MNDY earnings call for the period ending December 31, 2024.
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Monday.com (MNDY 31.51%)
Q4 2024 Earnings Call
Feb 10, 2025, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the monday.com fourth quarter fiscal year 2024 earnings conference call. All lines have been placed on mute to prevent any background noise.
After the speakers’ remarks, there will be a question-and-answer session. [Operator instructions] I would now like to turn the conference over to Byron Stephen, vice president of investor relations. You may begin.
Byron Stephen — Director, Investor Relations
Hello, everyone, and thank you for joining us on today’s conference call to discuss the financial results for monday.com’s fourth quarter and fiscal year 2024. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com; and Eliran Glazer, monday.com CFO. We released our results for the fourth quarter and fiscal 2024 earlier today. You can find our quarterly shareholder letter, along with our investor presentation, and a replay of today’s webcast under the News and Events section of our IR website at ir.monday.com.
Certain statements made on the call today will be forward-looking statements, which reflect management’s best judgment based on currently available information. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our earnings release for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements. Additionally, non-GAAP financial measures will be discussed on the call.
Reconciliations to the most directly comparable GAAP financial measures are available in the earnings release and the earnings presentation for today’s call, which are posted on our Investor Relations website. Now, let me turn the call over to Roy.
Roy Mann — Co-Chief Executive Officer
Thank you, Byron, and thank you, everyone, for joining us today. We closed out Q4 on a high note, capping off an incredible year. 2024 has been a period of transformation and growth with our business reaching new heights across every area. We’ve made substantial progress in solidifying our market leadership while driving innovation to meet the evolving needs of our customers.
A major milestone this year was reaching $1 billion in annual recurring revenue, underscoring the strength of our Work OS platform and the increasing demand of our solutions. Our financial performance was equally exceptional in 2024. We achieved record operating margins and delivered record free cash flow, reflecting both the efficiency of our business and the scalability of our model. Total revenue in Q4 came in at $268 million, up 32% from the year-ago quarter; and $972 million in FY ’24, up 33% from the prior year.
On the product front, we continue to make considerable progress in our multiproduct strategy. Monday’s CRM has exceeded expectations, and we added a record number of net new accounts for both CRM and Dev during the year. We were also proud to be recognized as a leader in the Gartner Magic Quadrant in three different categories. This recognition further validates our strategy and our continued commitment to delivering value to our customers.
In 2024, we made significant strides in our AI development, unveiling several new capabilities, including AI blocks. Since AI was integrated into the monday platform, users have performed approximately 10 million AI actions. This ongoing progress highlights our commitment to enhancing the user experience and driving greater efficiency through innovating AI solutions. One of the most significant milestones of 2024 was our strategic expansion into the enterprise market.
We successfully grew our largest seat count to 80,000 seats, signaling strong adoption and deepening enterprise customer engagement. All this enterprise expansion would not have been possible without mondayDB, our data architecture. In 2024, we completed the latest phase of mondayDB, mondayDB 2.0, enhancing the platform scalability to support larger, more complex use cases. As we look ahead to 2025, we remain focused on continuing this momentum.
Building on our achievement and further expanding our reach and impact with strong foundation in place, we are excited for the opportunities to come. Let me now turn it over to Eran to walk you through some of the product highlights of this quarter.
