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    Connor Murphy • Capital One

    Connor Murphy's questions to monday.com Ltd (MNDY) leadership

    Connor Murphy's questions to monday.com Ltd (MNDY) leadership • Q2 2025

    Question

    Connor Murphy asked if the down-market softness was also leading to higher churn, contributing to the NDR decline. He also inquired about the company's strategic priorities for its large cash balance, such as M&A or buybacks.

    Answer

    Co-CEO Eran Zinman stated the opposite, reporting that gross retention is at an 'all-time high' across the entire customer base and the down-market impact is on new adds, not churn. CFO Eliran Glazer outlined capital priorities, with organic growth being number one, followed by considering inorganic M&A to accelerate product roadmaps.

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    Connor Murphy's questions to monday.com Ltd (MNDY) leadership • Q1 2025

    Question

    Connor Murphy sought further clarification on the guided Net Dollar Retention (NDR) downtick, questioning why the outlook changed from 'stable' last quarter to 'below 112%' now, especially if business trends remain stable, and asked if it was purely conservatism.

    Answer

    CFO Eliran Glazer reiterated that the adjustment in NDR expectation is primarily driven by a conservative approach due to recent macroeconomic uncertainty. He emphasized that the company does not know how the environment will evolve throughout the year, making this caution necessary.

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