Asana Announces Record Second Quarter Revenue

Q2 Revenues grew 57% year over year
Total Paying Customers over 82,000
Customers who spend $5,000 or over on an annualized basis grew over 65% year over year

SAN FRANCISCO--(BUSINESS WIRE)--Asana, Inc., a leading work management platform for teams, today reported financial results for its second quarter ended July 31, 2020.


In the second quarter, strong execution and expanding adoption of Asana’s platform drove total revenue growth of 57% year over year. We’re pleased with the momentum in our business and believe we are well positioned to be a long-term leader in a multi-billion dollar market opportunity,” said Dustin Moskovitz, co-founder and chief executive officer, Asana. “Teams are at the center of everything we do. Now more than ever it’s important for teams to operate with clarity, alignment and accountability. By making collaboration easier and by powering teams to be more effective, Asana helps organizations move forward. These are extraordinary times but we remain focused on our mission, which is to help the world’s teams work together effortlessly, whether that’s in an office or in our homes.”

Second Quarter Fiscal 2021 Financial Highlights

  • Revenues: Revenues were $52.0 million, an increase of 57% year over year.
  • Operating Loss: GAAP operating loss was $33.6 million, or 64.6% of revenues, compared to GAAP operating loss of $15.9 million, or 48.0% of revenues, in the second quarter of fiscal 2020. Non-GAAP operating loss was $27.2 million, or 52.2% of revenues, compared to non-GAAP operating loss of $14.0 million, or 42.2% of revenues, in the second quarter of fiscal 2020.
  • Net Loss: GAAP net loss was $41.1 million, compared to GAAP net loss of $15.6 million in the second quarter of fiscal 2020. GAAP net loss per share was $0.54, compared to GAAP net loss per share of $0.23 in the second quarter of fiscal 2020. Non-GAAP net loss was $26.3 million, compared to non-GAAP net loss of $13.7 million in the second quarter of fiscal 2020. Non-GAAP net loss per share was $0.34, compared to non-GAAP net loss per share of $0.20, recorded in the second quarter of fiscal 2020.
  • Cash Flow: Cash flows from operating activities were negative $22.1 million, compared to cash flows from operating activities of negative $6.1 million in the second quarter of fiscal 2020. Free cash flow was negative $21.9 million, compared to negative $6.5 million in the second quarter of fiscal 2020.

Second Quarter Fiscal 2021 Business Highlights

  • Ended the quarter with over 82,000 paying customers.
  • The number of customers spending $5,000 or more with us on an annualized basis grew to 7,933, an increase of 65% year over year.
  • The number of customers spending $50,000 or more with us on an annualized basis grew to 283, an increase of 160% year over year.
  • Overall dollar-based net retention rate was over 115%.
  • Dollar-based net retention rate for customers with $5,000 or more in annualized spend was over 125%.
  • Dollar-based net retention rate for customers with $50,000 or more in annualized spend was over 140%.
  • Launched Asana Goals which allows teams to connect company goals with OKRs and the work to support them in one place.
  • Announced the Future of Asana and long term product vision in July with over 23,000 viewers around the world.
  • Announced Asana for Microsoft Teams integration which enables conversations in Teams to be linked directly to Asana projects.

The section titled "Use of Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures with a reconciliation between GAAP and non-GAAP information. The section titled "Definitions of Business Metrics" contains definitions of certain non-financial metrics provided within this earnings release.

Financial Outlook

For the third quarter of fiscal 2021, the Company currently expects:

  • Revenues of $53.5 million to $54.5 million, representing year-over-year growth of 40% to 43%
  • Non-GAAP operating loss of $42.0 million to $40.0 million
  • Non-GAAP net loss per share of $0.38 to $0.36, assuming basic and diluted weighted average shares outstanding of approximately 112 million

For the full fiscal year 2021, the Company currently expects:

  • Revenues of $210.0 million to $213.0 million, representing year-over-year growth of 47% to 49%
  • Non-GAAP operating loss of $140.0 million to $136.0 million
  • Non-GAAP net loss per share of $1.33 to $1.30, assuming basic and diluted weighted average shares outstanding of approximately 105 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 our actual results to materially differ from these forward-looking statements.

A reconciliation of non-GAAP guidance 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. The Company has provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for its second quarter of fiscal 2021 non-GAAP results included in this press release.

Conference Call Information

Asana will host a conference call and live webcast for analysts and investors at 10:00 a.m. Pacific Time on September 22, 2020. A live webcast and accompanying presentation can be accessed on the Investor Relations section of the Company's website at: https://investors.asana.com. The conference call can also be accessed by dialing 833-529-0220, or +1 236-389-2147 (outside of the US). The conference ID is 8979235. A replay of the call via webcast will be available at https://investors.asana.com.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, statements about Asana’s outlook for the third fiscal quarter ending October 31, 2020 and the full fiscal year ending January 31, 2021, Asana’s market position, and potential market opportunities, including its positioning in the market. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and in some cases can be identified by terms such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “continue,” “could,” “potential,” “remain,” “may,” “might,” “will,” “would” or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including factors beyond our control, that may cause our 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: our ability to achieve future growth and sustain our growth rate, our ability to attract and retain customers and increase sales to our customers, our ability to develop and release new products and services and to scale our platform, our ability to increase adoption of our platform through our self-service model, our ability to maintain and grow our relationships with strategic partners, the highly competitive and rapidly evolving market in which we participate, our international expansion strategies, and the impact of the COVID-19 pandemic. Further information on risks that could cause actual results to differ materially from forecasted results are included in our filings with the SEC, including our Form S-1/A filed on September 18, 2020 with the SEC. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. 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 our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found in the accompanying financial statements included with this press release.

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

We define non-GAAP operating loss as GAAP loss from operations plus stock-based compensation expense and non-recurring costs such as direct listing expenses. We define non-GAAP net loss as GAAP net loss plus stock-based compensation expense, amortization of discount and non-cash contractual interest expense related to our senior mandatory convertible promissory note, and non-recurring costs such as direct listing expenses. There are a number of limitations related to the use of these non-GAAP measures as compared to GAAP operating loss and net loss, including that the non-GAAP measures exclude stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.

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

Dollar-based net retention rate

Our reported dollar-based net retention rate equals the simple arithmetic average of our quarterly dollar-based net retention rate for the four quarters ending with the most recent fiscal quarter. We calculate our dollar-based net retention rate by comparing our revenues from the same set of customers in a given quarter, relative to the comparable prior-year period. To calculate our dollar-based net retention rate for a given quarter, we start with the revenues in that quarter from customers that generated revenues in the same quarter of the prior year. We then divide 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. We expect our dollar-based net retention rate to fluctuate in future periods due to a number of factors, including the expected growth of our revenue base, the level of penetration within our customer base, and our ability to retain our customers.

About Asana

Asana helps teams orchestrate their work, from small projects to strategic initiatives. Headquartered in San Francisco, CA, Asana has more than 82,000 paying customers and millions of free organizations across 190 countries. Global customers such as Allbirds, Sephora, Sky, Spotify, Viessmann and Woolworths rely on Asana to manage everything from company objectives to digital transformation to product launches and marketing campaigns.

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

ASANA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2019

 

2020

 

2019

 

2020

 

 

 

 

 

 

Revenues

$

33,087

 

 

$

52,024

 

 

$

61,057

 

 

$

99,730

 

Cost of revenues (1)

4,642

 

 

7,021

 

 

8,751

 

 

13,227

 

Gross profit

28,445

 

45,003

 

 

52,306

 

86,503

 

Operating expenses:

 

 

 

 

 

 

 

Research and development (1)

16,444

 

 

25,959

 

 

29,876

 

 

48,342

 

Sales and marketing (1)

20,166

 

 

38,822

 

 

39,025

 

 

74,913

 

General and administrative (1)

7,715

 

 

13,806

 

 

14,649

 

 

25,917

 

Total operating expenses

44,325

 

78,587

 

 

83,550

 

149,172

 

Loss from operations

(15,880

)

 

(33,584

)

 

(31,244

)

 

(62,669

)

Interest income

493

 

 

109

 

 

1,051

 

 

803

 

Interest expense

 

 

(8,364

)

 

 

 

(15,355

)

Other income (expense), net

(140

)

 

936

 

 

(226

)

 

596

 

Loss before provision for income taxes

(15,527

)

 

(40,903

)

 

(30,419

)

 

(76,625

)

Provision for income taxes

61

 

 

163

 

 

122

 

 

286

 

Net loss

$

(15,588

)

 

$

(41,066

)

 

$

(30,541

)

 

$

(76,911

)

Net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.23

)

 

$

(0.54

)

 

$

(0.45

)

 

$

(1.01

)

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

 

 

 

 

 

 

 

Basic and diluted

68,598

 

 

76,381

 

 

68,197

 

 

76,015

 

__________________

(1)

Amounts include stock-based compensation expense as follows:

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2019

 

2020

 

2019

 

2020

Cost of revenues

$

7

 

 

$

54

 

 

$

13

 

 

$

100

 

Research and development

1,102

 

 

2,656

 

 

1,882

 

 

4,737

 

Sales and marketing

507

 

 

1,522

 

 

961

 

 

2,621

 

General and administrative

303

 

 

1,144

 

 

572

 

 

1,900

 

Total stock-based compensation expense

$

1,919

 

 

$

5,376

 

 

$

3,428

 

 

$

9,358

 

ASANA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

January 31,
2020

 

July 31,
2020

 

 

 

(unaudited)

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

306,020

 

 

$

449,519

 

Marketable securities

45,288

 

 

6,406

 

Accounts receivable, net

12,659

 

 

16,291

 

Prepaid expenses and other current assets

16,667

 

 

17,507

 

Total current assets

380,634

 

 

489,723

 

Property and equipment, net

10,100

 

 

28,526

 

Restricted cash, noncurrent

4,657

 

 

1,155

 

Operating lease right-of-use assets

20,818

 

 

142,316

 

Other assets

5,483

 

 

6,844

 

Total assets

$

421,692

 

 

$

668,564

 

Liabilities, Redeemable Convertible Preferred Stock, and Stockholders' (Deficit) Equity

Current liabilities

 

 

 

Accounts payable

7,549

 

 

13,141

 

Accrued expenses and other current liabilities

18,241

 

 

23,368

 

Deferred revenue(1)

62,725

 

 

73,774

 

Operating lease liabilities, current

11,613

 

 

11,132

 

Total current liabilities

100,128

 

 

121,415

 

Term loan, net

 

 

2,870

 

Convertible notes, net—related party

203,097

 

 

330,472

 

Operating lease liabilities, noncurrent

10,472

 

 

132,779

 

Other liabilities(1)

2,729

 

 

2,151

 

Total liabilities

316,426

 

 

589,687

 

Commitments and contingencies

 

 

 

Redeemable convertible preferred stock

250,581

 

 

250,581

 

Stockholders' (deficit) equity

 

 

 

Common stock

1

 

 

1

 

Additional paid-in capital

184,522

 

 

234,990

 

Accumulated other comprehensive loss

(102

)

 

(48

)

Accumulated deficit

(329,736

)

 

(406,647

)

Total stockholders’ (deficit) equity

(145,315

)

 

(171,704

)

Total liabilities, redeemable convertible preferred stock, and stockholders’ (deficit) equity

$

421,692

 

 

$

668,564

 

__________________

(1)

Total deferred revenue was $75.0 million as of July 31, 2020 (unaudited), of which $1.2 million, is presented within other liabilities, as a noncurrent liability, in the consolidated balance sheets.

ASANA, INC.

SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2019

 

2020

 

2019

 

2020

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(15,588

)

 

$

(41,066

)

 

$

(30,541

)

 

$

(76,911

)

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

 

 

 

 

 

 

 

Allowance for doubtful accounts

151

 

 

737

 

 

176

 

 

1,120

 

Depreciation and amortization

515

 

 

773

 

 

1,163

 

 

1,516

 

Amortization of deferred contract acquisition costs

329

 

 

874

 

 

563

 

 

1,585

 

Stock-based compensation expense

1,919

 

 

5,376

 

 

3,428

 

 

9,358

 

Net accretion of discount of marketable securities

(316

)

 

(5

)

 

(698

)

 

(53

)

Change in fair value of redeemable convertible preferred stock warrant liability

43

 

 

 

 

54

 

 

 

Non-cash lease expense

1,425

 

 

3,623

 

 

3,706

 

 

6,585

 

Amortization of discount on convertible notes and term loan issuance costs

 

 

5,212

 

 

 

 

9,614

 

Non-cash interest expense

 

 

3,150

 

 

 

 

5,739

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

(1,278

)

 

(1,875

)

 

(2,100

)

 

(4,752

)

Prepaid expenses and other current assets

(810

)

 

(3,296

)

 

(2,351

)

 

(4,377

)

Other assets

(33

)

 

(834

)

 

(837

)

 

(1,362

)

Accounts payable

355

 

 

(1,594

)

 

1,783

 

 

1,541

 

Accrued expenses and other current liabilities

1,787

 

 

3,202

 

 

1,143

 

 

3,498

 

Deferred revenue

6,928

 

 

4,903

 

 

14,584

 

 

10,939

 

Operating lease liabilities

(1,573

)

 

(1,296

)

 

(3,173

)

 

(4,310

)

Net cash used in operating activities

(6,146

)

 

(22,116

)

 

(13,100

)

 

(40,270

)

Cash flows from investing activities

 

 

 

 

 

 

 

Purchases of marketable securities

(25,599

)

 

 

 

(53,006

)

 

 

Sales of marketable securities

 

 

 

 

2,680

 

 

 

Maturities of marketable securities

32,100

 

 

9,543

 

 

49,600

 

 

38,942

 

Purchases of property and equipment

(687

)

 

(10,320

)

 

(849

)

 

(12,401

)

Capitalized internal-use software

(94

)

 

(357

)

 

(302

)

 

(818

)

Net cash provided by (used in) investing activities

5,720

 

 

(1,134

)

 

(1,877

)

 

25,723

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes — related party

 

 

150,000

 

 

 

 

150,000

 

Proceeds from term loan, net of issuance costs

 

 

2,915

 

 

 

 

2,915

 

Taxes paid related to net share settlement of equity awards

 

 

(120

)

 

 

 

(186

)

Repurchases of common stock

 

 

 

 

(11

)

 

 

Proceeds from exercise of stock options

2,124

 

 

782

 

 

2,934

 

 

1,751

 

Net cash provided by financing activities

2,124

 

 

153,577

 

 

2,923

 

 

154,480

 

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

(1

)

 

95

 

 

2

 

 

64

 

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

1,697

 

 

130,422

 

 

(12,052

)

 

139,997

 

Cash, cash equivalents, and restricted cash

 

 

 

 

 

 

 

Beginning of period

12,831

 

 

320,252

 

 

26,580

 

 

310,677

 

End of period

$

14,528

 

$

450,674

 

$

14,528

 

$

450,674

 

ASANA, INC.

Reconciliation of GAAP to Non-GAAP Data

(In thousands, except percentages)

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2019

 

2020

 

2019

 

2020

Reconciliation of gross profit and gross margin

 

 

 

 

 

 

 

GAAP gross profit

$

28,445

 

$

45,003

 

$

52,306

 

$

86,503

Plus: stock-based compensation

7

 

54

 

13

 

100

Non-GAAP gross profit

$

28,452

 

$

45,057

 

$

52,319

 

$

86,603

GAAP gross margin

86.0%

 

86.5%

 

85.7%

 

86.7%

Non-GAAP adjustments

—%

 

0.1%

 

—%

 

0.1%

Non-GAAP gross margin

86.0%

 

86.6%

 

85.7%

 

86.8%

 

 

 

 

 

 

 

 

Reconciliation of operating expenses

 

 

 

 

 

 

 

GAAP research and development

$

16,444

 

$

25,959

 

$

29,876

 

$

48,342

Less: stock-based compensation

(1,102)

 

(2,656)

 

(1,882)

 

(4,737)

Non-GAAP research and development

$

15,342

 

$

23,303

 

$

27,994

 

$

43,605

GAAP research and development as percentage of revenue

49.7%

 

49.9%

 

48.9%

 

48.5%

Non-GAAP research and development as percentage of revenue

46.4%

 

44.8%

 

45.8%

 

43.7%

 

 

 

 

 

 

 

 

GAAP sales and marketing

$

20,166

 

$

38,822

 

$

39,025

 

$

74,913

Less: stock-based compensation

(507)

 

(1,522)

 

(961)

 

(2,621)

Non-GAAP sales and marketing

$

19,659

 

$

37,300

 

$

38,064

 

$

72,292

GAAP sales and marketing as percentage of revenue

60.9%

 

74.6%

 

63.9%

 

75.1%

Non-GAAP sales and marketing as percentage of revenue

59.4%

 

71.7%

 

62.3%

 

72.5%

 

 

 

 

 

 

 

 

GAAP general and administrative

$

7,715

 

$

13,806

 

$

14,649

 

$

25,917

Less: stock-based compensation

(303)

 

(1,144)

 

(572)

 

(1,900)

Less: direct listing expenses

 

(1,051)

 

 

(2,237)

Non-GAAP general and administrative

$

7,412

 

$

11,611

 

$

14,077

 

$

21,780

GAAP general and administrative as percentage of revenue

23.3%

 

26.5%

 

24.0%

 

26.0%

Non-GAAP general and administrative as percentage of revenue

22.4%

 

22.3%

 

23.1%

 

21.8%

 

 

 

 

 

 

 

 

Reconciliation of operating loss and operating margin

 

 

 

 

 

 

 

GAAP loss from operations

$

(15,880)

 

$

(33,584)

 

$

(31,244)

 

$

(62,669)

Plus: Stock-based compensation

1,919

 

5,376

 

3,428

 

9,358

Plus: Direct listing expenses

 

1,051

 

 

2,237

Non-GAAP loss from operations

$

(13,961)

 

$

(27,157)

 

$

(27,816)

 

$

(51,074)

GAAP operating margin

(48.0)%

 

(64.6)%

 

(51.2)%

 

(62.8)%

Non-GAAP adjustments

5.8%

 

12.4%

 

5.6%

 

11.6%

Non-GAAP operating margin

(42.2)%

 

(52.2)%

 

(45.6)%

 

(51.2)%

ASANA, INC.

Reconciliation of GAAP to Non-GAAP Data

(In thousands, except percentages and per share data)

(unaudited)

 

 

Three Months Ended July 31,

 

Six Months Ended July 31,

 

2019

 

2020

 

2019

 

2020

Reconciliation of net loss

 

 

 

 

 

 

 

GAAP net loss

$

(15,588

)

 

$

(41,066

)

 

$

(30,541

)

 

$

(76,911

)

Plus: Stock-based compensation

1,919

 

 

5,376

 

 

3,428

 

 

9,358

 

Plus: Amortization of debt discount

 

 

5,207

 

 

 

 

9,609

 

Plus: Non-cash interest

 

 

3,150

 

 

 

 

5,739

 

Plus: Direct listing expenses

 

 

1,051

 

 

 

 

2,237

 

Non-GAAP net loss

$

(13,669

)

 

$

(26,282

)

 

$

(27,113

)

 

$

(49,968

)

 

 

 

 

 

 

 

 

Reconciliation of net loss per share

 

 

 

 

 

 

 

GAAP net loss per share, basic

$

(0.23

)

 

$

(0.54

)

 

$

(0.45

)

 

$

(1.01

)

Non-GAAP adjustments to net loss

0.03

 

 

0.20

 

 

0.05

 

 

0.35

 

Non-GAAP net income per share, basic

$

(0.20

)

 

$

(0.34

)

 

$

(0.40

)

 

$

(0.66

)

 

 

 

 

 

 

 

 

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

68,598

 

 

76,381

 

 

68,197

 

 

76,015

 

 

 

 

 

 

 

 

 

Computation of free cash flow

 

 

 

 

 

 

 

Net cash used in operating activities

$

(6,146

)

 

$

(22,116

)

 

$

(13,100

)

 

$

(40,270

)

Less: purchases of property and equipment

(687

)

 

(10,320

)

 

(849

)

 

(12,401

)

Less: capitalized internal-use software

(94

)

 

(357

)

 

(302

)

 

(818

)

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

396

 

 

9,650

 

 

411

 

 

11,308

 

Plus: direct listing expenses

 

 

1,234

 

 

 

 

3,209

 

Free cash flow

$

(6,531

)

 

$

(21,909

)

 

$

(13,840

)

 

$

(38,972

)


Contacts

Catherine Buan
Asana Investor Relations
ir@asana.com

Stephanie Hess
Asana Corporate Communications
press@asana.com


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