Asana Inc (ASAN) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to Asana's Second Fiscal Year 2024 Earnings Call. (Operator Instructions) I would now like to hand the call over to Catherine Buan, Head of Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加 Asana 2024 年第二財年收益電話會議。 （操作員指示）我現在想將電話轉給投資者關係主管 Catherine Buan。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana's Second Quarter Fiscal Year 2024. With me on today's call are Dustin Moskovitz, Asana's Co-Founder and CEO; and Anne Raimondi, our Chief Operating Officer and Head of business; and Tim Wan, our Chief Financial Officer. Today's call will include forward-looking statements, including statements regarding our expectations for free cash flow, our financial outlook, strategic plans, market position and growth opportunities.

下午好，感謝您參加今天的電話會議，討論Asana 2024 年第二季度財年的財務業績。與我一起參加今天電話會議的有Asana 聯合創始人兼首席執行官達斯汀·莫斯科維茨(Dustin Moskovitz)；以及我們的首席運營官兼業務主管 Anne Raimondi；以及我們的首席財務官 Tim Wan。今天的電話會議將包括前瞻性聲明，包括有關我們對自由現金流的預期、財務前景、戰略計劃、市場地位和增長機會的聲明。

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 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.

前瞻性陳述涉及風險、不確定性和假設，可能導致我們的實際結果與前瞻性陳述明示或暗示的結果存在重大差異。請參閱我們向SEC 提交的文件，包括我們最新的10-K 表年度報告和10-Q 表季度報告，了解可能導致實際結果與此類報告中規定的結果存在重大差異的風險、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. 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. And with that, I'd like to turn the call over to Dustin.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。這些非公認會計原則財務指標是對根據公認會計原則編制的財務業績指標的補充，而不是替代或優於這些指標。我們的收益報告中提供了GAAP 和非GAAP 財務指標之間的對賬，以及使用非GAAP 指標與最接近的GAAP 同等指標的局限性的討論，該報告發佈在我們的投資者關係網頁Investors.asana .com 上。說到這裡，我想把電話轉給達斯汀。

Thank you, Catherine, and thank you all for joining us on the call today. We reported Q2 results beating top and bottom line expectations. Q2 revenues grew 20% year-over-year as we continue to close large deals in the enterprise segment. Non-GAAP operating margins improved 40 percentage points year-over-year, while we attained positive free cash flow in the quarter at $14.6 million. Our growth continues to be fueled by some of the largest and most strategic companies in the world choosing Asana.

謝謝凱瑟琳，也感謝大家今天加入我們的電話會議。我們報告的第二季度業績超出了頂線和底線預期。隨著我們繼續完成企業領域的大型交易，第二季度收入同比增長 20%。非 GAAP 營業利潤率同比提高 40 個百分點，同時我們在本季度實現了 1,460 萬美元的正自由現金流。全球一些最大、最具戰略意義的公司選擇 Asana，繼續推動我們的增長。

In Q2, we closed and expanded deals across industries such as manufacturing, professional services, health care, logistics, media and financial services. Our most strategic customers are modernizing the way they work and they're turning to Asana for work management at scale. And as we look toward the next generation of work management and implement AI even further, these relationships will be increasingly valuable. Even with continued macro headwinds and heightened budget scrutiny in the enterprise, sentiment seems to be stabilizing. Customers are looking for ways to consolidate their vendors, getting more ROI out of everything they're doing, and they're turning to Asana. Asana can help to achieve their goals and objectives more efficiently and faster than ever before. In fact, we've seen an increase in multiyear commitments, both year-over-year and sequentially in the quarter.

第二季度，我們完成並擴大了製造業、專業服務、醫療保健、物流、媒體和金融服務等行業的交易。我們最具戰略意義的客戶正在實現他們的工作方式現代化，並轉向 Asana 進行大規模工作管理。隨著我們展望下一代工作管理並進一步實施人工智能，這些關係將變得越來越有價值。儘管宏觀逆風持續存在，企業預算審查加強，但市場情緒似乎正在趨於穩定。客戶正在尋找方法來整合他們的供應商，從他們所做的一切中獲得更多的投資回報率，他們正在轉向 Asana。體式可以幫助他們比以往更有效、更快地實現目標。事實上，我們已經看到多年期承諾的增加，無論是同比還是本季度環比。

In Q2, we made great progress on improving our non-GAAP operating margins. We expect significant improvement in non-GAAP operating margin year-over-year for the full year as we focus on operational efficiency and growth, which Tim will talk about more. In the first half of the year, we've been working through the macro headwinds, and we continue to focus on our enterprise playbook, improving sales execution and building substantial enterprise leadership, most recently announcing the arrival of our new CRO, Ed McDonnell. I'd be remiss to start with anything but artificial intelligence, given the opportunity it presents for Asana and our customers.

第二季度，我們在提高非公認會計原則營業利潤率方面取得了巨大進展。我們預計全年非公認會計準則營業利潤率將同比顯著改善，因為我們專注於運營效率和增長，蒂姆將對此進行更多討論。今年上半年，我們一直在應對宏觀逆風，我們繼續專注於我們的企業策略，提高銷售執行力並建立實質性的企業領導力，最近宣布了我們新任 CRO Ed McDonnell 的到來。考慮到人工智能為 Asana 和我們的客戶帶來的機會，如果我不從人工智能入手，那就太失職了。

So let me jump right in. In short, I'm extremely excited. I've been deeply involved and passionate about AI for a very long time. Asana has the good fortune of sharing a backyard with many of the leaders in AI, including companies like Anthropic and OpenAI. And I personally have been embedded in this community and working with these companies since their founding days as an early supporter of both OpenAI and Anthropic. AI really entered and captured people's imaginations in November of last year with the launch of ChatGPT. But as the novelty for some has worn out, so is their enthusiasm. My view is that people aren't thinking big enough. And they're underestimating how quickly the foundation models themselves will improve.

那麼讓我直接開始吧。簡而言之，我非常興奮。很長一段時間以來，我一直對人工智能有著深入的了解和熱情。 Asana 有幸與人工智能領域的許多領導者共享後院，其中包括 Anthropic 和 OpenAI 等公司。作為 OpenAI 和 Anthropic 的早期支持者，我個人自這些公司成立之日起就融入了這個社區並與他們合作。隨著去年 11 月 ChatGPT 的推出，人工智能真正進入並激發了人們的想像力。但隨著一些人的新鮮感逐漸消失，他們的熱情也隨之消失。我的觀點是，人們的想法不夠遠大。他們低估了基礎模型本身的改進速度。

I believe chatbots are just demos. They're not really the end game. And the real potential of AI is going to manifest when it gets deeply integrated into other software, making it possible for end users to get great results without themselves becoming prompt engineers and for developers to radically accelerate their productivity. There's also a lot of skepticism around AI that I understand and acknowledge. Many folks have rightly called out the hallucination or black box problems. Folks just don't trust that AI is providing accurate or useful guidance all of the time.

我相信聊天機器人只是演示。他們並不是真正的最終遊戲。當人工智能深入集成到其他軟件中時，它的真正潛力就會顯現出來，使最終用戶無需成為快速工程師即可獲得出色的結果，並使開發人員能夠從根本上提高生產力。我理解並承認，人們對人工智能也存在很多懷疑。許多人正確地指出了幻覺或黑匣子問題。人們只是不相信人工智能一直在提供準確或有用的指導。

They want to be able to trust that they're getting good recommendations, which means they need to understand the thinking process and assumptions that underlie them. Encountering the now infamous hallucinations erodes trust, especially when you can't trace how the AI came up with it in the first place. We've been architecting Asana's Work Graph data model for over a decade, and we believe that it will become increasingly valuable in this AI-powered future, thanks to what it allows us to achieve with Asana Intelligence.

他們希望能夠相信自己得到了好的建議，這意味著他們需要了解其背後的思維過程和假設。遭遇現在臭名昭著的幻覺會侵蝕信任，尤其是當你無法追踪人工智能最初是如何想出它的時候。十多年來，我們一直在構建 Asana 的工作圖數據模型，我們相信，由於它使我們能夠通過 Asana Intelligence 實現目標，它在人工智能驅動的未來中將變得越來越有價值。

The Work Graph ensures that you have a single source of truth for work data. structured in a way that it's scalable and maps to how work actually gets done inside organizations. With the Work Graph, data is connected across the whole enterprise, work, functions, teams and people. And this data connection is powerful because it captures the sum and the parts. AI can use the underlying pieces of the work to more accurately draw conclusions at multiple levels of altitude. And with the Asana Work Graph, we believe we're best positioned in the work management category to solve the blackbox problem because we can show its work and unpack its assumptions from facts and analysis of the work across all teams at all levels of granularity.

工作圖可確保您擁有工作數據的單一真實來源。以可擴展的方式構建，並映射到組織內部工作的實際完成方式。通過工作圖，數據可以在整個企業、工作、職能、團隊和人員之間連接起來。這種數據連接非常強大，因為它捕獲了總和和部分。人工智能可以利用工作的基礎部分在多個高度水平上更準確地得出結論。通過 Asana Work Graph，我們相信我們最適合在工作管理類別中解決黑盒問題，因為我們可以展示其工作並從事實和對所有團隊各個粒度級別的工作分析中解開其假設。

Here's a tangible example. Let's say, a company is preparing for a global product launch and multiple teams across R&D, marketing, product marketing and sales are involved. Each have their own projects and work streams that support the overall launch effort and each lives in one portfolio of work in Asana. Asana Intelligence will be able to analyze all elements of the work supporting the product launch and flag key risks and bottlenecks using granular information from supporting tasks.

這是一個具體的例子。假設一家公司正在準備全球產品發布，涉及研發、營銷、產品營銷和銷售等多個團隊。每個人都有自己的項目和工作流程來支持整體發布工作，並且每個人都生活在 Asana 的一個工作組合中。 Asana Intelligence 將能夠分析支持產品發布的工作的所有要素，並使用來自支持任務的詳細信息來標記關鍵風險和瓶頸。

Before these hidden blockers would have been a blind spot for the organization and would have taken many conversations to uncover. But now with the Work Graph and AI, this can be surfaced immediately and Asana Intelligence will help show its work by pointing how it came to that conclusion based on the work data and the work relationships at its disposal. Asana will highlight where and how this unseen but critical dependency will impact launch time lines visually. The Work Graph makes how work gets done in your organization, highly legible to the AI, but it's also going to make the AI's underlying assumptions to its conclusions, legible to your organization and the people within it.

在此之前，這些隱藏的攔截器將成為組織的盲點，需要進行多次對話才能發現。但現在有了工作圖和人工智能，這可以立即浮出水面，Asana Intelligence 將通過指出它是如何根據工作數據和可用的工作關係得出這一結論來幫助展示其工作。 Asana 將強調這種看不見但關鍵的依賴關係將在何處以及如何在視覺上影響發佈時間線。工作圖使你的組織中的工作如何完成，對人工智能來說非常清晰，但它也將使人工智能對其結論的基本假設對你的組織和其中的人員清晰可見。

This is critical for key enterprise requirements like permissions, access control and accountability. Asana intelligence powered by the Work Graph will serve as a shared map that helps align human intention with AI guidance as they work together to achieve customer's goals. We believe Asana is the only work management platform built for enterprise scale with proven capabilities of scaling to 200,000 seats and company-wide deployments and our enterprise customers agree.

這對於權限、訪問控制和責任等關鍵企業需求至關重要。由工作圖支持的 Asana 智能將充當共享地圖，幫助將人類意圖與人工智能指導結合起來，共同實現客戶的目標。我們相信 Asana 是唯一專為企業規模構建的工作管理平台，具有可擴展到 200,000 個席位和全公司範圍部署的成熟能力，我們的企業客戶也同意這一點。

As Asana adoption grows across the enterprise, the value we provide increases. And the cross-functional nature of the Work Graph data model is even more important with AI because information silos isolate contacts that could otherwise be used. Even if you use AI to find the context in another silo, you have to infer how they're connected, whereas the relationship is explicit in the Work Graph data model. AI gives us yet another way of giving customers increasing returns to scale and nurse on adoption.

隨著 Asana 在整個企業中的採用率不斷提高，我們提供的價值也在增加。工作圖數據模型的跨功能性質對於人工智能來說更為重要，因為信息孤島隔離了原本可以使用的聯繫人。即使您使用人工智能在另一個孤島中查找上下文，您也必須推斷它們是如何連接的，而工作圖數據模型中的關係是明確的。人工智能為我們提供了另一種方式，為客戶提供規模收益遞增和採用的培育。

Asana will capitalize on an enterprises' Work Graph to deliver a more useful, accurate and insightful user experience at every level, especially the executive level. AI is the ultimate accelerant of one of Asana's core value propositions, which is to help companies thrive by connecting company-wide goals to the strategic initiatives, departments, teams and work needed to achieve them. We see ourselves as creating entirely new software interfaces between teams of humans and working together and the powerful AI models that make getting their work done easier.

Asana 將利用企業的工作圖在各個級別（尤其是執行級別）提供更有用、更準確和更有洞察力的用戶體驗。人工智能是 Asana 核心價值主張之一的最終促進劑，即通過將公司範圍內的目標與實現這些目標所需的戰略舉措、部門、團隊和工作聯繫起來，幫助公司蓬勃發展。我們將自己視為在人類團隊之間創建全新的軟件界面並一起工作，以及強大的人工智能模型，使他們的工作更容易完成。

This is the core of our innovation focus right now. We've already announced a slew of new AI features that are currently in beta that help individuals and teams improve their productivity, like writing assistance, instant summaries and work organizer. Other features in beta include health checks that drive greater clarity and accountability and to ask Asana anything that maximizes impact. Further down the product road map, we're also planning features such as goal-based resource management and AI-assisted smart workflows, and we're just getting started.

這是我們目前創新重點的核心。我們已經宣布了一系列目前處於測試階段的新人工智能功能，可幫助個人和團隊提高生產力，例如寫作幫助、即時摘要和工作組織者。測試版中的其他功能包括健康檢查，可以提高透明度和問責制，並詢問 Asana 任何可以最大限度地發揮影響的事情。在產品路線圖的更深處，我們還規劃了基於目標的資源管理和人工智能輔助的智能工作流程等功能，而我們才剛剛開始。

You'll see us unveil an exciting new lineup of innovation at our Work Innovation Summit on October 3 in New York City. This will be our most exciting customer event of the year with a visionary keynote, luminary speakers, industry leaders across operations, IT and marketing as well as a special investor session to talk more about our product plans, go-to-market initiatives and financial outlook. We'll also be hosting customers at our Work Innovation Center, where we'll share their work innovation score, a cutting-edge benchmark developed by industry-leading experts. The score is powered by the Work Graph and AI designed to assess organization's potential for innovation, both now and in the future.

您將在 10 月 3 日於紐約舉行的工作創新峰會上看到我們推出一系列令人興奮的創新創新產品。這將是我們今年最激動人心的客戶活動，屆時將有富有遠見的主題演講、傑出演講者、運營、IT 和營銷領域的行業領導者，以及特別投資者會議，更多地討論我們的產品計劃、上市計劃和財務外表。我們還將在工作創新中心接待客戶，在那裡我們將分享他們的工作創新分數，這是由行業領先的專家製定的尖端基準。該分數由工作圖和人工智能提供支持，旨在評估組織現在和未來的創新潛力。

The Work Innovation Score highlights our customers' innovation potential, allowing them to clearly identify strengths and overcome obstacles. This is a unique offering in our market and it's only offered by Asana. It's extremely popular, especially with our largest and most strategic customers. So we're excited to include even more customers in the program. We look forward to seeing you in New York City on October 3.

工作創新得分突出了客戶的創新潛力，使他們能夠清楚地識別優勢並克服障礙。這是我們市場上獨一無二的產品，僅由 Asana 提供。它非常受歡迎，尤其是受到我們最大和最具戰略意義的客戶的歡迎。因此，我們很高興能夠讓更多客戶參與該計劃。我們期待 10 月 3 日在紐約見到您。

In closing, in spite of significant headwinds, we've made measurable progress in the first half of the fiscal year. We continue to see traction with some of the largest companies in the world and look forward to partnering with these companies as we look toward the future product road map. Now I'll turn it over to Anne.

最後，儘管面臨重大阻力，我們在本財年上半年取得了可衡量的進展。我們繼續看到世界上一些最大的公司的吸引力，並期待與這些公司合作，展望未來的產品路線圖。現在我把它交給安妮。

Thanks, Dustin. The story in Q2 was really about continued enterprise growth and building our enterprise leadership bench. We've talked about our strategy for moving upmarket, and we are working and executing on this plan. That said, I know the macro situation is still top of mind, so let me address that upfront. Overall, the sentiment in our customer base has remained the same versus last quarter. While it hasn't yet improved, it also has not gotten worse. Budgets continue to be scrutinized, seats are being optimized and decisions for expansion are being pushed out.

謝謝，達斯汀。第二季度的故事實際上是關於持續的企業增長和建立我們的企業領導力。我們已經討論了進軍高端市場的戰略，我們正在努力並執行該計劃。也就是說，我知道宏觀形勢仍然是首要考慮因素，所以讓我先解決這個問題。總體而言，我們客戶群的情緒與上季度持平。雖然還沒有改善，但也沒有變得更糟。預算繼續受到審查，席位正在優化，擴張的決定正在被推出。

But as customers continue to optimize budgets, we are also getting positive competitive signals, where customers are consolidating, removing incumbents and choosing Asana. I also want to talk about net retention rate trends. As the de facto choice for some of the largest tech companies in the world, Asana has likely seen disproportionate exposure to any pullback in that vertical, which is about 30% of our business. Importantly, much of this has been less seat expansion as opposed to anything else, and that remained a factor this quarter.

但隨著客戶不斷優化預算，我們也收到了積極的競爭信號，客戶正在整合、淘汰現有企業並選擇 Asana。我還想談談淨保留率趨勢。作為世界上一些最大的科技公司事實上的選擇，Asana 可能會在該垂直領域（約占我們業務的 30%）遭受任何回調。重要的是，其中很大一部分原因是座位擴張較少，而不是其他原因，這仍然是本季度的一個因素。

For example, in some cases, even when a customer was choosing to expand into new use cases and departments, this is often offset by removing seats that were downsized as part of a budget pullback. Conversely, as we approach the anniversary at the beginning of this trend, we expect to benefit from any rebound in future quarters. Top-of-funnel demand was stable versus last quarter, and our pipeline continues to build. The U.S. grew 22% year-over-year, while international grew 18%. If I split off EMEA separately, EMEA had a particularly solid quarter, reporting the fastest growth across our major regions.

例如，在某些情況下，即使客戶選擇擴展到新的用例和部門，這通常也會通過刪除因預算縮減而縮小的席位來抵消。相反，當我們接近這一趨勢開始的周年紀念日時，我們預計將從未來幾個季度的反彈中受益。與上季度相比，漏斗頂部的需求保持穩定，並且我們的管道仍在繼續建設。美國同比增長 22%，國際增長 18%。如果我單獨劃分歐洲、中東和非洲地區，歐洲、中東和非洲地區的季度業績尤其強勁，是我們主要地區增長最快的地區。

Our new leadership and regional model in EMEA are in place, and we're getting increased traction. We closed several of our largest net new deals in EMEA as a result of our improved execution. Growth in our business and enterprise tiers led overall growth up 32% year-over-year and represents 73% of our revenue. We believe this is a good proxy for our traction within larger customers. Asana goals, portfolios and reporting are key differentiators for us. Adoption has continued to be strong, and these investments are leading to consolidation wins.

我們在歐洲、中東和非洲地區的新領導層和區域模式已經就位，並且我們的吸引力正在增強。由於執行力的提高，我們在歐洲、中東和非洲地區完成了幾筆最大的淨新交易。我們的業務和企業層的增長帶動整體同比增長 32%，占我們收入的 73%。我們相信，這很好地體現了我們對大客戶的吸引力。 Asana 目標、投資組合和報告是我們的關鍵差異化因素。採用率持續強勁，這些投資正在帶來整合勝利。

Our top-down use case and value selling is resonating, and it's allowing us to land large deals. Our enterprise customers representing organizations with over 2,000 employees continue to be our fastest-growing customer segment. And this segment is further diversifying. Approximately 80% of the net new $100,000 plus customers in Q2 were in non-tech sectors. Executives are planning long term about how to invest in work management capabilities, and this is driving multiyear commitments for us. And there's not a single enterprise customer that isn't asking us about AI and automation in Asana. We believe our AI road map will help to further drive adoption and expansion within customers.

我們自上而下的用例和價值銷售引起了共鳴，這使我們能夠達成大筆交易。我們的企業客戶（代表擁有超過 2,000 名員工的組織）仍然是我們增長最快的客戶群。該細分市場正在進一步多元化。第二季度淨新增 100,000 美元以上客戶中約有 80% 來自非科技行業。高管們正在就如何投資工作管理能力進行長期規劃，這正在推動我們做出多年的承諾。沒有一個企業客戶不詢問我們有關 Asana 的人工智能和自動化的問題。我們相信我們的人工智能路線圖將有助於進一步推動客戶的採用和擴展。

We are seeing new lands and expansions broadly across several diverse industries. First, we set a new record with our largest land deal in Asana history. One of the largest multinational cybersecurity companies chose Asana in a multimillion dollar consolidation win. During the RFP process, they evaluated multiple work management apps that they were using across the company based on several factors. The company will be methodically ripping out legacy apps and replacing them with Asana across the organization over 3 phases. This is a very significant win on many fronts, in particular, how successfully we can execute on a top-down value-based sales motion.

我們看到多個不同行業的新土地和擴張。首先，我們創下了 Asana 歷史上最大的土地交易記錄。最大的跨國網絡安全公司之一選擇了 Asana，贏得了數百萬美元的整合勝利。在 RFP 過程中，他們根據幾個因素評估了在整個公司使用的多個工作管理應用程序。該公司將在整個組織內分三個階段有條不紊地淘汰舊應用程​​序並用 Asana 取代它們。這在許多方面都是一次非常重大的勝利，特別是我們如何成功地執行自上而下的基於價值的銷售行動。

Also, I'm very excited about another net new customer, one of the largest professional services companies in the world based in the U.K. with over 12,000 employees worldwide. Their CMO was looking for a centralized global platform to ensure a consistent brand experience across markets and channels. It's a multiyear deployment that represents a great deal of potential. In addition, a large health care manufacturing company headquartered in Switzerland with over 9,000 employees is expanding with Asana and replacing a legacy incumbent. The company has grown significantly through acquisitions and will make Asana available to employees globally. This is another multiyear strategic deal. We signed several deals this quarter with manufacturing companies, one of the larger deals with Fujitsu, one of the largest IT companies in the world.

此外，我對另一個淨新客戶感到非常興奮，這是世界上最大的專業服務公司之一，總部位於英國，在全球擁有超過 12,000 名員工。他們的首席營銷官正在尋找一個集中的全球平台，以確保跨市場和渠道的一致品牌體驗。這是一個多年的部署，代表著巨大的潛力。此外，一家總部位於瑞士、擁有 9,000 多名員工的大型醫療保健製造公司正在通過 Asana 進行擴張，並取代原有的現有企業。該公司通過收購實現了顯著增長，並將向全球員工提供 Asana。這是另一項多年戰略交易。本季度我們與製造公司簽署了幾項協議，其中規模較大的協議之一是與世界上最大的 IT 公司之一富士通簽署的協議。

We're also seeing continued success in the financial services industry. We had a 6-figure early renewal and expansion with a large financial services firm in the consumer credit space after they saw significant value from Asana in their marketing and strategic planning functions in just 6 months. They're bringing more teams onto our enterprise platform to manage everything from OKRs to project plans so they can make informed decisions about their strategic initiatives to improve goal attainment.

我們還看到金融服務行業不斷取得成功。在短短6 個月內，一家大型金融服務公司在其營銷和戰略規劃職能中看到了Asana 的巨大價值後，我們與一家消費信貸領域的大型金融服務公司進行了6 位數的早期續約和擴張。他們將更多團隊引入我們的企業平台來管理從 OKR 到項目計劃的一切內容，以便他們能夠就其戰略舉措做出明智的決策，以提高目標實現率。

We also had an expansion with the subsidiary of a major U.S. insurance company for a 2-year prepaid contract. The company uses Asana to manage developing new products to enter new industries. Security and governance are very important to them. So Asana enterprise capabilities were among the reasons we won. You may or may not know, but Asana is very, very popular in the sports business. We closed deals this quarter with one of the English Premier League's most highly decorated football clubs as well as with the New York Islanders and the NCAA. And importantly, we continue to win in the health care and biotech vertical as well, with 2 6-figure deals in the U.S. As you know, we announced HIPAA compliance about a year ago and have been gaining momentum in this vertical, supported by our compliance and security offerings.

我們還與美國一家大型保險公司的子公司簽訂了為期 2 年的預付合同。該公司使用 Asana 來管理新產品的開發，以進入新行業。安全和治理對他們來說非常重要。因此，Asana 的企業能力是我們獲勝的原因之一。你可能知道，也可能不知道，體式在體育界非常非常受歡迎。本季度我們與英超聯賽中獲得最高榮譽的足球俱樂部之一以及紐約島人隊和 NCAA 達成了交易。重要的是，我們在醫療保健和生物技術垂直領域也繼續取得勝利，在美國達成了2 項6 位數的交易。如您所知，我們大約一年前宣布了HIPAA 合規性，並在我們的支持下在該垂直領域取得了勢頭。合規性和安全性產品。

As you can see, we've already helped dozens of our largest customers with their digital transformation initiatives. We believe digital transformation is in an enormous secular trend but the intelligence transformation with AI has the potential to be an even larger opportunity for Asana, and we're preparing to be the leading platform for change in this new revolution of technology.

如您所見，我們已經幫助數十家最大的客戶實施了數字化轉型計劃。我們相信數字化轉型是一個巨大的長期趨勢，但人工智能的智能轉型有可能為 Asana 帶來更大的機遇，我們正準備成為這場新的技術革命變革的領先平台。

In summary, we're seeing more multiyear deals, up both sequentially and year-over-year, winning on vendor consolidation decisions and are continuing to diversify our enterprise success across more and more industries. But we have more work to do. Looking to the second half and the beginning of next year, we continue to focus on improving expansion rates through customer success programs and initiatives, deepening our partnerships with our strategic accounts, rolling out new packaging, which we will talk more about on October 3 and enterprise leadership. We are thrilled to welcome Ed McDonnell as our new Chief Revenue Officer. He was most recently from Salesforce and spent 10 years there scaling the Marketing Cloud and multiple vertical businesses from $100 million to a $3.5 billion business today. He also has experience from Eloqua, McGraw Financial and Thomson Reuters. He has a remarkable track record and deep experience leading and scaling some of the most well-known enterprise software businesses.

總之，我們看到更多的多年期交易，無論是連續增長還是同比增長，都贏得了供應商整合決策，並繼續在越來越多的行業中實現企業成功的多元化。但我們還有更多工作要做。展望下半年和明年初，我們將繼續專注於通過客戶成功計劃和舉措來提高擴張率，深化與戰略客戶的合作夥伴關係，推出新包裝，我們將在 10 月 3 日和企業領導。我們很高興歡迎埃德·麥克唐納 (Ed McDonnell) 擔任我們的新任首席營收官。他最近來自 Salesforce，在那里工作了 10 年，將營銷雲和多個垂直業務從 1 億美元擴大到如今的 35 億美元。他還擁有 Eloqua、McGraw Financial 和湯森路透的經驗。他在領導和擴展一些最著名的企業軟件業務方面擁有卓越的業績記錄和豐富的經驗。

With Ed; Shannon Duffy, our CMO; and Neeracha Taychakhoonavudh, our Chief Customer Officer and the rest of our go-to-market team, we are focused on elevating our sales motion for the next phase of growth. We are improving our sales enablement capabilities and lead generation initiatives targeted at enterprise accounts. We are creating a repeatable playbook to scale enterprise accounts to become over $100,000 customers and beyond. We're improving on our customer success strategy to scalably serve more customers. Importantly, we can focus on better serving our most strategic customers. These long-term partnerships play a critical role in our product road map and our vision to strategically serve large-scale customers, which we believe will help us further drive growth.

與艾德； Shannon Duffy，我們的首席營銷官；和我們的首席客戶官 Neeracha Taychakhoonavudh 以及我們的市場推廣團隊的其他成員一起，我們致力於提升我們的銷售動力，以實現下一階段的增長。我們正在提高針對企業客戶的銷售支持能力和潛在客戶開發計劃。我們正在創建一個可重複的劇本，以將企業帳戶擴大到價值超過 100,000 美元甚至更高的客戶。我們正在改進客戶成功戰略，以大規模地為更多客戶提供服務。重要的是，我們可以專注於更好地為最具戰略意義的客戶提供服務。這些長期合作夥伴關係在我們的產品路線圖和戰略性服務大型客戶的願景中發揮著關鍵作用，我們相信這將幫助我們進一步推動增長。

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

這樣，我就把它交給蒂姆了。

Thank you, Anne. While I'm pleased with our high-level results, some of the underlying drivers were not as strong as we had hoped. We continue to see headwinds from a macro standpoint and in our technology segment, and you see that especially in our net dollar retention rate metrics. We also have more work to do as we develop our enterprise go-to-market muscle and continue transitioning up market. Meanwhile, the performance at the low end of the market is dragging down overall growth. On the other hand, I am really proud of the efforts the team put in to manage costs and improve efficiency. We have made substantial progress on improving our operating margin and delivered our first positive free cash flow quarter since going public.

謝謝你，安妮。雖然我對我們的高水平結果感到滿意，但一些潛在的驅動因素並不像我們希望的那麼強大。從宏觀角度和我們的技術領域來看，我們繼續看到逆風，尤其是在我們的淨美元保留率指標中。在增強企業進入市場能力並繼續向高端市場轉型的過程中，我們還有更多工作要做。與此同時，低端市場的表現正在拖累整體增長。另一方面，我對團隊在管理成本和提高效率方面所做的努力感到非常自豪。我們在提高營業利潤率方面取得了實質性進展，並實現了上市以來第一個正的自​​由現金流季度。

On to our Q2 results. Q2 revenues came in at $162.5 million, up 20% year-over-year. Revenue from customers spending $5,000 or more on an annualized basis grew 24% year-over-year. This cohort represented 74% of our revenues in Q2, up from 72% in the year-ago quarter. We have 20,782 customers spending $5,000 or more on an annualized basis. We have 553 customers spending $100,000 or more on an annualized basis, and this customer cohort grew at 20% year-over-year. As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter. Our dollar-based net retention rates were lower, driven by lower expansion and downgrades. Our overall dollar-based net retention rate was over 105%.

關於我們第二季度的業績。第二季度收入為 1.625 億美元，同比增長 20%。年化支出 5,000 美元或以上的客戶帶來的收入同比增長 24%。該群體占我們第二季度收入的 74%，高於去年同期的 72%。我們有 20,782 名客戶的年消費額達到或超過 5,000 美元。我們有 553 位客戶的年消費額達到或超過 100,000 美元，該客戶群體同比增長 20%。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。由於擴張和評級下調，我們以美元計的淨保留率較低。我們以美元計算的總體淨保留率超過 105%。

Among customers spending $5,000 or more, our dollar-based net retention rate was over 110% and among customers spending $100,000 or more, our dollar-based net retention rate was over 125%. As a reminder, our dollar-based net retention rate is a trailing 4-quarter average calculation and thus a lagging indicator. We continue to see stable logo churn rates overall and low churn in our largest accounts, demonstrating the value we deliver for our enterprise customers. Companies remain mindful of the near-term economic challenges, and we therefore expect our overall dollar-based net retention rates to trend lower, particularly in the lower end of the market.

在消費 5,000 美元或以上的客戶中，我們以美元計算的淨保留率超過 110%；在消費 100,000 美元或以上的客戶中，我們以美元計算的淨保留率超過 125%。提醒一下，我們以美元為基礎的淨保留率是根據過去 4 個季度的平均值計算得出的，因此是一個滯後指標。我們繼續看到總體上穩定的徽標流失率以及我們最大的客戶的低流失率，這證明了我們為企業客戶提供的價值。公司仍然關注近期的經濟挑戰，因此我們預計以美元計算的整體淨保留率將呈下降趨勢，特別是在低端市場。

I will speak specifically to the outlook in a moment. 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 noncash expenses related to impairment. Gross margins came in at 90.3%. Research and development was $52.3 million or 32% of revenue, an improvement from 37% a year ago.

稍後我將具體談談前景。當我談到費用項目和盈利能力時，我想指出，我將在發言的其餘部分討論非公認會計原則的結果。請記住，非公認會計準則業績不包括基於股票的薪酬和與減值相關的非現金費用。毛利率為 90.3%。研發費用為 5,230 萬美元，佔收入的 32%，比一年前的 37% 有所提高。

Sales and marketing were $79.6 million or 49% of revenue, an improvement from 70% a year ago. G&A was $25.1 million or 15% of revenue, an improvement from 29% a year ago. Operating loss was $10.4 million, and our operating loss margin was 6%, representing a 40% point margin improvement versus a year ago. The improvement in our operating margin demonstrates our ability to take a balanced approach to growth and profitability. Net loss was $8.4 million and our net loss per share was $0.04.

銷售和營銷收入為 7,960 萬美元，佔收入的 49%，比一年前的 70% 有所提高。 G&A 為 2510 萬美元，佔收入的 15%，比一年前的 29% 有所提高。營業虧損為 1,040 萬美元，營業虧損率為 6%，利潤率比一年前提高了 40%。我們營業利潤率的提高表明我們有能力採取平衡的方法來實現增長和盈利。淨虧損為 840 萬美元，每股淨虧損為 0.04 美元。

Moving on to the balance sheet and cash flow. Cash and marketable securities at the end of Q2 were approximately $537.5 million. Our remaining performance obligations, or RPO, was $333.4 million, up 27% from the year ago quarter. 86% of our RPO will be recognized over the next 12 months. That current portion of RPO grew 26% from the year ago quarter. Our ending Q2 deferred revenue was $261.1 million, up 24% year-over-year. 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 such as costs related to restructuring. Q2 free cash flow was positive $14.6 million or 9% on a margin basis, an improvement from negative 31% from the year ago quarter.

接下來是資產負債表和現金流量。第二季度末的現金和有價證券約為 5.375 億美元。我們的剩餘履約義務 (RPO) 為 3.334 億美元，比去年同期增長 27%。我們 86% 的 RPO 將在未來 12 個月內得到認可。當前 RPO 部分比去年同期增長了 26%。我們第二季度末的遞延收入為 2.611 億美元，同比增長 24%。我們的自由現金流被定義為經營活動產生的淨現金，減去用於財產和設備的現金以及資本化軟件成本，不包括與重組相關的成本等非經常性項目。第二季度自由現金流為正 1,460 萬美元，按利潤率計算為 9%，較去年同期的負 31% 有所改善。

Moving to guidance for Q3 fiscal 2024, we expect revenues of $163.5 million to $164.5 million, representing growth of 16% year-over-year. We expect non-GAAP loss from operations of $25 million to $23 million, representing an operating margin of negative 15% at the midpoint of guidance, a measurable improvement from the same year ago period. And we expect net loss per share of $0.11 to $0.10, assuming basic and diluted weighted average shares outstanding of approximately 221 million.

轉向 2024 財年第三季度的指導，我們預計收入為 1.635 億美元至 1.645 億美元，同比增長 16%。我們預計非 GAAP 運營虧損為 2500 萬美元至 2300 萬美元，相當於指導中值的運營利潤率為負 15%，較去年同期有顯著改善。假設基本和稀釋加權平均流通股約為 2.21 億股，我們預計每股淨虧損為 0.11 至 0.10 美元。

For the full fiscal year 2024, we expect revenue to be in the range of $642 million to $648 million, representing a growth rate of 17% to 18% year-over-year. We expect non-GAAP loss from operations of $93 million to $85 million, representing an operating margin of negative 14% at the midpoint of guidance, down from negative 38% in fiscal 2023. And we expect net loss per share of $0.42 to $0.39, assuming basic and diluted weighted average shares outstanding of approximately 219 million.

對於 2024 年整個財年，我們預計收入將在 6.42 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9300 萬美元至8500 萬美元，相當於指導中值的營業利潤率為負14%，低於2023 財年的負38%。我們預計每股淨虧損為0.42 美元至0.39美元，假設已發行基本股和稀釋加權平均股約為2.19億股。

Our guidance assumes that there is no change in the current macroeconomic environment and that headwinds persist through the end of this year. We expect continued compression in our dollar-based net retention rate, but we expect it will remain above 100%. We also have changes in leadership for our sales organization that may take time to manifest. We are committed to maintaining a disciplined and balanced approach to optimizing costs and improving efficiency and profitability. We will continue to invest in future growth opportunities like AI, which we expect will drive long-term value.

我們的指導假設當前宏觀經濟環境沒有變化，並且逆風將持續到今年年底。我們預計以美元計算的淨保留率將繼續壓縮，但仍將保持在 100% 以上。我們的銷售組織領導層也發生了變化，這可能需要一段時間才能體現出來。我們致力於保持嚴格且平衡的方法來優化成本並提高效率和盈利能力。我們將繼續投資於人工智能等未來增長機會，我們預計這將推動長期價值。

While this quarter's free cash flow may not repeat next quarter, we remain committed to delivering sustained positive free cash flow by the end of calendar 2024 and thereafter. As we work towards reaching sustained free cash flow, we are encouraged by the progress we've made, and I'm optimistic about our future. Over the next 18 to 24 months, we anticipate incremental growth will be driven by first, economic recovery in the most impacted verticals such as the tech sector, paired with improved execution on our go-to-market initiatives under our new leadership team; second, new capabilities driven by advances in AI and third, our new packaging strategy, which we will talk more about on October 3. We look forward to seeing you all in New York on October 3, where we will dive deeper into these topics during the investor session.

雖然本季度的自由現金流可能不會在下個季度重複，但我們仍然致力於在 2024 年底及之後實現持續的正自由現金流。當我們努力實現持續的自由現金流時，我們對所取得的進展感到鼓舞，並且我對我們的未來感到樂觀。在未來18 至24 個月內，我們預計增量增長將首先受到科技行業等受影響最嚴重的垂直行業的經濟復甦的推動，同時在新的領導團隊的領導下，我們的市場推廣計劃的執行力也會得到改善；第二，人工智能進步驅動的新功能；第三，我們的新包裝策略，我們將在10 月3 日詳細討論。我們期待10 月3 日在紐約見到你們，我們將在期間更深入地探討這些主題。投資者會議。

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

然後，我會將其轉回給接線員詢問問題。

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

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

Maybe first on the largest land deal that you've won this quarter. Can you maybe elaborate what went -- in terms of the discussions with that customer what kind of stood out in terms of Asana and what they found important? And just generally, do you think this can replicate itself out going forward?

也許首先是您本季度贏得的最大的土地交易。您能否詳細說明一下，在與該客戶的討論中，哪種體式最為突出以及他們認為什麼是重要的？總的來說，您認為這種情況可以在未來複製嗎？

Andrew, it's Anne. Thanks so much for your question. Yes, happy to share a little bit more insight on that deal. Really, the customer was looking for an opportunity to grow with one partner over multiple years. They cared a lot about reducing tech sprawl, they wanted to replace at least 7 existing applications that they had seen used across many of their departments. In particular, this company had acquired a lot of other companies. And so being able to consolidate all in one platform is really important. They're looking to increase collaboration and standardization and really ultimately deliver products faster.

安德魯，是安妮。非常感謝你的提問。是的，很高興分享有關該交易的更多見解。事實上，客戶正在尋找與一個合作夥伴共同成長多年的機會。他們非常關心減少技術蔓延，他們希望替換至少 7 個他們在許多部門使用過的現有應用程序。尤其是這家公司還收購了很多其他公司。因此，能夠將所有內容整合到一個平台中非常重要。他們希望加強協作和標準化，並最終更快地交付產品。

And so we're really excited to work with them in all the different departments that were part of the RFP process. Ultimately, our view on where AI is going, how we can scale our security and the fact that we had already successfully deployed up to 200,000 employees in our largest account helped secure that. So we're looking forward to doing more of those, especially where CIOs are driving the decision-making process across the organization.

因此，我們非常高興能夠在 RFP 流程的所有不同部門與他們合作。最終，我們對人工智能發展方向、如何擴展安全性的看法以及我們已經在最大的客戶中成功部署了多達 200,000 名員工的事實幫助確保了這一點。因此，我們期待做更多這樣的事情，特別是在首席信息官推動整個組織的決策過程的情況下。

And then maybe on EMEA. Can you maybe lay out a little bit what wasn't working there? At least what is working better right now? I mean what changes did you implement besides, obviously, the new leadership there? And could you replicate that change to other regions as well?

然後可能是歐洲、中東和非洲地區。您能否列出一些在那裡不起作用的內容？至少現在什麼效果更好？我的意思是，除了新領導層之外，您還實施了哪些變革？您能否將這種變化也複製到其他地區？

Yes. So we are really excited about the new leadership in EMEA. I think a few things. Certainly, with the leadership, there's also a focus on larger deals and really ensuring that we've got repeatability and discipline around the large deal pipeline and large deal close rates. And then we've aligned both our corporate and enterprise teams by region under the new leadership. So that was a change. That was made. We had previously sort of centralized leadership for our corporate segment, but now it's aligned by our largest markets.

是的。因此，我們對歐洲、中東和非洲地區的新領導層感到非常興奮。我想有幾件事。當然，在領導層的帶領下，我們還關注較大的交易，並真正確保我們在大型交易渠道和大型交易完成率方面具有可重複性和紀律性。然後，我們在新領導層的領導下按地區調整了我們的公司和企業團隊。所以這是一個改變。那是做了。我們以前對我們的企業部門實行集中領導，但現在它與我們最大的市場保持一致。

So we're excited to see that momentum. It certainly contributed to the 2 large lands that I mentioned before, one with a professional services organization with 12,000 employees and one with a health care manufacturing firm with 9,000 employees. So excited to see more of that. And we do believe that is something that is replicable. We're seeing some great signs in Japan, which is another strategic market where we've got a great new leader on board as well.

因此，我們很高興看到這種勢頭。它無疑為我之前提到的兩塊大土地做出了貢獻，一塊擁有擁有 12,000 名員工的專業服務組織，另一塊擁有擁有 9,000 名員工的醫療保健製造公司。很高興看到更多這樣的事情。我們確實相信這是可以復制的。我們在日本看到了一些很好的跡象，這是另一個戰略市場，我們也有一位出色的新領導者加入。

Our next question comes from the line of Steve Enders of Citi.

我們的下一個問題來自花旗銀行的史蒂夫·恩德斯。

I guess I do want to ask on the consolidation activity that you saw and the really good win there. I guess how much of an increase have you seen in those consolidation opportunities with maybe some of the choppy macro that you were -- that you can call out? And I guess as we think about further large deal activity, how should we think about what the pipeline looks like for those opportunities going into the second half of the year.

我想我確實想詢問您所看到的整合活動以及那裡真正出色的勝利。我猜你在這些整合機會中看到了多少增長，也許你可以指出一些波動性的宏觀因素？我想，當我們考慮進一步的大型交易活動時，我們應該如何考慮進入下半年的這些機會的渠道。

Yes. Thank you so much, Steve. What we are seeing in this environment as there's more scrutiny both by CIOs and CFOs on budget spend that the interest in opportunities to consolidate is increasing, and we've seen that across the last several quarters. In particular, as they evaluate where they have different investments already and where they can improve them going forward. And in particular, for us, the ability to bring that all onto one platform and benefit from increased collaboration on the platform. That is what's driving the consolidation considerations.

是的。非常感謝你，史蒂夫。我們在這種環境下看到的情況是，首席信息官和首席財務官對預算支出進行了更多審查，對整合機會的興趣正在增加，我們在過去幾個季度中已經看到了這一點。特別是，當他們評估自己已經在哪些方面進行了不同的投資以及未來可以在哪些方面進行改進時。特別是，對我們來說，能夠將所有這些都整合到一個平台上，並從平台上加強協作中受益。這就是推動整合考慮的因素。

And then I do think the focus on security and scale is really important as CIOs in particular, are looking to consolidate. So we are also seeing that for some legacy applications that exist in customer accounts. There's active evaluation of how those might be replaced by Asana. So definitely, in our pipeline, we're seeing more opportunities that are focused specifically on consolidation.

我確實認為對安全性和規模的關注非常重要，尤其是首席信息官們正在尋求整合。因此，我們也看到客戶帳戶中存在的一些遺留應用程序也是如此。人們正在積極評估如何用體式取代這些。因此，毫無疑問，在我們的管道中，我們看到了更多專門針對整合的機會。

Okay. That's helpful. And then maybe just on the outlook and I guess, what you are seeing in the macro I guess what part, I guess, changed versus maybe what you were seeing last quarter? Or was it just things got a little bit worse on the tech side than maybe originally expecting when you gave the guide 90 days ago? Or just how should we think about what's incrementally changed in the outlook here?

好的。這很有幫助。然後也許只是在前景方面，我想，你在宏觀上看到的情況，我想，與你上個季度看到的情況相比，我想哪些部分發生了變化？或者只是技術方面的情況比您 90 天前發布指南時最初預期的要糟糕一些？或者我們應該如何看待這裡的前景逐漸發生的變化？

Yes. I would say a couple of things. I think we continue to see one, headwinds and I think a lot of that headwinds does reside within our tech segment. And we have to work through -- as you know, many of these tech companies had layoffs, and we do need to work through their renewals over the next 6 to 9 months. So I would say that's one. Two, we have -- we also have sales leadership changes right now, and I want to just provide ample time and some air cover for the team to make the necessary changes to reaccelerate and build their team out. So I would say it's really those 2 things.

是的。我想說幾件事。我認為我們繼續看到一個逆風，而且我認為很多逆風確實存在於我們的科技領域。我們必須解決——如你所知，許多科技公司都進行了裁員，我們確實需要在未來 6 到 9 個月內解決他們的續約問題。所以我想說那就是一個。第二，我們現在也有銷售領導層的變動，我只想為團隊提供充足的時間和一些空中掩護，以便做出必要的改變，以重新加速和建設他們的團隊。所以我想說這確實是這兩件事。

And if I could just add on to that maybe. I think part of the way we think about it just in terms of how we were thinking 90 days ago, I think we knew there would be headwinds, particularly in the tech orgs, and it hasn't improved yet, but we don't -- I'm not saying it's gotten worse. We see the sort of continuation of that budget scrutiny.

如果我可以補充一下的話。我認為我們思考這個問題的部分方式就像我們 90 天前的想法一樣，我認為我們知道會有阻力，特別是在科技組織中，而且它還沒有改善，但我們不這樣做——我並不是說情況變得更糟了。我們看到預算審查仍在繼續。

Our next question comes from the line of George Iwanyc of Oppenheimer.

我們的下一個問題來自奧本海默的喬治·伊万尼克（George Iwanyc）。

Maybe, Dustin, you started off with AI and gave us some perspective on that and maybe digging deeper into the AI topic, how do you feel Asana can best differentiate with AI? And then when you look at rolling out the products, how should we think about the ability to monetize it?

也許，達斯汀，你從人工智能開始，給了我們一些對此的看法，也許更深入地探討了人工智能主題，你認為 Asana 如何才能最好地與人工智能區分開來？然後，當您考慮推出產品時，我們應該如何考慮將其貨幣化的能力？

Yes, sure. Happy to talk about that. And of course, I also want to remind everyone about the event that we're hosting in October where we'll go pretty deep on both of those topics. So first of all, so how do we differentiate? So I think the thing that's really unique about Asana is our Work Graph data model. So we've always had AI in mind as we architected that data model over the past decade. And we think it only becomes even more valuable in this AI-powered future. So the Work Graph is really ensuring that you have a single source of truth for work data, and it's structured in a way that's scalable, it maps to how work is actually organized inside our customers. .

是的，當然。很高興談論這個。當然，我還想提醒大家我們將在 10 月份舉辦的活動，屆時我們將深入探討這兩個主題。首先，我們如何區分？所以我認為 Asana 真正獨特的地方是我們的工作圖數據模型。因此，在過去十年中，我們在構建數據模型時始終牢記人工智能。我們認為，在人工智能驅動的未來，它只會變得更加有價值。因此，工作圖確實確保您擁有工作數據的單一真實來源，並且它以可擴展的方式構建，它映射到我們客戶內部實際組織工作的方式。 。

And so with the Work Graph data connected across the entire enterprise, work functions, teams and people without having to duplicate pieces of information and having that data connection is really powerful because it captures the sum and the parts. So AI can use the underlying pieces of the work to accurately draw conclusions at multiple levels of altitude.

因此，通過工作圖數據連接整個企業、工作職能、團隊和人員，而無需複制信息片段，並且這種數據連接非常強大，因為它可以捕獲總和和部分。因此，人工智能可以利用工作的基礎部分在多個高度準確地得出結論。

And so part of what that gives us is, I think we're best positioned in the work management category to solve this kind of black-box problem that you sometimes hear about with AI because we can really show the work and unpack the assumptions from facts and analysis of the work across teams at all levels of granularity. And we've seen that reflected with our customers, too, when we show them the AI features in the beta. They say, "Hey, this is really bringing the Work Graph to life for me and really helping make it clear why all these connections are valuable."

因此，這給我們帶來的部分原因是，我認為我們最適合在工作管理類別中解決這種黑盒問題，你有時會聽到人工智能的問題，因為我們可以真正展示工作並解壓縮來自的假設對各個團隊的各個粒度級別的工作進行事實和分析。當我們向客戶展示測試版中的人工智能功能時，我們也看到了這一點。他們說：“嘿，這確實讓工作圖變得栩栩如生，並真正幫助我弄清楚為什麼所有這些聯繫都很有價值。”

So we think that will be a virtuous cycle there in terms of our ability to differentiate in the market, both with our core value proposition and sort of data model differentiation and to make the AI functionality itself better. So the Work Graph makes how work gets done in your organization legible to the AI, but it also makes the AI more legible to your organization. And so customers really loved this idea of like the human and the AI are working together. So there's always a human in the loop.

因此，我們認為，就我們在市場上的差異化能力而言，這將是一個良性循環，無論是我們的核心價值主張和數據模型差異化，還是讓人工智能功能本身變得更好。因此，工作圖使人工智能可以清楚地了解您的組織中的工作完成方式，同時也使人工智能對您的組織更加清晰。因此，客戶真的很喜歡人類和人工智能一起工作的想法。所以總是有人在循環中。

In terms of monetization, not a lot of specifics to give, but we are going to talk more about our packaging changes when we do the investor event in October. And a lot of that's about really accelerating the enterprise on ramp, but we've also been very thoughtful about how we organize AI within those packages. And I've said before that I don't think AI is really one thing. It's not just a single line item in those packages. There's some AI in each of them. And as the functionality gets more complex and is what we're -- the sort of computerized work we're doing under the hood gets more expensive and complex, those types of features show up in the higher enterprise packages.

在貨幣化方面，沒有太多細節可提供，但我們將在 10 月份舉辦投資者活動時更多地討論我們的包裝變化。其中很多都是為了真正加速企業的發展，但我們也非常考慮如何在這些包中組織人工智能。我之前說過，我不認為人工智能真的是一回事。它不僅僅是這些包中的單個行項目。他們每個人都有一些人工智能。隨著功能變得越來越複雜，我們正在做的計算機化工作變得更加昂貴和復雜，這些類型的功能出現在更高的企業包中。

I know we've also had questions in the past too about an add-on. There's -- I don't think the sort of initial launch is going to involve that, but it is something that we're thinking about may show up in the future. Certainly paying attention to how a lot of the other enterprise products are starting to monetize and we want to learn from what works and doesn't there. So in the short run, I think the main thing you'll see is that it's helping up tier customers through the packages is the main monetization advantage as well as highlighting the differentiation of Asana in the first place that we win more deals.

我知道我們過去也對附加組件有過疑問。我不認為最初的發布會涉及到這一點，但我們正在考慮的事情可能會在未來出現。當然，我們要關注許多其他企業產品如何開始貨幣化，我們希望從中學習哪些有效，哪些無效。因此，從短期來看，我認為您將看到的主要事情是，它通過套餐幫助一級客戶是主要的貨幣化優勢，並首先強調 Asana 的差異化，使我們贏得更多交易。

All right. And maybe just, Tim, quickly following up on that. When you think about investing and hiring with the AI productization and ongoing enterprise investment, how should we think about the near-to-moderate term plans?

好的。蒂姆，也許只是迅速跟進此事。當您考慮人工智能產品化的投資和招聘以及持續的企業投資時，我們應該如何考慮近期至中期計劃？

Yes. I mean I think, one, we've made really substantial progress on our operating margin, but we've taken a very balanced approach in terms of how we're investing and how we're trying to get to profitability. So I think at a macro level, we're going to continue to invest in AI, that's one. Two, and to the degree that we see improvement in productivity and efficiency across our sales and marketing organizations, we'll be able -- we'll feel more confident pouring more investment in that area.

是的。我的意思是，我認為，第一，我們的營業利潤率確實取得了實質性進展，但我們在投資方式和盈利方式方面採取了非常平衡的方法。所以我認為，從宏觀層面來看，我們將繼續投資人工智能，這就是其中之一。第二，如果我們看到我們的銷售和營銷組織的生產力和效率有所提高，我們將能夠更有信心在該領域投入更多投資。

Our next question comes from the line of Jackson Ader of MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Jackson Ader。

Dustin, you mentioned earlier in the call, some of the other AI winners that are kind of your neighbors in the Bay area. And I think -- some of the early winners at least from an investor standpoint seem to be some of the largest technology and some of the largest software companies out there that are kind of publicly investable. And I'm curious how you see Asana fitting into the AI landscape among some of these tech giants, I guess, for lack of a better term?

達斯汀，您之前在電話中提到，其他一些人工智能獲勝者是您在灣區的鄰居。我認為，至少從投資者的角度來看，一些早期的贏家似乎是一些最大的技術公司和一些最大的軟件公司，這些公司是可公開投資的。我很好奇你如何看待 Asana 融入這些科技巨頭的人工智能領域，我想，因為缺乏更好的術語？

So I think there's a couple of different ways to think about that. So earlier, I was really talking about the foundation model builders primarily, so OpenAI and Anthropic and our relationship to them is we're customers. So we're adding value on top of their underlying infrastructure. They're doing -- we're very grateful they've made a huge CapEx investments that we just leverage just in terms of marginal API fees.

所以我認為有幾種不同的方式來思考這個問題。早些時候，我主要討論的是基礎模型構建器，所以 OpenAI 和 Anthropic 以及我們與他們的關係是我們是客戶。因此，我們正在其底層基礎設施之上增加價值。他們正在做——我們非常感謝他們進行了巨額資本支出投資，我們只是通過邊際 API 費用來利用這些投資。

And so we're really building on their platform. And I guess I'm not totally sure who you mean by the other large public companies. I mean, certainly NVIDIA is a very different kind of company. And then it's very different. I think a lot of the public stocks that have taken off the cloud to compute providers. So again, we're kind of customers in their stack.

所以我們確實是在他們的平台上構建的。我想我不太確定你所說的其他大型上市公司指的是誰。我的意思是，NVIDIA 確實是一家非常不同的公司。然後情況就非常不同了。我認為很多公共股票已經脫離雲計算提供商。再說一遍，我們是他們的客戶。

But I think that Asana will be part of a sort of second generation value creation that's really figuring out how to integrate those services into existing workflows where I think they can be a lot more powerful. So what people are familiar with right now is basically these open-ended chat applications where you can kind of ask anything you want, and that's very powerful and very flexible, but most people in the world really want to be kind of shown what works best and particularly in something like work management, we're finding that the kinds of requests we're making to the API are highly structured, highly templatized.

但我認為 Asana 將成為第二代價值創造的一部分，它真正弄清楚如何將這些服務集成到現有的工作流程中，我認為它們可以變得更強大。所以人們現在所熟悉的基本上是這些開放式聊天應用程序，你可以在其中詢問任何你想要的東西，這非常強大且非常靈活，但世界上大多數人確實希望看到什麼最有效特別是在工作管理等方面，我們發現我們向API 發出的請求類型是高度結構化、高度模板化的。

We're also educating the user about what kind of questions work best, often, they sort of start with very generic, what should I know about this project or something very open ended. It's much better to get specific. And so the more we're able to provide people with some templatized options and some multistep workflows that help lead them to the most powerful value, the more I think people actually be able to get value from those underlying platforms. So I think of us as a sort of value creation on top of those underlying foundations.

我們還教育用戶什麼樣的問題最有效，通常，他們會從非常通用的問題開始，關於這個項目我應該知道什麼，或者一些非常開放的問題。最好具體一點。因此，我們越能為人們提供一些模板化選項和一些多步驟工作流程，幫助他們實現最強大的價值，我認為人們實際上就越能夠從這些底層平台中獲得價值。因此，我認為我們是在這些基礎基礎上創造的一種價值。

Okay. Okay. Great. That's helpful. And then the follow-up is it for, I guess, Tim or Anne whoever wants to take it. But the low-end weakness, do you think it's -- maybe has more to do with the fact that since Asana is moving resources upmarket that kind of competition is filling the void left behind? Or is there something also happening in budgets or something on the macro sense in the low end that's not holding up as well as maybe some enterprise budgets?

好的。好的。偉大的。這很有幫助。我猜接下來的後續行動就是為蒂姆或安妮準備的，無論誰想要接受它。但你認為低端市場的弱點——也許更多地與這樣一個事實有關：既然 Asana 正在將資源轉移到高端市場，那麼這種競爭正在填補留下的空白？或者預算中是否也發生了一些事情，或者低端宏觀意義上的一些事情沒有像某些企業預算那樣持續？

Great question. I think, one, I would say, I think the way you characterize that, we did redeploy a lot of our investments away from the lower end of the market and focus those investments towards the upper end is one of the reasons where kind of like our less than $5,000 customer -- revenue from that customer cohort is growing slower than customers with more than $5,000. So I would say that's one. Two, obviously, I think the collaborative work management category is still very much greenfield and there's just a lot of runway.

很好的問題。我認為，一，我想說，我認為你所描述的方式，我們確實將大量投資從低端市場重新部署，並將這些投資集中到高端市場，這是原因之一我們的5,000 美元以下客戶— —來自該客戶群的收入增長速度比5,000 美元以上客戶慢。所以我想說那就是一個。第二，顯然，我認為協作工作管理類別仍然處於未開發狀態，並且還有很多跑道。

So it's not necessarily winner take across all of these segments. So to the degree that we move up market and other players end up staying in the lower end of the market, I think that's a very likely outcome in the long term.

因此，這並不一定是所有這些領域的贏家。因此，就我們進入高端市場而其他參與者最終停留在低端市場而言，我認為從長遠來看，這是一個非常有可能的結果。

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

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

Maybe just the first one, Dustin, for you. I'll ask it. It's kind of a similar question on the AI front. But I guess if we step back for a second and we think about where and how you think people specifically customers are going to actually pay for the AI functionality that you're introducing for the way that you're positioned and how investors in Asana are going to benefit from the investments and the experience that you have. Is it more -- and also in the context of like availability of GPUs, when you're launching the product functionality, when do you expect folks to actually be able to see the ROI from it?

也許只是第一個，達斯汀，對你來說。我去問問吧。這與人工智能領域有類似的問題。但我想，如果我們退後一步，考慮一下您認為人們（特別是客戶）將在哪里以及如何實際為您所引入的人工智能功能付費，因為您的定位方式以及 Asana 的投資者如何將從您擁有的投資和經驗中受益。是不是更多——而且在 GPU 可用的情況下，當您推出產品功能時，您希望人們何時真正能夠從中看到投資回報率？

Like just conceptually, what are people willing to pay for, not willing to pay for, at least in introductory conversations you're having? And when would you expect with your ability to actually deliver this product to market in a way that enables the ultimate monetization opportunity and also the impact on retention that's likely to have.

就像概念上一樣，人們願意為什麼付費，不願意為什麼付費，至少在您正在進行的介紹性對話中？您預計什麼時候才能以能夠實現最終盈利機會以及可能對保留產生影響的方式實際將該產品推向市場。

Yes. Thanks for the question. I think it's a little difficult to answer because I don't really think of it is binary in that way. So it's not a feature we're launching and delivering, but a sort of unfolding of our road map. And in a lot of ways, it's already begun because we already have customers in the private beta, we'll be launching into a much more open beta alongside our events in October with some of the functionality.

是的。謝謝你的提問。我認為這個問題有點難以回答，因為我真的不認為它是二進制的。因此，這不是我們正在推出和交付的功能，而是我們路線圖的一種展開。在很多方面，它已經開始了，因為我們已經有客戶參與私人測試版，我們將在 10 月份的活動中推出更多的公開測試版，並提供一些功能。

But we also have teams working on what's next and putting more customers into the beta features beyond that. And we're also talking about our road map with customers when we're briefing them, and it's part of the purchase decisions they're making when they think about what partner they're going to want for the long run. A lot of it has to do with who can differentiate on that AI vision. And I think it's helping us now, and it will continue to help us more.

但我們也有團隊致力於下一步的工作，並讓更多的客戶參與除此之外的測試版功能。當我們向客戶介紹情況時，我們還會與他們討論我們的路線圖，這是他們在考慮長期需要什麼樣的合作夥伴時做出的購買決策的一部分。這在很大程度上與誰能夠在人工智能願景上脫穎而出有關。我認為它現在正在幫助我們，並將繼續為我們提供更多幫助。

I think the October event is a particularly big moment for us to tell the story, especially in a visual way. It's hard to get across on these earnings calls. And so I think it will -- we'll just like continue to build again, just in terms of like a packaging moment, I think it will present itself most in terms of customers up-tiering to get the more advanced AI functionality. There may even be a benefit from free to premium. We've kind of debated that internally but haven't really modeled anything. And so it will happen in pieces and get better and better rather than being a single moment where there's an inflection in the revenue.

我認為十月的活動對我們來說是一個特別重要的時刻，尤其是通過視覺方式來講述這個故事。在這些財報電話會議上很難得到別人的理解。所以我認為它會——我們會繼續再次構建，就像包裝時刻一樣，我認為它將在客戶升級以獲得更先進的人工智能功能方面表現得最多。從免費到付費甚至可能有好處。我們在內部對此進行了爭論，但還沒有真正建立任何模型。因此，它將逐步發生，並且變得越來越好，而不是收入出現拐點的單一時刻。

Sorry, you were asking about customer feedback as well. So I just wanted to add a couple of things in terms of what we're hearing from customers. In the conversations with CIOs at our largest customers, whether that's a global live events company or the leading vacation rental platform in the world, what they're telling us is, first and foremost, they're excited to have a strategic partner to help them build out their AI strategy because right now, it does feel overwhelming the number of choices out there.

抱歉，您也在詢問客戶反饋。因此，我只想根據我們從客戶那裡聽到的情況補充一些內容。在與我們最大客戶的首席信息官的對話中，無論是一家全球現場活動公司還是世界領先的度假租賃平台，他們告訴我們的是，首先也是最重要的是，他們很高興有一個戰略合作夥伴來幫助他們制定了自己的人工智能戰略，因為目前的選擇確實讓人感到難以承受。

And so things that they care about are data specifically, where it comes from, how it's used. They care very much about security and they care a lot about transparency in how AI is deployed. And so for work management, in particular, it's very straightforward for them to see how AI will accelerate what they're already trying to do, whether that's in projects or portfolios or connecting that work to goals.

所以他們關心的是具體的數據，數據來自哪裡，如何使用。他們非常關心安全性，也非常關心人工智能部署方式的透明度。因此，特別是對於工作管理來說，他們可以非常直接地看到人工智能將如何加速他們已經在嘗試做的事情，無論是在項目或投資組合中，還是將工作與目標聯繫起來。

And so more than anything, our conversations really are starting to be how we can help them really figure out their AI strategy and then be able to deploy it in Asana. So we're really excited about the early feedback and the desire for customers to help us shape the road map and how engaged they are. So I just wanted to share a little bit more of that color.

因此，最重要的是，我們的對話真正開始是如何幫助他們真正弄清楚他們的人工智能策略，然後能夠將其部署在 Asana 中。因此，我們對早期反饋以及客戶幫助我們制定路線圖的願望以及他們的參與程度感到非常興奮。所以我只是想分享更多一點這種顏色。

That's super helpful. And then maybe, Tim, a similarly open-ended question for you on the numbers. Again, if we look at some of the commentary, it suggests that multiyear deals were strong, enterprise traction continues to be really positive. So I'm trying to square that with the forward-looking metrics. Like if we look at billings, it's kind of in the low teens growth this quarter. The RPO bookings kind of similarly in that low teens kind of dimension.

這非常有幫助。然後，蒂姆，也許你會問一個關於數字的類似開放式問題。同樣，如果我們看一下一些評論，就會發現多年期交易很強勁，企業吸引力仍然非常積極。所以我試圖將其與前瞻性指標相結合。就像我們看一下賬單一樣，本季度的增長率為十幾歲以下。 RPO 預訂量在十幾歲以下的維度上有點類似。

So is there anything that is kind of onetime in nature specifically that we should be paying attention to? Because your guidance for Q4 kind of implies you're exiting the year just over double-digit growth. The Street has you doing something a lot better than that for next year. So given the commentary you made around the 6 to 9 months of kind of still having that renewal headwind within these large tech companies like when should we see kind of the turn happen? Is that a Q1 phenomenon, Q2? And how do we think about that?

那麼，有沒有什麼一次性的事情值得我們特別注意呢？因為您對第四季度的指導意味著您今年將實現略高於兩位數的增長。 《華爾街》讓你在明年做一些比現在更好的事情。因此，考慮到您在 6 到 9 個月左右發表的評論，這些大型科技公司內部仍然面臨著更新的阻力，比如我們什麼時候應該看到轉變發生？這是Q1現象，Q2嗎？我們對此有何看法？

Yes. I think -- no, it's a great question, Alex. I think one, just for clarity, I just want to say while we're encouraged by the multi -- the number of multiyear deals, they do -- they are still a minority, a small percentage of our total billings. So that's one. Two, I would say, certainly, I think we continue to see kind of the same environment that we're operating in, in the first half of the year and that the environment not getting materially better or worse right now.

是的。我認為——不，這是一個很好的問題，亞歷克斯。我認為，為了清楚起見，我只想說，雖然我們對多年交易的數量感到鼓舞，但它們仍然是少數，占我們總賬單的一小部分。這就是其中之一。第二，我想說，當然，我認為我們繼續看到今年上半年我們所處的相同環境，而且目前的環境沒有實質性的好轉或惡化。

So to the degree that with our net expansion rate, I do think it's going to take another 2 to potentially 3 quarters for all the renewals to work themselves out so that we have an easier comp after that. And then I also -- obviously, we have new sales leadership coming on and we want to just make sure that there's adequate room for the leaders to kind of make the necessary changes as we go upmarket.

因此，就我們的淨擴張率而言，我確實認為還需要 2 到 3 個季度的時間才能讓所有續約工作自行解決，以便我們在此之後有一個更容易的補償。然後我也 - 顯然，我們有新的銷售領導層即將上任，我們希望確保領導者有足夠的空間在我們進入高端市場時做出必要的改變。

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

我們的下一個問題來自摩根士丹利的喬什·貝爾（Josh Baer）。

I wanted to ask one on the net retention rates. Tim, just kind of thinking to some of your comments on some areas not as strong as you hoped and sort of taking another 2 to 3 quarters to get easier comps. Just wondering like what gives you confidence that retention rate can remain above 100%, just kind of looking at some of the trend lines and deceleration that we've been seeing.

我想問一下關於淨留存率的問題。蒂姆，只是考慮一下您對某些領域的一些評論，這些評論並不像您希望的那麼強烈，並且需要另外 2 到 3 個季度才能獲得更容易的比較。只是想知道是什麼讓您有信心保留率可以保持在 100% 以上，只需看看我們所看到的一些趨勢線和減速。

Yes. So I would say, Josh, that the thing we looked at, obviously, is a combination of both the downgrades and the expansion. And that's where most of the compression has really come from in our net expansion rates. That companies aren't expanding as fast as they had during prior years. And that companies that were planning to grow ultimately ended up doing layoffs and having to readjust their renewals with us.

是的。所以我想說，喬什，我們所關注的顯然是降級和擴張的結合。這就是我們的淨擴張率中大部分壓縮的真正來源。這些公司的擴張速度沒有前幾年那麼快。那些計劃發展的公司最終以裁員告終，並且不得不重新調整與我們的續約。

So I do think like those things need to work themselves out and that over time -- the one encouraging sign, I would say is that when we look at logo churn, especially in our large customers and across the base, essentially, those have remained unchanged. So the companies that are using us are staying with us, while they are downgrading or expanding less right now, I do expect them to, over time, as the economy gets better, to hire, deploy more seats. And as we add more functionality into our different packages, have them kind of move up into these kind of more advanced packages that we'll be offering later this year.

因此，我確實認為這些事情需要自行解決，隨著時間的推移- 我想說的一個令人鼓舞的跡像是，當我們看到徽標流失時，特別是在我們的大客戶和整個基地中，本質上，這些仍然存在不變。因此，使用我們的公司會留在我們身邊，雖然他們現在正在降級或擴張較少，但我確實希望隨著時間的推移，隨著經濟的好轉，他們會僱用、部署更多席位。隨著我們向不同的軟件包中添加更多功能，讓它們升級到我們將在今年晚些時候提供的更高級的軟件包中。

Okay. Got it. And then kind of related, since that's backwards looking. I was hoping you could give a little bit of color on the linearity through the quarter, but then also into August as well on what you're seeing as far as demand trends?

好的。知道了。然後有點相關，因為這是向後看的。我希望您能就整個季度的線性情況提供一些信息，但也可以就您所看到的需求趨勢提供一些關於八月份的信息？

Yes. I mean I think in terms of just kind of like how the quarter shook out this last quarter, I would say no different than what we saw in Q1, and the Q4 of last year that generally the first couple of little bit slower and then kind of deals being somewhat in the -- most of the larger deals being somewhat in the last month of the quarter. And I think August traditionally for us, there's some seasonality, primarily because EMEA is a slower month. They're generally on vacation. But I think when we look at the pipeline and when we look at how we entered the quarter, I think we feel pretty good about how the quarter is shaping up right now.

是的。我的意思是，我認為就像上個季度的情況一樣，我想說與我們在第一季度和去年第四季度看到的情況沒有什麼不同，通常前幾個季度會慢一些，然後會好一些的交易都發生在——大多數較大的交易發生在該季度的最後一個月。我認為八月對我們來說傳統上有一些季節性，主要是因為歐洲、中東和非洲地區是一個較慢的月份。他們一般都在度假。但我認為，當我們審視管道以及我們如何進入本季度時，我認為我們對本季度目前的情況感覺非常好。

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

我們的下一個問題來自 D.A. 的羅伯特·西蒙斯 (Robert Simmons)。戴維森。

I was wondering if you can give a little more color on the net retention number. First, was it closer to 105 or to 110? And then how did it trend over the quarter and so far in 3Q?

我想知道您是否可以對淨保留數字進行更多說明。首先，它更接近105還是更接近110？那麼本季度和第三季度迄今為止的趨勢如何？

Yes. I think what we disclosed is that was over 105. So last quarter, I think I believe we said it was over 110. So you can imagine kind of the data point and the trend lines of that why we would drop the disclosure from 110 to 105.

是的。我認為我們披露的是超過 105。所以上個季度，我想我相信我們說它超過 110。所以你可以想像數據點和趨勢線，為什麼我們將披露從 110 下降到105.

Okay. And then I guess 2 things. I mean have you seen any change so far in 3Q? And also, could you give us some color on what you've seen on that number kind of inside and outside of tech? .

好的。然後我猜有兩件事。我的意思是，到目前為止，您看到第三季度有什麼變化嗎？另外，您能否向我們介紹一下您在技術內部和外部的數字方面所看到的情況？ 。

I think it's certainly stronger outside of tech. And I would say, similar to the commentary that we made about the different segment, I would say the headwinds, particularly -- we've seen headwinds in obviously, tech and non-tech, but I would say it's more -- definitely more pronounced in the tech segment.

我認為它在科技之外肯定更強大。我想說，類似於我們對不同細分市場所做的評論，我想說的是逆風，特別是——我們顯然在科技和非科技領域都看到了逆風，但我想說的是，這更多——絕對更多在科技領域很明顯。

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

我們的下一個問題來自 JMP 證券公司的 Patrick Walravens。

Great. Dustin, I know it's kind of off message, but I was intrigued when you commented that the AI functionality might help with the free-to-premium conversion. So haven't really talked about that for a while. Remind how many free users are there? And what is the size of that opportunity?

偉大的。達斯汀，我知道這有點不對勁，但當你評論說人工智能功能可能有助於免費到付費的轉換時，我很感興趣。所以有一段時間沒有真正談論過這個問題了。提醒一下有多少免費用戶？這個機會有多大？

I don't have the free user base number off hand, but I don't want to over -- make predictions here. I think the opportunity is small. I just think it's a bit of a wildcard of like maybe it will show up. We've paid attention to some other vendors that have more of like a prosumer market and seeing that some of their customers are empirically willing to upgrade even for sort of single player usage. So most of our per-user base is individuals, personal use cases, prosumer use cases.

我手頭沒有免費的用戶基數，但我不想在這裡過多地進行預測。我覺得機會很小。我只是認為這有點像通配符，也許它會出現。我們關注了一些其他更像產消者市場的供應商，並發現他們的一些客戶根據經驗願意升級，即使是為了某種單人遊戲的使用。因此，我們的大多數用戶群都是個人、個人用例、產消者用例。

And so I think some of them might be more enticed by this than some of the other functionality that was more oriented around teams. I just think there's a little more of that is valuable to specific individual end users, even if they're not collaborating or if they're just collaborating a little bit. So that's the only reason I mentioned that, but I do think it's small, it could be nothing, I don't want that to end up in analyst models, to be honest.

因此，我認為他們中的一些人可能比其他一些更面向團隊的功能更受此吸引。我只是認為，對於特定的個人最終用戶來說，還有更多的價值，即使他們沒有協作或者只是進行了一點協作。所以這是我提到這一點的唯一原因，但我確實認為它很小，可能什麼都不是，說實話，我不希望它最終出現在分析師模型中。

Yes. Okay. A lot of us pay for ChatGPT. So it is kind of interesting. And then one for you, Tim. Just how should we think about the shape of free cash flow margins in the second half? I mean you said not to expect necessarily another $15 million, but how do we think about that?

是的。好的。我們很多人都為 ChatGPT 付費。所以這很有趣。然後給你一份，蒂姆。我們應該如何看待下半年自由現金流利潤率的形狀？我的意思是，你說不一定要再期待 1500 萬美元，但我們如何看待這一點？

Yes. I think you should expect our free cash flow to be negative in the -- for both Q3 and Q4. But we'll make improvements on a year-over-year basis and that the margin will improve from kind of Q1. I think Q2 was a quarter where we essentially had a large invoice in Q1 with one of our largest customers. We collected that cash in Q2 that certainly helped with our free cash flow. But we don't see that for another year. But it will improve on a year-over-year basis.

是的。我認為您應該預計我們的自由現金流在第三季度和第四季度均為負數。但我們將同比有所改善，利潤率將比第一季度有所改善。我認為第二季度我們基本上在第一季度向我們最大的客戶之一開出了一張大額發票。我們在第二季度收到的現金無疑有助於我們的自由現金流。但我們又要等一年才能看到這種情況。但它會逐年改善。

Our next question comes from the line of -- our final question comes from the line of Brent Thill of Jefferies.

我們的下一個問題來自——我們的最後一個問題來自 Jefferies 的 Brent Thill。

Dustin, impressive hire with Ed McDonnell coming in as CRO from Salesforce. Maybe if you could talk through your top aspirations out of the gate for him and if you could speak to also anytime we see new CROs come in, there tends to be a little wake turbulence that's felt. Do you -- how impactful do you think that wake turbulence will be in the changes that you would like him to make?

達斯汀（Dustin），令人印象深刻的聘用，埃德·麥克唐納（Ed McDonnell）從 Salesforce 擔任首席風險官（CRO）。也許如果你能說出你對他的最高願望，如果你能在我們看到新的 CRO 進來的任何時候都談談，那麼往往會感覺到一點點動盪。您認為尾流湍流會對您希望他做出的改變產生多大影響？

I'm sorry, that word was weight turbulence?

抱歉，這個詞是重量湍流？

Okay. Wake, sorry for getting the airplane chatter on you.

好的。醒醒，抱歉讓飛機上的噪音影響到你了。

Yes. Well, Ed is a really seasoned executive, and he's built a number of teams over his career and has seen where we're going. So he's come in and really demonstrated the ability to make decisions quickly, inspire the team and just like get the lay of the land really quickly. I was actually really impressed even before he started. He went really deep on the company, did a ton of research and really got to know us. So he was able to sort of onboard and hit the ground running and has just been sprinting ever since he got here and has already made a lot of progress. So I feel really good about it right now. We're still only, I think, fifth week, 1 month in. And so they're still going to be a learning curve, but it's been really impressive so far. And so I'm optimistic about minimal wake turbulence.

是的。嗯，埃德是一位非常經驗豐富的高管，他在職業生涯中建立了許多團隊，並且看到了我們的發展方向。所以他進來並真正展示了快速做出決策、激勵團隊以及快速了解情況的能力。事實上，在他開始之前我就印象深刻。他非常深入地了解了公司，做了大量的研究，並且真正了解了我們。所以他能夠上船並立即開始行動，自從他來到這里以來就一直在衝刺，並且已經取得了很大的進步。所以我現在感覺很好。我認為我們還只是第五週零一個月。所以它們仍然是一個學習曲線，但到目前為止確實令人印象深刻。所以我對最小尾流湍流持樂觀態度。

Thank you. I would now like to turn the conference back to Catherine Braun for closing remarks. Madam? .

謝謝。現在我想請凱瑟琳·布勞恩（Catherine Braun）致閉幕詞。女士？ 。

Thank you again for joining us today and making the time to hear our earnings results. We look forward to seeing you in New York on October 3.

再次感謝您今天加入我們並抽出時間聆聽我們的盈利結果。我們期待 10 月 3 日在紐約見到您。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。