2022 Q4 Form 20-F Financial Statement

#000117891323000966 Filed on March 14, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $149.9M $519.0M $95.55M
YoY Change 56.91% 68.43%
Cost Of Revenue $17.36M $66.53M $11.77M
YoY Change 47.51% 70.53%
Gross Profit $132.6M $452.5M $83.78M
YoY Change 58.23% 68.13%
Gross Profit Margin 88.42% 87.18% 87.68%
Selling, General & Admin $110.1M $477.5M $93.42M
YoY Change 17.86% 48.48%
% of Gross Profit 83.06% 105.52% 111.51%
Research & Development $32.56M $127.0M $21.96M
YoY Change 48.28% 72.42%
% of Gross Profit 24.56% 28.08% 26.21%
Depreciation & Amortization $3.183M $8.567M $963.0K
YoY Change 230.53% 211.98% -37.55%
% of Gross Profit 2.4% 1.89% 1.15%
Operating Expenses $142.7M $604.5M $115.4M
YoY Change 23.65% 52.94%
Operating Profit -$10.10M -$152.0M -$31.60M
YoY Change -68.04% 20.53%
Interest Expense $11.14M $23.28M
YoY Change -8660.29%
% of Operating Profit
Other Income/Expense, Net $22.55M $147.0K
YoY Change -4084.81%
Pretax Income $1.037M -$129.5M -$31.45M
YoY Change -103.3% 1.97%
Income Tax $2.525M $7.406M $1.154M
% Of Pretax Income 243.49%
Net Earnings -$1.488M -$136.9M -$32.60M
YoY Change -95.44% 5.86%
Net Earnings / Revenue -0.99% -26.37% -34.13%
Basic Earnings Per Share -$2.99
Diluted Earnings Per Share -$0.03 -$2.99 -$665.2K
COMMON SHARES
Basic Shares Outstanding 47.74M 45.80M
Diluted Shares Outstanding 45.80M

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $885.9M $885.9M $886.8M
YoY Change -0.1% -0.1%
Cash & Equivalents $885.9M $885.9M $886.8M
Short-Term Investments $0.00
Other Short-Term Assets $1.051M $24.73M $18.17M
YoY Change -94.22% 36.06%
Inventory
Prepaid Expenses $13.61M $12.73M
Receivables $13.23M $13.23M $8.509M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $923.8M $923.8M $913.5M
YoY Change 1.13% 1.13%
LONG-TERM ASSETS
Property, Plant & Equipment $34.42M $114.6M $19.60M
YoY Change 75.6% 484.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $585.0K $585.0K $100.0K
YoY Change 485.0% 485.0%
Total Long-Term Assets $115.2M $115.2M $19.70M
YoY Change 484.79% 484.79%
TOTAL ASSETS
Total Short-Term Assets $923.8M $923.8M $913.5M
Total Long-Term Assets $115.2M $115.2M $19.70M
Total Assets $1.039B $1.039B $933.2M
YoY Change 11.34% 11.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.335M $7.335M $23.61M
YoY Change -68.94% -68.94%
Accrued Expenses $18.98M $82.71M $70.14M
YoY Change -72.93% 27.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $298.2M $298.2M $228.2M
YoY Change 30.69% 30.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $61.08M $61.08M $1.612M
YoY Change 3689.08% 3689.08%
Total Long-Term Liabilities $61.08M $61.08M $1.612M
YoY Change 3689.08% 3689.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $298.2M $298.2M $228.2M
Total Long-Term Liabilities $61.08M $61.08M $1.612M
Total Liabilities $359.3M $359.3M $229.8M
YoY Change 56.36% 56.36%
SHAREHOLDERS EQUITY
Retained Earnings -$582.5M -$445.7M
YoY Change 30.71%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $679.7M $679.7M $703.4M
YoY Change
Total Liabilities & Shareholders Equity $1.039B $1.039B $933.2M
YoY Change 11.34% 11.34%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income -$1.488M -$136.9M -$32.60M
YoY Change -95.44% 5.86%
Depreciation, Depletion And Amortization $3.183M $8.567M $963.0K
YoY Change 230.53% 211.98% -37.55%
Cash From Operating Activities $34.08M $27.14M $13.52M
YoY Change 152.15% 65.93% -142.18%
INVESTING ACTIVITIES
Capital Expenditures $4.416M $16.00M -$3.406M
YoY Change -229.65% -216.32% -19.48%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $105.0K
YoY Change -100.0% -100.0% -101.75%
Cash From Investing Activities -$4.416M -$19.00M -$3.301M
YoY Change 33.78% 423.59% -67.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $396.0K
YoY Change -17.84%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.661M -$9.055M 377.0K
YoY Change 871.09% -101.22% -94.14%
NET CHANGE
Cash From Operating Activities 34.08M $27.14M 13.52M
Cash From Investing Activities -4.416M -$19.00M -3.301M
Cash From Financing Activities 3.661M -$9.055M 377.0K
Net Change In Cash 33.33M -$918.0K 10.59M
YoY Change 214.63% -100.12% -129.55%
FREE CASH FLOW
Cash From Operating Activities $34.08M $27.14M $13.52M
Capital Expenditures $4.416M $16.00M -$3.406M
Free Cash Flow $29.67M $11.14M $16.92M
YoY Change 75.3% -63.02% -160.84%

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<div> <p style="font:9pt Arial, Helvetica, Sans-Serif;margin:0pt 0"><span style="font-family:Arial, Helvetica, Sans-Serif;font-size:10pt"><strong>NOTE 1: ORGANIZATION AND DESCRIPTION OF BUSINESS</strong></span></p> <p style="font:9pt Arial, Helvetica, Sans-Serif;margin:0pt 0"><span style="font-family:Arial, Helvetica, Sans-Serif;font-size:9pt"> </span></p> <p style="font:9pt Arial, Helvetica, Sans-Serif;margin:0pt 0 0pt 17pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:9pt">monday.com Ltd (“monday.com” and together with its subsidiaries collectively, “the </span>Company”) was incorporated under the laws of Israel and commenced operations in 2012. The Company operates a cloud-based visual Work Operating System (‘Work OS’) that consists of modular building blocks that can be easily used and assembled to create software applications and work management tools and serves as a connective layer to integrate with various digital tools across an organization. By using the Company’s Work OS platform, customers can simplify and accelerate their digital transformation, enhance organizational agility, become more productive and increase operational efficiency.</span></p> <p style="font:9pt Arial, Helvetica, Sans-Serif;margin:0pt 0 0pt 17pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:9pt"> </span></span></p> <p style="font:9pt Arial, Helvetica, Sans-Serif;margin:0pt 0 0pt 17pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="font-size:9pt">monday.com has seven wholly owned subsidiaries: monday.com Inc. (the “U.S. Subsidiary”) incorporated in the United States in 2016, monday.com UK incorporated under the laws of England in 2020, monday.com PTY, incorporated in Australia in 2020, monday.com LTDA. incorporated in Brazil in 2021, monday.com K.K. incorporated in Japan in 2021, Monday.com Sp. z o.o., incorporated in Poland in 2022, and monday.com PTE, incorporated in Singapore in 2022. The subsidiaries primarily engage in providing business development, presale, and customer success services to the Company’s existing and potential customers.</span></span></p> </div>
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2022 mndy Effective Income Tax Rate Reconciliation Of Tax Benefit Relating To Exercise Of Disqualified Iso
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CY2022 mndy Effective Income Tax Rate Reconciliation Of Tax Benefit Relating To Exercise Of Disqualified Iso Percentage
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CY2021 mndy Effective Income Tax Rate Reconciliation Of Tax Benefit Relating To Exercise Of Disqualified Iso
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CY2020 mndy Effective Income Tax Rate Reconciliation Of Tax Benefit Relating To Exercise Of Disqualified Iso
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CY2022 mndy Effective Income Tax Rate Reconciliation Initial Public Offering Costs
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CY2021 mndy Effective Income Tax Rate Reconciliation Initial Public Offering Costs
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CY2020 mndy Effective Income Tax Rate Reconciliation Initial Public Offering Costs
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CY2022 mndy Effective Income Tax Rate Reconciliation Preferred Technological Enterprise
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CY2022 mndy Effective Income Tax Rate Reconciliation Currency Differences
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CY2022 mndy Effective Income Tax Rate Reconciliation Currency Differences Percent
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CY2021 mndy Effective Income Tax Rate Reconciliation Currency Differences
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CY2021 mndy Effective Income Tax Rate Reconciliation Currency Differences Percent
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CY2022 us-gaap Income Tax Reconciliation Other Adjustments
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
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CY2022Q4 mndy Deferred Tax Assets Initial Public Offering Costs
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Operating Loss Carryforwards
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CY2022 mndy Tax Rate On Dividend Distributed To Foreign Corporate Shareholder
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CY2022 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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CY2022 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2021 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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-14.19

Files In Submission

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