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Asana Announces Record Third Quarter Fiscal 2022 Revenues; Surpasses $100 Million Quarterly Revenues

Reported strong revenue growth, up 70% year over year

Revenues from customers spending $5,000 or more on an annualized basis grew 96% year over year

Exceeded two million paid seats

SAN FRANCISCO–(BUSINESS WIRE)–Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), a leading work management platform for teams, today reported financial results for its third quarter fiscal 2022 ended October 31, 2021.

Q3 was another strong quarter, led by record user adoption and large enterprise wins,” said Dustin Moskovitz, co-founder and chief executive officer of Asana. “We are excited to be announcing that we exceeded two million paid seats and we are landing bigger with larger customers and expanding significantly across our customer base. With some of the most valuable companies in the world deploying Asana to manage initiatives across entire divisions, Asana exemplifies what cross-functional work management at scale looks like.”

Third Quarter Fiscal 2022 Financial Highlights

  • Revenues: Revenues were $100.3 million, an increase of 70% year over year.
  • Operating Loss: GAAP operating loss was $68.1 million, or 68% of revenues, compared to GAAP operating loss of $61.9 million, or 105% of revenues, in the third quarter of fiscal 2021. Non-GAAP operating loss was $41.3 million, or 41% of revenues, compared to non-GAAP operating loss of $37.3 million, or 63% of revenues, in the third quarter of fiscal 2021.
  • Net Loss: GAAP net loss was $69.3 million, compared to GAAP net loss of $73.3 million in the third quarter of fiscal 2021. GAAP net loss per share was $0.37, compared to GAAP net loss per share of $0.65 in the third quarter of fiscal 2021. Non-GAAP net loss was $42.5 million, compared to non-GAAP net loss of $38.3 million in the third quarter of fiscal 2021. Non-GAAP net loss per share was $0.23, compared to non-GAAP net loss per share of $0.34 in the third quarter of fiscal 2021.
  • Cash Flow: Cash flows from operating activities were negative $28.5 million, compared to negative $34.4 million in the third quarter of fiscal 2021. Free cash flow was negative $29.5 million, compared to negative $19.5 million in the third quarter of fiscal 2021.

Business Highlights

  • Total number of paying customers grew by 7,000, ending the third quarter with a total of over 114,000.
  • The number of customers spending $5,000 or more on an annualized basis grew to 14,143, an increase of 58% year over year. Revenues from these customers grew 96% year over year.
  • The number of customers spending $50,000 or more on an annualized basis grew to 739, an increase of 132% year over year.
  • Overall dollar-based net retention rate was over 120%.
  • Dollar-based net retention rate for customers with $5,000 or more in annualized spend was 130%.
  • Dollar-based net retention rate for customers with $50,000 or more in annualized spend was over 145%.
  • Unveiled the Enterprise Work Graph at the Asana Scale event, a suite of capabilities to align global enterprise teams and streamline cross-functional work from anywhere, including a new Goals API, Workflow Builder and Library, Universal Reporting on data trends and workflows over time, and additional data security and scalability features.
  • Expanded Asana Partners Enterprise IT ecosystem including new integrations with Splunk and Netskope.
  • Named a leader in IDC MarketScape: Worldwide Collaboration and Community Applications 2021 vendor assessment.
  • Recognized in Fast Company’s first annual list of Brands That Matter.
  • Named to Inc. Magazine’s inaugural list of Best-Led Companies in 2021.

Financial Outlook

For the fourth quarter of fiscal 2022, Asana expects:

  • Revenues of $104.5 million to $105.5 million, representing year over year growth of 53% to 54%.
  • Non-GAAP operating loss of $53.0 million to $51.0 million.
  • Non-GAAP net loss per share of $0.28 to $0.27, assuming basic and diluted weighted average shares outstanding of approximately 187 million.

For fiscal year 2022, Asana expects:

  • Revenues of $371.0 million to $372.0 million, representing year over year growth of 63% to 64%.
  • Non-GAAP operating loss of $166.0 million to $164.0 million.
  • Non-GAAP net loss per share of $0.96 to $0.95, assuming basic and diluted weighted average shares outstanding of approximately 176 million.

These statements are forward-looking and actual results may materially differ. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause Asana’s actual results to materially differ from these forward-looking statements.

A reconciliation of non-GAAP outlook measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, many of these costs and expenses that may be incurred in the future. Asana has provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for its third quarter fiscal 2022 non-GAAP results included in this press release.

Earnings Conference Call Information

Asana will hold a conference call and live webcast today to discuss these results at 1:30 p.m. Pacific Time. A live and replay webcast will be available on the Asana Investor Relations website at: https://investors.asana.com.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, statements about Asana’s outlook for the fourth fiscal quarter and the full fiscal year ending January 31, 2022, Asana’s market position, and potential market opportunities. Forward-looking statements generally relate to future events or Asana’s future financial or operating performance. Forward-looking statements include all statements that are not historical facts and in some cases can be identified by terms such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “continue,” “could,” “potential,” “remain,” “may,” “might,” “will,” “would,” or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including factors beyond Asana’s control, that may cause Asana’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: Asana’s ability to achieve future growth and sustain its growth rate, Asana’s ability to attract and retain customers and increase sales to its customers, Asana’s ability to develop and release new products and services and to scale its platform, Asana’s ability to increase adoption of its platform through Asana’s self-service model, Asana’s ability to maintain and grow its relationships with strategic partners, the highly competitive and rapidly evolving market in which Asana participates, Asana’s international expansion strategies, and the impact of the COVID-19 pandemic. Further information on risks that could cause actual results to differ materially from forecasted results are included in Asana’s filings with the SEC, including Asana’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2021. Any forward-looking statements contained in this press release are based on assumptions that Asana believes to be reasonable as of this date. Except as required by law, Asana assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, Asana uses certain non-GAAP financial measures to understand and evaluate its core operating performance. In this release, Asana’s non-GAAP gross profit, gross margin, operating expenses, operating expenses as a percentage of revenue, operating loss, operating margin, net loss, net loss per share, free cash flow are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations. These non-GAAP financial measures, which may be different from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of Asana’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found in the accompanying financial statements included with this press release.

Asana believes that these non-GAAP financial measures provide useful information about its financial performance, enhance the overall understanding of Asana’s past performance and future prospects, facilitate period-to-period comparisons of operations, and allow for greater transparency with respect to important metrics used by Asana’s management for financial and operational decision-making. Asana is presenting these non-GAAP financial metrics to assist investors in seeing its financial performance through the eyes of management, and because Asana believes that these measures provide an additional tool for investors to use in comparing its core financial performance over multiple periods with other companies in Asana’s industry.

Asana believes excluding the following items from the GAAP Condensed Consolidated Statements of Operations is useful to investors and others in assessing Asana’s operating performance due to the following factors:

  • Share-based compensation expenses. Although share-based compensation is an important aspect of the compensation of our employees and executives, management believes it is useful to exclude share-based compensation expenses to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies.
  • Employer payroll tax associated with RSUs. The amount of employer payroll tax-related items on employee stock transactions is dependent on Asana’s stock price and other factors that are beyond its control and that do not correlate to the operation of the business.
  • Non-cash and non-recurring expenses. Non-cash expenses include the amortization of debt discount and non-cash interest related to the senior mandatory convertible promissory notes and non-recurring expenses include direct listing fees. Asana believes the exclusion of the non-cash and non-recurring items provides useful supplemental information to investors and facilitates the analysis of our operation results and comparison of operating results across reporting periods.

There are a number of limitations related to the use of non-GAAP measures as compared to GAAP measures of gross profit, operating expenses, operating loss and net loss, including that the non-GAAP measures exclude stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in Asana’s business and an important part of its compensation strategy.

Asana also uses the non-GAAP financial measure of free cash flow, which is defined as net cash used in operating activities less cash used for purchases of property and equipment and capitalized internal-use software costs, plus non-recurring expenditures such as capital expenditures from the purchases of property and equipment associated with the build-out of Asana’s corporate headquarters in San Francisco and direct listing expenses. Asana believes free cash flow is an important liquidity measure of the cash that is available, after capital expenditures and operational expenses, for investment in its business and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures Asana’s ability to generate or use cash. There are a number of limitations related to the use of free cash flow as compared to net cash from operating activities, including that free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made.

Definitions of Business Metrics

Customers spending over $5,000 and $50,000

We define customers spending over $5,000 and $50,000 as those organizations on a paid subscription plan that had $5,000 or more or $50,000 or more in annualized GAAP revenues in a given quarter, respectively, inclusive of discounts.

Dollar-based net retention rate

Asana’s reported dollar-based net retention rate equals the simple arithmetic average of its quarterly dollar-based net retention rate for the four quarters ending with the most recent fiscal quarter. Asana calculates its dollar-based net retention rate by comparing its revenues from the same set of customers in a given quarter, relative to the comparable prior-year period. To calculate Asana’s dollar-based net retention rate for a given quarter, Asana starts with the revenues in that quarter from customers that generated revenues in the same quarter of the prior year. Asana then divides that amount by the revenues attributable to that same group of customers in the prior-year quarter. Current period revenues include any upsells and are net of contraction or attrition over the trailing 12 months, but exclude revenues from new customers in the current period. Asana expects its dollar-based net retention rate to fluctuate in future periods due to a number of factors, including the expected growth of its revenue base, the level of penetration within its customer base, and its ability to retain its customers.

About Asana

Asana helps teams orchestrate their work, from small projects to strategic initiatives. Headquartered in San Francisco, CA, Asana has more than 114,000 paying customers and millions of free organizations across 190 countries. Global customers such as Amazon, Japan Airlines, Sky, and Affirm rely on Asana to manage everything from company objectives to digital transformation to product launches and marketing campaigns. For more information, visit www.asana.com.

Disclosure of Material Information

Asana announces material information to its investors using SEC filings, press releases, public conference calls, and on its investor relations page of Asana’s website at https://investors.asana.com. Asana uses these channels, as well as social media, including its Twitter account (@asana), its blog (blog.asana.com), its LinkedIn page (www.linkedin.com/company/asana), its Instagram account (@asana), and its Facebook page (www.facebook.com/asana/), to communicate with investors and the public about Asana, its products and services and other matters. Therefore, Asana encourages investors, the media and others interested in Asana to review the information it makes public in these locations, as such information could be deemed to be material information.

 

ASANA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

2021

 

2020

 

2021

 

2020

Revenues

 

$

100,337

 

 

 

$

58,905

 

 

 

$

266,488

 

 

 

$

158,635

 

 

Cost of revenues(1)

 

9,581

 

 

 

7,321

 

 

 

27,364

 

 

 

20,548

 

 

Gross profit

 

90,756

 

 

 

51,584

 

 

 

239,124

 

 

 

138,087

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development(1)

 

53,788

 

 

 

32,996

 

 

 

142,209

 

 

 

81,338

 

 

Sales and marketing(1)

 

73,295

 

 

 

48,039

 

 

 

194,009

 

 

 

122,952

 

 

General and administrative(1)

 

31,761

 

 

 

32,483

 

 

 

81,027

 

 

 

58,400

 

 

Total operating expenses

 

158,844

 

 

 

113,518

 

 

 

417,245

 

 

 

262,690

 

 

Loss from operations

 

(68,088

)

 

 

(61,934

)

 

 

(178,121

)

 

 

(124,603

)

 

Interest income and other income (expense), net

 

(446

)

 

 

(389

)

 

 

(766

)

 

 

1,010

 

 

Interest expense

 

(353

)

 

 

(10,351

)

 

 

(18,078

)

 

 

(25,706

)

 

Loss before provision for income taxes

 

(68,887

)

 

 

(72,674

)

 

 

(196,965

)

 

 

(149,299

)

 

Provision for income taxes

 

393

 

 

 

615

 

 

 

1,328

 

 

 

901

 

 

Net loss

 

$

(69,280

)

 

 

$

(73,289

)

 

 

$

(198,293

)

 

 

$

(150,200

)

 

Net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.37

)

 

 

$

(0.65

)

 

 

$

(1.15

)

 

 

$

(1.70

)

 

Weighted-average shares used in calculating net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

185,022

 

 

 

113,264

 

 

 

172,684

 

 

 

88,539

 

 

_______________

(1) Amounts include stock-based compensation expense as follows:

 

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

2021

 

2020

 

2021

 

2020

Cost of revenues

 

$

192

 

 

 

$

75

 

 

 

$

462

 

 

 

$

175

 

 

Research and development

 

14,351

 

 

 

4,783

 

 

 

34,741

 

 

 

9,520

 

 

Sales and marketing

 

7,138

 

 

 

2,463

 

 

 

16,641

 

 

 

5,084

 

 

General and administrative

 

4,172

 

 

 

1,620

 

 

 

10,421

 

 

 

3,520

 

 

Total stock-based compensation expense

 

$

25,853

 

 

 

$

8,941

 

 

 

$

62,265

 

 

 

$

18,299

 

 

 

ASANA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

 

 

October 31, 2021

 

January 31, 2021

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

271,818

 

 

 

$

259,878

 

 

Marketable securities

 

71,578

 

 

 

126,396

 

 

Accounts receivable, net

 

47,067

 

 

 

32,194

 

 

Prepaid expenses and other current assets

 

28,093

 

 

 

27,295

 

 

Total current assets

 

418,556

 

 

 

445,763

 

 

Property and equipment, net

 

100,523

 

 

 

74,436

 

 

Operating lease right-of-use assets

 

175,508

 

 

 

182,924

 

 

Investments, noncurrent

 

10,182

 

 

 

19,125

 

 

Other assets

 

15,012

 

 

 

8,871

 

 

Total assets

 

$

719,781

 

 

 

$

731,119

 

 

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities

 

 

 

 

Accounts payable

 

$

13,487

 

 

 

$

9,599

 

 

Accrued expenses and other current liabilities

 

48,649

 

 

 

41,616

 

 

Deferred revenue, current (1)

 

150,572

 

 

 

103,875

 

 

Operating lease liabilities, current

 

10,957

 

 

 

8,386

 

 

Total current liabilities

 

223,665

 

 

 

163,476

 

 

Term loan, net

 

35,608

 

 

 

29,508

 

 

Convertible notes, net—related party

 

 

 

 

351,161

 

 

Operating lease liabilities, noncurrent

 

208,525

 

 

 

196,802

 

 

Other liabilities(1)

 

4,522

 

 

 

2,961

 

 

Total liabilities

 

472,320

 

 

 

743,908

 

 

Stockholders’ equity (deficit)

 

 

 

 

Common stock

 

2

 

 

 

2

 

 

Additional paid-in capital

 

987,398

 

 

 

528,616

 

 

Accumulated other comprehensive income (loss)

 

(200

)

 

 

39

 

 

Accumulated deficit

 

(739,739

)

 

 

(541,446

)

 

Total stockholders’ equity (deficit)

 

247,461

 

 

 

(12,789

)

 

Total liabilities and stockholders’ equity (deficit)

 

$

719,781

 

 

 

$

731,119

 

 

 

_______________

(1) Total deferred revenue was $154.7 million and $105.9 million as of October 31, 2021 and January 31, 2021, respectively, of which $4.1 million and $2.0 million, respectively, is presented within other liabilities, as a noncurrent liability, in the consolidated balance sheets.

ASANA, INC.

SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

   

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

2021

 

2020

 

2021

 

2020

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(69,280

)

 

 

$

(73,289

)

 

 

$

(198,293

)

 

 

$

(150,200

)

 

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Allowance for doubtful accounts

 

472

 

 

 

84

 

 

 

1,238

 

 

 

1,204

 

 

Depreciation and amortization

 

3,129

 

 

 

992

 

 

 

5,501

 

 

 

2,508

 

 

Loss (gain) on sale of property and equipment

 

(1

)

 

 

(12

)

 

 

37

 

 

 

(12

)

 

Amortization of deferred contract acquisition costs

 

2,317

 

 

 

1,099

 

 

 

5,939

 

 

 

2,684

 

 

Stock-based compensation expense

 

25,848

 

 

 

8,941

 

 

 

62,260

 

 

 

18,299

 

 

Net accretion of discount of marketable securities

 

115

 

 

 

135

 

 

 

701

 

 

 

82

 

 

Non-cash lease expense

 

4,462

 

 

 

5,250

 

 

 

13,242

 

 

 

11,835

 

 

Amortization of discount on convertible notes and term loan issuance costs

 

4

 

 

 

6,350

 

 

 

10,640

 

 

 

15,964

 

 

Non-cash interest expense

 

 

 

 

3,970

 

 

 

6,670

 

 

 

9,709

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

(12,979

)

 

 

(7,079

)

 

 

(13,979

)

 

 

(11,831

)

 

Prepaid expenses and other current assets

 

(3,417

)

 

 

(8,874

)

 

 

(8,988

)

 

 

(13,251

)

 

Other assets

 

(2,842

)

 

 

(1,175

)

 

 

(6,353

)

 

 

(2,537

)

 

Accounts payable

 

7,371

 

 

 

299

 

 

 

9,063

 

 

 

1,840

 

 

Accrued expenses and other current liabilities

 

(2,779

)

 

 

10,046

 

 

 

10,571

 

 

 

13,544

 

 

Deferred revenue

 

15,157

 

 

 

15,102

 

 

 

48,827

 

 

 

26,041

 

 

Operating lease liabilities

 

3,923

 

 

 

3,726

 

 

 

8,464

 

 

 

(584

)

 

Net cash used in operating activities

 

(28,500

)

 

 

(34,435

)

 

 

(44,460

)

 

 

(74,705

)

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchases of marketable securities

 

(13,453

)

 

 

(126,613

)

 

 

(61,923

)

 

 

(126,613

)

 

Sales of marketable securities

 

 

 

 

 

 

 

351

 

 

 

 

 

Maturities of marketable securities

 

43,549

 

 

 

6,399

 

 

 

124,588

 

 

 

45,341

 

 

Purchases of property and equipment

 

(10,746

)

 

 

(22,752

)

 

 

(40,303

)

 

 

(35,153

)

 

Sales of property and equipment

 

2

 

 

 

12

 

 

 

22

 

 

 

12

 

 

Capitalized internal-use software

 

(191

)

 

 

(40

)

 

 

(487

)

 

 

(858

)

 

Net cash provided by (used in) investing activities

 

19,161

 

 

 

(142,994

)

 

 

22,248

 

 

 

(117,271

)

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from term loan, net of issuance costs

 

 

 

 

10,000

 

 

 

9,000

 

 

 

12,915

 

 

Repayment of term loan

 

(500

)

 

 

 

 

 

(1,167

)

 

 

 

 

Proceeds from issuance of convertible notes—related party

 

 

 

 

 

 

 

 

 

 

150,000

 

 

Taxes paid related to net share settlement of equity awards

 

 

 

 

(192

)

 

 

 

 

 

(378

)

 

Repurchases of common stock

 

 

 

 

 

 

 

(36

)

 

 

 

 

Proceeds from exercise of stock options

 

3,859

 

 

 

14,443

 

 

 

12,827

 

 

 

16,194

 

 

Proceeds from employee stock purchase plan

 

7,223

 

 

 

 

 

 

13,350

 

 

 

 

 

Net cash provided by financing activities

 

10,582

 

 

 

24,251

 

 

 

33,974

 

 

 

178,731

 

 

Effect of foreign exchange rates on cash and cash equivalents and restricted cash

 

260

 

 

 

(71

)

 

 

178

 

 

 

(7

)

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

1,503

 

 

 

(153,249

)

 

 

11,940

 

 

 

(13,252

)

 

Cash, cash equivalents, and restricted cash

 

 

 

 

 

 

 

 

Beginning of period

 

270,315

 

 

 

450,674

 

 

 

259,878

 

 

 

310,677

 

 

End of period

 

$

271,818

 

 

 

$

297,425

 

 

 

$

271,818

 

 

 

$

297,425

 

 

   

ASANA, INC.

Reconciliation of GAAP to Non-GAAP Data

(In thousands, except percentages)

(unaudited)

 

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

 

2021

 

2020

 

2021

 

2020

Reconciliation of gross profit and gross margin

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

90,756

 

 

 

$

51,584

 

 

 

$

239,124

 

 

 

$

138,087

 

 

Plus: stock-based compensation and related employer payroll tax associated with RSUs

 

205

 

 

 

75

 

 

 

493

 

 

 

175

 

 

Non-GAAP gross profit

 

$

90,961

 

 

 

$

51,659

 

 

 

$

239,617

 

 

 

$

138,262

 

 

GAAP gross margin

 

90.5

 

%

 

87.6

 

%

 

89.7

 

%

 

87.0

 

%

Non-GAAP adjustments

 

0.2

 

%

 

0.1

 

%

 

0.2

 

%

 

0.2

 

%

Non-GAAP gross margin

 

90.7

 

%

 

87.7

 

%

 

89.9

 

%

 

87.2

 

%

Reconciliation of operating expenses

 

 

 

 

 

 

 

 

GAAP research and development

 

$

53,788

 

 

 

$

32,996

 

 

 

$

142,209

 

 

 

$

81,338

 

 

Less: stock-based compensation and related employer payroll tax associated with RSUs

 

(14,671

)

 

 

(4,783

)

 

 

(36,004

)

 

 

(9,520

)

 

Non-GAAP research and development

 

$

39,117

 

 

 

$

28,213

 

 

 

$

106,205

 

 

 

$

71,818

 

 

GAAP research and development as percentage of revenue

 

53.6

 

%

 

56.0

 

%

 

53.4

 

%

 

51.3

 

%

Non-GAAP research and development as percentage of revenue

 

39.0

 

%

 

47.9

 

%

 

39.9

 

%

 

45.3

 

%

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

73,295

 

 

 

$

48,039

 

 

 

$

194,009

 

 

 

$

122,952

 

 

Less: stock-based compensation and related employer payroll tax associated with RSUs

 

(7,518

)

 

 

(2,463

)

 

 

(17,452

)

 

 

(5,084

)

 

Non-GAAP sales and marketing

 

$

65,777

 

 

 

$

45,576

 

 

 

$

176,557

 

 

 

$

117,868

 

 

GAAP sales and marketing as percentage of revenue

 

73.0

 

%

 

81.6

 

%

 

72.8

 

%

 

77.5

 

%

Non-GAAP sales and marketing as percentage of revenue

 

65.6

 

%

 

77.4

 

%

 

66.3

 

%

 

74.3

 

%

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

31,761

 

 

 

$

32,483

 

 

 

$

81,027

 

 

 

$

58,400

 

 

Less: stock-based compensation and related employer payroll tax associated with RSUs

 

(4,416

)

 

 

(1,620

)

 

 

(11,009

)

 

 

(3,520

)

 

Less: direct listing expenses

 

 

 

 

(15,718

)

 

 

 

 

 

(17,955

)

 

Non-GAAP general and administrative

 

$

27,345

 

 

 

$

15,145

 

 

 

$

70,018

 

 

 

$

36,925

 

 

GAAP general and administrative as percentage of revenue

 

31.7

 

%

 

55.1

 

%

 

30.4

 

%

 

36.8

 

%

Non-GAAP general and administrative as percentage of revenue

 

27.3

 

%

 

25.7

 

%

 

26.3

 

%

 

23.3

 

%

Reconciliation of operating loss and operating margin

 

 

 

 

 

 

 

 

GAAP loss from operations

 

$

(68,088

)

 

 

$

(61,934

)

 

 

$

(178,121

)

 

 

$

(124,603

)

 

Plus: stock-based compensation and related employer payroll tax associated with RSUs

 

26,810

 

 

 

8,941

 

 

 

64,958

 

 

 

18,299

 

 

Plus: direct listing expenses

 

 

 

 

15,718

 

 

 

 

 

 

17,955

 

 

Non-GAAP loss from operations

 

$

(41,278

)

 

 

$

(37,275

)

 

 

$

(113,163

)

 

 

$

(88,349

)

 

GAAP operating margin

 

(67.9

)

%

 

(105.1

)

%

 

(66.8

)

%

 

(78.5

)

%

Non-GAAP adjustments

 

26.8

 

%

 

41.8

 

%

 

24.4

 

%

 

22.8

 

%

Non-GAAP operating margin

 

(41.1

)

%

 

(63.3

)

%

 

(42.4

)

%

 

(55.7

)

%

 

Contacts

Catherine Buan

Asana Investor Relations

ir@asana.com

Erin Cheng

Asana Corporate Communications

press@asana.com

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