Asana Inc (ASAN) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to Asana's fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Asana 第四季和 2025 財年財報電話會議。（操作員指示）

I would now like to hand the call over to Eva Leung, Head of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係主管 Eva Leung。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana's fourth quarter and fiscal year 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 第四季和 2025 財年的財務業績。今天與我一起參加電話會議的還有 Asana 的聯合創始人兼首席執行官達斯汀·莫斯科維茨 (Dustin Moskovitz)；我們的首席營運官兼業務主管 Anne Raimondi；以及我們的首席財務官 Sonalee Parekh。

Today's call will include forward-looking statements including statements regarding the expected release and benefits of our product offerings, including AI Studio and our expectation for revenue to be generated by AI Studio, our expectation for 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.

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發布和優勢的陳述，包括 AI Studio 以及我們對 AI Studio 產生的收入的預期、我們對我們的財務前景的預期、戰略計劃、我們的市場地位和成長機會。前瞻性陳述涉及風險、不確定性和假設，這些風險、不確定性和假設可能導致我們的實際結果與前瞻性陳述表達或暗示的結果有重大差異。

Please refer to our filings with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K 表年度報告和 10-Q 表季度報告，以獲取有關可能導致實際結果與此類聲明中所述的結果存在重大差異的風險、不確定性和假設的更多資訊。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP financial measures and a discussion of the limitation of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings release, which is posted on our Investor Relations website at investor.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 GAAP 財務指標是依照 GAAP 編製的財務績效指標的補充，而非替代或優於這些指標。我們的收益報告提供了 GAAP 和非 GAAP 財務指標之間的對賬，以及使用非 GAAP 指標相對於最接近的 GAAP 指標的局限性的討論，該報告發佈在我們的投資者關係網站 investor.asana.com 上。

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

說完這些，我想把電話轉給達斯汀。

Thank you all for joining us on the call today. We delivered solid Q4 results while building the foundation for profitable growth and continued innovation. In Q4, total revenues were up over 10% year over year, exceeding the top end of our guidance when adjusted for the impact of currency by using prior year FX rates. This reflects continued stabilization in our growth rate.

感謝大家今天參加我們的電話會議。我們在第四季度取得了穩健的業績，同時為獲利成長和持續創新奠定了基礎。第四季度，總收入年增超過 10%，在使用上一年匯率調整貨幣影響後，超過了我們預期的最高水準。這反映出我們的成長率持續穩定。

Non-GAAP operating margins improved more than 800 basis points year over year from an operating loss margin of 9% to an operating loss margin of 1%. We expect to reach non-GAAP profitability in Q1 this year, which Sonalee will discuss in more detail. We hit a significant milestone in our company's history as we reached positive free cash flow for the full year fiscal year '25.

非公認會計準則營業利潤率年增 800 多個基點，從 9% 的營業虧損率提高到 1% 的營業虧損率。我們預計今年第一季將實現非 GAAP 獲利，Sonalee 將對此進行更詳細的討論。我們公司 25 財年全年實現了正自由現金流，這是我們公司歷史上的一個重要里程碑。

I'm particularly proud of the team for managing towards this achievement while simultaneously investing in growth in establishing Asana as a multiproduct company. Once again, our non-tech verticals grew faster than overall growth for the quarter and were up 15% year over year, a slight acceleration when adjusted for currency.

我為團隊取得這項成就的同時投資於將 Asana 打造為多產品公司而感到特別自豪。本季度，我們的非科技垂直產業成長速度再次超過整體成長速度，年增 15%，經貨幣調整後略有加速。

Some of our fastest-growing verticals this quarter includes manufacturing and energy, consumer retail and media. We continue to make progress in our enterprise customer acquisition. Our $100,000 and over customers grew 20% year over year and accelerated from last quarter. Overall, NRR and core customer NRR were stable, and we saw an uptick in in-quarter NRR for these cohorts. During the quarter, we continued to execute on our enterprise strategy, made significant progress in improving profitability and entered a new era as we established ourselves as a multiproduct company with AI Studio.

本季我們成長最快的垂直產業包括製造業和能源業、消費零售業和媒體業。我們在企業客戶獲取方面持續取得進展。我們的 100,000 美元及以上的客戶年增 20%，並且比上一季有加速成長。總體而言，NRR 和核心客戶 NRR 保持穩定，我們看到這些群體的本季度 NRR 有所上升。在本季度，我們繼續執行企業策略，在提高盈利能力方面取得了重大進展，並隨著我們憑藉 AI Studio 成為多產品公司而進入了一個新時代。

This quarter marks a pivotal moment for Asana as we chart our course towards becoming the definitive platform for human AI coordination. It starts with AI Studio. Even before general availability, the momentum is exceeding our expectations. Hundreds of our largest customers are now actively running smart workflows powered by AI Studio. While we anticipated strong enterprise interest, we've been struck by the breadth of demand across all segments.

本季是 Asana 的關鍵時刻，我們正在規劃成為人類人工智慧協調的權威平台。它從 AI Studio 開始。甚至在全面上市之前，其發展勢頭就已經超出了我們的預期。我們數百家最大的客戶目前正在積極運行由 AI Studio 支援的智慧工作流程。雖然我們預期企業會表現出濃厚的興趣，但我們對各領域的需求範圍之廣感到震驚。

The enthusiastic response from mid-market and small business customers prompted us to accelerate our self-serve offering, which we intend to launch around midyear.

中型市場和小型企業客戶的熱烈回應促使我們加快自助服務產品的推出，我們計劃在年中左右推出產品。

To date, thousands of customers have enabled AI Studio with particularly strong adoption in the EMEA region, which is notable given the increased scrutiny and higher bar for AI deployment in that region. We're seeing significant customer demand across industries, from manufacturing and financial services to healthcare and technology. What's particularly exciting is how quickly customers are realizing concrete value.

迄今為止，已有數千名客戶啟用了 AI Studio，尤其是在 EMEA 地區，其應用範圍尤為廣泛，鑑於該地區對 AI 部署的審查越來越嚴格且門檻越來越高，這一點尤為引人注目。我們看到各行各業的客戶需求都很大，從製造業和金融服務業到醫療保健和技術。尤其令人興奮的是客戶能夠如此快速地實現具體的價值。

For example, one global media company has reduced manual work in their creative request process by 60%, while decreasing overall request processing time by 69%. This customer in a matter of a few months has twice purchased additional credits that in total exceed its initial platform credit allotment by 150%. We're standing up a dedicated sales team of AI Studio specialists to capitalize on this opportunity. With millions in pipeline and general availability launching later in Q1 plus thousands of smart workflows already running across our customer base, we're more confident than ever in AI Studio's transformative potential.

例如，一家全球媒體公司將其創意請求流程中的手動工作減少了 60%，同時將整體請求處理時間減少了 69%。這位客戶在短短幾個月內兩次購買了額外的信用額度，總額度超出了其初始平台信用額度分配的 150%。我們正在組建一支由 AI Studio 專家組成的專門銷售團隊來利用這個機會。隨著數百萬個管道和第一季稍後推出的普遍可用性以及數千個智慧工作流程已經在我們的客戶群中運行，我們對 AI Studio 的變革潛力比以往任何時候都更有信心。

Stepping back, my vision for Asana is to be the defining platform for human-AI coordination. This isn't just about adding AI features. It's about fundamentally transforming how organizations coordinate and execute work at scale, enabling more and higher-level work to become self-driving over time.

退一步來說，我對 Asana 的願景是成為人機協調的決定性平台。這不僅僅是添加 AI 功能。它從根本上改變了組織協調和執行大規模工作的方式，使更多更高層級的工作隨著時間的推移變得自動化。

And what's important to understand is AI Studio goes beyond basic AI summarization and chat, it orchestrates real work. Our approach mirrors how organizations themselves adopt AI, starting with specific, well-defined processes and expanding to more dynamic and collaboration as trust grows.

重要的是要理解 AI Studio 超越了基本的 AI 摘要和聊天，它還能協調真正的工作。我們的方法反映了組織本身如何採用人工智慧，從具體的、明確定義的流程開始，隨著信任的成長擴展到更動態和協作。

What sets us apart is our unique foundation, the Work Graph. Unlike standalone AI chatbots or simple task automation, we provide a structured, intuitive framework that both humans and the AI navigate and evolve together.

我們的獨特之處在於我們獨特的基礎—工作圖。與獨立的人工智慧聊天機器人或簡單的任務自動化不同，我們提供一個結構化的、直覺的框架，人類和人工智慧可以共同導航和發展。

This enables us to deliver AI capabilities exactly where teams work, with the essential context and security controls that enterprises demand. And our power extends beyond our proverbial walls. Our strategy is to be the essential coordination layer for humans and AI across all teams and tools. When work happens in Asana or originates in other systems, we intelligently coordinate the right actions, getting approvals, requesting supplies and generating creative assets, all while maintaining complete accountability.

這使我們能夠在團隊工作的地方準確提供人工智慧功能，並提供企業所需的基本環境和安全控制。我們的力量超越了我們眾所周知的牆。我們的策略是成為所有團隊和工具中人類和人工智慧的重要協調層。當工作在 Asana 中發生或源自其他系統時，我們會聰明地協調正確的操作、獲得批准、請求供應和產生創意資產，同時保持完全的責任制。

AI Studio is not only strengthening our core value proposition and the workflows customers rely on Asana for every day, it's also unlocking entirely new use cases. One of our customers, a leading Swiss healthcare company is now using AI Studio to revolutionize SAP process testing by using AI to map complex workflows and dependencies automatically. The system eliminates manual review of 50-plus page documents, creates tasks based on SAP codes and assigns roles dynamically. This saves 13 multiple working days of manual analysis. And the same company has also transformed technician report handling.

AI Studio 不僅強化了我們的核心價值主張和客戶每天依賴 Asana 的工作流程，也開啟了全新的用例。我們的一位客戶是一家領先的瑞士醫療保健公司，目前正在使用 AI Studio 透過使用 AI 自動映射複雜的工作流程和依賴關係來徹底改變 SAP 流程測試。該系統無需手動審查 50 多頁的文檔，可以根據 SAP 代碼建立任務並動態分配角色。這節省了13個工作天的人工分析時間。同一家公司也改變了技術人員報告的處理方式。

They previously lost an estimated $1 million annually to manual data entry errors while processing a high volume of daily PDF reports. Now, AI studio automatically converts these reports into structured Asana tasks, cutting processing time from months to hours. All communication flows through the task level, eliminating e-mail chains and improving accuracy.

此前，他們在處理大量每日 PDF 報告時，每年因手動資料輸入錯誤而損失約 100 萬美元。現在，AI Studio 會自動將這些報表轉換為結構化的 Asana 任務，將處理時間從數月縮短至數小時。所有溝通都透過任務層級進行，消除了電子郵件鏈並提高了準確性。

Our own security team has transformed their mission-critical workflows with AI Studio. They use AI Studio to transform alert and vulnerability management with AI teammates, triaging alerts into three categories: malicious threats requiring investigation, contained threats requiring no action and false positives to ignore.

我們自己的安全團隊已經使用 AI Studio 改變了他們的關鍵任務工作流程。他們使用 AI Studio 與 AI 隊友一起轉變警報和漏洞管理，將警報分為三類：需要調查的惡意威脅、無需採取行動的已控制威脅和需要忽略的誤報。

Every AI action remains inspectable, with clear approval workflows enabling humans to guide and refine the AI's work. AI will increasingly be a part of how the world accomplishes work, and the limiting factor is not going to be AI capability, but the ability for humans to coordinate, guide and collaborate with AI. Asana is positioned to be the first and best to fully unlock this potential.

人工智慧的每一個動作都是可檢查的，清晰的審批工作流程使人類能夠指導和改進人工智慧的工作。人工智慧將越來越多地成為世界完成工作的一部分，而限制因素不是人工智慧的能力，而是人類與人工智慧協調、指導和合作的能力。Asana 的定位是成為第一個也是最好地充分釋放這一潛力的公司。

We see AI evolving along two possible paths: gradual evolution or rapid emergence of AGI. Asana is well positioned for either scenario. As AI continues to advance, organizations need a trusted coordination layer that bridge employees, AI systems and enterprise tools. We provide the critical structure, security and Observability that makes AI workflows governable at scale, connecting goals, tasks and apartments in ways that meet enterprise compliance requirements.

我們看到人工智慧沿著兩條可能的路徑發展：逐步發展或 AGI 的快速出現。Asana 對於任何一種情況都具有良好的定位。隨著人工智慧的不斷發展，組織需要一個可信的協調層來連結員工、人工智慧系統和企業工具。我們提供關鍵的結構、安全性和可觀察性，使 AI 工作流程能夠大規模管理，以滿足企業合規性要求的方式連接目標、任務和公寓。

And we've been laying the groundwork for many years. Importantly, the core fundamentals we built into the Work Graph, project structures, sharing models, permission systems, and collaboration frameworks are likely to become requirements for any platform seeking to coordinate AI and human work at scale. We see other platforms, including the leading AI labs themselves, are realizing they need at least some of the structure to make AI useful in team contexts and thus are beginning to add basic versions of these capabilities, like simple project sharing in AI chat interfaces and lightweight tasks in what were previously simple message and response chat interfaces.

我們已經為此打下基礎很多年了。重要的是，我們在工作圖譜、專案結構、共享模型、權限系統和協作框架中建構的核心基礎很可能成為任何尋求大規模協調人工智慧和人類工作的平台的要求。我們看到其他平台，包括領先的人工智慧實驗室本身，都意識到他們至少需要一些結構才能使人工智慧在團隊環境中發揮作用，因此開始添加這些功能的基本版本，例如在人工智慧聊天介面中共享簡單的項目，以及在以前簡單的訊息和響應聊天介面中進行輕量級任務。

We've spent years refining these essential building blocks in real-world enterprise context, building mature automation system around them and integrating with other services. This gives us a significant head start. Instead of having to build and test these foundational elements from scratch, we can focus on extending our proven structures to support new AI capabilities that we can leverage from leading AI providers. It's unsurprising then that many of the leading AI labs are themselves long-term Asana customers.

我們花了數年時間在現實的企業環境中完善這些基本建置模組，圍繞它們建立成熟的自動化系統並與其他服務整合。這給了我們很大的領先優勢。我們不必從頭開始建立和測試這些基礎元素，而是可以專注於擴展我們經過驗證的結構，以支援我們可以從領先的人工智慧供應商那裡利用的新人工智慧功能。因此，許多領先的人工智慧實驗室本身都是 Asana 的長期客戶，這並不奇怪。

In fiscal '26, we'll build more autonomous agentic capabilities into AI Studio, enabling an adaptive approach to complex work management that customers can delegate as much or as little of a process to an agent as desired. These agents will be designed to intelligently manage both structured and open-ended work by decomposing complex campaigns into step-by-step workflows, automatically assigning tasks across teams, including other AI agents, monitoring progress with real-time adjustments, identifying bottlenecks before they impact deadlines and seamlessly coordinating work across various team tools, all while maintaining human oversight and approval where needed.

在 26 財年，我們將在 AI Studio 中建立更多自主代理功能，從而實現複雜工作管理的自適應方法，客戶可以根據需要將盡可能多的或盡可能少的流程委託給代理商。這些代理商將被設計為智慧地管理結構化和開放式工作，透過將複雜的活動分解為逐步的工作流程，自動在團隊之間分配任務（包括其他AI代理），透過即時調整監控進度，在瓶頸影響最後期限之前識別瓶頸，並無縫協調各個團隊工具之間的工作，同時在需要時保持人工監督和批准。

This blend of flexibility and predictability will help teams work more efficiently while maintaining appropriate controls and oversight. Moreover, our system is built, so humans remain in the loop. For example, if the AI suggests rewriting a sensitive contract, Asana can require approval using our built-in approval workflows before changes go live. This model fosters predictability and confidence that AI will act within well-defined guardrails without requiring you to follow every step as it happens.

這種靈活性和可預測性的結合將幫助團隊更有效率地工作，同時保持適當的控制和監督。此外，我們的系統是建立在人類仍然處於循環之中的基礎上的。例如，如果人工智慧建議重寫一份敏感合同，Asana 可以在更改生效之前使用我們內建的審批工作流程要求批准。該模型增強了可預測性和信心，即人工智慧將在明確定義的護欄內行動，而無需您追蹤其發生的每一步。

What's also distinct about Asana is our competitive advantage doesn't depend on owning massive amounts of data. Instead, we excel at orchestrating work across multiple AI agents and human teams, managing complex access controls and governance frameworks and connecting cross-system workflows, with enterprise-grade reliability. The core fundamentals we built into the Work Graph, project and process structures, sharing models, permission systems and collaboration frameworks give us a big head start and position us to lead the coordination of AI and human work at scale.

Asana 的另一個獨特之處在於，我們的競爭優勢並不依賴擁有大量資料。相反，我們擅長協調多個 AI 代理和人類團隊的工作，管理複雜的存取控制和治理框架，並連接跨系統工作流程，具有企業級可靠性。我們在工作圖譜、專案和流程結構、共享模型、權限系統和協作框架中建立的核心基礎為我們提供了巨大的領先優勢，並使我們能夠引領大規模人工智慧和人類工作的協調。

Our differentiation stems from three key advantages: our Work Graph's clear boundaries and permissions that gives teams transparency and control, Sophisticated human-AI collaboration with inspectable actions and approval workflows and enterprise-ready security with well-engineered access controls, comprehensive audit trails, and industry-leading compliance frameworks.

我們的差異化源於三大關鍵優勢：我們的工作圖譜具有明確的邊界和權限，為團隊提供透明度和控制力；具有可檢查操作和審批工作流程的複雜人機協作；以及具有精心設計的訪問控制、全面的審計跟踪和行業領先的合規框架的企業級安全性。

As I've mentioned in previous calls, we're evolving our pricing model to align with the value we deliver through AI Studio and other advanced capabilities, enabling organizations to scale AI adoption effectively while maintaining clarity and control. This is a new monetization avenue for us, not relying on seats. A small number of users can be large consumers and represent a significant revenue opportunity.

正如我在先前的電話會議中提到的，我們正在改進我們的定價模式，以與我們透過 AI Studio 和其他高級功能提供的價值保持一致，使組織能夠有效地擴展 AI 的採用，同時保持清晰度和控制力。對我們來說，這是一條新的獲利途徑，不依賴席次。少數用戶可以成為大消費者，並代表著巨大的創收機會。

We've structured it in two tiers: Basic and Pro. Each tier runs on a credit system. Think of credits as the fuel for AI workflows. All paying customers have AI Studio basic and the monthly credit allowance scales with the levels. When teams are ready to scale their usage, they can move to our Pro tier.

我們將其分為兩個層級：基礎版和專業版。每個層級都採用信用制度。將信用視為 AI 工作流程的燃料。所有付費客戶都擁有 AI Studio 基本版，每月信用額度隨等級而變化。當團隊準備擴大使用範圍時，他們可以轉向我們的專業層。

The Pro tier, which comes with a much larger quarterly credit allowance, lets you purchase extra credits if needed and the option for implementation services to help teams redesign their workflows. We've built the structure to support organizations at every stage of their AI adoption journey.

Pro 等級具有更大的季度信用額度，可讓您在需要時購買額外信用，並可選擇實施服務來協助團隊重新設計他們的工作流程。我們已經建立了相應的結構來支援各組織在 AI 採用過程中的每個階段。

Before I hand it off to Anne, I want to take a moment to discuss the leadership transition process we announced earlier today. To best position Asana to redefine the future of work through AI and capitalize on a generational opportunity, we announced that I plan to transition from day-to-day operations and CEO role to Board Chair. This will allow me to focus on our AI product vision and strategy, ensuring Asana maintains its category leadership under the evolving AI landscape that's reshaping our industry.

在將會議交給安妮之前，我想花點時間討論我們今天早些時候宣布的領導過渡過程。為了讓 Asana 能夠透過人工智慧重新定義工作的未來並抓住一代人的機遇，我們宣布我計劃從日常營運和執行長角色轉變為董事會主席。這將使我能夠專注於我們的人工智慧產品願景和策略，確保 Asana 在不斷變化的、重塑我們行業的人工智慧格局下保持其類別領導地位。

I'm looking forward to this more focused contribution, where I believe I can add the greatest value to Asana going forward, while stepping away from the day-to-day operational demands that a CEO must prioritize. In addition, I plan to focus more on my philanthropic work through my foundation, Good Ventures. As I reflect on my journey with Asana since cofounding it nearly 17 years ago, I'm filled with immense gratitude. Creating and leading Asana has been more than just building a company.

我期待著做出更有針對性的貢獻，我相信我可以為 Asana 的未來創造最大的價值，同時擺脫 CEO 必須優先考慮的日常營運需求。此外，我計劃透過我的基金會 Good Ventures 更加專注於慈善工作。當我回顧近 17 年前共同創立 Asana 以來的歷程時，我心中充滿了無比的感激。創建和領導 Asana 不僅僅是建立一家公司。

It's been a profound privilege to build something that helps teams do their most meaningful work. What began as a small internal tool at Facebook has evolved into a global platform, empowering millions of users in nearly 200 countries. We've weathered market shifts, navigated pandemic, taking the company public and built something that truly matters, all while maintaining the values that make Asana unique.

能夠建立一些能夠幫助團隊完成最有意義的工作的東西，對我來說是莫大的榮幸。它最初是 Facebook 的小型內部工具，現已發展成為一個全球平台，為近 200 個國家的數百萬用戶提供支援。我們經歷了市場變化的考驗，度過了疫情，將公司上市，並創造了真正重要的東西，同時保持了 Asana 獨特的價值。

The Board is dhas engaged in a thorough process with a leading executive search firm to identify the right successor to oversee Asana's next phase of growth. I'll provide my full assistance to the Board in this search and transition and support my successor when the time comes. And I'll remain CEO until a successor begins in-role. I plan to maintain my shareholdings in the company, given my confidence in Asana's ability to leverage AI to continue transforming how work gets done and create significant long-term value.

董事會正與一家領先的高階主管搜尋公司進行全面溝通，以確定合適的繼任者來監督 Asana 的下一階段發展。我將全力協助董事會進行這項尋找和過渡，並在適當的時候支持我的繼任者。我將繼續擔任執行長直至繼任者上任。鑑於我相信 Asana 能夠利用人工智慧繼續改變工作方式並創造重大的長期價值，我計劃繼續持有該公司的股份。

As you'll hear more from Anne and Sonalee, we are getting better than ever at allocating our resources effectively to drive productivity, boost cash flow and strengthen our financial profile. You're seeing that clearly in the margin expansion we delivered in fiscal year '25 and will continue to deliver in fiscal year '26. I'm confident that an experienced leader, well matched to the company's scale and potential, will build on Asana's strong track record of innovation, including the recent launch of AI Studio and to usher in a new era of growth and profitability.

正如您將從 Anne 和 Sonalee 那裡聽到的，我們在有效分配資源方面比以往任何時候都做得更好，以提高生產力、增加現金流並增強我們的財務狀況。您可以清楚地看到我們在 25 財年實現的利潤率擴張，我們也將在 26 財年繼續實現這一目標。我相信，一位經驗豐富的領導者，與公司的規模和潛力相匹配，將在 Asana 強大的創新記錄（包括最近推出的 AI Studio）的基礎上，開創一個增長和盈利的新時代。

With that, let me turn it over to Anne to discuss our go-to-market momentum and key initiatives and customer wins.

接下來，讓我將主題交給安妮，討論我們的市場進入勢頭、關鍵舉措和客戶勝利。

Thank you, Dustin. On behalf of all Asana, I want to extend my heartfelt appreciation for your unwavering commitment to our mission and thank you for your pivotal contributions in scaling our business. You have redefined how we work and collaborate and set the stage for the company to lead in the new era of human-AI collaboration. When the new CEO is named, I'm excited to work alongside you in your role as Chair to define our AI strategy and vision and further our commitment to empowering global collaboration and driving long-term profitable growth.

謝謝你，達斯汀。我謹代表 Asana 全體人員，衷心感謝您對我們使命的堅定承諾，並感謝您為擴大我們的業務所做的關鍵貢獻。您重新定義了我們的工作和協作方式，為公司引領人機協作新時代奠定了基礎。當新任執行長被任命時，我很高興與您一起以主席的身份制定我們的人工智慧策略和願景，並進一步致力於促進全球合作和推動長期獲利成長。

The strategic investments we've made and continue to make to strengthen our enterprise footprint are delivering meaningful impact. We continue to see strong expansion and renewals from our large enterprise customers, including Epson, Morningstar, a large global food company based in Europe, a leading customer relationship management platform company and a cybersecurity company in the US, to name just a few. We set a new record for multiyear deals this quarter, a testament to our enterprise customers' confidence in Asana and the long-term strategic productivity and collaboration benefits we deliver.

我們為加強企業影響力而做出的以及將繼續做出的策略投資正在產生重大影響。我們繼續看到大型企業客戶的強勁擴張和更新，其中包括愛普生、晨星、一家總部位於歐洲的大型全球食品公司、一家領先的客戶關係管理平台公司和一家美國網路安全公司，等等。本季度，我們創下了多年期交易的新紀錄，證明了我們的企業客戶對 Asana 的信心以及我們提供的長期戰略生產力和協作優勢。

Through our integration with Amazon Q Business, which was announced by Amazon at their re:Invent conference this past December, Asana is now an even more powerful solution for enterprises looking to transform the way they work. This integration offers enterprises smarter workflows, improved productivity and deeper insights that drive efficiency at scale. Our investment in vertically focused go-to-market teams and driving adoption of vertical-specific product use cases is resulting in strong growth in our non-tech verticals, which grew similarly to last quarter in the mid-teens, accounting for over 70% of our business.

透過與 Amazon Q Business 的整合（亞馬遜於去年 12 月在其 re:Invent 大會上宣布了這一消息），Asana 現在已成為尋求改變工作方式的企業的更強大的解決方案。這種集成為企業提供了更智慧的工作流程、更高的生產力和更深入的洞察力，從而提高了規模效率。我們對垂直行銷團隊的投資以及對垂直特定產品用例的推動，導致我們的非技術垂直領域實現了強勁增長，與上一季相比，該領域的增長率約為 15% 左右，占我們業務的 70% 以上。

We are seeing particular strength in health care, manufacturing, retail and consumer goods and media and entertainment. A few customer examples in our strategic verticals, I want to highlight are: we added a new biotech customer in Japan who selected Asana primarily for our AI studio capabilities. They will be using our platform to manage their drug stability testing, replacing their previously manual Excel-based process. AI Studio can help them automatically set up complex drug safety testing projects with dynamic requirements and extensive cost structures.

我們看到醫療保健、製造業、零售和消費品以及媒體和娛樂業尤其強勁。我想強調我們策略垂直領域的一些客戶範例：我們在日本增加了一個新的生物技術客戶，他選擇 Asana 主要是因為我們的 AI 工作室功能。他們將使用我們的平台來管理他們的藥物穩定性測試，取代先前基於 Excel 的手動流程。AI Studio 可以幫助他們自動設定具有動態要求和廣泛成本結構的複雜藥物安全測試項目。

It eliminates manual task creation and provides more flexibility than standard project templates while reducing workload for the employees. We continue to see growth within the manufacturing sector, especially with AI Studio, where we have built a large and growing pipeline. For example, ONE of the world's leading overhead crane and hoist manufacturers based in Germany relies on Asana and is leveraging AI Studio to digitize their work processes to increase transparency and efficiency so they can adapt to new market requirements.

它消除了手動任務創建，比標準專案範本提供了更大的靈活性，同時減少了員工的工作量。我們繼續看到製造業的成長，尤其是 AI Studio，我們已經建立了龐大且不斷成長的管道。例如，總部位於德國的一家全球領先的高架起重機和起重機製造商依賴 Asana，並利用 AI Studio 將其工作流程數位化，以提高透明度和效率，從而適應新的市場需求。

Asana is used across the company, including production and facility management. While tech continues to drag on our overall growth on a constant currency basis, we saw another quarter of stabilization of ARR in this vertical. In the quarter, we added ZoomInfo, a leading go-to-market intelligence platform as a new customer as they will leverage Asana to be the platform of choice for their marketing campaign launches and with their PMO teams.

Asana 在整個公司範圍內使用，包括生產和設施管理。儘管以固定匯率計算，科技仍繼續拖累我們的整體成長，但我們看到該垂直產業的 ARR 在另一個季度趨於穩定。在本季度，我們增加了領先的市場智慧平台 ZoomInfo 作為新客戶，因為他們將利用 Asana 作為其行銷活動啟動和 PMO 團隊的首選平台。

International markets remain a key strength for our business, driven by growing global demand for our platform. As organizations worldwide recognized the value of Asana in streamlining collaboration and driving productivity, our international revenue grew 14% year over year, reflecting an acceleration in growth from the previous quarter.

由於全球對我們平台的需求不斷增長，國際市場仍然是我們業務的主要優勢。隨著全球各地的組織認識到 Asana 在簡化協作和提高生產力方面的價值，我們的國際收入年增 14%，反映出較上一季的成長加速。

Despite our successes in moving upmarket with non-tech verticals and internationally, we have more work to do to accelerate growth, in particular, continuing to offset the macro-driven impact on expansion with new business, better allocating our go-to-market resources to drive increased productivity and expanding our presence with the channel.

儘管我們在非技術垂直市場和國際市場上取得了成功，但我們仍需做更多工作來加速成長，特別是繼續抵消宏觀驅動對新業務擴張的影響，更好地分配我們的市場資源以提高生產力並擴大我們在通路中的影響力。

First, new business. We have strategically shifted our focus to accelerate new business acquisitions. This has led to strong growth in new business bookings in fiscal year '25 and it will continue to be a key focus in fiscal year '26. New business has helped offset the impact of headwinds to expansion, partly due to broader macroeconomic softness, particularly in the technology vertical, where we expect macro-driven softness to persist. While gross retention has been stable, our net retention rate has been most impacted by pressure on expansion.

第一，新業務。我們已策略性地轉移重點，以加速新業務的收購。這導致 25 財年新業務訂單強勁成長，並將繼續成為 26 財年的重點。新業務有助於抵消擴張阻力的影響，部分原因是宏觀經濟普遍疲軟，特別是在技術垂直領域，我們預期宏觀驅動的疲軟將持續存在。雖然總留存率一直保持穩定，但我們的淨留存率受到擴張壓力的影響最大。

To accelerate the pace of new business acquisition and increase our retention and ability to expand with new customers over time. we are refining our pricing and packaging strategies to better align price to customer value along the customer journey and within each market. This is a key lever to ensure customers remain engaged and that any friction around cost versus value is minimized. For our self-service customers, we believe better aligning price to value will drive growth in the pipeline, improve conversion, enhance retention and drive the adoption of AI Studio.

加快新業務獲取的步伐，提高我們隨著時間的推移保留新客戶和擴展新客戶的能力。我們正在完善我們的定價和包裝策略，以便在客戶旅程中以及每個市場內更好地使價格與客戶價值保持一致。這是確保客戶保持參與並盡量減少成本與價值摩擦的關鍵槓桿。對於我們的自助服務客戶，我們相信更好地將價格與價值相結合將推動通路成長、提高轉換率、增強保留率並推動 AI Studio 的採用。

Price test in select geographic markets have shown a positive trade-off between price and seat volume. We plan to roll out self-service pricing changes in select geographic markets later this year. For enterprise and sales-led customers, aligning price to value for new business in fiscal year '25 has been a key strength with the growth from new business offsetting the headwind we have faced from net retention.

在選定的地理市場進行的價格測試表明，價格和座位數量之間存在正相關關係。我們計劃今年稍後在部分地區市場推出自助服務定價變更。對於企業和銷售主導的客戶來說，25 財年新業務的價格與價值保持一致是一個關鍵優勢，新業務的成長抵消了我們在淨保留方面面臨的阻力。

As a result of proper price-to-value alignment, we expect these customers to both scale up the size of their initial deployment and become more likely to expand seats and progressively adopt our higher-value functionality over time. We believe this creates a natural growth pathway that benefits both customers and Asana. In addition, we are delivering increased value to customers with AI Studio and other add-ons later this year, such as resource management, which add incremental revenue streams to offset expansion pressure from upselling seats and packages.

透過適當的價格與價值調整，我們預計這些客戶不僅會擴大其初始部署的規模，而且更有可能擴大席位並隨著時間的推移逐步採用我們更高價值的功能。我們相信，這將創造一條對客戶和 Asana 都有利的自然成長途徑。此外，我們將在今年稍後透過 AI Studio 和其他附加元件（例如資源管理）為客戶提供更高的價值，這將增加增量收入來源，以抵消追加銷售座位和套餐帶來的擴張壓力。

Add-ons, given the value they deliver to customers, also lead to higher retention customers and a consumption revenue stream from a subset of AI Studio customers. our entire go-to-market organization is now enabled on AI Studio, and it will be generally available to all customers in Q1. Despite being in early access, as Dustin mentioned, we already have multimillion dollar pipeline, paying customers and thousands of smart workflows running across our customer base.

考慮到附加元件向客戶提供的價值，它們還可以提高客戶保留率，並從 AI Studio 客戶子集獲得消費收入流。我們整個行銷組織現在都已啟用 AI Studio，並將在第一季向所有客戶全面開放。儘管還處於早期階段，但正如達斯汀所說，我們已經擁有數百萬美元的管道、付費客戶和在客戶群中運行的數千個智慧工作流程。

We've also implemented a more systematic approach to new customer onboarding, ensuring customers adopt our higher-value use cases early in their journey and realize value early on. We saw adoption of more advanced features like portfolios, goals, reporting and resource management increase by over 50% in the past year. In addition, we are delivering personalized, preconfigured use cases tailored to industries, roles and organizational needs.

我們還實施了更系統化的方法來引導新客戶，確保客戶在旅程早期採用我們更高價值的用例並儘早實現價值。我們發現，在過去的一年裡，投資組合、目標、報告和資源管理等更高階功能的採用率增加了 50% 以上。此外，我們還提供根據行業、角色和組織需求量身定制的個人化、預先配置的用例。

We believe this can lead to increased adoption of workflows in Asana, which drives more value and opens up AI Studio opportunities in our base. The introduction of view-only licenses expose a greater portion of our customers' employees to Asana's capabilities, which we believe will lead to increased adoption and future upgrades to paid licenses. We have seen some early evidence of this with 25% of view-only users converting to paid licenses since we launched view-only in 2023.

我們相信，這可以增加 Asana 中工作流程的採用，從而創造更多價值並在我們的基礎上開闢 AI Studio 機會。僅查看許可證的推出使更多客戶的員工能夠接觸到 Asana 的功能，我們相信這將導致採用率的提高和未來付費許可證的升級。我們已經看到了一些早期證據：自 2023 年推出僅限觀看功能以來，25% 的僅限觀看用戶已轉換為付費授權。

Second, resource allocation and sales and marketing productivity. We reallocated resources to optimize capacity alignment across segments, geographic territories and marketing channels. This includes both reallocating resources and making investments in channel, AI Studio specialists and vertically focused teams to drive increased productivity, expand our reach and scale our AI Studio motion. We anticipate productivity metrics to show improvement throughout the year because of better territory design and allocation of resources and investments into higher-growth motions. Third, increasing our channel presence.

第二，資源配置和銷售及行銷生產力。我們重新分配資源，以優化各部門、地理區域和行銷通路的產能調整。這包括重新分配資源和對管道、AI Studio 專家和垂直重點團隊進行投資，以提高生產力、擴大我們的覆蓋範圍並擴大我們的 AI Studio 動作。我們預計，由於區域設計更加完善以及資源和投資向高成長領域分配更加合理，生產力指標將在全年得到改善。第三，增加我們的通路影響力。

We recognize that we're underpenetrated with the channel, which is a significant portion of the market and a key growth driver where we have experienced significantly higher net retention rates. We have already implemented a new channel strategy. And though it's still early, we've had significant wins through partners and have experienced very strong growth in partner source deals in fiscal year '25.

我們認識到，我們對該通路的滲透率還不夠，該通路佔據了市場的很大一部分，也是我們實現淨留存率顯著提高的關鍵成長動力。我們已經實施了新的通路策略。雖然現在還為時過早，但我們已經透過合作夥伴取得了重大勝利，並且在 25 財年的合作夥伴來源交易中經歷了非常強勁的成長。

We have expanded our partner community, adding several large system integrators, including Datacom in Australia, a major systems integrator in Japan and a teaming agreement with a global systems integrator based in the United States.

我們擴大了合作夥伴社區，增加了幾家大型系統整合商，包括澳洲的 Datacom、日本的一家主要係統整合商以及與一家位於美國的全球系統整合商達成的合作協議。

To accelerate our presence with the channel further, we are revamping our partner program, which will include new tooling and a partner academy and directory, which are set to launch in Q1. This program will better incentivize partners through a performance-based tiering framework. In addition, we have transitioned selected geographic regions from direct sales to channel-led distribution to better expand our reach in these markets in a more cost-effective manner.

為了進一步加快我們在該管道的影響力，我們正在改進我們的合作夥伴計劃，其中將包括新的工具和合作夥伴學院和目錄，這些都將在第一季推出。該計劃將透過基於績效的分層框架更好地激勵合作夥伴。此外，我們已將部分地理區域從直銷轉變為通路主導分銷，以便以更具成本效益的方式更好地擴大我們在這些市場的影響力。

Our strategic priorities and growth initiatives are centered around the customer. We believe these initiatives will ultimately lead to increased seat growth, improve customer retention and long-term growth acceleration. I'm excited to share the progress we are making executing against these priorities throughout fiscal year '26.

我們的策略重點和成長計劃以客戶為中心。我們相信這些舉措最終將帶來座位數的成長、提高客戶留任率和加速長期成長。我很高興與大家分享我們在 26 財年執行這些優先事項所取得的進展。

And now I'll turn it over to Sonalee.

現在我將把時間交給 Sonalee。

Thanks, Anne. Dustin, I also want to share my sincere thanks for everything you have done to make Asana the great company it is today. I look forward to partnering closely with you in your new role as we establish Asana as the leading platform for human-AI coordination and usher in a new era of growth and profitability.

謝謝，安妮。達斯汀，我也想對您為使 Asana 成為今天這樣偉大的公司所做的一切表示誠摯的感謝。我期待在您的新職位上與您密切合作，共同將 Asana 打造為人機協調的領先平台，開啟成長和盈利的新時代。

Now on to the quarterly results. Q4 revenues came in at $188.3 million, up 10% year over year. If we adjusted for currency impact by using prior year FX rates, revenues would have been $189.1 million, up 10.5% year over year. We have 24,062 core customers, or customers spending $5,000 or more on an annualized basis. Revenues from core customers grew 11% year over year.

現在來看看季度業績。第四季營收為 1.883 億美元，年增 10%。如果我們使用上一年的外匯匯率調整貨幣影響，營收將達到 1.891 億美元，年增 10.5%。我們擁有 24,062 名核心客戶，即每年消費 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 revenues in Q4, consistent with the year ago quarter.

這群人占我們第四季營收的 75%，與去年同期持平。

We have 726 customers spending $100,000 or more on an annualized basis and this customer cohort grew at 20% year over year, an acceleration for two consecutive quarters. As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter. Our overall dollar-based net retention rate was 96%. Our dollar-based net retention rate for our core customers was 97%. And among customers spending $100,000 or more, our dollar-based net retention rate was 96%.

我們有 726 位客戶，年消費金額達 10 萬美元或以上，該客戶群較去年同期成長 20%，連續兩季加速成長。提醒一下，我們根據特定季度的年度 GAAP 收入來定義這些客戶群。我們的整體美元淨留存率為 96%。我們核心客戶的美元淨留存率為 97%。對於消費金額為 100,000 美元或以上的客戶，我們的美元淨留存率為 96%。

As a reminder, our dollar-based net retention rate is a trailing 4-quarter average calculation and thus a lagging indicator. However, it's important to highlight the in-quarter trends as we go through this transition. Once again, our in-quarter dollar-based net retention rates were stable and Q4 overall and core customer dollar-based net retention continued to improve and was slightly better than Q3.

提醒一下，我們基於美元的淨留存率是過去 4 個季度的平均計算結果，因此是一個落後指標。然而，在我們經歷這一轉變時，強調季度趨勢非常重要。再次，我們本季的美元淨留存率保持穩定，第四季整體和核心客戶美元淨留存率持續改善，略優於第三季。

Now moving to profitability, where I will be discussing non-GAAP results. Gross margins came in at 90%. Research and development was $54.7 million, or 29%, of revenue. Sales and marketing was $85 million, or 45% of revenue. G&A was $31.1 million or 17% of revenue.

現在轉向盈利能力，我將討論非 GAAP 結果。毛利率達到90%。研發支出為 5,470 萬美元，佔營收的 29%。銷售和行銷收入為 8,500 萬美元，佔收入的 45%。一般及行政費用為 3,110 萬美元，佔收入的 17%。

Operating loss was $1.7 million, and our operating loss margin was 1%, which improved over 800 basis points versus last year and over 200 basis points better than our guidance.

營業虧損為 170 萬美元，營業虧損率為 1%，比去年同期改善了 800 多個基點，比我們的預期高出 200 多個基點。

Net loss was $438,000 and our net loss per share was $0.00. Our profitability improvement was and will continue to be driven by five main levers. One, we are seeing the benefits of operating leverage as we scale, given our recurring revenue base and 90% gross margin; two, we are prioritizing more efficient labor spend and taking further steps to improve the productivity of our workforce. We made the extremely difficult decision last month to reduce our full-time workforce by approximately 5% to ensure our cost base is aligned with our strategic priorities, and we enhance our ability to reallocate spend to areas that drive higher productivity and position us for long-term revenue growth acceleration.

淨虧損為 438,000 美元，每股淨虧損為 0.00 美元。我們的獲利能力提升過去和將來都將繼續受到五個主要槓桿的推動。首先，考慮到我們的經常性收入基礎和 90% 的毛利率，隨著規模擴大，我們看到了經營槓桿帶來的好處；二是優先提高勞動力支出效率，採取進一步措施提高勞動力的生產效率。上個月，我們做出了一個極其艱難的決定，將全職員工人數減少約 5％，以確保我們的成本基礎與我們的戰略重點保持一致，並增強我們將支出重新分配到可提高生產力的領域的能力，並使我們為長期收入增長加速做好準備。

This action impacted R&D, sales and marketing and G&A. And thus, we expect to deliver meaningful cost improvement in all three areas in fiscal year '26. Three, we are rationalizing and reallocating program spend such as marketing and lead generation activities to ensure they meet our ROI hurdle rates as well as being judicious around all discretionary spend. Four, we are consolidating vendors to simplify our procurement process and deploying AI Studio throughout our organization to drive increased productivity.

這項措施影響了研發、銷售和行銷以及一般行政費用。因此，我們預計在 26 財年這三個領域都將實現顯著的成本改善。第三，我們正在合理化和重新分配行銷和潛在客戶開發活動等專案支出，以確保它們滿足我們的投資報酬率最低率，並明智地使用所有可自由支配的支出。第四，我們正在整合供應商以簡化我們的採購流程，並在整個組織中部署 AI Studio 以提高生產力。

One example being our security team leveraging AI studio for alert and vulnerability management, which has reduced our reliance on an external vendor in this area. Five, we have and will continue to shift a portion of new hiring and backfilling to lower cost locations like Warsaw and Reykjavík to drive closer towards industry benchmarks for onshore, offshore mix of headcount. The net result of these initiatives is an expected over 1,000-basis-point expansion in our non-GAAP operating margin in fiscal year '26 versus fiscal year '25, continuing the momentum on the 800-plus-basis-point margin improvement we already made this past quarter.

一個例子是我們的安全團隊利用 AI 工作室進行警報和漏洞管理，這減少了我們在該領域對外部供應商的依賴。第五，我們已經並將繼續將一部分新招募和補充人員轉移到華沙和雷克雅未克等成本較低的地區，以更接近陸上、海上員工人數組合的行業基準。這些措施的最終結果是，預計 26 財年我們的非 GAAP 營業利潤率將比 25 財年增加 1,000 個基點以上，延續上個季度我們已經實現的 800 多個基點的利潤率增長勢頭。

Looking at highlights from the full fiscal year. Fiscal year revenue grew 11% year over year to $723.9 million. We added over 2,400 core customers during the year. Revenue from our core customers grew over 12% year over year. This cohort represented 72% of our revenues for the full year. And we also added nearly 120 customers spending $100,000 or more on an annualized basis during the year.

回顧整個財政年度的亮點。財政年度營收年增 11% 至 7.239 億美元。我們在這一年增加了超過 2,400 名核心客戶。來自我們核心客戶的營收年增超過12%。這批客戶貢獻了我們全年收入的 72%。並且，我們在這一年中也增加了近 120 名年消費達 10 萬美元或以上的客戶。

Moving on to balance sheet and cash flow. Cash and marketable securities at the end of Q4 were approximately $466.9 million. Our remaining performance obligations, or RPO, was $430.8 million, up 23% from the year ago quarter. This is a reacceleration from last quarter, driven by multiyear deals and conversion of monthly and annual contracts to multiyear at renewal. 81% of RPO will be recognized over the next 12 months.

繼續討論資產負債表和現金流。第四季末的現金和有價證券約為 4.669 億美元。我們的剩餘履約義務（RPO）為 4.308 億美元，比去年同期成長 23%。這是上一季的再次加速，受多年期交易以及續約時月度和年度合約轉換為多年期合約的推動。 81% 的 RPO 將在未來 12 個月內確認。

That current portion of RPO also accelerated and grew 19% from the year ago quarter. Our total ending Q4 deferred revenue was $302.8 million, up 12% year over year.

RPO 的當前部分也加速成長，較去年同期成長了 19%。我們第四季的遞延收入總額為 3.028 億美元，年增 12%。

We achieved a significant milestone this quarter in generating positive free cash flow above the target we set in Q4 of last year and ending the fiscal year with positive free cash flow for the full year. Q4 free cash flow was $12.3 million or 7% on a margin basis. Free cash flow for the full fiscal year was $2.6 million, a $34 million improvement year over year.

本季度，我們實現了一個重要的里程碑，即產生的正自由現金流超過了我們去年第四季度設定的目標，並且本財年結束時全年的自由現金流均為正。第四季自由現金流為 1,230 萬美元，以利潤率計算為 7%。整個財年的自由現金流為 260 萬美元，比去年同期增加了 3,400 萬美元。

Related to the headcount actions we took in February to reduce our workforce by approximately 5%, we incurred a $4.5 million restructuring charge in Q4, and expect to incur an additional $2.5 million in Q1. We expect to make the full $7 million cash payment associated with this charge in Q1.

由於我們在二月採取了裁員約 5% 的措施，我們在第四季度產生了 450 萬美元的重組費用，預計在第一季還將產生 250 萬美元的重組費用。我們預計將在第一季全額支付與此項費用相關的 700 萬美元現金。

Moving to guidance. Underlying our guidance are the following assumptions: One, while we believe there is increasing risk of a macroeconomic slowdown in our guidance, we have assumed no material change to the current macroeconomic climate or spending environment. This includes SMB, enterprise and the technology sector, the latter of which has been a headwind to our overall growth.

轉向指導。我們的指導基於以下假設：第一，雖然我們認為我們的指導中宏觀經濟放緩的風險正在增加，但我們假設當前的宏觀經濟環境或支出環境不會發生重大變化。其中包括中小型企業、企業和技術部門，後者一直是我們整體成長的阻力。

Two, as Anne outlined, we are optimizing our go-to-market by reallocating a portion of resources where we had overcapacity in certain territories, motions and marketing channels to higher growth and ROI motions and channels. This includes both reallocation and additional investment that has been freed up through our efficiency initiatives. While the full impact of these investments will take several quarters to materialize, we expect to see incremental revenue benefits beginning in the second half of fiscal year '26 with more meaningful acceleration of revenue and NRR in fiscal year '27.

第二，正如安妮所概述的，我們正在透過將某些地區、動作和行銷管道中產能過剩的部分資源重新分配到成長更快、投資回報率更高的動作和管道，來優化我們的市場進入方式。這包括重新分配和透過我們的效率措施釋放的額外投資。雖然這些投資的全部影響需要幾個季度才能實現，但我們預計從 26 財年下半年開始會看到增量收入收益，並在 27 財年看到收入和 NRR 更有意義的加速成長。

As a result, we anticipate our ARR growth will outpace our revenue growth in fiscal year '26. AI Studio has the potential to drive material contribution to our growth. However, it is still early with the product only going into GA later this quarter. Until adoption and usage patterns become clearer, and we can thus project the impact of AI studio with greater fidelity, we're factoring in a modest contribution from AI studio in fiscal year '26.

因此，我們預計 26 財年的 ARR 成長將超過營收成長。AI Studio 有潛力為我們的成長做出實質的貢獻。不過，現在還為時過早，因為該產品要到本季晚些時候才能正式上市。在採用和使用模式變得更加清晰之前，我們可以更準確地預測 AI 工作室的影響，我們將在 26 財年將 AI 工作室的適度貢獻納入考量。

Four, the full impact of cost efficiency and productivity initiatives will be realized fully by Q4 '26. Given this ramp, we expect to see sequential improvement in our operating margin over the course of this year, with an exit Q4 fiscal year '26 operating margin that is in excess of our full year guidance.

第四，成本效率和生產力措施的全部影響將在2026年第四季全面實現。鑑於這一成長勢頭，我們預計今年我們的營業利潤率將持續提高，2026 財年第四季的營業利潤率將超過我們的全年預期。

Given the strengthening of the dollar in Q4, particularly versus the euro and yen, which represent our largest exposure, we have experienced a reduction to annual recurring revenue attributable to exchange rate fluctuations and thus impact our guidance for Q1 and full year fiscal year '26. For Q1 fiscal '26, we expect revenues of $184.5 million to $186.5 million, representing 7% to 8% growth year over year. Adjusting for currency impact using prior year FX rates, plus the leap year impact on Q1 revenue, growth rates would have been 9% to 10%.

鑑於第四季度美元走強，特別是兌歐元和日圓（我們最大的曝險），我們的年度經常性收入因匯率波動而減少，從而影響了我們對 26 財年第一季和全年的預期。對於 26 財年第一季度，我們預計營收為 1.845 億美元至 1.865 億美元，年增 7% 至 8%。根據上一年外匯匯率調整貨幣影響，加上閏年對第一季營收的影響，成長率將達到 9% 至 10%。

We expect non-GAAP operating profit of $2 million to $3 million, representing an operating margin of 1% to 2%. And we expect non-GAAP net income per share of $0.02 assuming diluted weighted average shares outstanding of approximately 245 million.

我們預計非公認會計準則營業利潤為 200 萬至 300 萬美元，營業利潤率為 1% 至 2%。假設稀釋加權平均流通股數約為 2.45 億股，我們預期非 GAAP 每股淨收益為 0.02 美元。

For the full fiscal year 2026, we expect revenues to be in a range of $782 million to $790 million, representing a growth rate of 8% to 9% year over year. Adjusting for currency impact using prior year FX rates on full year revenue, our growth rate would have been 9% to 10%. We expect non-GAAP operating margin of at least 5% and non-GAAP net income per share of $0.19 to $0.20 assuming diluted weighted average shares outstanding of approximately 247 million.

對於 2026 財年全年，我們預計營收將在 7.82 億美元至 7.9 億美元之間，年增 8% 至 9%。在根據上一年的外匯匯率對全年收入的貨幣影響進行調整後，我們的成長率將達到 9% 至 10%。我們預期非公認會計準則營業利潤率至少為 5%，非公認會計準則每股淨收益為 0.19 美元至 0.20 美元，假設稀釋加權平均流通股數約為 2.47 億股。

As I shared last quarter, Dustin and I are focused on executing on a long-term plan that enables Asana to accelerate growth while materially expanding profitability. We have transformed ourselves into a multiproduct company and believe the investments we are making position us for long-term growth acceleration and strengthen our position as the CWM leader in the age of AI.

正如我上個季度所分享的，達斯汀和我專注於執行一項長期計劃，使 Asana 能夠加速增長，同時大幅提高盈利能力。我們已轉型為多產品公司，並相信我們正在進行的投資將使我們實現長期成長加速，並鞏固我們作為人工智慧時代 CWM 領導者的地位。

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

接線員，現在我們可以回答問題了。

(Operator Instructions) Pinjalim Bora, JPMorgan.

（操作員指令）Pinjalim Bora，摩根大通。

Sonalee, two questions for you. Maybe unpack the assumptions in the guidance a little bit. What are you assuming from an NRR standpoint, are you assuming that going above 100%? And then it seems like AI, you're seeing some modest contribution there. Any way to quantify that?

Sonalee，我想問你兩個問題。也許可以稍微解開指南中的假設。從 NRR 的角度來看，您假設什麼？您是否假設它會超過 100%？然後看起來就像人工智慧一樣，你會看到它做出了一些適度的貢獻。有什麼方法可以量化嗎？

And then lastly, on efficiency, I mean you are already seems like talking about a 1,000-basis-point improvement to plus 5%. That's impressive. But as we embark on this journey, how do you define success if you kind of look forward a couple of years, where does that 5% go? Where do you think are kind of low-hanging fruit on kind of the OpEx lines and where they settle over the next couple of years?

最後，關於效率，我的意思是您似乎已經在談論提高 1,000 個基點至 5% 左右。這真令人印象深刻。但當我們踏上這段旅程時，如果你展望幾年後，你如何定義成功，那 5% 會去哪裡？您認為在 OpEx 領域中哪些方面是容易實現的？未來幾年它們會在哪裡穩定下來？

Sure. Sure. Thanks for the question. I'm going to start, and then I may hand over to Dustin just on the AI Studio part and then cover your question around the margin guide as well. So firstly, on putting the guide into context, first and foremost, what I would say is that if you look at the Q1 guide, there is a full 2 percentage points of impact that's factored in from both the leap year from last year that obviously didn't occur this year as well as FX.

當然。當然。謝謝你的提問。我要開始了，然後我可能會把 AI Studio 部分交給 Dustin，然後也會回答你關於邊距指南的問題。因此，首先，將指南放在上下文中，首先我想說的是，如果你看一下第一季的指南，你會發現有整整 2 個百分點的影響，既包括去年的閏年，而今年顯然沒有出現閏年，也包括外匯的影響。

So ex that, our guidance would have been 2 percentage points higher on top line. And that's because on a currency basis, about 25% of our ARR is nondollar-denominated. And then if you also look at Q1 last year, so Q1 '25, although, typically, Q1 is a seasonally weak quarter for us, if you look at Q1 '25, it was actually a very strong growth quarter in terms of revenue growth, but a less good quarter in terms of bookings. So it's also an extremely difficult comp.

因此，除此之外，我們的預期收入將會高出 2 個百分點。這是因為，以貨幣計算，我們的約 25% ARR 是非美元計價的。然後，如果您再看看去年第一季度，即 2025 年第一季度，雖然通常情況下，第一季度對我們來說是一個季節性疲軟的季度，但如果您看一下 2025 年第一季度，就會發現就收入增長而言，這實際上是一個非常強勁的增長季度，但就預訂量而言，這是一個不太好的季度。所以這也是一場極為困難的比賽。

So what I would say there is, as I think about Q1, I'm thinking about acceleration in terms of ARR growth, so ARR growth is expected to outpace our revenue growth in Q1, and that actually should hold true for the full year as well. Now obviously, we don't guide on ARR, but I think it's important just in terms of understanding that ARR is the leading indicator and that we do expect to outpace our overall revenue growth for the year. I'm just going to hand over to Dustin on the AI Studio impact in that guide.

所以我想說的是，當我考慮第一季時，我正在考慮 ARR 成長的加速，因此預計 ARR 成長將超過我們第一季的營收成長，實際上這也應該適用於全年。顯然，我們不會根據 ARR 做出指導，但我認為重要的是要理解 ARR 是領先指標，而我們確實預計今年的收入成長將超過整體收入成長。我只是要把指南中關於 AI Studio 的影響交給達斯汀。

Yes, great. We knew this would come up because on the last quarter's call, I was very enthusiastic about AI Studio, and I still am. But I mentioned, I really think of it as a very high beta opportunity. So it could be a solid base hit for the company or could be a grand slam. And I want to explain why it's been hard to narrow the range of expectations, and that's why we haven't given you a more exciting guide or more data to build a proper model.

是的，太棒了。我們知道這會發生，因為在上個季度的電話會議上，我對 ​​AI Studio 非常熱衷，現在仍然如此。但我提到過，我確實認為這是一個非常高 beta 值的機會。因此，對於該公司來說，這可能是一次穩固的安打，也可能是一次大滿貫。我想解釋為什麼縮小預期範圍很困難，這就是為什麼我們沒有給你更令人興奮的指南或更多的數據來建立合適的模型。

So when we've been forecasting internally, we repeatedly come to two specific variables that the model is incredibly sensitive to. But they're actually [tiny percents] with very large error margins, so they create big swings in the outcome. So the first is how many of our customers are going to adopt Studio at all. And generally, how many of our users are potential workflow builders.

因此，當我們進行內部預測時，我們會反覆遇到模型極度敏感的兩個特定變數。但它們實際上是[微小的百分比]，具有很大的誤差幅度，因此會導致結果的巨大波動。因此，第一個問題是，我們有多少客戶會採用 Studio。一般來說，我們的使用者中有多少是潛在的工作流程建構者。

So we started by approaching our power users, the people who we think make great early adopters. That's going really well.

因此，我們開始接觸我們的超級用戶，也就是我們認為可以成為優秀早期採用者的人。一切進展順利。

I think we can forecast that now. But there's a much larger potential population of non-power users. And the difference between converting 1% or 3% or 5% of that population is just a massive swing in the model. It's really going to depend on things like how effective our marketing is and how easy we make it to customize out-of-box workflows.

我想我們現在就可以預測這一點。但潛在的非高級用戶群體要大得多。而轉變 1%、3% 或 5% 的人口之間的差異只是模型中的巨大波動。這實際上取決於諸如我們的行銷效果如何以及我們如何輕鬆自訂開箱即用的工作流程等因素。

So I think we're going to learn a lot more about that when we launch self-serve around midyear and as we improve the builder experience in the out-of-box workflow experience. Second big one, and I think this will be universal to all consumption AI models. Internally and externally, I've seen people try and estimate the average level of consumption to understand how we'll build a consumption business. And I feel very clear that's just not going to be the correct way to model it.

因此，我認為，當我們在年中推出自助服務時，以及當我們改進開箱即用工作流程體驗中的建構器體驗時，我們將會學到更多有關這方面的知識。第二個重要點，我認為這將適用於所有消費 AI 模型。在內部和外部，我看到人們試圖估計平均消費水平，以了解我們如何建立消費業務。我很清楚這不是正確的建模方式。

Instead, there's going to be a stratification with a small portion of customers consuming the vast majority of credits like an 80-20 rule or probably a power law distribution. And I've seen plenty enough to be fully confident we're going to have some of those as we refer to them [whales], individual customers paying six figures, maybe even seven figures for consumption by the end of the year. But I haven't seen enough to know whether there's going to be 5 of those or 50 or even 5,000. So again, massive swing on the model.

相反，會出現分層，一小部分客戶消耗絕大多數信用，就像 80-20 規則或冪律分佈一樣。我已經看到足夠多的例子，完全有信心我們將擁有一些我們所說的“鯨魚”，即個人客戶，他們在年底前將支付六位數，甚至七位數的消費費用。但我看的還不夠多，不知道會有 5 個，還是 50 個，甚至 5,000 個。因此，模型再次發生了巨大變化。

Finally, the channel is just getting ramped up on AI Studio and we've already scaled our partner network nearly 8x since the end of Q1. And partners -- I assume that's the end of Q4. But partners are going to be key to driving AI Studio and really think there's a lot of potential there. In fact, we've already had one of our initial customers, the builder inside that customer was so excited by AI Studio. He's deciding to maybe spin out and actually start a consultancy dedicated on Asana AI Studio workflows.

最後，AI Studio 的管道剛開始擴張，自第一季末以來，我們的合作夥伴網路已經擴大了近 8 倍。和合作夥伴——我認為這是第四季的結束。但合作夥伴將成為推動 AI Studio 的關鍵，並且確實認為那裡有很大的潛力。事實上，我們已經有了一位最初的客戶，而這位客戶內部的建造者對 AI Studio 感到非常興奮。他決定分拆出來並真正創辦一家專注於 Asana AI Studio 工作流程的顧問公司。

So that's how big the opportunity is there. So all of that is to say, we're guiding very modestly on AI Studio specifically until we can get better resolution on those variables, but feel really good about the proof points we're seeing, a lot of compounding usage over time. The cohorts in general are compounding the usage over time, but the individual customers really are as well.

所以那裡的機會有多大。所以，總而言之，我們在 AI Studio 上採取非常謹慎的指導，直到我們能夠更好地解決這些變量，但對於我們看到的證據點感到非常滿意，隨著時間的推移，複合使用量會大大增加。整體而言，隨著時間的推移，群體的使用量不斷增加，但個人客戶的使用量也是如此。

So we're seeing exactly like I hope for of you create one of these workflows and then they automatically run. It's not like engaging a chatbot where you've got to change your behavior and come back to it over and over. So for example, in the last call, I mentioned our biggest customer had scaled from 2,000 to 20,000 workflows in one quarter. That same customer has executed almost 300,000 workflows since then.

因此，我們看到的正是我希望您創建的一個工作流程，然後它們會自動運行。這不像與聊天機器人互動，你需要改變自己的行為並一遍又一遍地回到聊天機器人。例如，在上次通話中，我提到我們最大的客戶在一個季度內將工作流程從 2,000 個擴展到 20,000 個。自那時起，同一位客戶已執行了近 30 萬個工作流程。

So you can really see the potential for this to go exponential.

因此，您確實可以看到其呈指數級增長的潛力。

And now just to address your question on margins and just how high can they go? So you're absolutely right. We're really pleased with what we managed to grow margins in Q4. And you obviously saw how I guided on Q1 in terms of operating margin, which is 1% to 2% versus the full year guide of 5%. So it's really implying a continued sequential increase in operating margin, which we feel really confident about.

現在我們來回答你關於利潤率的問題，利潤率到底能達到多高？所以你完全正確。我們對第四季度利潤率的成長感到非常滿意。您顯然已經看到我對第一季營業利潤率的預測，即 1% 至 2%，而全年預測為 5%。因此，這實際上意味著營業利潤率將持續環比成長，我們對此非常有信心。

And you can imagine that at Q4, where we're likely to exit, again, looking at that 1 to 2 to 5, it will be significantly higher than 5%. So that's what we go into fiscal year '27 at. And then if you factor in the operating leverage when you consider we're close to 90% gross margin business that continues as well as continued discipline that we will be employing around our hiring as well as discretionary spend, some of the things that we called out in this past quarter.

你可以想像，在第四季度，我們可能會退出，再看看1到2到5，它將明顯高於5%。這就是我們進入 27 財年的情況。然後，如果你考慮到經營槓桿，當你考慮到我們的毛利率接近 90% 時，以及我們將繼續在招聘和可自由支配的支出方面採取的持續紀律，這些都是我們在上個季度提到的一些事情。

You should see a continued evolution in that margin. In terms of where we can go on a three- to five-year view, I would say there's still a lot more to go for. I'm not actually going to guide on this call, but I would say the trajectory that you're seeing that 1,100 or over 1,000-basis-point improvement this year, we do feel very confident that we'll be able to continue at a similar rate.

您應該會看到該邊緣的持續演變。就我們未來三到五年的發展前景而言，我認為我們還有很長的路要走。我實際上不會在這次電話會議上提供指導，但我想說的是，今年你將看到 1,100 個或超過 1,000 個基點的改善軌跡，我們確實非常有信心能夠以類似的速度繼續發展。

And I just want to add, just in case there's a follow-up. We've got a long queue. So we're going to keep things to one question and one follow-up or three questions and no follow-ups. So we'll go to the next caller.

我只是想補充一下，以防萬一有後續情況。我們排了很長的隊。因此，我們將只問一個問題，然後追問一個後續問題，或只問三個問題，然後沒有後續問題。那我們來接聽下一位來電者。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

And first, Justin, congratulations on everything you've achieved and good luck for next chapter. (inaudible) philanthropic activities. So first, you mentioned during the call a few times, aligning price to value and refining pricing and packaging. I just wanted to better understand what the quantification of that means. So I mean, it sounds as if lowering pricing to make the product more attractive, customer stickier.

首先，賈斯汀，恭喜你所取得的一切成就，並祝你在接下來的篇章中好運。 （聽不清楚）慈善活動。首先，您在通話中多次提到，要使價格與價值一致，並優化定價和包裝。我只是想更好地理解量化的含義。所以我的意思是，這聽起來就像是降低價格以使產品更有吸引力、客戶更有黏性。

And then I also just want to know as part of the first question, if that would impact the guidance for fiscal year '26, the alignment of pricing.

然後，作為第一個問題的一部分，我也想知道這是否會影響 26 財年的指導，即定價調整。

Yes, great. So first, I just want to point out, particularly in a SaaS product, pricing and packaging isn't just about picking one particular point on a spectrum for the price. It's really about having the right menu of options to align price to value. And that alignment, whether or not you're aligned is specific to both regional and macro dynamics.

是的，太棒了。所以首先，我只想指出，特別是在 SaaS 產品中，定價和包裝不僅僅是在價格範圍內選擇一個特定的點。這實際上就是要有正確的選項選單，以使價格與價值相符。而且，無論你是否保持一致，這種一致性都是針對區域和宏觀動態的。

So what I've observed in the macro cycle is just more cautious buying behavior and customers becoming more budget conscious and that means the growth opportunity involved in getting those details right has dramatically increased. So previously, inelastic patterns are now more elastic. And so it matters a lot more exactly where you are on the spectrum for each of your product offerings.

因此，我在宏觀週期中觀察到的是，購買行為更加謹慎，客戶也更加重視預算，這意味著正確掌握這些細節所涉及的成長機會大大增加。因此，以前缺乏彈性的模式現在變得更有彈性了。因此，您所提供的每款產品的具體市場範圍就顯得尤為重要。

And relatedly, customers want a lot more agency in choosing how their budget is leveraged. So we have a spread of packages and we're introducing new products, starting with AI Studio. So we really have a massive opportunity to accelerate growth by dialing in those variables better. And we have a lot of testing on this as well. So our intention is to go forward with this with everything being accretive.

與此相關的是，客戶希望在選擇如何利用預算方面擁有更多的自主權。因此，我們推出了一系列軟體包，並推出了新產品，首先是 AI Studio。因此，透過更好地控制這些變量，我們確實有巨大的機會來加速成長。我們對此也進行了大量測試。因此，我們的目的是繼續推進這項工作，使一切都不斷增值。

So if things are working, I expect the guidance to go up and if things aren't working, I expect not to change things. And additionally, Asana was built in a way that gives you increasing returns to scale when you deploy it further in a company. So we get second order benefits to improving alignment as well.

因此，如果事情進展順利，我預計指導價會上升，如果事情沒有進展，我預計不會改變。此外，Asana 的建置方式使得當您在公司中進一步部署它時，可以為您帶來不斷增加的規模回報。因此，我們也獲得了改善對齊的二階好處。

And then quickly check my understanding of the strategy. I thought that previous commentary or last quarter's commentary, if I'm wrong, please correct me, was greater focus on NRR, so current customers and less on net new. Tonight, you said that new business focus shifted focus to new business acquisition. So is that a shift in the strategy? And then if it is, what led to that shift in the strategy away from prioritizing existing and more towards net new?

然後快速檢查我對該策略的理解。我認為先前的評論或上個季度的評論（如果我錯了，請糾正我）更專注於 NRR，因此關注現有客戶，較少關注淨新增客戶。今晚，您說新業務重點轉移到新業務收購。那麼這是戰略的轉變嗎？如果是的話，是什麼導致了策略的轉變，不再優先考慮現有業務，而是更專注於全新業務？

I don't know that it's a shift in the strategy so much as a reflection of what's going on in the math. So part of it is what we've been saying about the split between tech and non-tech. And so non-tech is a drag on overall growth, and it's a drag on NRR as well.

我不知道這是否是戰略的轉變，而是數學進展的反映。所以部分原因就是我們一直在談論技術和非技術之間的分歧。因此，非技術因素會拖累整體成長，也會拖累 NRR。

The flip side of that is that non-tech looks better. And because NRR is under 100% as well, new business looks better, too. It's better than our overall growth rate. So we're seeing some strength there, and we want to double down on places where it's really working.

另一方面，非技術方面看起來更好。而且由於 NRR 也低於 100%，新業務看起來也更好。這比我們的整體成長率好。因此，我們看到了那裡的一些優勢，並且我們希望在真正發揮作用的地方加倍努力。

So that includes verticals and then also our channel business is something we're really excited to scale. And so it's really about seeing a lot of opportunity there. Not to say there isn't opportunity in the NRR, but I think the place that that's really going to inflect is as we roll out AI Studio, which again, we're well underway, but it will take a couple of quarters for it to scale in terms of expansion revenue but we're already starting to see it be really useful in renewals as well.

因此，這包括垂直行業，而且我們的通路業務也是我們非常高興擴展的。所以這確實意味著看到了很多機會。並不是說 NRR 沒有機會，但我認為真正改變的地方是我們推出 AI Studio，我們目前進展順利，但需要幾個季度才能在擴展收入方面擴大規模，但我們已經開始看到它在續約方面也非常有用。

So it can protect us from downside and just give the sales team a few more options in how they structure deals. So I do expect to make progress on both. I just think the NRR progress will be a little more backloaded and the NRR strength is what we're seeing right now.

因此，它可以保護我們免受不利影響，並為銷售團隊在如何建立交易方面提供更多選擇。所以我確實希望在兩方面都取得進展。我只是認為 NRR 的進展將會更加緩慢，而 NRR 的強度正是我們現在所看到的。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. My question is for Anne. And I know one of your priorities is channel, and I was hoping you could provide a little bit more color. I know this has been a priority of you guys now for a little while. So I wanted to understand when you're looking at FY26, what is new in terms of the strategy?

偉大的。我的問題是針對安妮的。我知道您的首要任務之一是頻道，我希望您能提供更多細節。我知道這已經成為你們的首要任務。所以我想了解一下，當您回顧 26 財年時，策略方面有什麼新變化？

And what's going to constitute success at this point next year? Is it going to be a number of new partners, new regions? I know Dustin called out the importance of partners to AI Studio. So a little bit more color on that would be great. And then I just had a quick follow-up for Sonalee.

那麼明年這個時候什麼才算成功呢？是否會有許多新的合作夥伴、新的地區？我知道達斯汀向 AI Studio 強調了合作夥伴的重要性。所以如果能再多一點顏色就更好了。然後我對 Sonalee 進行了快速跟進。

Rob, thanks so much for that question. Yes, with channel, I think there's a few things. We definitely recognize we're underpenetrated with channel. It's currently only a single-digit percentage of revenue. And we know it has the potential to be much larger As Dustin mentioned, we are also really excited about channel because it's an important driver of AI Studio.

羅布，非常感謝你提出這個問題。是的，對於頻道，我認為有幾件事。我們確實認識到我們的通路滲透率還不夠。目前它只佔收入的個位數百分比。我們知道它有更大的潛力，正如達斯汀所提到的，我們對頻道也感到非常興奮，因為它是 AI Studio 的重要驅動力。

And we're really rapidly expanding the number of partners that are enabled on AI Studio. So that's one thing that we're doing much more of.

我們正在迅速擴大 AI Studio 上合作夥伴的數量。這是我們正在做的更多的事情之一。

In addition to AI studio, partners continue to help us extend reach both geographically as well as in our target vertical markets. and then customers that are working with partners are seeing significantly higher net retention rates. So all of that has influenced us to reallocate more resources to channel something we've already implemented at the end of last year, and we're continuing to do as a new channel strategy. So more enablement. We brought our partners to our global sales kickoff recently, and that was great just to have much more sort of aligned strategies and work really closely with them.

除了 AI 工作室之外，合作夥伴還繼續幫助我們擴大地理範圍以及目標垂直市場的影響力。與合作夥伴合作的客戶的淨保留率會顯著提高。因此，所有這些都促使我們重新分配更多資源來引導我們在去年年底已經實施的一些事情，並且我們將繼續將其作為新的通路策略。因此，需要更多的支持。我們最近邀請合作夥伴參加我們的全球銷售啟動會，這非常棒，因為我們可以製定更一致的策略並與他們密切合作。

So as we bring on more large systems integrators around the world, I think we're excited about that opportunity. But overall, I would just say much more of it is seeing the progress you asked about in a year from now, what would good look like? I think it's that we're partnering with our channel partners to grow their businesses and grow with our customers. I think the other is much more channel sourced revenue. So we're monitoring all of that really carefully.

因此，隨著我們在全球範圍內引入更多大型系統整合商，我認為我們對這個機會感到非常興奮。但總的來說，我只想說，更多的是看到你所問的一年後的進展，什麼才是好的呢？我認為我們正在與通路合作夥伴合作，以發展他們的業務並與我們的客戶共同成長。我認為另一個是更多的通路收入。因此我們正在非常仔細地監控這一切。

Yes. And then Sonalee, for you, just I know you said in your prepared remarks that the guidance for the top line assumes no material change to the current macro for SMB or enterprise. And that comment comes on a day where the market is forecasting a material change. So I just wanted to get a sense for what sort of baseline you're factoring in there of that guide? Any more color on that to help us understand what that means would be great.

是的。然後 Sonalee，對於您來說，我知道您在準備好的發言中說過，頂線指導假設中小企業或企業的當前宏觀經濟不會發生重大變化。而這一評論是在市場預測發生重大變化的一天發表的。所以我只是想了解一下您在該指南中考慮了什麼樣的基準？如果能提供更多的細節來幫助我們理解這意味著什麼就更好了。

Sure, absolutely. So yes, I did make that comment. And obviously, we are watching things unfold in the market daily as you all are. What I would say there is we're guiding based on what we've seen over the last couple of quarters, and you've heard us call out macro impact. And we've talked about some challenges we've seen on upsell and NRR.

當然，絕對是如此。是的，我確實發表了這樣的評論。顯然，我們和你們一樣，每天都在關注市場事態的發展。我想說的是，我們是根據過去幾季所看到的情況做出指導的，而且您也聽到我們提到了宏觀影響。我們也討論了在追加銷售和 NRR 方面遇到的一些挑戰。

And although we're really pleased with the stabilization we've seen in overall net retention and core net retention, we've still seen challenges in the tech vertical.

儘管我們對整體淨留存率和核心淨留存率的穩定感到非常高興，但我們仍然看到技術垂直領域存在挑戰。

So we feel that the way we've guided is really still incorporating a soft macro == on the soft macro that we've been seeing over the last couple of quarters, but no significant degradation to that.

因此，我們認為，我們指導的方式實際上仍然是將軟宏觀納入我們在過去幾季中看到的軟宏觀中，但沒有明顯的退化。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Dustin, 17-year journey here, impressive. Can you just walk us through maybe the timeline of the succession plan? Is this something your goal and aspiration is to implement over the next 6 months, 12 months? Is this all external and internal? Any color there?

達斯汀，在這裡的17年歷程，令人印象深刻。您能否向我們介紹繼任計畫的時間表？這是您在未來 6 個月或 12 個月內要實現的目標和願望嗎？這都是外在的、內在的嗎？有顏色嗎？

And then, Anne could you also weigh in on the demand front as well? I had some questions just around the tariff wars, a lot of uncertainty out there, recessionary fears. What are you seeing top of funnel on the enterprise side? Any color there just as we go into another period of uncertainty would be super helpful.

那麼，安妮，您能否也從需求方面發表一下看法？我對關稅戰有一些疑問，存在著許多不確定性，還有對經濟衰退的擔憂。您在企業方面看到了什麼？當我們進入另一個不確定時期時，任何顏色都會非常有幫助。

I'll jump in first on the timeline. So this is really the beginning. So we announced that we did hire a search firm. And so we're kicking off the search, but there's no specific timeline or deadline for completion. I'm here for the duration.

我將首先進入時間線。所以這才是真正的開始。因此我們宣布我們確實聘請了一家獵人頭公司。因此，我們開始搜索，但沒有具體的時間表或完成期限。我會一直在這裡。

I feel pretty confident you'll still have me on the next earnings call in case you have some more questions you have for me. But we're really focused on ensuring we have the highest quality leadership for Asana's next step. So we'll be as patient as we need to. But we've retained a leading executive search firm to find the next CEO.

我非常有信心，如果您還有其他問題要問我，我還會參加下次收益電話會議。但我們真正關注的是確保 Asana 的下一步發展擁有最高品質的領導力。因此，我們會盡可能保持耐心。但我們已聘請一家領先的高階主管搜尋公司來尋找下一任執行長。

And the reaction has been that this is a great opportunity. They expect us to find somebody great and hopefully, on not too long a timeline. But we'll have to see how it goes. And like I said, I'm here for the duration. And I really think of the fiscal year '26 plan is my plan.

人們的反應是，這是一個絕佳的機會。他們希望我們能找到優秀的人，並且希望在不太長的時間內找到合適的人。但我們必須看看事情進展如何。正如我所說的，我會一直在這裡。我確實認為 26 財年的計畫就是我的計畫。

And my personal goal is to be able to build the fiscal year '27 plan together with the next person. But there's still plenty of time left remaining to make that happen.

我的個人目標是能夠與下一位領導人共同製定 27 財年的計劃。但仍有足夠的時間來實現這一目標。

Any color on what you're seeing out there in yet another year of uncertainty?

在又一個充滿不確定性的一年裡，您看到了什麼改變嗎？

Yes. No, I appreciate that question, Brett. I think in Q4, we largely saw sort of similar sentiment as Q3. Tech is definitely continuing to adjust spend and decision timelines continue to be elongated. We have not seen customer sentiment degrade thus far, but we also appreciate there's just a lot of uncertainty right now and things can and will likely change quickly.

是的。不，我很感謝你提出這個問題，布雷特。我認為在第四季度，我們看到的情緒與第三季度大致相似。技術肯定會持續調整支出，決策時間也會持續延長。到目前為止，我們還沒有看到客戶情緒下降，但我們也意​​識到現在存在許多不確定性，情況可能會迅速改變。

So we're paying close attention to that in all of our customer conversations. I do think our focus over the last year on diversification and investments in additional verticals like retail, manufacturing, financial services, has helped us with kind of steady and consistent growth, especially outside the US. But again, we know things could change rapidly.

因此，我們在與所有客戶的對話中都密切關注這一點。我確實認為，我們去年專注於多元化以及對零售、製造、金融服務等其他垂直領域的投資，幫助我們實現了穩定和持續的成長，尤其是在美國以外。但我們再次知道，情況可能會迅速改變。

So much of that is just being close to our customers and really understanding where their priorities are, probably the bright spot is that last quarter, the AI studio pipeline generation is really strong. It shifts the conversations that we're having to hire executive levels. And thus far, we've certainly seen that prioritization of AI and AI investments has continued.

這在很大程度上只是貼近我們的客戶並真正了解他們的優先事項，可能亮點是上個季度，AI 工作室管道生成非常強大。它改變了我們聘用高階主管的討論內容。到目前為止，我們確實看到人工智慧和人工智慧投資的優先地位仍在繼續。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

I guess just to start, Dustin, just the firms out looking for a new CEO, I guess, what are the things that you're looking to prioritize? Or what are the the characteristics of the new CEO that you're looking to bring in to take this company to the next level?

達斯汀，首先我想說的是，公司正在尋找新的首席執行官，您最希望優先考慮的事情是什麼？或者您希望引進什麼樣的新 CEO 來帶領公司更上一層樓？

Yes, great question. So first of all, really looking for someone who's passionate about the Asana mission and aligned with our values and culture. So if they don't appreciate the parts of Asana that make us who we are and got us to here, they won't be successful. And table stakes, we're definitely looking for somebody with relevant experience, building and leading high-performance teams in a SaaS environment at the scale that we're looking to get to in the coming years.

是的，很好的問題。因此，首先，我們真正要尋找的是那些對 Asana 使命充滿熱情並且認同我們的價值觀和文化的人。因此，如果他們不欣賞 Asana 的那些成就我們、帶領我們走到今天的地方，他們就不會成功。最重要的是，我們肯定在尋找具有相關經驗的人，能夠在 SaaS 環境中建立和領導高績效團隊，並達到我們在未來幾年內想要達到的規模。

But on top of that, I'm personally looking for a strategic first [principle] thinker who's going to be able to be agile and anticipate the important shifts during the transformative years to come for the tech industry.

但除此之外，我個人還在尋找一位策略第一[原則]思想家，他能夠敏捷並預測未來科技業轉型時期的重要轉變。

Okay. That's great to hear. And then just for a quick follow-up, like I guess I'm trying to understand, I guess, maybe some of the disconnect between, I guess, what looks like strong billings or strong RPO in the quarter (inaudible) kind of more in the mid-teens range or low to mid-teens range and the guide for next year. So can you just kind of help us think through what's being accounted for? Has there been kind of incremental churn or just help us think what's actually being accounted for between the strength, it looks like in the quarter versus the outlook.

好的。聽到這個消息真是太好了。然後只是為了快速跟進，就像我猜我想理解，我想，也許本季度看起來很強勁的賬單或強勁的 RPO（聽不清）有點在十幾歲中段或十幾歲低段到十幾歲中段的範圍內，與明年的指南之間存在一些脫節。那麼，您能否幫助我們思考到底發生了什麼事？是否存在某種增量流失，或只是幫助我們思考本季的實力與前景之間的實際關係。

Yeah, sure. So I'll take that one. If you think about our business today and obviously, RPO and CRPO, that does not include the part of our business that is on monthly billings, and that's actually quite significant. It's about a third of our business. So you're absolutely right, RPO and CRPO, which are typically leading indicators and grew very, very healthily in you have to take into account the fact that a third of our business is not included in that.

是的，當然。所以我會選擇那個。如果你考慮我們今天的業務，顯然，RPO 和 CRPO 不包括我們按月計費的業務部分，而這實際上相當重要。這大約占我們業務的三分之一。所以你完全正確，RPO 和 CRPO 通常是領先指標，而且成長非常非常健康，你必須考慮到我們的三分之一業務不包括在其中。

And the other thing I would just say on net retention, I think it's important to really look at the tech and nontech portions of our business. we have fairly successfully diversified away from tech. So about 70% of our business today is nontech. And by the way, growing mid-teens for the second quarter in a row. But if you look at the tech vertical, the NRR in the tech space is actually worse than the overall net retention rate.

關於淨留存率，我想說的另一件事是，我認為認真審視我們業務的技術和非技術部分非常重要。我們已經相當成功地實現了從科技領域的多元化發展。因此，我們目前約 70% 的業務都與技術無關。順便說一句，連續第二個季度成長率達到十幾歲。但如果你看一下科技垂直產業，科技領域的 NRR 其實比整體淨留存率更差。

So that ends up being a drag to our outlook and our growth as well.

所以這最終也會阻礙我們的前景和成長。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

This is Arsene on for Alex. Understanding NRR is a lagging metric, but the worsening in over $100,000 customer NRR coming in below core NRR, I think the first. I'm just trying to understand what drove that given the improvement last quarter on in-quarter NRR. Is that dollar turnout renewal, specifically maybe in the tech space? Or is there some more sitting in gross retention?

這是阿爾塞納 (Arsene) 代替亞歷克斯 (Alex) 上場。了解 NRR 是一個滯後指標，但我認為首先是超過 100,000 美元的客戶 NRR 低於核心 NRR 的情況惡化。我只是想了解上個季度 NRR 有所改善的原因是什麼。這是否意味著美元投票率將迎來更新，特別是在科技領域？或者還有更多處於總保留狀態的？

And then just a brief follow-up.

然後只是簡短的後續內容。

Yeah. So at the risk of sounding repetitive, yes, it was in the tech vertical, where we saw a bit of weakness in NRR. So if you look at the -- in Q3, we had called out several large [churns] that we had seen in the first half of the year. We saw more -- not to the same magnitude, but we saw several one-off churn events as well in our tech vertical. These were more downgrades.

是的。因此，儘管聽起來有些重複，但確實，在技術垂直領域，我們看到了 NRR 的一些弱點。因此，如果你看一下——在第三季度，我們已經注意到上半年出現的幾次大規模客戶流失。我們看到了更多——雖然程度不一樣，但我們在技術垂直領域也看到了幾次一次性的客戶流失事件。這些是進一步的降級。

So we've retained the logo, but it was actually several tech customers that downgraded this quarter and that impacted the net retention in those larger customers because they happen to be large customers.

因此，我們保留了徽標，但實際上是幾家科技客戶本季降級了，這影響了這些較大客戶的淨保留率，因為他們恰好是大型客戶。

But again, I point to the fact that we still very much see stabilization in our net retention overall. And that's for several quarters now in a row. So overall, net retention was stable, in-quarter net retention and as well as for the core customers where we saw stable overall and in quarter.

但我再次指出，我們的淨留存率總體上仍然保持穩定。這種情況已經連續幾季出現。因此，總體而言，淨留存率是穩定的，本季的淨留存率以及核心客戶的淨留存率在整體和本季都是穩定的。

Got it. That's helpful. And then just on the follow-up with the larger amount of those over 100,000 customer adds in the quarter. Is that more of a testament to new business being stronger versus expansion that could maybe support larger customer NRR in fiscal '26. Is that expected to maybe continue to be a headwind in fiscal '26?

知道了。這很有幫助。然後，我們繼續跟進本季新增客戶數量超過 10 萬的情況。這是否更能證明新業務比擴張業務更強勁，從而可能在 26 財年支持更大的客戶 NRR。預計這是否會繼續成為 26 財年的阻力？

Or do you think that can recover in fiscal '26. And I guess when could you maybe see that offset some of the dollar churn that you're seeing from the tech vertical on (inaudible).

或者您認為這可以在 26 財年恢復嗎？我想，什麼時候才能看到它抵銷掉科技垂直領域出現的一些美元流失呢？（聽不清楚）。

Yes, I'll take that, it's Anne. Yes, the addition of almost 120 over $100,000 accounts, is reflective of the strength in new business. That was up sort of 20% year over year. And some of the investments we've been making in faster and better onboarding, making sure our customers are implementing the most valuable use cases and getting clear value. And then as Dustin mentioned earlier, I think the opportunity, certainly with AI Studio and add-ons, I think those we believe will all help with NRR going forward

是的，我接受，她是安妮。是的，增加了近 120 個超過 10 萬美元的帳戶，反映了新業務的實力。與去年同期相比，成長了 20%。我們在更快、更好的入職培訓方面進行了一些投資，確保我們的客戶實施最有價值的用例並獲得明確的價值。正如達斯汀之前提到的，我認為這個機會，當然是 AI Studio 和附加組件，我相信這些都將有助於 NRR 未來的發展

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Just on the sales changes, I was hoping if you can elaborate. Is that a big change in the go-to-market? Or is this a 5% to 10% fine-tuned? How do you characterize the changes that you're making in the go-to-market?

關於銷售變化，我希望您能詳細說明一下。這對於行銷來說是一個很大的改變嗎？或者這是一個 5% 到 10% 的微調？您如何描述您在行銷過程中所做的改變？

Yes, it's Anne. I'll answer that, Brent. Thanks for that question. It is more a fine tune. I think it's really a reflection of reallocating and reinvestment into higher growth areas.

是的，她是安妮。我來回答這個問題，布倫特。謝謝你的提問。這更像是一種精細的曲調。我認為這實際上反映了向高成長領域的重新分配和再投資。

We've mentioned channel. We also are investing or shifting resources to higher-performing marketing programs, our vertical teams, post sales and customer success. And then building out a dedicated AI studio team. We also feel like the better design that we have now in territories and focusing resources in the most productive areas is going to continue to drive productivity increases and improve our overall sales efficiency. So just looking at where we have good positive signal and making sure we're shifting resources there.

我們已經提到了頻道。我們還將資源投資或轉移到績效更高的行銷計劃、垂直團隊、售後和客戶成功方面。然後建立專門的AI工作室團隊。我們還認為，我們現在在各個地區實施的更好的設計以及將資源集中在最俱生產力的地區將繼續推動生產力的提高並改善我們的整體銷售效率。因此，我們只需關注哪裡有良好的正面訊號，並確保將資源轉移到那裡。

Okay. And then I think just maybe trying to reconcile low 20% RPO to now you're guiding to high single-digit growth, I believe, and correct me if I'm wrong, but I'm just trying to understand the bridge why there would be such a disconnect and then looking at sub-10% growth, why in a market that seems like it's growing double digit, what's happening.

好的。然後我想也許只是試圖將低 20% 的 RPO 與現在您引導的高個位數增長相協調，我相信，如果我錯了請糾正我，但我只是試圖理解為什麼會出現這樣的脫節，然後看看低於 10% 的增長率，為什麼在一個看似兩位數增長的市場中，發生了什麼。

Yeah. So on the RPO specifically, that really -- what I tried to make clear earlier is that only covers about two-thirds of our business. And the other thing I would say is that Q1 disproportionately drives our overall guide and that took a 2-percentage-point hit due to currency, leap year. And actually, if you look at our quarterly or sequential quarterly growth, it improves as some of our investments start to kick in, particularly in the back half, where you see a nice contribution from things like AI Studio, which we've said is modest in the overall guide, but it's still very heavily back-end loaded.

是的。因此，具體到 RPO 而言，我之前試圖澄清的是，它只涵蓋我們業務的三分之二左右。我想說的另一件事是，第一季對我們的整體指導產生了不成比例的影響，並且由於貨幣和閏年的原因，這一數字受到了 2 個百分點的打擊。實際上，如果你看一下我們的季度或連續季度增長，你會發現隨著我們的一些投資開始發揮作用，情況會有所改善，特別是在後半年，你會看到 AI Studio 等產品做出了不錯的貢獻，雖然我們說過它在整體指南中佔比不大，但它仍然非常依賴後端。

And then the other thing I would point to is, and I believe I'm more focused on this metric is ARR growth. And our ARR growth will outpace our revenue growth every single quarter in fiscal year '26. And as we exit fiscal year '26, will set us up for a reacceleration in revenue growth for '27.

然後我想指出的另一件事是，我相信我更關注這個指標是 ARR 成長。在 26 財年的每個季度，我們的 ARR 成長都將超過營收成長。隨著我們結束 26 財年，我們將為 27 年營收成長的再次加速做好準備。

I just want to add one more thing to that, that I think factors in to the growth rate of CRPO, which is we've been talking a lot about multiyear deal strength this quarter and last. And that's kind of a new motion for us. And so maybe in a business where we've been doing that for 5 or 10 years, I think CRPO would be a better leading indicator. And if we didn't have the monthlies, it would be a better leading indicator for growth. But because it's new for us, that meant we were able to sort of grow quickly off of a smaller base, and I think it will sort of trend back down towards the growth rate over time.

我只想補充一點，我認為這是影響 CRPO 成長率的因素，也就是我們本季和上個季度一直在談論多年期交易的實力。這對我們來說是一種新的動議。因此，也許在我們已經從事該行業 5 年或 10 年的情況下，我認為 CRPO 會是一個更好的領先指標。如果我們沒有月度數據，它將是一個更好的成長領先指標。但因為這對我們來說是新事物，這意味著我們能夠在較小的基礎上快速成長，我認為隨著時間的推移，成長率會逐漸回落。

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

謝謝。現在，我想請梁艾娃女士致閉幕詞。女士？

Okay. Thank you, everyone, for joining us on today's conference call. Do you have any questions, please feel free to give me a call or us at ir@asana.com. Thank you so much.

好的。感謝大家參加今天的電話會議。如果您有任何疑問，請隨時給我打電話或發送電子郵件至ir@asana.com。太感謝了。

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。