monday.com (MNDY) 6-K 12 Aug 24 2024 Q2 Second quarter revenue of $236.1 million grew 34% year over year Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2024
Entity Addresses [Line Items]
Entity Registrant Name	monday.com Ltd.
Entity Central Index Key	0001845338
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Type	6-K
Entity File Number	001-40461
Entity Address, Address Line One	6 Yitzhak Sadeh Street
Entity Address, City or Town	Tel Aviv
Entity Address, Postal Zip Code	6777506
Entity Address, Country	IL

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 1,290,242	$ 1,116,128
Accounts receivable - net of allowance for credit losses of $312 and $318 as of June 30, 2024(unaudited) and December 31, 2023, respectively	19,602	17,911
Prepaid expenses and other current assets	56,181	39,103
Total current assets	1,366,025	1,173,142
Property and equipment, net	39,326	37,418
Operating lease right-of-use assets	60,910	62,280
Other long-term assets	3,937	2,816
Total assets	1,470,198	1,275,656
CURRENT LIABILITIES:
Accounts payable	46,293	24,837
Accrued expenses and other current liabilities	137,216	106,691
Deferred revenue, current	317,069	266,284
Operating lease liabilities, current	19,510	18,201
Total current liabilities	520,088	416,013
Operating lease liabilities, non-current	37,335	42,946
Deferred revenue, non-current	2,653	3,189
Total liabilities	560,076	462,148
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares, no par value – Authorized: 99,999,999 shares as of June 30, 2024 (unaudited) and December 31, 2023; Issued and Outstanding: 49,858,787 and 48,923,903 as of June 30, 2024 (unaudited) and December 31,2023, respectively	0	0
Founders’ shares no par value: Authorized: 1 share as of June 30, 2024 (unaudited), and December 31, 2023; Issued and Outstanding: 1 share as of June 30,2024 (unaudited), and December 31, 2023
Additional paid-in capital	1,470,476	1,388,108
Accumulated other comprehensive income	2,657	9,804
Accumulated deficit	(563,011)	(584,404)
Total shareholders’ equity	910,122	813,508
Total liabilities and shareholders’ equity	$ 1,470,198	$ 1,275,656

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(PARENTHETICAL) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable - net of allowance for credit losses	$ 312	$ 318
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	99,999,999	99,999,999
Common Stock, Shares, Issued	49,858,787	48,923,903
Common Stock, Shares, Outstanding	49,858,787	48,923,903
Founder Share, No Par Value	$ 0	$ 0
Founder Shares, Authorized	1	1
Founder Shares, Issued	1	1
Founder Shares, Outstanding	1	1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 453,019	$ 337,935
Cost of revenue	47,217	36,530
Gross profit	405,802	301,405
OPERATING EXPENSES
Research and development	94,868	76,169
Sales and marketing	259,612	215,123
General and administrative	54,550	45,032
Total operating expenses	409,030	336,324
Operating loss	(3,228)	(34,919)
Financial income (expense), net	27,689	17,495
Income (loss) before income taxes	24,461	(17,424)
Income tax expense	(3,068)	(4,278)
Net income (loss)	$ 21,393	$ (21,702)
Net income (loss) per share attributable to ordinary shareholders, basic	$ 0.43	$ (0.45)
Net income (loss) per share attributable to ordinary shareholders, diluted	$ 0.41	$ (0.45)
Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, basic	49,442,327	48,061,281
Weighted-average ordinary shares used in calculating net income (loss) per ordinary share, diluted	52,106,369	48,061,281

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (loss)		$ 21,393	$ (21,702)
Other comprehensive income (loss):
Unrealized losses arising during the period, net of tax		(5,480)	(4,293)
Losses (gains) reclassified into earnings, net of tax	[1]	(1,667)	5,392
Net current-period other comprehensive income (loss)		(7,147)	1,099
Comprehensive income (loss)		$ 14,246	$ (20,603)
[1]Classified in operating expenses in the Condensed Consolidated Statement of Operations.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands	Number of Founder Share	Number of Ordinary Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	Accumulated Deficit	Total
Balance at Dec. 31, 2022			$ 1,265,477	$ (3,210)	$ (582,527)	$ 679,740
Balance, shares at Dec. 31, 2022	1	47,737,868
Exercise of options			5,967	0	0	5,967
Exercise of options (in shares)	0	475,068
Issuance of ordinary shares upon vesting of restricted share units				0	0	0
Issuance of ordinary shares upon vesting of restricted share units (in shares)	0	140,695
Issuance of ordinary shares under employee share purchase plan			3,953	0	0	3,953
Issuance of ordinary shares under employee share purchase plan (in shares)	0	42,468
Share-based compensation			52,199	0	0	52,199
Other comprehensive income			0	1,099	0	1,099
Net Income (loss)			0	0	(21,702)	(21,702)
Balance at Jun. 30, 2023			1,327,596	(2,111)	(604,229)	721,256
Balance, shares at Jun. 30, 2023	1	48,396,099
Balance at Dec. 31, 2023			1,388,108	9,804	(584,404)	813,508
Balance, shares at Dec. 31, 2023	1	48,923,903
Exercise of options			12,573	0	0	$ 12,573
Exercise of options (in shares)	0	671,366				671,366
Issuance of ordinary shares upon vesting of restricted share units			0	0	0	$ 0
Issuance of ordinary shares upon vesting of restricted share units (in shares)	0	223,678
Issuance of ordinary shares under employee share purchase plan			5,981	0	0	5,981
Issuance of ordinary shares under employee share purchase plan (in shares)	0	39,840
Share-based compensation			63,814	0	0	63,814
Other comprehensive income			0	(7,147)	0	(7,147)
Net Income (loss)			0	0	21,393	21,393
Balance at Jun. 30, 2024			$ 1,470,476	$ 2,657	$ (563,011)	$ 910,122
Balance, shares at Jun. 30, 2024	1	49,858,787

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss)	$ 21,393	$ (21,702)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,453	4,136
Share-based compensation	63,166	51,243
Changes in operating assets and liabilities:
Accounts receivable, net	(1,691)	(1,910)
Prepaid expenses and other assets	(15,199)	5,987
Accounts payable	21,668	3,596
Accrued expenses and other liabilities	2,710	(148)
Deferred revenue	50,249	49,115
Net cash provided by operating activities	147,749	90,317
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(5,964)	(4,684)
Capitalized software development costs	(1,070)	(1,019)
Net cash used in investing activities	(7,034)	(5,703)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of share options and employee share purchase plan	19,324	10,353
Receipt of tax advance relating to exercises of share options and RSUs, net	14,075	8,516
Net cash provided by financing activities	33,399	18,869
INCREASE IN CASH, AND CASH EQUIVALENTS	174,114	103,483
CASH AND CASH EQUIVALENTS - Beginning of period	1,116,128	885,894
CASH AND CASH EQUIVALENTS - End of period	1,290,242	989,377
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash purchases of property and equipment	212	94
Capitalized share-based compensation costs	648	956
Right-of-use asset recognized with corresponding lease liability	$ 8,753	$ 263

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1:- ORGANIZATION AND DESCRIPTION OF BUSINESS monday.com Ltd (“monday.com” and together with its subsidiaries collectively, “the Company”) was incorporated under the laws of Israel and commenced operations in 2012. The Company operates a cloud-based visual Work Operating System (“Work OS”) that consists of modular building blocks that can be easily used and assembled to create software applications and work management tools and serves as a connective layer to integrate with various digital tools across an organization. By using the Company’s Work OS platform and product suite, customers can simplify and accelerate their digital transformation, enhance organizational agility, create a unifying workspace across departments, and increase operational efficiency and productivity. monday.com has seven wholly owned subsidiaries: monday.com Inc. (the “U.S. Subsidiary”) , ,

BASIS OF PRESENTATION and SIGNI

BASIS OF PRESENTATION and SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION and SIGNIFICANT ACCOUNTING POLICIES	NOTE 2:- BASIS OF PRESENTATION and SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"), reflect the application of the significant accounting policies described below and elsewhere in the notes to the consolidated financial statements. a. Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations, shareholders’ equity, and cash flows for the six months ended June 30, 2024 , In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2024 and the Company’s consolidated results of operations and cash flows for the six months ended June 30, 2024 and June 30, 2023. The significant accounting policies referenced in the annual consolidated financial statements of the Company as of December 31, 2023, have been applied consistently in these unaudited condensed consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been recorded within the accompanying consolidated financial statements, consisting of normal, recurring adjustments, and all intercompany balances and transactions have been eliminated in the consolidation. The results for the six months ended June 30, 2024, are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 , The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023, as filed with the SEC on March 14, 2024 (the “Annual Report”). b. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on assumptions that management considers to be reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. c. Accounting pronouncements not yet effective In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASC 280), Improvements to Reportable Segment Disclosures ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 , In December 2023, the FASB issued ASU 2023-09, Income Taxes Improvements to Income Tax Disclosures.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	NOTE 3:- REVENUE RECOGNITION The Company generates revenues from the sale of subscriptions to customers to access its cloud-based Work OS platform in accordance with ASC 606. The Company recognized $208,362 and $173,093 of revenue during the six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited), respectively, that were included in the deferred revenue balances as of January 1, 2024, and 2023, respectively.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 4:- PREPAID EXPENSES AND OTHER CURRENT ASSETS June 30, December 31, 2024 2023 (Unaudited) Prepaid expenses $ 26,529 $ 13,189 Government institutions 4,727 2,731 Derivative instruments 2,657 9,806 Interest receivable 4,967 4,484 Short-term vendor deposits 7,542 6,675 Deferred commission 8,998 1,810 Other current assets 761 408 Total prepaid expenses and other current assets $ 56,181 $ 39,103

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 5:- ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES June 30, December 31, 2024 2023 (Unaudited) Accrued employee compensation and benefits $ 81,467 $ 63,440 Accrued expenses 42,241 31,810 Advances from customers 3,383 2,801 Income and indirect taxes payable 10,125 8,640 Total $ 137,216 $ 106,691

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 6:- FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets that have been measured at fair value on a recurring basis, as of June 30, 2024, and December 31, 2023, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: June 30, 2024 (Unaudited) Level 1 Level 2 Total Cash equivalents: Money market funds $ 1,176,178 $ - $ 1,176,178 Foreign currency derivative contracts: Foreign exchange contracts - 2,657 2,657 Total financial assets $ 1,176,178 $ 2,657 $ 1,178,835 December 31, 2023 Level 1 Level 2 Total Cash equivalents: Money market funds $ 1,024,658 $ - $ 1,024,658 Foreign currency derivative contracts: Foreign exchange contracts - 9,806 9,806 Total financial assets $ 1,024,658 $ 9,806 $ 1,034,464 The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. Foreign currency derivative contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	NOTE 7:- DERIVATIVES AND HEDGING The Company uses derivative instruments primarily to manage exposures to foreign currency exchange rate and to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The fair values of derivative instruments and the line items to which they were recorded are summarized as follows: June 30, December 31, Balance sheet line item 2024 2023 (Unaudited) Derivatives designated as hedging instruments: Foreign exchange contracts Prepaid expenses and other current assets $ 2,657 $ 9,806 2,657 9,806 Derivatives not designated as hedging instruments: - - Total $ 2,657 $ 9,806 The effect of derivative instruments on cash flow hedging, as well as the effect of instruments not designated as hedge and the relationship between income and other comprehensive income for the six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited), are summarized below: Loss Recognized in Other Comprehensive Income on Effective- Portion of Derivative, net Realized Gain (Loss) on Derivative Reclassified from Accumulated Other Comprehensive Income (*) Amount Excluded from Effectiveness Testing Recognized in Income (Loss) (**) Six months ended June 30 Six months ended June 30 Six months ended June 30 2024 2023 2024 2023 2024 2023 (Unaudited) Derivatives designated as hedging instruments: Foreign exchange contracts $ 5,480 $ 4,293 $ 1,667 $ (5,392 ) $ - $ - 5,480 4,293 1,667 (5,392 ) - - Derivatives not designated as hedging instruments: Foreign exchange contracts - - - - - - Total $ 5,480 $ 4,293 $ 1,667 $ (5,392 ) $ - $ - (*) Classified in operating expenses in the Condensed Consolidated Statement of Operations. (**) Includes derivatives not designated as accounting hedge. Classified in financial expense (income), net in the Condensed Consolidated Statement of Operations. The notional amounts of the outstanding derivatives are summarized as follows: June 30, 2024 December 31, 2023 (Unaudited) Derivatives designated as hedging instruments: Foreign exchange contracts: NIS $ 135,674 $ 157,430 Total $ 135,674 $ 157,430

LEASES

LEASES	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
LEASES	NOTE 8:- LEASES The Company has entered into various non-cancelable operating leases for its offices expiring between fiscal 2024 and 2031. Certain lease agreements contain an option for the Company to extend the lease term or an option to terminate a lease early. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis. Additionally, the Company entered into certain cancelable monthly lease agreements for short-term periods of up to one year. The following is a schedule, by years, of maturities of lease liabilities as of June 30, 2024 (unaudited): Amount The remainder of 2024 $ 10,200 2025 20,142 2026 13,115 2027 9,049 2028 7,060 Thereafter 206 Total undiscounted cash flows $ 59,772 Less: Imputed interest $ (2,927 ) Present value of lease liabilities $ 56,845 Supplemental balance sheet information related to leases is as follows: June 30, 2024 December 31, 2023 (Unaudited) Weighted-average remaining lease term 3.3 years 3.7 years Weighted-average discount rate 3.6% 3.5%

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9:- COMMITMENTS AND CONTINGENCIES a. Guarantees As of June 30, 2024 (unaudited) and December 31, 2023, the Company has provided a bank guarantee in the amount of $7,391, and $6,815, respectively, to secure its lease agreements. b. Indemnifications The Company enters into standard indemnification provisions in the ordinary course of business, including certain customers, business partners, the Company’s officers, and directors. Pursuant to these provisions, the Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims because of the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded in the Company’s consolidated statements of operations in connection with the indemnification provisions have not been material. There are no claims pending as of June 30, 2024, related to indemnification agreements. The Company has entered into service-level agreements with some of its enterprise customers defining levels of uptime reliability and performance and permitting those customers to receive credits for prepaid amounts related to unused subscription services if the Company fails to meet the defined levels of uptime in a certain calendar month. To date, the Company has not experienced any significant failures to meet defined levels of uptime reliability and performance. In addition, since the calculation is monthly for each calendar month there is no uncertainty at the end of the reporting period. Therefore, the Company has not accrued any liabilities related to these agreements in the consolidated financial statements. c. Legal Contingencies The Company is currently not involved in any material claims or legal proceedings. The Company reviews the status of each legal matter it is involved in, from time to time, in the ordinary course of business and assesses its potential financial exposure. d. Other Commitments Other commitments include payments to third-party vendors for services related mainly to hosting-related services, software licenses and services Future minimum payments under the Company's other commitments, as of June 30, 2024 (unaudited), are as follows: Amount The remainder of 2024 $ 32,417 2025 35,910 2026 34,139 2027 17,150 Total contractual obligations $ 119,616 Additionally, on July 22, 2024 (unaudited), the Company entered into an operating lease agreement for new offices in the UK. The lease commenced on July 19, 2024. The total undiscounted cash flows amounted to $67,052 with a lease term of eight years. This new operating lease agreement was excluded from the table above.

FINANCIAL INCOME (EXPENSE) , NE

FINANCIAL INCOME (EXPENSE) , NET	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
FINANCIAL INCOME (EXPENSE) , NET	NOTE 10 :- FINANCIAL INCOME (EXPENSE) , NET Six months ended June 30, 2024 2023 (Unaudited) Financial expenses: Bank charges and other $ 274 $ 277 Exchange rate expense, net 1,309 - Total financial expenses 1,583 277 Financial income: Exchange rate income, net - 991 Interest income on deposits and money market funds 29,272 16,781 Total financial income 29,272 17,772 Financial income (expenses), net $ 27,689 $ 17,495

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE 11:- RELATED PARTIES There were no material related party transactions in each of the six months ended June 30, 2024 (unaudited) and 2023 (unaudited).

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	NOTE 12:- SHAREHOLDERS’ EQUITY a. Ordinary shares The holders of ordinary shares are entitled to one vote per share, to dividends as decided by the Board, and in the event of the Company's liquidation, to the surplus assets of the Company. The Company has the following ordinary shares reserved for future issuance: June 30, 2024 December 31, 2023 (Unaudited) Ordinary shares 49,858,787 48,923,903 Outstanding share options and RSUs 3,888,434 4,294,853 Shares available for future grants under the 2021 plan 9,026,219 7,847,149 Shares subject to the employee share purchase plan 1,193,972 1,233,812 Total 63,967,412 62,299,717 b. Share based compensation Share option activity for the six months ended June 30, 2024 (unaudited) is as follows: Number of Options Weighted-Average Exercise Price Weighted Average Remaining Contractual life Aggregate Intrinsic Value (Unaudited) Outstanding — January 1, 2024 (*) 3,079,252 $ 48.82 6.71 $ 435,699 Granted (*) 32,802 $ 0.00 Exercised (671,366 ) $ 18.70 Expired and forfeited (84,708 ) $ 76.22 Outstanding — June 30, 2024 2,355,980 $ 55.74 6.43 $ 436,030 Exercisable — June 30, 2024 (*) 1,745,150 $ 43.91 6.05 $ 343,640 (*) The aggregate intrinsic value was calculated as the difference between the exercise price of the share options and the fair value of the underlying common shares as June 30, 2024, and January 1, 2024. The intrinsic value of options exercised in the six months ended June 30, 2024 (unaudited), and June 30, 2023 (unaudited), was approximately $136,250 and $67,487, respectively. The weighted-average grant-date fair value of options granted during the six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited) was $217.99 and $86.24, respectively. The following table summarizes the activity for the Company's RSUs for the six months ended June 30, 2024 (unaudited): Number of Units Weighted-Average Fair Value (Unaudited) Balance at January 1, 2024 (*) 1,215,601 $ 134.41 Granted (*) 616,182 $ 201.98 Vested (223,678 ) $ 137.28 Canceled (75,651 ) $ 149.83 Balance at June 30, 2024 (*) 1,532,454 $ 160.40 (*) As of June 30, 2024 (unaudited), and June 30, 2023 (unaudited) there was $156,611, and $94,770 of total unrecognized compensation cost related to unvested restricted share units, respectively, which is expected to be recognized over a weighted-average period of 1.87 and 1.86 years, respectively. Share-based compensation expense for the six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited), is as follows: Six months ended June 30, 2024 2023 Cost of revenues $ 3,116 $ 3,322 Research and development 23,193 19,742 Sales and marketing 18,068 13,640 General and administrative 18,789 14,539 Share-based compensation, net of amounts capitalized $ 63,166 $ 51,243 Capitalized share-based compensation expense 648 956 Total share-based compensation $ 63,814 $ 52,199 As of June 30, 2024 (unaudited) and June 30, 2023 (unaudited), unamortized share-based compensation expense was $173,557 and $132,470, respectively, which is expected to be recognized over weighted average periods of 1.84 and 1.81 years, respectively. The following table summarizes the Black-Scholes assumptions used at the grant dates: Six months ended June 30, 2024 2023 (Unaudited) Risk-free interest rate 4.03%-4.77% 3.48%-3.90% Expected dividend yield 0% 0% Expected term (in years) 5-7 5-7 Expected volatility 57.81% 57.24%-64.63% c. Employee Share Purchase Plan During the six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited) employees purchased 39,840 and 42,468 ordinary shares at average prices of $150.10 and $93.68 per share, respectively. For the six months ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited), the Company recognized $2,320 and $2,081 of compensation expense in connection with the ESPP, respectively.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 13:- EARNINGS (LOSS) PER SHARE The following table presents the calculation of basic and diluted net income (loss) per share: Six months ended June 30, 2024 2023 (Unaudited) Numerator: Net income (loss) attributable to ordinary shareholders, basic and diluted $ 21,393 $ (21,702 ) Denominator: Weighted-average ordinary shares outstanding, basic 49,442,327 48,061,281 Dilutive effect Employee stock options, RSUs and PSUs 2,664,042 - Weighted average ordinary shares outstanding, diluted 52,106,369 48,061,281 Net income (loss) per share attributable to ordinary shareholders, basic $ 0.43 $ (0.45 ) Net income (loss) per share attributable to ordinary shareholders, diluted $ 0.41 $ (0.45 ) The potential Ordinary shares that were excluded from the computation of diluted income (loss) per share attributable to ordinary shareholders for the periods presented because including them would have been anti-dilutive are as follows: Six months ended June 30, 2024 2023 (Unaudited) Options - 3,398,278 RSUs - 1,164,738 Total - 4,563,016

GEOGRAPHICAL INFORMATION

GEOGRAPHICAL INFORMATION	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
GEOGRAPHICAL INFORMATION	NOTE 14:- GEOGRAPHICAL INFORMATION Revenues are attributed to geographic areas based on location of the end customers as follows: Six months ended June 30, 2024 2023 (Unaudited) United States and North America $ 242,075 $ 181,933 EMEA 98,445 72,640 United Kingdom 46,865 33,370 Rest of the world 65,634 49,992 Total $ 453,019 $ 337,935 Long-lived assets and by geographical areas were as follows: As of June 30, 2024 As of December 31, 2023 (Unaudited) Israel $ 76,382 $ 72,262 United States 19,533 23,773 Rest of the world 4,321 3,663 Total $ 100,236 $ 99,698

BASIS OF PRESENTATION and SIG_2

BASIS OF PRESENTATION and SIGNIFICANT ACCOUNTING POLICIES (policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Unaudited Interim Condensed Consolidated Financial Information	a. Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations, shareholders’ equity, and cash flows for the six months ended June 30, 2024 , In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2024 and the Company’s consolidated results of operations and cash flows for the six months ended June 30, 2024 and June 30, 2023. The significant accounting policies referenced in the annual consolidated financial statements of the Company as of December 31, 2023, have been applied consistently in these unaudited condensed consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been recorded within the accompanying consolidated financial statements, consisting of normal, recurring adjustments, and all intercompany balances and transactions have been eliminated in the consolidation. The results for the six months ended June 30, 2024, are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 , The accompanying unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes contained in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023, as filed with the SEC on March 14, 2024 (the “Annual Report”).
Use of estimates	b. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on assumptions that management considers to be reasonable. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment.
Accounting Pronouncements Not Yet Effective	c. Accounting pronouncements not yet effective In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASC 280), Improvements to Reportable Segment Disclosures ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 , In December 2023, the FASB issued ASU 2023-09, Income Taxes Improvements to Income Tax Disclosures.

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of prepaid expenses and other current assets	June 30, December 31, 2024 2023 (Unaudited) Prepaid expenses $ 26,529 $ 13,189 Government institutions 4,727 2,731 Derivative instruments 2,657 9,806 Interest receivable 4,967 4,484 Short-term vendor deposits 7,542 6,675 Deferred commission 8,998 1,810 Other current assets 761 408 Total prepaid expenses and other current assets $ 56,181 $ 39,103

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Schedule of accrued expenses and other current liabilities	June 30, December 31, 2024 2023 (Unaudited) Accrued employee compensation and benefits $ 81,467 $ 63,440 Accrued expenses 42,241 31,810 Advances from customers 3,383 2,801 Income and indirect taxes payable 10,125 8,640 Total $ 137,216 $ 106,691

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of fair value of financial assets and liabilities	June 30, 2024 (Unaudited) Level 1 Level 2 Total Cash equivalents: Money market funds $ 1,176,178 $ - $ 1,176,178 Foreign currency derivative contracts: Foreign exchange contracts - 2,657 2,657 Total financial assets $ 1,176,178 $ 2,657 $ 1,178,835 December 31, 2023 Level 1 Level 2 Total Cash equivalents: Money market funds $ 1,024,658 $ - $ 1,024,658 Foreign currency derivative contracts: Foreign exchange contracts - 9,806 9,806 Total financial assets $ 1,024,658 $ 9,806 $ 1,034,464

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair values of derivative instruments	June 30, December 31, Balance sheet line item 2024 2023 (Unaudited) Derivatives designated as hedging instruments: Foreign exchange contracts Prepaid expenses and other current assets $ 2,657 $ 9,806 2,657 9,806 Derivatives not designated as hedging instruments: - - Total $ 2,657 $ 9,806
Schedule of income and other comprehensive income	Loss Recognized in Other Comprehensive Income on Effective- Portion of Derivative, net Realized Gain (Loss) on Derivative Reclassified from Accumulated Other Comprehensive Income (*) Amount Excluded from Effectiveness Testing Recognized in Income (Loss) (**) Six months ended June 30 Six months ended June 30 Six months ended June 30 2024 2023 2024 2023 2024 2023 (Unaudited) Derivatives designated as hedging instruments: Foreign exchange contracts $ 5,480 $ 4,293 $ 1,667 $ (5,392 ) $ - $ - 5,480 4,293 1,667 (5,392 ) - - Derivatives not designated as hedging instruments: Foreign exchange contracts - - - - - - Total $ 5,480 $ 4,293 $ 1,667 $ (5,392 ) $ - $ - (*) Classified in operating expenses in the Condensed Consolidated Statement of Operations. (**) Includes derivatives not designated as accounting hedge. Classified in financial expense (income), net in the Condensed Consolidated Statement of Operations.
Schedule of notional amounts of outstanding derivative	June 30, 2024 December 31, 2023 (Unaudited) Derivatives designated as hedging instruments: Foreign exchange contracts: NIS $ 135,674 $ 157,430 Total $ 135,674 $ 157,430

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of operating leases future minimum lease payments	Amount The remainder of 2024 $ 10,200 2025 20,142 2026 13,115 2027 9,049 2028 7,060 Thereafter 206 Total undiscounted cash flows $ 59,772 Less: Imputed interest $ (2,927 ) Present value of lease liabilities $ 56,845
Schedule of supplemental balance sheet information	June 30, 2024 December 31, 2023 (Unaudited) Weighted-average remaining lease term 3.3 years 3.7 years Weighted-average discount rate 3.6% 3.5%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum payments, other commitments, liability, fiscal year maturity	Amount The remainder of 2024 $ 32,417 2025 35,910 2026 34,139 2027 17,150 Total contractual obligations $ 119,616

FINANCIAL INCOME (EXPENSE) , _2

FINANCIAL INCOME (EXPENSE) , NET (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of financial income (expenses)	Six months ended June 30, 2024 2023 (Unaudited) Financial expenses: Bank charges and other $ 274 $ 277 Exchange rate expense, net 1,309 - Total financial expenses 1,583 277 Financial income: Exchange rate income, net - 991 Interest income on deposits and money market funds 29,272 16,781 Total financial income 29,272 17,772 Financial income (expenses), net $ 27,689 $ 17,495

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of ordinary shares reserved for future issuance	June 30, 2024 December 31, 2023 (Unaudited) Ordinary shares 49,858,787 48,923,903 Outstanding share options and RSUs 3,888,434 4,294,853 Shares available for future grants under the 2021 plan 9,026,219 7,847,149 Shares subject to the employee share purchase plan 1,193,972 1,233,812 Total 63,967,412 62,299,717
Schedule of share option activity	Number of Options Weighted-Average Exercise Price Weighted Average Remaining Contractual life Aggregate Intrinsic Value (Unaudited) Outstanding — January 1, 2024 (*) 3,079,252 $ 48.82 6.71 $ 435,699 Granted (*) 32,802 $ 0.00 Exercised (671,366 ) $ 18.70 Expired and forfeited (84,708 ) $ 76.22 Outstanding — June 30, 2024 2,355,980 $ 55.74 6.43 $ 436,030 Exercisable — June 30, 2024 (*) 1,745,150 $ 43.91 6.05 $ 343,640 (*)
Schedule of unvested restricted stock units	Number of Units Weighted-Average Fair Value (Unaudited) Balance at January 1, 2024 (*) 1,215,601 $ 134.41 Granted (*) 616,182 $ 201.98 Vested (223,678 ) $ 137.28 Canceled (75,651 ) $ 149.83 Balance at June 30, 2024 (*) 1,532,454 $ 160.40 (*)
Schedule of share-based compensation expense	Six months ended June 30, 2024 2023 Cost of revenues $ 3,116 $ 3,322 Research and development 23,193 19,742 Sales and marketing 18,068 13,640 General and administrative 18,789 14,539 Share-based compensation, net of amounts capitalized $ 63,166 $ 51,243 Capitalized share-based compensation expense 648 956 Total share-based compensation $ 63,814 $ 52,199
Schedule of black-scholes stock option assumptions used at the grant dates	Six months ended June 30, 2024 2023 (Unaudited) Risk-free interest rate 4.03%-4.77% 3.48%-3.90% Expected dividend yield 0% 0% Expected term (in years) 5-7 5-7 Expected volatility 57.81% 57.24%-64.63%

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of calculation of basic and diluted net loss per share	Six months ended June 30, 2024 2023 (Unaudited) Numerator: Net income (loss) attributable to ordinary shareholders, basic and diluted $ 21,393 $ (21,702 ) Denominator: Weighted-average ordinary shares outstanding, basic 49,442,327 48,061,281 Dilutive effect Employee stock options, RSUs and PSUs 2,664,042 - Weighted average ordinary shares outstanding, diluted 52,106,369 48,061,281 Net income (loss) per share attributable to ordinary shareholders, basic $ 0.43 $ (0.45 ) Net income (loss) per share attributable to ordinary shareholders, diluted $ 0.41 $ (0.45 )
Schedule of potentially dilutive shares excluded from computation of diluted income (loss) per share attributable to ordinary shareholders	Six months ended June 30, 2024 2023 (Unaudited) Options - 3,398,278 RSUs - 1,164,738 Total - 4,563,016

GEOGRAPHICAL INFORMATION (Table

GEOGRAPHICAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of revenues attributed to geographic areas based on location of end customers	Six months ended June 30, 2024 2023 (Unaudited) United States and North America $ 242,075 $ 181,933 EMEA 98,445 72,640 United Kingdom 46,865 33,370 Rest of the world 65,634 49,992 Total $ 453,019 $ 337,935
Schedule of property and equipment, net by geographical areas	As of June 30, 2024 As of December 31, 2023 (Unaudited) Israel $ 76,382 $ 72,262 United States 19,533 23,773 Rest of the world 4,321 3,663 Total $ 100,236 $ 99,698

REVENUE RECOGNITION (Narrative)

REVENUE RECOGNITION (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	$ 208,362	$ 173,093

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 26,529	$ 13,189
Government institutions	4,727	2,731
Derivative instruments	2,657	9,806
Interest receivable	4,967	4,484
Short-term vendor deposits	7,542	6,675
Deferred commission	8,998	1,810
Other current assets	761	408
Total prepaid expenses and other current assets	$ 56,181	$ 39,103

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued employee compensation and benefits	$ 81,467	$ 63,440
Accrued expenses	42,241	31,810
Advances from customers	3,383	2,801
Income and indirect taxes payable	10,125	8,640
Total	$ 137,216	$ 106,691

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 1,178,835	$ 1,034,464
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,176,178	1,024,658
Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivative contracts	2,657	9,806
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	1,176,178	1,024,658
Level 1 [Member] | Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,176,178	1,024,658
Level 1 [Member] | Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivative contracts	0	0
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,657	9,806
Level 2 [Member] | Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Level 2 [Member] | Foreign exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency derivative contracts	$ 2,657	$ 9,806

DERIVATIVES AND HEDGING (Detail

DERIVATIVES AND HEDGING (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative instruments	$ 2,657	$ 9,806
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative instruments	2,657	9,806
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative instruments	0	0
Foreign exchange contracts | Prepaid expenses and other current assets | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability, Subject to Master Netting Arrangement, before Offset	$ 2,657	$ 9,806
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current

DERIVATIVES AND HEDGING (Deta_2

DERIVATIVES AND HEDGING (Details 1) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Loss Recognized in Other Comprehensive Income on Effective - Portion of Derivative, net		$ (5,480)	$ (4,293)
Realized Gain (Loss) on Derivative Reclassified from Accumulated Other Comprehensive Income	[1]	1,667	(5,392)
Amount Excluded from Effectiveness Testing Recognized in Income	[2]	0	0
Designated as hedging Instrument
Derivative [Line Items]
Loss Recognized in Other Comprehensive Income on Effective - Portion of Derivative, net		5,480	4,293
Realized Gain (Loss) on Derivative Reclassified from Accumulated Other Comprehensive Income	[1]	1,667	(5,392)
Amount Excluded from Effectiveness Testing Recognized in Income	[2]	0	0
Foreign exchange contracts | Designated as hedging Instrument
Derivative [Line Items]
Loss Recognized in Other Comprehensive Income on Effective - Portion of Derivative, net		5,480	4,293
Realized Gain (Loss) on Derivative Reclassified from Accumulated Other Comprehensive Income	[1]	1,667	(5,392)
Amount Excluded from Effectiveness Testing Recognized in Income	[2]	0	0
Foreign exchange contracts | Not designated as hedging instrument
Derivative [Line Items]
Loss Recognized in Other Comprehensive Income on Effective - Portion of Derivative, net		0	0
Realized Gain (Loss) on Derivative Reclassified from Accumulated Other Comprehensive Income	[1]	0	0
Amount Excluded from Effectiveness Testing Recognized in Income	[2]	$ 0	$ 0
[1]Classified in operating expenses in the Condensed Consolidated Statement of Operations.[2]Includes derivatives not designated as accounting hedge. Classified in financial expense (income), net in the Condensed Consolidated Statement of Operations.

DERIVATIVES AND HEDGING (Deta_3

DERIVATIVES AND HEDGING (Details 2) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivatives designated as hedging instruments	$ 135,674	$ 157,430
Foreign exchange contracts
Derivative [Line Items]
Derivatives designated as hedging instruments	$ 135,674	$ 157,430

LEASES (Details)

LEASES (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
The remainder of 2024	$ 10,200
2025	20,142
2026	13,115
2027	9,049
2028	7,060
Thereafter	206
Total undiscounted cash flows	59,772
Less: Imputed interest	(2,927)
Present value of lease liabilities	$ 56,845

LEASES (Details 1)

LEASES (Details 1)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	3 years 3 months 18 days	3 years 8 months 12 days
Weighted-average discount rate	3.60%	3.50%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Bank guarantee to secure lease agreements	$ 7,391	$ 6,815
Total undiscounted cash flows	$ 67,052
Lease term	8 years

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
The remainder of 2024	$ 32,417
2025	35,910
2026	34,139
2027	17,150
Total contractual obligations	$ 119,616

FINANCIAL INCOME (EXPENSES), NE

FINANCIAL INCOME (EXPENSES), NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Financial expenses:
Bank charges and other	$ 274	$ 277
Exchange rate expense, net	1,309	0
Total financial expenses	1,583	277
Financial income:
Exchange rate income, net	0	991
Interest income on deposits	29,272	16,781
Total financial income	29,272	17,772
Financial income (expenses), net	$ 27,689	$ 17,495

SHAREHOLDERS' EQUITY (Narrative

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended			12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2023
Stockholders Equity Note [Line Items]
Share-based compensation cost		$ 63,166	$ 51,243
Options granted	[1]	32,802
Number of ordinary shares reserved and available for grant and issuance		9,026,219			7,847,149
Share-based compensation		$ 63,814	$ 52,199
Shares reserved for issuance under ESPP		1,193,972			1,233,812
Ordinary shares repurchased under ESPP		39,840	42,468
Ordinary shares at average prices per share		$ 150.1	$ 93.68
Stock based compensation expense		$ 2,320	$ 2,081
Co-CEO
Stockholders Equity Note [Line Items]
Options granted		22,481	74,108	73,074
2017 share option plan
Stockholders Equity Note [Line Items]
Weighted-average grant-date fair value of options granted		$ 217.99	$ 86.24
Intrinsic value of options exercised		$ 136,250	$ 67,487
Unamortized share-based compensation expense		$ 173,557	$ 132,470
Weighted average period for cost expected to be recognized		1 year 10 months 2 days	1 year 9 months 21 days
2021 plan
Stockholders Equity Note [Line Items]
Unrecognized compensation cost related to unvested restricted share units		$ 156,611	$ 94,770
Weighted average period for cost expected to be recognized		1 year 10 months 13 days
Restricted Stock Units (RSUs)
Stockholders Equity Note [Line Items]
Options granted	[2]	616,182
Weighted-average grant-date fair value of options granted	[2]	$ 201.98
Restricted Stock Units (RSUs) | Co-CEO
Stockholders Equity Note [Line Items]
Options granted		48,129	22,928
[1]Includes 73,074 performance options granted to the Company’s Co-CEOs in 2022, 74,108 in 2023, and 22,481 in 2024, as applicable.[2]Includes 22,928 performance shares granted to the Company’s Co-CEOs in 2023, and 48,129 to the Company’s Co-CEOs and several executives in 2024.

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares available for future grants under the 2021 plan	9,026,219	7,847,149
Shares subject to the employee share purchase plan	1,193,972	1,233,812
Total	63,967,412	62,299,717
Ordinary shares
Class of Stock [Line Items]
Ordinary shares reserved for future issuance	49,858,787	48,923,903
Outstanding share options and RSUs
Class of Stock [Line Items]
Ordinary shares reserved for future issuance	3,888,434	4,294,853

SHAREHOLDERS' EQUITY (Details 1

SHAREHOLDERS' EQUITY (Details 1) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	[1]	Dec. 31, 2023	[1]
Number of Options outstanding
Beginning balance	[1]	3,079,252
Granted	[1]	32,802
Exercised		(671,366)
Expired and forfeited		(84,708)
Ending balance		2,355,980
Exercisable	[1]	1,745,150
Weighted-Average Exercise Price
Beginning balance	[1]	$ 48.82
Granted	[1]	0
Exercised		18.7
Expired and forfeited		76.22
Ending balance		55.74
Exercisable	[1]	$ 43.91
Weighted Average Remaining Contractual life, Outstanding		6 years 5 months 4 days	6 years 8 months 15 days
Weighted Average Remaining Contractual life, Exercisable	[1]	6 years 18 days
Aggregate Intrinsic Value, outstanding		$ 436,030			$ 435,699
Aggregate Intrinsic Value, exercisable	[1]	$ 343,640
[1]Includes 73,074 performance options granted to the Company’s Co-CEOs in 2022, 74,108 in 2023, and 22,481 in 2024, as applicable.

SHAREHOLDERS' EQUITY (Details 2

SHAREHOLDERS' EQUITY (Details 2)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Granted	32,802	[1]
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Balance	1,215,601	[2]
Granted	616,182	[2]
Vested	(223,678)
Canceled	(75,651)
Balance	1,532,454	[2]
Weighted-Average Fair Value
Balance | $ / shares	$ 134.41	[2]
Weighted-average fair value granted | $ / shares	201.98	[2]
Weighted-average fair value vested | $ / shares	137.28
Weighted-average fair value canceled | $ / shares	149.83
Balance | $ / shares	$ 160.4	[2]
[1]Includes 73,074 performance options granted to the Company’s Co-CEOs in 2022, 74,108 in 2023, and 22,481 in 2024, as applicable.[2]Includes 22,928 performance shares granted to the Company’s Co-CEOs in 2023, and 48,129 to the Company’s Co-CEOs and several executives in 2024.

SHAREHOLDERS' EQUITY (Details 3

SHAREHOLDERS' EQUITY (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation, net of amounts capitalized	$ 63,166	$ 51,243
Capitalized share-based compensation costs	648	956
Total share-based compensation	63,814	52,199
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation, net of amounts capitalized	3,116	3,322
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation, net of amounts capitalized	23,193	19,742
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation, net of amounts capitalized	18,068	13,640
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation, net of amounts capitalized	$ 18,789	$ 14,539

SHAREHOLDERS' EQUITY - Summariz

SHAREHOLDERS' EQUITY - Summarizes the Black-Scholes assumptions used at the grant date (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0%	0%
Expected volatility	57.81%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.03%	3.48%
Expected term (in years)	5 years	5 years
Expected volatility		57.24%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.77%	3.90%
Expected term (in years)	7 years	7 years
Expected volatility		64.63%

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss) attributable to ordinary shareholders, basic and diluted	$ 21,393	$ (21,702)
Denominator:
Weighted-average ordinary shares outstanding, basic	49,442,327	48,061,281
Employee stock options, RSUs and PSUs	2,664,042	0
Weighted average ordinary shares outstanding, diluted	52,106,369	48,061,281
Net income (loss) per share attributable to ordinary shareholders, basic	$ 0.43	$ (0.45)
Net income (loss) per share attributable to ordinary shareholders, diluted	$ 0.41	$ (0.45)

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of Potentially Dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares excluded from computation of diluted net loss per share attributable to common stockholders	0	4,563,016
Restricted Stock Units (RSUs)
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares excluded from computation of diluted net loss per share attributable to common stockholders	0	1,164,738
Options [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive shares excluded from computation of diluted net loss per share attributable to common stockholders	0	3,398,278

GEOGRAPHICAL INFORMATION (Detai

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue, Major Customer [Line Items]
Revenues	$ 453,019	$ 337,935
Segment revenue benchmark | Geographic concentration risk
Revenue, Major Customer [Line Items]
Revenues	453,019	337,935
United States | Segment revenue benchmark | Geographic concentration risk
Revenue, Major Customer [Line Items]
Revenues	242,075	181,933
EMEA | Segment revenue benchmark | Geographic concentration risk
Revenue, Major Customer [Line Items]
Revenues	98,445	72,640
United Kingdom | Segment revenue benchmark | Geographic concentration risk
Revenue, Major Customer [Line Items]
Revenues	46,865	33,370
Rest of the world | Segment revenue benchmark | Geographic concentration risk
Revenue, Major Customer [Line Items]
Revenues	$ 65,634	$ 49,992

GEOGRAPHICAL INFORMATION (Det_2

GEOGRAPHICAL INFORMATION (Details 1) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Property and equipment, net	$ 39,326	$ 37,418
Property and equipment | Geographic concentration risk
Revenue, Major Customer [Line Items]
Property and equipment, net	100,236	99,698
Israel | Property and equipment | Geographic concentration risk
Revenue, Major Customer [Line Items]
Property and equipment, net	76,382	72,262
United States | Property and equipment | Geographic concentration risk
Revenue, Major Customer [Line Items]
Property and equipment, net	19,533	23,773
Rest of the world | Property and equipment | Geographic concentration risk
Revenue, Major Customer [Line Items]
Property and equipment, net	$ 4,321	$ 3,663