monday.com (MNDY) Q4 2023 earnings summary

Executive summary

• Q4 FY23 revenue reached $203M, up 35% YoY; FY23 revenue was $730M, with 90% non-GAAP gross margin and $55.4M free cash flow in Q4.

• Customer base reached 225,231 at year-end, spanning 200+ industries and 200+ markets; customers with >$50K ARR grew 56% YoY to 2,295.

Financial highlights

• Q4 revenue was $203M, up 35% YoY; quarterly revenue rose from $150M in Q4-22 to $203M in Q4-23.

• FY23 revenue was $730M, compared with $519M in FY22; stated 2020–2023 revenue CAGR was 65%.

• Q4 free cash flow was $55.4M, equal to 27% of revenue; FY23 adjusted free cash flow was $204.9M, or 28% of revenue.

• Revenue was generated entirely from subscriptions.

Outlook and guidance

• Strategic priorities include expanding core work product lines, building an ecosystem for a long tail of use cases, and becoming a go-to work platform for businesses.

• mondayDB roadmap targets 100K items per board and 500K per dashboard with version 2.0 in 2024; version 3.0 targets 1M items per board and 5M per dashboard in 2025.