Financial Data and Key Metrics - Q3 revenue grew 41% YoY to $141.4 million, with an annualized quarterly revenue run rate of $566 million [25] - US revenue grew 47% YoY, accounting for 61% of total revenue, while international revenue grew 33% YoY, accounting for 39% [25] - Gross margin was 89.6%, down from 90.7% in the year-ago quarter [27] - Operating loss was $52.6 million, with an operating loss margin of 37% [28] - Net loss was $52.4 million, with a net loss per share of $0.26 [28] - Free cash flow was negative $48.5 million, or negative 34% on a margin basis [29] Business Line Data and Key Metrics - 493 customers spending $100,000 or more in annualized GAAP revenue, up 78% YoY [8] - Dollar-based net retention rate was over 120%, with over 140% for customers spending $100,000 or more [26] - Largest deployment reached over 150,000 paying seats, further widening the lead in enterprise deployments [8] - HIPAA-compliant offering opened new doors in healthcare and insurance sectors, with multiple deals closed [14] Market Data and Key Metrics - US market grew 47% YoY, while international growth was 33% YoY, impacted by currency fluctuations [25] - Strong traction in enterprise organizations and larger deployments, despite softer SMB and very small business markets [18] - Multi-year deals increased sequentially and on an annualized basis, with more customers making longer-term commitments [19] Company Strategy and Industry Competition - Focus on building out Asana's Work Graph as a critical navigation system for companies [15] - Strategic differentiation recognized by Forrester Wave in two areas: Work Graph data model and goal management structure [13] - Continued investment in product innovation and enterprise success, with a focus on driving growth and enhancing global go-to-market execution [17] Management Commentary on Operating Environment and Future Outlook - Macroeconomic environment has been challenging, with budget tightening and longer deal cycles impacting US business [9][18] - Expectation that macroeconomic factors will persist through Q4 and into the next fiscal year [9] - Commitment to achieving free cash flow positive by the end of calendar 2024 [17] Other Important Information - Restructuring resulted in a 9% reduction in global headcount, with expected annualized savings of roughly $40 million [28] - Remaining performance obligations (RPO) were $271.6 million, up 43% YoY, with 86% to be recognized over the next twelve months [29] Q&A Session Summary Question: Impact of macroeconomic weakness on work management prioritization - Increased scrutiny on spending, with executives seeking higher and faster ROI, leading to a pause in decision-making rather than de-prioritization [36][37] Question: Timeline to breakeven from restructuring - No change in timeline, with savings from restructuring estimated at $40 million annually, and commitment to achieving free cash flow positive by end of calendar 2024 [39] Question: Headcount reduction details and impact on growth - Reduction focused on sales and marketing, with adjustments made to align with enterprise growth and efficiency [42][43] - Reacceleration of hiring dependent on macroeconomic signals and customer demand [45][46] Question: Trends in expansion and free-to-paid conversions - Expansion trends slowed, particularly in mid-market and smaller accounts, with customers pausing growth or hiring more slowly [49][50] - Expansion deals easier to close in enterprise segments, with some customers repurposing licenses for internal expansion [52][53] Question: Incentives for multi-year deals in challenging budgetary environment - Multi-year deals often involve negotiated pricing and different payment terms, with an increase in such deals observed in Q3 [73] Question: Industry vertical breakout and impact of tech sector slowdown - Tech sector represents a plurality but not majority of revenue, with strong traction in media, automotive, financial services, healthcare, and other industries [76][77] - Pause in tech sector expansion, but other industries continue to embrace digital transformation [78] Question: Path to free cash flow breakeven and macroeconomic dependency - Company feels comfortable achieving free cash flow positive by end of calendar 2024 under current macroeconomic conditions, but acknowledges potential for surprises [94] Question: Long-term strategy and competitive positioning - Focus on becoming the leading pure-play work management platform for enterprises, with strong signs of success in large customer segments [98][99] - Primary risk is macroeconomic surprises, with a focus on further widening product differentiation and market clarity [100][101] Question: Strategy change when competing against larger incumbents - Focus on understanding customer business problems and delivering ROI, with adoption and KPIs as key metrics for investment decisions [105][106] Question: Marketing budget leverage in enterprise push - Moving upmarket provides leverage across all functions, including marketing, with continued importance of marketing in reaching enterprises and building awareness in less mature markets [108]

Asana, Inc. (NYSE:ASAN) Q2 2023 Results Conference Call September 7, 2022 4:30 PM ET Company Participants Catherine Buan - IR Dustin Moskovitz - Co-Founder and CEO Anne Raimondi - COO and Head, Business Tim Wan - CFO Conference Call Participants Brent Bracelin - Piper Sandler Alex Zukin - Wolfe Research Andrew DeGasperi - Berenberg Brent Thill - Jefferies Steve Enders - Citi George Iwanyc - Oppenheimer Shebly Seyrafi - FBN Securities Robert Simmons - D.A. Davidson Pinjalim Bora - JPMorgan Josh Baer - Morgan ...

Asana, Inc. (NYSE:ASAN) Q1 2023 Results Conference Call June 2, 2022 4:30 PM ET Company Participants Catherine Buan - Head, Investor Relations Dustin Moskovitz - Co-Founder and CEO Anne Raimondi - Chief Operating Officer and Head, Business Tim Wan - Chief Financial Officer Conference Call Participants Andrew DeGasperi - Berenberg Rob Oliver - Baird Alex Zukin - Wolfe Research George Iwanyc - Oppenheimer Pinjalim Bora - JPMorgan Pat Walravens - JMP Group Josh Baer - Morgan Stanley Rishi Dilawari - RBC Brent ...

Asana, Inc. (NYSE:ASAN) Q4 2022 Earnings Conference Call March 9, 2022 4:30 PM ET Company Participants Catherine Buan - Head, Investor Relations Dustin Moskovitz - Co-Founder and CEO Anne Raimondi - Chief Operating Officer and Head, Business Tim Wan - Chief Financial Officer Conference Call Participants Alex Zukin - Wolfe Research Steven Enders - KeyBanc Mark Murphy - JPMorgan George Iwanyc - Oppenheimer Brent Bracelin - Piper Sandler Andrew DeGasperi - Berenberg Patrick Walravens - JMP Securities Bren ...