The old engine still works. MONDAY.COM IS REBUILDING IT ANYWAY.

The quarter is the easy part to admire. In the three months to the end of June, monday.com brought in $364.6 million, up 22 percent on the year. It earned $1.48 a share against the $1.11 or so that analysts had penciled in, and its revenue cleared their mark as well. Operating income landed at $61.1 million, a 17 percent margin, a few points fatter than the company had promised for the year. The number of customers paying it more than half a million dollars a year grew by 68 percent. And the revenue already signed but not yet counted climbed 34 percent, to $937 million.

That is not the ledger of a company in trouble. It is the ledger of a company running with the wind at its back.

Its leaders knew it, too. The co-chief executives, Roy Mann and Eran Zinman, told investors the quarter had reinforced their conviction that the strategy was working and that it was time to move faster. Their finance chief, Eliran Glazer, said the results demonstrate the underlying strength of the business. Hold that thought for a second. A company that has just proven how strong it is should be the last one reaching for the knife. This one was already cutting.