monday.com (MNDY) Q2 2024 earnings summary

Executive summary

• Achieved record non-GAAP operating profit and first-ever GAAP operating profitability in Q2 2024, with revenue reaching $236.1 million, up 34% year-over-year.

• Customer base nearly doubled, with 225,000 customers by FY23 and a 26% CAGR from 2019–2023.

• Strong upmarket momentum, including a record 80,000-seat deal with a multinational healthcare company and 43% YoY growth in $50k+ ARR customers.

• Platform serves 200+ industries and operates in over 200 markets globally.

Financial highlights

• Q2 2024 revenue was $236.1 million, up from $217 million in Q1 FY24 and $176 million in Q2 FY23.

• Net income reached $49.3 million, with diluted EPS of $0.94; GAAP operating income was $1.8 million (1% margin).

• Non-GAAP operating income was $38.4 million (16% margin), up from $16.6 million (9% margin) year-over-year.

• Gross margin was 91% (non-GAAP) and 90% (GAAP) for Q2 2024.

• Free cash flow was $50.8 million, with a 22% margin; cash and equivalents totaled $1.3 billion.

Outlook and guidance

• Q3 2024 revenue expected between $243 million and $247 million, up 28%–31% year-over-year.

• Full-year 2024 revenue guidance raised to $956 million–$961 million, up 31%–32% year-over-year.

• Full-year non-GAAP operating income expected at $100 million–$105 million (10%–11% margin); free cash flow projected at $270 million–$275 million (28%–29% margin).

• Q3 non-GAAP operating income projected at $19–$23 million (8%–9% margin); free cash flow of $70–$74 million (29%–30% margin).

• Aims to become the go-to work platform for business by expanding core product lines and cultivating a strong ecosystem.