ASAN - Earnings call transcript Q3 2022

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Operator

Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator today. At this time, I would like to welcome everyone to the Asana Third Quarter and Fiscal Year 2022 Earnings Call. At this time, all lines have been placed on mute to prevent any background noise. After the speaker remarks, there will be a question-and-answer session. time, Catherine like Relations. Buan, this call turn At to over Head Instructions] I to would the [Operator of Investor go ahead. Please

Catherine Buan

statements conference Moskovitz, fiscal year Good us With me financial you thank call XXXX. and for our call Business. are today’s and today’s Dustin Operating Officer Chief results outlook, Tim quarter CEO; Today’s will afternoon. the and Raimondi, call Anne growth Co-Founder to Wan, regarding our third for Asana’s on Chief our including include position market forward-looking Head financial discuss Financial of Asana’s And on statements Officer; opportunities. joining and

Forward-looking such our materially statements Please quarterly our filings different our materially recent on results from uncertainties cause involve those and with expressed for the on refer may our to SEC, those by that XX-Q risks, from statements. to set and that risks, Form actual or most including results cause forward-looking in be assumptions may actual to statements. assumptions implied differ additional uncertainties information reports forth the

prepared to, Investor available of to to discuss Dustin. of at addition, limitations webpage like financial non-GAAP a financial are call, release, call discussion superior today’s our over in versus that, on Relations equivalent of for, we non-GAAP during with measures the accordance GAAP earnings our a in not is their the and using non-GAAP investors.asana.com. Reconciliation closest are GAAP. measures between will and turn GAAP or in I’d measures. which And measures These performance addition In financial with financial to substitute non-GAAP measures and posted

Dustin Moskovitz

Catherine. you, Thank

large record topline quarter breaking of pleased very reporting to wins and We’re growth, customer adoption. strong be another

paid revenue continued driven for grew results, surpassed rate XXX,XXX. the in million see run customers $XXX revenue new an can of the quarterly into annualized by from Asana and XX% first you As year-over-year, $XXX to over Quarterly now over we’re at million. QX, heights at momentum our time

customers and grew more faster, the quarter. XX% even consecutive spending a year-over-year or from accelerating with momentum more revenue enterprises considerable customers larger with growth $X,XXX or third of Our in $XX,XXX for customers spending number

milestone. Work measurable work based dollar give is customer they’re capabilities finally, in organizations new continued and that we’re year. function. XXX% are X to The paying needed ROI a expansion users around And Asana. the key increased first companies larger IDC, showcase record amazing Rather according thousands functional and net to them across and Asana aligning Our an now. companies Graph retention million Work orchestrating the so paying uniquely this all seeing enterprise work achieve growth why people Asana base. estimated adoption illustrating better of globe their supports architected seeing across significant event the problem cohorts, of and The continue right to rates cross they topping deliver and attendees growth. their than in is Put macro off pipeline. business and Okta Today’s them how invest value leaders world. quarter, to third large Scale, coordinating no to in seen frequently the needs. for that we and infrastructure we person. succeeds right expanding global we’re organize dispersed momentum the matter our our customer’s quarter, bigger most compounds reality by launch we’re manage growth we’re powerful is grade and Enterprise in generated with more at in ever by At such lead micromanaging, the as both complexity we’ve location where We to teams, objectives cross free why enterprises company the simply, we It’s and a never the product our enterprise solves are achieving based see workers functionally faster. the people This work they’ll and collaborating scale. past Graph with landing more are and and two their met We’ve on from investments In and Jira distributed than this continue goals the incredible in that Yet all larger the is. continues, enterprise over our that are the hosted around

key three We also enterprise suite functionality announced new specific a of areas. in

Azure scalability admin Audit or Microsoft First, SCIM as features we such deploy with and Key API Enterprise and Okta Log profile and functionality, updates EKM, for IT, to automates better capabilities and syncs released greater Management with Admin AD, which and security setup Asana Announcements.

easier cross made with even Builder. cross Workflow and we’ve functional coordination team Second,

built the Now for build of and Goals comprehensive processes improved Goals our API. viable customer the regardless it’s often critical to that And and anyone in and connect natively for possible including new and data to for ability customer visibility to rates. and more execs, work insights share on repeatable we time function and Universal more or third, and tools, trends location move products and scale linking faster reporting. overall for alignment on teams over a is forward. data mission in we’ve reporting deployments workflows universal report customers large

and how their show up how serve Our missions, products, our we we and develop together. our and work guide how company we customers values

the be were customer we level. quarter, platforms for to and recognized innovation our investments in several across honored During more third experience product

also are outcomes on Worldwide Best-Led XXXX. Companies and as IDC These assessment. named diligent we pursuit Brands was in of recognitions Company’s leader a annual Fast vendor mission. in Magazine’s recognized in of our Applications Collaboration are of Matter. of Inc. list We and our culture MarketScape: XXXX list first inaugural Community Asana That And

Amit Cloud of it Oracle I on Palo as And as in Google’s at building Amit the expanding Networks it leadership Amit, the resource Alto enterprise years including and Business spent to founding engineering, go-to-market has Google’s our out various I’ll AR and pass Anne. who off sales hand to operations leading now, call business, tremendous efforts. Officer continue Singh Before product, be I Directors. will business Anne, He Chief strategy to Board of for footprint. want to we roles. and XX Asana’s VR to and experience, and for impressive Prior Google, addition a Asana serves for

Anne Raimondi

you, Thank I’m here to thrilled to Asana’s be end Dustin. and first team. leading excited quarter of my experience business

not myself. briefly For those yet the have I’ll who of you of pleasure meeting, introduce had

including career, I’ve eBay, of good scaling During and my SurveyMonkey the organizations Zendesk. had fortune

Asana are engagement. across As I how Asana has Asana, as been It’s we strong North spent labels employee Leading goods, over Japan empower across thousands of Airlines, the and companies in They customer. team. to are in Asana’s find COOs the us we’re in some I Group our was QX of translated growing the a customers world. tell we and I how their company partnering deeply pain to and track place. CEOs, see largest this about are faster pain consumer and scaling passionate into people our connected enterprises and enabling welcome In to more artists evaluate teams of us time. value global about as creating chose brand organize, by meeting effectively. to for former our Enterprise packaged functional how love auto these it And into with QX. bring with process a experiencing first XX how of they users working my others one teams. themes Roche and are high work Directors, Solution and the its also effortlessly spent them. the remarkable during strategy challenge manufacturing, member gratifying the CIOs end-to-end as companies and is the the cross their of understand with satisfaction as leadership a points they’re deliver These recording of more we Amazon, customers. to companies and company at such struck They the and can former in customer, large non-profit the new Warner growing, sector huge much really of I’ve three customer been and manage multinational how points tech deals days our identify, keeping product their terms various years that COO America, amazing excited Much team, first as two Music new now have Board hearing in

more like spend Asana’s keys focus significant Enterprise all their Hot we have one companies the across on their the traditional of or a development mobile a think Solution be platform. favorite efficiency for Peppers Chili our for This we teams world. new industries. are operating time vehicles. innovations a thousands reinforces credibility software signed strategic for In in we two expanded so was I with digital new can this These their team. Red for Rexha. largest as land use under will product in one new manufacturing of app, improving developing getting they automotive are onboarding They This the of development, employees the things and deal of hire artist labels. managing customer their teams Bebe Mine and a net Japan, and quarter, many

brand close big in also another global North yet We America.

were hit chose the challenges better giving, making. as of and people with campaigns deadlines struggling It a are Asana they in is slowing marketing project handoffs expanding corporate great net empower largest and more Solution. Asana. Google, are many Cola, manage like their time management needed on helps Canada’s to a through startup Coca another the One only new company also Not brand to Benevity and change bigger, landing campaigns. that knew be Asana’s and their quickly painful the Enterprise one platform quarter. chose the that world work went of resource we social produced companies departments chocolate manufacturers known were for XXXX iconic Western and largest the significant in order is customer to they for of Fortune They but Nike, and and a down that this They the wall-to-wall way across faster. we volunteering is impact Apple agent grant purpose

effectively of agility response their and chose and recover Solution. wall-to-wall able go and to help from increase responders to thousands their to volunteer in get world. They deploy Enterprise information large with Team with In base to impact be disasters departments Asana rapidly another Asana’s growth to roadmaps first Benevity of military skills goals. revenue work quickly We aggressive deal Rubicon operations, veterans to their in did and called all everything manage the from unites and organization use of hit to and with multiyear experiences respond their so emergency will faster. operational and will important deploy prepare, critical can They volunteers an they that around the team. people Now strategic the between, execute they field OKRs Asana, crises

we In that an Allbirds, fact, brand have others. impact of Citizenry, momentum organizations United Way supports including and the everywhere, The important great as Chapters many

with the to to pursue We it’s and have Asana’s This to work critical that faster. from foundational modern increasingly expanding the mission we’re growing their organizations Whether work changing bigger impact our beginning industries, landing a have guides large mission effectively. it’s world impact traditional believed teams commitment core and empower underlies that organizations, values. or to more innovators most simply fast support

As top are priorities several these. over the result, a quarters my next

go-to-market to First, enormous quickly are enterprise gelling global sales the enterprise organization, capture we our where opportunity. ramping

still tremendous with we’re closing early. momentum seven enterprise few the been fact, mentioning and over the worth last it’s a we’ve eight deals figure quarters, In and in

grow Second, helping customers adoption. succeed and our largest

Our expansion where work and rates our is functional. large strong enterprises in expand nature win ability evidence cross by net are of to

international I expand localization, and partner and to cultural nurturing well our anchor relationships. are, Third, considerable local as our as partners customers And by strategic time will our meeting with they where our momentum, continue spend to continue support reach. customers leveraging further

We partner the expand our over expect ecosystem quarters. to coming further

with financial to strategy over investing grow our motion product results. success. lead to we’re see, and Tim go-to-market I hand go customer can you will through focused As and on With our it that, to win

Tim Wan

X,XXX up QX, in quarter. grew revenues $X,XXX XX% spending up continued momentum in year-over-year. increase. XX% represented QX, in quarter. ago the business. the of at a have $XXX.X in Thank more XX% end represented over XXX,XXX year-over-year million, year-over-year. annualized were you, up our paying segment represents This XX% Revenue revenue We from from XX% year QX Revenues or growth This customers customers the now Anne. the of

accelerating larger spending customers customers an annualized and stronger. year-over-year more on XX,XXX We customers or of up spending annualized our growth year-over-year consecutive have more $XX,XXX on XX% up even or We an XXX have XXX% in basis, year-over-year, $X,XXX third quarter increase. is our basis, now

or more retention in $X,XXX based every we net quarter. rates customer $XX,XXX annualized As given across define increased and on revenues or a GAAP reminder, cohort. spending Dollar more based a

Among $X,XXX increased to or dollar retention among well based over XXX% Our net $XX,XXX was overall dollar more customers XXX%. dollar and net more increased our our retention to retention spending rate rate or based over rate based net spending XXX%. customers

retention As a is calculation. net based rate dollar our a reminder, four-quarter trailing average

to results margins $XX.X improved expense items would will in remarks. revenue. the my in profitability, of came out in from XX.X% that of discussing non-GAAP at be to turning development quarter. year ago Before Gross point I XX% and XX.X%, like and I the was Research million or balance

XX% million revenue. invest $XX.X operating million investments and per growth fuel was marketing innovation. of and sales net share $X.XX. continue G&A to We XX% and was or loss both revenue, was heavily margin self-serve direct our $XX.X reflecting loss $XX.X our was Net the and loss was to of Operating XX%. or loss Sales motions. million million was in in $XX.X

sheet cash investments the on to including flow. end Cash at marketable million. Moving the approximately balance and $XXX.X securities, QX and were long-term of

up RPO year. is $XXX XX% Our prior from million,

of used rapid of excluding non-recurring operating free investment Francisco million, net out activities and less negative cash such as capitalized $XX.X is headcount San costs flow cash onboarding cash In cash Our quarter. equipment during in free items defined was and our the and flow new office. software the property as QX in growth reflecting from build our

Now year moving outlook. our to fiscal QX on and XXXX

rates growth to XX% year-over-year. XX% to we XXXX fiscal $XXX.X representing QX revenues $XXX.X million, of of million For expect

expect We million. to $X.XX XXX net $X.XX, operations we loss approximately loss per $XX And expect share weighted average and basic to of non-GAAP million outstanding $XX million. of of from assuming diluted shares

full representing year-over-year. XX% million Looking of million, out previous $XXX of rate to the expect a year $XXX XX% XXXX, be our in we revenue fiscal now are outlook the to to raising range to growth and

million. per XXX our With industry some world success million. We expect over non-GAAP we and and our $X.XX an tremendous shares And net assuming companies of $XXX $X.XX, of from X.X expect loss the the operations most approximately loss demonstrates to of basic addressable early million average weighted market of in to knowledge of the XXX diluted share with growth leadership valuable workers, ahead has billion position. outstanding

back grow Operator I’ll that, leading we’re and and you can As see to And to industry from operational the win for rapidly outlook, execution. our investing innovation with through questions. turn it

Catherine Buan

Catherine. is Great. I’m to Thanks. going in. jump just This

cited to us large still We to had deployments, how Oliver that going because [Operator if you or helped that last going very question out I on a recent we give a deployments Rob a the have couple those and you who of as this. some in approach outliers from question, Baird, to see you Can past. question put enterprise large in enhancements have the such are and of called email deployments plane. seeing size? are have read features a I’m for think deployments, guys that Are are sense those event? I’m analysts who billings Instructions] size are question out so deal The the given you quarter. airplanes at them you aloud. still starting Scale Large And security are kind read seat grow, to a But from enough enterprise for XXK trending rolled deals the -- he the to you first his XXK is it few out questions, deal

Anne Raimondi

that. I’m happy Catherine, take to

resulting we partner it like landing cross seeing really we’re the now. expanding Management And both their customers business is are accelerated critical seeing Definitely shared choosing customers most a and XXK quarter enhancements feel solve a for row. we strong as imperative us our them our I are in growth larger third enterprise So in because in help Work functional to with to initiatives. mission strategic faster

most of new of one identify mentioned, example, artists. company which their I the onboard across For and it’s initiatives Warner, kind to important

Catherine Buan

Steve question Oppenheimer. to from question next going following the will will Ittai the Kidron I’m that keep be next Enders be Great. to, and from

Steve from question Enders, please. next So

Steve Enders

you traction? et early enterprise up. had About been the Scale announcements What’s customer cetera. on of event, that And have I the a exciting on security, and follow a automation, lot guys feedback recently

Anne Raimondi

question. -- customer for Many announced we the The of features based Yeah. has feedback been thanks customer that on early positive. early The incredibly were feedback.

to expand Dustin So we’re help our customers ability with of chime excited their excited to If scale to deliver questions, that out. in. And I as will more features have because want. customers there’s it we’re additional also product retention net see us

Dustin Moskovitz

Yeah.

I think said up. a had follow you you

Steve Enders

Yeah.

little for quarter, like? bit large impacts billings mentioned, quarters Tim think, billings. maybe in pipeline slowdown, the look previous this the Thank on deal up for of anything question last A note maybe follow you. the and is So I what to

Tim Wan

nothing Yeah. investors call want that, on still base customer I the do note. would are about there’s I of to say, to remind a on monthly. our third the

billings a a for perfect perfect our barometer growth isn’t rate. guy or So really

to nothing note QX standpoint. a from really but So,

Steve Enders

$XXX Have Okay. Thanks on and million. congrats next great the quarter. a

Catherine Buan

next Oppenheimer The please. Ittai to and that after is Morgan Stan Kidron you. be from from Thank Ittai, will Zlotsky question from Stanley. be going

Ittai Kidron

little a guys, business more dollar Hey, much driven of bit breakdown that? I little quarter. side more that expansion, premium? -- color qualitative, bit from numbers net what’s been plans driving a into pricing improvement more wanted more the dig Tim, shifting the the get us seat give is behind Thanks. the you versus Can perhaps, bit a of How towards little a and to over great there?

Tim Wan

Ittai. would question. Hey, I Great -- Yeah.

of to XXX really I both across growth the, So increased, to above. moving year-over-year. would say seat the And customers and all in segment expansion rates up They our chain grew XX% particularly business from XXX the and say, it’s and value segments combination of from net enterprise. revenue a I would that went XK

So of growing we’re way logos with business we proud the we’re we X today deployment. and and recently just the ended -- over the logo seats announced quarter new that incredibly more million seat through

Ittai Kidron

good. Anne. Pepper Hot Chili follow hear fan. Great Okay. Red maybe for up Very to a you’re a And

So that’s great to hear.

So have next drive are to dark billion, the over internally $X $X you’ll order the $X that billion, billion maybe there skill necessities company on what in over on a of employ revenue wise years? to to in few the some

Anne Raimondi

I like the reference.

I executives functional days points cross the with of as last So so are priorities meeting organizations some been clear really world about work. pain I in largest of acute future my the and the and XX the dived, organizations have are as the particularly at thinking

based these around expansion. continue teams with to and interactions to invest particular, grow my are on So the customers, in our supporting facing priority really faster and world, customer adoption is to continue in

we landing are bigger, on ensuring As shared we’re as focused fast and deployments as bigger as they’re really the delivering possible. that we’re value

particular. to our excited really in post-sales So, invest in teams

Ittai Kidron

or this can land still you’re within I bit Maybe it one just it. group, within landing landing is you group? and perhaps, this on, on group? landing just big well, So can also you one of more bigger, push places how also organization within within Got when in much a bigger is single little people if landing multiple spots talk versus landing in a you’re multiple whether

Anne Raimondi

great question. a That’s Yeah.

landed multiple the where same mentioned We wall-to-wall. are teams landing seeing a couple we’re of time. we including great We Benevity, examples, customer that at in

really every So particular, in we’re those department, by tackle but only not department cross being to initiatives. adopted

is to at being level, departmental strategic around. has initiatives sea see the that’s everybody that we’re that the company excited chosen clarity really we’re those where have really for in So cross to

Ittai Kidron

Good right. luck. you. Very Thank good. All

Anne Raimondi

you. Thank

Catherine Buan

But Stanley from will Thanks, Ittai. just that open from the after Stan for DeGasperi is Stan. up question be from you Andrew mic is Zlotsky next The next Morgan Berenberg. and

Keith Weiss

Dustin nice is guys Zlotsky and Weiss to Very meet Anne Peppers for and great No. your actually audience, quarter got This just could Hot Red in now sitting talk. this Excellent. Stan who, pleasure really we to you we’re know out Chili It’s throw all you. Keith like evening. how

impressive. So pretty a the want about That way win was there. a question ask to over crowd to I engagement.

been like here, that new XXXX the at had like base like, of mentioned support, really up, couple sort pretty mark look as consistently. have customer guys hitting you ramping outstanding You and you the and customer quarters customer And adoption hitting when quarter a sort you like, that of users, built the daily pace has kind Then with of engagement so follow have the keeping like, have it rapid active the of Tim. active metrics pace, customer meaning, I up kept the out the monthly users, expansion for quickly count? solution that a

Dustin Moskovitz

for all it Thanks they that. seem I I with the the pretty you start when of think on the depends I’ll But through things do strong. guess, metric. types named, Keith. question I think

record we those of retention, all funnel a about types the call conversion, of adoption, In talked tie across metrics. are lot in back last fact, -- metrics sort engagement the in terms earnings to of seeing those those

accounts seem that’s I larger So you when customers. really at true think look those healthy more the even and

But So don’t we’re faster. we get to expand landing bigger there. That’s and expanding is engagement clear. pretty unless the

I see direct as that of within well. So employees engaging those indicator organizations you of the a should think the success

Keith Weiss

the helpful. bigger super the happening, profitability curve through the we of you half operating expanding year, That’s losses it. the didn’t to operating was not when Got into look that of back it’s but are QX. tell sort expected and you going the investment be this us loss for, at going cycle, you’re then Tim, And in

XXXX had think IPO? the of about still trajectory FY still we in the about of the be towards on FY kind of the sort around are profitability are XXXX? the we breakeven we’ll terms losses to And year, we we approaching that aligned talked of operating about more and thinking QX being schedule peak into As improving forward then towards kind and

Tim Wan

But market on invest flows. we’ll kind is a earnings that the and on huge believe we we the to fundamentally related year continue was view and Yeah. timing at there to on a cash did of both within But rate quarterly growth a say opportunity. of we’ll a opportunity just cash call. basis full you that more next profitability year year-over-year provide improve What a full and would the I basis, I fluctuations numbers into Keith, some free updated look even is, this margin, on on flow think, kind if

Keith Weiss

it. Thank you. Got

Catherine Buan

Great.

going is DeGasperi from to question will Brent be Sandler. from and come behind Piper from Berenberg next Our that Andrew Bracelin

So Andrew, yours. the mic is

Andrew DeGasperi

you last to question one Maybe changes you’ve competition, seen Catherine. in relative any get past. on you’ve quarter a And Thanks, probably in that what wondering am I seen just lot the if particular, to I know Microsoft product, wondering impact that making just does at the they see now? changes new has introduce teams on in you market right and a what all if an

Anne Raimondi

Yeah. Hey. Thanks for that question.

seeing competitive We’re companies all in increased material a But adoption there’s faster not Management really Work change and the awareness sizes. environment definitely of overall. of across

chain And so companies. the moving Work because of need manage work, that of Management up strategic the acceleration to is and higher the distributed topic in

So functional we’re them level talking needs. and solve excited strategic can that help most about C we’re to their executives and Asana how cross complex CIOs really

rapidly I’d points scale really is greater who really desire can awareness greater more say, So them. what’s partner changing someone with and of with to the pain then

Dustin Moskovitz

We see address the too. add just -- your thinking different do part of And Microsoft ways sort has direct Work Management. about of few that to of question a

Microsoft Lists, quo part of most The the we Microsoft documents So of and Excel, is that they thing Planner, and Flow. Microsoft because it’s emails, have compete often actually status with meetings. Project,

And in then, teams product majority new Management vast any Work so space. are of mentioned, using a they still of So introduced the Solution yeah, loop. you not form

collaboration. centric I more think sort a document that of is little about

something a been with compete less. we’ve little that of bit sort always that’s So

the collaboration. coordination We’re part of all about

plan imperatives. who’s about doing coordinating helping what by So the and clarity get when strategic teams really and

Andrew DeGasperi

you. Thank

Catherine Buan

Great.

Our will be have next going Brent Bracelin now be from Brent Bracelin following Sandler at question you to the and from Jefferies. Brent mic. is that Piper But Thill for

Brent Bracelin

a one up happening Tim. for my that look took subscriber I Maybe add motion follow next expand and Dustin One, the paid it the like accelerate good to that in of is it’s use just opportunity is, Thank is -- are? Is Is that the years, If there you potentially a expand seat to customer to I for Anne expands? basis, on just reported. million by if XX of users view per to further and as paid for first relative afternoon. at the obviously, -- testament about But million users We’d that, we milestone function average but from million looks to accelerate that’s up the the love the you look the added kind subs, it XX X it only think and in about just and that paid you XX per early about which the math get overall even years to the last a that customer? here. how your XX. paid more opportunity three you’ve up thanks opportunity

Dustin Moskovitz

Yeah.

think a that’s great I question.

fact I that, think of have we is the primarily a let’s think business. function that hybrid of a that

from literally small everything of composed it’s world, and in the Fortune So X companies. to including businesses, very one two person companies the largest enterprises

to the vast SMBs. are the you BS, XXX,XXX, majority when of so or going small customers, be them the SMBs think And very about

just sort in but you a raw seeing come lot and there, going a customer But the of is see those that from revenue larger growth coming may the from we SMBs. so are of so of of accounts the the average. growth drags still sort happen to lot a And of and the down the customers logos lot

market. So wouldn’t more we I expect coming clearly necessarily the can revenue even though to count the change see up that that much, average is all

Brent Bracelin

SMB, But sense the makes seeing that quarter. implied strong deceleration count just acceleration customer last nicely, then, in accelerating a growing quarter did cohort, little in but are a of the monthly again any we there. up still subscribers the smaller totally there this was is the it bit And customer a that you, cohort, for Tim, causing really So the XXK quarter. follow -- relative decel this anomalies there? customer to monthly churn or decel It’s from

this commentary that cohort sort or happened color quarter causes any what customer decel? the So smaller like of and in

Tim Wan

that kind really where and really XXK. the there’s up lot -- has been both Yeah. around to. fluctuations clip. now I we’ve teams, -- XK And moving of XX% think, and a been think, there, point market and directly that the it’s nothing very see the making And mean, you’ll investments of customer but is you the our growing I to at have on I on some healthy of XX%. growing about revenue still I obviously, XK a the and base smaller above here

Brent Bracelin

color you. there. Got it. Thank Helpful

Tim Wan

Yeah.

Catherine Buan

Great. the from question that Brent and Brent other is be after next Thanks, Thill Jefferies the will Brent. from Thill? Murphy And from Mark Brent, JPMorgan.

Brent Thill

you seeing just many of than there surface anything kind you underneath surface, said just Catherine. there’s I Thanks, the metrics scenes of down, the RPO and a the I but… realizing revenue, give asking. buildings, Tim, at know think have billings tough curious you’re are level you color of lot don’t look us but tough decelerating comps? behind any -- Can Is other comps,

Tim Wan

Yeah.

Brent Thill

anything else we that there’s point should if …curious out?

Tim Wan

I think at one obviously, obviously, the like, I to is back, if Yeah. look health mean, business, and we I revenue kind step of growth. how tend don’t the of

of indicator question grow a that, isn’t on RPO, really question your just over But about like The and think improved and our quarter on the net or based or to see other expansion and becomes grow over expand cost above, new doom a pre-pandemic your billings is, so time, then and and business, I we with marginal is I enterprise and those want grow adopt we our is, monthly we I’ll the you and and reiterate, excited think how rate, the still think, that and having XXXK raised we’re because less, million. time. add, harbinger right? And third logos adding continue we’ve business the both the they’ve XK more is through our on that, I seats. is billings to best our and of just to part levels I’ll And XXX% next on marginal that grow increase or them because XXk the $XX said, that something logos you way momentum for to XXK, want And guidance really that business for our then see we of the and our by base for our our XK over about have above. cost now, the to

Brent Thill

Great.

Tim Wan

year. the …for

Brent Thill

Thank the you. Thanks color. for

Tim Wan

Sure.

Brent Thill

you to third And one eyes had for you that focus topline if to frame one, characterize top what momentum. quickly mentioned relates there, the the how on was that priority? Anne, But that drill would or you priorities two the in, continue kind you international, priorities of the two your if

Anne Raimondi

Yeah.

We’re in an really about the excited international. opportunity

in And So these new and office and a are sales and localizing we’re it’s content that of expanding to marketing offices rapidly. Singapore, continuing invest across increasing to then in really growing capacity We all support regions. so language opened customers. support, had new resources

our customers. support not leveraging lots help hiring our internationally then last So, partners reach. And we’re excited least, to to but expand about partners, channel of our us

Brent Thill

Thank you.

Catherine Buan

Fantastic. from JPMorgan. And next question Mark comes Murphy at the

Mark Murphy

kind uplift? is in vectors innovation in of am I fiscal next that Yes. you features requested up Dustin, instance, of of features you’re could anything view drive priority terms premium into building customers much. going heading your very what’s year? very For or on highly kind interested Thank there bubbling R&D highest your in that from is is

Dustin Moskovitz

a It’s great Yeah. question.

things have reiterate, So the a Scale previewing combination was new and also in ago what I’ll event of and that month announcing is some a our just about future. we

so categories. three are And there big

more a There requests Key more plenty that was functionality, Okta first in scalability features -- Microsoft Management, are coming. things. more for with integrations capabilities. SCIM The Azure AD, announced admin honestly That there’s of vein that and Enterprise lot IT. We security and of just

and Additionally, Store the the Workflow functional we team making announced, with we’re coordination cross Builder. cross easier and Workflow

few across talked something about end entire launch So as at those we’ve towards really I’ve about that calls, the excited are a so throughout the of not working with yet year. released. earnings year, even really been That’s after a we’ve that the to go most to workflows our there’ll to more And building there’s lot fiscal be customers. deeper there, important and do lot been the a

then, And also for So finally, need great next report what And intend more a pillar make alignment improved new they adopt talked as those about functionality the and how make we the about execs. the next well those just think those we’re we’re high the really executives. another data helping them talked from a get universal to bringing important roadmap time, give you lot and workflows for customers There’s just really real about our portfolios throughout is to what the really of is We visibility Goals improve hearing API, level doing us helping and and we areas for other reporting integrations reporting. and margin. they huge views then, customers on in from help lot on sources in to in improvements, goals their successful additionally, lifecycle. goals work

those to again levels in that bigger adopt big into and all with those next And really together That’s helping larger expand adopt really workflows year. and the them of adopt roadmap into to contributing product land our helping enterprises. general. quickly, for faster theme up So us the

Mark Murphy

or any next follow then, you had years large that very so growing the That’s Thank because business Okay. of there? as of ones potential crossed the get the rest of helpful. do ultra you. we Tim, do your is rapidly of X% kind landed couple that do quick of you see And or threshold -- summer revenue deployments a the yet, the especially quite up, over large some feel developing it you like in it wouldn’t is of very

Tim Wan

would at that large very not probably I do have X%. but deployment we to a get to, close X%, no, close getting say, will are we Yeah.

Mark Murphy

much. Okay. Thank you very

Catherine Buan

you. not but Pat we have for Thank from Walravens Great. last we our least, have JMP. Pat? And

Unidentified Analyst

how you’d out one is so And I here remember [ph] outperformance. the so for of should for think Thanks Thanks that about Pat. This call trajectory Tim, Jerry you quick metric the much. that going much. then Ryan margin gross on forward? Actually

Tim Wan

Yeah.

made really we’ve XXs that the factor from in and margin we’re generally been gross high R&D. built expect kind would a benefiting of we of the product. continue really the has into to I XX. at think how be architecture investments to I outperformance And right and

around time. somewhere over real change. there So, no Yeah,

Unidentified Analyst

so Thank much. you

Catherine Buan

that’s dedication to I earnings Asana a seeing and as following soon and for or guys it’s Thank your very thank road again. time joining Thanks week the our to on question know for and either appreciate you today. virtually And today. really we busy call our you. you sometime much last forward usual. Look

Operator

today’s gentlemen, conference Ladies and this concludes call.

may You now…

Asana (ASAN) 3 Dec 212022 Q3 Earnings call transcript