Asana Inc (ASAN) 2026 Q1 法說會逐字稿

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 first quarter fiscal year 2026. With me on today's call are Dustin Moskovitz, Asana 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 2026 財年第一季的財務業績。參加今天電話會議的還有 Asana 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安妮·雷蒙迪 (Anne Raimondi) 以及我們的首席財務官索納莉·帕雷克 (Sonalee Parekh)。

Today's call will include forward-looking statements, including statements regarding expected release and benefits of our product offerings, including AI studio and our expectation for revenue to be generated by AI studio or retention and expansion opportunities, our expectation for our financial outlook including our revised full year guidance, strategic plans and our market position and growth opportunities and our capital allocation strategy, including our stock repurchase programs.

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 工作室和我們對 AI 工作室或保留和擴展機會產生的收入的預期，我們對財務前景的預期，包括我們修訂的全年指導、戰略計劃和我們的市場地位和增長機會以及我們的資本配置策略，包括我們的股票回購計劃。

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.

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。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。

For additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements. 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.asuna.com.

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。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.asuna.com 上。

And with that, I would 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. Q1 was a milestone quarter. We achieved non-GAAP profitability for the first time, an AI studio, which reached general availability in Q1 surpassed $1 million in ARR, demonstrating powerful early momentum. This progress fuels our journey to sustained profitable growth and position Asana as the definitive platform for human and AI coordination. In Q1, total revenues were up 9% year-over-year, exceeding the top end of our guidance.

感謝大家今天參加我們的電話會議。第一季是一個里程碑式的季度。我們首次實現了非公認會計準則盈利，第一季全面上市的人工智慧工作室的 ARR 超過 100 萬美元，展現出強勁的早期發展勢頭。這項進步推動了我們實現持續獲利成長的步伐，並使 Asana 成為人類與人工智慧協調的權威平台。第一季度，總收入年增 9%，超過了我們預期的最高水準。

Non-GAAP operating margins improved more than 1,300 basis points year-over-year from an operating loss margin of 9% to an operating income margin of 4%. That is a significant milestone for the company as we reached non-GAAP profitability for the first time. Adjusted free cash flow margin also improved more than 700 basis points year-over-year with free cash flow margin at 5% for the quarter.

非公認會計準則營業利潤率年增超過 1,300 個基點，從 9% 的營業虧損率提高至 4% 的營業收入率。這對公司來說是一個重要的里程碑，因為我們首次實現了非公認會計準則獲利。調整後的自由現金流利潤率也比去年同期提高了 700 多個基點，本季自由現金流利潤率為 5%。

Once again, our non-tech verticals grew faster than overall growth for the quarter and grew mid-teens year-over-year. Some of our fastest-growing verticals this quarter included manufacturing and energy, media and entertainment and financial services.

本季度，我們的非科技垂直產業的成長速度再次超過了整體成長速度，並且比去年同期成長了 15% 左右。本季我們成長最快的垂直產業包括製造業和能源業、媒體和娛樂業以及金融服務業。

We continue to make progress in our enterprise customer acquisition. Our $100,000 and over customers grew 20% year-over-year consistent with last quarter. A landmark achievement last month was closing the largest deal in Asana's history with one of the largest employers in the world. This three year $100 million-plus contract renewal is a testament to Asana's unique ability to power complex cross-functional execution and an enterprise scale.

我們在企業客戶獲取方面持續取得進展。與上一季相比，我們的 100,000 美元及以上的客戶數量同比增長了 20%。上個月的一項里程碑式成就是 Asana 與世界上最大的雇主之一達成了歷史上最大的交易。這份為期三年、價值超過 1 億美元的續約合約證明了 Asana 在支援複雜跨職能執行和企業規模方面具有獨特的能力。

The growth within this customer showcases a powerful combination of organic adoption and intentional expansion, driven by our close partnership with the enterprise engineering teams to demonstrate ongoing value. After a rigorous evaluation, Asana was selected as its company-wide standard for project task work and goal management, making Asana foundational to how they plan, track and execute their most critical work.

該客戶的成長展示了有機採用和有意擴張的強大組合，這得益於我們與企業工程團隊的密切合作，以展示持續的價值。經過嚴格的評估，Asana 被選為公司範圍內的專案任務工作和目標管理標準，使其成為他們規劃、追蹤和執行最關鍵工作的基礎。

Now let's turn to AI Studio. We've seen tremendous momentum since our Q4 update driven by customers recognizing the tangible value AI studio delivers in solving real business problems. We've already crossed $1 million in AI Studio ARR and are entering Q2 with a robust and rapidly growing pipeline. The interest is truly global with strong traction across all our major geographies.

現在讓我們轉向 AI Studio。自第四季度更新以來，我們看到了巨大的發展勢頭，這得益於客戶認識到 AI 工作室在解決實際業務問題方面所提供的實際價值。我們的 AI Studio ARR 已經超過 100 萬美元，並且憑藉強勁且快速成長的管道進入第二季。這種興趣真正是全球性的，在我們所有主要地區都有很強的吸引力。

We're even seeing instances where AI Studio ARR is exceeding seat-based ARR. This highlights how few users leveraging AI studio can drive outsized value and it underscores our conviction that AI Studio has the potential to not only eclipse the revenue scale of seat-based licenses over time, but also to reduce our overall reliance on per seat monetization. The cross-vertical interest is also exciting, with notable customer wins across manufacturing, retail, technology, financial services and health care, demonstrating strong and widespread demand.

我們甚至看到 AI Studio ARR 超過基於座位的 ARR 的情況。這凸顯了利用 AI Studio 的少數用戶可以帶來巨大的價值，也強調了我們的信念，即 AI Studio 不僅有可能隨著時間的推移超越基於座位的許可證的收入規模，而且還能減少我們對每個座位貨幣化的整體依賴。跨垂直領域的興趣也令人興奮，製造業、零售業、科技、金融服務業和醫療保健業都贏得了顯著的客戶，顯示需求強勁而廣泛。

What's most encouraging about AI Studios momentum isn't the initial sales. It's the everyday usage we're seeing. Because the product is embedded directly in the workflows teams rely on, automation happens, where the work happens. That makes AI studio inherently sticky, avoiding the sgelfware fate of many height AI tools that live in separate apps or chat bots and end up underutilized.

AI Studios 發展勢頭最令人鼓舞的並不是最初的銷售額。這是我們每天都會看到的用法。由於產品直接嵌入團隊所依賴的工作流程中，因此工作發生的地方就實現了自動化。這使得 AI Studio 具有內在的黏性，避免了許多高度 AI 工具的單一軟體命運，這些工具存在於單獨的應用程式或聊天機器人中，最終未被充分利用。

Our customers choose AI studio for three clear reasons. First, it's built natively into Asana, eliminating the need for behavior or workflow change; second, its human and lube controls are built on familiar Asana features, approvals, work assignments, comments and audit trails, keeping people firmly in charge of every AI step; third, it runs on our work graph, a continuously updating data store of every project, task, goal and conversation. That deep structured contacts let AI handle longer, more complex workloads and enables true human AI coordination, something point solution agents simply can't match.

我們的客戶選擇 AI Studio 有三個明確的原因。首先，它內建於 Asana，無需改變行為或工作流程；其次，它的人工和潤滑控制建立在熟悉的 Asana 功能、批准、工作分配、評論和審計追蹤之上，讓人們牢牢掌控每一個人工智慧步驟；第三，它在我們的工作圖上運行，這是一個持續更新的每個項目、任務、目標和對話的數據存儲。這種深度結構化聯繫使人工智慧能夠處理更長、更複雜的工作負載，並實現真正的人類人工智慧協調，這是點解決方案代理無法比擬的。

This real-world impact is evident with Woolworths one of Australia's largest supermarket chains with over 1,000 stores. They've implemented AI studio to transform their safety and capital governance process for store changes. Previously relying on inconsistent slide decks and meetings with up to 60 attendees. They've built a smart workflow with AI Studio that analyzes submissions, identifies required approvals and automatically routes requests with all relevant context. This acceleration in decision-making allows Woolworths to implement strategic store improvements faster while maintaining rigorous safety and compliance standards.

這種現實世界的影響在澳洲最大的連鎖超市之一 Woolworths 身上得到了明顯體現，該公司擁有 1,000 多家門市。他們已經實施了人工智慧工作室來轉變商店變化的安全和資本治理流程。以前依賴不一致的幻燈片和最多 60 名與會者的會議。他們使用 AI Studio 建立了一個智慧工作流程，可以分析提交的內容、識別所需的批准並自動根據所有相關內容路由請求。這種決策的加速使 Woolworths 能夠更快地實施策略性門市改進，同時保持嚴格的安全和合規標準。

This kind of targeted automation showcases how our AI capabilities drive both immediate ROI and deeper adoption within enterprise customers. We've also secured our first AI Studio deal in India for a popular bakery chain.

這種有針對性的自動化展示了我們的人工智慧能力如何推動即時投資回報以及企業客戶的更深入採用。我們也與印度一家知名的麵包連鎖店達成了首個 AI Studio 合作協議。

Working with a local partner, we've developed an AI studio solution to prevent fuel theft across their fleet of dozens of vehicles, a common challenge in that market. Using a simple form to upload deal receipts, AI Studio automatically extracts and long fuel data, creating a complete audit trail while eliminating manual entry. This has given managers real-time visibility into fleet expenses and improved coordination between drivers and finance teams.

我們與當地合作夥伴合作，開發了一個人工智慧工作室解決方案，以防止其數十輛車輛的燃油盜竊，這是該市場面臨的常見挑戰。AI Studio 使用簡單的表格上傳交易收據，自動提取長燃料數據，創建完整的審計跟踪，同時無需手動輸入。這使得管理人員能夠即時了解車隊費用，並改善司機和財務團隊之間的協調。

The solution is now fully embedded in their daily operations, delivering measurable efficiency gains within weeks of implementation. AI Studio is designed specifically for human AI coordination, enabling people to move work forward, when and where they're needed. Stand-alone agent models can only succeed when they're capable of automating entire workflows, ironically relegating them to narrow use cases.

該解決方案現已完全融入他們的日常營運中，在實施後的幾週內就帶來了可衡量的效率提升。AI Studio 專為人類 AI 協調而設計，使人們能夠在需要的時間和地點推進工作。獨立代理模型只有當它們能夠自動化整個工作流程時才能成功，諷刺的是，它們被限制在狹窄的用例中。

In contrast, we focus on augmenting human capabilities at key points in the process. Triaging inbound requests, drafting briefs extracting unstructured data, running deep research or crunching complex analyses while teams keep full visibility and control.

相反，我們專注於在流程的關鍵點上增強人類的能力。將傳入的請求分類，起草摘要，提取非結構化數據，進行深入研究或處理複雜的分析，同時團隊保持完全的可見度和控制力。

We don't replace human expertise, we amplify it in a predictable way, freeing people to focus on higher impact work. The result work moves faster. Customers are cutting response times from days to hours and eliminating slow meeting driven processes altogether, delivering immediate measurable productivity gains that compound over time.

我們不會取代人類的專業知識，而是以可預測的方式擴大它，讓人們專注於更有影響力的工作。結果工作進展得更快。客戶將回應時間從幾天縮短到幾小時，並徹底消除緩慢的會議驅動流程，從而帶來即時可衡量的生產力提升，而這種提升會隨著時間的推移而不斷累積。

We are just at the beginning of a long-term opportunity with AI Studio, our initial offering in a broader AI strategy. With AI Studio, our focus has been on empowering customers and want to build their own AI-powered workflows automating steps and taking on repetitive work within clearly defined and controlled processes.

我們剛開始與 AI Studio 建立長期合作關係，這是我們更廣泛的 AI 策略中的首次產品。借助 AI Studio，我們的重點是增強客戶的能力，並希望建立自己的 AI 驅動的工作流程，自動執行步驟並在明確定義和控制的流程中承擔重複性工作。

Realizing the full transformative potential of AI Studio and for it to truly become a major growth driver, depends significantly on broader adoption across our customer base. To that end, to accelerate the uptake of AI and AI Studio for launching several key initiatives. Last month at our Work Innovation Summit event in Sydney, we launched the smart workflow Gallery, a suite of prebuilt AI-powered workflows designed to help organizations scale the use of AI and everyday workflows.

充分發揮 AI Studio 的變革潛力並使其真正成為主要的成長動力，很大程度上取決於我們客戶群的更廣泛採用。為此，加速人工智慧和人工智慧工作室的推廣，推出幾項關鍵措施。上個月，在雪梨舉行的工作創新高峰會上，我們推出了智慧工作流程庫，這是一套預先建立的人工智慧工作流程，旨在幫助組織擴大人工智慧和日常工作流程的使用。

Based on best practices from a wide range of global companies, these smart workflows provide a blueprint for effective human plus AI coordination across marketing, IT and operations. Customers can choose to build from scratch with AI studio or adopt one of these prebuilt workflows to get started with AI immediately.

這些智慧工作流程基於眾多全球公司的最佳實踐，為行銷、IT 和營運之間的有效人力和人工智慧協調提供了藍圖。客戶可以選擇使用 AI 工作室從頭開始構建，或者採用這些預先構建的工作流程之一立即開始使用 AI。

For instance, a creative team could deploy a gallery workflow in minutes to have AI review new work requests, evaluate briefs, gather information, flag backers and prioritize tasks, elevating humans out of tedious work while maintaining oversight.

例如，創意團隊可以在幾分鐘內部署畫廊工作流程，讓人工智慧審查新的工作請求、評估簡報、收集資訊、標記支持者並確定任務的優先級，從而讓人類擺脫繁瑣的工作，同時保持監督。

Our Smart Workflow Gallery is now live with several key workflow templates for IT, marketing and operations available today. We will be rolling out many more over the coming months. We're also introducing AI Studios, a new mid-tier package launching this month through sales and partner channels and later this summer for self-serve customers. This strategic addition creates a 3 Tier structure, Basic, Plus and Pro.

我們的智慧工作流程庫現已上線，其中包含適用於 IT、行銷和營運的幾個關鍵工作流程範本。我們將在未來幾個月推出更多產品。我們還將推出 AI Studios，這是一款新的中階套餐，將於本月透過銷售和合作夥伴管道推出，並於今年夏天晚些時候向自助服務客戶推出。這項策略性補充創造了 3 層結構：Basic、Plus 和 Pro。

Each tier offers distinct value. Basic, which as of this month, will be available as part of all Asana paid tiers provides AI studio credits with monthly usage caps. Plus gives customers the flexibility to self-serve and scale up their usage over time, while Pro delivers generous quarterly credit allowances and enterprise-grade controls. This tiered approach ensures customers can select the right level of AI capabilities for their specific needs. Our strategy here extends beyond simply broadening access to AI Studio.

每個層級提供不同的價值。從本月起，Basic 將作為所有 Asana 付費套餐的一部分提供，為 AI 工作室提供每月使用上限的積分。Plus 讓客戶能夠靈活地自助服務並隨著時間的推移擴大使用量，而 Pro 則提供慷慨的季度信用額度和企業級控制。這種分層方法可確保客戶能夠根據其特定需求選擇適當等級的 AI 功能。我們的策略不僅僅是擴大對 AI Studio 的存取權限。

By complementing it with new offerings like foundational service plans and upcoming product add-ons such as resource management in Q3, we are systematically enhancing how we deliver value. This approach is designed to improve price value alignment for our customers, which we expect will, in turn, strengthen net dollar retention.

透過補充基礎服務計劃等新產品以及即將在第三季推出的產品附加組件（如資源管理），我們正在系統地增強我們提供價值的方式。這種方法旨在改善客戶的價格價值協調，我們預計這反過來會增強淨美元保留率。

This is consistent with the value-based pricing strategy we've discussed, and we see this combination as a powerful engine for significant long-term expansion. Looking to H2, we'll be introducing new goal-oriented Agentic collaborators, AI teammates, rounding out the full spectrum of AI capabilities inside Asana.

這與我們討論過的基於價值的定價策略一致，我們認為這種組合是實現長期顯著擴張的強大引擎。展望下半年，我們將推出新的以目標為導向的 Agentic 合作者、AI 隊友，完善 Asana 內部完整的 AI 功能。

At the foundation of AI studio is our AI-powered workflow automation engine built to automate the repeatable workflows across your business. The smart workflow gallery packages these best practice automations into prebuilt AI workflows any team can deploy in minutes. AI teammates sit on top as more flexible agents.

AI 工作室的基礎是我們基於 AI 的工作流程自動化引擎，旨在自動化您企業中可重複的工作流程。智慧工作流程庫將這些最佳實踐自動化打包成任何團隊都可以在幾分鐘內部署的預建 AI 工作流程。AI 隊友作為更靈活的代理商位居榜首。

They keep multistep work moving with minimal guidance, leveraging prior context, our work graph and fine-grained permissions. For instance, a product lead can assign an AI teammate to implement a feature. They can write code using the quad code API, initiate and participate in review and approval workflows, generate and apply fixes in response to feedback merge the update and ask another dedicated AI teammate to get started on customer support material, all while posting live status updates in Asana showing its progress.

他們利用先前的背景、我們的工作圖和細粒度的權限，以最少的指導使多步驟工作順利進行。例如，產品負責人可以指派一名 AI 隊友來實現某項功能。他們可以使用四元程式碼 API 編寫程式碼，啟動和參與審查和批准工作流程，根據回饋產生和應用程式修復，合併更新，並要求另一位專門的 AI 隊友開始處理客戶支援材料，同時在 Asana 中發布即時狀態更新以顯示其進度。

By evolving these capabilities into persistent coworker, we deepened human AI coordination and unlock usage-based revenue streams beyond seed licenses, further strengthening our leadership and AI-powered work management. We're fundamentally repositioning Asana as the platform for human and AI coordination, marking a powerful new chapter in our company narrative.

透過將這些能力發展為持久的同事，我們深化了人類人工智慧協調，並釋放了超越種子許可證的基於使用情況的收入流，進一步加強了我們的領導力和人工智慧驅動的工作管理。我們從根本上將 Asana 重新定位為人類與人工智慧協調的平台，標誌著我們公司發展歷程中強而有力的新篇章。

As AI becomes integral to how work gets done, the need for a system that coordinates work between people and AI at scale is paramount. This is more than just a technological shift, it's a redefinition of teamwork itself. We believe Asana is uniquely equipped to lead this charge.

隨著人工智慧成為工作完成方式中不可或缺的一部分，建立一個能夠大規模協調人與人工智慧之間工作的系統變得至關重要。這不僅是一次技術轉變，更是團隊合作本身的重新定義。我們相信 Asana 擁有獨特的優勢來引領這項變革。

Our Warcraft data model provides the essential structured context, the map of an organization's work, goals and processes that AI needs to be truly effective in a collaborative environment. This, combined with our deep expertise in fostering human coordination, allows us to build AI solutions that don't just automate tasks but enhance clarity, alignment and accountability across entire organizations.

我們的魔獸資料模型提供了必要的結構化環境、組織工作圖、目標和流程，這些都是 AI 在協作環境中真正有效所需要的。結合我們在促進人類協調方面的深厚專業知識，我們能夠建立不僅能自動執行任務而且能增強整個組織的清晰度、一致性和責任感的人工智慧解決方案。

This is the generational opportunity we're seizing to define the future of how humans and AI achieve great things together. As we look to the future in regards to the CEO search, we're seeing strong interest in considering candidates carefully. We'll be patient to find the absolute right leader to guide us on through this next phase of growth.

這是我們抓住的時代機遇，定義人類和人工智慧如何共同成就偉大事業的未來。當我們展望未來的 CEO 搜尋時，我們看到人們對仔細考慮候選人有著濃厚的興趣。我們將耐心尋找絕對合適的領導者來引導我們度過下一階段的成長。

I'm fully committed to driving our strategy as CEO until my successor is in place. And I'm incredibly excited to partner with our future CEO on our product and AI strategy. as we work together to establish Asana as the leader in this generational opportunity.

在我的繼任者到位之前，我將全力以赴地以執行長的身份推動我們的策略。我非常高興能與我們未來的執行長就我們的產品和人工智慧策略進行合作。我們將共同努力，將 Asana 打造為這一代機會的領導者。

Our key priorities for fiscal year '26 are centered on setting Asana up for long-term profitable growth. These include driving customer health, accelerating customer acquisition and delivering increasing customer value through product innovation, particularly with AI.

我們 26 財年的首要任務是讓 Asana 長期獲利成長。這些包括推動客戶健康、加速客戶獲取以及透過產品創新（尤其是人工智慧）提供不斷增長的客戶價值。

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

在此背景下，讓我們將主題交給安妮，討論我們的市場進入勢頭、關鍵舉措和客戶勝利。

Thanks, Dustin. The strategic investments we've made along with the reallocation of resources towards higher leverage areas are driving incremental impact. We continue to make progress in scaling our enterprise motion. The number of customer net adds from the 100,000-plus cohorts grew 20% year-over-year, same as last quarter.

謝謝，達斯汀。我們所做的策略性投資以及向更高槓桿領域的資源重新分配正在產生漸進的影響。我們在擴大企業行動方面持續取得進展。十萬多客戶群淨增客戶數量較去年同期成長20%，與上一季持平。

Our strategic multiyear renewal with one of the largest employers in the world is a testament to our differentiation in the enterprise as the collaborative work management platform best positioned to work at global enterprise scale.

我們與世界上最大的雇主之一達成的多年策略續約證明了我們在企業中的差異化，即作為最適合在全球企業規模上工作的協作工作管理平台。

With hundreds of thousands of active users, teams are driving material impact across functions, which has translated into significant labor cost savings by eliminating manual work and meaningful improvements in employee productivity.

憑藉數十萬活躍用戶，團隊正在推動跨職能部門的實質影響，透過消除手工工作並顯著提高員工生產力，這轉化為顯著的勞動力成本節省。

Powered by our Warcraft, Asana connects goals, workflows and data across silos, while our enterprise-grade AI accelerates execution by automating processes and surfacing real-time insights at scale. International markets remain a key strength for our business, driven by growing global demand for our platform, especially in EMEA and Japan.

在我們的魔獸世界的支持下，Asana 可以跨孤島連接目標、工作流程和數據，而我們的企業級人工智慧可以透過自動化流程和大規模呈現即時洞察來加速執行。國際市場仍然是我們業務的主要優勢，這得益於全球對我們平台的需求不斷增長，尤其是在歐洲、中東和非洲地區以及日本。

As organizations worldwide recognized the value of Asana in improving coordination and driving productivity, our international revenue grew 11% year-over-year. To date, we haven't seen a material change in the demand environment in any of our segments or regions as compared to the last several quarters.

隨著世界各地的組織認識到 Asana 在改善協調和提高生產力方面的價值，我們的國際收入年增了 11%。到目前為止，與過去幾個季度相比，我們尚未看到任何部門或地區的需求環境發生重大變化。

However, we are beginning to see some increased buyer scrutiny and elongation in decisions related to broader consolidation or software stack transformation efforts. That said, the pipeline remains healthy, -- we're seeing strong demand generated across our diverse pipeline generation channels, where initial investments, including our optimization of paid media are driving greater leverage.

然而，我們開始看到買家在與更廣泛的整合或軟體堆疊轉換工作相關的決策中，審查力度有所加強，並且時間有所延長。也就是說，管道仍然保持健康——我們看到透過我們多樣化的管道產生管道產生了強勁的需求，其中包括對付費媒體的優化在內的初始投資正在推動更大的槓桿作用。

Let me discuss the progress on our three strategic growth priorities: Customer acquisition, customer health and customer value. First, customer acquisition. New business remains strong, and 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 once again in the mid-teens, accounting for over 70% of our business.

讓我討論一下我們三個策略成長重點的進展：客戶獲取、客戶健康和客戶價值。第一，客戶獲取。新業務仍然強勁，我們對垂直重點行銷團隊的投資以及推動垂直特定產品用例的採用，導致我們的非技術垂直領域強勁增長，該領域再次實現了十幾歲的增長，占我們業務的 70% 以上。

We're seeing particular strength in financial services manufacturing and media and entertainment. A few customer examples in our strategic verticals, I want to highlight are: Bozzuto, which is a diversified real estate company specializing in multifamily residential communities across the United States. They expanded their use of Asana in a three year deal. Asana will enable their nationally dispersed workforce to more efficiently manage projects and streamline workflows for property setups, maximize throughput and reduce time to market. Additionally, they have invested in AI studio to optimize work and automate various manual tasks, further enhancing operational efficiency.

我們看到金融服務製造業以及媒體和娛樂業尤其強勁。我想強調我們戰略垂直領域的一些客戶範例：Bozzuto，一家專注於美國各地多戶住宅社區的多元化房地產公司。他們透過一份為期三年的協議擴大了對 Asana 的使用。Asana 將使其遍布全國的員工能夠更有效地管理專案、簡化物業設置的工作流程、最大限度地提高吞吐量並縮短上市時間。此外，他們還投資了人工智慧工作室來優化工作並自動化各種手動任務，進一步提高營運效率。

We had a great expansion deal in financial services, one of the largest credit unions in the world, deepened their Asana partnership in a three year expansion deal. The organization is using Asana in their core workflows across the real estate lending and contact center operations.

我們在金融服務領域達成了一項偉大的擴張協議，世界上最大的信用合作社之一，透過為期三年的擴張協議深化了與 Asana 的合作夥伴關係。該組織在其房地產貸款和聯絡中心運營的核心工作流程中使用 Asana。

Most importantly, after careful evaluation, the procurement team classified Asana as essential software that provides unique value for its cost. Their competitive analysis and ROI assessment showed that Asana effectively addresses their specific needs that no other solution can match, making us worth maintaining in their software portfolio. While tech continues to drag on our overall growth, we saw another quarter of stabilization of ARR in this vertical and strong demand for AI Studio from technology customers.

最重要的是，經過仔細評估，採購團隊將 Asana 歸類為具有獨特成本價值的必備軟體。他們的競爭分析和投資回報率評估表明，Asana 有效地滿足了他們的特定需求，這是其他解決方案無法比擬的，因此值得在他們的軟體組合中保留我們。儘管技術繼續拖累我們的整體成長，但我們看到該垂直領域的 ARR 在另一個季度趨於穩定，技術客戶對 AI Studio 的需求強勁。

Expanding our presence by the channel is a key growth in NRR expansion driver. Since the relaunch of our partner program in March, we are making great progress with the channel deals with partners attached have exceeded our expectations and grew double digits year-over-year.

透過管道擴大我們的影響力是 NRR 擴張動力的關鍵成長點。自從三月重新啟動合作夥伴計畫以來，我們取得了長足的進步，與合作夥伴達成的通路交易已經超出了我們的預期，並且同比增長了兩位數。

Of our top five deals this quarter, three were partner-led. We saw especially good traction in APAC and EMEA. And Almost 40% of our APAC deals have partners attached, and we are seeing great digital transformation deals brought forth by our partners. Partners are critical to our growth and scaling of AI studio, and they also see it as a meaningful growth opportunity. We already have certified partners selling and supporting AI Studio.

本季我們的五大交易中，有三筆是由合夥人主導的。我們看到亞太地區和歐洲、中東和非洲地區的發展勢頭尤為良好。我們在亞太地區的交易中幾乎有 40% 都有合作夥伴參與，我們看到合作夥伴帶來了巨大的數位轉型交易。合作夥伴對於我們 AI 工作室的成長和擴展至關重要，他們也將其視為一個有意義的成長機會。我們已經有經過認證的合作夥伴銷售和支援 AI Studio。

Moving to customer health, we've put renewed focus on addressing churn and downgrades, particularly with small monthly customers, which represents a disproportionate share of overall churn. We have a new Chief Customer Officer in place to lead our retention efforts across segments bringing greater executive focus and accountability to customer retention.

談到客戶健康，我們重新將重點放在解決客戶流失和降級問題上，特別是小額月費客戶，他們佔了整體客戶流失的很大一部分。我們任命了一位新任首席客戶長來領導我們各部門的客戶保留工作，為客戶保留帶來更大的執行重點和責任。

We are enhancing early life cycle engagement with targeted onboarding to accelerate early engagement and tailored interventions based on churn risk. In the mid-market and enterprise, we're driving earlier detection through health scoring, strengthening renewal planning and aligning teams more tightly around at-risk accounts.

我們正在透過有針對性的入職培訓來加強早期生命週期的參與，以加速早期參與和根據客戶流失風險量身定制的干預措施。在中端市場和企業中，我們透過健康評分推動早期檢測，加強續約計劃，並讓團隊更緊密地圍繞高風險帳戶進行協調。

While still early, these initiatives are showing encouraging traction and are central to our strategy to improve gross retention and NRR in the long term. In addition, we launched foundational service plans in early Q1 as a strategic initiative to boost customer health and retention while unlocking an additional monetization opportunity. The initiative has already proven highly successful in its first quarter, exceeding expectations with strong attachment rates, especially for new business and generating over seven figures in new business revenue. We remain focused on aligning price to customer value. This is a key focus of our add-on strategy and AI Studio.

雖然這些措施尚處於早期階段，但它們已顯示出令人鼓舞的吸引力，並且是我們長期提高總留存率和 NRR 策略的核心。此外，我們在第一季初推出了基礎服務計劃，作為一項策略性舉措，旨在提高客戶健康和保留率，同時釋放額外的獲利機會。該計劃在第一季已經取得了巨大的成功，其強勁的承接率超出了預期，特別是新業務，並創造了超過七位數的新業務收入。我們仍然致力於使價格與客戶價值保持一致。這是我們的附加策略和 AI Studio 的重點。

In Q1, we exceeded our internal plan with over $1 million in bookings with strong traction across EMEA and APJ and our first wins in Australia and India. The majority of AS studio bookings came from existing customers. While the initial success has primarily centered on new business acquisition and expansion opportunities, AI Studio is becoming an important lever to mitigate downgrades in renewal conversations, a leading HR software company's CIO initially plan to reduce seats due to budget constraints.

在第一季度，我們超越了內部計劃，預訂量超過 100 萬美元，在歐洲、中東和非洲地區 (EMEA) 和亞太及日本地區 (APJ) 表現強勁，並在澳洲和印度首次獲勝。AS 工作室的預訂大部分來自現有客戶。雖然最初的成功主要集中在新業務收購和擴張機會上，但 AI Studio 正在成為緩解續約對話降級的重要槓桿，一家領先的人力資源軟體公司的 CIO 最初計劃由於預算限製而減少席位。

After sharing the CIO, the value of AI studio, multiple teams, including creative ops, HR and PMO decided to adopt AI Studio. The customer not only maintained their existing plan, but expanded with AI studio turning potential churn into growth.

在與 CIO 分享了 AI Studio 的價值後，包括創意營運、HR 和 PMO 在內的多個團隊決定採用 AI Studio。客戶不僅維持了現有計劃，還透過 AI 工作室進行了擴展，將潛在的客戶流失轉化為成長。

As customers begin to pay AI studio with our new smart workflow gallery, they're scaling these use cases faster and with less friction, opening up the potential for adoption of AI Studio across our base. not just those who build automations and custom workflows.

隨著客戶開始使用我們新的智慧工作流程庫向 AI Studio 付費，他們可以更快、更輕鬆地擴展這些用例，從而為我們在整個基礎上採用 AI Studio 開闢了潛力，而不僅僅是那些建立自動化和自訂工作流程的人。

With broader availability of AI Geo coming in Q3 via our self-serve plus year and on by default provisioning, we're positioned to scale AI Studio even faster in the second half of fiscal year '26 to both new customers and our existing customer base. Our team is focused on our strategic priorities and growth initiatives that are centered around the customer and believe these priorities position us well for long-term growth reacceleration.

隨著 AI Geo 在第三季透過我們的自助服務加年和預設配置得到更廣泛的應用，我們準備在 26 財年下半年更快地將 AI Studio 擴展到新客戶和現有客戶群。我們的團隊專注於以客戶為中心的策略重點和成長計劃，並相信這些重點將使我們為長期成長加速做好準備。

And now I'll turn it over to Sonalee.

現在我將把時間交給 Sonalee。

Thanks, Anne. Let me highlight the financial results for the first quarter and then comment more on the outlook. Q1 revenues came in at $187.3 million, up 9% year-over-year. which exceeded the midpoint of our guidance by 1%. We have 24,297 core customers or customers spending $5,000 or more on an annualized basis.

謝謝，安妮。讓我重點介紹第一季的財務業績，然後再對前景發表更多評論。第一季營收為 1.873 億美元，年增 9%，超過我們預期中位數 1%。我們擁有 24,297 名核心客戶或年消費金額達 5,000 美元或以上的客戶。

Revenues from core customers grew 10% year-over-year. This cohort represented 75% of our revenues in Q1. We have 728 customers spending $100,000 or more on an annualized basis, and this customer cohort grew at 20% year-over-year. As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter. Our overall dollar-based net retention rate was 95%.

來自核心客戶的營收年增10%。這群人占我們第一季營收的 75%。我們有 728 位客戶，每年的消費金額為 100,000 美元或更多，並且該客戶群同比增長了 20%。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 95%。

Core customer NRR was 96%, and among customers spending $100,000 or more, NRR was 95%. As a reminder, our NRR is a trailing four quarter average, and therefore, a lagging indicator of more recent trends. Our in-quarter NRR was stable, and we saw improvement in logo churn across all cohorts. However, while our in-quarter NRR was stable for the third consecutive quarter, we expect net retention in Q2 to be pressured. This is due to a combination of continued downgrade pressure, particularly in our enterprise and middle market segments and the technology vertical.

核心客戶 NRR 為 96%，消費金額達 100,000 美元或以上的客戶 NRR 為 95%。提醒一下，我們的 NRR 是過去四個季度的平均值，因此是近期趨勢的滯後指標。我們本季的 NRR 保持穩定，並且我們看到所有群組的標誌流失率都有所改善。然而，儘管我們的季度 NRR 連續第三個季度保持穩定，但我們預計第二季的淨留存率將面臨壓力。這是由於持續的降級壓力造成的，特別是在我們的企業和中端市場領域以及技術垂直領域。

While our $100 million-plus renewal, which we highlighted in our earnings today, materially increases our remaining performance obligations, providing greater visibility into fiscal year '27 and fiscal year '28. It represents a modest ACV downgrade as compared to our prior contract. This will negatively weigh on our Q2 NRR, especially in our $100,000 cohort. --

我們在今天的收益中強調了超過 1 億美元的續約，這大大增加了我們剩餘的履約義務，為 27 財年和 28 財年提供了更大的透明度。與我們之前的合約相比，這代表著 ACV 的適度下降。這將對我們的 Q2 NRR 產生負面影響，尤其是在我們的 100,000 美元群體中。--

As well as impacting the stability we have experienced over the past couple of quarters in our tech vertical. We are confident in long-term NRR improvement, given the investments we have made in our customer success teams AI studio and add-on strategy, our work to better align price to value and focus on improving customer health.

這同時也影響了我們過去幾季在技術垂直領域所經歷的穩定性。鑑於我們在客戶成功團隊 AI 工作室和附加策略方面所做的投資，我們的工作是更好地將價格與價值相結合，並專注於改善客戶健康，我們對長期 NRR 改善充滿信心。

However, in the near term, NRR will remain a headwind, which results in strong new business momentum and scaling contribution from add-ons in the channel being less prominently reflected in our overall revenue growth.

然而，在短期內，NRR 仍將是一個逆風，這導致強勁的新業務勢頭和通路附加組件的擴展貢獻在我們的整體收入成長中反映得不那麼突出。

Now moving to profitability where I will be discussing our non-GAAP results. We continue to be extremely focused on driving efficiency and productivity throughout our business, maximizing the operating leverage we enjoy from our strong gross margin. which held steady at approximately 90%. We expect to maintain these levels of gross margin in fiscal year '26 while expanding sequential operating margin as we continue to scale.

現在轉向盈利能力，我將討論我們的非 GAAP 結果。我們持續高度重視提高整個業務的效率和生產力，最大限度地提高我們因強勁的毛利率而享有的經營槓桿。毛利率穩定在 90% 左右。我們預計在 26 財年將維持這些毛利率水平，同時隨著規模的不斷擴大，連續的營業利潤率也將擴大。

R&D expenses were $48.9 million or 26% of revenue, down 11% year-over-year. Sales and marketing expenses were $83.7 million, or 45% of revenue, down 5.5% year-over-year. G&A expenses were $27.7 million or 15% of revenue, up 2.2% year-over-year.

研發費用為 4,890 萬美元，佔營收的 26%，年減 11%。銷售和行銷費用為 8,370 萬美元，佔收入的 45%，年減 5.5%。一般及行政費用為 2,770 萬美元，佔營收的 15%，較去年同期成長 2.2%。

As a result of driving productivity and efficiency gains, we had a positive operating income quarter for the first time in our company's history, delivering a 4% margin or $8.1 million of operating income, which represents an operating margin of 300 basis points above the midpoint of our guide and a more than 1,300 basis point improvement year-over-year. Net income was $12 million or $0.05 a share.

由於生產力和效率的提高，我們公司歷史上首次實現了正營業收入季度，利潤率為 4%，即 810 萬美元的營業收入，這意味著營業利潤率比我們的指導中點高出 300 個基點，比去年同期提高了 1,300 個基點以上。淨收入為 1200 萬美元，即每股 0.05 美元。

Our profitability improvement was driven by rationalizing and reallocating program spend particularly in marketing and lead generation to meet ROI thresholds without sacrificing pipeline and pipeline coverage, reallocating resources to more productive go-to-market motions, driving down infrastructure costs by optimizing our cloud spend, exercising discipline around all discretionary spend.

我們的獲利能力提高是透過合理化和重新分配專案支出（特別是在行銷和潛在客戶生成方面）來推動的，以滿足投資回報率門檻，而不會犧牲管道和管道覆蓋範圍，將資源重新分配給更有成效的上市行動，透過優化我們的雲端支出來降低基礎設施成本，對所有可自由支配的支出進行紀律處分。

And shifting certain hiring and backfilling to more cost-effective regions like Warsaw and Rikivic to optimize our onshore-offshore mix and to better align with industry benchmarks. Our continued focus on efficiency and productivity lays a strong foundation for continued operating leverage and multiyear margin expansion.

並將某些招募和回填工作轉移到華沙和里基維奇等更具成本效益的地區，以優化我們的陸上和海上組合，並更好地與行業基準保持一致。我們持續關注效率和生產力，為持續的營運槓桿和多年的利潤率擴張奠定了堅實的基礎。

Moving on to the balance sheet and cash flow. Cash and cash equivalents and marketable securities at the end of Q1 were approximately $470.8 million. Our deferred revenue, remaining performance obligations, or RPO, and current RPO or CRPO, were impacted by the timing of the $100 million-plus renewal, which typically is billed in Q1 but was renewed in and will be billed in Q2 going forward.

繼續討論資產負債表和現金流量。第一季末的現金、現金等價物和有價證券約為 4.708 億美元。我們的遞延收入、剩餘履約義務（RPO）以及當前 RPO 或 CRPO 受到 1 億美元以上續約時間的影響，該續約通常在第一季度計費，但已在第二季度續約並將在第二季度計費。

Given that significant impact, we will also be providing those measures as adjusted for the large renewal. Our RPO was $420.7 million, up 11% from the year ago quarter. and adjusted for deal impact would have been approximately $521 million, up 37% year-over-year. CRPO will be recognized over the next 12 months and was 83% of RPO and grew 7% from the year ago quarter.

鑑於其重大影響，我們也將提供針對大規模更新進行調整的措施。我們的 RPO 為 4.207 億美元，比去年同期成長 11%。經交易影響調整後約 5.21 億美元，比去年同期成長 37%。CRPO 將在未來 12 個月內確認，佔 RPO 的 83%，比去年同期成長 7%。

CRPO adjusted for the deal timing would have been 73% of RPO, up 17% year-over-year. Our total ending Q1 deferred revenue was $290.3 million, down 2% year-over-year, and adjusted for deal timing would have been approximately $32.7 million, up 9% year-over-year.

根據交易時機調整後的 CRPO 將達到 RPO 的 73%，較去年同期成長 17%。我們第一季末的遞延收入總額為 2.903 億美元，年減 2%，經交易時間調整後約為 3,270 萬美元，年增 9%。

Building on our operating margin strength, Q1 adjusted free cash flow was $9.9 million or 5% on a margin basis, an improvement of more than 700 basis points. We continue to take a disciplined approach to capital allocation. Given our strong balance sheet positive free cash flow and confidence in our long-term strategy, we believe share repurchases are an effective way to return value to shareholders while offsetting dilution.

基於我們強勁的營業利潤率，第一季調整後的自由現金流為 990 萬美元，利潤率為 5%，提高了 700 多個基點。我們繼續採取嚴謹的資本配置方法。鑑於我們強勁的資產負債表、正自由現金流以及對長期策略的信心，我們相信股票回購是向股東返還價值並抵銷稀釋的有效方式。

This quarter, we bought back $15.6 million of our Class A common stock at an average price of $15.09 or 1 million shares. In May, our Board increased our share repurchase authorization by $100 million and removed the program's previous expiration date. As of April 30, we had $56 million remaining under the prior authorization, representing a total of $156 million available to us for repurchases moving forward.

本季度，我們以平均 15.09 美元或 100 萬股的價格回購了價值 1,560 萬美元的 A 類普通股。五月份，董事會將股票回購授權增加了 1 億美元，並取消了該計劃之前的到期日。截至 4 月 30 日，我們先前的授權餘額為 5,600 萬美元，這意味著我們未來可用於回購的資金總額為 1.56 億美元。

Now moving to guidance. For Q2 fiscal 2026, we expect revenues of $192 million to $194 million, representing 7% to 8% growth year-over-year. We expect non-GAAP operating income of $8 million to $10 million, representing an operating margin of 4% to 5%. And we expect non-GAAP net income per share of $0.04 to $0.05, assuming diluted weighted average shares outstanding of approximately $243 million.

現在轉向指導。對於 2026 財年第二季度，我們預計營收為 1.92 億美元至 1.94 億美元，年增 7% 至 8%。我們預計非公認會計準則營業收入為 800 萬美元至 1,000 萬美元，營業利潤率為 4% 至 5%。我們預期非公認會計準則每股淨收益為 0.04 美元至 0.05 美元，假設稀釋加權平均流通股數約為 2.43 億美元。

For the full year, we are updating our revenue guidance to $775 million to $790 million, representing 7% to 9% year-over-year growth. This range reflects two planning scenarios. The upper half assumes continued execution within a stable macro, consistent with our Q4 view.

我們將全年營收預期更新為 7.75 億美元至 7.9 億美元，年增 7% 至 9%。這個範圍反映了兩種規劃情境。上半部假設在穩定的宏觀環境下繼續執行，這與我們對第四季的看法一致。

The lower half anticipates elongated sales cycles, increased budget scrutiny and a more cautious procurement environment, particularly with tech and enterprise customers. We continue to monitor the impact of economic uncertainty on buying and renewal activity.

下半部分預計銷售週期將延長，預算審查將更加嚴格，採購環境將更加謹慎，尤其是對技術和企業客戶。我們將持續監測經濟不確定性對購買和續約活動的影響。

As Anne highlighted, while we have not seen material change in the demand environment, we are observing early signs of increased buyer scrutiny and downgrade activity, particularly in our enterprise and corporate customer bases. While these early signs alone do not change our previous outlook, we do recognize that there is a growing macroeconomic risk and thus are reflecting this risk by expanding our guidance range. We are raising our full year non-GAAP operating margin guidance to at least 5.5% for the full year, up from our prior guidance of at least 5% and continue to expect sequential improvement throughout the year.

正如安妮所強調的，雖然我們還沒有看到需求環境發生實質變化，但我們觀察到買家審查力度加大和降級活動的早期跡象，尤其是在我們的企業和公司客戶群中。雖然這些早期跡象本身不會改變我們先前的展望，但我們確實認識到宏觀經濟風險正在增加，因此透過擴大我們的指導範圍來反映這種風險。我們將全年非公認會計準則營業利潤率預期從先前的至少 5% 的預期上調至至少 5.5%，並預計全年將繼續保持連續改善。

In addition, we expect net income per share of $0.22, assuming diluted weighted average shares outstanding of approximately $243 million. I want to highlight that if the macro environment were to deteriorate, we have multiple levers we can pull, which we believe would allow us to preserve profitability at the level of our guide without compromising the investments we have made and are making to drive revenue growth acceleration.

此外，我們預期每股淨收益為 0.22 美元，假設稀釋加權平均流通股數約為 2.43 億美元。我想強調的是，如果宏觀環境惡化，我們可以採取多種措施，我們相信這將使我們能夠將盈利能力保持在指導水平，同時又不影響我們已經進行和正在進行的推動收入增長加速的投資。

As we shared last quarter, Dustin and I remain focused on executing a long-term strategy to drive long-term growth acceleration while meaningfully expanding profitability. We are defining how humans and AI coordinate work at scale, and we see a massive greenfield opportunity ahead of us. We believe we have the right strategy in place to capitalize on this opportunity.

正如我們上個季度所分享的，達斯汀和我仍然專注於執行一項長期策略，以推動長期成長加速，同時顯著提高獲利能力。我們正在定義人類和人工智慧如何大規模協調工作，我們看到了巨大的綠地機會。我們相信我們已經制定了正確的策略來利用這個機會。

And with that, operator, we're ready for questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Matt Bullock, Bank of America.

（操作員指示）美國銀行馬特·布洛克。

Great. I wanted to start on AI Studio. Great to see cross that $1 million ARR threshold, Dustin, maybe if you could just help us think about the breakdown of that $1 million in ARR. What does that consist of? Which types of customers and use cases are driving strong uptake and then maybe walk us through some of the potential upside scenarios for the back half of fiscal '26.

偉大的。我想開始使用 AI Studio。很高興看到突破 100 萬美元 ARR 門檻，達斯汀，也許你可以幫我們思考一下 100 萬美元 ARR 的細目。它由什麼組成？哪些類型的客戶和用例正在推動強勁的成長，然後也許可以向我們介紹 26 財年下半年的一些潛在的上行情境。

Yes. That's a great question. So the $1 million ARR really represents a great diversity and distribution of customers. We have a good number of examples from every region and across different industries and across the different segments as well. So I feel really good about that.

是的。這是一個很好的問題。因此，100 萬美元的 ARR 確實代表了客戶的多樣性和分佈性。我們有來自各個地區、不同行業和不同領域的大量案例。所以我對此感覺非常好。

And this is entirely comprised right now of the AI Studio Pro platform fees. So part of the upside in the future will come from potentially getting into the incremental consumption. And we are still seeing great patterns over time with customers continuing to use more and more credits month after month and gain confidence in the system as well as seeing the newer cohorts of customers. A lot of the customers have joined in the past two months, they're starting out faster and consuming more credits out the gate. Part of the reason for that is the launch of the smart workflow gallery.

目前這完全由 AI Studio Pro 平台費用組成。因此，未來的部分上漲空間將來自於潛在的增量消費。隨著時間的推移，我們仍然看到很好的模式，客戶每月繼續使用越來越多的信用額度，對系統越來越有信心，同時也看到了新的客戶群。很多客戶都是在過去兩個月內加入的，他們起步更快，並且消耗了更多的積分。部分原因是智慧工作流程庫的推出。

Just came out a few weeks ago, but it lets you deploy both AI Studio and if you're not an AI studio, you can have it without AI, prebuilt templates. And we're seeing where you do have studio turned on, that is working as intended. We're seeing a lot of those get installed and drive credit usages as well. And then two more catalysts that I think provide upside throughout the year. We're launching the Plus SKU, which is going to be a lower price, more affordable SKU, I think, later this week, actually, for sales to start selling and to become self-serve later in the summer.

幾週前剛推出，但它可以讓您部署 AI Studio，如果您不是 AI 工作室，您可以在沒有 AI 的情況下使用它，即預建模板。我們看到您已打開工作室，並且一切運作正常。我們看到很多這樣的系統已經安裝並且也推動了信用使用。另外還有兩個催化劑，我認為它們將為全年帶來上漲動力。我們將推出 Plus SKU，這將是一個價格更低、更實惠的 SKU，我想，實際上，本週晚些時候，我們將開始銷售，並在夏季晚些時候實現自助服務。

That will open us up more to the SMB market. and help customers get started when they need more than what's available in basic and less than what's needed in Pro. And then also AI mates, which is a little bit of a new part of the AI road map for fiscal year '26, but I think it's going to be a big factor in H2 and will help a lot more end users get the benefits of AI because it doesn't require building workflows getting into the automation builder at all.

這將使我們更多地向 SMB 市場開放。並幫助客戶在他們需要比基礎版更多、而比專業版更少的功能時開始使用。然後還有 AI mates，這是 26 財年 AI 路線圖的一個新部分，但我認為它將成為下半年的一個重要因素，並將幫助更多的最終用戶獲得 AI 的好處，因為它根本不需要建立進入自動化建構器的工作流程。

It really is as easy to use as working with normal human teammates. So we don't know how well Plus and teammates will do, but seeing all the right things from what we have in market today and have a lot more that we'll launch throughout the year.

它確實像與普通人類隊友合作一樣容易使用。因此，我們不知道 Plus 和隊友的表現會如何，但從我們目前在市場上擁有的產品來看，我們看到了所有正確的東西，並且全年我們還將推出更多產品。

Super helpful. And just a quick follow-up for Sonalee, if I could. I wanted to ask about the $100 million contract renewal. I believe you mentioned that was in the tech vertical, but -- are there any other details you can share about that renewal process? Maybe help us think about the change in quantifying the change in ACV there? And then is there anything you can share on how much AI studio is embedded in that renewal?

超有幫助。如果可以的話，我想快速跟進 Sonalee 的情況。我想問一下關於1億美元續約的事情。我相信您提到這是在技術垂直領域，但是——您能分享有關該更新過程的其他細節嗎？也許可以幫助我們思考量化 ACV 變化的變化？那麼，您能否分享 AI 工作室在這次更新中嵌入了多少內容？

Sure, Absolutely. So you're right. It was in our tech vertical, that renewal. I just want to highlight again, it was the largest deal in Asana's history, so 100 million TCV over three years. The renewals slipped out of Q1 and into early Q2, which is why I shared pro forma balance sheet metrics around RPO and CRPO and whilst it was a significant expansion in TCV versus the previous contract, there was actually a modest downgrade on an ACV basis.

當然，絕對可以。所以你是對的。這是我們技術垂直領域的革新。我只是想再次強調，這是 Asana 史上最大的一筆交易，三年內 TCV 達到 1 億。續約從第一季拖入第二季初，這就是為什麼我分享了有關 RPO 和 CRPO 的備考資產負債表指標，雖然與之前的合約相比 TCV 有了顯著擴大，但實際上 ACV 卻略有下降。

So that will actually impact and you heard me call this out in the prepared remarks, that will impact our overall net retention and particularly from Q2 and as we look across the rest of the year, and as you correctly assumed, yes, it will weigh on the tech vertical, which up to now and over the past couple of quarters have been showing signs of stability.

因此，這實際上會產生影響，正如我在準備好的發言中提到的那樣，這將影響我們的整體淨留存率，特別是從第二季度開始，展望今年剩餘時間，正如您正確假設的那樣，是的，它將對技術垂直領域造成壓力，到目前為止以及過去幾個季度，該領域一直表現出穩定的跡象。

So with this multiyear deal, we feel like it was a trade-off we were willing to make in terms of the slight ACV downgrade because we now have much greater visibility into fiscal year '27 and '28. And given the significant increase in RPO that, that actually drives. In terms of the contribution to AI studio specifically from that renewal, there's nothing factored in. in the guide right now. That is potential upside.

因此，對於這項多年協議，我們覺得這是我們願意在 ACV 略微下調方面做出的權衡，因為我們現在對 27 和 28 財年有了更大的了解。並且考慮到 RPO 的顯著增加，這實際上起到了推動作用。就此次續約對 AI 工作室的貢獻而言，目前指南中尚未考慮任何因素。這是潛在的好處。

But I think it's worth me just handing over to Anne, just to talk a little bit more about that renewal and the landmark deal and why they chose to work with Asana?

但我認為我還是值得把時間交給安妮，讓她再多談一點關於這次續約和這項具有里程碑意義的交易，以及他們為什麼選擇與 Asana 合作？

Happy to add more there. What we're really excited about is the long-term commitment from this leading global enterprise customer -- it really allows us to deepen our strategic partnership with them and continue to innovate with this very exceptional company. Some things that I'm particularly excited about, they ran a really rigorous process to choose us. and have now a long-term commitment.

很高興在那裡添加更多內容。我們真正興奮的是這家全球領先企業客戶的長期承諾——它確實使我們能夠深化與他們的策略合作夥伴關係，並繼續與這家非常卓越的公司一起創新。有些事情讓我特別興奮，他們經過了非常嚴格的流程來選擇我們，現在已經做出了長期承諾。

I think the other thing that we're really excited about is the use cases across this organization can serve as inspiration for other enterprise customers. It also shows off our strength in scalability, security, our vision and compliance at the highest levels. Some of the really diverse business critical use cases across their business units and functions that we're very excited about and continue to expand.

我認為另一件讓我們真正興奮的事情是，該組織的用例可以為其他企業客戶帶來啟發。它也展示了我們在可擴展性、安全性、願景和合規性方面的最高實力。我們對其業務部門和職能中一些真正多樣化的關鍵業務用例感到非常興奮並將繼續擴展。

So everything from change management and global logistics managing complex workflows for new product and new device launches to developing operational benchmarks for process improvement and managing client workflows for their large global accounts team.

因此，從變更管理和全球物流管理新產品和新設備發布的複雜工作流程，到製定流程改進的營運基準以及為大型全球客戶團隊管理客戶工作流程，一切都包括在內。

And then altogether, they are also doing cross-functional goal setting, reporting project and portfolio status update management across several hundred thousand employees. So it's exciting to continue to build this relationship. And now, as Sonalee said, have visibility over the next three years on our ability to deliver value, but then also deliver upside.

總的來說，他們也對數十萬名員工進行跨職能目標設定、專案報告和投資組合狀態更新管理。因此，繼續發展這種關係是令人興奮的。現在，正如 Sonalee 所說，未來三年我們不僅能實現價值，還能實現上升空間。

Allan, Scotiabank.

艾倫，豐業銀行。

I want to ask another question on AI Studio, but more from an ROI perspective, Dustin it's exciting that you're seeing instances of AI studio ARR exceeding seed-based ARR. At the same time, there are many agents that SaaS companies are selling, which I would imagine makes it a bit harder for customers to see the ROI to justify why to pay more for AI Studio.

我想問另一個關於 AI Studio 的問題，但更多的是從投資回報率 (ROI) 的角度來看，達斯汀，看到 AI Studio ARR 超過基於種子的 ARR 的例子，這令人興奮。同時，SaaS 公司正在銷售許多代理，我想這會讓客戶更難看到投資回報率，從而解釋為什麼要為 AI Studio 支付更多費用。

What are your top learnings thus far in selling it. And can you update us on your confidence to have a whales that you mentioned last quarter on AI studio that are spending six or seven figures on it by the end of the year?

到目前為止，您在銷售過程中最重要的收穫是什麼？您能否告訴我們，您對上個季度提到的 AI 工作室巨頭在今年年底前投入六位數或七位數資金的信心？

Yes. So this is Dustin. I'll try and unpack those questions. I may need a little bit of clarification. Can you say more about the agents we're competing with? Why do you think you're paying more with Asana? Maybe I'll just -- .

是的。這就是達斯汀。我會盡力解答這些問題。我可能需要一點澄清。能否詳細介紹一下我們的競爭代理商？您認為為什麼使用 Asana 需要支付更多費用？也許我只是-- 。

A lot of software companies are trying to monetize AI agents, which I can imagine makes it a little harder for customers to see through that.

許多軟體公司正在嘗試將人工智慧代理貨幣化，我可以想像這會讓客戶更難看透這一點。

See through that? Yes. I mean, I think that the distinction with Asana is that they're more successful to deploying these. So I think what you get when you have stand-alone agents, in another system is partially you need a lot of behavior change. But the bigger issue that I've seen in practice is that you need them to be able to take on an entire workflow and kind of replace kind of replace an entire person.

看透了嗎？是的。我的意思是，我認為 Asana 的區別在於他們在部署這些方面更為成功。所以我認為，當你擁有獨立代理時，在另一個系統中，你需要進行大量的行為改變。但我在實踐中看到的更大問題是，你需要他們能夠承擔整個工作流程並取代整個人。

And because of that, you're not as successful as often. And so customers are turning to Asana because they see that they can take on part of a workflow that can be done by AI and sort of hand back and forth with a human or multiple humans that are on the team, and that lets them be successful in a lot more areas. And as a consequence, across more use cases.

正因為如此，你就不會經常成功。因此，客戶開始轉向 Asana，因為他們發現他們可以承擔部分可由 AI 完成的工作流程，並與團隊中的一人或多人溝通，這讓他們可以在更多領域取得成功。因此，可以涵蓋更多的用例。

So a lot of the agents that other vendors are putting out are more specialized, especially to support and we can do versions of that. But the types of examples that we're giving with request intake and campaign management and developing assets, that diversity of use cases works much more on a platform like Asana that can handle all of that.

因此，其他供應商推出的許多代理商都更加專業，特別是在支援方面，我們可以提供相應的版本。但是，我們在請求接收、活動管理和開發資產方面給出的範例類型，這些用例的多樣性在 Asana 等可以處理所有這些的平台上更為有效。

In terms of customers that are paying more than their seat licenses right now, all of the customers are paying about the same for these pro packages. And so that is largely a function of the fact that they don't have many seats, but some of them are still getting enough value out of pro that they are buying this larger package, and it's worse what they're paying to the seats. What I'd love to see is that happening in bigger accounts. So to have studio revenue eclipsing a six or seven figure existing accounts. I think that will take longer.

就目前支付的費用超過座位許可證費用的客戶而言，所有客戶為這些專業套餐支付的費用大致相同。所以這很大程度上是因為他們沒有很多座位，但其中一些仍然從專業比賽中獲得了足夠的價值，因此他們購買了更大的套餐，而他們為座位支付的費用更糟。我很高興看到這種情況發生在更大的帳戶中。因此，工作室的收入將超過現有帳戶的六位數或七位數。我認為這將需要更長的時間。

It does take time for the usage to compound, but we are seeing it build and we're getting better at assistant customers. Customers are getting better at delving it themselves. We're building up this library of great templates with the smart workflow gallery. All of that will just increase it -- increase the scale of what we can sell to an individual customer.

使用量的複合確實需要時間，但我們看到它不斷成長，而且我們在為客戶提供幫助方面也做得越來越好。客戶越來越善於自己探索。我們正在利用智慧工作流程庫來建立這個優秀範本庫。所有這些都只會增加——增加我們可以向單一客戶銷售的產品的規模。

And I still think it's like pretty likely that we'll have some at the end of the year, but I don't have any particular -- it's not like we have one in pipeline. So I can guarantee it, but I'm seeing all the right things and see all these additional catalysts for how we can get a lot more usage including teammates could really change the game, particularly for customers that are already adopted on studio by the time we launch them. We'll have some that have been using it for two or three quarters, and teammates will let them go much further, very quickly. and I think that will be a big asset.

我仍然認為我們很有可能在年底推出一些產品，但我並沒有任何特別的消息——這並不意味著我們已經在籌備中。因此我可以保證這一點，但我看到了所有正確的事情，並看到了所有這些額外的催化劑，讓我們能夠獲得更多的使用，包括隊友可以真正改變遊戲，特別是對於那些在我們推出時已經在工作室採用的客戶。我們會讓一些人使用它兩到三個季度，隊友會讓他們很快走得更遠。我認為這將是一筆巨大的財富。

And then finally, one I haven't even mentioned is we're seeing the emergence of more expensive models like -- and as we introduce those in the system, it actually gives the customers the ability to spend more credits on the same workflows if they just want higher quality.

最後，我還沒有提到的是，我們看到了更昂貴的模型的出現——當我們在系統中引入這些模型時，如果客戶只是想要更高的質量，它實際上讓他們能夠在相同的工作流程上花費更多的積分。

Awesome. That's really helpful. And then surely, just a quick follow-up for you. Can you share how you're thinking about revenue from tech customers as part of the updated fiscal '26 guidance? And also what you're estimating in terms of impacts from FX versus before?

驚人的。這真的很有幫助。當然，我只是想快速跟進。您能否分享一下，作為更新後的 26 財年指引的一部分，您對來自科技客戶的收入有何看法？另外，您對於外匯影響的估計與以前相比如何？

Yes, sure. So just firstly on -- to clarify, on Q1, the impact from FX was actually very minimal. It was a couple of hundred thousand dollars. We don't really tend to call that out, especially if it's not material, but I think a couple of other people had that question. So it was very de minimis.

是的，當然。首先要澄清的是，對於第一季而言，外匯的影響其實非常小。價值有幾十萬美元。我們實際上並不傾向於指出這一點，特別是當它不是實質的時候，但我認為其他幾個人也有同樣的疑問。所以這是非常微不足道的。

In terms of how we're thinking about the tech vertical, obviously, we called out this large renewal being in the tech vertical. So it will continue to have an impact on what we have been seeing in our tech vertical in terms of recovery.

就我們如何看待技術垂直領域而言，顯然，我們將這次大規模的革新稱為技術垂直領域的革新。因此，它將繼續對我們在技術垂直領域的復甦產生影響。

But the actual year-over-year revenue growth in our tech vertical was fairly stable this quarter as it had been in the last couple of quarters? And we don't tend to break out tech versus non tech on a forward basis in terms of how we're guiding. But what I would say is that non-tech is still growing which is close to -- it's about between 25% and 30% of our business today is tech and nontech is the rest, that's growing in the mid-teens and still healthily growing in the mid-teens.

但本季我們技術垂直領域實際的年收入成長與過去幾季一樣相當穩定？就我們的指導方式而言，我們通常不會前瞻性地區分科技與非科技。但我想說的是，非科技業務仍在成長，接近——目前我們的業務中約有 25% 到 30% 是科技業務，其餘部分為非科技業務，增長率在十幾歲左右，並且仍在十幾歲左右健康增長。

So I would say expect apart from that downgrade that we've called out specifically in the renewal, the rest of the tech vertical, we would expect to be fairly stable.

因此我想說，除了我們在續約中特別提到的降級之外，其餘的技術垂直領域，我們預計會相當穩定。

Steven Enders, Citi.

花旗銀行的史蒂文‧恩德斯。

Okay. Great. I guess I just want to maybe follow up on some of the pressure you're seeing in the macro side of it. I think you called out downgrades on enterprise and mid-market. And if I remember it in the past, it seemed like it's primarily centered on the tech side.

好的。偉大的。我想我只是想跟進一下您在宏觀方面看到的一些壓力。我認為您呼籲降低企業和中端市場的評級。如果我沒記錯的話，它似乎主要集中在技術方面。

So I guess I just want to understand, is this maybe new pressure that you're seeing in those segments being impacted across other verticals? Or can you just maybe clarify what exactly it is that you are seeing within the enterprise and mid-market front right now?

所以我想我只是想了解一下，您在這些領域看到的新壓力是否會影響其他垂直行業？或者您能否解釋一下目前在企業和中端市場中看到的究竟是什麼？

Steve, it's Anne. I'm happy to take that. I think what we just started to see early was some customer budget pressures, there's still some ongoing workforce reductions and then consolidation of tools under centralized IT management. where we saw this in particular was in enterprise and the Americas region, which for us has a disproportionate share of tech. But we're actively working to mitigate a lot of the turn in contraction through all our investments in additional customer success management coverage, identifying at-risk customers earlier introducing our new more flexible pricing.

史蒂夫，我是安妮。我很高興接受這個。我認為我們剛開始看到的是一些客戶預算壓力，仍然存在一些持續的裁員，然後在集中 IT 管理下整合工具。我們特別在企業和美洲地區看到了這種情況，對我們來說，這些地區的技術份額不成比例。但我們正在積極努力，透過對額外的客戶成功管理覆蓋進行投資，儘早識別有風險的客戶，並引入新的更靈活的定價，來減輕許多收縮的影響。

And then in particular, I think where we feel like the mitigation is going to come on contraction insurance is with AI Studio and our foundational service plans. Those really do two things: One, with AI Studio, higher-value business impacting workflows and adoption. And then with the foundational service plans, what the customers are really getting is ongoing onboarding support services and the ability to get value faster. So I think -- and additional products that they're buying for us. So -- while we're seeing some of the early signs, I think we've got things in place to help mitigate it over the long term.

然後具體來說，我認為我們認為緩解收縮保險的措施是透過 AI Studio 和我們的基礎服務計劃。這些實際上做了兩件事：第一，借助 AI Studio，更高價值的業務影響工作流程和採用。透過基礎服務計劃，客戶真正獲得的是持續的入職支援服務和更快獲得價值的能力。所以我認為——以及他們為我們購買的額外產品。因此，雖然我們看到了一些早期跡象，但我認為我們已經採取了一些措施來幫助長期緩解這個問題。

Okay. Great. That's helpful. And then, I guess, I just want to clarify on the revenue guide. And I guess, the lower, I guess, more of it, and I appreciate some of the commentary around what's being assumed.

好的。偉大的。這很有幫助。然後，我想，我只想澄清一下收入指南。我想，越低，我想，越多，我很欣賞一些關於假設的評論。

But I do want to ask on I guess as we think about the lower aspect of it specifically in that scenario, just how scrubbed would you say that scenario is? Or maybe kind of what's -- I guess how much negativity has been assumed on that low-end guide?

但我確實想問一下，當我們具體考慮該場景的較低方面時，您認為該場景有多糟糕？或者可能是某種——我猜想該低端指南中有多少負面因素被假設？

Sure. So the low end of the guide is definitely taken into account being much more prudent. It reflects not just the trends that Anne called out just now around what we're seeing, but it actually reflects additional risk and additional macro pressure, which we have not seen yet, but we wanted to provide a guidance range that at the high end is reflecting what we see today. And then at the low end, incorporates a potential worsening given there is a lot more uncertainty out there today than when I last guided, which was in March with our Q4 earnings.

當然。因此，指南的低端肯定被認為是更加謹慎的。它不僅反映了安妮剛才提到的我們所看到的趨勢，而且實際上反映了我們還沒有看到的額外風險和額外的宏觀壓力，但我們希望提供一個指導範圍，在高端反映我們今天所看到的情況。然後在低端，考慮到現在的不確定性比我上次指導時（即 3 月份第四季度收益時）要多得多，情況可能會進一步惡化。

So we're comfortable with the range we provided, and we feel like it's covers a wide range of outcomes. But certainly, the low end factors in a more bearish view on net retention from where we are today and the macro worsening. Hopefully, that's clear.

因此，我們對所提供的範圍感到滿意，並且我們覺得它涵蓋了廣泛的結果。但可以肯定的是，從目前的狀況和宏觀惡化來看，低端因素導致對淨留存的看法更加悲觀。希望這是清楚的。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

If we do make the adjustment on the deferred and pull that into Q1, I think billings growth was around 5%, which was below the history here. So just wanted to see how Q1 billings really performed versus your internal plan. And then the follow-up would be just anything to call out as we navigate billings for the rest of the year as far as seasonality or with regard to other renewals or dynamics over the next several quarters?

如果我們確實對遞延進行調整並將其納入第一季度，我認為帳單成長率約為 5%，低於歷史水準。所以只是想看看第一季的帳單與您的內部計劃相比實際表現如何。那麼，當我們處理今年剩餘時間的帳單時，後續情況是否與季節性或未來幾季的其他續約或動態有關？

Yes. So you get an A-plus on your math, pro forma, that's exactly what it was. So it was about 5% in Q1. And Q1 is seasonally lower for us in billings growth typically. And you'll even see that in the trends last year. And that's because of the timing of our multi-year deal renewals. And they tend to accelerate into the second half of the year.

是的。因此，您的數學成績為 A+，形式上就是這樣。因此第一季的增幅約為 5%。對我們來說，第一季的營業額成長通常處於季節性較低水準。你甚至會在去年的趨勢中看到這一點。這是因為我們續簽多年期合約的時機。而這個趨勢在下半年會加速。

And given the downgrade pressure that we're seeing and that Anne called out in enterprise, which tend to be annual and multiyear deals and upfront billing, that weighs our billings naturally. But what I would say is on the other side, on the flip side, we're continuing to see strength in our SP business, which is offsetting some of that pressure. And if you think about full year billings, it should be in line with our guided revenue growth range.

考慮到我們看到的降級壓力以及安妮在企業中提出的要求，這些要求往往是年度和多年交易以及預付賬單，這自然會影響我們的賬單。但我想說的是，另一方面，我們的 SP 業務繼續保持強勁，這抵消了部分壓力。如果你考慮全年的帳單，它應該符合我們指導的收入成長範圍。

Okay. Great. That's helpful. I'm just wondering -- , you mentioned a trade-off with regard to the large deal. Is that in like thinking about volume discounting in return for the longer duration on that contract?

好的。偉大的。這很有幫助。我只是想知道——您提到了與大交易有關的權衡。這是否類似於考慮透過批量折扣來延長合約期限？

Yes. So I talked about a modest ACV downgrade. So what we get from them annually, but we felt like that was definitely worth the trade-off given and talked about the strategic importance of this deal. And the other thing is we're in there now or in there for the next 3 years, and there's someone earlier as a really great question about is AI Studio in that deal? No, it's not today.

是的。所以我談到了適度的 ACV 降級。因此，我們每年從他們那裡得到什麼，但我們覺得這絕對值得付出代價，並談到了這筆交易的戰略重要性。另一件事是我們現在或未來 3 年都會參與其中，之前有人問了一個非常好的問題，AI Studio 是否參與了這筆交易？不，不是今天。

Our FSPs in that deal, not today. So these are all potential areas of upside -- and again, we would do that kind of deal again. So yes, it was definitely worth the trade-off. And it's a long-term commitment, and we love the visibility it provides for fiscal '27 and '28. And we think it's a real validation of our leadership position in this category and our ability to scale. They wanted to work with us.

我們的 FSP 在那筆交易中，而不是今天。因此，這些都是潛在的上升空間——而且，我們會再次進行此類交易。所以是的，這絕對是值得的。這是一項長期承諾，我們喜歡它為 27 財年和 28 財年提供的可見性。我們認為這是對我們在這一領域的領導地位和擴展能力的真正驗證。他們想和我們一起工作。

Yes. I'll just add on, since Sonalee said the magic word, we're really excited to announce that today we were named as one of the just two leaders in the -- nQ1 collaborative work management wave. So I think that only reinforces that we have a special position in enterprise here.

是的。我還要補充一點，因為 Sonalee 說了這個神奇的詞，我們非常高興地宣布，今天我們被評為 nQ1 協作工作管理浪潮中僅有的兩位領導者之一。所以我認為這只能進一步證明我們在企業中的特殊地位。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

I just want to press on NRR. So it sounds like in period NRR in 2Q is expected to come down both from the $100 million renewal coming in on the ECB side, and then also an uptick in potential downgrade activity given some of what we're seeing in the macro.

我只是想繼續推進 NRR。因此，聽起來，第二季的 NRR 預計會下降，一方面是因為歐洲央行方面新增了 1 億美元貸款，另一方面，考慮到我們在宏觀層面看到的一些情況，潛在的降級活動也會增加。

So -- can you just unpack that a little bit more for us? Like when you think through those two potential impacts, like any way to help us quantify and think about what the trajectory of NRR could look like from here?

那麼—您能為我們進一步解釋嗎？當您考慮這兩個潛在影響時，有什麼方法可以幫助我們量化並思考從現在開始 NRR 的軌跡會是什麼樣子？

Yes. So no problem, Taylor. So in quarter NRR for this quarter was actually stable. And the rolling four quarter, which, as you know, is an average of the trailing last four quarters, that actually went down in this current quarter. And that was really due to the composition of the cohort.

是的。所以沒問題，泰勒。因此本季的 NRR 實際上是穩定的。眾所周知，連續四個季度的平均值是過去四個季度的平均值，而本季的平均值實際上有所下降。這其實是由於群體的組成所致。

So Q1 of fiscal '25 actually had a relatively higher NRR. So as that quarter dropped out of the calculation, the average declined. But as we look forward, and I think that's what you're more interested in, yes, this renewal with this large enterprise tech customer will factor into -- or will weigh down on our net retention from Q2 and for the rest of the year.

因此，25 財年第一季的 NRR 實際上相對較高。因此，隨著該季度不再計算，平均值也下降了。但當我們展望未來時，我認為這也是您更感興趣的，是的，與這家大型企業技術客戶的續約將會影響到我們第二季度及今年剩餘時間的淨留存率，或者說將對其造成壓力。

And the only thing I would say there is that -- if you look at our in-quarter $100,000-plus cohort of customers, that actually improved this quarter and in quarter, which is really encouraging. And the other thing I would say is that what we're seeing from the logo side of things, we're actually seeing decreased logo churn. So customers are choosing to stay with us even if they downgrade seeds. And I think that what makes us feel really good about that is that those are upsells in future quarters.

我唯一想說的是——如果你看看我們本季 10 萬美元以上的客戶群，你會發現本季和上一季的情況實際上都有所改善，這確實令人鼓舞。我想說的另一件事是，從徽標方面來看，我們實際上看到徽標流失率下降。因此，即使降低種子級別，客戶仍會選擇繼續與我們合作。我認為讓我們感到真正高興的是，這些都是未來幾季的追加銷售。

So I think when we think about our NRR as we go forward, Q2 to Q4 is likely to be pressured because of this deal that we've called out and also because of the enterprise trends that Ann called out. But some of the things we're doing on AI Studio, our multiproduct approach the add-ons that we have coming in the second half of the year will help to mitigate some of that pressure.

因此，我認為，當我們考慮未來的 NRR 時，第二季到第四季可能會面臨壓力，因為我們所說的這筆交易，以及 Ann 所說的企業趨勢。但我們在 AI Studio 上所做的一些事情、我們的多產品方法以及今年下半年推出的附加元件將有助於減輕一些壓力。

Perfect. And then my second question is just you talked about some of the levers that you have in the business, potentially if we start to see a slowdown in growth from some of the uncertainty out there. You saw good upside to operating margins this quarter.

完美的。我的第二個問題是，您剛才談到了您在業務中掌握的一些槓桿，如果我們開始看到由於一些不確定性而導致的成長放緩，這些槓桿可能會發揮作用。您看到本季營業利潤率有良好的上升空間。

Can you just maybe comment on -- you had the risk last quarter? How much of like the upside that we saw was savings from that versus maybe other sources of cost saving and efficiencies you're seeing in the business? And if we do see that scenario of a slowdown, maybe you could just talk through some of the potential sources of upside on the margin line.

您能否評論一下—您上個季度是否面臨風險？與您在業務中看到的其他成本節約和效率來源相比，我們看到的優勢有多少是由此帶來的節省？如果我們確實看到了經濟放緩的局面，也許您可以談談利潤線上的一些潛在上行來源。

Sure. So thanks. We're really proud of what we've done on both the operating margin and free cash flow margin side of the business, 1,300 basis points year-over-year improvement. And those cost actions that you referred to that we took at the end of last year, they were factored into the guidance. And of course, they ramp throughout the year.

當然。所以謝謝。我們對營業利潤率和自由現金流利潤率方面取得的成績感到非常自豪，比去年同期成長了 1,300 個基點。您提到的我們在去年年底採取的那些成本行動已被納入指導之中。當然，它們全年都在增加。

So they help to drive that quarter-over-quarter or sequential margin expansion story. And that's from actions we've already taken. So you get that margin expansion without doing anything incremental. And we've guided to at least 5% on implying that there was upside at the time. And now, of course, today, we raised that guide to at least 5.5%.

因此，它們有助於推動季度環比或連續利潤率的擴張。這些都是我們已經採取的行動。因此，您無需採取任何增量措施即可實現利潤率的擴大。我們當時預計該價格至少會上漲 5%，暗示有上漲空間。當然，今天我們將該指導值提高到至少 5.5%。

And there will be a continued focus from Dustin and myself and the entire team around driving efficiency and looking for incremental savings opportunities. When you ask about specific areas, we think that there's more leverage we can drive from increased productivity around our go-to-market and marketing spend. And then additional work on vendor rationalization.

達斯汀、我本人以及整個團隊將繼續致力於提高效率並尋找增量節約機會。當您詢問具體領域時，我們認為，我們可以透過提高市場進入和行銷支出的生產力來獲得更多的槓桿。然後對供應商合理化進行額外的工作。

And you've heard us talk about the geographic mix of our work force. And we do that actually via attrition for the most part. And we feel that over time, we can get much closer to where industry benchmarks are for a company of our size and scale and growth profile. So there's a lot more to go here. We're super happy with the progress we've made. And you should consider margin expansion on a multi-quarter and multi-year basis to continue.

您也聽過我們談論我們勞動力的地理分佈。實際上，我們主要透過減員來實現這一點。我們認為，隨著時間的推移，對於我們這種規模、範圍和成長狀況的公司來說，我們可以更接近行業基準。所以這裡還有很多事情要做。我們對所取得的進展感到非常高興。您應該考慮在多個季度和多年的基礎上繼續擴大利潤率。

Lucky Schreiner, D.A. Davidson.

幸運施萊納，D.A.戴維森。

Just one for me. It was interesting to hear about the leading HR company initially planning to reduce seats, but after AI Studio expanded their plan. maybe taking that a step further, how do you view consolidation trending in the work management space here? And does AI studio act as a potential catalyst for larger customers to consolidate on to Asana?

對我來說只有一個。有趣的是，聽到領先的人力資源公司最初計劃減少席位，但 AI Studio 擴大了他們的計劃。或許更進一步，您如何看待這裡的工作管理領域的整合趨勢？人工智慧工作室是否會成為吸引大客戶加入 Asana 的潛在催化劑？

Yes, Lucky, thank you for that question. I think what we're seeing is we certainly feel like there's a couple of opportunities for consolidation. One is even just point solutions. So by having workflows all on Asana, there's things as straightforward as translation and localization workflows. And might be being done by customers with point solutions right now that are very easy to move on to Asana and so those point solutions that might do basic intake flows or even ticketing, the benefit of consolidating on to Asana is one, the reliability of the data customers are working with the context on which team, which department, which tasks which portfolios, all of that is in Asana, plus all the benefits that have always been on Asana, which is cross-team collaboration.

是的，Lucky，謝謝你的提問。我認為，我們看到的確實存在一些整合的機會。其中一個甚至只是點解決方案。因此，透過在 Asana 上實現所有工作流程，翻譯和在地化工作流程就變得非常簡單。現在，客戶可能正在使用點解決方案，這些解決方案可以輕鬆轉移到 Asana，因此那些可以執行基本接收流程甚至票務的點解決方案，整合到 Asana 的好處之一是，客戶的數據的可靠性，以及客戶在哪個團隊、哪個部門、哪些任務、哪些投資組合中使用的上下文，所有這些都在 Asana 中，再加上所有協作，即跨團隊的所有好處。

We're certainly seeing that. And then I think your question around consolidation of work management. Again, I think the benefit of everybody working on the same platform as well as our ability to give customers the choice on which models, I think has been really powerful and differentiated and the transparency on how the AI studio workflows are working behind the scenes. So we certainly look for more consolidation opportunities, but we're already starting to see those point solutions be replaced by workflows on Asana.

我們確實看到了這一點。然後我認為你的問題是關於工作管理的整合。再次，我認為每個人都在同一個平台上工作的好處以及我們讓客戶選擇模型的能力，我認為這是非常強大和差異化的，並且人工智慧工作室工作流程在幕後運作的透明度。因此，我們當然會尋找更多的整合機會，但我們已經開始看到這些點解決方案被 Asana 上的工作流程所取代。

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

Dustin, I want to take the conversation up the level, it's all right with you. I would love to hear your thoughts on the future of work for young humans. So we all know the last week, Dario Anthropic made the comment about up to 50% of entry-level white collar jobs maybe being eliminated and unemployment spiking I know you give these matters a lot of thoughts. So I'd love to hear your perspective sort of high level for our society and then maybe where Asana might have a role play.

達斯汀，我想把話題提高一點，你沒意見。我很想聽聽您對年輕人未來工作的看法。我們都知道，上週，達裡奧·安特羅皮克 (Dario Anthropic) 發表了關於高達 50% 的入門級白領工作可能會被取消以及失業率飆升的評論，我知道您對這些問題進行了大量的思考。所以我很想聽聽您對我們社會高層的看法，然後也許 Asana 可以發揮什麼作用。

Yes. Thanks. Great question. I think perspective is mainly just that AI is real, and we're not really prepared for it. And I think that, that was mostly what Dario was going for is he's trying to -- he's not trying to solve the problem from his seat as a CEO and one company, but trying to get the attention of society and get the attention of government on it.

是的。謝謝。好問題。我認為主要的觀點是人工智慧是真實存在的，而我們還沒有為此做好準備。我認為，達裡奧主要想做的就是——他不是試圖從自己作為一家公司的執行長的角度來解決問題，而是試圖引起社會和政府的關注。

And personally, I think part of that equation will need to be some redistribution of wealth, which is not very conducive to the current political environment. But I think that would be the ideal kind of solution because I think it will be very, very tough to transition the entire working population into a new way of working. And in a lot of cases, it won't make the most economic sense. So I think the real solution we need there is higher level than what individuals can do.

我個人認為，這一等式的一部分需要進行財富的重新分配，這對當前的政治環境不太有利。但我認為這是理想的解決方案，因為我認為讓全體勞動人口轉變到新的工作方式將非常非常困難。而在很多情況下，這並不是最經濟的做法。所以我認為我們需要的真正解決方案比個人所能做的更高層次。

The best advice I have heard for individuals and for young people. It was either on the Dwarkesh podcast or on -- but one of the guests was saying, think more about what you would want to do in the world without paying as much attention to how hard it is to build because maybe that part will be easy later. And so more focus on the skills that are less around business management and building a company and more around whatever the specialty is that you want to go into.

這是我聽過的針對個人和年輕人的最好的建議。它要么在 Dwarkesh 播客上，要么在——但其中一位嘉賓說，多想想你想在這個世界上做什麼，而不要太關注建設它有多難，因為也許那部分以後會很容易。因此，更專注於與企業管理和公司建立相關的技能，而更專注於你想要從事的專業領域。

That made some sense to me, but I don't pretend to have all the answers to my pocket on this one. I think it's a really big issue. I think change will happen faster than most people believe. And I agree with Dario that we shouldn't sugar coat it. I think it will be difficult.

這對我來說有些道理，但我並不假裝自己對這個問題知道所有答案。我認為這確實是一個大問題。我認為改變會比大多數人想像的更快發生。我同意達裡奧的觀點，我們不應該粉飾它。我認為這將會很困難。

And I hope that Asana has a role to play in making it as smooth as possible for organizations and for employees, making it easy to use these new tools and have them via companion at least for the time before there's massive job displacement. I think it will be an enhancement, and we'll make people's lives easier, and we'll just give people more leverage in their work. And we can be part of that, we can be part of making it safe. We can be part of making it secure, and we can help organizations get from here to a radically different future.

我希望 Asana 能夠發揮作用，為組織和員工提供盡可能順暢的服務，讓他們能夠輕鬆使用這些新工具，至少在出現大規模失業之前，可以透過同伴獲得它們。我認為這將是一種進步，我們將使人們的生活更加輕鬆，我們將為人們的工作提供更多的支持。我們可以參與其中，我們可以為確保其安全做出貢獻。我們可以參與確保其安全，並幫助組織從現在走向一個完全不同的未來。

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？

Thank you for joining our call today. If you have any questions, feel free to call or email me will be on the row at BofA Conference tomorrow and Baird Conference on Thursday and D.A. Davidson next week. Looking forward to seeing you there. Thank you.

感謝您今天參加我們的電話會議。如果您有任何疑問，請隨時致電或發送電子郵件給我，我將於明天參加美國銀行會議、週四參加貝爾德會議以及下週參加 D.A. 戴維森會議。期待在那裡見到您。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。