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 財年第二季度財報電話會議。我的名字是奧斯汀，今天我將擔任您的主持人。 （操作員說明）

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

我現在想將會議轉交給我們的主持人 Catherine Buan。凱瑟琳，你可以繼續。

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。今天與我通話的是 Asana 的聯合創始人兼首席執行官 Dustin Moskovitz； Anne Raimondi，我們的首席運營官兼業務主管；和我們的首席財務官 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，包括關於我們對自由現金流的預期、我們的財務前景、戰略計劃、我們的市場地位和增長機會的陳述。前瞻性陳述涉及風險、不確定性和假設，可能導致我們的實際結果與前瞻性陳述中明示或暗示的結果存在重大差異。請參閱我們向 SEC 提交的文件，包括我們最近的 10-K 表格年度報告和 10-Q 表格季度報告，以獲取有關可能導致實際結果與所列結果大不相同的風險、不確定性和假設的更多信息在這樣的聲明中。

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，在今天的電話會議中，我們將討論非 GAAP 財務指標。這些非公認會計原則財務指標是對根據公認會計原則編制的財務業績指標的補充，而不是替代或優於這些指標。 GAAP 和非 GAAP 財務指標之間的對賬以及使用非 GAAP 指標與其最接近的 GAAP 等值指標的局限性的討論可在我們的收益發布中找到，該發布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，為了服務於需要 ESG 數據進行報告的投資者和客戶以及我們許多企業交易的 RFP 要求，我們在我們的投資者關係網站上發布了有關 ESG 的全面且易於使用的披露。您會發現可下載的 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.

有了這個，我想把電話轉給達斯汀。

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，也感謝大家今天加入我們的電話會議。 Asana 的第二季度業績超出了頂線和底線的預期。在美國和企業業務的強勁推動下，收入同比增長 51%，超出我們的預期 6%。我們有 462 名客戶在年化 GAAP 收入上花費了 100,000 美元或更多，並且在一些世界領先的企業中得到了廣泛採用。基於美元的淨保留率總體上保持強勁。在我們花費 100,000 美元或更多的客戶中，基於美元的淨保留率遠超過 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，我們的企業業務的增長速度超過了我們的整體增長率，因此隨著時間的推移，我們的業務份額越來越大。我們仍然致力於打造最有效、最具擴展性的工作管理平台，能夠為全球各種規模的組織提供服務。我們取得進展的證據包括我們在業界最大的部署中繼續取得成功，以及我們的最終用戶採用率現在超過 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 財年的收入指引上調至 5.44 億美元至 5.47 億美元，增長率為 44% 至 45%。我們預計今年的貨幣逆風將繼續成為一個重要因素。排除貨幣影響，我們的指導將代表 46% 至 47% 的增長。

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.

我們在重要的行業和標誌性的企業領導者中贏得了勝利。在我們擁有最大影響力的地方，我們正在專注、發展和投資以贏得勝利。我們在過去幾個季度中看到的增長是由我們在市場中看到的趨勢以及我們的產品戰略提供公司所需的方式所推動的。公司正在投資於能夠提供時間實現價值的解決方案，幫助他們利用技術堆棧做更多事情，並更好地讓員工圍繞重要的工作進行調整。公司越大，這一點就越真實。

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 獲得價值進行了分析，發現絕大多數人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件最不同的地方。這些工具使跟踪單個團隊的單個項目變得容易。相比之下，在 Asana 中跟踪的所有工作中，有一半以上是跨職能的。

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.

對於花費超過 100,000 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向高端市場轉移時構建的功能（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 還在各個層面創造了共享的清晰度和責任感。領導者必須知道正在完成的工作如何實現業務優先級。 Asana 這樣做的獨特之處在於，工作圖為您組織中的所有工作創建了一個地圖，包括它的位置、負責的人員以及它如何連接到公司範圍的目標。這是非常強大的，尤其是當讓一個大型團隊在不斷變化的工廠時保持同步至關重要時。

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 平台充當您最重要的業務應用程序的關鍵樞紐，幫助客戶更好地利用現有投資，並為員工提供一個單一位置來跟踪跨電子郵件、聊天、文檔和其他常用應用程序的請求。 Asana 建立在全球企業所期望的大規模安全、安保和性能的基礎之上。公司繼續將 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.

這就是為什麼我們繼續改進和擴展最大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，我們將向投資者展示我們將如何通過 3 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，通過幫助決策者快速了解整個組織的戰略工作的健康狀況。根據 G2 企業目標和關鍵結果軟件市場，Asana 目標已經是排名第一的產品，我們將使它變得更好。客戶很快將能夠使用 Salesforce for Goals 集成，這是我們與 Asana 目標的第一個開箱即用集成。當 Salesforce 中發生工作時，Asana 中鏈接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.

領導者還可以在 Universal Reporting 中全面了解目標，包括報告、過濾和分組目標元數據的能力。我們還將推出來自 Asana Partners 的所有新集成，以幫助我們的客戶提高其應用程序的工作效率和工作質量。與 Gmail、PagerDuty、Twilio 等的新規則集成可跨工具自動化工作，以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個人很難專注於工作本身，並且經常導致工作落空。通過新的 Asana for Workplace 與 Meta 的集成，團隊可以直接從 Workplace 創建 Asana 任務、接收項目通知和種子鏈接評論，以了解重要狀態或里程碑更新。

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 可以在不增加人員的情況下將完成項目所需的時間縮短多達 60%，並將項目負荷增加多達 25%。該研究還發現，Asana 的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.

關於我們今年秋季的產品路線圖要注意的第三件事是，我們正在進一步提升安全性、隱私性和合規性。 Asana 現在在澳大利亞和日本提供數據駐留選項和靈活性，以滿足除 EMEA 之外的客戶需求。我們還通過增強的移動數據控制支持全球組織，因此管理員可以通過生物識別身份驗證和受限附件共享確保數據安全，同時讓員工能夠在任何地方使用 Asana 應用程序工作。

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.

對於為業務流程存儲、消費和傳輸個人健康信息的公司，Asana 計劃在今年秋季推出符合 HIPAA 標準的產品。我們新的 API 和合作夥伴關係將為 IT 領導者提供數據丟失預防、電子發現和歸檔解決方案，以增強對安全和合規控制的控制和支持，同時仍然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，我要承認，我們正在積極管理我們的業務，並在我們仔細瀏覽當前的宏觀經濟周期時保持警惕。我們將繼續平衡增長和盈利能力，其中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.

現在我會把它交給安妮。

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。正是我們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，我們的產品戰略已成功發展，以滿足客戶不斷增長的需求。這些高端產品公告將有助於進一步推動我們的業務和企業層的採用。

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.

在第二季度，美國地區和企業部門引領了我們的整體增長。這是一個很好的跡象，表明 Asana 非常適合當今的組織，尤其是在他們現在和未來面臨的挑戰和機遇的情況下。在過去的幾個月裡，我一直在路上與我們世界各地的客戶共度時光。他們與我分享的故事令人驚嘆。這些只是幾個關鍵的觀察結果。

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在向權限鏈上移。數字化轉型是主流，工作管理是其中的重要組成部分。在企業中，正如 Dustin 用數據展示的那樣，跨職能協作不是他們所做的事情，而是他們為運行業務流程所做的一切。 Asana 是一個重要的平台，它允許公司以跨職能的方式工作。市場契合度顯而易見。

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和最知名的品牌達成交易。媒體、汽車、金融服務和電信等行業中一些最傑出和最成功的公司正在選擇 Asana 來幫助他們發展、競爭和利用他們的技術堆棧投資。我們現在有 462 位客戶每年花費超過 100,000 美元。這些較大的交易代表了我們增長最快的客戶群，同比增長 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 的次數越多，他們就越能實現價值，從而提高產品採用率。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。我們為超過 100,000 美元的客戶提供的基於美元的淨保留率遠高於 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 是一個深受喜愛的品牌。客戶喜歡 Asana 並希望 Asana 獲勝。一位運營運營團隊的客戶說，Asana 已經改變了我們組織的遊戲規則。我們已經能夠簡化對產品的請求如何到達我們的團隊，並擺脫帶有重疊聲音和要求編輯的永無止境的電子郵件鏈。謝謝，體式。我們的品牌資產是非凡的。

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有很強的參與度。縱觀我們的客戶群，我們看到了廣泛的跨行業採用，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和擴展 Asana。

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是一個不斷增長的客戶。他們在研發部門使用 Asana Enterprise 來提高整個組織對各種計劃的狀態以及他們如何朝著目標前進的清晰度。一家知名且最大的集裝箱航運公司和船舶運營商是另一個 6 位數的客戶。他們將 Asana Enterprise 用於關鍵的客戶合同物流工作流程，以確保貨物在其倉庫和配送部門得到履行。

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店和便利店連鎖店之一正在其在線購物部門使用 Asana Enterprise，以確保通過跨銷售和運營的跨職能工作流程高效執行。最大的電信公司之一擁有數千名員工，他們使用 Asana Enterprise 來管理他們的全球供應鏈計劃、協調他們的現場技術人員和零售業務。事實上，在整個技術領域，全球前 10 大科技公司中有 8 家是 Asana 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.

我們還與使用 Asana 幫助自動化關鍵運營工作流程、節省時間和提高生產力的金融服務公司獲得了早期的合作。在第二季度，晨星再次將 Asana 的使用範圍擴大到研究、運營、營銷和客戶服務。我們還在第二季度與總部位於紐約和芝加哥的最大對沖基金之一簽署了一項擴張協議，我們正在與其他大型北美和歐洲銀行進行對話。

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.

我們也看到了對醫療保健行業的影響。正如 Dustin 所提到的，我們預計將在幾個月內廣泛提供符合 HIPAA 標準的產品，我們預計這將提高我們在未來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.

另一個經歷重大數字化的大行業是媒體。在媒體界，將他們的產品推向市場是他們的核心服務，並且需要更快、更有效地完成以保持競爭力。 Asana 是多家主要媒體公司的首選戰略合作夥伴。

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。他們現在已經擴展併升級到 Asana Enterprise，使用 Asana 來確保他們的核心工作流程，以實現從 RFP 流程到交易完成的創收合作夥伴關係。 Viacom CBS 現在是 Paramount 和 Discovery 的一部分，以及其他優質媒體品牌都是我們很自豪能夠與之合作的客戶，因為他們擁抱工作的未來。

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，電信是我們擁有強大吸引力的另一個垂直領域。在第二季度，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，也是我們在行業中的又一次重大勝利。同樣在第二季度，我們贏得了英國電信和互聯網服務提供商 Three UK。他們正在部署數百個企業席位。我們還部署在世界上最大的電信公司，他們在本季度擴大了席位。當然，還有 T-Mobile，一個使用 Asana 制定新產品發布策略的現有客戶。

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.

這些公司是各自行業的領導者，並且知道利用創新和技術實現快速、響應和有效意味著什麼。工作是跨職能的，公司需要一個允許團隊在整個組織中協作的平台。他們之所以選擇 Asana，是因為他們相信 Asana 是可用於工作管理的最佳平台。

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在短期內將如何影響我們的各種客戶，但我們相信數字化轉型的長期長期趨勢保持不變，工作管理軟件的重要性將繼續增長。我們仍然致力於我們的長期戰略。我們相信，隨著知名度的提高和我們獨特的能力滿足客戶需求，我們可以贏得這一類別，提供在幾周而不是幾年內實現價值的時間，以及持續的高投資回報。

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

有了這個，我會把它交給蒂姆。

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。第二季度收入增長顯示整體業務持續強勁。收入為 1.349 億美元，同比增長 51%。這使我們的年化季度收入運行率為 5.4 億美元，超過 5 億美元。來自美國的收入同比增長 59%，占我們總收入的 60%。國際業務同比增長 39%，占我們收入的 40%。貨幣對我們的國際增長率的影響約為 400 個基點，對整體收入增長率的影響為 200 個基點。如果沒有貨幣的影響，國際增長將同比增長 44%，總收入同比增長 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.

以 64% 的增長率，來自客戶每年花費 5,000 美元或更多的收入是我們核心增長的良好領先指標。這一群體占我們第二季度收入的 72%，高於去年同期的 66%，並說明我們在繼續向高端市場邁進的過程中取得了成功。美國這群客戶的收入增長更快，同比增長 73%。截至第二季度末，我們現在擁有超過 131,000 名付費客戶，本季度增加了約 5,000 名。我們有 18,040 名客戶每年花費 5,000 美元或更多，同比增長 41%。我們現在有 1,141 名客戶每年花費 50,000 美元或更多，同比增長 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增長最快的群體。我們有 462 位客戶每年花費 100,000 美元或更多，並且客戶群體的年增長率為 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個季度繼續更新這個數字。

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，我們根據給定季度的年化 GAAP 收入來定義這些客戶群。我們將在接下來的兩個季度中停止使用超過 50,000 美元和總客戶統計數據，而是計劃使用超過 5,000 美元和超過 100,000 美元的統計數據作為我們業務向前發展的關鍵指標，因為我們相信它們更加一致我們的核心業務增長和未來與企業客戶的成功。我們將在本財政年度結束前繼續在我們的 IR 網站上披露當前指標。

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.

我們基於美元的淨保留率在每個群體中都保持強勁。我們基於美元的整體淨保留率超過 120%。在消費 5,000 美元或以上的客戶中，我們基於美元的淨保留率超過 130%。在消費 50,000 美元或以上的客戶中，我們以美元為基礎的淨保留率超過 145%。提醒一下，我們基於美元的淨保留率是過去 4 個季度的平均計算。

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.

當我轉向費用項目和盈利能力時，我想指出，我將在餘下的發言中討論非公認會計原則的結果。毛利率為 90.1%，高於去年同期的 89.2%。研發為 5040 萬美元，佔收入的 37%。我們繼續投資以贏得和推動我們專有技術的創新，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.

銷售和營銷為 9470 萬美元，佔收入的 70%。今年，我們預先安排了許多面向客戶的角色，以建立下半年及以後的銷售能力和基礎設施。 G&A 為 3910 萬美元，佔收入的 29%，其中包括與招聘團隊規模縮小相關的 250 萬美元成本。不計一次性成本，G&A 佔收入的百分比為 27%。營業虧損為 6260 萬美元，營業虧損率為 46%。淨虧損為 6430 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.

轉到資產負債表和現金流。現金和有價證券，包括第二季度末的長期投資，約為 2.39 億美元。我們剩餘的履約義務或 RPO 為 2.616 億美元，比去年同期增長 53%。我們 87% 的 RPO 將在未來 12 個月內得到認可。我們 RPO 的當前部分比去年同期增長了 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.

第二季度末的總遞延收入為 2.102 億美元，同比增長 51%。雖然我們通常不對計算出的賬單發表評論，但由於本季度貨幣的影響如此之大，我想指出，當我們考慮到貨幣影響時，計算出的賬單同比增長了 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財產和設備的現金以及資本化的軟件成本，不包括非經常性項目。第二季度，自由現金流為負 4230 萬美元，利潤率為負 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，我們預計收入為 1.385 億美元至 1.395 億美元，同比增長 38% 至 39%。我們預計非公認會計原則的運營虧損為 6600 萬美元至 6300 萬美元，這是運營費用同比增長的顯著下降。我們的目標是在中點實現環比持平的營業利潤率。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票。

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.

對於整個 2023 財年，我們預計收入為 5.44 億美元至 5.47 億美元，全年增長率為 44% 至 45%。我們預計外匯將對我們的全年增長產生約 200 個基點的負面影響。排除貨幣影響，我們的增長率將同比增長 46% 至 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.

正如您從我們的指導中看到的那樣，我們提前完成了今年的投資。與上半年相比，您應該預計下半年的營業虧損率會提高 2 個百分點，明年還會有更多的提高。此外，正如您在今天的新聞稿中看到的那樣，我們宣布了我們的首席執行官進行的私募配售。

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 美元的價格購買了大約 1900 萬股 A 類普通股，這是我們 A 類普通股在 2022 年 9 月 2 日星期五的收盤價。這筆 3.5 億美元的投資將使我們的現金餘額超過 5.85 億美元總共。我們相信，這筆額外資金將為執行我們當前的戰略和實現正的自由現金流提供足夠的資金，我們的目標是在 2024 日曆年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，以下是我們正在採取的一些主要舉措，作為我們對效率的關注的一部分。我們已經顯著減緩了員工人數的增長，您將首先看到它體現在 G&A 和研發費用中。我們已經將員工人數增長從第一季度的 13% 連續放緩至第二季度的 5%，這表明勢頭髮生了變化，並突出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.

我們專注於利用我們在過去幾個季度中建立的現有基礎設施，例如，確保我們的銷售代表成功增加。我們還在調整我們在各個地理市場的其他投資，並優先考慮最高投資回報率的上市計劃。我們正在積極努力提高成本結構的槓桿作用，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.

憑藉強勁的收入增長、高毛利率以及我們對提高效率的關注，我們相信我們正走在產生自由現金流的堅實道路上。重要的是，我們的長期產品戰略沒有任何變化，這有助於我們成功地成為整個空間中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營銷活動，以支持我們在 10 月份發布企業產品的勢頭。這些將繼續推動企業的高速增長和成功。

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

有了這個，我會把它交還給達斯汀做最後的閉幕詞。

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是巨大的，並且 Work Graph 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，並且需要在每個級別上保持清晰。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優秀的，並且渴望實現我們的使命。我們仍處於早期階段，我們打算獲勝。

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

有了這個，我會把它轉回給接線員提問。

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

（操作員說明）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?

我想雙擊進入龐大的客戶群，在 100,000 美元以上的群組客戶中實現三位數的增長。聽起來跨職能協作在這裡確實引起了共鳴。我猜，對於安妮或達斯汀來說，是什麼推動了大客戶的發展勢頭？您是否可以做一些事情來強調大型企業的實力，將一些銷售和營銷資金轉移到您似乎取得巨大成功的市場細分市場？

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。謝謝你的問題。這是達斯汀。我的意思是，我認為其中很大一部分實際上是產品戰略，當您擁有更大的組織時，它確實會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戰略性的跨職能工作。我們發現，Asana 中的大部分協作活動本質上都是跨職能的。因此，我認為您在使用它時發現了價值主張，因此我們希望將其作為一個很好的反饋循環。因此，我們正在進一步投資於產品路線圖，以強調跨職能使用最多的功能。

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.

所以它是目標之類的東西，我們正在做一個發布 - 其中包括 10 月份的一些舊改進，改進投資組合。這是我們明年的很多路線圖，將使這些路線圖更加強大。改進報告，談到能夠報告目標和報告，但那裡也有很多很棒的改進。因此，這確實有助於我們真正突出這些大型組織的工作圖的價值，使其對更大的團隊更有用，使其對高級領導者和高管更有用。

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，教銷售團隊如何進行基於價值的銷售，不僅圍繞著我們可以廣泛地為團隊提供的生產力提高，而且在於我們可以提供給高級領導者能夠理解的洞察力和清晰度。我們有點想到工作圖的上層，或者有時我們有清晰的金字塔。所以我們可以在那裡做更多的事情。然後是的，也將其反饋到我們的營銷方法中，提供更多吸引大型組織的信息，確保我們將支出目標定位在可以找到這些類型的角色和買家的渠道上，然後讓所有的通過客戶旅程的方式。

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.

然後只是蒂姆的後續行動。很高興看到額外的 3.85 億美元現金注入。聽起來這為正的自由現金流提供了一個健康的橋樑。您如何考慮在未來 2 年內實現這一目標？你打算在哪裡推動——大部分的改進？與銷售和營銷相關的 70% 收入在同行看來仍然相對火爆。這真的是你認為它可以在未來幾年內推動最大效率槓桿的地方嗎？關於如何在 3 年內獲得正的自由現金流的任何顏色都會有所幫助。

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，這是蒂姆。好問題。所以我想說的是，我們非常專注於在整個組織中提高效率。我認為您首先會看到營業損益表中效率低下的地方是 G&A 和 R&D。然後隨著時間的推移，您可以期望我們看到銷售和營銷方面的改善，因為我們會集中註意力並轉移我們向高端市場轉移的注意力。

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.

如您所見，我們在北美和企業中看到的增長 59% 的勢頭是我們將繼續加倍投入和投資的領域。在那些有回報的市場可能會更長，或者投資回報率可能更未知，我想你會看到我們撤回投資。所以我們正努力真正注意我們正在進行的投資，但也要非常嚴格地關注什麼我們可以利用現有的基礎設施。

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，你們的第一個。當您考慮 - 當您與一些較大的客戶或潛在客戶的高級領導進行對話時，當您考慮您正在進行的對話類型以及它們如何與更嚴格的宏觀前景相吻合時環境下，許多公司都在談論延長企業的銷售週期或擴大規模的交易。而且我認為，即使是一些投資者在向我們詢問有關關鍵任務必備軟件與必備軟件的問題時，也存在大量關於此類軟件屬於該類別的爭論。那又怎樣——要問你現在看到什麼樣的對話還有很長的路要走。如果有的話，這對銷售週期有何影響？或者它真的對你有幫助嗎？然後我有一個快速跟進。

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，是安妮。謝謝你的問題。我會開始的。所以我的意思是我們意識到宏觀環境顯然正在影響整體軟件購買。但是我們在工作管理中看到的是它還為時過早，鑑於我們解決的問題是持續存在的，並且看到了一些最高的增長。所以我能夠在路上與客戶會面，這很棒。

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戰略。因此，特別是與 CEO、COO、CIO 圍繞目標進行對話，他們正試圖弄清楚如何快速調整計劃並在整個組織中級聯這些計劃。因此，借助 Asana，他們能夠以非常靈活的方式做到這一點。因此，我們正在進行的對話更多地是關於他們如何在這種環境中快速做出反應。

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時間的具體問題。當然，隨著我們進入高端市場並進行更大的交易，我們將看到這些週期時間比我們來自的地方要長一些。我們也在監控這一點，因為客戶正在審查支出。但總的來說，就我們在組織中進行的更高級別的對話而言，由於我們的目標產品，這是非常積極的。

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。然後我想這只是關於公司增量利潤狀況的另一個問題。我想，隨著我們思考得更多——隨著更多的年度關注，你打電話給我認為退出日曆 '25 或在日曆 '25 中獲得現金流盈利能力。在哪裡 - 您正在考慮在增長與盈利之間取得什麼樣的平衡？是不是你達到了盈虧平衡並留在那裡，為更高的增長率提供資金？或者，您的目標是否開始更接近長期營業利潤率目標，以便您能夠加速由高端市場移動和這些高利潤率客戶的貢獻所推動的進展？

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。實際上我只是想澄清一下，我們制定的時間線是在 2025 年日曆之前，所以到 2024 年日曆結束時。那是在可預見的未來，但也有很長的路要走。因此，當我們越界時，很難準確預測我們將如何管理業務。但我們希望確保我們管理好現金並投資於我們最好的增長機會。正如你所說，隨著我們向高端市場轉移，這將自然而然地發生，因為對於那些大客戶來說，成本狀況要好得多。

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，而不僅僅是守住底線。但我們也在爭取贏得這一類別，因此我們將尋找投資增長的機會，這在一定程度上取決於當時可用的資源。所以我認為從長遠來看——我們過去給出的長期利潤率也伴隨著較慢的增長率。所以我認為，無論哪種方式，這對投資者來說都應該是一種有利的權衡：要么我們增長非常快，所以我們希望繼續投資於這種增長；或者我們的增長速度有些慢，然後我們將尋求擴大利潤率。

Our next question is with Andrew DeGasperi from Berenberg.

我們的下一個問題是來自 Berenberg 的 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.

就全年指導的框架而言，我只是想知道，您是否假設下半年情況會惡化？也許您還可以討論在客戶指標方面，流失是否以任何方式有意義地增加？還是一直保持穩定？我有一個後續行動。

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，這是蒂姆。關於指導，我想說的是，我們真正看到的是我們在北美和企業看到的勢頭，然後還調整了我們對國際的展望，特別是在歐洲。我們也對我們的營業利潤率指導感覺非常好，因為我們知道我們可以控制許多不同的槓桿。

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%.

關於淨保留率，我們預計它會保持穩定。我們目前還沒有看到任何戲劇性的變化或惡化，並且感覺非常好——尤其是在淨擴張率繼續保持在 145% 以上的大型企業和大型支付賬戶上。

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.

坦率地說，對於所有不同的軟件公司來說，最大的未知數就是對歐洲經濟影響的程度。是——它會被包含在歐洲範圍內嗎？還是會產生連鎖效應？而我們只是不知道。但希望這提供了——我剛才評論的內容將為我們如何考慮指導提供一些額外的色彩。

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。然後也許，達斯汀，就你的投資而言，我只是想知道它的規模本身是否有意義，我想，建立一個緩衝以實現自由現金流為正。但是，我們是否希望看到您在未來繼續不時地在這裡投資 Asana？

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。我認為我不能說任何關於未來的事情，但即使與我過去所做的投資相比，這也是一項非常大的投資。這不是我想要做的事情，就像一個正在進行的項目，而是從投資者的角度來看它是有意義的。

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，我在上次電話會議上談到了一點，但這些對我來說總是有些緩慢而勤奮的決定。這實際上是關於股票的長期潛力以及市場機會有多大。因此，我認為始終從這個角度看待投資決策很重要，而不是對市場的短期變化做出反應。

Our next question is from Brent Thill from Jefferies.

我們的下一個問題來自 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，只是跟進你的所有權。顯然，隨著時間的流逝，您獲得了相當大的賭注。我想很多人很好奇，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？只需了解一下您對為什麼這樣做最有意義的想法。對於蒂姆，你能不能過去——你們中的許多人都在問，為什麼我們沒有在銷售和營銷方面看到更多的影響力。您仍在運營 70% 的收入，這是一個非常高的數字。油門只是全力以赴，因為你覺得它的穿透力太低了嗎？當您開始在那裡看到更多槓桿時，請給我們一個感覺，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營銷，然後我也會回答與資金有關的問題。關於銷售和營銷，我認為我們已經在電話會議上提到了這一點，我們在今年提前安排了許多銷售招聘，而且投資真的非常提前。我們希望在後半部分擁有這種能力並增加產能——並使這些銷售代表明年的工作效率更高。所以我認為你應該期待後半部分，也許是明年的第四季度，在銷售和營銷方面看到更多的影響力，因為我們支持這些代表並讓他們隨著時間的推移更加成功。所以這是一個。

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.

關於資金和不同的考慮，很多信息實際上都在 8-K 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用的所有不同選項。我們同意特別委員會、董事會和管理層認為這是最佳選擇。但是您絕對應該閱讀 8-K，還有更多與此位置相關的詳細信息。

Our next question is with Steve Enders from Citi.

我們的下一個問題是花旗的史蒂夫·恩德斯。

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，當我們確實考慮對 25 財年的看法並且您達到收支平衡時，您正在製定的投資計劃類型與您的想法相比是否有任何變化？前？我想，同樣，當我們看到息稅前利潤的前景時——似乎仍然呈趨勢，至少在美元基礎上是向下的，我們應該如何考慮什麼時候開始逆轉，我們開始看到一些槓桿作用發生在這裡的模型？

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。讓我首先回答這個問題的第二部分，即我們期望模型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，您應該預計營業利潤率會提高 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會有更顯著的改善。因此，我們再次預先加載了我們今年所做的許多投資。我們已經大幅放緩了員工人數的增長，但其中許多員工人數將在下半年和明年真正上線，以幫助我們推動增長並從現有基礎設施中獲得更高的效率。

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 - 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 - 日曆之前的正自由現金流' 24 - 日曆 '24 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.

我會盡力在周圍添加一些顏色——對不起，這是達斯汀。我會盡力為計劃的變化添加一些色彩。第一個潛在的反事實有點難以具體化。但肯定會出現的一些事情是，它更多地強調關注我們的強項，我們知道我們在每個渠道和地理上都有盈利動態。這基本上是以不投資於更多投機領域、更多新興市場的機會成本為代價的。而且我認為在更強勁的經濟中，那些更具投機性的投資更有意義。從字面上看，它們是-經濟中只有更多的錢可以讓我們接受這些提議。我們更容易獲得資本。只是通過貨幣兌換，只是機械地，它更有利可圖。而現在相對於去年這個時候，同樣數量的座位，同樣數量的客戶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，我們只是更多地關注我們正在招聘的地方，我們將程序化支出投入到發展中市場和高端市場的地方。因此，這縮短了我們實現盈利的時間線。而且 - 但這也意味著我們不會做那種廣泛的 - 同時關注每個地區的每個細分市場。因此，相對於反事實，這可能意味著未來幾年我們的增長率會受到一定限制。但同樣，這是一種不同的經濟，因此與燃料工廠一起運營是沒有意義的。

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。這很有幫助。我猜，當您考慮業務和企業層的採用時，我猜您是如何看待這種在當前環境中產生共鳴的？以及我們應該如何考慮本季度從饋送類型與升級到某些更高價格層級的擴展組合？

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。我會回答——這是安妮。我會回答這個問題。我們看到業務和企業層的強勁增長。因此，他們在第二季度貢獻了 67% 的收入，同比增長 69%。所以這是一個非常積極的信號，特別是對於大客戶來說，這兩個層次對他們來說真的很重要，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，從進入市場的角度來看，我們將繼續確保我們在這兩個層面都增加了很多價值。我們已經提到了目標中即將發布的公告和改進，我們看到目標的強烈採用也推動了這兩個層次。

Our next question is with George Iwanyc from Oppenheimer.

我們的下一個問題是來自奧本海默的 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，跟進您的回答，您能否向我們提供有關競爭環境的最新信息，以及您從牆到牆部署的角度所看到的情況？在很多情況下是在增長還是幾乎保持一致？

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。非常感謝這個問題。我們在我們的中端市場細分市場中看到了這種情況，尤其是當公司從自上而下的角度採用我們的目標產品時。這繼續增長。正如達斯汀所說，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劃。因此，在 Asana 中完成的工作越多，它自然會吸引其他希望了解目標的同事。然後從 - 然後我們在高管進來時提供自上而下的可見性，以確保他們看到，比如他們的瓶頸在哪裡，他們的機會在哪裡，以及他們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.

所以當我們進入時——我們真正興奮的是，當我們進入許多客戶和潛在客戶正在做戰略規劃的季節時，他們正在做目標規劃，這也激發了人們對 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，也許你能給我們一些關於新客戶管道的看法嗎？我理解擴張的宏觀不確定性。您是否看到新客戶產生的任何變化？

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。我們真正考慮管道的方式是我們有很多機會與現有客戶一起擴展。因此，我們在 80% 的財富 100 強公司中佔有一席之地，但我們仍有很多增加座位的機會。所以我們非常關注這個機會。然後我們在這種環境中考慮的另一種方式是，我們在每週管理和監控管道方面非常警惕。我非常感謝我們在世界各地的團隊為確保我們在這種環境中真正快速地接觸和服務客戶所做的努力。

Our next question is from Shebly Seyrafi from FBN Securities.

我們的下一個問題來自 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?

所以你只是大大減緩了員工人數的增長。您預計下半年會有什麼樣的員工人數增長？然後與此相關，共識是明年 24 財年的收入增長為 31%。您認為員工人數增長放緩對您的收入增長有何影響？

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，這是蒂姆。所以我想說的是，我們今年再次提前招聘了許多員工。宏觀環境發生了變化。我會說，我們對這些代表的增長方式、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牽引力並使這些代表更加成功，我認為這些代表 - 這本身將有助於推動並為我們提供大量增長。

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。我們將在第四季度財報電話會議上這樣做。我們已經為今年和下半年提供了指導。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，您的許多軟件同行都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，你在美國看到過這些嗎？你預計會在今年下半年看到這種情況嗎？

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。我會回答的。我們當然在這種環境下的購買過程中看到了這一點，尤其是在大型企業公司中。參與的決策者更多。我認為我們也只是期望隨著我們進入高端市場並為更大的客戶提供服務。但我們當然意識到這一點並監控我們的交易週期時間。還要記住的是，我們繼續擁有非常健康的商業業務，其周期關閉時間要快得多。

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?

有點跟進最後一個。在更多類型的漏斗頂部類型活動、免費到付費轉換方面，您看到了什麼？然後還有另一方面，降級，飼料減少和總流失？

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。我想說的是，就總流失率而言，我們沒有看到任何重大變化，尤其是在我們的大客戶中。這些繼續保持在低個位數。所以我認為這確實是——展示了我們添加的價值和平台的跨職能性質，以及它如何允許團隊擴展。我想回到你關於漏斗頂部的第一點，我們沒有看到漏斗頂部有任何戲劇性的變化。當然，我認為我們的部分重點是繼續向高端市場進軍並在企業中獲勝。因此，我想說，即使在我們自己的市場營銷中，我們關注的重點也存在某種轉變。

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。我會補充一點。思考的方式是，我們將繼續將付費收購支出轉向與我們的直銷活動和具有更高生命週期價值的客戶更一致的細分市場和市場。所以這也許就是如何考慮我們的漏斗頂部。然後回答您關於免費到付費轉換的問題，我們沒有看到該季度環比有任何變化。

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.

我也可以很快加入那個嗎？我只想指出，只是在字裡行間閱讀，有時人們會將總客戶數視為漏斗頂部健康狀況的一種指示。而且我認為值得指出的是，當您擁有像我們這樣的大客戶業務和其他一些工作管理公司時，這些數字實際上由非常小的客戶主導，不僅是中小型企業，而且實際上是非常小的企業，有時甚至更少超過 10 名員工。

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，鑑於我們轉向更加關注高端市場，這對我們來說不是一個好的領先指標，因為財富 100 強中只有 100 個首次付費客戶，而這正是我們關注的地方。因此，隨著時間的推移，我們更多的業務和增長都集中在擴張上。這就是為什麼我們喜歡報告諸如總付費席位之類的事情。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明年我們將如何增長的問題有關。我們的大部分增長將來自於開發和擴大我們現有的客戶，而不是獲得大量新客戶。我必須指出，我們的淨美元保留率總體上超過 120%。再說一次，當你接觸到我們增長最快的那些更大的客戶時，這個數字只會不斷攀升。因此，對於花費 50,000 美元或更多的客戶來說，這一比例超過了 145%，這也意味著類似的數字也比 100,000 美元更好。

Our next question is with Pinjalim Bora from JPMorgan.

我們的下一個問題是摩根大通的 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，你顯然在大客戶面前看到了非常大的吸引力。超過 80% 的財富 100 強企業是一個可靠的數字。但是你的同齡人——你的一些同齡人也聲稱有類似的混合或更高。你怎麼 - 很明顯，很多 CWM 玩家可能在這些非常大的賬戶中共存。隨著時間的推移，您如何看待這些客戶中的機會？你如何看待這種遊戲的發展？

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。謝謝你問這個問題。我喜歡聽到這種類型的東西。我們的整個產品戰略確實旨在為您提供不斷增長的經濟——隨著您將 Asana 進一步部署到公司的更多部分，增加規模回報。它真正成為團隊中每個人都使用的橫向基礎架構。當你到達這個地方時，這真的只是一個特殊的區別，你知道你是否想將任務分配給某人或找出他們的信息，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。我們看到了很多實力的跡象，包括我們認為業內最大的工作管理部署。

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，但根據我們的經驗以及與這些客戶的交談和映射帳戶，這些部署要小得多，往往用於組織的小範圍內，往往用於孤立的功能。我們已經談到我們目前最大的部署是在一家公司中部署 100,000 個座位。我還沒有從理論上與我們共存的其他競爭對手那裡聽到類似的話。他們往往根本不談論他們最大的形式。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，我們對這些大客戶的影響力最大，我們打算在這一成功上加倍努力。

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。隨著您在 24 年年底或日曆結束時實現現金流盈虧平衡，您如何考慮建立間接渠道？當您特別放慢招聘速度時，實現這一目標有多重要？也許可以幫助我們了解來自渠道的預訂部分——今天的間接渠道與未來 2 年可能的情況。

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。我可以與間接渠道交談。這仍然是我們業務的一小部分，但我們看到了與世界各地合作夥伴的巨大吸引力。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行業和地區，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，但我也只想說，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，在各種軟件市場中，我們已經看到了鐘擺擺動——就同類最佳解決方案與套件而言，人們更傾向於偏好。所以我想知道，在您的工作管理市場中，同類最佳與套件之間的動態狀態如何？考慮到宏觀環境，過去 3 到 5 個月的情況是否發生了變化？

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，我們堅信公司需要一流的工作管理產品。多年來，我有時會談到這一點。當我們考慮軟件中的各種類別時，工作管理是最豐富的類別之一，並且在產品差異化和真正為客戶實現差異化價值成果方面具有最大的表面積。

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.

所以我認為這是一個危險的地方，為了將它與你的套件的一部分捆綁在一起而進行妥協。我們現在真的還沒有看到很多這種行為。甚至很難想到類似的特定示例。老實說，考慮到一些較大的玩家是誰，我認為在這個階段的類別發展中，這將是一個更多的因素。但實際上，我們仍然看到大多數客戶參與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銷售包括工作管理在內的新產品的大型組織中的部門，他們仍然認為 Asana 是他們當地團隊的解決方案。所以這仍然是可預見的未來的樣子。作為宏觀背景的一部分，我絕對沒有看到任何標誌著變化的東西。

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

我們的下一個問題是來自 JPMorgan (sic) [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?

是JMP。所以也許安妮或達斯汀，對於 Asana 來說似乎有一個重要的機會，可能在聯邦政府中，所有這些僱員都在武裝部隊。那麼 Asana FedRAMP 是否獲得了授權？如果沒有，你在那個過程中處於什麼位置？您如何看待這個機會？

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.

謝謝你的問題。我認為我們相信在任何地方都有跨職能協作的 Asana 機會。因此，當我們考慮哪些行業和垂直領域時，我們當然會尋求政府。政府的範圍非常廣泛，包括地方和聯邦。我們處於 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。但我認為您會看到我們採取同樣的方法，即關注需求和興趣，然後確保我們滿足客戶需求，尤其是在合規性等方面。

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。因此，我現在將會議交還給 Catherine 進行任何閉幕詞。

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.

謝謝大家，今天加入我們。在我們結束之前，我只想提醒您，我們確實在 10 月 11 日在舊金山舉辦了一場活動。這是與我們最好的客戶之一的親密問答。它將是 CIO，他們將談論他們如何將 Asana 用於一些驚人的戰略計劃。所以請留意邀請，我們期待與您見面。謝謝你。

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。您現在可以斷開線路。