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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM 8-K
__________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 30, 2024
__________________________
Asana, Inc.
(Exact name of Registrant as Specified in Its Charter)
__________________________
Delaware001-3949526-3912448
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
633 Folsom Street, Suite 100
San Francisco,CA94107
(Address of Principal Executive Offices)(Zip Code)
(415) 525-3888
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
__________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.00001 par
value		ASANNew York Stock Exchange
Long-Term Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On May 30, 2024, Asana, Inc. issued a press release announcing its financial results for the fiscal quarter ended April 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ASANA, INC.
Dated: May 30, 2024By:/s/ Eleanor Lacey
Eleanor Lacey
General Counsel and Corporate Secretary

Exhibit 99.1
Asana Announces First Quarter Fiscal 2025 Results

Improvement in free cash flow and operating cash flow year over year
Expect to be free cash flow positive for the full year
Revenues from customers spending $5,000 or more grew 15% year over year

May 30, 2024 – San Francisco, CA – Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), a leading work management platform, today reported financial results for its first quarter fiscal 2025 ended April 30, 2024.

“AI is transforming how we work, and Asana is delivering the ideal platform for this new era where people and AI collaborate to reach new levels of productivity and innovation," said Dustin Moskovitz, co-founder and chief executive officer of Asana. “With Asana’s Work Graph® architected to link work and workflows to higher level objectives, Asana provides the structure and visibility for organizations to scale AI with confidence. We have an incredible opportunity ahead of us, and I believe Asana is uniquely positioned to capture a large swath of enterprise workflows as rigid software categories of the past are reshaped.”

First Quarter Fiscal 2025 Financial Highlights

•Revenues: Revenues were $172.4 million, an increase of 13% year over year.
•Operating Loss: GAAP operating loss was $66.2 million, or 38% of revenues, compared to GAAP operating loss of $65.2 million, or 43% of revenues, in the first quarter of fiscal 2024. Non-GAAP operating loss was $15.8 million, or 9% of revenues, an improvement year over year compared to non-GAAP operating loss of $22.3 million, or 15% of revenues, in the first quarter of fiscal 2024.
•Net Loss: GAAP net loss was $63.7 million, compared to GAAP net loss of $61.5 million in the first quarter of fiscal 2024. GAAP net loss per share was $0.28, compared to GAAP net loss per share of $0.28 in the first quarter of fiscal 2024. Non-GAAP net loss was $13.3 million, compared to non-GAAP net loss of $18.5 million in the first quarter of fiscal 2024. Non-GAAP net loss per share was $0.06, compared to non-GAAP net loss per share of $0.09 in the first quarter of fiscal 2024.
•Cash Flow: Cash flows from operating activities were negative $1.9 million, compared to negative $14.6 million in the first quarter of fiscal 2024. Free cash flow was negative $4.3 million, compared to negative $16.6 million in the first quarter of fiscal 2024.

Business Highlights

•The number of Core customers, or customers spending $5,000 or more on an annualized basis, in Q1 grew to 22,162, an increase of 12% year over year. Revenues from Core customers in Q1 grew 15% year over year.
•The number of customers spending $100,000 or more on an annualized basis in Q1 grew to 607, an increase of 19% year over year.
•Overall dollar-based net retention rate in Q1 was 100%.
•Dollar-based net retention rate for Core customers in Q1 was 102%.
•Dollar-based net retention rate for customers spending $100,000 or more on an annualized basis in Q1 was 108%.
•Launched a new suite of AI tools for the CIO, including new AI capabilities that empower IT leaders to drive intelligent transformation with the right data foundation, safeguards, and controls.
•Released Asana’s second-annual State of IT research, which revealed 77% of IT leaders feel responsible for leading AI transformation within their organization.





1
Exhibit 99.1
•Kicked-off Asana’s global Work Innovation Summits in Sydney, Australia and Tokyo, Japan. Highlighting both the State of Work Innovation: Australia 2024 Report, and State of Work Innovation Japan 2024 Report – in-depth analysis around the evolution and future of work.

Financial Outlook

For the second quarter of fiscal 2025, Asana expects:

•Revenues of $177.0 million to $178.0 million, representing year over year growth of 9% to 10%.
•Non-GAAP operating loss of $23.0 million to $21.0 million, with 12% operating loss margin at the midpoint.
•Non-GAAP net loss per share of $0.09 to $0.08, assuming basic and diluted weighted average shares outstanding of approximately 230 million.

For fiscal 2025, Asana expects:

•Revenues of $719.0 million to $724.0 million, representing year over year growth of 10% to 11%.
•Non-GAAP operating loss of $59.0 million to $55.0 million, with 8% operating loss margin at the midpoint.
•Non-GAAP net loss per share of $0.21 to $0.19, assuming basic and diluted weighted average shares outstanding of approximately 231 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 first quarter fiscal year 2025 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.

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 market opportunity, the prominence and impact of AI, our ability to execute on our current strategies, our technology and brand position, Asana’s outlook for the fiscal quarter ending July 31, 2024 and the full fiscal year ending January 31, 2025, Asana’s outlook for free cash flow, expected benefits of our offerings, and our market position. 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





2
Exhibit 99.1
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, and broader macroeconomic conditions. Further information on risks that could cause actual results to differ materially from forecasted results are included in Asana’s filings with the SEC, including Asana’s Annual Report on Form 10-K for the year ended January 31, 2024 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 useful to exclude share-based compensation expenses to better understand the long-term performance of Asana’s core business and to facilitate comparison of its results to those of peer companies.





3
Exhibit 99.1
•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





4
Exhibit 99.1
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, the #1 AI work management platform, is where work connects to goals. Over 150,000 customers like Amazon, Accenture, and Suzuki rely on Asana to manage and automate everything from goal setting and tracking to capacity planning to product launches. To learn more, visit asana.com.
Disclosure of Material Information
Asana announces material information to its investors using SEC filings, press releases, public conference calls, and on its investor relations page of Asana’s website at https://investors.asana.com. Asana uses these channels, as well as social media, including its X (formerly Twitter) account (@asana), its blog (blog.asana.com), its LinkedIn page (www.linkedin.com/company/asana), its Instagram account (@asana), its Facebook page (www.facebook.com/asana/), and Threads profiles (@asana and @moskov), 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.

Catherine Buan
Asana Investor Relations
ir@asana.com

Alexandra Tadeu
Asana Corporate Communications
press@asana.com








5
Exhibit 99.1
ASANA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended April 30,
20242023
Revenues$172,448 $152,411 
Cost of revenues(1)
17,804 14,847 
Gross profit154,644 137,564 
Operating expenses: 
Research and development(1)
82,791 76,316 
Sales and marketing(1)
104,332 93,237 
General and administrative(1)
33,690 33,256 
Total operating expenses220,813 202,809 
Loss from operations(66,169)(65,245)
Interest income and other income (expense), net4,360 5,666 
Interest expense(942)(967)
Loss before provision for income taxes(62,751)(60,546)
Provision for income taxes971 922 
Net loss$(63,722)$(61,468)
Net loss per share:
Basic and diluted$(0.28)$(0.28)
Weighted-average shares used in calculating net loss per share:
Basic and diluted227,069 216,413 
_______________
(1) Amounts include stock-based compensation expense as follows:
Three Months Ended April 30,
20242023
Cost of revenues$283 $322 
Research and development26,740 23,497 
Sales and marketing15,248 11,533 
General and administrative6,369 6,146 
Total stock-based compensation expense $48,640 $41,498 






6

ASANA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 April 30, 2024January 31, 2024
Assets
Current assets
Cash and cash equivalents$222,049 $236,663 
Marketable securities302,240 282,801 
Accounts receivable, net99,773 88,327 
Prepaid expenses and other current assets50,004 51,925 
Total current assets674,066 659,716 
Property and equipment, net96,955 96,543 
Operating lease right-of-use assets182,296 181,731 
Other assets24,851 23,970 
Total assets$978,168 $961,960 
Liabilities and Stockholders’ Equity
Current liabilities  
Accounts payable$12,895 $6,907 
Accrued expenses and other current liabilities68,111 75,821 
Deferred revenue, current
292,191 265,306 
Operating lease liabilities, current20,316 19,179 
Total current liabilities393,513 367,213 
Term loan, net42,380 43,618 
Deferred revenue, noncurrent4,882 5,916 
Operating lease liabilities, noncurrent214,108 215,084 
Other liabilities
3,388 3,733 
Total liabilities658,271 635,564 
Stockholders’ equity  
Common stock2 2 
Additional paid-in capital1,880,675 1,821,216 
Accumulated other comprehensive loss(2,472)(236)
Accumulated deficit(1,558,308)(1,494,586)
Total stockholders’ equity319,897 326,396 
Total liabilities and stockholders’ equity$978,168 $961,960 
                                                                                                        






7

ASANA, INC.
SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended April 30,
20242023
Cash flows from operating activities
Net loss$(63,722)$(61,468)
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for expected credit losses199 737 
Depreciation and amortization4,014 3,288 
Amortization of deferred contract acquisition costs6,087 4,871 
Stock-based compensation expense48,640 41,498 
Net accretion of discount on marketable securities(1,831)(444)
Non-cash lease expense4,452 5,263 
Amortization of discount on revolving credit facility and term loan issuance costs30 30 
Changes in operating assets and liabilities:
Accounts receivable(11,732)(17,252)
Prepaid expenses and other current assets(4,402)(4,625)
Other assets(894)881 
Accounts payable6,446 (14)
Accrued expenses and other liabilities(10,183)(13,417)
Deferred revenue25,851 30,350 
Operating lease liabilities(4,853)(4,291)
Net cash used in operating activities(1,898)(14,593)
Cash flows from investing activities
Purchases of marketable securities(70,484)(139,294)
Maturities of marketable securities51,500 1,615 
Purchases of property and equipment(1,002)(1,866)
Capitalized internal-use software costs(1,375)(821)
Net cash used in investing activities(21,361)(140,366)
Cash flows from financing activities
Repayment of term loan— (625)
Proceeds from exercise of stock options1,085 1,798 
Proceeds from employee stock purchase plan8,866 8,558 
Taxes paid related to net share settlement of equity awards(4)— 
Net cash provided by financing activities9,947 9,731 
Effect of foreign exchange rates on cash and cash equivalents(1,302)899 
Net decrease in cash and cash equivalents(14,614)(144,329)
Cash and cash equivalents
Beginning of period236,663 526,563 
End of period$222,049 $382,234 
8

ASANA, INC.
Reconciliation of GAAP to Non-GAAP Data
(in thousands, except percentages)
(unaudited)
Three Months Ended April 30,
20242023
Reconciliation of gross profit and gross margin
GAAP gross profit$154,644 $137,564 
Plus: stock-based compensation and related employer payroll tax associated with RSUs292 335 
Non-GAAP gross profit$154,936 $137,899 
GAAP gross margin89.7 %90.3 %
Non-GAAP adjustments0.1 %0.2 %
Non-GAAP gross margin89.8 %90.5 %
Reconciliation of operating expenses  
GAAP research and development$82,791 $76,316 
Less: stock-based compensation and related employer payroll tax associated with RSUs(27,789)(24,550)
Non-GAAP research and development$55,002 $51,766 
GAAP research and development as percentage of revenue48.0 %50.1 %
Non-GAAP research and development as percentage of revenue31.9 %34.0 %
GAAP sales and marketing$104,332 $93,237 
Less: stock-based compensation and related employer payroll tax associated with RSUs(15,717)(11,884)
Adjustment for: restructuring (costs) benefit— 173 
Non-GAAP sales and marketing$88,615 $81,526 
GAAP sales and marketing as percentage of revenue60.5 %61.2 %
Non-GAAP sales and marketing as percentage of revenue51.4 %53.5 %
GAAP general and administrative$33,690 $33,256 
Less: stock-based compensation and related employer payroll tax associated with RSUs(6,601)(6,349)
Adjustment for: restructuring (costs) benefit— (26)
Non-GAAP general and administrative$27,089 $26,881 
GAAP general and administrative as percentage of revenue19.5 %21.8 %
Non-GAAP general and administrative as percentage of
revenue
15.7 %17.6 %
Reconciliation of operating loss and operating margin
GAAP loss from operations$(66,169)$(65,245)
Plus: stock-based compensation and related employer payroll tax associated with RSUs50,399 43,118 
Adjustment for: restructuring costs (benefit) — (147)
Non-GAAP loss from operations$(15,770)$(22,274)
GAAP operating margin(38.4)%(42.8)%
Non-GAAP adjustments29.3 %28.2 %
Non-GAAP operating margin(9.1)%(14.6)%
9

ASANA, INC.
Reconciliation of GAAP to Non-GAAP Data
(in thousands, except percentages and per share data)
(unaudited)
Three Months Ended April 30,
20242023
Reconciliation of net loss
GAAP net loss$(63,722)$(61,468)
Plus: stock-based compensation and related employer payroll tax associated with RSUs50,399 43,118 
Adjustment for: restructuring costs (benefit) — (147)
Non-GAAP net loss$(13,323)$(18,497)
Reconciliation of net loss per share  
GAAP net loss per share, basic$(0.28)$(0.28)
Non-GAAP adjustments to net loss0.22 0.19 
Non-GAAP net loss per share, basic$(0.06)$(0.09)
Weighted-average shares used in GAAP and non-GAAP per share calculation, basic and diluted227,069 216,413 


Three Months Ended April 30,
20242023
Computation of free cash flow
Net cash used in investing activities$(21,361)$(140,366)
Net cash provided by financing activities$9,947 $9,731 
Net cash used in operating activities$(1,898)$(14,593)
Less: purchases of property and equipment(1,002)(1,866)
Less: capitalized internal-use software costs(1,375)(821)
Plus: restructuring costs paid— 707 
Free cash flow$(4,275)$(16,573)
10
v3.24.1.1.u2
Cover
May 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 30, 2024
Entity Registrant Name Asana, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39495
Entity Tax Identification Number 26-3912448
Entity Address, Address Line One 633 Folsom Street,
Entity Address, Address Line Two Suite 100
Entity Address, City or Town San Francisco,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94107
City Area Code (415)
Local Phone Number 525-3888
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, $0.00001 par value
Trading Symbol ASAN
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001477720
Amendment Flag false
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