The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: Congrats on the great quarter. Roy or Eliran. I wanted to ask you about the platform itself as you were talking in the previous question, mainly
about the marketplace. It seems like the percentage of apps that are being monetized are kind of going up steadily. I see it about 45%. You recently
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AUGUST 14, 2023 / 12:30PM, MNDY.OQ - Q2 2023 Monday.Com Ltd Earnings Call
launched the API version. One of your partners said it could accelerate third-party development. You are exposing the AI layer as well as the workflow
engine seems like to the partners. Do you think marketplace starts emerging as a material growth driver in 2024?
Roy Mann - monday.com Ltd. - Co-Founder, Co-CEO & Director
Pinjalim, it's Roy. It's hard to say how much material it will be because we have our core product, the CRM that does the work management, which
is the main growth driver. We do believe that the marketplace will help us close larger deals. There's a lot of, like you mentioned, partners are
working on it and making each of those products, more complete, more suited for long-term solutions. And so we put a lot of emphasis on the
marketplace and a lot of investment and in the ecosystem. And I think it's a very it's a longer-term play rather than just like making the numbers
for next year.
Question: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: Understood. Any comments on the top of the funnel demand at this point in July and August?
Question: David E. Hynes - Canaccord Genuity Corp., Research Division - Analyst
: Just one for me. Roy and Eran, how do you think about the opportunity to revisit product packaging to kind of incentivize multiproduct lands as
the scope of the platform continues to expand?
Eran Zinman - monday.com Ltd. - Co-Founder, Co-CEO, & Director
This is Eran. I think you touched on a great point. It's actually things we're discussing right now in terms of our strategy going forward. One of the
options that we now have as we expand our product offering and also taking into account previously launched products such as WorkForms and
Work [Kansas], is the ability to package mutable product into a product suite and then offer that not just a package of individual products that
actually as a business solution that we can sell to senior management within companies.
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AUGUST 14, 2023 / 12:30PM, MNDY.OQ - Q2 2023 Monday.Com Ltd Earnings Call
I think that will also help drive more enterprise deals and talking more with decision-makers and allow us to do top-down sales. So definitely,
caused our strategy going forward, and we're definitely looking into that.
Question: Andrew Lodovico DeGasperi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Maybe first on Monday Dev. Just noticed you have, what, just under 800 customers. Wondering if the ramp-up for this product could be similar to
CRM in terms of where it was at this stage? Or should we expect a different path? And then I have a follow-up.
Eran Zinman - monday.com Ltd. - Co-Founder, Co-CEO, & Director
Yes. Andrew, this is Eran. So it's still early days, I would say, with that product, but we're very happy with the traction and what we're seeing so far
with the numbers. It's hard to tell if we will play faster than CRM or a bit slower than the CRM, but overall, if we compare it to benchmarks or even
our own growth rate, when we started monday.com, we're very happy with the results. Momentum is very strong. And also the feedback we get
from customers is very positive. So we're very happy with the growth, and we'll see how it plays out.
And I think this new product has a lot of potential to further expand within our organization. Roy mentioned that as part of a previous answer, but
our customers are not using the product just for the dev team. We see product teams joining, we see designers, we see analysts. So basically, we
got people using their old ecosystem around building products using this Monday debt product. So I think this has a lot of potential in terms of
growth within the accounts that are using it.
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