Asana Inc (ASAN) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Asana's first-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Asana 2025 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Catherine Buan, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資人關係主管凱瑟琳‧布安 (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 first quarter fiscal year 2025. With me on today's call are Dustin Moskovitz, Asana's Co-Founder and CEO; Anne Raimondi, our Chief Operating Officer and Head of Business; and Tim Wan, our Chief Financial Officer.

下午好，感謝您參加今天的電話會議，討論 Asana 2025 財年第一季度的財務業績。 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, and our market position and growth opportunities. Forward-looking statements involve risks, uncertainties, and assumptions that may cause our actual results to be materially different from those expressed or implied by the forward-looking statements. Please refer to our filings with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q, for additional information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements.

今天的電話會議將包括前瞻性聲明，包括有關我們對自由現金流的預期、我們的財務前景、策略計劃以及我們的市場地位和成長機會的聲明。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。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設定結果有重大差異的風險、不確定性和假設的更多資訊在此類聲明中提出。

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.

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。

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. Asana had a good first quarter, as we continue to execute on our enterprise go-to-market strategy and make progress on Asana AI. I'll go through a few of the highlights from the quarter and then jump into how I see the AI landscape evolving.

謝謝凱瑟琳，也謝謝大家今天加入我們的電話會議。 Asana 在第一季表現良好，我們繼續執行企業上市策略並在 Asana AI 方面取得進展。我將回顧本季的一些亮點，然後介紹我如何看待人工智慧領域的發展。

Q1 revenues grew 13% year over year, with revenue from our largest customers growing even faster than that, and non-GAAP operating margins improved 5 percentage points year over year. Our growth continues to be fueled by some of the largest and the most strategic companies in the world who are partnering with Asana and redefining how they work. It's been a solid start to the year, and we continue to focus on our enterprise playbook, sales productivity, and building our enterprise muscle.

第一季營收年增 13%，來自我們最大客戶的營收成長速度甚至更快，非 GAAP 營運利潤率年增 5 個百分點。我們的成長繼續受到世界上一些最大和最具戰略意義的公司的推動，這些公司正在與 Asana 合作並重新定義他們的工作方式。這是今年的良好開端，我們將繼續專注於我們的企業策略、銷售生產力和增強我們的企業實力。

Now, I want to get to what's top of mind for me. AI is a disruptive force that will dramatically reshape all of software. Rigid software categories like ITSM, CRM -- you can go down the list -- they're all designed for an earlier paradigm. AI is transforming the way we manage work, the way we execute work, and the way we think about how to work. Everyone's mental model for how work gets done today needs to be rethought.

現在，我想談談我最關心的事情。人工智慧是一種顛覆性力量，將極大重塑所有軟體。像 ITSM、CRM 這樣的剛性軟體類別——你可以沿著清單往下看——它們都是為早期範例而設計的。人工智慧正在改變我們管理工作、執行工作的方式以及我們思考如何運作的方式。如今，每個人對於如何完成工作的思考模式都需要重新思考。

Let me start with how folks currently think about our category, collaborative work management. What used to be about helping humans coordinate work at scale has expanded to enabling humans and AI to collaborate and achieve extraordinary things together. At Asana, we believe the future of work is humans and AI collaborating side by side, with AI teammates taking on and completing increasingly complex tasks and workflows.

讓我從人們目前如何看待我們的類別——協作工作管理開始。過去幫助人類大規模協調工作已擴展到使人類和人工智慧能夠協作並共同實現非凡的成就。在 Asana，我們相信未來的工作是人類和人工智慧並肩協作，而人工智慧團隊成員承擔並完成日益複雜的任務和工作流程。

There's incredible enthusiasm for AI in the enterprise, and rightfully so. But most of what's been released today are co-pilots and assistants, AI that's meant to help personal productivity, summarize and generate text, and look up information. These are useful, but they're asking a lot of users to decide to change their existing behaviors and in many cases, involve a new chat application with its own learning curve.

企業對人工智慧有著令人難以置信的熱情，這是理所當然的。但今天發布的大部分內容都是副駕駛和助理，人工智慧的目的是幫助個人生產力、總結和生成文字以及尋找資訊。這些很有用，但他們要求許多用戶決定改變他們現有的行為，並且在許多情況下，涉及一個具有自己的學習曲線的新聊天應用程式。

We're just starting to scratch the surface of what's possible when thinking AI less as an assistant and more as a teammate. Today, AI can take on individual tasks and assist in completing workflow steps. And as we go forward, AI will own more and more complexity from taking on individual tasks, to assisting with individual projects and workflows, to eventually overseeing entire portfolios of work, helping you balance the workload, avoid missing deadlines, and keep the team aligned around shared clarity.

當我們不再將人工智慧視為助手，而更多地將其視為隊友時，我們才剛開始觸及可能性的表面。如今，人工智慧可以承擔單獨的任務並協助完成工作流程步驟。隨著我們的前進，人工智慧將變得越來越複雜，從承擔單一任務，到協助單一專案和工作流程，再到最終監督整個工作組合，幫助您平衡工作量，避免錯過最後期限，並使團隊保持一致圍繞著共同的清晰度。

But there's still a trust issue in the enterprise. In fact, our work innovation lab found that 53% of executives are concerned people will make decisions using unreliable information from generative AI. We've all seen confabulating chatbots, and this doesn’t breed confidence in the workplace.

但企業內部仍存在信任問題。事實上，我們的工作創新實驗室發現，53% 的高階主管擔心人們會使用產生人工智慧的不可靠資訊來做出決策。我們都看過閒聊的聊天機器人，但這並不能增強人們對工作場所的信心。

So there are a few key customers are grappling with. How can we trust AI? How do we ensure humans are in the loop and held accountable? And then how do we scale AI at work from just an assistant to a teammate so it’s not just completing discrete tasks? Instead, AI could be taking on bigger bodies of work and taking responsibility for higher level goals.

因此，有一些關鍵客戶正在努力應對。我們如何相信人工智慧？我們如何確保人類參與其中並承擔責任？那我們要如何將工作中的人工智慧從助手升級為隊友，使其不只是完成離散的任務呢？相反，人工智慧可以承擔更大的工作，並為更高層次的目標負責。

What gives me so much confidence is that the Work Graph is the ideal structure to overcome these hurdles and scale AI with confidence. Asana understands how work and workflows map to goals and can break it down in ways both humans and AI can understand and action. We capture the relevant context without the digital exhaust that exists in other collaboration tools that focus more on documents or chat or the scaling and visibility issues you see with our peers in work management.

讓我充滿信心的是，工作圖是克服這些障礙並充滿信心地擴展人工智慧的理想結構。 Asana 了解工作和工作流程如何映射到目標，並可以以人類和人工智慧都能理解和採取行動的方式將其分解。我們捕獲相關上下文，而無需其他協作工具中存在的數位消耗，這些協作工具更專注於文件或聊天或您在工作管理中與同行看到的擴展和可見性問題。

A helpful analogy is thinking of Asana and the Work Graph is a form of digital scaffolding. Said another way, we have the necessary structure. We understand the relationships between people, work, and workflows. And that means we direct the AI to consider exactly the right context, not try to decipher what is signal from all the data in your enterprise.

一個有用的類比是 Asana，而工作圖是數位鷹架的一種形式。換句話說，我們有必要的結構。我們了解人、工作和工作流程之間的關係。這意味著我們指導人工智慧考慮正確的上下文，而不是試圖破解企業中所有數據的訊號。

With this understanding, AI can begin to provide intelligent assistance, automate tasks, and even act as an agent or teammate, driving work forward. Imagine an AI teammate that is the most organized, knowledgeable, effective, and encouraging project manager that you’ve ever worked with, helping you figure out the best way to plan and accomplish work and even doing a lot of the work themselves rather than assigning it all to others.

有了這種理解，人工智慧就可以開始提供智慧幫助、自動執行任務，甚至充當代理商或隊友，推動工作向前發展。想像一下，一位AI 隊友是您共事過的最有組織性、最有知識、最高效、最鼓舞人心的專案經理，他可以幫助您找到計劃和完成工作的最佳方式，甚至可以自己完成很多工作，而不是由您自己完成。

Our platform is also where the actual collaboration between humans and AI will happen. By deeply integrating AI capabilities into the tools teams already use to manage and execute work, we're creating the ideal environment for humans and machines to work together seamlessly. With Asana, AI teammates appear right in the flow of work, not in a separate tool.

我們的平台也是人類與人工智慧之間實際協作發生的地方。透過將人工智慧功能深度整合到團隊用於管理和執行工作的工具中，我們正在為人類和機器無縫協作創造理想的環境。借助 Asana，AI 團隊成員可以直接出現在工作流程中，而不是出現在單獨的工具中。

As we build this future, Asana's focus on how work is structured will be a key advantage. We know which context to look at; and we don’t try to look at all possible data, which is how you easily end up with errors.

當我們建立這個未來時，Asana 對工作結構的關注將成為一個關鍵優勢。我們知道要考慮哪個背景；我們不會嘗試查看所有可能的數據，這很容易導致錯誤。

I like to say that language models confabulate when they try to give you an answer based on what is in the training data, but they are vastly more accurate when asked to give you an answer based on what's in the context window. Our strategic advantage is being able to identify the most important context well because it’s explicitly identified by the relationships between the tasks, projects, portfolios, goals, and people in the Work Graph.

我想說的是，當語言模型試圖根據訓練資料中的內容給出答案時，它們會產生混淆，但當被要求根據上下文視窗中的內容給出答案時，它們會更加準確。我們的策略優勢是能夠很好地識別最重要的上下文，因為它是透過工作圖中的任務、專案、專案組合、目標和人員之間的關係明確識別的。

This context and high signal-to-noise ratio will allow the AI we develop to deliver insights and automation with a level of precision and impact that scattered, noisy data simply can't match. Let’s think about this in the context of common workflows our customers rely on Asana for every day.

這種背景和高信噪比將使我們開發的人工智慧能夠提供洞察力和自動化，其精度和影響力是分散的、嘈雜的數據無法比擬的。讓我們在客戶每天依賴 Asana 的常見工作流程的背景下思考這一點。

In resource planning today, you can ask Asana’s AI to determine the bottlenecks and key staffing risks by project, portfolio, or goal. AI can also apply decision making principles with judgment to route work to the right team. In the future, AI will understand the complexity of each project, predict potential roadblocks, and proactively suggest the best team composition to ensure success. That team would be made up of human and AI teammates working together.

在當今的資源規劃中，您可以要求 Asana 的 AI 以專案、專案組合或目標來確定瓶頸和關鍵人員配置風險。人工智慧還可以應用具有判斷力的決策原則，將工作分配給正確的團隊。未來，人工智慧將了解每個專案的複雜性，預測潛在的障礙，並主動建議最佳的團隊組成以確保成功。該團隊將由人類和人工智慧隊友共同組成。

For goal management, today’s Asana AI can assist in writing goals based on best practices, help identify which teams are the best suited to take on the work, and actually identify which work in the organization would be best to link to that goal. In the future, AI will analyze the Work Graph to identify which initiatives are driving the most progress towards key results and suggest course corrections for those that are off track.

對於目標管理，現今的 Asana AI 可以根據最佳實踐協助編寫目標，幫助確定哪些團隊最適合承擔這項工作，並實際確定組織中的哪些工作最適合與該目標連結。未來，人工智慧將分析工作圖，以確定哪些措施正在推動關鍵成果取得最大進展，並為那些偏離軌道的舉措提出糾正建議。

Today, for product launches, PMOs can use AI to recognize where other teammates need to be added, where decisions need to be made, and ask Asana’s AI to review work and assign approval tasks. You can have Asana AI complete work now, like having it help edit and draft creative briefs. As work gets done today, AI will create accurate real time status reporting on goals, portfolios, and projects based on the exact format your team prefers.

如今，對於產品發布，PMO 可以使用 AI 來識別哪裡需要添加其他團隊成員、哪裡需要做出決策，並要求 Asana 的 AI 審查工作並分配審批任務。現在您可以讓 Asana AI 完成工作，例如讓它幫助編輯和起草創意簡報。隨著今天的工作完成，人工智慧將根據您的團隊喜歡的確切格式建立有關目標、投資組合和專案的準確即時狀態報告。

What’s next? AI will take on increasingly complicated portions of the work and handoffs associated with a successful launch, all while keeping human teammates accountable in the loop. That’s just thinking about the transformation of common workflows our customers rely on us for today. The opportunity here is so much bigger.

接下來是什麼？人工智慧將承擔與成功發布相關的日益複雜的工作和交接部分，同時讓人類隊友在循環中負責。這只是考慮客戶今天依賴我們的常見工作流程的轉變。這裡的機會要大得多。

We now have the ability to customize and personalize workflows effortlessly and can do this in infinite ways. This level of customization is hard to even grok because it was so out of reach before. There will be a significant amount of value creation as a large swath of enterprise workflows are reinvented with AI and rigid software categories of the past are reshaped.

我們現在能夠毫不費力地客製化和個人化工作流程，並且可以透過無限的方式來實現這一點。這種級別的定制甚至很難理解，因為它以前是遙不可及的。隨著人工智慧重塑大量企業工作流程以及重塑過去僵化的軟體類別，將會創造大量價值。

This is where we’re focused, and I believe we are uniquely positioned to win. And our experience isn’t that we simply automate the work; it’s that we can do more, move faster, and raise the bar on quality.

這就是我們關注的重點，我相信我們擁有獨特的優勢來贏得勝利。我們的經驗並不是簡單地將工作自動化；而是將工作自動化。而是我們可以做得更多、行動更快、提高品質標準。

Like we see in all paradigm shifts in technology, people translate workflows from the previous paradigm into the new paradigm before they realize this is incredibly limiting. The opportunity is to transform.

就像我們在技術的所有範式轉變中看到的那樣，人們在意識到這是令人難以置信的限制之前，將工作流程從以前的範式轉換為新的範式。機會就是轉型。

Google and Meta built the best ads businesses in history by creating products only possible in the internet age, adapting ad units to new form factors, and building auction-based pricing with dynamic ad placement. This radically new and profitable model is analogous to the moment we're in.

Google和 Meta 透過創造只有在網路時代才有可能的產品、使廣告單元適應新的形式因素以及透過動態廣告投放建立基於拍賣的定價，建立了歷史上最好的廣告業務。這種全新的獲利模式與我們所處的時刻類似。

Let me give a concrete example. Right now, people think about automatically translating their marketing content to suit different verticals with AI. But maybe in the near future, your marketing landing page is selected from a 1,000 possibilities. They could be pre-customized by Asana AI workflows based on what will be the best possible match to the viewer. Because customizing to this degree is worth the inference cost, and Asana can make it easy.

讓我舉一個具體的例子。目前，人們正在考慮利用人工智慧自動翻譯他們的行銷內容以適應不同的垂直領域。但也許在不久的將來，您的行銷登陸頁面將從 1,000 種可能性中被選中。它們可以由 Asana AI 工作流程根據最適合觀眾的內容進行預先自訂。因為定製到這種程度是值得的推理​​成本，而 Asana 可以讓它變得簡單。

Or maybe vendor selection is done by AIs running sophisticated RFPs instead of people viewing marketing pages and asking questions. Here is where elevating the quality and automated customization translates into increasing velocity and revenue for customers.

或者，供應商選擇可能是由人工智慧運行複雜的 RFP 來完成的，而不是由人們查看行銷頁面並提出問題。在這裡，提高品質和自動化客製化可以轉化為客戶速度和收入的提高。

I have more conviction than ever that the entire SaaS landscape is ripe for a dramatic upheaval, and Asana is well positioned to capture the opportunity it presents, to disrupt old software categories and be the digital scaffolding for humans and AI working together on any workflow that helps achieve their objectives. And we expect our business will expand, too.

我比以往任何時候都更加堅信，整個SaaS 格局已經成熟，可以發生巨大的劇變，而Asana 完全有能力抓住它所帶來的機會，顛覆舊的軟體類別，並成為人類和人工智慧在任何工作流程中協同工作的數位鷹架。我們預計我們的業務也會擴大。

We believe AI will drive revenue growth for us in three key ways. First, it already enhances the value we deliver in our work management functionality, like with our Smart Summary and Smart Status features. We don’t package the AI parts of our core features as a separate SKU because we understand AI functionality is simply table stakes for participation in SaaS at this point.

我們相信人工智慧將透過三個關鍵方式推動我們的營收成長。首先，它已經增強了我們在工作管理功能中提供的價值，例如我們的智慧摘要和智慧狀態功能。我們不會將核心功能的 AI 部分打包為單獨的 SKU，因為我們知道 AI 功能目前只是參與 SaaS 的籌碼。

However, we believe the differentiated value provided by AI plus the Asana Work Graph makes us more competitive and increases our pricing power. It is motivating customers to migrate to our new packages. At the same time, AI is enabling us to introduce new, powerful use cases that can be sold independently.

然而，我們相信人工智慧加上 Asana Work Graph 提供的差異化價值使我們更具競爭力並提高了我們的定價能力。它正在激勵客戶遷移到我們的新套餐。同時，人工智慧使我們能夠引入可以獨立銷售的新的、強大的用例。

So the second way we expect it will drive revenue growth is via license-based add-ons, and we have specific ones we're developing now. On top of that, like we’ve suggested in the past, there might be more usage-based AI revenue in the future as well. And over the past few months, we've gained conviction on that, specifically in the context of custom workflows.

因此，我們預計推動收入成長的第二種方式是透過基於許可證的附加元件，我們現在正在開發特定的附加元件。最重要的是，就像我們過去建議的那樣，未來可能會有更多基於使用的人工智慧收入。在過去的幾個月裡，我們對此深信不疑，特別是在自訂工作流程的背景下。

We're working on a private beta with select customers, and we intend to expand more broadly to our enterprise customers as the year continues. I’ll reiterate again how incredible this opportunity is in front of us and how well positioned we are to capture the AI opportunity in the enterprise. We believe that with AI and the Work Graph, we’ll further penetrate our existing market opportunity; and with AI-enabled features like custom workflows, we’ll increase our TAM and expand into new markets.

我們正在與選定的客戶進行私人測試，並打算在今年繼續向我們的企業客戶更廣泛地擴展。我將再次重申我們面前的這個機會是多麼不可思議，以及我們在抓住企業中的人工智慧機會方面處於多麼有利的位置。我們相信，透過人工智慧和工作圖，我們將進一步滲透現有的市場機會；借助自訂工作流程等人工智慧功能，我們將增加 TAM 並擴展到新市場。

We moved early on AI. The Work Graph provides the ideal structure and scaffolding for AI to be effective. We're the number one AI work management platform, and we're just getting started. We look forward to sharing more details at our Work Innovation Summit in San Francisco on June 5 and later this year in October in New York City.

我們很早就開始關注人工智慧。工作圖為人工智慧的有效性提供了理想的結構和鷹架。我們是排名第一的人工智慧工作管理平台，而我們才剛開始。我們期待在 6 月 5 日在舊金山舉行的工作創新高峰會以及今年 10 月在紐約舉行的工作創新高峰會上分享更多細節。

And with that, I’ll turn things over to Anne.

這樣，我就把事情交給安妮了。

Thanks, Dustin. To further your point, our biggest, most innovative customers are focusing on AI as well. The Asana Work Graph is the scaffolding that, combined with AI, makes work even more effective. As a result, our AI roadmap is a top request for executive briefings. We are well positioned to be the solution for many of the questions that are pervasive in this early stage of AI adoption.

謝謝，達斯汀。為了進一步闡述您的觀點，我們最大、最具創新性的客戶也關注人工智慧。 Asana Work Graph 是與人工智慧結合的鷹架，讓工作更有效率。因此，我們的人工智慧路線圖是高階主管簡報的首要要求。我們有能力解決人工智慧應用早期階段普遍存在的許多問題。

We’ve started to roll out our new AI workflow capabilities to a select group of customers who are reinventing how they work today, and the early feedback has been nothing short of jaw-dropping. In fact, the last few weeks, I’ve been meeting with customers in Tokyo, New York, and across EMEA; and their response has been amazing.

我們已經開始向一群正在重塑當今運作方式的精選客戶推出新的人工智慧工作流程功能，早期的回饋簡直令人瞠目結舌。事實上，過去幾週，我一直在與東京、紐約和歐洲、中東和非洲地區的客戶會面。他們的反應是驚人的。

They see massive potential for these AI teammates to drive productivity, fuel innovation, and deliver better results. As one customer said, Asana's AI capabilities have the potential to help us realize our vision of becoming an AI-powered workforce.

他們看到這些人工智慧團隊成員在提高生產力、推動創新和交付更好結果方面具有巨大潛力。正如一位客戶所說，Asana 的人工智慧功能有潛力幫助我們實現成為人工智慧驅動的員工隊伍的願景。

Now, let’s transition to our Q1 performance. We had a solid finish to the quarter despite ongoing budget scrutiny and other headwinds. Today, we believe that we have better predictability in our business, a strengthening pipeline, and we are starting the year better positioned to serve our customers throughout the entire customer life cycle, enhancing our ability to partner and grow together.

現在，讓我們過渡到第一季的表現。儘管存在持續的預算審查和其他不利因素，但我們在本季度取得了穩健的成績。今天，我們相信我們的業務具有更好的可預測性，管道也在不斷加強，並且我們在新的一年中處於更好的位置，可以在整個客戶生命週期中為客戶提供服務，增強我們合作和共同成長的能力。

By geography, EMEA and Japan led revenue growth, and overall international revenues grew 14.5% year over year. The EMEA team continues to execute well with strong leadership and a more seasoned sales team. This is a great leading indicator for North America, where the step-up in leadership happened about one year later.

按地區劃分，歐洲、中東和非洲和日本引領營收成長，國際整體營收年增 14.5%。憑藉強大的領導力和經驗豐富的銷售團隊，歐洲、中東和非洲團隊繼續表現良好。對於北美來說，這是一個很好的領先指標，大約一年後，北美地區的領導地位得到了提升。

As we mentioned previously, we expect dollar-based net retention to bottom in Q2, at or slightly below 100% for the overall number, and stabilize starting in Q3. Specifically, there are still some seat adjustments that we need to lap, especially in the US. As Dustin mentioned on a previous call, in order to get to re-acceleration, you need to first go through stabilization.

正如我們之前提到的，我們預計以美元為基礎的淨留存率將在第二季觸底，總體數量達到或略低於 100%，並從第三季開始穩定下來。具體來說，我們仍然需要進行一些座椅調整，尤其是在美國。正如達斯汀在之前的電話中提到的，為了重新加速，你需要先經歷穩定。

The good news is that we are seeing good signs with stability across new bookings and our average contract values. We believe we are well poised for re-acceleration in the second half of the year.

好消息是，我們看到了新預訂量和平均合約價值穩定的良好跡象。我們相信，我們已做好準備，在今年下半年重新加速。

Now, turning to customer dynamics in Q1, our enterprise customers continued to expand. They are making long-term investments in Asana, and this is reflected in multi-year deals and consolidation decisions. We closed deals in key verticals, such as manufacturing, retail, and professional services, and are even seeing tech companies expand.

現在來看第一季的客戶動態，我們的企業客戶持續擴大。他們對 Asana 進行長期投資，這反映在多年交易和整合決策中。我們完成了製造、零售和專業服務等關鍵垂直領域的交易，甚至看到科技公司正在擴張。

We had several deals across the manufacturing sector. Suzuki, a leading Japanese manufacturer, expanded its use of Asana this quarter to drive further operational efficiency and digital transformation. It was initially adopted by the IT team and later deployed to the overseas automotive sales department for remote work during COVID-19.

我們在製造業領域有幾筆交易。日本領先製造商鈴木本季擴大了 Asana 的使用，以進一步推動營運效率和數位轉型。它最初被 IT 團隊採用，後來部署到海外汽車銷售部門，用於在 COVID-19 期間進行遠端工作。

Asana is now used by over a thousand employees across sales, IT, legal, and engine design to manage their work and strategic projects. And they’re seeing great results. For example, one team has already reduced overtime hours by 35%.

現在，銷售、IT、法律和引擎設計領域的 1000 多名員工使用 Asana 來管理他們的工作和策略專案。他們看到了很好的結果。例如，一支球隊已經將加班時間減少了 35%。

Also, one of the largest digital communications companies in the world expanded their use of our enterprise solution this quarter in their go-to-market operations division to manage the global transformation of their salesforce in preparation for AI. Our reporting capabilities were a key differentiator that led to this deal and will give leaders visibility into progress towards their go-to-market transformation goals.

此外，全球最大的數位通訊公司之一本季在其上市營運部門擴大了我們的企業解決方案的使用，以管理其銷售人員的全球轉型，為人工智慧做好準備。我們的報告能力是促成這筆交易的關鍵優勢，並將讓領導者了解其進入市場轉型目標的進展。

And we continued to see ongoing success in the retail and CPG space. A premium footwear brand renowned for their cutting-edge technology went wall to wall and uptiered to our enterprise solution. One of my favorite examples of how they rely on our platform is to manage new store openings, pop-up stores, and workplace projects with more than 10 other departments.

我們繼續看到零售和消費品領域持續取得成功。一個以其尖端技術而聞名的優質鞋類品牌不斷升級到我們的企業解決方案。關於他們如何依賴我們的平台，我最喜歡的例子之一是與 10 多個其他部門一起管理新店開業、快閃店和工作場所項目。

We are also making progress in financial services. Notably, Sumitomo Mitsui Trust Bank, the Japanese financial services firm with thousands of employees, expanded with us this quarter. Finally, one of the leading tourism and economic development organizations in EMEA, expanded their use of Asana this quarter to manage strategic projects aligned to their goal to double the size of their economy within the next 10 years.

我們在金融服務方面也取得了進展。值得注意的是，擁有數千名員工的日本金融服務公司三井住友信託銀行本季與我們一起擴張。最後，歐洲、中東和非洲地區領先的旅遊和經濟發展組織之一在本季度擴大了 Asana 的使用範圍，以管理戰略項目，以實現其在未來 10 年內將經濟規模翻一番的目標。

We believe that digital transformation is just the first step in the AI transformation opportunity, and we believe we are the leader in AI collaborative work management. And we have more work to do.

我們相信數位轉型只是人工智慧轉型機會的第一步，我們相信我們是人工智慧協同工作管理的領導者。我們還有更多工作要做。

Throughout this year, we are focusing on a number of initiatives to further strengthen our execution. First, we continue to hire quota-carrying sales reps as we see the opportunities grow and accelerate with AI. Second, we remain steadfast on accelerating our pipeline and enhancing the efficiency of our outbound prospecting. We're not just aiming to increase the pace at which we operate, but also to deepen our engagement with our customers.

今年，我們專注於實施了一系列舉措，以進一步加強我們的執行力。首先，隨著我們看到人工智慧帶來的機會不斷成長和加速，我們繼續聘用有配額的銷售代表。其次，我們將堅定不移地加速管道建設，提高海外勘探效率。我們的目標不僅是加快營運速度，還旨在加深與客戶的互動。

Third, leveraging AI internally. We are improving the seller experience and efficiency by leveraging AI. For example, we are using our own Asana AI for outbound workflows such as customizing customer outreach.

第三，內部利用人工智慧。我們正在利用人工智慧來改善賣家體驗和效率。例如，我們正在使用自己的 Asana AI 進行外撥工作流程，例如客製化客戶外展。

In summary, our strategy is designed to drive ARR growth, improve efficiency, and build stronger relationships with our customers. And with AI joining the team, we can deliver even greater value to our customers. We're excited about the path ahead and confident in our ability to execute on these initiatives.

總之，我們的策略旨在推動 ARR 成長、提高效率並與客戶建立更牢固的關係。隨著人工智慧的加入，我們可以為客戶提供更大的價值。我們對未來的道路感到興奮，並對我們執行這些措施的能力充滿信心。

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

就這樣，我將把它交給蒂姆。

Thank you Anne. Q1 revenues came in at $172.4 million, up 13% year over year. We have 22,162 core customers or customers spending $5,000 or more on an annualized basis.

謝謝你安妮。第一季營收為 1.724 億美元，年增 13%。我們有 22,162 名核心客戶或年支出 5,000 美元或以上的客戶。

Revenue from core customers grew 15% year over year. This cohort represented 74% of our revenues in Q1, up from 73% in the year-ago quarter. We have 607 customers spending $100,000 or more on an annualized basis, and this customer cohort grew at 19% year over year.

來自核心客戶的營收年增15%。該群體占我們第一季營收的 74%，高於去年同期的 73%。我們有 607 位客戶的年消費額達到或超過 100,000 美元，該客戶群較去年同期成長 19%。

As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter. I want to give you some color on our $100,000 customer progress since customer count based on GAAP revenues is a lagging indicator and does not capture the progress we have made. On an ARR basis, we added over 30 $100,000 customers in Q1 vs over 20 in the year-ago 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。我想向您介紹我們 100,000 美元的客戶進展情況，因為基於 GAAP 收入的客戶數量是一個滯後指標，無法反映我們所取得的進展。以 ARR 計算，我們在第一季增加了 30 多個價值 100,000 美元的客戶，而去年同期則增加了 20 多個。

Our overall dollar-based net retention rate was 100%. Our dollar-based net retention rate for our core customers was 102%. And among customers spending $100,000 or more, our dollar-based net retention rate was 108%. As a reminder, our dollar-based net retention rate is a trailing four-quarter average calculation, and thus, a lagging indicator.

我們以美元計算的總體淨保留率為 100%。我們的核心客戶以美元計算的淨保留率為 102%。在消費超過 10 萬美元的客戶中，我們以美元計算的淨保留率為 108%。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. I’ll speak specifically to our outlook regarding this 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.

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。稍後我將具體談談我們對此的看法。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 89.8%. Research and development was $55 million, or 32% of revenue. Sales and marketing was $88.6 million, or 51% of revenue. G&A was $27.1 million, or 16% of revenue.

毛利率為89.8%。研發費用為 5,500 萬美元，佔營收的 32%。銷售和行銷收入為 8,860 萬美元，佔收入的 51%。一般管理費用為 2,710 萬美元，佔收入的 16%。

Operating loss was $15.8 million, and our operating loss margin was 9%, representing a 5-percentage-point 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 $13.3 million, and our net loss per share was $0.06 cents.

營運虧損為 1,580 萬美元，營運虧損率為 9%，比一年前提高了 5 個百分點。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。淨虧損為 1,330 萬美元，每股淨虧損為 0.06 美分。

Moving on to the balance sheet and cash flow. Cash and marketable securities at the end of Q1 were approximately $524.3 million. Our remaining performance obligations, or RPO, was $380.0 million, up 14% from the year-ago quarter. 86% of RPO will be recognized over the next twelve months. That current portion of RPO grew 15% from the year-ago quarter.

接下來是資產負債表和現金流量。第一季末的現金和有價證券約為 5.243 億美元。我們的剩餘履約義務 (RPO) 為 3.8 億美元，比去年同期成長 14%。 86% 的 RPO 將在未來 12 個月內確認。目前 RPO 部分比去年同期成長了 15%。

Our total ending Q1 deferred revenue was $297.1 million, up 13% year over year. Q1 free cash flow was negative $4.3 million or negative 2% on a margin basis, an improvement from negative 11% from the year ago quarter.

我們第一季末的遞延收入總額為 2.971 億美元，年增 13%。第一季自由現金流為負 430 萬美元，以利潤率計算為負 2%，比去年同期的負 11% 有所改善。

Moving to guidance for Q2 fiscal 2025, we expect revenues of $177 million to $178 million, representing growth of 9% to 10% year over year. We expect non-GAAP loss from operations of $23.0 million to $21.0 million, representing an operating margin of negative 12% at the midpoint of guidance. And we expect net loss per share of $0.09 cents to $0.08 cents assuming basic and diluted weighted average shares outstanding of approximately 230 million.

轉向 2025 財年第二季的指導，我們預計營收為 1.77 億至 1.78 億美元，年增 9% 至 10%。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 12%。假設基本和稀釋加權平均流通股約 2.3 億股，我們預期每股淨虧損為 0.09 美分至 0.08 美分。

For the full fiscal year 2025, we expect revenue to be in a range of $719 million to $724 million, representing a growth rate of 10% to 11% year over year. We expect Non-GAAP loss from operations of $59.0 million to $55.0 million, representing an operating margin of negative 8% at the midpoint of guidance.

對於 2025 年整個財年，我們預計營收將在 7.19 億美元至 7.24 億美元之間，年成長率為 10% 至 11%。我們預計非 GAAP 營運虧損為 5,900 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 for the full year. And we expect net loss per share of $0.21 to $0.19 assuming basic and diluted weighted average shares outstanding of approximately 231 million.

我們預計全年自由現金流為正。假設基本和稀釋加權平均流通股約為 2.31 億股，我們預期每股淨虧損為 0.21 美元至 0.19 美元。

As you can see from our guidance and commentary, we are clearly seeing early signs of stability and are well poised for moderate acceleration in the second half. Based on some of the early signs in the business and positive feedback from strategic customers, we are front-loading our investments this year to capture the AI opportunity, as reflected in our Q2 operating income guidance.

正如您從我們的指導和評論中看到的那樣，我們清楚地看到了穩定的早期跡象，並為下半年的適度加速做好了準備。根據業務的一些早期跡象和策略客戶的正面回饋，我們今年提前進行了投資，以抓住人工智慧機會，正如我們第二季營業收入指引所反映的那樣。

That said, we are still maintaining our full-year operating income guidance and also expect to be free cash flow positive for the full year. As you heard from Dustin, we are excited about the opportunity ahead and believe that AI will dramatically alter the software landscape. Asana is in a strong position to deliver a tremendous amount of value for our customers because of the Asana Work Graph.

儘管如此，我們仍維持全年營業收入指引，並預期全年自由現金流為正。正如您從達斯汀那裡聽到的那樣，我們對未來的機會感到興奮，並相信人工智慧將極大地改變軟體格局。由於 Asana Work Graph，Asana 處於有利地位，可以為我們的客戶提供巨大的價值。

And looking further ahead, adding revenue streams in the form of license based add-ons and consumption-based revenue will align with where the market is heading. Any AI consumption-based or add-on revenue has not been factored into our FY25 guidance.

展望未來，以基於許可的附加組件和基於消費的收入的形式增加收入流將與市場發展方向保持一致。任何基於人工智慧消費的收入或附加收入均未納入我們的 2025 財年指導中。

And to the degree that we have any, it will likely be immaterial this fiscal year. We will continue to iterate and work with our customers to roll out these features over time and share more with you over the coming months and future earnings calls.

就我們所擁有的程度而言，本財年它可能並不重要。我們將繼續迭代並與客戶合作，逐步推出這些功能，並在未來幾個月和未來的財報電話會議中與您分享更多資訊。

With that, operator, we are ready for Q&A.

至此，操作員，我們準備好要進行問答了。

(Operator Instructions) Rob Oliver, Baird.

（操作員說明）Rob Oliver，Baird。

Great. Good afternoon. Thank you very much for taking my questions. Dustin, I have a question for you. Really appreciate your perspective on this incredible moment we're in here with generative AI. The potential paradigm shift that you laid out sort of away from traditional siloed applications software categories is extremely interesting.

偉大的。午安.非常感謝您回答我的問題。達斯汀，我有個問題想問你。非常感謝您對我們與生成人工智慧一起度過的這個令人難以置信的時刻的看法。您所提出的與傳統孤立應用程式軟體類別不同的潛在範式轉變非常有趣。

And I'd love to hear a little bit more on that and whether you're hearing that today or any indications of usage trending that way from some of the most sophisticated Asana customers that are the thought leaders on the Asana platform? And then I had a follow-up for Anne.

我很想聽到更多關於這一點的信息，以及您今天是否聽到了這一點，或者是否從一些最成熟的 Asana 客戶（即 Asana 平台上的思想領袖）那裡聽到了任何使用趨勢的跡象？然後我對安妮進行了跟進。

Yeah. I'm trying to connect the question to the words I used. I may have miscondated a little bit. But what I think is true is that the way that these workflows happen will change quite dramatically. And I think as a result, which orders exist between which categories will change as well.

是的。我試圖將問題與我使用的詞語聯繫起來。我可能有點誤會了。但我認為，這些工作流程發生的方式確實會發生巨大的變化。我認為，因此，哪些類別之間存在哪些順序也會改變。

So for example, a lot of ITSM right now is oriented around large numbers of humans taking tickets and figuring out how to respond to them. And if we move to a world where the vast majority of responses are fully automated and handled with the end user immediately, I think that will change the emphasis on where that software lives and where the value creation is.

舉例來說，現在很多 ITSM 都是圍繞大量人員獲取罰單並弄清楚如何對其做出回應。如果我們進入絕大多數回應完全自動化並立即由最終用戶處理的世界，我認為這將改變對軟體所在位置和價值創造的重視。

In terms of what our customers are doing now -- so I was talking basically about the future of AI-driven workflows in Asana. And I mentioned that we're also working in a closed beta with a few select customers, but it's still very early. I don't think anyone has replaced an entire category of software yet like that, but that's what I see coming in the future just because the potential is so dramatic.

就我們的客戶現在正在做的事情而言，我基本上談論的是 Asana 中人工智慧驅動的工作流程的未來。我提到過，我們還在與一些選定的客戶進行封閉測試，但現在還很早。我認為還沒有人像這樣取代整個軟體類別，但這就是我所看到的未來​​，因為潛力是如此巨大。

But a lot of what we've learned as well is it's really hard to learn exactly how these things manifest until you're actually doing it. So we put the new functionality in front of customers, and we might suggest a particular use case for it. But almost immediately, they're brainstorming. 10 or 20 others, literally, sometimes pulling in their colleagues and saying like, hey, can you imagine what you can do with this?

但我們也了解到，在你真正去做之前，很難準確地了解這些事情是如何體現的。因此，我們將新功能擺在客戶面前，我們可能會建議它的特定用例。但幾乎​​立刻，他們就開始集思廣益。其他 10 到 20 個人，實際上，有時會拉著他們的同事說，嘿，你能想像你能用這個做什麼嗎？

And I think there's going to be quite a lot of discovery and innovation there. And so part of the point I was making is I think that the -- where we've been recently, people view AI entirely by analogy. It will be like the same workflow, but now it will be done in a partially automated way. And I think that's an unnecessarily limited way of looking at the world.

我認為那裡將會有許多發現和創新。所以我要表達的部分觀點是，我認為——我們最近所處的位置，人們完全透過類比來看待人工智慧。這將類似於相同的工作流程，但現在將以部分自動化的方式完成。我認為這是一種不必要的有限的看待世界的方式。

That's helpful. Thank you. And then, Anne, my follow-up is for you. Just I think coming up in our conversations and I assume others as well is just some of the, I guess, feeling of overwhelmed or confusion from some enterprise buyers relative to all of the different AI offerings that are out there and every application vendor coming with an AI offering.

這很有幫助。謝謝。然後，安妮，我的後續行動是給你的。我認為，在我們的談話中，我想其他人也一樣，我想，這只是一些企業買家相對於現有的所有不同人工智慧產品和每個應用程式供應商提供的各種不同的人工智慧產品的不知所措或困惑的感覺。

And I'd be curious. As you add go-to-market, continue to ramp up the enterprise playbook and build that muscle, what are some of the ways that you guys are getting in front of the right executives and differentiating your offering amongst a sea of other application vendors out there, touting their AI opportunity? And that -- I guess that question would be particularly germane to customers that might be new to Asana on the enterprise side. Thank you.

我很好奇。隨著您進入市場，繼續加強企業行動手冊並增強實力，您有哪些方法可以在合適的高管面前脫穎而出，並使您的產品在眾多其他應用程序供應商中脫穎而出在那裡宣傳他們的人工智能機會？我想這個問題對於企業方面可能不熟悉 Asana 的客戶來說尤其密切。謝謝。

Yeah. Thanks, Rob. That's a great question because there are -- there is a lot out. And I think everybody, as you said, is hunting AI. I think the things that are helping us differentiate is -- really, we've been doing a lot on ensuring that we are bringing a strategy to, especially, CIOs.

是的。謝謝，羅布。這是一個很好的問題，因為有很多東西。正如你所說，我認為每個人都在尋找人工智慧。我認為幫助我們脫穎而出的是——實際上，我們一直在做很多事情來確保我們為資訊長們提供策略。

Our work innovation lab published original research on the topics facing CIOs today, including AI. And 77% of IT leaders are saying they are the ones responsible for AI. So part of our approach is bringing both this original research's unique approach to AI and then showing CIOs what's possible.

我們的工作創新實驗室發表了有關 CIO 當今面臨的主題（包括人工智慧）的原創研究。 77% 的 IT 領導者表示他們是人工智慧的負責人。因此，我們方法的一部分是將這項原創研究的獨特方法引入人工智慧，然後向資訊長展示什麼是可能的。

So we recently had our customer advisory board sessions with CIOs, both in Europe and in the US. And just by showing what's already possible in Asana, as Dustin just said, it's really generating these ideas around what's already possible today and what will be possible tomorrow.

因此，我們最近在歐洲和美國與資訊長舉行了客戶諮詢委員會會議。正如達斯汀剛才所說，僅僅透過展示體式中已經存在的可能性，它實際上就圍繞著今天已經可能發生的事情和明天可能發生的事情產生了這些想法。

And so our focus on going upmarket and really reaching the C-level decision makers is also starting to pay off because many of them just want a trusted partner to lay out a strategy together on how to approach AI. And so they are excited about also just our security and safety and how we've built AI into Asana.

因此，我們對進入高端市場並真正接觸 C 級決策者的關注也開始得到回報，因為他們中的許多人只是希望有一個值得信賴的合作夥伴共同製定如何接近人工智慧的策略。因此，他們也對我們的安全保障以及我們如何將人工智慧建置到 Asana 中感到興奮。

So that's what, I think, we're the most excited about in these conversations is just the executive-level engagement and then their eyes lighting up when they're seeing what they can already do in Asana. And as Dustin said, it just generates 10 to 20 more ideas.

所以，我認為，在這些對話中，我們最興奮的就是高階主管的參與，然後當他們看到自己在體式中已經可以做的事情時，他們的眼睛會發光。正如達斯汀所說，它只會產生 10 到 20 個以上的想法。

And so these pilots that we're running are really critical for us to be able to show them the value so quickly, and we're excited to share more about what's happening there. So that's going to come at the Work Innovation Summit both in San Francisco next week and then in the fall in New York in October.

因此，我們正在運行的這些試點對於我們能夠如此迅速地向他們展示價值來說非常重要，我們很高興能分享更多有關那裡正在發生的事情。因此，這將在下週在舊金山舉行的工作創新高峰會上舉行，然後在秋季十月於紐約舉行。

George Iwanyc, Oppenheimer.

喬治·伊凡尼克，奧本海默。

Thank you for taking my question. Dustin, staying on the AI topic, digging into your comments with respect to the discovery and innovation process. Can you maybe tie into how you're using the AI internally to how you're adjusting both the product road map and the go-to-market road map on the enterprise side?

感謝您回答我的問題。達斯汀，繼續討論人工智慧主題，深入探討您對發現和創新過程的評論。您能否將內部使用人工智慧的方式與企業方面調整產品路線圖和上市路線圖的方式連結起來？

Sure. I always struggle a little bit with these questions because AI for us is really more than one thing. There are a number of features that we have in product already and have been part of our road map and we talked about at last year's Work Innovation Summit and have been delivering.

當然。我總是對這些問題感到困惑，因為人工智慧對我們來說確實不僅僅是一件事。我們的產品中已經有許多功能，並且已經成為我們路線圖的一部分，我們在去年的工作創新高峰會上討論過並一直在交付。

And so a lot of that lives next to functionality that we use day in and day out, so things like smart summaries or being able to use smart answers to ask questions of the current project that you're looking at. And so that just ends up being part of our normal workflow and part of customer workflows as well.

因此，其中許多功能都與我們日復一日使用的功能相鄰，例如智慧摘要或能夠使用智慧答案來詢問您正在查看的當前專案的問題。因此，這最終成為我們正常工作流程的一部分，也是客戶工作流程的一部分。

The part that I was speaking to that feels a little bit newer are these custom AI workflows. And in a lot of ways, it is a continuation of the road map we've been working on for 10 years. It's been magical for me actually to feel like the language models are just like this missing keystone in our existing workflow builder.

我所說的感覺有點新的部分是這些自訂人工智慧工作流程。從很多方面來說，這是我們十年來一直致力於制定的路線圖的延續。對我來說，感覺語言模型就像我們現有的工作流程建構器中缺少的基石一樣，真是太神奇了。

Because we already have integrations to a lot of the other tools that enterprises are using. We already have the sort of RPA style workflow automation. We already have a very powerful templating engine. And now, we have this additional ability to take some of the steps and actually do part of the work, what we refer to as actually assigning work to an AI teammate.

因為我們已經整合了企業正在使用的許多其他工具。我們已經擁有 RPA 風格的工作流程自動化。我們已經擁有一個非常強大的模板引擎。現在，我們有了額外的能力來採取一些步驟並實際完成部分工作，我們稱之為實際將工作分配給人工智慧隊友。

And so that is a really important development and opens up a lot of possibilities for us. But it's not actually this giant new effort on our road map because it's really combining with all these other building blocks we have.

因此，這是一個非常重要的發展，為我們帶來了許多可能性。但這實際上並不是我們路線圖上的一項巨大的新努力，因為它實際上與我們擁有的所有其他構建模組相結合。

And in terms of how we're using it internally, we're basically taking a lot of our existing workflows that have partial automation or partially templated, and we're taking individual steps and turning them into LM workflows. And so that is working really well because in a lot of cases, frankly, we had [by capped] around it.

就我們內部如何使用它而言，我們基本上採用了許多具有部分自動化或部分模板化的現有工作流程，並且我們正在採取單獨的步驟並將它們轉變為 LM 工作流程。所以這非常有效，因為在很多情況下，坦白說，我們已經[透過限制]來圍繞它。

We had API-driven scripts that we were running in the background to move things along in various parts of the product. And now, we can just do it all inside Asana, inside our UI, entirely with user built workflows that doesn't require IT to come in and do it. And so a lot of what's happening is we're spreading the knowledge internally about how to do that and how to think about in the context of the work you're already doing.

我們有 API 驅動的腳本，我們在後台運行這些腳本，以在產品的各個部分中移動事物。現在，我們可以在 Asana 內、在我們的 UI 內完成這一切，完全使用使用者建立的工作流程，不需要 IT 介入並完成。因此，我們正在內部傳播有關如何做到這一點以及如何在您已經在做的工作的背景下思考的知識。

And to follow on to the question that Anne answered earlier, I think our advantage is exactly that. Maybe not with brand-new customers to Asana; but for our existing enterprise deployments, we're not saying, hey, do something completely new in Asana.

繼續安妮之前回答的問題，我認為我們的優勢正是如此。也許不是 Asana 的全新客戶；但對於我們現有的企業部署，我們並不是說，嘿，在 Asana 中做一些全新的事情。

We're saying, take your existing workflows, we'll make them better. We'll take steps that your team is currently doing and not necessarily take it all the way from start to finish. I think the best AI results are really a collaboration between the AI and humans, but we can give you a really first draft or we can give you many drafts or we can give you a bunch of translations into a bunch of different languages or into a bunch of different user personas.

我們的意思是，採用您現有的工作流程，我們會讓它們變得更好。我們將採取您的團隊目前正在採取的步驟，但不一定從頭到尾都採取這些步驟。我認為最好的人工智慧結果實際上是人工智慧和人類之間的合作，但我們可以給你一個真正的初稿，或者我們可以給你很多草稿，或者我們可以給你一堆不同語言或不同語言的翻譯。

And that can just really accelerate things and help people think bigger and deliver higher-quality results. So that's a lot of what I'm seeing now. But I'm not trying to describe the radical shift in our strategy. I really see it as an opportunity to capitalize on something we've been working on for a long time.

這確實可以加速事情的發展，幫助人們思考更大的問題並提供更高品質的結果。這就是我現在看到的很多內容。但我並不是想描述我們策略的根本轉變。我確實認為這是一個利用我們長期致力於的事情的機會。

Thank you. And then Anne, as a follow-up, digging into your number two priority with accelerating the pipeline. Can you parse that out with what you're seeing on the enterprise side versus the SMB side?

謝謝。然後安妮作為後續行動，深入研究加速管道的第二優先事項。您能根據您在企業方面和中小企業方面看到的情況來分析這一點嗎？

Yeah, definitely. So on pipeline, pipeline grew year over year. And we've been consistently hitting or exceeding internal targets, both inbound and outbound, in every region and across every pipeline source. So our -- really bullish about seeing that -- those results.

是的，絕對是。因此，在管道方面，管道逐年增長。我們在每個地區和每個管道來源都始終達到或超過內部目標（無論是入境還是出境）。因此，我們非常樂觀地看到這些結果。

And it's really a strong partnership between our sales and marketing teams. I mentioned just the focus on our work innovation lab's original research, but that's also combined with the executive events we've been running with the Work Innovation Summits around the world and then our executive briefings through our work innovation center. So it's all coming together to enable us to reach C-level decision-makers, and that's been incredibly helpful in terms of building that enterprise pipeline.

這確實是我們的銷售和行銷團隊之間的牢固合作夥伴關係。我提到的只是對我們工作創新實驗室的原創研究的關注，但這也與我們在世界各地舉辦的工作創新高峰會上舉辦的高階主管活動以及我們透過工作創新中心舉行的高階主管簡報相結合。因此，所有這些都匯集在一起，使我們能夠接觸到 C 級決策者，這對於建立企業管道非常有幫助。

We also, in Q1, saw strength in our SMB segment. So we saw double-digit year-over-year growth in [AR] there as well as improvement in our negative rate. We saw strength in SMB customer acquisition as well as in our sales-assisted SMB motion.

在第一季度，我們也看到了中小企業細分市場的實力。因此，我們看到 [AR] 實現了兩位數的同比增長，並且負利率也有所改善。我們看到了中小型企業客戶獲取以及銷售輔助中小型企業行動的優勢。

So we're also pleased to see that. While our focus absolutely has been continuing to grow upmarket in enterprise, the stability and improvement in the lower end of the market is also an early positive signal for our business as well.

所以我們也很高興看到這一點。雖然我們的重點絕對是繼續發展企業高端市場，但低端市場的穩定和改善也是我們業務的早期積極信號。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Thank you. Good afternoon. Tim, maybe we'll start with you. Obviously, growth has been a challenge to you for the last couple of years. You talked about actually seeing some expansion -- seat expansion within tech, demand stabilization.

謝謝。午安.提姆，也許我們可以從你開始。顯然，過去幾年成長對您來說是一個挑戰。你談到實際上看到了一些擴張——科技領域的席次擴張、需求穩定。

Walk us through what you're seeing maybe by industry segment. Do you think the worst of the headwinds in that tech vertical that I know has been a big vertical for you are now behind you? Any color there by vertical certainly would be helpful, and then I have one quick follow-up.

請向我們介紹一下您所看到的行業細分情況。我知道科技垂直領域對你來說是一個很大的垂直領域，你認為最糟糕的逆風現在已經過去了嗎？垂直方向上的任何顏色肯定會有幫助，然後我有一個快速的後續行動。

Yeah. I would say when we look at our net expansion rate, the thing that we're starting to see overall across all the segments are now, things have started to stabilize. And what was really driving the initial drop in our gross renewals and net expansion rate was primarily driven by a lot of the layoffs related to tech.

是的。我想說，當我們審視我們的淨擴張率時，我們開始看到所有細分市場的整體情況現在已經開始穩定。真正導致我們的總續訂率和淨擴張率最初下降的主要因素是大量與科技相關的裁員。

And I think what we're seeing just from a early Q2 standpoint and even the Q1 results, things have started to stabilize. So I think we're really encouraged by that.

我認為，從第二季早期甚至第一季的結果來看，情況已經開始穩定下來。所以我認為我們對此感到非常鼓舞。

The other thing I would point to is the pipeline comment that Anne made, the fact that we -- the pipeline grew year over year. And it's not just coming from tech. It's really coming from across a number of different industries. And I think work management is continuing to grow as a category. So I think it's really that combination.

我要指出的另一件事是安妮對管道的評論，事實上我們管道逐年增長。而且它不僅僅來自科技。它確實來自許多不同的行業。我認為工作管理作為一個類別正在不斷發展。所以我認為這確實是這樣的組合。

Helpful color. And Dustin, for you. This concept that AI is going to live inside of these project management planning tools, assigning work to humans and AI assistants, certainly sounds intriguing. But we've kind of been waiting for AI to show up at the application layer for a while. Even Microsoft -- I think 95% AI revenue at Microsoft is still on the Azure infrastructure-as-a-service side, seeing very little adoption of AI in the app layer.

有用的顏色。還有達斯汀，為了你。人工智慧將存在於這些專案管理規劃工具中，將工作分配給人類和人工智慧助手，這概念聽起來確實很有趣。但我們等待人工智慧在應用層出現已經有一段時間了。即使是微軟——我認為微軟 95% 的人工智慧收入仍然來自 Azure 基礎設施即服務方面，在應用層很少採用人工智慧。

What's your best guess on when we'll start to see more meaningful adoption of AI in the Asana application layer? Do you think this is going to be a groundswell of interest a year from now? Is it two years out? What's your best guess on how this is implemented? I know AI is not one thing. But as you think about a more meaningful adoption within the installed base, how long do you think it's going to take? Thanks.

您對我們何時開始看到 Asana 應用層更有意義地採用人工智慧的最佳猜測是什麼？您認為一年後這會引起人們的興趣嗎？已經兩年了嗎？您對如何實施的最佳猜測是什麼？我知道人工智慧不是一回事。但是，當您考慮在已安裝的基礎上進行更有意義的採用時，您認為需要多長時間？謝謝。

Yes. So that's a big sweeping question, so I'll give you a big sweeping answer. To your point, it's not one thing. I mean, we have quite a lot of usage over existing AI functionality already.

是的。所以這是一個很大的問題，所以我會給你一個很大的答案。就你的觀點而言，這不是一回事。我的意思是，我們已經對現有的人工智慧功能進行了大量使用。

That said, we packaged it only in our new packages, so it's not available to all customers. And there are some subset of customers that aren't really use AI at all. And they just like haven't gotten to that place in their corporate security posture. It's not that they're using other products, they're just not using anything. And so there is still somewhat of a Jeffrey Moore style adoption curve here, and I think we're still in the early adopter part of it.

也就是說，我們僅將其包裝在新包裝中，因此並非所有客戶都可以使用。還有一些客戶根本沒有真正使用人工智慧。他們的公司安全狀況似乎還沒有達到那個程度。這並不是說他們在使用其他產品，而是他們沒有使用任何東西。因此，這裡仍然存在某種傑弗裡摩爾式的採用曲線，我認為我們仍然處於早期採用者的階段。

Part of the reason I'm excited about the add-ons that we're talking about for AI and the consumption-based model is I think it will allow us to match that reality and focus on just the early adopters and giving them a great experience and letting them lean in. And that's something -- so I'm involved with Anthropic a lot, and we share a Board member with OpenAI.

我對我們正在討論的人工智慧附加元件和基於消費的模型感到興奮的部分原因是，我認為它將使我們能夠匹配現實，只關注早期採用者，並為他們提供良好的體驗。學習。

And I talked to the labs. And that's what I see on their side as well is there's a few customers that are generating a lot of activity and figuring it out and figuring out what else they can do in their business. And I think with custom AI workflows, we're going to focus on that and then we'll be able to tell that story and tell about the transformative impact it's having and use that to get the next set.

我和實驗室進行了交談。這也是我在他們這邊看到的，有一些客戶正在進行大量活動，並弄清楚他們還可以在自己的業務中做些什麼。我認為，透過客製化人工智慧工作流程，我們將專注於這一點，然後我們將能夠講述這個故事並講述它所產生的變革性影響，並利用它來獲得下一組。

Additionally, just in terms of adoption overall, an observation I have is that the places where people agree there's been real AI creation already are where it's integrated very closely into existing workflows. So I think the two best examples are GitHub Copilot for development and then also various kinds of support ticketing. And I don't think it's a coincidence there.

此外，就整體採用率而言，我的觀察是，人們一致認為真正的人工智慧創造已經與現有工作流程緊密整合。所以我認為兩個最好的例子是用於開發的 GitHub Copilot 以及各種支援票務。我不認為這是巧合。

I think what they share is that they're not asking these broad employee bases to learn prompt engineering, to learn how to engage with these chat apps, and importantly, to like learn how repeat a workflow with these chatbots. Because even when you have something like custom GPTs, you still end up having to do this iterative -- okay, I'm giving you the documents we care about. I'm giving you the prompts.

我認為他們的共同點是，他們並沒有要求這些廣泛的員工基礎學習即時工程，學習如何使用這些聊天應用程序，更重要的是，學習如何使用這些聊天機器人重複工作流程。因為即使您擁有自訂 GPT 之類的東西，您最終仍然必須執行此迭代 - 好吧，我正在向您提供我們關心的文件。我正在給你提示。

We're taking the first step. Now, we're taking the second step. It's just really high friction and onerous. And it's a hard habit to start and a hard habit to break.

我們正在踏出第一步。現在，我們正在採取第二步。這真的是非常高的摩擦和繁重的工作。這是一個很難開始的習慣，也是一個很難打破的習慣。

Whereas with the existing functionality we have, where it's getting most adopted, it is just appearing in context of something you're already trying to do, like writing a status summary or you're in a task thread and a lot of activity has happened and you want to like summarize what's happened.

而我們擁有的現有功能，在它被廣泛採用的地方，它只是出現在您已經嘗試做的事情的上下文中，例如編寫狀態摘要，或者您在任務線程中並且發生了很多活動你想總結一下發生了什麼事。

And I'm really excited about -- I've talked in previous earnings calls about this idea of sort of push versus pull of AI. We're increasingly getting to play where we're deciding to run the AI and just delivering you the content. So that's showing up for project summaries, where now, we deliver them to your notification inbox into your e-mail.

我真的很興奮——我在之前的財報電話會議上談到了人工智慧的推與拉的想法。我們越來越多地決定運行人工智慧並為您提供內容。因此，這顯示在項目摘要中，現在，我們將它們發送到您的電子郵件通知收件匣。

And so that is just like a different mental model for adoption. It's not that the end users have to decide this thing is giving me a ton of value. And so now, I'm going to like change my habits and adopt this new tool and become a prompt engineer. It's that the application vendor, in this case Asana, is deciding how AI can amplify the value that you're getting.

這就像採用不同的心理模型一樣。這並不是說最終用戶必須決定這個東西給了我很多價值。所以現在，我想改變我的習慣並採用這個新工具並成為快速工程師。應用程式供應商（在本例中為 Asana）正在決定人工智慧如何放大您所獲得的價值。

And for the functionality that we've deployed so far, that doesn't show up as a separate revenue line for us because we think all CWM products are going to have to do this. But it does amplify value of the product offerings and especially the differentiated product offerings like Smart Status that benefit from having the work connected to higher-level goals.

對於我們迄今為止部署的功能，這並沒有顯示為我們的單獨收入線，因為我們認為所有 CWM 產品都必須這樣做。但它確實放大了產品的價值，尤其是像智慧狀態這樣的差異化產品，這些產品受益於將工作與更高層次的目標連結起來。

And so we're seeing more interest in choosing Asana and betting on it as a platform for the long run. And we're also seeing it drive more value appreciation in our up years. And I'm excited. One of the things we're doing at the Work Innovation Summit is we're talking about what I think of as upper pyramid of clarity AI value, so things that benefit more portfolios and goals.

因此，我們看到越來越多的人有興趣選擇 Asana 並將其作為長期平台。我們也看到它在我們的晚年推動更多的價值升值。我很興奮。我們在工作創新高峰會上所做的一件事是，我們正在討論我認為的清晰人工智慧價值的上金字塔，即有利於更多投資組合和目標的事情。

And that's going to be a place where I think we're going to be much more differentiated from the rest of the market and have the ability to do something that other people can't. That's when I think it will create more of a unique pricing opportunity, as we talked about. Resource planning is a big one there. And yeah, so really excited to be able to deploy that to market.

我認為這將是我們與市場其他公司更加差異化的地方，並且有能力做其他人做不到的事情。正如我們所討論的，那時我認為它將創造更多獨特的定價機會。資源規劃是其中一項重要的工作。是的，非常高興能夠將其部署到市場。

So I think I would just recharacterize it a little bit as the early adopters are adopting now. And because it's not just one thing they're adopting, you have to break it down into what's working well and what isn't. And yeah, there's the push versus pull concept as well.

所以我想我會稍微重新描述一下它，就像早期採用者現在正在採用的那樣。因為他們採用的不僅僅是一件事，所以你必須將其分解為哪些有效，哪些無效。是的，還有推與拉的概念。

So what does the user deciding to initiate? What's the application deciding to initiate? And so I think where you're going to see the most impressive adoption, it will be companies like Asana that are figuring out how to integrate it into existing workflows and existing applications rather than getting people to adopt an entirely new platform.

那麼用戶決定發起什麼？應用程式決定啟動什麼？因此，我認為最令人印象深刻的採用將是像 Asana 這樣的公司正在研究如何將其整合到現有工作流程和現有應用程式中，而不是讓人們採用全新的平台。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc 資本市場。

Thanks for taking our question, guys. I guess the first one is actually following up on what I think is some really ambitious talking points from the company and from you, Dustin, about workflow automation across the enterprise and disparate applications and business functions and Asana working across those lines. But I have a two-parter for that.

謝謝你們提出我們的問題，夥伴們。我想第一個實際上是在跟進我認為來自公司和你達斯汀的一些非常雄心勃勃的談話要點，關於整個企業的工作流程自動化以及不同的應用程序和業務功能以及跨這些線工作的Asana。但我為此有一個兩方。

Number one, do you think that the core work management or collaboration tool, the core Asana, needs to reach some sort of critical mass within an enterprise for then the customer to grant your AI technology access to the systems of records that you will need in order to drive value for them?

第一，您是否認為核心工作管理或協作工具（核心 Asana）需要在企業內達到某種臨界質量，然後客戶才能授予您的人工智慧技術存取您將需要的記錄系統的權限？價值？

Sorry, just to clarify, by systems record, you mean other than Asana's system of record integrations?

抱歉，我想澄清一下，系統記錄是指 Asana 記錄整合系統以外的系統嗎？

Yeah. Yeah, ERP, CRM, HR.

是的。是的，ERP、CRM、HR。

So I think just like at the highest level, no, I don't think you need critical mass. You need a team that is interested in that workflow. But there are a number of different ways to address like privacy or security concerns.

所以我認為就像在最高級別一樣，不，我認為你不需要臨界質量。您需要一個對該工作流程感興趣的團隊。但有許多不同的方法可以解決隱私或安全性問題。

Like, we don't necessarily need like cart launch access to a tool like that. We can do what we already do today with integrations, which is we're basically making a call out for a specific record and not services returning it to us. I think there's -- the bigger friction there is just like how hard it is to set up an integration and necessarily, whether the customer thinks it's worth it or they've invested enough in Asana.

就像，我們不一定需要像購物車啟動那樣訪問這樣的工具。我們可以做我們今天已經透過整合所做的事情，這就是我們基本上是在呼叫特定的記錄，而不是將其傳回給我們的服務。我認為，更大的摩擦就像建立整合有多困難，以及客戶是否認為值得或他們在 Asana 上投入了足夠的資金。

So I guess it just doesn't resonate as a problem we're facing. But also, I think there's quite a lot of work you can get done using just Asana as the system of record. So most of the built-in functionality I've been talking about doesn't need access to an external tool because it's actually helping you with the collaborative work management part of things.

所以我想它只是不會引起我們所面臨的問題的共鳴。而且，我認為僅使用體式作為記錄系統就可以完成很多工作。因此，我一直在談論的大多數內建功能不需要存取外部工具，因為它實際上可以幫助您完成協作工作管理部分。

And then additionally, when you're doing something like Anne talked about -- we've been implementing sales development outreach for Asana -- that requires access to like our market materials and like knowing how to speak Asana to customize the message. But it doesn't really -- well, I guess we do still want to want to look at the customer information. So it does a little bit, but those are our tools anyway. And like, yeah, I guess I should just leave it where I started. Like, I don't think that's a real problem we face.

另外，當你在做像 Anne 談到的事情時——我們一直在為 Asana 實施銷售開發推廣——這需要訪問我們的市場材料，並且知道如何說 Asana 來定制信息。但事實並非如此——嗯，我想我們仍然想查看客戶資訊。所以它確實起到了一點作用，但無論如何這些都是我們的工具。就像，是的，我想我應該把它留在我開始的地方。就像，我認為這不是我們面臨的真正問題。

Yeah, that's fine. Okay. And then just a quick follow-up. So if I think about the same, in addition to Asana, like those same systems of record, your CRM, ERP, they are also developing their AI tools or copilot threat or like -- and when I think of workflow automation tools, right, I think of a different software company who is also trying to get into AI and workflow automation across the enterprise.

是的，沒關係。好的。然後進行快速跟進。因此，如果我想到同樣的問題，除了Asana 之外，就像那些相同的記錄系統、CRM、ERP 一樣，他們也在開發人工智能工具或副駕駛威脅等- 當我想到工作流程自動化工具時，對吧，我想到另一家軟體公司也在嘗試進入整個企業的人工智慧和工作流程自動化領域。

So I'm just curious. Like, why -- what is the big 10,000-foot reason why Asana would be better positioned than maybe some of those larger companies, those larger systems of record companies, in being an AI winner?

所以我只是好奇。例如，為什麼——在成為人工智慧贏家方面，Asana 比一些更大的公司、那些更大的唱片公司係統處於更有利的地位的 10,000 英尺的重大原因是什麼？

Well, the same reasons we always are. I'm worried that something got projected onto what I said. I don't think we're entering the CRM categories right now. What I do think is going to happen is all of SaaS is going to be transformed.

嗯，我們一直都是同樣的原因。我擔心我所說的話會被投射到某些東西上。我認為我們現在還沒有進入 CRM 類別。我確實認為所有 SaaS 都會發生轉變。

And so who is the dominant player in CRM couple of years from now? Maybe it's Asana or yeah, maybe it's another dedicated vendor that was agile in the right way and embraced the technologies. I do think we have a lot of advantages the existing advantages in terms of having connectivity through the layers of the work craft, in terms of supporting cross-functional work. And it continues to be the case that most valuable work is done cross-functionally.

那麼幾年後誰會成為 CRM 領域的主導者呢？也許是 Asana，或者是的，也許是另一個以正確的方式敏捷並擁抱技術的專注供應商。我確實認為，在透過工作流程各層建立連結、支援跨職能工作方面，我們比現有優勢有許多優勢。大多數有價值的工作仍然是跨職能完成的。

And so again, we are seeing in practice where customers want to develop and build with Asana. And it isn't necessarily CRM, I just think that that is a category that is going to be ripe for disruption. And I think that -- the thing I do see is you can get such dramatically different results when you rebuild the workflow using AI that your priority is about would you care about change.

同樣，我們在實踐中再次看到客戶希望使用 Asana 進行開發和建構。它不一定是 CRM，我只是認為這是一個即將被顛覆的類別。我認為，我確實看到的是，當您使用人工智慧重建工作流程時，您可以獲得如此顯著不同的結果，而您的首要任務是您是否關心變革。

And so if you're getting a dramatically better response rate and your business development reps have much higher productivity, then maybe the other things that you thought of was a requirement for that category fall by the wayside, and it's more about where you can successfully implement and adopt and get the results that you want.

因此，如果您獲得了顯著提高的回應率，並且您的業務開發代表的生產力更高，那麼您認為該類別的其他要求可能會被拋在一邊，而更多的是您可以在哪裡成功實施並採用並獲得您想要的結果。

And there, I think Asana is just really well positioned to be early in the market and be able to not just address a single software category like that would be a solution that you can use across teams and for cross-functional work.

在那裡，我認為 Asana 確實處於市場早期的有利地位，並且不僅能夠解決單一軟體類別的問題，而且還可以成為您可以跨團隊和跨職能工作使用的解決方案。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great. Thanks for the question, which is for Dustin. I wanted to come back to something that you mentioned earlier around open AI and Anthropic. Just wondering, how does your early involvement and your relationships and investments in those companies give Asana an advantage? If you could just expand a little bit your involvement really informs your strategies at Asana.

偉大的。感謝達斯汀提出的問題。我想回到您之前提到的有關開放人工智慧和人擇的問題。只是想知道，您的早期參與以及您在這些公司的關係和投資如何為 Asana 帶來優勢？如果你能稍微擴大一點，你的參與確實會影響你的體式策略。

Yeah. So I think one of the themes on this call has just been the amount of confusion there is in the market and how hard it is to decide where to commit and invest and make choices for the future. And so there's just a huge advantage in having direct communication with those teams, and we're mutual customers.

是的。因此，我認為這次電話會議的主題之一就是市場上存在的混亂程度，以及決定在哪裡進行承諾和投資以及為未來做出選擇是多麼困難。因此，與這些團隊直接溝通有一個巨大的優勢，而且我們是共同的客戶。

And so as we do with our customers, they're sort of previewing the road map with us. They're giving us early access to tools. Sometimes, we get early access to the frontier models and get to beta test them. And so that saves us a lot in terms of knowing where things are going to converge in the future, where we should invest in our platform versus maybe where we're going to get capability from the labs themselves. And maybe that will be better.

正如我們與客戶所做的那樣，他們也在與我們一起預覽路線圖。他們讓我們能夠儘早使用工具。有時，我們可以儘早接觸前沿模型並對其進行 Beta 測試。因此，這為我們節省了很多時間，讓我們知道未來事物將在哪裡融合，我們應該在哪裡投資我們的平台，或者我們將從實驗室本身獲得哪些能力。也許這樣會更好。

And also, we've learned a lot about what it means to work with multiple at once. And I think that's just been really helpful for us to be able to build in a way that allows us to switch between them and even, in some cases, use both in a single workflow.

而且，我們也了解了很多關於同時與多個人合作意味著什麼。我認為這對我們非常有幫助，我們能夠以一種允許我們在它們之間切換的方式進行構建，甚至在某些情況下，在單一工作流程中使用兩者。

And so a lot is just about being able to have that early access to a little bit of the future when everything is moving so quickly and developing so quickly and just having really high bandwidth communication with those teams. I think I probably know like 15 or 20 individual employees in the topic now.

因此，當一切都進展得如此之快、發展得如此之快，並且與這些團隊進行真正的高頻寬通訊時，很多事情就是能夠儘早接觸到未來的一點點。我想我現在可能認識 15 到 20 名涉及主題的員工。

And yeah, and there's quite a lot of more connections here with the whole company. So yeah, it's really just about having those close relationships and being here where all that activity is happening and being able to just stand a little taller and see a little further.

是的，這裡與整個公司有很多聯繫。所以，是的，這實際上是建立那些親密的關係，並在這裡所有活動發生的地方，並且能夠站得更高一點，看得更遠一點。

Great. Thanks very much.

偉大的。非常感謝。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Yeah. Thank you for the questions tonight. So first one, higher level. A number of software companies have talked about sequential enterprise, demand weakness this quarter, calendar Q1 versus calendar 4Q. And if I heard your comments correctly, what you're experiencing is markedly different or more positive.

是的。謝謝你今晚的提問。所以第一個，更高層次。許多軟體公司都談到了連續企業、本季需求疲軟、第一季與第四季的情況。如果我沒有聽錯你的評論，那麼你所經歷的事情明顯不同或更正面。

I think I heard you talk about a solid finish to the quarter, stabilized or stable churn rates, and strong pipeline. So if I heard that correct, to what do you attribute the relative strength? Is it the product? Is it relatively low penetration? I think it would be helpful to put a finer point on that, just given how the markets responded recently to some of the other company commentary.

我想我聽到你談論了本季的穩健結束、穩定或穩定的客戶流失率以及強大的管道。那麼，如果我沒聽錯的話，您認為相對強度是由什麼造成的？是產品嗎？滲透率相對較低嗎？我認為，考慮到市場最近對其他公司的一些評論的反應，對此進行更詳細的闡述會有所幫助。

Yeah. Michael, thanks for that question. I do think for us, unlike a year ago, we're now seeing customers are planning to invest, especially in AI. And so in AI, in particular, it's also a potential driver of consolidation in our space because they see the benefit of having all of work management on one platform to really accelerate the benefits that would then approve from AI on top of those workflows.

是的。邁克爾，謝謝你的提問。我確實認為，與一年前不同，我們現在看到客戶正在計劃投資，尤其是在人工智慧方面。因此，特別是在人工智慧領域，它也是我們領域整合的潛在驅動力，因為他們看到了將所有工作管理放在一個平台上的好處，可以真正加速這些好處，然後在這些工作流程之上從人工智能中獲得批准。

And so we really see -- we've always been strong in having relationships with customers or digital transformation. We feel like digital transformation is the first step and precursor to AI transformation. And so they're responding enthusiastically as we are showing them what's already in the product and what's coming. So I think that's actually what we're seeing in terms of in the demand environment.

所以我們確實看到——我們在與客戶的關係或數位轉型方面一直都很強大。我們認為數位轉型是人工智慧轉型的第一步與先兆。因此，當我們向他們展示產品中已有的內容和即將推出的內容時，他們反應熱烈。所以我認為這實際上就是我們在需求環境中看到的情況。

And then as far as consolidations go, we're also just seeing that directly with customers. A hardware manufacturing company that we work closely with expanded to a three-year contract this quarter. They replaced two other redundant tools, really being driven out of the CIO's organization.

就整合而言，我們也只是直接與客戶聯繫。與我們密切合作的硬體製造公司本季將合約擴展為三年。它們取代了另外兩個冗餘工具，真正被趕出了 CIO 的組織。

So the CIO wanted to drive business value by managing all of their road maps, their projects, their product launches, and their marketing workflows all in Asana; and that's giving their leadership team visibility and control across their most critical initiatives.

因此，CIO 希望透過在 Asana 中管理所有路線圖、專案、產品發布和行銷工作流程來提高業務價值；這使他們的領導團隊能夠了解並控制最關鍵的計劃。

And so I think it's that confluence of CIOs are looking to streamline and simplify their tech investments. Work management is emerging as a category that they're paying a lot of attention to. You add, on top of that, wanting to embrace AI in a strategic way. And so I think we're seeing that all come together in our customers.

因此，我認為資訊長們正在尋求精簡和簡化他們的技術投資。工作管理正在成為他們非常關注的一個類別。除此之外，您還補充說，希望以戰略方式擁抱人工智慧。所以我認為我們在客戶身上看到了這一切。

Thank you for that comment. Oh, I'm sorry.

謝謝你的評論。哦，對不起。

This is Tim (multiple speakers) Is the investments that we've also made in our go-to-market leadership. That's been extremely beneficial in terms of moving the teams up and focusing them on the enterprise market.

這是提姆（多位發言者），這是我們在進入市場領導力方面所做的投資。這對於提升團隊並將其專注於企業市場而言非常有益。

And there was also the comment earlier about the strength in EV or international relative to the US and presumably, productivity improving and hopefully migrating to North America later this year.

早些時候還有關於電動車或國際相對於美國的實力的評論，據推測，生產率有所提高，並預計在今年稍後遷移到北美。

Yeah. Absolutely and thanks, Tim. Kudos to the team, yeah. We've been seeing real strength in EMEA. That's where in each market, we now have seasoned interpret leadership. We're also seeing that globally as we've been investing in new leadership in sales enablement and field readiness, operations, as well as the new global leader for sales development.

是的。絕對可以，謝謝蒂姆。向團隊致敬，是的。我們已經看到了歐洲、中東和非洲地區的真正實力。這就是我們現在在每個市場都擁有經驗豐富的口譯領導階層的地方。我們在全球範圍內也看到了這一點，因為我們一直在投資於銷售支援和現場準備、營運方面的新領導層，以及新的銷售開發全球領導者。

That's also helping to drive consistency and performance in the enterprise. So we're excited to see more of that come in North America. Our General Manager for North America joined at the beginning of the fiscal year, and we're really excited to see the momentum that he's driving.

這也有助於提高企業的一致性和績效。因此，我們很高興看到更多此類產品出現在北美。我們的北美總經理在本財年年初加入，我們非常高興看到他所推動的勢頭。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yeah, hi. Thanks so much for taking my questions. So the first one is you talked about NRR going down in Q2. But given that's a trailing 12-month metric, I know it can be a little noisy.

是的，嗨。非常感謝您回答我的問題。第一個是您談到第二季 NRR 下降的問題。但考慮到這是一個過去 12 個月的指標，我知道它可能有點吵雜。

So I'm just wondering. Can you give us color on how the renewal base in 2Q compares to what we've seen in past quarters in terms of size and churn risk? And then secondly, as we think about like the renewal rate that you're seeing in 2Q versus previous quarter, is the expectation that those will be similar, better, tougher? Like any more, I guess, color in terms of some of like the quarterly dynamics? Thanks.

所以我只是想知道。您能否向我們介紹第二季的續訂基數與過去幾季的規模和流失風險相比如何？其次，當我們考慮第二季與上一季相比的更新率時，是否期望這些會相似、更好、更強？我想，就像季度動態之類的其他顏色一樣？謝謝。

Yeah. I think we -- I think as we mentioned on the call, Taylor, we specifically pointed that we still have some tough renewals going into Q2 and that we're very well aware of those customers. But coming out of Q2, we expect our gross renewal rate as well as NRR to pretty much stabilize. And to the degree that expansion continues to happen, pipeline continues to build, we think those things will reaccelerate.

是的。我認為我們 - 我認為正如我們在電話中提到的那樣，泰勒，我們特別指出，我們在第二季度仍然有一些艱難的續訂，並且我們非常了解這些客戶。但從第二季開始，我們預計我們的總續訂率和 NRR 將基本穩定。只要擴張繼續發生，管道繼續建設，我們認為這些事情將會重新加速。

If I compare the slope of the curve of where things are today versus where they were a year ago, things last year was definitely on a downward slope in both our NRR and our GRR. And when I look back now, it's at the -- the last two, three quarters, things are much more stable and have, essentially, I would say, almost flat lined on a real basis.

如果我將今天的情況與一年前的情況曲線的斜率進行比較，去年的情況在我們的 NRR 和 GRR 中肯定都呈下降趨勢。當我現在回頭看時，在過去的兩個、三個季度裡，事情變得更加穩定，基本上，我想說，在實際基礎上幾乎持平。

Perfect. And then my second question is just in terms of the new like pricing and packaging. And obviously, like, AI ties into this. But can you just give like an update in terms of the uptick that you're seeing there, if any, and how that could be a growth driver in the back half of this year? Thanks.

完美的。然後我的第二個問題是關於定價和包裝等新內容。顯然，人工智慧與此相關。但您能否介紹一下您所看到的成長情況（如果有的話）的最新情況，以及這將如何成為今年下半年的成長動力？謝謝。

Yeah. Taylor, I'll answer that question. So we're definitely continuing to see really encouraging signals that the new tiers are driving higher enterprise up-tiering and contributing to a larger volume of enterprise deals in our pipeline versus historical.

是的。泰勒，我來回答這個問題。因此，我們肯定會繼續看到真正令人鼓舞的訊號，即新層級正在推動更高的企業升級，並為我們的管道中的企業交易量（與歷史相比）做出貢獻。

As of the end of Q1, we almost doubled the number of customers who adopted our new packaging compared to Q4. And since the launch of the new packages, customers up-tiering to our new enterprise packages comprised approximately 40% of our total enterprise tier ARR agent. So early positive signals, and we're moving as quickly as possible to get customers into these new plans.

截至第一季末，採用我們新包裝的客戶數量幾乎是第四季的兩倍。自新套餐推出以來，升級至新企業套餐的客戶約占我們企業級 ARR 代理總數的 40%。如此早期的正面訊號，我們正在盡快採取行動，讓客戶加入這些新計畫。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Thanks for taking my question. So I know there's been a lot of discussion about AI on the call. I just wanted to drill down on one point.

偉大的。感謝您提出我的問題。所以我知道電話會議上有很多關於人工智慧的討論。我只是想深入探討一點。

So there have been concerns about AI driving more seat compression. I just wanted to ask. If you put more AI tools in the hands of the Asana customer, is that a line that gets crossed at a certain point? Or does it actually make it more appealing for customers to put more behind Asana? How do you think about that? Thanks.

因此，人們一直擔心人工智慧會導致更多的座椅壓縮。我只是想問一下。如果你將更多的人工智慧工具交給 Asana 客戶，那麼這條線是否會在某個點被跨越？或者它實際上是否讓顧客更願意投入更多精力支持體式？您對此有何看法？謝謝。

Yeah. So part of that, I think, is unknown. But there's a few big things that I'd go back to there. One, we still have a lot of seed expansion opportunity in our existing customers. So unless they're already wall to wall, I think on balance, this is a reason to expand further.

是的。所以我認為其中一部分是未知的。但有一些重要的事情我會回到那裡。第一，我們在現有客戶中仍然有很多種子擴張機會。因此，我認為總的來說，除非它們已經鋪滿了牆，否則這是進一步擴張的理由。

And then the other is I think that moving -- or adding the consumption-based revenue line gives us some future proofing there because it's really aligning price to value on what they're getting out of the functionality rather than fixating on the seats. So I think if that becomes a bigger trend, then we would move more in that direction.

另一個是我認為移動或增加基於消費的收入線可以為我們提供一些未來的證明，因為它確實使價格與他們從功能中獲得的價值一致，而不是固定在座位上。所以我認為，如果這成為一個更大的趨勢，那麼我們會朝著這個方向採取更多行動。

And this is setting us up well to be agile. But in the next few years, again, given what I said about the early adopter curve and the way these technologies are adopted, I don't think that's particularly relevant to the model or something that we're seeing in practice in deals.

這使我們能夠保持敏捷。但在接下來的幾年裡，考慮到我所謂的早期採用者曲線以及這些技術的採用方式，我認為這與模型或我們在交易實踐中看到的東西沒有特別相關。

Okay. Thanks.

好的。謝謝。

That concludes today's question-and-answer session. I'd like to turn the call back to Catherine Buan for closing remarks.

今天的問答環節到此結束。我想將電話轉回凱瑟琳·布安 (Catherine Buan)，讓其致閉幕詞。

Thank you again for joining us today. I know it was a really busy day in earnings, and we appreciate your time. Looking forward to seeing you on the road this quarter. We'll be at all the conferences in San Francisco and New York.

再次感謝您今天加入我們。我知道今天的收入非常忙碌，我們感謝您的寶貴時間。期待本季在路上見到您。我們將參加舊金山和紐約的所有會議。

And of course, please join us in San Francisco on Wednesday, June 5, for the Work Innovation Summit. You can register on our website or just register with ir@asana.com. And looking forward to seeing you on Wednesday. Thank you.

當然，請參加 6 月 5 日星期三在舊金山舉行的工作創新高峰會。您可以在我們的網站上註冊或透過 ir@asana.com 註冊。期待週三見到您。謝謝。

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。您現在可以斷開連線。