**Asana Announces Third Quarter Fiscal 2024 Results**

December 5, 2023 9:05 PM EST

_Significant improvement towards profitability year over year_

_Revenues from Core customers, customers spending $5,000 or more, grew 20% year over year_

_Ended the quarter with over three million paid seats_

SAN FRANCISCO--(BUSINESS WIRE)--Dec. 5, 2023-- Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), a leading work management platform, today
reported financial results for its third quarter fiscal 2024 ended October 31, 2023.

“Asana’s Q3 results beat expectations on the top and bottom line. Overall revenue growth was better than our guidance, revenues from our Core

customers grew 20 percent, and operating margin improved significantly year over year," said Dustin Moskovitz, co-founder and chief executive officer
of Asana. “Revenues from customers spending $100,000 or more grew even faster than our overall revenues as we continue to forge partnerships
with some of the largest organizations in the world. More and more, the world’s leading companies are choosing Asana – powered by Asana’s Work
Graph® and AI – to drive clarity and accountability, maximize impact, and scale with confidence.”

**Third Quarter Fiscal 2024 Financial Highlights**

Revenues: Revenues were $166.5 million, an increase of 18% year over year.
Operating Loss: GAAP operating loss was $63.4 million, or 38% of revenues, an improvement
year over year compared to GAAP operating loss of $101.1 million, or 71% of revenues, in the
third quarter of fiscal 2023. Non-GAAP operating loss was $9.8 million, or 6% of revenues, an
improvement year over year compared to non-GAAP operating loss of $52.6 million, or 37% of
revenues, in the third quarter of fiscal 2023.
Net Loss: GAAP net loss was $61.8 million, compared to GAAP net loss of $100.9 million in
the third quarter of fiscal 2023. GAAP net loss per share was $0.28, compared to GAAP net
loss per share of $0.49 in the third quarter of fiscal 2023. Non-GAAP net loss was $8.2 million,
compared to non-GAAP net loss of $52.4 million in the third quarter of fiscal 2023. Non-GAAP
net loss per share was $0.04, compared to non-GAAP net loss per share of $0.26 in the third
quarter of fiscal 2023.
Cash Flow: Cash flows from operating activities were negative $8.2 million, compared to
negative $46.2 million in the third quarter of fiscal 2023. Free cash flow was negative $11.5
million, compared to negative $48.5 million in the third quarter of fiscal 2023.

**Business Highlights**

The number of Core customers, or customers spending $5,000 or more on an annualized
basis, in Q3 grew to 21,346, an increase of 14% year over year. Revenues from Core
customers in Q3 grew 20% year over year.
The number of customers spending $100,000 or more on an annualized basis in Q3 grew to
580, an increase of 18% year over year.
Ended the quarter with over three million paid seats.
Overall dollar-based net retention rate in Q3 was over 100%.
Dollar-based net retention rate for Core customers in Q3 was over 105%.
Dollar-based net retention rate for customers spending $100,000 or more on an annualized
basis in Q3 was over 120%.
[Hosted inaugural Asana Work Innovation Summit in New York and London, bringing together](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.theworkinnovationsummit-ny.com%2F&esheet=53866090&newsitemid=20231204242797&lan=en-US&anchor=Asana+Work+Innovation+Summit&index=1&md5=a4b82775a94a519089d05660d5aab223)
leaders from around the world to delve into the new era of work.
[Unveiled new AI innovations powered by Asana’s Work Graph® to help every organization](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fasana.com%2Fpress%2Freleases%2Fpr%2Fasana-unveils-new-ai-innovations-to-help-every-organization-work-smarter%2F1f316a9a-2f0d-4d5e-9beb-e694046eaaed&esheet=53866090&newsitemid=20231204242797&lan=en-US&anchor=new+AI+innovations&index=2&md5=096f8756862b3ecb16af31a14f11a3c4)
work smarter.
[Released Asana’s State of AI at Work Report, underscoring the growing role of artificial](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fasana.com%2Fpress%2Freleases%2Fpr%2Fasanas-state-of-ai-at-work-report-ai-is-poised-to-dramatically-improve-the-way-we-work-but-proper-guidance-is-needed%2Ffa38bb67-6220-446a-8cfe-5aa09f592e9e&esheet=53866090&newsitemid=20231204242797&lan=en-US&anchor=Asana%26%238217%3Bs+State+of+AI+at+Work+Report&index=3&md5=7b994fc1e2c3c6c7ceb1b6ebb6ead991)
intelligence (AI) in the workplace.

**Fi** **i l O tl** **k**


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Revenues of $167.0 million to $168.0 million, representing year over year growth of 11% to
12%.
Non-GAAP operating loss of $23.0 million to $21.0 million.
Non-GAAP net loss per share of $0.10 to $0.09, assuming basic and diluted weighted average
shares outstanding of approximately 223 million.

For fiscal 2024, Asana expects:

Revenues of $648.5 million to $649.5 million, representing year over year growth of 19%.
Non-GAAP operating loss of $66.0 million to $64.0 million.
Non-GAAP net loss per share of $0.27 to $0.26, assuming basic and diluted weighted average
shares outstanding of approximately 219 million.

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

A reconciliation of non-GAAP outlook measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable
effort due to the uncertainty regarding, and the potential variability of, many of these costs and expenses that may be incurred in the future. Asana has
provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for its third quarter of fiscal 2024 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 webpage at: https://investors.asana.com.](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.asana.com&esheet=53866090&newsitemid=20231204242797&lan=en-US&anchor=https%3A%2F%2Finvestors.asana.com&index=4&md5=d3fd3b35f3ecb9a1171331d2aab178d2)

**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 our ability to execute on our current strategies, our technology and brand position, Asana’s outlook for the fiscal quarter
and the full fiscal year ending January 31, 2024, 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, including the successful
integration of artificial intelligence, 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, broader macroeconomic conditions and the residual impacts of the COVID-19 pandemic. Further information on risks that could
cause actual results to differ materially from forecasted results are included in Asana’s filings with the SEC, including Asana’s Quarterly Report on
Form 10-Q for the quarter ended July 31, 2023 and subsequent filings with the SEC. 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 Asana’s consolidated financial statements, which are prepared and presented in accordance with GAAP, Asana utilizes certain
non-GAAP financial measures to assist in understanding and evaluating 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, and 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 which can be found in the accompanying financial statements included with this press
release.

Asana is presenting these non-GAAP financial measures because it 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 against other companies in Asana’s industry, and allow for greater transparency with respect to important metrics used by
Asana’s management for financial and operational decision-making.

Asana believes excluding the following items from its non-GAAP financial measures 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


-----

performance of Asana’s core business and to facilitate comparison of its 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 charges for impairment of_
long-lived assets. Non-recurring expenses include costs related to restructuring. Asana
believes the exclusion of certain non-cash and non-recurring items provides useful
supplemental information to investors and facilitates the analysis of its operating results and
comparison of operating results across reporting periods.

There are a number of limitations related to the use of non-GAAP financial measures as compared to GAAP financial measures, including that the
non-GAAP financial 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.

In addition to the non-GAAP financial measures outlined above, 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 and costs related to restructuring. 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 $5,000 or more on an annualized basis, or Core customers_

We define customers spending $5,000 or more, which we also refer to as Core customers, as those organizations on a paid subscription plan that had
$5,000 or more in annualized GAAP revenues in a given quarter, inclusive of discounts.

_Customers spending $100,000 or more on an annualized basis_

We define customers spending $100,000 or more as those organizations on a paid subscription plan that had $100,000 or more in annualized GAAP
revenues in a given quarter, 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 empowers organizations to work smarter. Asana has over 147,000 customers and millions of users in 200+ countries and territories. Customers
like Amazon, Roche, and T-Mobile, rely on Asana to manage everything from goal setting and tracking to capacity planning, to product launches. For
[more information, visit www.asana.com.](https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.asana.com&esheet=53866090&newsitemid=20231204242797&lan=en-US&anchor=www.asana.com&index=5&md5=b1235bf005854a989a04fd370224aedf)

**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 X (formerly Twitter) account](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.asana.com&esheet=53866090&newsitemid=20231204242797&lan=en-US&anchor=https%3A%2F%2Finvestors.asana.com&index=6&md5=5b1a0d2c0eb4d6b0ee4928541de16347)
[(@asana), its blog (blog.asana.com), its LinkedIn page (www.linkedin.com/company/asana), its Instagram account (@asana), its Facebook page](https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fblog.asana.com&esheet=53866090&newsitemid=20231204242797&lan=en-US&anchor=blog.asana.com&index=7&md5=3822c815088a94993e2d79bcb59010f2)
[(www.facebook.com/asana/), and Threads profiles (@asana and @moskov), to communicate with investors and the public about Asana, its products](https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.facebook.com%2Fasana%2F&esheet=53866090&newsitemid=20231204242797&lan=en-US&anchor=www.facebook.com%2Fasana%2F&index=9&md5=2125d7ecea89dc8aa9827d5ebd8145e1)
and services and other matters. Therefore, Asana encourages investors, the media and others interested in Asana to review the information it makes
public in these locations, as such information could be deemed to be material information.

**ASANA, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands, except per share data)**

**(unaudited)**

**Three Months Ended October 31,** **Nine Months Ended October 31,**

**2023** **2022** **2023** **2022**

Revenues $ 166,503 $ 141,439 $ 481,369 $ 396,981

Cost of revenues[(1)] 16,053 15,160 47,132 41,354


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Research and development[(1)] 81,028 75,509 241,715 215,947

Sales and marketing[(1)] 98,349 113,713 288,034 320,228

General and administrative[(1)] 34,494 38,165 106,537 128,064

Total operating expenses 213,871 227,387 636,286 664,239

Loss from operations (63,421) (101,108) (202,049) (308,612)

Interest income and other income (expense), net 3,479 1,291 13,310 (219)

Interest expense (1,012) (457) (2,947) (1,125)

Loss before provision for income taxes (60,954) (100,274) (191,686) (309,956)

Provision for income taxes 796 631 2,946 2,786

Net loss $ (61,750) $ (100,905) $ (194,632) $ (312,742)

Net loss per share:

Basic and diluted $ (0.28) $ (0.49) $ (0.89) $ (1.60)

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

Basic and diluted 221,776 204,657 219,094 195,261

_______________

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

**Three Months Ended October 31,** **Nine Months Ended October 31,**

**2023** **2022** **2023** **2022**

Cost of revenues $ 413 $ 461 $ 1,177 $ 1,200

Research and development 29,384 25,030 83,928 70,606

Sales and marketing 15,584 15,018 43,438 43,028

General and administrative 7,485 7,482 22,026 21,000

Total stock-based compensation expense $ 52,866 $ 47,991 $ 150,569 $ 135,834

**ASANA, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands)**

**(unaudited)**

**October 31, 2023** **January 31, 2023**

**Assets**

Current assets

Cash and cash equivalents $ 268,314 $ 526,563

Marketable securities 261,726 2,739

Accounts receivable, net 68,032 82,363

Prepaid expenses and other current assets 46,069 48,726

Total current assets 644,141 660,391

Property and equipment, net 98,241 94,984

Operating lease right-of-use assets 182,779 176,189

Other assets 22,519 23,399

Total assets $ 947,680 $ 954,963

**Liabilities and Stockholders’ Equity**
Current liabilities

Accounts payable $ 9,988 $ 7,554

Accrued expenses and other current liabilities 65,698 83,488

Deferred revenue, current 249,673 226,443

Operating lease liabilities, current 17,592 14,831

Total current liabilities 342,951 332,316

Term loan, net 44,856 46,696

Deferred revenue, noncurrent 5,770 7,156

Operating lease liabilities, noncurrent 220,181 210,012

Other liabilities 1,753 2,209

Total liabilities 615,511 598,389

Stockholders’ equity

Common stock 2 2

Additional paid-in capital 1,767,633 1,595,001

Accumulated other comprehensive loss (3,278) (873)

Accumulated deficit (1,432,188) (1,237,556)

Total stockholders’ equity 332,169 356,574

Total liabilities and stockholders’ equity $ 947,680 $ 954,963

**ASANA, INC.**

**SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**


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**(unaudited)**

**Three Months Ended October 31,** **Nine Months Ended October 31,**

**2023** **2022** **2023** **2022**

**Cash flows from operating activities**

Net loss $ (61,750) $ (100,905) $ (194,632) $ (312,742)

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

Allowance for expected credit losses 683 (315) 2,072 1,045

Depreciation and amortization 3,531 3,204 10,407 9,507

Amortization of deferred contract acquisition costs 5,668 3,937 15,971 10,509

Stock-based compensation expense 52,866 47,991 150,569 135,834

Net amortization (accretion) of premium (discount) on marketable
securities (636) (7) (1,568) 50

Non-cash lease expense 3,954 4,058 13,998 11,426

Impairment of long-lived assets — — 5,009 —

Amortization of discount on revolving credit facility and term loan
issuance costs 31 5 91 13

Changes in operating assets and liabilities:

Accounts receivable (2,407) (6,580) 12,251 (1,377)

Prepaid expenses and other current assets (4,707) 5,547 (13,764) (22,155)

Other assets (606) (1,178) 742 (3,201)

Accounts payable 6,857 (1,864) 3,612 (3,333)

Accrued expenses and other liabilities (2,668) (1,258) (16,885) 15,225

Deferred revenue (5,693) 4,665 21,843 40,614

Operating lease liabilities (3,356) (3,478) (12,310) (10,374)

Net cash used in operating activities (8,233) (46,178) (2,594) (128,959)

**Cash flows from investing activities**

Purchases of marketable securities (145,018) 2 (284,312) (72,216)

Sales of marketable securities 12 — 12 —

Maturities of marketable securities 7,500 54,314 25,641 110,204

Purchases of property and equipment (1,255) (1,457) (7,221) (3,140)

Capitalized internal-use software costs (1,977) (882) (4,325) (952)

Net cash provided by (used in) investing activities (140,738) 51,977 (270,205) 33,896

**Cash flows from financing activities**

Repayment of term loan (625) (1,000) (2,500) (2,667)

Proceeds from private placement—related party, net of offering costs — 347,384 — 347,384

Repurchases of common stock — — — (2)

Proceeds from exercise of stock options 783 980 3,856 4,627

Proceeds from employee stock purchase plan 6,511 7,959 15,069 17,115

Taxes paid related to net share settlement of equity awards — — (7) —

Net cash provided by financing activities 6,669 355,323 16,418 366,457

Effect of foreign exchange rates on cash, cash equivalents, and restricted
cash (3,081) (489) (1,868) (1,207)

Net increase (decrease) in cash, cash equivalents, and restricted cash (145,383) 360,633 (258,249) 270,187

**Cash, cash equivalents, and restricted cash**

Beginning of period 413,697 149,957 526,563 240,403

End of period $ 268,314 $ 510,590 $ 268,314 $ 510,590

**ASANA, INC.**

**Reconciliation of GAAP to Non-GAAP Data**

**(in thousands, except percentages)**

**(unaudited)**

**Three Months Ended October 31,** **Nine Months Ended October 31,**

**2023** **2022** **2023** **2022**

**Reconciliation of gross profit and gross margin**

GAAP gross profit $ 150,450 $ 126,279 $ 434,237 $ 355,627

Plus: stock-based compensation and related employer payroll tax
associated with RSUs 418 470 1,209 1,226

Non-GAAP gross profit $ 150,868 [$] 126,749 [$] 435,446 [$] 356,853

GAAP gross margin 90.4% 89.3% 90.2% 89.6%

Non-GAAP adjustments 0.2% 0.3% 0.3% 0.3%

Non-GAAP gross margin 90.6% 89.6% 90.5% 89.9%

**Reconciliation of operating expenses**

GAAP research and development $ 81,028 $ 75,509 $ 241,715 $ 215,947

Less: stock-based compensation and related employer payroll tax


-----

GAAP research and development as percentage of revenue 48.7% 53.4% 50.2% 54.4%

Non-GAAP research and development as percentage of revenue 30.8% 35.5% 32.3% 36.2%

GAAP sales and marketing $ 98,349 $ 113,713 $ 288,034 $ 320,228

Less: stock-based compensation and related employer payroll tax
associated with RSUs (15,745) (15,185) (44,438) (43,744)

Less: restructuring costs — — 173 —

Non-GAAP sales and marketing $ 82,604 [$] 98,528 [$] 243,769 [$] 276,484

GAAP sales and marketing as percentage of revenue 59.1% 80.4% 59.8% 80.7%

Non-GAAP sales and marketing as percentage of revenue 49.6% 69.7% 50.6% 69.6%

GAAP general and administrative $ 34,494 $ 38,165 $ 106,537 $ 128,064

Less: stock-based compensation and related employer payroll tax
associated with RSUs (7,621) (7,587) (22,636) (21,510)

Less: impairment of long-lived assets — — (5,009) —

Less: restructuring costs — — (26) —

Non-GAAP general and administrative $ 26,873 [$] 30,578 [$] 78,866 [$] 106,554

GAAP general and administrative as percentage of revenue 20.7% 27.0% 22.1% 32.3%

Non-GAAP general and administrative as percentage of
revenue 16.1% 21.6% 16.4% 26.8%

**Reconciliation of operating loss and operating margin**

GAAP loss from operations $ (63,421) $ (101,108) $ (202,049) $ (308,612)

Plus: stock-based compensation and related employer payroll tax
associated with RSUs 53,572 48,535 154,699 138,696

Plus: impairment of long-lived assets — — 5,009 —

Plus: restructuring costs — — (147) —

Non-GAAP loss from operations $ (9,849) [$] (52,573) [$] (42,488) [$] (169,916)

GAAP operating margin (38.1)% (71.5)% (42.0)% (77.7)%

Non-GAAP adjustments 32.2% 34.3% 33.2% 34.9%

Non-GAAP operating margin (5.9)% (37.2)% (8.8)% (42.8)%

**ASANA, INC.**

**Reconciliation of GAAP to Non-GAAP Data**

**(in thousands, except percentages and per share data)**

**(unaudited)**

**Three Months Ended October 31,** **Nine Months Ended October 31,**

**2023** **2022** **2023** **2022**

**Reconciliation of net loss**

GAAP net loss $ (61,750) $ (100,905) $ (194,632) $ (312,742)

Plus: stock-based compensation and related employer payroll tax
associated with RSUs 53,572 48,535 154,699 138,696

Plus: impairment of long-lived assets — — 5,009 —

Plus: restructuring costs — — (147) —

Non-GAAP net loss $ (8,178) $ (52,370) $ (35,071) $ (174,046)

**Reconciliation of net loss per share**

GAAP net loss per share, basic $ (0.28) $ (0.49) $ (0.89) $ (1.60)

Non-GAAP adjustments to net loss 0.24 0.23 0.73 0.71

Non-GAAP net loss per share, basic $ (0.04) $ (0.26) $ (0.16) $ (0.89)

Weighted-average shares used in GAAP and non-GAAP per share
calculation, basic and diluted 221,776 204,657 219,094 195,261

**Three Months Ended October 31,** **Nine Months Ended October 31,**

**2023** **2022** **2023** **2022**

**Computation of free cash flow**

Net cash provided by (used in) investing activities $ (140,738) $ 51,977 $ (270,205) $ 33,896

Net cash provided by financing activities $ 6,669 $ 355,323 $ 16,418 $ 366,457

Net cash used in operating activities $ (8,233) $ (46,178) $ (2,594) $ (128,959)

Less: purchases of property and equipment (1,255) (1,457) (7,221) (3,140)

Less: capitalized internal-use software costs (1,977) (882) (4,325) (952)

Plus: restructuring costs paid — — 707 —

Plus: purchases of property and equipment from build-out of corporate
headquarters — — — 2

Free cash flow $ (11,465) $ (48,517) $ (13,433) $ (133,049)


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[View source version on businesswire.com: https://www.businesswire.com/news/home/20231204242797/en/](http://businesswire.com/)

Catherine Buan
Asana Investor Relations
[ir@asana.com](mailto:ir@asana.com)

Marianne Ridgeway
Asana Corporate Communications
[press@asana.com](mailto:press@asana.com)

Source: Asana, Inc.


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