Asana(ASAN)2024-12-05 21:13Customer Metrics - As of October 31, 2024, the company had 23,609 Core customers, contributing approximately 75% of revenues for the three months ended, compared to 21,346 Core customers contributing 74% for the same period in 2023[162] - The company had 683 customers spending over $100,000 annually as of October 31, 2024, an increase from 580 customers in the same period of 2023[164] Revenue Performance - The company reported revenues of $183,882,000 for the three months ended October 31, 2024, representing a 10.5% increase from $166,503,000 for the same period in 2023[186] - Revenues increased by $17.4 million, or 10%, to $183.9 million for the three months ended October 31, 2024, compared to $166.5 million for the same period in 2023[189] - Revenues for the nine months ended October 31, 2024, increased by $54.2 million, or 11%, to $535.5 million compared to $481.4 million in the same period of 2023[200] Profitability and Loss - The company incurred a net loss of $57,326,000 for the three months ended October 31, 2024, compared to a net loss of $61,750,000 for the same period in 2023[186] - Non-GAAP loss from operations for the nine months ended October 31, 2024, was $(39.1) million, an improvement from $(42.5) million in the same period of 2023[212] - Non-GAAP net loss for the nine months ended October 31, 2024, was $(29.2) million, compared to $(35.1) million for the same period in 2023[221] - Free cash flow for the nine months ended October 31, 2024, was $(9.7) million, an improvement from $(13.4) million in the same period of 2023[221] Expenses - Research and development expenses for the three months ended October 31, 2024, were $83,286,000, slightly up from $81,028,000 in the same period of 2023[186] - Sales and marketing expenses increased to $104,708,000 for the three months ended October 31, 2024, from $98,349,000 in the same period of 2023[186] - Total operating expenses for the three months ended October 31, 2024, were $224,264,000, compared to $213,871,000 for the same period in 2023[186] - Research and development expenses increased by $2.3 million, or 3%, to $83.3 million for the three months ended October 31, 2024, driven by higher personnel-related costs[194] - Sales and marketing expenses rose by $6.4 million, or 6%, to $104.7 million for the three months ended October 31, 2024, primarily due to increased personnel-related costs[195] - Total operating expenses for the nine months ended October 31, 2024, increased by $44.8 million, or 7%, to $681.1 million compared to $636.3 million in 2023[203] Cash Flow and Liquidity - As of October 31, 2024, the company had $455.3 million in cash, cash equivalents, and marketable securities[224] - The company had an accumulated deficit of $1,762.5 million as of October 31, 2024[223] - The company had $282.1 million in deferred revenue, with $279.6 million recorded as a current liability[230] - Cash and cash equivalents as of October 31, 2024, were $196.8 million, with marketable securities totaling $258.5 million[251] - Net cash used in operating activities for the nine months ended October 31, 2024, was $0.9 million, reflecting a net loss of $193.2 million[235] - The company experienced a net cash outflow of $10.3 million from changes in operating assets and liabilities for the nine months ended October 31, 2024[235] - The company may seek to raise additional funds through equity and debt to support future capital requirements[232] Other Financial Metrics - The dollar-based net retention rate as of October 31, 2024, was 96%, down from over 100% in the same period of 2023, while the rate for Core customers was 98%, down from over 105%[167] - Interest income and other income increased by $1.5 million, or 42%, to $4.9 million for the three months ended October 31, 2024, mainly due to foreign currency transaction gains[199] - Interest income and other income (expense), net increased by $2.8 million to $16.1 million for the nine months ended October 31, 2024, representing a 21% increase compared to the same period in 2023[209] - Interest expense decreased by $116,000 to $(2.8) million for the nine months ended October 31, 2024, a 4% reduction compared to the same period in 2023[209] - The total available borrowing capacity under the revolving credit facility was $78.4 million as of October 31, 2024[227] - The company had $45.0 million outstanding under the revolving credit facility as of October 31, 2024[252] - The company generated negative cash flows from operating activities in prior years, supplementing working capital through equity sales[234]