monday.com Ltd. (NASDAQ:MNDY) Q4 2022 Earnings Call Transcript

Scott Berg: I guess I’ll leave you with one in essence of time here. Given the success that you’ve had on the marketing side, those numbers have actually trended down all year, after the largest Superbowl ad last year, it sounds like FX was a benefit in the quarter. I guess, why not step on marketing a little bit more. If the cost of customer acquisition is actually coming down, you continue to have success there and the competitors are pulling away, why not take this opportunity to even capture more market?

Roy Mann: We have been doing that up to the point that we are comfortable with the results. That’s what BigBrain does. Like it shows us exactly how further we can step on the gas. And we have. So there isn’t any point in extending it more, either there is no €“ because we won’t see the results that we want if we push it further. But we have and we have extended the marketing.

Eran Zinman: Scott, just to add to what Roy said, from our perspective, this is what we’re also going to look at this year. If we see opportunities €“ continue to see the opportunities with efficiency, then we are not going to pull back. We’re actually going to push on the gas in order to generate more leads and more growth for the business.

Operator: The final question today comes from Ivan Feinseth from Tigress Financial Partners.

Ivan Feinseth: Congratulations on the great quarter and great year. Can you give us some insight or discussion on some of your AI initiatives and potential AI integration capabilities onto your platform.

Roy Mann: It’s obviously been amazing, right? Like, we’ve seen such a huge change in such a short time in AI. And now that we see that, like, the barrier was lowered so much to create such powerful AI tools, what we naturally do at monday, we open up the platform and allow anyone to build on top of that. So we have already added many layers that enable anyone, including us, to build AI tools on top of monday. And we’ll soon have an AI hackathon where we’ll invite anyone to build on top of the platform and essentially have a dedicated section within the marketplace for any AI tool that can benefit anyone and I think that’s like super exciting. And we’ll see like longtail solutions for specific industries. And then it’s exciting.

Eran Zinman: Just to add more color, so one of the main building blocks that we have in the platform is our monday docs. And that already saw a lot of potential use cases as we’re using AI to generate automatic content and summarize content within the boards. So definitely, we saw some exciting POCs and we’re planning to expand, like Roy said, the platform and start with some off the shelf solutions to start with.

Operator: This concludes today’s Q&A session, and thus concludes today’s call. We thank you very much for your attendance. You may now disconnect your lines.