Customer Metrics - As of April 30, 2024, Asana had 22,162 Core customers, contributing approximately 74% of revenues, up from 19,864 Core customers contributing 73% of revenues a year earlier [136]. - The number of customers spending over $100,000 annually increased to 607 as of April 30, 2024, from 510 in the same period of 2023 [138]. - The dollar-based net retention rate for Core customers was 102% as of April 30, 2024, down from over 115% in the previous year [141]. Financial Performance - For the three months ended April 30, 2024, revenues were $172,448,000, a 13.2% increase from $152,411,000 for the same period in 2023 [154]. - Gross profit for the same period was $154,644,000, resulting in a gross margin of 90% [154][158]. - Revenues increased by $20.0 million, or 13%, to $172.4 million for the three months ended April 30, 2024, compared to $152.4 million for the same period in 2023 [159]. - Gross margin remained consistent at 90% for both the three months ended April 30, 2024, and April 30, 2023 [160]. Operating Expenses - Total operating expenses for the three months ended April 30, 2024, were $220,813,000, compared to $202,809,000 for the same period in 2023 [154]. - Total operating expenses increased by $18.0 million, or 9%, to $220.8 million, driven by higher research and development, and sales and marketing expenses [163]. - Research and development expenses increased to $82,791,000 for the three months ended April 30, 2024, from $76,316,000 in the same period of 2023 [154]. - Research and development expenses increased by $6.5 million, or 8%, to $82.8 million, mainly due to increased personnel-related costs [163]. - Sales and marketing expenses rose by $11.1 million, or 12%, to $104.3 million, attributed to higher headcount and travel costs [164]. Net Loss and Cash Flow - The net loss for the three months ended April 30, 2024, was $63,722,000, compared to a net loss of $61,468,000 for the same period in 2023 [154]. - Non-GAAP net loss improved to $(13.3) million for the three months ended April 30, 2024, compared to $(18.5) million for the same period in 2023 [168]. - Free cash flow was $(4.3) million for the three months ended April 30, 2024, an improvement from $(16.6) million in the same period last year [176]. - The net cash used in operating activities for the three months ended April 30, 2024, was $1.9 million, reflecting a net loss of $63.7 million, adjusted for non-cash items [187]. Deferred Revenue and Future Outlook - As of April 30, 2024, the company had $297.1 million in deferred revenue, with $292.2 million classified as a current liability, indicating strong future revenue recognition potential [181]. - For the same period, the company reported a $25.9 million increase in deferred revenue due to higher subscription billings [187]. - Current economic conditions, including elevated inflation and interest rate hikes, are expected to impact customer buying patterns and sales cycles [142]. - The company may seek additional funding through equity or debt in the future to support growth and operational needs [182]. Cash and Marketable Securities - As of April 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $524.3 million [178]. - Cash and cash equivalents stood at $222.0 million as of April 30, 2024, down from $236.7 million as of January 31, 2024 [197]. - The company had $46.9 million outstanding under its revolving credit facility as of April 30, 2024 [198]. Foreign Currency Exposure - Approximately 25% of the company's sales for the three months ended April 30, 2024, were denominated in currencies other than U.S. dollars, exposing it to foreign currency risk [200]. - Interest income and other income (expense), net decreased by $1.3 million, or 23%, to $4.4 million, primarily due to foreign currency transaction impacts [166]. Investment Activities - The net cash used in investing activities for the three months ended April 30, 2024, was $21.4 million, primarily due to $70.5 million in marketable securities purchases [189]. - The company generated $9.9 million in net cash from financing activities for the three months ended April 30, 2024, mainly from employee stock purchase plan proceeds [191]. Cash Flow from Operating Assets and Liabilities - The company experienced a net cash outflow of $8.4 million from changes in operating assets and liabilities for the three months ended April 30, 2023 [188].

Exhibit 99.1 Asana Announces First Quarter Fiscal 2025 Results Improvement in free cash flow and operating cash flow year over year Expect to be free cash flow positive for the full year Revenues from customers spending $5,000 or more grew 15% year over year May 30, 2024 – San Francisco, CA – Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), a leading work management platform, today reported financial results for its first quarter fiscal 2025 ended April 30, 2024. "AI is transforming how we work, and Asana is deliverin ...

Sam Altman, the CEO of OpenAI, is perhaps one of the greatest visionaries of the artificial intelligence (gen AI) age. He’s also an investor in several innovative tech firms that could reshape the world of tomorrow. Undoubtedly, some of his past and current investment holdings may be unable to top OpenAI’s disruptive capabilities with its ChatGPT, Dall-E and, most recently, Sora innovations. That said, Altman stocks are worth keeping tabs on, whether or not they have ties to the future of gen AI.Altman is a ...

SAN FRANCISCO--(BUSINESS WIRE)--Today, Asana, Inc., a leading enterprise work management platform, announced new AI capabilities that empower IT leaders to drive intelligent transformation with the right data foundation, safeguards, and controls. Powered by Asana’s Work Graph® data model, these new capabilities enable IT leaders to integrate their work data seamlessly with solutions like Microsoft 365, deploy AI safely, and surface executive-level reports and insights that help drive greater ROI, now. “W ...

A lot of tech stocks have made big turnarounds in the last year or two, but Asana (ASAN -0.85%) is not one of them. The company expects revenue to fall this quarter and is burning cash like crazy. In this video, Travis Hoium covers the company's recent results, which were disastrous for investors.*Stock prices used were end-of-day prices of March 12, 2024. The video was published on March 13, 2024. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended January 31, 2024 Commission file number: 001-39495 | --- | |------------------------------------------------------------------------------------------------------------------------------------------| | | | ASANA, ...

Financial Data and Key Metrics Changes - In Q4, revenues grew 14% year-over-year, while fiscal year revenue grew 19% year-over-year [6][39] - Q4 non-GAAP operating loss margin improved by 16 percentage points year-over-year to 9%, and for fiscal year 2024, it improved by 29 percentage points [7][39] - Q4 free cash flow was negative $17 million, an improvement from negative $30.4 million for the full fiscal year [40][41] Business Line Data and Key Metrics Changes - The number of customers with over $100,000 annualized spend grew 20% year-over-year, and revenue from this cohort grew 29% for the fiscal year [9][39] - Revenue from core customers grew 16% year-over-year, representing 75% of total revenues in Q4 [37] Market Data and Key Metrics Changes - 73% of the Fortune 500 are Asana customers, with significant wins across various industries including manufacturing, healthcare, and financial services [8][9] - The non-tech customer segment showed growth in the high teens, indicating stabilization and potential for recovery [25][55] Company Strategy and Development Direction - The company is focusing on moving upmarket and enhancing its AI offerings, particularly Asana Intelligence, to drive enterprise growth [6][10] - Strategic partnerships with leading AI providers like OpenAI and AWS are being leveraged to enhance product offerings [18][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic headwinds but expressed optimism about stabilization and growth opportunities in non-tech sectors [24][25] - The company aims to achieve free cash flow positivity by the end of the year while re-accelerating revenue growth [41][44] Other Important Information - Asana was recognized as a Leader in the Gartner Magic Quadrant for Collaborative Work Management, highlighting its strong market position [22] - The company has received multiple awards for workplace culture and innovation, reinforcing its reputation as a desirable employer [23] Q&A Session Summary Question: What is driving the traction up-tiering in new tiers? - Management noted that interest in AI investments is driving up-tiering, with customers eager to partner with a trusted organization [48][49] Question: Can you comment on the other signs that make you more optimistic about the business? - Optimism stems from growth in non-tech ARR and expectations for tech to follow suit as larger renewals are processed [55][56] Question: Can you provide context on the linearity and month-to-month trends coming out of Q4 into Q1? - Management observed stable booking trends and growth in non-tech business, with expectations for reacceleration post-renewals [68][69] Question: How are you measuring and quantifying AI demand? - AI demand is measured by the uptiering of customers to new packages that include AI features, indicating increased total spend [90] Question: What are the expectations for cash flow and investments moving forward? - The company aims to be free cash flow positive by year-end, with flexibility to invest based on sales productivity and growth [88][89]

Financial Performance - Asana, Inc. reported a quarterly loss of $0.04 per share, better than the Zacks Consensus Estimate of a loss of $0.10, and an improvement from a loss of $0.15 per share a year ago [1] - The quarterly report represents an earnings surprise of 60%, and the company has surpassed consensus EPS estimates in all four of the last quarters [1] - Revenues for the quarter ended January 2024 were $171.14 million, exceeding the Zacks Consensus Estimate by 2.12%, and up from $150.23 million year-over-year [1] Market Performance - Asana, Inc. shares have declined approximately 0.2% since the beginning of the year, while the S&P 500 has gained 7.4% [2] - The company's current Zacks Rank is 3 (Hold), indicating expected performance in line with the market in the near future [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $169.29 million, and for the current fiscal year, it is -$0.21 on revenues of $717.76 million [4] - The Internet - Software industry is currently in the top 20% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [4]

Exhibit 99.1 Asana Announces Fourth Quarter and Fiscal Year 2024 Results $142 million improvement in cash flows from operating activities year over year Annual revenues from customers spending $100,000 or more grew 29% year over year March 11, 2024 – San Francisco, CA – Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), a leading work management platform, today reported financial results for its fourth quarter and fiscal year ended January 31, 2024. "Asana's Q4 and fiscal year results beat expectations on the top and bo ...

Asana, Inc. (ASAN) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individ ...