Asana Inc (ASAN) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to Asana's second-quarter and fiscal year 2026 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Asana 2026 年第二季和財年財報電話會議。（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 second quarter fiscal year 2026.

下午好，感謝您參加今天的電話會議，討論 Asana 2026 財年第二季的財務業績。

With me on today's call are Dustin Moskovitz, Asana's Co-Founder and Chair of the Board; Dan Rogers, our CEO; Anne Raimondi, our Chief Operating Officer and Head of Business; and Sonalee Parekh, our Chief Financial Officer.

參加今天電話會議的還有 Asana 聯合創始人兼董事會主席達斯汀·莫斯科維茨 (Dustin Moskovitz)、首席執行官丹·羅傑斯 (Dan Rogers)、首席營運官兼業務主管安妮·雷蒙迪 (Anne Raimondi) 以及首席財務官索納莉·帕雷克 (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 retention and expansion opportunity, our expectation for our financial outlook, including our revised full year guidance, strategic plans, 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（包括 AI Studio）的預期發布和優勢的陳述，以及我們對 AI Studio 產生的收入的預期、我們的保留和擴展機會、我們對財務前景的預期，包括我們修訂的全年指引、戰略計劃、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 include risks, uncertainties, and assumptions that may cause our actual results to be materially different from those expressed or implied by the forward-looking statements. Please refer to our filings with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

前瞻性陳述包括風險、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，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 limitations of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings release, which is posted on our Investor Relations web page at investors.asana.com.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。這些非 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頁 investors.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。

Thanks, everyone. I'll kick things off before transitioning to Dan. When Justin and I started Asana, our vision was simple but ambitious: to fundamentally improve how humans work together. We set out to transform collaboration from a source of friction into a source of focus so that teams everywhere could achieve more of what really matters. That's why our mission has always been to help humanity thrive by enabling the world's teams to work together effortlessly.

謝謝大家。在移交給丹之前，我會先開始做這件事。當賈斯汀和我創立 Asana 時，我們的願景很簡單，但也很宏偉：從根本上改善人類的協作方式。我們致力於將協作從摩擦源轉變為焦點，以便各地的團隊能夠實現更多真正重要的事情。這就是為什麼我們的使命始終是讓世界各地的團隊輕鬆合作，從而幫助人類繁榮發展。

Over time, that vision evolved into the Work Graph, a foundation that doesn't just reduce work about work, but gives teams clarity on goals, alignment, and impact. That clarity is what enables organizations to move from reactive busy work to proactive value creation.

隨著時間的推移，這個願景逐漸演變為工作圖，它不僅可以減少工作量，還可以讓團隊明確目標、一致性和影響力。這種清晰度使得組織能夠從被動的繁忙工作轉向主動的價值創造。

Today, we're at a major inflection point. AI is transforming collaborative work management, and Asana is uniquely positioned to lead. Unlike most AI platforms that start from a blank canvas, Asana begins with the Work Graph, a rich, structured model of how work gets done. This context lets AI embed directly into workflows like a teammate, with enterprise-grade security and access controls delivering outputs that are predictable, trustworthy, and immediately useful.

今天，我們正處於一個重大轉折點。人工智慧正在改變協作工作管理，而 Asana 具有獨特的領先優勢。與大多數從空白畫布開始的 AI 平台不同，Asana 從工作圖開始，這是一個關於如何完成工作的豐富、結構化的模型。這種環境讓人工智慧可以像隊友一樣直接嵌入工作流程中，透過企業級安全性和存取控制提供可預測、可信賴且立即有用的輸出。

And because it's layered into the workflows teams already use, adoption is seamless and time to value is faster. That's the opportunity in front of us. From the beginning, our vision was about human-to-human collaboration, helping every teammate work together more effectively to drive greater productivity.

而且由於它已分層融入團隊已在使用的工作流程中，因此採用起來非常無縫，實現價值的時間也更快。這就是我們面前的機會。從一開始，我們的願景就是人與人之間的協作，幫助每個隊友更有效地協同工作，以提高生產力。

Today, that opportunity has evolved into something even more powerful: a future where humans and AI teammates work side by side to unlock new levels of focus, clarity, and impact. An opportunity like this calls for both vision and operational excellence, which is why I'm so confident in Dan's leadership.

如今，這一機會已發展成為更強大的力量：未來，人類和人工智慧隊友將並肩工作，以解鎖新的專注力、清晰度和影響力水平。這樣的機會需要遠見和卓越的運營，這就是我對丹的領導能力如此有信心的原因。

He's scaled companies at critical inflection points, pairing innovation with discipline and reaccelerating growth while expanding margins. And in just his first months as CEO, he's already leaning in to sharpen our execution, mapping our differentiated AI approach to mission-critical workflows in our target departments like IT, marketing, and more while also deepening our focus on non-tech industries like retail and regulated industries.

他在關鍵轉折點上擴大了公司規模，將創新與紀律相結合，在擴大利潤率的同時加速成長。在他擔任執行長的頭幾個月裡，他已經開始致力於提高我們的執行力，將我們差異化的人工智慧方法映射到 IT、行銷等目標部門的關鍵任務工作流程中，同時也加深了我們對零售和受監管行業等非科技行業的關注。

As for me, I'll remain engaged as Chair of the Board, working with Dan to enhance our product vision and strengthen our AI differentiation.

至於我，我將繼續擔任董事會主席，與丹一起努力增強我們的產品願景並加強我們的人工智慧差異化。

And with that, let me hand it over to Dan to share his perspective on the quarter, his early impressions, and how he sees us capitalizing on the opportunities ahead. Dan, over to you.

接下來，讓我將時間交給丹，讓他分享他對本季的看法、他的初步印象，以及他如何看待我們如何利用未來的機會。丹，交給你了。

Thank you, Dustin, and welcome, everyone. I'm excited to be speaking with you today for the first time as CEO of Asana.

謝謝你，達斯汀，歡迎大家。我很高興今天能以 Asana 執行長的身份第一次與大家交談。

Before we dive into my initial observations and highlights from the quarter, I want to acknowledge Dustin's vision and leadership in building Asana into the company it is today. I also want to thank all of Asana for their support during the transition and warm welcome I've received. It's truly an honor to lead an extraordinary team with such a strong mission and unmatched product foundations and collaborative work management.

在深入探討我對本季的初步觀察和亮點之前，我想先感謝達斯汀在將 Asana 打造成為今天的公司過程中所展現出的遠見和領導力。我還要感謝 Asana 全體人員在我過渡期間給予我的支持和熱烈歡迎。能夠領導一支擁有如此強大使命、無與倫比的產品基礎和協作工作管理的非凡團隊，我感到非常榮幸。

Let's turn to the highlights from the quarter before I discuss my observations. Q2 was a solid quarter for Asana with broad-based performance above expectations across our business. Total revenues were up 10% year over year, exceeding the top end of our guidance with strong contributions from all customer cohorts and geographies. Both North America and international growth accelerated with international continuing to outpace US.

在我討論我的觀察之前，讓我們先來看看本季的亮點。第二季度對 Asana 來說是一個穩健的季度，整個業務的業績普遍超出預期。總收入年增 10%，超過了我們預期的最高水準，這得益於所有客戶群和地區的強勁貢獻。北美和國際成長均加速，國際成長持續超過美國。

We also saw encouraging vertical trends. Some of our fastest-growing verticals this quarter included manufacturing and energy, financial services, and retail and consumer goods. Nontech customers continue to grow in the mid-teens. Our tech was stable. Rolling four-quarter NRR went to 96% from 95% last quarter. Overall, customer growth remained healthy with a number of $100,000-plus customers growing 19% year over year.

我們也看到了令人鼓舞的垂直趨勢。本季我們成長最快的垂直產業包括製造業和能源業、金融服務業以及零售和消費品業。非技術客戶的數量繼續在十幾歲時增長。我們的技術很穩定。連續四個季度的 NRR 從上一季的 95% 上升至 96%。整體而言，客戶成長保持健康，100,000 美元以上的客戶數量年增 19%。

We continue to see strong momentum in AI Studio. We've more than doubled our AI Studio ARR quarter over quarter, and adoption continues to strengthen as customers build and scale on the platform. Our continued focus on profitable growth and efficient scaling is driving meaningful margin expansion.

我們繼續看到 AI Studio 的強勁發展勢頭。我們的 AI Studio ARR 季度環比增長了一倍以上，並且隨著客戶在平台上建置和擴展，採用率持續增強。我們持續專注於獲利成長和高效擴張，從而推動利潤率大幅提升。

Non-GAAP operating margin expanded almost 1,600 basis points year over year to 7%, above our guidance range. In my first couple of months, I've spent much of my time meeting with customers, partners, and key stakeholders to understand where we're delivering exceptional value and where we have opportunities to do more.

非公認會計準則營業利潤率年增近 1,600 個基點，達到 7%，高於我們的預期範圍。在最初的幾個月裡，我花了大量時間與客戶、合作夥伴和主要利害關係人會面，以了解我們在哪些方面提供了卓越的價值，以及我們在哪些方面有機會做得更多。

Customers view Asana as a trusted partner in coordinating their most critical industry and function-specific work. Across industries, customers have shared with me how they're using Asana to orchestrate marketing campaigns, resolve IT tickets, accelerate product launches, manage employee, vendor, and customer onboarding, ensure compliance with the regulatory programs, and drive large-scale transformation initiatives. In each of these cases, Asana helps reduce cycle times, improve accountability, and drive measurable business outcomes.

客戶將 Asana 視為協調其最關鍵的行業和特定職能工作的值得信賴的合作夥伴。各行業的客戶都與我分享了他們如何使用 Asana 來協調行銷活動、解決 IT 問題、加速產品發布、管理員工、供應商和客戶入職、確保遵守監管計劃以及推動大規模轉型計劃。在每種情況下，Asana 都有助於縮短週期時間、提高責任感並推動可衡量的業務成果。

It's become clear from these customer conversations that when we deeply understand that customers' needs, speak the language of their industry, tailor solutions to their workflows and deliver measurable outcomes; we win decisively. My goal is to make that experience the standard across every engagement.

從這些與客戶的對話中可以清楚地看出，當我們深入了解客戶的需求、了解他們所在行業的語言、根據他們的工作流程定制解決方案並提供可衡量的成果時，我們就會取得決定性的勝利。我的目標是讓這種體驗成為每次參與的標準。

At the center of this value is the Work Graph. This gives customers clarity on who's doing what, when, where, and why. By connecting people, projects, goals and timelines in a single source of truth, Asana helps organizations stay aligned and deliver results faster. This foundation provides the essential structured context AI needs to be truly effective within the four walls of a company. Without it, AI is limited to point answers for individual productivity, helping you draft a note or summarize the document, but it can't really drive team productivity.

這個數值的中心是工作圖。這讓客戶清楚地了解誰在何時、何地做了什麼以及為什麼要做。透過將人員、專案、目標和時間表連接到單一事實來源，Asana 可協助組織保持一致並更快地交付成果。這個基礎提供了人工智慧在公司內部真正發揮作用所需的基本結構化環境。沒有它，人工智慧就只能針對個人生產力給出答案，幫助您起草筆記或總結文檔，但它無法真正提高團隊生產力。

It doesn't know how to bring the right people together, align work across functions or execute towards shared goals. For example, you couldn't ask your favorite LLM to set up a meeting with the key stakeholders driving customer retention, define the problem statement for the meeting, and propose potential recommendations for them. It doesn't know whether work is happening, who is responsible or how to identify and process the organizational context required to move the work forward.

它不知道如何將合適的人才聚集在一起、協調各職能部門的工作或實現共同的目標。例如，您不能要求您最喜歡的法學碩士與推動客戶保留的關鍵利益相關者安排會議，定義會議的問題陳述，並為他們提出潛在的建議。它不知道工作是否正在進行、誰負責或如何識別和處理推動工作向前發展所需的組織環境。

CIOs, CMOs, and business leaders I speak with come to us with detailed process maps and a clear vision for where they want to drive improvement. To unlock productivity in today's modern companies, AI must be context-aware and embedded where teams already collaborate. We are building the future of the agentic enterprise where organizations can deploy prebuilt or custom agents embedded in structured workflows with the right context and guardrails.

與我交談過的資訊長、行銷長和業務領導人向我們提供了詳細的流程圖和他們想要推動改進的清晰願景。為了提高當今現代公司的生產力，人工智慧必須具備情境感知能力，並嵌入團隊已經協作的地方。我們正在建立代理企業的未來，其中組織可以部署嵌入在具有正確上下文和護欄的結構化工作流程中的預建或自訂代理。

This is exactly what leading companies are asking for: agents that actually deliver outcomes aligned to their roles and departments working right alongside their teams and achieving increased levels of productivity.

這正是領先公司所要求的：代理商能夠真正提供與其角色和部門相符的成果，與團隊一起工作並實現更高的生產力水平。

Here is what I'm really excited about. Everyone is talking about agents. You see the billboards on the side of the highway. You hear the hype, but most companies are still struggling to get real productivity out of agents. In fact, a recent MIT report said 95% of generative AI pilots at companies are getting zero return. The report cites generic AI tools excelled individuals due to their flexibility, but they stall in the enterprise because they don't learn from or adapt to workflows.

這就是讓我真正興奮的事情。每個人都在談論經紀人。您會看到高速公路邊的廣告看板。您聽過這樣的炒作，但大多數公司仍在努力從代理商那裡獲得真正的生產力。事實上，麻省理工學院最近的一份報告稱，95% 的公司生成式人工智慧試點計畫都沒有獲得任何回報。報告指出，通用人工智慧工具因其靈活性而優於個人，但它們在企業中卻停滯不前，因為它們無法從工作流程中學習或適應工作流程。

Asana believes the real unlock is putting agents on rails, giving them the context, structure, and connections to work so they can be trusted to deliver. It's a massive, underserved opportunity and the chance for us at Asana to unlock it is what fires me up. We're already bringing decision to life with AI Studio, Smart Workflows and soon-to-be launch Teammates.

Asana 認為，真正的解鎖是讓座席步入正軌，為他們提供工作背景、結構和聯繫，以便他們能夠被信任完成工作。這是一個巨大的、尚未得到充分重視的機會，而 Asana 能夠抓住這個機會讓我興奮不已。我們已經透過 AI Studio、Smart Workflows 和即將推出的 Teammates 將決策變為現實。

With AI Studio, we're delivering a platform for AI-powered work. At its core is our no-code AI workflow builder, which allows organizations to inject AI directly into their processes to unlock meaningful productivity gains. Many of today's known workflows lend themselves naturally to AI-driven optimization. With AI Studio, we're enabling teams to automate and accelerate those processes at scale.

借助 AI Studio，我們提供了一個由人工智慧驅動的工作平台。其核心是我們的無程式碼 AI 工作流程建構器，它允許組織將 AI 直接注入其流程中，以實現有意義的生產力提升。現今許多已知的工作流程自然適合人工智慧驅動的最佳化。借助 AI Studio，我們可以幫助團隊大規模地自動化和加速這些流程。

Building on this, smart workflows are repeatable AI-powered automation flows that embed generative AI logic directly into Asana. We provide out-of-the-box templates for a smart workflow gallery that helps teams get started quickly in areas like PMO operations, IT and marketing. Instead of relying on manual updates or static rules, Smart Workflows orchestrate work from trigger to outcome, handling actions like assigning tasks, drafting briefs, updating milestones or escalating blockers in real time.

在此基礎上，智慧工作流程是可重複的人工智慧自動化流程，將生成人工智慧邏輯直接嵌入 Asana 中。我們為智慧工作流程庫提供開箱即用的模板，幫助團隊在 PMO 營運、IT 和行銷等領域快速起步。智慧工作流程不依賴手動更新或靜態規則，而是從觸發到結果協調工作，即時處理分配任務、起草簡報、更新里程碑或升級阻礙因素等操作。

By reducing coordination overhead, surfacing insights, and accelerating cycle times, AI is able to take on the busy work and make the Asana platform increasingly self-driving as teams scale. Complementing this, AI Teammates extends automation into areas where reasoning and judgments matter. These intelligent digital collaborators aren't just reactive bots. They remain embedded in projects, bringing context awareness into the flow of work.

透過減少協調開銷、提供見解和加快週期時間，AI 能夠承擔繁忙的工作，並使 Asana 平台隨著團隊規模的擴大而日益自動化。除此之外，AI Teammates 將自動化擴展到推理和判斷重要的領域。這些智慧數位協作者不僅僅是反應型機器人。它們仍然嵌入在專案中，將情境意識帶入工作流程中。

Teammates can handle routine tasks and monitor progress, but they can also enhance nondeterministic workflows. We're reasoning through the logical next step and supercharge outcomes. This makes them powerful partners for collaboration, engaging not only inside workflows, but also in ad hoc on-demand scenarios.

隊友可以處理日常任務​​並監控進度，但他們也可以增強不確定性的工作流程。我們正在推理下一步的邏輯並增強結果。這使得他們成為強大的合作夥伴，不僅參與內部工作流程，還參與臨時的隨選場景。

AI Studio, together with Smart Workflows and AI Teammates, can deepen platform stickiness, expand Asana's role as a system of execution and deliver measurable ROI for enterprises by lowering operational costs and improving throughput.

AI Studio 與 Smart Workflows 和 AI Teammates 相結合，可以加深平台黏性，擴展 Asana 作為執行系統的作用，並透過降低營運成本和提高吞吐量為企業帶來可衡量的投資回報率。

Customer highlights. What gives me conviction that we can unlock the massive opportunity in human AI collaboration even at this early stage is that we're already seeing customers leverage AI Studio to reimagine how work gets done, change the way the teams operate, and realize significant cost and time savings. With AI Studio, it's not theory or hype. It's real productivity gains and real transformation happening today.

客戶亮點。讓我堅信，即使在這個早期階段，我們也可以釋放人類人工智慧協作中的巨大機遇，因為我們已經看到客戶利用 AI Studio 重新構想工作完成的方式，改變團隊的運作方式，並實現顯著的成本和時間節省。有了 AI Studio，它就不再是理論或炒作。這是當今正在發生的真正的生產力提高和真正的變革。

Let me share a couple of examples. First of a couple of early adopters of AI Studio that were part of our initial pilots. Morningstar, a global leader in financial services, is using AI Studio to transform their research and retirement product teams. For the research team, we've delivered an AI-powered content pipeline that saves them nearly 15,000 person hours annually, gaining over $600,000 in efficiency gains.

讓我分享幾個例子。我們是 AI Studio 的早期採用者之一，也是我們最初試點計畫的一部分。全球領先的金融服務公司晨星正在利用 AI Studio 來改造其研究和退休產品團隊。對於研究團隊，我們提供了一個由人工智慧驅動的內容管道，每年為他們節省近 15,000 個工時，獲得超過 60 萬美元的效率收益。

Meanwhile, for the retirement product team, we've automated request triage, reducing intake timelines by a full two weeks. iDO, a fast-growing consulting firm is leveraging AI Studio to streamline client intake, resource allocation, and lead enrichment. By building these AI-powered workflows, iDO is saving its consultants up to 12 hours per month each. This frees up capacity to deliver value to their clients.

同時，對於退休產品團隊，我們實現了請求分類自動化，將接收時間縮短了整整兩週。快速發展的顧問公司 iDO 正在利用 AI Studio 來簡化客戶接收、資源分配和潛在客戶豐富。透過建立這些由人工智慧驅動的工作流程，iDO 每月可為其顧問節省多達 12 小時的時間。這釋放了他們為客戶提供價值的能力。

Now I'll share a couple of examples who've recently adopted AI Studio this quarter. One of the world's leading global chemicals companies is expanding from 2,500 to 4,500 users by consolidating Jira and other legacy tools into Asana, a really cool application of AI Studio. They have rolled out is automating their IT intake workflows to process requests faster and with greater accuracy.

現在我將分享幾個本季最近採用 AI Studio 的例子。全球領先的化學品公司之一正在透過將 Jira 和其他傳統工具整合到 AI Studio 的一款非常酷的應用程式 Asana 中，將用戶數量從 2,500 人擴展到 4,500 人。他們已經推出了自動化 IT 接收工作流程，以便更快、更準確地處理請求。

One of the most successful franchises in modern NBA history has expanded sixfold by consolidating Wrike and Smartsheet into Asana. I love how their IT guest experience and construction teams are using AI Studio to build an intelligent prioritization system to identify the priorities with the highest impact and focused resources there.

現代 NBA 歷史上最成功的球隊之一透過將 Wrike 和 Smartsheet 整合到 Asana，規模擴大了六倍。我喜歡他們的 IT 客戶體驗和施工團隊如何使用 AI Studio 建立智慧優先排序系統來確定影響最大的優先事項和集中的資源。

A leading AI foundational model provider nearly doubled its footprint this quarter by standardizing critical processes on Asana. They are leveraging Asana to automate many of their risk intake workflows, including modern work processes for AI safety and compliance with our large language models. By automating this critical workplace with Asana, they're able to scale operations more efficiently while maintaining the rigor their mission demands.

一家領先的 AI 基礎模型提供商透過標準化 Asana 上的關鍵流程，本季其足跡幾乎翻了一番。他們正在利用 Asana 來自動化許多風險攝取工作流程，包括用於 AI 安全和符合我們的大型語言模型的現代工作流程。透過使用 Asana 來實現這一關鍵工作場所的自動化，他們能夠更有效地擴展運營，同時保持其任務所要求的嚴謹性。

What am I looking forward to? In the path ahead, I see an extraordinary opportunity to build on what I've heard from customers that Asana is at its best when it speaks their language, it's naturally into their workflows and delivers measurable outcomes. The Work Graph gives AI this context that it needs to deliver on the productivity unlock of AI across departments and roles, whether that's in IT, marketing, software development or operations.

我期待什麼？在未來的道路上，我看到了一個非凡的機會，可以根據我從客戶那裡聽到的信息進行構建，即當 Asana 能夠使用他們的語言、自然地融入他們的工作流程並提供可衡量的成果時，它處於最佳狀態。工作圖為人工智慧提供了實現跨部門和角色人工智慧生產力釋放所需的背景，無論是在 IT、行銷、軟體開發或營運領域。

To bring that value to more customers, we see an opportunity to reach them with greater speed and efficiency by sharpening our go-to-market execution, focusing on our highest propensity accounts and scaling both partner motions and our self-serve engine.

為了將這一價值帶給更多客戶，我們看到了一個機會，即透過加強我們的市場執行力、專注於我們最傾向於的客戶以及擴大合作夥伴的行動和我們的自助服務引擎，以更快、更有效率地接觸到他們。

In closing, what excites me is the chance to help every team feel the wow moments customers describe when Asana transforms the way they work. With our technical foundation and platform investments, we're well positioned to make the agentic enterprise real, where human and digital teammates collaborate seamlessly through AI-powered workflows to drive better, faster business outcomes.

最後，讓我興奮的是，當 Asana 改變客戶的工作方式時，我有機會幫助每個團隊感受到客戶所描述的驚嘆時刻。憑藉我們的技術基礎和平台投資，我們完全有能力實現代理企業，其中人類和數位隊友透過人工智慧驅動的工作流程無縫協作，以推動更好、更快的業務成果。

I am energized by the opportunity ahead, and I look forward to sharing more about our strategic priorities and progress in the quarters to come.

我對未來的機會充滿信心，並期待在未來幾季分享更多關於我們的策略重點和進展的資訊。

I'll hand it over to Anne to share how our go-to-market priorities are driving customer adoption and expansion.

我將交給安妮分享我們的行銷重點如何推動客戶採用和擴張。

Thank you, Dan. I love the new perspectives you bring to Asana and how excited the team is with the direction you're starting to lay out.

謝謝你，丹。我喜歡您為 Asana 帶來的新視角，以及團隊對您開始規劃的方向所展現的興奮之情。

In Q2, our enterprise motion continued to scale. The number of customer net adds from the $100,000-plus cohorts grew 19% year over year while our core customers spending $5,000 or more grew 9% year over year.

第二季度，我們的企業行動持續擴大規模。消費金額超過 10 萬美元的客戶淨增數量年增 19%，而消費金額超過 5,000 美元的核心客戶數量則較去年同期成長 9%。

International markets remain a strength for our business, driven by growing global demand for our platform, especially in EMEA and Japan. Our international revenue grew 13% year over year, and the US market grew 8% year over year. Japan is one of our fastest-growing markets with customers such as Sumitomo Mitsui Trust Bank, demonstrating the power and relevance of our platform in financial services. They grew their Asana footprint by nearly 70% this quarter and added a foundational service plan.

國際市場仍然是我們業務的優勢，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。我們的國際營收年增13%，美國市場年增8%。日本是我們成長最快的市場之一，擁有三井住友信託銀行等客戶，證明了我們平台在金融服務領域的實力和相關性。本季度，他們的 Asana 業務範圍擴大了近 70%，並增加了一項基礎服務計劃。

Asana has been implemented in six business divisions, including a full rollout in the asset administration business and have seen strong adoption in their investor and corporate business units. We continue to increase our presence in non-tech with those sectors once again growing in the mid-teens.

Asana 已在六個業務部門實施，包括資產管理業務的全面推廣，並在投資者和企業業務部門中得到了廣泛的採用。我們持續增加在非科技領域的業務，這些領域的成長率再次達到十幾歲。

Wasserman, a leading global sports, music and entertainment company standardized on Asana this quarter in a multiyear agreement that includes AI Studio and a foundational service plan. Building on the success of their marketing and creative teams who use Asana to produce one-of-a-kind campaigns and experiences across the world, they are migrating key departments like the Experience and Global Communications Teams plus recently acquired assets on to Asana to provide better visibility into project timelines and resource allocation.

Wasserman 是一家全球領先的體育、音樂和娛樂公司，本季透過多年協議對 Asana 進行了標準化，其中包括 AI Studio 和基礎服務計劃。他們的行銷和創意團隊利用 Asana 在全球製作獨特的活動和體驗，並取得了成功，在此基礎上，他們正在將體驗和全球溝通團隊等關鍵部門以及最近收購的資產遷移到 Asana，以更好地了解專案時間表和資源分配。

Wasserman will use AI Studio to automate their creative production workflows.

Wasserman 將使用 AI Studio 來自動化他們的創意製作工作流程。

The strategic investments we've made along with the reallocation of resources towards higher leverage areas are driving incremental impact. In Q2, customer health showed stability. Our overall NRR improved to 96% from 95% last quarter. In-quarter NRR increased despite the modest ACV downgrade resulting from the $100 million-plus renewal we called out in Q1.

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。第二季度，客戶健康狀況呈現穩定。我們的整體 NRR 從上一季的 95% 提高到了 96%。儘管由於我們在第一季要求續約 1 億美元以上，導致 ACV 略有下調，但本季的 NRR 仍有增加。

Offsetting this impact were improvements in both logo churn and expansion, driven by strong seat growth and healthy AI Studio and foundational service plan adoption by existing customers in the quarter. The programs we've put in place to improve customer health and drive customer value are starting to bear fruit.

抵消這一影響的是標誌流失和擴張方面的改善，這得益於本季度強勁的座位增長以及現有客戶健康的 AI Studio 和基礎服務計劃採用。我們為改善客戶健康和提高客戶價值而實施的計劃開始取得成效。

For example, our concerted efforts to improve our CSAT scores, particularly with small monthly customers, is contributing to improvements in our monthly retention, which in Q2 was at its highest level since Q4 FY25.

例如，我們齊心協力提高 CSAT 分數，特別是針對小額月度客戶，這有助於提高我們的月度保留率，第二季度的保留率達到了 2025 財年第四季度以來的最高水平。

Foundational Service Plans, or FSPs, are a strategic initiative to boost customer health and retention. Since launching, customers with FSPs show a 20% increase in utilization of their Asana seats within three months of adopting an FSP plan. FSP's AI Studio and new add-on offerings like compliance management and permissions management and upcoming product add-ons like time sheets and budgeting are systematically enhancing price-to-value alignment for our customers. We're starting to see incremental benefits to retention, expansion and seat reach and expect to see more over time.

基礎服務計劃（FSP）是一項旨在提高客戶健康和保留率的策略性舉措。自推出以來，擁有 FSP 的客戶在採用 FSP 計畫的三個月內，其 Asana 席位的使用率提高了 20%。FSP 的 AI Studio 和新的附加產品（如合規管理和權限管理）以及即將推出的產品附加元件（如時間表和預算）正在系統地為我們的客戶增強價格與價值的一致性。我們開始看到保留、擴展和座位覆蓋範圍方面的增量效益，並且期望隨著時間的推移看到更多效益。

While we are observing modest improvements in NRR, our SMB business continues to be impacted by evolving top-of-funnel dynamics, particularly in relation to search and paid media investments. We have successfully countered declining web traffic by achieving higher conversion rates from more qualified leads for several quarters. Nevertheless, this situation has the potential to weigh on small business customer growth in the second half.

雖然我們觀察到 NRR 略有改善，但我們的 SMB 業務繼續受到不斷變化的漏斗頂端動態的影響，特別是在搜尋和付費媒體投資方面。幾個季度以來，我們透過提高合格潛在客戶的轉換率，成功應對了網路流量的下降。然而，這種情況可能會對下半年小型企業客戶的成長造成壓力。

It's becoming increasingly critical to develop AI native self-service experiences that can guide potential buyers through a reimagined customer journey. We believe we have the plan to address and offset this pressure in the long term.

開發能夠引導潛在買家完成重新構想的客戶旅程的 AI 原生自助體驗變得越來越重要。我們相信我們有長期解決和抵消這一壓力的計劃。

The increased buyer scrutiny and elongation in decisions related to broader consolidation or software stack transformation efforts that we called out last quarter continues to persist, however, have not worsened. The pipeline remains healthy with strong demand generated across our diverse global channel.

我們在上個季度指出的與更廣泛的整合或軟體堆疊轉型工作相關的買家審查力度加大和決策延長的情況仍然持續存在，但並沒有惡化。由於我們多樣化的全球通路產生了強勁的需求，管道依然健康。

Let's turn to product updates. Last month, we reached a milestone with the launch of AI Studio Plus for self-serve. Roughly 40% of customers purchased Asana through our self-serve channel, making it one of our most important customer acquisition channels across small, medium, and large businesses. Within the first week of launch, we saw our first self-serve customers rapidly ramp their consumption and exceed their limits on the plus tier. We're seeing strong excitement for AI Studio in our self-serve base.

讓我們來看看產品更新。上個月，我們推出了自助 AI Studio Plus，達到了一個里程碑。大約 40% 的客戶透過我們的自助服務管道購買了 Asana，這使其成為我們面向小型、中型和大型企業最重要的客戶獲取管道之一。在推出的第一周內，我們看到第一批自助服務的客戶的消費量迅速增加，並超出了附加層的限額。我們在自助服務基地看到了人們對 AI Studio 的強烈興趣。

Smart Workflow Gallery, a suite of prebuilt AI-powered workflows is also off to a strong start. In the last month of the quarter, almost 20% of AI Studio workflows were created through the Smart Workflow Gallery. These are especially popular in marketing, IT and operations, and we are rapidly expanding the breadth and depth of prepackaged AI Studio workflows in our Smart Workflow Gallery.

智慧工作流程庫是一套預先建置的人工智慧工作流程，也取得了良好的開端。在本季的最後一個月，近 20% 的 AI Studio 工作流程是透過智慧工作流程庫建立的。這些在行銷、IT 和營運領域尤其受歡迎，我們正在智慧工作流程庫中迅速擴展預先打包的 AI Studio 工作流程的廣度和深度。

Looking ahead on our second half product roadmap, I share Dan's excitement for AI Teammates, which is coming to public beta soon. With these new capabilities rolling out, we've been taking these innovations on the road to showcase them with customers worldwide through our Work Innovation Summit customer events.

展望我們下半年的產品路線圖，我和丹一樣對即將推出公開測試版的 AI Teammates 感到興奮。隨著這些新功能的推出，我們一直在推廣這些創新，並透過我們的工作創新高峰會客戶活動向全球客戶展示它們。

We had record attendance at our Sydney event in early May, more than double our attendance from last year and also hosted our first regional partner Summit there. Attendees included senior executives from Australia's largest banking and retail organizations and public sector departments.

我們在 5 月初的雪梨活動上出席人數創下了歷史新高，比去年增加了一倍多，並且我們還在那裡舉辦了首屆區域合作夥伴高峰會。與會者包括來自澳洲最大的銀行和零售組織以及公共部門的高級管理人員。

In early August, we held a highly successful Work Innovation Summit in Tokyo. The event attracted over 200 customers and partners, representing a twofold increase in both attendance and pipeline generation compared to last year. The audience included an impressive array of Japan's senior executives from leading technology, automotive, manufacturing, consumer electric companies and leading financial services enterprises.

8月初，我們在東京舉辦了一場非常成功的工作創新高峰會。這項活動吸引了超過 200 名客戶和合作夥伴，與去年相比，出席人數和管道數量都增加了一倍。觀眾包括來自日本領先科技、汽車、製造、消費電子公司和領先金融服務企業的眾多高階主管。

We gave attendees a preview of AI Teammates, and it was well received by our customers as they found the product intuitive and easy to use. These global events help drive new business in our international markets and amongst large customers. We will host two more Work Innovation Summit events in London in September and New York in November.

我們向與會者展示了 AI Teammates 的預覽，我們的客戶對此反應良好，因為他們發現產品直觀且易於使用。這些全球性活動有助於推動我們在國際市場和大客戶中的新業務。我們將於 9 月在倫敦和 11 月在紐約舉辦另外兩場工作創新高峰會。

At these marquee events, we plan to unveil new capabilities for Asana and AI Studio as well as introduce and demo Asana AI Teammates to their fullest potential, showcasing specific examples of the business outcomes they can drive for our customers.

在這些大型活動中，我們計劃推出 Asana 和 AI Studio 的新功能，並介紹和展示 Asana AI Teammates 的最大潛力，展示它們可以為我們的客戶帶來的業務成果的具體範例。

And now I'll turn it over to Sonalee.

現在我將把時間交給 Sonalee。

Thank you, Anne.

謝謝你，安妮。

Dan, I have really enjoyed partnering with you, and I share your conviction that the themes you've outlined have strong potential to drive revenue growth acceleration. With that, let me turn to our results.

丹，我很高興與您合作，我和您一樣堅信，您列出的主題具有推動收入加速成長的巨大潛力。接下來，讓我來談談我們的成果。

Q2 revenues came in at $196.9 million, up 10% year over year, which exceeded the high end of our guidance by 1%. Excluding the impact of currency, our Q2 revenue was up 9.4% year over year, still exceeding the high end of our guide. We have just over 25,000 core customers, or customers spending $5,000 or more on an annualized basis.

第二季營收為 1.969 億美元，年增 10%，超出我們預期的高端 1%。排除貨幣的影響，我們的第二季營收年增 9.4%，仍然超過了我們預期的高端。我們擁有超過 25,000 名核心客戶，即每年消費 5,000 美元或以上的客戶。

Revenues from core customers grew 12% year over year. This cohort represented 76% of our revenues in Q2. We have 770 customers spending $100,000 or more on an annualized basis, and this customer cohort grew at 19% year over year. As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter.

來自核心客戶的營收年增12%。這群人占我們第二季營收的 76%。我們有 770 名客戶，每年的消費金額為 10 萬美元或更多，這個客戶群較去年同期成長了 19%。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。

Our overall dollar-based net retention rate was 96%. Core customer NRR was 96% and among customers spending $100,000 or more, NRR was 95%. Both were stable from last quarter. As a reminder, our NRR is a trailing four-quarter average and therefore, a lagging indicator of more recent trends.

我們的整體美元淨留存率為 96%。核心客戶的 NRR 為 96%，消費金額達 100,000 美元或以上的客戶的 NRR 為 95%。兩者與上一季相比均保持穩定。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。

Our in-quarter NRRs improved for the overall and core customer cohorts while the $100,000-plus cohort declined mainly due to the large renewal we mentioned last quarter. We saw a slight improvement in gross retention across all cohorts quarter over quarter. Q2 in-quarter NRR increased, mostly driven by improvements in downgrade and expansion metrics, thanks to our multiproduct strategy and seat reach.

我們本季的整體和核心客戶群的 NRR 有所改善，而 100,000 美元以上的客戶群的 NRR 有所下降，主要是由於我們上個季度提到的大規模續約。我們發現所有群組的總留存率與上一季相比均略有提高。第二季的 NRR 有所增加，主要得益於降級和擴展指標的改善，這得益於我們的多產品策略和座位覆蓋範圍。

While I am encouraged by the progress we made this quarter on NRR, it's too early to call Q2 an inflection point, given potential downgrade pressure that could cause NRR to revert back to Q1 levels. We have several large enterprise renewals in the second half that are concentrated in our technology vertical. As a reminder, the second half has historically had a larger volume of contracts coming up for renewal as compared to the first half.

雖然我對本季在 NRR 方面取得的進展感到鼓舞，但考慮到潛在的降級壓力可能導致 NRR 恢復到第一季的水平，現在將第二季度稱為拐點還為時過早。下半年我們將有幾項大型企業續約，主要集中在我們的技術垂直領域。需要提醒的是，從歷史上看，下半年需要續約的合約數量通常比上半年要多。

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 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。我們繼續高度重視提高整個業務的效率和生產力，最大限度地發揮我們因強勁的毛利率（穩定在 90% 左右）而享有的經營槓桿。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。

As a result of our focus on efficiency and resource allocation towards higher leverage areas, we have been able to drive significant improvement in our cost structure. R&D expenses were $47.7 million or 24% of revenue, down 16% year over year. Sales and marketing expenses were $88.2 million or 45% of revenue, down 3% year over year. G&A expenses were $27.4 million, or 14% of revenue, down 1% year over year.

由於我們注重效率並將資源配置到更高槓桿率的領域，我們已經能夠顯著改善我們的成本結構。研發費用為 4,770 萬美元，佔營收的 24%，年減 16%。銷售和行銷費用為 8,820 萬美元，佔收入的 45%，年減 3%。一般及行政費用為 2,740 萬美元，佔營收的 14%，年減 1%。

As a result of driving productivity and efficiency gains, we delivered a 7% operating margin or $14 million of operating income in the quarter, which represents 240 basis points above the midpoint of our operating margin guide and an almost 1,600 basis points improvement year over year.

由於生產力和效率的提高，我們在本季度實現了 7% 的營業利潤率或 1,400 萬美元的營業收入，這比我們的營業利潤率指南中點高出 240 個基點，比去年同期提高了近 1,600 個基點。

I want to call out that about 50 basis points of the Q2 margin improvement was due to the timing of hiring, which shifted from Q2 to the second half of the year.

我想指出的是，第二季度利潤率提高約 50 個基點是由於招聘時間從第二季度轉移到了下半年。

Net income was $15.1 million or $0.06 a share. Our profitability improvement continues to be driven by operating leverage, reallocating spend to the highest ROI go-to-market motions, optimizing infrastructure and cloud costs, and exercising discipline across discretionary spend. We are also aligning our talent footprint with industry benchmarks by shifting certain rules to more cost-effective regions, creating a strong foundation for sustained efficiency and multiyear margin expansion.

淨收入為 1510 萬美元，即每股 0.06 美元。我們的獲利能力改善繼續受到營運槓桿、將支出重新分配給最高投資回報率的市場動議、優化基礎設施和雲端成本以及對可自由支配支出實行紀律約束的推動。我們也透過將某些規則轉移到更具成本效益的地區，使我們的人才足跡與行業基準保持一致，為持續的效率和多年的利潤率擴張奠定堅實的基礎。

Moving on to the balance sheet and cash flow. Cash, cash equivalents and marketable securities at the end of Q2 were approximately $475.2 million. Our remaining performance obligation, or RPO, was $507.3 million, up 29% from the year-ago quarter. Current RPO will be recognized over the next 12 months and was 75% of RPO and grew 16% from the year ago quarter.

繼續討論資產負債表和現金流量。第二季末的現金、現金等價物和有價證券約為 4.752 億美元。我們的剩餘履約義務（RPO）為 5.073 億美元，比去年同期成長 29%。目前的 RPO 將在未來 12 個月內得到確認，為 RPO 的 75%，比去年同期成長 16%。

Our total ending Q2 deferred revenue was $313.6 million, up 8% year over year. Building on our operating margin strength, Q2 adjusted free cash flow was $35.4 million or 18% on a margin basis. 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.

我們第二季末的遞延收入總額為 3.136 億美元，較去年同期成長 8%。基於我們強勁的營業利潤率，第二季調整後的自由現金流為 3,540 萬美元，利潤率為 18%。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、正的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消稀釋的有效方式。

This quarter, we bought back $27.8 million of our Class A common stock at an average price of $14.20 or almost 2 million shares. As of July 31, we had $128 million remaining for repurchases moving forward.

本季度，我們以平均 14.20 美元的價格回購了價值 2,780 萬美元的 A 類普通股，共計近 200 萬股。截至 7 月 31 日，我們仍有 1.28 億美元可供未來回購。

Now moving to guidance. For Q3 fiscal 2026, we expect revenues of $197.5 million to $199.5 million, representing 7.4% to 8.5% growth year over year. We expect non-GAAP operating income of $12 million to $14 million, representing an operating margin of 6% to 7%. And we expect non-GAAP net income per share of $0.06 to $0.07, assuming diluted weighted average shares outstanding of approximately [244 million].

現在轉向指導。對於 2026 財年第三季度，我們預計營收為 1.975 億美元至 1.995 億美元，年增 7.4% 至 8.5%。我們預計非公認會計準則營業收入為 1,200 萬美元至 1,400 萬美元，營業利潤率為 6% 至 7%。我們預期非 GAAP 每股淨收益為 0.06 美元至 0.07 美元，假設稀釋加權平均流通股數約為[2.44億]

For the full year, we are updating our revenue guidance to $780 million to $790 million, representing 8% to 9% year-over-year growth from $775 million to $790 million previously. Currency represents about 50 basis points of growth benefit to our full year guidance, no material difference from what we shared last quarter. We are raising the low end of our guidance to incorporate our actual Q2 results and maintaining the high end of our guide.

我們將全年營收預期從先前的 7.75 億美元至 7.9 億美元上調至 7.8 億美元至 7.9 億美元，年增 8% 至 9%。貨幣對我們的全年指導意義而言意味著約 50 個基點的成長收益，與我們上個季度分享的結果沒有實質差異。我們正在提高指導的低端以納入我們實際的第二季度結果，並維持指導的高端。

While logo churn and expansion are improving, potential pressure from downgrade activity persists, which is reflected in our updated guide. SMB continues to grow at a healthy double-digit pace. Though, as Anne noted earlier, we are seeing top-of-funnel pressure given the evolving search landscape, which we expect to be a headwind to our small business growth in the second half. These dynamics are reflected in our updated Q3 and fiscal year '26 full year revenue guidance.

雖然徽標的更換和擴展正在改善，但降級活動帶來的潛在壓力仍然存在，這反映在我們更新的指南中。中小企業繼續以兩位數的健康速度成長。不過，正如安妮之前提到的，鑑於搜尋格局的變化，我們看到了漏斗頂部的壓力，我們預計這將成為下半年小型業務成長的阻力。這些動態反映在我們更新的第三季和 26 財年全年營收指引中。

On a non-GAAP basis, we expect full year operating income of $46 million to $50 million, representing an operating margin of 6%, up from our prior guidance of at least 5.5%. Adjusting for the 0.5% impact on margin improvement from the timing of hiring, we continue to expect sequential improvement throughout the year with Q4 operating margin in excess of our full year guidance.

根據非公認會計準則，我們預計全年營業收入為 4,600 萬美元至 5,000 萬美元，營業利潤率為 6%，高於我們之前至少 5.5% 的預期。在調整招募時間對利潤率提高的 0.5% 影響後，我們預計全年利潤率將繼續環比提高，第四季度的營業利潤率將超過我們的全年預期。

In addition, we expect non-GAAP net income per share of $0.23 to $0.25, assuming diluted weighted average shares outstanding of approximately 243 million.

此外，我們預期非公認會計準則每股淨收益為 0.23 美元至 0.25 美元，假設稀釋加權平均流通股數約為 2.43 億股。

Dan, Anne, and I are fully aligned on the emerging priorities that will drive long-term growth acceleration and margin expansion. We are excited about the momentum we continue to see with AI Studio and believe the expansion of AI Studio across our full customer base through Teammates, Smart Workflows, and self-serve will be a powerful driver of long-term growth and consumption revenue.

丹、安妮和我對推動長期成長加速和利潤擴大的新興優先事項有著完全一致的認識。我們對 AI Studio 持續保持的發展勢頭感到興奮，並相信 AI Studio 透過 Teammates、Smart Workflows 和自助服務在我們整個客戶群中的擴展將成為長期成長和消費收入的強大動力。

And with that, operator, we will open up the call to questions for Dan and myself.

接線員，接下來我們將開始向丹和我提問。

(Operator Instructions) Brent Bracelin, Piper Sandler.

（操作員指示）布倫特·布雷斯林、派珀·桑德勒。

Dan, you have a diverse background senior leadership roles here at several marquee growth companies, Rubrik, ServiceNow, Salesforce, AWS, and Microsoft. Why Asana, why now? And has there been any surprises since you joined the firm here in July?

丹，你擁有豐富的背景，曾在 Rubrik、ServiceNow、Salesforce、AWS 和 Microsoft 等多家知名成長型公司擔任高階領導職務。為什麼選擇 Asana？為什麼是現在？自從您在七月加入公司以來，有沒有什麼驚喜的事情發生？

Yes. Thanks, Brent. Nice to meet you. So yes, first of all, why Asana? Well, if you look from afar, it's very obvious that AI is going to transform the modern enterprise. And there's going to be a great productivity unlock. Many enterprises haven't realized that unlocked today. It's my bet that the unlock is going to come from human AI collaboration, and that Asana is going to be super well-placed to deliver upon that.

是的。謝謝，布倫特。很高興見到你。那麼首先，為什麼是 Asana？嗯，如果你從遠處看，很明顯人工智慧將改變現代企業。這將會大大提高生產力。很多企業今天還沒有意識到解鎖。我敢打賭，這項解鎖將來自人類與人工智慧的協作，而 Asana 將非常有能力實現這一目標。

Yes, you mentioned my background. I just see this as a great fit for me. It's about -- if I think about ServiceNow, that was very much around how do we extend workflows into every nook and cranny of the enterprise. If I think about Rubrik, that was very much around how do you inflect revenue and create a massive top line acceleration?

是的，你提到了我的背景。我認為這非常適合我。它是關於——如果我考慮 ServiceNow，那主要是關於我們如何將工作流程擴展到企業的每個角落。如果我考慮 Rubrik，那主要是圍繞如何調整收入並創造巨大的收入成長加速度？

If I think about AWS, that was very much around the self-service experience and kind of having that beginner's mindset and really confronting the problems as they come. So hoping to apply many of that to the challenge ahead.

如果我考慮 AWS，那很大程度上與自助服務體驗有關，並且具有初學者的心態，能夠真正面對出現的問題。因此希望能夠將其中的許多內容應用於未來的挑戰。

In some ways, the collaborative work management category is coming into its own right now. This could be the inflection point of the agentic enterprise.

從某些方面來看，協作工作管理類別現在正發揮其自身的作用。這可能是代理企業的轉捩點。

So you asked about surprises as well. Look, I'm about 40 days in. There's a lot of things I don't know at this point. But what I have been doing is spending time with our customers. I've really been externally focused and trying to figure out how we're giving them success today and what are we looking for in the next part of our journey.

所以你也問到驚喜了。瞧，我已經堅持了大約 40 天了。目前還有很多事情我不知道。但我一直在做的是花時間與我們的客戶在一起。我一直非常關注外部情況，並試圖弄清楚我們今天如何幫助他們取得成功，以及我們在旅程的下一部分中尋找什麼。

And again, what is really clear is that we are in mission-critical workflows today, helping across industries, whether that's retail, manufacturing, media, professional services. So we're already deeply embedded. And my hope and joy is going to come from how do you take that embeddedness in the workflows and actually deliver magical experiences with agentic experiences unlocked by AI Studio.

再次強調，非常清楚的是，我們今天處於關鍵任務工作流程中，為各行業提供協助，無論是零售、製造、媒體或專業服務。所以我們已經深深紮根了。我的希望和喜悅來自於如何將這種嵌入性融入工作流程，並透過 AI Studio 解鎖的代理體驗真正提供神奇的體驗。

So I appreciate the question and looking forward to working with you.

我很感謝你的提問，並期待與你合作。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Maybe just a two-parter quickly. You mentioned a meaningful expansion of the service with the AI foundation model company. Can you maybe just dive into how you've seen that use case expand, kind of maybe conceptually size it for us? And how repeatable is that within the other AI companies?

也許很快就能分成兩個部分。您提到了與人工智慧基礎模型公司合作對服務進行有意義的擴展。您能否深入講一下您所看到的該用例如何擴展，或者從概念上為我們描述一下它的規模？而在其他人工智慧公司中，這種做法的可重複性如何？

Along just on the demand environment, how are you seeing the demand environment given some of the cost (technical difficulty) you mentioned some of the changes in top-of-funnel activity. You mentioned some of the persistent -- (technical difficulty)

就需求環境而言，考慮到您提到的一些成本（技術難度）以及漏斗頂端活動的變化，您如何看待需求環境。你提到了一些持續存在的--（技術難度）

Hello, Alex. This is Eva. We lost the second half of your question. I think you have a problem with your cell.

你好，亞歷克斯。這是伊娃。我們無法理解你問題的後半部。我認為你的手機有問題。

No problem. Can you guys hear me now?

沒問題。你們現在聽得到我說話嗎？

Yes.

是的。

Yes. Sorry. Just a comment on the second part of the question was just the demand environment. You mentioned the top-of-funnel headwinds that you saw, presumably in the SMB. And then you mentioned on the -- maybe just the enterprise deals, the pace, how they're progressing and kind of how you're seeing that for the rest of the year?

是的。對不起。問題第二部分的評論只是需求環境。您提到了所看到的漏斗頂部逆風，大概是在 SMB 中。然後您提到——也許只是企業交易、速度、進展如何以及您對今年剩餘時間的展望如何？

Hi, Alex, it's Anne. Thanks for your question. So on the first part of your question, you're really focused on like how repeatable are the AI Studio use cases? And I would say what we are seeing is the more that customers are deploying AI Studio across, especially cross-functional use cases, they're discovering other opportunities to create more workflow. So we definitely see that as expansion opportunity within accounts.

你好，亞歷克斯，我是安妮。謝謝你的提問。那麼，關於你問題的第一部分，你真正關注的是 AI Studio 用例的可重複性如何？我想說的是，我們看到客戶越多部署 AI Studio，特別是跨職能用例，他們就越能發現創建更多工作流程的其他機會。因此，我們確實將其視為帳戶擴張的機會。

The other things we're doing, though, for customers that might need a bit more guidance upfront is the Smart Workflows Gallery that we mentioned. So having prepackaged AI Studio workflows where they can get going really quickly. That also inspires more usage.

不過，我們正在為可能需要更多指導的客戶做的其他事情是我們提到的智慧工作流程庫。因此，有了預先打包的 AI Studio 工作流程，他們就可以快速開始工作。這也激發了更多的使用。

Your second question was on the demand environment. So we're definitely still seeing about the same demand environment dynamics we described last quarter, increased buyer scrutiny and elongation and decisions related to broader consolidation and software stack transformation efforts. However, it's not worsened.

您的第二個問題是關於需求環境的。因此，我們肯定仍然會看到與上個季度描述的相同的需求環境動態，即買家審查和延長的增加以及與更廣泛的整合和軟體堆疊轉換工作相關的決策。然而，情況並沒有惡化。

And then we are seeing good activity in new business in both Enterprise and SMB. However, you called out specifically sort of top of funnel, and we are observing a shift there. So we are seeing pressures based on the transition to more LLM-driven changes in search behavior.

我們看到企業和中小企業的新業務都表現良好。然而，您特別提到了漏斗頂部，我們觀察到那裡發生了轉變。因此，我們看到了基於向更多由法學碩士驅動的搜尋行為變化的轉變的壓力。

Things there that we've been working on, though, specifically over the last few quarters, is really investing in driving higher quality traffic. So while top-of-funnel traffic is down, conversion rates are up, reflecting that we've got a higher intent audience.

不過，我們一直在努力的事情，特別是過去幾個季度，實際上是在投資推動更高品質的流量。因此，雖然漏斗頂部的流量下降，但轉換率卻上升，這反映出我們擁有更高的意圖受眾。

Steven Enders, Citi.

花旗銀行的史蒂文‧恩德斯。

I guess I just want to ask in terms of those pressures or headwinds that you're seeing on the SEO side. And it sounds like maybe some downsell pressure is maybe being accounted for as well in the outlook. But just maybe how are you accounting for that versus kind of what you're seeing today? Is there any way maybe to, I guess, quantify between those impacts, what's actually being accounted for in the numbers here?

我想我只是想問一下您在 SEO 方面看到的壓力或阻力。聽起來也許一些降價壓力可能也在前景中被考慮在內。但與您今天看到的情況相比，您如何解釋這一點？我想，有沒有什麼方法可以量化這些影響，這裡的數字實際上說明了什麼？

Hi, Steve, it's Anne. I'll start, and then I'll let Sonalee cover some of the second part of your question around guidance and how we've factored it in. But just following on what I was sharing to Alex's question, the areas that we've been really focused on as AI overviews have impacted organic traffic is investing in measurable improvements by building more modern self-service, AI-driven experiences designed to get users to value quickly.

你好，史蒂夫，我是安妮。我先開始，然後讓 Sonalee 講解你問題的第二部分，關於指導以及我們如何將其考慮在內。但是，根據我對 Alex 的問題的回答，我們真正關注的領域是人工智慧概覽對有機流量的影響，即透過建立更現代的自助服務、人工智慧驅動的體驗來投資可衡量的改進，旨在讓用戶快速獲得價值。

Second, we're also evolving our content strategy and technical infrastructure to maintain visibility and authority in AI and LLMs customer research and discovery.

其次，我們也正在改進我們的內容策略和技術基礎設施，以保持在 AI 和 LLM 客戶研究和發現方面的可見性和權威性。

And then the third is we're implementing smarter engagement and personalization that adapts based on buyer behavior so that we can drive improvements in both acquisition and expansion. So we very much see that the environment is still changing, and we've got plans in place to offset the adverse effects through Q4. And we think this approach that we're taking really sets us up to continue to innovate and adapt as buyer discovery and decision-making is increasingly AI-driven.

第三，我們正在實施更聰明的參與和個人化，根據買家行為進行調整，以便我們能夠推動收購和擴張方面的改進。因此，我們非常清楚環境仍在發生變化，我們已經制定了計劃來抵消第四季度的不利影響。我們認為，隨著買家的發現和決策越來越受到人工智慧的驅動，我們所採取的這種方法確實使我們能夠繼續創新和適應。

Hi, Steve, it's Sonalee. I just wanted to come up at the top here because you asked about the impact on numbers. So what I tried to make clear in the prepared remarks is that our Q3 and full year revised outlook does include the potential impact of that SMB and LLM disruption continuing. So while our SMB business did grow double digits in Q2, as Anne called out, AI search has disrupted some of the low-intent traffic industry-wide.

你好，史蒂夫，我是 Sonalee。我只是想在這裡提出這一點，因為你詢問了對數字的影響。因此，我在準備好的發言中試圖明確指出的是，我們第三季和全年修訂後的展望確實包括了 SMB 和 LLM 中斷持續的潛在影響。因此，儘管我們的 SMB 業務在第二季度確實實現了兩位數成長，但正如 Anne 所說，人工智慧搜尋已經擾亂了整個行業的一些低意圖流量。

And Anne and her team have been really proactive in terms of mitigating this impact, but we've built continued risk into the second half guide. The other thing I would just add is that we do feel better -- a bit better about macro than last quarter, but that improvement has been partially offset by some of these headwinds that we're seeing in AI search.

安妮和她的團隊在減輕這種影響方面確實非常積極主動，但我們在下半年的指南中已經考慮到了持續的風險。我想補充的另一件事是，我們確實感覺好一些了——宏觀經濟比上一季好一點，但這種改善被我們在人工智慧搜尋中看到的一些不利因素部分抵消了。

And then you also asked, I believe, about net retention and what we're seeing there. I think what I would call out is that Q2 definitely benefited from stronger-than-expected expansion and downgrade activity and continued improvement in logo churn, which was something we saw last quarter as well.

然後我相信您還詢問了淨保留率以及我們在那裡看到的情況。我想說的是，第二季度肯定受益於強於預期的擴張和降級活動以及標誌更換的持續改善，這也是我們上個季度看到的。

And the other thing I would call out there is that in our second half, we typically do see a larger proportion of renewals. So as I think about NRR as we look ahead, I didn't extrapolate the goodness that we saw in the current quarter. So when you think about NRR, we did see an improvement in the current quarter. But as I said in my prepared remarks, we do see a possibility of reverting back to Q1 levels if we don't see that goodness continue.

我想指出的另一件事是，在下半年，我們通常會看到更大比例的續約。因此，當我展望未來思考 NRR 時，我並沒有推斷出我們在本季看到的優點。因此，當您考慮 NRR 時，我們確實看到本季有所改善。但正如我在準備好的發言中所說的那樣，如果這種良好勢頭不能持續下去，我們確實看到了回落至第一季水平的可能性。

Matt Bullock, Bank of America.

美國銀行的馬特‧布洛克 (Matt Bullock)。

I wanted to ask about the visibility into those larger renewal deals approaching in the second half in the tech vertical. Maybe just talk about how those conversations are progressing, what you're seeing in terms of utilization in those larger accounts? And then how we should think about AI Studio as a potential lever to prevent downsell?

我想問一下下半年科技垂直領域那些更大規模的續約交易的前景如何。也許只是談論這些對話的進展情況，您看到這些較大帳戶的使用率如何？那麼我們該如何將 AI Studio 視為防止降價的潛在槓桿呢？

Hi, Matt, thanks for that question. So in tech, in particular, on the larger renewals that Sonalee mentioned, I think what we're seeing is greater -- we brought on a new global Head of Renewals and we're just improving our operating discipline around renewal hygiene, utilization, interventions further ahead before the renewal comes up. And so all of that has been paying out.

嗨，馬特，謝謝你的提問。因此，在技術領域，特別是在 Sonalee 提到的更大規模的續約方面，我認為我們看到的是更大的變化——我們聘請了一位新的全球續約主管，並且我們正在改進我們在續約衛生、利用率、續約前的干預方面的營運紀律。所以，所有這一切都得到了回報。

And then in terms of tech specifically, we saw tilt in the tech vertical. However, that still is a headwind to our overall growth because non-tech is growing faster than tech. We're definitely seeing improvements in logo churn and expansion overall.

具體到技術方面，我們看到了技術垂直方面的傾斜。然而，這仍然是我們整體成長的阻力，因為非科技領域的成長速度快於科技領域。我們確實看到了標誌變更和擴展方面的整體改善。

And specifically, what's been helping on that front is healthy AI Studio and Foundational Service Plan adoption. And so that is mitigating that somewhat. And then the adoption of Foundational Service Plans going forward making our accounts healthier. It's just faster adoption, healthier growth. They're really investing in the medium to long term to grow utilization in those accounts.

具體來說，在這方面有所幫助的是健康的 AI Studio 和基礎服務計劃的採用。這在某種程度上緩解了這種情況。然後採用基礎服務計劃，使我們的帳戶更加健康。這只是更快的採用和更健康的成長。他們確實在進行中長期投資以提高這些帳戶的使用率。

So we're very pleased by the results on the foundational service plans.

因此，我們對基礎服務計劃的結果非常滿意。

Super helpful. And then just one quick follow-up, if I could. Obviously, encouraging to see the NRR inflect positively and tech is stable. Is there a way you can help us frame how NRR would have looked like and the tech vertical ex that $100 million TCV renewal deal?

超有幫助。如果可以的話，我再快速跟進。顯然，看到 NRR 出現積極變化且技術穩定是令人鼓舞的。您能否幫助我們描繪 NRR 的樣子以及 1 億美元 TCV 續約協議之外的技術垂直領域？

Yes, sure. Happy to do that. So you're absolutely right. So the NRR did improve both in our trailing four-quarter and in-quarter. If you were to remove that one large downgrade, the NRR would have been about 50 basis points better than what we reported.

是的，當然。很高興這樣做。所以你完全正確。因此，NRR 在過去四個季度和本季均有所改善。如果消除那次大幅降級，NRR 將比我們報告的要好 50 個基點。

The other thing I would just add, if you were to look at our non-tech NRR, it would be closer to the level where it would not adversely impact our growth.

我還要補充一點，如果你看看我們的非技術 NRR，它會更接近不會對我們的成長產生不利影響的水平。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Maybe just two here and really appreciate all the detail that you've provided. Dan, as you talk about maybe the potential for collaborative AI, which is super important because it really feels like enterprises have maybe not really cracked the code on coordinating some of these efficiency gains that we talked about.

也許這裡只有兩個，非常感謝您提供的所有細節。丹，正如您所說，協作人工智慧的潛力非常重要，因為感覺企業可能還沒有真正破解我們所討論的一些協調效率提升的密碼。

Can you maybe help us understand, are there ways for you to not only benefit from that, but even start to productize that? You've had success with templates in the past, maybe you have AI-focused templates or playbooks to help your customers actually realize some of the benefits of coordinated and collaborative AI.

您能否幫助我們理解，有什麼方法不僅可以讓您從中受益，甚至可以開始將其產品化？您過去曾成功使用過模板，也許您有以 AI 為中心的模板或劇本來幫助您的客戶真正實現協調和協作 AI 的一些好處。

And then Anne, not to keep beating too much of a drum on the hole, AI search summaries and the impacts there. But you've talked about you've seen better pipeline conversion. What do you think about investments that you can make that not only you surface better in some of these AI searches? And obviously, there's higher intent and better conversion on that.

然後，安妮，不要繼續過度強調人工智慧搜尋摘要和其影響。但您說過您已經看到了更好的管道轉換。您認為可以進行哪些投資，不僅可以讓您在某些 AI 搜尋中表現得更好？顯然，這樣做的意圖更高，轉換率也更高。

But maybe even Asana through some level of thought leadership starts to be viewed as more of actual resource or citation, which maybe drives even higher conversion than what you've seen so far?

但也許 Asana 透過某種程度的思想領導開始被視為更多的實際資源或引文，這可能會帶來比你迄今為止所看到的更高的轉換率？

Yes, Rishi. I appreciate the question and many of your observations as well. Yes, like you said, the great productivity unlock from AI is ahead of us in the enterprise within the four walls of an enterprise. We have all, of course, experienced the personal productivity gains from the foundational models, but that unlock is really going to happen when AI has the context in which to operate.

是的，Rishi。我非常欣賞您的提問以及您的許多觀察。是的，就像您說的，人工智慧將在企業內部帶來巨大的生產力提升。當然，我們都體驗過基礎模型帶來的個人生產力提升，但當人工智慧擁有可運行的環境時，這種解鎖才會真正發生。

And that context includes really the who, the what, the why, the how, or as we described in our Work Graph, it's really the tasks and the relationships between goals, projects, tasks, dependencies, owners, and timelines and a lot of the real-time execution context too, which is about status, progress, blockers, and ownership so that you can really go end-to-end on those workflows. And we do think that is the unlock.

該上下文實際上包括誰、什麼、為什麼、如何，或者正如我們在工作圖中所描述的，它實際上是任務以及目標、專案、任務、依賴關係、所有者和時間表之間的關係，以及許多實時執行上下文，這些上下文涉及狀態、進度、阻礙因素和所有權，以便您能夠真正端到端地完成這些工作流程。我們確實認為這就是答案。

Yes, I spent a lot of time in the field. And I'd say we're just scratching the surface today on what those workflows are going to look like. And one little nudge that we have in the future is this thing called AI Teammates, and those are really going to be rooted in this Work Graph.

是的，我在這個領域花了很多時間。我想說，我們今天只是觸及了這些工作流程的表面。我們未來的一個小推動力就是這個叫做 AI Teammates 的東西，它實際上將植根於這個工作圖中。

And the AI Teammate is actually able to reason alongside humans and understand all that rich context and decide what the next step is and follow through on the execution. So that's when we'll see a lot of this real productivity to unlock manifesting.

而 AI 隊友實際上能夠與人類一起推理，理解所有豐富的背景，決定下一步並執行。所以到那時我們就會看到大量的真正生產力被釋放。

You talked about our thought leadership as well as being a potential source of traffic and people really leaning in to what I might describe as agentic enterprise. Yes, of course, those are some of the things that we think about. And as our roadmap delivers on that future, we really do hope to be a full leader.

您談到了我們的思想領導以及作為流量的潛在來源，人們真正傾向於我所描述的代理企業。是的，當然，這些都是我們正在考慮的一些事情。隨著我們的路線圖實現這一未來，我們確實希望成為一個全面的領導者。

Lucky Schreiner, D.A. Davidson.

幸運施萊納，D.A.戴維森。

Nice to hear about the AI Studio traction. I wanted to ask, are partners starting to show more contribution as AI Studio use cases develop? Or is Asana taking on more of that work with the foundational service plans moving forward?

很高興聽到有關 AI Studio 的關注。我想問一下，隨著 AI Studio 用例的發展，合作夥伴是否開始表現出更多的貢獻？或者 Asana 是否會隨著基礎服務計劃的推進而承擔更多的工作？

And maybe a follow-up to that is did partners play any role in either those consolidation deals you guys mentioned from Jira and Smartsheet?

或許接下來的問題是，合作夥伴在你們提到的 Jira 和 Smartsheet 合併交易中是否發揮了作用？

Hi, Lucky, happy to answer that. Partners are a critical part of our strategy and growth. And in particular, we certified more partners on AI Studio this past quarter that exceeded targets that we had set. Partners really see it as an opportunity to build their Asana businesses by helping customers build and deploy AI Studio use cases.

你好，Lucky，很高興回答這個問題。合作夥伴是我們策略和發展的關鍵部分。特別是，上個季度我們在 AI Studio 上認證了更多的合作夥伴，超越了我們設定的目標。合作夥伴確實將其視為透過幫助客戶建置和部署 AI Studio 用例來建立 Asana 業務的機會。

We do also recognize -- we're still underpenetrated with channel and partners. So it's a key growth driver for us because partner managed accounts actually have higher net retention rates. So we continue to focus and invest in this area. So we're looking forward to seeing kind of more growth come from partners.

我們也確實認識到——我們對通路和合作夥伴的滲透仍然不足。因此，這對我們來說是一個關鍵的成長動力，因為合作夥伴管理的帳戶實際上具有更高的淨留存率。因此我們繼續關注並投資這一領域。因此，我們期待看到合作夥伴帶來更多的成長。

Right now, we have a lot of strong momentum, in particular, in EMEA and Japan, and partners are critical in many of our consolidation deals.

目前，我們發展勢頭強勁，尤其是在歐洲、中東和非洲地區以及日本，合作夥伴在我們的許多合併交易中發揮著至關重要的作用。

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

Great. This is [Kincaid] on for Pat. Congratulations on the great quarter here, guys. I was just curious on the AI Studio perspective side, how are you guys really -- beyond just the ARR expanding significantly, what's going to be a good measure of success? Is this improving workflows with the companies?

偉大的。這是 [Kincaid] 為 Pat 主持的。大家，恭喜你們本季的優異成績。我只是對 AI Studio 的觀點感到好奇，除了 ARR 大幅擴張之外，你們的實際表現如何？什麼才是衡量成功的標準？這是否改善了公司的工作流程？

And then as a follow-up to that, if we look out over the next 12 months, what are you guys looking for to see -- this was super successful, if there's three things you could call out there?

然後作為後續行動，如果我們展望未來 12 個月，你們希望看到什麼——這是非常成功的，如果有三件事你們可以說出來呢？

Hey, Kincaid, this is Anne. I'm happy to answer that question. Some of the things that we are -- so maybe just taking a step back, some of the things that we're really watching on AI Studio is first and foremost, we continue to expand access to it starting in June. We made AI Studio available to all of our paid Asana customers by introducing AI Studio Basic, which provides a trial allotment of credits.

嘿，金凱德，我是安妮。我很樂意回答這個問題。我們正在進行的一些事情——也許只是退一步來說，我們在 AI Studio 上真正關注的一些事情是，首先也是最重要的，我們將從 6 月開始繼續擴大對它的訪問權限。我們推出了 AI Studio Basic，提供試用積分，讓所有付費 Asana 客戶都可以使用 AI Studio。

And this really lets customers experience the power of AI firsthand, and it creates a natural path to pay the adoption of AI Studio either through our Plus or pro tiers. So now that we've expanded access, we're really looking at credit consumption, what types of value-added use cases customers are deploying. That's also part of why we're really investing in the AI Workflows Gallery.

這確實讓客戶親身體驗了人工智慧的強大功能，並透過我們的 Plus 或 pro 層級為採用人工智慧工作室付費創造了一條自然的途徑。因此，現在我們已經擴大了存取權限，我們真正關注的是信用消費，以及客戶正在部署哪些類型的增值用例。這也是我們真正投資 AI 工作流程庫的原因之一。

What we're seeing is the more use case -- value-added use cases customers are adopting, the more that credit consumption is happening. And therefore, it leads to sort of a path to growth to paid plans, whether that's Plus or Pro. So that's the focus area right now is wider access and then driving adoption and driving valuable use case adoption.

我們看到的是，客戶採用的用例（增值用例）越多，信用消費就越多。因此，它為付費計劃（無論是 Plus 還是 Pro）帶來了一種成長之路。因此，目前的重點領域是更廣泛的訪問，然後推動採用並推動有價值的用例的採用。

And it's Sonalee here just to come over the top again. As I think about AI Studio, really, and its impact on our forward growth, the things that all be watching are really our AI Studio self-serve pipeline development and conversion from that.

索娜莉 (Sonalee) 再次登頂。當我真正思考 AI Studio 及其對我們未來發展的影響時，所有人真正關注的是我們的 AI Studio 自助服務管道開發和由此產生的轉換。

Secondly, conversion of our basic tier. So that's the free tier that we've now included in most Asana packages to paid.

第二，我們基礎層的轉換。這就是我們現在在大多數 Asana 付費方案中包含的免費方案。

Thirdly, the level of AI Studio mitigating downgrade risk, and this is something that we've already seen. So you've heard us talk about being multiproduct causing NRR to improve and really looking for those stickier customers as they attach and buy more than one product for us.

第三，AI Studio 降低降級風險的水平，這是我們已經看到的。所以，您已經聽到我們談論多產品導致 NRR 提高，並且真正尋找那些更具黏性的客戶，因為他們會為我們購買多種產品。

So whilst it's too early to provide our guidance on account of AI Studio, we do expect to see AI Studio continue to ramp in terms of our ARR, and it will have a much more meaningful contribution as we think about fiscal year '27 and drivers to accelerate our growth.

因此，雖然現在就 AI Studio 提供指導還為時過早，但我們確實預計 AI Studio 將繼續提升我們的 ARR，並且當我們考慮 27 財年和加速我們增長的驅動力時，它將做出更有意義的貢獻。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

The first one is on maybe just focusing on tech renewals. So outside of the very large customer, how have tech renewals performed relative to your expectations here in '25 versus maybe calendar year 2024? And then I have a quick follow-up.

第一個可能只是專注於技術更新。那麼，除了非常大的客戶之外，相對於您對 2025 年和 2024 年的預期，技術更新的表現如何？然後我有一個快速的後續問題。

Hi, Jackson, I'll take that first one. Tech renewals have been actually performing better compared to a year ago. I think some of that is, as I mentioned, just greater operational scrutiny on our renewals, better management of them ahead of time on utilization, and sort of healthy utilization, but I think the other thing is we're seeing customers be a lot more intentional about their tech investments. And so that's been quite helpful as customers are going through consolidation.

嗨，傑克遜，我先接受這個。與一年前相比，技術更新實際上表現得更好。我認為其中一些是，正如我所提到的，對我們的續約進行更嚴格的營運審查，提前更好地管理利用率，以及某種健康的利用率，但我認為另一件事是，我們看到客戶對他們的技術投資更加有意識。當客戶進行整合時，這非常有幫助。

They see that the Asana users and departments are actually quite happy and so that's also driving some of the renewals, which is we're seeing that Asana is replacing maybe other technologies and platforms that don't have that same level of utilization or team engagement.

他們看到 Asana 用戶和部門實際上非常滿意，因此這也推動了一些更新，我們看到 Asana 正在取代其他沒有相同利用率或團隊參與度的技術和平台。

So overall, I would say renewals this year for tech are healthier and better than renewals last year.

所以總的來說，我認為今年科技業的續約情況比去年更健康、更好。

Okay. All right. Great. And then a quick follow-up. Sonalee, on the timing of hiring getting pushed out of the second quarter and in the second half, is that just a regular life happening where you just you wanted to hire more, but it slipped into the second half? Or was that like a conscious decision that you made?

好的。好的。偉大的。然後進行快速跟進。Sonalee，關於招募時間被推遲到第二季和下半年，這是否只是一種正常現象，你本來想招募更多員工，但卻被推遲到了下半年？或者這是你有意識的決定？

Yes. It wasn't a deliberate conscious decision. It really was timing, which is why I wanted to call it out because it's not like we've decided not to hire those people. Those will come into the second half and again, fully reflected in the guide that we provided today.

是的。這不是一個深思熟慮的決定。這確實是時機問題，這就是我想說出來的原因，因為這並不意味著我們決定不僱用這些人。這些將進入下半場，並再次充分反映在我們今天提供的指南中。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

I was hoping you could talk a little bit more about the go-to-market for AI Studio. I know you're referencing self-serve and some other successful examples. But I was hoping you could talk about how much of it is back to the base type of expansion within existing customers? Is it helping to land new customers?

我希望您能多談談 AI Studio 的市場推廣情況。我知道您正在引用自助服務和其他一些成功的例子。但我希望您能談談其中有多少是回到現有客戶的基本擴展類型？它有助於吸引新客戶嗎？

And then for existing customers, if you could talk a little bit about kind of the conversations and the motion, how much of it is inbound demand from customers versus like focused outreach? Any context there would be great.

然後對於現有客戶，如果您可以稍微談談對話和動議，其中有多少是來自客戶的入站需求，有多少是集中的外展需求？任何背景都很棒。

Josh, thanks for the question. I'm happy to answer that. We have two motions with go-to-market. As Sonalee mentioned, one that we've been investing in is the Asana mission of self-serve. So making AI Studio available self-serve to a lot of our SMB and smaller corporate accounts has been a great way for customers to be able to try it, get value and then when they need help, they can raise their hand and work with an account team.

喬希，謝謝你的提問。我很樂意回答這個問題。我們對進入市場有兩項動議。正如 Sonalee 所提到的，我們一直在投資的是 Asana 的自助服務使命。因此，讓 AI Studio 自助服務於我們的許多中小型企業帳戶，對於客戶來說是一種很好的方式，他們可以嘗試它，獲得價值，然後在需要幫助時，他們可以舉手與帳戶團隊合作。

With our larger accounts, we've really first intentionally gone out to some of our, what we call, our builders. So customers that already have adopted rules are deploying workflow, and now AI Studio can really accelerate their workflow development because it's just faster and more efficient and more powerful.

對於較大的客戶，我們確實首先有意聯繫了一些我們稱之為「建造者」的人。因此，已經採用規則的客戶正在部署工作流程，現在 AI Studio 可以真正加速他們的工作流程開發，因為它更快、更有效率、更強大。

And so that was the early go-to-market approach. We have actually seen some really good successes with brand-new customers adopting AI Studio from the get-go. There's been a number of examples in both our EMEA and Japan markets. where customers are coming in and wanting an AI-driven workflow solution from the start.

這就是早期的行銷方法。事實上，我們已經看到一些新客戶從一開始就採用 AI Studio 並取得了非常好的成功。在我們的 EMEA 和日本市場中有很多例子，客戶從一開始就希望獲得 AI 驅動的工作流程解決方案。

But the original go-to-market motion was really selling into the installed base. So now that we've gotten cycles on both, I think those are the things that we're investing in. So self-serve and then the expansion opportunity there, going to installed base and giving them even more value and then being able to position new use cases for net new customers.

但最初的上市動議實際上是為了向已安裝的用戶群進行銷售。所以現在我們已經獲得了這兩個領域的周期，我認為這些就是我們正在投資的東西。因此，自助服務以及擴展機會就在那裡，進入已安裝的基礎並為他們提供更多價值，然後能夠為淨新客戶定位新的用例。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

This is [John] on for Brent Thill. Two questions. One, maybe for Dan. I mean, as you were doing your due diligence before you joined in your customer conversations after you joined, I mean, what kind of stood out about Asana's collaborative software technology and its approach to AI that you think is differentiated?

我是布倫特·蒂爾 (Brent Thill) 的 [約翰]。兩個問題。一個，也許適合丹。我的意思是，在您加入後參與客戶對話之前，您正在盡職調查，您認為 Asana 的協作軟體技術及其 AI 方法有何突出之處？

And then I have a follow-up for Sonalee.

然後我要跟進 Sonalee 的情況。

Yes. So on that first question as I described a bit earlier, we kind of all know AI is going to infiltrate the enterprise. It is going to be a productivity unlock. So the question for myself was, so what's the gap? Why hasn't it happened today? Why have so many of these Gen AI projects failed if we know that inevitability of agentic enterprise is just around the corner?

是的。因此，關於第一個問題，正如我之前所描述的，我們都知道人工智慧將會滲透到企業中。這將會釋放生產力。所以我自己的問題是，差距到底有多大？為什麼今天還沒有發生？如果我們知道代理商的必然性即將到來，為什麼這麼多的 Gen AI 專案會失敗呢？

And the answer is the guardrails upon which AI works, and those guardrails are super important. If AI doesn't understand the context, then it just can't add the value that enterprise needs. It's almost taken for granted that modern workflows need to have that context to actually complete themselves.

答案就是人工智慧運作的護欄，這些護欄非常重要。如果人工智慧不理解上下文，那麼它就無法增加企業所需的價值。人們幾乎理所當然地認為，現代工作流程需要有這樣的背景才能真正完成。

So what is that context? What context really matters? Well, we need to understand the who, which is who are the owners? What are the dependencies? You need to understand the what, which is the tasks, the projects that they're working on and the goals.

那麼這個背景是什麼呢？什麼背景真正重要？好吧，我們需要了解誰是業主？有哪些依賴關係？您需要了解他們正在從事的任務、專案和目標。

You just understand the when, which is the timelines that things need to be delivered on. And you need all of that to be real-time and updated as the work travels through an organization. So if you think of workflows, it's clear to me that the modernization of workflows are AI-enabled workflows that are about human AI collaboration.

您只需了解時間，即需要交付事物的時間表。而且，您需要讓所有這些都即時更新，以適應組織內工作的發展。因此，如果您考慮工作流程，那麼對我來說很明顯的是，工作流程的現代化是關於人類人工智慧協作的人工智慧工作流程。

And what better place for that to happen than on a collaboration platform that already has AI Studio? So that was my mindset. And I would say, as I visit customers and partners in my first 40 days, that really has been reiterated in (inaudible) that the great productivity unlock from AI is just ahead of us.

還有什麼地方比已經擁有 AI Studio 的協作平台更適合實現這一目標呢？這就是我的想法。我想說，當我在上任後的前 40 天拜訪客戶和合作夥伴時，我的確在（聽不清楚）中重申了這一點，即人工智慧帶來的巨大生產力釋放就在我們面前。

That's very helpful. And then my follow-up would be, I think in the prepared remarks, Sonalee, maybe you mentioned -- you alluded to some more downgrade pressure potentially in the second half. Where would those be most present that you're looking at in terms of maybe customer size? Is it with the largest? And is that mainly the tech vertical or elsewhere as well?

這非常有幫助。然後我的後續問題是，我想在準備好的發言中，Sonalee，也許你提到 - 你暗示下半年可能會出現更多的降級壓力。從客戶規模來看，您最關注的是哪些客戶？是最大的嗎？這主要是技術垂直領域還是也包括其他領域？

Yes, thanks. So this is partly seasonal with Asana. So the second half typically does have a larger renewal base. The ones that I called out in the prepared remarks were tech downgrades. But they are nothing like the scale of the one that we called out last quarter. So they would be significantly smaller than that. It's just that there's a larger volume of them in the second half than first.

是的，謝謝。因此，這在一定程度上與 Asana 的季節性有關。因此下半年通常確實會有更大的更新基礎。我在準備好的發言中提到的是技術降級。但它們的規模與我們上個季度預測的完全不同。所以它們會比那小得多。只是下半部的數量比上半部多。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Maybe just one for me. I'd love if you guys could talk about the demand trends that you're seeing across enterprise and SMB so far at the start of 3Q. And the reason I ask is because it looks like (inaudible) SMB, I know you guys announced this partnership with Mastercard, it seems like that could be a tailwind that potentially offsets potentially some of what you're seeing on the SEO side.

對我來說也許只有一個。我很高興你們能談談在第三季初迄今為止企業和中小型企業所看到的需求趨勢。我之所以問這個問題，是因為它看起來（聽不清楚）SMB，我知道你們宣布了與萬事達卡的合作關係，這似乎可能是一個順風，可能會抵消你們在 SEO 方面看到的一些影響。

You have AI Studio, right, that could help on the retention side in some of these enterprise deals. So could you just kind of walk us through the puts and takes? And how some of these self-help initiatives have the potential to translate to good growth in the second half?

對的，你有 AI Studio，它可以在一些企業交易中幫助保留客戶。那麼，您能否向我們簡單介紹其中的優缺點呢？這些自助措施如何有可能轉化為下半年的良好成長？

Hi, Taylor, it's Anne. Thanks for your question. In the demand environment, we're pretty much seeing the same dynamics that we saw last quarter. As we mentioned earlier, we are continuing to see strong activity in new business, both in enterprise and SMB, but given the pressures on top of funnel, I think we are being thoughtful about what that's going to turn into for SMB through the latter half of the year.

你好，泰勒，我是安妮。謝謝你的提問。在需求環境中，我們看到的動態與上一季基本相同。正如我們之前提到的，我們繼續看到企業和中小企業的新業務活動強勁，但考慮到通路頂部的壓力，我認為我們正在認真考慮今年下半年中小企業將面臨什麼變化。

We're going to continue to ensure that we are going out to market with the multiple products that we have. I think that's one of the things that will help in both SMB and enterprise. So that's the real focus area for us for the second half of the year.

我們將繼續確保將我們擁有的多種產品推向市場。我認為這是對中小型企業 (SMB) 和大型企業都有幫助的事情之一。所以這是我們下半年真正關注的領域。

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, everyone, for joining the call. We'll be on the road attending the Citibank, Piper Sandler, and the Wolfe Conference this and next week. Looking forward to seeing all of you.

感謝大家參加此次電話會議。本週和下週我們將前往參加花旗銀行、Piper Sandler 和 Wolfe 會議。期待與大家見面。

As always, if you have any questions, please reach out to me at ir@asana.com. Thank you so much.

一如既往，如果您有任何疑問，請透過 ir@asana.com 與我聯繫。非常感謝。

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。