monday.com (MNDY) Q3 2024 earnings summary

Executive summary

• Achieved $251 million in Q3 2024 revenue, up 33% year-over-year, surpassing $1 billion in annual recurring revenue (ARR), reflecting strong financial and operational momentum.

• Customer base expanded to over 225,000 across 200+ industries and countries, with 26% CAGR from 2019–2023.

• Strong upmarket momentum: 40% YoY growth in $50k+ ARR customers and 44% in $100k+ ARR customers.

• Leadership changes include the appointment of Adi Dar as COO and the planned departure of CRO Yoni Osherov, with a global search underway for his successor.

• Continued focus on expanding product offerings, global presence, and investing in technology to drive future growth.

Financial highlights

• Q3 2024 revenue reached $251 million, up from $236 million in Q2 and $217 million in Q3 2023.

• Non-GAAP operating income was $32.2 million (13% margin), up from $24.1 million last year; GAAP operating loss was $27.4 million (-11% margin).

• Net income for Q3 2024 was $45 million, with diluted net income per share of $0.85; non-GAAP net income per share was $0.90 (basic) and $0.85 (diluted).

• Gross margin (non-GAAP) remained strong at 90%.

• Free cash flow for Q3 was $82.4 million (33% margin), with net cash from operating activities at $86.6 million.

Outlook and guidance

• Q4 2024 revenue expected between $260–$262 million, up 28–29% year-over-year.

• Q4 non-GAAP operating income projected at $29–$31 million (11–12% margin); free cash flow of $63–$66 million (24–25% margin).

• Full-year 2024 revenue guidance raised to $964–$966 million (32% growth), with non-GAAP operating income of $121–$123 million (12–13% margin) and free cash flow of $286–$289 million (~30% margin).

• Focus remains on becoming the go-to work platform for business and expanding core product lines.

• Plans to cultivate a strong ecosystem to address a long-tail of use cases.