Hey, everyone, I'm Pinjalim Bora, mid-cap analyst at JP Morgan. Delighted to have here with us the monday.com team on a Tuesday. Co-CEO and Co-founder Eran Zinman, and then Eliran, CFO of monday.com as well. Guys, welcome to the conference.
Thank you.
Thank you for having us.
Thanks for having us.
Maybe, we can start off with a little bit of introduction about yourself quickly, and talk about a little bit about monday.com for the people in the audience that do not know the story.
Yeah, I'm Eran, co-founder and co-CEO at Monday. We actually started Monday 12 years ago in 2012 with my co-founder, Roy, and Eliran, our CFO.
Yeah, so I'm Eliran. I've joined monday.com about 3.5 years ago. Before that, most of my career in global tech companies in Israel and in the U.S. Pretty much that.
Yeah, and just to give background about monday.com, for those of you who don't know, so, monday.com is basically a very unique product. It's a platform that's built in a very unique way. It's 100% flexible. We let our customers do whatever they want with the product, and what I mean by that is that they have full control over how to use the product and how they build it. And then on top of that, on top of the platform that we built, we built vertical products. So we have monday work management, monday CRM, and monday dev. They have different go-to-markets, and different user interfaces that are all built on that platform.
Yeah, great. So your results have been extremely impressive, by any standard, that too in a pretty uneven macro backdrop. Especially in the SMB world, you're generating 30%, or growing 30% year-over-year, a run rate over what? $850 million, all recurring, in a highly competitive market as well. So talk about that secret sauce. How much of it is product that you were just talking about? How much of it is just the PLG motion that you have built? Maybe talk a little bit about that.
Yeah, so I think it's a combination of both, I would say. The product play a major role. The fact that the product is so flexible and easy to use and intuitive, create a few things that are quite unique. We have 70% of our customers are non-tech customers, actually. We also have many business verticals and many geographies, so the fact that our system is so flexible just have, allow us to have a wide variety of use cases. And also we created a very strong PLG and go-to-market engines. We have an engine called BigBrain. It's basically a way for us to acquire media and do very efficient performance marketing.
That actually allowed us in the last two years, when the economy changed, a lot of the players, not just in our market, but other markets, really pulled back in terms of their performance marketing budget. And, we kinda kept the same momentum because we have full measurement over how much we spend and what's the efficiency of that, and we continue to do this up until this day. So I think the combination of that product and a strong go-to-market really allowed us to create a very strong and financially successful company.
Yeah, maybe I would add to what Eran said, you know, SMBs, so, you know, Pinjalim, we spoke about a few times, many companies in the industry and in general, kind of complaining that SMBs is, is a challenge for them, and I think we have proven that SMB is still a strength, an area of strength for monday.com. You know, we continue to grow this segment and the mid-market. I think in general, as Eran said, many of the players are actually pursuing upmarket, but for us, it's important to maintain the investment in all segments.
This is an area of strength for us because it allows us also to evolve upmarket, but also to develop additional products, which allows the SMBs and mid-market to consolidate on monday.com to benefit from the fact that they may land at, for example, work management, but they can use CRM or dev. So there are cross-sell and upsell opportunities, and we continue to invest in the platform and in the product, and I think this is the combination that, you know, to, in addition to what Eran said, kind of continue to impact on our results.
Yeah. I want to talk about the evolution of kind of the use cases on Monday, right, Eran, maybe from the beginning that you have seen till now. Whenever we talk to customers, more recently, we are hearing Monday being used as they call it, the business automation hub, or business execution hub is another word I have heard, right? And people are kind of using Monday to orchestrate a workflow, not just within kind of different parts of Monday, but also outside of Monday. I've heard some customers talk about orchestrating or connecting Monday with Workday and Jira. You know, I heard about a manufacturing company that's connecting different parts of the kind of the CPQ process, different disparate tools to Monday to drive a manufacturing process. Maybe talk about that evolution.
What are you seeing within that customer base?
Yeah, definitely. So, like we said, Monday is fully flexible, and I think that's part of the beauty. Basically, our customers are creating workflows and automations that we never imagined that they will do because every company is different, and by giving them that ability, they just, you know, go wild and build things that we could never imagine. So Monday is... Something that was very important for us from the beginning is to focus on core work. We want to manage the core of what actually drive the business for our own customers, not be a nice-to-have tool, but to drive the core of their business. And for a lot of them, that means being the system of records, but also creating automations, and trying to automate significant parts of what drives their business.
And part of it is the automations, part of it is integrations that we have. If you think about it, there's so much information that's being siloed right now when people are using different apps. You know, you might be using Salesforce, but then only the sales team have access to that. You might be using Workday, but only the HR team have access to that. And by using monday.com, they actually connect different tools and different departments and kinda liberate the data and create, like, one place for everybody to see the flow of data and, and have visibility over processes within the organizations. So we've seen definitely more and more in that, especially as we go upmarket and we have larger enterprises, using the product.
... Yeah. And this one, Eran and Eliran both can probably take, but the one question that we keep on hearing from investors is the growth runway in the core. The core has done really well. Now, you have CRM dev, let's forget about all of that right now, right? But the core, you have been adding over $200 million in revenue in the last two years. There's a little bit of pricing this year, but even then, you're kind of close to $200, if I take out the $25 million. But trying to understand how much growth runway is left within the core, right? If I do some math, I can get to, like, mid-single digits millions of users for the core. So trying to think, if you are- you, what's your aspiration, right?
Is your aspiration to be like a Slack with tens of millions of seats, or like a Office 365, Microsoft 365 or O 365 with hundreds of millions of seats, right? How do you see that growth runway in the core?
Yeah, you want it? Okay. So, probably, more of a combination between, you know, a Salesforce and a ServiceNow in terms of the businesses that we address. I don't think we wanna be kinda more consumer-oriented. I feel Office 365 is a more kinda broad, tool that's being used by individual users across the globe. Like I mentioned, we wanna manage the core of what drives businesses. That's why we focus on CRM, dev, work management. And I feel our potential and where we wanna be as a company is a place where businesses going forward will buy Monday for their own company across, like, buying two or three products, a Monday suite, and managing the core departments, across the organization.
In terms of growth, and that's very important, like, when you mention, you know, us growing as a company forward, it's obvious that as you scale as a SaaS company, we'll continue to have a very strong acquisition engine, but the majority of growth will come from our existing customer base. For that, we're building new engines, so obviously, cross-sell plays a big part of that, those new products. If until, you know, two years ago, we had one vector of expansion, which was basically seat count, now we have multiple vectors. One is seat count still, the other is additional products for different departments, so it's not just selling more to one department. We now have access to the sales team, the dev team.
Going forward, we're gonna launch monday service, so access for the IT team, so we have more potential within organizations. And also, we launched add-ons, so anywhere from premium support to Enterprise Guardian, so kinda more premium services on top of the license. So in a nutshell, going forward, we're gonna have more opportunities to sell to our existing base, which will increase NDR, and will increase our ability to expand with the organizations as well.
Okay, so seats within the existing is probably one of the bigger drivers than the rest of the stuff at this point in time, right? You recently upgraded your infrastructure with mondayDB. I am assuming that's kind of opening up that seat count conversations. You already talked about a 25,000 seat deal. I will not name the customer although I think everybody knows who it is. But do you see the potential for that kind of trend to continue, you know, adding seat counts of that scale going forward?
Yeah, yeah. We are. We already have a few interesting deals in the pipeline on the back of such deal that, you know, cannot be named. But also, we are investing in the way that, you know, I, I, I spoke earlier with few investors, and, and we call it kind of, for me, like, I call it the five Ps. Like, we invest in the platform, mondayDB, we invest in the product, we invest in people. We bring people that, you know, in sales organization, that are more scalable in terms of selling to the C-level and relevant within organization. We're also investing in the management team, leadership team of Monday, to scale the organization globally. We have close to 200, sorry, 2,000 employees by now. We're looking at the pitch. How do you sell to the C-level?
What pain point are you solving to him? Not only the features and functionalities, but also, you know, tell me what is the core problem of your organization, and I can sort it out. So between product, people, platform, pitch, and performance, this is something that we are going to continue to focus in order to continue to grow the business.
Yeah. Maybe talk about from a architecture standpoint, that mondayDB, how important is that? Why has it opened up that aperture of larger seats for you?
Yeah. So, maybe I'll explain what mondayDB is. As I mentioned in the beginning, monday.com has a very unique product because it's fully flexible. Unlike, I would say, traditional SaaS companies, where they're built for a very specific use case, when you're built for a very specific use case, it's very easy to kinda optimize the database you're using, because you know exactly how people are gonna use the product, what queries they're gonna run, what reports they're gonna need. And with monday.com, our customers have full control over the database, so, everybody's using it in a different way, and in a way, they create their own databases.
So for that, we created a very important piece of technology we call mondayDB, which basically allows our customer to have a database of their own, however they want it, without us having, like, premature knowledge about how it, it's gonna be used. But at the same time, we offer great performance and also the ability to scale significantly on mondayDB. And that piece of technology, we worked for a very long time. We're very proud of it, and we're gonna launch additional versions coming up. When we launched, you know, different versions of mondayDB, that was a big unlock for enterprise customers. They've been using Monday.
They wanted to scale further, and we allowed them to do 10x on scale, we allowed them to do 5x on performance, and we're gonna release more major versions coming up. And we're very proud of that part of the business, and what it's enabled us to do, and scale into the enterprise.
... Yeah. Good. Let me switch gears on the macro, and this is more historically speaking, Eliran. When we came out of last quarter in Q4, I think you had seen a little bit of softness in December. The narrative was that that softness kind of flowed into January at that time. But when we now look at the results, it's actually pretty solid. So what did you see in February, March? Did things start to pick up overall? Maybe talk about that.
Yeah. So in December and January of last year, when we kind of finished 2023, we were a bit more. We saw a softness in, as you said, in the market in December and January. Deals that, you know, were expected to close in December were not closed or were delayed into January, longer sales cycles. And I think still the macroeconomy is a situation that, you know, I don't know if it's going to get any better or it's going to get any worse. I think there is some stability. In February and March, we saw some uptick. You know, it, at the time, we also in December, we didn't know what would be the reaction to the price increase that we did, because this was the first time that we did a price increase to existing customer base.
So it's also kind of we were not sure how it's going to be rolled out and how it's going to be perceived. Perception of it was very good. Reception by, you know, by our customers, you know, was very encouraging, better than what we anticipated originally. And I think this has to do with the fact that we added a lot of value over the years to the customers. So, we feel better. We feel more confident in our ability to achieve the numbers that we said we're going to achieve in terms of the guidance for the entire year. But I don't know yet to call it a trend because I see what's going on around us, you know, with other companies that, you know, reported, but it's, you know, we are more positive on that front.
How, how would you characterize kind of the top-of-the-funnel activity health at in April, May, so far?
It's, it's looking good. It's very healthy.
Very healthy.
You know, we had 225,000 customers at the end of last year. We added around 40,000 new customers. And going back to the first question, this is something that is super important for us to continue to have a healthy top-of-funnel activity, because this is something that is going to evolve over time. And so we care about going upmarket, but again, bringing in new customers all the time, we focus on that as well.
Yeah. That was more tactical. So more strategically, when I talk to investors, and I get a lot of pushbacks also on monday.com, I have heard this pushback about when Monday is a core Work OS system, and CRM dev. Well, specifically CRM, very competitive market, very difficult to go into. ITSM, competitive market, difficult to go into. So Monday's act two is a question mark. We don't know yet. So maybe what did you share with those investors to kind of change their minds, right, in terms of proof points, to kind of convince them at this point, that you'd be successful in those markets as well?
Yeah. First of all, I think that, competitive markets are great. You know, it means there's a demand in that market. And when we competed in work management, I think there were another 100 alternatives when we started the company. So I don't think that that's an indication of, our ability to succeed or not. I feel maybe what's they're missing, and what I'm trying to explain to investors, is that, we offer something that's very different from the current solutions in the market today. For example, in the CRM space, right now, we, when we compete on deals, we might see, you know, a Pipedrive or a Zoho or a HubSpot.
I actually did quite a lot of user interviews, like, "Why are you choosing Monday over one of those, you know, players?" The answer is always the same. Although we're missing features, you know, compared to, let's say, a HubSpot, the main reason is that they want that customizability to their product. At some point, when you use what we call a rigid product, you wanna have your own workflows, you wanna create something that's kinda unique to how you work as a sales team. And then, usually, the next stop for most of those customers was to use Salesforce, because it's an enterprise software, you could build anything you want with their API, but it's very costly to set up and very costly to maintain, and the license cost is very high.
So to them, seeing Monday as an alternative was, something they didn't have before, because Monday gives a product that's as customizable, let's say, as a Salesforce, as a ServiceNow, but it's very easy to use, it doesn't cost a lot to customize, and you can do it yourself. And that's a huge benefit, in each one of those categories. And even though we might be competing with, you know, a dozen other vendors in that space, nobody can offer the same level of customability that we offer as a, as a platform in any one of those verticals. And customers gets it, they wanna buy a platform, they wanna have that power over their destiny, and this is why we win most of those deals.
Maybe I would add to, Eliran, you know, when we went public two years ago, one of the questions was about monday.com is just another Asana or Smartsheet or another player in the, in the, this category that we aren't sure what it is exactly. And then we kind of were able to differentiate ourselves, and then we got questions about efficient growth versus growth at all cost, because it was all about growth. But then we've proven the model to be efficient because we were able to grow the business, achieve record free cash flows and profitability. And, you know, I don't want to kind of overstress it, but very few companies actually that went, you know, public in the quarter of 2021 actually achieved these kind of things. So, you know, one of the things we don't do is we don't congratulate ourselves too much.
We understand this is a journey, and the journey is long, and we have this strategy for the next 3 and 5 years, and we understand that we need to decide today what we need to do in order to be successful in between 5 years. So I don't know what to tell you. Maybe the journey upmarket is not going to be like Salesforce in 3 years or ServiceNow. But there is a huge mid-market, you know, playground for us that is underserved to a certain extent. So if you ask me if in 3 years we're going to have 1 million customers rather than 500, and we're going to be more, you know, you know, more upmarket, I don't know.
But we are, you know, we are taking a few routes, and we're investing in all of the segments and, you know, focus on execution. So again, I don't know what to tell you. I don't have a crystal ball, but the journey for us is we continue to kind of look three, five years down the road and invest today in order to get there.
Yeah, the point about customizability is important because it seems like everybody thought customizations are for enterprises, not for the mid-market.
Yeah.
There was a big underserved mid-market community that wanted customization, and seems like Monday is kind of cracking that at this point. Talk about the you started there with CRM alternatives that you see in the market. Pipedrive, I think you said Zoho, HubSpot. Who are you seeing more than the others, or even on the dev side? I don't know if dev is too early at this point, but talk about that.
Yeah, so maybe a little bit more HubSpot compared to the other players. But I don't know if just because they have more presence or it, it's more the deals that we compete in. In dev, it's easy. There's basically one player, it's Atlassian, so that's mainly who we see. But I think what's interesting about dev is that still there's a lot of white space in that category. We still see a lot of companies that don't use any tool to manage their dev team, which is surprising to see the, you know, there's still a lot of opportunity on that market.
Yeah. So when you talk about customization in the CRM, can I pull that thread a little bit? Like, why would somebody go for Monday? Because they can connect Monday to something else versus HubSpot, where to add or connect it to maybe, I don't know, finance organization, or system, it's difficult. Like, talk a little bit more about that.
Yeah. Maybe I can describe. We had a user conference on January. It's called Elevate, and I went on stage and gave a demo on monday sales CRM just for the audience. And I think that we as users, we got used to using rigid software. You know, you buy a software. Usually what the process is, you learn how the software is built, and then you can educate your team on how to use it. And then you have to change even the way you work in order to actually use the tool because it's built in a very specific way. With monday, people's perception of what they can do with it is different because they have this ability to customize the product. So, for example, on stage, what I've done is I showed everybody the CRM.
So I showed them the, you know, there's a deals page, there's a contacts page, you can see all the deals and so on. And then I said, "Look, this is how my team works. I'm a team leader in the sales team. I wanna know when a certain deal is being delayed over, you know, X amount of time, let's say two days, not being closed. I wanna be notified, let's say, using an SMS, because this is how I work, or using a message." If you wanna do it on any CRM on the market, basically your only option is to ask your dev team to connect to the CRM API, write code, schedule something, put it on the server, do maintenance on it, and then, you know, it's a lot of work to do it.
Probably because of the friction, you're not gonna do it at all. And with Monday, it's a few clicks of a button, like I showed you on stage. I told them, "This is the process we wanna do? Great." We go on the status, we create an automation. When this happens, we connect with Twilio, we send SMS on stage live, and it just works. And so it's a different perception. Instead of trying to, you know, do what you can with the tool you bought, you try to imagine what works for you, what you want, what's the best way for you to manage your team, and just go and do it. And that's a huge unlock for our customers. That changes how they use software.
That changes how they adopt software, and that's what makes us win a lot of those deals. Because I feel that going forward, people want to have more customizability. Definitely in the era of AI, where, you know, the software can do more for you, you don't need to work for the software, you want the software to work for you, and I think we position to do it in the best way possible.
Yeah. I wanna touch Eliran on the pricing update that you had done, and you said you actually saw a much better-than-expected reception of the pricing update that you had. Maybe elaborate on that. What exceeded your expectations? Is that on the churn rate? Is that, are you seeing less discounting? Maybe just talk about what exceeded the expectations.
Yeah, sure. So, I think what kind of surprised us in a positive way was, first of all, less churn and the acceptance, you know, of the customers. They kind of, we didn't get a lot of pushback, you know, for. So just as a reminder, we rolled out the price increase at the third week of February. We have, you know, 20% of our customers are monthly subscribers, 80% are annual subscribers. So the first 2 batches were, like, the monthly ones. So, you know, these are monthly, that usually can churn a lot if they don't like the software or the price. So actually, the results were better than we anticipated.
And then we started to roll out the annual ones, and, you know, there could have been customers that kind of advanced their renewal date, but they didn't, because, you know, once the price is going to go up and they know about it because we notified them in advance, they might say, "Look, we want to renew now." So we didn't see such a behavior. And upon renewals, we don't see, like, customers are churning, you know, the way we potentially thought about it when we did the price increase. So this was kind of something that surprised us. There is going to be a rollout of the price increase over the next 12 months. It's going to go into H1 of next year. But so far, it's, it looks good.
And obviously, with you know, there are different segments, different tiers within the company, within our customer base, so some of them are going to be negotiable. Some of them are going to be, you know, rolled out as part of renewal, so there is going to be a process, but so far it looks good.
One question we have received is, is the dev pricing seems like has not been reflected. And the initial what you were talking about on dev side seems like you went back to the original pricing. Maybe talk about that a bit.
Yeah, each vertical have a different price point. For example, CRM software usually have a higher price point compared to work management. So actually, with CRM, potentially we'll increase the price in the future, kind of to compete in the same ballpark of other products in that market. And when it comes to dev, actually, Jira have a lower price point compared to what we currently offer with monday dev. So there, we feel we need to be kinda on the same price point compared to Jira in order to be competitive on that market. So that's why we're trying to have, like, different price points in each one of those verticals just to be competitive to other players in that vertical.
Yeah, and I'll open up to questions. But Eliran, the $15-$20 million going to $25 million on pricing, help us understand your assumptions there. I mean, could there be more upside to that? What could potentially drive? What are the levers?
Sure. So just as a reminder, this is revenue, not ARR. There is a ratio-
Yep
... between revenue to ARR. So we, when we looked at it, we did some analysis. So over the next, I would say between 2024 and early 2026, we evaluate the impact to be around $75 million-$80 million in terms of altogether. This is probably the kind of assumptions. We obviously took into account the churn assumptions. We have some multi-year customers. We have some customers that are already paying above the price list. So taking all of this into account, we got to this number. Potentially, there can be upside, but these are the numbers that we're currently looking at. So, $25 million in revenue this year, there is going to be impact next year, and potentially some tail in 2026, altogether $75-$80 million.
$75-$80 in ARR, you're talking about in total?
Yeah, but it translates-
It'll-
... eventually to revenue-
Slide to the revenue.
Because, yeah.
Yeah. Got it. All right, let me see if there are questions in the audience. There's one at the back.
Hi. Thanks for taking my question. I was wondering, do you have a view... You were talking about CRM, just longer term, how the market will settle out? So it feels like maybe at the lower end, you have the best solution, and then you will go upmarket. At the very high end, people that are on Salesforce, a lot of them probably don't move. And is it at the middle that that's where the more intense competition will be, or it, it'll be kind of very big customers, middle, and then lower? I, I guess I'm asking, are there gonna be three layers or two layers?
No, I think that's a fair assumption. I think there's kinda very small businesses, and then there's a huge mid-market segment, and the larger kinda enterprise companies. I agree, we probably won't be competing with Salesforce or ServiceNow in the near future. But basically, we're trying to have the same playbook like we had with the work management. Also, with work management, initially, we had smaller customers, and now we're kind of winning most of the deals in the upmarket compared to other players in that market. We'll try to do the same playbook on sales, CRM, and dev.
So start with the lower side of the market and then, grow up, and competing in kinda mid-market deals and then eventually, hopefully, in enterprise deals as well. So I think it's more of a progress than making a decision, and being fixated on it.
Yeah, but maybe to add to that, that our number one integration is with Salesforce, and this is important because if you're an organization that is buying Salesforce, which is the system of records, and then you need a workflow to the other parts of the organizations, operations, legal, finance, marketing, then to buy additional license of Salesforce or to do customization can be very heavy, can be very costly. So they, you know, companies are using us as the workflows, and we see it more and more. It's a very successful competition, we call it, because we don't really compete with them, but, you know, we kind of complete Salesforce.
So this is something that is working very good, and it's also a foot in the door because this allows customers to understand and learn and be educated about the Monday capabilities, and we continue to improve them. So it's a gateway also to other Monday solutions for these organizations.
Any other questions? Nope, I don't see any. So, I want to ask you on AI, which I have to ask: what is your... Your vision on AI is a little bit different. Seems like you are providing a lot of these features that some other companies might have, might be actually monetizing. You're giving it for free, seems like, with formula builders and some of the other stuff, but you're layering it on the platform side for others to build. Maybe talk about that vision on around AI.
... Yeah. So, look, I think AI is an amazing technology, but I think we're now in an era where a lot of people talk about AI, but like, I don't think we still see like the full impact for that on SaaS tools and other products. We initially kind of rolled out an AI assistant into monday.com. It was nice, I would say, but not something that significantly changed how people use the product. And then we kinda took a different approach. We gave the same ability that we gave in terms of building block and customability to our customers as well. So, we just allow them now, as far as their workflows and automations, to use AI on their own.
So basically, you know, even take the scenario I gave you before about the CRM and sending that message, so integrate AI as part of it. So we kind of give that power of AI to our own customers, and we saw that when we launched automations a few years ago, that was a huge unlock for our customers, just the ability to do it very easily without any technical knowledge. And I feel AI has the same potential because it's an amazing technology, but it's complicated to use, and people need to know how to do prompt engineering and how to connect it to their own systems. And I feel Monday has a huge potential because people use Monday on a day-to-day basis.
It's a big part of their work and workflow, and we can be there at that point and offer a lot of AI features. So this is our strategy right now. There's good traction from what we can see, since we launched those features, and once we see that it becomes a significant part of how people work, we might add monetization to that as well.
We also implemented AI chatbot, you know, as part of our customer support, which is very successful. We replaced many, you know, many of the human kind of support functions with a chatbot that proven to be, you know, very successful, and people actually like it more than speaking with human, which is-
Surprising.
Not surprising.
I want to see one more time if others have questions. No? So the long-term model, you, you reiterated that last time, and you're, you said today also that you have more confidence in the achievability of it. For the benefit of people, it's the base case is 30% growth CAGR.
Pending NDR, we said, yeah.
Yeah. So, maybe talk about what gave you that confidence. How much of that is the pricing reception that's exceeded your expectations? How much is, like, the core business upticking? Talk about that.
Yeah, so what we said, just as a reminder, in the Investor Day back in December, we said, three scenarios: high 20s-low 30s, based on the NDR. What gave us the confidence is, first of all, you know, the trajectory, that we saw when we kind of launched the new products, the way they were kind of accepted in the market. You know, the traction that we're seeing from, top of funnel, that remains very healthy. The fact that we see more adoption of monday products, and growth retention, as we said in the first quarter when we kind of announced the results, that this is a record high. The profile of stickiness is getting better. So all of the above, together with our kind of, position in the space, kind of gave us confidence.
Hopefully, we know we're going to see it come to reality.
Yeah. We have 35 seconds. I want to touch on something that nobody talks about in monday.com, which is the platform side of the business. You have, I think 450 apps that's created. You're monetizing something, 60% of that, that. Very small at this point, but is that going to be a future growth driver? How should we think about that?
Yeah, definitely. It's very strategic for us because, being a platform that's so flexible, you have to have, like, a long tail of features and functionality, and by opening our marketplace, we just allow our community to further expand monday.com. We have some very strategic partners that build on monday.com, and some of them actually generate nice amounts of revenue and have, like, real businesses on top of our marketplace. So it's very strategic. Still early days in terms of proportional revenue compared to our whole revenue as a company, but growing very nicely, so we continue to invest in that segment.
Great. With that, thank you so much.
Thank you, Pin.
Thank you.