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monday.com | 6-K: Report of foreign private issuer (related to financial reporting)

SEC ·  Aug 12 19:05

Summary by Moomoo AI

On August 12, 2024, monday.com Ltd., a leading work operating system platform, announced its financial results for the second quarter ended June 30, 2024. The company reported a significant year-over-year revenue increase of 34% to $236.1 million. Notably, monday.com achieved its first quarter of GAAP operating profitability with an operating income of $1.8 million, a substantial improvement from a $12.2 million loss in the same quarter of the previous year. Non-GAAP operating income also saw a significant rise to $38.4 million, up from $16.6 million in Q2 2023. The company's net income per share on a GAAP basis was $0.29 and $0.27 for basic and diluted shares, respectively, compared to a net loss per share of $0.15 in the second quarter of 2023. Non-GAAP net income per share for...Show More
On August 12, 2024, monday.com Ltd., a leading work operating system platform, announced its financial results for the second quarter ended June 30, 2024. The company reported a significant year-over-year revenue increase of 34% to $236.1 million. Notably, monday.com achieved its first quarter of GAAP operating profitability with an operating income of $1.8 million, a substantial improvement from a $12.2 million loss in the same quarter of the previous year. Non-GAAP operating income also saw a significant rise to $38.4 million, up from $16.6 million in Q2 2023. The company's net income per share on a GAAP basis was $0.29 and $0.27 for basic and diluted shares, respectively, compared to a net loss per share of $0.15 in the second quarter of 2023. Non-GAAP net income per share for basic and diluted shares stood at $0.99 and $0.94, respectively. The company also generated $55.8 million in net cash from operating activities and $50.8 million in free cash flow. In a landmark deal, monday.com closed an 80,000-seat agreement, marking the largest in its history. The company's net dollar retention rates for various customer segments remained strong, with an overall rate of 110%. Looking ahead, monday.com provided a positive financial outlook for Q3 and the full year of 2024, expecting continued revenue growth and profitability. The company's complete financial statements and management's discussion were attached as exhibits to the Form 6-K filed with the U.S. Securities and Exchange Commission.

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