(ASAN) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to Asana's fourth-quarter and fiscal year 2024 earnings conference call.

感謝您的耐心等待，歡迎參加 Asana 第四季和 2024 財年財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to hand the call over to Catherine Buan, Head of Investor Relations.

我現在想將電話轉給投資人關係主管凱瑟琳‧布安 (Catherine Buan)。

Please go ahead.

請繼續。

Good afternoon and thank you for joining us on today's conference call to discuss the financial results of Asana's fourth quarter and fiscal year 2024.

下午好，感謝您參加今天的電話會議，討論 Asana 第四季和 2024 財年的財務表現。

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.

參加今天電話會議的有 Asana 聯合創始人兼執行長 Dustin Moskovitz； Anne Raimondi，我們的營運長兼業務主管；以及我們的財務長 Tim Wan。

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.

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、策略計劃、市場地位和成長機會的聲明。

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.

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有重大差異。

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.

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，以了解可能導致實際結果與所載結果存在重大差異的風險、不確定性和假設的更多資訊在這樣的聲明中。

In addition, during today's call, we will discuss non-GAAP financial measures.

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。

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.

這些非公認會計原則財務指標是根據公認會計原則編制的財務績效指標的補充，而不是替代或優於其。

A 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 webpage at investors.asana.com.

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。

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

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.

謝謝凱瑟琳，也謝謝大家今天加入我們的電話會議。

In Q4, we beat the top and bottom line guidance as we continued on our path to move upmarket and win the largest enterprises.

在第四季度，我們繼續邁向高端市場並贏得最大的企業，超越了頂線和底線指引。

Today, I'll first go through the business highlights from the quarter and year.

今天，我首先回顧一下季度和年度的業務亮點。

And then I'll talk about our excitement and increased focus on our new AI offering, Asana Intelligence, the early traction we're seeing, and how the Work Graph plus AI is differentiated.

然後我將談論我們對新的人工智慧產品 Asana Intelligence 的興奮和日益關注、我們所看到的早期吸引力，以及工作圖加人工智慧的差異化。

And finally, I'll share what we're hearing from CIOs, IT leaders, and how we're focusing on their pain points.

最後，我將分享我們從 CIO、IT 領導者那裡聽到的信息，以及我們如何關注他們的痛點。

In Q4, revenues grew 14% year over year and fiscal year revenue grew 19% year over year.

第四季營收年增14%，財年營收年增19%。

Q4 non-GAAP operating loss margin came in at 9%, improving 16 percentage points versus Q4 last year.

第四季非 GAAP 營運虧損率為 9%，比去年第四季提高了 16 個百分點。

And for the fiscal year 2024, our non-GAAP operating loss margin improved 29 percentage points versus the previous year.

在 2024 財年，我們的非 GAAP 營運虧損率比前一年提高了 29 個百分點。

This is a huge achievement and credit goes to each and every person on the Asana team for their focus on expense management and effective investments.

這是一項巨大的成就，這要歸功於 Asana 團隊中的每一個人對費用管理和有效投資的關注。

We'll continue to be focused on growth and profitability.

我們將繼續關注成長和獲利能力。

And on a free cash flow basis, we expect to achieve free cash flow positive by the end of this year.

在自由現金流的基礎上，我們預計到今年底將實現正自由現金流。

Tim will talk in more detail about this shortly.

蒂姆很快就會更詳細地討論這一點。

In the quarter, we continued to land and expand with some of the largest companies across major industries, including manufacturing, healthcare and pharmaceuticals, transportation and logistics, and financial services, among many others.

本季度，我們繼續與主要行業的一些最大公司進行登陸和擴張，包括製造、醫療保健和製藥、運輸和物流以及金融服務等。

And as you know, the fiscal year highlighted customer wins, including three major automotive manufacturers, four of the largest telecommunications and Internet service providers, five of the largest media conglomerates, and six major financial services firms.

如您所知，本財年突顯了客戶的勝利，包括三大汽車製造商、四家最大的電信和網路服務供應商、五家最大的媒體集團以及六家主要的金融服務公司。

And these are just some of our largest names from each of the last four quarters.

這些只是過去四個季度中每個季度我們最知名的一些公司。

Across our entire customer base, 73% of the Fortune 500 are Asana customers.

在我們的整個客戶群中，73% 的財富 500 強企業都是 Asana 客戶。

We've also had great success in partnering with customers to grow at a massive scale.

我們在與客戶合作實現大規模成長方面也取得了巨大成功。

We have several Asana customers who have over 10,000 paying seats with our largest deployment at over 200,000 seats.

我們的一些 Asana 客戶擁有超過 10,000 個付費座位，其中我們最大的部署數量超過 200,000 個座位。

We have more than 150,000 paying customers as demand for our work management solution continues to increase.

隨著對我們工作管理解決方案的需求不斷增加，我們擁有超過 15 萬名付費客戶。

The number of customers with over $100,000 annualized spend grew 20% year over year.

年化支出超過 10 萬美元的客戶數量年增 20%。

As these customers continue to grow with Asana, their dollar net retention rate continues at a strong pace at 115%.

隨著這些客戶隨著 Asana 的不斷成長，他們的美元淨保留率繼續以 115% 的強勁速度成長。

Revenue from this cohort grew 29% for the fiscal year, faster than the overall growth and represented 27% of our total revenue.

該群體的收入在本財年增長了 29%，快於整體增長，占我們總收入的 27%。

What makes me feel good about our success with enterprises is not only in the number of large customers and the growth, but also the health of these enterprise accounts.

讓我對我們與企業的成功感到滿意的不僅是大客戶的數量和成長，還有這些企業帳戶的健康狀況。

In most of our largest customers, Asana is highly utilized.

在我們大多數最大的客戶中，Asana 的使用率很高。

The IT leads are helping us grow and expand, and the accounts have the ability to keep growing even more.

IT 主管正在幫助我們成長和擴張，而客戶也有能力繼續進一步成長。

This is true even in the organizations where heightened focus on budgets has temporarily slowed account expansion.

即使在高度關注預算而暫時放慢了帳戶擴張的組織中也是如此。

I'm also excited about the progress we've made with AI and the opportunity in front of us.

我也對我們在人工智慧方面取得的進展以及我們面前的機會感到興奮。

Asana Intelligence strengthens our core value proposition.

Asana Intelligence 強化了我們的核心價值主張。

It helps our customers drive more clarity, accountability, and impact up, down, and across their organizations.

它幫助我們的客戶在整個組織中提高清晰度、責任感和影響力。

As you know, we run our business on Asana and we're constantly testing our latest innovations.

如您所知，我們以 Asana 為基礎開展業務，並且不斷測試我們的最新創新。

As part of this, we've been quickly adopting our latest AI features and the insights are remarkable.

作為其中的一部分，我們一直在快速採用最新的人工智慧功能，並且洞察力非常出色。

The state of the art is advancing quickly, and we believe LLMs, and AI generally will only get better from here.

最先進的技術正在迅速發展，我們相信法學碩士和人工智慧通常只會從這裡變得更好。

I'm excited for the future, and we're seeing real value now.

我對未來感到興奮，我們現在看到了真正的價值。

Like many of our customers, we've just wrapped up our objectives and key results process for the year, leveraging Asana Intelligence, our AI solution, to quickly report status across levels of the organization.

與我們的許多客戶一樣，我們剛剛完成了今年的目標和關鍵結果流程，利用我們的人工智慧解決方案 Asana Intelligence 來快速報告組織各個層級的狀態。

These processes always feel like a heavy lift, and frankly, a bit of a burden, even though they're important because everyone's eager to move on to the New Year's priorities.

這些過程總是感覺像是一個沉重的負擔，坦白說，有點負擔，儘管它們很重要，因為每個人都渴望繼續處理新年的優先事項。

But using Smart Status cuts this process in half or more with higher-quality results and will only get better over time.

但使用智慧狀態可以將這一過程縮短一半或更多，並獲得更高品質的結果，並且隨著時間的推移只會變得更好。

Similarly, we just went through our company-wide, 360-degree performance reviews, another famously onerous process.

同樣，我們剛剛進行了全公司範圍的 360 度績效評估，這是另一個眾所周知的繁瑣流程。

I personally used our Smart Answers product within each of the one-on-one projects I maintain with our executives, summarizing in minutes all the important topics and accomplishments we've discussed in the past year.

我個人在與高階主管進行的每個一對一專案中都使用了我們的 Smart Answers 產品，在幾分鐘內總結了我們在過去一年中討論的所有重要主題和成就。

At my direction, it even highlighted all the specific times I gave recognition or feedback, so I could easily include them in the reviews.

在我的指導下，它甚至突出顯示了我給予認可或回饋的所有具體時間，因此我可以輕鬆地將它們包含在評論中。

That's not a special performance review feature rebuilt, to be clear; I simply asked the product to help me use our general Smart Answers feature, suggesting specific categories and questions consider.

需要明確的是，這並不是一個重新建構的特殊績效評估功能。我只是要求該產品幫助我使用我們的通用智能答案功能，建議具體類別和考慮的問題。

Even as an end user, I was empowered and had the flexibility to write a custom workflow in minutes that saved me hours of work across my whole team.

即使作為最終用戶，我也能夠靈活地在幾分鐘內編寫自訂工作流程，這為我整個團隊節省了數小時的工作時間。

Executives and managers love the visibility into their team's work and the insights they can derive with AI.

高階主管和經理喜歡了解團隊工作以及透過人工智慧獲得的見解。

This has proven to be not only a significant productivity boost, but it's also yielding higher quality outcomes.

事實證明，這不僅顯著提高了生產力，而且還產生了更高品質的成果。

This wouldn't be possible if we were running our business with e-mail, chat, spreadsheets, and slides.

如果我們透過電子郵件、聊天、電子表格和幻燈片來開展業務，這是不可能的。

And that's why Asana is different.

這就是體式與眾不同的原因。

The Work Graph plus AI are more than the sum of the parts.

Work Graph 加上 AI 不僅是各個部分的總和。

Since the Work Graph acts as a map of an organization's plan of record and preferred processes, we have a unique opportunity to solve collaborative work problems because we have the most relevant context and data to create useful and accurate generative outputs.

由於工作圖充當組織的記錄計劃和首選流程的地圖，因此我們擁有解決協作工作問題的獨特機會，因為我們擁有最相關的上下文和數據來創建有用且準確的生成輸出。

We believe we're the only work management platform that has this combination, AI powered by a clear structured map of how work actually gets done across organizations.

我們相信，我們是唯一具有這種組合的工作管理平台，人工智慧由清晰的結構化地圖提供支持，該地圖顯示了跨組織的工作實際完成方式。

This empowers our customers to ensure people and AI work together to accomplish objectives and achieve results.

這使我們的客戶能夠確保人們和人工智慧共同努力實現目標並取得成果。

We're still early in our AI journey as a company, but we're seeing some exciting trends beginning to play out since we first launched Asana Intelligence last fall.

作為一家公司，我們仍處於人工智慧之旅的早期階段，但自去年秋天首次推出 Asana Intelligence 以來，我們看到一些令人興奮的趨勢開始顯現。

AI is coming up in virtually every conversation we're having with our enterprise customers as they look to us for help implementing AI in their workflows.

人工智慧幾乎出現在我們與企業客戶的每一次對話中，因為他們尋求我們幫助在他們的工作流程中實施人工智慧。

Customers are excited about AI now, and they're actively making purchase decisions based on our AI vision.

客戶現在對人工智慧感到興奮，他們正在根據我們的人工智慧願景積極做出購買決策。

Pressures coming from the top down and leaders want to better understand how they can drive business value with AI at scale and do so safely and securely.

來自自上而下的壓力，領導者希望更了解如何利用人工智慧大規模推動業務價值，並安全可靠地實現這一目標。

And we're even turning skeptics into believers as we're able to demo how AI is not just a chat tool, but how it can solve critical business problems when embedded directly in Asana workflows.

我們甚至將懷疑者變成了信徒，因為我們能夠展示人工智慧如何不僅僅是一個聊天工具，而且當它直接嵌入到 Asana 工作流程中時，它如何能夠解決關鍵的業務問題。

Just the other week at our Work Innovation Center, we hosted an executive from one of our largest customers.

就在前一周，我們在工作創新中心接待了一位來自我們最大客戶之一的高階主管。

She said she was hesitant to adopt AI.

她說她對採用人工智慧猶豫不決。

Our team positioned the value of AI to deliver faster and more effective project status updates, a key part of the job for many of our customers that typically takes considerable time and effort to do well.

我們的團隊將人工智慧的價值定位為提供更快、更有效的專案狀態更新，這是我們許多客戶工作的關鍵部分，通常需要大量時間和精力才能做好。

With Asana Intelligence, this status can be written generatively, deep-linking relevant work from Asana so they know where every fact came from, and highlighting progress made against company goals.

借助 Asana Intelligence，可以生成性地編寫此狀態，深度連結 Asana 的相關工作，以便他們了解每個事實的來源，並突出顯示在實現公司目標方面取得的進展。

The tone and style can even be personalized.

語氣和風格甚至可以個性化。

We showed this in our customer meeting, and immediately turned this skeptic into a believer and they’re now rolling out this functionality to their whole organization.

我們在客戶會議上展示了這一點，並立即將這位懷疑論者轉變為信徒，他們現在正在向整個組織推廣此功能。

This is just one powerful early example of how differentiated our solution is.

這只是我們解決方案的差異化的一個強有力的早期例子。

The time savings were amazing, but what really impressed the customer was the quality of the output and the fact that it is linked straight to the source references.

節省的時間是驚人的，但真正給客戶留下深刻印象的是輸出的品質以及它直接連結到來源參考的事實。

This is the power of the Work Graph plus AI at work.

這就是工作圖譜加上人工智慧的力量。

Demand for our AI features is one of the leading drivers of growth in our new product tiers, especially in Advanced, Enterprise, and Enterprise Plus.

對人工智慧功能的需求是我們新產品層成長的主要驅動力之一，特別是在高級、企業和企業增強版中。

Although it is still early, we’ve had over 20,000 customers adopt the new tiers with AI.

雖然現在還為時過早，但我們已經有超過 20,000 名客戶採用了帶有 AI 的新層級。

What's next?

下一步是什麼？

We’ve started rolling out our next wave of innovation, starting with Smart Digests, which provides quick summaries of what happened since you last visited a project.

我們已經開始推出下一波創新浪潮，首先是智慧摘要，它可以快速總結自您上次造訪專案以來所發生的情況。

It can catch you up if you were out on vacation, or simply focused elsewhere.

如果您外出度假或只是專注於其他事情，它可以幫助您了解情況。

Next is powering goals standardization, workflows, status updates and business insights at every level of the Work Graph with AI.

接下來是利用人工智慧在工作圖的各個層面上推動目標標準化、工作流程、狀態更新和業務洞察。

I believe in the foreseeable future, Asana will give you real-time insights on qualitative information about the status of work across all levels of the Work Graph, in the same way that our dashboards do for numerical data, delivering a huge part of our original vision.

我相信在可預見的未來，Asana 將為您提供有關工作圖各個層級的工作狀態的定性資訊的即時見解，就像我們的儀表板處理數位資料一樣，提供我們原始資料的很大一部分想像。

On the partnership front, we have strategic partnerships with Anthropic, OpenAI. and AWS, which allow us to build world-class solutions with leading LLM providers.

在合作夥伴方面，我們與 Anthropic、OpenAI 建立了策略夥伴關係。和 AWS，它使我們能夠與領先的 LLM 供應商一起建立世界一流的解決方案。

We're able to get early access to foundation models to help test and prototype against our enterprise AI solutions, as you just heard from Anthropic's announcement of Claude 3.

正如您剛從 Anthropic 宣布的 Claude 3 中聽到的那樣，我們能夠儘早存取基礎模型，以幫助針對我們的企業 AI 解決方案進行測試和原型設計。

And this benefit is a two-way street as these LLM providers tune their models to our use cases over time.

這種好處是雙向的，因為這些法學碩士提供者會隨著時間的推移調整他們的模型以適應我們的用例。

As one of their customers, they trust us to set the bar for what great looks like, referencing our work together to help conceptualize their models.

作為他們的客戶之一，他們相信我們能夠為偉大的外觀設定標準，並參考我們的合作來幫助概念化他們的模型。

And in return, this helps power our most ambitious and complete vision for collaborative work management.

作為回報，這有助於推動我們對協作工作管理最雄心勃勃、最完整的願景。

And as Asana customers, they each enjoy the fruits of our combined efforts to power their own work and dream even bigger.

作為 Asana 客戶，他們每個人都享受我們共同努力的成果，為自己的工作和夢想提供更大動力。

These partnerships form a virtuous cycle, and we expect the benefits to compound over time.

這些合作關係形成了一個良性循環，我們預計隨著時間的推移，收益會不斷增加。

We're also partnering more and more with CIOs and IT leaders through our Work Innovation Lab, which is regularly featured in Forbes, The Wall Street Journal, and Harvard Business Review, among others.

我們也透過我們的工作創新實驗室越來越多地與 CIO 和 IT 領導者合作，該實驗室經常出現在《富比士》、《華爾街日報》和《哈佛商業評論》等雜誌上。

CIOs are being asked by their CEOs and Boards to drive a strategy and rollout, operationalize business objectives, and help accelerate go-to-market.

執行長和董事會要求資訊長推動策略和部署、實施業務目標並協助加快上市速度。

They feel the urgency to get value from AI now but must do so in a safe and trusted way.

他們覺得現在迫切需要從人工智慧中獲取價值，但必須以安全且值得信賴的方式實現。

CIOs are not just Chief Information Officers; they're Chief Intelligence Officers.

CIO 不只是資訊長；他們也是資訊長。他們是首席情報官。

This is an important expansion in the operating role of the CIO and Asana is uniquely positioned to help.

這是 CIO 營運角色的重要擴展，Asana 具有獨特的優勢可以提供協助。

We're investing and making sure CIOs can connect all their work data to build the right foundation for AI.

我們正在投資並確保資訊長能夠連接他們的所有工作數據，為人工智慧奠定正確的基礎。

We'll soon be launching new innovations like a Workflow console, deeper integrations with Microsoft 365, and ways to intelligently draft and standardize goals across the entire organization.

我們很快就會推出新的創新，例如工作流程控制台、與 Microsoft 365 的更深入集成，以及在整個組織中智慧起草和標準化目標的方法。

We're helping CIOs deploy trusted AI across every department with the right safeguards and transparent controls with features like sandboxes, multi-org deployments, and AI-powered customer onboarding designed to support companies at scale.

我們正在幫助資訊長在每個部門部署可信賴的人工智慧，並提供正確的保障措施和透明的控制，以及沙盒、多組織部署和人工智慧驅動的客戶引導等功能，旨在大規模支持公司。

And CIOs want to see wins with AI by delivering immediate impact in ROI now and they can do this with the Asana platform.

資訊長希望透過人工智慧立即對投資報酬率產生影響，從而取得勝利，他們可以透過 Asana 平台做到這一點。

Features, including our new executive summaries capabilities, Smart answers across all Work Graph objects, from tasks to projects, to portfolios to goals, and Smart Status updates at the portfolio and goal level.

功能包括我們新的執行摘要功能、跨所有工作圖物件（從任務到專案、從投資組合到目標）的智慧答案，以及投資組合和目標層級的智慧狀態更新。

They're providing real value, time savings, and better outcomes for CIOs and their stakeholders across the business.

他們為整個企業的 CIO 及其利害關係人提供真正的價值、節省時間和更好的成果。

Again, I want to really emphasize that Asana's ability to connect work all the way up to higher-level objectives gives us the ability to provide unique and powerful real-time insights at every level.

我想再次強調，Asana 將工作一直連接到更高級別目標的能力使我們能夠在各個級別提供獨特且強大的即時見解。

One way of looking at our road map this year is we're going to be investing and leveraging and amplifying that powerful source of differentiation.

看待今年路線圖的一種方式是，我們將進行投資、利用和放大這個強大的差異化來源。

The pace of change is only going to accelerate in this new AI age, and we believe we're extremely well positioned to capture this opportunity, thanks to our investment in the Work Graph data model and our incredibly scalable architecture that's proven to support 200,000-plus seat deployments within a single organization.

在這個新的人工智慧時代，變革的步伐只會加快，我們相信，由於我們對工作圖資料模型的投資以及我們令人難以置信的可擴展架構（經證明可支援200,000 個資料），我們完全有能力抓住這個機會。加上單一組織內的席位部署。

Because of this investment, our position today and our product vision, that Gartner recognized Asana as a leader in the Gartner Magic Quadrant for Collaborative Work Management, and they positioned us furthest in completeness of vision.

由於這項投資、我們今天的地位和我們的產品願景，Gartner 將 Asana 評為 Gartner 協作工作管理魔力像限中的領導者，並且他們將我們定位為在願景完整性方面最領先的。

You'll hear all about our latest AI innovations and all the investments we're making to help CIOs thrive, coming out of our next stop on the Work Innovation Summit tour on March 19 in Sydney, Australia, and then later in San Francisco in June.

您將在 3 月 19 日在澳洲雪梨、隨後在舊金山舉行的工作創新高峰會之旅的下一站中了解到我們最新的人工智慧創新以及我們為幫助首席資訊長蓬勃發展而進行的所有投資。六月。

Stay tuned for more announcements.

請繼續關注更多公告。

Before closing, I wanted to highlight the recognitions our team has been awarded during fiscal 2024.

在結束之前，我想強調一下我們的團隊在 2024 財年獲得的認可。

For another consecutive year, Asana was recognized by Fortune and Great Places to Work across several categories: Best Places to Work in the Technology Industry; Best Places to Work for Millennials; Best Places to Work in the Bay Area.

Asana 連續一年獲得《財星》雜誌和《最佳工作場所》多個類別的認可：科技業最佳工作場所；千禧世代的最佳工作場所；灣區最佳工作場所。

Inc. Magazine also awarded Asana Best Workplaces for the sixth year in a row.

Inc. 雜誌也連續第六年授予 Asana 最佳工作場所獎。

And Fast Company awarded Asana Best Workplaces for Innovators in the enterprise category.

Fast Company 授予 Asana 企業類別最佳創新者工作場所獎。

Finally, I'm very aware of the dynamic market conditions that continue to impact our near-term business.

最後，我非常清楚動態的市場狀況將持續影響我們的近期業務。

Our strategic initiatives are aligned with navigating these headwinds to ensure sustained growth and a path to profitability.

我們的策略性舉措與應對這些逆風保持一致，以確保持續成長和獲利之路。

At the same time, I'm more excited than ever about the potential of Asana, our vision for collaborative work management, and the value we can provide for our customers in this new era of work.

同時，我對 Asana 的潛力、我們對協作工作管理的願景以及我們在這個新工作時代可以為客戶提供的價值感到比以往任何時候都更加興奮。

Everything we're focused on today is in service of driving enterprise growth and customer success, building pipeline, retention, and C-level customer engagement.

我們今天關注的一切都是為了推動企業發展和客戶成功、建立管道、保留和 C 級客戶參與度。

Now I'll turn it over to Anne.

現在我把它交給安妮。

Thanks, Dustin.

謝謝，達斯汀。

As Dustin mentioned, during the quarter, we continued to feel the impact of the macroeconomic headwinds, increased budget scrutiny, and reductions in head count among our customers, especially in the technology vertical, which has been a drag to our growth.

正如達斯汀所提到的，在本季度，我們繼續感受到宏觀經濟逆風、預算審查加強以及客戶人數減少的影響，特別是在技術垂直領域，這一直拖累我們的成長。

However, across the business, there are some early signs that hint at modest stabilization.

然而，在整個行業中，有一些早期跡象暗示著適度的穩定。

As you've seen in the news, headcount reductions have continued, but they are smaller this year in aggregate versus last year, and we should be lapping the bulk of those renewals in the first half of the year.

正如您在新聞中看到的那樣，裁員仍在繼續，但今年的總體規模比去年要小，我們應該在今年上半年完成大部分續約。

As we move upmarket and further up the approval chain to senior level decision makers, the deal cycles continue to be elongated, but the conversations reflect that work management is increasingly more strategic especially in the largest enterprises.

隨著我們向高端市場邁進，並在審批鏈上進一步向高層決策者傾斜，交易週期繼續延長，但對話反映出工作管理越來越具有策略性，尤其是在最大的企業中。

Sequential growth in new business appears to be stabilizing, especially for industries outside of technology, and our sales force productivity continues to improve.

新業務的連續成長似乎正在穩定，特別是對於技術以外的行業，並且我們的銷售人員生產力持續提高。

We still have to lap the original headwinds impacting larger existing customers in the first half, but I'm energized and optimistic about the full year and beyond.

我們仍然必須克服上半年影響較大現有客戶的最初不利因素，但我對全年及以後充滿活力和樂觀。

Our new product plans are driving uptiering, and AI is a primary focus for the largest customers.

我們的新產品計劃正在推動升級，而人工智慧是最大客戶的主要關注點。

It's still very early, but we can definitely see that AI demand was accretive to growth even in the first quarter that it was available in our new tiers.

現在還為時過早，但我們可以肯定地看到，即使在我們的新層級中提供人工智慧的第一季度，人工智慧需求也促進了成長。

We are hiring new quota-carrying salespeople rapidly in every region and will be increasing capacity throughout the year.

我們正在每個地區快速招募新的配額銷售人員，並將全年增加產能。

And all of our revenue leadership roles are filled, a new General Manager of the Americas, a Global Head of Channel, and leaders across operations and field enablement.

我們所有的收入領導職位均已填補，包括一位新的美洲總經理、一位全球通路主管以及跨營運和現場支援的領導者。

We are starting the year in a better position than 12 months ago.

今年伊始，我們的處境比 12 個月前更好。

In addition, we continue to drive thought leadership in the collaborative work management space.

此外，我們持續推動協作工作管理領域的思想領導。

In our second annual State of the IT Leader report, the key proprietary research publication from our Work Innovation Lab, we surveyed more than 1,200 IT professionals from across the US and UK to understand what's top of mind in their roles, especially as their organizations are adopting AI.

在我們的第二份年度IT 領導者狀況報告（我們工作創新實驗室的重要專有研究出版物）中，我們調查了來自美國和英國的1,200 多名IT 專業人員，以了解他們的角色中最關心的是什麼，尤其是當他們的組織處於採用人工智慧時。

This year, we saw three key trends in the data.

今年，我們在數據中看到了三個主要趨勢。

First, a push to streamline and consolidate tech stacks; second, challenges and concerns related to data accuracy and robustness; and third, the role of the IT leader being called on to lead their company's AI strategy.

首先，推動精簡和整合技術堆疊；其次，與數據準確性和穩健性相關的挑戰和擔憂；第三，IT 領導者的角色被要求領導公司的人工智慧策略。

The research finding echoes what we see within our own customer base, executives are planning long term and they're looking for strategic partners.

研究結果與我們在自己的客戶群中看到的情況相呼應，高階主管正在製定長期計劃，並且他們正在尋找策略夥伴。

We believe this is helping us win on vendor consolidation discussions and drive multiyear commitments for us.

我們相信這有助於我們贏得供應商整合討論並推動我們的多年承諾。

And I want to echo both what we're seeing in our research and add to Dustin's earlier remarks about the excitement we're seeing around AI with our customers.

我想呼應我們在研究中所看到的內容，並補充達斯汀先前關於我們與客戶一起對人工智慧感到興奮的言論。

I recently returned from a trip to Japan, where I was visiting several enterprise customers alongside our Chief Revenue Officer, Ed McDonnell.

我最近從日本旅行回來，與我們的首席營收長 Ed McDonnell 一起拜訪了幾家企業客戶。

One of the customers we spent time with was Fujitsu, a global technology and business solutions leader.

我們接觸過的客戶之一是全球技術和業務解決方案領導者富士通。

We learned that Fujitsu held an Asana AI ideathon with their employees, as they seek innovative ways to use Asana Intelligence to transform the way they work.

我們了解到，富士通與員工一起舉辦了 Asana AI 創意馬拉松，他們尋求創新方法來利用 Asana Intelligence 來改變他們的工作方式。

Fujitsu has shared a recent idea that came from the ideathon to help them better manage their large global organization.

富士通分享了來自創意馬拉鬆的最新想法，以幫助他們更好地管理大型全球組織。

Like all large multinationals, the company dedicates considerable time to resource planning for global projects.

與所有大型跨國公司一樣，該公司投入大量時間規劃全球專案的資源。

They manage this process in Asana today.

他們今天在體式中管理這個過程。

But with our AI features, they've ideated new ways to optimize their global resource planning to make it both more efficient and more effective.

但藉助我們的人工智慧功能，他們想出了新的方法來優化全球資源規劃，使其更有效率和更有效。

The team is foreseeing infinite possibilities to use Asana Intelligence, like the idea of helping identify the right teams and individuals for each specific assignment, assigning the work and then handling language translation to assist both in the handoff and to provide status updates on work progress.

該團隊預見到使用 Asana Intelligence 的無限可能性，例如幫助為每個特定任務確定合適的團隊和個人，分配工作，然後處理語言翻譯以協助交接並提供工作進度的狀態更新。

It's a powerful example of what Asana Intelligence can do and just the beginning of what's possible, as we continue to invest in helping companies work smarter with AI.

這是 Asana Intelligence 可以做什麼的一個強有力的例子，也只是一切可能的開始，我們將繼續投資幫助企業利用人工智慧更聰明地工作。

And examples like this powered by AI will help fuel our success with the largest organizations in the world.

像這樣由人工智慧提供支援的例子將有助於推動我們在世界上最大的組織中取得成功。

Enterprise customers representing organizations with over 2,000 employees continue to be our fastest-growing customer cohort, and we are seeing new business broadly across several diverse industries, including health care, financial services, transportation and manufacturing, among others.

代表擁有超過 2,000 名員工的組織的企業客戶仍然是我們成長最快的客戶群，我們看到新業務廣泛分佈在多個不同行業，包括醫療保健、金融服務、運輸和製造等。

Fujitsu, the global technology and business solutions leader I referenced earlier, significantly expanded their use of our enterprise solution this quarter as they continue their organization's digital transformation initiative.

我之前提到的全球技術和業務解決方案領導者富士通在繼續其組織的數位轉型計畫的同時，本季顯著擴大了對我們企業解決方案的使用。

Fujitsu has found that teams using Asana spend 30% less time on admin work, so they're deploying our platform to more business units and departments to drive employee productivity and impact.

富士通發現，使用 Asana 的團隊在管理工作上花費的時間減少了 30%，因此他們將我們的平台部署到更多業務部門和部門，以提高員工的工作效率和影響力。

Additionally, they will now be managing goals and KPIs for the organization in Asana.

此外，他們現在將在 Asana 中管理組織的目標和 KPI。

We continue to see growth within the health care sector this quarter for a range of use cases, from onboarding new physicians, to fundraising, to digitizing their business operations.

我們繼續看到本季度醫療保健行業的一系列用例的增長，從新醫生入職到籌款，再到業務運營數位化。

Some notable wins include the emergency services division of one of the largest single-payer health care systems in the world, a global health care company focused on pharmaceutical distribution, health care services and medical supplies and equipment, and a significant humanitarian medical aid organization that deploys thousands of doctors and has treated over 100 million patients around the world.

一些值得注意的勝利包括世界上最大的單一付款人醫療保健系統之一的緊急服務部門、一家專注於藥品分銷、醫療保健服務以及醫療用品和設備的全球醫療保健公司，以及一家重要的人道主義醫療援助組織，在全球部署了數千名醫生並治療了超過 1 億名患者。

In the fiscal year, we started to establish beachheads in the financial services sector with some of the largest global companies.

在本財年，我們開始與一些全球最大的公司在金融服務領域建立灘頭堡。

These include a major exchange in the UK, a global provider of financial data and news who you likely rely on every day at work and one of the world's premier investment banking firm.

其中包括英國的一家主要交易所、您每天工作中可能依賴的全球金融數據和新聞提供者以及全球首屈一指的投資銀行公司之一。

And we continue to land significant deals across logistics and transportation.

我們繼續在物流和運輸領域達成重大交易。

For example, the multinational transportation and business services leader selected Asana to streamline and manage all of their work to enable the organization's sales team from training to content, to help drive additional revenue for their business.

例如，跨國運輸和商業服務領導者選擇 Asana 來簡化和管理他們的所有工作，使組織的銷售團隊能夠從培訓到內容，幫助增加他們的業務收入。

And we also had an expansion with one of our large logistics customers.

我們也與一家大型物流客戶進行了擴張。

We also had a large land deal with DK, a British multinational publishing company and a division of Penguin Random House, who will be using Asana across their organization.

我們還與 DK 達成了一項大型土地協議，DK 是一家英國跨國出版公司，也是企鵝蘭登書屋的一個部門，他們將在整個組織中使用 Asana。

As a long-time customer of DK, I'm thrilled we have the opportunity to support their mission to inspire, educate, and entertain readers of all ages.

作為 DK 的長期客戶，我很高興我們有機會支持他們激勵、教育和娛樂各年齡層讀者的使命。

Despite the headwinds we see in the market, we continue to expand with some of the leaders in tech and are winning on consolidation decisions.

儘管我們在市場上看到了阻力，但我們繼續與一些科技領域的領導者一起擴張，並在整合決策中獲勝。

Indeed, the number one job site in the world, expanded their use of our platform this quarter.

事實上，世界第一的求職網站本季擴大了對我們平台的使用。

They've been a customer of ours for a few years and core business functions across their organization from project management to customer-facing divisions, to internal operations all use Asana.

他們多年來一直是我們的客戶，他們整個組織的核心業務職能從專案管理到面向客戶的部門再到內部營運都使用 Asana。

They love and rely on Asana to track progress on their goals, execute their initiatives faster, and pivot quickly when necessary.

他們喜歡並依靠 Asana 來追蹤目標進度、更快地執行計劃並在必要時快速調整方向。

Thanks to the strong business value they've experienced with Asana, they will be transitioning employees within their IT, PMO, and operations teams from other tools to also manage their work in the Asana platform.

由於他們在 Asana 上體驗了強大的商業價值，他們將把 IT、PMO 和營運團隊中的員工從其他工具轉移到 Asana 平台中管理他們的工作。

In summary, even with the current market conditions, we continue to see more multiyear deals, winning on vendor consolidation decisions, and are continuing to diversify our enterprise success across more industries.

總而言之，即使在當前的市場條件下，我們仍然會看到更多的多年期交易，贏得供應商整合決策，並繼續在更多行業中實現企業成功的多元化。

We have continued to win these strategic expansions, particularly at some of the most recognized companies in the world, and that is because the larger secular tailwinds around digitization continue.

我們繼續贏得這些策略擴張，特別是在世界上一些最知名的公司，這是因為圍繞數位化的更大的長期順風仍在繼續。

Looking to Q1 and the rest of the year, we continue to focus on executing on top-down go-to-market strategies that help us win business from new and existing customers, with a focus on more and new enterprise sales plays, enhanced account coverage across the entire customer journey from strategic account management to professional services plus AI for building workflows and strategy to scale customer success, and international growth opportunities in our global regions where we are thrilled to now have new enterprise sales leaders, and of course, increasing sales capacity throughout the year.

展望第一季和今年剩餘時間，我們繼續專注於執行自上而下的進入市場策略，幫助我們贏得新舊客戶的業務，並專注於更多新的企業銷售活動、增強客戶覆蓋整個客戶旅程，從策略客戶管理到專業服務，加上人工智慧，用於建立工作流程和策略以擴大客戶成功，以及我們全球地區的國際成長機會，我們很高興現在擁有新的企業銷售領導者，當然，全年銷售能力。

We are excited to bring the Work Innovation Summit to more parts of the world in the coming year.

我們很高興能夠在來年將工作創新高峰會帶到世界更多地區。

Combined with the launch of AI features across every tier, we are seeing continued growth in the pipeline and are excited to turn that into incremental revenue.

結合各層人工智慧功能的推出，我們看到管道的持續成長，並很高興將其轉化為增量收入。

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

這樣，我就把它交給提姆了。

Thank you, Anne.

謝謝你，安妮。

While I'm pleased with our high-level results, some of the underlying drivers are still developing.

雖然我對我們的高水準結果感到滿意，但一些潛在的驅動因素仍在發展中。

As Anne mentioned, we continue to see headwinds from a macro standpoint which continue to impact our dollar-based net retention rates.

正如安妮所提到的，從宏觀角度來看，我們繼續看到不利因素，這繼續影響我們以美元為基礎的淨保留率。

We also have more work to do as we develop our enterprise go-to-market muscle and continue transitioning upmarket.

在增強企業市場實力並持續轉型為高端市場的過程中，我們還有更多工作要做。

By the same token, I am proud of the efforts the team has put in to manage costs and improve efficiency.

同樣，我為團隊在管理成本和提高效率方面所做的努力感到自豪。

We made substantial progress on improving our operating margins and free cash flow in fiscal 2024.

2024 財年，我們在提高營業利潤率和自由現金流方面取得了實質進展。

Now on to our Q4 results.

現在來看我們第四季的業績。

Q4 revenues came in at $171.1 million, up 14% year over year.

第四季營收為 1.711 億美元，年增 14%。

We have 21,646 core customers, or customers spending $5,000 or more on an annualized basis.

我們擁有 21,646 名核心客戶，即年支出 5,000 美元或以上的客戶。

Revenue from core customers grew 16% year over year.

來自核心客戶的營收年增16%。

This cohort represented 75% of our revenues in Q4, up from 73% in the year-ago quarter.

該群體占我們第四季營收的 75%，高於去年同期的 73%。

We have 607 customers spending $100,000 or more on an annualized basis and this customer cohort grew at 20% year over year.

我們有 607 名客戶每年花費 10 萬美元或更多，而該客戶群年增 20%。

As a reminder, we define these customers cohort based on annualized GAAP revenues in a given quarter.

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。

Our dollar-based net retention rates were lower, mainly driven by seat adjustments.

我們以美元計算的淨保留率較低，主要是由於席位調整。

Our overall dollar-based net retention rate was over 100%.

我們以美元計算的總體淨保留率超過 100%。

Our dollar-based net retention rate for our core customer was 105%, and among customers spending $100,000 or more, our dollar-based net retention rate was 115%.

我們的核心客戶的美元淨保留率為 105%，而在消費 10 萬美元或以上的客戶中，我們的美元淨保留率為 115%。

As a reminder, our dollar-based net retention rate is a trailing four-quarter average calculation, and thus a lagging indicator.

提醒一下，我們以美元為基礎的淨保留率是追蹤四個季度的平均計算結果，因此是一個滯後指標。

We continue to see stable logo churn rates overall and low churn in our largest accounts.

我們繼續看到整體徽標流失率穩定，並且我們最大的客戶流失率較低。

If I look at our largest customers, those with $100,000 and above, the non-tech NRR appears to be stabilizing.

如果我看看我們最大的客戶，即那些年收入 10 萬美元及以上的客戶，非技術 NRR 似乎正在穩定。

However, companies continue to remain mindful of the near-term economic challenges.

然而，企業仍持續關注近期的經濟挑戰。

I'll speak specifically to our outlook regarding this in a moment.

稍後我將具體談談我們對此的看法。

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.

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。

Gross margins came in at 90.1%.

毛利率為 90.1%。

Research and development was $54 million or 32% of revenue.

研究與開發為 5,400 萬美元，佔收入的 32%。

Sales and marketing was $88 million or 51% of revenue, an improvement from 62% a year ago.

銷售和行銷收入為 8,800 萬美元，佔收入的 51%，比一年前的 62% 有所提高。

G&A was $27.7 million or 16% of revenue.

G&A 為 2,770 萬美元，佔收入的 16%。

Operating loss was $15.6 million, and our operating loss margin was 9%, representing a 16 percentage point improvement versus a year ago.

營業虧損為 1,560 萬美元，營業虧損率為 9%，比一年前提高了 16 個百分點。

The improvement in our operating margin demonstrates our ability to take a balanced approach to growth and profitability.

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成長和獲利。

Net loss was $10.1 million, and our net loss per share was $0.04.

淨虧損為 1,010 萬美元，每股淨虧損為 0.04 美元。

Looking at highlights from the full fiscal year.

回顧整個財年的亮點。

Fiscal year revenue grew 19% year over year to $652.5 million.

財年營收年增 19%，達 6.525 億美元。

We added over 2,200 core customers during the year.

年內我們新增核心客戶超過 2,200 家。

We also added over 100 customers spending $100,000 or more on an annualized basis during the year.

我們還增加了 100 多名客戶，每年消費額達到或超過 10 萬美元。

Revenue from customers spending $100,000 or more on an annualized basis grew over 29% year over year.

年化消費額在 10 萬美元或以上的客戶帶來的收入年增超過 29%。

This cohort represented 27% of our revenues for the full year.

該群體占我們全年收入的 27%。

Moving on to the balance sheet and cash flow.

接下來是資產負債表和現金流量。

Cash and marketable securities at the end of Q4 were approximately $519.5 million.

第四季末的現金和有價證券約為 5.195 億美元。

Our remaining performance obligations, or RPO, was $349 million, up 17% from the year ago quarter.

我們的剩餘履約義務 (RPO) 為 3.49 億美元，比去年同期成長 17%。

We expect 84% of our RPO will be recognized over the next 12 months.

我們預計 84% 的 RPO 將在未來 12 個月內得到確認。

The current portion of RPO grew 17% from the year ago quarter.

目前 RPO 部分較去年同期成長 17%。

Our total ending Q4 deferred revenue was $271.2 million, up 16% year over year.

我們第四季末的遞延收入總額為 2.712 億美元，較去年同期成長 16%。

Q4 free cash flow was negative $17 million or negative 10% on a margin basis, an improvement from negative 18% from the year ago quarter.

第四季自由現金流為負 1,700 萬美元，以利潤率計算為負 10%，較去年同期的負 18% 有所改善。

Free cash flow for the full fiscal year was negative $30.4 million, almost $130 million improvement year over year.

整個財年的自由現金流為負 3,040 萬美元，較去年同期改善近 1.3 億美元。

Moving to guidance.

轉向指導。

For Q1 fiscal 2025, we expect revenues of $168 million to $169 million, representing growth of 10% to 11% year over year.

對於 2025 財年第一季度，我們預計營收為 1.68 億至 1.69 億美元，年增 10% 至 11%。

We expect non-GAAP loss from operations of $23 million to $21 million, representing an operating margin of negative 13% at the midpoint of guidance.

我們預期非 GAAP 營運虧損為 2,300 萬美元至 2,100 萬美元，相當於指導中位數的營運利潤率為負 13%。

And we expect net loss per share of $0.09 to $0.08, assuming basic and diluted weighted average shares outstanding of approximately 226 million.

假設基本和稀釋加權平均流通股約為 2.26 億股，我們預期每股淨虧損為 0.09 至 0.08 美元。

For the full fiscal year 2025, we expect revenue to be in the range of $716 million to $722 million, representing a growth rate of 10% to 11% year over year.

對於 2025 年整個財年，我們預計營收將在 7.16 億美元至 7.22 億美元之間，年成長率為 10% 至 11%。

We expect non-GAAP loss from operations of $61 million to $55 million, representing an operating margin of negative 8% at the midpoint of guidance.

我們預計非 GAAP 營運虧損為 6,100 萬美元至 5,500 萬美元，相當於指導中位數的營運利潤率為負 8%。

We expect to be free cash flow positive by the end of this calendar year, and we expect net loss per share of $0.22 to $0.19, assuming basic and diluted weighted average shares outstanding of approximately 230 million.

我們預計到本日曆年年底自由現金流將為正值，假設基本和稀釋加權平均流通股約為 2.3 億股，我們預計每股淨虧損為 0.22 至 0.19 美元。

Our guidance assumes there is no change in the current macroeconomic environment.

我們的指導假設當前宏觀經濟環境沒有改變。

We continue to believe dollar-based net retention rates should bottom around Q1 and hover at plus or minus 100% through Q2.

我們仍然認為，以美元計算的淨保留率應在第一季左右觸底，並在第二季徘徊在正負 100% 的水平。

We won a number of large deals from the previous year renewal.

我們從去年的續約中贏得了一些大筆交易。

In addition, we anticipate the recent leadership changes we have made in our sales organization will take time to fully manifest.

此外，我們預計最近在銷售組織中進行的領導層變動將需要時間才能完全體現。

We're committed to maintaining a disciplined and balanced approach to optimizing costs and improving efficiency and profitability.

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獲利能力。

We will continue to invest in the future growth opportunities like AI, which we expect will drive long-term value.

我們將繼續投資人工智慧等未來成長機會，我們預計這將推動長期價值。

Our goal this year is to reaccelerate our revenue growth rate while remaining committed to delivering durable positive free cash flow by the end of calendar 2024.

我們今年的目標是重新加快營收成長率，同時繼續致力於在 2024 年底之前提供持久的正自由現金流。

As we move towards positive free cash flow, we are encouraged by the progress we've made to date, and I'm optimistic about our future and our position within the enterprise segment.

隨著我們邁向正自由現金流，我們對迄今為止所取得的進展感到鼓舞，我對我們的未來和在企業領域的地位感到樂觀。

Over the next 12 to 24 months, we anticipate incremental growth will be driven by expansion from our core customers, which will be a tailwind to our NRR.

在未來 12 至 24 個月內，我們預計增量成長將由核心客戶的擴張推動，這將成為我們的 NRR 的推動力。

Our focus on moving upmarket, so focusing on moving more of our customers to the $100,000 spend levels and our new product tiers powered by Asana Intelligence, which will help with more lands, improve adoption, and encourage new expansion.

我們專注於進入高端市場，因此專注於讓更多客戶達到100,000 美元的消費水平，以及由Asana Intelligence 提供支援的新產品層，這將有助於獲得更多土地、提高採用率並鼓勵新的擴張。

And with that, I'll turn it back to Dustin for more closing remarks.

說到這裡，我將把它轉回給達斯汀，讓他做更多的結束語。

I want to close by punctuating that in fiscal 2024, we made a commitment that we would become free cash flow positive by the end of the coming year, and we focus the entire organization on improving our operating efficiency.

最後，我想強調的是，在 2024 財年，我們做出了承諾，到明年年底我們將實現自由現金流為正值，並且我們將整個組織的重點放在提高營運效率上。

In spite of challenges along the way, we made more progress in one year than we expected by a wide margin.

儘管一路上充滿挑戰，但我們在一年內取得的進展遠遠超出了我們的預期。

This year, we intend to follow through on our commitment to become free cash flow positive by the end of the year, but we're going to do it while also achieving our other key goal this year, reaccelerating our revenue growth rate.

今年，我們打算兌現我們的承諾，在年底前實現自由現金流為正值，但我們將在實現這一目標的同時實現今年的另一個關鍵目標，即重新加快我們的收入成長率。

We've achieved this twice before in our history as a company, and we intend to do it once again.

作為一家公司，我們在歷史上曾經兩次實現這一目標，並且我們打算再次實現這一目標。

I'm incredibly energized by our road map and by the enormous opportunity that lies ahead.

我們的路線圖和未來的巨大機會讓我感到無比振奮。

And with that, operator, we'd love to start with the questions.

接線員，我們很樂意從問題開始。

(Operator Instructions) Michael Funk, Bank of America.

（操作員指示）Michael Funk，美​​國銀行。

Yeah.

是的。

Thank you for taking the question and happy to be live with coverage on Asana.

感謝您提出問題，並很高興接受 Asana 的報道。

One for Anne and Dustin if I could.

如果可以的話，給安妮和達斯汀一份。

Curious what is driving the traction uptiering in new tiers?

好奇是什麼推動了新等級的牽引力提升？

Hi, Michael.

嗨，邁克爾。

So glad you're joining the call.

很高興您加入通話。

I'm excited that you're covering us.

我很高興你能報道我們。

The things that we're seeing that are driving uptiering really are interest from customers, especially our largest customers in our AI investments.

我們所看到的推動升級的因素確實是客戶的興趣，尤其是我們最大的客戶對人工智慧投資的興趣。

It's still early, but we're definitely seeing that AI demand was accretive to growth even in the first quarter that our new tiers were available.

現在還為時過早，但我們肯定會看到，即使在我們的新級別推出的第一季度，人工智慧需求也會促進成長。

Something I'm excited about is in all of my customer conversations in every region, executives are really seeing that AI combined with the Asana Work Graph can drive significant value in their organizations.

令我興奮的是，在與每個地區的所有客戶對話中，高階主管確實看到人工智慧與 Asana Work Graph 結合可以為他們的組織帶來巨大的價值。

And they appreciate the approach that we're taking.

他們讚賞我們正在採取的方法。

It's both our guiding principles and then the fact that AI is available in every paid tier.

這既是我們的指導原則，也是人工智慧在每個付費層都可用的事實。

And so what I hear most often is as customers are really looking at their AI strategy.

因此，我最常聽到的是客戶正在真正關注他們的人工智慧策略。

It's about being able to partner with a trusted organization that they are already working with.

這是關於能夠與他們已經合作的值得信賴的組織合作。

And so I'm really pleased that were considered one of those trusted partners.

因此，我真的很高興被認為是值得信賴的合作夥伴之一。

We expect to see more of that throughout the year as we're investing in AI throughout our road map.

隨著我們在整個路線圖中對人工智慧進行投資，我們預計全年會看到更多這樣的情況。

And just to go one level deeper, this is Dustin.

更深入一點，這是達斯汀。

So when we present the AI features, the thing customers are really responding to is how they really power the way that the Work Graph connects work from tasks all the way up to higher level of company objectives.

因此，當我們展示人工智慧功能時，客戶真正關心的是他們如何真正推動工作圖將工作從任務一直連接到更高層級的公司目標。

So you take something like our Smart Summaries or Smart Status and because you're applying them to portfolios and goals that are connected to the underlying work, you get much more powerful results.

因此，您採用我們的智慧摘要或智慧狀態之類的東西，因為您將它們應用到與基礎工作相關的投資組合和目標，所以您會得到更強大的結果。

And so that's really resonating and amplifying the power of the functionality we already had in our higher-level tiers before, that was really focused at the top of the organizational charts.

因此，這確實引起了共鳴，並放大了我們先前在更高層級層中已經擁有的功能的力量，這些功能真正集中在組織結構圖的頂部。

And that just really reinforces what Anne said already that AI plus the Work Graph is really more than the sum of the parts.

這確實強化了安妮所說的，即人工智慧加上工作圖實際上不僅僅是各個部分的總和。

That was great.

那很棒。

Thank you, Dustin.

謝謝你，達斯汀。

Thank you, Anne.

謝謝你，安妮。

One more if I could, please.

如果可以的話，請再來一張。

I think, Anne, you mentioned on the call that all the essential roles now for sales are filled.

我想，安妮，您在電話中提到現在銷售的所有重要角色都已填補。

I know you filled Europe, you recently hired North America.

我知道你在歐洲工作過，最近又在北美工作過。

I'm curious for some more color though on the expectations for time to ramp the new sales organization, what measurable you're looking at throughout the year?

我很好奇更多的色彩，儘管對於新銷售組織的時間預期，您全年都在關注什麼可衡量的指標？

Yeah.

是的。

Thanks for asking that.

謝謝你這麼問。

We are really excited to have all of our global revenue roles filled including having great enterprise sales leaders in Germany, UKI, Japan, Benelux.

我們非常高興能夠填補我們所有的全球收入職位，包括在德國、UKI、日本、比荷盧經濟聯盟擁有優秀的企業銷售領導者。

So it's been great to have them on board.

所以很高興他們加入。

Many of them were with us at our sales kick off that just happened.

他們中的許多人在我們剛剛舉行的銷售啟動儀式上與我們在一起。

So the things that we continue to measure and monitor, definitely ramp time, productivity, pipeline build, conversion, all your classic metrics.

因此，我們繼續衡量和監控的事情，肯定是斜坡時間、生產力、管道構建、轉化，以及所有經典指標。

And I think more than anything, it's just having great leaders in place that are working really well together.

我認為最重要的是，擁有出色的領導者，並且能夠很好地合作。

That's one of the reasons we will be investing in adding capacity in every region, likely in a linear fashion throughout the year.

這就是我們將在每個地區投資增加產能的原因之一，很可能全年都會以線性方式進行投資。

So those are the things that we're continuing to watch and monitor, but really excited about the global team in place.

因此，這些是我們正在繼續觀察和監控的事情，但對全球團隊的到位感到非常興奮。

Great.

偉大的。

Thank you all for your time.

感謝大家抽出寶貴的時間。

Pat Walravens, Citizens JMP.

Pat Walravens，公民 JMP。

Great.

偉大的。

Thank you.

謝謝。

And congratulations.

恭喜你。

Side lapping the large renewals, can you guys comment on the other signs you feel you're seeing that make you more optimistic about the business?

除了大規模續約之外，你們能評論一下你們認為看到的其他讓你們對業務更加樂觀的跡象嗎？

Hi, Pat.

嗨，帕特。

It's Anne.

是安妮。

Some of the things that we're seeing that make us optimistic are, in particular, the non-tech category, so customers in those categories, not only are we seeing stabilization, but we're starting to see improvements and kind of early signs of growth there.

我們看到的一些讓我們樂觀的事情尤其是非技術類別，因此這些類別的客戶不僅看到了穩定，而且開始看到改進和早期跡像那裡的成長。

So in particular, non-tech AR grew in the high teens.

特別是非技術 AR 在十幾歲的時候就出現了增長。

And so as that continues and as we diversify into more of these verticals, I think those are other reasons that we are seeing optimism.

因此，隨著這種情況的繼續，隨著我們向更多垂直領域多元化，我認為這些是我們看到樂觀情緒的其他原因。

And then we expect that tech will follow that.

然後我們預計科技也會隨之而來。

So as we mentioned, we're going to work through some of these larger renewals that are mostly concentrated in tech, and that's going to happen in the first half of the year, but that's also why we're excited to see a reacceleration in the second half of the year.

正如我們所提到的，我們將完成一些較大的更新，這些更新主要集中在技術領域，這將在今年上半年發生，但這也是為什麼我們很高興看到技術的重新加速。下半年。

And I'll just add on a little bit more.

我再補充一點。

I think that covered it pretty well.

我認為這很好地涵蓋了它。

This is Dustin here.

這是達斯汀。

But one just simple way of looking at it is parts of our business are growing faster than the overall revenue rate.

但一種簡單的看待方式是，我們部分業務的成長速度快於整體營收的成長速度。

And so if we can get all the parts of the business to do that, then the overall revenue rate reaccelerates.

因此，如果我們能讓業務的所有部分都這樣做，那麼整體營收率就會重新加速。

And to Anne's point, even where the business is growing less than the overall revenue rate, we're still having really high-quality conversations.

對於安妮來說，即使業務成長低於整體營收率，我們仍然進行真正高品質的對話。

We talk to these customers, they're interested in deploying further.

我們與這些客戶交談，他們有興趣進一步部署。

They're trying to work with us on just budget predictability and aligning price to value, but they want to go further.

他們正試圖與我們合作，以提高預算的可預測性，並使價格與價值保持一致，但他們希望走得更遠。

And so we're still expecting -- we're not expecting this to be a new normal for tech.

所以我們仍然期待──我們不希望這成為科技的新常態。

We think that that recovers and reaccelerates as well.

我們認為這種情況也會恢復並重新加速。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Thank you.

謝謝。

A lot of encouraging points to look forward to for next year.

明年有很多值得期待的令人鼓舞的事。

I did have a question on core customer count.

我確實有一個關於核心客戶數量的問題。

The sequential net adds was positive 300.

連續淨增為正 300。

That was a little bit -- that was lower than we've seen this year and as far back as we have data.

這比我們今年看到的以及我們掌握的數據要低一些。

Just wondering if you could talk a little bit about the drivers of this comment on gross adds versus churn in the over $5,000 cohort.

只是想知道您是否可以談談對超過 5,000 美元的群組中總增加與流失的評論的驅動因素。

Yeah.

是的。

Hey, Josh, this is Tim.

嘿，喬什，這是蒂姆。

Great question.

很好的問題。

I think for us, a lot of our focus is moving more and more of our customers from the $5000 up to the $50,000 and then to the $100,000 and getting -- moving more of our enterprise customers into a higher spend category.

我認為對我們來說，我們的重點是將越來越多的客戶從 5000 美元提升到 50,000 美元，然後再提升到 100,000 美元，並將更多的企業客戶轉移到更高的支出類別。

I would say when we look at the types of customers that may have fell out of the $5,000, some of them actually didn't churn.

我想說的是，當我們查看可能超出 5,000 美元的客戶類型時，其中一些實際上並沒有流失。

They just dropped some of their spend primarily due to seat adjustments.

他們只是因為座位調整而減少了一些支出。

And then we did have some other customers come in as well.

然後我們確實也有一些其他客戶進來。

But I would say it's really about a focus on moving a lot of our customers up market and into the Enterprise, Enterprise Plus tiers.

但我想說，這實際上是為了將我們的許多客戶轉移到高端市場並進入企業、企業+級別。

Okay.

好的。

That's helpful.

這很有幫助。

So you're saying some customers may have dropped from over $5,000 to below $5,000.

所以你說有些客戶的價格可能從 5,000 美元以上降到了 5,000 美元以下。

Yes.

是的。

Is that -- my follow-up was that it actually looks like the under $5,000 was a little bit stronger as far as sequential adds.

我的後續行動是，就連續增加而言，實際上 5,000 美元以下的價格似乎有點強。

It's tough to tell with the rounding of the overall customers, but that looks stronger.

很難透過整體客戶的四捨五入來判斷，但看起來更強勁。

I was just wondering if like there was any change in reinvesting back down market, but it sounds like it was more just a function of some downsizing.

我只是想知道市場再投資是否有任何變化，但聽起來這更像是一些裁員的結果。

Yeah, just some movements within the customer base around dollar spend.

是的，只是客戶群內部圍繞美元支出的一些變動。

Okay.

好的。

Got it.

知道了。

Very helpful.

很有幫助。

Thank you.

謝謝。

I might just add there's a little bit more speculation, but we did have our Work Innovation Summit at the end of October, and we did some PR and brand pushes after that.

我可能只是補充一點，還有更多的猜測，但我們確實在 10 月底舉行了工作創新高峰會，之後我們做了一些公關和品牌推廣。

It's possible that contributed, but it wasn't like an explicit strategy shift so much as it's easier to convert those smaller deals very quickly after an event like that.

這可能有所貢獻，但這並不像一個明確的策略轉變，因為在這樣的事件發生後，更容易很快地轉換那些較小的交易。

George Iwanyc, Oppenheimer.

喬治·伊凡尼克，奧本海默。

Thank you for taking my question.

謝謝你回答我的問題。

Anne, maybe you can build on your vendor consolidation gains.

安妮，也許您可以在供應商整合的基礎上再接再厲。

Can you give us some perspective on what areas of spending you're consolidating and how that rollout goes typically?

您能否給我們一些關於您正在整合哪些支出領域以及通常如何推出的看法？

Yeah, happy to, George.

是的，很高興，喬治。

So from a customer perspective, it's really the cross-functional use cases enabled by the Work Graph and now AI that are driving the consolidation and then also multiyear investments.

因此，從客戶的角度來看，實際上是工作圖和現在的人工智慧支援的跨功能用例正在推動整合以及多年投資。

Maybe -- a good example that brings it to life is a global cybersecurity company, consolidated eight disparate applications on to Asana, and they've quickly deployed additional use cases now that they're all on one platform.

也許 - 一個將其變為現實的好例子是一家全球網路安全公司，將八個不同的應用程式整合到 Asana 上，並且他們已經快速部署了其他用例，因為它們都在一個平台上。

And so we're seeing some fast, healthy expansion, as it becomes faster and easier for them to manage all these cross-functional collaboration initiatives at scale across thousands of employees.

因此，我們看到了一些快速、健康的擴張，因為他們可以更快、更輕鬆地大規模管理數千名員工的所有這些跨職能協作計畫。

So we're seeing more of this desire, especially as we're working with CIOs who are driving tops down consolidation and really wanting to make sure they're unified on one single platform.

因此，我們看到了更多這種願望，特別是當我們與資訊長合作時，他們正在推動自上而下的整合，並真正希望確保他們在一個平台上統一。

And then you add on top of it the interest in the investment in AI, and we're seeing that really come together.

然後再加上對人工智慧投資的興趣，我們看到這真的走到了一起。

This is Dustin again.

這又是達斯汀。

I just always like to add that the -- really the strategy of the Work Graph was designed to be positioned well for these consolidation conversations in enterprise because it enables teams to work really well together cross-functionally.

我總是想補充一點，工作圖的策略實際上是為了企業中的這些整合對話而設計的，因為它使團隊能夠很好地跨職能合作。

So often, we get into a consolidation head-to-head, and we hear that a certain competitor is strong in one department, maybe another in another department and Asana is really the favorite across them and especially when they're working on strategic projects cross functionally.

很多時候，我們會進行面對面的整合，我們聽說某個競爭對手在一個部門很強大，也許另一個部門在另一個部門很強大，而Asana 確實是他們中最受歡迎的，尤其是當他們從事戰略專案時跨職能。

So just want to get the product strategy in there as well.

所以只想了解產品策略。

And finally, just congratulations on your win last night.

最後，恭喜您昨晚獲勝。

And Tim, maybe can you provide some context on linearity month-to-month trends coming out of the fourth quarter into the first quarter?

蒂姆，也許您可以提供一些有關從第四季度到第一季的線性月度趨勢的背景資訊嗎？

Yeah.

是的。

That was a great Oscar joke, Dustin.

這是一個很棒的奧斯卡笑話，達斯汀。

So just in terms of -- I think the thing that -- like when I step back and look at the last few quarters, the thing that's really encouraging is just booking stability especially for new bookings, that has been stable.

因此，就我而言，當我回顧過去幾個季度時，真正令人鼓舞的是預訂穩定性，尤其是新預訂，它一直很穩定。

And when we look at where the business is growing, our non-tech business is growing into the high teens.

當我們觀察業務成長的領域時，我們的非技術業務正在成長到青少年時期。

We do have some renewals coming up, particularly in the tech sector that will be renewing in the first half, and I think once we kind of lap those renewals, we'll feel like we'll be in a really good shape to reaccelerate the business.

我們確實即將進行一些更新，特別是在上半年將進行更新的科技領域，我認為一旦我們完成了這些更新，我們就會感覺我們將處於一個非常好的狀態，可以重新加速商業。

But the first half of this year is really around stabilization.

但今年上半年確實是圍繞著穩定展開的。

And I think there's just really encouraging sign, both from a pipeline perspective stabilizing, bookings perspective stabilizing.

我認為這是一個非常令人鼓舞的跡象，無論是從管道角度還是預訂角度來看都在穩定。

And when we look under the cover of the -- even the NRR, the net seat retention rates have stabilized as well.

當我們仔細觀察 NRR 的情況時，淨座位保留率也已經穩定下來。

So there's just a lot of positive and good signs.

所以有很多積極和好的跡象。

We're not out of the woods yet, but I do think we can see light at the end of the tunnel and that we're probably one or two quarters away.

我們還沒有走出困境，但我確實認為我們可以看到隧道盡頭的曙光，而且我們可能還有一兩個季度的路程。

Thank you.

謝謝。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Great.

偉大的。

Hey, thank you for taking the questions.

嘿，謝謝你提出問題。

It seems like you already have about 20,000 customers if I heard that correctly in the new pricing and packaging.

如果我在新的定價和包裝中沒聽錯的話，你們似乎已經擁有了大約 20,000 名客戶。

Maybe talk about how those conversations have progressed, especially as you kind of layer on the user limits in some of those customers.

也許可以談談這些對話的進展情況，特別是當您對其中一些客戶的用戶限制進行分層時。

And any way to understand the contribution from the uptiering in Q4?

有什麼方法可以理解第四季升級的貢獻嗎？

And maybe, Tim, how does that or should that benefit NDR through the year?

蒂姆，也許這對 NDR 全年有什麼好處？

Hi, Pinjalim.

嗨，平賈利姆。

I'll start with the customer conversations and then turn it over to Tim.

我將從與客戶的對話開始，然後將其交給蒂姆。

As we said, it was our first full quarter with the new packages and tiers that we launched.

正如我們所說，這是我們推出新套餐和等級的第一個完整季度。

And those 20,000 customers that have up-tiered and adopted the new packages, a lot of that was driven by AI and their desire to access the AI features and functionality that are only available in the new tiers.

那些升級並採用新套餐的 20,000 名客戶，其中許多是由 AI 驅動的，以及他們希望訪問僅在新級別中提供的 AI 特性和功能的願望。

And so that just makes the sales conversations that our field is having much more strategic, and customers are excited to be able to access and really deploy AI immediately with Asana.

因此，這使得我們領域的銷售對話更具策略性，客戶很高興能夠透過 Asana 立即存取並真正部署人工智慧。

I think we'll -- we're continuing to invest even more so, not only in AI features, that's a big part of it, but also in the new tiers.

我認為我們會繼續增加投資，不僅是在人工智慧功能上，這是其中的重要組成部分，而且還在新的層面上。

So we're excited to see more of that throughout this year.

因此，我們很高興今年能看到更多這樣的情況。

And then I'll -- I know you had a question for Tim in there as well.

然後我會——我知道你也有問題要問提姆。

Hey, Pinjalim.

嘿，平賈利姆。

Yeah, I absolutely think with the new tiers and as customers renewed their annual contract with us, it'll create a new opportunity for us to have these thoughtful conversations around AI, around the limits within the existing -- the legacy SKUs.

是的，我絕對認為，隨著新的層級以及客戶與我們續簽年度合同，這將為我們創造一個新的機會，圍繞著人工智慧、圍繞現有遺留 SKU 的限制進行深思熟慮的對話。

So I do think like our NRR, the way we've been thinking about our NRR and the guidance that we provided in terms of reacceleration, assumes that our NRR recalibrates and reaccelerate and starts moving back up in the back half of this year.

因此，我確實認為，就像我們的 NRR 一樣，我們一直在考慮 NRR 的方式以及我們在重新加速方面提供的指導，假設我們的 NRR 重新校準和重新加速，並在今年下半年開始回升。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yeah.

是的。

Hi.

你好。

Thanks so much for taking my question.

非常感謝您提出我的問題。

So the first one is if I adjust for less days in 1Q, it looks like the implied quarter-over-quarter growth guide is roughly in line with the guide for 1Q -- is roughly in line in 1Q to what we saw in 4Q.

因此，第一個是，如果我對第一季的天數進行調整，那麼看起來隱含的季度環比增長指南與第一季的指南大致一致——第一季的成長指南與我們在第四季度看到的大致一致。

So does that mean that the headwinds for renewal in 1Q is similar to what you saw in 4Q, and we could be reaching the bottom in terms of these tougher compares?

那麼，這是否意味著第一季更新的阻力與您在第四季度看到的類似，並且就這些更艱難的比較而言，我們可能會觸底？

Or is there anything to keep in mind for 2Q?

或者說2Q有什麼要注意的嗎？

And by that, I mean, is 2Q a tech heavier renewal quarter that could provide some modest pressure to the quarter DBNR growth?

我的意思是，第二季度是否是一個科技含量較高的更新季度，可能會給該季度 DBNR 成長帶來一些適度的壓力？

Or are you expecting to see more stability at depressed levels throughout the first half of this year?

或者您預計今年上半年在低迷水準上會更加穩定？

Thanks.

謝謝。

Taylor, bingo.

泰勒，賓果遊戲。

It was literally the question I had written to myself that somebody should ask.

這其實是我寫給自己的問題，應該有人問。

Based on the number of days, if you normalize for the number of days, you will actually see that where -- it does impact the revenue guide.

根據天數，如果您將天數標準化，您實際上會看到它確實會影響收入指南。

So that's one.

這就是其中之一。

Two, we are coming up on -- I would say, the renewals that are coming up, the large renewals that are coming up are really tech related.

第二，我們即將進行——我想說，即將進行的更新，即將進行的大型更新確實與技術相關。

And you can understand from my guidance is that I want to make sure that we're lapping those renewals, so really stabilized in the first half of this year.

你可以從我的指導中了解到，我想確保我們正在完成這些續約，以便在今年上半年真正穩定下來。

And then reaccelerating and having easier comps on a year-over-year basis.

然後逐年重新加速並獲得更容易的比賽。

But I think for the most part, most of our customers would have readjusted their seat count by the end of Q1 or early Q2.

但我認為在很大程度上，我們的大多數客戶都會在第一季末或第二季初重新調整座位數。

So that's the reason we gave the commentary around NRR hovering at around 100 plus or minus through Q2.

這就是我們對第二季 NRR 徘徊在 100 左右上下的評論的原因。

Great question.

很好的問題。

Awesome.

驚人的。

Perfect.

完美的。

Super helpful.

超有幫助。

And then just as a follow-up to that.

然後作為後續行動。

So when we think about like the trajectory of NRR and you talked about expecting sequential acceleration maybe in the second half of this year in terms of revenue growth.

因此，當我們考慮 NRR 的軌跡時，您談到預計今年下半年營收成長可能會出現連續加速。

So is that just -- your comfort in that, is that largely just being driven by some normalization and churn, right, or maybe net down sells?

那麼，這是否只是 - 您對此感到滿意，這很大程度上只是由某種正常化和流失所驅動，對吧，或者可能是淨減價銷售？

Or is there any -- like growth or green juice outside of that?

或者除此之外還有什麼——例如生長或綠色果汁嗎？

I know you talked about some of this uptiering, maybe with some of the pricing and packaging, there's an opportunity to drive that further in the second half.

我知道您談到了一些升級，也許是一些定價和包裝，下半年有機會進一步推動這一趨勢。

Anything else to call out?

還有什麼要喊的嗎？

Yeah.

是的。

I think it's really three pieces, right?

我覺得真的是三塊，對吧？

I think it's one with the launch of Asana Intelligence and the Work Graph, we just think we can, one, differentiate the product a lot better than some of the other players out there.

我認為隨著 Asana Intelligence 和 Work Graph 的推出，我們只是認為我們可以，第一，比其他一些參與者更好地區分產品。

Two, we are adding sales capacity and we added sales capacity going into Q4.

第二，我們正在增加銷售能力，我們在第四季增加了銷售能力。

So I expect many of these reps to be fully ramped by the back half.

因此，我預計這些代表中的許多人將在後半場充分發揮作用。

And then three, your comment around our NRR just normalizing and lapping many of the more difficult renewals that we've had.

第三，您對我們的 NRR 的評論只是使我們經歷過的許多更困難的更新正常化和結束。

So it's really a three-pronged -- I would say, three-pronged bullet in terms of how we think about reacceleration.

所以這實際上是一個三管齊下的——我想說，就我們如何看待重新加速而言，這是一個三管齊下的子彈。

And this is Dustin, this is an important topic.

這是達斯汀，這是一個重要的話題。

So I just want to add one other angle on that, which is just I think you sort of said that in the way you frame the question, too, but we're seeing the decelerations flow.

所以我只想添加另一個角度，我認為你也以你提出問題的方式說了這一點，但我們看到了減速的趨勢。

It feels like we're approaching the nadir when we look at a sector-by-sector basis.

當我們逐個部門查看時，感覺我們正在接近最低點。

And in terms of green shoots, I think that's like partly about the external environment as well.

就萌芽而言，我認為這也與外在環境有關。

I just saw a great State of the Union, President said we're headed for a soft landing, maybe even it's a little better than that.

我剛剛看到了一份偉大的國情咨文，總統說我們正在走向軟著陸，甚至可能比這更好一點。

But inflation seems to be getting under control, and a lot of other things look good.

但通貨膨脹似乎正在控制，而且許多其他事情看起來都不錯。

And then when you look at the tech sector specifically, I think we're in the middle of what I think, still is a rising tide of AI growth and a lot of the relevant players are core customers of ours.

然後，當你具體觀察科技產業時，我認為我們正處於人工智慧成長的浪潮中，許多相關參與者都是我們的核心客戶。

And even when we've seen major tech companies retrench like Apple cancelling the car project, they're redirecting those resources to generative AI.

即使我們看到大型科技公司都在緊縮開支，例如蘋果取消了汽車項目，他們仍然將這些資源轉向生成人工智慧。

And so that is its own kind of green shoot that I think we're well positioned to take advantage of.

因此，這是它自己的一種萌芽，我認為我們已經做好了充分利用的準備。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Okay.

好的。

Great.

偉大的。

Thanks for answering the questions there on that.

感謝您回答相關問題。

I guess maybe just to start.

我想也許只是個開始。

I want to dig into a little bit more about the incremental growth probably coming more from expansion versus net new.

我想更多地探討增量增長可能更多來自擴張而不是淨新增。

And I guess as we kind of like peel back the net retention assumptions moving forward, both this year and beyond that.

我想，無論是今年還是以後，我們都想取消淨保留假設。

How are you thinking about what mix of that coming from uptiering, what mix of that is coming from some of the higher prices or kind of the new use cases coming on if you capture more of those consolidation opportunities within accounts?

如果您在帳戶中抓住更多的整合機會，您如何考慮哪些組合來自升級，哪些組合來自一些更高的價格或即將出現的新用例？

Hey, Steve.

嘿，史蒂夫。

It's Anne.

是安妮。

I'll start with that.

我將從那開始。

So we're investing both -- you asked about expansion.

所以我們對兩者都進行了投資——你問到了擴張的問題。

We definitely, again, see, as we are driving more strategic top-down adoption in partnership with CIOs and executives that that adoption happens faster in the organization, especially as we're also investing in our post-sale services and customer success.

我們再次肯定地看到，隨著我們與資訊長和高階主管合作推動更具策略性的自上而下的採用，這種採用在組織中發生得更快，特別是因為我們也投資於我們的售後服務和客戶成功。

We are also focused on net new logo lands in every region, and that's part of the investment with our sales leadership team globally.

我們也專注於每個地區的淨新商標落地，這是我們全球銷售領導團隊投資的一部分。

So in that case, were earlier, there was a question about smaller deals.

因此，在這種情況下，早些時候，存在關於較小交易的問題。

What we're still focused on is seeding teams within larger enterprise organizations.

我們仍然關注的是在大型企業組織中培養團隊。

So we'll continue to invest in that motion.

因此，我們將繼續對該動議進行投資。

And then now with our global sales team being able to work with the right ceded accounts to drive expansion.

現在，我們的全球銷售團隊能夠與正確的割讓客戶合作來推動擴張。

And then with the new pricing and packaging, I think the whole goal there is make that upmarket motion and the uptiering a lot smoother and a lot more predictable.

然後，透過新的定價和包裝，我認為整個目標是使高端市場的發展和升級更加順暢和更加可預測。

So it's all of those combined that are driving growth in every region and every market.

因此，所有這些因素的結合正在推動每個地區和每個市場的成長。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe just on how the investments you're making for fiscal '25.

然後也許只是關於您如何為 25 財年進行投資。

I guess, I want to get a better sense for -- how should we be thinking about, I guess, maybe the pace of those and I guess in context of the 2Q -- or sorry, the 4Q EBIT margin be -- maybe just a little bit smaller than what we've seen through the rest of fiscal '24.

我想，我想更好地理解——我們應該如何考慮，我想，也許這些的步伐，我想在第二季度的背景下——或者抱歉，第四季度息稅前利潤率是——也許只是比我們在 24 財年剩下的時間裡看到的要小一些。

So I guess how should we be thinking about what that means moving forward in terms of the guidance assumptions and maybe how they may be similar or different from the past quarter?

因此，我想我們應該如何思考這意味著在指導假設方面向前推進意味著什麼，以及它們與上一季有何相似或不同？

Hey, Steve, it's Tim.

嘿，史蒂夫，我是提姆。

So I would say the way to think about the investment, they're probably more linear.

所以我想說，考慮投資的方式，它們可能更線性。

We did, I would say, for Q4, increase our sales capacity, hired new leadership and on the sales side.

我想說，在第四季度，我們確實提高了銷售能力，並聘請了新的領導和銷售人員。

And I think it will take the team a little bit of time to ramp.

我認為團隊需要一點時間來提升。

But I would expect us to continue to make progress on the operating margin as we move towards this year.

但我預計，隨著今年的到來，我們將繼續在營業利潤率方面取得進展。

Now we made huge progress year over year.

現在我們逐年取得了巨大進步。

I want to say like 29 percentage points.

我想說大約 29 個百分點。

I don't expect us to make that amount of progress this year, but you should expect us to make a modest improvement there.

我不認為我們今年會取得那麼大的進步，但你應該期望我們能在這方面取得適度的進步。

But then from an operating margin perspective, make incremental progress quarter on quarter.

但從營業利益率的角度來看，每季都會取得漸進式進步。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful.

精彩的。

Thanks so much for taking my question, guys.

非常感謝你們提出我的問題，夥伴們。

I wanted to start off on the cash flow positive guide.

我想從現金流積極指南開始。

Tim, great to hear you reiterate that target.

提姆，很高興聽到你重申這個目標。

For clarification, when you say being free cash flow positive by the end of the year, are you saying that you're going to be free cash flow positive for FY25 for the full year or is that just a Q4 number?

需要澄清的是，當您說到年底自由現金流為正時，您是說 2025 財年全年的自由現金流將為正，還是這只是第四季度的數字？

And maybe more importantly than that, how should we be thinking about cash flow from there?

也許比這更重要的是，我們應該如何考慮來自那裡的現金流？

Is your goal to continue investing aggressively and operate out of cash flow breakeven to slightly positive level?

您的目標是繼續積極投資並在現金流損益平衡的情況下運作至略為正的水平嗎？

Or should we -- is the priority on seeing continued free cash flow margin expansion from there?

或者我們應該優先考慮自由現金流利潤率的持續擴張？

And then I've got a quick follow-up.

然後我會進行快速跟進。

Let me try to answer it this way.

讓我試試這樣回答。

I would say, certainly, we will be positive free cash flow exiting the year.

我想說，當然，今年我們將獲得正的自由現金流。

And depending on our growth rate, how -- if we see that our sales capacity, sales productivity, is meeting the ROI hurdles that we set in place, then there would definitely be a conversation about some increased investments relative to the guide.

根據我們的成長率，如果我們看到我們的銷售能力、銷售生產力正在滿足我們設定的投資回報率障礙，那麼肯定會出現關於相對於指南增加一些投資的討論。

But the guidance right now, I would say is, hey, let's make sure we exit the year free cash flow positive but also give us room to operate with some flexibility.

但我想說的是，現在的指導是，嘿，讓我們確保今年的自由現金流為正，同時也給我們一定彈性的營運空間。

Got it.

知道了。

Okay.

好的。

That's helpful.

這很有幫助。

And then when you're making the comment that AI demand was accretive to growth already, really great to hear that.

然後，當你評論說人工智慧需求已經促進了成長時，聽到這個消息真的很高興。

Can you maybe help us understand how are you measuring and quantifying that internally to give that statement, and maybe the larger question that translates to is how should we be thinking about your strategy around monetizing AI and some of the increased productivity that you're offering your customers?

您能否幫助我們了解您如何在內部衡量和量化這一點以給出該聲明，也許轉化為更大的問題是我們應該如何考慮您圍繞人工智能貨幣化的策略以及您提供的一些提高生產力的策略你的客戶？

Thanks.

謝謝。

Yeah, Rishi, I'll start with that.

是的，Rishi，我就從這個開始吧。

The way that we are measuring it in the first quarter is just looking at the uptiering compared to year over year?

我們在第一季衡量它的方式只是看與去年同期相比的提升？

And then just the movement from our legacy tiers on to an upper tier in the new packages versus renewing on the same equivalent tier.

然後，只是從我們的舊層轉移到新套餐中的上層，而不是在相同的同等層上續訂。

And so that's really how we're measuring the accretive, is looking at what customers are buying as they grow and expand with us, and that the net -- the total spend is increasing as they move uptier.

這就是我們衡量增值的真正方式，就是觀察客戶隨著我們的成長和擴張而購買的東西，以及淨支出——總支出隨著他們的升級而增加。

So -- and again, it's early in the first quarter of having the new plans, but we saw more of that in terms of that motion of choosing a more advanced package because of the AI functionality.

所以，再說一次，新計劃還處於第一季的早期，但我們看到更多的是因為人工智慧功能而選擇更先進的軟體包的動議。

And this is Dustin.

這是達斯汀。

I'm going to give you a little bit more of a philosophical answer.

我將給你更多的哲學答案。

So first of all, I think there are a lot of possibilities in front of us.

所以首先，我認為我們面前有很多可能性。

There are a number of different kinds of add-ons we've discussed, nothing currently on our road map.

我們已經討論了許多不同類型的附加元件，但目前我們的路線圖上還沒有任何附加元件。

But I think there are some that could be charged in tranche pricing or per user or as like one-off reports even.

但我認為有些可以按批次定價或按用戶收費，甚至可以像一次性報告一樣收費。

An example, so I talked through in the script, my experience using our AI Smart Answers to help me with our performance reviews internally, but a bigger version of that process is the company engagement survey.

舉個例子，我在腳本中談到了我使用人工智慧智慧答案來幫助我進行內部績效評估的經驗，但該過程的更大版本是公司敬業度調查。

And I could imagine, every time you run an engagement survey, you also get this like $10,000 AI summary of sentiment in your workspace, and then we use that to sort of automatically give you pulse check across the year because we can calibrate the scores.

我可以想像，每次你進行敬業度調查時，你也會在你的工作空間中獲得價值10,000 美元的人工智慧情緒摘要，然後我們用它來自動為你提供全年的脈搏檢查，因為我們可以校準分數。

Anyway, that's just a random idea, but something I could imagine charging in just like a totally different way from our current pricing.

不管怎樣，這只是一個隨機的想法，但我可以想像以與我們目前定價完全不同的方式充電。

So that's the first part.

這是第一部分。

That's the stuff I think you wanted to hear.

我想這就是你想聽的。

The philosophical thing is, I think that the market has gone off in a really weird direction by considering AI as a feature and charging people for Copilot add-ons.

從哲學角度來說，我認為市場已經朝著一個非常奇怪的方向發展，將人工智慧視為一項功能並向人們收取副駕駛附加組件的費用。

I think far more the potential of AI is when it's integrated straight into workflows and straight into features.

我認為人工智慧的潛力更大在於它直接整合到工作流程和功能中。

And so we intend to be an AI-first collaborative work management system, and that means that AI is inextricable from our most important features, especially portfolios, goals, and managing workflows.

因此，我們打算成為一個以人工智慧為優先的協作工作管理系統，這意味著人工智慧與我們最重要的功能密不可分，特別是投資組合、目標和管理工作流程。

And so we much more see the potential of AI in our packaging as really exponentially increasing that value and thus our pricing power.

因此，我們更看到人工智慧在包裝中的潛力，真正以指數方式增加價值，從而提高我們的定價能力。

And again, I think we're uniquely positioned with -- by having the Work Graph because AI plus the Work Graph is really more than the sum of the parts.

再說一次，我認為我們擁有獨特的定位——透過工作圖，因為人工智慧加上工作圖實際上比各個部分的總和要多。

So we think that we can have a special advantage there and being able to, yeah, just create pricing power across our normal packages.

因此，我們認為我們可以在這方面擁有特殊優勢，並且能夠在我們的正常套餐中創造定價能力。

And then later, there may be more sophisticated packaging that allows us to better differentiate price to value.

之後，可能會有更複雜的包裝，使我們能夠更好地區分價格與價值。

But I think that's strictly in optimization and the high order bit is really just the power of AI to amplify our core value proposition.

但我認為這只是嚴格的優化，高階位其實只是人工智慧放大我們核心價值主張的力量。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great, thanks.

萬分感謝。

Good afternoon.

午安.

Thanks for squeezing me in.

謝謝你把我擠進去。

I had two.

我有兩個。

Dustin, first, for you, I appreciate your commentary on the macro and on some of the improvements or modest improvements we're starting to see in the macro.

達斯汀，首先，我感謝您對宏觀以及我們開始在宏觀中看到的一些改進或適度改進的評論。

Makes a lot of sense.

很有道理。

I'd be curious to hear the -- and those are helpful to you guys.

我很想聽聽看——這些對你們很有幫助。

There's also a lot of things you guys have done internally and you're just coming off a sales kickoff right now and Ed's been in at the seat now multiple quarters, and you've really revamped globally, as Anne also alluded to.

你們在內部也做了很多事情，你們現在剛結束銷售工作，艾德已經在這個席位上待了好幾個季度了，你們確實在全球範圍內進行了改造，正如安妮也提到的那樣。

So I'd love to hear your perspective, emerging from sales kick off, clearly, a much more optimistic tone here from you guys on the call.

因此，我很想聽聽你們對銷售開始後的看法，顯然，你們在電話會議上的語氣更加樂觀。

I would love to hear what caught your attention and what most excited you coming out of sales kickoff.

我很想聽聽看什麼引起了您的注意，以及什麼讓您在銷售啟動後最興奮。

Yeah, that was a great question and great summary of our strengths right now.

是的，這是一個很好的問題，也是對我們現在優勢的很好總結。

I think that it's a little hard to say.

我覺得這有點難說。

I mean, we've been talking about it as executive team.

我的意思是，我們作為執行團隊一直在討論這個問題。

It's like, it's partially a vibe thing.

就像，這部分是一種氛圍。

It's partially a contrast from last year, but things feel very different.

這與去年有一定的對比，但感覺非常不同。

We feel better positioned.

我們感覺自己處於更好的位置。

We feel like we're getting traction in all the execution areas where it matters.

我們覺得我們在所有重要的執行領域都受到了關注。

We're seeing the green shoots in certain regions, in certain sectors.

我們在某些​​地區、某些產業看到了萌芽。

And we're seeing the approach of the nadir, even when we're not already seeing the bottom.

我們正在看到最低點的逼近，即使我們還沒有看到底部。

And so that's just giving us, yeah, a different sort of stance in the future.

所以這只是給我們，是的，未來一種不同的立場。

And I'll just reiterate, the timing of that is a little more in question, but the -- we have two goals this year.

我重申一下，這個時機有點問題，但──我們今年有兩個目標。

One is to follow through on our promise of free cash flow positive by the end of the year.

一是兌現我們在年底前實現自由現金流為正的承諾。

And then the second is to reaccelerate growth.

第二個是重新加速成長。

And that is not something I would have said last year, but really excited to have it as a goal this year.

這不是我去年會說的話，但今年能把它作為一個目標我真的很興奮。

Got it.

知道了。

Helpful.

有幫助。

Thank you.

謝謝。

And then, Anne, for you, just to probe a little bit.

然後，安妮，我想對你進行一點探索。

There have been a lot of questions on the comments around stabilization.

關於穩定的評論存在很多疑問。

I just wanted to ask around.

我只是想問周圍。

You guys called out a lot of different verticals where you're having success, which is clearly great to see, and it sounds like you'll be leaning on some of those verticals here as you emerge kind of from this trough period.

你們提到了很多不同的垂直領域，你們都取得了成功，這顯然很高興看到，聽起來當你們走出這個低谷時期時，你們會依賴其中的一些垂直領域。

When you look at the verticals that you called out, are there any in particular where you're seeing particular strength?

當您查看您提到的垂直行業時，是否有任何您看到特別優勢的地方？

I know you mentioned health care, financial services, industrial.

我知道你提到了醫療保健、金融服務、工業。

And then I know you were clear early in the call that sales cycles were still long.

然後我知道您在電話會議初期就明確表示銷售週期仍然很長。

Has there been any change in sales cycles in some of those industries that are newer for you guys or perhaps they had not invested or perhaps were there a reason to consolidate on Asana?

對你們來說，一些較新的行業的銷售週期是否有任何變化，或者也許他們沒有投資，或者也許有理由整合 Asana？

Thank you.

謝謝。

Yeah.

是的。

Thanks for those questions.

謝謝你提出這些問題。

We are continuing to focus on health care, financial services, manufacturing, logistics and transportation.

我們將繼續關注醫療保健、金融服務、製造、物流和運輸。

Something I'll pause to just say is, given the caliber of the customers that we have, the more we focus in each of those verticals and really our working with top-tier customers.

我要停下來想說的是，考慮到我們擁有的客戶的素質，我們越關注每個垂直領域，以及與頂級客戶的合作。

I think that is also just driving greater success as we reach out to additional customers in those verticals.

我認為，當我們接觸到這些垂直領域的更多客戶時，這也將推動我們取得更大的成功。

And so that's a huge reason we're focused so much on our leadership position.

因此，這是我們如此關注我們的領導地位的一個重要原因。

We think that that not is only paying off right now but will in the future as well.

我們認為，這不僅現在會得到回報，而且在未來也會得到回報。

And so those are the verticals that we'll continue to invest in when we're excited to continue to do that.

因此，當我們很高興繼續這樣做時，我們將繼續投資這些垂直領域。

Also, we have amazing customers in tech, we mentioned Indeed as one of them.

此外，我們在科技領域擁有出色的客戶，我們提到 Indeed 就是其中之一。

And we're continuing to partner with them as they retrench and are looking at growth in the future.

當他們緊縮開支並著眼於未來的成長時，我們將繼續與他們合作。

So we're excited about those possibilities as well where they're continuing to be loyal customers.

因此，我們對這些可能性以及他們繼續成為忠實客戶感到興奮。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey, guys.

大家好。

This is Ethan Bruck on for Alex Zukin.

我是伊森布魯克 (Ethan Bruck) 替補亞歷克斯祖金 (Alex Zukin)。

I just wanted to ask around the sales capacity.

我只是想問一下銷售能力。

And you guys made a comment you're going to be increasing for capacity throughout the year.

你們評論說，你們將在全年增加容量。

I guess, what were the signals that you saw throughout the quarter as we were a few months into the year that gave you the confidence to continue increasing sales capacity?

我想，在今年剛開始的幾個月裡，您在整個季度中看到了哪些訊號，使您有信心繼續增加銷售能力？

Yeah.

是的。

Our confidence in our ability to continue to add capacity really comes from -- we've been seeing a consistent ability to build pipeline.

我們對繼續增加產能的能力的信心確實來自——我們一直看到建造管道的持續能力。

We've been seeing productivity improve.

我們已經看到生產力的提升。

We're very focused on making sure we can absorb capacity in a predictable manner.

我們非常注重確保能夠以可預測的方式吸收產能。

And so having new leaders in place who are really focused on that and measuring those metrics and managing to that is giving us the confidence on being able to add capacity predictably.

因此，擁有真正專注於這一點、衡量這些指標並加以管理的新領導者，讓我們有信心以可預測的方式增加容量。

I got you.

我接到你了。

And then just quickly, there's a great chart coming up today just decomposing the dollar-based net retention between users, ARPU retention.

然後很快，今天就會出現一張很棒的圖表，分解了以美元為基礎的用戶之間的淨保留率，即 ARPU 保留率。

I'm just curious -- as we think about the comments around stabilization and sequential reacceleration in the back half, how much of that is between some of the new go-to-market motion, how much of that is AI factored in ARPU uplift motion, the SKU up?

我只是很好奇——當我們思考後半段關於穩定和順序再加速的評論時，其中有多少是在一些新的上市動議之間，其中有多少是人工智慧在 ARPU 提升中的因素動議，SKU起來了嗎？

Just curious how would you -- the stabilizing macro, AI benefit, and just better go-to-market execution of market?

只是好奇你會如何——穩定的宏觀、人工智慧的好處，以及更好的市場進入市場執行？

This is Dustin.

這是達斯汀。

Honestly, I think the way I think about it is the timing is more macro and the scale is execution.

老實說，我認為我的想法是時機更加宏觀，規模是執行。

Is that fair?

這樣公平嗎？

Yeah.

是的。

That is helpful.

這很有幫助。

Thank you, guys.

感謝你們。

Thank you.

謝謝。

I would now like to turn the conference back to Catherine Buan, for closing remarks.

現在我想請凱瑟琳‧布安 (Catherine Buan) 致閉幕詞。

Madam?

女士？

Yes.

是的。

Thank you.

謝謝。

Just thank you again, everyone, for participating in the call today.

再次感謝大家參加今天的電話會議。

We always appreciate you taking the time.

我們始終感謝您抽出時間。

We look forward to seeing you on the road.

我們期待在路上見到您。

We'll be in New York this week, and hopefully, we'll see some of you out there.

本週我們將在紐約，希望能在那裡見到你們中的一些人。

Thank you so much.

太感謝了。

Bye-bye.

再見。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。