Asana Inc (ASAN) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to Asana's third-quarter fiscal year 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Asana 2025 財年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

Now, I will pass the call over to the Head of Investor Relations, Catherine Baun. Please proceed.

現在，我將把電話轉給投資者關係主管凱瑟琳·鮑恩 (Catherine Baun)。請繼續。

Good afternoon and thank you for joining us on today's conference call to discuss the financial results for Asana's third-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 Sonalee Parekh, our Chief Financial Officer.

下午好，感謝您參加今天的電話會議，討論Asana 2025 財年第三季度的財務業績。 )； Anne Raimondi，我們的營運長兼業務主管；以及我們的財務長 Sonalee Parekh。

Today's call will include forward-looking statements including statements regarding the expected benefits of our product offerings, including AI Studio and our expectations for revenue to be generated by AI Studio, our expectation for free cash flow, our financial outlook, strategic plans, our market position, and growth opportunities. Forward-looking statements involve risks uncertainties and assumptions that may cause our actual results to be materially different from those expressed or implied by the forward-looking statements. Please refer to our filings with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q for additional information risks uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

今天的電話會議將包括前瞻性陳述，包括有關我們產品的預期收益的陳述，包括AI Studio 以及我們對AI Studio 產生的收入的預期、我們對自由現金流的預期、我們的財務前景、戰略計劃、我們的市場地位和發展機會。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此類聲明中所述結果存在重大差異的不確定性和假設風險風險。

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制定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. This quarter marks a transformative moment for Asana. With the launch of AI Studio, we're officially entering a new era as a multi-product company. This represents more than just a new revenue stream. It's an entirely new way to create value for customers as AI transforms how work gets done.

謝謝凱瑟琳，也謝謝大家今天加入我們的電話會議。本季標誌著 Asana 的變革時刻。隨著 AI Studio 的推出，我們作為一家多產品公司正式進入了一個新時代。這不僅僅是一個新的收入來源。隨著人工智慧改變工作方式，這是為客戶創造價值的全新方式。

We believe AI Studio has the potential to eclipse our current revenue scale over time. The early momentum has been exciting with significant customer demand across various sectors including media, financial services, manufacturing, healthcare, professional services, and technology. We're seeing customers experience meaningful productivity gains as they integrate AI directly into their everyday workflows, where it can drive measurable impact at scale.

我們相信，隨著時間的推移，AI Studio 有潛力超越我們目前的收入規模。早期的勢頭令人興奮，包括媒體、金融服務、製造、醫療保健、專業服務和技術等各個領域的巨大客戶需求。我們看到客戶將人工智慧直接整合到日常工作流程中，從而體驗到有意義的生產力提升，從而大規模地產生可衡量的影響。

Beyond these product achievements, we delivered a solid quarter, exceeding our guidance on top and bottom line, highlighted by stability across the board in pockets of acceleration in our most strategic areas. Total revenues were up over 10% year over year above our guidance and reflecting stabilization of the growth rate versus last quarter.

除了這些產品成就之外，我們還實現了穩健的季度業績，超越了我們在營收和利潤方面的指導，突出表現在我們最具戰略意義的領域的全面加速中。總收入比我們的指導值年增超過 10%，反映出與上季相比成長率的穩定。

As you know, our tech vertical has been disproportionately impacted by the macro, and our efforts to diversify more broadly into a diverse array of industry verticals are paying off. Non-tech verticals grew faster than overall growth and were up 15% year over year, a slight acceleration from last quarter and accounted for over two-thirds of our business. Some of our fastest growing verticals this quarter included manufacturing and energy, consumer retail, and media.

如您所知，我們的技術垂直領域受到宏觀經濟的影響尤為嚴重，而我們在更廣泛的多元化垂直行業領域所做的努力正在取得回報。非科技垂直產業的成長速度快於整體成長，年成長 15%，比上季略有加速，占我們業務的三分之二以上。本季成長最快的一些垂直產業包括製造和能源、消費性零售和媒體。

Customer growth showed improving trends. Our core customer base as well as our $100,000 and over customers grew 11% and 18% respectively, both accelerating over last quarter. Retention is also a good story with stability in gross retention and an uptick in our [in-quarter] NRR across all customer cohorts.

客戶成長呈現改善趨勢。我們的核心客戶群以及 100,000 美元及以上的客戶分別成長了 11% 和 18%，均比上季加速。保留率也是一個好故事，總保留率穩定，所有客戶群的[季度內]NRR 有所上升。

Non-GAAP operating margins improved year over year from an operating loss margin of 6% to an operating loss margin of 4% as we continue to progress towards non-GAAP profitability.

隨著我們繼續朝著非 GAAP 獲利能力邁進，非 GAAP 營業利潤率逐年改善，從 6% 的營業虧損率提高到 4%。

During the quarter, we continued to execute on our enterprise strategy. We accelerated growth in key verticals, and we marked a significant milestone as we established ourselves as a multi-product company.

本季度，我們繼續執行我們的企業策略。我們加速了關鍵垂直領域的成長，並標誌著我們成為多產品公司的重要里程碑。

Now let me turn to our progress with customers and the momentum we're seeing with AI Studio. In October, we hosted our Work Innovation Summit in New York, which was a landmark event for Asana. As our largest and most strategic executive event to date, we hosted nearly 1,000 attendees representing almost 4x growth in attendance since our inaugural Work Innovation Summit a year ago.

現在讓我談談我們與客戶的進展以及我們在 AI Studio 上看到的勢頭。 10 月，我們在紐約舉辦了工作創新高峰會，這對 Asana 來說是個具有里程碑意義的活動。作為我們迄今為止最大、最具戰略意義的高階主管活動，我們接待了近 1,000 名與會者，自一年前首屆工作創新高峰會以來，出席人數增加了近 4 倍。

The major announcement at this event was of course AI Studio, an AI-powered workflow builder that empowers teams to design any workflow, embed AI agents without code, and deploy these workflows, where their teams are already working. The enthusiasm was palpable with lines of customers stretching around the room, eager to learn about potential use cases and engage with our team of workload specialists.

這項活動的主要公告當然是AI Studio，這是一個由人工智慧驅動的工作流程建構器，它使團隊能夠設計任何工作流程，無需代碼即可嵌入人工智慧代理，並在其團隊已經工作的地方部署這些工作流程。房間裡排著長隊的客戶熱情高漲，他們渴望了解潛在的用例並與我們的工作負載專家團隊互動。

AI Studio leverages our unique Work Graph to deliver AI capabilities exactly where teams work, providing the essential context and structure that AI needs to be effective. Unlike standalone chat bots, with AI Studio, teams can seamlessly coordinate work between humans and AI teammates within their existing workflows, all powered by our deep understanding of the relationships between people, work, and processes.

AI Studio 利用我們獨特的工作圖在團隊工作的地方準確提供 AI 功能，提供 AI 有效運作所需的基本環境和結構。與獨立的聊天機器人不同，借助AI Studio，團隊可以在現有工作流程中無縫協調人類和AI 團隊成員之間的工作，這一切都歸功於我們對人、工作和流程之間關係的深刻理解。

The key thing to understand about AI Studio is that these are not chat bots; you don't talk to them. These are workflows with AI agents embedded within them that are automatically initiated in reaction to things people are doing like filling out forms or changing task statuses.

了解 AI Studio 的關鍵一點是，它們不是聊天機器人；而是聊天機器人。你不跟他們說話。這些工作流程中嵌入了人工智慧代理，可以根據人們正在做的事情（例如填寫表格或更改任務狀態）自動啟動。

While other AI Studios focus on creating agents that are expected to take on a wide variety of tasks and autonomously execute plans, Asana gives you a way to outline an explicit step-by-step workflow that includes pieces that are completed by AI while being heavily anchored by the human intention from start to finish. This ensures consistent high-quality results.

雖然其他AI 工作室專注於創建能夠承擔各種任務並自動執行計劃的代理，但Asana 為您提供了一種方法來概述明確的分步工作流程，其中包括由AI 完成的工作流程，同時又需要大量工作。這確保了一致的高品質結果。

It also doesn't require the end user to adopt a new behavior with some new AI tool. The AI capabilities are automatically initiated based on the smart workflow that the program manager created. AI Studio is not only elevating Asana's profile of customer meetings, it's unlocking exciting new use cases. It's being leveraged for translating global communications across dozens of languages to autonomously executing complex work requests to automating creative asset production and more. It also marks a significant milestone as our first product with consumption-based pricing.

它也不要求最終用戶使用某些新的人工智慧工具來採用新的行為。 AI功能會根據專案經理創建的智慧工作流程自動啟動。 AI Studio 不僅提升了 Asana 的客戶會議形象，還解鎖了令人興奮的新用例。它被用來翻譯數十種語言的全球通信，自動執行複雜的工作請求，自動化創意資產生產等等。作為我們第一個基於消費定價的產品，這也標誌著一個重要的里程碑。

Let me walk through that new pricing and how we believe it will drive incremental revenue opportunities. First, there will be a recurring platform fee, which includes initial allocation of credits for variable consumption that's enough to execute hundreds or thousands of workflows per month depending on the use case.

讓我來介紹一下新的定價以及我們認為它將如何推動增量收入機會。首先，將收取經常性平台費用，其中包括用於可變消耗的初始分配積分，這些積分足以根據用例每月執行數百或數千個工作流程。

When customers identify high ROI use cases that exceed the base allocation, they can seamlessly scale with additional credit tranches. While we expect most customers to only pay the platform fee, we're already seeing strong evidence from our early access customers that many will scale beyond the base allocation as they discover transformative AI use cases.

當客戶發現超出基本分配的高投資報酬率用例時，他們可以透過額外的信貸部分無縫擴展。雖然我們預計大多數客戶只需支付平台費用，但我們已經從早期訪問客戶那裡看到強有力的證據表明，當他們發現變革性的人工智慧用例時，許多客戶將超出基本分配範圍。

What's especially powerful about our consumption-based model is that revenue potential isn't tied to seat-based licensing. We're finding that just a small number of activated workflow builders can create a large amount of value on their own, in contrast with traditional seat-based models where we need entire teams on board before we can add a lot of value. This fundamentally changes the economics of customer expansion.

我們基於消費的模式的特別強大之處在於，收入潛力與基於席位的許可無關。我們發現，與傳統的基於席位的模型相比，只需少量激活的工作流程構建器就可以自己創造大量價值，在傳統的基於席位的模型中，我們需要整個團隊參與才能增加大量價值。這從根本上改變了客戶擴張的經濟性。

AI Studio is also very sticky. Once embedded in critical workflows, it becomes an essential part of our customers operations, driving both adoption and consumption. This stickiness combined with the consumption-based model creates a powerful dynamic. We expect AI Studio revenue from some customers to exceed their core seat-based license revenue in the near term, a pattern we believe could extend across our customer base in the medium term.

AI Studio的黏性也很高。一旦嵌入關鍵工作流程，它就成為我們客戶營運的重要組成部分，推動採用和消費。這種黏性與基於消費的模式相結合，創造了強大的動力。我們預計，一些客戶的 AI Studio 收入在短期內將超過其基於席位的核心授權收入，我們相信這種模式可以在中期內擴展到我們的客戶群。

The initial adoption and feedback from early access customers have been extremely encouraging. We've already sold paid AI Studio packages to industry leaders and technology, cyber security, and financial services. One of our largest enterprise customers moved straight to purchase shortly after seeing the product, bypassing our pilot phase entirely.

早期使用客戶的初步採用和回饋非常令人鼓舞。我們已經向行業領導者以及技術、網路安全和金融服務部門出售了付費 AI Studio 套餐。我們最大的企業客戶之一在看到產品後不久就直接購買了，完全繞過了我們的試點階段。

It's only been available for weeks, but the momentum within our top 100 customers is remarkable. Each week, we enable a significant number of large customers on AI Studio. We're also seeing strong demand in the mid-market, which is leading us to accelerate our strategy to accommodate them sooner than initially planned.

它才推出幾週，但我們前 100 名客戶的勢頭非常驚人。每週，我們都會在 AI Studio 上為大量大客戶提供支援。我們也看到中階市場的強勁需求，這促使我們加快策略，比最初計劃更早滿足這些需求。

Let me give you some examples of the transformative potential we're seeing. A leading outdoor advertiser has already created AI-powered workflows across the organization, demonstrating the broad capability of our solution. The impact has been substantial. Their creative team has reduced manual work and request intake by 60%, achieving time savings of 15 hours per request while decreasing overall request processing time by 69%.

讓我舉一些例子來說明我們所看到的改變潛力。一家領先的戶外廣告商已經在整個組織內創建了人工智慧驅動的工作流程，展示了我們解決方案的廣泛功能。影響是巨大的。他們的創意團隊將手動工作和請求量減少了 60%，每個請求節省了 15 個小時的時間，同時將整體請求處理時間減少了 69%。

Another example is a mid-market customer that specializes in helping small online businesses grow. Despite already having a wall-to-wall deployment of 700 seats, they're demonstrating how AI Studio can drive significant new value independently of seat count. They've implemented two AI-powered workflows in their it operations, intelligent ticket prioritization and automated FAQ responses with over 4,500 workflow executions in just their first month and now they're over 20,000 workflow executions.

另一個例子是專門幫助小型線上企業發展的中階市場客戶。儘管已經全面部署了 700 個座位，但他們正在展示 AI Studio 如何能夠獨立於座位數量來推動顯著的新價值。他們在IT 營運中實施了兩個人工智慧驅動的工作流程、智慧工單優先級和自動常見問題解答回應，僅第一個月就執行了4,500 多個工作流程，現在已超過20,000 個工作流程執行。

What's particularly powerful about this example is how a small IT team is creating leverage across their entire organization. Even with full seat penetration, their consumption-based AI usage represents a substantial new revenue opportunity as they continue to expand their AI-powered workflows. This illustrates our thesis that AI Studio's revenue potential isn't constrained by traditional seat-based metrics but rather by the value it delivers through automated workflows.

這個範例的特別之處在於小型 IT 團隊如何在整個組織中發揮影響力。即使實現了全面普及，隨著他們繼續擴展人工智慧驅動的工作流程，基於消費的人工智慧使用也代表著巨大的新收入機會。這說明了我們的論點：AI Studio 的收入潛力不受傳統的基於席位的指標的限制，而是受到它透過自動化工作流程提供的價值的限制。

We anticipate the rapid adoption will lead to a meaningful expansion of new use cases across their business, which will deliver considerably more value for the customer and substantial new revenue for Asana. A few of our early customers have shared compelling ROI data from their AI Studio workflows. From our initial quantified examples, customers are saving 1 hour of work for every $0.01 to $0.05 in the cost including our margin on top of the LLM cost.

我們預計，快速採用將導致其業務中新用例的有意義擴展，這將為客戶帶來更多價值，並為 Asana 帶來大量新收入。我們的一些早期客戶分享了來自其 AI Studio 工作流程的引人注目的 ROI 數據。從我們最初的量化範例來看，客戶每花費 0.01 至 0.05 美元的成本就可以節省 1 小時的工作時間，其中包括我們在 LLM 成本之上的利潤。

These early customer examples demonstrate how AI Studio is fundamentally reshaping the value we can deliver for our customers and the growth potential of Asana. As a top analyst at one of the leading research firms said, AI Studio puts Asana at the cutting edge when it comes to AI in the collaborative work management space. None of Asana's competitors come close.

這些早期客戶範例展示了 AI Studio 如何從根本上重塑我們可以為客戶提供的價值以及 Asana 的成長潛力。正如一家領先研究公司的頂級分析師所說，AI Studio 讓 Asana 在協作工作管理領域的人工智慧方面處於領先地位。 Asana 的競爭對手都無法與之媲美。

The launch of AI Studio is part of our broader vision to better serve our customers by evolving Asana from a seat-based pricing model to a flexible, value-aligned approach. To summarize, our pricing will include a combination of seat-based pricing, persona-targeted add-ons, and third, consumption-based pricing from AI Studio. As we scale AI Studio and future add-ons, we expect to see these value-based products take on a larger proportion of our revenue mix compared to our core seat-based license. We believe this approach will reduce friction for seat expansion while allowing customers to pay for the specific value they receive.

AI Studio 的推出是我們更廣泛願景的一部分，即透過將 Asana 從基於座位的定價模式發展為靈活、價值一致的方法，更好地服務我們的客戶。總而言之，我們的定價將包括基於席位的定價、針對角色的附加組件以及 AI Studio 基於消費的定價的組合。隨著我們擴展 AI Studio 和未來的附加元件，與我們基於席位的核心授權相比，我們預計這些基於價值的產品將在我們的收入組合中佔據更大的比例。我們相信這種方法將減少座位擴展的阻力，同時允許客戶為他們收到的特定價值付費。

While we're excited about the early success of AI Studio and our strategic shifts, we're just getting started. We're scaling our enablement efforts throughout Q4 to support broader adoption. We're now preparing for the general availability, launch of AI Studio by the end of Q1, fiscal '26 which we expect will further accelerate adoption and cement our position as the leader in AI-powered work management.

雖然我們對 AI Studio 的早期成功和我們的策略轉變感到興奮，但我們才剛開始。我們將在整個第四季度擴大我們的支持力度，以支持更廣泛的採用。我們現在正在準備在 26 財年第一季末全面推出 AI Studio，我們預計這將進一步加速採用並鞏固我們作為人工智慧驅動的工作管理領導者的地位。

As we look towards Q4 and fiscal '26, our primary focus will be on improving our financial efficiency while maintaining strategic investments and growth. We'll re-accelerate growth by investing in our highest impact areas, elevating customer success through deeper engagement and mission-critical use cases that span across departments and organizations, winning new customers, especially in our key verticals such as manufacturing, consumer, retail, healthcare and now, government with our recent commitment to FedRAMP, accelerating revenue growth with new add-ons and services. This cross sell will help expansion as well as stickiness.

展望第四季和 26 財年，我們的主要重點將是提高財務效率，同時保持策略投資和成長。我們將透過投資最具影響力的領域來重新加速成長，透過跨部門和組織的更深入參與和關鍵任務用例來提升客戶成功，贏得新客戶，特別是在製造、消費者、零售等關鍵垂直領域、醫療保健以及現在的政府，我們最近對FedRAMP 做出了承諾，透過新的附加組件和服務加速收入成長。這種交叉銷售將有助於擴張和黏性。

I also reiterate that we're committed to sustained positive free cash flow by the end of Q4. We'll achieve this by further optimizing our investment allocations across all of our operations, which Sonalee will talk about more in a moment.

我也重申，我們致力於在第四季末實現持續的正自由現金流。我們將透過進一步優化所有業務的投資分配來實現這一目標，Sonalee 稍後將詳細討論這一點。

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

這樣，我就把事情交給安妮了。

Thanks, Dustin. As Dustin mentioned, our success with the Work Innovation Summit programs in New York and around the world is an important milestone in our journey upmarket. With almost 1,000 attendees including customers, partners, investors, analysts, and press in New York alone, it was the most successful event in Asana's history so far. The event showcased our commitment to innovation and our ability to deliver cutting-edge solutions that meet the evolving needs of modern enterprises.

謝謝，達斯汀。正如達斯汀所提到的，我們在紐約和世界各地的工作創新高峰會計畫的成功是我們高端市場之旅的一個重要里程碑。光是紐約一地就有近 1,000 名與會者，包括客戶、合作夥伴、投資者、分析師和媒體，這是 Asana 歷史上迄今為止最成功的活動。這項活動展示了我們對創新的承諾以及我們提供滿足現代企業不斷變化的需求的尖端解決方案的能力。

In addition to our AI Studio announcement, we unveiled new innovations like our new strategy map, a powerful visualization of the Work Graph, which shows how all of the work happening inside an organization ladders up and contributes to company-wide goals. We also unveiled our new view-only licenses to expose even more team members to the power of Asana. And finally, we introduced new executive reporting and request tracking and work intake capabilities, which strengthens the use case that one-third of our Asana customers rely on us to power.

除了我們的AI Studio 公告之外，我們還推出了新的創新，例如新的策略地圖、工作圖的強大視覺化，它顯示了組織內部發生的所有工作如何逐步提升並為公司範圍的目標做出貢獻。我們也推出了新的僅供查看的許可證，讓更多團隊成員接觸到 Asana 的力量。最後，我們引入了新的執行報告、請求追蹤和工作接收功能，這加強了我們三分之一的 Asana 客戶依賴我們提供支援的用例。

We received significant media coverage on our launch of AI Studio, new thought leadership from our Work Innovation Lab, and our innovative approach to embedding AI directly into workflows where the work happens. Building on the success, we brought the Work Innovation Summit experience to Europe in November with events in London and Frankfurt, where we saw huge enthusiasm for AI Studio and all of our latest innovations from our customers.

我們收到了有關 AI Studio 推出、工作創新實驗室的新思想領導力以及將人工智慧直接嵌入到工作工作流程中的創新方法的大量媒體報道。在成功的基礎上，我們於 11 月在倫敦和法蘭克福舉辦了活動，將工作創新高峰會的經驗帶到了歐洲，在那裡我們看到了客戶對 AI Studio 以及我們所有最新創新的巨大熱情。

I'm constantly inspired by how our platform is transforming work for global enterprises. For instance, the Chief Marketing Officer from a leading European technology company shared how Asana helps ensure their teams stay strategically aligned on initiatives that drive measurable business outcomes. They also highlighted Asana as the only AI vendor they trust and have approved for deployment citing our approach to transparency and our work with multiple LLMs that aligns with European data security requirements. This type of validation reinforces why these events are critical to our upmarket strategy, allowing us to engage with enterprise decision makers, drive pipeline, and strengthen relationships with our key customers across different regions.

我們的平台如何改變全球企業的工作方式，我不斷受到啟發。例如，一家歐洲領先科技公司的首席行銷長分享了 Asana 如何幫助確保其團隊在推動可衡量業務成果的舉措上保持策略一致。他們也強調 Asana 是他們唯一信任並批准部署的人工智慧供應商，理由是我們的透明度方法以及我們與多個符合歐洲資料安全要求的法學碩士的合作。這種類型的驗證強化了為什麼這些事件對我們的高端策略至關重要，使我們能夠與企業決策者互動，推動通路發展，並加強與不同地區主要客戶的關係。

Turning to Q3, we believe that our execution machine is now coming online. As Dustin mentioned, verticals such as manufacturing and energy, consumer retail, and media saw an uptick in growth and non-tech led overall growth up 15% year over year. Also, our in-quarter NRR uptick this quarter across all of our major cohorts while gross retention has remained stable.

談到第三季度，我們相信我們的執行機現在正在上線。正如達斯汀所提到的，製造業和能源、消費零售和媒體等垂直行業的成長有所加快，非科技業帶動整體成長年增 15%。此外，本季我們所有主要群體的季度 NRR 均有所上升，而總保留率保持穩定。

Another indicator I look at is multi-year deals. We had another record number of multi-year deals as customers make longer term investments with Asana. Our customers are increasingly looking to us as their strategic adviser on AI transformation.

我關注的另一個指標是多年交易。隨著客戶對 Asana 進行長期投資，我們的多年交易數量再創新高。我們的客戶越來越多地將我們視為他們的人工智慧轉型策略顧問。

What sets us apart is our unique approach, transparency in how AI is deployed, structured workflows that integrate AI directly into existing processes, and the quality of the output thanks to the power of our Work Graph data model. Our compatibility with multiple LLMs, our enterprise-grade security, and privacy controls position us as a trusted partner for organizations with strict internal AI guidelines. This is especially differentiated compared to point solutions that lack the structured content needed to glean critical business insights, require end users to adopt new tools or behaviors that are disconnected from their existing workflows, or lack data transparency and privacy controls. Most importantly, AI has proven to be a powerful way to gain executive mind share, and these executive conversations are leading to longer-term partnerships as evidenced by a significant increase in multi-year deals this quarter.

讓我們與眾不同的是我們獨特的方法、人工智慧部署方式的透明度、將人工智慧直接整合到現有流程中的結構化工作流程，以及得益於我們工作圖表資料模型的強大功能的輸出品質。我們與多個法學碩士的兼容性、企業級安全性和隱私控制使我們成為具有嚴格內部人工智慧準則的組織值得信賴的合作夥伴。與單點解決方案相比，這一點尤其有區別，單點解決方案缺乏收集關鍵業務洞察所需的結構化內容，要求最終用戶採用與其現有工作流程脫節的新工具或行為，或缺乏數據透明度和隱私控制。最重要的是，人工智慧已被證明是獲得高階主管思想份額的有效方式，這些高階主管對話正在帶來更長期的合作夥伴關係，本季多年交易的大幅增加就證明了這一點。

Now turning to customer wins in Q3, our multi-year deals and expansions are pointing to the types of longer-term partnerships we are forming with large, strategic enterprises. Within the manufacturing and automotive industry, KW automotive, the market leader in customized suspension solutions for race cars and road vehicles selected Asana to be the platform to manage all of their work. They will use the Asana to monitor and report on the company's goals, manage resources, and monitor workloads, and drive better collaboration and communication between teams.

現在轉向第三季的客戶勝利，我們的多年交易和擴張表明我們正在與大型策略企業建立長期合作夥伴關係。在製造和汽車行業，賽車和公路車輛定制懸吊解決方案的市場領導者 KW 汽車選擇 Asana 作為管理其所有工作的平台。他們將使用 Asana 來監控和報告公司的目標、管理資源和監控工作負載，並推動團隊之間更好的協作和溝通。

In the consumer retail vertical, a leading premium footwear and apparel brand that you all know and probably wear yourself, uses Asana across their company. And this quarter, they expanded their use to manage new store openings, pop-up stores, and workplace projects with more than 10 other departments.

在消費者零售垂直領域，您都知道並且可能自己穿著的領先優質鞋類和服裝品牌在整個公司使用 Asana。本季度，他們擴大了其用途，與其他 10 多個部門一起管理新店開業、快閃店和工作場所項目。

We also had a key win in the healthcare industry, a leading managed healthcare services company expanded its use of Asana within its Medicaid segment this quarter, increasing their TCV to well over $1 million.

我們還在醫療保健行業取得了重大勝利，一家領先的管理醫療服務公司本季在其醫療補助部門擴大了 Asana 的使用，將其 TCV 增加到遠超過 100 萬美元。

And we continue to see growth within the cyber security industry as well. CrowdStrike expanded their use of Asana this quarter. They've been an Asana customer for several years and signed another multi-year agreement. And 1Password, the leader in extended access management, chose Asana for their work management needs because of our ability to scale and flexibility to meet their unique needs. This was a competitive replacement onto our enterprise-grade platform.

我們也持續看到網路安全產業的成長。 CrowdStrike 本季擴大了 Asana 的使用。他們多年來一直是 Asana 的客戶，並簽署了另一份多年協議。擴展存取管理領域的領導者 1Password 選擇 Asana 來滿足他們的工作管理需求，因為我們能夠透過擴展和靈活性來滿足他們的獨特需求。這是我們企業級平台的一個有競爭力的替代品。

And around the globe, we are also seeing great wins. In Japan, for example, NTT East Japan, one of the most prominent telecommunications companies in the world, expanded its use of Asana. This was a channel deal executed through our local partner to support NTT's digital transformation.

在全球範圍內，我們也看到了巨大的勝利。例如，在日本，全球最著名的電信公司之一 NTT East Japan 擴大了 Asana 的使用。這是一項透過我們當地合作夥伴執行的通路交易，旨在支援 NTT 的數位轉型。

Also one of the largest shipping companies in the world, headquartered in Japan, upgraded to our enterprise tier and expanded its use across their technical development and systems development divisions this quarter. As you can see, we continue to expand and build deeper relationships with some of the largest and most strategic companies in the world. And we will continue to build on these successes.

總部位於日本的世界上最大的航運公司之一也於本季升級到我們的企業級，並擴大了其在技術開發和系統開發部門的使用。正如您所看到的，我們繼續擴大與世界上一些最大、最具戰略意義的公司的關係並建立更深的關係。我們將繼續在這些成功的基礎上再接再厲。

Today, we're focused on several key initiatives that will help us develop and transform our business: first, building on excitement around AI products to improve account engagement and adoption; second, focusing on strategic industry verticals to further diversify our business; third, investing in a more consistent post-sales experience to improve retention and drive expansions, and last improving our velocity by further streamlining sales processes.

今天，我們重點關注幾項有助於我們發展和轉型業務的關鍵舉措：首先，激發人們對人工智慧產品的興趣，以提高客戶參與度和採用率；第二，聚焦策略垂直產業，進一步實現業務多角化；第三，投資於更一致的售後體驗，以提高保留率並推動擴張，並透過進一步簡化銷售流程來最終提高我們的速度。

In fact, we recently rolled out a new seller experience initiative with Asana, of course, across seven global locations which introduces enhanced deal execution capabilities and simplified sales processes to help our sales teams be more effective. The initial response has been strong with the majority of our account executives and managers already trained on these new capabilities. We're seeing early signs that these improvements are helping accelerate our business in key segments.

事實上，我們最近與 Asana 合作，在全球七個地點推出了一項新的賣家體驗計劃，該計劃引入了增強的交易執行能力和簡化的銷售流程，以幫助我們的銷售團隊提高效率。最初的反應非常強烈，我們的大多數客戶主管和經理都已經接受了這些新功能的訓練。我們看到的早期跡象表明，這些改進正在幫助加速我們關鍵領域的業務。

In summary, our strategies are designed to drive expansions in both seats and now cross-sell, deepen our customer relationships, improve retention, and ultimately grow ARR. 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.

總而言之，我們的策略旨在推動兩個席位的擴張以及現在的交叉銷售，加深我們的客戶關係，提高保留率，並最終提高 ARR。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 Sonalee.

接下來，我會將其交給 Sonalee。

Thank you, Anne. Thank you, Dustin. And thank you to the entire Asana team for such a warm welcome. In my first 90 days, I've immersed myself into the business and built critical partnerships across the organization. Here are some initial observations.

謝謝你，安妮。謝謝你，達斯汀。感謝整個 Asana 團隊的熱情歡迎。在入職的前 90 天裡，我全心投入業務中，並在整個組織內建立了重要的合作關係。以下是一些初步觀察。

As a daily user of Asana, I have experienced first-hand, the power of the platform. By aligning my team's work with the overall goals of the company and strengthening the coordination and engagement with my team, I have been able to free up a significant amount of my time from manual work, which is leading to more impactful work.

作為 Asana 的日常用戶，我親身體驗了該平台的力量。透過讓團隊的工作與公司的整體目標保持一致，並加強與團隊的協調和參與，我能夠從體力工作中解放出大量時間，從而使工作變得更有影響力。

I hear the same feedback from the many customers I've had the chance to speak with thus far. Our value proposition is clear, and the benefits our customers are realizing from using Asana are significant and demonstrable.

我從迄今為止有機會交談過的許多客戶那裡聽到了同樣的回饋。我們的價值主張很明確，我們的客戶從使用 Asana 中獲得的好處是顯著且顯而易見的。

The pace of innovation at Asana rapid and focused. The combination of new features and targeted use cases being introduced in the core platform and the launch of AI Studio unlocks new TAM, increases the value proposition and stickiness of our offering. Our investments in go-to-market and our transition upmarket are beginning to pay off and are positioning us well to capitalize on the large and growing market opportunity in front of us.

Asana 的創新步伐快速且專注。核心平台中引入的新功能和目標用例的結合以及 AI Studio 的推出解鎖了新的 TAM，提高了我們產品的價值主張和黏性。我們在進入市場和轉型高端市場方面的投資已開始獲得回報，並使我們能夠很好地利用擺在我們面前的巨大且不斷增長的市場機會。

We are just starting to scratch the surface with respect to channel-led growth, traction in key verticals, and becoming a multi-product company. Asana has the ability to re-accelerate growth while both materially expanding operating margins and scaling free cash flow. I am confident in this given the operating leverage I see to drive efficiency and increase productivity of spend throughout the business. I'll share more in a moment on the initial levers we are targeting to expand margins.

在通路主導的成長、關鍵垂直領域的牽引力以及成為多產品公司方面，我們才剛開始觸及表面。 Asana 有能力重新加速成長，同時大幅擴大營業利潤並擴大自由現金流。鑑於我認為營運槓桿可以提高整個企業的效率和支出效率，我對此充滿信心。稍後我將分享更多有關我們擴大利潤的初始目標的資訊。

Let me highlight the financial results for the third quarter and then comment more on outlook and plan. Q3 revenues came in at $183.9 million, up 10% year over year. We have 23,609 core customers or customers spending $5,000 or more on an annualized basis. Revenues from core customers grew 11% year over year.

讓我重點介紹第三季的財務業績，然後對前景和計劃進行更多評論。第三季營收為 1.839 億美元，年增 10%。我們有 23,609 名核心客戶或年支出 5,000 美元或以上的客戶。來自核心客戶的營收年增11%。

This cohort represented 75% of our revenue in Q3, up from 74% in the year-ago quarter. We have 683 customers spending $100,000 or more on an annualized basis. And this customer cohort grew at 18% year over year. As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter.

該群體占我們第三季營收的 75%，高於去年同期的 74%。我們有 683 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 18%。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 overall dollar-based net retention rate was 96%. Our dollar-based net retention rate for our core customers was 98%. And among customers spending $100,000 or more, our dollar-based net retention rate was 99%. 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 96%。我們的核心客戶以美元計算的淨保留率為 98%。在消費 10 萬美元或以上的客戶中，我們以美元計算的淨保留率為 99%。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。

However, it's important to highlight the in-quarter trends as we go through this transition. Our in-quarter dollar-based net retention rates are stabilizing and Q3 dollar-based net retention rates were slightly better than Q2.

然而，在我們經歷這一轉變時，重要的是要強調季度趨勢。我們季度內以美元計算的淨保留率正在穩定，第三季以美元計算的淨保留率略優於第二季。

As I turn to expense items and profitability, I would like to point out that I will be discussing non-GAAP results in the balance of my remarks. Gross margins came in at 89%. Research and development was $54.9 million or 30% of revenue. Sales and marketing was $88.7 million or 48% of revenue. G&A was $28.5 million or 16% of revenue.

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。毛利率為 89%。研究與開發為 5,490 萬美元，佔收入的 30%。銷售和行銷收入為 8,870 萬美元，佔收入的 48%。 G&A 為 2,850 萬美元，佔收入的 16%。

Operating loss was $7.6 million, and our operating loss margin was 4%. Net loss was $4.8 million and our net loss per share was $0.02.

營業虧損為 760 萬美元，營業虧損率為 4%。淨虧損為 480 萬美元，每股淨虧損為 0.02 美元。

Moving on to the balance sheet and cash flow, cash and marketable securities at the end of Q3 were approximately $455.3 million. Our remaining performance obligations or RPO was $405.7 million, up 21% from the year-ago quarter. This is a re-acceleration from last quarter driven by multi-year deals.

轉向資產負債表和現金流，第三季末的現金和有價證券約為 4.553 億美元。我們的剩餘履約義務或 RPO 為 4.057 億美元，比去年同期成長 21%。在多年交易的推動下，這一趨勢較上季再次加速。

82% of RPO will be recognized over the next 12 months. That current portion of RPO also re-accelerated and grew 17% from the year-ago quarter. Our total ending Q3 deferred revenue was $282.1 million, up 10% year over year. Q3 free cash flow was negative $18.2 million or a negative 10% on a margin basis. We expect positive free cash flow in Q4.

82% 的 RPO 將在未來 12 個月內確認。目前 RPO 部分也重新加速，比去年同期成長了 17%。我們第三季末的遞延收入總額為 2.821 億美元，年增 10%。第三季自由現金流為負 1,820 萬美元，以利潤率計算為負 10%。我們預計第四季的自由現金流為正。

We repurchased $55 million of our shares in Q3 at an average price of $12.23 per share and have $75 million remaining in our authorization. This has been a great ROI for us. We remain committed to investing in our growth and managing dilution while returning excess capital to shareholders via share repurchases.

我們在第三季以每股 12.23 美元的平均價格回購了 5,500 萬美元的股票，我們的授權剩餘 7,500 萬美元。這對我們來說是一個巨大的投資報酬率。我們仍然致力於投資我們的成長和管理稀釋，同時透過股票回購將多餘的資本回饋給股東。

Moving to guidance. For Q4 fiscal 2025, we expect revenues of $187.5 million to $188.5 million, representing 10% growth year over year. We expect non-GAAP loss from operations of $6.5 million to $5.5 million, representing an operating margin of negative 3%. And we expect non-GAAP net loss per share of $0.02 to $0.01 assuming basic and diluted weighted average shares outstanding of approximately 229 million.

轉向指導。對於 2025 財年第四季度，我們預計營收為 1.875 億美元至 1.885 億美元，年增 10%。我們預期非 GAAP 營運虧損為 650 萬至 550 萬美元，營運利潤率為負 3%。假設基本和稀釋加權平均流通股約為 2.29 億股，我們預期非 GAAP 每股淨虧損為 0.02 至 0.01 美元。

For the full fiscal year 2025, we now expect revenues to be in the range of $723 million to $724 million, representing a growth rate of 11% year over year. Non-GAAP loss from operations of $46 million to $45 million, representing an operating margin of negative 6%, and non-GAAP net loss per share of $0.15 to $0.14, assuming basic and diluted weighted average shares outstanding of approximately 229 million.

對於 2025 年整個財年，我們目前預計營收將在 7.23 億美元至 7.24 億美元之間，年成長率為 11%。非 GAAP 營運虧損為 4,600 萬至 4,500 萬美元，營業利潤率為負 6%，非 GAAP 每股淨虧損為 0.15 至 0.14 美元（假設基本和稀釋加權平均流通股約為 2.29 億股）。

While the macro continues to be a headwind to sales cycles and in the tech sector, in particular, we believe the investments we have made in the platform and our go-to-market motion are leading to stabilization in our revenue growth and early signs of the potential to re-accelerate growth. We see that with our in-quarter NRR improvement, growth in our $100,000-and-above and core customer segments, pipeline and early adoption of AI Studio, and traction with the channel.

雖然宏觀經濟仍然是銷售週期尤其是科技業的逆風，但我們相信我們在該平台上進行的投資以及我們的上市行動正在導致我們收入增長的穩定和早期跡象重新加速增長的潛力。我們看到，隨著季度 NRR 的改善、10 萬美元及以上核心客戶群的成長、AI Studio 的管道和早期採用以及管道的吸引力。

While we are still in the midst of our planning and our heads down executing to drive a strong finish to fiscal year 2025, for next year, we will be focusing on revenue growth and material operating margin expansion both a GAAP and non-GAAP basis.

雖然我們仍在製定計劃並認真執行，以推動 2025 財年取得圓滿成功，但明年我們將重點關注以 GAAP 和非 GAAP 計算的收入成長和實質營業利潤率擴張。

Anne shared some of the levers for growth acceleration. The areas I am seeing thus far to drive efficiency and productivity benefits include, one, NRR expansion. It is much more profitable to keep a customer than acquire a new one. And the investments we are making in improving the user experience including onboarding, pricing and packaging, and new features will help drive improvements in both gross retention and the ability to expand with our customers over time.

安妮分享了一些加速成長的槓桿。到目前為止，我看到的可提高效率和生產力效益的領域包括：第一，NRR 擴張。留住一個客戶比獲得一個新客戶更有利可圖。我們在改善用戶體驗（包括入職、定價和包裝以及新功能）方面所做的投資將有助於推動總保留率的提高以及隨著時間的推移與客戶一起擴展的能力。

Two, in R&D. Our investments in R&D have enabled us to deliver enterprise-grade capabilities years ahead of the competition and differentiate through the Asana Work Graph, scalability, and enterprise readiness. That said, we have an opportunity to optimize resources by geographic locations such as Warsaw and Reykjavik, where there is tremendous talent.

二、在研發方面。我們在研發方面的投資使我們能夠領先於競爭對手數年提供企業級功能，並透過 Asana Work Graph、可擴展性和企業就緒性實現差異化。也就是說，我們有機會根據華沙和雷克雅維克等擁有大量人才的地理位置來優化資源。

In addition, we have the opportunity to consolidate AI into the core product, allowing us to capitalize on the opportunity with AI Studio without significant new R&D head count.

此外，我們有機會將人工智慧整合到核心產品中，使我們能夠利用 AI Studio 的機會，而無需增加大量新的研發人員。

Three, in sales and marketing, we have the opportunity to leverage our existing resources and accelerate growth. We are focusing on the routes to market and marketing channels that maximize efficient growth.

第三，在銷售和行銷方面，我們有機會利用現有資源並加速成長。我們專注於最大化高效成長的市場途徑和行銷管道。

Four, in G&A, we can drive more automation throughout the functions and grow and scale G&A head count in lower cost geographies. In addition, there's a large opportunity to reduce our non-head-count spend by optimizing and rationalizing third-party and discretionary spend.

第四，在 G&A 方面，我們可以推動整個職能部門的自動化程度更高，並在成本較低的地區增加和擴大 G&A 人員數量。此外，透過優化和合理化第三方和可自由支配支出，我們還有很大的機會減少非人員支出。

Dustin, Anne, and I are focused on building and executing on a long-term plan that allows Asana to re-accelerate growth while materially expanding profitability. A key principle of this will be to grow revenue significantly higher than operating expenses while reducing dilution. I look forward to sharing more next quarter on our fiscal 2026 plan.

達斯汀、安妮和我專注於制定和執行一項長期計劃，使 Asana 能夠重新加速成長，同時大幅擴大獲利能力。其中的一個關鍵原則是使收入成長顯著高於營運支出，同時減少稀釋。我期待在下個季度分享更多有關 2026 財年計劃的資訊。

And with that, operator, we are ready for questions.

接線員，我們已經準備好回答問題了。

Thank you so much. (Operator Instructions)

太感謝了。 （操作員說明）

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great. Thanks for the question and welcome, Sonalee. Thanks for all the commentary on leverage into next year. Want to come back to AI Studio though, and the business model there with the platform fee, consumption credits. All that's really exciting. Appreciate how that's going to change the economics of customer expansion.

偉大的。感謝您的提問，歡迎您，Sonalee。感謝您對明年槓桿率的所有評論。不過想回到AI Studio，以及那裡的商業模式，包括平台費用、消費積分。這一切真的很令人興奮。了解這將如何改變客戶擴展的經濟效益。

I'm wondering what your expectations are on seat growth and that trend for existing customers. On the one hand, is there potential for headwinds to seat growth just from all the value AI and AI Studio. On the other hand, is there an opportunity as that opens up new use cases for broader expansion? Thanks.

我想知道您對現有客戶的座位成長和趨勢有何期望。一方面，人工智慧和 AI Studio 的所有價值是否存在阻礙成長的潛在阻力。另一方面，是否有機會為更廣泛的擴充開闢新的用例？謝謝。

Hey. This is Dustin. Thanks for the question. Definitely something we're thinking a lot about, but I think that the headwinds part of this doesn't manifest for a while longer. The initial use cases we're seeing are often net new things that they weren't doing in Asana before or in a couple cases, things that they were using contractors for that wouldn't have had Asana licenses. So it feels incremental.

嘿。這是達斯汀。謝謝你的提問。這絕對是我們正在思考的事情，但我認為其中的不利因素在一段時間內不會顯現出來。我們看到的最初用例通常是他們之前或在幾個案例中沒有在 Asana 中做過的淨新事物，他們使用承包商來做的事情不會有 Asana 許可證。所以感覺是增量的。

Additionally, we still have quite a lot of underpenetration in our existing customer base. So even if there are changes to head count overall, that doesn't mean we're out of expansion opportunities on the seat side or that results in removing an Asana license.

此外，我們現有的客戶群仍有相當多的滲透率不足。因此，即使總體人數發生變化，也不代表我們失去了座位方面的擴張機會，也不代表我們會取消 Asana 許可證。

But then to your last point, yeah, it could also be a tailwind for seat expansion. A couple of the initial deals that we've seen have kind of taken that shape. We've talked in recent quarters about sales cycles lengthening, especially for the larger enterprises. And this could be a way to sort of unstick some of those conversations. You get both the AI Studio sale and the seat expansion.

但說到最後一點，是的，這也可能成為座位擴展的順風車。我們看到的一些最初的交易已經形成了這種形式。最近幾季我們一直在談論銷售週期的延長，特別是對於大型企業而言。這可能是一種打破某些對話的方式。您可以同時獲得 AI Studio 促銷和席位擴充。

Yeah. Josh, I'll just give a -- it's Anne. I'll give an example. One of our customers that was part of our pilot program for AI Studio and have been implementing workflows and seeing the benefit already just did a three year renewal with us with seat expansion. It's a combination of seeing the value they're already getting in AI Studio and seeing the incremental workflows that they want to roll out across their organization to even more teams. So again, early, but that was a great example where a customer had seen direct value and then as part of growing with us committed to a significant number of incremental seats.

是的。喬什，我只是告訴——這是安妮。我舉個例子。我們的一位客戶是我們 AI Studio 試點計劃的一部分，一直在實施工作流程，並看到了好處，剛剛與我們續訂了三年，並擴展了席位。這是看到他們已經在 AI Studio 中獲得的價值和看到他們希望在整個組織中向更多團隊推出的增量工作流程的結合。再說一遍，雖然很早，但這是一個很好的例子，客戶看到了直接價值，然後作為與我們一起成長的一部分，致力於增加大量席位。

And if I could just add one thing there, I think, in terms of benefits, we also see AI Studio as being not just incremental but also helpful in terms of expansion and stickier customers. So not only do you get the upsell, but you also get a stickier customer and a higher lifetime value.

如果我可以在那裡添加一件事，我認為，就好處而言，我們還認為 AI Studio 不僅是增量，而且在擴展和粘性客戶方面也很有幫助。因此，您不僅可以獲得追加銷售，還可以獲得更黏性的客戶和更高的終身價值。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great. Thank you. Good afternoon and also, Sonalee, welcome from me as well.

偉大的。謝謝。下午好，Sonalee，我也歡迎您。

My first question is for Dustin or Anne. I'd be curious if you guys can talk a little bit about -- you mentioned -- and Dustin some bold numbers relative to the opportunity for AI Studio versus the current seat-based business. So clearly, some of the signs you're seeing are pretty exciting internally.

我的第一個問題是問達斯汀或安妮的。我很好奇你們是否可以和達斯汀談談一些大膽的數字，這些數字涉及 AI Studio 與當前基於座位的業務的機會。很明顯，你看到的一些跡像在內部非常令人興奮。

Can you talk a little bit about what the early drivers are of use cases internally? Are you seeing any benefit from, say, for example, the rollout of view only and the rollout of AI Studio and workflow builder, where it enables a broader subset of perhaps non-seat-based users to leverage us on Asana's AI technology? Any color there would be helpful and then I had a follow-up for Sonalee.

您能否談談內部用例的早期驅動因素是什麼？例如，您是否看到了僅視圖的推出以及 AI Studio 和工作流程建構器的推出帶來的任何好處，它使更廣泛的可能非坐席用戶子集能夠利用我們的 Asana 人工智慧技術？任何顏色都會有幫助，然後我對 Sonalee 做了後續。

Yeah, so the -- this is Dustin. The initial thing we're seeing is really customers are taking existing workflows and adding AI Studio automations to them. And so that ends up being really sticky, because it doesn't require a behavior change. You might have a workflow that starts with a form being filled out or perhaps an alert coming from a system you're integrated with. And then that triggers an AI interaction. And so it doesn't require -- unlike a chat bot, it doesn't require people to come back to it and remember to use it again. It's just part of the existing workflow that's sort of been lit up.

是的，所以——這是達斯汀。我們首先看到的是，客戶確實正在採用現有的工作流程並在其中添加 AI Studio 自動化。所以這最終會變得非常粘，因為它不需要行為改變。您可能有一個工作流程，從填寫表單開始，或從與您整合的系統發出警報開始。然後觸發人工智慧互動。因此，與聊天機器人不同，它不需要人們回來並記住再次使用它。這只是現有工作流程的一部分，已經被點亮了。

So a lot of the use cases, it looked like that. And then the thing that's exciting -- it's sort of a hard thing to get at, but one of the things we saw when we were using it ourselves internally is there were just a few people in the organization that kind of got the bug. They figured out that this was a power tool they could take to many different use cases and started activating many, many different workflows. And the customers that are jumping out to me -- you can literally see them kind of pop out of the charts -- have one of those people internally. Somebody who tried it, had their eyes light up moment, found a powerful workflow and then kept expanding.

很多用例看起來都是這樣的。然後是令人興奮的事情——這是一件很難理解的事情，但我們在內部使用它時看到的一件事是，組織中只有少數人遇到了這個錯誤。他們發現這是一個可以用於許多不同用例的強大工具，並開始啟動許多不同的工作流程。那些向我跳出來的客戶——你確實可以看到他們從圖表中跳出來——內部就有這樣的人。嘗試過的人頓時眼前一亮，發現了一個強大的工作流程，然後不斷擴展。

So one of the ones I mentioned earlier in the call did 4,500 workflow executions in their first month. Now they're up to over 20,000. And the reason they had multiple months is they're part of the pilot. So they're further in the funnel than everybody who's joined since the Work Innovation Summit. And so that's a really good sign because there's only, a handful of companies that were in the pilot. And to see one really compounding their usage week over week and finding more and more use cases and getting into an amount of usage that's clearly beyond the platform fee is hopefully a sign of things to come for the others once they get into their second and third months.

因此，我之前在電話會議中提到的其中一個在第一個月內執行了 4,500 次工作流程。現在他們已經超過20,000人。他們之所以有幾個月的時間是因為他們是試點的一部分。因此，自工作創新高峰會以來，他們比所有加入的人都處於漏斗的更深處。所以這是一個非常好的跡象，因為只有少數公司參與了試點。看到一個人確實每週都在增加他們的使用量，發現越來越多的用例，並達到明顯超出平台費用的使用量，這希望是其他人一旦進入第二個和第三個階段就會發生的事情的一個跡象幾個月。

So really seeing that that sort of viral activation with an individual customer and really seeing that the leverage of -- it really only takes, one builder, two builders to create a tremendous amount of value and result in a big incremental revenue opportunity for us. So I do think you only will help in the long run to give us even more opportunities for that kind of value creation. But to some extent, you don't actually need a lot of the people in the organization to be involved in an AI workflow for it to be very valuable.

因此，真正看到單一客戶的病毒式激活，真正看到槓桿作用——它實際上只需要一個建設者、兩個建設者就可以創造巨大的價值，並為我們帶來巨大的增量收入機會。因此，我確實認為，從長遠來看，您只會為我們提供更多創造這種價值的機會。但在某種程度上，其實並不需要組織中的許多人參與人工智慧工作流程，它就非常有價值。

That's very helpful. Thank you for that, Dustin. And then, Sonalee, just one for you. And I appreciate that we're going to get more detail on this headed into FY26 and appreciate you laying out some of the points of leverage that you see. One of the ones you mentioned was sales and marketing, and I'd just be curious for your initial perspective there. Asana is a company that -- after hiring Ed, Ed and Anne, I think have been trying to move upmarket and do more in enterprise -- nice and then you work with partners. I know you guys called a nice partner led win. I think it was in Japan or Asia as well.

這非常有幫助。謝謝你，達斯汀。然後，Sonalee，只為你準備一份。我很高興我們將在 2026 財年獲得更多有關此問題的詳細信息，並感謝您列出您所看到的一些槓桿點。你提到的其中一個是銷售和行銷，我只是想知道你最初的觀點。 Asana 是一家公司——在僱用了 Ed、Ed 和 Anne 之後，我認為一直在努力向高端市場進軍，並在企業領域做更多事情——很好，然後你可以與合作夥伴合作。我知道你們稱這是一個很好的合作夥伴領導的勝利。我認為日本或亞洲也是如此。

So clearly, there's momentum there; great logos you guys have added. On the other hand, there's a lot going on and it now seems like the sales force may have to add a new skill set of selling consumption in addition to selling logos and seats. So just curious just how you might think of that from a high level, knowing we'll get more detail next quarter. Thank you very much.

很明顯，那裡有動力；你們添加了很棒的標誌。另一方面，發生了很多事情，現在看來，除了銷售標誌和座位之外，銷售人員可能還必須添加一套新的銷售消費技能。所以只是好奇你會如何從高層次思考這一點，知道我們將在下個季度獲得更多細節。非常感謝。

Yeah, thanks. And you're absolutely right. It's a bit early to sort of guide specifically, but I can speak to it in general terms, and it's a great question. We do believe we can achieve great traction from AI Studio by leveraging our existing resources and driving productivity benefits to scale AI Studio. And that's both from a go-to-market perspective, but I'm also -- you didn't ask, but I'm going to also add in R&D perspective.

是的，謝謝。你是完全正確的。現在具體指導還為時過早，但我可以籠統地說一下，這是一個很好的問題。我們確實相信，透過利用我們現有的資源並提高生產力優勢來擴展 AI Studio，我們可以從 AI Studio 獲得巨大的吸引力。這都是從進入市場的角度來看的，但我也——你沒有問，但我還將添加研發的角度。

And then, you heard me in my prepared remarks call out there are many other opportunities that I've identified for operational efficiency across marketing program spend, even the way where our employees sit today, the high-cost, low-cost employee mix, contractor spend, sales force productivity and all of those things combined, I believe, can drive significant margin expansion as we look ahead. But as you said, more to follow when we provide full-year guidance at the end of the year.

然後，你聽到我在準備好的演講中指出，我已經發現了許多其他機會，可以提高整個行銷計劃支出的營運效率，甚至是我們員工今天坐的方式，高成本、低成本的員工組合，我相信，當我們展望未來時，承包商支出、銷售人員生產力以及所有這些因素的結合可以推動利潤率的大幅成長。但正如您所說，當我們在年底提供全年指導時，還會有更多的事情發生。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Thank you. Good afternoon. Anne, I wanted to start with you here that the Q4 guide would mark the third straight quarter of 10% growth. That certainly implies stabilization in the business. Wanted to drill down into the non-tech part of the business where you're seeing some momentum here in improving growth.

謝謝。午安.安妮，我首先想向您介紹的是，第四季度指南將標誌著連續第三個季度實現 10% 的成長。這無疑意味著業務的穩定。希望深入研究業務的非技術部分，您會在其中看到一些改善成長的勢頭。

Can you frame the non-tech pipeline activity that you're seeing and maybe provide a little color on the type of a profile of non-tech deals. Is this a broader number of smaller non-tech lands? Are you starting to see large enterprise non-tech lands? Walk us through what's driving the land there and stabilization overall. Thanks.

您能否框架您所看到的非技術管道活動，並可能為非技術交易的概況類型提供一些顏色。這是更多的小型非科技用地嗎？您是否開始看到大型企業非科技領域？讓我們了解一下是什麼推動了那裡的土地和整體穩定。謝謝。

Yeah. Hi Brent. Thanks for that question. Yeah, I think where we're seeing that traction in non-tech wins and growth is really the investment that we've been making in going deeper in verticals, in particular, manufacturing, retail, healthcare, energy, and government. And so a lot of that focus, it's both the larger enterprises and going deeper with them and building longer-term relationships. But all of that work also cascades into the mid-market. The more that we are really tailoring how customers in these verticals can get direct value quickly from Asana, that has a halo effect down market as well.

是的。嗨布倫特。謝謝你提出這個問題。是的，我認為我們所看到的非技術勝利和成長的吸引力實際上是我們在垂直領域的深入投資，特別是在製造業、零售、醫療保健、能源和政府領域。因此，許多關注點都集中在較大的企業上，並與它們進行更深入的合作，建立長期的關係。但所有這些工作也會級聯到中端市場。我們越是真正客製化這些垂直產業的客戶如何能夠從 Asana 快速獲得直接價值，這也會在下游市場產生光環效應。

And then, we've shared that we are making investment and commitment to FedRAMP. I think that is going over really well, not just only with governments but also with agent -- not just the government agencies but also with sectors that are heavily regulated. So I think that's also going to have a great effect for financial services and our healthcare customers.

然後，我們分享了我們正在對 FedRAMP 進行投資和承諾。我認為這一切進展順利，不僅與政府有關，而且與代理人也有關——不僅是政府機構，而且還與受到嚴格監管的部門有關。因此，我認為這也將對金融服務和我們的醫療保健客戶產生巨大影響。

So all of that, we're going to continue to focus on. But it's really been those deep investments in the verticals and the team in particular in our AMER region that's really been piloting and then expanding how we approach our vertical customers.

因此，我們將繼續關注所有這些。但實際上，正是對垂直產業和團隊的深度投資，特別是在我們的美洲地區，真正進行了試點，然後擴展了我們接觸垂直客戶的方式。

Helpful color there. Sonalee, for you, I know it's early, and I really look forward to hearing more about the cost rationalization plan. But you do have a bogey here for Q4. Can you walk us through the path to positive free cash flow? I ask because there was an $18 million burn here in Q3. And I'm just trying to think through the rationalization and ability to get to positive free cash flow here in Q4.

那裡有有用的顏色。 Sonalee，對你來說，我知道現在還為時過早，我真的很期待聽到更多有關成本合理化計劃的資訊。但第四季你確實有一個柏忌。您能帶領我們走上實現正自由現金流的道路嗎？我問這個問題是因為第三季燒掉了 1800 萬美元。我只是想思考在第四季實現正自由現金流的合理化和能力。

Yeah, sure. So as you saw, there was some positive movement on sales and marketing and R&D spend in the current quarter. And part of that actually was due to the timing of some of our hiring. But we do expect to get a continued benefit there, again, terms of timing of hires, which is helpful.

是的，當然。正如您所看到的，本季的銷售、行銷以及研發支出出現了一些正面的變化。部分原因其實是我們招募的時間安排造成的。但我們確實希望在招募時間方面獲得持續的好處，這很有幫助。

And then secondly, there are steps we've already started taking around some rationalization of spend, third-party spend, which you should see come into Q4. But what I would really urge you to do is, Q4, we've reiterated the positive free cash flow, but I think where you'll really start to see the meaningful improvements in operating margin and cash flow is as you look ahead to next year, where we'll provide more detail in March.

其次，我們已經開始採取一些措施來合理化支出、第三方支出，您應該會在第四季看到這些措施。但我真正敦促您做的是，第四季度，我們重申了積極的自由現金流，但我認為您真正開始看到營業利潤率和現金流的有意義的改善是當您展望未來時年，我們將在三月提供更多詳細資訊。

This is Dustin. I just wanted to add on to that. We're really looking at -- free cash flow is always a little bit lumpy. So we're really looking at the progress on the operational leverage, and how things trend from here into next year. We you feel good about Q4, but the real goal is to build up a margin through next year not to just arrive at the free cash flow.

這是達斯汀。我只是想補充一點。我們真正關注的是──自由現金流總是有點不穩定。因此，我們確實在關注營運槓桿的進展，以及從現在到明年的趨勢。我們對第四季感覺良好，但真正的目標是在明年之前建立利潤率，而不僅僅是實現自由現金流。

Steven Enders, Citi.

史蒂文‧恩德斯，花旗銀行。

Okay. Great. Thanks for taking the questions here. I guess I'm going to go back to AI Studio but maybe ask more about how that maybe comes together from a model perspective. And I guess it sounds like it may be beginning to have an impact on revenue today. But can you just maybe help us think about what the timeline would potentially look like for monetization, and how you're thinking about that and if maybe we're seeing any impacts to numbers today either in RPO or some other of the metrics here?

好的。偉大的。感謝您在這裡提出問題。我想我會回到 AI Studio，但可能會更多地詢問如何從模型的角度將其結合在一起。我想聽起來這可能開始對今天的收入產生影響。但是，您能否幫助我們考慮一下貨幣化的時間表，您是如何考慮的，以及我們是否看到今天的 RPO 或其他一些指標對數字有任何影響？

Hi, it's Sonalee here. So you're absolutely right. At the moment, it's very, very small -- not material at all. But in terms of as we look forward, obviously, the growth will be substantial but off of a very small base. So you won't really see any meaningful impact in Q4. But we're extremely encouraged by what we're seeing from a usage, engagement -- Dustin and Anne both talked about the diversity of the use cases and early customer feedback on the benefits they're seeing in the ROI that they're driving. And I think more and more of our top customers are using it every day.

嗨，我是索娜莉。所以你是完全正確的。目前，它非常非常小——根本不重要。但就我們的展望而言，顯然，成長將是可觀的，但基數很小。因此，您在第四季度不會真正看到任何有意義的影響。但我們對從使用情況和參與度中看到的情況感到非常鼓舞——達斯汀和安妮都談到了用例的多樣性以及早期客戶對他們在推動投資回報率中看到的好處的反饋。我認為我們的頂級客戶每天都在使用它。

And so we're really encouraged, but to actually see it come through and be a meaningful contributor to revenue, that will take time. And the only other thing I would call out is we see AI Studio as being a very big mitigating factor to some of the challenges we've seen in upsell in the current macro.

所以我們真的很受鼓舞，但要真正看到它實現並成為收入的有意義的貢獻者，這需要時間。我要指出的唯一另一件事是，我們認為 AI Studio 是一個非常大的緩解因素，可以緩解我們在當前宏觀形勢下追加銷售中遇到的一些挑戰。

And we see this as the third leg of the upsell stool, so to speak. And not only will we see the benefits on upsell and cross-sell, but I'm going to come back to my point earlier about these customers likely to be much stickier, and again, a factor in helping us not only stabilize but improve net retention over time.

可以這麼說，我們認為這是追加銷售的第三條腿。我們不僅會看到追加銷售和交叉銷售的好處，而且我將早些時候回到我的觀點，即這些客戶可能會更具粘性，並且再次成為幫助我們穩定並改善淨值的因素隨著時間的推移保留。

And I just want to add on something there too. We've talked a little bit about early access versus general access. So right now, the product is in this in-between state of -- we've exposed it just to our enterprise customers, and we're not really marketing it. And we're not doing any sort of like out outreach for it at all, where we've just sort of got the select early adopters we thought could be most successful early.

我也想補充一些東西。我們已經討論了一些關於早期訪問與普通訪問的問題。所以現在，該產品處於這種中間狀態——我們只是將其展示給我們的企業客戶，並且我們並沒有真正對其進行行銷。我們根本沒有做任何類似的外展活動，我們只是選擇了我們認為可能最早期成功的早期採用者。

But we're honestly surprised. We found customers engaging that weren't part of that group. We thought it would be very focused on our largest customers, but we're seeing a lot of smaller ones engage, and they can actually move a little quicker. And so we shifted our strategy for Q4 to try and bring more of what we planned to release in GA earlier so that we could actually start selling it to customers now.

但老實說我們很驚訝。我們發現不屬於該群體的客戶也很感興趣。我們原以為它將非常關注我們最大的客戶，但我們看到很多較小的客戶參與其中，而且他們實際上可以更快地採取行動。因此，我們改變了第四季度的策略，嘗試提供更多我們計劃提前在 GA 中發布的內容，以便我們現在可以真正開始向客戶銷售。

But just in terms of timing, I think Sonalee is absolutely correct. It's not going to show up in revenue in Q4. I hope at the next earnings call, we'll have some other kinds of stats for you about the forward-looking commitments that we'll have signed by then. But yeah, I think Q1 is when I hope that it'll really start adding to the growth rate. And I'm also excited because as an add-on, it will flow straight through to NRR and should be a huge tailwind for all next year building quarter over quarter.

但就時機而言，我認為Sonalee是絕對正確的。它不會體現在第四季的收入中。我希望在下一次財報電話會議上，我們將為您提供一些有關我們屆時將簽署的前瞻性承諾的其他統計數據。但是，是的，我認為第一季我希望它能真正開始增加成長率。我也很興奮，因為作為一個附加組件，它將直接流入 NRR，並且應該成為明年所有季度建設的巨大推動力。

So, yeah, Q4, I want to soften expectations on it showing up in any of our top-line numbers. And I think that's reflected in our guidance. But we're really learning quite a lot week over week about how much demand there is, how high the willingness to pay is. And we've been surprised in good directions. And so I think with another 12 weeks of those learnings, we should be able to have a much more calibrated model ourselves for guidance and be able to give you more details about that timing and the exact trajectory.

所以，是的，第四季度，我想降低對它出現在我們的任何頂線數據中的預期。我認為這反映在我們的指導上。但我們確實每週都在了解很多關於需求有多大、支付意願有多高的資訊。我們對好的方向感到驚訝。因此，我認為透過另外 12 週的學習，我們自己應該能夠擁有一個更校準的模型來提供指導，並能夠為您提供有關時間安排和確切軌蹟的更多詳細資訊。

Okay, perfect. No, that's great to hear and helpful context there. If I could squeeze one more in here. Just on net retention, good to hear it stabilized in quarter. Once we maybe begin to see that impact some of the reported net retention numbers and begin to see that metric stabilize a little bit.

好的，完美。不，很高興聽到這樣的消息，並且提供了有用的背景資訊。如果我能再在這裡擠一個就好了。僅就淨留存率而言，很高興聽到它在季度中穩定下來。一旦我們可能開始看到這會影響一些報告的淨保留數字，並開始看到該指標稍微穩定下來。

And I guess if we kind of peel back the under -- some of the underlying metrics of net retention, what is it that's helping support that? Is it just fewer down-sells on the tech side and getting through that, or are you starting to see a little bit more of the expansion initiatives support those metrics there? Thanks.

我想，如果我們剝離淨留存率的一些基本指標，那麼是什麼在幫助支持這一點呢？只是技術方面的降價銷售減少並度過了難關，還是您開始看到更多的擴張計劃支持這些指標？謝謝。

Yeah. So I'll take that one. I think one point I would make -- and you've heard us make this point before -- we're lagging some tough comps. So as those fall off, it becomes easier -- we're -- sorry -- lapping tough comps. So over time, that just shows improvement from those falling off.

是的。所以我就拿那個。我想我要提出一點——你以前聽過我們說過這一點——我們落後於一些艱難的比賽。因此，隨著這些下降，它變得更容易 - 我們 - 對不起 - 研磨艱難的比賽。所以隨著時間的推移，這只是表明那些掉下來的人有所改善。

Then we've also made and talked about some post-sales investments, which are starting to pay off and that should continue to drive improvement. And then of course, AI Studio, over time, going back to my point about it's upsell and cross-sell and ultimately a tailwind to net retention.

然後我們也進行並討論了一些售後投資，這些投資已開始產生回報，並且應該會繼續推動改進。當然，隨著時間的推移，AI Studio 又回到了我的觀點，即它的追加銷售和交叉銷售，並最終成為淨保留的順風車。

And the other thing I would say is we've been talking about the non-tech, what we've seen there, which has been really encouraging, but also we've seen a stabilization in the tech vertical as well, which is about 15% of our business or so -- sorry -- a third of our business or so. So I think those all combined together will help to ultimately drive the overall net retention number up.

我想說的另一件事是，我們一直在談論非技術領域，我們在那裡看到的情況非常令人鼓舞，而且我們也看到了技術垂直領域的穩定，這大約是我們業務的15% 左右——抱歉——我們業務的三分之一左右。因此，我認為所有這些結合在一起將有助於最終推動整體淨保留人數的上升。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Yeah. Thank you for the questions tonight. First one for you, Dustin, and thank you again for the details in AI Studio and good to hear that it's going as well or better than expected. You mentioned some early learnings on power users and enterprises. And so just wondering how the actual and projected usage trends are affecting your thoughts around pricing, token bucket size, and how you might adjust that over time trying to weigh in and balance profitability?

是的。謝謝你今晚的提問。第一個是給你的，達斯汀，再次感謝你在 AI Studio 中提供的詳細信息，很高興聽到它進展順利或比預期更好。您提到了一些關於高級用戶和企業的早期經驗。因此，只是想知道實際和預期的使用趨勢如何影響您對定價、令牌桶大小的想法，以及您如何隨著時間的推移進行調整，試圖權衡和平衡盈利能力？

Sorry. I don't know if I'm getting the salience of your question. What -- you're asking about like what margin we're building into?

對不起。我不知道我是否明白你問題的重要性。什麼－你問的是我們正在建立什麼樣的利潤？

Yeah, no. Or even prior to that, you had mentioned that the initial launch, you'd have buckets of credits that you sell at incremental tranches for heavier users. But then later, you mentioned that you've seen power users and some specific early adopters and even internally. So just wondering how that influenced your thought about the sizing of those buckets and in the price and if you try to project usage patterns across your customers.

是的，不。或者甚至在此之前，您曾提到，在最初的發布中，您將擁有大量的積分，可以以增量方式向重度用戶出售。但後來，您提到您已經看到了高級用戶和一些特定的早期採用者，甚至在內部。因此，我想知道這如何影響您對這些儲存桶的大小和價格的想法，以及您是否嘗試預測整個客戶的使用模式。

Well, I think generally the reason we design the pricing system this way is, I was really expecting a power law distribution of how customers use workflow. So some customers will really stand out and maybe will be spending six figures on incremental consumption next year. And so for them, the bucket sizes are irrelevant. They will be buying some number of tranches, but really, we'll be calibrating to the overall volume.

嗯，我認為一般來說，我們以這種方式設計定價系統的原因是，我真的很期待客戶如何使用工作流程的冪律分佈。因此，一些客戶將真正脫穎而出，明年可能會在增量消費上花費六位數。因此對他們來說，桶的大小是無關緊要的。他們將購買一定數量的批次，但實際上，我們將根據總數進行校準。

The unit size we're landing on right now is about $500 just to give you a sense of the increments and how big the tranches will be. But we really expect most customers -- we really designed the platform fee and the included credits to really handle most customers.

我們現在確定的單位規模約為 500 美元，只是為了讓您了解增量以及分批的規模。但我們確實期望大多數客戶 - 我們確實設計了平台費用和包含的積分來真正處理大多數客戶。

So there's a question earlier about sales selling consumption, I think they're mostly in terms of the number of deals going to be selling a platform fee for an add-on. And then hopefully within each book, there will be some customers that are standing out and getting into the incremental credit conversations, and I think those will look like similar and negotiated terms from other consumption-based businesses -- so looking out, over a quarter or multiple quarters, at a minimum commit and agreeing to a volume discount things like that.

因此，之前有一個關於銷售消費的問題，我認為它們主要是指銷售附加服務的平台費用的交易數量。希望在每本書中，都會有一些客戶脫穎而出並參與增量信貸對話，我認為這些客戶看起來會像來自其他基於消費的企業的類似條款和談判條款 - 所以請注意，超過四分之一或多個季度，至少承諾並同意批量折扣之類的事情。

But we're not -- this is sort of in contrast to -- if you're using the lab's API's directly and we're literally paying a-la-carte metered costs, it doesn't really work like that. So I don't think anything is inconsistent with how we built it. And really, I think all the assumptions we were quite validated.

但我們不是——這有點相反——如果你直接使用實驗室的 API，而我們實際上是在支付按菜單點算的計量成本，那麼它實際上並不是這樣工作的。所以我認為沒有任何事情與我們的建造方式不一致。事實上，我認為我們所有的假設都得到了充分驗證。

Oh, I just wanted to add, a reason we designed it was really based on the feedback from our pilot customers. We designed it so that we could both meet customers desire to have budget predictability but then also their enthusiasm and excitement to try -- and not only try but deploy AI Studio across many different diverse workflows. Our ability to allow customers to choose which LLMs, to be able to transparently see what was working, and the results that they were getting, and then to be able to measure the ROI was well matched to having a predictable platform price. And then for those customers that are seeing outsized value, then their willingness to pay and increase through tranches was then matched.

哦，我只是想補充一點，我們設計它的原因實際上是基於我們試點客戶的回饋。我們設計它的目的是為了既能滿足客戶對預算可預測性的渴望，又能滿足他們嘗試的熱情和興奮——不僅嘗試，而且在許多不同的工作流程中部署 AI Studio。我們允許客戶選擇哪些法學碩士，能夠透明地看到什麼是有效的，以及他們得到的結果，然後能夠衡量投資回報率，這與擁有可預測的平台價格非常匹配。然後，對於那些看到巨大價值的客戶，他們的支付意願和分批增加的意願就會得到匹配。

But as Dustin said, our anticipation is the vast majority of customers are going to get a ton of value just through the platform. And then they can really predict the budget over -- certainly over the next period of time. And that was something that they shared with us was lacking in other offerings that they were either considering or had already had negative experiences with.

但正如達斯汀所說，我們的預期是絕大多數客戶將透過該平台獲得大量價值。然後他們就可以真正預測預算——當然是在接下來的一段時間內。他們與我們分享的這一點是他們正在考慮或其他已經有負面經驗的產品所缺乏的。

And one more if I could please. Hey, Sonalee, how are you doing?

如果可以的話，再來一張。嘿，索娜莉，你好嗎？

I'm great.

我很棒。

Good to talk to you again. You mentioned NRR improving during the quarter, and I heard the add-in comments on some of the reasons for the improvement, but do you believe the improvement is now sustainable, that we're on an upward trend? Or will there be some quarters maybe where some of those factors once again weigh on NRR on a quarterly basis?

很高興再次與你交談。您提到本季度 NRR 有所改善，我聽到了有關改善的一些原因的附加評論，但您認為這種改善現在是可持續的，我們處於上升趨勢嗎？或者是否會在某些季度中，其中一些因素再次對季度淨利率產生壓力？

Yeah. So I think my comments around NRR, particularly in-quarter NRR, I do expect that to continue to improve -- the in-quarter. The overall NRR -- obviously, that's a four-quarter trailing. So if you look four quarters back, there are still some very high NRR numbers in there. As those come off, the overall NRR number should start to improve. But I think, yes, confident that the in-quarter NRR number should continue to improve, and that's because of all the reasons we called out and AI Studio definitely being one of those.

是的。因此，我認為我對 NRR 的評論，特別是季度 NRR，我確實預計季度 NRR 將繼續改善。顯然，整體 NRR 落後了四分之一。因此，如果你回顧四個季度之前，仍然有一些非常高的 NRR 數字。隨著這些的減少，整體 NRR 數字應該會開始改善。但我認為，是的，有信心季度 NRR 數字應該會繼續改善，這是因為我們呼籲的所有原因，而 AI Studio 肯定是其中之一。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks. Dustin, maybe if you could just give us your sense of what's happening over the next six to nine months in terms of the demand environment. It feels like things are getting better, routes are opening up. That seems a little better. And it seems like tech is starting to feel like it's come back a bit. I know you haven't commented, but can you just characterize what you're seeing also on the just tech-specific installed base and what you're seeing there?

謝謝。達斯汀，也許您可以告訴我們您對未來六到九個月的需求環境的看法。感覺事情正在變得更好，路線正在開放。這樣好像好一點了。科技似乎開始回升。我知道您還沒有發表評論，但是您能否描述一下您在特定技術的安裝基礎上看到的情況以及您在那裡看到的情況？

Yeah, I don't think we're seeing as rosy a demand change as you're implying there. I think what we're saying is mainly things feel stable. They've bottomed out. And depending on the maybe sub-sector, there are some areas of strength.

是的，我認為我們沒有看到像您暗示的那樣樂觀的需求變化。我認為我們所說的主要是感覺穩定。他們已經觸底了。根據可能的子行業，有一些優勢領域。

But yeah, I don't know. I think on the macro side, I generally think there's a lot of volatility, and it's going to be hard to predict. The Fed looks good now, but maybe there will be different inflation expectations over the next few months. So I'm not really banking on a bullish year next year from a macro perspective. I think the strength for signaling is really about the things we can control and being able to be in the market with multiple products.

但是，是的，我不知道。我認為在宏觀方面，我通常認為波動很大，而且很難預測。聯準會現在看起來不錯，但未來幾個月可能會有不同的通膨預期。因此，從宏觀角度來看，我並不真正指望明年會看漲。我認為訊號傳遞的力量實際上在於我們可以控制的事情以及能夠以多種產品進入市場。

And inside tech, how would you characterize that base?

在科技內部，您如何描述這個基礎？

Yeah, that's kind of what I was getting at with the sub-sectors. Obviously, if you're an AI company, you're hiring quite rapidly, and you have enormous budgets. And if you're maybe at the risk of being disrupted by an AI company, things are maybe harder. And I certainly think a lot of the sort of pre-public companies still seem like they're struggling with budget constraints.

是的，這就是我對子行業的看法。顯然，如果你是一家人工智慧公司，你的招募速度會非常快，而且你有大量的預算。如果你可能面臨被人工智慧公司顛覆的風險，事情可能會更困難。我當然認為許多上市前公司似乎仍然在與預算限製作鬥爭。

But that's just sort of -- yeah, impression from talking to entrepreneurs mostly rather than talking to customers. And that's very much like a Silicon Valley sort of take on tech as well. But yeah, I don't quite see the RIP bad time signal yet.

但這只是——是的，主要是與企業家交談而不是與客戶交談的印象。這也很像矽谷對科技的看法。但是，是的，我還沒有完全看到 RIP 壞時間訊號。

Lucky Schreiner, D.A. Davidson.

幸運施賴納，D.A.戴維森。

Thanks for taking my questions. Congrats on the quarter and looking forward to working with you, Sonalee. I wanted to follow up on the macro question actually. Last quarter, you called out a little bit of a tougher macro on longer sales cycles, but it sounds like that might be starting to flip a little bit. You mentioned the customers skipping their POC entirely. What's your sense on where sales cycles are maybe going? Is it fair to say that they're starting to contract a little bit more?

感謝您回答我的問題。恭喜本季度，期待與您合作，Sonalee。我實際上想跟進宏觀問題。上個季度，您對更長的銷售週期提出了更嚴格的宏觀政策，但聽起來這可能開始發生一些變化。您提到客戶完全跳過他們的 POC。您對銷售週期的走向有何看法？可以公平地說，他們開始收縮更多一點嗎？

Yeah. It's Anne. I'll answer that question. Quarter over quarter, I think we're still seeing the sales cycles remain about the same. But for us, I think it's that we've got a better understanding of the landscape, definitely better pipeline inspection driven by our GMs and our sales management. And certainly, we've focused a lot on improving our consistency and speed and deal closure, especially for our larger deal. So I would say quarter over quarter, while we think that macro backdrop hasn't changed significantly, our go-to-market execution is definitely improving. And so that's what we've been focusing on.

是的。是安妮。我來回答這個問題。我認為我們仍然看到每個季度的銷售週期都保持不變。但對我們來說，我認為我們對情況有了更好的了解，在我們的總經理和銷售管理層的推動下，肯定有更好的管道檢查。當然，我們非常注重提高一致性、速度和交易完成，特別是對於我們的較大交易。因此，我想說，雖然我們認為宏觀背景沒有重大變化，但我們的上市執行力肯定在改善。這就是我們一直關注的問題。

Great. And then, Sonalee, I know it's early, but to the extent that you can say, of the three key areas you talked about for efficiencies, is there one that stands out as maybe the biggest opportunity for margin expansion?

偉大的。然後，Sonalee，我知道現在還為時過早，但就您所說的提高效率的三個關鍵領域而言，是否有一個領域可能是利潤擴張的最大機會？

I would say it's quite evenly spread out. I think in terms of driving productivity, sales and marketing probably stands out more than anything. But as I said, we see opportunities -- Dustin, Anne, and myself -- across the board, and we are going to be diving deep in all areas. So watch the space.

我想說它分佈得相當均勻。我認為在提高生產力方面，銷售和行銷可能比什麼都重要。但正如我所說，我們——達斯汀、安妮和我自己——全面看到了機會，我們將深入各個領域。所以要注意空間。

Thank you so much. And this concludes the Q&A session, and I will turn the call back to Dustin for his closing comments.

太感謝了。問答環節到此結束，我將把電話轉回達斯汀，聽取他的結束語。

Yeah. Just a real quick one here before we end the call. Just wanted to recognize that this is Catherine's last earning call with us. She's moving on to another adventure. It's truly been a pleasure working with her over the past few years. So thank you to Catherine for her many contributions.

是的。在我們結束通話之前，先簡單說一下。只是想知道這是凱瑟琳最後一次與我們通話。她即將開始另一場冒險。在過去的幾年裡與她一起工作真的很愉快。感謝凱瑟琳做出的許多貢獻。

(technical difficulty) everybody. Thank you so much, Dustin, and thanks to Anne, and thank you to Sonalee. It's a pleasure to be here and an honor, absolute honor. The last 4.5 years have been wonderful. Thank you and we'll hope to see you guys all soon the road.

（技術難度）大家。非常感謝你，達斯汀，感謝安妮，感謝索納莉。很高興來到這裡，也是一種榮幸，絕對的榮幸。過去的 4.5 年非常美好。謝謝你們，我們希望很快能在路上見到你們。

And thank you all who participated in today's program and you may now disconnect.

感謝所有參加今天節目的人，現在您可以斷開連接了。