Company Overview - Monday.com (MNDY) shares increased by 7.9% to close at $242.49, following a period of 18.7% loss over the past four weeks, indicating a significant rebound in trading volume [1] - The company is expected to report quarterly earnings of $0.78 per share, reflecting a year-over-year increase of 20%, with revenues projected at $260.96 million, up 28.8% from the previous year [2] Earnings and Growth Metrics - The consensus EPS estimate for Monday.com has remained stable over the last 30 days, suggesting that the stock's price movement may not sustain without changes in earnings estimate revisions [3] - The company has demonstrated strong growth metrics, including a 26% compound annual growth rate (CAGR) in its customer base and gross margins of 89.65% [5] Industry Context - Monday.com operates within the Zacks Internet - Software industry, where it competes with companies like Sangoma Technologies Corporation (SANG), which saw a 2.6% increase in its stock price [4] - The stock currently holds a Zacks Rank of 2 (Buy), indicating positive market sentiment [7]

I only buy strong businesses. I only buy them when they're cheap. Backgrounds in economics, philosophy, government, data. I started my investing journey with a fairly concentrated portfolio of Canadian dividend payers in the telecom, pipeline and banking industries. I have moved forward through different industries including payments, US regional banking, Chinese and Brazilian equities, REITs, technology companies and a few other emerging market opportunities, as well as microcap through to megacap range. I ...

Core Viewpoint - Monday.com (MNDY) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts, and is crucial for understanding a company's earnings outlook [1][2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, making the Zacks rating system valuable for investors [4][6]. Impact of Institutional Investors - Institutional investors utilize earnings estimates to determine the fair value of stocks, and their investment actions based on these estimates can lead to significant price movements [4]. Company-Specific Insights - For Monday.com, the recent rise in earnings estimates and the Zacks rating upgrade suggest an improvement in the company's underlying business, which is expected to drive the stock price higher [5][11]. - The Zacks Consensus Estimate for Monday.com indicates expected earnings of $3.20 per share for the fiscal year ending December 2024, reflecting a 73% increase from the previous year [8]. Zacks Rank System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, indicating superior earnings estimate revisions and potential for market-beating returns [9][10].

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:monday.com (MNDY) : This company which provides an open platform that democratizes the power of software so organizations can easily build software applications and work management tools to fit their every need, has seen the Zacks Consensus Estimate for its current year earnings increasing 15.9% over the last 60 day.West Bancorporation (WTBA) : This community-oriented personal and commercial banking services company which provides full ...

Ok, the picture above has very little if anything to do with an article on monday.com (NASDAQ: MNDY ). It is apparently considered toBert Hochfeld graduated with a degree in economics from the University of Pennsylvania and received an MBA from Harvard. Mr. Hochfeld has enjoyed a long career in the tech world, working for IBM, Memorex/Telex, Raytheon Data Systems, and BMC Software. Starting in the 1990s, Mr. Hochfeld worked as a sell-side analyst and won awards from the Wall Street Journal for his coverage ...

Michael Wiggins De Oliveira is an inflection investor. This means buying into cheap companies at the moment when their narrative is changing and the business is on a path toward becoming significantly more profitable over the next year.With a focus on tech and “the Great Energy Transition (including uranium)”, Michael runs a concentrated portfolio with approximately 15 to 20 stocks and an average holding period of 18 months. Through his 10+ years analyzing countless companies, Michael has accumulated outsta ...

Here are two stocks with buy rank and strong momentum characteristics for investors to consider today, December 2:Toast, Inc. (TOST) : This cloud-based digital technology platform provider has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 120% over the last 60 days.Toast's shares gained 81.3% over the last three months compared with the S&P 500’s advanced of 9.0%. The company possesses a Momentum Score of B.monday.com Ltd. (MNDY) : This software developm ...

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, November 22:StoneX Group Inc. (SNEX) : This global financial services network provider has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.7% over the last 60 days.StoneX Group's shares gained 28.3% over the last three months compared with the S&P 500’s advanced of 6.7%. The company possesses a Momentum Score of A.monday.com Ltd. (MNDY) : This softwar ...

Fueled by the boom of business travel, TravelPerk appoints a new Chair of its Audit Committee to strengthen its current Board, further enhance governance and support TravelPerk’s ambitious growth trajectoryAs monday.com CFO, Glazer brings a wealth of SaaS and SMB expertise as he has steered them through a dynamic environment and rapid growthTravelPerk has grown rapidly over the past year with over 50% revenue growth and a Gross Margin surpassing 70% driven by AI and automation and accelerated US expansion B ...

[Third Quarter Fiscal Year 2024 Overview](index=1&type=section&id=1.%20Third%20Quarter%20Fiscal%202024%20Overview) monday.com's Q3 FY2024 saw strong revenue growth, ARR exceeding $1 billion, and improved operational and financial metrics [Executive Summary](index=1&type=section&id=1.1.%20Executive%20Summary) monday.com achieved strong Q3 FY2024 results with 33% revenue growth, ARR over $1 billion, and 111% net dollar retention - Third quarter revenue reached **$251 million**, a **33% year-over-year increase**[1](index=1&type=chunk)[6](index=6&type=chunk) - Annual Recurring Revenue (ARR) surpassed **$1 billion** for the first time[1](index=1&type=chunk)[6](index=6&type=chunk) - Net dollar retention rate increased to **111%**[1](index=1&type=chunk)[6](index=6&type=chunk) - The second largest customer's seat count doubled to **60,000**[1](index=1&type=chunk)[6](index=6&type=chunk) [Management Commentary](index=1&type=section&id=1.2.%20Management%20Commentary) Management highlighted product and platform enhancements, celebrating the ARR milestone, and noted robust Q3 growth with improved retention - Management emphasized deepening product capabilities and strengthening the platform to support customers of all sizes[2](index=2&type=chunk) - Achieving **$1 billion in ARR** represents a significant milestone in the company's journey[2](index=2&type=chunk) - The CFO expressed satisfaction with Q3's robust revenue growth, profitability, and improved retention trends, confident in continued strong growth for FY2025[2](index=2&type=chunk) [Key Financial and Business Highlights](index=1&type=section&id=1.3.%20Key%20Financial%20and%20Business%20Highlights) monday.com's Q3 FY2024 saw 33% revenue growth, significant non-GAAP operating income and free cash flow increases, and strong customer acquisition Third Quarter Fiscal Year 2024 Financial and Business Highlights | Metric | Q3 2024 | Q3 2023 | YoY Change | | :-------------------------------- | :---------- | :---------- | :--------- | | Revenue ($ million) | $251.0 | $189.19 | +33% | | GAAP Operating Loss ($ million) | $(27.4) | $(2.5) | - | | GAAP Operating Margin (%) | -11% | -1% | - | | Non-GAAP Operating Income ($ million) | $32.2 | $24.1 | +33.6% | | Non-GAAP Operating Margin (%) | 13% | 13% | 0% | | GAAP Basic and Diluted Net Loss Per Share ($) | $(0.24) | $0.15 | - | | Non-GAAP Basic and Diluted Net Income Per Share ($) | $0.90 | $0.68 | +32.4% | | Net Cash Provided by Operating Activities ($ million) | $86.6 | $66.6 | +30% | | Free Cash Flow ($ million) | $82.4 | $64.9 | +27% | | Net Dollar Retention Rate (%) | 111% | - | - | | Net Dollar Retention Rate (10+ Users) (%) | 114% | - | - | | Net Dollar Retention Rate (ARR > $50K) (%) | 115% | - | - | | Net Dollar Retention Rate (ARR > $100K) (%) | 115% | - | - | | Paying Customers (10+ Users) | 58,760 | 52,015 | +13% | | Paying Customers (ARR > $50K) | 2,907 | 2,077 | +40% | | Paying Customers (ARR > $100K) | 1,080 | 749 | +44% | | Annual Recurring Revenue (ARR) | Exceeded $1 billion | - | - | | Second Largest Customer Seat Count | 60,000 | 25,000 | +140% | [Leadership Changes](index=1&type=section&id=2.%20Leadership%20Changes) monday.com announced key leadership transitions, including a new COO appointment and the CRO's upcoming departure [Adi Dar Appointed as Chief Operating Officer](index=1&type=section&id=2.1.%20Adi%20Dar%20Appointed%20as%20Chief%20Operating%20Officer) monday.com appointed Adi Dar as COO, leveraging his 20+ years of experience in driving sustainable growth at leading global tech companies - Adi Dar was appointed Chief Operating Officer, bringing over **20 years of experience** driving sustainable growth at leading global technology companies[5](index=5&type=chunk) - He previously served as CEO of ELOP, an electro-optics subsidiary of Elbit Systems, and founded Cyberbit, a cybersecurity company[7](index=7&type=chunk) - Management believes his expertise will enhance the platform and expand global reach[8](index=8&type=chunk) [Yoni Osherov to Step Down as Chief Revenue Officer](index=3&type=section&id=2.2.%20Yoni%20Osherov%20to%20Step%20Down%20as%20Chief%20Revenue%20Officer) monday.com's Chief Revenue Officer, Yoni Osherov, will step down at the end of December 2024, after significantly contributing to the company's growth - Yoni Osherov will step down as Chief Revenue Officer at the end of December 2024[8](index=8&type=chunk) - He was a key driver of company growth, helping ARR increase from **$10 million to over $1 billion**[8](index=8&type=chunk) - He will continue as an advisor to the CEO until a new CRO is appointed[9](index=9&type=chunk) [Financial Outlook](index=3&type=section&id=3.%20Financial%20Outlook) monday.com provided Q4 and full-year FY2024 financial guidance, projecting continued revenue growth and strong profitability [Fourth Quarter Fiscal Year 2024 Guidance](index=3&type=section&id=3.1.%20Fourth%20Quarter%20Fiscal%202024%20Guidance) monday.com anticipates Q4 FY2024 total revenue between $260 million and $262 million, with non-GAAP operating income of $29 million to $31 million Fourth Quarter Fiscal Year 2024 Financial Guidance | Metric | Guidance Range | YoY Growth | | :-------------------- | :-------------------- | :--------- | | Total Revenue ($ million) | $260 - $262 | 28% - 29% | | Non-GAAP Operating Income ($ million) | $29 - $31 | - | | Non-GAAP Operating Margin (%) | 11% - 12% | - | | Free Cash Flow ($ million) | $63 - $66 | - | | Free Cash Flow Margin (%) | 24% - 25% | - | [Full Year Fiscal Year 2024 Guidance](index=3&type=section&id=3.2.%20Full%20Year%202024%20Guidance) The company expects full-year FY2024 total revenue of $964 million to $966 million, with non-GAAP operating income of $121 million to $123 million Full Year Fiscal Year 2024 Financial Guidance | Metric | Guidance Range | YoY Growth | | :-------------------- | :-------------------- | :--------- | | Total Revenue ($ million) | $964 - $966 | Approx. 32% | | Non-GAAP Operating Income ($ million) | $121 - $123 | - | | Non-GAAP Operating Margin (%) | 12% - 13% | - | | Free Cash Flow ($ million) | $286 - $289 | - | | Free Cash Flow Margin (%) | Approx. 30% | - | [Non-GAAP Financial Measures](index=3&type=section&id=4.%20Non-GAAP%20Financial%20Measures) monday.com utilizes non-GAAP financial measures to provide management and investors with useful insights into financial and business trends [Explanation and Rationale](index=3&type=section&id=4.1.%20Explanation%20and%20Rationale) monday.com uses non-GAAP financial measures to offer useful insights into financial and business trends for management and investors - Non-GAAP financial measures aim to provide useful information to management and investors regarding financial and business trends[11](index=11&type=chunk) - Management uses these metrics for performance comparison, trend analysis, and budgeting and planning[11](index=11&type=chunk) - Non-GAAP metrics help investors assess ongoing operating performance and trends, and compare with other software companies[11](index=11&type=chunk) - Certain non-GAAP financial measures exclude share-based compensation expense and charitable contributions[10](index=10&type=chunk)[29](index=29&type=chunk) [Limitations](index=4&type=section&id=4.2.%20Limitations) Non-GAAP financial measures are supplementary, not substitutes for GAAP, as they exclude significant GAAP-required expenses and involve management judgment - Non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures[13](index=13&type=chunk) - They exclude significant expenses and income required to be recorded under GAAP, and their determination involves management judgment[13](index=13&type=chunk) - Management cannot reasonably predict GAAP operating income (loss) and net cash provided by operating activities on a forward-looking basis without unreasonable effort[14](index=14&type=chunk) [Definitions of Business Key Performance Indicators](index=4&type=section&id=5.%20Definitions%20of%20Business%20Key%20Performance%20Indicators) This section defines key business performance indicators, including Net Dollar Retention Rate and Annual Recurring Revenue (ARR) [Net Dollar Retention Rate](index=4&type=section&id=5.1.%20Net%20Dollar%20Retention%20Rate) Net dollar retention rate compares a cohort's ARR at the end of a period to their ARR 12 months prior, including upsells, downsells, and churn - Net dollar retention rate is calculated by dividing the ARR from customers at the end of the current period by the ARR from the same cohort of customers 12 months prior[15](index=15&type=chunk) - The current period's ARR calculation includes any upsells, downsells, and churn[15](index=15&type=chunk) - For the trailing 12-month calculation, a weighted average of the net dollar retention rates from the most recent four quarters is used[15](index=15&type=chunk) [Annual Recurring Revenue (ARR)](index=4&type=section&id=5.2.%20Annual%20Recurring%20Revenue%20(%22ARR%22)) Annual Recurring Revenue (ARR) is defined as the annualized value of customer subscription plans at the measurement date, assuming renewals at existing terms - ARR is defined as the annualized value of customer subscription plans at the measurement date[16](index=16&type=chunk) - It assumes any contracts expiring within the next 12 months are renewed at their existing terms[16](index=16&type=chunk) [Forward-Looking Statements](index=5&type=section&id=6.%20Forward-Looking%20Statements) This press release contains forward-looking statements regarding financial outlook and market positioning, subject to various risks and uncertainties [Forward-Looking Statements](index=5&type=section&id=6.1.%20Forward-Looking%20Statements) This press release contains forward-looking statements based on current expectations, estimates, and management's beliefs, subject to various risks - Forward-looking statements are based on current expectations, estimates, forecasts, and management's beliefs and assumptions[17](index=17&type=chunk) - Actual results may differ materially due to various factors, including limited operating history, ability to manage scope and complexity of business, and foreign currency fluctuations[17](index=17&type=chunk) - monday.com assumes no intention or obligation to update or revise any forward-looking statements[18](index=18&type=chunk) [Company Information](index=5&type=section&id=7.%20Company%20Information) This section provides an overview of monday.com, details on its earnings webcast, and contact information for investor and media relations [About monday.com](index=5&type=section&id=7.1.%20About%20monday.com) monday.com offers a low-code/no-code Work OS platform enabling organizations to easily build work management tools and software applications - monday.com Work OS is a low-code/no-code platform enabling organizations to easily build work management tools and software applications[22](index=22&type=chunk) - The platform is currently used by over **225,000 customers** across more than **200 industries** and **200 countries**[22](index=22&type=chunk) - monday.com maintains offices in multiple global cities, including Tel Aviv, New York, London, and Tokyo[22](index=22&type=chunk) [Earnings Webcast and Investor Presentation](index=5&type=section&id=7.2.%20Earnings%20Webcast%20and%20Investor%20Presentation) monday.com held a public webcast on November 11, 2024, to discuss Q3 2024 results and financial outlook, with investor materials available online - The company held a public webcast on November 11, 2024, at 8:30 a.m. Eastern Time[19](index=19&type=chunk) - The investor presentation is available at http://ir.monday.com[20](index=20&type=chunk) [Contacts](index=6&type=section&id=7.3.%20Contacts) Contact information for monday.com's investor relations and media relations is provided - Investor Relations contact: Byron Stephen (byron@monday.com)[24](index=24&type=chunk) - Media Relations contact: Julie Case (julieca@monday.com)[24](index=24&type=chunk) [Condensed Consolidated Financial Statements (GAAP)](index=7&type=section&id=8.%20Condensed%20Consolidated%20Financial%20Statements%20(GAAP)) This section presents monday.com's GAAP condensed consolidated financial statements, including statements of operations, balance sheets, and cash flows [Statements of Operations](index=7&type=section&id=8.1.%20Statements%20of%20Operations) In Q3 2024, monday.com's GAAP revenue grew 33% to $251 million, but GAAP operating loss expanded, resulting in a net loss compared to net income last year Condensed Consolidated Statements of Operations (Q3 2024 vs Q3 2023) | Metric ($ thousand) | Q3 2024 | Q3 2023 | YoY Change | | :-------------------- | :-------- | :-------- | :--------- | | Revenue | $251,000 | $189,190 | +33% | | Cost of Revenue | $25,972 | $21,707 | +19.7% | | Gross Profit | $225,028 | $167,483 | +34.3% | | Total Operating Expenses | $252,430 | $170,004 | +48.5% | | Operating Loss | $(27,402) | $(2,521) | - | | Net Financial Income | $14,942 | $11,555 | +29.3% | | Net Income (Loss) | $(12,026) | $7,488 | - | | Basic Net Income (Loss) Per Share | $(0.24) | $0.15 | - | [Balance Sheets](index=8&type=section&id=8.2.%20Balance%20Sheets) As of September 30, 2024, monday.com's total assets increased to $1,585.11 million, driven by higher cash and cash equivalents, with corresponding increases in liabilities and equity Condensed Consolidated Balance Sheets (September 30, 2024 vs December 31, 2023) | Metric ($ thousand) | September 30, 2024 | December 31, 2023 | Change | | :-------------------- | :----------- | :----------- | :----- | | Cash and Cash Equivalents | $1,337,155 | $1,116,128 | +$221,027 | | Total Current Assets | $1,455,354 | $1,173,142 | +$282,212 | | Total Assets | $1,585,110 | $1,275,656 | +$309,454 | | Total Current Liabilities | $546,066 | $416,013 | +$130,053 | | Total Liabilities | $613,993 | $462,148 | +$151,845 | | Total Stockholders' Equity | $971,117 | $813,508 | +$157,609 | [Statements of Cash Flows](index=9&type=section&id=8.3.%20Statements%20of%20Cash%20Flows) In Q3 2024, net cash from operating activities increased to $86.605 million, while net cash used in investing activities significantly rose due to marketable securities purchases Condensed Consolidated Statements of Cash Flows (Q3 2024 vs Q3 2023) | Metric ($ thousand) | Q3 2024 | Q3 2023 | YoY Change | | :-------------------------------- | :-------- | :-------- | :--------- | | Net Cash Provided by Operating Activities | $86,605 | $66,579 | +$20,026 | | Net Cash Used in Investing Activities | $(53,763) | $(1,689) | - | | Net Cash Provided by Financing Activities | $14,071 | $3 | +$14,068 | | Increase in Cash and Cash Equivalents | $46,913 | $64,893 | - | | Cash and Cash Equivalents at End of Period | $1,337,155 | $1,054,270 | +$282,885 | [Reconciliation of GAAP to Non-GAAP Financial Information](index=10&type=section&id=9.%20Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Information) This section provides reconciliations of GAAP to non-GAAP financial measures for gross profit, operating expenses, operating income, net income, and free cash flow [Gross Profit and Gross Margin Reconciliation](index=10&type=section&id=9.1.%20Gross%20Profit%20and%20Gross%20Margin) In Q3 2024, non-GAAP gross profit was $226.91 million with a 90% non-GAAP gross margin, slightly higher than GAAP due to the exclusion of share-based compensation Gross Profit and Gross Margin Reconciliation (Q3 2024 vs Q3 2023) | Metric | Q3 2024 | Q3 2023 | | :-------------------- | :-------- | :-------- | | GAAP Gross Profit ($ thousand) | $225,028 | $167,483 | | Share-based Compensation Expense ($ thousand) | $1,881 | $1,383 | | Non-GAAP Gross Profit ($ thousand) | $226,909 | $168,866 | | GAAP Gross Margin (%) | 90% | 89% | | Non-GAAP Gross Margin (%) | 90% | 89% | [Operating Expenses Reconciliation](index=10&type=section&id=9.2.%20Operating%20Expenses) Non-GAAP operating expenses were lower than GAAP across R&D, S&M, and G&A, primarily due to the exclusion of share-based compensation and charitable contributions Operating Expenses Reconciliation (Q3 2024 vs Q3 2023) | Metric ($ thousand) | GAAP Q3 2024 | Non-GAAP Q3 2024 | GAAP Q3 2023 | Non-GAAP Q3 2023 | | :-------------------- | :----------- | :--------------- | :----------- | :--------------- | | Research and Development | $56,509 | $42,973 | $38,433 | $28,051 | | Sales and Marketing | $140,284 | $130,339 | $108,360 | $101,504 | | General and Administrative | $55,637 | $21,417 | $23,211 | $15,234 | | *Share-based Compensation Expense (R&D)* | *$(13,536)* | - | *$(10,382)* | - | | *Share-based Compensation Expense (S&M)* | *$(9,945)* | - | *$(6,856)* | - | | *Share-based Compensation Expense (G&A)* | *$(10,012)* | - | *$(7,977)* | - | | *Charitable Contributions to Foundation (G&A)* | *$(24,208)* | - | *—* | - | [Operating Income (Loss) Reconciliation](index=10&type=section&id=9.3.%20Operating%20Income%20(Loss)) In Q3 2024, monday.com's GAAP operating loss of $27.402 million converted to a non-GAAP operating income of $32.18 million after adjustments Operating Income (Loss) Reconciliation (Q3 2024 vs Q3 2023) | Metric ($ thousand) | Q3 2024 | Q3 2023 | | :-------------------- | :-------- | :-------- | | GAAP Operating Loss | $(27,402) | $(2,521) | | Share-based Compensation Expense | $35,374 | $26,598 | | Charitable Contributions to Foundation | $24,208 | — | | Non-GAAP Operating Income | $32,180 | $24,077 | | GAAP Operating Margin (%) | (11%) | (1%) | | Non-GAAP Operating Margin (%) | 13% | 13% | [Net Income (Loss) and EPS Reconciliation](index=11&type=section&id=9.4.%20Net%20Income%20(Loss)%20and%20EPS) Q3 2024 GAAP net loss was $12.026 million, or $0.24 per basic share, which adjusted to a non-GAAP net income of $44.969 million, or $0.90 per basic share Net Income (Loss) and EPS Reconciliation (Q3 2024 vs Q3 2023) | Metric | Q3 2024 | Q3 2023 | | :------------------------------------------ | :-------- | :-------- | | GAAP Net Income (Loss) ($ thousand) | $(12,026) | $7,488 | | Share-based Compensation Expense ($ thousand) | $35,374 | $26,598 | | Charitable Contributions to Foundation ($ thousand) | $24,208 | — | | Tax Benefit Related to Share-based Compensation ($ thousand) | $(2,587) | $(1,075) | | Non-GAAP Net Income ($ thousand) | $44,969 | $33,011 | | GAAP Basic Net Income (Loss) Per Share ($) | $(0.24) | $0.15 | | Non-GAAP Basic Net Income Per Share ($) | $0.90 | $0.68 | | GAAP Diluted Net Income (Loss) Per Share ($) | $(0.24) | $0.15 | | Non-GAAP Diluted Net Income Per Share ($) | $0.85 | $0.64 | [Free Cash Flow Reconciliation](index=12&type=section&id=9.5.%20Free%20Cash%20Flow) In Q3 2024, free cash flow increased to $82.412 million, up from $64.89 million in Q3 2023, with a 33% free cash flow margin Free Cash Flow Reconciliation (Q3 2024 vs Q3 2023) | Metric ($ thousand) | Q3 2024 | Q3 2023 | | :-------------------------------- | :-------- | :-------- | | Net Cash Provided by Operating Activities | $86,605 | $66,579 | | Purchases of Property and Equipment | $(3,800) | $(779) | | Capitalized Software Development Costs | $(393) | $(910) | | Free Cash Flow | $82,412 | $64,890 | | Free Cash Flow Margin (%) | 33% | 34% |