##### 05-Sep-2023
 (ASAN)
## Asana, Inc.

##### Q2 2024 Earnings Call


##### Total Pages: 20


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call

### CORPORATE PARTICIPANTS


Corrected Transcript

05-Sep-2023


Catherine Buan
Head-Investor Relations, Asana, Inc.
Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.


Anne Raimondi
Chief Operating Officer & Head of Business, Asana, Inc.
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.


.....................................................................................................................................................................................................................................................................

### OTHER PARTICIPANTS


Andrew DeGasperi
Analyst, Berenberg Capital Markets LLC
Steven Enders
Analyst, Citigroup Global Markets, Inc.
George Iwanyc
Analyst, Oppenheimer & Co., Inc.
Jackson E. Ader
Analyst, MoffettNathanson LLC
Alex Zukin
Analyst, Wolfe Research LLC


Josh Baer
Analyst, Morgan Stanley & Co. LLC
Robert Simmons
Analyst, D.A. Davidson & Co.
Patrick Walravens
Analyst, JMP Securities LLC
Brent Thill
Analyst, Jefferies LLC


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### MANAGEMENT DISCUSSION SECTION

**Operator: Thank you for standing by and welcome to Asana's Second Quarter Fiscal Year 2024 Earnings Call.**
At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-andanswer session. [Operator Instructions] I would now like to hand the call over to Catherine Buan, Head of Investor
Relations. Please go ahead.
.....................................................................................................................................................................................................................................................................
##### Catherine Buan
Head-Investor Relations, Asana, Inc.

Good afternoon and thank you for joining us on today's conference call to discuss the financial results for Asana's
second quarter fiscal year 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. Forward-looking statements
involve risks, uncertainties and assumptions that may cause our actual results to be materially different from
those expressed or implied by the forward-looking statements. Please refer to our filings with the SEC, including
our most recent annual report Form 10-K and quarterly report on Form 10-Q for additional information on risks,
uncertainties and assumptions that may cause actual results to differ materially from those set forth in such
statements.


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In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial
measures are in addition to and not a substitute for or superior to measures of financial performance prepared in
accordance with GAAP. Reconciliation between GAAP and non-GAAP financial measures and a discussion of the
limitations of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings
release, which is posted on our Investor Relations webpage at investors.asana.com.

And with that, I'd like to turn the call over to Dustin.
.....................................................................................................................................................................................................................................................................
##### Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.

Thank you, Catherine, and thank you all for joining us on the call today. We reported Q2 results within top and
bottom line expectations. Q2 revenues grew 20% year-over-year as we continue to close large deals in the
enterprise segment. Non-GAAP operating margins improved 40 percentage points year-over-year while we
attained positive free cash flow in the quarter at $14.6 million. Our growth continues to be fueled by some of the
largest and most strategic companies in the world choosing Asana.

In Q2, we closed and expanded deals across industries such as manufacturing, professional services, healthcare,
logistics, media and financial services. Our most strategic customers are modernizing the way they work and are
turning to Asana for work management at scale. And as we look toward the next generation of work management
and implement AI even further, these relationships will be increasingly valuable.

Even with continued macro headwinds and heightened budget scrutiny in the enterprise, sentiment seems to be
stabilizing. Customers are looking for ways to consolidate their vendors, getting more ROI out of everything
they're doing and they're turning to Asana. Asana can help to achieve their goals and objectives more efficiently
and faster than ever before. In fact, we've seen an increase in multiyear commitments both year-over-year and
sequentially in the quarter.

In Q2, we made great progress on improving our non-GAAP operating margins. We expect significant
improvement in non-GAAP operating margin year-over-year for the full year as we focus on operational efficiency
and growth, which Tim will talk about more. In the first half of the year, we've been working through the macro
headwinds and we continue to focus on our enterprise playbook, improving sales execution and building
substantial enterprise leadership, most recently announcing the arrival of our new CRO, Ed McDonnell.

I'd be remiss to start with anything but artificial intelligence given the opportunity it presents for Asana and our
customers, so let me jump right in. In short, I'm extremely excited. I've been deeply involved and passionate about
AI for a very long time. Asana has the good fortune of sharing a backyard with many of the leaders in AI, including
companies like Anthropic and OpenAI. And I personally have been embedded in this community and working with
these companies since their founding days as an early supporter of both OpenAI and Anthropic.

AI really entered the zeitgeist in capturing people's imaginations in November of last year with the launch of
ChatGPT. But as the novelty for some has worn out so is their enthusiasm. My view is that people aren't thinking
big enough and they're underestimating how quickly the foundation models themselves will improve. I believe chat
bots are just demos, they're not really the endgame. And the real potential of AI is going to manifest when it gets
deeply integrated into other software, making it possible for end users to get great results without themselves
becoming prompt engineers and for developers to radically accelerate their productivity.

There's also a lot of skepticism around AI that I understand and acknowledge. Many folks have rightly called out
the hallucination or black box problems. Folks just don't trust that AI is providing accurate or useful guidance all of


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#### Asana, Inc. (ASAN)
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the time. They want to be able to trust that they're getting good recommendations, which means they need to
understand the thinking process and assumptions that underlie them. Encountering the now infamous
hallucinations erodes trust, especially when you can't trace how the AI came up with it in the first place. We've
been architecting Asana's Work Graph data model for over a decade and we believe it will become increasingly
valuable in this AI-powered future, thanks to what it allows us to achieve with Asana Intelligence.

The Work Graph ensures that you have a single source of truth for work data structured in a way that it's scalable
and maps to how work actually gets done inside organizations. With the Work Graph, data is connected across
the whole enterprise: work, functions, teams and people. And this data connection is powerful because it captures
the sum and the parts. AI can use the underlying pieces of the work to more accurately draw conclusions and
multiple levels of altitude. And with the Asana Work Graph, we believe we're best positioned in the work
management category to solve the black box problem because we can show its work and unpack its assumptions
from facts and analysis of the work across all teams and all levels of granularity.

Here's a tangible example. Let's say a company is preparing for a global product launch, and multiple teams
across R&D, marketing, product marketing and sales are involved. They each have their own projects and work
streams that support the overall launch effort and each lives in one portfolio of work in Asana. Asana Intelligence
will be able to analyze all elements of the work supporting the product launch and flag key risks and bottlenecks
using granular information from supporting tasks.

Before, these hidden blockers would have been a blind spot for the organization and would have taken many
conversations to uncover. But now with the Work Graph and AI, this can be surfaced immediately, and Asana
Intelligence will help show its work by pointing how it came to that conclusion based on the work data and the
work relationships at its disposal. Asana will highlight where and how this unseen but critical dependency will
impact launch timelines visually.

The Work Graph makes how work gets done in your organization highly legible to the AI, but it's also going to
make the AI's underlying assumptions to its conclusions legible to your organization and the people within it. This
is critical for key enterprise requirements like permissions, access control and accountability.

Asana Intelligence powered by the Work Graph, will serve as a shared map that helps align human intention with
AI guidance as they work together to achieve a customer's goals. We believe Asana is the only work
management platform built for enterprise scale with proven capabilities of scaling to 200,000 seats and companywide deployments, and our enterprise customers agree. As Asana adoption grows across the enterprise, the
value we provide increases.

In the cross-functional nature of the Work Graph data model is even more important with AI because information
silos isolate contexts that could otherwise be used. Even if you use AI to find the context in another silo, you have
to infer how they're connected. Whereas the relationship is explicit in the Work Graph data model. AI gives us yet
another way of giving customers increasing returns to scale in their Asana adoption.

In sum, Asana will capitalize on an enterprise's Work Graph to deliver more useful, accurate and insightful user
experience at every level, especially the executive level. AI is the ultimate accelerant of one of Asana's core value
propositions, which is to help companies thrive by connecting company-wide goals to the strategic initiatives,
departments, teams and work needed to achieve them. We see ourselves as creating entirely new software
interfaces between teams of humans working together and the powerful AI models that make getting their work
done easier. This is the core of our innovation focus right now.


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call


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We've already announced a slew of new AI features that are currently in beta that help individuals and teams
improve their productivity, like writing assistant, instant summaries and work organizer. Other features in beta
include health checks that drive greater clarity and accountability and Ask Asana Anything that maximizes impact.
Further down the product roadmap, we're also planning features such as goal-based resource management and
AI-assisted smart workflows, and we're just getting started.

You'll see us unveil an exciting new lineup of innovation at our Work Innovation Summit on October 3 in New York
City. This will be our most exciting customer event of the year with visionary keynote, luminary speakers, industry
leaders across operations, IT and marketing, as well as a special investor session to talk more about our product
plans, go-to-market initiatives and financial outlook. We'll also be hosting customers at our Work Innovation center
where we'll share their Work Innovation Score, a cutting edge benchmark developed by industry-leading experts.
The scores powered by the Work Graph and AI, designed to assess organization's potential for innovation both
now and in the future.

The Work Innovation Score highlights our customer's innovation potential, allowing them to clearly identify
strengths and overcome obstacles. This unique offering in our market and it's only offered by Asana, extremely
popular, especially with our largest and most strategic customers. So we're excited to include even more
customers in the program. We look forward to seeing you in New York City on October 3.

In closing, in spite of significant headwinds, we've made measurable progress in the first half of the fiscal year.
We continue to see traction with some of the largest companies in the world and look forward to partnering with
these companies as we look toward the future product roadmap.

Now, I'll turn it over to Anne.
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##### Anne Raimondi
Chief Operating Officer & Head of Business, Asana, Inc.

Thanks, Dustin. The story in Q2 was really about continued enterprise growth and building our enterprise
leadership bench. We've talked about our strategy for moving upmarket and we are working and executing on this
plan. That said, I know the macro situation is still top of mind so let me address that upfront.

Overall, the sentiment in our customer base has remained the same versus last quarter. While it hasn't yet
improved, it also has not gotten worse. Budgets continue to be scrutinized, seats are being optimized and
decisions for expansion are being pushed out. But as customers continue to optimize budgets, we are also getting
positive competitive signals where customers are consolidating, removing incumbents and choosing Asana.

I also want to talk about net retention rate trends. As the de facto choice for some of the largest tech companies in
the world, Asana has likely seen disproportionate exposure to any pullback in that vertical, which is about 30% of
our business. Importantly, much of this has been less seat expansion as opposed to anything else, and that
remained a factor this quarter. For example, in some cases, even when a customer was choosing to expand into
new use cases and departments, this is often offset by removing seats that were downsized as part of a budget
pullback.

Conversely, as we approach the anniversary at the beginning of this trend, we expect to benefit from any rebound
in future quarters. Top of funnel demand was stable versus last quarter, and our pipeline continues to build. The
US grew 22% year-over-year, while international grew 18%. If I split off EMEA separately, EMEA had a
particularly solid quarter reporting the fastest growth across our major regions. Our new leadership and regional


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#### Asana, Inc. (ASAN)
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model in EMEA are in place and we're getting increased traction. We closed several of our largest net new deals
in EMEA as a result of our improved execution.

Growth in our business and enterprise tiers led overall growth at 32% year-over-year and represents 73% of our
revenue. We believe this is a good proxy for our traction within larger customers. Asana goals, portfolios and
reporting are key differentiators for us. Adoption has continued to be strong and these investments are leading to
consolidation wins. Our top down use case and value selling is resonating, and it's allowing us to land large deals.
Our enterprise customers representing organizations with over 2,000 employees continue to be our fastest
growing customer segment, and this segment is further diversifying. Approximately 80% of the net new $100,000
plus customers in Q2 were in non-tech sectors.

Executives are planning long term about how to invest in work management capabilities, and this is driving
multiyear commitments for us. And there is not a single enterprise customer that isn't asking us about AI and
automations in Asana. We believe our AI roadmap will help to further drive adoption and expansion within
customers.

We are seeing new lands and expansions broadly across several diverse industries. First, we set a new record
with our largest land deal in Asana history. One of the largest multinational cybersecurity companies chose Asana
in a multimillion-dollar consolidation win. During the RFP process, they evaluated multiple work management
apps that they were using across the company based on several factors. The company will be methodically
ripping out legacy apps and replacing them with Asana across the organization over three phases. This is a very
significant win on many fronts, in particular how successfully we can execute on a top-down value-based sales
motion.

Also, I'm very excited about another net new customer, one of the largest professional services companies in the
world based in the UK, with over 12,000 employees worldwide. Their CMO was looking for a centralized global
platform to ensure a consistent brand experience across markets and channels. It's a multiyear deployment that
represents a great deal of potential.

In addition, a large healthcare manufacturing company headquartered in Switzerland with over 9,000 employees
is expanding with Asana and replacing a legacy incumbent. The company has grown significantly through
acquisitions and will make Asana available to employees globally. This is another multiyear strategic deal.

We signed several deals this quarter with manufacturing companies. One of the larger deals was with Fujitsu, one
of the largest IT companies in the world. We're also seeing continued success in the financial services industry.
We had a six-figure early renewal and expansion with a large financial services firm in the consumer credit space
after they saw significant value from Asana in their marketing and strategic planning functions in just six months.
They are bringing more teams onto our enterprise platform to manage everything from OKRs to project plans, so
they can make informed decisions about their strategic initiatives to improve goal attainment.

We also had an expansion with the subsidiary of a major US insurance company for a two-year prepaid contract.
The company uses Asana to manage developing new products to enter new industries. Security and governance
are very important to them, so Asana Enterprise capabilities were among the reasons we won.

You may or may not know, but Asana is very, very popular in the sports business. We closed deals this quarter
with one of the English Premier League's most highly decorated football clubs, as well as with the New York
Islanders and the NCAA.


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call


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And importantly, we continue to win in the healthcare and biotech vertical as well, with two six-figure deals in the
US. As you know, we announced HIPAA compliance about a year ago and have been gaining momentum in this
vertical supported by our compliance and security offerings.

As you can see, we've already helped dozens of our largest customers with their digital transformation initiatives.
We believe digital transformation is in an enormous secular trend, but the intelligence transformation with AI has
the potential to be an even larger opportunity for Asana. And we're preparing to be the leading platform for
change in this new revolution of technology.

In summary, we're seeing more multiyear deals up both sequentially and year-over-year, winning on vendor
consolidation decisions, and are continuing to diversify our enterprise success across more and more industries.
But we have more work to do.

Looking to the second half and the beginning of next year, we continue to focus on improving expansion rates
through customer success programs and initiatives, deepening our partnerships with our strategic accounts,
rolling out new packaging, which we will talk more about on October 3, and enterprise leadership.

We are thrilled to welcome Ed McDonnell as our new Chief Revenue Officer. He is most recently from Salesforce
and spent 10 years there scaling the Marketing Cloud and multiple vertical businesses, from $100 million to a
$3.5 billion business today. He also has experience from Eloqua, McGraw Financial, and Thomson Reuters. He
has a remarkable track record and deep experience leading and scaling some of the most well-known enterprise
software businesses.

With Ed, Shannon Duffy, our CMO, and Neeracha Taychakhoonavudh, our Chief Customer Officer, and the rest
of our go-to-market team, we are focused on elevating our sales motion for the next phase of growth. We are
improving our sales enablement capabilities and lead generation initiatives targeted at enterprise accounts. We
are creating a repeatable playbook to scale enterprise accounts to become over $100,000 customers and
beyond. We are improving on our Customer Success strategy to scalably serve more customers.

Importantly, we can focus on better serving our most strategic customers. These long-term partnerships play a
critical role in our product roadmap and our vision to strategically serve large-scale customers, which we believe
will help us further drive growth.

And with that, I'll hand it over to Tim.
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##### Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.

Thank you, Anne. While I'm pleased with our high-level results, some of the underlying drivers were not as strong
as we had hoped. We continue to see headwinds from a macro standpoint and in our technology segment, and
you see that especially in our net dollar retention rate metrics. We also have more work to do as we develop our
enterprise go-to-market muscle and continue transitioning upmarket.

Meanwhile, the performance at the low end of the market is dragging down overall growth. On the other hand, I
am really proud of the efforts the team put in to manage costs and improve efficiency. We have made substantial
progress on improving our operating margin and delivered our first positive free cash flow quarter since going
public.


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call


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Onto our Q2 results, Q2 revenues came in at $162.5 million, up 20% year-over-year. Revenue from customer
spending $5,000 or more on an annualized basis grew 24% year-over-year. This cohort represented 74% of our
revenues in Q2, up from 72% in the year-ago quarter. We have 20,782 customers spending $5,000 or more on an
annualized basis. We have 553 customers spending $100,000 or more on an annualized basis, and this customer
cohort grew at 20% year-over-year.

As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter. Our
dollar-based net retention rates were lower, driven by lower expansion and downgrades. Our overall dollar-based
net retention rate was over 105%. Among customers spending $5,000 or more, our dollar-based net retention rate
was over 110%. And among customers spending $100,000 or more, our dollar-based net retention rate was over
125%. As a reminder, our dollar-based net retention rate is a trailing four-quarter average calculation and thus a
lagging indicator.

We continue to see stable logo churn rate overall and low churn in our largest accounts, demonstrating the value
we deliver for our enterprise customers. Companies remain mindful of the near-term economic challenges, and
we therefore expect our overall dollar-based net retention rates to trend lower, particularly in the lower end of the
market. I will speak specifically to the outlook in a moment.

As I turn to expense items and profitability, I would like to point out that I will be discussing non-GAAP results in
the balance of my remarks. Keep in mind, non-GAAP results exclude stock-based compensation and non-cash
expenses related to impairment.

Gross margins came in at 90.3%. Research and development was $52.3 million, or 32% of revenue, an
improvement from 37% a year ago. Sales and marketing were $79.6 million, or 49% of revenue, an improvement
from 70% a year ago. G&A was $25.1 million, or 15% of revenue, an improvement from 29% a year ago.

Operating loss was $10.4 million, and our operating loss margin was 6%, representing a 40 percentage point
margin improvement versus a year ago. The improvement in our operating margin demonstrates our ability to
take a balanced approach to growth and profitability. Net loss was $8.4 million, and our net loss per share was
$0.04.

Moving on to the balance sheet and cash flow, cash and marketable securities at the end of Q2 were
approximately $537.5 million. Our remaining performance obligations, or RPO, was $333.4 million, up 27% from
the yea-ago quarter. 86% of our RPO will be recognized over the next 12 months. That current portion of RPO
grew 26% from the year-ago quarter.

Our ending Q2 deferred revenue was $261.1 million, up 24% year-over-year. Our free cash flow is defined as net
cash from operating activities less cash used in property and equipment and capitalized software costs, excluding
non-recurring items such as costs related to restructuring. Q2 free cash flow was positive $14.6 million, or 9% on
a margin basis, an improvement from negative 31% from the year-ago quarter.

Moving to guidance for Q3 fiscal 2024, we expect revenues of $163.5 million to $164.5 million, representing
growth of 16% year-over-year. We expect non-GAAP loss from operations of $25 million to $23 million,
representing an operating margin of negative 15% at the midpoint of guidance, a measurable improvement from
the same year-ago period. And we expect net loss per share of $0.11 to $0.10, assuming basic and diluted
weighted average shares outstanding of approximately 221 million.


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#### Asana, Inc. (ASAN)
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For the full fiscal year 2024, we expect revenue to be in the range of $642 million to $648 million, representing a
growth rate of 17% to 18% year-over-year. We expect non-GAAP loss from operations of $93 million to $85
million, representing an operating margin of negative 14% at the midpoint of guidance, down from negative 38%
in fiscal 2023. And we expect net loss per share of $0.42 to $0.39, assuming basic and diluted weighted average
shares outstanding of approximately 219 million.

Our guidance assumes that there is no change in the current macroeconomic environment and that headwinds
persist through the end of this year. We expect continued compression in our dollar-based net retention rate, but
we expect it will remain above 100%. We also have changes in leadership for our sales organization that may
take time to manifest. We are committed to maintaining a disciplined and balanced approach to optimizing costs
and improving efficiency and profitability. We will continue to invest in future growth opportunities like AI, which we
expect will drive long-term value.

While this quarter's free cash flow may not repeat next quarter, we remain committed to delivering sustained
positive free cash flow by the end of calendar 2024 and thereafter. As we work towards reaching sustained free
cash flow, we are encouraged by the progress we have made, and I'm optimistic about our future.

Over the next 18 to 24 months, we anticipate incremental growth will be driven by first: economic recovery in the
most impacted verticals, such as the tech sector, paired with improved execution on our go-to-market initiatives
under our new leadership team; second, new capabilities driven by advances in AI; and third, our new packaging
strategy, which we will talk more about on October 3. We look forward to seeing you all in New York on October
3, where we will dive deeper into these topics during the investor session.

And with that, I'll turn it back to the operator for questions.
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### QUESTION AND ANSWER SECTION

**Operator: Thank you. [Operator Instructions] Our first question comes from the line of Andrew DeGasperi of**
Berenberg.
.....................................................................................................................................................................................................................................................................
Andrew DeGasperi
Analyst, Berenberg Capital Markets LLC
# Q

Thanks for taking my question. Maybe first on the largest land deal that you've won this quarter, can you maybe
elaborate what went in – in terms of the discussions with that customer, what stood out in terms of Asana and
what they found important? And just generally, do you think this can replicate itself out going forward?
.....................................................................................................................................................................................................................................................................
Anne Raimondi
Chief Operating Officer & Head of Business, Asana, Inc.
# A

Hi, Andrew. It's Anne. Thanks so much for your question. Yes, happy to share a little bit more insight on that deal.
Really, the customer was looking for an opportunity to grow with one partner over multiple years. They cared a lot
about reducing tech sprawl, they wanted to replace at least seven existing applications that they had seen used
across many of their departments. In particular, this company had acquired a lot of other companies, and so being
able to consolidate all in one platform was really important.

They're looking to increase collaboration and standardization and really ultimately deliver products faster. And so,
we are really excited to work with them and all the different departments are a part of the RFP process.


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#### Asana, Inc. (ASAN)
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Ultimately, our view on where AI is going, how we can scale our security, and the fact that we had already
successfully deployed up to 200,000 employees in our largest account really helped secure that. So, we're looking
forward to doing more of those, especially where CIOs are driving the decision-making process across the
organization.
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Andrew DeGasperi
Analyst, Berenberg Capital Markets LLC
# Q

Thanks. And then maybe on EMEA, can you lay out a little bit what wasn't working there, at least what is working
better right now? I mean, what changes did you implement besides obviously the new leadership there? And
could you replicate that change to other regions as well?
.....................................................................................................................................................................................................................................................................
Anne Raimondi
Chief Operating Officer & Head of Business, Asana, Inc.
# A

Yes. So, we are really excited about the new leadership in EMEA. I think a few things. Certainly with the
leadership, there's also a focus on larger deals and really ensuring that we've got repeatability and discipline
around the large deal pipeline and large deal close rates. And then we've aligned both our corporate and
enterprise teams by region under the new leadership, so that was a change that was made. We had previously
sort of centralized leadership around – for our corporate segment, but now it's aligned by our largest markets.

So, we're excited to see that momentum. It certainly contributed to the two large lands that I mentioned before,
one with a professional services organization with 12,000 employees and one with a healthcare manufacturing
firm with 9,000 employees, so excited to see more of that. And we do believe that is something that is replicable.
We're seeing some great signs in Japan, which is another strategic market where we've got a great new leader
onboard as well.
.....................................................................................................................................................................................................................................................................

**Operator: Thank you. Our next question comes from the line of Steve Enders of Citi.**
.....................................................................................................................................................................................................................................................................

Steven Enders
Analyst, Citigroup Global Markets, Inc.
# Q

Okay, great. Thanks for taking the questions here. I want to ask on the consolidation activity that you saw and
the really good win there. I guess, how much of an increase have you seen in those consolidation opportunities
with maybe some of the choppy macro that [ph] you can coin out (29:47)? And I guess as we think about further
large deal activity, how should we think about what the pipeline looks like for those opportunities going into the
second half of the year?
.....................................................................................................................................................................................................................................................................
Anne Raimondi
Chief Operating Officer & Head of Business, Asana, Inc.
# A

Yeah. Thank you so much, Steve. What we are seeing in this environment, as there's more scrutiny both by CIOs
and CFOs on budget spend, that the interest in opportunities to consolidate is increasing, and we have seen that
across the last several quarters. In particular, as they evaluate where they have different investments already and
where they can improve them going forward, and in particular for us, the ability to bring that all onto one platform
and benefit from increased collaboration on the platform, that is what's driving the consolidation consideration.

And then I do think the focus on security and scale is really important, as CIOs in particular are looking to
consolidate. So, we are also seeing that for some legacy applications at existing customer accounts, there is
active evaluation of how those might be replaced by Asana. So, definitely in our pipeline, we're seeing more
opportunities that are focused specifically on consolidation.

##### 10


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call

Steven Enders
Analyst, Citigroup Global Markets, Inc.


Corrected Transcript

05-Sep-2023


Okay. That's helpful. And then maybe just on the outlook, and I guess what you are seeing in the macro, I guess,
what part, changed versus maybe what you were seeing last quarter? Or is it just things got a little bit worse on
the tech side than maybe you're originally expecting when you gave the guide 90 days ago? Or just how should
we think about what's incrementally changed in the outlook here?
.....................................................................................................................................................................................................................................................................
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.
# A

Yeah, I would say, couple of things. I think we continue to see, one, headwinds. And I think a lot of that
headwinds does reside within our tech segment. And we have to work through – as you know, many of these tech
companies had layoffs. And we do need to work through their renewals over the next 6 to 9 months. So I would
say that's one.

Two, we also have sales leadership changes right now. And I want to just provide ample time and some air cover
for the team to make the necessary changes to reaccelerate and build their team out. So, I would say it's really
those two things.
.....................................................................................................................................................................................................................................................................
Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

And if I could just add on to that maybe, I think part of the way we think about it just in terms of how we were
thinking 90 days ago, I think we knew there would be headwinds, particularly in the tech orgs. And it hasn't
improved yet, but we're not saying it's gotten worse. We just see the sort of continuation of that budget scrutiny.
.....................................................................................................................................................................................................................................................................

**Operator: Thank you. Our next question comes from the line of George Iwanyc of Oppenheimer.**
.....................................................................................................................................................................................................................................................................
George Iwanyc
Analyst, Oppenheimer & Co., Inc.
# Q

Thank you for taking my question. Maybe, Dustin, you started off with AI and gave us some perspective on that.
And maybe digging deeper into the AI topic, how do you feel Asana can best differentiate with AI? And then when
you look at rolling out the products, how should we think about the ability to monetize it?
.....................................................................................................................................................................................................................................................................
Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

Yeah, sure. Happy to talk about that. And of course, I also want to remind everyone about the event that we're
hosting in October, where we'll go pretty deep on both of those topics. So, first of all, so how we differentiate. So I
think the thing that's really unique about Asana is our Work Graph data model. So, we've always had an AI in
mind as we architected that data model over the past decade, and we think it only becomes even more valuable
in this AI-powered future.

So the Work Graph is really ensuring that you have a single source of truth for work data, and it's structured in a
way that's scalable and it maps how work is actually organized inside our customers. And so with the Work
Graph, that is connected across the entire enterprise: work, functions, teams, and people, without having to
duplicate pieces of information. And having that data connection is really powerful, because it captures the sum
and the parts. So AI can use the underlying pieces of the work to accurately draw conclusions at multiple levels of
altitude.

##### 11


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call


Corrected Transcript

05-Sep-2023


And so part of what that gives us is I think we're best positioned in the work management category to solve this
kind of black box problem that you sometimes hear about with AI, because we can really show the work and
unpack the assumptions from facts and analyses of the work across teams at all levels of granularity.

And we've seen that reflected with our customers, too, when we show them the AI features in the beta, they say,
hey, this is really bringing the Work Graph to life for me and really helping make it clear why all these connections
are valuable. So we think that will be a virtuous cycle there in terms of our ability to differentiate in the market,
both with our core value proposition and sort of data model differentiation and to make the AI functionality itself
better.

So, Work Graph makes how work in front of the organization legible to the AI, but it also makes the AI more
legible to your organization. And so customers really love this idea of like the human and the AI are working
together. So there's always a human in the loop.

In terms of monetization, no – not a lot of specifics to give, but we are going to talk more about our packaging
changes when we do the investor event in October. And a lot of that is about really accelerating the enterprise onramp. But we've also been very thoughtful about how we organize AI within those packages.

And I've said before that I don't think AI is really one thing. It's not just a single line item in those packages.
There's some AI in each of them. And as the functionality gets more complex and as what – the sort of
computerized work we're doing under the hood gets more expensive and complex, those types of features show
up in the higher enterprise packages.

I know we've also had questions in the past, too, about an add-on. I don't think the sort of initial launch is going to
involve that, but it is something that we're thinking about may show up in the future. Certainly paying attention to
how a lot of the other enterprise products are starting to monetize, and we want to learn from what works and
doesn't there.

So in the short run, I think the main thing you'll see is that it's helping up-tier customers through the packages is
the main monetization advantage, as well as highlighting the differentiation of Asana in the first place that we win
more deals.
.....................................................................................................................................................................................................................................................................
George Iwanyc
Analyst, Oppenheimer & Co., Inc.
# Q

All right. And maybe just Tim, quickly following up on that, when you think about investing and hiring with the AI
productization and ongoing enterprise investment, how should we think about the near to moderate term plans?
.....................................................................................................................................................................................................................................................................
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.
# A

Yeah, we've made really substantial progress on our operating margin, but we're taking a very balanced
approach in terms of how we're investing and how we're trying to get to profitability. So, at a macro level, we're
going to continue to invest in AI. That's one. Two, and to the degree that we see improvements in productivity
and efficiency across our sales and marketing organizations, we'll be able – we'll feel more confident pouring
more investment in that area.
.....................................................................................................................................................................................................................................................................

**Operator: Thank you. Our next question comes from the line of Jackson Ader of MoffettNathanson.**

##### 12


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call

Jackson E. Ader
Analyst, MoffettNathanson LLC


Corrected Transcript

05-Sep-2023


Great. Thanks, guys. Thanks for taking our questions. Dustin, you've mentioned earlier in the call some of the
other AI winners that are kind of your neighbors in the Bay Area. And I think, some of the early winners, at least
from an investor standpoint, seem to be some of the largest technology and some of the largest software
companies out there that are kind of publicly investable. And I'm curious how you see Asana fitting into the AI
landscape among some of these tech giants, I guess, for lack of a better term.
.....................................................................................................................................................................................................................................................................
Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

Thanks. So I think there's a couple different ways to think about that. So earlier, I was really talking about the
foundation model builders primarily, so OpenAI and Anthropic. And our relationship to them is we're customers,
so we're adding value on top of their underlying infrastructure they're doing. We're very grateful they've made a
huge CapEx investment that we get to leverage just in terms of marginal API fees. And so we're really building on
their platform.

And I guess I'm not totally sure who you mean by the other large public companies. I mean, certainly, NVIDIA is
very different kind of company, and then it's very different, I think a lot of the public stocks that have taken off,
they're the cloud compute providers. So again, we're kind of customers in their stack. But I think that Asana will be
part of a sort of second generation of value creation that's really figuring out how to integrate those services into
existing workflows, where I think they can be a lot more powerful.

So, what people are familiar with right now is basically these open-ended chat applications where you can kind of
ask anything you want, and that's very powerful and very flexible. But most people in the world really want to be
kind of shown what works best. And particularly, in something like work management, we're finding that the kinds
of requests we're making to the API are highly structured, highly templatized. We're also educating the user about
what kind of questions work best. Often they sort of start with very generic, what should I know about this project
or something very open-ended. It's much better to get specific.

And so the more we're able to provide people with some templatized options and some multi-step workflows that
help lead them to the most powerful value, the more I think people will actually be able to get value from those
underlying platforms. So I think of us as a sort of value creation on top of those underlying foundations.
.....................................................................................................................................................................................................................................................................
Jackson E. Ader
Analyst, MoffettNathanson LLC
# Q

Okay. Okay, great. That's helpful. And then, the follow-up is either for, I guess, Tim or Anne, whoever wants to
take it. But the low end weakness, do you think it maybe had more to do with the fact that since Asana is moving
resources upmarket, that kind of competition is filling the void left behind? Or is there something also happening
in budgets or something on the macro sense in the low end that's not holding up as well as maybe some
enterprise budgets? Thank you.
.....................................................................................................................................................................................................................................................................
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.
# A

No, great question. I think, one, I would say, I think the way you characterized that, we did redeploy a lot of our
investments away from the lower end of the market and focus those investments towards the upper end is one of
the reasons where kind of like our less than $5,000 customer – revenue from that customer cohort is growing
slower than customers with more than $5,000. So I would say that's one.

##### 13


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call


Corrected Transcript

05-Sep-2023


Two, obviously, I think the collaborative work management category is still very much greenfield and there's just a
lot of runway. So, it's not necessarily winner take all across all of these segments. So, to the degree that we move
upmarket and other players end up staying in the lower end of the market, I think that's a very likely outcome in
the long term.
.....................................................................................................................................................................................................................................................................

**Operator: Thank you. Our next question comes from the line of Alex Zukin of Wolfe Research.**
.....................................................................................................................................................................................................................................................................
Alex Zukin
Analyst, Wolfe Research LLC
# Q

Thank you guys for taking the question. Maybe just the first one, Dustin, for you, I'll ask is, it's kind of a similar
question on the AI front. But I guess if we step back for a second and we think about where and how you think
people, specifically customers, are going to actually pay for the AI functionality that you're introducing for the way
that you're positioned and how investors in Asana are going to benefit from the investments and the experience
that you have, is it more?

And also in the context of like availability of DPUs, when you're launching the product functionality, when do you
expect folks to actually be able to see the ROI from it? Like, just conceptually, what are people willing to pay for,
not willing to pay for, at least in the conversations – introductory conversations you're having. And when would
you expect like your ability to actually deliver this product to market in a way that enables the ultimate
monetization opportunity, and on also the impact on retention that it's likely to have.
.....................................................................................................................................................................................................................................................................

Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

Yeah, thanks for the question. I think it's a little difficult to answer because I don't really think of it as binary in that
way. So it's not a feature we're launching and delivering, but a sort of unfolding of our roadmap. And in a lot of
ways, it's already begun because we already have customers in the private beta. We'll be launching into a much
more open beta alongside our events in October with some of the functionality. But we also have teams working
on what's next and putting more customers into the beta features beyond that and we're also talking about our
roadmap with customers when we're briefing them and it's part of the purchase decisions they're making when
they think about what partner they're going to want for the long run. A lot of it has to do with who can differentiate
on that AI vision. And I think it's helping us now and it will continue to help us more. I think the October event is a
particularly big moment for us to tell the story, especially in a visual way. It's hard to get across on these earnings
calls.

And so, I think it will – we'll just like continue to build. Again, just in terms of like a packaging moment, I think it will
present itself most in terms of customers uptiering to get the more advanced AI functionality. There may even be
a benefit from free to premium. We've kind of debated that internally, but haven't really modeled anything. And so,
it'll happen in pieces and get better and better rather than being a single moment where there's an inflection in
revenue.
.....................................................................................................................................................................................................................................................................
Anne Raimondi
Chief Operating Officer & Head of Business, Asana, Inc.
# A

Hey, Alex.
.....................................................................................................................................................................................................................................................................
Alex Zukin
Analyst, Wolfe Research LLC
# Q

##### 14


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call


Corrected Transcript

05-Sep-2023


Okay. And then...
.....................................................................................................................................................................................................................................................................
Anne Raimondi
Chief Operating Officer & Head of Business, Asana, Inc.
# A

This is – oh, sorry. Are you asking about customer feedback as well? So I just wanted to add a couple of things...
.....................................................................................................................................................................................................................................................................
Alex Zukin
Analyst, Wolfe Research LLC
# Q

[ph] Sure (44:51).
.....................................................................................................................................................................................................................................................................
Anne Raimondi
Chief Operating Officer & Head of Business, Asana, Inc.
# A

...in terms of what we're hearing from customers. In the conversations with CIOs at our largest customers,
whether that's a global live events company or the leading vacation rental platform in the world, what they're
telling us is, first and foremost, they're excited to have a strategic partner to help them build out their AI strategy
because right now it does feel overwhelming the number of choices out there. And so, things that they care about
are data specifically, where it comes from, how it's used. They care very much about security and they care a lot
about transparency in how AI is deployed.

And so, for work management in particular, it's very straightforward for them to see how AI will accelerate what
they're already trying to do, whether that's in projects or portfolios or connecting that work to goals. And so, more
than anything, our conversations really are starting to be how we can help them really figure out their AI strategy
and then be able to deploy it in Asana. So we're really excited about the early feedback and the desire for
customers to help us shape the roadmap and how engaged they are. So just wanted to share a little bit more of
that color.
.....................................................................................................................................................................................................................................................................
Alex Zukin
Analyst, Wolfe Research LLC
# Q

That's super helpful. And then maybe Tim, similarly open-ended question for you on the numbers. Again, if we
look at some of the commentary, it suggests that multiyear deals were strong, enterprise [ph] traction (46:12)
continues to be really positive.

So, I'm trying to square that with the forward-looking metrics. Like if we look at billings, it's kind of in the low teens
growth this quarter, CRPO bookings kind of similarly in that low teens kind of dimension. So, look, is there
anything that that's kind of one-time in nature specifically that we should be paying attention to? Because your
guidance for Q4 kind of implies you're exiting the year just over double-digit growth. The Street has you doing
something a lot better than that for next year. So, given the commentary you made around the six to nine months
of kind of still having that renewal headwind within these large tech companies, like when should we see kind of
the turn happen? Is that a Q1 phenomenon, Q2? Like how do we think about that?
.....................................................................................................................................................................................................................................................................
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.
# A

Yeah, I think – no, it's a great question, Alex. I think one, I just for clarity, I just want to say, while we're
encouraged by the multi – the number of multiyear deals, they do – they are still a minority, a small percentage of
our total billings. So that's one. Two, I would say, certainly, I think, we continue to see kind of the same
environment that we're operating in in the first half of the year and the environment not getting materially better or
worse right now.

##### 15


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call


Corrected Transcript

05-Sep-2023


So, to the degree that with our net expansion rate, I do think it's going to take another two to potentially three
quarters for all the renewals to work themselves out so that we have an easier comp after that. And then I also,
obviously, we have new sales leadership coming on and we want to just make sure that there's adequate room for
the leaders to kind of make the necessary changes as we go upmarket.
.....................................................................................................................................................................................................................................................................

**Operator: Thank you. Our next question comes from the line of Josh Baer of Morgan Stanley.**
.....................................................................................................................................................................................................................................................................
Josh Baer
Analyst, Morgan Stanley & Co. LLC
# Q

Great. Thank you for the question. I wanted to ask one on the net retention rates. And Tim, just kind of thinking to
some of your comments on some areas not as strong as they hoped and sort of taking another two to three
quarters to get easier comps. Just wondering what gives you confidence that that retention rate can remain above
100%, just kind of looking at some of the trend lines and deceleration that we've been seeing?
.....................................................................................................................................................................................................................................................................
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.
# A

Yeah. So, I would say, Josh, that the thing we looked at obviously is a combination of both the downgrades and
the expansion. And that's where most of the compression has really come from in our net expansion rate. On that,
companies aren't expanding as fast as they had during prior years and that companies that were planning to grow
ultimately ended up doing layoffs and having to readjust their renewals with us.

So I do think like those things need to work themselves out and that over time. The one encouraging sign I would
say is that when we look at logo churn, especially in our large customers and across the base, essentially those
have remained unchanged. So the companies that are using us are staying with us while they are downgrading
or expanding less right now. I do expect them to, over time, as the economy gets better, to hire, deploy more
seats and as we add more functionality into our different packages, have them kind of move up into these kind of
more advanced packages that will be offering in us later this year.
.....................................................................................................................................................................................................................................................................
Josh Baer
Analyst, Morgan Stanley & Co. LLC
# Q

Okay. Got it. And then kind of related since that's backward-looking, I was hoping you could give a little bit of color
on the linearity through the quarter, but then also into August as well on what you're seeing as far as demand
trend?
.....................................................................................................................................................................................................................................................................
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.
# A

Yeah. I mean, I think, in terms of just kind of like how the quarter shook out this last quarter, I would say no
different than what we saw in Q1 and Q4 of last – the Q4 of last year. That, generally, the first couple of months is
a little bit slower. And then, kind of deals being somewhat in the most of the larger deals being somewhat in the
last month of the quarter. And I think, August, traditionally for us, there are some seasonality primarily because
EMEA is a slower month, they're generally on vacation. But I think when we look at the pipeline and when we look
at how we enter the quarter, I think we feel pretty good about how the quarter is shaping up right now.
.....................................................................................................................................................................................................................................................................

**Operator: Thank you. Our next question comes from the line of Robert Simmons of D.A. Davidson.**
.....................................................................................................................................................................................................................................................................

##### 16


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call

Robert Simmons
Analyst, D.A. Davidson & Co.


Corrected Transcript

05-Sep-2023


Hey, thanks for taking the question. I was wondering if you could give a little more color on the net retention
number. Was it closer to 105% or to 110%? And then how did it trend over the quarter end so far in 3Q?
.....................................................................................................................................................................................................................................................................
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.
# A

I think what we – yeah, I think what we disclosed is I was over 105%. So, last quarter I think – I believe we said it
was over 110%. So you can you can imagine kind of the data point and the trend lines of that, why we would
change, why we would drop the disclosure from 110% to 105%.
.....................................................................................................................................................................................................................................................................
Robert Simmons
Analyst, D.A. Davidson & Co.
# Q

Okay. And then, I guess, two things. I mean, have you seen any change so far in 3Q? And also, could you get
some color on what you've seen on that number kind of inside and outside of tech?
.....................................................................................................................................................................................................................................................................
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.
# A

I think it's certainly stronger outside of tech. And I would say, similar to the commentary that we made about the
different segment, I would say, the headwinds -we've seen headwinds in obviously tech and non-tech, but I
would say it's definitely more pronounced in the tech segment.
.....................................................................................................................................................................................................................................................................

**Operator: Thank you. Our next question comes from the line of Patrick Walravens of JMP Securities.**
.....................................................................................................................................................................................................................................................................
Patrick Walravens
Analyst, JMP Securities LLC
# Q

Oh, great. Thank you. Dustin, I know it's kind of off message, but I was intrigued when you commented that the AI
functionality might help with the free to premium conversion. So, you guys really haven't talked about that for a
while. Remind us how many free users are there and what is the size of that opportunity?
.....................................................................................................................................................................................................................................................................
Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

I don't have the free user base number offhand, but I don't want to over...
.....................................................................................................................................................................................................................................................................
Patrick Walravens
Analyst, JMP Securities LLC
# Q

I know, I know.
.....................................................................................................................................................................................................................................................................
Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

... emphasize here. I think the opportunity is small. I just think it's a bit of a wild card of like maybe it'll show up.
We've paid attention to some other vendors that have more like a prosumer market. And seeing that some of
their customers are empirically willing to upgrade even for sort of single player usage. So most of our free user
base is individual, personal use cases, prosumer use cases.

##### 17


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call


Corrected Transcript

05-Sep-2023


And so, I think some of them might be more enticed by this than some of the other functionality that was more
oriented around teams. I just think there's a little more that is valuable to specific individual end users even if
they're not collaborating or if they're just collaborating a little bit. So that's the only reason I mentioned that. But I
do think it's small, it could be nothing. I don't want that to end up in analyst models, to be honest.
.....................................................................................................................................................................................................................................................................
Patrick Walravens
Analyst, JMP Securities LLC
# Q

Yeah. Okay. A lot of us pay for ChatGPT, so it is kind of interesting. And then one...
.....................................................................................................................................................................................................................................................................

Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

Yes.
.....................................................................................................................................................................................................................................................................
Patrick Walravens
Analyst, JMP Securities LLC
# Q

...for you, Tim, just how should we think about the shape of free cash flow margins in the second half when you
said not to expect necessarily another $15 million, but how do we think about that?
.....................................................................................................................................................................................................................................................................
Tim M. Wan
Chief Financial Officer & Head-Finance, Asana, Inc.
# A

Yeah, I think you should expect our free cash flow to be negative in the – for both Q3 and Q4. But we'll make
improvements on a year-over-year basis and that the margin will improve from kind of Q1. I think Q2 was a
quarter where we essentially had a large invoice in Q1 with one of our largest customers. We collected that cash
in Q2. That certainly helped with our free cash flow. But we won't see that for another year, but it'll improve on a
year-over-year basis.
.....................................................................................................................................................................................................................................................................

**Operator: Thank you. Our next question comes from the line of – our final question comes from the line of Brent**
Thill of Jefferies.
.....................................................................................................................................................................................................................................................................
Brent Thill
Analyst, Jefferies LLC
# Q

Dustin, impressive hire with Ed McDonnell coming in as CRO from Salesforce. Maybe if you could talk through
your top aspirations out of the gate for him. And if you could speak to also any time we see new CROs come in,
there tends to be a little wake turbulence that's felt. How impactful do you think that wake turbulence will be in the
changes that you would like him to make?
.....................................................................................................................................................................................................................................................................
Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

I'm sorry. That word was weight turbulence?
.....................................................................................................................................................................................................................................................................
Brent Thill
Analyst, Jefferies LLC
# Q

Wake turbulence.
.....................................................................................................................................................................................................................................................................

##### 18


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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call

Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.


Corrected Transcript

05-Sep-2023


Wake. Okay. Yeah.
.....................................................................................................................................................................................................................................................................
Brent Thill
Analyst, Jefferies LLC
# Q

Sorry, sorry...
.....................................................................................................................................................................................................................................................................
Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

Yeah. Got it.
.....................................................................................................................................................................................................................................................................

Brent Thill

Analyst, Jefferies LLC

# Q

...for getting the airplane chatter on you.
.....................................................................................................................................................................................................................................................................
Dustin Moskovitz
Chief Executive Officer, Co-Founder & Director, Asana, Inc.
# A

Yeah. Well, Ed is a really seasoned executive and he's built a number of teams over his career and has seen, you
know, where we're going. So, he's come in and really demonstrated the ability to make decisions quickly, inspire
the team, and just like get the lay of the land really quickly. I was actually really impressed even before he started.
He went really deep on the company, did a ton of research, and really got to know us. So he's able to sort of on
board and hit the ground running and has just been sprinting ever since he got here and has already made a lot of
progress. So, I feel really good about it right now. We're still only, I think, this week one month in. And so, there's
still going to be a learning curve, but it's been really impressive so far. And so, optimistic about minimal wake
turbulence.
.....................................................................................................................................................................................................................................................................
Brent Thill
Analyst, Jefferies LLC
# Q

Thanks.
.....................................................................................................................................................................................................................................................................

**Operator: Thank you. I would now like to turn the conference back to Catherine Buan for closing remarks.**
Madam.
.....................................................................................................................................................................................................................................................................
##### Catherine Buan
Head-Investor Relations, Asana, Inc.

Thank you again for joining us today and making the time to hear our earnings results. We look forward to seeing
you in New York on October 3.
.....................................................................................................................................................................................................................................................................

**Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.**

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#### Asana, Inc. (ASAN)
Q2 2024 Earnings Call


Corrected Transcript

05-Sep-2023


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