Asana Inc (ASAN) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for attending today's Asana Fourth Quarter and Fiscal Year 2023 Earnings Call. My name is Daniel, and I will be the moderator for today's call. (Operator Instructions) It is now my pleasure to pass the conference over to our host, Catherine Buan, Head of Investor Relations. Catherine, you may proceed.

下午好，感謝您參加今天的 Asana 第四季度和 2023 財年收益電話會議。我叫丹尼爾，我將擔任今天電話會議的主持人。 （操作員說明）現在我很高興將會議轉交給我們的主持人，投資者關係主管 Catherine Buan。凱瑟琳，你可以繼續了。

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana's Fourth quarter and fiscal year 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 第四季度和 2023 財年的財務業績。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 for 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此類報告中規定的結果大不相同的風險、不確定性和假設的更多信息聲明。

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. Reconciliations 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 編制的財務業績措施的補充，而不是替代或優於這些措施。 GAAP 和非 GAAP 財務指標之間的調節以及使用非 GAAP 指標與其最接近的 GAAP 等值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 all for joining us on the call today. Despite a challenging year, we finished our fiscal 2023 with strong growth, driven by our continued success serving enterprise customers and meaningful progress towards profitability.

謝謝你，凱瑟琳，感謝大家今天加入我們的電話會議。儘管充滿挑戰的一年，我們在為企業客戶提供持續成功的服務以及在實現盈利方面取得重大進展的推動下，以強勁的增長結束了 2023 財年。

Q4 revenues grew 34% year-over-year, and fiscal year revenue grew 45% year-over-year. This growth was fueled by some of the largest companies in the world who are Asana customers and represent industries such as media, automotive, professional services, manufacturing, health care, transportation, logistics, telecommunications and financial services.

Q4收入同比增長34%，財年收入同比增長45%。這一增長是由世界上一些最大的公司推動的，它們是 Asana 的客戶，代表著媒體、汽車、專業服務、製造、醫療保健、運輸、物流、電信和金融服務等行業。

During the fiscal year, we closed deals with 3 of the world's largest automotive manufacturers, 4 of the largest telecommunications and Internet service providers, several large professional services companies, 5 of the largest media conglomerates, a top 5 shipping and logistics company, and 6 financial services firms. Overall, 8 of the top 10 tech companies are Asana customers, and 80% of the Fortune 100 use Asana. And in a moment, Anne will share more of our specific Q4 wins.

在本財政年度，我們與世界上最大的 3 家汽車製造商、4 家最大的電信和互聯網服務提供商、幾家大型專業服務公司、5 家最大的媒體集團、一家排名前 5 的航運和物流公司以及 6金融服務公司。總體而言，前 10 大科技公司中有 8 家是 Asana 客戶，80% 的財富 100 強企業都使用 Asana。稍後，安妮將分享更多我們在第四季度的具體勝利。

When you segment our customer base by those with more than 2,000 employees, an even more precise look at our enterprise penetration, we have well over 1,500 enterprise customers. Our seat penetration in most of these accounts are significant but still in the single-digit percentages on average, so there's a large opportunity for future growth. Some of the most strategic companies in the world are partnering with Asana to define what work management at scale looks like.

當您將我們的客戶群按擁有 2,000 多名員工的客戶群進行細分時，更準確地了解我們的企業滲透率，我們擁有超過 1,500 家企業客戶。我們在大多數這些賬戶中的席位滲透率很高，但平均仍處於個位數百分比，因此未來增長的機會很大。世界上一些最具戰略意義的公司正在與 Asana 合作，以定義大規模工作管理的樣子。

We have several Asana customers who have over 10,000 paying seats. We now have more than 139,000 paying customers as demand for our work management solution continues to increase. Customers with over $100,000 annualized spend grew 49% year-over-year. As these customers continue to grow with Asana, their dollar net retention rate continues at a very strong pace at over 135%.

我們有幾個 Asana 客戶，他們擁有超過 10,000 個付費席位。隨著對我們工作管理解決方案的需求不斷增加，我們現在擁有超過 139,000 名付費客戶。年化支出超過 100,000 美元的客戶同比增長 49%。隨著這些客戶繼續與 Asana 一起成長，他們的美元淨保留率繼續以超過 135% 的非常強勁的速度增長。

Revenue from this cohort grew 80% for the fiscal year and represents about 1/4 of our total revenue. Despite more budget scrutiny in enterprises, our win rates remain strong. We're winning more consolidation deals and are seeing an increase in large multiyear commitments as customers grow their investment in Asana.

該群體的收入在本財年增長了 80%，約占我們總收入的 1/4。儘管企業進行了更多的預算審查，但我們的贏單率仍然很高。隨著客戶增加對 Asana 的投資，我們正在贏得更多整合交易，並且看到大型多年承諾的增加。

In Q4, the momentum in our non-GAAP operating margins turned the corner, and we expect to continue positive momentum over the next several quarters. We expect to drive significant improvement in non-GAAP operating margin this coming year as we focus on operational efficiency and growth, which Tim will talk about more.

在第四季度，我們的非 GAAP 營業利潤率的勢頭出現了轉機，我們預計在接下來的幾個季度中將繼續保持積極勢頭。由於我們專注於運營效率和增長，我們預計明年將推動非 GAAP 營業利潤率的顯著改善，蒂姆將更多地談論這一點。

As we look towards fiscal 2024, we're focusing even more on our go-to-market strategies. We'll be scaling our winning playbook across the entire sales organization, increasing the operational excellence and discipline, and ensuring we have proven enterprise talent to lead.

當我們展望 2024 財年時，我們更加關注我們的上市戰略。我們將在整個銷售組織中擴展我們的製勝法寶，提高運營卓越性和紀律性，並確保我們擁有經過驗證的企業人才來領導。

While we expect the current challenging macroeconomic environment to continue for the near term, we're encouraged by the way the longer-term trends are playing out. The need for digital transformation isn't going anywhere. Customers are making multiyear commitments with Asana as they look to disrupt the status quo and get measurable ROI and time to value for their investments. And when companies want to consolidate their spend on work management, we're winning.

雖然我們預計當前充滿挑戰的宏觀經濟環境將在短期內持續下去，但我們對長期趨勢的發展方式感到鼓舞。數字化轉型的需求無處不在。客戶正在與 Asana 做出多年承諾，因為他們希望打破現狀並獲得可衡量的投資回報率和實現投資價值的時間。當公司想要整合他們在工作管理上的支出時，我們就贏了。

We're fortunate to serve and learn from some of the most innovative organizations in the world. Working with companies across major sports leagues, financial services, media, multinational consumer goods and manufacturing has also given us unique insights into potential growth opportunities in the areas where we need to evolve in the coming years.

我們有幸為世界上一些最具創新性的組織服務並向他們學習。與主要體育聯盟、金融服務、媒體、跨國消費品和製造業的公司合作也讓我們對未來幾年我們需要發展的領域的潛在增長機會有了獨特的見解。

I'm excited that Asana has reached the stage where these investments can be leveraged to create value across many more large enterprise customers. Core to serving these customers is the way our product has evolved as well. We believe Asana has the most scalable architecture and data model and can support the most users, the largest volume of work and incredibly complex workflows.

我很高興 Asana 已經到了可以利用這些投資為更多大型企業客戶創造價值的階段。服務這些客戶的核心也是我們產品的發展方式。我們相信 Asana 擁有最具擴展性的架構和數據模型，可以支持最多的用戶、最大的工作量和極其複雜的工作流程。

The Asana platform is quickly becoming the work management solution of choice for large organizations looking to transform the way they work. There are 4 areas where we've seen recent traction in the enterprise: Goals, cross-functional collaboration, compliance and integrations.

Asana 平台正迅速成為尋求轉變工作方式的大型組織的首選工作管理解決方案。我們最近在企業中看到了 4 個領域的吸引力：目標、跨職能協作、合規性和集成。

Asana Goals was already the #1 goal product according to the G2 enterprise objectives and key results software market. The vast majority of our $100,000 or more customers use goals, and over 90% of the ones that do connect them to work. Companies are moving goal management from stand-alone OKR vendors into Asana, and CIOs are recognizing our product as a consolidation opportunity. Our customers continue to realize value from Asana's cross-functional capabilities, which allow people from multiple teams to work together seamlessly.

根據 G2 企業目標和關鍵結果軟件市場，Asana Goals 已經是排名第一的目標產品。在我們 100,000 美元或更多的客戶中，絕大多數都使用目標，超過 90% 的客戶確實將目標與工作聯繫起來。公司正在將目標管理從獨立的 OKR 供應商轉移到 Asana，CIO 將我們的產品視為整合機會。我們的客戶繼續從 Asana 的跨職能功能中實現價值，這使來自多個團隊的人員能夠無縫協作。

In order to run their business processes, cross-functional collaboration is not a thing businesses do. It's everything they do. Asana is a critical platform that allows companies to work the way things get done. As we've mentioned before, virtually all of our customers use Asana cross functionally. If you look at the nature of the work within each customer, the majority of their work in Asana is cross-functional collaboration in contrast to other applications that track single projects for single teams. This number is even higher for customers spending more than $100,000. We see an even higher proportion of this cross-functional collaboration in features we've built as we moved up market, including goals and portfolios.

為了運行他們的業務流程，跨職能協作不是企業要做的事情。這是他們所做的一切。 Asana 是一個重要的平台，它允許公司按照完成工作的方式工作。正如我們之前提到的，幾乎我們所有的客戶都在跨功能地使用 Asana。如果您查看每個客戶的工作性質，他們在 Asana 中的大部分工作都是跨職能協作，這與其他跟踪單個團隊的單個項目的應用程序形成鮮明對比。對於花費超過 100,000 美元的客戶，這個數字甚至更高。我們看到這種跨職能協作在我們提升市場時所構建的功能中所佔比例更高，包括目標和產品組合。

For compliance, our newly launched HIPAA offering is enabling customers to bring more of their patient care management workflows into Asana. We have dozens of customers using our HIPAA solution just 4 months after its release, and we continue to see opportunities open up in health care and health care insurance related deals.

為了合規，我們新推出的 HIPAA 產品使客戶能夠將更多的患者護理管理工作流程引入 Asana。我們的 HIPAA 解決方案發布僅 4 個月後，就有數十家客戶使用我們的解決方案，我們繼續看到醫療保健和醫療保健保險相關交易中出現的機會。

We're also seeing traction as more and more companies build integrations with Asana. Integrations help customers make better use of existing investments and improving the productivity and quality of work across their applications. These include HubSpot, rules integrations with Gmail, PagerDuty and Twilio.

隨著越來越多的公司與 Asana 建立集成，我們也看到了吸引力。集成可幫助客戶更好地利用現有投資並提高其應用程序的生產力和工作質量。其中包括 HubSpot、規則與 Gmail、PagerDuty 和 Twilio 的集成。

Salesforce for Goals is our first out-of-the-box integration for Asana Goals, and it was just rolled out to customers this quarter. We're already seeing an over 50% increase in Salesforce integration from our top 100 customers. When work happens in Salesforce, the progress of linked goals in Asana is automatically updated, making it easier to monitor impact and make informed decisions.

Salesforce for Goals 是我們針對 Asana Goals 的第一個開箱即用的集成，它剛剛在本季度向客戶推出。我們已經看到前 100 家客戶的 Salesforce 集成增加了 50% 以上。當工作在 Salesforce 中進行時，Asana 中鏈接目標的進度會自動更新，從而更容易監控影響並做出明智的決策。

On March 28, we'll be hosting our first event of the year, Asana Forward. This virtual program will feature cutting-edge research and real-life insights for Asana customers, Amazon Web Services, Zoom, T-Mobile, Live Nation and Morningstar. Attendees will hear why these companies chose work management software and how they're doing change management, supporting new revenue streams and using IT to drive process excellence.

3 月 28 日，我們將舉辦今年的第一場活動 Asana Forward。該虛擬計劃將為 Asana 客戶、Amazon Web Services、Zoom、T-Mobile、Live Nation 和 Morningstar 提供前沿研究和現實生活見解。與會者將了解這些公司選擇工作管理軟件的原因，以及他們如何進行變革管理、支持新的收入流以及使用 IT 來推動卓越流程。

Those attending will also learn firsthand about collaborative intelligence, the next phase of Asana's proprietary technology, the Work Graph. Just as Asana led the way in defining the work management category, we're taking the next step to shape the future of work.

與會者還將直接了解協作智能，這是 Asana 專有技術 Work Graph 的下一階段。正如 Asana 率先定義工作管理類別一樣，我們正在採取下一步行動來塑造工作的未來。

Before I close, I want to mention some of the industry recognition Asana has recently been given. In Okta's most recent Business at Work Report for 2022, Asana is the fastest-growing app in our category among the top 50 most popular apps on the Okta platform.

在結束之前，我想提一下 Asana 最近獲得的一些行業認可。在 Okta 最新的 2022 年工作報告中，Asana 是 Okta 平台上最受歡迎的 50 大應用程序中我們類別中增長最快的應用程序。

Also, Asana was named as a leader in the Forrester Wave Collaborative Work Management Tools Q4 2022 Report. The report specifically differentiated Asana for how our Work Graph data model connects information, people and objectives that drive work through the organization and how our goal management structure helps organizations connect disparate teams with a common focus.

此外，Asana 在 Forrester Wave 協作工作管理工具 2022 年第 4 季度報告中被評為領導者。該報告特別區分了 Asana，因為我們的 Work Graph 數據模型如何連接推動整個組織工作的信息、人員和目標，以及我們的目標管理結構如何幫助組織將不同的團隊連接到一個共同的焦點。

Asana was also recognized as the top 100 in Glassdoor's Best Places to Work award for the fourth time. And by Newsweek in cooperation with Plant-A Insights Group, Asana was awarded One of America's Greatest Workplaces for Diversity 2023.

Asana 還第四次被評為 Glassdoor 最佳工作場所獎的前 100 名。新聞周刊與 Plant-A Insights Group 合作，Asana 被評為 2023 年美國最佳多元化工作場所之一。

I also want to highlight the release today of our fourth annual Anatomy of Work Global Index, an in-depth analysis into how work has evolved during this time of rapid volatility. Conducted by GlobalWebIndex on behalf of Asana, the 2023 Anatomy of Work Global Index surveyed the behaviors and attitudes of more than 9,000 knowledge workers across the United States, the U.K., Australia, France, Germany and Japan to understand the impact of cross-functional collaboration, including what's working and what's not.

我還想強調今天發布的第四份年度全球工作剖析指數，該指數深入分析了在這個快速波動的時期工作是如何演變的。 GlobalWebIndex 代表 Asana 開展的 2023 年全球工作剖析指數調查了美國、英國、澳大利亞、法國、德國和日本 9,000 多名知識工作者的行為和態度，以了解跨職能協作的影響，包括什麼有效，什麼無效。

The report highlights that successful cross-functional collaboration helps organizations tackle challenges more effectively, leading to more revenue growth and adaptability for business and how clear goals contribute to business success by boosting collaboration, innovation and employee engagement. This report is another example of how Asana continues to serve as a thought partner to our customers on the future of work.

該報告強調，成功的跨職能協作有助於組織更有效地應對挑戰，從而帶來更多的收入增長和業務適應性，以及明確的目標如何通過促進協作、創新和員工敬業度來促進業務成功。這份報告是 Asana 如何繼續作為我們客戶未來工作的思想合作夥伴的另一個例子。

There are 3 things I want to reiterate before handing it over to Anne. First, we're building a long-term sustainable business focused on both growth and profitability. In Q4, we improved our non-GAAP operating margin by over 14 percentage points year-over-year. And as you can see from our guidance, we're expecting to improve our non-GAAP operating margin by 19 percentage points for the full fiscal year in 2024. This would be a 50% improvement versus fiscal year '23 through a combination of efficient investment and growth.

在交給安妮之前，我想重申三件事。首先，我們正在建立一個專注於增長和盈利能力的長期可持續業務。在第四季度，我們的非 GAAP 營業利潤率同比提高了 14 個百分點以上。正如您從我們的指導中看到的那樣，我們預計 2024 年整個財年的非 GAAP 營業利潤率將提高 19 個百分點。這將比 23 財年提高 50%投資和增長。

Second, we're planning for pricing and packaging opportunities in the future to better match price to value for our enterprise customers. This is another area where larger deployments help us understand where we can evolve and add more value. We also expect this work to generate better leads for seat expansion and new opportunities in the future to upsell using add-ons.

其次，我們正在規劃未來的定價和包裝機會，以便更好地為我們的企業客戶提供價格與價值的匹配。這是另一個領域，更大的部署幫助我們了解我們可以在哪裡發展和增加更多價值。我們還希望這項工作能夠為席位擴展帶來更好的線索，並在未來使用附加組件進行追加銷售。

And third, as I mentioned before, we're launching collaborative intelligence, the next phase of the Asana's proprietary technology, the Work Graph. Our virtual event will be on March 28, featuring Amazon Web Services, Zoom, T-Mobile, Live Nation and Morningstar. In fiscal 2024, we're aligning our actions to optimize for serving enterprises well, which will be our key driver of growth, new use cases within existing customers and use cases that drive new lands.

第三，正如我之前提到的，我們正在推出協作智能，這是 Asana 專有技術 Work Graph 的下一階段。我們的虛擬活動將於 3 月 28 日舉行，屆時將有 Amazon Web Services、Zoom、T-Mobile、Live Nation 和 Morningstar 參加。在 2024 財年，我們將調整我們的行動以優化服務企業，這將是我們增長的主要驅動力、現有客戶中的新用例以及驅動新土地的用例。

We've already been making progress in this direction and are now well positioned to become the category leader with consistently high reviews from users and analysts and the largest existing deployments in enterprise. The future of work is every organization working from a shared system of clarity and accountability built on the Asana Work Graph. Our strategy is focused on bringing that future to life.

我們已經在這個方向上取得了進展，現在已經做好了成為類別領導者的準備，獲得了用戶和分析師的一致好評以及企業中最大的現有部署。工作的未來是每個組織都在基於 Asana Work Graph 構建的清晰和問責的共享系統中工作。我們的戰略專注於將未來變為現實。

Now I'll turn it over to Anne.

現在我將把它交給安妮。

Thanks, Dustin. The macro headwinds continue to impact our expansions and created longer sales cycle in Q4 and will continue to impact us going into fiscal year 2024. Top of funnel demand remained stable in the fourth quarter. Our free-to-pay conversion rate was also stable and helped feed our total customer number. We added 4,000 customers in Q4, consistent with the previous quarter.

謝謝，達斯汀。宏觀不利因素繼續影響我們的擴張並在第四季度創造了更長的銷售週期，並將繼續影響我們進入 2024 財年。第四季度漏斗頂部需求保持穩定。我們的免費付費轉化率也很穩定，有助於滿足我們的總客戶數量。我們在第四季度增加了 4,000 名客戶，與上一季度持平。

The softness in Q4 was somewhat offset by overachievement in our enterprise and strategic accounts. Our largest customers really tell the story of the kind of value and ROI Asana delivers and how much potential opportunity there is in the market. We have invested heavily in our enterprise products over the years, and we will further build our organizational go-to-market muscle in fiscal year '24 for the growth opportunity ahead. We expect to see those investments fully materialize by the end of this year.

第四季度的疲軟在一定程度上被我們企業和戰略客戶的超常表現所抵消。我們最大的客戶真實地講述了 Asana 提供的價值和投資回報率以及市場上有多少潛在機會的故事。多年來，我們在我們的企業產品上投入了大量資金，我們將在 24 財年進一步增強我們的組織上市能力，以獲得未來的增長機會。我們希望看到這些投資在今年年底前完全實現。

Beyond the macro headwinds, I also believe that this is an important time for us to be building for longer-term success. There are areas where I know we can do even better. We've identified additional opportunities for execution improvement, especially ramping sales reps and increasing productivity across the field and sales operations. We also recently reorganized territories and teams and rolled out new messaging in order to better position us for the next few years. And there's still more work to be done to execute consistently and broadly in all regions around the world.

除了宏觀逆風，我還相信這是我們為長期成功而建設的重要時刻。我知道在某些方面我們可以做得更好。我們已經確定了執行改進的其他機會，特別是增加銷售代表和提高現場和銷售運營的生產力。我們最近還重組了區域和團隊並推出了新的消息傳遞，以便在未來幾年更好地定位我們。要在全球所有地區一致和廣泛地執行，還有更多工作要做。

When I look back, we had some significant highlights and momentum that will carry our business forward. Looking at our largest customers, they continue to grow with us for multiple years. There are a number of strategic use cases that drive these long-term investments. Digital transformation projects are our largest. One of the world's largest consumer and industrial electronics manufacturers and IT service providers has been undergoing a company-wide digital transformation. Asana is being used by thousands of users across their transformation office, designers, marketing, business planning and business systems project team to gain more visibility and clarity into their cross-functional working processes, so they can execute and make business decisions faster.

當我回顧過去時，我們有一些重要的亮點和動力將推動我們的業務向前發展。看看我們最大的客戶，他們多年來一直與我們一起成長。有許多戰略用例推動了這些長期投資。數字化轉型項目是我們最大的項目。全球最大的消費電子和工業電子產品製造商和 IT 服務提供商之一一直在進行全公司範圍的數字化轉型。數以千計的用戶在他們的轉型辦公室、設計師、營銷、業務規劃和業務系統項目團隊中使用 Asana，以更清楚地了解他們的跨職能工作流程，以便他們能夠更快地執行和製定業務決策。

Another strong use case for Asana is global client and campaign management. One of the world's largest global consulting firms signed a global MSA, which cements Asana as the worldwide work management provider of choice for every office.

Asana 的另一個重要用例是全球客戶和活動管理。世界上最大的全球諮詢公司之一簽署了一份全球 MSA，這鞏固了 Asana 作為每個辦公室首選的全球工作管理提供商的地位。

Also, Asana Goals has proven to be a significant differentiator in the market, so setting and tracking goals across teams in the organization is a very compelling use case. In fact, a revolutionary carbon transformation company is using Asana Goals to help achieve their mission to eliminate global emissions and build a fossil-free future.

此外，Asana Goals 已被證明是市場上的一個重要差異化因素，因此在組織中跨團隊設定和跟踪目標是一個非常引人注目的用例。事實上，一家革命性的碳轉型公司正在使用 Asana 目標來幫助實現其消除全球排放和建設無化石未來的使命。

And as Dustin shared, the vast majority of our cohort of customers with $100,000 or more in annualized spend use Asana Goals and connect them to work. Many of these long-term investments are multiyear agreements, of which we have started to see more of. Another theme this quarter was vendor consolidation. As organizations look to simplify and streamline their vendors, Asana is winning vendor consolidation decisions.

正如 Dustin 分享的那樣，我們年消費額在 100,000 美元或以上的客戶群中，絕大多數都使用 Asana 目標並將他們與工作聯繫起來。這些長期投資中有許多是多年協議，我們已經開始看到更多這樣的協議。本季度的另一個主題是供應商整合。隨著組織尋求簡化和精簡他們的供應商，Asana 正在贏得供應商整合決策。

One of the largest marketing and advertising agencies in the world had a significant expansion with Asana in Q4. They signed a multiyear contract for our enterprise solution expanding to 13,000 seats across 13 agencies. The agencies around the world use Asana as part of a strategic initiative to more effectively manage their clients' media and marketing campaigns to help grow their businesses and gain market share.

世界上最大的營銷和廣告機構之一在第四季度與 Asana 進行了重大擴張。他們簽署了一份多年期合同，將我們的企業解決方案擴展到 13 個機構的 13,000 個席位。世界各地的機構將 Asana 用作戰略計劃的一部分，以更有效地管理其客戶的媒體和營銷活動，以幫助他們發展業務並獲得市場份額。

Coupa, the platform transforming the way businesses manage their spend, signed a multiyear agreement for our enterprise solution in Q4. Across Coupa, customer-facing teams, marketing, IT, business operations, finance and engineering rely on Asana to manage large strategic projects tied to company goals as well as their daily work. Eric Tan, CIO at Coupa, said, "We consolidated on Asana, recognizing the importance of building a common platform for our employees and customer communities to work together to drive meaningful results."

Coupa 是一個改變企業管理支出方式的平台，它在第四季度為我們的企業解決方案簽署了一項多年期協議。在 Coupa 中，面向客戶的團隊、營銷、IT、業務運營、財務和工程都依賴 Asana 來管理與公司目標相關的大型戰略項目以及他們的日常工作。 Coupa 的首席信息官 Eric Tan 說：“我們在 Asana 上進行了整合，認識到為我們的員工和客戶社區建立一個共同平台以共同努力以取得有意義的成果的重要性。”

One of the world's most recognized brands in short-term vacation rental platforms chose our enterprise solution via a strategic multiyear agreement as their foundational collaboration platform in their consolidated tech stack. This will enable the organization to create a consistent method for managing workflows across the business and to have a system of record for all work in the organization. This consolidation onto Asana will help them drive efficiencies now that the company is remote first. Plus, it will improve accountability and alignment across the company, so employees can focus their energy and effort on innovation and delivering the best experience for their customers.

全球最知名的短期度假租賃平台品牌之一通過多年戰略協議選擇了我們的企業解決方案作為其綜合技術堆棧中的基礎協作平台。這將使組織能夠創建一致的方法來管理整個企業的工作流，並為組織中的所有工作建立一個記錄系統。由於公司首先是遠程辦公，因此整合到 Asana 將幫助他們提高效率。此外，它將提高整個公司的問責制和一致性，因此員工可以將精力和精力集中在創新和為客戶提供最佳體驗上。

And we're seeing expansions broadly across several diverse industries as we continue to expand beyond our leadership in the tech industry. We're seeing continued growth within the financial services industry. For example, one of the world's largest European exchanges significantly expanded their use of Asana in Q4 to thousands of seats. Asana is now heavily used within their product, data, engineering, analytics and machine learning teams to manage their road map and project execution. We were the only work management platform that met their stringent security and compliance requirements.

隨著我們繼續超越我們在科技行業的領導地位，我們看到多個不同行業的廣泛擴張。我們看到金融服務行業持續增長。例如，世界上最大的歐洲交易所之一在第四季度將 Asana 的使用顯著擴大到數千個席位。 Asana 現在在他們的產品、數據、工程、分析和機器學習團隊中大量使用，以管理他們的路線圖和項目執行。我們是唯一滿足其嚴格的安全性和合規性要求的工作管理平台。

For those of you that love pizza, we saw a great expansion with PizzaExpress, the British multinational pizza restaurant and food retail chain with 360 locations across the U.K. and 100 overseas in Europe in Q4. They began using Asana in Q2 within their innovation team and will now be implementing Asana across all of their operations, including frontline employees, to drive growth in the business.

對於那些喜歡比薩餅的人，我們看到了 PizzaExpress 的巨大擴張，這家英國跨國比薩餅餐廳和食品零售連鎖店在第四季度在英國擁有 360 家分店，在歐洲擁有 100 家海外分店。他們在第二季度開始在他們的創新團隊中使用 Asana，現在將在他們的所有業務中實施 Asana，包括一線員工，以推動業務增長。

In summary, we are seeing more multiyear deals, winning more vendor consolidation decisions and continuing to diversify our enterprise success across more and more industries. All this said, we can do more.

總而言之，我們看到了更多的多年期交易，贏得了更多的供應商整合決策，並繼續在越來越多的行業中使我們的企業成功多樣化。綜上所述，我們可以做得更多。

Looking forward, we have a number of big initiatives in fiscal year 2024. First, our strategic accounts initiative, the goal of this initiative is to ensure that we are focused on our most leveraged account opportunities. We've already reviewed our top accounts by region to identify where our investments would be highly leveraged. And with this initiative, we can focus even further on our account management, customer success and R&D resources, where we will likely see growth opportunities and high ROI.

展望未來，我們在 2024 財年有多項重大舉措。首先，我們的戰略客戶計劃，該計劃的目標是確保我們專注於我們最具槓桿作用的客戶機會。我們已經按地區審查了我們的頂級客戶，以確定我們的投資將在哪些方面具有高槓桿率。通過這一舉措，我們可以進一步專注於我們的客戶管理、客戶成功和研發資源，我們可能會在這些方面看到增長機會和高投資回報率。

These accounts represent some of the largest names in technology, telecom, professional services, retail, manufacturing, consumer goods, media and financial services. And we've already seen some proof of success. Our enterprise customers, which we define as organizations with over 2,000 employees, was our fastest-growing customer segment.

這些客戶代表了技術、電信、專業服務、零售、製造、消費品、媒體和金融服務領域的一些知名企業。我們已經看到了一些成功的證據。我們的企業客戶，我們定義為擁有超過 2,000 名員工的組織，是我們增長最快的客戶群。

Second, my goal is to increase average productivity per sales rep by 20% by the end of the second half of fiscal year 2024. We'll continue to improve our sales enablement capabilities and lead generation initiatives targeted at enterprise accounts. We'll also be elevating our sales playbook to focus primarily on high ROI workflows, quick time to value use cases, digital transformation, goals and reporting, and ensuring that customers understand and experience that Asana is a must have.

其次，我的目標是到 2024 財年下半年末將每個銷售代表的平均生產率提高 20%。我們將繼續提高我們的銷售支持能力和針對企業客戶的潛在客戶生成計劃。我們還將提升我們的銷售手冊，主要關注高投資回報率工作流程、快速實現價值用例、數字化轉型、目標和報告，並確保客戶理解和體驗 Asana 是必不可少的。

Third, we will further build our enterprise leadership bench strength. In EMEA, Sanj Bhayro has recently joined as our new General Manager of EMEA. We also brought onboard Shannon Sullivan Duffy as our new Chief Marketing Officer. And Neeracha Taychakhoonavudh has joined us as our new Head of Global Customer Experience. Together, these new leaders have over 70 years of combined experience in enterprise sales and marketing management and scaling fast-growing businesses from companies such as Salesforce and Oracle. We're also actively recruiting for a new Chief Revenue Officer, who will help lead and accelerate our move further up market.

三是進一步打造企業領導後備力量。在歐洲、中東和非洲地區，Sanj Bhayro 最近加入了我們的新任歐洲、中東和非洲地區總經理。我們還聘請了 Shannon Sullivan Duffy 擔任我們的新首席營銷官。 Neeracha Taychakhoonavudh 已加入我們，成為我們新的全球客戶體驗主管。這些新領導人在企業銷售和營銷管理以及擴展 Salesforce 和 Oracle 等公司的快速增長業務方面擁有 70 多年的綜合經驗。我們還在積極招聘一位新的首席營收官，他將幫助領導和加速我們向市場進一步發展。

And with that, I'll hand it over to Tim.

有了這個，我會把它交給蒂姆。

Thank you, Anne. Q4 revenues came in at $150.2 million, up 34% year-over-year. Revenue from the U.S. grew 40% year-over-year, accounting for 61% of our total revenue. International grew 26% year-over-year, accounting for 39% of our revenue. Currency impacted our international growth rate by roughly 300 basis points and the overall growth rate by about 100 basis points. International growth would have been 29% year-over-year and total revenue growth would have been 35% year-over-year without the impact of currency.

謝謝你，安妮。第四季度收入為 1.502 億美元，同比增長 34%。來自美國的收入同比增長 40%，占我們總收入的 61%。國際業務同比增長 26%，占我們收入的 39%。貨幣對我們的國際增長率產生了大約 300 個基點的影響，對整體增長率產生了大約 100 個基點的影響。如果沒有貨幣的影響，國際增長將同比增長 29%，總收入增長將同比增長 35%。

Revenue from customers spending $5,000 or more on an annualized basis grew 42% year-over-year. This cohort represented 73% of our revenues in Q4, up from 69% in the year-ago quarter. We have 19,432 customers spending $5,000 or more on an annualized basis, up 26% year-over-year.

年化支出 5,000 美元或以上的客戶帶來的收入同比增長 42%。這一群體占我們第四季度收入的 73%，高於去年同期的 69%。我們有 19,432 名客戶每年花費 5,000 美元或更多，同比增長 26%。

Our largest customers remain our fastest-growing cohort. We have 506 customers spending $100,000 or more on an annualized basis, and the customer cohort is growing at 49% year-over-year. As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter.

我們最大的客戶仍然是我們增長最快的群體。我們有 506 位客戶每年花費 100,000 美元或更多，並且客戶群以 49% 的年增長率增長。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體。

Our dollar-based net retention rates were lower, but remained healthy across every cohort. Our dollar-based net retention rate was over 115%. Among customers spending $5,000 or more, our dollar-based net retention rate was over 120%; and among customers spending $100,000 or more, our dollar-based net retention rate was over 135%.

我們基於美元的淨保留率較低，但在每個隊列中都保持健康。我們基於美元的淨保留率超過 115%。在消費 5,000 美元或以上的客戶中，我們以美元為基礎的淨保留率超過 120%；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 135%。

As a reminder, our dollar-based net retention rate is a trailing 4-quarter average calculation. We continue to see stable gross churn rates overall and across the cohorts and low churn in our large accounts, demonstrating the value we deliver for our enterprise customers. However, we expect our overall dollar-based net retention rates to trend lower as companies remain mindful of the near-term economic challenges.

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。我們繼續看到整體和整個隊列的穩定毛流失率以及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，我們預計我們基於美元的整體淨保留率將趨於下降，因為公司仍然關注近期的經濟挑戰。

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. Keep in mind, non-GAAP results exclude stock-based compensation and the onetime restructuring costs that we incurred in Q4. Gross margins came in at 90.5%. Research and development was $51.6 million or 34% of revenue. Sales and marketing was $93.2 million or 62% of revenue. G&A was $28.6 million or 19% of revenue, an improvement from 28% a year ago. Operating loss was $37.4 million and the operating loss margin was 25%, representing a 14 percentage point improvement versus a year ago. 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 $33.2 million, and our net loss per share was $0.15.

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。請記住，非 GAAP 結果不包括基於股票的薪酬和我們在第四季度產生的一次性重組成本。毛利率為 90.5%。研發費用為 5160 萬美元，佔收入的 34%。銷售和營銷為 9320 萬美元，佔收入的 62%。 G&A 為 2860 萬美元，佔收入的 19%，比一年前的 28% 有所提高。營業虧損為 3740 萬美元，營業虧損率為 25%，與一年前相比下降了 14 個百分點。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 3320 萬美元，每股淨虧損為 0.15 美元。

Looking at the highlights from the full fiscal year. Fiscal year revenue grew 45% year-over-year to $547.2 million. We added almost 4,000 customers spending $5,000 or more on an annualized basis during the year. And we also added 166 customers spending $100,000 or more on an annualized basis during the year. Revenues from customers spending $100,000 or more on an annualized basis grew over 80% year-over-year. This cohort represented 25% of our revenues for the full fiscal year.

查看整個財政年度的亮點。本財年收入同比增長 45% 至 5.472 億美元。在這一年中，我們增加了近 4,000 名客戶，年消費額在 5,000 美元或以上。我們還增加了 166 名客戶，年支出超過 100,000 美元。每年花費 100,000 美元或更多的客戶帶來的收入同比增長超過 80%。這一群體占我們整個財政年度收入的 25%。

Moving on to the balance sheet and cash flow. Cash and marketable securities at the end of Q4 were approximately $529.3 million. Our remaining performance obligations, or RPO, was $299.2 million, up 37% from the year-ago quarter. 84% of our RPO will be recognized over the next 12 months. That current portion of RPO grew 36% from the year-ago quarter. Total deferred revenue at the end of Q4 was $233.6 million, up 34% year-over-year.

轉到資產負債表和現金流量。第四季度末的現金和有價證券約為 5.293 億美元。我們的剩餘履約義務或 RPO 為 2.992 億美元，比去年同期增長 37%。我們 84% 的 RPO 將在未來 12 個月內得到認可。 RPO 的當前部分比去年同期增長了 36%。第四季度末遞延收入總額為 2.336 億美元，同比增長 34%。

Our free cash flow is defined as net cash from operating activities, less cash used in property and equipment and capitalized software costs, excluding the nonrecurring items such as costs related to restructuring. In Q4, free cash flow was negative $26.5 million or negative 18% on a margin basis, an improvement from the negative 37% from the year-ago quarter. We ended the fiscal year with 1,782 employees.

我們的自由現金流定義為經營活動產生的現金淨額減去財產和設備使用的現金以及資本化的軟件成本，不包括與重組相關的成本等非經常性項目。第四季度，自由現金流為負 2650 萬美元或按利潤率計算為負 18%，較去年同期的負 37% 有所改善。我們在本財政年度結束時擁有 1,782 名員工。

Moving to guidance for Q1 fiscal 2024, we expect revenues of $150 million to $151 million, representing growth rates of 24% to 25% year-over-year. We expect non-GAAP loss from operations of $40 million to $38 million, and we expect net loss per share of $0.19 to $0.18, assuming basic and diluted weighted average shares outstanding of approximately 215 million.

轉向 2024 財年第一季度的指導，我們預計收入為 1.5 億美元至 1.51 億美元，同比增長率為 24% 至 25%。我們預計非 GAAP 運營虧損為 4000 萬美元至 3800 萬美元，我們預計每股淨虧損為 0.19 美元至 0.18 美元，假設流通在外的基本和稀釋加權平均股數約為 2.15 億股。

For the full fiscal year 2024, we expect revenue to be in the range of $638 million to $648 million, representing a growth rate of 17% to 18% year-over-year. We expect non-GAAP loss from operations of $130 million to $120 million; operating margins of 19% at the midpoint of guidance, a 50% improvement from the fiscal year '23. And we expect net loss per share of $0.59 to $0.55 assuming basic and diluted weighted average shares outstanding of approximately 219 million.

對於整個 2024 財年，我們預計收入將在 6.38 億美元至 6.48 億美元之間，同比增長率為 17% 至 18%。我們預計非 GAAP 運營虧損為 1.3 億美元至 1.2 億美元；營業利潤率為 19%，與 23 財年相比提高了 50%。我們預計每股淨虧損為 0.59 美元至 0.55 美元，假設基本和稀釋加權平均流通股約為 2.19 億股。

Our guidance assumes the macro environment continues to create headwinds, especially in the first half of fiscal 2024. I'm also baking in some assumptions that our new leaders will need some time to execute on our strategies. From an expense management standpoint, we implemented a number of initiatives to improve our operating margins, which you saw begin to manifest as early as Q4.

我們的指導假設宏觀環境繼續造成逆風，尤其是在 2024 財年上半年。我還提出了一些假設，即我們的新領導人將需要一些時間來執行我們的戰略。從費用管理的角度來看，我們實施了一系列舉措來提高我們的營業利潤率，您早在第四季度就開始看到這些舉措。

First, we reduced our global head count as part of a restructuring designed to better prioritize our resources on moving upmarket and improve operating efficiency for the long run. This reduction resulted in nonrecurring restructuring charges of $9.3 million in Q4, which will be excluded from our non-GAAP results and free cash flow per our definition. Second, we are continuing to evaluate every investment, ensuring that we prioritize the highest ROI investments with shorter payback periods and aligning with our focus on moving upmarket. And third, we are continuing to evaluate our spend with every vendor, consolidating where there may be overlap and renegotiating our contracts to better match the value we are realizing with these providers.

首先，我們減少了全球員工人數，作為重組的一部分，旨在更好地將我們的資源優先用於向高端市場轉移並提高長期運營效率。這一減少導致第四季度的非經常性重組費用為 930 萬美元，根據我們的定義，這些費用將被排除在我們的非 GAAP 業績和自由現金流之外。其次，我們將繼續評估每項投資，確保我們優先考慮投資回報率最高、回報期較短的投資，並與我們對高端市場的關注保持一致。第三，我們將繼續評估我們與每個供應商的支出，合併可能存在重疊的地方並重新談判我們的合同，以更好地匹配我們與這些供應商實現的價值。

We expect these expense-related initiatives will drive measurable improvements in our operating margins in fiscal year '24 and beyond. Our guidance implies that operating expenses grow in the low single digits or essentially stay flat to the previous year. Despite the uncertainty with the macro environment, we have increased confidence in our ability to be free cash flow positive before the end of calendar 2024 while balancing growth and profitability.

我們預計這些與費用相關的舉措將推動我們在 24 財年及以後的營業利潤率取得可衡量的改善。我們的指引意味著運營費用以較低的個位數增長或與上一年基本持平。儘管宏觀環境存在不確定性，但我們對在 2024 日曆年底之前實現自由現金流為正並同時平衡增長和盈利能力的能力增強了信心。

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。

Thanks, Tim. One thing I want to add to my formal comments is that I'm planning to enter into a 10b5-1 trading plan on March 9, 2023, to purchase up to 30 million shares of our Class A common stock, subject to required cooling-off period. I'm doing this because I personally believe Asana shares are undervalued given the scale of the opportunity I see in front of us.

謝謝，蒂姆。我想在正式評論中補充的一件事是，我計劃在 2023 年 3 月 9 日制定一項 10b5-1 交易計劃，購買最多 3000 萬股我們的 A 類普通股，但需要進行冷卻-關閉期間。我這樣做是因為我個人認為，鑑於我在我們面前看到的機會規模，Asana 的股票被低估了。

The work management market is an enormous underpenetrated market that I believe we're well positioned to lead, especially in enterprise. Working alongside some of the most strategic leaders in their respective industries gives us unique insights into their complex enterprise needs and various business models. This helps inform our product strategy and positions us well to understand the future of work and help solve our customers' most critical challenges over the long term.

工作管理市場是一個巨大的未滲透市場，我相信我們處於領先地位，尤其是在企業領域。與各自行業中一些最具戰略意義的領導者一起工作，使我們能夠對他們複雜的企業需求和各種商業模式有獨特的見解。這有助於為我們的產品戰略提供信息，使我們能夠很好地了解工作的未來，並幫助解決客戶長期面臨的最關鍵挑戰。

Thank you, Dustin. And before I open it up to Q&A, I want to note that Mr. Moskovitz' statements regarding his trading plan to purchase shares of our Class A common stock may be considered forward-looking statements that are subject to risks and uncertainties, including that his trading plan may be modified, suspended or terminated by him at any time, and there can be no assurance that the price and volume parameters of this trading plan will result in purchases of shares of our Class A common stock in line with its expectations in such forward-looking statements.

謝謝你，達斯汀。在我公開問答之前，我想指出，莫斯科維茨先生關於他購買我們 A 類普通股股票的交易計劃的陳述可能被視為前瞻性陳述，受到風險和不確定因素的影響，包括他的他可以隨時修改、暫停或終止交易計劃，並且不能保證該交易計劃的價格和交易量參數將導致購買我們的 A 類普通股符合其預期前瞻性陳述。

And with that, operator, we can open it up for Q&A.

有了它，接線員，我們就可以打開它進行問答了。

(Operator Instructions) The first question comes from the line of Brent Thill of Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Brent Thill。

This is Annick Baumann on for Brent Thill. Dustin, in the face of decelerating top line, which is undoubtedly macro led, what continues to give you faith that you will ultimately win the enterprise? And what is left to do to solidify that position?

這是布倫特·希爾的安尼克·鮑曼。達斯汀，面對營收放緩，這無疑是宏觀主導的，是什麼繼續讓你相信你最終會贏得企業？還需要做什麼來鞏固這一地位？

Yes. Thanks for the question. There are a lot of things that I think are really positive signs for us. I think that the thing that I feel most excited about is just the strength of the really impressive customers that we have and how healthy those accounts are.

是的。謝謝你的問題。我認為有很多事情對我們來說都是積極的跡象。我認為讓我感到最興奮的事情就是我們擁有的真正令人印象深刻的客戶的實力以及這些客戶的健康狀況。

So even though we've seen headwinds in the form of longer sales cycles that we talked about this quarter and last quarter, we know that there's still really high utilization even when the deals are stalled. We know those customers aren't going to competitors. And we have a lot of signs from them that they intend to expand with us over time. And so we feel really great about the places where we've landed already, especially in the Fortune 100 and other enterprises. And we think there's just a ton of room to expand there.

因此，即使我們在本季度和上個季度談到過更長的銷售週期，但我們知道即使交易停滯，利用率仍然非常高。我們知道這些客戶不會轉向競爭對手。我們從他們那裡得到了很多跡象，表明他們打算隨著時間的推移與我們一起擴張。因此，我們對已經登陸的地方感覺非常好，尤其是在財富 100 強和其他企業中。我們認為那裡只有大量的擴展空間。

And we know that when we do see consolidation conversations and customers looking to really take the next step and commit to a partner, we're really well positioned. We often win those thanks to the strength of the Work Graph and the way it facilitates cross-functional use cases. The fact that it's loved across many functions instead of specializing into one and the credibility we have not just from having the existing deployments but also from the high ratings we get from analysts that are focused on the enterprise segment.

而且我們知道，當我們確實看到合併對話和客戶希望真正採取下一步行動並致力於合作夥伴時，我們確實處於有利地位。由於 Work Graph 的優勢及其促進跨功能用例的方式，我們經常贏得這些。事實上，它受到許多功能的喜愛，而不是專注於一個功能，我們的信譽不僅來自現有的部署，還來自我們從專注於企業領域的分析師那裡獲得的高評價。

The next question comes from Jackson Ader of SVB.

下一個問題來自 SVB 的 Jackson Ader。

Great. The first one, Anne, I think it was you that mentioned some opportunities on pricing and packaging, specifically in the enterprise. I'm sure these are still in the works. But any kind of specifics you can give us, like ideas that are kind of bouncing around? And also why just focus on the enterprise?

偉大的。第一個，安妮，我想是你提到了定價和包裝方面的一些機會，特別是在企業中。我確信這些仍在進行中。但是您可以給我們提供任何類型的細節，比如一些反復出現的想法嗎？還有為什麼只關注企業？

Jackson, thanks so much for your question. Yes, the updates we're exploring are really focused on aligning value for our customers, and they're deeply informed by both existing enterprise customers as well as prospects we're speaking with and market analysis.

傑克遜，非常感謝你的問題。是的，我們正在探索的更新真正專注於為我們的客戶調整價值，並且他們深受現有企業客戶以及我們正在與之交談的潛在客戶和市場分析的影響。

Our priorities, as you might imagine, we are exploring a whole number of options. I think Dustin mentioned add-ons. But really, what we're thinking about there is making sure that our enterprise customer needs are met, and we're delivering for them, and they're realizing value as they scale and grow with us.

正如您想像的那樣，我們的優先事項是探索多種選擇。我認為 Dustin 提到了附加組件。但實際上，我們正在考慮的是確保我們的企業客戶需求得到滿足，我們正在為他們提供服務，並且他們在與我們一起擴展和成長時實現價值。

And so that's why we're focusing on that particular segment. Our current pricing and packaging plans have evolved over the years, specifically for the existing base, and with the growth in enterprise, that's why we're laser focused on pricing and packaging for those customers.

這就是為什麼我們專注於那個特定的細分市場。我們目前的定價和包裝計劃多年來一直在發展，特別是針對現有基礎，隨著企業的發展，這就是為什麼我們專注於為這些客戶定價和包裝。

Okay. Great. And then a quick follow-up -- so actually, just on those, like the multiyear deals that you sign with these Fortune 100 companies, do the contracts, do they have like minimum seat ramps that go up through the multiyears? Is it adoption based? Or are they buying like a big pool of seats that might create some shelf wear? I'm just curious how those multiyear deals are layered in.

好的。偉大的。然後快速跟進 - 實際上，就那些而言，就像你與這些財富 100 強公司簽訂的多年協議一樣，簽訂合同，他們是否有像多年來一樣的最低座位坡道？它是基於收養的嗎？或者他們購買的是一大堆可能會造成貨架磨損的座位？我只是好奇這些多年交易是如何分層的。

Yes. Jackson, this is Tim. I would say when we -- kind of the common theme that we see across these multiyear consolidation plays is, one, the fact that these customers want to consolidate on a scalable enterprise platform.

是的。傑克遜，這是蒂姆。我想說的是，我們在這些多年整合活動中看到的一個共同主題是，這些客戶希望在可擴展的企業平台上進行整合。

So in many cases, we are being deployed and they're lowering their spend across some of the other work management players. So that's one. Two, the degree that I think as just given the macro, most companies are being very mindful of how many seats they buy, so they are buying up to their usage. So these are all very healthy accounts.

因此，在許多情況下，我們正在部署，他們正在降低對其他一些工作管理參與者的支出。這就是一個。第二，我認為就宏觀而言，大多數公司都非常注意他們購買了多少席位，所以他們購買了他們的使用量。所以這些都是非常健康的賬戶。

Now to degree that companies are growing, many times what we see is that they do ask for tranches on how they buy the next set of seats. So it does give them some flexibility to move up with some price certainty.

現在公司正在發展，很多時候我們看到的是他們確實要求分期付款以購買下一組席位。因此，它確實給了他們一定的靈活性，可以在確定價格的情況下提高價格。

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

下一個問題來自 Wolfe Research 的 Alex Zukin。

Can you hear me okay? Guys, can you hear me?

你能聽到我說話嗎？伙計們，你能聽到我說話嗎？

Yes.

是的。

So maybe just a few for me. One kind of generative AI question, which is par for the course right now for most investors, and then one financial one. Dustin, I guess, long term, when we've kind of talked about visions for Asana, I think one of the visions you've always had is that, ultimately, Asana, based on the corpus of knowledge and interactions and cross-functional data that you have, when an individual comes to work, they could kind of ask your platform what's the next -- what should I do today, right? And it assigns -- it could assign theoretically those next actions.

所以也許對我來說只有幾個。一種生成式 AI 問題，這對大多數投資者來說都是現在的課程，然後是金融問題。達斯汀，我想，從長遠來看，當我們談到 Asana 的願景時，我認為你一直擁有的願景之一是，最終，Asana 基於知識和交互的語料庫以及跨職能你擁有的數據，當一個人來上班時，他們可能會問你的平台下一步是什麼——我今天應該做什麼，對嗎？它分配 - 它可以在理論上分配那些下一步行動。

What's the right way to think about unlocking the value of generative AI in the Asana product platform vision? And how do you see this evolving? How do you monetize this? Is it just table stakes that every work management vendor has? Would love to kind of get your thoughts on that, and then I'll ask a couple of math questions.

在 Asana 產品平台願景中，考慮釋放生成式 AI 價值的正確方法是什麼？您如何看待這種演變？你如何從中獲利？它只是每個工作管理供應商都擁有的籌碼嗎？很想听聽你的想法，然後我會問幾個數學問題。

Yes. Great question. Obviously, it's a really exciting time in AI. We've been following really closely. I also like to point out, we're really close to the OpenAI team in particular. We share a Board member in Adam D'Angelo. And the CEO, Sam Altman, actually led our Series C a few years back. So we've been able to talk to them about the best ways to leverage GPT and Asana and how they think about the future.

是的。很好的問題。顯然，這是 AI 領域真正激動人心的時刻。我們一直在密切關注。我還想指出，我們與 OpenAI 團隊的關係非常密切。我們有一位董事會成員 Adam D'Angelo。首席執行官 Sam Altman 在幾年前領導了我們的 C 輪融資。因此，我們能夠與他們討論利用 GPT 和 Asana 的最佳方式，以及他們對未來的看法。

And to your question about leveraging the unique value of the Work Graph, just to step back, there is a sort of larger arc story AI for us that involves multiple kinds of technology, not just the ChatGPT style language models. And we've been working with machine learning for a while now. We actually have some data-driven experiences in the product today, and we're continuing to build on that direction.

對於你關於利用 Work Graph 的獨特價值的問題，退一步說，有一種更大的 arc story AI 對我們來說涉及多種技術，而不僅僅是 ChatGPT 風格的語言模型。我們從事機器學習已有一段時間了。事實上，我們今天在產品中有一些數據驅動的經驗，我們將繼續朝著這個方向發展。

We are also prototyping things internally with the language models and have a lot of exciting ideas there. In terms of the generative stuff, I actually think the exact use case you gave, I think, you might be able to use language models for that. I think the other machine learning approaches may be better suited, and we'll try both.

我們還在內部使用語言模型製作原型，並且有很多令人興奮的想法。就生成的東西而言，我實際上認為你給出的確切用例，我認為你可能能夠為此使用語言模型。我認為其他機器學習方法可能更適合，我們將嘗試兩者。

But I do think that there's a lot of other possibilities with generative models like summarizing long threads for you, writing up status updates, trying to just aggregate all the information in a project and pull out the highlights, summarizing meeting transcripts. We've already seen a lot of that from other SaaS products already. And we're students of the space, so we'll incorporate the best ideas.

但我確實認為生成模型還有很多其他的可能性，比如為你總結長線程、寫狀態更新、嘗試聚合項目中的所有信息並提取要點、總結會議記錄。我們已經從其他 SaaS 產品中看到了很多。我們是該領域的學生，所以我們會吸收最好的想法。

But I think whether or not for the use case you suggested of really understanding the corpus of data, the structure of data, what's important to that particular end user, I think whether you're using a language model or another AI approach, the structure inherent in the Work Graph and just the information that users are putting into our system just give us a leg up. We have more data for those models to read and understand and create insights and help direct users to the most important work. So I think the Work Graph actually ends up being an advantage but definitely expect to see AI used across a variety of products.

但我認為，無論您建議的用例是否真正理解數據語料庫、數據結構，對特定最終用戶來說什麼是重要的，我認為無論您使用的是語言模型還是另一種 AI 方法，結構Work Graph 中固有的信息以及用戶輸入我們系統的信息只是給了我們一個優勢。我們有更多數據供這些模型閱讀、理解和創造見解，並幫助引導用戶進行最重要的工作。所以我認為 Work Graph 實際上最終會成為一個優勢，但絕對希望看到 AI 用於各種產品。

That's awesome. I'll put in the joke about no more TPS report

棒極了。我開個玩笑說不再有 TPS 報告了

(technical difficulty)

（技術難度）

Exactly, no more handwritten ones anyway.

沒錯，反正不再是手寫的了。

The next question comes from Andrew DeGasperi of Berenberg.

下一個問題來自 Berenberg 的 Andrew DeGasperi。

Just maybe back to the sales reorganization or I guess the changes you're making in the sales motion, can you maybe let us know what led you to do this kind of drastic shift? Was this -- what did you learn, I guess, over the last year or 2 since you've kind of really ticked off on the enterprise side?

也許回到銷售重組或者我猜你在銷售活動中所做的改變，你能告訴我們是什麼導致你做出這種劇烈轉變嗎？這是——我猜，在過去的一兩年裡，你學到了什麼，因為你在企業方面真的很成功？

And then generally, how is this reflected in the next few quarters in terms of the growth? I know you're baking in some conservatism in the guidance? Just wondering how should we think about this proceeding as we move through the year.

然後一般來說，這在未來幾個季度的增長方面如何反映？我知道您在指南中有些保守主義？只是想知道我們在這一年中應該如何考慮這一進程。

Andrew, it's Anne. Thanks so much for that question. So the way we're thinking about it is we're really focused on building and scaling our enterprise selling infrastructure. So we really -- we rapidly added to the sales team last fiscal year. And now we're frankly ensuring that all the operational systems and enablement support is scaling to meet that investment. And really, what I'm laser focused on is to make sure our enterprise sales reps time is focused on landing and expanding with the right customers and delivering fast, measurable business value, so -- and that we're doing that much more consistently and repeatedly in every market.

安德魯，是安妮。非常感謝這個問題。所以我們考慮的方式是我們真正專注於構建和擴展我們的企業銷售基礎設施。所以我們真的 - 我們在上個財政年度迅速增加了銷售團隊。現在，我們坦率地確保所有操作系統和支持支持都在擴展以滿足該投資。實際上，我非常關注的是確保我們的企業銷售代表的時間集中在吸引和擴展合適的客戶上，並提供快速、可衡量的商業價值，所以——而且我們正在更加一致地做這件事並在每個市場反復出現。

So that's the focus that you'll see that we are committed to. And that's also the focus as we bring on great new sales leaders around the world. And then I think Tim will just share a little bit more about the second part of your question.

所以這就是你會看到我們致力於的重點。這也是我們在全球範圍內招募優秀的新銷售領導者的重點。然後我想 Tim 會多分享一點關於你問題的第二部分的內容。

Andrew, just adding on to Anne, I think Dustin mentioned this in the script. We do have 15,000 enterprise customers. And when we look at the data, customers that are spending more than $100,000 with us, their net expansion rate this last quarter was 135%.

安德魯，補充一下安妮，我想達斯汀在劇本中提到了這一點。我們確實有 15,000 家企業客戶。當我們查看數據時，在我們這里花費超過 100,000 美元的客戶，他們上個季度的淨擴張率為 135%。

And when we like peel back the onion and look at the data, those expansions aren't through like just up-tiering. Many of those, the vast majority of that growth and expansion is through seats and getting more deployment in across the company. So that gives us a lot of confidence in terms of the strategy that we're moving forward with. So that's one.

當我們喜歡剝開洋蔥並查看數據時，這些擴展並沒有像升級那樣完成。其中許多增長和擴張的絕大部分是通過席位和在整個公司進行更多部署。因此，這讓我們對我們正在推進的戰略充滿信心。這就是一個。

And then two, in terms of the guidance, I think -- I mentioned this on the call a little bit, but just I think we're still seeing kind of there's a lot of macro uncertainty. The Fed is still likely to raise rates. There's geopolitical issues kind of about. So I think we're trying to be really thoughtful in terms of kind of the first half being continuing to see challenges and that our customers, especially in the short term, will be very mindful of their spend.

然後兩個，就指導而言，我認為——我在電話會議上提到了一點，但我認為我們仍然看到有很多宏觀不確定性。美聯儲仍有可能加息。有一些地緣政治問題。因此，我認為我們正在努力考慮上半年繼續面臨挑戰的情況，並且我們的客戶，尤其是短期內的客戶，將非常注意他們的支出。

We've also baked in some time, so for our leadership changes to ramp up and for their strategies -- for the strategies to take hold. So to the degree that there will be outperformance, I think it will come from the enterprise that businesses start releasing their budget and being much more thoughtful about investments. So my approach, I think, if you ask me about guidance, is I don't think there's a lot of downside to the guidance, and I would just not model or just be cautious on not having a lot of upside in the model this early in the year.

我們也已經烤了一段時間，所以我們的領導層變化會加速，他們的戰略 - 為了戰略能夠站穩腳跟。因此，在某種程度上，將會有出色的表現，我認為這將來自於企業，企業開始釋放他們的預算並且對投資更加周到。所以我的方法，我想，如果你問我關於指導，我不認為指導有很多缺點，我只是不建模或者只是對模型中沒有很多優點保持謹慎今年年初。

That's helpful. And just on the math question that Alex didn't get to ask. I mean just in terms of the OpEx rising low single digits in terms of what should we think about, should it be R&D really kind of growing a little bit faster overall and you're just taking a cut to sales and marketing? How should we think about the moving parts on that?

這很有幫助。就在亞歷克斯沒有問的數學問題上。我的意思是，就我們應該考慮的運營支出增長低個位數而言，研發真的應該整體增長更快一點，而你只是削減銷售和營銷嗎？我們應該如何考慮其中的活動部分？

Yes. I think R&D as a percent of revenue will be relatively flat. And I wouldn't say sales and marketing is a cut. I think the way to think about it is really a reallocation of where those resources were in prior years or even last year where we're still focused kind of on the SMB and where we direct in many of those resources towards moving upmarket.

是的。我認為研發佔收入的百分比將相對持平。而且我不會說銷售和營銷是一個削減。我認為思考它的方式實際上是重新分配這些資源在前幾年甚至去年的位置，我們仍然專注於 SMB，並且我們將許多這些資源用於轉向高端市場。

So I think you'll continue to see leverage like you saw this past -- this last quarter in sales and marketing, and you'll continue to see leverage in G&A. And then I would expect R&D to be relatively flat on a year-over-year basis.

所以我認為你會繼續看到你過去看到的槓桿作用——最後一個季度在銷售和營銷方面，你會繼續看到 G&A 中的槓桿作用。然後我預計研發與去年同期相比相對持平。

The next question comes from Rob Oliver of Baird.

下一個問題來自 Baird 的 Rob Oliver。

Great. Can you hear me okay?

偉大的。你能聽到我說話嗎？

Yes.

是的。

Yes. Great. So a question, Dustin, for you or for Anne. It sounds as if the consolidation play is a nice change for you guys relative to last quarter. And I know that, Anne, you had mentioned last quarter that you guys were engaging more at the C level.

是的。偉大的。達斯汀，請問你或安妮。與上個季度相比，整合遊戲對你們來說似乎是一個不錯的變化。我知道，安妮，你在上個季度提到過你們在 C 級的參與度更高。

So can you talk a little bit more about those vendor consolidation wins you guys have had? Are they seat expansion that's coming at the expense of other vendors as people kind of do the same thing that Tim mentioned he's doing, which is rationalizing vendors? And are these C-level decisions, are they influenced by sort of the bottoms-up strength that you guys have with users? Talk a little bit more about those consolidation wins. And then I just had a quick follow-up.

那麼，您能否多談談你們獲得的那些供應商整合勝利？他們是否以犧牲其他供應商為代價來擴大席位，因為人們做的事情與 Tim 提到的他正在做的事情是一樣的，這就是使供應商合理化？這些 C 級決策是否受到你們與用戶之間自下而上的力量的影響？多談談那些整合的勝利。然後我進行了快速跟進。

Rob, thanks so much for your question. So yes, we're seeing consolidation wins for Asana, especially as CIOs are looking to drive consistency across our organizations and reduce the total number of applications that they're supporting.

羅伯，非常感謝你的問題。所以，是的，我們看到了 Asana 的整合勝利，尤其是當首席信息官希望推動我們組織的一致性並減少他們支持的應用程序總數時。

So a couple of factors in our favor specifically are our proven ability to scale to over 150,000 seats and growing and then the power of our Work Graph architecture, which really allows these organizations to consolidate multiple divisions or functions. And to your point, it's really driven by the strong usage and the love for the product that exists in the organization.

因此，有幾個對我們特別有利的因素是我們經過驗證的擴展到超過 150,000 個席位並不斷增長的能力，然後是我們工作圖架構的強大功能，它真正允許這些組織整合多個部門或職能。就您而言，它確實是由組織中存在的產品的強大使用和熱愛所驅動的。

A few other things that we've been seeing, our Goals product enables executives to connect the company's top priorities to all the work that's necessary to achieve those priorities. And so they can do that all in Asana. The majority of our $100,000 plus customers are using Goals and 90-plus percent of those are using Goals connected to the underlying work. So we're seeing that in this environment be especially valuable and impactful.

我們已經看到的其他一些事情是，我們的目標產品使高管能夠將公司的首要任務與實現這些優先任務所需的所有工作聯繫起來。所以他們可以在 Asana 中做到這一切。我們 100,000 美元以上的客戶中的大多數都在使用目標，其中 90% 以上的客戶都在使用與基礎工作相關的目標。所以我們看到，在這種環境下，它特別有價值和有影響力。

Great. That's helpful. I appreciate that. And then, Tim, just one for you. I really appreciate the color around your thoughts relative to the cadence of the guidance through the year with Q1 obviously being strong, but it sounds like you're giving yourself some room there on the ramp with some of the new managers. Is headcount -- how is headcount relative to where you think it needs to be on that guidance, both sales headcount and sort of general headcount within the firm?

偉大的。這很有幫助。我很感激。然後，蒂姆，給你一個。我真的很欣賞你的想法與全年指導節奏相關的顏色，第一季度顯然很強勁，但聽起來你正在為一些新經理在坡道上留出一些空間。員工人數 - 員工人數與您認為該指導所需的位置相關，包括銷售人數和公司內的一般人數？

Yes. I would say just from a headcount perspective, we're pretty comfortable with where we're at right now. To the degree that -- as we get through -- as we look throughout the year, we'll be looking for signs where we can invest. So to the degree that pipeline is stronger than our expectation, productivity is increasing, deal cycle time is decreasing, so all those things will kind of inform us on how fast we want to grow our heads.

是的。我想說的是，從員工人數的角度來看，我們對目前所處的位置非常滿意。在某種程度上——當我們度過難關時——正如我們全年所看到的那樣，我們將尋找可以投資的跡象。因此，在某種程度上，管道比我們預期的要強大，生產力在提高，交易週期在縮短，所以所有這些都會告訴我們我們想要多快成長。

But at this point, I think we're fairly comfortable with what we have. We want to demonstrate leverage in the business. Even if you look at our guidance, our operating margins are going to improve by about 50% year-on-year. So I think it's -- those are all progress that we want to make sure that we're delivering, and we'll be very mindful of kind of throughout the year.

但在這一點上，我認為我們對我們擁有的東西相當滿意。我們想展示在業務中的影響力。即使您查看我們的指引，我們的營業利潤率也將同比提高約 50%。所以我認為這是 - 這些都是我們想要確保我們正在交付的所有進展，我們將在全年中非常注意這種情況。

The next question comes from Brent Bracelin of Piper Sandler.

下一個問題來自 Piper Sandler 的 Brent Bracelin。

I guess love to see the focus on the enterprise and some of these multiyear deals. Maybe for Anne or Tim, on the NRR, even with some of the multiyear deals, that NRR rate did downtick. It's a little bit lagging because it's trailing 12 months, but it did downtick.

我想很高興看到對企業的關注以及其中一些多年期交易。也許對於安妮或蒂姆來說，在 NRR 上，即使有一些多年期交易，NRR 利率確實下降了。它有點滯後，因為它落後 12 個月，但確實有所下降。

How much of that is -- and the slowdown there is tied to just the macro slowing the pace of expansions across the base of it. Sounds like 15,000 enterprises. Or are you also seeing a drag or seat contraction with some of the broader layoffs that we're seeing in the tech space?

其中有多少 - 那裡的放緩僅與宏觀經濟放緩其基礎上的擴張步伐有關。聽起來像 15,000 家企業。或者你是否也看到了我們在科技領域看到的一些更廣泛的裁員帶來的拖累或席位收縮？

Just trying to parse out what those drags are you're seeing. I understand it's still very healthy but in period, certainly downticked. And I'd love to have a better explanation on what's contributing to those -- that downtick in NRR.

只是試圖解析出您所看到的那些阻力。我知道它仍然非常健康，但在一定時期內，肯定會下降。我很想對造成這些影響的因素做出更好的解釋——NRR 的下降。

Yes, sure. This is Tim, Brent. So I would say -- the color I would add to that is the NRR downtick is driven really by 2 things. It's really driven by expansions being lower than historic, primarily because companies aren't hiring as fast. And then the other piece is some downgrades within the -- some of our customers, particularly in tech, who many of you know, have had layoffs.

是的，當然。這是蒂姆，布倫特。所以我想說——我要添加的顏色是 NRR 下降實際上是由兩件事驅動的。這實際上是由低於歷史水平的擴張所推動的，主要是因為公司招聘的速度沒有那麼快。然後另一部分是內部的一些降級 - 我們的一些客戶，特別是你們中的許多人都知道的科技客戶已經裁員。

But when I look at the logo churn, those remain healthy, especially around our $50,000 and $100,000 customers. There's virtually 0 churn or logo churn within those customer base. So I think like in the short term, companies are kind of essentially kind of hunkering down a bit in terms of their spend, but they're still deploying more seats. And to the degree that some of the companies that may have overhired and have had layoffs, we do see downgrades with that customer cohort. But when we like look at the data, the logo churn is healthy.

但當我查看徽標流失時，它們仍然很健康，尤其是在我們 50,000 美元和 100,000 美元的客戶周圍。這些客戶群中幾乎有 0 個流失或徽標流失。所以我認為，從短期來看，公司在支出方面基本上有點縮水，但他們仍在部署更多席位。就某些可能過度僱用和裁員的公司而言，我們確實看到該客戶群的降級。但是當我們喜歡查看數據時，徽標流失是健康的。

And for those companies that haven't had layoffs, some of these consolidation plays, those are all seat expansions.

對於那些沒有裁員的公司，其中一些整合活動，都是席位擴張。

Great. My last follow-up here is for Dustin. Now that ChatGPT has an API released, how quickly do you plan to test and trial and embrace some of these LOMs -- or transformers out there?

偉大的。我在這裡的最後一次跟進是針對達斯汀的。現在 ChatGPT 已經發布了一個 API，您計劃多快測試和試用並接受其中的一些 LOM - 或那裡的轉換器？

Yes, this is Dustin. Definitely intend to test them right away. We've been prototyping things, but I don't have anything to announce in terms of when we'll have customer availability on any of that.

是的，這是達斯汀。絕對打算立即測試它們。我們一直在製作原型，但關於我們何時可以讓客戶使用這些東西，我沒有任何要宣布的。

The next question is from Alex Zukin of Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

So on those math questions I promised, I guess, first, around the NRR, Tim, with the commentary about customers in tech verticals kind of downshifting or rightsizing, how long do you expect those trends to last?

因此，關於我承諾的那些數學問題，我猜，首先，圍繞 NRR，蒂姆，隨著對技術垂直行業客戶的評論降檔或調整規模，你預計這些趨勢會持續多久？

And I guess the key question being, given it's a trailing 4-quarter metric, it's exiting the year clearly lower than 115% in aggregate. Where do you -- where kind of is the confidence interval around where it troughs? And when do you feel like you're going to be through the anniversarying of the primary cohorts that are downshifting? And then I've got a quick follow-up on just the revenue breakout for $5,000 up and $5,000 below.

我想關鍵問題是，考慮到這是一個落後的 4 季度指標，它今年的總體增長率明顯低於 115%。你在哪裡 - 它低谷附近的置信區間是什麼樣的？你覺得你什麼時候才能度過那些正在降檔的主要群體的周年紀念日？然後我對收入突破 5,000 美元和低於 5,000 美元進行了快速跟進。

Yes. Sure, Alex. I think like when I -- when you kind of look at the NRR, I would say we will see some continued compression because it is a 4-quarter trailing number. But I would expect kind of Q3 and Q4 of this year to be -- to provide some better comps for us on that NRR because it's kind of -- Q3 and Q4 was when we started to see a lot more of the tech verticals start rightsizing and having more layoffs. So that's kind of the timing in terms of the NRR, Alex.

是的。當然，亞歷克斯。我想當我——當你看 NRR 時，我會說我們會看到一些持續的壓縮，因為它是一個四分之一的尾隨數字。但我希望今年的第三季度和第四季度能夠在 NRR 上為我們提供一些更好的補償，因為它有點——第三季度和第四季度是我們開始看到更多垂直技術開始調整規模的時候並有更多的裁員。所以這就是 NRR 方面的時間安排，亞歷克斯。

Got it. And then, I guess, to the comments that you've made around being a little bit more conservative in your assumptions and giving the new sales heads time to ramp, looking for a CRO, that all makes sense. If -- should we assume that for the year revenue from the -- for customers that are spending over $5,000, does that go into the high 70s as a percentage of total? Because when you model it out, it still looks like even that cohort is going to dip to the low 20s percent growth. So just help us a little bit understand what's happening there and again, when that also kind of could start to bottom.

知道了。然後，我想，對於您在假設中稍微保守一點並給新的銷售主管時間來提升速度、尋找 CRO 所做的評論，這一切都是有道理的。如果——我們是否應該假設，對於消費超過 5,000 美元的客戶，這一年的收入佔總收入的百分比是否達到 70 多歲？因為當你對其進行建模時，看起來即使是那個群體也會下降到 20% 的低增長率。因此，請幫助我們了解那裡又一次發生的事情，當這種情況也可能開始觸底時。

Yes. I think -- no, great question, Alex. I think you're referring to the number being in the low 20s, right? So the way to think about it is we're going to focus much more on the $50,000 and $100,000 cohort customers and pushing for much more moving upmarket than even just like slightly above $5,000 or the $5,000 to $10,000.

是的。我想——不，好問題，亞歷克斯。我想你指的是 20 多歲左右的數字，對吧？因此，考慮它的方式是，我們將更多地關注 50,000 美元和 100,000 美元的同類客戶，並推動更多的高端市場，而不是略高於 5,000 美元或 5,000 美元至 10,000 美元的客戶。

so I do think like, in aggregate, the $5,000 and above will continue to trend north as a percentage of our revenue, probably closer to like between 78% and 80% as a percent of our total revenue over time. But the focus is moving even kind of more upmarket towards $100,000 type of customers.

所以我確實認為，總的來說，5,000 美元及以上的收入占我們收入的百分比將繼續呈上升趨勢，隨著時間的推移，占我們總收入的百分比可能接近 78% 至 80%。但重點正在向更高檔的 100,000 美元類型的客戶轉移。

The next question comes from George Iwanyc of Oppenheimer.

下一個問題來自 Oppenheimer 的 George Iwanyc。

And maybe following up on your comments on Goals, can you give us a sense of what you're seeing from workflow builder and automation and how that's helping with the consolidation activity you're seeing?

也許跟進您對目標的評論，您能否讓我們了解您從工作流構建器和自動化中看到的內容，以及它如何幫助您看到的整合活動？

Yes, George, thanks so much for that question. Maybe a good way to answer that is just an example with a customer that did consolidate. So a leading global vacation rental platform consolidated last quarter on Asana to really enable every employee to have a single, consistent place to collaborate and drive improved productivity and execution, and they've gone remote first.

是的，喬治，非常感謝你提出這個問題。也許一個很好的回答方法就是以一個確實進行了整合的客戶為例。因此，一個領先的全球度假租賃平台上個季度在 Asana 上進行了整合，真正讓每位員工都能擁有一個單一、一致的協作場所，並推動提高生產力和執行力，而他們首先採用了遠程辦公。

So the rules, the automation, the workflows are really helping to make sure that there's no more siloed work for them, that there's improved accountability, and it's also providing more time for their teams to focus on innovation and improving customer experience for their millions of global customers. And so in fact, they have a dedicated center of excellence and an internal team partnering with our account team to really make sure they're making the most of every aspect of Asana.

因此，規則、自動化和工作流程確實有助於確保他們不再有孤立的工作，提高了問責制，並且還為他們的團隊提供了更多時間專注於創新和改善數百萬客戶的客戶體驗全球客戶。所以事實上，他們有一個專門的卓越中心和一個與我們的客戶團隊合作的內部團隊，以真正確保他們充分利用 Asana 的各個方面。

So we see those features all coming together. And now since their entire organization is on Asana, the ability to then implement and connect all of their company goals down all the way through the organization to an individual level, so the employees can come in and know exactly what matters and how their work connects to their company goals. And that's especially important for this organization, again, because all employees are completely distributed around the world. And so they're all just collaborating through technology and through Asana with one another.

因此，我們看到這些功能全部融合在一起。現在，由於他們的整個組織都在 Asana 上，因此能夠通過組織一直實施和連接所有公司目標，直至個人層面，因此員工可以進來並確切地知道什麼是重要的，以及他們的工作是如何联繫起來的到他們的公司目標。這對這個組織來說尤其重要，因為所有員工都完全分佈在世界各地。因此，他們都只是通過技術和 Asana 相互協作。

And following up on that, with all the sales changes you're making, can you give us some perspective on what you're doing with the channel and system integrators?

接下來，隨著你所做的所有銷售變化，你能給我們一些關於你與渠道和系統集成商所做的事情的看法嗎？

Yes, absolutely. So the way that we think about channel and then partners overall is because our focus is on growing with enterprise customers in our priority markets. We really want to ensure we're building those relationships in a really strategic way.

是的，一點沒錯。因此，我們考慮渠道和整體合作夥伴的方式是因為我們的重點是在我們的優先市場中與企業客戶一起成長。我們真的想確保我們以一種真正具有戰略意義的方式建立這些關係。

So for enterprise customers, strong partnerships with SIs and service partners actually are important as well as our deep partnerships with best-of-breed software companies. Those are really important for our enterprise customers. With our channel partners, we really see them as important to helping us extend our reach in markets where we're still early and don't have our sales teams on the ground. So that's the way that we're approaching not just our channel strategy, but our overall partner strategy.

因此，對於企業客戶而言，與 SI 和服務合作夥伴建立牢固的合作夥伴關係以及我們與同類最佳軟件公司的深度合作夥伴關係實際上很重要。這些對我們的企業客戶來說非常重要。對於我們的渠道合作夥伴，我們真的認為他們對於幫助我們擴大我們在我們還處於早期階段並且沒有我們的銷售團隊的市場的影響力非常重要。因此，這就是我們不僅要處理我們的渠道戰略，還要處理我們的整體合作夥伴戰略的方式。

The next question comes from Robert Simmons of D.A. Davidson.

下一個問題來自 D.A. 的羅伯特西蒙斯。戴維森。

First, I was wondering, could you give us a little bit of a preview on what collaborative intelligence is? Or is that too early for that?

首先，我想知道，您能否給我們簡要介紹一下協作智能是什麼？還是現在還為時過早？

Yes, absolutely. We're really excited about the event coming up. We've made a lot of progress over the years in getting our customers to put their projects and portfolios and workflows into Asana. And collaborative intelligence is really about aggregating the information that we see across those and giving leaders and executives more of that tops-down view on how work is progressing.

是的，一點沒錯。我們對即將舉行的活動感到非常興奮。多年來，我們在讓客戶將他們的項目、投資組合和工作流程放入 Asana 方面取得了很大進展。協作智能實際上是關於匯總我們在這些信息中看到的信息，並為領導者和高管提供更多關於工作進展情況的自上而下的觀點。

So it really enables them to identify collaboration hotspots and make better, faster data-driven decisions. So really excited about that. And we've been talking about AI a lot today. This is kind of like Asana intelligence, a different version of AI, but it's also collaborative intelligence because, really, everyone is inputting their own view of the Work Graph, but we're able to provide views and insights that really take all those bits of information and put them into more of a coherent story.

因此，它確實使他們能夠識別協作熱點並做出更好、更快的數據驅動決策。對此真的很興奮。我們今天一直在談論人工智能。這有點像 Asana 智能，AI 的不同版本，但它也是協作智能，因為實際上每個人都在輸入他們自己對工作圖的看法，但我們能夠提供真正吸收所有這些信息的觀點和見解的信息，並將它們放入更連貫的故事中。

Got it. That makes sense. And then kind of read between the lines in some of your comments, would it be fair to characterize the quarter as maybe a bit weaker on the SMB side but actually pretty solid for your larger accounts customers relatively speaking?

知道了。這就說得通了。然後仔細閱讀您的一些評論，將本季度描述為 SMB 方面可能有點疲軟但實際上相對來說對於您的大客戶客戶來說相當穩固是否公平？

Yes. Yes, Robert. I think that's a fair statement.

是的。是的，羅伯特。我認為這是一個公平的說法。

The next question comes from Steve Enders of Citi.

下一個問題來自花旗銀行的史蒂夫恩德斯。

All right. Great. I guess I want to dig in a little bit about the -- some of the comments in the -- on the go-to-market side, talking about trying to drive 20% better kind of rep productivity kind of through the year. So I guess how are you kind of thinking about the biggest levers that you can you can pull to be able to achieve that and the changes being made on that front? And then, I guess, for Tim, how are you kind of contemplating the productivity changes in the guide and the outlook here?

好的。偉大的。我想我想深入了解一下——在進入市場方面的一些評論，談論試圖在一年中提高 20% 的代表生產力。所以我想你是如何考慮你可以拉動的最大槓桿來實現這一目標的，以及在這方面所做的改變？然後，我想，對於 Tim，您如何看待指南中的生產力變化和此處的前景？

Yes, thanks so much. I appreciate you asking that and on productivity specifically. So there's a couple of factors contributing to sales productivity. The first is about 1/4 of our sales team is still ramping. And the second is that the reduction in force we implemented in November did impact productivity as managers and teams have adjusted to those changes.

是的，非常感謝。感謝您提出這個問題，特別是關於生產力的問題。因此，有幾個因素會影響銷售效率。首先是我們大約 1/4 的銷售團隊仍在增加。第二，我們在 11 月實施的裁員確實影響了生產力，因為經理和團隊已經適應了這些變化。

So our focus now really is on investing in several areas, certainly, the infrastructure, the tools and training needed to deliver repeatable and predictable lands and expands especially in our larger accounts. So that's a lot about enablement. It's also about our partnership internally with our enterprise technology team, investments in RevOps.

因此，我們現在的重點實際上是投資幾個領域，當然是提供可重複和可預測的土地所需的基礎設施、工具和培訓，尤其是在我們的大客戶中。所以這與支持有關。這也是關於我們與企業技術團隊的內部合作夥伴關係，以及對 RevOps 的投資。

So it's all of that geared towards our enterprise selling motion. And we're excited about the early traction on that front, but know that we have a lot of work to do. So those are the areas that we are really focusing on.

所以這一切都是為了我們的企業銷售活動。我們對這方面的早期牽引力感到興奮，但我們知道我們還有很多工作要做。所以這些是我們真正關注的領域。

Yes. In terms of the guide, I would say, in Anne's comments, I'm not sure if you all heard it, but we really talked about that 20% ramping at the end. So you can think of it as we're making progress throughout the year. But I would say, to the degree that the reps actually -- that our productivity and we hit that 20% early in the year, that would probably be upside to the model.

是的。就指南而言，我想說，在 Anne 的評論中，我不確定你們是否都聽到了，但我們確實在最後談到了 20% 的提升。所以你可以把它想像成我們全年都在取得進展。但我要說的是，就代表的實際程度而言——我們的生產力和我們在年初達到了 20%，這可能對模型有利。

The next question comes from Fred Lee of Credit Suisse.

下一個問題來自瑞士信貸的 Fred Lee。

It's very encouraging to see the significant increase in incremental margins in the quarter and also implied in the guide. Tim, you talked about evaluating every investment to prioritize ROI -- high ROI investments with shorter payback periods. Can you tell us a little bit about some of those high-priority investments that make the cut and some of the projects that take a back seat?

看到本季度增量利潤率的顯著增長以及指南中的暗示，這是非常令人鼓舞的。蒂姆，你談到評估每項投資以優先考慮投資回報率——回報期較短的高投資回報率投資。你能告訴我們一些關於那些削減成本的高優先級投資和一些退居二線的項目嗎？

Yes. I mean I think at a very high level, it's really kind of looking at our customer base and where we have penetration and the size of their employee base and where we think we can really make progress with those accounts versus smaller accounts where you may be capped at in terms of the number of employees.

是的。我的意思是，我認為在一個非常高的層次上，它真的是在看我們的客戶群，我們的滲透率和他們的員工基礎的規模，以及我們認為我們可以在這些客戶與您可能所在的較小客戶方面真正取得進展的地方以員工人數為上限。

So even when you break out the NRR, you can really see the difference between the downgrade and the churn in the smaller paying customers, the SMB and the VSP, and then the higher paying accounts, which are -- in many times, are kind of the enterprise customers, where you don't see logo churn and you really see more seat expansion. So I would say that's an area where we've done a lot of focus and kind of shifted our -- both our marketing spend and our sales capacity and trying to move more upmarket.

因此，即使你打破了 NRR，你也能真正看到降級和流失之間的區別，在較小的付費客戶、SMB 和 VSP 中，然後是較高的付費客戶——在很多時候，它們是善良的在企業客戶中，您看不到徽標流失，而且確實看到了更多的席位擴展。所以我想說這是一個我們已經做了很多關注的領域，並且有點改變了我們的營銷支出和銷售能力，並試圖向更高端的市場轉移。

And this is Dustin. I would just add, there's also a regional angle to this. So we have different sort of CAC payback and LTV by country, and we focused a little more on where we already have strength in the market and where the market is just a stronger economy and more buying power. And so we've shifted some of our attention more into our Tier 1, Tier 2 markets and less in emerging markets.

這是達斯汀。我只想補充一點，這還有一個區域角度。因此，我們在不同國家/地區有不同類型的 CAC 回報和 LTV，我們更多地關注我們在市場上已經有實力的地方以及市場只是更強大的經濟和更大的購買力。因此，我們將一些注意力更多地轉移到我們的一級、二級市場，而不是新興市場。

The next question comes from Jason Celino of KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Jason Celino。

Just one question, and maybe I'll just ask it plainly. But it sounds like you've built in some conservatism on the revenue guidance. How should we think about the conservatism or the aggressiveness of the operating margin framework given the -- so much improvement you're expecting?

只有一個問題，也許我會直接問。但聽起來你在收入指導上建立了一些保守主義。考慮到您期望的如此大的改進，我們應該如何考慮運營利潤率框架的保守主義或激進主義？

I would say we're committed to delivering free cash flow before the end of calendar '24. We've made vast improvements in terms of the operating margin guide. And hopefully, we'll continue to underpromise and overdeliver for you guys. That's kind of how I would characterize the guidance.

我會說我們致力於在日曆 '24 結束之前提供自由現金流。我們在營業利潤率指南方面取得了巨大的進步。希望我們會繼續為你們承諾不足和超額交付。這就是我描述指南的方式。

And our last question comes from the line of Shebly Seyrafi of FBN Securities.

我們的最後一個問題來自 FBN Securities 的 Shebly Seyrafi。

So can you talk about the linearity during the quarter? I noticed that receivables grew by 39% sequentially, much more than the 6% revenue growth. How is like January versus December? And how is February -- which also passed, how was it versus January?

那麼你能談談本季度的線性度嗎？我注意到應收賬款環比增長了 39%，遠高於 6% 的收入增長。 1 月與 12 月相比如何？ 2 月如何 - 也過去了，與 1 月相比如何？

Yes. December is an odd one to compare to primarily because of the holidays, but we certainly had a very, I would say, a solid finish to the fiscal year. And I think I would tell you we're encouraged by what we're seeing right now with the conversations we're having with customers in February.

是的。十二月是一個奇怪的比較，主要是因為假期，但我想說，我們確實有一個非常穩固的財年結束。我想我會告訴你，我們在 2 月份與客戶進行的對話中看到的情況讓我們感到鼓舞。

Okay. And also, it's -- your seat growth was, according to my model, like 33%. Am I in the right ballpark? That was much more than your customer growth. And importantly, in my model at least, your price per seat was flat year-to-year. And I'm wondering whether you're modeling flat, up or down in '24 for price per seat.

好的。而且，根據我的模型，你的座位增長大約是 33%。我在正確的球場嗎？這遠遠超過您的客戶增長。重要的是，至少在我的模型中，每個座位的價格同比持平。我想知道您在 24 年的每個座位價格上是持平、上漲還是下跌。

Yes. I would say your model is not too far off in terms of seat -- I think we've talked on the call and even with -- when we've done in-person meeting that the focus is seat deployment and getting as many seats as possible within these large enterprises and that, over time, we view price as just another lever for growth and moving those customers up as we deliver more value. So you're not too far off in terms of how you're thinking about the business and how you should model it.

是的。我想說你的模型在座位方面並沒有太大偏差——我想我們已經在電話中甚至與——當我們完成面對面的會議時，重點是座位部署和獲得盡可能多的座位在這些大型企業中盡可能做到這一點，隨著時間的推移，我們將價格視為增長的另一個槓桿，並在我們提供更多價值時提升這些客戶。因此，就您對業務的思考方式以及應該如何對其進行建模而言，您並沒有太大的偏差。

And with that, we will conclude our question-and-answer session of today's call. I would now like to hand the call back over to the management team for closing remarks.

至此，我們將結束今天電話會議的問答環節。我現在想將電話轉回給管理團隊以作結束語。

Thanks so much. Just a final thank you to everybody joining the call today. I know it's a busy season. We look forward to seeing you out on the road this quarter, and thanks again.

非常感謝。最後感謝今天加入電話會議的所有人。我知道這是一個繁忙的季節。我們期待在本季度與您相見，再次感謝您。

And with that, we will conclude today's call. Thank you for participating, and you may now disconnect your line.

至此，我們將結束今天的電話會議。感謝您的參與，您現在可以斷開您的線路。