(ASAN) 2023 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's Asana Q3 Fiscal Year 2023 Earnings Call. My name is Bethany, I will be the moderator for today's call. (Operator Instructions)

下午好。感謝您參加今天的 Asana Q3 2023 財年收益電話會議。我叫 Bethany，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to our host, Catherine Buan. Please go ahead.

我現在想將會議轉交給我們的主持人 Catherine Buan。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results of Asana's third 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 財年第三季度的財務業績。今天和我一起參加電話會議的有 Asana 的聯合創始人兼首席執行官 Dustin Moskovitz；我們的首席運營官兼業務主管 Anne Raimondi；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，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中明示或暗示的結果存在重大差異。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，以了解有關可能導致實際結果與報告中所列結果存在重大差異的風險、不確定性和假設的更多信息此類聲明。

In addition, during today's call, we will be discussing non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measure the financial performance prepared in accordance with GAAP. 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 web page at investors.asana.com.

此外，在今天的電話會議中，我們將討論非 GAAP 財務措施。這些非 GAAP 財務措施是對根據 GAAP 編制的財務業績的補充，而不是替代或優於衡量財務業績。 GAAP 和非 GAAP 財務指標之間的協調以及使用非 GAAP 指標與其最接近的 GAAP 等效指標的限制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頁 investors.asana.com 上。

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. As you saw in the earnings release, Asana reported strong Q3 revenue growth and notable operating margin improvement in the quarter. Revenue in the quarter grew 41% year-over-year or 43% when adjusted for foreign currency. Operating income was over $11 million better than expectations, a credit to our revenue outperformance as well as our continuing focus on managing our expenses.

謝謝你，凱瑟琳，感謝大家今天加入我們的電話會議。正如您在財報中看到的那樣，Asana 報告稱第三季度收入增長強勁，營業利潤率顯著提高。本季度收入同比增長 41%，經外幣調整後增長 43%。營業收入比預期高出 1100 萬美元，這歸功於我們的收入表現出色以及我們繼續專注於管理我們的費用。

We had 493 customers spending $100,000 or more in annualized GAAP revenue, up 78% year-over-year and continue to be the work management solution of choice at some of the world's leading enterprises. In addition, our largest deployment has now reached over 150,000 paying seats, further widening our significant lead in enterprise deployments.

我們有 493 位客戶的年化 GAAP 收入支出超過 100,000 美元，同比增長 78%，並繼續成為一些世界領先企業的首選工作管理解決方案。此外，我們最大的部署現已達到超過 150,000 個付費席位，進一步擴大了我們在企業部署方面的領先優勢。

Our enterprise business is growing more rapidly than our overall growth rate, continuing to become a larger portion of our business over time. And the net retention rate of our customers spending $100,000 or more continues to be very strong at over 140%, and we'll talk more in a moment about some of these large customers who represent some of the world's leading companies and best-known brands.

我們的企業業務增長速度超過我們的整體增長率，隨著時間的推移繼續成為我們業務的更大一部分。花費 100,000 美元或更多的客戶的淨保留率繼續非常強勁，超過 140%，稍後我們將詳細討論其中一些代表世界領先公司和最知名品牌的大客戶.

Looking back to fiscal '21, we accelerated revenue growth year-over-year, so we ramped up heavily in the second half of fiscal year '22 to increase capacity for what we believe could potentially be an even bigger year in fiscal '23. The last spring, the macroeconomic environment started to turn on our international business. So in Q2, we slowed headcount growth, started pacing investments in lower ROI geographies and started taking significant measures to manage spend.

回顧 21 財年，我們的收入同比增長加快，因此我們在 22 財年下半年大幅增加產能，以增加我們認為可能在 23 財年更大的一年的產能。去年春天，宏觀經濟環境開始對我們的國際業務產生影響。因此，在第二季度，我們放慢了員工人數增長，開始在投資回報率較低的地區加快投資步伐，並開始採取重大措施來管理支出。

By September, those conditions became even more challenging, including for our U.S. business. Based on all of these factors, we made the difficult decision last month to reduce the size of our overall organization by 9%. We also adjusted our full year outlook to capture these impacts. Our current expectation is that these factors will persist through the fourth quarter and into the next fiscal year.

到 9 月，這些條件變得更具挑戰性，包括我們的美國業務。基於所有這些因素，我們上個月做出了艱難的決定，將我們的整體組織規模縮減 9%。我們還調整了全年展望以反映這些影響。我們目前的預期是，這些因素將持續到第四季度和下一財年。

While the macroeconomic trends have been dynamic, what hasn't changed is the size of our market opportunity and our product strategy. Asana's work management platform is now a strategic choice as organizations look to successfully navigate these uncertain times.

雖然宏觀經濟趨勢一直在變化，但沒有改變的是我們市場機會的規模和我們的產品戰略。 Asana 的工作管理平台現在是一個戰略選擇，因為組織希望成功度過這些不確定的時代。

I've been on the road recently meeting with customers. We're fortunate to work with some of the most innovative companies in the world, companies that have successfully deployed Asana to tens of thousands of users. This scale and their perspective has given us unique insights into how enterprise organizations are thinking about their current and future software needs.

我最近一直在路上與客戶會面。我們很幸運能與世界上一些最具創新精神的公司合作，這些公司已經成功地將 Asana 部署到數以萬計的用戶中。這種規模和他們的觀點讓我們對企業組織如何思考他們當前和未來的軟件需求有了獨特的見解。

With that, there's 3 things to note. First, while buying decisions are being considered carefully by the C-suite during this macroeconomic cycle, they're still investing in solutions that help them do more with their tech stack, offer time to value and focus employees on work that matters. This is a long-term tailwind that will likely continue in the years to come.

有了這個，有3件事要注意。首先，雖然在這個宏觀經濟周期中，最高管理層正在仔細考慮購買決策，但他們仍在投資解決方案，幫助他們利用技術堆棧做更多的事情，提供時間來實現價值，並讓員工專注於重要的工作。這是一個長期的順風，可能會在未來幾年繼續下去。

Second, we're seeing a similar strategy in more traditional industries where there's real urgency to digitally transform and disrupt the old ways of working. Companies in automotive, financial services, professional services, health care, manufacturing and shipping and transportation are automating their workflows with Asana. We're even seeing cross-pollination from organization to organization as Asana advocates take on roles at new companies.

其次，我們在更傳統的行業看到了類似的策略，這些行業迫切需要數字化轉型和顛覆舊的工作方式。汽車、金融服務、專業服務、醫療保健、製造以及航運和運輸領域的公司正在使用 Asana 實現工作流程自動化。隨著 Asana 倡導者在新公司擔任職務，我們甚至看到了組織與組織之間的異花授粉。

A few years ago, the term work management didn't even exist, and today, it's approaching the mainstream. And third, especially in this macroeconomic climate and during the season of annual planning, we're repeatedly hearing how critical it is for leaders to have visibility and accountability. This helps to ensure that the work delivers on business priorities. When work is connected to goals and Asana, it creates a dynamic constellation of where things are successfully aligned and where the hotspots are.

幾年前，工作管理這個詞甚至不存在，而今天，它正在接近主流。第三，尤其是在這種宏觀經濟環境下和年度規劃季節，我們反复聽到領導者擁有知名度和問責制的重要性。這有助於確保工作交付業務優先級。當工作與目標和 Asana 相關聯時，它會創建一個動態的星座，顯示事物成功對齊的位置和熱點所在的位置。

With this bird's-eye view, leaders can take action, pivot quickly and be more competitive. Asana is honored to be recently recognized for our goal-oriented approach that drives greater enterprise adoption. The Forrester Wave collaboration work management tools, Q4 2022 evaluation has named Asana leader in its assessment of the top 13 vendors in the market.

通過這種鳥瞰圖，領導者可以採取行動、快速調整併更具競爭力。 Asana 很榮幸最近因我們以目標為導向的方法而獲得認可，該方法推動了更大的企業採用。 Forrester Wave 協作工作管理工具，2022 年第 4 季度評估將 Asana 評為市場前 13 家供應商的領導者。

The new report specifically calls out our strategic differentiation in 2 areas. First, for how our work craft data model connects information, people and objectives that drive work through the organization. And second, for how our goal management structure helps organizations connect disparate teams with a common focus. Asana's recognition as a leader in the Forrester Wave, follows its #1 ranking in the G2 Grid report for objectives and key results, providing strong customer review-based validation of product and competitive differentiation.

新報告特別指出了我們在兩個領域的戰略差異化。首先，關於我們的工作工藝數據模型如何將推動整個組織工作的信息、人員和目標聯繫起來。其次，關於我們的目標管理結構如何幫助組織將不同的團隊聯繫起來，關注共同的焦點。 Asana 被 Forrester Wave 評為領導者，其在 G2 Grid 報告中的目標和關鍵結果排名第一，提供了基於客戶評論的強大產品驗證和競爭差異化。

Early data from our recent Q3 enterprise product announcements has been strong. We're seeing higher quality leads with larger customers at later stages in the funnel. Companies are moving goal management from stand-alone OKR vendors into Asana, and CIOs are recognizing our product as a consolidation opportunity of key goals and work management.

我們最近發布的第三季度企業產品公告的早期數據一直很強勁。在漏斗的後期階段，我們看到質量更高的潛在客戶和更大的客戶。公司正在將目標管理從獨立的 OKR 供應商轉移到 Asana，CIO 將我們的產品視為關鍵目標和工作管理的整合機會。

One of our customers has been celebrated for its rapid growth after quickly and successfully shifting strategies. The need for this kind of agility is why they made a Q3 move from their stand-alone OKR solution to Asana where they can connect the work that matters to company goals.

我們的一位客戶在快速成功地轉變戰略後因其快速增長而聞名。對這種敏捷性的需求是他們在第三季度從獨立的 OKR 解決方案轉向 Asana 的原因，在 Asana 中他們可以將重要的工作與公司目標聯繫起來。

Some of the big enhancements to goals that we introduced this year have been driving adoption. For example, since launching goals with the Universal reporting last quarter, we've seen goal creation has almost doubled in each customer year-over-year across our $100,000 or more cohort.

我們今年推出的目標的一些重大改進一直在推動採用。例如，自從上個季度通過 Universal 報告啟動目標以來，我們發現在我們 100,000 美元或更多的隊列中，每個客戶的目標創建幾乎翻了一番。

Our newly HIPAA-compliant offering opened new doors this past quarter with companies that store, consume and transmit personal health information. And even though it was just released, we've already closed multiple deals across health care and insurance around the world. Our HIPAA offering will enable them to bring more of their patient care management workflows into Asana. And we've seen large customers in Australia and Japan migrate their work data into our new regional data centers, a testament to their continued usage of and investment in Asana.

我們新推出的符合 HIPAA 標準的產品在上個季度為存儲、消費和傳輸個人健康信息的公司打開了新的大門。儘管它剛剛發布，但我們已經在全球範圍內完成了多項醫療保健和保險交易。我們的 HIPAA 產品將使他們能夠將更多的患者護理管理工作流程帶入 Asana。我們已經看到澳大利亞和日本的大客戶將他們的工作數據遷移到我們新的區域數據中心，這證明了他們對 Asana 的持續使用和投資。

As we look to fiscal year '24, we'll continue to build out Asana's work graph as a critical navigation system for companies. I'm excited alongside customers to share much more on how the power of collective intelligence will accelerate organizations during our next marketing event in Q1. This means our customers get data-backed insights as well as turn-by-turn directions that help them address real business challenges.

展望 24 財年，我們將繼續構建 Asana 的工作圖，將其作為公司的關鍵導航系統。在第一季度的下一次營銷活動中，我很高興能與客戶一起分享更多關於集體智慧的力量將如何加速組織發展的信息。這意味著我們的客戶可以獲得數據支持的見解以及幫助他們應對實際業務挑戰的逐步指導。

In the shorter term, we're specifically focused on helping leaders across operations move faster and continuing to build for the enterprise at scale. Asana gives strategy and a single source of truth to track requests across e-mail, chat, documents and other frequently used applications. They're able to maximize efficiency and pivot work to achieve critical organizational goals. We're also giving IT the needed roles-based guardrails to scale up onboarding and manage faster and more successful deployments.

在短期內，我們特別專注於幫助跨運營的領導者更快地行動並繼續為企業大規模建設。 Asana 提供策略和單一事實來源來跟踪電子郵件、聊天、文檔和其他常用應用程序中的請求。他們能夠最大限度地提高效率並調整工作以實現關鍵的組織目標。我們還為 IT 提供了所需的基於角色的護欄，以擴大入職和管理更快、更成功的部署。

Before I hand it over to Anne, I want to again acknowledge that we're making decisive moves to improve our margin profile. With over $545 million in cash, we believe we're fully funded to execute on the current strategy and achieve free cash flow positive by the end of calendar 2024. We're not satisfied with our performance, and we'll be focused on driving growth and enhancing our global go-to-market execution. I believe Asana is uniquely positioned to help companies through these current challenges and will continue to invest conscientiously while maintaining our leadership and product innovation.

在我把它交給安妮之前，我想再次承認我們正在採取果斷措施來改善我們的利潤率。憑藉超過 5.45 億美元的現金，我們相信我們有足夠的資金來執行當前的戰略，並在 2024 日曆年底之前實現正自由現金流。我們對我們的表現不滿意，我們將專注於推動增長並加強我們的全球上市執行力。我相信 Asana 具有獨特的優勢，可以幫助公司應對當前的這些挑戰，並將繼續認真投資，同時保持我們的領導地位和產品創新。

Now I'll turn it over to Anne.

現在我將把它交給安妮。

Thanks, Dustin. As Dustin mentioned, we noticed increasing pressures on our customers at the end of September when the budget tightening and longer deal cycles became more apparent in the U.S. The macro environment was having an impact on some of our customers' ability to increase headcount. As a result, some of our expansion activity slowed, especially in mid-market and smaller accounts. By the end of the quarter, we made the hard decision to restructure and realign our business.

謝謝，達斯汀。正如 Dustin 提到的那樣，我們注意到 9 月底我們的客戶面臨越來越大的壓力，當時美國的預算緊縮和更長的交易週期變得更加明顯。宏觀環境正在對我們的一些客戶增加員工人數的能力產生影響。因此，我們的一些擴張活動放緩，尤其是在中端市場和小型客戶中。到本季度末，我們做出了重組和調整業務的艱難決定。

Despite the macro backdrop, we continue to see thousands of organizations and large enterprises realizing the value of work management and choosing Asana. While the SMB and very small business markets are softer, we continue to see strong traction in the enterprise organizations and larger deployments. The category is large, and we are still in the early innings.

儘管在宏觀背景下，我們繼續看到成千上萬的組織和大型企業意識到工作管理的價值並選擇 Asana。雖然 SMB 和超小型企業市場較為疲軟，但我們繼續看到企業組織和更大規模部署的強大吸引力。類別很大，我們還處於早期階段。

So the competitive dynamics in the market are unchanged. At the same time, the number of multiyear deals went up sequentially and on an annualized basis. More customers are making longer-term commitments with Asana. I spend most of my time with our teams and our customers, and this is what I'm hearing.

因此，市場競爭動態沒有改變。與此同時，多年期交易的數量按年率連續上升。越來越多的客戶對 Asana 做出了長期承諾。我大部分時間都花在我們的團隊和客戶身上，這就是我所聽到的。

There's increased scrutiny on deals globally. Executives want higher and faster ROI from their investments. There's increased participation of executives in DL and work management investments are being elevated to the CIO, CFO level more than they have ever been. During the dynamic macroeconomic periods like now, organizations are looking to be able to set goals and increase accountability across their business and to make quick resourcing decisions as things shift.

全球對交易的審查越來越嚴格。高管們希望從他們的投資中獲得更高更快的投資回報率。管理人員越來越多地參與 DL，工作管理投資正比以往任何時候都更多地提升到 CIO、CFO 級別。在像現在這樣充滿活力的宏觀經濟時期，組織希望能夠設定目標並加強其業務的問責制，並隨著形勢的變化做出快速的資源配置決策。

The buying environment is more measured, but budget impacts vary across industries, and Asana is well positioned in these conversations. In the third quarter, we continued to gain traction in health care. Norton Healthcare, the hospital and health care system that has 340 locations throughout Kentucky and Southern Indiana expanded their use of Asana in Q3. My favorite use case of theirs is how they onboard new physician providers in Asana year round.

購買環境更加謹慎，但預算影響因行業而異，而 Asana 在這些對話中處於有利地位。第三季度，我們繼續在醫療保健領域獲得關注。 Norton Healthcare 是一家在肯塔基州和印第安納州南部擁有 340 個分支機構的醫院和醫療保健系統，在第三季度擴大了對 Asana 的使用。我最喜歡的他們的用例是他們如何在 Asana 全年招募新的醫生提供者。

Previously, they managed this complex process manually, and important documentation like medical certifications and licenses were easily lost in long e-mail threats. Today, they run this whole process in Asana via a purpose-built workflow and that includes a checklist of every step to ensure it's done accurately and successfully.

以前，他們手動管理這個複雜的過程，醫療證明和執照等重要文件很容易在長長的電子郵件威脅中丟失。如今，他們通過專門構建的工作流程在 Asana 中運行整個過程，其中包括每個步驟的清單，以確保准確、成功地完成。

You could liken this workflow to onboarding a whole new business unit to a company. This has not only made the process much more efficient so they can scale quickly but also helped them automate steps and save costs. As Dustin mentioned, the HIPAA compliance announcement this fall is opening doors even further. The product has only been available for over a month, and we have already closed a number of HIPAA-compliant deals.

您可以將此工作流程比作將一個全新的業務部門加入公司。這不僅使流程更加高效，因此他們可以快速擴展，而且還幫助他們自動化步驟並節省成本。正如 Dustin 所提到的，今年秋天的 HIPAA 合規公告進一步打開了大門。該產品僅上市一個多月，我們已經完成了多項符合 HIPAA 標準的交易。

Macroeconomic factors and currency fluctuations have driven up costs, but several industries have benefited and are accelerating the speed at which they deploy their capital into digital transformation. For example, we've seen major Japanese manufacturing companies investing in digital transformation to secure competitive advantage, enhance operations and processes with a focus on the supply chain and improve profitability through better management with cross-functional visibility.

宏觀經濟因素和貨幣波動推高了成本，但一些行業受益並正在加快將資本部署到數字化轉型的速度。例如，我們看到主要的日本製造公司投資於數字化轉型，以確保競爭優勢，以供應鍊為重點加強運營和流程，並通過具有跨職能可見性的更好管理來提高盈利能力。

For Asana to be used like this in both innovation centers and core manufacturing departments is a testament to our product's deep value and flexibility. Founder, a leading next-generation hospitality company that operates in over 40 cities across 10 countries, uses Asana to make decisions rapidly and adapt quickly to changing factors. They use Asana across the entire company from property managers to maintenance teams to the strategic initiatives team and upgraded to our enterprise solution this quarter for the enhanced security functionality.

對於 Asana 來說，在創新中心和核心製造部門都以這種方式使用，證明了我們產品的深層價值和靈活性。 Founder 是一家領先的下一代酒店公司，在 10 個國家/地區的 40 多個城市開展業務，使用 Asana 快速做出決策并快速適應不斷變化的因素。他們在整個公司使用 Asana，從物業經理到維護團隊再到戰略計劃團隊，並在本季度升級到我們的企業解決方案以增強安全功能。

Another innovative customer using Asana to help manage their supply chain is HelloFresh, the world's leading meal kit provider. Headquartered in Germany and serving 17 countries, HelloFresh's strategic procurement and ingredient development teams use Asana to manage their ingredient sourcing and inventory workflows. Their old way of working wasn't efficient or scalable. Now HelloFresh is able to more quickly develop and launch new seasonal recipes that meet their customers' preferences across 30 different recipes offered each week.

另一個使用 Asana 幫助管理其供應鏈的創新客戶是全球領先的餐盒供應商 HelloFresh。 HelloFresh 的戰略採購和原料開發團隊總部位於德國，服務於 17 個國家/地區，使用 Asana 來管理其原料採購和庫存工作流程。他們舊的工作方式效率不高或無法擴展。現在，HelloFresh 能夠更快地開發和推出新的季節性食譜，每週提供 30 種不同的食譜，以滿足客戶的喜好。

In Q3, we continue to see companies in media and financial services expand with us. These are just a few examples of leading companies who are choosing Asana because the work graph is the most scalable platform, connects goals to the work across the organization and provides quick measurable business ROI. We are continuing to see broad cross-industry adoption with significant traction in Fortune 100 customers, of which 80% use Asana.

在第三季度，我們繼續看到媒體和金融服務公司與我們一起擴張。這些只是選擇 Asana 的領先公司的幾個例子，因為工作圖是最具擴展性的平台，將目標與整個組織的工作聯繫起來，並提供快速可衡量的業務投資回報率。我們繼續看到廣泛的跨行業採用，並在財富 100 強客戶中產生了巨大的吸引力，其中 80% 使用 Asana。

These successes are just the beginning, and we have a lot of work ahead. The key to success for us is to continually improve our ability to address our customers' needs and drive growth across our large customer base. We're making strategic changes in our organization to better realign resources for long-term, high leverage growth.

這些成功僅僅是個開始，我們還有很多工作要做。我們成功的關鍵是不斷提高我們滿足客戶需求的能力，並推動我們龐大客戶群的增長。我們正在對我們的組織進行戰略變革，以更好地調整資源以實現長期、高槓桿增長。

Our key areas of focus include: taking our success with our largest customers and making it a replicable, scalable process across our entire go-to-market motion, serving our smaller customers in a more scalable way by further leveraging our product-led capabilities, maximizing data from product-led motion to better support the sales-led process and customer life cycle and bringing in new leadership to elevate our enterprise success to the next level.

我們關注的重點領域包括：在我們最大的客戶身上取得成功，並使其成為我們整個上市行動中可複制、可擴展的流程，通過進一步利用我們以產品為主導的能力，以更具可擴展性的方式為我們的小客戶提供服務，最大化以產品為主導的運動的數據，以更好地支持以銷售為主導的流程和客戶生命週期，並引入新的領導層以將我們的企業成功提升到一個新的水平。

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

有了這個，我會把它交給蒂姆。

Thank you, Anne. Q3 revenues came in at $141.4 million, up 41% year-over-year. This puts us at an annualized quarterly revenue run rate of $566 million. Revenue from the U.S. grew 47% year-over-year, accounting for 61% of our total revenue. International grew 33% year-over-year, accounting for 39% of our revenue. Currency impacted our international growth rate by roughly 500 basis points and the overall revenue growth rate by about 200 basis points. International growth would have been 38% year-over-year and total revenue growth would have been 43% year-over-year without the impact of currency.

謝謝你，安妮。第三季度收入為 1.414 億美元，同比增長 41%。這使我們的年化季度收入運行率為 5.66 億美元。來自美國的收入同比增長 47%，占我們總收入的 61%。國際業務同比增長 33%，占我們收入的 39%。貨幣對我們的國際增長率產生了大約 500 個基點的影響，對整體收入增長率產生了大約 200 個基點的影響。如果沒有貨幣的影響，國際增長將同比增長 38%，總收入增長將同比增長 43%。

Revenue from customers spending $5,000 or more on an annualized basis grew 52% year-over-year. This cohort represented 73% of our revenue in Q3, up from 68% in the year ago quarter. We have 18,700 customers spending $5,000 or more on an annualized basis, up 32% year-over-year. Our largest customers remain our fastest-growing cohort.

年化支出 5,000 美元或以上的客戶帶來的收入同比增長 52%。這一群體占我們第三季度收入的 73%，高於去年同期的 68%。我們有 18,700 名客戶每年花費 5,000 美元或更多，同比增長 32%。我們最大的客戶仍然是我們增長最快的群體。

We have 493 customers spending $100,000 or more on an annualized basis, and the customer cohort has grown at 78% year-over-year. We believe this metric is a good proxy for our enterprise business. As a reminder, we define these customers' cohort based on annualized GAAP revenue in a given quarter.

我們有 493 位客戶每年花費 100,000 美元或更多，客戶群體同比增長 78%。我們相信這個指標可以很好地代表我們的企業業務。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的群組。

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 128%. And among customers spending $100,000 or more, our dollar-based net retention rate was over 140%. 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隊列中都保持強勁。我們以美元為基礎的整體淨保留率超過 120%。在花費 5,000 美元或更多的客戶中，我們基於美元的淨保留率超過 128%。在花費 100,000 美元或更多的客戶中，我們基於美元的淨保留率超過 140%。提醒一下，我們以美元為基礎的淨保留率是過去 4 個季度的平均計算結果。

We continue to see stable churn rates across the cohorts and low churn in our large accounts, demonstrating the value we deliver for our enterprise customers. However, as Anne mentioned, we did see customers pause in growth or hiring more slowly, and the expansion in our business slowed as a result. We expect our overall dollar-based net retention rates to trend lower during this economic cycle.

我們繼續看到整個隊列的穩定流失率和我們大客戶的低流失率，證明了我們為企業客戶提供的價值。然而，正如 Anne 提到的，我們確實看到客戶增長停滯或招聘速度放緩，結果我們的業務擴張放緩。我們預計，在這個經濟周期中，我們以美元為基礎的整體淨保留率將呈下降趨勢。

As I turn to expense items and profitability, I would like to point out that I will be discussing non-GAAP results in the balance of my remarks. Gross margins came in at 89.6% from 90.7% in the year ago quarter. Research and development was $50.2 million or 36% of revenue. We continue investing to win and fuel innovation in our proprietary technology, which will help us deliver on our vision.

在談到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 GAAP 業績。毛利率從去年同期的 90.7% 升至 89.6%。研發費用為 5020 萬美元，佔收入的 36%。我們繼續投資以贏得併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 $98.5 million or 70% of revenue, and G&A was $30.6 million or 22% of revenue. Operating loss was $52.6 million and operating loss margin was 37%. The improvement in our operating margin demonstrates our ability to drive more efficient growth and manage our operating expenses with increased discipline. Net loss was $52.4 million, and our net loss per share was $0.26.

銷售和營銷為 9850 萬美元，佔收入的 70%，一般及行政費用為 3060 萬美元，佔收入的 22%。營業虧損為 5260 萬美元，營業虧損率為 37%。我們營業利潤率的提高表明我們有能力推動更有效的增長並通過加強紀律來管理我們的運營費用。淨虧損為 5240 萬美元，每股淨虧損為 0.26 美元。

Last month, we reduced our global head count by approximately 9% as part of a restructuring design to better manage the business with a balance towards growth and profitability. This reduction will result in a nonrecurring restructuring charge of $9 million to $11 million, which will be excluded from our future non-GAAP results. We expect the charges to be incurred primarily in the fourth quarter of fiscal '23 and our restructuring efforts to ultimately result in annualized savings of roughly $40 million for the company going forward.

上個月，作為重組設計的一部分，我們將全球員工人數減少了約 9%，以更好地管理業務，平衡增長和盈利能力。這一減少將導致 900 萬至 1100 萬美元的非經常性重組費用，這將被排除在我們未來的非 GAAP 業績之外。我們預計這些費用將主要發生在 23 財年第四季度，我們的重組工作最終將為公司未來每年節省約 4000 萬美元。

Moving on to the balance sheet and cash flow. Cash and marketable securities at the end of Q3 were approximately $545.4 million. Our remaining performance obligations, or RPO, was $271.6 million, up 43% from the year ago quarter. 86% of RPO will be recognized over the next 12 months. That current portion of RPO grew 43% from the year ago quarter.

轉到資產負債表和現金流量。第三季度末的現金和有價證券約為 5.454 億美元。我們的剩餘履約義務或 RPO 為 2.716 億美元，比去年同期增長 43%。 86% 的 RPO 將在未來 12 個月內得到確認。 RPO 的當前部分比去年同期增長了 43%。

Total deferred revenue at the end of Q3 was $214.8 million, up 39% year-over-year. While we don't normally comment on calculated billings, since currency fluctuations continue to have an impact this quarter, I want to call out that currency impacted calculated billings growth by over 400 basis points and thus 31% when adjusted for the FX impact.

第三季度末遞延收入總額為 2.148 億美元，同比增長 39%。雖然我們通常不會對計算賬單發表評論，但由於貨幣波動在本季度繼續產生影響，我想指出貨幣對計算賬單增長的影響超過 400 個基點，因此在針對外匯影響進行調整後達到 31%。

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 Q3, free cash flow was negative $48.5 million or negative 34% on a margin basis.

我們的自由現金流定義為經營活動產生的淨現金減去財產和設備使用的現金以及資本化的軟件成本，不包括非經常性項目。第三季度，自由現金流為負 4850 萬美元或按利潤率計算為負 34%。

Moving on to our outlook. For Q4 fiscal '23, we expect revenues of $144 million to $146 million, representing growth rates of 30% year-over-year at the midpoint. We expect non-GAAP loss from operations of $60 million to $57 million, and we expect net loss per share of $0.28 to $0.27, assuming basic and diluted weighted average shares outstanding of approximately $215 million.

繼續我們的展望。對於 23 財年第四季度，我們預計收入為 1.44 億美元至 1.46 億美元，中點同比增長率為 30%。我們預計非 GAAP 運營虧損為 6000 萬美元至 5700 萬美元，我們預計每股淨虧損為 0.28 美元至 0.27 美元，假設流通在外的基本和稀釋加權平均股票約為 2.15 億美元。

For the full fiscal '23, we expect revenues to be in the range of $541 million to $543 million, representing a growth rate of 43% year-over-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 45% year-over-year. We expect non-GAAP loss from operations of $230 million to $227 million, and we expect net loss per share of $1.15 to $1.14, assuming basic and diluted weighted average shares outstanding of approximately $200 million.

對於整個 23 財年，我們預計收入將在 5.41 億美元至 5.43 億美元之間，同比增長 43%。我們預計外匯會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，我們的年增長率將達到 45%。我們預計非 GAAP 運營虧損為 2.3 億美元至 2.27 億美元，我們預計每股淨虧損為 1.15 至 1.14 美元，假設流通在外的基本和稀釋加權平均股數約為 2 億美元。

We are being very measured with our guidance with several factors in mind. Our outlook assumes that currency doesn't change and macroeconomic factors will continue to drive a more tempered buying environment and increased scrutiny on purchase decisions. And we assume this persists into the next fiscal year. Despite the uncertainty with the macroeconomic environment, we still expect to be free cash flow positive before the end of calendar 2024, while balancing growth and profitability.

考慮到幾個因素，我們對我們的指導非常謹慎。我們的展望假設貨幣不變，宏觀經濟因素將繼續推動更加緩和的購買環境和更嚴格的購買決策審查。我們假設這種情況會持續到下一個財政年度。儘管宏觀經濟環境存在不確定性，但我們仍預計在 2024 年底之前自由現金流為正，同時平衡增長和盈利能力。

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

有了這個，我會把它交還給達斯汀，讓他做最後的評論。

Before we go to questions, I wanted to summarize by noting like many of our peers were operating in a very challenging macroeconomic environment. So we're actively managing to mitigate the impact to the bottom line and taking the opportunity to elevate and further build our enterprise business.

在我們開始提問之前，我想總結一下，我們的許多同行都在一個非常具有挑戰性的宏觀經濟環境中運營。因此，我們正在積極設法減輕對底線的影響，並藉此機會提升和進一步建立我們的企業業務。

While we are derisking for those short term, I continue to focus on the long-term opportunity. When I meet with customers, I recognize that we have a unique perspective collaborating with some of the largest and most innovative companies in the world, including 80% of the Fortune 100. I'm further reminded that work management is an enormous and underpenetrated market. The underlying business trends remain intact, and I'm excited about Asana's position.

雖然我們正在為那些短期風險，但我繼續關注長期機會。當我與客戶會面時，我認識到我們擁有與世界上一些最大和最具創新性的公司合作的獨特視角，其中包括 80% 的財富 100 強公司。我進一步意識到工作管理是一個巨大且尚未滲透的市場.潛在的商業趨勢保持不變，我對 Asana 的地位感到興奮。

Thank you, Dustin. And with that, I'll turn it back to the operator for the Q&A session.

謝謝你，達斯汀。有了這個，我會把它轉回給問答環節的接線員。

(Operator Instructions) Our first question comes from the line of Andrew DeGasperi with Berenberg.

（操作員說明）我們的第一個問題來自 Andrew DeGasperi 與 Berenberg 的對話。

I guess we're clearly seeing similar kind of weakness across most software categories. I was just wondering in the conversation that you had with investors. Is there anything that they're telling you differently in terms of work management and how they prioritize it relative to other software categories?

我想我們清楚地看到大多數軟件類別都存在類似的弱點。我只是想知道你與投資者的談話。他們在工作管理方面有什麼不同之處，以及他們如何相對於其他軟件類別確定優先級？

Andrew, it's Anne. Thanks so much for that question. I'll say that what we're seeing is certainly more increased scrutiny on spending on technology overall. Executives want higher and faster ROI from their investments. What we're really seeing is more just a pause on the decision-making versus deprioritization of the category, just as they evaluate where they're going to make those investments.

安德魯，是安妮。非常感謝這個問題。我要說的是，我們看到的肯定是對整體技術支出的審查更加嚴格。高管們希望從他們的投資中獲得更高更快的投資回報率。我們真正看到的更多只是暫停決策而不是取消該類別的優先級，就像他們評估他們將在哪裡進行這些投資一樣。

So the theme in these periods, I think, is that we're excited about, though, and positive about is executives are looking to be able to set goals and increase accountability across their business. As Dustin mentioned, goals, in particular, is really resonating. So the fact that we've been increasing our investment there has been helpful in these conversations because they are looking to get faster decision-making rolled out through the company as they're facing these changes. But overall, I would say mostly, what we're seeing is more a pause in decision-making than anything.

因此，我認為，這些時期的主題是，我們對高管們希望能夠設定目標並加強其業務的責任感感到興奮和積極。正如達斯汀所說，進球尤其能引起共鳴。因此，我們一直在增加在那裡的投資這一事實對這些對話很有幫助，因為他們希望在面臨這些變化時通過公司推出更快的決策制定。但總的來說，我主要想說的是，我們看到的更多是決策的暫停而不是任何事情。

That's helpful. And then maybe on the restructuring. I was just wondering what does that translate in terms of the time line to breakeven, I guess, from a profitability point of view, from cash point of view? Is there anything you can comment on that?

這很有幫助。然後可能會進行重組。我只是想知道，從盈利能力的角度，從現金的角度來看，這在實現收支平衡的時間線方面意味著什麼？你對此有何評論？

Yes. Andrew, as I kind of mentioned on the call, no change in terms of time line. From a go-forward basis, the savings from the restructuring was about $40 million on a go-forward basis. But we're holding and committed to delivering free cash flow before the end of calendar 2024.

是的。安德魯，正如我在電話中提到的，時間線沒有變化。從前進的基礎上看，重組節省了大約 4000 萬美元。但我們持有並承諾在 2024 年日曆結束之前提供自由現金流。

Our next question comes from the line of Ittai Kidron with Oppenheimer.

我們的下一個問題來自 Ittai Kidron 與 Oppenheimer 的對話。

I guess I want to go into the head count reduction. Can you give me a little bit more color on how this 9% spreads are across the functions? And I guess, the associated question with this, how do I think about how this catches up to you, meaning, clearly, there's some sales functions that are part of this as well? And how do you think about the capacity loss or the points of growth, quarter growth eliminated through this as we think about fiscal '24?

我想我想討論裁員問題。你能給我更多關於這 9% 的價差是如何跨功能的顏色嗎？我想，與此相關的問題是，我如何看待這如何趕上你，這意味著，很明顯，還有一些銷售功能也是其中的一部分？當我們考慮 24 財年時，您如何看待產能損失或增長點、季度增長被消除？

Yes. I'll start off. This is Dustin. So just thinking about where we reduced roles, a lot of how we structured our hiring plan for fiscal '23, we front-loaded quite a lot of hiring, especially in sales and marketing and especially in talent acquisition to help us do the front-loaded hiring.

是的。我要開始了。這是達斯汀。因此，只要考慮我們在哪些方面減少了職位，很多我們如何構建 23 財年的招聘計劃，我們就提前進行了大量招聘，尤其是在銷售和營銷方面，尤其是在人才招聘方面，以幫助我們做好前期工作——加載招聘。

And so -- and then we had an ambitious plan for R&D as well, but we had it more paced throughout the year. And we ended up really moderating and then pausing hiring fairly early in the year. So when we came to think about the risk, we really looked at it primarily through the lens of sort of unwinding the overinvestment we made in the first 2 categories and really rightsizing it to the amount of demand we are seeing in the market.

所以 - 然後我們也有一個雄心勃勃的研發計劃，但我們全年的節奏都更快。我們最終真的緩和了，然後在今年早些時候暫停了招聘。因此，當我們開始考慮風險時，我們實際上主要是通過消除我們在前兩個類別中進行的過度投資並真正將其調整到我們在市場上看到的需求量的角度來看待它。

And so I feel comfortable with the staffing we have now and the people that we have in these roles are ramped and ready for fiscal year '24 and able to serve our best customers. And anything you want to add to that, Anne?

因此，我對我們現在的人員配置感到滿意，我們擔任這些角色的人員已經增加並準備好迎接 24 財年，並能夠為我們最好的客戶提供服務。還有什麼你想補充的嗎，安妮？

Yes. On the sales side, in particular, I'll just add that as we did the restructuring, we were really focused on better aligning our teams with our -- where we see growth, which is in enterprise. So with the softening in SMB due to the macro conditions, we made adjustments there to ensure we could increase efficiency and productivity. And really make sure that the team we have here can be set up to be successful.

是的。特別是在銷售方面，我只想補充一點，在我們進行重組時，我們真的專注於更好地使我們的團隊與我們看到增長的地方保持一致，這是在企業中。因此，隨著宏觀環境導致 SMB 疲軟，我們在那裡進行了調整，以確保我們能夠提高效率和生產力。並真正確保我們這裡的團隊能夠成功。

So some other things in particular, we're doing are increasing our focus on delivering scaled and efficient programs for those smaller customers without sacrificing the quality of their experience. But a lot of the focus is ensuring we're well staffed for enterprise growth.

因此，我們正在做的其他一些事情特別是在不犧牲他們的體驗質量的情況下，更加關注為那些較小的客戶提供規模化和高效的計劃。但很多重點是確保我們為企業發展配備充足的人員。

Okay. Maybe as a follow-up, Dustin, what is it that you need to see for you to feel comfortable reaccelerating hiring again? Like what is the key KPI that you're watching for? Because I'm pretty sure, I mean, clearly, you don't want to be behind, right? So the tricky part is to try and put your finger on what would be the right thing to look for to get the green light to go ahead a little bit more aggressively? Can you give us some insight as to what it is that you're looking for to make that decision?

好的。也許作為後續行動，達斯汀，你需要看到什麼才能讓你對再次加速招聘感到舒服？比如您關注的關鍵 KPI 是什麼？因為我很確定，我的意思是，很明顯，你不想落後，對吧？所以棘手的部分是試著把你的手指放在尋找什麼是正確的事情上，讓綠燈更積極地前進一點？你能告訴我們一些關於你正在尋找什麼來做出這個決定的見解嗎？

Yes, that's a great question and certainly one top of mind. I think that a lot of what we're looking at is really macro signal and signal from customers in the conversation. So Anne talked about some of our best customers, they haven't deprioritized digital transformation, but they do have things a little bit on pause. They themselves are, in many cases, are (inaudible) just reacting to changing macro landscape for themselves and trying to kind of reevaluate and get their footing again and decide -- regain confidence to start increasing their deployments.

是的，這是一個很好的問題，當然也是最重要的問題。我認為我們正在研究的很多東西實際上是宏觀信號和來自客戶在對話中的信號。所以安妮談到了我們的一些最好的客戶，他們並沒有將數字化轉型放在首位，但他們確實有一些暫停的事情。在許多情況下，他們自己（聽不清）只是對自己不斷變化的宏觀格局做出反應，並試圖重新評估並重新站穩腳跟並決定——重拾信心開始增加部署。

And so to some extent, it will be seeing that happen. So get -- having the customers get back into a place of wanting to expand their deployments more rapidly. And I think in turn, they will be looking to changes in the market, obviously, changes in interest rates and changes in their own customer demand.

因此，在某種程度上，它將看到這種情況發生。所以得到 - 讓客戶回到想要更快地擴展其部署的地方。我認為反過來，他們將關注市場的變化，顯然是利率的變化和他們自己的客戶需求的變化。

Now that said, a lot of our customers are still growing. We would have loved to have had even more growth this quarter, but it's still quite a lot of growth. And so another thing that could happen is just that, that growth continues and we grow into our OpEx footprint and then that would be more of a sort of gradual turn back towards investing and hiring again on our side.

話雖如此，我們的許多客戶仍在增長。我們本來希望本季度有更多的增長，但仍然有相當大的增長。因此，可能發生的另一件事就是，這種增長會持續下去，我們會成長為我們的 OpEx 足跡，然後這將更像是一種逐漸回歸到我們這邊再次投資和招聘的方式。

And so yes, it might be quite acute or it might be more gradual -- and I think in both cases -- well, in the first case, it will depend on changes in the macro environment, which I do think could happen quickly, but they might not. And then in the second case, just the sort of re-evolving of the customer relationships and category growth.

所以，是的，它可能會非常劇烈，也可能會更緩慢——我認為在這兩種情況下——好吧，在第一種情況下，這將取決於宏觀環境的變化，我認為這可能會很快發生，但他們可能不會。然後在第二種情況下，就是客戶關係和品類增長的重新發展。

Our next question comes from the line of Alex Zukin with Wolfe Research.

我們的下一個問題來自 Alex Zukin 與 Wolfe Research 的合作。

This is (inaudible) on for Alex. Really appreciate the color that you guys provided with respect to the impacts you're seeing from the macro. Can you just dive into the trends you saw on a per month basis through November around expansion trends, free-to-paid conversions and just general top of funnel activity? I think that would be really helpful.

這是（聽不清）亞歷克斯。真的很感謝你們提供的關於您從宏觀上看到的影響的顏色。您能否深入了解您在 11 月之前每月看到的圍繞擴展趨勢、免費到付費轉化和一般漏斗頂部活動的趨勢？我認為這真的很有幫助。

This is Tim. I would say like where we kind of -- we had talked about in Q2 about the macro impact in Europe. And I would say starting kind of in September, maybe middle of September, towards the end of September, we started seeing some of those same trends and same conversations happening in the U.S.

這是蒂姆。我想說的是我們在什麼地方——我們在第二季度談到了對歐洲的宏觀影響。我想說從九月開始，也許是九月中旬，到九月底，我們開始看到美國發生了一些相同的趨勢和相同的對話。

I think what I'm really encouraged about is like even when we go deep into the data, like one of the things that's really -- that continues to be strong is kind of like if you look at our 5,000 customer, that revenue base continues to grow at a very healthy clip. You look at our logo retention. Our logo retention is stable, and we still continue to have high NRR even customers that are above 50,000 or 100,000.

我認為我真正感到鼓舞的是，即使我們深入研究數據，其中一件事仍然很強勁——如果你看看我們的 5,000 名客戶，收入基礎會持續以非常健康的速度成長。你看看我們的標誌保留。我們的徽標保留率穩定，即使客戶超過 50,000 或 100,000，我們仍然繼續保持高 NRR。

But I do think the conversations that we're seeing, the types of engagement we're having is while the pipeline isn't like going away, I think many of our customers are just like taking a beat and saying, hey, what's going on in the market, everyone is trying to rightsize their own cost structure, trying to understand their own outlook based on the macro environment. But we do expect many of these customers to reengage over the next few months and create opportunity for us.

但我確實認為我們所看到的對話，我們所擁有的參與類型是在管道不會消失的情況下，我認為我們的許多客戶只是想拍一下然後說，嘿，發生了什麼在市場上，每個人都試圖調整自己的成本結構，試圖根據宏觀環境了解自己的前景。但我們確實希望這些客戶中的許多人在接下來的幾個月內重新參與並為我們創造機會。

Okay. Got it. And then just as a follow-up to that point, like (inaudible) expansion business and the net new business. Like from our seat, we'd assume expansion deals are a little easier to get over the line in this environment, but that's kind of an inconsistent thought depending on other SaaS providers in the space. So what are you hearing from your reps about these areas? And how does that affect your strategy for next year?

好的。知道了。然後作為這一點的後續行動，比如（聽不清）擴張業務和淨新業務。就像從我們的座位上一樣，我們假設在這種環境下擴展交易更容易完成，但根據該領域的其他 SaaS 提供商，這是一種不一致的想法。那麼你從你的代表那裡聽到了什麼關於這些領域的信息？這對您明年的戰略有何影響？

Maybe I'll start and Anne might jump in. I mean it's a little of both. I think -- and it depends on the segment. So probably in the smaller segments, SMB and mid-market, maybe a little more pressure against conversion and jumping into something new, a new category they haven't been spending on before, but not too dramatic.

也許我會開始，安妮可能會加入。我的意思是兩者兼而有之。我認為 - 這取決於細分市場。因此，在較小的細分市場、SMB 和中端市場中，可能會有更多的壓力來阻止轉換和跳入新的東西，一個他們以前沒有花過的新類別，但不會太戲劇化。

And then expansion, more with the enterprise customers, they -- it's not even necessarily that they aren't expanding, but maybe they're just being a little more modest about it. There are a couple of cases where customers were doing (inaudible) and some of the roles that were eliminated had license seats and they simply re-purposed them to actually expand usage in other parts of the company. And so in some sense, they were expanding, it just wasn't necessarily translating into dollars for us.

然後擴展，更多的是企業客戶，他們 - 甚至不一定是他們沒有擴展，但也許他們只是對此更加謙虛。在一些情況下，客戶正在做（聽不清），一些被淘汰的角色有許可證席位，他們只是重新調整用途，以實際擴大在公司其他部門的使用。所以從某種意義上說，他們在擴張，只是不一定為我們轉化為美元。

And then similarly, all of the currency headwind really shows up in sort of -- what turns out to be negative renewals even if the seats are still there. And we're still -- and we're heavily driven based on those trends and just on seat expansion. So I don't think there's anything that stands out too much. When I think of where our internal forecasts were most off, it was in those more modest expansions relative to what we were hoping for.

然後類似地，所有的貨幣逆風確實以某種形式出現——即使席位仍然存在，結果也是負面的更新。而且我們仍然 - 我們在很大程度上基於這些趨勢和席位擴張。所以我認為沒有什麼特別突出的地方。當我想到我們的內部預測最偏離的地方時，就是那些相對於我們所希望的更為溫和的擴張。

Yes, I'll just -- the only thing I'll add to that is our (inaudible) quite engaged with us on those expansions. And so a lot of the focus in the discussions really is where can we make the highest impact and deliver the highest ROI and in the shortest amount of time. So some of it is just reevaluating together where we expand the deployment and which cross-functional use cases.

是的，我只是 - 我要補充的唯一一件事是我們（聽不清）在這些擴展方面與我們非常合作。因此，討論中的很多焦點實際上是我們可以在哪裡產生最大的影響並在最短的時間內提供最高的投資回報率。因此，其中一些只是一起重新評估我們在哪裡擴展部署以及哪些跨功能用例。

Our next question is from the line of Steve Enders with Citi.

我們的下一個問題來自花旗的 Steve Enders。

I guess I just want to ask on the expansion within that largest customer, not expanding up to, I think, it's 150,000 seats. I guess just wondering, as we think about that account, what were kind of the incremental, either use cases or areas that you are beginning to see that expansion take place in? And I guess, how should we think about kind of further scalability that you could capture within that account there?

我想我只是想問一下最大客戶的擴展問題，而不是擴展到 150,000 個席位。我想只是想知道，當我們考慮該帳戶時，您開始看到擴展發生的用例或區域是什麼樣的增量？而且我想，我們應該如何考慮您可以在該帳戶中捕獲的那種進一步的可擴展性？

Yes. Thanks so much for that question. I think what we're actually seeing in that account is expansion across many different divisions and departments. It's a large global organization. And so we are deployed in -- across many functions, many business units. And really, what we're seeing that drives that growth is that their -- it's really how many of the organizations work and how they onboard new employees, how they train their employees, how they deploy even for their end customers.

是的。非常感謝這個問題。我認為我們在該帳戶中實際看到的是許多不同部門和部門的擴張。這是一個大型的全球組織。因此，我們部署在 - 跨越許多職能部門，許多業務部門。實際上，我們所看到的推動這種增長的是他們的——實際上有多少組織在工作，他們如何招募新員工，他們如何培訓員工，他們如何為最終客戶部署。

And so they're codifying essentially how they intend to collaboration to work within the organization. So it's not so much sort of one specific use case, but rather we are now part of the stack of collaboration in that organization. And so we're excited to see that because I think that really is playbook that we feel we can replicate in a lot of our large enterprise customers that are starting to see that similar behavior where it's across multiple departments, it's across multiple divisions, and it's really facilitating those cross-team initiatives that are so critical right now.

因此，他們從本質上編纂了他們打算如何在組織內開展協作。所以這不是一個特定的用例，而是我們現在是該組織協作堆棧的一部分。所以我們很高興看到這一點，因為我認為這真的是我們認為我們可以在許多大型企業客戶中復制的劇本，這些客戶開始看到跨多個部門、跨多個部門的類似行為，並且它確實促進了那些現在非常重要的跨團隊計劃。

I just want to jump in and add to the question about future potential. I think this is really sort of indicative of a few of our large customers where, again, the -- in this environment, the company wants to have more control over the pace of deployment and how spend happens. But underneath that, there's quite a lot of organic demand in this account and others, and they're almost being held back from adoption so that the company can pay us in an intentional controlled way.

我只想加入並補充有關未來潛力的問題。我認為這確實表明了我們的一些大客戶——在這種環境下，公司希望更好地控制部署速度和支出方式。但在此之下，這個賬戶和其他賬戶有相當多的有機需求，而且他們幾乎被阻止採用，以便公司可以以有意控制的方式向我們付款。

And that's fine. We'll work with them, but we're excited to embrace that sort of latent demand and work with them when they're back (inaudible) budget to embrace it and license it.

這很好。我們將與他們合作，但我們很高興能夠接受這種潛在需求，並在他們回到（聽不清）預算時與他們合作以接受它並獲得許可。

Got it. Okay. That's helpful. And then you made a comment on there around -- well there and also kind of in the prepared remarks about kind of taking the lessons you're learning from the largest customers and trying to apply that to kind of the rest of the go-to-market strategy to drive enterprise adoption. I guess what are kind of the key things that you've learned so far? And kind of what are the things that you can control to kind of drive that expansion motion into other large potential accounts here?

知道了。好的。這很有幫助。然後你在周圍發表了評論——好吧，在準備好的評論中也有一些關於從最大客戶那裡吸取教訓並嘗試將其應用到其他方面的評論- 推動企業採用的市場戰略。我猜你到目前為止學到了哪些關鍵的東西？您可以控制哪些東西來推動這種擴張運動進入其他大型潛在客戶？

Yes. 2 great lessons. One sort of plays off of what I was just saying. These companies want to really control how Asana is deployed and be able to automatically manage thousands of accounts at a time and have that synced up with other things they're doing with the organizations who integrated with their other ways of managing people and licenses be able to have a lot of great visibility into how people are using the product and what kind of value they're getting. And so we're translating that straight into the kinds of views we give in our admin console, how we talk to the customer directly and what kind of data we're able to sort of provide from them ad hoc.

是的。 2個很棒的課程。一種是我剛才所說的。這些公司希望真正控制 Asana 的部署方式，並能夠一次自動管理數千個帳戶，並與他們正在與組織進行的其他事情同步，這些組織與他們的其他管理人員和許可證的方式相集成能夠深入了解人們如何使用產品以及他們獲得了什麼樣的價值。因此，我們將其直接轉化為我們在管理控制台中提供的各種視圖、我們如何直接與客戶交談以及我們能夠臨時從他們那裡提供什麼樣的數據。

And then the second big thing that we really piloted with this larger customer is more customized in product education. So being able to really speak their language, have the assets, that teach them how to use Asana in that company culture really at the ready and that can really accelerate adoption. That's something we're excited to bring to other large customers.

然後，我們真正與這個更大的客戶一起試點的第二件大事是在產品教育方面更加個性化。因此，能夠真正說出他們的語言，擁有資產，教會他們如何真正準備好在公司文化中使用 Asana，這可以真正加速採用。這是我們很高興能帶給其他大客戶的東西。

Our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Brent Thill 與 Jefferies 的對話。

Dustin, investors want a faster path to profitability. But we know you have to balance the long term and the potential to take share to be greater in a downturn. So I'm just curious how you're thinking about weighing the short term versus long term and how you're thinking through that desire from investors to make the quick turn here?

達斯汀，投資者想要一條更快的盈利之路。但我們知道，您必須在長期和在經濟低迷時期獲得更大份額的潛力之間取得平衡。所以我很好奇你是如何考慮權衡短期和長期的，以及你是如何考慮投資者的這種快速轉變的願望的？

Well, yes, as Tim said, we're still committed to the time line that we provided last quarter. So I think that's really the overarching picture that we're just -- we need to balance it. In the short run, I always have (inaudible) around the category changing and moving on without us, but I'm also just cognizant of the fact that if the customer demand isn't there, then it's easy to spend money inefficiently.

嗯，是的，正如蒂姆所說，我們仍然致力於我們上個季度提供的時間表。所以我認為這真的是我們的總體情況 - 我們需要平衡它。在短期內，我總是（聽不清）在沒有我們的情況下改變和繼續品類，但我也意識到如果客戶需求不存在，那麼很容易低效地花錢。

And so the sort of easiest place to sort of turn up and down the throttle there with programmatic marketing spend. And just from a math basis, we know that the payback is getting longer and just the immediate ROI you get on that is changing, and we should react to that. So I think we're relatively well aligned when the market is ready to grow when our customers are ready to grow, that's the right time for us to be spending more aggressively.

因此，這是通過程序化營銷支出來調高和調低油門的最簡單的地方。僅從數學基礎上，我們知道回報時間越來越長，而您獲得的即時投資回報率正在發生變化，我們應該對此做出反應。因此，我認為當我們的客戶準備好增長時市場準備好增長時，我們相對一致，這是我們更積極地支出的正確時機。

But there are also things that play out over longer cycles, like how our product road map works. And so there, it's more of a judgment call on what's the right pace. But you can see that we've been getting leverage throughout this year in R&D as a percent of revenue, and I think that will continue. And we'll just be looking at exactly what is the shape of that trend line. And when do we have a little more capacity to reinvest there and reinvest in head count and programmatic spend elsewhere in the company?

但也有一些事情會在更長的周期內發揮作用，比如我們的產品路線圖是如何運作的。因此，這更像是對正確步伐的判斷。但你可以看到，我們今年全年在研發方面的影響力佔收入的百分比，我認為這種情況會持續下去。我們將只關注趨勢線的確切形狀。我們什麼時候才能有更多的能力在那裡進行再投資，並在公司其他地方對員工人數和程序化支出進行再投資？

Quick follow-up for Tim. Is there a way to split SMB versus enterprise as a mix, just ballpark to think through that allocation of revenue to each of those buckets?

蒂姆的快速跟進。有沒有辦法將 SMB 與企業作為一個組合進行拆分，只是粗略地考慮將收入分配給每個桶？

(technical difficulty)

（技術難度）

Our next question comes from the line of Josh Baer with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Baer。

This is (inaudible) on for Josh Baer. I guess my question is, when you say you expect NRR to be -- continue to be pressured going forward, what kind of churn and expansion dynamics are you kind of thinking about? Are those more related to, I guess, less seat expansions? Or are you implying more, I guess, lower dollar expansions as customers downgrade to cheaper plans? Just curious what you're thinking about there.

這是（聽不清）Josh Baer 的發言。我想我的問題是，當你說你希望 NRR 繼續受到壓力時，你在考慮什麼樣的流失和擴張動力？我猜，那些與座位擴展較少有關嗎？或者你是在暗示更多，我猜，隨著客戶降級到更便宜的計劃，美元擴張會減少？只是好奇你在想什麼。

Yes. Let me try to answer Brent's question first. I think I was on mute, and then I'll jump back into this churn question. Brent, what I was -- your question about how to think about the 2 segments of the business. I would look at our business like the sub-5,000 as one part of our business and the above 5,000 as another part of the business. And if you look at that, if you just kind of break that out, our sub-5,000 business grew at about 18% year-on-year. And our 5,000 cohort grew north of 50%. And that cohort also has much stronger NRR than the sub-5,000. And that's kind of been the way we've been running the business and like how do we move these 5,000 customers up into 25,000, 50,000, 100,000. And that's really been the motion that we're focused on and we'll continue to invest in.

是的。讓我先試著回答布倫特的問題。我想我是在靜音，然後我會跳回這個客戶流失問題。布倫特，我是什麼——你關於如何考慮業務的兩個部分的問題。我會將我們的業務視為 5,000 人以下的業務，將 5,000 人以上的業務視為業務的另一部分。如果你看一下，如果你只是打破它，我們低於 5,000 人的業務同比增長約 18%。我們的 5,000 人隊列增長了 50% 以上。而且該人群的 NRR 也比 5,000 歲以下的人群高得多。這就是我們經營業務的方式，比如我們如何將這 5,000 名客戶增加到 25,000、50,000、100,000。這確實是我們關注的動議，我們將繼續投資。

Now back to the churn question or the net expansion rate question. I would probably prioritize it as; one, we're not seeing logo churn. Logo churn is actually quite stable. So customers are not churning off Asana. That's one. Two, there's probably some component, but I think it's relatively small of downgrades, meaning customers may have -- some customers have pre-bought into thinking that they would grow into a certain size. And given the macro environment, they've decided to downgrade during the renewal. So we see some of that.

現在回到客戶流失問題或淨擴張率問題。我可能會優先考慮它；第一，我們沒有看到徽標流失。徽標流失實際上非常穩定。所以客戶不會流失 Asana。那是一個。第二，可能有一些因素，但我認為降級的幅度相對較小，這意味著客戶可能已經——一些客戶已經預購了他們會增長到一定規模的想法。鑑於宏觀環境，他們決定在續約期間降級。所以我們看到了其中的一些。

I think the bigger impact primarily has been kind of the expansion rates. And the expansion rate is just a combination of customers like taking a pause right now just given the macro to try to understand how fast they want to grow their headcount, how much hiring they want to do over the next 12 to 24 months, and just have a lot more certainty around their own business before making that investment. So as I kind of mentioned earlier, like the pipeline hasn't changed. The conversations are still happening. But I would say like we did see some noticeable pause in some deals where customers are trying to reflect on their own plans before moving forward.

我認為更大的影響主要是擴張率。擴張率只是客戶的組合，比如現在暫停一下，只是考慮宏觀，試圖了解他們希望以多快的速度增加員工人數，他們希望在未來 12 到 24 個月內進行多少招聘，以及只是在進行投資之前，他們對自己的業務有了更多的確定性。所以正如我之前提到的，管道沒有改變。對話仍在進行。但我想說的是，我們確實在一些交易中看到了明顯的停頓，在這些交易中，客戶在繼續前進之前試圖反思自己的計劃。

Sounds good. And a quick follow-up. What are kind of like the incentives for customers to sign on to multiyear deals despite a more challenging budgetary environment?

聽起來不錯。並進行快速跟進。儘管預算環境更具挑戰性，但客戶簽署多年協議的動機是什麼？

I would say, most of these -- the larger deals are negotiated. So there's some combination of pricing that gets discussed if customers are willing to move into a multiyear deal. And then the other lever for customers, and especially in this environment, I think customers are looking for this, and it impacts billing is they're asking for different payment terms, a different structure in terms of how the timing of which they'll pay us.

我會說，其中大部分 - 較大的交易是通過談判達成的。因此，如果客戶願意進入多年交易，就會討論一些定價組合。然後是客戶的另一個槓桿，尤其是在這種環境下，我認為客戶正在尋找這一點，這會影響計費，因為他們要求不同的付款條件，不同的付款方式結構付給我們。

So those are generally the 2 things that I would say that customers are kind of looking at. And we did actually have -- we did actually saw a noticeable increase in our multiyear deals this quarter versus last quarter, which is really encouraging as well.

所以這些通常是我想說客戶正在關注的兩件事。我們確實有 - 我們確實看到本季度與上一季度相比我們的多年期交易顯著增加，這也非常令人鼓舞。

Our next question comes from line of Brent Bracelin with Piper Sandler.

我們的下一個問題來自 Brent Bracelin 和 Piper Sandler 的系列。

Good afternoon. Maybe I'll start here with a question for Anne or Tim here on the industry vertical breakout. We've seen several software companies that have gained popularity with digital natives and tech and Internet names that are really starting to see their growth being pressured. And so from an industry vertical perspective, what portion of the revenue today is high-detect internet software and the pause that you're talking about here? Is it predominantly in just tech? Or are you seeing the pause in both the tech Internet space and other areas as well? Any color there would be helpful.

下午好。也許我將從這裡開始，向 Anne 或 Tim 提出有關行業垂直突破的問題。我們已經看到幾家軟件公司受到數字原住民和技術和互聯網名稱的歡迎，這些公司真正開始看到他們的增長受到壓力。因此，從垂直行業的角度來看，今天的收入中有多少是高檢測互聯網軟件和你在這裡談論的暫停？它主要是在技術上嗎？或者您是否也看到了科技互聯網領域和其他領域的停頓？那裡的任何顏色都會有所幫助。

Yes. Brent, thanks for that question. We have been traditionally very strong in tech, but it's the plurality, not necessarily the majority globally. So as we -- and so certainly, some of what we're seeing comes from was happening to our tech customers as they paused hiring or, in some cases, had layoff. But as we continue to broaden across industries, we're definitely seeing strong fit with media, automotive, financial services, along with professional services, health care, consumer goods and retail.

是的。布倫特，謝謝你提出這個問題。傳統上，我們在技術方面非常強大，但它是多數人，不一定是全球大多數人。因此，正如我們——當然，我們所看到的一些情況來自我們的技術客戶，因為他們暫停招聘，或者在某些情況下，裁員。但隨著我們繼續擴大跨行業的範圍，我們肯定會看到與媒體、汽車、金融服務以及專業服務、醫療保健、消費品和零售業的強烈契合。

So consistent themes in those verticals are the desire for speed in their digital transformation initiative and being able to respond quickly in this macro. So we really feel like we have our value proposition well suited to these companies that are looking at transformation to better compete and drive efficiency. So yes, tech, we're seeing that but as we diversify across verticals, really seeing some of those other industries actually embrace transformation more quickly.

因此，這些垂直領域的一致主題是希望加快數字化轉型計劃的速度，並能夠在這個宏觀中快速做出反應。因此，我們真的覺得我們的價值主張非常適合這些正在尋求轉型以更好地競爭和提高效率的公司。所以是的，技術，我們看到了，但隨著我們在垂直領域實現多元化，真正看到其他一些行業實際上更快地接受了轉型。

So it sounds like they're clearly pause in tech, but in these other areas that you talked about, there is a pause that you're flagging at this point?

所以聽起來他們顯然在技術上暫停了，但在你談到的其他這些領域，你此時正在標記一個暫停？

I guess it's really hard to answer that in a blanket way. I think when we were talking about our Q2 results, we were talking about some similar dynamics in Europe, which was a blend of industries. And then this time, like tech is a factor, but that is where a lot of these positives are.

我想很難籠統地回答這個問題。我認為當我們談論我們的第二季度業績時，我們正在談論歐洲的一些類似動態，這是一個行業的混合體。然後這一次，就像技術是一個因素，但這就是很多積極因素所在的地方。

But again, in some cases, those customers are deploying more aggressively, and we're still signing new multiyear deals or going wall-to-wall in those customers. And in some non-tech cases, there's a pause. And my mental model on the economy is that it's sort of hitting the sectors and waves. And so I'm a little reluctant to say like the whole problem is tech. And then next quarter, it's a different sector that's kind of feeling the impact and so it's really a mix. But that said, I think in America, it's a larger plurality, still not the majority, and it's more represented in our very largest customers.

但同樣，在某些情況下，這些客戶正在更積極地部署，我們仍在簽署新的多年期交易或在這些客戶中進行牆到牆。在一些非技術案例中，會有一個暫停。我對經濟的心理模型是，它正在衝擊各個行業和浪潮。所以我有點不願意說整個問題都是技術問題。然後在下個季度，這是一個不同的部門，它有點受到影響，所以它真的是一個混合體。但話雖如此，我認為在美國，它是一個更大的多數，但仍然不是大多數，而且它在我們最大的客戶中更有代表性。

So in terms of the strategic accounts expanding a little more modestly, I think it's fair to say that, that trend is more concentrated in tech, and it's not something I expect to be ongoing. I think that there most sort of reacting in an acute sort of shocked way to what happened in the market and really in this particular time frame.

因此，就戰略客戶的擴張更為溫和而言，我認為可以公平地說，這種趨勢更集中在科技領域，我預計這不會持續下去。我認為大多數人對市場上發生的事情以及在這個特定時間範圍內發生的事情都以一種敏銳的震驚方式做出反應。

Our next question comes from the line of (inaudible).

我們的下一個問題來自（聽不清）。

First, Dustin, maybe on the overhiring of talent acquisition and new sales that you're talking about. Outside of the macro environment, I'm just curious like do you feel like it was working? And when things start to maybe turn more positive in the macro environment, do you feel like you have a good playbook just to spin that motion back up? Or is it more like you have some learnings that say, I'm not really sure if that was the way to go anyway.

首先，達斯汀，也許是關於你正在談論的人才招聘和新銷售的過度招聘。在宏觀環境之外，我很好奇你覺得它有效嗎？當宏觀環境開始變得更加積極時，您是否覺得自己有一本很好的劇本來推動這一動議？還是更像是你學到了一些東西，我不確定這是否是可行的方法。

It's a complex hypothetical question. I think some things we're working. Some things we revisited as we always do when we're sort of executing in the wild. But for the most part, I think that the rising tide of the category was continuing, and we were investing into that trend.

這是一個複雜的假設性問題。我認為我們正在做一些事情。當我們在野外執行時，我們像往常一樣重新審視了一些事情。但在大多數情況下，我認為該類別的上升趨勢仍在繼續，我們正在投資於這一趨勢。

And so just in terms of like the 20,000-foot view, yes, I'd expect it to continue. I think it's still working. We're succeeding in our move upmarket to enterprise and especially just seeing a lot of learnings there and exactly how to make customers successful, very, very quickly and again, reintegrating that straight into the product experience.

因此，就 20,000 英尺的視野而言，是的，我希望它會繼續下去。我認為它仍然有效。我們正在成功地向高端市場轉移到企業，尤其是在那裡看到了很多知識，以及如何讓客戶非常、非常快速地再次成功，並將其直接重新整合到產品體驗中。

So all of that, I think, will be strengths that we build on even before we start hiring again, there's still quite a lot of onus here, quite a lot of customers growing. And so it's a little hard for me to think about it because it almost sounds like we stopped the whole engine, which isn't the case. We're just taking a beat ourselves before we step on the gas again in the future.

因此，我認為，所有這些都將成為我們在重新開始招聘之前建立的優勢，這裡仍然有很多責任，很多客戶在增長。所以我很難考慮它，因為聽起來我們幾乎停止了整個引擎，但事實並非如此。在我們將來再次踩油門之前，我們只是在擊敗自己。

Okay. All right. Got it. And then as my follow-up, Tim, I just -- I'm curious why wouldn't $40 million in annual savings bring the timing of the free cash flow breakeven in -- even if you don't want to like put a date on it, shouldn't $40 million of annual savings bring the time line in a little bit?

好的。好的。知道了。然後作為我的後續行動，蒂姆，我只是 - 我很好奇為什麼每年節省 4000 萬美元不會帶來自由現金流盈虧平衡的時間 - 即使你不想放一個日期，每年節省 4000 萬美元難道不應該讓時間線提前一點嗎？

Yes. I mean I think a lot of this is really about kind of trying to understand and assess what the macro is going to look like and the growth rate over the next 2 years. I think to a degree, we grow faster. I absolutely believe that we'll be able to pull it in. But if the economy actually gets worse.

是的。我的意思是，我認為其中很多實際上是關於試圖理解和評估未來 2 年的宏觀前景和增長率。我認為在某種程度上，我們成長得更快。我絕對相信我們能夠拉動它。但如果經濟真的變得更糟。

And sitting here today, there's just like no signals that things will be better yet. So I'd rather be more cautious and conservative as we continue to provide both guidance and outlook on kind of the financials.

今天坐在這裡，沒有任何跡象表明情況會好轉。因此，我寧願更加謹慎和保守，因為我們將繼續提供有關財務狀況的指導和展望。

Our next question comes from the line of (inaudible) Capital Markets.

我們的下一個問題來自（聽不清）資本市場。

I guess just a couple of Q4 guidance questions. I totally understand the macro challenges, and I think came in your prepared remarks, you said that you're assuming the environment to kind of remain the same for Q4. But when I look at kind of the sequential growth, it's much less than what we saw in Q3. So I guess, how conservative is this Q4? And are there any other factors that might not be kind of thinking about?

我想只是幾個 Q4 指導問題。我完全理解宏觀挑戰，我想在你準備好的發言中，你說你假設第四季度的環境保持不變。但是當我看到某種連續增長時，它比我們在第三季度看到的要少得多。所以我猜，這個Q4有多保守？還有其他可能沒有考慮的因素嗎？

I would say we are being extremely thoughtful and conservative in terms of how we provided the Q4 guidance.

我想說的是，我們在提供第四季度指南方面非常周到和保守。

Our next question comes from the line of Robert Simmons with D.A. Davidson.

我們的下一個問題來自 Robert Simmons with D.A.戴維森。

So one of the things you mentioned in the script was maximizing data from the product-led motion. And I'm wondering if you could give us some more details on what that means. Is that something on the lines of talk about with Amazon to kind of get them up and running quickly and that sort of thing? Or is there more to it?

所以你在腳本中提到的一件事是最大化來自產品主導運動的數據。我想知道你是否可以向我們提供更多關於這意味著什麼的細節。是不是要與亞馬遜討論讓他們快速啟動和運行之類的事情？或者還有更多嗎？

Yes. Thanks so much for that question. I think we are excited about that on a number of fronts, both in larger accounts where there is team adoption across the board? And how do we get that information more quickly to our sales team with the context on which teams, what's the usage, how they're already collaborating with other teams and departments that are fully deployed.

是的。非常感謝這個問題。我認為我們在很多方面都對此感到興奮，無論是在大客戶中，還是在全面採用團隊的情況下？以及我們如何更快地將這些信息提供給我們的銷售團隊，了解哪些團隊的上下文、使用情況、他們如何與已完全部署的其他團隊和部門協作。

So certainly, product data in existing accounts as well as product data in new accounts and new sign-ups, how we can do a faster, more intelligent job with the scoring of that product usage early in their journey and pass those and more quickly to sales to have really relevant and rich conversations early on.

因此，當然，現有帳戶中的產品數據以及新帳戶和新註冊中的產品數據，我們如何通過在他們的旅程早期對該產品使用情況進行評分來更快、更智能地完成工作，並將這些數據更快地傳遞給銷售人員儘早進行真正相關且豐富的對話。

A lot of times what we see is if we can get customers set up early on and talk to them about the total potential of Asana, that growth is accelerated. So we just want to do more of that, leveraging the rich insights and data we have in our product platform.

很多時候，我們看到的是，如果我們能夠儘早讓客戶建立起來並與他們討論 Asana 的總體潛力，那麼增長就會加速。因此，我們只想做更多，利用我們在產品平台中擁有的豐富見解和數據。

Got it. That makes sense. And then on the HIPAA compliance, can you talk to -- you mentioned it again helped you close some deals. Was that important for Norton? And then any color on that would be helpful.

知道了。那講得通。然後關於 HIPAA 合規性，你能談談——你再次提到它幫助你完成了一些交易。這對諾頓來說重要嗎？然後上面的任何顏色都會有所幫助。

Yes, we're excited about because we're early in it, right? We've only had it for a couple of months, and it was important in Norton and a number of other deals. We had a nice expansion with a global health care customer as a result. So there's been a number of, call it, smaller deployments within health care and health care technology organizations who've been excited for us to become HIPAA-compliant to really unlock more opportunities. So I think we feel like we're early on that, but it's been really helpful, both including Norton as well as a number of other global health care customers.

是的，我們很興奮，因為我們還處於早期階段，對吧？我們只有幾個月的時間，它在諾頓和其他一些交易中很重要。結果，我們與全球醫療保健客戶進行了良好的擴展。因此，醫療保健和醫療保健技術組織中有許多較小的部署，他們很高興我們能夠符合 HIPAA 標準，從而真正釋放更多機會。所以我認為我們覺得我們還處於早期階段，但它確實很有幫助，包括諾頓以及許多其他全球醫療保健客戶。

Our next question comes from the line of (inaudible) with Credit Suisse.

我們的下一個問題來自瑞士信貸的（聽不清）。

This is (inaudible). To what degree do you see achieving your calendar '24 free cash flow target entirely within your control versus dependent on the macroeconomic environment? Or asked differently, how broad is the range of macroeconomic scenarios under which you will achieve the target?

這是（聽不清）。您認為在多大程度上實現您的日曆 '24 自由現金流量目標完全在您的控制範圍內，而不是取決於宏觀經濟環境？或者換個方式問，實現目標的宏觀經濟情景範圍有多大？

This is Dustin. I think that we feel comfortable given the current macro context that we can achieve free cash flow on the time line we laid out and that we're fully funded to achieve it importantly. But it's been a really volatile year, and there have been a lot of surprises, and there could be new things that happen in the future. And so it's really hard to promise that we have complete control over things because there's a lot that were at the effect of.

這是達斯汀。我認為，鑑於當前的宏觀環境，我們可以在我們制定的時間表上實現自由現金流，並且我們有足夠的資金來實現這一重要目標，我認為我們感到很自在。但這確實是動蕩的一年，有很多驚喜，未來可能會發生新的事情。所以很難保證我們可以完全控制事情，因為有很多事情受到影響。

I've been saying that I'm CEO of the Asana company, but lately (inaudible) a lot of the sort of business inputs. And -- but that doesn't mean we can't react to things that change. And so we're always behind the wheel in some sense. So if new surprises show up, then we may have to make new decisions in reaction. But I think that we still feel pretty good about being able to achieve that time line.

我一直在說我是 Asana 公司的首席執行官，但最近（聽不清）有很多這樣的業務投入。而且——但這並不意味著我們不能對變化的事物做出反應。因此，從某種意義上說，我們總是落後於方向盤。因此，如果出現新的驚喜，那麼我們可能不得不做出新的反應決定。但我認為我們仍然對能夠實現該時間表感到非常滿意。

Our next question comes from the line of Patrick Walravens with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Patrick Walravens。

Great. Thanks. So look, very big picture, maybe for Dustin, but if anyone else wants to chime in, if you take a current stockholder today, and we look forward 3 years, how do we win and what would make us lose?

偉大的。謝謝。所以看，非常大的圖景，也許對達斯汀來說，但如果其他人想插話，如果你今天拿一個現任股東，我們期待 3 年，我們如何獲勝，什麼會讓我們失敗？

So from a stockholder perspective, it's the business succeeding, obviously achieving the free cash flow milestone, but also achieving a lot of top line growth. And the way we win is by moving up market and being the category leader, especially in enterprises. And again, we're talking a lot about sort of blended overall growth rates for the business.

所以從股東的角度來看，這是業務的成功，顯然實現了自由現金流量的里程碑，同時也實現了很多收入增長。我們獲勝的方法是提升市場並成為類別領導者，尤其是在企業中。再一次，我們談論了很多關於業務混合整體增長率的問題。

But when you look underneath the hood, there are a lot of signs of strength in the larger categories -- or sorry, the larger segments. So we still have 140% net dollar retention across our very largest customers. We have very large individual deployments, including the 150,000 seats. We have the -- we're in the leader circle from Forrester. What -- oh, yes, 2.5 million seats. So we see that we're deploying very quickly these organizations into the greenfield opportunity that is the work management category. And so that continuing, I think, is the way to success.

但是，當你深入觀察時，會發現更大的類別有很多實力跡象——或者抱歉，更大的細分市場。因此，我們最大的客戶仍有 140% 的淨美元保留率。我們有非常大的個人部署，包括 150,000 個席位。我們有——我們在 Forrester 的領導圈子裡。什麼——哦，是的，250 萬個席位。因此，我們看到我們正在非常迅速地將這些組織部署到工作管理類別的綠地機會中。因此，我認為，持續是成功之道。

There's a lot of ways that competitors might monetize differently in the short run or specialize into different niches. But the Asana strategy is to be the leading work -- pure-play work management platform for enterprises. And I think we're on a great path there, and that's how we win. Yes, I'll leave it at that.

在短期內，競爭對手可能會通過多種方式以不同的方式獲利，或者專注於不同的利基市場。但Asana的戰略是做主導工作——純粹的企業工作管理平台。我認為我們正走在一條偉大的道路上，這就是我們獲勝的方式。是的，我會保留它。

What do you think is the most likely way you end up losing?

你認為你最有可能輸掉的方式是什麼？

Well, the common advice is not to (inaudible), which just got there. But the most common way to lose, I am worried about other macro surprises, and we're definitely keeping an eye on the war, on inflation, on the situation in China has made the thing that's least absorbed into the global economy right now, and those will affect everybody. But I think if they slow us down, then that can have an asymmetric impact on us versus the rest of the field and might in advantage certain players in certain ways, so we'll see what happens.

好吧，常見的建議是不要（聽不清），這是剛到那裡。但最常見的失敗方式，我擔心其他宏觀意外，我們肯定會關注戰爭、通貨膨脹、中國的情況，這使得目前最不被全球經濟吸收的東西，這些將影響到每個人。但我認為，如果他們放慢我們的速度，那麼這會對我們和其他領域產生不對稱的影響，並且可能在某些方面對某些球員有利，所以我們會看到會發生什麼。

And that's really the primary thing I think about. We have a lot of opportunities to capitalize on in terms of further widening our lead in terms of our product differentiation and making it clear to the market, and I'm not satisfied with how clear it is right now. I think it's very clear to our large customers because they're living it and getting the value proposition and experiencing the increasing returns to scale but we need to be able to replay that story for investors and for new customers and for analysts, and I think we're getting better at it all the time, but there's a long way to go there. And our competitors have a vested interest in trying to minimize those differences. And so that's part of the game as well, but I feel confident in our ability to succeed in that way.

這真的是我考慮的主要事情。我們有很多機會可以利用，進一步擴大我們在產品差異化方面的領先優勢，並向市場明確，我對現在的清晰度不滿意。我認為我們的大客戶非常清楚，因為他們正在體驗它並獲得價值主張並體驗規模回報遞增，但我們需要能夠為投資者、新客戶和分析師重播這個故事，我認為我們一直在做得更好，但還有很長的路要走。我們的競爭對手在盡量減少這些差異方面擁有既得利益。所以這也是遊戲的一部分，但我對我們以這種方式取得成功的能力充滿信心。

Our next question comes from the line of Rob Oliver with Baird.

我們的下一個問題來自 Rob Oliver 與 Baird 的對話。

Great. And my question is for you, and I have a follow-up for Tim. You talked in your prepared remarks, Dan, about the elevation of the buying decision to the CEO, CIO level. And I know Dustin said there's no change in the competitive landscape. But when you get up to that level, you're in the turf of some big incumbent legacy companies that have solutions that are trying to compete with you guys very actively.

偉大的。我的問題是給你的，我有蒂姆的後續行動。丹，你在準備好的發言中談到了將購買決定提升到 CEO、CIO 級別。我知道達斯汀說競爭格局沒有變化。但是當你達到那個水平時，你就會處於一些現有的大型傳統公司的地盤，這些公司的解決方案正試圖非常積極地與你們競爭。

So how, if at all, does the strategy change? I mean, clearly, scalability is not an issue, products not an issue, you guys have the best. But in an environment where maybe we get into an environment where maybe the best doesn't win. How does the strategy change when you're competing against some of those larger incumbents?

那麼，如果有的話，策略是如何改變的呢？我的意思是，很明顯，可擴展性不是問題，產品不是問題，你們擁有最好的。但是在一個環境中，我們可能會進入一個最好的人不會獲勝的環境。當您與一些較大的現任者競爭時，戰略如何改變？

Yes. Thanks so much for that question, Rob. I think what we've been seeing is, certainly, in this environment, CIOs, CFOs are part of the decision-making process for all sort of technology investment. To your question on how we think about it, if there's incumbent technology, I think what our teams are still doing is really focusing deeply on understanding our customers' most pressing business problems and how Asana can differentially solve those problems because in the end, that's where they want to make the investment, there might be existing applications, but a lot of the execs also recognize that those are not being adopted even if they're available.

是的。非常感謝你提出這個問題，Rob。我認為我們一直看到的是，當然，在這種環境下，首席信息官、首席財務官是各種技術投資決策過程的一部分。關於我們如何看待它的問題，如果有現有技術，我認為我們的團隊仍在做的是真正專注於深入了解客戶最緊迫的業務問題以及 Asana 如何以差異化方式解決這些問題，因為最終，那是在他們想要投資的地方，可能有現有的應用程序，但許多高管也認識到，即使這些應用程序可用，也沒有被採用。

So in the end, the adoption of the technology and then the ROI on that is what they're focused on. And there's just in this environment, just greater scrutiny to double-check that investment and tie it to KPIs. And so that's what a lot of our team is focused on is making sure we understand that upfront, making sure we align on the KPIs and then most importantly, delivering on those as we deploy and move forward with them.

所以最後，他們關注的是技術的採用，然後是投資回報率。在這種環境下，需要進行更嚴格的審查，以仔細檢查該投資並將其與 KPI 掛鉤。因此，我們團隊中的很多人都專注於確保我們預先了解這一點，確保我們在 KPI 上保持一致，然後最重要的是，在我們部署和推進它們時交付這些 KPI。

Okay. Great. That's -- yes, that's helpful. You want to help CIO and CFO avoid the decision (inaudible) that their users don't want when they want you guys. That makes a lot of sense. Tim, glad you're okay. A follow-up for you. Dustin alluded to marketing budgets earlier. And clearly, the marketing budget is a big line item for you guys. As you guys push more into enterprise successfully, albeit with the pause that you guys have talked about here, does that give you more leverage on that line item in terms of less focus on that SMB customer or that freemium branding that maybe you had needed to do earlier on?

好的。偉大的。那是——是的，這很有幫助。你想幫助 CIO 和 CFO 避免他們的用戶在需要你們時做出他們不想要的決定（聽不清）。這很有意義。蒂姆，很高興你沒事。為您跟進。達斯汀早些時候提到了營銷預算。很明顯，營銷預算對你們來說是一個很大的項目。隨著你們成功地將更多的東西推向企業，儘管你們在這裡談到了停頓，但這是否會讓你們在該行項目上有更多的影響力，而不是關注 SMB 客戶或你們可能需要的免費增值品牌早點做？

I do think as we move upmarket, we'll generally get more leverage in the business. Perhaps even more on marketing but also on R&D and really across all functions. So that's a big part of why we're doing it.

我確實認為，隨著我們向高端市場轉移，我們通常會在業務中獲得更多影響力。也許更多的是關於營銷，但也包括研發，實際上涉及所有職能。所以這是我們這樣做的一個重要原因。

But I do think marketing still has a really important role to play in reaching enterprises, including in our existing deployments. I mentioned that we have a lot of organic growth that sometimes the company is holding back, but some of the way that organic growth happens is supported by our marketing efforts as well. So I think we get similar amounts of ROI in enterprise through some of that spend.

但我確實認為營銷在影響企業方面仍然發揮著非常重要的作用，包括在我們現有的部署中。我提到我們有很多有機增長，有時公司會阻礙，但有機增長的某些方式也得到了我們營銷努力的支持。所以我認為我們通過其中的一些支出在企業中獲得了類似數量的投資回報率。

And then I'd also just point out that the world is a big place, and we have different levels of category maturity and Asana presence in the market in different countries. And so we'll need to apply marketing dollars in different ways to build that awareness in places where we're less deployed or less present.

然後我還要指出，世界很大，我們在不同國家/地區的市場上有不同程度的品類成熟度和 Asana 存在。因此，我們需要以不同的方式應用營銷資金，以在我們部署較少或存在較少的地方建立這種意識。

That concludes the question-and-answer session. I would like to pass the conference back to Catherine Buan for any closing remarks.

問答環節到此結束。我想將會議轉回給 Catherine Buan，聽取任何閉幕詞。

Yes. Just want to thank everyone for joining the call today. I know it's a busy week, and we really appreciate your time and you're covering Asana. As always, please feel free to call me if you have any follow-up questions, and we will be out at the various conferences. So we look forward to seeing you on the road. Thanks very much.

是的。只想感謝大家今天加入電話會議。我知道這是忙碌的一周，我們非常感謝您抽出時間來報導 Asana。一如既往，如果您有任何後續問題，請隨時給我打電話，我們將參加各種會議。所以我們期待在路上見到你。非常感謝。

That concludes today's conference call. I hope you all enjoy the rest of your day. You may now disconnect your lines.

今天的電話會議到此結束。我希望你們都過得愉快。您現在可以斷開線路。