The Ledger, every show

“The time of software, how much companies are going to spend on software is going to be a hundred X for what it is today.”

“So I think at the end of the day, vibe coding is amazing technology, but I don't think it's going to disrupt software companies.”

“We had a team of about a hundred SDRs and we now doing, doing it with agents. A hundred percent is being done with agents. We move those SDRs to do outbound.”

“I don't think that ChatGPT or Gemini on Tropic are going to do it, because going back to my the second theory that we discussed, you know, of course, you know, people are buying a Tropic Claude, they're buying ChatGPT, but it's not a tool where you work with a…”

“I think if anything, we're going to see an excess of software being built on top of the LLMs, not less, exponentially more because the opportunity is so massive and the time is so huge.”

“And if you ask me today how I feel great because as I told you, we hit the bottom or maybe close to the bottom. And from here we can only grow and focus on execution.”

“Nobody will want to buy The software, they're not doing the majority of the work for them.”

“So I'm not saying people will not use Entropic and OpenAI, for sure they will, but I don't think they're gonna capture all the enterprise value. Because they have a much bigger opportunity ahead of them, and it's not their focus.”

“I think AI can potentially do 70, 80% of the work, and not 10, 20%, like it used to be before AI was brought into our lives.”

“As AI become more dominant, companies will spend much more on software and much less on headcount going forward because they'll just become more efficient, and they'll gladly spend that.”

“So today we have about 3000 people and gonna be when? ... My gut feeling is, is probably we're not gonna grow substantially.”

“On one hand, I see people excited about private companies because they build tools in the AI era that kind of captured the, what I've referred to as doing the work, but I'll tell you a secret. You know, public companies will do it as well. We're going to do it…”

“Well, eventually I think it's gonna be more consumption and then entirely consumption going forward. So I think there's also be a transition, but now it's gonna be hybrid, and eventually it's gonna be a hundred percent consumption.”

“And we want to make Monday the default place for people to build agents and to collaborate between agents and people. So essentially you'll build Monday, you build agents on the top of Monday. Those agents will output tables, docs, files. People will go over i…”

“No. I don't see a reason. No. Look, I think at the end of the day, you know, you can be private, you can be public. The question is, do you need to raise more money? And we don't. We generate 27% of free cash flow. We don't need to raise more money. We have ev…”

“But the way I look at this today is maybe this is our biggest opportunity as a company. Maybe we waited for that moment. And if we did the right things, we can reaccelerate the company and even grow much larger than what we could have become as a company.”

“One, in terms of our horizontal platform, we're going all in agents and humans working together. We're shifting the product a hundred percent, the pricing, the go-to-market, the product. We have two vertical offerings, the CRM and service. For that, we're buil…”

“I think the cycle is going to shift once you know, like fungus after the rain, you're going to see another public company change and accelerate, another one accelerate, and then investors are going to say you know, it happens, so let's rethink who else is goin…”

“For sure. You know, I think a lot of SaaS tools have been very focused on seed count and, you know, once you replace, you know, human labor with AI functionality pricing should adjust and maybe be more focused on consumption in addition to seeds.”

“Because right now, ah, we, not only we kept doing it, but we actually scaled it, ah, and right now we have, like, the lowest bids, ah, that we ever saw, as a company, because everybody pulled back, A lot of companies reduce spend, and we're more aggressive tha…”

“In the last, You know, 12 months since the economy changed is that we actually found that our SMB budget was more stable than our enterprise segment. So the SMBs NRR, yeah, was actually more stable.”

“It's the biggest pivot moment for us in the history of the company.”

“If you look at the earning calls and how business operate, everything is, is kind of normal. Some companies are even exceeded expectations and businesses are working great, but at the same time, The sentiment has shifted drastically, like I've never seen befor…”

“Well, we are we announced a buyback program of eight hundred and seventy million. And we said we're gonna spend it over the last, next two, three years. We already done some buyback in Q four.”

“Roughly, let's say, 1.5 billion in the bank cash. No debt. So the enterprise value is two billion. We have like, Again, I don't want to disclose specific numbers. Let's say over a 1.3 billion of ARR. So it's like 1.5 multiple.”

“I remember when our stock went, went up to 400. After we IPO'd and one of our investors told me something, Ken Fox from Stripes. He told me something which was brilliant. He told me, isn't it great that the stock is going up without the revenue going up? And I…”

“Eventually you abandon the mid-market SMB segment, and then you have this huge vacuum. You leave a huge vacuum in the market. I think to some extent, I'm not an expert, but that will happen with Salesforce and HubSpot. Salesforce moved up market in a way. HubS…”

“We got a lot of no's. I was, I would tell you that in our A, B and C rounds.”

“I think our customers has been the biggest investor of Monday. More money than we ever raised from investors.”

“I don't think that, you know, SAS tools will go away. I think if anything, some of the work can be replaced by AI, but still the fundamental principle of why those tools exist is, is strong and will remain going forward.”

“Yeah, so first of all, I think there's like five Doomeday scenarios I'm familiar with, so that's one of them. But, you know, I'll just take you back a little bit in time, but first of all, it was everything about people will Vibe code their own apps. That was …”

“90% of the work was done outside of the tool.”

“A company like Monday, let's say we have like one billion in expenses, a company like Monday will probably spend, you know, 60, 70% of the budget on headcount and then seven, eight percent on software.”

“In the last earning call, we said it's going to be mid teens. And I think there's also potential, you know, we might even take it lower.”

“I've talked with, you know, all of our major investors and everybody's saying the same thing. Eventually what they want to see is businesses revenue accelerate.”

“It used to take, on average, 24 hours to get back to a customer. Now it takes three minutes.”

“So basically companies want to adopt AI and they're gonna adopt vertical tools to do that. Like the you know, the SDR example I gave you, maybe another example for support for legal, there's a lot of vertical solutions people are gonna adopt.”

“And if you think about any company, even Monday itself, 90% of the context is not documented anywhere. Nobody knows it.”

“We generate 27% of free cash flow.”

“I see the retention rate highest ever, gross retention highest ever.”

“At some point, investors are going to see the same company 20 times a month, and LPs is, is, is not going to pour a lot of money, and I get it.”

“We have our highest gross attention Ever, I would say, currently. The gross attention of the company, given the economy, given everything that's happening in the world just to give people context, like, we see gross attention going up, actually.”

“We have great momentum with CRM, and we're super proud of the growth, and it's actually grown faster than what Monday did back in the day, which is pretty impressive.”

“We grew from six million of ARR to 18 the year after, and then from 18 to 50, and 50 to 120, you know, in three years.”

“And up until today, 70% of our customers are actually non-tech companies and that, that's amazing because it just opens up the TAM and the audience of the company so much.”

“So we actually managed to turn five million of money raised from investors into a 15,000,001 five performance marketing budget. So we built a very efficient machine that recycles money and kind of reinvested that back into the business.”

“When we got to 50, we built a dashboard. Of the road to, we call it the road to one billion. We built it like a vertical TV in the office showing that we want to reach one billion by the year of twenty-twenty-three. We actually missed it by one year”

“It wouldn't disclose this on a quarterly basis, but the last invested investor day which was last year it was growing from almost zero to twenty five million in, in one year.”