monday.com Investor Day 2025 | Sep 17, 2025

Thank you. Good morning everyone. Welcome to Monday.com's 2025 investor day. We're delighted to have so many of you with us here in New York. We also want to send a warm welcome to those of you joining us virtually. We're thrilled to see such a strong interest in this year's investor day. In fact, we had three times as many registrants for this investor day compared to 2023, which I think is a clear reflection of the growing excitement around the Monday story and the opportunities ahead for us.

Today you'll hear from our leadership team about the next chapter of growth at monday.com. We'll begin with our co-founders and co-CEOs Roy Man and Eran Zimman. They'll share their vision on how AI is reshaping work and why monday.com is uniquely positioned to lead in this new era. From there, Daniel Larea, our chief product and technology officer, will focus on how AI is embedded across our entire platform and across all our products and has helped accelerate adoption of Monday. It's also helped accelerate innovation and value for our customers as well. Then we'll turn it over to our chief revenue officer, Casey George, who will outline our go-to-market model and how it continues to evolve as we expand up market and scale multi-product adoption. And last, but of course not least, our chief financial officer, Eliran Glazer, will provide a closer look at our financial strategy and how we balance our strong topline growth with continued improvements in profitability and cash generation.

All right, the fun part. Before we begin, I'll remind you today's presentation includes forward-looking statements which are subject to risk and uncertainties as outlined in our SEC filings. We'll also be discussing some non-GAAP financial measures. Those will be reconciled to our most comparable GAAP financial measures in our materials. Now, with that said, let's get started.

Hey, Sidekick, can you tell me about monday.com and how it's changed over the years? Sure. Let me quickly scan the company's workspaces for the main milestones from the past two years. I'm looking for the most exciting milestones. You got it. The numbers will speak for themselves.

Two years ago, we shared a strategy to become a multi-product platform enabling the workflows that run today's most dynamic organizations. From work management to CRM, dev, and most recently, service, we've expanded up market, building for larger, more complex teams. We've raised the bar. One customer now runs monday.com across 80,000 seats. A clear testament to meeting enterprise needs.

Today, we're living through a generational shift. Soon, AI won't be something you use. It'll be the driving force reshaping how work gets done. At monday.com, that future is already here. We've moved from managing work to actually doing the work. With a scalable, customizable, and adaptable platform as the foundation, AI can do the work for every team, not just technical ones. Our global organization of 2,900 people supports over 250,000 customers across more than 200 industries. Scale that's possible only when every team can move faster together. And with more than 1.2 billion in ARR, we're just getting started. We're scaling from here. Building the infrastructure and products that enable the world's most ambitious organizations to lead in this new chapter. Let's shape the new era together.

Please join me in welcoming co-founders and co-CEOs of Monday.com, Roy Man and Eran Zimman.

Hey everyone, good morning and welcome to 2025 investor day. I want to join Byron and say how much we appreciate all of you for coming here and joining us on this exciting day. So let's get started. Definitely AI is a very transformative technology. It changes almost anything for our customers. The way they perceive value they can get from software. It changes how companies go to market. It changes how companies scale. It touches almost any aspect of our customers and ourselves as a company. And with Monday, we embrace that and we want to go all in on AI. This is exactly what you're going to hear today. You're going to hear about big bets that we're making as a company, changes to our products, new products that we're going to launch. And we see this as one of the most amazing opportunities we have as a company going forward. We just don't want to just add an AI layer on top of our product. We want to make significant changes to our roadmap and to our existing products.

When we look at the three main guidelines that guide us through this journey, I'm going to go through each one of them. We see one of the main guidelines is the fact that companies now have the ability to have almost infinite workforce. Essentially, what this means is that AI is one of the biggest leverages that software can offer today in terms of scaling customers and scaling businesses. We feel that with AI you can do so much more with the same headcount, and even the existing headcount can become much more efficient. And this is one of the big bets and guidelines that guide us through this journey and the roadmap that we're going to have.

The second one is the fact that software in a way becomes more accessible not just for developers but almost for anybody in the organization. You no longer have to be a tech person or to know how to code in order to build software. And in a way this is our vision on steroids. We always aim to have the most flexible software for our customers and with this vibe coding in motion we can give even more freedom to our customers. And again, like the first one, the second principle, we're going all in. You're going to hear today exactly how we're going to leverage vibe coding with our existing platform and how those two things come together and offer a solution that's not only customizable and flexible but also is enterprise ready and ready to scale.

And the third part of the principles I got to forward is the adoption. We feel with AI technology is moving very fast but when it comes to actually adopting the technology I think ourselves and also our customers are way behind. And this is one of the things we're aiming for with Monday. It was always important for us to aim for tech and non-tech customers and for all segments and we are exactly positioned to bridge that gap between technology and actually usage.

Given all that, we're amplifying and changing our company North Star and this is a big deal. For years since we started the company, our mission was to manage the core work for our customers. And with AI, this vision is amplified. Our vision now with AI is to do the core work for our customers. Not just manage work, but actually doing the work for our customers. And you will see throughout the day how this impacts our roadmap and exciting new features we're going to announce.

Already we've seen amazing traction with AI features that we've launched. Up to date there's already over 67 million AI actions on our platform. In addition to that, in the past nine months we've been very busy, the busiest we ever been as a company, working very hard to create new products and add-ons to our existing products. We launched Monday Sidekick, which Daniel is going to present today. Already 45,000 actions in Monday Sidekick alone. We launched Monday Vibe, which is essentially a vibe coding platform on top of our platform. Already 7,000 apps were built in just two months. And with Monday Magic, which helps you build solutions, 2,000 solutions were built in less than 3 months. We never seen traction like this in any feature we've released. Our customers are thirsty for AI usage and the adoption is off the charts.

We're going to address each one of those guidelines today. We're going to talk about the unlimited workforce. We're going to announce Monday Agents, which is a new product. We're going to talk about Monday Sidekick and show it to you. I've already seen amazing usage. We're going to show you how we're tackling that ability to build software with Monday Magic that helps you build solutions on top of Monday and Monday Vibe that helps you vibe code on top of Monday. And we'll walk you through each one of our products and show you how we're going to bridge that gap between AI capabilities and the adoption of those AI features. It's going to be very exciting and again, thank you for being here. Before we talk about all those new features, we want to take a step back and talk about the company and our growth for the upcoming years.

Thank you, Roy. And I'm joining around saying thank you for coming here today. We're super excited about this. And I want to walk you through some of the numbers we've seen and where we are as a company right now. So in the first half of '25 we made tremendous growth. We're now at 1.2 billion dollars of ARR and we also have a massive number of customers. We have like 250,000 paying companies, paying customers, and that's a huge base we're going to build on in our next chapter. And all that growth we've done with extreme efficiency. Okay, it's not something that was by accident like the efficiency part. It's something very intentional. It's how we build the company. It's how we want to build things and go towards growth. And it shows, it shows like in the rule of 60 or rule of 40 which we are in 60. So again that's like something we put a lot of emphasis on in our execution, it's very deliberate.

Currently we have with our multi-product strategy we sit in four different growing markets and it's an amazing base to keep moving forward as we see those markets evolve and grow with us. And talking about multi-product, this is a super interesting graph. I love it. So this is like when you see the purple line is Monday's growth when it was in the beginning. Okay. Since we started when we launched and you see the ARR growth we had back then in the day and we kind of aligned every other product to that timeline. Okay. From launch to how it scaled and last investor day we showed you CRM and we showed it was like five times faster than our initial growth. So look at it now how it broke out and like continued to scale amazingly well. Service is behaving very much like CRM. Okay, we see that same growth trajectory and scale and the demand from the market with a completely different go-to-market by the way which is also interesting and dev have very healthy growth as well.

When we talk about our existing customer base we see a huge opportunity in scaling them into the multi-product strategy. So currently we only have like only 6% penetration within our customer base that use multiple products. We have a huge potential going forward and Casey is going to talk with you about the things we're actively doing to go after that potential.

And I want to talk about the new side of things like the new customer. How we acquire new customers and even going deep a little bit into our marketing engine. So on the graph you see our performance marketing engine, a part of the engine, and you see that the spend, the purple bars are the spend. So you can see that it changes over time. Okay. And it goes up, it goes down. And we deliberately do that like we tweak our spend into areas that we know will work efficiently. We do that as we said before with Big Brain. It's all automatic and we know how to move budgets so it'll be done efficiently. And the white line shows the percent of performance marketing from our entire S&M budget. So you can see it's going down over time meaning we add more capabilities to our go-to-market engine and performance marketing is becoming a smaller percentage of that greater whole and how we go after new customers.

We currently have over 55 different acquisition channels. Okay, like different channels and we wanted to highlight one of them, Google search, which you know with AI there is some uncertainty on that engine. So Google search is only 10% of our new ARR that's like its part. I know we talked in the past about the signups that it's like 30%, around 30%. So in ARR, in new ARR it's only 10%. And when we talk about AI and marketing so one interesting thing is the AIO, it's a new field that when customers search for solutions within like ChatGPT or other such apps, AI apps, and they come to us so we see the traffic so they get a result with monday.com, they click it, they come to us so we see the traffic that we get from AIO growing bigger and bigger. It's exponential. It's still fairly small. Okay. But it's growing steadily and we put a lot of emphasis into making this work. We with Big Brain we are working hard to build the systems that will help us monitor, optimize and like also succeed in this area adding to our entire marketing machine.

So let's dive into a new aspect of the new engine. I'm still in the new customers. So as a trend we are moving from quantity to quality. Okay, we are looking for the better customers all the time in our new marketing engine. So you can see over time that the new land meaning like the initial payment we got from customers has grown over the years and also a larger and larger percent of them is choosing our enterprise tier, our highest tier as the first tier that they choose. This is a clear indication that we acquire better customers let's say larger companies, higher ACV customers and that's again it's a trend, it's a deliberate one okay that's like something we optimize for. We did it with the price increase and a lot of other stuff we do to optimize for that.

So apart from having a very powerful acquisition engine, another big focus for us as a company is going up market. So this is an interesting chart that shows how many accounts or customers we have with ARR over half a million and you can see just four years ago in 2021 we had only five accounts over half a million and that been exponentially growing now over 68 accounts over half a million. We see the accounts continue to expand with very healthy NDR. The average contract value is 900K. And I think the more interesting part is that on average each one of those customers have about 15 use cases, meaning different departments. They use Monday for different things. This just goes to show you how sticky the product is, how versatile it is, and how many usages we usually have with one customer. It's not just one champion or one use case. The product is very sticky across the whole company and going forward obviously we're continuing to invest in that motion of going up market and Casey will talk more about this going forward.

Roy mentioned ACV going up in terms of new customers, but if we have a broader look across our whole customer base, looking back even a decade long, you can see that our ACV on average throughout our entire customer base have 5x'd with all those new features we introduced. You know the new products, Monday DB, platform capabilities, the value of our customers and the value they get from Monday dramatically increased and we plan to increase this going forward. It means that today every customer is 5x more valuable than what it was just seven or eight years ago. And going forward, we're confident that this trend will continue and we'll continue to increase the ACV and the footprint we have with our existing customer base.

I want to talk about our internal growth and efficiency going forward. We talked a lot about the product and our customers, but also we as a company, like Roy mentioned in the beginning, aim for very healthy growth and healthy efficiency. In 2026, we plan to scale our headcount, but only 20% up to 30% in 2025. And we do that by leveraging AI and just increasing efficiency overall. So, you can see here a few examples. Casey and Daniel will cover that in their own section, but basically we're leveraging AI internally to make our sales team more efficient, to make our customer support more efficient, and to make our R&D more efficient. And I think that going forward 27, 28, we'll be able to scale the company even more while increasing the headcount in even a less significant way in 2026.

So we talked a little bit about our business model and about our AI vision. Let's talk a little bit about become more concrete about the future of monday.com.

Cool. So Eran talked about our transformation of our vision. Okay. And that's like the first time we've done that. The first time we've changed the vision of the company from managing work to doing the work. And that's very significant. It's very inherent in everything we do in the company. Daniel will talk about that, the transformation we've done because we do see AI as a transformative technology. It enables us to do some things we never could have done before and obviously you're going to hear a lot about it. I'm going to walk you through some of the highlight changes that we're making within the products suite themselves, but we have also new products that you'll hear about during the day and you know we're making massive bets into that space and you're going to see some of them today.

So work management, we are the leader of work management. Like the one point, like we have 80,000 seats for one large customer and like Eran showed a lot of other large customers and we are becoming better and better at managing at scale with work management going deep and leading that category. And with that we are transforming the visions for work management from managing work to actually doing the work. So we know what customers are doing. It's in there, right, the project, the task, everything and we are launching a Sidekick that it's a personal agent that actually does the work for you and it's just one click. You'll see it. It's amazing.

In CRM we reached 100 million dollars of ARR. You saw the growth and from managing sales, managing sales pipelines, workflows, processes, we are now making a massive bet and going also into actually doing the sales, making the phone calls, closing deals, prepping everyone like and a lot of like AI stack to really transform CRM into AI and really looking deep into the future and making the bets of where this market is going to go to.

Monday Dev. So Monday Dev is about managing sprints, managing building software. We manage like the whole aspects of it, not just the development cycle but also product and design and everyone around it. And in dev we are adding or transforming to not only manage those projects but also to orchestrate all the AI software creation. Meaning if you orchestrate everything on Monday if you manage everything you can also manage how AI is involved in that process and is executing your software creation.

And in service, we've closed like over 1 million tickets by now. But it is about managing requests and information portals and knowledge. And the future of that field is not only managing the tickets and the service but also doing it, solving the tickets or even solving the problems before they are tickets. So also in that area we're making great bets into actually solving the problems that arise instead of just managing tickets.

Yeah. In addition to those changes we're making to the product, we'll also keep investing into our platforms. It's one of our biggest assets and one of the things we're going to leverage for AI usage and AI capabilities. So in terms of the platform, we have Monday DB which is the most flexible database that we've created a few years ago. We successfully launched Monday DB 2.0 and we're now starting to gradually release Monday DB 3.0. Monday DB is the most flexible database that was ever created for our customers and with AI and vibe coding this is the perfect recipe for success and offering even more flexibility going forward and Daniel will talk about it. In addition to Monday DB we add in a lot of capabilities to the platform itself and we feel all those things going to help us achieve that vision even more successfully.

Let's talk a little bit about monetization of our product. So definitely AI changed a lot of things. When we look at our current products, they're currently seat-based: work management, CRM, dev and service. Those products are going to move to become hybrid pricing, meaning you're going to pay for seats, but all the AI capabilities we're going to add on top of it, for example, Monday Sidekick and Vibe on top of it, and other AI capabilities that we added like AI blocks, you're going to be based on consumption. So eventually as a customer you're going to pay a hybrid model of seats and AI usage when you use those products. And when we think about those new products we're launching and announcing today like Monday Vibe as a standalone product and also Monday Agents, they're going to be 100% based on consumption meaning you're not going to pay for seats but you're going to be paying on usage. And we feel this is a transition that going to go throughout the industry over time. We feel the hybrid approach is right for existing customers and existing products and the consumption approach is right for the new products and the new go-to-market that we're going to introduce.

Yeah. Maybe it's worth adding that like Monday Sidekick, Vibe and Magic are available now. But we didn't, it's in beta like we didn't release the pricing yet. Okay. But it's coming.

So if I have to summarize everything we've talked about now, I think what we're showing here now is one, we're going all in on AI. We're making changes to our products. We're building new products and we're making big bets on the future where this is going and we feel we have everything in place to chase that vision and to have an amazing opportunity for future growth. We continue with a very durable business model going forward. We built great engines like the acquisition engine and the enterprise engine that we built and we're going to continue and scale them as you're going to hear today. We continue with our multi-product strategy. We feel that in each one of those products, CRM, dev, service and obviously work management we have the biggest opportunity ever to achieve success and scale. Everything changed and we feel it's a clean slate. There's a lot of opportunity for growth and expansion. We're going to double down on cross-sell of our products with our existing customer base. It has a huge opportunity and continue to scale our acquisition machine and adjust it for the new AI era. So, a lot of exciting stuff coming up.

Just to summarize what you're going to hear today, Byron mentioned this. Right after us, we have Daniel who's going to show you all those new products. I'm sure you'd be excited. We have some great videos to show you. And then Casey is going to talk about go-to-market strategy going to the enterprise but also serving mid-market and how we're going to scale this organization. And finally, Eliran is going to walk you through our plans and our financial profile for the next few years. I want to say that we're personally very excited. We feel this is an important milestone in the lifetime of the company and excited for the future and the opportunity we have. And also I want to say that today and tomorrow we have Elevate and you're all welcome to join. And we have a lot of demos and things we want to show and we'll be happy to host you as part of Elevate as well. So again, thank you for coming and hope you enjoy the rest of the day. Thank you.

Thank you, Roy and Eran. What an amazing execution we've had over the past couple years and what amazing opportunity we have ahead of us. Let's continue with the product theme. We're going to bring our chief product and technology officer out, Daniel Larea. If you recall with Roy and Eran, they walked through all the stuff we've really built out over the past 5 years. Daniel's been with us for 9 years now. So all the multi-product, the three new products, the whole new database Monday DB architecture, the apps marketplace, all the new AI offerings, it's all Daniel and his team. I would put Daniel's team up against any of our peers when it comes to rapid product innovation. So let's bring out Daniel right now. Thank you, Daniel.

Hi everyone and good morning. My name is Daniel and I'm the chief product and technology officer at monday.com. I'm very excited to be here today and thank you for joining us. You know AI is such a transformative technology and with AI it's a new world of work. It's a world when you can have the perfect solution for any need in seconds. It's a world when you can have infinite agents actually doing the work for you. And this presents a huge opportunity. Businesses can now be infinite times more powerful regardless to their size. They can push for unprecedented efficiency. They can provide service with superior quality. And all of these changes dramatically the expectations people have from work software. Basically from managing the work to doing the work for you. And we at Monday are betting on this future of work. And that's why we've been extremely busy over the last few months and over the last year building towards this future.

But before we dive into our strategy, let's take a look back for a moment. Two years ago, I shared our culture of speed and execution sets us apart. That culture is exactly why we could move so fast in this new AI era. Our entire R&D team has gone all in on AI, changing how we work, accelerating innovation, and all of this in order to lean into this massive opportunity ahead. Now, I want to take you through the outcomes of this major shift that we did.

So AI is fundamentally changing a lot of things but it also changes the way people adopt, onboard and enhance work solutions. Now the barrier for having the perfectly tailored solution for every need is lower than ever. The time to value can be near immediate and that's why we built a new AI product. It's called Monday Magic. Translating user intent in plain English to a full Monday solution in minutes. Let's see it in action.

Meet Monday Magic. Now you can harness the power of AI to build any work solution you can imagine right on the monday.com platform. Construction, legal, hospitality, insurance, manufacturing, whatever you run. Just go to monday.com/magic and describe your business needs. You'll get a robust, tailored work solution instantly. Want to adjust your solution? Just say the word. And the cool thing, Magic will create an onboarding video just for you to onboard your team to your new work solution. Welcome to the maintenance request solution Magic built for you. Here's a walkthrough of your new solution. From prompt to work solution in seconds. Whether you're power users or just starting out with Monday, you can build any work solution with Monday Magic by monday.com.

Monday Magic as you've seen earlier is already live with over 2,000 work solutions already built on top of it. And these solutions actually span across almost every industry and use case from a concert venue asking a solution to manage events, artists, partners, and guests all the way to HR managers building a solution to track and manage the employee life cycle. Moving forward, we're going to continue and elaborate Magic, making it an integral part of how we acquire, onboard, and support our customers.

Moving forward to vibe coding. Vibe coding is actually transforming how software is being created. It's so exciting to see that by leveraging the constantly improving power of large language models, people can now create software with just plain English. And looking into the future, the potential for it is endless. This is why we created Monday Vibe. Monday's vibe coding tool. It's a new separate product for leveraging the power of vibe coding, but this time for work. Let's see it in action.

Have you ever asked yourself, can I do this in monday.com? Well, now the answer is simple. Yes, you can. We took monday.com, added Vibe coding, and created Monday Vibe, the game changer that lets anyone build custom business apps in seconds with AI. No code, no limits. Just describe what you want and Vibe turns words into apps. You can build anything like a competitor intel tracker that pulls in news and product launches and keeps your reports live in real time or a presentation view that instantly creates a beautiful deck from your OKRs. And everything you build is deeply connected to your workflows and data. A mobile delivery app that books rides and maps routes. How about a recruiting portal, a financial dashboard, a project tracker, an org chart? Vibe can build anything. And that's just the start. You can keep customizing it as you go. Add your brand colors and logos. Yeah, like that. Nice. Rearrange views to match how your team works. This isn't a template. It's your app, uniquely built for you from your own words. All of this runs on monday.com's enterprise-grade platform. Secure, scalable, and ready for the biggest businesses in the world. Giving everyone, every team, every department the power to build exactly what they need from words to app in seconds. Don't build it, vibe it.

This is a huge, huge opportunity, but for businesses to adopt vibe coding for work, they need to be able to trust it. They need to know it's reliable, that it will work at scale with full governance and control, and all with the highest standards. In Monday Vibe, we leverage the most powerful LLMs for software creation like all other vibe coding tools. But to make it suitable for work, we built Monday Vibe on top of Monday DB, our unique, flexible, scalable, and reliable data infrastructure. With Monday DB, every app you build on Vibe gets the full power of the Monday's platform. It's natively connected to your data, workflows, integrations ecosystem, making sure all of these apps doesn't create organizational silos. It has robust permissions, role management, governance capabilities, and most importantly, enterprise-grade security and compliance are already baked in. Taking the vibe coding power and unleashing it for work.

Monday Vibe is generally available since last week, but even prior to its official GA, we see a very high engagement with it with over 17,000 apps already built on top of it. And here is just a small taste of what our users are building. What you see here is that once you give the power to people to build anything, it empowers them in a way like never before.

Now, last but definitely not least, I want to introduce you to our newest AI product, Monday Agents. Taking our vision of doing the work for you into the day-to-day reality of every organization. This new product coming in H1 2026 will allow everyone to leverage the power of agents all with simple and intuitive experience. No code needed, unlocking the huge potential of agents for everyone across the organization. Let's see how it looks like.

What if you could automatically get feedback from every customer? What if you could track every competitor's move in real time? What if you could contact every lead? What if this is actually possible right now? Introducing monday.com's agent builder. The power to create your own agents in minutes. Just start with a ready-made template or write a prompt in your own words. And in seconds, your agent is ready. You can read everything you need to know about it in plain English. Its directions, its skills, exactly what it'll do for you. Now, let's see what our brand new agent can do. First, our agent sets up an appointment for a customer. After the appointment, she calls the customer to collect feedback. Let's listen in. Hi Dave, this is Callie calling from Daniel's garage. Do you have a couple of minutes to share some quick feedback about your experience? Sure, no problem. Great. Thank you. First, how was your overall experience during your visit? Uh, pretty good. Everything was explained really well, but I had to wait a bit longer than I expected. Thanks for sharing that. Is there anything we could improve to make your next visit even better? Maybe faster service or shorter wait times? That's really helpful. Thank you for your feedback. As a token of appreciation, we'll be sending you a small gift card by email. Okay, sounds good. Thank you again for trusting Daniel's Garage. We look forward to seeing you again. And finally, she writes and sends out a follow-up email. Pretty cool, right? Connect it to more tools and watch it take action everywhere you meet. Need more agents? Build as many as you want. Every agent is a specialist ready to work instantly at scale. Any business, any department, any use case in minutes. This is the future of work. A limitless workforce working for you, built by you.

With these new free AI products, all by the way developed in the last few months, we're unlocking the future of work with AI to our customers. But we're not stopping there. In the next few minutes, I'll walk you through each and every one of our core products and how it looks like in the world where AI is actually doing the work for you. And let's start with work management, our flagship product.

The last year was simply phenomenal for work management. We continue to invest in the scale and depth of our offering and we managed to push the bar and create a very strong momentum with larger accounts. We were also the only work management platform recognized by Gartner as leaders in three different categories. At the beginning of this year, we've released a set of capabilities aimed directly to our largest customers managing projects from all types at scale. We saw a great adoption fueling our upmarket momentum. Going forward, we'll continue to elaborate these capabilities and also keep pushing the bar in terms of scale with Monday DB 3.0.

But that's not all. We're taking a bold step into the future of doing the work for you. Introducing Monday Sidekick, a personal AI agent for every Monday user. It knows the full work context, the user role, its company, all past tasks and projects, which makes it best in doing the actual work for you. Let's see how it looks like.

You've got goals to hit, teams to coordinate, reports to pull, and five different tabs open just to answer one question. You know you need to start using AI. AI, AI, just generate AI. But where do you even start? Relax, it's simple. You start with Monday Sidekick. Just click the star next to any item in monday.com. This is Monday Sidekick, your AI-powered digital worker built right into the flow of your work. It's in context and it will execute for you. Most AI tools you have to upload files, explain who you are, re-explain every single time. Sidekick is different. From planning to execution, Sidekick already knows your boards. It understands your work, your workflows, and your goals and gets to work right away. Your manager asks you to create a report for your company leadership. Sidekick can do that for you. Easy. Need to find 10 commercial properties in Chicago for your real estate agency? Sidekick researches and builds the short list. Done. Planning a campaign in a new region? Sidekick builds the plan, creates the content, and localizes it with nuance. You get the idea. Whatever you need, Sidekick's got you. Every single action is explainable, visible, and adjustable. You approve what happens next. And you can even personalize it, choose how it responds, and shape it to work exactly the way you want. And the more you use Sidekick, the more it learns, continuously improving to better fit your needs. This isn't just about using AI. It's about finally feeling like work is working for you. And it's super simple to start. Just click the star.

So, Sidekick is already gaining momentum across a wide variety of use cases, roles, and departments. This is why it plays such an important part in how we see the future of work management. But with that, it's important to state that Sidekick is going to be available across all of Monday's products.

Now, let's move to Monday CRM. Monday CRM is growing extremely fast, reaching 100 million in just three years. Its flexibility empowers our customers to adopt it their specific way of working with an unparalleled time to value, solving such a big pain in the CRM market. Going forward, we want to continue our focus in SMBs while pushing for larger customers in the mid-market. I'm happy to announce that today we are launching a new product in the CRM suite, Monday Campaigns. This is an AI-powered product for marketing with a single aim of generating leads for you. With Monday Campaigns, our offering becomes more holistic, answering the most requested need of larger CRM customers. Together with Monday Campaigns, CRM is now a suite of products that empower the entire customer life cycle from lead generation in Monday Campaigns, doing the actual sale with Monday Sales CRM, all the way to post-sale delivery with work management.

But that's not all. As you heard from Roy and Eran, the expectations from CRM software has fundamentally changed. From managing sales to actually doing the sale for you. To do that, we're introducing a new AI SDR agent as part of Monday Sales CRM. Let's see how it works.

You've got leads coming in, sales targets, and a funnel that never sleeps. There's simply no way your reps can call everyone, and consistency starts to slip. Enter the SDR agent. A fully capable SDR that picks up the phone the moment a lead comes in, making sure the right people always get the call and your hottest leads rise to the top. Setup takes two clicks. Define when calls trigger and upload a knowledge file with your company details and qualification criteria. Here's a new lead, Danielle from Next to Retail. Her details appear instantly on the sales board in Monday CRM. The SDR agent, Chris, calls right away, even outside your working hours. Every lead gets a call while it's still warm. So, you're looking for a venue for 200 people in April with networking as a top priority. Let's book you for Thursday at 2 p.m. with our strategist. That sounds great. The call is transcribed, summarized, and the meeting is booked. And when 10 more leads arrive, the SDR agent calls them all in parallel. And every customer gets a fast, seamless, and high quality experience. And your sales rep walks into the next call with all the contacts they need and can finally focus on what they do best, selling. The SDR agent, always on, always setting you up for success.

Moving on to Monday Dev. With 40 million in ARR, we're seeing a healthy demand for Monday Dev with a good cross-sell trend. With AI, the world of software development is radically changing. Developers' role is shifting from writing code to actually building products with AI agents. This shift opens up a new kind of opportunity in the dev as the connective tissue, the one place that holds all the context of software development. Every past task, every resolved issue, every piece of customer feedback suddenly becomes the perfect foundation for agents to build with. And as agents take on more coding, developers must stay in control, orchestrating, planning, and tracking the agents' work. All of these, by the way, are Monday Dev's core strengths are the ones that will become now a central part of the developer role.

Moving on to Monday Service. Launched earlier this year, service is already at 7 million of ARR, which makes it our fastest growing product. With enterprise service management, we land bigger from the get-go and manage to drive meaningful growth from cross-sell to our existing customer base. Our customers are using Monday Service across different departments whether it's finance, operations, HR, IT and much much more. To continue this great momentum, we want to extend the service product fundamentals, allowing more flexibility from one hand while providing key features service teams needs.

With that, our main focus is about the future of service with AI. In the past, service was manual with teams monitoring queues, answering tickets, basically chasing around SLAs. But today, service can be completely different as AI solves problems with efficiency, precision, and consistent high quality. Looking ahead, we'll give every organization the ability to build and train their own AI service agents connected to the data governed with enterprise-grade control and improving continuously to deliver better outcomes over time.

We're expanding Monday's offering and with AI, we're ready to capture the huge opportunity of doing the work for you. But before we conclude, I want to touch on impact of AI internally. A few months ago, we did something really unusual. We stopped our entire R&D organization for a full month to fundamentally change how we work with AI. It was one of the strongest experiences I've had in my nine years at Monday, seeing the whole team lean in, adapt, and embrace this new reality. What you've seen today are the direct results of that shift. With AI, we accelerated our pace of innovation. We elevated the service we deliver to our customers and we unlocked new levels of productivity across the entire tech organization. And this doesn't end here. We're taking

It as a commitment forward to keep pushing, keep adapting, and keep leading the way with AI. To sum up, we're moving from managing work to actually doing it. This is driven by AI embedded across all of our products. Mand DB and our platform give us a durable competitive edge in doing that. And with our culture of speed and execution, I'm confident we'll capture the massive opportunity ahead and lead this transformation. Thank you very much.

Is the most busiest person I think at monday.com. What amazing job that Daniel and his team have done. We're going to pivot directions a little bit now. We're going to go really to go to market. And what we want to really talk about is our customers. So, as you know, we have over 250,000 customers in Monday from the smallest of small startups to the largest of enterprise where we go wall-to-wall. And we wanted to just hear from some of these customers. So, let's roll a video to highlight some of these customers.

We absolutely see monday.com as a strategic partner in our digital transformation. It almost feels like the sky's the limit with the platform.

Monday.com has enabled us to work through 150 projects with 25% more efficiency based on the way that we've streamlined our projects in the boards that we've created.

I think it's pretty awesome.

Having a central hub has been huge for us.

Monday.com changed my efficiencies at work. I was able to now have a platform that I could spend my entire day on doing my role and I didn't have to go anywhere else. I haven't found another company that does everything that we do and yet we're able to use Monday to do it all.

It's created efficiency. It's created a central source of truth. It's created a platform where I can build what I need.

It's really helped our execution strategy. It's enabled us to be able to really workflow our projects, identify where we may need additional resources, where there's overlap of projects, and it means we don't have to use spreadsheets anymore, which is fabulous. The feature that I feel has made the biggest impact on us would be the email tracking in CRM.

The AI tool is very intuitive. It's a lot like interacting with one of your peers in the workplace.

Dashboards plus automations is life-changing.

It has been so influential to our business and it feels as though it's provided something to us that we've needed for a long time but we didn't know how to solve for.

What did we do before Monday?

So these are just really some great examples of companies that are using us for CRM for work management. They're adopting some of our AI tools, but this is just the beginning. There's so many more opportunities with these customers and we go much more deeper. So let's bring out our head of I mean our chief revenue officer who's going to be tackling a lot of this and going deeper with our customers, Casey George.

Good morning. It's great to be here and good to see some familiar faces in the room. Listen, you know, I could take you through my bio, my background. You can read it. I've been doing this for what is now 29 years. It's hard to believe, but my journey with Monday started, you know, well before my start date. I was a user and a fan. Previously, we had a tense situation with some support issues at a previous company and we launched a get to green program as I called it and it was a sophisticated project management application that we built on Monday. So my exposure to Monday started well before my start date. So when I got the call I couldn't get through the phone fast enough to be honest with you. I was like, this is an amazing opportunity, tons of innovation in a CRO's dream. But I share that with you because I like to say I've seen good, I've seen bad, and I've unfortunately seen ugly. At Monday, I think I can objectively say it's great. It really is. And why is that? And I'm going off script a little bit here, so sorry, Byron. Since I had to follow Daniel by the way, which I got the short straw being the new guy.

Why is Monday so great? And I like to say they do the hard stuff really well, right? It all starts with product. As a CRO and if you talk to any CRO, they'll tell you the same thing. The first thing they ask is do your customers like to use the product? And if they like to use the product and it's a good product, it's well supported, it's innovative, and you continue to innovate, a CRO will say it's a dream. Like you'll never find a CRO leaving a company that checks all those boxes. I can tell you right now. So when you talk to other CRO, hone in on that. That will tell you a lot about the company. So from where I sit again doing the hard stuff really well performance marketing I've never seen anything like it right and I think I could say that I literally have never seen anything like it the amount of innovation you know I ask a question I come on I look at their tool suite I look at the things we got to do and I say you know I really need this and the immediate response at every company previous to this and others that I speak to is okay we need to go get that. It's a different answer at Monday, right? And I think this amplifies what I'm trying to say. The immediate response is, well, we'll go build that for you, right? Oh, okay. That's pretty great. So, from where I sit, from where I came from in my short tenure here thus far at Monday, we're in a great place. So, I think the things that I have to do that I will share with you today are the easy part.

Let me ground you in a few things and then we'll jump into what I think are three or four of the pillars that are going to drive or accelerate the success we have going forward. So 250,000 plus customers. I was at our customer advisory board yesterday which by the way fantastic feedback we get from customers and I'll tell you a couple stories about that because I think it tells you a lot. But one of the customers said, 'That's 250,000 users, right?' It's like, 'No, no, no, no. It's 250,000 customers.' And to see the look on their face go, 'Oh, I get it now. Everyone sees what I see.' And you'll find a lot of customers who say, 'I'm not going to share with you how we're using Monday because it's competitive advantage.' So, I get that a lot. A thousand employees. And this is important. These two data points are very important and we'll come back to it and then they'll play through the rest of the presentation, but circle those 250,000 customers and a thousand employees. All right. Some of the logos we've acquired and this is a very small sample. Very small sample. I'm blown away. You know, we keep hearing when are you moving up market? Like listen, the market's come to us, right? These are major logos that consume our software and get tons of value from Monday every day. And this list is growing by the minute. And it shows up here.

What everyone needs to see from this is this is a very healthy growth trajectory. I don't need to tell you that, but you can see it. This is durable revenue, right? Very impressive. Again, my job is to keep it going obviously and I feel like we've got the foundation to do that. And I'll come back to this in a second as well. But as we move forward and we understand what the opportunity is and opportunity is a key word, with only 9.4% of our revenue coming from other products, right? And the rest of revenue coming from our flagship product, there in lies a significant significant opportunity. And here's why. We know with only 6% penetration, the 6% penetration is the amount of customers we have that are consuming more than one product. Okay, we know that you get two and a half times ACV uplift when you consume more than one product. So from where I sit, oh, this is a no-brainer. All we have to do is go back to those 250,000 customers and expose them to everything that Monday is doing. And I will tell you, even in the customer advisory board, it was our first one for this year, some new members were on there and a lot of them said, and I hear this a lot, I didn't know you did that, right? I didn't know you had CRM. Yeah, it just happens to be a hundred million business for us. I didn't know you did service. Wow. And they see all the things coming and they're just as impressed as I am. But I share that with you so that you understand the opportunity for us to move up market and for the opportunity for us to cross-sell because if you understand that you know 3,700 accounts have 50k or greater and then almost 1,500 are 100k there's a sequence to these $500,000 ACV customers and the sequence is you start at 50 you go to 100 and then 300, 500, etc. So, what does that mean? We only have 68 accounts. And I say only, we're very proud of this. You've seen it in every slide up to this point. We're very proud of the 68, but the opportunity to grow that number is exponential. Team, could we go back to the previous slide? And here's why. So, look at the 50,000 ACV customers. Look at the 100,000. Every one of those 68 came from this set, right? So, our opportunity to exponentially grow this number is pretty significant. Okay.

Speaking of that, let me give you an example. Right. There's a major bank that we work with. Matter of fact, I was speaking to him yesterday. And before I take you through this, I'll tell you this little story because I think it's fascinating. He came up to me and said, 'Hey Case, I might lose ownership of Monday.' And he goes, 'I want to introduce you to some other folks who are going to champion the product going forward.' And I said, you know, why is that? I was a little upset because he loves us, we love him, right? And he says, 'My boss came to me and said, what is Monday?' And he says, 'Well, it does a lot of things.' He says, 'Well, is it app development?' He goes, 'Yeah, kind of.' He said, 'Is it an application?' 'Yeah.' 'Yeah, it's an application.' 'Does it do service?' 'Yeah, it does service.' And he said, 'My boss was getting aggravated because he wanted me to box you into something that you're not.' We're a lot of things to a lot of different people. The use cases are infinity, right? But we see that as we move up market, enterprise customers want to box you into something. And that to me amplifies the fact that we really don't have a true competitor. We can do so many things and we mean so much to certain people, different things to different people. And I think this really plays out in a customer that I'm referencing here. Here's a customer that started with 15 seats online. By the way, major bank goes online, uses software. This is 21, late 21. They start to use the product and it just grows like fungus as I like to say and more consumption more use cases inside that one department then another department recognizes what they're doing sees and says that's pretty cool I have an idea what we can do to fill a void in our organization so that we could work smarter and so another department takes it on so now we're two years later at 1,800 seats right and this is when it starts 24 5,000 seats, right? 25 almost 10,000 seats. And the story continues. And this is one example of the let's say 68, but they all look very similar. Rarely do we ever land a million dollar ACV account on the first swing. Goes back to those previous slides. It's the third and fourth swing because they start with 50, they go to 100, 300 to a million. So for me, from where I sit, this is a significant opportunity that I'm super excited about.

I would be remiss if I didn't highlight our partner ecosystem. And again, I've seen good, bad, ugly, right? Partners play a big role in that, right? Partners are a good indication of whether or not a company can sustain growth. Why is that? Because typically partners literally build their business around a product, a service, whatever. So they're invested. When you talk to a Monday partner, and I would welcome any of you to catch one on the floor, they will go out of their way telling you how much they love Monday. We've had partners who have started with competitive products and dropped them. They said it just can't compete and it provides so much value to my clients and I can specialize in a particular industry, sub-industry, niche, whatever using Monday and really be a differentiator in the market where no one else can do what I do. So the fact that we have such a strong ecosystem which is surely impressive and it was before I started I can't take any credit and we continue to have partners knock on our door and say can I be a Monday partner right it's truly a special place and this is a good example of it. So, let's move on to how we keep the drum beat going, right? We do a lot of the hard stuff really well. I think what I'm going to do is the easy stuff, right?

All right. Three pillars that we're going to focus on, right? There's a lot going on. We're doing a lot of things. I won't oversimplify this or try not to because it's not that easy. But there's some infrastructure that we need to put in place in order for us to capture what I think is such a significant opportunity. Multi-product now mind you AI is foundational to all of this, right? So when I say multi-product, we lead with AI. When I say accelerate up market, we lead with AI. When I say customer retention, and I'll get to that, and I hate that word. I'll, you know, AI is at the forefront of that. But with multi-product and we'll get into a little bit more specifics here. This is our opportunity to sell the full platform. We have a robust platform and I like to say and this you know there's always been a debate in the market especially with sales leaders. You know do I sell the platform? Do I have individual sellers? And you know we'll get into that in a second. And I think Larry Ellison said, 'The moment a customer has one buyer is the moment I'll give you one rep.' I kind of think of it this way. The last thing a customer wants is another vendor and another platform. So, if you can provide a seamless platform that enables them to do work in an integrated fashion, you've got a very strategic advantage in the marketplace. And I think we do. So, our multi-product growth is a huge opportunity for us and we're going to accelerate that and I'll take you through how we're going to do that.

Accelerate up market. This one's important. If I was to ask most of you if ask you the question, hey, where does Monday need to go up market? Your immediate reaction in most cases would be, well, they need to go sell to the Fortune 100 customers because those are the biggest wallets, right? Yeah, they're the biggest wallets, but here's what I will tell you. You get one shot. You get one shot with Enterprise. You show up, you better have the right solution, the right price, the right products, all the things that they expect. And if you don't, it's really hard to go back. That's one thing. The other part is because we dominate SMB, we don't want to leapfrog over mid-market. This is where our portfolio resonates pervasively across that segment. So, we're going to double down as we move up market aggressively going into cross-selling and SMB and mid-market and let the market come to us in enterprise because that's what it's doing today. There's this gravitational pull as I go back to, you know, when I first started, I saw that and this isn't a degrading comment, but we really haven't even tried to move up market. The market has really come to us and that's a powerful statement from where I sit and again I think I have an objective opinion and then customer retention we'll get into this a little bit I hate this word retention sounds defensive it's not like we have a retention problem but we just don't have a better word to describe this I think of this as customer experience and I think every part of our organization has a role to play when it comes to customer experience so for my It's about providing value, which obviously makes clients stickier. It's about providing additional products. It's about helping them with AI, realizing the value that can come from AI. It's about how we engage with them, right? Showing up how they want us to show up. That's our role in customer retention. And I'll get into a little bit specifics there on how we action that.

So with multi-product, we're making a significant investment in headcount. And you say, okay, well, what does that really mean? Well, if you understand that when you show up in front of a customer, especially selling them a multitude of products potentially, there's an expectation that you go deep and wide in that particular product. So I use the example of CRM. We have account managers and account execs. They own the relationship. They foster the account. They help grow the account, land new opportunities, but it's unrealistic to expect for that AM or AE to go deep and wide in CRM. It's just not very rarely does anyone have the capacity. I can't go deep and wide across all of our products. So, what do you do? You give them enablement of course and you hope to raise their skill level but in order for you to scale you surround them with the right infrastructure and that infrastructure is sales specialists overlays who get up every day and think about I'm going to sell CRM in a competitive landscape right I'm going to have the right offering the depth and breadth answer the questions the client has and present Monday CRM in the best form Again an AM and AE can rarely go across all these and do that. So what we need to do is surround them with the infrastructure and part of the infrastructure is sales specialists or overlays as we call them. So huge investment there part of that investment is obviously SES our solutions engineers that will obviously augment the team as well. And then I go back to our partners right huge ecosystem 10,000 sellers across the ecosystem help us scale especially in the emerging markets. So those two or three things will really help us accelerate the opportunity. And here's the other thing I would tell you. We are not doing a great job of getting to all the opportunity which is another example of how great a product we have because we have all this inbound activity and we're not showing up I believe in the best way we can. So we're going to do that.

So as you think about offerings and you think about segmentation and I talked about SMB to mid-market to enterprise. I believe it all starts with the offering, right? So what offering are you going what message are you going to these particular segments because they're different, right? You're not going to show up to enterprise and say I've got a full platform for you to run your entire enterprise across CRM, service, work management, etc. You're not going to do that. But that story holds together in SMB. And if you again if I remind you with only 6% penetration of customers with multi-product the opportunity is infinity right so we're going to double down on creating the right offerings the right packages right pricing right the right incentives for our sellers to sell the full platform across SMB. When you get to mid-market, some of that resonates, especially the lower half, I mean, looks and feels a lot like SMB and you can have the same offering, but as you move up market, it's a little bit different story. It's a connected customer journey. So, it may be work management feeds directly into a service opportunity, right? It may be CRM and work management. So, we're seeing that. And when you have 250,000 customers, I like to tell the sales reps this all the time so they understand, truly appreciate and understand because I don't a lot of times I think they're somewhat spoiled to be candid with you. Is you have a red carpet into these accounts. These are 250 super fans of Monday that you can walk in that are thirsty for more Monday. So why not give them what they're asking for? So that's a big part of our evolution here. And then in the enterprise space, again, we're not going to sell the full platform in its entirety, but what we have found out and truly surprising to me to be honest with you, we coexist in a lot of cases with some of our other products. Obviously, work management excels, you know, all the way at market. We're doing great things there and we've seen hyper-growth associated with work management. But the part that surprised me is us coexisting with some of the big software providers in the industry. I won't name them. You know who they are, but we have an opportunity now probably closed here this week and I won't obviously share too many details, but I'm highly engaged in the opportunity more for my education, but I'll share it with you. We have a department, say a marketing department who's looking to use service and it's a multi-hundred-thousand opportunity. And I asked the question, right, why aren't you going to use that other company that's embedded in their IT organization that by the way it wants you to use? They said, 'Case, I don't need a science project. It would take us a year to get that developed, deployed, integrated, enabled. And with Monday, I literally could do it overnight. I can configure this on my own. It gives us immediate value. It might not have all the complicated complexity that comes with that product, but it does exactly what we need. And again, it gives us value immediately.' And so for me, it was a little bit of an eye opener. I thought gosh well if it resonates at this company which is a Fortune 100 company by the way just think where else it could resonate so for me I think there's a huge opportunity for us to coexist in a lot of cases and I do believe it end up like work management where it just starts to spread and before you know it they're million-dollar ACV opportunities. So all right moving up market really simple we have an embarrassment of riches at Monday and have been awesome performance marketing engine generates a ton of inbound leads right what we haven't done we haven't even really tried so to speak is develop that outbound motion that outbound muscle showing up where customers want you to show up with what they want right and I say that you know my background around. I was sorry I got a lot of stories here, but my first week on the job, I had this rep come in and he's like, you know, case I came from this other company and I literally used to open the phone book and call people. I dial in for dollars. He says, so when I get a lead here, I cherish it. It's like, this is the greatest thing ever. And literally, he wakes up with five leads every day. and he truly appreciates how much effort that we put into generating opportunities for them and he cherishes and treats every one of those leads in a great way, right? And this is important and we're going to get to this in a second, but that's not necessarily the case in every instance. So, we see an opportunity for us to do better receiving those leads, but even a greater opportunity to go outbound, to go walk on that red carpet into those clients and say, 'I've got more value for you, right? Let me show you.' Right? So, a great opportunity for us to go where customers want us to go. And what do they want, right? They want a complete solution, right? Especially as you move up market, but really they want a complete solution. They want to go solve a business problem and sometimes one application does not necessarily solve that business problem and sometimes it may be in services and every time they're going to need AI as far as we're concerned. So we're going to lead with AI give them a solution that solves their business challenge and we're going to support it in the right way.

So to the nasty word of retention again suggests defensive we are not defensive we're on the offense right my role as a CRO is again to make sure that we show up in the right way in front of our customers deliver value give them more things to consume and the return on that as we all know is a very sticky customer right if you have those boxes checked with the customer they're never leaving right for the most part. So, we're super focused on this, right? And what does this mean? One simple thing is the comp plan, right? So, we kicked off a new comp plan, a more variable comp plan. So, more incentive, more opportunity to make money for our sellers, but we've aligned them with the strategy. So, in my organization, the strategy is I want to have an eye on retention, right? Customer experience, but I want to grow. So, we're allocating 25% of their variable comp to retention, right? We don't want to over rotate, 75% to new growth, right? It's a good balance experience doing this that this drives the right behavior. Now, the mirror of that in the supporting infrastructure so to speak that we have is the CSM organization. So our CSM organization will have the mirror of that 75% retention 25% new add and that builds a symbiotic relationship between us and our CCO organization led by a DDAR. So just by changing the comp plan we're going to change behavior right and there's a lot of things that go in that we got to empower the sellers to have visibility of this data and you know all the things that go with that. It's not as easy as it sounds, but it was a step in the right direction because again, compensation drives behavior. At least it should. Ownership of the account. And this was a little bit of a murky territory for us because we had so many people that were interested in helping the client at Monday. It's just a great culture. I literally could walk into the finance department, say, 'Hey, I need to help with someone calling a customer about something that was completely out of the room.' And you'd get 50 hands from the finance team, say, 'I'll jump in and do it.' Right? Okay. That's great. This is the culture we've built, but it also adds some distraction because you have so many people reaching into the client and the client doesn't necessarily know who's responsible for what. So we've clearly articulated account manager owns the account. CSM supports all the things that the CSM should do deep depth in a particular product helping that client get more value more exposure to the rest of the organization. And again they work in a very symbiotic way. Right? What does this do? It minimizes some of the stakeholders. We distribute KPIs down to the lowest level of the organization. We show them what good looks like, right? And we hold them to that. Okay? And what empowers all of this, right? AI, right? What we have built with our AI engine, you know, I like to say, you know, we eat our own caviar around here. And this is definitely an instance of that. When you have 250,000 customers and you want to deliver a great experience, you cannot do that entirely with humans, right? We know today that when we touch customers, we'll call them high touch, the churn rate is almost nothing, right? So if we could give that same experience at scale across the 250,000 plus customers, just think of how happy our customer set would be. And so we're doing that. We're leveraging AI to do this. And I'll share with you in a moment how our organization is using it. You heard from Daniel and all this stuff we can go to market with, but we use that internally and we're already seeing amazing results.

All right, so here's an example of what a seller does, right? Take a lead, they qualify the opportunity, right? They engage other resources to help facilitate that opportunity. There's quotes that get generated. There's all the data that goes in the CRM and you know the summary of the opportunity scheduling all those things right that's in some instances days of work right and we know the more customers we can get to in a very quality way the better our conversion is going to be. So what we launched a couple months ago and I'm happy to report this and I candidly one of the greatest opportunities we have as a company to scale is we launched an AI agent to go sell to these customers to qualify these opportunities to bring in the right resources summarize the opportunity get it into our CRM and get everything scheduled and they did this in a matter of minutes but we had a thousand calls We booked 250 meetings and generated 180 leads. So, I'm going to give you a data point. It's not on these charts. Probably get in trouble for telling you this, but we have hundreds of thousands of leads come in every year. I wish it was every day. Now I do. I wouldn't have two months ago. So if you think about that, I would need 10,000 people to support that volume. And that's just not efficient, right? So my objective is to give a quality experience to every lead. Whether we think it's a quality lead or not, we want to give the same experience to every one of those leads. And I'll tell you, I have a ton of experience engaging with vendors. And I do this on purpose as much as I can because I want to see what the experience is like so I can either learn from some great practices or I can understand what I need to avoid. But I reached out to a vendor when I first started. I needed some help with something. And I reached out to that vendor and they remain nameless. And the moment I gave them all my information, when I'm available, my kids' names, my social security number, my phone, I mean, I gave them everything because I wanted them to call. I wanted them to know I really wanted to talk to them about this opportunity. To this day, I haven't gotten a call back. Super aggravated. I will never engage with that vendor again. I know what happened, but I also know what I want to avoid. And the number one indicator of your ability to convert a lead to a sale is your response time. So if I can respond to every one of those opportunities that come into us, right, in a very high quality way, in a very responsive way with SLAs, with a quality message, a consistent experience, my opportunity to convert goes through the roof, right? So AI is going to give us that capability, right? We've launched our agents to do just that because now I have unlimited capacity. You heard Daniel talk about this, right? Literally any hour of the day, as many calls as you want in parallel, delivering an expert response to their questions and engaging in building out an opportunity profile in seconds, delivered to the rep in a very warm way where they can engage with the customer and a customer that feels like Monday cares, right? That they care because they called me back in two minutes. They had all the answers and they scheduled everything just as I wanted it. So for me, this is obviously a significant opportunity that we're going to leverage going forward.

So as we summarize here, sorry, I did go I feel like G Brooks with this mic. I won't sing. Significant opportunity to move up market, right? Mid-market. Obviously, we're not going to skip over multi-product. We already know the opportunity for us to grow ACV with customers with multi-product is significant. We're going to double down on this, right? We're going to show up with the right offerings that our clients want into the C-suite with solutions that solve their business challenges. And last and far from least, we're an AI first company, right? We lead with AI in everything we talk about in everything we do. And I tell the team, we are literally the best reference you could have. You look at our growth trajectory and how we embrace technology and how we leverage that to grow the company. We are the envy of most companies. So if you can go to them and say, 'Listen, we use all of our software times 10. Let me show you all the ways we use it, right? And embrace AI and we've done it ourselves.' It's a great story and everyone would love to be a part of that. So I feel very fortunate to be here today. Great to see everyone. Look forward to questions here in a bit. Thank you.

Great. Thank you, Casey. So we've heard about a new AI enabled vision from Royon. We've heard about all the product developments that we're doing with Daniel's team. And we've heard about how our go-to-market strategy is evolving and pushing more into the up market and multi-product. Now let's land the plane with our CFO Eliran Glazer and pull this all together and give a most recent update on our financial strategy. Eliran.

All right. Thank you, Eliran. We're going to do a little bit of a transition here to prepare for Q&A. In the meantime, just a couple of announcements here. So, we have a lot of our users are starting to filter in. So, the demo booths are now open. We have all the AI offering demo booths that are available behind us. There's also all of our multi-product demos are also in here and many of our partners also have demo booths as well. Lunch will be served outside in the food court. Once we're wrapped up here at 11:55 and then Elevate on the main stage of the building across from here will start at 1:00 p.m. for those of you who are going to join us for that. For those of you who are online, we're going to open up for Q&A. If you do have a question, feel free to email us at [email protected] and we'll try to include your question as part of the Q&A session. For those of you who are also online, we have a world tour of Elevate that'll be hitting London and Sydney. The London dates are October 22nd, 23rd. Sydney will be on November 6th and then we'll do a full online session for Elevate on December 10th. Before everyone gets seated, I do want to just say thank you to everybody who pulls this stuff together. It is an army that pulls it together. The amazing Paige Newman who helps out from the IR standpoint. Yale and her design team who are absolutely amazing and do such a fantastic job in all the slides. We have legal, we have many finance members, we have data scientists, the events team, product and marketing and probably somebody else I'm forgetting but it is an army that puts this together and I think they did an amazing job. So thank you all for putting that together. Let's now open it up for Q&A. As I said, we're going to go to 11:55. We've got two mic runners. So feel free to raise your hands and they'll go to you and let's dive right in.

Thank you. Jackson Ader at KeyBanc Capital Markets. Thanks for doing this everybody. Eliran, can we start with the $1.8 billion target for 2027? Should we be thinking about that as midpoint, floor, high-end?

Yeah, Jackson, maybe I'll just add with Eliran there, like we look at it as a baseline. You know, from a monetization standpoint, we're monetizing AI blocks. We're not yet introducing the monetization for many of the other AI offerings. So we think there's potential upside with that.

Next question.

Hello. Thank you. Arjent Batia with William Blair here. Maybe if we can stick on just the AI theme. Obviously that seemed like a pretty important part of the next few years. I'm curious how you think AI agents will end up interacting with a lot of the other AI capabilities that you have and over time, do AI agents actually become the primary consumption mechanism where some of the other capabilities maybe become less utilized. And then, sorry, second part of that question is just monetization of agents themselves. Is that a similar kind of consumption-based mechanism as the other AI capabilities? Thank you.

Yeah. So first of all, I do think that this is a very important shift for us from doing the management of the work and actually doing it. And for this, agents play a very significant part because we really believe that with agents and with making them accessible to people and allowing the common builder barrier to be extremely low, we'll see agents taking a lot of work and doing it by themselves. And you know, with that, currently at the end of the day you need to control these agents. You need to manage the work. You need to make sure that your data is something that you can actually trust and make sure that you have control over. So I do feel that the combination of what we are showing here is what we see as something that businesses regardless whether they are tech or non-tech would be able to adopt in the upcoming years and this is where we put our emphasis on adoption and solving real problems in the day-to-day. And I think that across the entire offering we're trying to see how everything actually connects and how we take everything that we have and make it a multiplier to this world in which agents are actually doing meaningful work for customers.

Yeah, I can add that the way we see the go-to market for these or like what customer wants is like twofold. One, we're building an infrastructure of agents that you can use and build any agent you want. We're also using that internally to build like other very specific agents that we can monetize, like very professional deep agents. But we're also looking into a new demand out there for a platform such as agents. Okay, whether it's vertical or as a platform that you can generate whatever agent you want. So like we'll both go into our existing customer base and into our existing products but also outward facing into the new demand that is out there for just like agents separately.

Next question.

Hi, Josh Bear with Morgan Stanley. I wanted to get a better sense of where Monday Magic ends and Monday Vibe begins, as well as where does Monday Vibe and where does multi-product begin? Just, you know, what kind of outcomes do customers get when they use these AI tools and what's the overlap ultimately with multi-product? Can customers vibe code a comprehensive and customizable CRM or service app? And like how do those all overlap?

Yeah. So actually those things go hand in hand. Going forward Monday Magic will also be able to leverage Monday Vibe. So for example if you build a custom solution for yourself you give a prompt to Monday Magic and it's going to give you feedback. It can actually leverage Monday Vibe. So if it's missing any component in order to build your solution you can do that and use Monday Vibe. Eventually all those AI components will be compounded so each one can use one another, also goes to Monday Sidekick. We see a future where, you know, Monday Magic can potentially change how we onboard customers. So the whole onboarding process is going to be fundamentally different. No longer you will land into an empty system where you have to customize it. You will start with explaining your business need like you would do to a salesperson and then it will do the rest of the work for you. Build you the perfect solution, use Monday Vibe if needed and leverage any other AI capability in order to help you achieve your business goal.

Yeah. And also because it's AI, you know, wherever you start asking, it'll point you to the right direction, you know, it's not like, you know, there's like a complexity of like too many tools and people don't know. We can shift and direct them to the best place they need to build whatever they really want. So it is really exciting.

We have one question online. Casey, I think this one's for you. So regarding the move up market, most enterprises don't have work collaboration, but they have sales and service already. So why would you lead with a product suite versus work collaboration?

Say the last part, it's hard to hear.

Why would you lead with a suite of products versus just leading with work collaboration?

Well, up market, you're exactly right. We're not leading with necessarily the suite. We're finding pockets in the organization with our other products where it's a good fit, right? And I shared the example in my presentation of a very large client that we're going to coexist with some of the other competitors we have that are more entrenched in that particular use case. So, and that's the part that surprised me as I said, but we see a significant opportunity to coexist with our other products in that enterprise but obviously grow exponentially with our work management platform as it scales in the enterprise organizations.

Great.

Thanks. Derek Wood at TD Cowen. Great to see the AI optimization, or not the SEO but the AEO really being effective and it does sound like it's still pretty small but this has been a big question for investors on inbound top of funnel, how that's been progressing over the course of the year. So maybe could you walk us through what you've seen in the first half of the year, what changes you've been making and how you think that could pay off with, you know, top of funnel and conversion improvements moving into the second half.

Yeah, maybe we'll let our new Chief Marketing Officer Harris Bieber take this one.

Thanks Byron. Yeah, we've obviously gotten a lot of questions on it. So I think I could break it down into maybe three parts on how we think about it. One, the questions are really important but the emphasis on them I think has been outsized relative to the impact on our actual business which is quite diminimus if you think about what Roy shared a little bit earlier. Google represents about 10% of new but when we look at the category overall the category has seen about a 16% decline in clicks where we've only seen a 9% decline in clicks. Why? Because we're really good at growth marketing. So we've actually been gaining share as it contracts which leads us into the second part. We're really good at growth marketing. This change is real, but this type of change is not new. This is what growth marketers do every day. I'll probably go off a little topic. If I think back of when iOS 14 launched, every marketer was worried. Apple removed tracking in apps. I remember I had to go into the board and I won't say his name, but a very significant media mogul who managed a portfolio. I shared the iOS 14 update and he looked at me and said, 'Harris, you marketers are cockroaches.' And then he said, 'You always tell me the sky is falling and then you always figure it out and drive growth.' And I think I've never been both so insulted and so complimented at the same time. I say this because this is what growth marketers do. We obsess over the details. We optimize the minutia. And Monday is better at this than anybody else in the world. The target just changed and that's where we're optimizing. So if I go into the third area, where are we investing and shifting our investment? SLG where we've seen really good traction, we're accelerating our investment there. Upper and mid-funnel with video, social, where we're seeing really good returns there. And the reason why it's important to note that is where this change happened was paid search. Paid search is really high intent traffic. It converts within days. People know what they're looking for. They search for work management platform, they click on a link, they pay. So you see that impact when there's a change right away, which where we're investing SLG, video. The time to get the return on that's just a little bit longer, but we're seeing really good traction and we're going to get the return on that over the next coming quarters where we're really excited about that.

Great. Thank you.

Good morning, Rob Oliver from Baird. Thanks for all the information. Really appreciate it. Casey, my question is for you. It's a two-parter. Obviously a lot of changes now that you had some, you know, time to be in the seat. You know, sales overlay changes, comp changes. I guess I'd love to get a sense from you of how far we are into those changes. Have they all been implemented already? You know, comp changes and all that and what the initial feedback has been from the team. And then, you know, back in '23 you guys had a dedicated slide around the partners and the partner network and I just I know you touched on it briefly but would be curious to hear particularly with that emphasis in mid-market what role you think the partners will play and any color you can provide around, you know, or specificity around, you know, kind of maybe perhaps what contribution to that mid-market effort. Thank you guys.

Yeah, I'll take the first one first. So, one of the most important hires, if not the most important hire I made was a new global VP of RevOps. If you talk to any CRO, they'll tell you that's the right hand, right? And if you have a very good head of RevOps, you can do a lot of things really well, really quickly. We hired someone that I've worked with in the past and he has made a significant impact in a very short amount of time. So to answer your question specifically, a lot of these things have been rolled out, but some of them will hit actually in January. So we're phasing these things in as we go. We don't want to disrupt the business obviously to close out the year, but we also want to give them a taste of what it's going to look like next year. So we've rolled out these things in phases. So very encouraged at our progress to this point. I'd also say certain regions operate a little bit differently and that's why you have a region model, right? So you can absorb some of the nuances. So some regions are a little bit further ahead with some of this upmarket outbound motion than others. So that's one thing. The second question you brought up relative to partners, you saw the slide. We have an amazing ecosystem. I know we have, I've seen good ecosystems. This is better than I've ever seen in our mid-market space and even in our enterprise space. Our partners take a lead role a lot of times, right? Because they're using Monday to provide a solution to a business challenge that is very unique, right? They built their business around it. So, we have a very healthy partnership program. We work very well with them. In a lot of cases, as I said, they lead the opportunity so that we can move on to other opportunities. So we see that continuing going forward. They play a significant role in our services business as well, right? Leveraging those partners to deliver services to get customers time to value shrunk. So partners are obviously a big mechanism for us to scale. 10,000 sellers in our partner ecosystem. I have 500. So you can do the math.

I have one more question online. This is more for Daniel and our CEOs. So you've been busy with AI functionality and that's for good reason. How does that impact though the release of updates on the road map for our new products like ITSM, CRM? Are we too focused on AI?

Yes. So first of all, I think we did have a very meaningful period of time over the last year and so and you all see the pace of innovation and this innovation is not only within new products with AI. We actually took this change and thought about what it means to change from managing work to doing the work across each and every one of our products and for each one of them it's the same pace of innovation and it's the same new capabilities that will address these new needs. So whether it's like the new Monday Campaigns product that we had the privilege to do it with AI first mindset and think how AI can actually generate demand in this new era of AI and not just build product that is more fitted to the past, all through, you know, you saw the AI SDR agent, this is only one SDR agent, one of the agents that we are doing within CRM and obviously service which is built from the ground up as such. So I really believe that with AI now the pace of innovation across all of our offering is getting much faster and also I believe that when we have this north star and this very focused strategy we see how well it resonates with what people expect on the future. So I would say specifically that the base of innovation increased dramatically and it's across all both the existing products and the new products as well and they are all deeply connected.

Yeah. I can add that we have a very long-term view on the markets and the areas that we operate in. So when we took in AI, we're thinking, trying to think two steps ahead where is this going, where do we need to build into the future. So and just adding to what Daniel said, we have to invest also in infrastructure alongside all the innovation in AI otherwise they won't play well together and I think that will create a way better offering for customers and ones that they can actually adopt today and see working for them. So, it's two of those areas together.

Excellent. Let's take another question from the audience.

Hey guys, this is Damon Kenovon from Barclays. Thanks for taking the question. I appreciate all the information today. If I think about the net new products being 9 to 10% of revenue in 2025, what does that imply for the 2027 target of 1.8 billion and then how does that think about the core work management product as well? Thanks.

I don't know who wants to take that. Maybe I can start and feel free to kind of jump in. So yeah, you've seen gradual improvements with our new products. This will be a disclosure we'll be making quarterly going forward. We anticipate that number to keep growing for the next couple years. We don't necessarily have a number in mind for the FY27 guidance, but I don't know if anybody else wants to just kind of highlight, you know, some of the excitement we have with some of our new products. I think service is probably the one we're probably the most excited about.

Yeah. Maybe just to add and Casey can expand on that but, you know, most of the cross-sales so far has been pretty organic, customers finding new products and buying new products like Casey showed in this presentation. This is something that's very strategic for us and we put a lot of emphasis going forward. We're changing the structure of the organization. We hire new people. And with AI, I just feel we're going to be able to expand our go-to market as well. Adding AI capabilities to each one of those products. So, I think all those things will drive more momentum and hopefully even accelerate the multi-product adoption.

Yeah. I expect obviously it's a big part of my strategy that the other products start to grow and contribute in a more significant way going forward. I'm not going to give you a number, but I do have a number in my head where I think, you know, it could play a significant role in our growth. With that said, a finer point on what Roy just said regarding organic, right? Well, what does that mean? Well, what it means is we're getting those opportunities and I'll use CRM as an example where a high percentage of those opportunities are new lands. They're not even Monday customers. So that is a very encouraging statement because we haven't really even started the cross-sell motion yet to go sell and expose CRM to our existing customer base and the trajectory that CRM is on. I hope I can replicate that for the rest and you can do the math from there.

Hi, this is Selena on Kash's team with Goldman. I was wondering as you drive adoption of AI agents and AI utilization across the customer base, we've seen some others talk about the potential impact on margins when you're in this early curve of investment before monetization starts to kick in. So I was curious, can you talk a little bit about how you're thinking about driving margin expansion with this next investment cycle in AI?

All right, another question.

At your previous investor day, you included some list price action in your multi-year target. Is there any anticipated list price action in this new guidance?

Yeah, so this is really, last time you know we had investor day we had very broad-based price increase that impacted all of our customers. That was about 3 to 4% of revenue uplift we got both in FY24 and FY25. The anticipation is that we should always be getting pricing about 1 to 2% per year. These are largely enterprise tier customers that are signed up on a discounted rate and that we're bringing back to list price. That's how I would think about pricing for the next couple years.

Getting a lot of questions online which is fantastic. This one probably for Audi. Your retention numbers keep improving, gross retention is doing well. What exactly is Audi going to be doing to continue to see that improvement?

Oh, so we touched that a little bit during Casey's presentation, but we have quite a detailed strategy. I would say that the three main pillars that we are trying to attack is first of all expand the way that we touch our customers, meaning try to take the high-touch customers and grow it a little bit probably like 50%. The second part is integrating and embedding AI all across the way that we serve our customers. So we are now establishing a new segment which is called mid-touch segment in which we are hybridly working between human intervention and AI in order to save like 30 to 40,000 customers which were not touched by anyone from Monday until now. And the last part is looking at the no-touch segment which is quite an extensive segment within Monday and over there providing a full AI-based service which is going to really increase and we already see that by the way, to increase the retention in this segment quite dramatically.

Great, thank you Audi. Another question from the audience.

Hi, this is Noah Herman with JP Morgan. Thanks for taking the question. It's very exciting to see the product innovation coming out on Monday, especially around AI. How do you envision the uptake on the new AI products like Vibe, Sidekick, and agents and how would you kind of compare that to CRM which has achieved 100 million in scale in less than four years. Thank you.

Another question from the audience.

Great. Steve Benders from Citi. I want to ask on the free cash flow margin and the medium-term outlook or long-term outlook that you talked about there. I think a bit surprised it's only up a few points from where we are today. So I guess what factors should we be kind of keeping in mind that might impact that and maybe how do we think about the trajectory of free cash flow from today to then? Thank you.

We got one question online and we'll keep it with Eliran. So, can you, you know, with all the innovation, organic innovation that you're doing with your platform and your products, can you dive a bit deeper into what you'll be looking for in terms of M&A? Is it new products? Is it customers? Is it something else that strengthens existing product?

M&A.

I know it's a little loud up here.

Great. Thank you. Let's go back to the audience for the next question.

Hey Byron. Thanks management team for hosting this excellent meeting. I wanted to stick on the topic of capital allocation and this is probably a question for Eliran. Wanted to talk a little bit about the share repurchase program. It was actually a very good announcement. Very specific number 870 million which is about 9% of the company. Just curious about where that number comes from. But more importantly, I'm actually more interested in at this moment in time how does management prioritize or optimize the trade-off between returning cash to shareholders in the form of share buyback? Because clearly the stock seems quite cheap and especially if you even achieve your 2027 targets and the exit growth rate will still be quite attractive from an investment perspective in the company's own shares with all the other priorities that you have including the tuck-in M&A, the investment in product, the investment in R&D. What internal metrics or analyses are you looking at that signal that a buyback is more attractive right now versus some of the other priorities for capital? Sorry for the long-winded question.

I thought so what the specific number of which is like 9% of the company. Where did that come from? And then number two just how you now weight those trade-offs.

All right, we have about five minutes left. Can we take another question from the audience? A one in the far back.

No, let's get that one.

You want that? Go ahead.

Thanks. Lucky Shriner with D.A. Davidson. It was interesting to see the variety of use cases for AI so evenly spread across departments and with this emphasis on going back to your customer base to cross-sell. I'm curious if you're starting to see more competitor displacements and maybe what's your updated view on the competitive environment today? Thanks.

Yeah, so obviously AI is coming from everywhere, right? So we see, you know, we're approaching the market at the same time our competitors are with AI. As far as the displacements are concerned, we are not seeing that right, you know, pervasively. I'm not seeing any pressure from the competitive landscape replacing us. It's early days for AI. I'm obviously very bullish on our capabilities and obviously our customers love Monday and they want to consume more from Monday. And who better to offer an AI solution than us. And candidly, I think ours is best. So, it's early days in AI. Not seeing a ton of competitive pressure on takeouts for our solutions.

Great. We have one question online. This one's probably more for Chiron. You're seeing headcount go from growing in the mid-30s to around 20% by FY27. Was that always part of your plan or has AI impacted your hiring?

Oh well great question online. So of course AI impacted that. I think in 2024 and 2025, H1 2025 we really built a lot of infrastructure that will enable us to leverage the power technology and our foundation in order to grow linear because the way we work and, you know, from the get-go we are building lean teams because we believe that fast execution and you've seen the results of it, fast execution with lean teams it's actually a competitive edge of us and I think in the era of AI, it's even much more significant than ever before. So that's the way we work and that's the way we plan. And actually the 20% you just saw is actually a result of a model we built in our headcount planning when we actually baked the AI impact we already seen and what we expect to see in the coming year and increase productivity from our headcount. So this is definitely planned as part of our planning for 2026 and I believe part of our approach also going forward.

Thank you Chiron. Any more questions in the audience? Maybe one right here in yellow.

Hi. Good morning. Thanks for hosting this. I just had two quick questions. One just to follow up on capital allocation. Do you have, I guess earlier on, do you have any plans to be more aggressive on the share repurchases beyond just managing share dilution to 2%? Because, you know, you have a lot of examples of software companies over the past decade or so that have shown really great topline revenue growth but when you actually calculate their revenue per share growth it's actually very disappointing because there is so much dilution. And so just wondering your kind of philosophy around how you manage that and maybe you can be more aggressive around that number. And then I just the second question was just more around product. When I do kind of checks with kind of larger more kind of upper mid-market customers. One of the big skepticisms that they've voiced to me is really around scalability or just, I know you have Monday DB 2.0, but there just seems to be still a lot of skepticism about can Monday's CRM product, for example, support an organization of my size where I'm managing tens of thousands of leads a year. And then some of them actually point out, I think Monday internally, you actually don't use your own CRM product either. I don't want to name who it is, but you don't use it internally either. So I just wondering like I guess is the scalability criticism, is that just because people haven't really given it a try or do you think you may need kind of a Monday DB 3.0 to just re-architecture for as you move even more up into the upper mid-market. Thanks.

I'll start with the second part question and then we can go back to the share purchase program. So look, I think here we need to distinguish between two things. One is the platform capabilities and Monday DB and the infrastructure that we built and then specifically Monday CRM. In terms of the infrastructure, Monday DB and everything we built around it, we feel we're on a very good path to scale into the enterprise. You've seen the 80,000 seats. That's just one example. The amount of larger enterprises growing, looking very good, exponentially growing over time. I think with Monday CRM we keep need to keep in mind that even though it's a hundred million business it's still a very young product only a year and a half and obviously because it's so young it's missing some key features and like work management we're going to compensate those features and eventually also Monday, we have very quickly plans to also move into Monday CRM. I think even more now with AI it's obvious that what used to be a benefit in the past now with AI there's much more leverage adopting a new CRM system. So we're baking all those SDR capabilities into Monday CRM and that's another reason why we want to expedite our move from existing vendors that we use into Monday CRM and I think it's also going to affect our customers in a way. I think not only in the CRM space but other spaces as well. It kind of levels the playing field. Those new capabilities are way more important to customers than old integration or very nuanced features and I feel this creates even more opportunity for us. So that's about the Monday CRM and I'll let Eliran talk about the share.

Great. Thank you Eliran. Thank you to the entire executive team who make yourself available for our investor day and making it a success. Thank you investors and analysts who attended our 2025 investor day. And that's a wrap. Hopefully see you all over at the Elevate user session at 1:00. Thank you.