I have covered the technology sector for 25 years. Since 2003, I have been the managing editor of Tech-Stock Prospector, a monthly publication offering research and analysis on small- and large-cap companies. Prior to that, I analyzed the technology industry as senior writer for Louis Rukeyser's Wall Street newsletter.
, a provider of a work management software platform, showed that the company’s two big trends—robust new product adoption and steady expansion in the enterprise customer segment—remain in full force. After rising 53.9% in 2023, Monday shares are up 20% YTD.
On the product front, demand remains healthy for Monday’s core work management solutions, where about 70% of all deals have zero competition. The newer Sales CRM product is experiencing rapid growth, with strong interest from new customers. About half of Sales CRM deals are uncontested. As of Q4, there were 13,318 Sales CRM customers, up 21% sequentially. A year ago, the product only had 2,458 customers.
Monday ended Q4 with 2,295 paid enterprise customers that have annual recurring revenue above $50,000, up 56% from the year-ago level. In the December quarter, the company brought on 218 of these large accounts, up from 185 additions in the previous quarter. In 2023, Monday added 821 enterprise accounts, accelerating from 681 additions in the previous year. Enterprise customers now represent 32% of total ARR, up from 27% a year ago.
In 2023, Monday’s revenue rose 41% to $729.7 million and free cash flow margin was 28%. The company’s initial 2024 revenue outlook of $926 million to $932 million represents growth of 27% to 28%.
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