based compensation

 

1,833

 

 

603

 

 

3,364

 

 

902

 

Non-GAAP gross profit

 

63,340

 

 

32,180

 

 

115,919

 

 

59,817

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

87

%

 

87

%

 

87

%

 

86

%

Non-GAAP gross margin

 

90

%

 

88

%

 

89

%

 

87

%

 

 

 

 

 

 

 

 

 

Reconciliation of operating expenses

 

 

 

 

 

 

 

 

GAAP research and development

$

16,271

 

$

12,781

 

$

31,852

 

$

19,432

 

Share-based compensation

 

(5,068

)

 

(5,594

)

 

(9,605

)

 

(6,619

)

Non-GAAP research and development

$

11,203

 

$

7,187

 

$

22,247

 

$

12,813

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

$

61,057

 

$

39,636

 

$

124,105

 

$

76,581

 

Share-based compensation

 

(5,536

)

 

(2,706

)

 

(9,570

)

 

(3,757

)

Non-GAAP sales and marketing

$

55,521

 

$

36,930

 

$

114,535

 

$

72,824

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

$

11,648

 

$

7,351

 

$

21,914

 

$

11,096

 

Share-based compensation

 

(5,121

)

 

(4,398

)

 

(9,559

)

 

(5,249

)

Non-GAAP general and administrative

$

6,527

 

$

2,953

 

$

12,355

 

$

5,847

 

 

 

 

 

 

 

 

 

 

Reconciliation of operating loss

 

 

 

 

 

 

 

 

GAAP operating loss

$

(27,469

)

$

(28,191

)

$

(65,316

)

$

(48,194

)

Share-based compensation

$

17,558

 

$

13,301

 

$

32,098

 

$

16,527

 

Non-GAAP operating loss

$

(9,911

)

$

(14,890

)

$

(33,218

)

$

(31,667

)

GAAP operating margin

 

(39

%)

 

(77

%)

 

(50

%)

 

(70 %)

Non-GAAP operating margin

 

(14

%)

 

(41

%)

 

(26

%)

 

(46 %)

 

 

 

 

 

 

 

 

 

Reconciliation of net loss

 

 

 

 

 

 

 

 

GAAP net loss

$

(28,891

)

$

(28,400

)

$

(67,843

)

$

(48,263

)

Share-based compensation

 

17,558

 

 

13,301

 

 

32,098

 

 

16,527

 

Non-GAAP net loss

$

(11,333

)

$

(15,099

)

$

(35,745

)

$

(31,736

)

 

 

 

 

 

 

 

 

 

Reconciliation of net loss attributable to ordinary shareholders

 

 

 

 

 

 

 

 

GAAP net loss attributable to ordinary shareholders

$

(32,480

)

$

(33,065

)

$

(76,046

)

$

(57,594

)

Deemed dividend to preferred shareholders

 

3,589

 

 

4,665

 

 

8,203

 

 

9,331

 

Share-based compensation

 

17,558

 

 

13,301

 

 

32,098

 

 

16,527

 

Non-GAAP net loss

$

(11,333

)

$

(15,099

)

$

(35,745

)

$

(31,736

)

 

 

 

 

 

 

 

 

 

GAAP net loss per share attributable to ordinary shareholders’, basic and diluted

$

(1.67

)

$

(2.79

)

$

(4.78

)

$

(4.88

)

Non-GAAP net loss per share, basic and diluted

$

(0.26

)

$

(0.39

)

$

(0.81

)

$

(0.83

)

 

 

 

 

 

 

 

 

 

Reconciliation of basic and diluted weighted average number of shares outstanding

 

 

 

 

 

 

 

 

Weighted average number of ordinary shares outstanding used in computing basic and diluted net loss per share (GAAP)

 

19,417,672

 

 

11,836,484

 

 

15,924,392

 

 

11,807,296

 

Additional shares giving effect to IPO and concurrent private placement (1)

 

3,946,810

 

 

 

 

4,489,262

 

 

 

Additional shares giving effect to conversion of convertible preferred shares at the beginning of the period (2)

 

20,629,197

 

 

26,440,239

 

 

23,518,666

 

 

26,440,239

 

Weighted average number of ordinary shares outstanding used in computing basic and diluted net loss per share (Non-GAAP)

 

43,993,679

 

 

38,276,723

 

 

43,932,320

 

 

38,247,535

 

(1)

Assumes ordinary shares outstanding after accounting for the issuance of 5,037,742 ordinary shares associated with our initial public offering and concurrent private placement at the beginning of the first quarter of 2021 instead of the IPO closing date, June 10, 2021.

(2)

Assumes ordinary shares outstanding after accounting for the automatic conversion of the preferred shares then outstanding into ordinary shares at the beginning of fiscal year.

Reconciliation of net cash provided by operating activities to adjusted free cash flow

 

 

 

 

 

 

Three months ended

 

 

Six months ended

June 30,

 

 

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

$

(355

)

$

(13,850

)

$

(954

)

$

(18,983

)

Purchase of property and equipment

 

(1,358

)

 

(1,032

)

 

(5,581

)

 

(2,174

)

Capitalized software development costs

 

(718

)

 

(250

)

 

(1,158

)

 

(359

)

Purchase of property and equipment related to build-out of our new corporate headquarters

 

951

 

 

100

 

 

4,618

 

 

525

 

Adjusted free cash flow

 

(1,480

)

 

(15,032

)

 

(3,075

)

 

(20,991

)

 

 

 

 

 

 

 

 

 

 

Media Relations:
Or Elmaliah
ore@monday.com

Investor Relations:
Alex Wellins
The Blueshirt Group, for monday.com
ir@monday.com

Source: monday.com Ltd.