monday.com Ltd. (NASDAQ:MNDY) Q1 2022 Earnings Conference Call May 16, 2022 8:30 AM ET
Company Participants
Byron Stephen - Director of IR
Roy Mann - Co-CEO
Eran Zinman - Co-CEO
Eliran Glazer - CFO
Conference Call Participants
Kash Rangan - Goldman Sachs
Arjun Bhatia - William Blair
Mark Murphy - JPMorgan
Scott Berg - Needham
John Byun - Jefferies
Brent Bracelin - Piper Sandler
Andrew DeGasperi - Berenberg
George Iwanyc - Oppenheimer
DJ Hynes - Canaccord Genuity
Derrick Wood - Cowen
Robert Simmons - D.A. Davidson
Operator
Good day. My name is Melissa, and I'll be your conference operator today. At this time, I would like to welcome everyone to monday.com's First Quarter Fiscal Year 2022 Earnings Conference Call.
I would like to turn the call over to monday.com's Director of Investor Relations, Mr. Byron Stephen. Please go ahead.
Byron Stephen
Good day everyone, and thank you for joining us on today's conference call to discuss the financial results for monday.com's first quarter fiscal year 2022. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com and Eliran Glazer, monday.com's CFO.
We released our results for the first quarter fiscal year 2022 earlier today. Our earnings materials are available on our Investor Relations website at ir.monday.com. There you will find the investor presentation that accompanies our prepared remarks and a replay of today's webcast under the News and Events section.
Certain statements made on the call today will be forward-looking statements which reflect management's best judgment based on the currently available information. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our earnings release for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements.
Additionally, non-GAAP financial measures will be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available in the earnings release and the earnings presentation for today's call, which are posted on our Investor Relations website.
With that, let me turn the call over to Roy.
Roy Mann
Thanks Byron. Good day everyone and welcome to our Q1 2022 earnings call.
Our first quarter revenue grew 84% to a record $108.5 million. This is an exciting milestone for us, as it represents our first $100 million revenue quarter as a company. We continue to see strong demand for our product with our sales teams driving new logo acquisition and strong expansion within our existing customer base during the quarter. 50% of the Fortune 500 companies use our platform, up from 38% just a year ago.