Monday.Com Ltd at KeyBanc Capital Markets Emerging Technology Summit Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jason Celino - KeyBanc Capital Markets Inc. - Analyst : And R&D. I want to welcome everyone to our conference, wave at the webcast. So with that, maybe we can ask maybe the first question. The work management category, it's still a relatively new area of software. Why should investors view this area as a must-own category? Roy Mann - monday.com Ltd. - Co-Founder & Co-CEO So can you hear me fine? Yeah. So hi, it's great to be here. So I'll tell you what, the work management category is fairly new. It was a -- I think it's an evolution of project management, but we added processes to it and organization-wide understanding where things are at and how people work together. So I think it's like a must for any organization. That's what's -- everyone has a project management tool. And now, they'll graduate to work management. Having said that, I think we are really big and leading the category of work management, but we're not only in work management. monday.com is essentially a platform where you can build a lot of work applications on, like any work application. For example, our CRM is a completely different product in a different category. And so we are -- and our approach is to build the platform and then build products on top of it that are best in class in each category. Work management is one. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 07, 2023 / 7:00PM, MNDY.OQ - Monday.Com Ltd at KeyBanc Capital Markets Emerging Technology Summit

Question: Jason Celino - KeyBanc Capital Markets Inc. - Analyst : Okay, great. I do want to this somewhat interactive. So if there's any questions in the audience, happy to field them. But maybe if we maybe take a step back and think about some of the financial-related topics, Eliran, monday posted up another very solid quarter recently. The growth guidance for the year, 33% to 34%, very impressive. And this is all given the macro, right? So, I guess, what's leading to all this strength?

Question: Jason Celino - KeyBanc Capital Markets Inc. - Analyst : Okay. That makes a lot of sense. And when we think about the path to profitability, you're already guiding to negative 5% operating margins. You're basically there. I guess, can you speak to how you've been able to accelerate that path to breakeven and then maybe why all others have struggled? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 07, 2023 / 7:00PM, MNDY.OQ - Monday.Com Ltd at KeyBanc Capital Markets Emerging Technology Summit

Question: Jason Celino - KeyBanc Capital Markets Inc. - Analyst : Okay. And then you mentioned Big Brain a little bit. I think that when investors think about what you might be measuring or some of the factors you might be looking at, help us understand some of those inputs and outputs that's driving that competitive advantage. Roy Mann - monday.com Ltd. - Co-Founder & Co-CEO I can take it. So Big Brain was actually created when we were just in the beginning -- six employees when we started it. So the idea was that every dollar we spend on performance marketing, we know exactly how much time it takes us to get those dollars back. And as the year progressed, it became more and more complex. And now, we still know to measure every campaign, and we have probably tens of thousands of them running simultaneously on millions of

Question: Jason Celino - KeyBanc Capital Markets Inc. - Analyst : Okay. Excellent. I do want to move on to some enterprise topics. I don't know if there's any questions from the audience. But when we think about enterprise, your customers grew 86% last year, your ARR grew by 93%. I guess, what types of enterprise features, as monday rolled out over the last year? And then what might be on the road map going forward?

Question: Jason Celino - KeyBanc Capital Markets Inc. - Analyst : And then Daniel, with mondayDB, you kind of explained why it's important. But I guess, what has been the feedback been like? And then did you decide to develop this because it was customer driven? Or tell us about how it originated. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 07, 2023 / 7:00PM, MNDY.OQ - Monday.Com Ltd at KeyBanc Capital Markets Emerging Technology Summit

Question: Jason Celino - KeyBanc Capital Markets Inc. - Analyst : Okay, interesting. So that's kind of a good segue to my next topics. So when we think about the products that you do sell that are separate, you have these Work OS solutions for CRM, marketing, DevOps, project management. I guess, why provide these tailored? And then I guess, what is the type of uplift that you see?

Question: Jason Celino - KeyBanc Capital Markets Inc. - Analyst : Okay. So with the CRM product, that's obviously the most successful of the products so far. Is there a point in which a customer says, okay, we've gotten too big, then we got to move to a more advanced CRM features? Or tell me about the scalability of some of these. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 07, 2023 / 7:00PM, MNDY.OQ - Monday.Com Ltd at KeyBanc Capital Markets Emerging Technology Summit Roy Mann - monday.com Ltd. - Co-Founder & Co-CEO So what's interesting about the CRM market is that there is a hole in the market in our eyes. You have a lot of the --- if you look at G2 Crowd, there are hundreds of CRMs. So it's like you can't see the backlog from the logos of the CRM there. And we are up into the right in -- and within a year, we got to be the top three, top four CRMs in there, which was a huge positive surprise. And the reason is because all of them basically are more rigid. You can't really do whatever you want. If you have something that is pretty solid in what the CRM thought of, then you're fine. But if you want more product with more teams and different processes, then you -- eventually, you can't do it. And then you need to graduate. And from the options that currently exist, it's basically sales force. If you want to really -- to build whatever you want at scale, that's the only other solution out there. And we are now providing another solution, but for the smaller ones that want to migrate. And to your question, where -- are we good at CRM right now? And what are we working on? So first off, we're out there with the CRM in a year. And I think we're really good. We're -- and no other CRM can do as good a job as we do when you have projects connected. Like there is a project that is the result of a sale or in the process of, and there, we really shine. We see opportunities in the future, and working on it is at scale. If you have millions of customers or like those kind of scales, we need mondayDB to solve it. And also we feel HubSpot is doing a really good job at the marketing side. If you need marketing and CRM, they have all that part, and we still don't. And so, that --

Question: Jason Celino - KeyBanc Capital Markets Inc. - Analyst : Okay, great. And then maybe my last question, because we're running out of time, is given the success of CRM and some of these other areas, are there other verticals or other products that we could see or we could expect? Roy Mann - monday.com Ltd. - Co-Founder & Co-CEO Yeah, definitely. So first off, we're working on dev, which is -- the go to market has to be different. The product is great, but developers need -- they don't search on Google for solutions. They need it in a different way. And that's where we're at. We're working on going to market with that product. And then we are always open for a new Work OS products and expanding that. But we are also more excited about opening the platform up for anyone else to build solutions. So for instance, if you want to create today -- and that's like a testament to the platform. If you want to create, today, a competitor CRM on monday, you can. Because they work, that team, works on our open platform. They developed all the stuff they add for CRM or building blocks that anyone can build. And so we have a dedicated team working on it, but we feel that opening up the platform to be a true marketplace and allow anyone to build whatever they think is our way forward. And we want to see more people build their own solution and their own products on top of it.