ASAN - Earnings call 3 2024

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Operator

Thank you for standing by, and welcome to Asana's Third Quarter Fiscal Year 2024 Earnings Conference Call. [Operator Instructions]I would now like to hand the call over to Catherine Buan, Head of Investor Relations. Please go ahead.

Catherine Buan

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana's third quarter fiscal 2024. With me on today's call are: Dustin Moskovitz, Asana's Co-Founder and CEO; Anne Raimondi, our Chief Operating Officer and Head of Business; and Tim Wan, our Chief Financial Officer.Today's call will include forward-looking statements, including statements regarding our expectations for free cash flow, our financial outlook, strategic plans, market position and growth opportunities.

uncertainties, be that expressed materially by forward-looking risks, actual cause or involve the to results different statements. statements and may assumptions our implied Forward-looking from those today's most with quarterly to and on differ we actual set and Form call information those SEC, filings assumptions Form additional report our forth for materially statements.In risks, to report on from non-GAAP refer including Please addition, discuss in results our financial on recent XX-Q, that annual XX-K cause during the will such uncertainties, may measures. in financial measures financial to non-GAAP with substitute These a in for prepared superior are GAAP. of addition measures and to not accordance or performance Reconciliations which at investors.asana.com.And the are our GAAP turn between a webpage equivalents and using is Investor over non-GAAP in Relations I'd that, their discussion the measures Dustin. our earnings closest call posted limitations to available GAAP on release, of non-GAAP to like and financial with of measures versus

Dustin Moskovitz

Thank In joining as than you, line major and an X.X%, can Catherine, our enterprise came $X,XXX the or margins success more off net our on traction $XXX,XXX and customers at the on growth spending an retention over the loss overall annualized points enterprise. beginning an further continue grew we and the base.As some of QX Revenues even of and companies XX% at rate to clip. non-GAAP we versus basis, in the our expectations customer net revenues or annualized our Dollar-based across in QX, our were call and year-over-year customers bottom industries. again, an among operating led view by percentage you enterprise. which customers largest our build the core spending from of revenue year-ago as those for grew from were to top customers basis, with indicator on XX XX%, us in investments in beat line the see, leadership pay are we Top partnerships thank continued you dollar-based grew period. more over improvement retention was on our from all today. our enterprise enterprise for greater XXX% rate an faster

a headwinds for impacting in in we're work Across macroeconomic paid percentage especially worldwide.From non-GAAP million X the and over business stabilization awareness seats, our renewal base, customer seeing standpoint, of demand great operational our to we've operating base, at continues margins. While business. adoption continue, X-month our an management On made improving margins of Overall, new increasing basis, total improved Asana progress on XX signs year-over-year. showing expand. points we're

the software Smart Fields auto-generated with our past to embarking making go-to-market strike and conversations, quarter. to year, across and Editor the product We've we're innovation to to year-over-year onboard announced? year our we and execution, me veterans strategy each what will improvement on investments important more. With full We early platform, our an margin new in to about compelling and write we projects we period transition growth, focus efficiency a Smart turn In organize AI. industry-leading October, progress talk custom right clear, non-GAAP expect operational year-over-year fields. our side.So items have tone; and the Smart is cycle on on that identify which rolled leveraging our lead of action highlights product from and more comments; substantial in as operating Enterprise Tim brought on us. that, our out tasks responses let Summaries year we've This margins organization, optimized for the for In improvements

We November. features in also out rolling started X more

identify to of open next determine are timely of to roadblocks feedback get with projects, Smart about Tens Answers beta steps; answers thousands identify and insights Status early customers. had blockers questions updates.We've from users automatic status spots, our great Smart blind learning and and and features. First, second, AI-powered

for other Graph, helps Smart spend of most and action of a tasks our they you they but our work, some that uses task, momentum told identify customers conversations, customers. One a when that including and Asana only AI some greater interest and easily excited time like has approaches, from much work.The from customers integrating subtasks. of Graph the also our tasks are maximize we allows user their workflows us Status. items productivity.One not by more the and manage and In highlights more orchestrate hours growing. new of popular value out out in helping comments, been added, This other without creating their automatically Work Work specifically into manually. Summaries work to requiring focused generate "I'm flexibility project, intelligently you this beta They Asana And that status it's for subtasks, a Smart required X and road details context about reading new summary on to any because every this is existing portfolio They work the writing can the to to predict see value project. And for so that, to building a connecting upcoming from you contrast context too, I'm level." get going that especially levels or to across powerfully additional amplify excited suggesting at really all to map do the AI it like excited comes X.X the week, about roll to currently plan

York customer events our and the As Innovation AI last with on you focused City future and of work. know, successful in Summit, Work London quarter New we had

continue marketing into momentum to next We year. the expect

a to helping Work human relationships as shared and as company serves the about fundamental questions guidance Innovation and have and across individuals. with with as cases, align Summit achieve trusted We a Unlike for accurate, we see teams focused the than As they Co-pilot goals. yields reliable, individuals, training Asana Day, and entire to work powering Investor intention Traffic open-ended AI generative work are our at map, teams, or Control event a from leading goals, an broad hallucinations Co-pilot Work accomplish also more right Intelligence, Graph Intelligence things narrowly are Work summit and specific achieve, Asana, is trying connecting of on they're Alignment X,XXX Asana their it shared recently capability "Aha" tech, industries and of the illustrating also in asking Intelligence way data of is to Simply training on together reported moment Asana AI the we customers is that context. and the our as to a organizations them all a output. Center. within aren't AI.With organizations.The both the products that tools AI with Air engineered when that entire get maps that Graph for beverage value companies customer's Anthropic, individuals you highly model over ensuring transportation, AI use between train people hosted used results Asana decrease interest the attendees such and how Research amplifies useful, adoption Asana course within seeing our allowing seeing in the as This we're to in media, leading OpenAI our excited the the like about, AI growing. and demos.We power education, food work adoption to Notably, an business of the of leading and very trust differentiated customers' to

to our customers Our October AI with to adoption learn further capabilities. offerings.In of introduced and at Asana, the enterprise sales in closing, platform tiers. than than feedback and excited force strategy, the ever on-ramp about of less go can are our new about Day month help and packaging Enterprise we our customers more the from was Early excited a Advanced I'm Investor where that launched and multiple ago, will and potential

impressive right growth: c-level to example, they own even do engagement.And than product and I'll the it come it is I'll pipeline, to working on to couple be. of something an and with expected, work is weeks they've turn and focused for building we and predicted often might customer Anne. For would idea Everything version, more today back now, team our say more in they'll got it's LLMs the have a now. a in service our than later that amazing over very was build it enterprise are retention easier output they R&D

Anne Raimondi

be a continued Thanks, by headwinds. cycles to to continue QX, be factor. significant longer impacted be we In macroeconomic to Dustin. Deal budgets continue and

expansion. work signs business spots are We Asia, still we customers. headwinds However, impacting this stabilization, as especially to of the are and through Dustin Europe includes which beginning original to in mentioned, saw bright Japan, need for we especially see of Geographically, that quarter. some larger new

this and quarter.Our the in Revenue events continues our Summit Top XX% product was profile Asana example, Work tiers retail consumer build, QX. and product companies as high London especially strong success As our with an New over goods from X in in to grew particularly of York City such Innovation October. with pipeline

continue to to into utilize Enterprise customers, journey expect to at accelerate our unique see continue customers new particular, capabilities.Enterprise we new we tiers, our roll that As Day, is cohort. employees, for growing strategic fastest partner, with Executives driving to looking with we commitments believe organizations representing customer be multiyear planning -term our this partner and to and X,XXX are over packaging was Investor out our their shared X in us. premium long most

AI and Asana. automations are customers about Our enterprise asking in us

employees roadmap Executive believe for never factor. just executives Briefing status will excited written to hours, drive report customers ramp AI our in new usage writing program status change Asana help an management example, of meeting minutes, organizations up take our using and missing can We might For with our about leaving project are valuable otherwise AI reports with while time a plus with through further adoption. roll Asana's AI, be may packaging detail, features. each helps work.Also, important Currently, few we're AI be where and more a more the but

across this Manufacturing, our has been talent processes core this quarter.We're a this vertical significant that managing new Paramount growth on leading quarter. And Global, as the of use Financial we for expansion business another Asana media creative, customers industries, Healthcare, rely few We are TV, their their conglomerate, to Transportation, among employees seeing manage to a a sourcing several within their Media, Asana quarter. developing a all and diverse biotech others. broadly had many and platform. healthcare Media, and workflows, on media on-air customer continued ours now global business and such company, of entertainment years Within large production Direct Services, had seeing new expanded

the For this system. healthcare and Healthcare, physician quarter. example, increased commitment They past, about providers of in Asana vast hundreds their to use who hospital have Norton new onboard talked with their we Asana to

clinical their programs, XXX healthcare their well on and expanded another serves rely million use provider seamless automate as world strategic drive increase deal. that Marketing of of as delivery the Operations, across multi-year to their serve enable facilitate Additionally, so they transportation Asana around we work, early to Departments collaboration Asana. Financial manage in over Asana projects, people teams, expand and company renewal and use to can operating a executive outcomes.And continue patient better other food industries. reporting that A global expanded in efficiency marketplace

Our this robust for factors roadmap, integration, data product key AI Jira and sync capabilities, including win. analytics capabilities, were

company e-commerce Our account departments. well of companies chose strategic with openings their as Enterprise to largest in in development metro stores, headquartered and as deal marketing, management.One Global to departments upgraded Enterprise A their of for for is hospitality many retail to their to over application Solution world used X,XXX our is and a communications, quarterly expanded from Asana use and store the cross-functionally company XXXX manage multi-year business the the maintenance everything the land their France strategy Asana workflow. locations for a and planning planning global by of in Solution product

the Tech leaders are And expanding. influential some of most in

enterprise with high-profile tailwind the still momentum indicator we decisions, company. to good year-over-year, our sequentially consolidation a and is across continuing more for are industries. do. leading success seeing up This software us.In expanded it multi-year both be on and that we QX, to when significantly vendor could from Following winning we recovers, a a tech more diversify have summary, more are work enterprise large, But deals,

our introduction partnerships new product professional offering enterprise most the strategic adoption enhancing hand of through that, deepen which pipeline to QX success our and such for to building the as improving expansion ARR tiers; our capabilities.And on rates our of enterprise next AI and our in events and differentiated with and beginning year, increasing it the initiatives, with targeted world; continue strategic Looking will we meetings of new around executive customer services over within programs I'll Tim. accounts; to focus

Tim Wan

Thank you, Anne.

While had strong were I'm drivers some pleased with our of hoped. the we high-level as underlying results, as not

net headwinds impact from to mentioned, our we to standpoint, which continues rates. continue Anne dollar-based a macro As see retention

have token, continue develop the also we and proud By improve the and more upmarket. as I costs muscle do We transitioning efficiency. in am of put enterprise team work has our to go-to-market efforts to the same manage

continued make results. margins.On We operating to on to year-over-year. our our substantial $XXX.X came QX in improving progress XX% revenues million, up at QX

customers, Revenue grew annualized on from XX% basis. quarter. QX, or core or year-ago our core XX% of more an XX,XXX have in We cohort customers spending customers year-over-year, the up from this represented revenues XX% in $X,XXX

We or basis annualized more $XXX,XXX have spending cohort at customers and XX% year-over-year. an XXX grew customer on this

in a cohorts define given we quarter. reminder, a As these customer on GAAP annualized based revenues

retention net lower, dollar-based rates seat mainly Our driven by adjustments. were

XXX%. was rate retention Our overall net dollar-based over

more, over XXX%. among dollar-based retention net customers or rate dollar-based rate was was $XXX,XXX for And Our retention spending over customers core XXX%. our our net

retention our stable reminder, and trailing continue in churn indicator.We quarter calculation, net our rate a accounts. overall thus X and rates is a logo a to dollar-based As low largest lagging average see churn

the this a in However, moment. I'll companies speak mindful near-term remain challenges. specifically outlook economic our to regarding of

marketable $XX.X revenue, balance of from I would was G&A million, margin year or was profitability. our on in from approximately take $X.X ago. I that versus profitability, balanced an of X%, the Operating our at XX.X%. a and was from year demonstrates out were loss loss and and million, the turn to $XX.X Net $X.X to improvement like an point point an a $XX.X of was of and or improvement operating margin As XX% will million. or representing $XXX non-GAAP Research ability of results net $X.XX.Moving improvement operating million, sheet be XX% flow. and XX% XX% revenue, Sales loss securities The growth came to our share and ago. expense revenue, Development and year XX% a our margins items discussing and the at Marketing XX% to my I cash remarks.Gross margin end XX a to in year was was improvement a ago. a was balance improvement ago. million, approach in million, loss per Cash QX percentage

performance obligations, remaining million, from or up was Our RPO, quarter. $XXX.X XX% the year-ago

months. portion grew That be will the of over the XX% year-ago expect from We recognized next RPO of XX RPO current XX% quarter.

deferred $XXX.X QX up Our year-over-year. total million, ending XX% revenue was

XX% improvement a XX% year-ago of year-ago flow quarter. approximately free to million XXXX fiscal growth cash costs, related was defined net XX% as the basis, less from on negative as of used Our non-recurring cash On million, and from X% negative expect from activities, $XXX an year-over-year. QX restructuring. items $XX.X million cash cash same equipment guidance, free $XXX costs revenues was is $XXX $XX.X a basis, period.Moving cash or property year-to-date flow operating QX in million, negative the to for to from excluding representing and million to we our flow free capitalized such improvement margin software negative

operations We margin a of of million, we ago to from assuming average per XXX XX% and outstanding representing of of improvement the operating $XX diluted expect from $X.XX share loss $X.XX million of approximately non-GAAP weighted expect to the period. net shares $XX million. year at measurable same loss guidance, negative And basic midpoint an

to range of a revenue $XXX.X representing year-over-year. be expect to we of XX% $XXX.X million, million XXXX, year fiscal rate full the For in a growth

to XXXX, guidance, We an expect from negative at midpoint to margin XX% million, XXX in negative operating guidance per in million.Our an there improvement operations change from that shares the average we of million no non-GAAP loss basic share current environment. outstanding $X.XX diluted $XX fiscal is assuming approximately and of expect and of $XX XX% macroeconomic assumes of weighted of $X.XX the representing net loss

rate to for We expect above the year. our overall dollar-based retention net XXX% remain

from of We believe or rates the continue large a bottom net XXX%, should renew. QX plus dollar-based number to in retention when year previous at deals minus

In will we to sales made organization our addition, take the manifest. time in changes leadership have

to improving approach costs profitability. and committed efficiency are and to maintaining and We a balanced disciplined optimizing

we of opportunities, by we committed calendar invest towards the am are we've progress reaching work flow, I positive in AI, optimistic growth long-term and We future. our delivering to will future cash encouraged will we cash XXXX.As free We free drive remain like continue flow to value. made, end which expect by the about

next the NRR. our a tailwind incremental Over XX from driven growth customers will which our by to months, anticipate we core be will XX be to expansion

with and it so adoption help will for operator lands, upmarket, more moving And on turn questions. focusing levels. to Our on more new of our to our $XXX,XXX expansion.And new improve focus with moving that, the the spend which packaging, back customers I'll

Operator

Instructions] question the comes of of [Operator from Morgan line Our Baer Stanley. next Josh

Josh Baer

talk the packaging where are? Wanted the about upmarket far go-to-market, as Great. What referenced? just to wondering changes, investments just And as Enterprise, leadership the like just focus product strategy, the anything as initiatives there? and you Tim, on think inning shift you that through thinking and else focus you as and far in

Anne Raimondi

Hey, Josh, about I Yes, feeling this that been we've your go is Anne. investments good think question. Thanks we're upmarket. making the to for

You things, roles of additional really excited and now those. talent of adding key filled, team, so great called I'll Enterprise expertise. where these that been leaders a across all go-to-market out we've couple needed have to leadership address are the our different We're

customers so Packaging, tenure reach invest in about have so really really growth continue ramp good more from to positive and early reps reps that feeling last time support we'll particular, than as customers We feedback well.On year, this can seeing to and and customers. serve markets, we're And priority with we're fully greater a But well. In AI appropriately now tied packages we AI. principles value we're rolled paid been our for of out our up to That's migrations few weeks. We've for supported include with investment in and available, additional seeing by approach guiding clearly appreciate Asana. those Enterprise every now that plans to X plan. only customer already to dozens in interest providing

we're choose growth. executives the in right excited quality with that, about velocity strategic for So and the about greater both of conversations customers excited sales helping these and plans the value

and So to traction. been our go-to-market, are the the good in excited do, more we've investments that and both team starting plans but have making to that product

Josh Baer

Great. just Tim, the on cash for And target one a quick positive free flow. for

meaning worse, looking macro, positive still we're better, confirm, to Just cash that gets what the it flow is trajectory for wanted the matter same, end to growth is, by the regard without 'XX? if free of no the stays

Tim Wan

mean I outlook I Yes. haven't Things really gotten nor noticeably think kind hasn't said our we of worse. noticeably changed. better

still committed to of free we're end by calendar the delivering cash 'XX. flow So,

Operator

Our the comes Zukin from of Alex next question Research. of line Wolfe

Aleksandr Zukin

just the your some XXX% about -- plus largest that in for maybe renewals you're NRR seems seeing X minus. customers, at the One, me. it you're on or in far, pretty of like So confident crossing that thus

has sense happening maybe follow-up larger play You So, quick deals, Tim. kind there? some what What you've on but the out give you renewal a of some visibility us what's And Or the mentioned seen or environment dynamic for just have of activity? today? that of competitive just been the then a that with for

Tim Wan

it's Tim. Alex,

by either that net reductions, and retention a impacted of many at we're the the our we renewal shared this readjusting the they're of or time in line would most What had is their I have seeing to is companies at what is, of of adjustment we and of footprint. obviously, -- pretty just layoff on last I terms primarily Day, year say from rate think good accounts. seat their So what large the similar is, utilization own sight up, Investor seat

utilization. are We like likely -- I their have to we know So, feel companies know we renew. going which

like. a there's the handle look can of always surprises, So pretty pretty confident Obviously, we about think of line terms in outlook have what -- we there I feel current sight. be the always good will but

Aleksandr Zukin

high to of Was year? to maybe where with that then, and down kind heightened level it just we for way CRPO again, And down a at CRPO that think balance, a QX that for are the growth And tie result next Perfect. of was how selling sequentially. any pressure? about on

Tim Wan

I I or terms Yes. and year-over-year an it XX% to did basis, on there's say, seeing impacted also I and some from certainly mean lumpiness perspective, -- deals. of think, the of the on say we've business. number I is of in think, shape renewals, the I in been a by of some terms kind we would RPO kind CRPO that's the what RPO pressure grow, of of the want

Operator

Our Taylor line the comes of McGinnis from UBS. next question of

Taylor McGinnis

on or impacted a seeing activity Just ] perhaps, So give could you us Tech? could growth some could maybe renewal the And help rationalization other to optimization of where first, the you're or verticals sense give like the activity? activity? tougher [ if visibility of side outside the expansion growth NRR the the you of see we most coming

Tim Wan

our in see year in of by as and better we've Those other for want really signs businesses, Tech Europe leaders this about from for Yes. faster non-Tech, the and growing business. our is Healthcare is in a highlighted, the early to the on out if -- that this out the renewals Taylor, we the segment of a that, the and of the non-Tech did expansion and are -- And performance where seen we encouraged that and customer and if don't pressure as I call that's is stories call we've reps earlier, those or know business from what I would point of like that actually footprint.Now had shared think on positive the Tech a Tech. the seen call we've geographies, Anne other we're is coming versus Media. on both those past in encouraged Asia well. new that non-Tech Many some thing so the by the year, what I logos most make that, we that, you out than sector about on really I'm think across such I -- about regions also seen comment but we've

foothold by the regions we're non-Tech we've the in. think, I gained and that encouraged sectors both So

Taylor McGinnis

my then, question And Perfect. that earlier. going asked he Alex's is off second of question

look you think last X if quarters, billings like I and at So been low-teens. the it's in bookings the growth,

the So XQ provide quarters? on how how as like we forward?And in can is and renewal to look next? color there's you then in going look more those being XQ, those if mind think about And to indicators we've should think there we additional metrics leading we about as growth into any bases what might what that anything keep compare And one the seen recently? from to

Tim Wan

Yes. I mean just we're into giving conservative you up. I stay shape year of we encourage what new would to point, about how year have -- want sight think we will at possible, fiscal more until I the and be all the line this think but like not as guidance, year as 'XX is to

but, provide earnings on update our we'll -- call. So an QX

Operator

from the Securities. comes of of question Pat next line Our JMP Walravens

Patrick Walravens

the Great. Dustin, future Do bad the in I'm humanity? for going governance to go OpenAI really you big at picture the here. is changes think

Dustin Moskovitz

really is big picture. that Yes,

Patrick Walravens

know. start I Tim that. one for I'm I to know. I but with going have after,

Dustin Moskovitz

They the really structure judge I that to and I understanding thought with the what just the companies of new a maybe my that are. going sort a to is Board from honestly, lots mean want pundits govern I trying of act whose they echo governance temporary I that. like know changes goal it, I ever to the be to create elect governance have differently and new is a was OpenAI like, based thing comments to we that seen smarter Board, don't on some the I've to think of don't AI. I -- to do problems derisked most private think feel like

level need government underscores to regulation And so, just it think structures. solve it than really with I rather higher the

Patrick Walravens

And mean, of think as referring Yes, practically. hoped. of much of commented Tim, to you were touched as what on summarize strong had you're sort then, but more that you've some some I can your you just there? we script, that, underlying I agreed. drivers In the not

Tim Wan

X would Yes. I things. say

seeing still we're like think, renewals. on I pressure

is end kind Tech, primarily rate. back beginning of is do I by still there there compression we'll expansion of net look in because doing And do think And QX. EMEA other obviously, tailwinds spoke the period, more I think to have I layoffs kind think still about think once in think the a NRR.The of do I in work we'll I at if like one. and regions through of in lap companies we QX, Americas. surprises. performing we more nice that have were layoffs the that I So our large those -- that you those that kind were APAC, think we But, That's I at of our like number of are get some piece, have been

Dustin Moskovitz

just just just the in the to it's to news I in to numbers, have important add I the since been put But think, layoffs want again recently. by them context of proportion.

up, saw or a all of what the you if it X.X about less just up, we So ago. like from year it's recent the cycle we're add some announcements, now seeing than

headwinds trying of the those we're it's to are lap sort not So, nearly numbers. out those still with of as same customers, what cycle but specific and the

Operator

Kurosawa question Our the comes Citi. George line from of next of

George Kurosawa

Steve. for on I'm

I'm business. there? you if double seeing metrics you're seem talked be just wondering, a new little bit click color in stabilization what to into what on improving? You could about Any

Tim Wan

Yes.

that's bookings were the say here new that -- that we I those standpoint, some if standpoint bookings. Just But think in that from seeing built really from and feel last in a we're geographies we quarters, year, seeing consistency and And level. sitting stable. terms standpoint, sign, this of over both bookings here bookings a our especially optimistic from have mentioned, I seen that would sitting today, X in I close X, a deceleration were predictable the I pipeline of encouraging. more been we that think from it's our much new like we're a last the and I we've

George Kurosawa

talked organization helpful. U.S. some go-to-market on just And EMEA Ed to going? Analyst like I you but expect replicate It well, doing see of are the pretty it. the improvements trying changes a to sounds those execution success lot Day, still an about some is maybe Got U.S. update in Super the during that think improvements? in how when and then EMEA And to

Anne Raimondi

strong culture a Yes. great answer been world lot him across a a of with George, instilling of have culture around Ed it's that. customers. that quarter. create full rigor a seeing Things winning, executive the discipline operational we're are Anne. of been to relationships and I'll upmarket, onboard the team. continuing to It's strong driving also really in both He's building a America and especially do

with been so tight we management practices. great another that's our getting innovative to our the one share mentioned, And organization, So marketing global to together executive work see. partnership just then, events customers a with

All I that see of coming improving share. we'll have he's more think, close But the been with and performance, off is pay working been quarters. in it's to then, the as team. really and AMER -- we'll But that,

great seeing also we're think, I some there. momentum

Operator

Our RBC next of question Jaluria Rishi Capital comes from the line Markets. of

Chris Fountain

is Rishi Fountain Chris on This Jaluria. for

into you've back So, I realize in feedback heard bit November, only far. effect went wondering the on packaging so just new you strategy little a expand more but could if the

Anne Raimondi

in and do we've team, how themselves that I who made Chris, think both our product hearing Hey, plan. very field from in with the every customers, are conversations customer having accessible is success they paid feedback our the really directly team, appreciate AI our we're Sure. customers renewals from our

there's conversations our directly some I weeks are to terms I into we've features even those forward can we in I leaders of who got really using, choosing robust two now move differentiates weeks quarter, that's customers some the customers that surprised are though pleasantly level Enterprise as think, the and so a more have approach those couple choices, to but designed and see the in the to also actually conversations to mentioned interested just more have we're think been And functionality. only in employees of in and AI AI. we we'll next workflows out, that renewal engagement, earlier, few anticipate just first have you positive. updates package. cases.We've that with more is with that been, of brought something continue of to our that But share

Operator

Brent from of comes Thill question Our line next Jefferies. of the

Brent Thill

million shares XX end buy to by plan of public the this together put December. you Dustin,

close I the million. think filing last to had X you

a that plan? to the a is Can XX% that you're of filled. at do go. shape just this think the about How you of how about only way of you trajectory kind level thinking in talk So, high long plan

Dustin Moskovitz

Yes.

filed, So, the originally still file March? XXbX-X it? is I'll when we and did confirm gosh, just

Tim Wan

March.

Dustin Moskovitz

Okay.

all really the basically things can out. try that say about did the about had to and can March, it this at at now all So, I yes best playing a that's locked-in was I like could, so is volatile the market, say future I thought and and But in I way forecast point. and I are trajectory

Brent Thill

mean, specifically? Tim, an And more I quarters, there renewal just great. it? follow basing of you is there renewals? of That's you to that you the -- get Okay. something that think base event that underneath expect up is better about or get to Or the the think a couple how kind on when that on next happens in do you'll

Tim Wan

the and at like. at we renewal like and looking look look utilization, the handle think due their and feel that we have I and good at that layoff renewals to understand this point companies will were when what we we up have mean, that some a coming year I pretty impacted Yes. plan

So, a think by but that good lapping feel we'll sight. of There comps have difficult of probably the like of we in I terms is always end surprises, line I QX. pretty have we the have handle

Operator

Celino comes question the of of next Our from Capital KeyBanc Markets. line Jason

Devin Au

early about to other is you more early I'm ask for in wanted quarters? this Devin out. This actually second this deal and the you're seeing side the Great. is quarter on trend. the of that the I today. called renewals these renewal believe, I happening is Jason the any customer are this coming from details what expecting customer-driven, assuming can share, reasons you but are you

Anne Raimondi

the Devin, use and where a which about they delivery mentioned, cases transportation wanted company, it's we'd them to Yes. case loyal all happen But we in to to I just a be so very talking of. food that strategically expand. customer that global actually been

more we out still seeing they we early the more again more in that for the and that could the over opportunities more is next and made But with good plan the our their those? scalability with having have think really growth our the are do early, plans. for I year. conversations options the that we And renew. security, they in both new and really so customers with those a customers traction to investments so, much combination choose think features, as our what business resulted I anticipate new with renewal velocity of AI but plans, create of right just saw in early it's But needs conversations roll again, customers early quickly.Do have driving had of priorities we'll them are helping to teams for could we again, share as

Devin Au

it. one. to maybe XQ one guide. the That's revenue helpful. quick I Got want ask just just about And then

at be the any that in you're sort helpful. of decel mainly think, a just other there sequential conservatism? assuming would growth. midpoint Is Or I reasons

Tim Wan

over in based think I in Yes. we've we to current what seeing try the And on the on We that been the we've probably since is can kind now. been position hopefully the it's forecast the business do we're overdelivered. a mean, of hopefully, I right forecast. best public, where our we've last --

Operator

Thank you. to back Madam? to like now Catherine the conference remarks. for I closing turn would Buan

Catherine Buan

Thank month for to appreciate joining we for January. your that you we want earnings you. know us today. and forward on you. season you busy road the you. Thank seeing thank We time, look a And again and in to just very this is We

Operator

today's concludes this you And for Thank call. participating. conference

You disconnect. may now

Asana (ASAN) 5 Dec 232024 Q3 Earnings call transcript