We hosted a post-4Q investor call with Monday's CFO Eliran Glazer, VP of IR Byron Stephen, & Senior IR Manager Paige Newman, where we gained clarity on the 4Q performance & FY26 outlook. Three key themes from our call emerged: 1) The down market, increased customer acquisition performance marketing costs are not moderating as expected driving the reduced revenue outlook. 2) The FY26 given has a higher than normal level of visibility and appears largely de-risked. 3) Up-market demand trends highlight why the Vibe coding a MNDY replacement theme is not a practical alternative today. We expect the last point to remain hotly debated given the conversations we had post-call with likely no clarity coming over the near term which we believe will keep MNDY shares in the AI battleground spotlight.