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Asana Announces Record Second Quarter Fiscal 2023 Revenues

Second quarter revenue growth up 51% year over year

Revenues from customers spending $5,000 or more on an annualized basis grew 64% year over year

Customers spending $100,000 or more on an annualized basis grew 105% year over year

Announces $350 million private placement

Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), a leading work management platform for organizations, today reported financial results for its second quarter fiscal 2023 ended July 31, 2022.

“This quarter we beat our revenue guidance by 6 percent and non-GAAP operating loss guidance by 14 percent," said Dustin Moskovitz, co-founder and chief executive officer of Asana. “Growth was driven by large enterprise deals and momentum in the US, with the number of customers spending $100,000 or more on an annualized basis up 105 percent. We believe that Asana is the most scalable work management platform out there, as evidenced by our broad deployment and millions of users worldwide, including our largest customer deployment of over 100,000 paid seats.”

“I am investing further in Asana because I strongly believe the market opportunity is enormous and that the Work Graph is the best possible solution for helping enterprises achieve their most important goals,” Moskovitz continued, “The market is ready and our customers are validating our strategy every day. With the additional $350 million in capital announced today, we believe we are fully-funded to execute on our current strategies and well-positioned to reach free cash flow positive before the end of calendar 2024.”

Second Quarter Fiscal 2023 Financial Highlights

  • Revenues: Revenues were $134.9 million, an increase of 51% year over year.
  • Operating Loss: GAAP operating loss was $111.3 million, or 82% of revenues, compared to GAAP operating loss of $60.1 million, or 67% of revenues, in the second quarter of fiscal 2022. Non-GAAP operating loss was $62.6 million, or 46% of revenues, compared to non-GAAP operating loss of $38.6 million, or 43% of revenues, in the second quarter of fiscal 2022.
  • Net Loss: GAAP net loss was $113.0 million, compared to GAAP net loss of $68.4 million in the second quarter of fiscal 2022. GAAP net loss per share was $0.59, compared to GAAP net loss per share of $0.40 in the second quarter of fiscal 2022. Non-GAAP net loss was $64.3 million, compared to non-GAAP net loss of $39.8 million in the second quarter of fiscal 2022. Non-GAAP net loss per share was $0.34, compared to non-GAAP net loss per share of $0.23 in the second quarter of fiscal 2022.
  • Cash Flow: Cash flows from operating activities were negative $41.6 million, compared to negative $8.5 million in the second quarter of fiscal 2022. Free cash flow was negative $42.3 million, compared to negative $9.3 million in the second quarter of fiscal 2022.

Business Highlights

  • Named the Leader in G2’s Enterprise Grid® in the OKR software market, Project Management, Product Management, and others.
  • Ended the quarter with over 131,000 paying customers and over 2.5 million paid seats.
  • The number of customers spending $5,000 or more on an annualized basis in Q2 grew to 18,040, an increase of 41% year over year. Revenues from these customers in Q2 grew 64% year over year.
  • The number of customers spending $50,000 or more on an annualized basis in Q2 grew to 1,141, an increase of 91% year over year.
  • The number of customers spending $100,000 or more on an annualized basis in Q2 grew to 462, an increase of 105% year over year.
  • Overall dollar-based net retention rate in Q2 was over 120%.
  • Dollar-based net retention rate for customers with $5,000 or more in annualized spend in Q2 was over 130%.
  • Dollar-based net retention rate for customers with $50,000 or more in annualized spend in Q2 was over 145%.
  • Unveiled Employee Impact Suite of features and partnerships which gives managers the tools to better support and empower their teams with improved alignment and focus.
  • Launched inaugural Environmental, Social, and Governance report aligned with Sustainability Accounting Standards Board metrics, and furnished our first year of climate data.
  • Opened a new Data Center in Australia, our second international Data Center.
  • Named a Best Workplaces in Bay Area by Great Place to Work® and Fortune for the Sixth Year in a Row.

Financial Outlook

For the third quarter of fiscal 2023, Asana expects:

  • Revenues of $138.5 million to $139.5 million, representing year over year growth of 38% to 39%.
  • Non-GAAP operating loss of $66 million to $63 million.
  • Non-GAAP net loss per share of $0.33 to $0.32, assuming basic and diluted weighted average shares outstanding of approximately 203.0 million.

For fiscal year 2023, Asana expects revenues of $544.0 million to $547.0 million, representing year over year growth of 44% to 45%.

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 second quarter fiscal year 2023 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 webcast and replay will be available on the Asana Investor Relations website at: https://investors.asana.com. The conference call can also be accessed by dialing (844) 200-6205, or +1 929-526-1599 (outside of the US). The conference access code is 400299.

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 reaching cash flow positive before the end of calendar 2024, our ability to execute on our current strategies, Asana’s outlook for the third fiscal quarter and the full fiscal year ending January 31, 2023, expected benefits of our offerings, 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,” “may,” “will,” “goal,” 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 Annual Report on Form 10-K for the year ended January 31, 2022. 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, gross margin, operating expenses, operating expenses as a percentage of revenue, operating loss, operating margin, net loss, and net loss per share, 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 from 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. 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. Asana believes that 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, $50,000, and $100,000 on an annualized basis

We define customers spending over $5,000, $50,000, and $100,000 as those organizations on a paid subscription plan that had $5,000 or more or $50,000 or more or $100,000 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 organizations orchestrate their work, from small projects to strategic initiatives. Headquartered in San Francisco, CA, Asana has more than 131,000 paying customers and millions of free organizations over 200 countries and territories. Global customers such as Amazon, Affirm, Japan Airlines, and Sky 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 July 31,

 

Six Months Ended July 31,

 

2022

 

2021

 

2022

 

2021

Revenues

$

134,896

 

 

$

89,478

 

 

$

255,542

 

 

$

166,151

 

Cost of revenues(1)

 

13,756

 

 

 

9,869

 

 

 

26,194

 

 

 

17,783

 

Gross profit

 

121,140

 

 

 

79,609

 

 

 

229,348

 

 

 

148,368

 

Operating expenses:

 

 

 

 

 

 

 

Research and development(1)

 

75,233

 

 

 

48,454

 

 

 

140,438

 

 

 

88,421

 

Sales and marketing(1)

 

110,392

 

 

 

63,930

 

 

 

206,515

 

 

 

120,714

 

General and administrative(1)

 

46,787

 

 

 

27,276

 

 

 

89,899

 

 

 

49,266

 

Total operating expenses

 

232,412

 

 

 

139,660

 

 

 

436,852

 

 

 

258,401

 

Loss from operations

 

(111,272

)

 

 

(60,051

)

 

 

(207,504

)

 

 

(110,033

)

Interest income and other income (expense), net

 

(164

)

 

 

(328

)

 

 

(1,510

)

 

 

(320

)

Interest expense

 

(311

)

 

 

(7,351

)

 

 

(668

)

 

 

(17,725

)

Loss before provision for income taxes

 

(111,747

)

 

 

(67,730

)

 

 

(209,682

)

 

 

(128,078

)

Provision for income taxes

 

1,222

 

 

 

625

 

 

 

2,155

 

 

 

935

 

Net loss

$

(112,969

)

 

$

(68,355

)

 

$

(211,837

)

 

$

(129,013

)

Net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.59

)

 

$

(0.40

)

 

$

(1.11

)

 

$

(0.78

)

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

 

 

 

 

 

 

 

Basic and diluted

 

191,352

 

 

 

170,600

 

 

 

190,486

 

 

 

166,412

 

_______________

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

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2022

 

2021

 

2022

 

2021

Cost of revenues

$

418

 

$

150

 

$

739

 

$

270

Research and development

 

24,447

 

 

11,250

 

 

45,576

 

 

20,390

Sales and marketing

 

15,521

 

 

5,350

 

 

28,010

 

 

9,503

General and administrative

 

7,548

 

 

3,631

 

 

13,518

 

 

6,249

Total stock-based compensation expense

$

47,934

 

$

20,381

 

$

87,843

 

$

36,412

 

ASANA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

 

 

July 31, 2022

 

January 31, 2022

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

148,458

 

 

$

240,403

 

Marketable securities

 

90,454

 

 

 

71,628

 

Accounts receivable, net

 

52,505

 

 

 

59,085

 

Prepaid expenses and other current assets

 

60,342

 

 

 

40,278

 

Total current assets

 

351,759

 

 

 

411,394

 

Property and equipment, net

 

95,296

 

 

 

99,632

 

Restricted cash, noncurrent

 

1,499

 

 

 

 

Operating lease right-of-use assets

 

169,919

 

 

 

174,083

 

Investments, noncurrent

 

 

 

 

2,760

 

Other assets

 

21,176

 

 

 

19,166

 

Total assets

$

639,649

 

 

$

707,035

 

Liabilities and Stockholders’ Equity

Current liabilities

 

 

 

Accounts payable

$

9,545

 

 

$

11,557

 

Accrued expenses and other current liabilities

 

75,307

 

 

 

60,915

 

Deferred revenue, current

 

207,148

 

 

 

170,143

 

Operating lease liabilities, current

 

13,133

 

 

 

12,573

 

Total current liabilities

 

305,133

 

 

 

255,188

 

Term loan, net

 

31,954

 

 

 

34,612

 

Deferred revenue, noncurrent

 

3,025

 

 

 

4,082

 

Operating lease liabilities, noncurrent

 

204,139

 

 

 

208,422

 

Other liabilities

 

3,277

 

 

 

891

 

Total liabilities

 

547,528

 

 

 

503,195

 

Stockholders’ equity

 

 

 

Common stock

 

2

 

 

 

2

 

Additional paid-in capital

 

1,135,398

 

 

 

1,034,252

 

Accumulated other comprehensive loss

 

(1,654

)

 

 

(626

)

Accumulated deficit

 

(1,041,625

)

 

 

(829,788

)

Total stockholders’ equity

 

92,121

 

 

 

203,840

 

Total liabilities and stockholders’ equity

$

639,649

 

 

$

707,035

 

ASANA, INC.

SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2022

 

2021

 

2022

 

2021

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(112,969

)

 

$

(68,355

)

 

$

(211,837

)

 

$

(129,013

)

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

 

 

 

 

 

 

 

Allowance for expected credit losses

 

733

 

 

 

570

 

 

 

1,360

 

 

 

766

 

Depreciation and amortization

 

3,199

 

 

 

1,399

 

 

 

6,303

 

 

 

2,372

 

Amortization of deferred contract acquisition costs

 

3,527

 

 

 

1,993

 

 

 

6,572

 

 

 

3,622

 

Stock-based compensation expense

 

47,934

 

 

 

20,381

 

 

 

87,843

 

 

 

36,412

 

Net amortization of premium on marketable securities

 

2

 

 

 

250

 

 

 

57

 

 

 

586

 

Non-cash lease expense

 

3,729

 

 

 

4,254

 

 

 

7,368

 

 

 

8,780

 

Amortization of discount on convertible notes and term loan issuance costs

 

4

 

 

 

4,385

 

 

 

8

 

 

 

10,636

 

Non-cash interest expense

 

 

 

 

2,740

 

 

 

 

 

 

6,670

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

13,734

 

 

 

2,182

 

 

 

5,203

 

 

 

(1,000

)

Prepaid expenses and other current assets

 

(15,899

)

 

 

(3,188

)

 

 

(27,702

)

 

 

(5,571

)

Other assets

 

173

 

 

 

(1,615

)

 

 

(2,023

)

 

 

(3,473

)

Accounts payable

 

(6,150

)

 

 

4,143

 

 

 

(1,469

)

 

 

1,692

 

Accrued expenses and other liabilities

 

15,692

 

 

 

10,523

 

 

 

16,483

 

 

 

13,350

 

Deferred revenue

 

8,148

 

 

 

13,645

 

 

 

35,949

 

 

 

33,670

 

Operating lease liabilities

 

(3,505

)

 

 

(1,823

)

 

 

(6,896

)

 

 

4,541

 

Net cash used in operating activities

 

(41,648

)

 

 

(8,516

)

 

 

(82,781

)

 

 

(15,960

)

Cash flows from investing activities

 

 

 

 

 

 

 

Purchases of marketable securities

 

(25,664

)

 

 

(14,468

)

 

 

(72,218

)

 

 

(48,470

)

Sales of marketable securities

 

 

 

 

20

 

 

 

 

 

 

371

 

Maturities of marketable securities

 

20,309

 

 

 

36,687

 

 

 

55,890

 

 

 

81,039

 

Purchases of property and equipment

 

(635

)

 

 

(12,588

)

 

 

(1,683

)

 

 

(29,557

)

Capitalized internal-use software costs

 

 

 

 

(113

)

 

 

(70

)

 

 

(296

)

Net cash provided by (used in) investing activities

 

(5,990

)

 

 

9,538

 

 

 

(18,081

)

 

 

3,087

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from term loan, net of issuance costs

 

 

 

 

 

 

 

 

 

 

9,000

 

Repayment of term loan

 

(1,000

)

 

 

(500

)

 

 

(1,667

)

 

 

(667

)

Repurchases of common stock

 

(2

)

 

 

(23

)

 

 

(2

)

 

 

(36

)

Proceeds from exercise of stock options

 

1,419

 

 

 

5,994

 

 

 

3,647

 

 

 

8,968

 

Proceeds from employee stock purchase plan

 

 

 

 

 

 

 

9,156

 

 

 

6,127

 

Net cash provided by financing activities

 

417

 

 

 

5,471

 

 

 

11,134

 

 

 

23,392

 

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

 

(150

)

 

 

(111

)

 

 

(718

)

 

 

(82

)

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

 

(47,371

)

 

 

6,382

 

 

 

(90,446

)

 

 

10,437

 

Cash, cash equivalents, and restricted cash

 

 

 

 

 

 

 

Beginning of period

 

197,328

 

 

 

263,933

 

 

 

240,403

 

 

 

259,878

 

End of period

$

149,957

 

 

$

270,315

 

 

$

149,957

 

 

$

270,315

 

ASANA, INC.

Reconciliation of GAAP to Non-GAAP Data

(In thousands, except percentages)

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2022

 

2021

 

2022

 

2021

Reconciliation of gross profit and gross margin

 

 

 

 

 

 

 

GAAP gross profit

$

121,140

 

 

$

79,609

 

 

$

229,348

 

 

$

148,368

 

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

 

424

 

 

 

165

 

 

 

756

 

 

 

288

 

Non-GAAP gross profit

$

121,564

 

 

$

79,774

 

 

$

230,104

 

 

$

148,656

 

GAAP gross margin

 

89.8

%

 

 

89.0

%

 

 

89.7

%

 

 

89.3

%

Non-GAAP adjustments

 

0.3

%

 

 

0.2

%

 

 

0.3

%

 

 

0.2

%

Non-GAAP gross margin

 

90.1

%

 

 

89.2

%

 

 

90.0

%

 

 

89.5

%

Reconciliation of operating expenses

 

 

 

 

 

 

 

GAAP research and development

$

75,233

 

 

$

48,454

 

 

$

140,438

 

 

$

88,421

 

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

 

(24,842

)

 

 

(11,835

)

 

 

(46,923

)

 

 

(21,333

)

Non-GAAP research and development

$

50,391

 

 

$

36,619

 

 

$

93,515

 

 

$

67,088

 

GAAP research and development as percentage of revenue

 

55.8

%

 

 

54.2

%

 

 

55.0

%

 

 

53.2

%

Non-GAAP research and development as percentage of revenue

 

37.4

%

 

 

40.9

%

 

 

36.6

%

 

 

40.4

%

 

 

 

 

 

 

 

 

GAAP sales and marketing

$

110,392

 

 

$

63,930

 

 

$

206,515

 

 

$

120,714

 

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

 

(15,710

)

 

 

(5,611

)

 

 

(28,559

)

 

 

(9,934

)

Non-GAAP sales and marketing

$

94,682

 

 

$

58,319

 

 

$

177,956

 

 

$

110,780

 

GAAP sales and marketing as percentage of revenue

 

81.8

%

 

 

71.4

%

 

 

80.8

%

 

 

72.7

%

Non-GAAP sales and marketing as percentage of revenue

 

70.2

%

 

 

65.2

%

 

 

69.6

%

 

 

66.7

%

 

 

 

 

 

 

 

 

GAAP general and administrative

$

46,787

 

 

$

27,276

 

 

$

89,899

 

 

$

49,266

 

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

 

(7,669

)

 

 

(3,858

)

 

 

(13,923

)

 

 

(6,593

)

Non-GAAP general and administrative

$

39,118

 

 

$

23,418

 

 

$

75,976

 

 

$

42,673

 

GAAP general and administrative as percentage of revenue

 

34.7

%

 

 

30.5

%

 

 

35.2

%

 

 

29.7

%

Non-GAAP general and administrative as percentage of

revenue

 

29.0

%

 

 

26.2

%

 

 

29.7

%

 

 

25.7

%

Reconciliation of operating loss and operating margin

 

 

 

 

 

 

 

GAAP loss from operations

$

(111,272

)

 

$

(60,051

)

 

$

(207,504

)

 

$

(110,033

)

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

 

48,645

 

 

 

21,469

 

 

 

90,161

 

 

 

38,148

 

Non-GAAP loss from operations

$

(62,627

)

 

$

(38,582

)

 

$

(117,343

)

 

$

(71,885

)

GAAP operating margin

 

(82.5

)%

 

 

(67.1

)%

 

 

(81.2

)%

 

 

(66.2

)%

Non-GAAP adjustments

 

36.1

%

 

 

24.0

%

 

 

35.3

%

 

 

23.0

%

Non-GAAP operating margin

 

(46.4

)%

 

 

(43.1

)%

 

 

(45.9

)%

 

 

(43.2

)%

ASANA, INC.

Reconciliation of GAAP to Non-GAAP Data

(In thousands, except percentages and per share data)

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2022

 

2021

 

2022

 

2021

Reconciliation of net loss

 

 

 

 

 

 

 

GAAP net loss

$

(112,969

)

 

$

(68,355

)

 

$

(211,837

)

 

$

(129,013

)

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

 

48,645

 

 

 

21,469

 

 

 

90,161

 

 

 

38,148

 

Plus: amortization of debt discount

 

 

 

 

4,382

 

 

 

 

 

 

10,628

 

Plus: non-cash interest

 

 

 

 

2,740

 

 

 

 

 

 

6,670

 

Non-GAAP net loss

$

(64,324

)

 

$

(39,764

)

 

$

(121,676

)

 

$

(73,567

)

Reconciliation of net loss per share

 

 

 

 

 

 

 

GAAP net loss per share, basic

$

(0.59

)

 

$

(0.40

)

 

$

(1.11

)

 

$

(0.78

)

Non-GAAP adjustments to net loss

 

0.25

 

 

 

0.17

 

 

 

0.47

 

 

 

0.34

 

Non-GAAP net loss per share, basic

$

(0.34

)

 

$

(0.23

)

 

$

(0.64

)

 

$

(0.44

)

Weighted-average shares used in GAAP and non-GAAP per share calculation, basic and diluted

 

191,352

 

 

 

170,600

 

 

 

190,486

 

 

 

166,412

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2022

 

2021

 

2022

 

2021

Computation of free cash flow

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

$

(5,990

)

 

$

9,538

 

 

$

(18,081

)

 

$

3,087

 

Net cash provided by financing activities

$

417

 

 

$

5,471

 

 

$

11,134

 

 

$

23,392

 

Net cash used in operating activities

$

(41,648

)

 

$

(8,516

)

 

$

(82,781

)

 

$

(15,960

)

Less: purchases of property and equipment

 

(635

)

 

 

(12,588

)

 

 

(1,683

)

 

 

(29,557

)

Less: capitalized internal-use software costs

 

 

 

 

(113

)

 

 

(70

)

 

 

(296

)

Plus: purchases of property and equipment from build-out of corporate headquarters

 

 

 

 

11,950

 

 

 

2

 

 

 

28,612

 

Plus: direct listing expenses

 

 

 

 

 

 

 

 

 

 

270

 

Free cash flow

$

(42,283

)

 

$

(9,267

)

 

$

(84,532

)

 

$

(16,931

)

 

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