Asana Inc (ASAN) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for attending today's Asana Second Quarter Fiscal Year 2023 Earnings Call. My name is Austin, and I'll be your moderator for today. (Operator Instructions)

下午好，感謝您參加今天的 Asana 2023 財年第二季財報電話會議。我叫奧斯汀，今天我將擔任你們的主持人。 （操作員指令）

I'd now like to pass the conference over to our host, Catherine Buan. Catherine, you may proceed.

現在，我想將會議交給我們的主持人 Catherine Buan。凱瑟琳，你可以繼續了。

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results of Asana's second quarter fiscal 2023. 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.

下午好，感謝您參加今天的電話會議，討論Asana 2023 財年第二季度的財務業績。 Dustin Moskovitz)；我們的營運長兼業務主管 Anne Raimondi；以及我們的財務長Tim Wan。

Today's call will include forward-looking statements, including statements regarding our expectations regarding free cash flow, our financial outlook, strategic plans, our 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 on 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.

今天的電話會議將包括前瞻性陳述，包括有關我們對自由現金流的預期、我們的財務前景、策略計劃、我們的市場地位和成長機會的陳述。前瞻性陳述涉及風險、不確定性和假設，這些風險、不確定性和假設可能導致我們的實際結果與前瞻性陳述表達或暗示的結果有重大差異。有關可能導致實際結果與本文所述結果大不相同的風險、不確定性和假設的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最近的10-K 表年度報告和10 -Q 表季度報告。

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. The 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 website at investors.asana.com.

此外，在今天的電話會議上，我們將討論非公認會計準則財務指標。這些非 GAAP 財務指標是根據 GAAP 編制的財務績效指標的補充，而非替代或優於後者。我們的收益報告中包含了GAAP 和非GAAP 財務指標之間的對帳表，以及使用非GAAP 指標相對於最接近的GAAP 指標的局限性的討論，該報告已發佈在我們的投資者關係網站investors .asana.com 上。

And lastly, in service of investors and customers who need ESG data for reporting and RFP requirements for our many enterprise deals, we publish comprehensive and easy-to-use disclosures around ESG on our IR website. You'll find downloadable SASB Index data and climate data along with our annual ESG report.

最後，為了服務需要 ESG 資料來滿足我們眾多企業交易的報告和 RFP 要求的投資者和客戶，我們在 IR 網站上發布了有關 ESG 的全面且易於使用的揭露資訊。您可以找到可下載的 SASB 指數數據和氣候數據以及我們的年度 ESG 報告。

And with that, I'd like to turn the call over to Dustin.

現在，我想將電話轉給達斯汀。

Thank you, Catherine, and thank you to everyone for joining us on the call today. Asana's Q2 results beat expectations on both the top line and the bottom line. Revenue grew 51% year-over-year and beat our guidance by 6% driven by strength in the U.S. and the enterprise businesses. We had 462 customers spending $100,000 or more in annualized GAAP revenue and are seeing broad adoption at some of the world's leading enterprises. Dollar-based net retention rate remained strong overall. Across our customers spending $100,000 or more, dollar-based net retention rate is well over 145%, illustrating that we're not only winning large deals, but these large deals have the highest expansion rate among our customer cohorts.

謝謝你，凱瑟琳，也謝謝大家今天參加我們的電話會議。 Asana 第二季的業績無論是營收或淨利都超乎預期。由於美國業務和企業業務的強勁成長，營收年增 51%，超出我們的預期 6%。我們有 462 位客戶，其年度 GAAP 收入達到或超過 100,000 美元，並且正在被一些世界領先的企業廣泛採用。基於美元的淨留存率整體保持強勁。在我們的客戶中，花費10萬美元或以上，基於美元的淨保留率遠遠超過145％，這表明我們不僅贏得了大筆交易，而且這些大筆交易在我們的客戶群中具有最高的擴張率。

In particular, our enterprise business is growing more rapidly than our overall growth rate, and thus becoming a larger and larger portion of our business over time. We remain committed to building the most effective, most scalable work management platform capable of serving organizations of all sizes around the world. Evidence of our progress includes our continued success with the industry's largest deployments plus our end-user adoption rate now at over 2.5 million paid seats.

特別是，我們的企業業務成長速度超過了我們的整體成長率，因此隨著時間的推移，企業業務在我們的業務中所佔的比重越來越大。我們始終致力於建立最有效、最具可擴展性的工作管理平台，為全球各種規模的組織提供服務。我們取得進步的證據包括我們在業界最大規模部署方面的持續成功，以及我們的最終用戶採用率現已超過 250 萬個付費席位。

As a result, we're raising our top line guidance for fiscal year 2023 to $544 million to $547 million, representing a growth rate of 44% to 45%. We expect currency headwinds to continue to be a significant factor this year. Excluding the currency impact, our guidance would represent 46% to 47% growth.

因此，我們將 2023 財年的營收預期上調至 5.44 億美元至 5.47 億美元，成長率為 44% 至 45%。我們預計貨幣逆風今年將持續成為重要因素。除去貨幣影響，我們的預期成長為 46% 至 47%。

We're winning across important industries and with iconic enterprise leaders. And where we have the greatest leverage, we're focusing, growing and investing to win. The growth we've seen over the last several quarters is being driven by both the trends we see in the market and the way our product strategy delivers on what companies need as a result. Companies are investing in solutions that offer time to value, help them do more with their technology stack and better align their employees around the work that matters. And the bigger the company, the more true this becomes.

我們正在跨重要行業並與標誌性企業領袖一起贏得勝利。在我們擁有最大優勢的領域，我們會集中精力，不斷發展，不斷投資，以取得勝利。我們在過去幾個季度看到的成長是由我們在市場上看到的趨勢和我們的產品策略滿足公司需求的方式共同推動的。公司正在投資於能夠縮短價值實現時間的解決方案，幫助他們利用技術堆疊做更多的事情，並更好地讓員工專注於重要工作。公司越大，這種現象越明顯。

We recently performed an analysis of how our enterprise customers get value from Asana and found that the vast majority are using it to cross-functional collaboration. I share this with you because this is truly how we're most differentiated from other work management software. These tools make it easy to track single projects for single teams. In contrast, more than half of all work tracked in Asana is cross-functional in nature.

我們最近對我們的企業客戶如何從 Asana 獲取價值進行了分析，發現絕大多數客戶都在使用它進行跨職能協作。我與您分享這一點，因為這確實是我們與其他工作管理軟體最大的不同之處。這些工具可以輕鬆地追蹤單一團隊的單一項目。相比之下，Asana 中追蹤的所有工作中有一半以上本質上是跨職能的。

This number jumps to over 60% for customers spending more than $100,000, and we see an even higher proportion of this cross-functional collaboration and the features we've built as we've moved upmarket, including Goals and Portfolios.

對於消費超過 10 萬美元的客戶，這一數字躍升至 60％ 以上，而且我們看到這種跨職能協作以及我們在進入高端市場時構建的功能（包括目標和投資組合）的比例甚至更高。

Asana also creates shared clarity and accountability at every level. Leaders have to know how the work being done delivers on business priorities. Asana uniquely does this because the Work Graph creates a map for all the work in your organization, including where it stands, the people responsible and how it connects all the way up to company-wide goals. That's incredibly powerful, especially when it's critical to keep a large team in sync around changing plants.

Asana 在各個層面也創造了共享的清晰度和責任感。領導者必須知道正在進行的工作如何實現業務重點。 Asana 獨特地實現了這一點，因為工作圖表為您組織中的所有工作創建了一張地圖，包括其立場、負責的人員以及它如何與整個公司的目標相聯繫。這是非常強大的，特別是當需要讓大型團隊在更換工廠時保持同步時。

The Asana platform serves as a critical hub for your most important business applications, helping customers make better use of existing investments and giving employees a single place to track requests across e-mail, chat, documents and other frequently used applications. Asana is built on the foundation of safety, security and performance at scale that global enterprises expect. Companies are continuing to recognize Asana as an essential partner for solving modern work challenges.

Asana 平台是您最重要的業務應用程式的關鍵樞紐，可幫助客戶更好地利用現有投資，並為員工提供一個單一的地方來追蹤電子郵件、聊天、文件和其他常用應用程式中的請求。 Asana 建立在全球企業期望的安全性、保障性和大規模性能基礎之上。企業繼續將 Asana 視為解決現代工作挑戰的重要合作夥伴。

This is why we continue to improve on and expand functionalities required by the largest and most complex organizations. We have a strong fiscal year 2023 product cycle, and on October 11, we'll be giving investors a preview of how we'll be delivering even more value in 3 big ways that help companies successfully execute on their top priorities.

這就是為什麼我們不斷改進和擴展最大型和最複雜的組織所需的功能。我們擁有強勁的 2023 財年產品週期，10 月 11 日，我們將向投資者預覽如何透過三大方式提供更多價值，幫助公司成功執行其首要任務。

First, by helping decision makers quickly understand the health of strategic work across the organization. Asana Goals is already the #1 product according to the G2 Enterprise Objectives and Key Results software market, and we're about to make it even better. Customers will soon be able to use the Salesforce for Goals integration, our first out-of-the-box integration with the Asana Goals. When work happens in Salesforce, the progress of linked goals in Asana will be automatically updated, making it easier to monitor impact and make informed decisions.

首先，幫助決策者快速了解整個組織的策略性工作健康狀況。根據 G2 企業目標和關鍵成果軟體市場，Asana Goals 已經是排名第一的產品，我們將使其變得更好。客戶很快就能使用 Salesforce for Goals 集成，這是我們與 Asana Goals 的首次開箱即用的集成。當 Salesforce 中開展工作時，Asana 中連結目標的進度將自動更新，從而更容易監控影響並做出明智的決策。

Leaders will also be able to get a bird eye's view of goals in Universal Reporting, including the ability to report, filter and group Goals metadata. We're also rolling out all new integrations from Asana Partners that help our customers improve the productivity and quality of work across their applications. New rules integrations with Gmail, PagerDuty, Twilio and more automate work across tools to help teams stay connected and remove bottlenecks.

領導者還可以從整體上了解通用報告中的目標，包括報告、過濾和分組目標元資料的能力。我們還推出了來自 Asana Partners 的所有新集成，以幫助我們的客戶提高其應用程式的生產力和工作品質。與 Gmail、PagerDuty、Twilio 等的新規則整合可自動跨工具工作，幫助團隊保持聯繫並消除瓶頸。

Contact switching between tools makes it hard for individuals to stay focused on the work itself and oftentimes causes that work to fall through the cracks. With the new Asana for Workplace integration with Meta, teams can create Asana Tasks, receive project notifications and seed link reviews for important status or milestone updates right from Workplace.

工具之間的聯繫切換使得個人很難專注於工作本身，並且常常導致工作失敗。透過新的 Asana for Workplace 與 Meta 的集成，團隊可以直接從 Workplace 建立 Asana 任務、接收專案通知和重要狀態或里程碑更新的種子連結審查。

A new independent report by Nucleus found that Asana can cut the time it takes to complete a project by as much as 60% and increase project loads by up to 25% without adding staff. The study also found that users of Asana reduce errors by as much as 90% when automating complex processes.

Nucleus 的一份新的獨立報告發現，Asana 可以在不增加員工的情況下將完成專案所需的時間縮短 60%，並將專案負載增加 25%。研究還發現，Asana 用戶在自動化複雜流程時可將錯誤減少多達 90%。

And the third thing to note about our product road map this fall is that we're further elevating security, privacy and compliance. Asana now offers data residency options and flexibility in Australia and Japan to meet customers' needs in addition to EMEA. We're also supporting global organizations with enhanced mobile data controls so admins can ensure data stay secure with biometric authentication and restricted attachment sharing while empowering employees to work from the Asana app anywhere.

關於我們今年秋天的產品路線圖，第三件值得注意的事情是，我們將進一步提高安全性、隱私性和合規性。除了 EMEA 地區以外，Asana 現在還在澳洲和日本提供資料駐留選項和靈活性，以滿足客戶的需求。我們還透過增強的行動數據控制為全球組織提供支持，以便管理員可以透過生物特徵認證和受限的附件共享確保數據的安全，同時讓員工能夠在任何地方使用 Asana 應用程式工作。

For companies that store, consume and transmit personal health information for business processes, Asana plans to introduce a HIPAA-compliant offering this fall. And our new API and partnerships will provide IT leaders with data loss prevention, e-discovery and archiving solutions for increased control and support of security and compliance controls while still facilitating important cross-functional connection.

對於為業務流程儲存、使用和傳輸個人健康資訊的公司，Asana 計劃在今年秋季推出符合 HIPAA 要求的產品。我們的新 API 和合作夥伴關係將為 IT 領導者提供資料遺失預防、電子發現和歸檔解決方案，以增強對安全性和合規性控制的控制和支持，同時仍促進重要的跨職能連接。

I'll close by acknowledging that we're actively managing our business and staying vigilant as we carefully navigate through the current macroeconomic cycle. We'll continue to balance growth and profitability, which includes managing our investments conscientiously while maintaining our leadership in product innovation and vision.

最後，我要說的是，我們正在積極管理我們的業務，並在謹慎地度過當前的宏觀經濟週期時保持警惕。我們將繼續平衡成長和獲利，包括認真管理我們的投資，同時保持我們在產品創新和願景方面的領先地位。

And now I'll turn it over to Anne.

現在我將把話題交給安妮。

Thanks, Dustin. It's the conversations we have with our customers that make us so confident in our investments in product innovation. As we move upmarket, our product strategy has successfully evolved to address customers' growing needs. These upmarket product announcements will help to further drive adoption of our business and enterprise tiers.

謝謝，達斯汀。正是與客戶的對話讓我們對產品創新的投資充滿信心。隨著我們向高端市場邁進，我們的產品策略已成功演變，以滿足客戶日益增長的需求。這些高端產品的發布將有助於進一步推動我們商業和企業層的採用。

In Q2, the U.S. region and enterprise segment led our overall growth. This is a good indication that Asana is a great market fit for organizations today, especially with the challenges and opportunities they are facing now and going forward. Over the last several months, I've been on the road spending time with our customers around the world. the stories they share with me are amazing. These are just a couple of key observations.

第二季度，美國地區和企業部門引領了我們的整體成長。這很好地表明，Asana 非常適合當今的市場，尤其是考慮到它們現在和未來面臨的挑戰和機會。在過去幾個月裡，我一直在路上與世界各地的客戶共度時光。他們和我分享的故事非常精彩。這只是幾個關鍵的觀察。

First, our conversations in enterprises are moving up the authority chain. Digital transformation is mainstream, and work management is an essential component of that. In enterprises, as Dustin showed with the data, cross-functional collaboration is not a thing they do, it's everything they do in order to run their business processes. Asana is a critical platform that allows companies to work the way things get done cross-functionally. The market fit is clear.

首先，我們在企業中的對話正沿著權力鏈往上移動。數位轉型是主流，工作管理是其中不可或缺的一部分。在企業中，正如達斯汀透過數據所展示的那樣，跨職能協作不是他們所做的事情，而是他們為了運行業務流程所做的一切。 Asana 是一個關鍵平台，允許公司以跨職能的方式開展工作。市場契合度很明顯。

Second, we are closing deals with some of the largest and most recognized brands in the world. Some of the most prominent and successful companies across industries, such as media, automotive, financial services and telecom are choosing Asana to help them grow, compete and leverage their tech stack investments. We now have 462 customers spending over $100,000 on an annualized basis. And these larger deals represent our fastest-growing customer cohort, up 105% year-over-year.

其次，我們正在與世界上一些最大、最知名的品牌達成交易。媒體、汽車、金融服務和電信等行業的一些最傑出和最成功的公司正在選擇 Asana 來幫助他們發展、競爭並利用他們的技術堆疊投資。我們現在有 462 位客戶，每年消費超過 10 萬美元。這些較大的交易代表我們成長最快的客戶群，年增 105%。

Third, the more our customers use Asana, the more they realize value, and this increases product adoption. We are seeing more new users join existing Asana Enterprise deployments and quickly collaborate cross-functionally with colleagues. Our dollar-based net retention rate for customers over $100,000 is well above 145%.

第三，我們的客戶使用 Asana 越多，他們實現的價值就越多，這會增加產品的採用率。我們看到越來越多的新用戶加入現有的 Asana Enterprise 部署並與同事快速進行跨職能協作。我們對 100,000 美元以上客戶的美元淨留存率遠高於 145%。

And fourth, Asana is a beloved brand. Customers love Asana and want Asana to win. One customer who runs an operational team said, Asana has been a game changer for our organization. We've been able to streamline how requests for products come to our team and move away from never-ending e-mail chains with overlapping voices and calls for edits. Thanks, Asana. Our brand equity is remarkable.

第四，Asana是一個受人喜愛的品牌。顧客喜愛 Asana 並且希望 Asana 能夠成功。一位負責營運團隊的客戶表示，Asana 徹底改變了我們的組織。我們已經能夠簡化產品請求發送給我們團隊的方式，並擺脫無休止的電子郵件鍊和重疊的聲音和編輯要求。謝謝，Asana。我們的品牌資產非常顯著。

Overall, we continue to see strong demand, and we are closing deals with large customers, and we have strong engagement across our user base. As I look across our customer base, we are seeing broad cross-industry adoption with significant traction in Fortune 100 customers, of which over 80% use Asana. Some of the most important companies in the world are adopting and expanding with Asana this year.

總體而言，我們繼續看到強勁的需求，我們正在與大客戶達成交易，並且我們在整個用戶群中都擁有很強的參與度。當我環顧我們的客戶群時，我們看到跨行業廣泛採用，並在財富 100 強客戶中具有顯著的吸引力，其中超過 80％ 使用 Asana。今年，世界上一些最重要的公司正在採用 Asana 並進行擴張。

To call out a few, one of the world's largest automotive manufacturers is a growing customer. They are using Asana Enterprise in R&D divisions to improve clarity across the organization about the status of various initiatives and how they are progressing towards their goals. A well-known and one of the largest container shipping line and vessel operators is another 6-figure customer. They're using Asana Enterprise for critical customer contract logistics workflows to ensure shipments are fulfilled in their warehouse and distribution divisions.

舉幾個例子，世界上最大的汽車製造商之一就是一個不斷成長的客戶。他們在研發部門使用 Asana Enterprise，以便整個組織更清楚地了解各項計畫的狀態以及它們實現目標的進展。一家知名且最大的貨櫃航運公司和船舶營運商之一也是另一個六位數的客戶。他們正在使用 Asana Enterprise 來處理關鍵客戶合約物流工作流程，以確保在其倉庫和配送部門完成貨物運輸。

One of the largest global grocery and convenience store chains headquartered in Europe is using Asana Enterprise in their online shopping division to ensure efficient execution with cross-functional workflows across sales and operations. And one of the largest telecommunications companies has thousands of employees using Asana Enterprise for managing their global supply chain initiatives, orchestrating their field technicians and retail operations. In fact, in the technology space overall, 8 out of the top 10 tech companies in the world are Asana-paying customers.

總部位於歐洲的全球最大的雜貨和便利商店連鎖店之一正在其線上購物部門使用 Asana Enterprise，以確保跨銷售和營運的跨職能工作流程高效執行。一家最大的電信公司擁有數千名員工使用 Asana Enterprise 來管理其全球供應鏈計畫、協調其現場技術人員和零售業務。事實上，在整個科技領域，全球排名前 10 位的科技公司中有 8 家都是 Asana 的付費客戶。

We're also gaining early traction with financial services companies that are using Asana to help automate critical operational workflows, saving time and increasing productivity. In Q2, Morningstar again expanded their use of Asana across research, operations, marketing and client services. We also signed an expansion deal in Q2 with one of the largest hedge funds headquartered in New York and Chicago, and we are in conversations with other large North American and European banks.

我們還與金融服務公司建立了早期聯繫，這些公司正在使用 Asana 來幫助自動化關鍵營運工作流程，從而節省時間並提高生產力。第二季度，晨星再次擴大了 Asana 在研究、營運、行銷和客戶服務領域的使用。我們也在第二季與總部位於紐約和芝加哥的最大對沖基金之一簽署了擴張協議，並且正在與其他北美和歐洲大型銀行進行洽談。

We are seeing an impact in the health care industry as well. As Dustin mentioned, we expect to have a HIPAA-compliant offering broadly available in a few months, which we expect to enhance our position with health care customers going forward.

我們也看到了醫療保健產業的影響。正如達斯汀所說，我們預計將在幾個月內廣泛推出符合 HIPAA 要求的產品，我們希望這將增強我們在未來與醫療保健客戶中的地位。

Another big industry that has been going through significant digitization is media. In the media world, bringing their product to market is their core service, and it needs to be done faster and more effectively to stay competitive. Asana is the strategic partner of choice for several major media companies.

另一個正在經歷重大數位化的大型產業是媒體。在媒體界，將產品推向市場是他們的核心服務，需要更快、更有效地完成這項工作才能保持競爭力。 Asana 是多家大型媒體公司的首選策略夥伴。

In Q2, we closed a deal with Vox Media. They've now expanded and up-tiered to Asana Enterprise, using Asana to ensure their core workflows for revenue-generating partnerships from RFP process to deal close. Viacom CBS, which is now part of Paramount and Discovery, along with other premium media brands are all customers we're proud to partner with as they embrace the future of work.

在第二季度，我們與 Vox Media 達成了交易。現在，他們已經擴展並升級到 Asana Enterprise，使用 Asana 來確保從 RFP 流程到交易完成的創收合作夥伴關係的核心工作流程。維亞康姆哥倫比亞廣播公司（Viacom CBS，現為派拉蒙（Paramount）和探索頻道（Discovery）旗下子公司）以及其他優質媒體品牌都是我們很榮幸能與之合作的客戶，因為他們正在擁抱未來的工作。

As I noted earlier, telecom is another vertical where we have strong traction. In Q2, we closed a deal with one of Asia Pacific's largest telcos. This was a land deal and another big industry win for us. Also in Q2, we won Three UK, a British telecommunications and Internet service provider. They're deploying hundreds of enterprise seats. We are also deployed in the largest telco in the world who expanded their seats this quarter. And of course, there's T-Mobile, an existing customer using Asana for developing strategies to launch new products.

正如我之前提到的，電信是我們具有強大吸引力的另一個垂直領域。第二季度，我們與亞太地區最大的電信公司之一達成了交易。這是一筆土地交易，也是我們在業界的又一大勝利。此外，在第二季度，我們贏得了英國電信和網路服務供應商 Three UK。他們正在部署數百個企業席位。我們還在全球最大的電信公司開展業務，該公司本季擴大了其業務範圍。當然，還有 T-Mobile，它是現有客戶，正在使用 Asana 制定新產品推出策略。

These companies are leaders in their respective industries and know what it means to leverage innovation and technology to be fast, responsive and effective. Work is cross-functional and companies need a platform that allows teams to collaborate across the organization. They're choosing Asana because they believe Asana is the best platform available for work management.

這些公司都是各自產業的領導者，懂得如何運用創新和技術實現快速、反應和高效。工作是跨職能的，公司需要一個允許團隊在整個組織內進行協作的平台。他們選擇 Asana 是因為他們相信 Asana 是最好的工作管理平台。

While it's hard to predict how the current macro environment is going to impact our various customers in the short term, we believe the long-term secular trends in digital transformation remain intact and the importance of work management software will continue to grow. We remain committed to our long-term strategy. We believe we can win the category as the awareness grows and our unique capabilities meet customer needs, providing time to value in weeks, not years, and high ongoing return on investment.

雖然很難預測當前的宏觀環境將如何在短期內影響我們的各種客戶，但我們相信數位轉型的長期趨勢保持不變，工作管理軟體的重要性將持續成長。我們仍然致力於我們的長期戰略。我們相信，隨著知名度的提高以及我們獨特的能力滿足客戶需求，我們可以贏得這項獎項，在幾週而不是幾年的時間內實現價值，並獲得持續的高投資回報。

With that, I'll hand it over to Tim.

說完這些，我就把它交給提姆。

Thank you, Anne. Q2 revenue growth showed continued strength in the business overall. Revenues came in at $134.9 million, up 51% year-over-year. This puts us at an annualized quarterly revenue run rate of $540 million, over $0.5 billion. Revenue from the U.S. grew 59% year-over-year, accounting for 60% of our total revenue. International grew 39% year-over-year, accounting for 40% of our revenue. Currency impacted our international growth rate by roughly 400 basis points and the overall revenue growth rate by 200 basis points. International growth would have been 44% year-over-year, and total revenue growth would have been 53% year-over-year without the impact of currency.

謝謝你，安妮。第二季營收成長顯示整體業務持續保持強勁勢頭。營收達到 1.349 億美元，年增 51%。這使得我們的季度年化收入運行率達到 5.4 億美元，超過 5 億美元。來自美國的收入年增59％，占我們總收入的60％。國際業務年增39％，占我們收入的40％。貨幣對我們的國際成長率影響了約400個基點，對整體營收成長率影響了200個基點。若不受貨幣影響，國際業務年增將達到 44%，總營收年增將達 53%。

At 64% growth, revenue from customers spending $5,000 or more on an annualized basis is a good leading indicator of our core growth. This cohort represented 72% of our revenues in Q2, up from 66% in the year ago quarter, and speaks to our success as we continue to move upmarket. The revenue growth for this cohort of customers in the U.S. grew even faster at 73% year-over-year. We now have over 131,000 paying customers at the end of Q2, up approximately 5,000 in the quarter. We have 18,040 customers spending $5,000 or more on an annualized basis, up 41% year-over-year. We now have 1,141 customers spending $50,000 or more on an annualized basis, up 91% year-over-year.

成長率為 64%，來自年度消費 5,000 美元或以上的客戶的收入是我們核心成長的良好領先指標。這部分客戶佔了我們第二季營收的 72%，高於去年同期的 66%，這表明我們繼續向高端市場邁進，並取得了成功。美國這群客戶的營收成長速度甚至更快，較去年同期成長73%。截至第二季末，我們擁有超過 131,000 名付費客戶，比本季增加了約 5,000 名。我們有 18,040 名客戶，年消費金額為 5,000 美元或以上，較去年同期成長 41%。我們現在有 1,141 名客戶，每年消費金額達 50,000 美元或以上，較去年同期成長 91%。

Our largest customers remain our fastest-growing cohort. We have 462 customers spending $100,000 or more on an annualized basis, and the customer cohort is growing at 105% year-over-year. We believe this metric is a good proxy for our enterprise business, and you can expect us to continue updating this number in coming quarters.

我們最大的客戶仍然是我們成長最快的群體。我們有 462 名客戶，每年消費金額達 10 萬美元或以上，客戶群較去年同期成長 105%。我們相信這個指標可以很好地代表我們的企業業務，您可以期待我們在未來幾季繼續更新這個數字。

As a reminder, we define these customer cohorts based on an annualized GAAP revenue in a given quarter. We will be sunsetting the use of $50,000-plus and total customer stats over the next 2 quarters and instead plan to use $5,000-plus and $100,000-plus stats as key indicators for the health of our business moving forward as we believe they are more aligned to our core business growth and future success with enterprise customers. We'll continue to disclose the current metrics on our IR website through the end of the fiscal year.

提醒一下，我們根據特定季度的年度 GAAP 收入來定義這些客戶群。我們將在未來兩個季度內停止使用 50,000 美元以上和總客戶統計數據，而是計劃使用 5,000 美元以上和 100,000 美元以上的統計數據作為未來業務健康狀況的關鍵指標，因為我們認為它們更加一致以實現我們核心業務的成長以及未來與企業客戶的成功。在本財政年度結束前，我們將繼續在我們的 IR 網站上揭露當前指標。

Our dollar-based net retention rates remain strong across every cohort. Our overall dollar-based net retention rate was over 120%. Among customers spending $5,000 or more, our dollar-based net retention rate was over 130%. And among customers spending $50,000 or more, our dollar-based net retention rate was over 145%. As a reminder, our dollar-based net retention rate is a trailing 4-quarter average calculation.

我們基於美元的淨留存率在各個群體中都保持強勁。我們的整體美元淨留存率超過 120%。對於消費金額為 5,000 美元或以上的客戶，我們的美元淨留存率超過 130%。對於消費金額為 50,000 美元或以上的客戶，我們的美元淨留存率超過 145%。提醒一下，我們基於美元的淨留存率是過去 4 個季度的平均計算結果。

As I turn to expense items and profitability, I would like to point out that I will be discussing the non-GAAP results in the balance of my remarks. Gross margins came in at 90.1%, improved from 89.2% in the year ago quarter. Research and development was $50.4 million or 37% of revenue. We continue investing to win and fuel innovation in our proprietary technology, which will help us deliver on our vision.

當我談到費用項目和獲利能力時，我想指出，我將在我的演講中討論非公認會計準則的結果。毛利率為 90.1%，高於去年同期的 89.2%。研發支出為 5,040 萬美元，佔營收的 37%。我們將繼續投資並推動專有技術的創新，這將幫助我們實現我們的願景。

Sales and marketing was $94.7 million or 70% of revenue. We front-loaded many of our customers-facing roles this year to build sales capacity and infrastructure for the second half and beyond. G&A was $39.1 million or 29% of revenue, which includes $2.5 million in costs related to a reduction in the size of our recruiting team. Excluding the onetime costs, G&A as a percentage of revenue would have been 27%. Operating loss was $62.6 million and operating loss margin was 46%. Net loss was $64.3 million and our net loss per share was $0.34.

銷售和行銷支出為 9,470 萬美元，佔收入的 70%。我們今年預先安排了許多面向客戶的職位，以便為下半年及以後建立銷售能力和基礎設施。 G&A 費用為 3,910 萬美元，佔營收的 29%，其中包括與招募團隊規模縮減相關的 250 萬美元成本。除去一次性成本，一般及行政費用佔收入的百分比為 27%。營業虧損為 6,260 萬美元，營業虧損率為 46%。淨虧損為 6,430 萬美元，每股淨虧損為 0.34 美元。

Moving on to the balance sheet and cash flow. Cash and marketable securities, including long-term investments at the end of Q2, were approximately $239 million. Our remaining performance obligations, or RPO, was $261.6 million, up 53% from the year ago quarter. 87% of our RPO will be recognized over the next 12 months. That current portion of our RPO grew 55% from the year ago quarter.

繼續討論資產負債表和現金流。截至第二季末，現金和有價證券（包括長期投資）約為 2.39 億美元。我們的剩餘履約義務（RPO）為 2.616 億美元，比去年同期成長 53%。我們的 87% 的 RPO 將在未來 12 個月內得到認可。我們的 RPO 當前部分比去年同期成長了 55%。

Total deferred revenue at the end of Q2 was $210.2 million, up 51% year-over-year. While we don't normally comment on calculated billings, since currency has such a significant impact this quarter, I wanted to call out that calculated billings grew 43% year-over-year when we factor in the currency impact.

第二季末總遞延營收為 2.102 億美元，年增 51%。雖然我們通常不會對計算賬單發表評論，但由於本季度貨幣影響如此重大，我想指出的是，當我們考慮到貨幣影響時，計算賬單同比增長了 43%。

Our free cash flow is defined as net cash from operating activities, less cash used in property and equipment and capitalized software costs, excluding nonrecurring items. In Q2, free cash flow was negative $42.3 million or negative 31.3% on a margin basis.

我們的自由現金流定義為來自經營活動的淨現金減去用於物業和設備的現金以及資本化的軟體成本（不包括非經常性項目）。第二季度，自由現金流為負 4,230 萬美元，以利潤率計算為負 31.3%。

Moving on to our outlook. For Q3 fiscal year 2023, we expect revenues of $138.5 million to $139.5 million, representing growth rates of 38% to 39% year-over-year. We expect non-GAAP loss from operations of $66 million to $63 million, which is a significant decline in growth of operating expenses year-over-year. We are targeting flat operating margins quarter-over-quarter at the midpoint. And we expect net loss per share of $0.33 to $0.32, assuming basic and diluted weighted average shares outstanding of approximately 203 million, which includes the newly issued shares.

繼續我們的展望。對於 2023 財年第三季度，我們預計營收為 1.385 億美元至 1.395 億美元，年增 38% 至 39%。我們預期非公認會計準則下的營業虧損為 6,600 萬美元至 6,300 萬美元，與去年同期相比，營業費用增幅大幅下降。我們的目標是，營業利潤率與上一季持平。我們預計每股淨虧損為 0.33 美元至 0.32 美元，假設基本和稀釋加權平均流通股約為 2.03 億股，其中包括新發行的股份。

For the full fiscal year 2023, we expect revenues to be $544 million to $547 million, representing a growth rate of 44% to 45% for the full year. We expect FX to negatively impact our full year growth by approximately 200 basis points. Excluding the currency impact, our growth would have been 46% to 47% year-over-year. We expect operating loss margins to be between 45% to 44% for the full fiscal year.

對於 2023 財年全年，我們預計營收為 5.44 億美元至 5.47 億美元，全年成長率為 44% 至 45%。我們預計外匯將對我們的全年成長產生約 200 個基點的負面影響。除去貨幣影響，我們的成長率將達到46%到47%。我們預計整個財年的營業虧損率將在 45% 至 44% 之間。

As you can see from our guidance, we front-loaded our investments for the year. You should expect 2 percentage points of operating loss margins improvement in the second half of the year versus the first half and even more improvements next year. In addition, as you have seen in today's press release, we announced a private placement by our CEO.

正如您從我們的指引中看到的，我們已為今年進行了前期投資。您應該預期，今年下半年的營業虧損率將比上半年改善 2 個百分點，明年的改善甚至更大。此外，正如您在今天的新聞稿中看到的，我們宣布了執行長的私募。

Dustin purchased approximately 19 million shares of Class A common stock at $18.16 per share, which was the closing trading price of our Class A common stock on Friday, September 2, 2022. This investment of $350 million will increase our cash balance to over $585 million in total. We believe this additional capital will provide sufficient funding to execute on our current strategies and for us to achieve positive free cash flow, which we are targeting before the end of calendar year 2024.

達斯汀以每股18.16 美元的價格購買了約1900 萬股A 類普通股，這是我們A 類普通股2022 年9 月2 日星期五的收盤價。現金餘額增加到5.85 億美元以上總計。我們相信，這筆額外資本將提供足夠的資金來執行我們目前的策略，並幫助我們實現正的自由現金流，我們的目標是在 2024 年底之前實現這一目標。

In addition, here are some of the major initiatives we are undertaking as part of our focus on efficiencies. We've moderated headcount growth significantly, and you'll begin to see it manifest in G&A and R&D expenses first. We've already slowed headcount growth from 13% sequentially in Q1 to 5% in Q2, showing a change in momentum and highlighting our commitment to expense management.

此外，以下是我們為提高效率而採取的一些主要措施。我們已大幅減緩了員工人數的成長，您將首先看到它體現在一般行政管理費用和研發費用上。我們已經將員工人數成長速度從第一季的 13% 放緩至第二季的 5%，這表明成長勢頭髮生了變化，也凸顯了我們對費用管理的承諾。

We are focused on leveraging the existing infrastructure that we've built over the last several quarters, for example, ensuring our sales reps are successfully ramped. We're also pacing out our other investments in various geographic markets and prioritizing the highest ROI go-to-market initiatives. We are actively working to drive more leverage in our cost structure and have taken significant measures to manage spend.

我們專注於利用過去幾季建立的現有基礎設施，例如確保我們的銷售代表成功提升。我們也在不同的地理市場推進其他投資，並優先考慮投資報酬率最高的市場進入措施。我們正在積極努力提高成本結構中的槓桿率，並已採取重大措施來管理支出。

With strong top line growth, high gross margins and our focus on increased efficiencies, we believe we are on a solid path to generating free cash flow. Importantly, there are no changes to our long-term product strategy that has to date helped us succeed at being the most scalable and most widely deployed platform across our space. For example, we will continue to invest in product and marketing activities to support the momentum behind our enterprise product announcements in October. These will continue to drive high growth and success in the enterprise.

憑藉強勁的營收成長、高毛利率以及對提高效率的關注，我們相信我們正走在創造自由現金流的堅實道路上。重要的是，我們的長期產品策略沒有改變，迄今為止，該策略幫助我們成功成為整個領域最具可擴展性和最廣泛部署的平台。例如，我們將繼續投資於產品和行銷活動，以支持我們十月企業產品發布的勢頭。這些將繼續推動企業的高速成長和成功。

With that, I'll hand it back to Dustin for some final closing remarks.

說完這些，我會把發言權交還給達斯汀，請他做最後的總結。

Thanks, Tim. I'm investing further in Asana because I strongly believe the market opportunity is enormous and that the Work Graph is the best possible solution for helping enterprises achieve their most important goals, which always involve cross-functional workflows and necessitate clarity at every level. The market is ready, and our customers are validating our strategy every day. Finally, I know our team is the very best in work management and hungry to achieve our mission. We're still in the earliest stages, and we intend to win.

謝謝，蒂姆。我正在進一步投資 Asana，因為我堅信市場機會巨大，工作圖是幫助企業實現其最重要目標的最佳解決方案，這些目標始終涉及跨職能的工作流程，並需要各個層面的清晰度。市場已經準備就緒，我們的客戶每天都在驗證我們的策略。最後，我知道我們的團隊在工作管理方面是最好的，並且渴望實現我們的使命。我們仍處於最初階段，我們決心取得勝利。

And with that, I'll turn it back to the operator for questions.

說完這些，我將把話題轉回給接線生，以便回答問題。

(Operator Instructions) Our first question is with Brent Bracelin from Piper Sandler.

（操作員指示）我們的第一個問題是來自 Piper Sandler 的 Brent Bracelin。

I wanted to double-click into the large customer cohort, triple-digit growth in $100,000-plus cohort customers. Sounds like cross-functional collaboration is really resonating here. What is driving the momentum in large customers, I guess, for maybe Anne or Dustin? And are there things you can do to maybe emphasize the strength in large enterprise, redirect some sales and marketing dollars to what appear to be a segment of the market where you're having a tremendous amount of success?

我希望能夠雙擊進入大型客戶群，實現十萬美元以上客戶群的三位數成長。聽起來跨職能協作在這裡確實引起了共鳴。我想，對安妮或達斯汀來說，是什麼推動了大客戶的發展動能？您是否可以採取一些措施來強調大型企業的優勢，將部分銷售和行銷資金重新投入到您已經取得巨大成功的細分市場上？

Yes. Thanks for that question. This is Dustin. I mean, I think a lot of it is really the product strategy, which is -- really shines and differentiate from our competitors when you have larger organizations because they're doing more strategic cross-functional work. And we're finding that the majority of all collaborative activity in Asana is cross-functional in nature. So I think you were finding that value proposition in using it, and so we want to make that a nice feedback loop. So we're investing further in the product road map to emphasize the functionality that's most used cross-functionally.

是的。謝謝你的提問。這是達斯汀。我的意思是，我認為很大程度上實際上是產品策略，當你擁有更大的組織時，產品策略才真正脫穎而出並與我們的競爭對手區分開來，因為他們正在做更具策略性的跨職能工作。我們發現 Asana 中的大部分協作活動本質上都是跨職能的。所以我認為您在使用它時發現了這個價值主張，因此我們希望使其成為一個良好的回饋循環。因此，我們在產品路線圖上進行了進一步投資，以強調跨職能最常用的功能。

And so it's things like Goals, and we're doing a launch around -- that includes some old improvements in October, improving Portfolios. That's a lot of our road map over the next year is going to make those even more powerful. Improving reporting, talked a little bit about being able to report on goals and reporting, but also there's a lot of great enhancements there. So that really helps us really accentuate the value of the Work Graph for these large organizations, make it more useful to larger teams, make it more useful to senior leaders and executives.

因此，這就是諸如目標之類的事情，我們正在進行發布——其中包括 10 月份的一些舊改進，改進投資組合。我們明年的路線圖將使它們變得更強大。改進報告，談了一些關於能夠報告目標和報告的內容，但也有很多很好的改進。所以這確實幫助我們真正強調工作圖對這些大型組織的價值，使其對更大的團隊更有用，使其對高階領導和高階主管更有用。

And then we feed that right back into our sales approach. So teaching the sales team how to do value-based selling around not only the productivity increases we can give to the team broadly, but to the insight and clarity we can give to senior leaders as they're able to understand. We sort of think of the upper levels of the Work Graph or we sometimes have pyramid of clarity. So there's a lot more we can do there. And then yes, feeding that right back into our marketing approach as well, having more messages that appeal to larger organizations, making sure we're targeting our spend in channels that can find those types of personas and buyers and then having that feed all the way through the customer journey.

然後我們將其反饋到我們的銷售方法中。因此，教導銷售團隊如何進行基於價值的銷售，不僅可以提高整個團隊的生產力，還可以為高階領導提供他們能夠理解的洞察力和清晰度。我們會思考工作圖的上層，或者有時我們會想到清晰度金字塔。因此我們還可以做很多事。然後，是的，這也將反饋到我們的行銷方法中，提供更多吸引大型組織的信息，確保我們將資金投入到能夠找到這些類型的人物和買家的管道中，然後將其提供給所有貫穿客戶旅程的方式。

And then just a follow-up here for Tim. It's great to see the additional $385 million cash infusion. It sounds like this provides a healthy bridge to positive free cash flow. How are you thinking about getting there in the next 2 years? Where are you going to drive the -- most of the improvement? 70% of revenue tied to the sales and marketing still seems hot on a relative basis through peers. Is that really where you see it could drive the most amount of leverage here in efficiency over the next couple of years? Any color there on how you get to positive free cash flow within 3 years would be helpful.

接下來是提姆的後續問題。很高興看到額外3.85億美元的現金注入。這聽起來為正的自由現金流提供了一座健康的橋樑。您打算在未來兩年內如何實現這項目標？您將在哪裡推動最大的改進？與同業相比，70%的收入與銷售和行銷相關，這仍然相對較熱。您是否真的認為這可以在未來幾年內帶來最大的效率提升？關於如何在 3 年內獲得正自由現金流的任何詳細說明都會有所幫助。

Yes. Brent, this is Tim. Great question. So what I would say is we're incredibly focused on gaining efficiencies across all -- across the whole organization. I think where you'll first kind of see where gains inefficiencies in the operating income statement is G&A and R&D. And then over time, that you can expect us to see improvement in sales and marketing as we kind of focus and divert our attention of moving upmarket.

是的。布倫特，這是提姆。好問題。所以我想說的是，我們非常注重提高整個組織的效率。我認為您首先會看到營業收入表中效率低下的地方是一般行政管理費用和研發費用。隨著時間的推移，你可以期待看到銷售和行銷方面的改善，因為我們將注意力轉移到高端市場。

As you can see, the momentum that we've seen in North America and in enterprise, which grew 59%, those are the areas that we're going to continue to double down in and invest in. And in those markets where the payback may be longer or the ROI may be more unknown, I think you'll see us pull back investments in. So we're trying to be really mindful of the investments that we're making, but also have a really rigorous focus around what we can get with the existing infrastructure.

正如你所看到的，我們在北美和企業領域看到了成長 59% 的勢頭，這些是我們將繼續加倍投入和投資的領域。不明朗，我想你會看到我們撤回投資。 所以我們正努力謹慎地進行投資，但同時也非常嚴格地關注我們所做的投資。

Our next question is with Alex Zukin from Wolfe Research.

我們的下一個問題是來自 Wolfe Research 的 Alex Zukin。

I guess maybe, Dustin, just -- or Anne, the first one for you guys. As you think about the -- as you're having conversations with senior leaders at some of your larger customers or prospects, when you think about kind of the kinds of conversations you're having and how they dovetail with the prospects for a tougher macro environment, a lot of companies are talking about lengthening sales cycles in the enterprise or larger deals that get descoped. And I think even some investors when they're asking us questions about mission-critical must-haves versus nice-to-haves, there's a healthy amount of debate in terms of where this type of software falls in that category. So what -- it's a long way of asking what kinds of conversations are you kind of seeing right now. How is that impacting sales cycles, if at all? Or is it actually helpful to you? And then I have a quick follow-up.

我想也許，達斯汀，只是──或者安妮，你們中的第一個。當你考慮到——當你與一些較大客戶或潛在客戶的高層領導進行對話時，當你考慮你正在進行的對話類型以及它們如何與更嚴格的宏觀經濟前景相吻合時環境下，許多公司正在談論延長企業的銷售週期或縮小範圍的更大規模的交易。我認為，甚至當一些投資人向我們詢問有關任務關鍵型軟體是必備軟體還是可有可無軟體的問題時，他們也會對這類軟體屬於哪一類別進行大量的爭論。那麼——這是一個很長的問題，要問的是，您現在看到了什麼樣的對話。如果有的話，這會對銷售週期產生什麼影響？或者說它真的對你有幫助嗎？然後我有一個快速的後續問題。

Yes. Alex, it's Anne. Thanks for that question. I'll start off. So I mean we're conscious that the macro environment is clearly impacting software purchasing overall. But what we're seeing in work management is it's still early and seeing some of the highest growth given the problems that we solve are persistent. So I've been able to be on the road meeting with customers, which has been great.

是的。亞歷克斯，我是安妮。謝謝你的提問。我先開始了。所以我的意思是我們意識到宏觀環境顯然對整體軟體採購產生影響。但我們在工作管理方面看到的是，它仍處於早期階段，而且由於我們解決的問題是長期存在的，因此我們看到了一些最高的成長。因此我能夠在路上與客戶會面，這真是太好了。

And I think what we're seeing the response to, as Dustin mentioned, is our differentiated product strategy. So specifically conversations around goals with CEO, COOs, CIOs, who are trying to figure out how they can rapidly adjust plans and cascade those throughout the organization. And so with Asana, they're able to do that in a really agile fashion. And so the conversations we're having are much more about how they can respond in this environment quickly.

正如達斯汀所說，我認為我們看到的反應是我們的差異化產品策略。因此，具體圍繞目標與 CEO、COO、CIO 進行對話，他們試圖弄清楚如何快速調整計劃並在整個組織內實施。借助 Asana，他們能夠以非常敏捷的方式做到這一點。因此，我們的討論更多是關於他們如何在這種環境下快速做出反應。

You asked a specific question about deal cycle times. And certainly, as we move upmarket and are working on larger deals, we're going to see that those cycle times are a bit longer than where we've come from. And we're also monitoring that because customers are scrutinizing spend. But overall, in terms of higher-level conversations we're having in organizations, it's been very positive because of our Goals product.

您問了一個關於交易週期的具體問題。當然，隨著我們進入高端市場並進行更大的交易，我們將發現這些週期時間比我們之前的周期要長一些。我們也在監控這一點，因為客戶正在仔細審查支出。但總體而言，就我們在組織中進行的更高層次的對話而言，由於我們的目標產品，一切都非常積極。

Perfect. And then I guess just another question around the incremental profit profile of the company. I guess, as we think more -- with more out-year focus, you're calling around I think exiting calendar '25 or getting to cash flow profitability in calendar '25. Where -- what kind of a balance of growth to profitability are you contemplating that entails? Is that you get to breakeven and you stay there, funding a higher growth rate? Or is the goal to kind of start to get closer to that long-term operating margin target that you are able to accelerate that progress driven by the move upmarket and the contribution profile of these higher-margin customers?

完美的。然後我想另一個問題是關於公司增量利潤狀況的。我想，隨著我們更多地考慮 - 隨著更多地關注未來幾年，你會想到退出日曆'25或在日曆'25實現現金流盈利。您考慮在成長與獲利之間實現怎樣的平衡？您是否達到了收支平衡並且維持平衡，從而為更高的成長率提供資金？或者我們的目標是開始接近長期營業利潤率目標，從而能夠透過高端市場以及這些高利潤率客戶的貢獻情況來加速這一進程？

This is Dustin. I just want to clarify actually that the time line we laid out was before calendar 2025, so by the end of calendar 2024. And that's in the foreseeable future, but it's also a long way out. So it's a little hard to predict exactly how we'll manage the business as we cross the line. But we want to make sure that we're managing cash well and investing in our best growth opportunities. And as you said, that's going to happen naturally as we move upmarket because there's a much better sort of cost profile for those larger customers.

這是達斯汀。我只是想澄清一下，我們制定的時間線是在 2025 年之前，也就是 2024 年底。因此，當我們跨越界限時，很難準確預測我們將如何管理業務。但我們要確保我們能妥善管理現金並投資於最好的成長機會。正如您所說，隨著我們向高端市場邁進，這種情況會自然而然地發生，因為對於較大的客戶來說，成本狀況會好得多。

I certainly hope to have real margins and not just sort of be holding the line. But we also are in it to win the category, and so we're going to look for the opportunities to invest in growth, and it will depend somewhat on what's available at that moment in time. So I think the long run -- long-range profit margins we've given in the past also come with a slower growth rate. So I think that, that should hopefully be a sort of favorable trade-off for investors either way: either we're growing really quickly, and so we'd like to continue investing in that growth; or we're growing somewhat slower, and then we'll seek to expand the margin profile.

我當然希望有真正的利潤，而不僅僅是維持現狀。但我們也希望贏得這個類別的勝利，所以我們將尋找投資成長的機會，這在某種程度上取決於當時可用的資源。因此我認為從長遠來看——我們過去給出的長期利潤率也伴隨著較慢的成長率。所以我認為，無論如何，這對投資者來說應該是一種有利的權衡：要么我們發展得非常快，所以我們願意繼續投資於這種成長；或者我們的成長速度會稍微慢一些，然後我們會尋求擴大利潤率。

Our next question is with Andrew DeGasperi from Berenberg.

我們的下一個問題是來自貝倫貝格的安德魯·德加斯佩里 (Andrew DeGasperi)。

Just on the framework for the full year guidance, I was just wondering, are you assuming any worsening conditions in the back half of the year? And maybe could you also discuss whether in terms of the customer metrics, has churn in any way meaningfully increased? Or has it stayed steady? And I have a follow-up.

關於全年指導框架，我只是想知道，您是否認為下半年的情況會惡化？也許您也可以討論一下，從客戶指標來看，客戶流失率是否顯著增加？還是一直保持穩定？我還有一個後續問題。

Andrew, this is Tim. I would say with respect to guidance, what we've baked in is really the momentum that we're seeing in North America and enterprise and then also then adjusted our outlook for international, particularly in Europe. We also feel really good kind of about our operating margin guidance, knowing that we have a number of different levers within our control.

安德魯，這是提姆。我想說，就指引而言，我們真正考慮到的是北美和企業的發展勢頭，然後我們也調整了對國際、特別是歐洲的展望。我們對我們的營業利潤率指引也感到非常滿意，因為我們知道我們可以控制多種不同的槓桿。

And with respect to the net retention rate, we're expecting it to hold steady. We haven't seen any dramatic changes or deterioration there at the moment and feel really good about the -- especially on the large enterprise and larger paying accounts where the net expansion rate continue to hold above 145%.

就淨留存率而言，我們預計它將保持穩定。目前我們還沒有看到任何劇烈的變化或惡化，並且對此感到非常滿意——尤其是大型企業和較大的付費帳戶，淨擴張率繼續保持在 145% 以上。

I would just say the biggest unknown, quite frankly, and probably for all the different software companies is the degree of the economic impact in Europe. Is it -- will it be contained within Europe? Or will it have a cascading effect? And we just don't know. But hopefully, that provides -- what I just kind of commented will provide some additional color on how we thought about guidance.

坦白說，我只想說，對所有不同的軟體公司來說，最大的未知數可能是歐洲經濟受到的影響程度。它會受到控制在歐洲境內嗎？或會產生連鎖反應嗎？但我們根本就不知道。但希望，我剛才的評論能夠為我們如何看待指導提供一些額外的資訊。

Great. And then maybe, Dustin, in terms of your investment, I was just wondering if the size of it itself makes sense, I guess, to build a buffer to get to free cash flow-positive. But are we expecting to see you to continue to invest here from time to time in Asana going forward?

偉大的。那麼也許，達斯汀，就你的投資而言，我只是想知道它的規模本身是否合理，我想，建立一個緩衝區來獲得正的自由現金流。但我們是否期待看到您今後繼續不時地對 Asana 進行投資？

That's a great question. I don't think I can say anything about what the future holds, but this is a really big investment even relative to past investments I've made. And it's not something I'm looking to do as sort of like an ongoing program but just when it makes sense from the investor standpoint.

這是一個很好的問題。我認為我無法預測未來會發生什麼，但與我過去的投資相比，這是一項非常大的投資。我並不是想把它當作一個持續的計畫來做，而只是在從投資人的角度來看有意義的時候才去做。

And I just want to reiterate that, I talked about this a little bit on the last call, but these are always somewhat slow diligent decisions for me. And it's really about the long-term potential of the stock and how big the market opportunity is. And so I guess it's important to always view the investment decisions through that lens rather than reactions to short-term changes in the market.

我只是想重申一下，我在上次通話中談到了這一點，但對我來說，這些決定總是需要緩慢而審慎地做出。這實際上與股票的長期潛力以及市場機會有多大有關。因此，我認為始終從這個角度看待投資決策而不是對市場短期變化的反應非常重要。

Our next question is from Brent Thill from Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Dustin, just following up on your ownership. Obviously, a considerable stake that you made over time. And I guess many are curious, why not broaden the base? Did you consider opening this to a broader list of investors? Just walk through kind of your thoughts on why this made the most sense. And for Tim, can you just go through -- many of you are asking why are we not seeing more leverage in sales and marketing. You're still running 70% of revenue, which is an extremely high number. Is the throttle just full force because you feel that it's so underpenetrated? Give us a sense just perhaps on when you start to see more leverage there because it seems like that's the biggest line item you can get leverage out of.

達斯汀，我只是想了解你的所有權。顯然，隨著時間的推移，您已經累積了相當多的利益。我想很多人都會好奇，為什麼不擴大基礎呢？您是否考慮過向更廣泛的投資者開放這項計劃？只要闡述你的想法，看看為什麼這是最合理的。對於蒂姆，您能否簡單介紹一下——很多人都在問，為什麼我們沒有看到銷售和行銷方面有更多的槓桿作用。你仍舊佔 70% 的收入，這是一個非常高的數字。因為您覺得穿透力太弱，所以才把油門踩到最大嗎？當您開始看到更多的槓桿時，請告訴我們大概情況，因為這似乎是您可以從中獲得槓桿的最大項目。

Yes. Maybe I'll start commenting on the sales and marketing, and then I'll also take the question related to the funding. With respect to sales and marketing, I think we've mentioned this on the call where we front-loaded many of our sales hiring for this year, and the investments was really very much front-loaded. And we expect to have that capacity kind of in the back half and ramp -- and enable those sales reps to be much more productive next year. So I think you should expect kind of the back half, maybe Q4 in next year, to see more leverage in sales and marketing as we enable those reps and make them be more successful over time. So that's one.

是的。也許我會開始評論銷售和行銷，然後我也會回答與資金相關的問題。關於銷售和行銷，我想我們在電話會議上提到過這一點，我們今年預先招募了許多銷售人員，而且投資確實是前期投入的。我們預計在下半年將具備這樣的產能並逐步提升——並使這些銷售代表明年的生產力更高。因此，我認為您應該可以期待在下半年，也許是明年第四季度，看到銷售和行銷方面有更多的槓桿作用，因為我們將幫助這些銷售代表並使他們隨著時間的推移取得更大的成功。這就是其中之一。

And with respect to the funding and the different considerations, a lot of the information is actually in the 8-K, we did have a special committee of the independent Board members to evaluate all the different options that were available to us. And we agree that with the special committee and the Board and management that this was the best option. But you should definitely read the 8-K, and there's a lot more details related to this placement.

關於資金和不同考慮因素，許多資訊實際上都在 8-K 文件中，我們確實有一個由獨立董事會成員組成的特別委員會來評估我們可以選擇的所有不同方案。我們和特別委員會、董事會和管理層一致認為這是最佳選擇。但您絕對應該閱讀 8-K，其中有更多與此安置相關的細節。

Our next question is with Steve Enders from Citi.

我們的下一個問題是來自花旗銀行的史蒂夫恩德斯 (Steve Enders)。

I guess, as we do think about the view into fiscal '25 and you reaching kind of breakeven, is there any change in kind of the investment plans that you're making that would be needed to get there versus kind of what you were thinking before? And I guess, similarly, as we look at the kind of EBIT outlook and -- still seems to be trending, at least on a dollar basis downward, how should we think about when that begins to reverse and we begin to see some leverage happen in the model here?

我想，當我們考慮 25 財年的前景，以及你實現收支平衡時，你正在製定的投資計劃是否需要進行任何改變，才能實現這一目標，而不是你之前想的前？我想，同樣地，當我們看看息稅前利潤的前景時——至少從美元計算，似乎仍然呈下降趨勢，我們應該如何看待這種情況何時開始逆轉，何時開始出現一些槓桿作用在這裡的模型中？

Yes. Let me kind of answer the second part of that question first in terms of how we would expect the model to turn and when you should expect to see leverage. So for the back half of this year, you should expect about 2 points improvement in operating margin, but that to see much more significant improvement in our operating margin and free cash flow margin starting next year. So again, we front-loaded many of the investments that we've made this year. We've dramatically moderated our headcount growth, but many of that headcount is going to really come online in this back half and next year for us to help drive growth and get a lot more efficiency off the existing infrastructure.

是的。讓我先回答該問題的第二部分，即我們預期模型將如何轉變以及何時應該看到槓桿作用。因此，對於今年下半年，您應該預期營業利潤率將提高約 2 個百分點，但從明年開始，我們的營業利潤率和自由現金流利潤率將有更顯著的改善。因此，我們再次預先投入了今年的許多投資。我們已經大幅減緩了員工人數的成長，但其中許多員工將在下半年和明年真正到位，以幫助推動成長並提高現有基礎設施的效率。

So that's -- it's going to take a little bit of time, but we do see a path to improving operating margin and free cash flow margin and have a plan in place now to get to free cash -- positive free cash flow before calendar '24 -- the end of calendar '24.

所以這需要一點時間，但我們確實看到了提高營業利潤率和自由現金流利潤率的途徑，並且現在製定了獲得自由現金的計劃——在日曆年之前實現正的自由現金流。 '24'的結束。

And I'll do my best to add some color around -- sorry, this is Dustin. I'll do my best to add some color around how the plans have changed. It's a little hard to be concrete about this first potential counterfactual. But some of the things that definitely been coming up is it just more of an emphasis on focusing on where we're strong, where we know that we have sort of per channel and geographic profitability dynamics. And that comes at basically an opportunity cost of not investing in more speculative areas, more emerging markets. And I think in a stronger economy, those more speculative investments made more sense. They were literally -- there's just more money around the economy to sort of take us up on those offers. We had easier access to capital. And just with the currency exchanges, just mechanically, it was more profitable. And now just relative to this time last year, the same number of seats, the same number of customers is going to result in less revenue and less profit for us.

我會盡力添加一些色彩——抱歉，我是達斯汀。我會盡力解釋一下計劃是如何改變的。對於第一個潛在的反事實，具體地說出來有點困難。但肯定會出現的一些事情只是更強調專注於我們的優勢領域，我們知道我們在每個管道和地理上都有獲利動態。這基本上是以不投資投機性較強的領域和新興市場為機會成本的。我認為，在經濟更強的情況下，這些投機性更強的投資更有意義。他們確實——經濟中有更多的資金來接受我們的提議。我們可以更容易獲得資本。而且，透過貨幣兌換，從機械角度來說，利潤更高。而與去年同期相比，相同數量的座位和相同數量的顧客將導致我們的收入和利潤減少。

And so we're just focusing more of where we're hiring, where we're putting programmatic spend into the developing markets and upmarket. And as a consequence, that shortens our time line to profitability. And -- but it also means we're not sort of doing the sort of broad -- go after every segment in every region at the same time. And so it may mean that there's a bit of a limit to our growth rate in the next couple of years as well relative to the counterfactual. But again, it's a different economy, and so it doesn't make sense to operate with fuel plants.

因此，我們更加關注招聘，關注程序化支出在發展中市場和高端市場的投入。因此，這縮短了我們實現盈利的時間。而且——但這也意味著我們不會同時進行廣泛的——針對每個地區的所有細分市場。所以這可能意味著相對於反事實的情況，未來幾年我們的成長率也會受到一定限制。但同樣，這是一個不同的經濟體，因此營運燃料廠是沒有意義的。

Okay. Perfect. That's very helpful. And I guess on the -- as you think about kind of the business and enterprise tier adoption, I guess, how have you been kind of seeing that resonate in the current environment? And how should we kind of think about the mix of expansion that came in the quarter from kind of the feeds versus upgrading to some of those higher-priced tiers?

好的。完美的。這非常有幫助。我想，當您考慮業務和企業層的採用時，您是如何看待它在當前環境中產生的共鳴的？我們應該如何看待本季從資訊流擴展和升級到某些更高價位層級的混合情況？

Yes. I'll answer that -- this is Anne. I'll answer that question. We are seeing strong growth in both business and enterprise tiers. So they're contributing 67% of revenue in Q2, which is an increase of 69% year-over-year. So that's really positive signal that, especially for larger customers, those 2 tiers are really important to them and they're finding a lot of value in that.

是的。我來回答這個問題──我是安妮。我來回答這個問題。我們看到商業和企業層面都出現了強勁成長。因此他們貢獻了第二季 67% 的收入，年增 69%。所以這是一個非常正面的訊號，特別是對於較大的客戶來說，這兩個層級對他們來說非常重要，他們從中發現了很多價值。

And so we're continuing to make sure from a go-to-market standpoint that we're adding a lot of value in both of those tiers. We had mentioned the upcoming announcements and improvements in Goals, and we see strong adoption of Goals sort of driving both of those tiers as well.

因此，我們將繼續從市場進入的角度確保在這兩個層面上都增加大量價值。我們曾提到即將發布的公告和目標方面的改進，我們也看到目標的強勁採用也推動了這兩個層級的發展。

Our next question is with George Iwanyc from Oppenheimer.

我們的下一個問題是來自奧本海默公司的喬治·伊万尼克 (George Iwanyc)。

Anne, following up on your answer, can you maybe give us an update on the competitive environment and maybe what you're seeing from a wall-to-wall deployment perspective? Is that growing in many cases or pretty much staying consistent?

安妮，接著你的回答，你能否向我們介紹一下競爭環境的最新情況，以及你從全面部署的角度看到了什麼？在很多情況下這種趨勢是在成長還是基本上保持一致？

Yes. Thanks so much for that question. We are seeing in our sort of mid-market segment, in particular, that wall-to-wall, especially as companies are adopting our Goals product from a top-down perspective. That continues to grow. And so as Dustin mentioned, a lot of that is due to the fact that we are really helping our customers with their most important cross-functional initiative. And so the more that, that work is being done in Asana, it sort of naturally brings in other colleagues who want visibility into Goals. And then from -- and then we're providing top-down visibility when executives are coming in to make sure that they are seeing, like where are their bottlenecks, where are their opportunities and how they can make planning decisions in a more agile fashion.

是的。非常感謝您提出這個問題。我們看到，在我們的中端市場中，各大公司都在自上而下地採用我們的目標產品。這一數字還在持續成長。正如達斯汀所提到的，這在很大程度上是因為我們確實在幫助我們的客戶實現他們最重要的跨職能計畫。因此，在 Asana 中完成的工作越多，自然就會吸引其他想要了解目標的同事。然後——然後我們在高階主管進入時提供自上而下的可見性，以確保他們能夠看到他們的瓶頸在哪裡，他們的機會在哪裡，以及如何以更敏捷的方式做出規劃決策。

So as we enter -- something that we're really excited about is as we enter the season where a lot of our customers and prospective customers are doing strategic planning, they're doing goals planning, that's also driving much more interest in Asana.

因此，當我們進入這個季節時，讓我們真正興奮的是，我們的許多客戶和潛在客戶都在進行策略規劃，進行目標規劃，這也引起了人們對 Asana 的更多興趣。

Okay. And Anne, maybe could you give us some perspective on just the new customer pipeline? And I understand like the macro uncertainty around expansion. Are you seeing any changes with new customer generation?

好的。安妮，您能否為我們介紹一下新客戶管道的情況？我了解擴張周圍的宏觀不確定性。您是否看到新一代客戶發生了任何變化？

Yes. The way that we really think about our pipeline is we have a lot of opportunity to expand with existing customers. So we are in 80% of Fortune 100 companies, but we still have a lot of opportunity for seat growth. And so we have a lot of focus on that opportunity. And then the other way that we also think about it in this environment is we are incredibly vigilant in managing and monitoring pipeline on a weekly basis. I'm super grateful to our team around the world on how hard they're working to make sure we're reaching and serving customers really quickly in this environment.

是的。我們真正考慮的是我們的管道，我們有很多機會與現有客戶一起擴展。因此，我們已涉足 80% 的財富 100 強企業，但我們仍有很大的成長機會。因此我們非常關注這個機會。在這種環境下，我們也從另一個角度考慮這個問題，那就是我們每週都極為警覺地管理和監控管道。我非常感謝我們在世界各地的團隊，感謝他們的辛勤工作，確保我們能夠在這種環境下快速聯繫到客戶並為他們提供服務。

Our next question is from Shebly Seyrafi from FBN Securities.

下一個問題來自 FBN Securities 的 Shebly Seyrafi。

So you just slowed down headcount growth materially. What kind of headcount growth are you anticipating in the back half of the year? And then related to that, consensus has your revenue growth at 31% next year, fiscal '24. How do you think the slower headcount growth impacts your revenue growth?

所以你只是實質地減緩了員工人數的成長。您預計今年下半年員工人數會成長多少？與此相關，大家普遍認為貴公司明年（即 24 財年）的營收成長率將達到 31%。您認為員工人數成長放緩對您的營收成長有何影響？

Shebly, this is Tim. So what I would say is we, again, front-loaded many of our hires this year. The macro environment has changed. We're being, I would say, very rigorous around how those reps are ramping and what markets and how successful they are. And as we continue to gain more traction and enable those reps to be more successful, I think those reps -- that will in itself help drive and provide a lot of growth for us.

謝布利，這是提姆。所以我想說的是，我們今年又提前招募了許多員工。宏觀環境已經改變。我想說的是，我們對這些銷售代表如何發展、他們在哪些市場以及他們的成功程度非常嚴格。隨著我們繼續獲得更多關注並使這些代表取得更大的成功，我認為這些代表本身將有助於推動並為我們提供大量的成長。

We're probably not ready right now to kind of provide guidance for next year. We'll do that kind of at the -- on our Q4 earnings call. We've given guidance for this year and for the back half. So hopefully, that's enough data to kind of have a sense of how we're thinking about the business.

我們現在可能還沒有準備好為明年提供指導。我們會在第四季財報電話會議上做這樣的事情。我們已經給了今年和下半年的指導。所以希望這些數據足以讓我們了解我們對業務的看法。

Okay. And secondly, a lot of your software peers have noted an elongation in sales cycles, deal compression, needing more C-level approvals. Are you seeing any of that in the United States, at least so far? And do you anticipate seeing that in the back half of the year?

好的。其次，許多軟體同業已經注意到銷售週期延長、交易壓縮，需要更多 C 級批准。至少到目前為止，你在美國有看過這樣的情況嗎？您預計今年下半年會看到這一情況嗎？

So this is Anne. I'll answer that. We're certainly seeing that in this environment in the buying process, especially in larger enterprise companies. There are more decision-makers involved. I think we also just expected that as we move upmarket and serve larger customers. But we're certainly conscious of that and monitoring our deal cycle times. Something to also keep in mind is we continue to have a very healthy commercial business, which has much faster cycle close times.

這就是安妮。我來回答這個問題。在這種環境下的購買過程中，我們確實看到了這一點，特別是在較大的企業公司中。有更多的決策者參與。我想我們也預料到了這一點，因為我們會走向高端市場並服務更大的客戶。但我們當然意識到了這一點並監控我們的交易週期。還要記住的是，我們的商業業務仍然非常健康，週期關閉時間也快得多。

Our next question is with Robert Simmons from D.A. Davidson.

我們的下一個問題是來自 D.A. 的 Robert Simmons。戴維森。

Kind of following up on the last one. What are you seeing in terms of more kind of top-of-funnel-type activity, free-to-paid conversion? And then also on the flip side of things, downgrades, feed reductions and gross churn?

有點像是跟進上一個內容。就更多類型的漏斗頂端活動、免費到付費的轉換而言，您看到了什麼？那麼事情的另一面是，降級、減少進料和總流失嗎？

Yes. I would say on the gross churn, we haven't seen any material change, particularly in our large customers. Those continue to maintain at low single digits. So I think that really is a -- demonstrates the value that we add and the cross-functional nature of the platform and how it allows teams to expand. And I think back to your first point in terms of the top of the funnel, we haven't seen any dramatic shifts in top of the funnel. Certainly, I think part of our focus is to continue to move upmarket and win in the enterprise. So there is, I would say, kind of a shift even in our own go-to-market in terms of where we're focusing.

是的。我想說，就總客戶流失而言，我們還沒有看到任何重大變化，特別是對於我們的大客戶而言。這些數字繼續保持在低個位數。所以我認為這確實展示了我們增加的價值和平台的跨功能性質以及它如何允許團隊擴展。我回想一下您關於漏斗頂部的第一點，我們還沒有看到漏斗頂部發生任何劇烈的變化。當然，我認為我們的重點之一是繼續走向高端並在企業中取得勝利。所以我想說，就我們關注的市場而言，我們自己的市場進入方式也發生了某種轉變。

Yes. I'll add on to that. The way to think about it is we're continuing to turn the dial on our paid acquisition spend to segments and markets that are better aligned with our direct sales motion and customers with higher lifetime value. So that's maybe how to think about our top of funnel. And then to answer your question on free-to-paid conversion, we're not seeing any change in that quarter-over-quarter.

是的。我會補充這一點。我們思考的方式是，我們將繼續把付費獲取支出轉向更符合我們的直接銷售動向和具有更高終身價值的客戶的細分市場和市場。這也許就是我們如何思考漏斗頂部。然後回答你關於免費到付費轉換的問題，我們沒有看到該季度環比出現任何變化。

Can I jump in on that one as well real quick? I just want to point out, just reading between the lines, sometimes people look at the total customer count as sort of indicative of the top-of-funnel health. And I think it's just worth pointing out that when you have a high-volume customer business like ours and some of the other work management companies, those numbers are really dominated by very small customers, not just SMBs but actually very small businesses, sometimes less than 10 employees.

我也能很快加入這個嗎？我只是想指出，從字裡行間可以看出，有時人們會將總客戶數量視為漏斗頂端健康狀況的指標。我認為值得指出的是，當你擁有像我們和其他一些工作管理公司這樣的高容量客戶業務時，這些數字實際上主要是由非常小的客戶主導的，不僅僅是中小企業，實際上是非常小的企業，有時甚至更小員工人數超過10人。

And so given our shift to be focusing more upmarket, it's less of a good leading indicator for us because there can only be 100 total first-time paying customers in the Fortune 100, and that's really where we're focused. So a lot more of our business and our growth over time is focused on expansion. And that's why we like to report on things like total paid seats. I think that's a really important metric for evaluating the scale and health of work management companies in the public market.

因此，考慮到我們轉向更高端的市場，這對我們來說不是一個好的領先指標，因為財富 100 強中首次付費客戶總數只能有 100 個，而這才是我們真正關注的重點。因此，隨著時間的推移，我們的業務和成長更集中在擴張上。這就是我們喜歡報道付費座位總數等資訊的原因。我認為這是評估公開市場中工作管理公司的規模和健康狀況的一個非常重要的指標。

And additionally, I think it sort of ties back to the prior question about how we'll grow next year. A lot of our growth will be in developing and expanding our existing customers, not in acquiring a high volume of new customers. And I must point out, our net dollar retention is over 120% overall. And then again, as you get into those bigger customers where we're growing the fastest, that number just keeps climbing. So it's over 145% for customers spending $50,000 or more, and that does translate to a similar number better $100,000 cohort as well.

此外，我認為這與之前關於我們明年如何成長的問題有點相關。我們的成長很大一部分來自於開發和擴大現有客戶，而不是獲取大量新客戶。我必須指出，我們的淨美元保留率總體超過 120%。然後，當你獲得那些我們成長最快的大客戶時，這個數字就會不斷攀升。因此，對於消費 50,000 美元或以上的客戶來說，這一比例超過 145%，而對於消費 100,000 美元以上的客戶來說，這一比例也相當高。

Our next question is with Pinjalim Bora from JPMorgan.

我們的下一個問題是來自摩根大通的 Pinjalim Bora。

Dustin, you're obviously seeing really great traction in the large customer front. Over 80% of Fortune 100 is a solid number. But your peers -- some of your peers also claim similar kind of a mix or higher. How do you -- so clearly, a lot of CWM players probably coexist in a number of these very large accounts. How do you think about the opportunity within these accounts over time? How do you see this kind of game play out?

達斯汀，你顯然看到了大客戶方面的巨大吸引力。財富 100 強中的 80% 以上是一個可靠的數字。但是您的同行——您的一些同行也聲稱擁有類似的混合或更高的水平。您如何看待這一點 — — 很明顯，許多 CWM 玩家可能共存於多個此類非常大的帳戶中。隨著時間的推移，您如何看待這些帳戶中存在的機會？您如何看待這種遊戲的進行？

Yes. Thank you for asking that question. I love to hear exactly that type of thing. Our whole product strategy is really designed to give you increasing economies -- increasing returns to scale as you deploy Asana further into more of the company. It really becomes a horizontal infrastructure that's used by everyone in the team. And it's really just a special difference when you get to this place where you know if you want to assign a task to somebody or find out their information, you can trust that with using Asana, you don't have to figure out which work management tools they're using first. And we're seeing a lot of signs of strength through that, including what we see as the largest work management deployment in the industry.

是的。感謝您提出這個問題。我很喜歡聽到這樣的事情。我們的整個產品策略實際上是為了給您帶來不斷增長的經濟效益——隨著您將 Asana 進一步部署到公司的更多領域，規模回報也會隨之增加。它實際上成為了團隊中每個人都使用的水平基礎設施。這確實是一個特別的不同，當你到達這個地方，你知道如果你想要分配一個任務給某人或找到他們的信息，你可以相信使用 Asana，你不必弄清楚哪個工作管理他們首先使用的工具。我們從中看到了許多力量的跡象，包括我們所看到的業內最大規模的工作管理部署。

We do hear about coexistence with competitive products, but from our experience and talking to these customers and mapping the accounts, those deployments are much smaller, tend to be used in small pockets of the organization, tend to be used in siloed functions. And we've talked about our largest deployment is 100,000 seats right now all in one single company. I haven't heard anything like that from the other competitors that are in theory coexisting with us. They tend not to talk about their largest forms at all. Sometimes they talk about active users, but that's different than paid seats. So I feel pretty confident that we have the farthest reach into those big customers, and we intend to double down on that success.

我們確實聽說過與競爭產品共存，但從我們的經驗以及與這些客戶的交談和帳戶映射來看，這些部署規模要小得多，往往用於組織的小部分，往往用於孤立的功能。我們說過，我們目前最大的部署是100,000個席位，全部都在一家公司內。我還沒有從理論上與我們共存的其他競爭對手那裡聽過類似的事情。他們往往根本不談論他們的最大形式。有時他們會談論活躍用戶，但這與付費席位不同。因此，我非常有信心，我們已經與這些大客戶建立了最廣泛的聯繫，我們打算加倍努力以獲得成功。

Understood. And as you move towards cash flow breakeven at the end of -- or by the end of calendar '24, how are you thinking about building the indirect channel? How important would that be for this to reach kind of this goal as you especially slow down hiring? Maybe help us understand the portion of bookings coming from channel -- indirect channel today versus what it might be in the next 2 years.

明白了。當您在 2024 年底或 2025 年底實現現金流量收支平衡時，您如何考慮建立間接管道？當您放慢招募速度時，這對於實現這一目標有多重要？也許可以幫助我們了解目前來自通路（間接通路）的預訂份額與未來兩年的預訂份額。

Yes. I can speak to indirect channels. It's still a small part of our business, but we're seeing some great traction with partners all over the world. We have great traction in India. Throughout Europe, we're seeing great partners kind of bring us into both industries and geographies to extend our reach. So we'll continue to invest in that. It's an important part of our business, but I would also just say that we see ourselves as still early in that.

是的。我可以透過間接管道進行交談。這仍然是我們業務的一小部分，但我們看到與世界各地合作夥伴的良好關係。我們在印度有很大的吸引力。在整個歐洲，我們看到優秀的合作夥伴將我們帶入不同的產業和地區，以擴大我們的影響力。因此我們將繼續對此進行投資。這是我們業務的重要組成部分，但我還想說，我們認為自己還處於早期階段。

Our next question is with Josh Baer from Morgan Stanley.

我們的下一個問題是來自摩根士丹利的 Josh Baer。

I think in various software markets over the years, we've seen a pendulum swing in -- of preference as far as best-of-breed solutions versus suites. So I'm wondering, in your work management market, what's the state of that dynamic between best-of-breed versus suites? And has that changed over the last 3 to 5 months just given the macro environment?

我認為，多年來，在各種軟體市場中，我們已經看到了人們對最佳解決方案與套件的偏好發生了變化。所以我想知道，在您的工作管理市場中，最佳產品與套件之間的動態狀態如何？那麼，考慮到宏觀環境，過去 3 到 5 個月裡這種情況有變化嗎？

Yes. That's a great question. Certainly, we're big believers that companies want the best-of-breed product for work management. And I've talked sometimes over the years about this. When we think about the various categories within software, work management is one of the richest and has the most surface area for product differentiation and really achieving differentiated value outcomes for customers.

是的。這是一個很好的問題。當然，我們堅信公司希望擁有一流的工作管理產品。這些年來我有時也談論過這個問題。當我們考慮軟體中的各個類別時，工作管理是最豐富的類別之一，並且具有最大的產品差異化表面積，能夠真正為客戶實現差異化的價值結果。

So I think that it's a dangerous place to sort of compromise in order to bundle it with part of your suite. We really haven't seen a whole lot of that behavior right now. it's difficult to even think of like particular examples. And honestly, I thought it would be more of a factor at this stage in the category development just given who some of the larger players are. But really, we're still seeing most customers engage with thinking about the work management product itself. We honestly even have some customers that are divisions within those larger organizations that sells new products that include work management, and they still see Asana as the solution for their sort of local team. So that's still what looks like for the foreseeable future. I definitely haven't seen anything mark a change as part of the macro context.

因此我認為，為了將其與套件的一部分捆綁在一起而做出的妥協是危險的。目前我們確實還沒有看到太多這樣的行為。甚至很難想到像是具體的例子。老實說，考慮到一些較大的參與者，我認為這在類別發展的這個階段會成為一個更重要的因素。但實際上，我們仍然看到大多數客戶正在思考工作管理產品本身。老實說，我們甚至有一些客戶是那些大型組織內銷售包含工作管理在內的新產品的部門，但他們仍然將 Asana 視為他們本地團隊的解決方案。所以在可預見的未來，情況仍然是如此。我確實沒有看到任何標誌著宏觀環境變化的跡象。

Our next question is with Patrick Walravens from JPMorgan (sic) [JMP Securities].

我們的下一個問題是來自摩根大通（原文如此）[JMP Securities]的 Patrick Walravens。

It's JMP. So maybe Anne or Dustin, it seems like there's a major opportunity for Asana probably in the federal government with all those employees in the Armed Forces. So is Asana FedRAMP-authorized? And if not, where are you in that process? And how do you feel about that opportunity?

這是 JMP。所以也許對安妮或達斯汀來說，對於 Asana 來說，似乎在聯邦政府中有一個重大機遇，因為那裡有很多武裝部隊的員工。那麼 Asana 是否獲得了 FedRAMP 授權？如果不是，那麼您處在這個流程的哪個階段？您對這個機會有什麼感想？

Thanks for that question. I think we believe that there's an opportunity for Asana everywhere that there's cross-functional collaboration. And so as we think about which industries and verticals, we're certainly looking to government. Government is super broad from both like local and federal. We are early in the FedRAMP process. Dustin mentioned, we're really focused on finishing out HIPAA compliance for our health care customers. But I think you'll see us take the same approach is looking at demand and interest and then making sure that we're meeting customer needs, especially around things like compliance.

謝謝你的提問。我認為我們相信，只要有跨職能協作，Asana 就有機會。因此，當我們考慮哪些行業和垂直行業時，我們肯定會關注政府。政府範圍非常廣泛，既包括地方政府，也包括聯邦政府。我們正處於 FedRAMP 流程的早期階段。達斯汀提到，我們真正專注於為我們的醫療保健客戶完成 HIPAA 合規性。但我認為你會看到我們採取相同的方法，即專注於需求和興趣，然後確保滿足客戶需求，特別是在合規性等方面。

That concludes our Q&A. So I'll now hand the conference back to Catherine for any closing remarks.

我們的問答到此結束。所以現在我將會議交還給凱瑟琳，請她做結束語。

Thanks, everyone, for joining us today. Before we close out, I just wanted to remind you, we do have an event on October 11 here in San Francisco. It's an intimate Q&A with one of our best customers. It will be the CIO, and they'll be talking about how they're using Asana for some amazing strategic initiatives. So look out for the invitation and we're looking forward to seeing you. Thank you.

感謝大家今天的參與。在我們結束之前，我只想提醒你們，我們 10 月 11 日在舊金山有一個活動。這是我們與一位最優秀客戶進行的一次親密問答。他們將是首席資訊官，討論如何使用 Asana 實現一些令人驚嘆的策略計劃。因此請留意邀請，我們期待您的到來。謝謝。

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。