Asana Inc (ASAN) 2026 Q3 法說會逐字稿

Thank you for standing by, and welcome to Asana's third quarter fiscal year 2026 earnings conference call. (Operator Instructions) I would now like to hand the call over to Eva Leung, Head of Investor Relations. Please go ahead.

感謝您的耐心等待，歡迎參加 Asana 2026 財年第三季財報電話會議。（操作員指示）現在我將把電話交給投資者關係主管梁女士。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana's Third Quarter Fiscal Year 2026. With me on today's call are Dan Rogers, our CEO; Anne Raimondi, our Chief Operating Officer and Head of Business; and Sonalee Parekh, our Chief Financial Officer. Today's call will include forward-looking statements, including statements regarding the expected release and benefits of our product offerings and our expectation for revenue to be generated by those offerings, our retention and expansion opportunities, our expectations 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 program, among other items.

下午好，感謝各位參加今天的電話會議，共同討論 Asana 2026 財年第三季的財務表現。今天和我一起參加電話會議的有：我們的執行長丹‧羅傑斯；我們的營運長兼業務主管安妮‧雷蒙迪；以及我們的財務長索納莉‧帕雷克。今天的電話會議將包含前瞻性聲明，包括關於我們產品預期發布和收益以及我們對這些產品將產生的收入的預期、我們的客戶留存和擴張機會、我們對財務前景的預期（包括我們修訂後的全年指導）、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）等聲明。

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.

前瞻性陳述包含風險、不確定性和假設，這些因素可能導致我們的實際結果與前瞻性陳述中明示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，包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告，以了解有關風險、不確定性和假設的更多信息，這些因素可能導致實際結果與此類聲明中列出的結果存在重大差異。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings release, which is posted on our Investor Relations web page at investors.asana.com. And with that, I'd like to turn the call over to Dan.

此外，在今天的電話會議中，我們將討論非GAAP財務指標。這些非公認會計準則財務指標是依照公認會計準則編製的財務績效指標的補充，而不是替代或優於後者。GAAP 和非 GAAP 財務指標之間的調整以及對使用非 GAAP 指標相對於其最接近的 GAAP 等效指標的局限性的討論，請參閱我們的盈利報告，該報告已發佈在我們的投資者關係網頁 investors.asana.com 上。接下來，我將把電話會議交給 Dan。

Thank you for joining us today. This was a solid quarter. We believe the future of work is one where humans and AI collaborate with the right context, controls and checkpoints. That's the foundation of AI Studio and our newly announced AI teammates and customers use these capabilities in production and are already delivering real productivity gains. I'm excited to share more about our AI platform in a moment.

感謝您今天蒞臨。這是一個表現穩健的季度。我們相信，未來的工作模式是人類與人工智慧在適當的背景、控制和檢查點下進行協作。這就是 AI Studio 的基礎，我們新推出的 AI 團隊成員和客戶已經在生產中使用這些功能，並實現了真正的生產力提升。稍後我將與大家分享更多關於我們人工智慧平台的資訊。

But first, let's turn to the financial highlights from the quarter. Q3 revenues were $201 million, growing 9% year-over-year, exceeding the high end of our guidance. We generated non-GAAP operating income of $16.3 million or an 8% operating margin, also exceeding the high end of our guidance. Our margin improvement reflects disciplined cost management and a thoughtful reallocation of spending towards high-leverage areas while still preserving capacity to invest in our AI platform. Free cash flow was also strong at $13.4 million in the quarter or 7% on a margin basis.

但首先，讓我們來看看本季的財務亮點。第三季營收為 2.01 億美元，年增 9%，超過了我們預期的上限。我們實現了 1,630 萬美元的非 GAAP 營業收入，營業利潤率為 8%，也超過了我們預期的上限。我們的利潤率提升反映了嚴格的成本管理和對支出進行深思熟慮的重新分配，使其流向高槓桿領域，同時仍保留了投資人工智慧平台的能力。本季自由現金流也表現強勁，達到 1,340 萬美元，利潤率為 7%。

Overall, NRR was 96%, a slight improvement across all cohorts from last quarter, even with a heavier volume of large, predominantly tech renewals this quarter. Retention within our monthly customer base is at a 12-month high, reflecting the work we've done to strengthen customer satisfaction and in-product experience, which Anne will share more about in a moment. We expanded with some key customers this quarter, including one of the largest multinational entertainment companies in the world, two of the largest Fortune 100 health care service providers and several large tech sector customers, including a Fortune 500 people Cloud platform as well as a leading AI data platform.

整體而言，淨續保率 (NRR) 為 96%，與上一季相比，所有族群的 NRR 均略有提高，即使本季大型、以科技為主的續保數量較多。我們每月客戶群的留存率達到了 12 個月以來的最高水平，這反映了我們為提高客戶滿意度和產品內體驗所做的工作，Anne 稍後會詳細介紹。本季我們拓展了一些重要客戶，包括全球最大的跨國娛樂公司之一、兩家最大的財富 100 強醫療保健服務提供商以及幾家大型科技行業客戶，其中包括一家財富 500 強企業雲平台和一家領先的人工智慧數據平台。

AI Studio delivered another good quarter with solid growth in sequential bookings, including early traction with self-serve users. I want to highlight two AI Studio wins that demonstrate how customers across industries are already using our platform to modernize mission-critical workflows. A global premium glassware manufacturer serving hospitality and luxury brands worldwide is using AI Studio to modernize core marketing workflows from campaign management to rapid content generation. One of Europe's largest and most influential trade show operators is now leveraging AI Studio to digitize their planning processes, streamline cross-department collaboration and accelerate decision-making on major strategic programs, including the OKR rollout.

AI Studio 又迎來了一個不錯的季度，預訂量環比穩步增長，其中自助服務用戶也取得了初步成功。我想重點介紹 AI Studio 的兩個成功案例，它們表明各行各業的客戶已經在使用我們的平台來實現關鍵任務工作流程的現代化。一家為全球酒店和奢侈品牌服務的高端玻璃器皿製造商正在使用 AI Studio 來革新核心行銷工作流程，從活動管理到快速內容生成。歐洲規模最大、最具影響力的貿易展覽營運商之一正在利用 AI Studio 實現其規劃流程的數位化，簡化跨部門協作，並加快重大策略計畫（包括 OKR 推廣）的決策。

Asana has pioneered three waves of work transformation: collaborative work management, workflow automation and now AI transformation. These form the basis of our strategy to help companies on their journey to the agentic enterprise, unlocking productivity for teams as they deliver against their goals smarter and faster. So let's take a closer look at each of these waves.

Asana 引領了工作轉型的三波浪潮：協作工作管理、工作流程自動化，以及現在的 AI 轉型。這些構成了我們幫助企業邁向自主型企業策略的基礎，透過更聰明、更快速地實現團隊目標，進而釋放團隊的生產力。那麼讓我們仔細看看這些波浪。

The first wave was all about solving the most fundamental challenge in modern work, creating clarity and accountability for a company's work. For many of our customers, work was once scattered across e-mails, spreadsheets and disconnected tools. Asana created the structure and visibility teams need to stay aligned and accountable with our collaborative work management platform. Powered by the Work Graph, teams now have a shared understanding who is doing what, by when, how and why.

第一波浪潮旨在解決現代工作中最根本的挑戰，即為公司的工作創造清晰度和問責制。對我們的許多客戶來說，工作內容曾經分散在電子郵件、試算表和不相連的工具中。Asana 創造了團隊所需的結構和可見性，使團隊能夠透過我們的協作工作管理平台保持步調一致並承擔責任。借助工作圖譜，團隊現在對誰在何時、如何以及為什麼做什麼有了共同的了解。

The second wave centered on workflow automation. Once teams had this clarity, they also wanted to increase their velocity. Asana's no-code workflow builder makes it simple to standardize and automate repeatable processes from marketing intake to engineering sprint planning. And to make it easy, we created a workflow gallery to let you launch any workflow instantly. So teams get to value in a secure, fast, context-aware way.

第二波浪潮以工作流程自動化為中心。一旦各隊明確了這一點，他們也希望能提高速度。Asana 的無程式碼工作流程建構器可以輕鬆實現從行銷需求收集到工程衝刺計劃等可重複流程的標準化和自動化。為了方便起見，我們建立了一個工作流程庫，讓您可以立即啟動任何工作流程。因此，團隊可以以安全、快速、感知情境的方式獲得價值。

Now we're entering a new wave with AI transformation.

現在我們正進入人工智慧變革的新浪潮。

Every customer I speak with sees the immense potential, but the reality is many AI projects today are just not delivering. In fact, a recent MIT report said as many as 95% of AI pilots are failing to deliver on their productivity promise. Why is that? Our point of view is that a lot of the AI solutions and applications today lack three fundamental things. Number one, they lack context.

我接觸過的每一位客戶都看到了人工智慧的巨大潛力，但現實是，如今許多人工智慧專案都未能達到預期效果。事實上，麻省理工學院最近的一份報告指出，高達 95% 的人工智慧試點計畫未能兌現其提高生產力的承諾。這是為什麼？我們的觀點是，目前許多人工智慧解決方案和應用都缺乏三個基本要素。第一，他們缺乏背景資訊。

If you think about the foundational models, they understand very little of the work that's actually getting done within your organization. They don't have the memory of how things have been solved in the past. They aren't properly informed, so they can't be accurate or effective. They also lack checkpoints. AI can't be trusted to just run an end-to-end process without having humans in the loop.

如果你仔細想想那些基礎模型，你會發現它們對你的組織內部實際正在進行的工作知之甚少。他們不記得過去是如何解決問題的。他們沒有掌握充分的訊息，所以無法做到準確或有效。他們也缺少檢查站。不能指望人工智慧在沒有人類參與的情況下獨立運作端到端流程。

But these checkpoints today are nonexistent in many of the tools. And finally, they lack controls.

但如今許多工具中都不存在這些檢查點。最後，它們缺乏控制措施。

What we see and what I hear from executives is that AI agents often have more access to data than the employees themselves. Employees are carefully given things like role-based access control. This somehow doesn't translate to the agents that they have in their organization, which, of course, is a risk. This is exactly what Asana's AI platform was built to solve. As the platform for human AI collaboration, Asana delivers the context, checkpoints and controls that enterprises require.

我們看到以及我從高階主管那裡聽到的情況是，人工智慧代理通常比員工本身擁有更多的資料存取權限。員工會被精心分配諸如基於角色的存取控制等權限。這似乎並沒有轉化為他們組織內部代理人的效仿，這當然存在風險。這正是 Asana 的人工智慧平台所要解決的問題。作為人機協作平台，Asana 提供企業所需的上下文、檢查點和控制功能。

The context is really the who, the what, the when, the why and the how. Context is king. If you want AI to be useful, it needs to understand how this was solved in the past, who was involved, who needs to be involved next, what approval process do we need to have. Thanks to the Work Graph data model, Asana can give AI this rich and relevant context. And you also need these checkpoints.

上下文實際上就是誰、什麼、何時、為什麼以及如何。語境至關重要。如果你想讓人工智慧發揮作用，它需要了解過去是如何解決這個問題的，誰參與了，接下來誰需要參與，我們需要什麼樣的審批流程。借助工作圖資料模型，Asana 可以為 AI 提供豐富且相關的上下文資訊。你也需要這些檢查點。

It's our strong point of view that humans need to be in the loop on most of these AI processes to approve things and course correct if needed. In Asana, you can check the quality of AI's work and iterate with it so it will continue to improve. And finally, you need controls. We have a strong belief that AI agents should not have more access to data than your regular teammates. They should follow the same governance process, the security controls, the access to proprietary customer data that you've already established.

我們堅信，在大多數人工智慧流程中，都需要人類參與，以便審批事項並在必要時進行修正。在 Asana 中，您可以檢查 AI 的工作質量，並對其進行迭代，使其不斷改進。最後，你還需要控制功能。我們堅信，人工智慧代理不應該比你的普通隊友擁有更多的資料存取權限。他們應該遵循你已經建立的相同的治理流程、安全控制措施以及對專有客戶資料的存取權限。

These are the three Cs as we call them, context, checkpoints and controls and are the foundation of our AI platform.

我們稱它們為三個 C：上下文、檢查點和控制，它們是我們 AI 平台的基礎。

Built on that foundation of context, checkpoints and controls, the first AI add-on product we introduced with AI Studio. Think of AI Studio as supercharging your workflows. I like to think of it as inserting nodes in a given workflow to consult those foundational models, but doing so in the context of that workflow and the context of that work, it allows you to insert AI notes directly into the process to handle specific tasks.

基於上下文、檢查點和控制等基礎，我們推出了首款 AI 附加產品 AI Studio。把 AI Studio 看成是提升工作流程效率的利器。我喜歡把它想像成在給定的工作流程中插入節點來查閱這些基礎模型，但這樣做是在該工作流程和該工作的背景下進行的，它允許你將 AI 註釋直接插入到流程中來處理特定任務。

For example, an intake node can check an incoming request, see if it's missing a due date and assign it back to the requester automatically. A triage node can analyze that request against your company's goals and flag it as high priority. A quality node can check a deliverable against a predefined knowledge base to ensure it meets specifications. A risk monitoring node can proactively flag when tasks are falling behind schedule well before they cascade and a translation node can automatically convert content for global markets and routed to the right local teams. This is our first step towards enabling agentic enterprise, ensuring smarter, faster delivery of the goals, which brings us to the next strategic step in building the Agentic Enterprise, enabling AI not just to coordinate work, but to do the work alongside your teams as a true collaborative teammate.

例如，接收節點可以檢查傳入的請求，查看是否缺少截止日期，並自動將其指派給請求者。分流節點可以根據貴公司的目標分析該請求，並將其標記為高優先級。品質節點可以根據預先定義的知識庫檢查交付成果，以確保其符合規格。風險監控節點可以主動標記任務進度落後的情況，防患於未然；翻譯節點可以自動轉換內容以適應全球市場，並將其路由到正確的本地團隊。這是我們邁向實現智慧企業的第一步，確保更智慧、更快速地實現目標，這也將引領我們邁向建立智慧企業的下一個​​策略步驟，使人工智慧不僅能夠協調工作，還能像真正的協作隊友一樣與您的團隊一起完成工作。

At our Work Innovation Summit events in London and New York, we announced Asana AI teammates, and we're already receiving strong positive feedback from our initial set of 30 beta customers. We expect AI teammates will be generally available early next year. Asana AI teammates are collaborative agents to help you deliver real business outcomes. They remember, take action and adapt with full context on projects, goals and how your teams operate. They show their work and have built-in checkpoints so you can course correct.

在倫敦和紐約舉辦的工作創新高峰會上，我們宣布了 Asana AI 團隊成員，並且我們已經從最初的 30 位測試版客戶那裡收到了強烈的正面回饋。我們預計人工智慧隊友將於明年初全面投入使用。Asana AI 團隊成員是協作代理，可協助您實現真正的業務成果。他們會記住專案、目標和團隊運作方式的全部背景信息，並據此採取行動和調整策略。他們會展示他們的工作流程，並內建檢查點，以便您可以糾正方向。

And with our AI teammates, you are always in control. And we've already built out 12 out-of-the-box teammates across engineering, IT, marketing, operations and PMO. These aren't prototypes or demos. They are prebuilt, tested and ready to deploy.

有了我們的人工智慧隊友，您始終掌控一切。我們已經組建了 12 個開箱即用的團隊成員，涵蓋工程、IT、行銷、營運和專案管理辦公室等領域。這些不是原型或演示產品。它們已經預先建置、測試完畢，隨時可以部署。

Each teammate operates with full context from the Work Graph, clear checkpoints for human guidance and enterprise-grade controls. Marketing teammates that manage campaigns and create content, PMO teammates that track projects and flag risks, IT teammates that triage tickets and optimize resources. Customers can also build their own AI teammates in minutes by defining the role, connecting it to the right data sources and refining behavior through checkpoints. This makes agentic AI accessible to every team, not just technical teams. So what makes our agents different?

每個團隊成員都根據工作圖的完整上下文進行操作，並設有清晰的檢查點以進行人工指導和企業級控制。負責管理行銷活動和創建內容的行銷團隊成員、負責追蹤專案和標記風險的專案管理辦公室團隊成員、負責處理工單和優化資源的IT團隊成員。客戶還可以透過定義角色、將其連接到正確的資料來源並透過檢查點來改善行為，在幾分鐘內建立自己的 AI 團隊成員。這使得智慧體人工智慧不僅可以被技術團隊使用，還可以被每個團隊使用。那麼，我們經紀人的獨特之處是什麼？

Well, first, they have context powered by the Asana Work Graph. They understand from the moment they are assigned how your work gets done, how you solve problems before and exactly who to involve. That context allows them to be truly collaborative because they understand the work. They can actively drive execution alongside people in the team. And crucially, they are multiplayer by design.

首先，它們擁有由 Asana 工作圖譜提供支援的背景資訊。他們從被指派任務的那一刻起，就明白你的工作是如何完成的，你以前是如何解決問題的，以及應該讓哪些人參與其中。在這種背景下，他們能夠真正地進行合作，因為他們了解工作內容。他們可以與團隊成員一起積極推動執行。至關重要的是，它們的設計初衷就是多人遊戲。

Our teammates publish their plans openly. This creates a shared transparent starting point where everyone can provide feedback, ensuring that AI learns from your team's collective input. The early response from customers has been positive and reinforces the opportunity ahead. Morningstar, an early adopter of Asana AI is leveraging AI teammates to tackle complex strategic work that requires deep analysis and human-like reasoning. By creating a specialized AI teammate, the product management team was able to complete tasks that normally take up to two weeks in just 10 to 12 hours.

我們的團隊成員會公開他們的計劃。這創建了一個共享的、透明的起點，每個人都可以提供回饋，確保人工智慧能夠從團隊的集體意見中學習。客戶的早期回饋積極，這進一步印證了未來的發展機會。晨星公司是 Asana AI 的早期採用者，它利用 AI 團隊成員來處理需要深度分析和類人推理的複雜策略工作。透過創建專門的 AI 團隊成員，產品管理團隊能夠在短短 10 到 12 小時內完成通常需要長達兩週才能完成的任務。

Level agency has built AI teammates for marketing to act as a workflow accelerator, saving 3 to 5 hours per content project as well as for IT to help triage support tickets and company-wide to intelligently review and operationalize new process ideas.

Level agency 為行銷部門建立了 AI 團隊成員，以協助分類支援工單；並在全公司範圍內建置了 AI 團隊成員，以智慧地審查和實施新的流程理念。

We're also using AI teammates internally at Asana. Our product design and engineering teams use a Figma and cursor teammate to convert prototypes into production-ready UI code in roughly 15 minutes with more than 90% accuracy. Our brief buddy teammate supports every marketing kickoff and removes about an hour from the start of a project. And our marketing team's localization teammates achieved roughly 90% language parity at about half the cost, allowing us to reinvest savings into SEO and global growth. These examples reinforce that Agentic AI is not theoretical, it's already improving how we run our own business.

我們Asana內部也在使用AI團隊成員。我們的產品設計和工程團隊使用 Figma 和 cursor teammate，在大約 15 分鐘內將原型轉換為可用於生產的 UI 程式碼，準確率超過 90%。我們的簡短夥伴隊友為每次行銷啟動提供支持，並為專案啟動節省約一個小時。我們行銷團隊的在地化團隊成員以大約一半的成本實現了約 90% 的語言一致性，使我們能夠將節省下來的資金重新投入 SEO 和全球成長。這些例子進一步證明，智能體人工智慧並非紙上談兵，它已經在改善我們經營自身業務的方式。

Across all these deployments of our AI products, trust is central. Teammates only see the data they explicitly granted access to. Admins control who can create or modify them and customers have full visibility into the usage and cost with the ability to set limits to ensure strong ROI.

在我們所有這些人工智慧產品的部署中，信任至關重要。隊友只能看到他們明確授予存取權限的資料。管理員控制誰可以創建或修改它們，客戶可以完全了解使用情況和成本，並能夠設定限制以確保獲得良好的投資回報。

We built these capabilities into AI studio and teammates from day one because enterprise adoption depends on governance as much as capability. This focus on enterprise-grade AI is the foundation of our strategy. But in addition, operational priorities I laid out last quarter remain consistent, and our Q3 results show clear measurable progress against them. First, as I shared last quarter, when we go deep in a vertical, speak their language of their persona and align to the core workflows of that industry, we win. I want to highlight this playing out in a meaningful way, for example, in the health care vertical, where we closed several marquee expansions this quarter, one of the largest health care and insurance organizations in the U.S.

我們從一開始就將這些功能融入 AI 工作室和團隊成員中，因為企業採用 AI 系統不僅取決於能力，還取決於治理。專注於企業級人工智慧是我們策略的基礎。此外，我在上個季度提出的營運重點仍然保持不變，我們的第三季業績表明，我們在這些方面取得了明顯的、可衡量的進展。首先，正如我在上個季度分享的那樣，當我們深入了解一個垂直行業，用他們的語言描述他們的用戶畫像，並與該行業的核心工作流程保持一致時，我們就成功了。我想重點強調這一點，例如在醫療保健領域，我們本季完成了幾項重要的擴張計劃，其中包括與美國最大的醫療保健和保險機構之一的合作。

expanded to more than 3,000 seats and crossed the $1 million ARR threshold.

座位數擴大到 3000 多個，年度經常性收入 (ARR) 突破 100 萬美元大關。

They've standardized their clinical service intake across a 20,000-person business unit and are expanding into adjacent teams like analytics, pharmacy and student health, all running mission-critical workflows in Asana. Another major diversified health care company, now well above $1 million ARR with us, embedded Asana deeply in their Medicaid organization to support the creation and expansion of Medicaid managed care plans across local markets. Asana is also being adopted across many new teams. And a global pharmaceutical leader selected Asana as a preferred PMO solution, including for mobile clinical trial workflows, an innovation model designed to expand trial access to patients far beyond traditional sites. These health care wins are a testament to Asana's ability to adapt to industry-specific solutions with ease.

他們已在擁有 20,000 名員工的業務部門內實現了臨床服務接收的標準化，並正在擴展到分析、藥房和學生健康等相鄰團隊，所有這些團隊都在 Asana 中運行關鍵任務工作流程。另一家大型多元化醫療保健公司，目前與我們合作的年度經常性收入 (ARR) 已遠超 100 萬美元，該公司將 Asana 深度嵌入到其 Medicaid 組織中，以支持在當地市場創建和擴展 Medicaid 管理式醫療計劃。Asana 也正在被許多新團隊採用。一家全球領先的製藥公司選擇 Asana 作為其首選的 PMO 解決方案，包括用於行動臨床試驗工作流程，這是一種旨在將試驗機會擴展到傳統試驗點以外的患者的創新模式。這些在醫療保健領域的成功案例證明了 Asana 能夠輕鬆適應行業特定的解決方案。

Second, we're improving go-to-market execution and value realization across our sales and self-service motions. We believe our focus on customer health improvement initiatives is contributing directly to the continued improvement of NRR. We delivered our strongest retention in more than a year amongst monthly self-service customers, an encouraging signal that our self-service engine improvements across product experience and support are taking hold. Third, we're maintaining our focus on disciplined profitable growth. Our significant improvement in non-GAAP operating margin and strong adjusted free cash flow are a direct result of this discipline.

其次，我們正在改善銷售和自助服務流程中的市場推廣執行和價值實現。我們相信，我們對客戶健康改善計劃的關注，直接促進了淨收入率的持續提高。我們在每月自助服務客戶中實現了一年多以來最高的留存率，這是一個令人鼓舞的信號，表明我們在產品體驗和支援方面的自助服務引擎改進正在取得成效。第三，我們將繼續專注於穩健獲利的成長。我們非GAAP營業利潤率的顯著提高和強勁的調整後自由現金流，都是這種自律的直接結果。

Our operating leverage and continued commitment to driving higher productivity from our cost base gives us the capacity to keep investing in high leverage areas, especially our AI platform, all while expanding our margins. Next quarter, I look forward to sharing additional proof points, customer stories and outlining the FY '27 priorities that I believe will support long-term growth acceleration and continued margin expansion.

我們的營運槓桿和持續致力於從成本基礎中提高生產力，使我們有能力繼續投資於高槓桿領域，特別是我們的人工智慧平台，同時擴大我們的利潤率。下個季度，我期待分享更多證據、客戶案例，並概述我認為能夠支持長期成長加速和持續利潤率擴張的 2027 財年優先事項。

Before I hand over to Anne, I also want to take a moment to share that Anne will be leaving Asana after seven years. I'm so grateful for all that Anne has done and has played a major role in our story, first as a highly engaged Board member and then as our COO and Head of Business, where she was instrumental in building an enterprise go-to-market motion and serving as one of our most trusted customer voices. I personally want to thank Anne for her leadership, partnership and the foundation she's helped shape across our product, customer and field teams.

在將麥克風交給 Anne 之前，我還想花一點時間告訴大家，Anne 將在七年後離開 Asana。我非常感謝 Anne 為我們所做的一切，她在我們的發展歷程中扮演了重要角色，首先是一位積極參與的董事會成員，然後是我們的首席營運官和業務主管，她在構建企業市場推廣策略方面發揮了關鍵作用，並且是我們最值得信賴的客戶代表之一。我個人要感謝 Anne 的領導能力、合作精神以及她為我們的產品、客戶和現場團隊所奠定的基礎。

As we look ahead, given our size, scale and the need to drive tighter alignment across product, product-led growth, sales-led growth and marketing, our go-to-market leaders, including the CRO and CMO, will now report directly to me and will not be backfilling the COO role. This structure strengthens our ability to move with speed and focus, and it best positions us to accelerate growth over the long term and capitalize on the large and growing opportunity we see in leading the market for human AI collaboration. I'm grateful for everything Anne has done to help us get to this point and wish her the very best. With that, I'll turn it over to Anne.

展望未來，鑑於我們的規模和體量，以及需要在產品、產品驅動成長、銷售驅動成長和行銷之間實現更緊密的協調，我們的市場推廣負責人，包括首席營收官和首席行銷官，現在將直接向我匯報，並且不會填補首席營運官的空缺。這種結構增強了我們快速、專注地行動的能力，也讓我們能夠更好地加速長期成長，並抓住我們在引領人機協作市場方面看到的巨大且不斷增長的機會。我非常感謝安妮為我們走到今天這一步所做的一切，並祝她一切順利。這樣，我就把麥克風交給安妮了。

Thanks so much, Dan. It's been a privilege to spend the past seven years helping build Asana, first in the boardroom and then alongside the team every day. I've loved this company from the start, and that hasn't changed. I'm proud of the progress we've made building a true enterprise-grade platform and deepening our relationships with the most innovative customers around the world. I want to sincerely thank the entire Asana team for their incredible passion and dedication.

非常感謝你，丹。過去七年裡，能夠參與 Asana 的創建，先是在董事會，然後是每天與團隊並肩作戰，我深感榮幸。我從一開始就喜歡這家公司，這一點從未改變。我為我們在建立真正的企業級平台以及加深與世界各地最具創新精神的客戶的關係方面所取得的進展感到自豪。我衷心感謝 Asana 團隊全體成員的熱情和奉獻精神。

I'll continue to be a strong advocate for Asana and a dedicated Asana user.

我將繼續大力支持 Asana，並成為 Asana 的忠實用戶。

I genuinely believe that the foundations are in place for the company to lead the next wave of work centered around AI human collaboration and to define how teams work for years to come. That progress was evident again in our Q3 results. In Q3, our enterprise motion continued to scale. The number of customer net adds from the 100,000-plus cohorts grew 15% year-over-year, while core customers spending $5,000 or more grew 8% year-over-year. International markets remain a strength for our business, especially EMEA and Japan.

我真心相信，公司已經具備了引領下一波以人工智慧和人類協作為中心的工作浪潮的基礎，並能夠定義未來幾年團隊的工作方式。這項進展在我們的第三季業績中再次得到體現。第三季度，我們的企業營運規模持續擴大。來自 10 萬以上用戶的淨新增客戶數量年增 15%，而消費 5,000 美元或以上的核心客戶較去年同期成長 8%。國際市場仍然是我們業務的優勢所在，尤其是歐洲、中東和非洲地區以及日本市場。

Our international revenue grew 12% year-over-year and the U.S. market grew 7% year-over-year. Here's an example of that. We landed a new multiyear competitive deal with The Guardian, the British-based global news organization to consolidate their tech stack and improve cross-departmental collaboration.

我們的國際營收年增 12%，美國市場年增 7%。以下是一個例子。我們與總部位於英國的全球新聞機構《衛報》達成了一項新的多年競爭性協議，以整合其技術堆疊並改善跨部門協作。

Asana was chosen over competitors for its flexibility, enabling teams like product, advertising and group technology and data to streamline everything from agile road mapping to resource capacity planning on a single platform. We continue to increase our presence in non-tech with those sectors once again growing in the teens. Dan noted some of the momentum we saw in health care, and I want to call out two other important areas where we saw meaningful wins this quarter, financial services and the public sector, both key growth verticals for Asana.

Asana 因其靈活性而被選中，而非競爭對手，它使產品、廣告、集團技術和數據等團隊能夠在單一平台上簡化從敏捷路線圖規劃到資源容量規劃的一切流程。我們持續擴大在非科技領域的業務，這些領域的成長率再次達到兩位數。Dan 指出了我們在醫療保健領域看到的一些發展勢頭，我想重點介紹一下我們在本季度取得重大進展的另外兩個重要領域：金融服務和公共部門，這兩個領域都是 Asana 的關鍵增長垂直領域。

In the financial service vertical, we expanded with a large North American financial services company. Their goal was to cut marketing campaign execution time by 25% to 50%. Their existing intake process had 29 steps, and they needed a single system that could simplify workflows, automate handoffs and improve reporting. After evaluating Asana against our peers, they chose Asana for its superior user experience, flexibility and ease of adoption, requiring minimal training while still offering the customization needed to modernize their workflows.

在金融服務領域，我們與一家大型北美金融服務公司建立了合作關係，實現了業務拓展。他們的目標是將行銷活動執行時間縮短 25% 至 50%。他們現有的接收流程有 29 個步驟，他們需要一個能夠簡化工作流程、自動交接和改善報告的單一系統。在對 Asana 與同行進行評估後，他們選擇了 Asana，因為它具有卓越的用戶體驗、靈活性和易用性，只需極少的培訓即可實現工作流程現代化所需的客製化。

We also saw strong momentum in the public sector this quarter, including a meaningful new win with a major German government research agency that manages roughly 6,000 projects each year. This was a competitive win. They selected Asana for its ease of use, templates, workflows, work graph-driven OKR support and enterprise-grade security. They're implementing Asana as an audit compliance system to manage thousands of research and innovation funding projects across Germany and Europe. Asana gives them real-time visibility into project progress, budgets, team allocations and much more.

本季我們在公共部門也看到了強勁的成長勢頭，包括與一家德國主要政府研究機構達成了一項意義重大的新合作，該機構每年管理著約 6000 個項目。這是一場勢均力敵的勝利。他們選擇 Asana 是因為它易於使用、提供範本、工作流程、支援基於工作圖的 OKR 以及具有企業級安全性。他們正在實施 Asana 作為審計合規系統，以管理德國和歐洲各地數千個研究和創新資助計畫。Asana 讓他們能夠即時了解專案進度、預算、團隊分配等等。

We're also seeing sustained momentum in our channel ecosystem with partner attached growth for the third straight quarter and consistently higher NRR in accounts where partners are engaged. The global biopharmaceutical customer win that Dan mentioned was secured in partnership with a global SI partner. We also landed key new logos with partners at a leading automotive manufacturer in India, a major U.K. food delivery platform and a global enterprise digital experience platform. While the tech sector continued to be a headwind to our growth this quarter, we successfully renewed with several large tech companies, as Dan noted.

我們也看到通路生態系統持續成長，合作夥伴參與度連續第三個季度成長，合作夥伴參與度高的客戶帳戶的淨收入也持續成長。Dan提到的那位全球生物製藥客戶是透過與一家全球系統整合合作夥伴合作獲得的。我們也與印度一家領先的汽車製造商、英國一家大型食品配送平台和一家全球企業數位體驗平台的合作夥伴達成了重要的全新合作協議。正如丹所指出的，儘管科技業在本季度繼續對我們的成長構成阻力，但我們已成功與幾家大型科技公司續約。

This was one of the key factors impacting NRR improvement quarter-over-quarter. Core customer NRR and $100,000-plus customer NRR both improved 100 basis points to 97% and 96%, respectively.

這是影響淨收益率季增的關鍵因素之一。核心客戶的淨收入率和年收入超過 10 萬美元的客戶的淨收入率均提高了 100 個基點，分別達到 97% 和 96%。

In-quarter NRR improved across all cohorts. Enhancements in our support infrastructure, improvements in customer satisfaction metrics and AI-driven onboarding for self-serve customers resulted in our lowest churn numbers for monthly customers in the past year. In our SMB business, we continue to be affected by the evolving top-of-funnel dynamics we mentioned last quarter, particularly in relation to LLM-driven changes in search and paid media investments. Our approach to mitigate these pressures focuses on three areas. First, we're building modern self-serve experiences that get users to value fast.

本季所有隊列的淨收入率均有所提高。過去一年，我們透過加強支援基礎設施、提高客戶滿意度指標以及採用人工智慧驅動的自助服務客戶註冊流程，實現了每月客戶流失率最低的目標。在我們的中小企業業務中，我們繼續受到上個季度提到的不斷變化的漏斗頂部動態的影響，特別是與LLM驅動的搜尋和付費媒體投資變化有關。我們緩解這些壓力的方法主要集中在三個方面。首先，我們正在建構現代化的自助服務體驗，讓使用者快速獲得價值。

Our new prompt to project flow takes someone from a prompt on our website to a working Asana project in seconds, and we're optimizing each stage of the buyer journey to turn that engagement into durable growth.

我們全新的「提示到專案」流程，讓使用者只需幾秒鐘即可從我們網站上的提示過渡到一個正在運行的 Asana 項目，我們正在優化購買流程的每個階段，以將這種參與轉化為持久增長。

Second, we're evolving our content strategy and technical foundation to maintain authority as AI-led discovery changes, strengthening our presence where LLMs train and ensuring Asana shows up as the leading answer in our category. Third, we're implementing smarter behavior-based personalization for high propensity accounts to improve both acquisition and expansion. As we shared last quarter, we expect these headwinds to persist through Q4. We concluded the quarter with our marquee customer event, the Work Innovation Summit in London and New York, where we officially introduced AI teammates to the world.

其次，隨著人工智慧驅動的發現方式的改變，我們正在不斷改進內容策略和技術基礎，以保持權威性，加強我們在LLM培訓場所的影響力，並確保Asana成為我們類別中的領先答案。第三，我們正在對高潛力帳戶實施更聰明的基於行為的個人化策略，以改善客戶獲取和拓展。正如我們上個季度所分享的，我們預計這些不利因素將持續到第四季。本季末，我們舉辦了最重要的客戶活動——在倫敦和紐約舉行的“工作創新高峰會”，並在會上正式向世界推出了 AI 團隊成員。

Across the two events, we had over 1,600 customers, partners and analysts in attendance. Our sponsors included Google, AWS, KPMG and Deloitte. The strategic impact of these events was immediately clear from the response from third-party experts. We held over 30 industry analyst briefings with one analyst noting no one is doing agentic like Asana. That's what makes you best-in-class.

這兩場活動共有超過 1600 名客戶、合作夥伴和分析師參加。我們的贊助商包括Google、AWS、畢馬威和德勤。從第三方專家的反應中，這些事件的策略影響立即顯現出來。我們舉行了 30 多場產業分析師簡報會，其中一位分析師指出，目前還沒有任何一家公司像 Asana 一樣專注於智慧代理。這就是你成為佼佼者的原因。

This is echoed by another industry analyst who called our multiplayer human plus AI collaboration approach unique in the market. These global events are a critical component of our go-to-market motion. They are driving new business, strengthening executive relationships and validating our strategy as the leader in Agentic AI.

另一位產業分析師也表達了類似的觀點，表示我們採用的多人人機協作方式在市場上獨樹一格。這些全球性事件是我們市場推廣策略的重要組成部分。它們正在推動新業務發展，加強與高階主管的關係，並驗證我們作為智能體人工智慧領導者的策略。

Quoting from one of our financial services customers, the event was one of the most stimulating engaging conferences I've been to in a while. Asana's application of AI is like no other company today. Another Fortune 100 multinational mass media and entertainment customer said, I love that this event was focused on helping me get more out of what we're already doing, which inspires me to want to buy more. We are energized by this feedback and the validation of our strategy. With that, I'll turn it over to Sonalee to walk through the financial highlights for the quarter.

引用我們一位金融服務客戶的話說，這次活動是我近期參加過的最令人興奮、最引人入勝的會議之一。Asana 對人工智慧的應用與當今其他任何公司都截然不同。另一家財富 100 強跨國大眾傳媒和娛樂公司客戶表示：“我很高興這次活動專注於幫助我從我們目前所做的事情中獲得更多收益，這激勵我想要購買更多產品。”這些回饋和對我們策略的驗證讓我們倍受鼓舞。接下來，我將把麥克風交給索娜莉，讓她來介紹本季的財務亮點。

And I want to thank you for your partnership and everything you've brought to Asana. I'm grateful for the support, clarity and customer focus you've helped instill across the business. You've had an enormous impact on the company and so many people here. Now let's turn to our financial results for the quarter. Q3 revenues came in at $201 million, up 9% year-over-year, which exceeded the high end of our guidance by almost 1 percentage point.

我還要感謝你們的合作以及你們為 Asana 所做的一切。我非常感謝您為公司注入的支持、清晰的思維和以客戶為中心的理念。你對公司和這裡的許多人都產生了巨大的影響。現在讓我們來看看本季的財務表現。第三季營收為 2.01 億美元，年增 9%，比我們預期的上限高出近 1 個百分點。

We have 25,413 core customers or customers spending $5,000 or more on an annualized basis. Revenues from core customers grew 10% year-over-year. This cohort represented 76% of our revenues in Q3.

我們有 25,413 個核心客戶，即每年消費金額達到或超過 5,000 美元的客戶。來自核心客戶的營收年增 10%。該群體在第三季為我們帶來了 76% 的收入。

We have 785 customers spending $100,000 or more on an annualized basis, and this customer cohort grew at 15% 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 96%. Core customer NRR was 97%. And among customers spending $100,000 or more, NRR was 96%.

我們有 785 位客戶年消費額達到或超過 10 萬美元，而該客戶群較去年同期成長了 15%。再次提醒，我們根據特定季度的年度 GAAP 收入來定義這些客戶群。我們整體的美元淨留存率為 96%。核心客戶淨收入率為 97%。在消費金額達到 10 萬美元或以上的客戶中，淨推薦值 (NRR) 為 96%。

As a reminder, our NRR is a trailing four-quarter average and therefore, a lagging indicator of more recent trends. Our in-quarter NRRs improved across all cohorts. The $100,000-plus cohort had the largest improvement amongst the cohorts. Q3 in-quarter NRR increased mostly due to improvements in downgrade and expansion, thanks to our multiproduct strategy and seat reach.

需要提醒的是，我們的淨收益率是過去四個季度的平均值，因此，它是反映近期趨勢的滯後指標。所有群體季度內淨收入率均有所提高。在所有群體中，年收入超過 10 萬美元的群體進步最大。第三季淨收入成長主要得益於降級和擴張方面的改進，這要歸功於我們的多產品策略和座位覆蓋範圍。

While we have more work ahead, I am encouraged that Q3 marks our second consecutive quarter of in-quarter NRR improvement. While Q4 includes several large enterprise renewals that are concentrated in our technology vertical, we believe that we are at or near the floor and the initiatives we have in place position us for continued NRR improvement over the intermediate and long term. This continues to be a key area of focus, and we believe the initiatives in place on the retention side and the expansion opportunity with our AI platform set us up for continued improvement going forward.

雖然我們還有更多工作要做，但令我感到鼓舞的是，第三季標誌著我們連續第二季實現了季度內淨收入成長。雖然第四季包含幾筆集中在我們技術垂直領域的大型企業續約，但我們相信我們已經觸底或接近底線，我們已採取的舉措將使我們在中長期內持續提高淨收入率。這仍然是我們重點關注的領域，我們相信，在客戶留存方面採取的舉措以及人工智慧平台帶來的擴展機會，將為我們未來的持續改進奠定基礎。

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 at 89%. We expect to maintain these levels of gross margin in fiscal year '26 while expanding operating margin as we continue to scale. We continue to make meaningful improvements in our operating expenses as a percentage of revenue. R&D expenses were $47.3 million or 24% of revenue, down 14% year-over-year.

接下來我將討論獲利能力，屆時我將介紹我們的非GAAP表現。我們將繼續高度專注於提高整個業務的效率和生產力，最大限度地利用我們高達 89% 的毛利率所帶來的營運槓桿。我們預計在 2026 財年維持目前的毛利率水平，同時隨著業務規模的不斷擴大，營業利潤率也將隨之提高。我們的營運費用佔收入的比例持續取得顯著改善。研發費用為 4,730 萬美元，佔營收的 24%，年減 14%。

Sales and marketing expenses were $86.5 million or 43% of revenue, down 3% year-over-year. G&A expenses were $29.1 million or 14% of revenue.

銷售和行銷費用為 8,650 萬美元，佔收入的 43%，年減 3%。一般及行政費用為 2,910 萬美元，佔收入的 14%。

As a result of driving productivity and efficiency gains, we delivered an 8% operating margin or $16.3 million of operating income in the quarter, which is a 12 percentage point improvement year-over-year. Net income was $17.9 million or $0.07 per share on a diluted basis. 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 roles to more cost-effective regions, creating a strong foundation for sustained efficiency and multiyear margin expansion.

由於提高了生產力和效率，我們本季實現了 8% 的營業利潤率或 1,630 萬美元的營業收入，比上年同期提高了 12 個百分點。淨利為1790萬美元，即稀釋後每股收益0.07美元。我們的獲利能力持續提升，主要得益於營運槓桿、將支出重新分配到投資回報率最高的市場推廣活動中、優化基礎設施和雲端成本以及對可自由支配支出進行嚴格控制。我們也透過將某些職位轉移到更具成本效益的地區，使我們的人才佈局與行業基準保持一致，從而為持續的效率和多年的利潤成長奠定堅實的基礎。

Moving on to the balance sheet and cash flow. Cash, cash equivalents and marketable securities at the end of Q3 were approximately $463.6 million. Our remaining performance obligation, or RPO, was $500.9 million, up 23% from the year ago quarter. Current RPO will be recognized over the next 12 months and was 77% of RPO and grew 15% from the year ago quarter. Our total ending Q3 deferred revenue was $305.1 million, up 8% year-over-year.

接下來來看資產負債表和現金流量表。截至第三季末，現金、現金等價物和有價證券約為 4.636 億美元。我們的剩餘履約義務（RPO）為 5.009 億美元，比去年同期成長 23%。目前 RPO 將在未來 12 個月內確認，佔 RPO 的 77%，比去年同期成長 15%。第三季末，我們的遞延收入總額為 3.051 億美元，年增 8%。

Building on our operating margin strength, Q3 adjusted free cash flow was $13.4 million or 7% 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.

由於我們強勁的營運利潤率，第三季調整後的自由現金流為 1,340 萬美元，利潤率為 7%。我們將繼續採取嚴謹的資本配置方式。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，我們認為股票回購是向股東返還價值並抵消股權稀釋的有效方法。

This quarter, we bought back $30.8 million of our Class A common stock or 2.2 million shares at an average price of $14.10 per share. As of October 31, we had $97.5 million remaining for repurchases moving forward. Now moving to guidance. For Q4 fiscal 2026, we expect revenues of $204 million to $206 million, representing 8% to 9% growth year-over-year. We expect non-GAAP operating income of $14 million to $16 million, representing an operating margin of 7% to 8%.

本季度，我們以每股 14.10 美元的平均價格回購了價值 3,080 萬美元的 A 類普通股，即 220 萬股。截至 10 月 31 日，我們還有 9,750 萬美元可用於未來的股票回購。現在進入指導環節。我們預計 2026 財年第四季營收為 2.04 億美元至 2.06 億美元，年增 8% 至 9%。我們預期非GAAP營業收入為1,400萬美元至1,600萬美元，營業利益率為7%至8%。

And we expect non-GAAP net income per share of $0.07, assuming diluted weighted average shares outstanding of approximately 244 million. For the full year, we are updating our revenue guidance to $789 million to $791 million, representing 9% year-over-year growth from $780 million to $790 million previously.

我們預計，假設稀釋後的加權平均流通股約為 2.44 億股，則非 GAAP 每股淨收益為 0.07 美元。我們將全年營收預期更新為 7.89 億美元至 7.91 億美元，較先前的 7.8 億美元至 7.9 億美元年增 9%。

Currency is about 40 basis points growth benefit to our full year guidance, 10 basis points less of an impact from what we guided last quarter. We are raising our guidance to incorporate our actual Q3 results. 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 continued headwind to our small business growth in Q4. These dynamics are fully reflected in our updated Q4 and full year fiscal year '26 revenue guidance.

匯率波動將使我們全年的成長預期受益約 40 個基點，比上一季的預期影響小 10 個基點。我們將上調業績預期，以反映我們第三季的實際業績。中小企業持續保持兩位數的健康成長速度。不過，正如 Anne 先前指出的，鑑於搜尋格局的不斷變化，我們看到了漏斗頂端的壓力，我們預計這將繼續對第四季度小型企業的成長構成不利影響。這些動態已充分反映在我們更新後的 2026 財年第四季和全年營收預期。

On a non-GAAP basis, we expect full year operating income of $52.5 million to $54.5 million, representing an operating margin of 7%, up from our prior guidance of 6%.

以非GAAP準則計算，我們預計全年營業收入為5,250萬美元至5,450萬美元，營業利益率為7%，高於我們先前6%的預期。

We are reinvesting a portion of our Q3 operating profit outperformance back into the business, primarily in our AI platform and product development initiatives. As a result, our Q4 operating margin guidance reflects the impact of this reinvestment as we support the road map and build toward long-term growth acceleration. In addition, we expect non-GAAP net income per share of $0.25 to $0.26, assuming diluted weighted average shares outstanding of approximately 243 million. Across the leadership team, we're aligned on the priorities that position Asana to lead in the agentic enterprise and accelerate both growth and margin expansion over the long term. AI Studio momentum continues to strengthen, and we believe scaling our AI platform with teammates will be a major driver of durable growth.

我們將第三季部分超額營業利潤再投資於業務，主要用於我們的人工智慧平台和產品開發計畫。因此，我們第四季的營業利潤率預期反映了這項再投資的影響，因為我們將支持發展路線圖並朝著長期成長加速的方向發展。此外，我們預期非GAAP每股淨收益為0.25美元至0.26美元，假設稀釋後的加權平均流通股數約為2.43億股。整個領導團隊在優先事項上達成一致，這些優先事項將使 Asana 能夠在智慧代理企業中保持領先地位，並在長期內加速成長和利潤率擴張。AI Studio 的發展勢頭持續增強，我們相信與團隊成員一起擴展我們的 AI 平台將成為持續成長的主要驅動力。

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

好了，操作員，我們準備好回答問題了。

(Operator Instructions)

（操作說明）

Matt Bullock, Bank of America.

馬特·布洛克，美國銀行。

Great, thanks for taking the question. At first, I wanted to ask about AI Studio, specifically the self-serve launch. Anything you can share in terms of early learnings from that launch? Any feedback in terms of ARR contribution from the self-serve launch? And then separately, I would love to hear more color on the influence AI Studio is having on the renewals this year, given that it's the first renewal cycle you guys have had being a multiproduct company.

太好了，謝謝你回答這個問題。起初，我想諮詢 AI Studio，特別是自助啟動功能。關於那次產品發布初期有哪些經驗可以分享？自助服務上線後，ARR（年度經常性收入）貢獻有什麼回饋嗎？另外，鑑於這是你們作為一家多產品公司迎來的第一個續約週期，我很想了解 AI Studio 今年對續約的影響。

Hi Matt, it's Anne. I'm happy to answer that. In terms of AI Studio Self-serve, we just launched that last quarter. And so we are -- what we're pleased with is just the wide adoption and customers really trying it out, customers of all sizes, including those that regularly buy self-serve from us. So that's the good news is it just really democratizes access to AI studio and people get to try it and actually get value out of it.

嗨，馬特，我是安妮。我很樂意回答這個問題。至於 AI Studio 自助服務，我們上個季度才剛推出。因此，我們感到欣慰的是，這項服務得到了廣泛的採用，客戶們都在真正嘗試，各種規模的客戶，包括那些經常從我們這裡購買自助服務的客戶。所以好消息是，它真正實現了人工智慧工作室的民主化，人們可以嘗試使用它，並從中獲得實際價值。

So we're continuing to watch that and watch consumption on that. It also gives a signal and the sales team signal on where to call into the self-serve signals in corporate and enterprise. So excited about that and continue to watch that.

所以我們會繼續關注這一點，並觀察這方面的消費情況。它還向銷售團隊發出信號，指示他們如何撥打企業自助服務電話。對此我非常興奮，我會繼續關注。

You asked a good question about renewals. I think AI Studio has been a real help in renewal conversations. One, it's strategic. There's just more for us to sell to customers, and we're really helping to advise them on their AI strategy overall. So we're pleased with how that's been helping renewals.

你問了一個關於續訂的好問題。我認為AI Studio在續約談判中發揮了真正的作用。第一，這是策略性的。我們有更多產品可以銷售給客戶，而且我們也盡力幫助他們制定整體的人工智慧策略。所以我們很高興看到這對續約起到了幫助作用。

And then for customers that have bought AI Studio, what we're really paying attention to is adoption and consumption. And so getting as many use cases implemented as possible, having them see real value. So those are how we're monitoring everything around AI Studio.

對於已經購買了 AI Studio 的客戶，我們真正關注的是他們的採用率和使用情況。因此，要盡可能實現用例，讓它們看到真正的價值。這就是我們監控 AI Studio 所有相關事宜的方式。

Steve Enders, The Citi.

史蒂夫恩德斯，花旗集團。

Okay, great. Thanks for taking the questions here. And great to work with you and best of luck on your next adventure there. I guess just to start, I want to ask on, I guess, within the tech vertical specifically, and I think there's been some, I guess, further high-profile layoffs in that space. I guess what is it that you're seeing that's maybe giving you confidence that we're, I guess, near a trough there, things are going to improve. And just how are you kind of viewing the impact of that into Q4 and maybe into next year?

好的，太好了。感謝您回答這些問題。很高興能與您共事，並祝福您在接下來的旅程中一切順利。我想先問一下，具體來說，我想問的是科技領域的情況，我認為該領域已經出現了一些備受矚目的裁員。我想，你看到的是什麼讓你相信我們已經接近低谷，情況將會好轉呢？那麼，您如何看待這種情況對第四季甚至明年可能產生的影響？

Yes. First, to kind of answer your question on we do see tech vertical stabilizing. It does remain an overall headwind to us. But there are a few important dynamics worth calling out. First is we don't see a follow-on downgrade path with those tech customers.

是的。首先，為了回答你的問題，我們確實看到科技業正在走向垂直穩定。這仍然對我們構成整體上的不利因素。但有幾個重要的動態值得一提。首先，我們認為這些科技客戶不會出現後續的降級路徑。

Once they're downgraded once, they tend not to downgrade again. And that's a meaningful shift. So in fact, several of our largest tech customers this quarter actually expanded as they renewed and logo churn continued to improve. We also saw and certainly will touch on this later, I'm sure, a 12-month high in gross retention amongst our monthly customers.

一旦被降級一次，它們通常不會再次被降級。這是一個意義重大的轉變。因此，事實上，本季我們幾家最大的科技客戶都實現了業務成長，因為他們續約了，客戶流失率也持續改善。我們還注意到（而且我肯定稍後會談到這一點），我們的月度客戶總留存率達到了 12 個月以來的最高水平。

And then we do see this nice and just kind of rounding out the piece here on AI Studio, a nice move for multiproduct, moving us off of seat-based products. AI studio and AI Teammates open up new budgets for us, new use cases, and they do create a strong lever to mitigate those seat downgrades. They also introduced a new consumption-based revenue stream where our foundational service plans, and those drive deeper adoption and much higher utilization in our customers and making them even stickier. And then as customers stick with us to do cross-functional workflows, even more deepened by studios, that helps us expand new budgets and makes us a lot less dependent on employee count of those tech companies.

然後我們看到 AI Studio 的這項舉措很不錯，也算是為多產品模式畫上了圓滿的句號，讓我們擺脫了基於席位的產品模式。AI 工作室和 AI 團隊成員為我們開闢了新的預算、新的用例，並且它們確實創造了一個強有力的槓桿來緩解席位降級。他們還引入了一種新的基於消費的收入來源，我們的基礎服務計劃能夠推動客戶更深入地採用我們的服務，並提高客戶的使用率，從而使客戶更加忠誠。然後，隨著客戶繼續與我們合作進行跨職能工作流程，甚至透過工作室進一步深化合作，這有助於我們擴大新的預算，並使我們對這些科技公司的員工數量依賴性大大降低。

Okay. That's helpful. And maybe just to follow up, just to get a little bit more clarity on the 4Q guide. It looks like a pretty healthy race here. And just kind of wondering maybe what's changed in your assumptions for Q4 versus how you were thinking about it last quarter when you provided the guide there?

好的。那很有幫助。最後，我想再確認一下，以便更清楚地了解第四季業績指引。看起來這是一場相當健康的比賽。我只是想問一下，您對第四季度的假設與上個季度您提供預測指南時的想法相比，有哪些變化？

Yes, sure. Thanks for the question. So four things I'd really call out that I'm seeing, which are giving me confidence this quarter to raise that full year guide. So the beat in Q3 was driven by consistent execution across most of our core pillars. So first thing to call out is enterprise strength.

當然可以。謝謝你的提問。因此，我特別想強調以下四點，這些因素讓我有信心在本季提高全年業績預期。因此，第三季業績超預期得益於我們大多數核心業務支柱的持續有效執行。首先要強調的是企業實力。

We saw a 15% year-over-year increase in customers spending $100,000 or more. And we're seeing stable demand trends in this segment and improvement in pipe conversion that is leading to productivity gains.

我們看到，消費金額達到或超過 10 萬美元的客戶數量年增了 15%。我們看到該領域的需求趨勢穩定，管道轉換率的提高也帶來了生產效率的提升。

So the other thing I would just mention there is that whilst we don't typically break out our $50,000 to $100,000 customer cohort, we saw exceptional strength there this quarter. On the international side, that remains a strength for our business, so especially EMEA and Japan. So continued strength there. International revenues grew 12% year-over-year, outpacing our overall corporate growth rate. Improvement in NRR, and I think this is really key.

所以，我還要提一下，雖然我們通常不會單獨列出年收入在 5 萬至 10 萬美元之間的客戶群體，但本季我們看到這個群體表現異常強勁。在國際方面，這仍然是我們業務的優勢，尤其是在歐洲、中東和非洲地區以及日本。所以，這方面會持續保持強勁勢頭。國際收入年增 12%，超過了公司整體成長率。NRR（淨收益率）的提高，我認為這才是關鍵所在。

And you'll have noted like my commentary around this changed. So we successfully renewed with several of the large tech companies that I called out last quarter that were looming. This was one of the key factors that impacted our NRR improvement quarter-over-quarter.

你可能已經注意到，我對此事的評論有所改變。因此，我們成功地與幾家我上個季度提到的、可能出現問題的大型科技公司續簽了合約。這是影響我們淨收益率季增的關鍵因素之一。

Retention within our monthly customer base, as Dan said, is at a 12-month high, and that reflects a lot of the work and investments we've made to strengthen customer satisfaction and the in-product experience, which you've heard Anne talk about over the last several quarters. And then finally, AI momentum. So we saw continued momentum with AI Studio. We saw sequential strong quarter-over-quarter growth. That's helping drive conversations with customers at renewal, which Anne just touched upon.

正如丹所說，我們每月客戶群的留存率達到了 12 個月以來的最高水平，這反映了我們為加強客戶滿意度和產品內體驗所做的許多工作和投資，安妮在過去的幾個季度也談到了這一點。最後，還有人工智慧的發展動能。因此，我們看到了AI Studio的持續發展動能。我們看到了環比強勁增長。這有助於推動與客戶在續約時的對話，安妮剛才也提到了這一點。

So AI Studio and FSP are leading to larger initial lands, expansion and mitigation of downgrade. So just a reminder of what I said in my prepared remarks is that I'm really encouraged by the Q3 trends in NRR, and that was part of what gave me the confidence on raising the guide overall.

因此，AI Studio 和 FSP 正在推動更大的初始土地、擴張和緩解降級。因此，我再次重申我在準備好的演講稿中所說的話：我對第三季淨收益率的趨勢感到非常鼓舞，這也是我提高整體預期收益率的原因之一。

John (sic - Josh) Bear, Morgan Stanley.

John (原文如此 - Josh) Bear，摩根士丹利。

Sorry. Yes, thank you. Questions for Dan. Just as AI agents become embedded across probably most productivity tools, how should we think about Asana's competitive position there? I mean are you expecting Asana to be one of many agents that knowledge workers engage with? Or is it important for Asana to really become that orchestration layer that coordinates all agentic workflows across the enterprise. And if so, what really differentiates you, gives you the advantage to win that opportunity?

對不起。是的，謝謝。給丹的問題。鑑於人工智慧代理已經嵌入到大多數生產力工具中，我們應該如何看待 Asana 在這些工具中的競爭地位？我的意思是，你是否期望 Asana 成為知識工作者使用的眾多工具之一？或者，對 Asana 來說，真正重要的是成為協調企業內所有代理商工作流程的編排層。如果真是這樣，你究竟有何獨特之處，讓你擁有贏得這個機會的優勢？

Thanks, Josh. I appreciate the insightful question. Yes. Look, here's how I would frame it. This is not going to be a winner takes all opportunity for agents.

謝謝你，喬希。感謝您提出的深刻問題。是的。你看，我會這樣表達。對經紀人來說，這不會是個贏家通吃的機會。

In fact, we will sit alongside many of the other agentic players. But to turn to your question of differentiation, the way I think about it is, today, broadly speaking, the alternatives fit into three different buckets: bucket number one, single player copilots and personal assistance. Now they're great for personal productivity. They're very easy to pilot. They're great at doing lightweight individual tasks, but they don't scale across an organization.

事實上，我們將與許多其他有影響力的參與者並肩而坐。但回到你提出的差異化問題，我的想法是，就目前而言，廣義上講，各種選擇可以分為三個不同的類別：第一類，單人副駕駛和個人助理。現在它們對提高個人效率大有裨益。它們非常容易駕駛。它們很擅長執行輕量級的單一任務，但無法擴展到整個組織。

Each person is kind of building their own version, and that is leading to agent sprawl. The context often siloed knowledge doesn't compound. Quality and costs vary by individual. There's no shared governance model. Second approach we see or bucket two for agents we see is point solutions.

每個人都在建立自己的版本，這導致了智能體蔓延。知識往往被孤立起來，無法相互促進。品質和價格因人而異。沒有共享治理模式。我們看到的第二種方法，或者說第二種代理分類方法是點解。

And these are from some of the systems like CRM or ITSM solutions. Those are deeply integrated into tools that they're already being used, and so they're really good for structured workflows within their domain. But as you can imagine, they're limited in that narrow ecosystem. They don't address a lot of the cross-functional work or the unstructional work between the spaces and between the departments.

這些數據來自一些系統，例如 CRM 或 ITSM 解決方案。這些功能與它們正在使用的工具深度集成，因此它們非常適合在其領域內建立結構化的工作流程。但正如你所想，它們只能局限於這個狹窄的生態系統。他們沒有解決許多跨職能工作或空間之間、部門之間的非結構性工作。

The third bucket is DIY solutions that people are really hacking and building directly on top of LLM providers. They're super flexible for experimentation, attractive for quick prototypes or bespoke workflows. But again, these seem to run into issues with governance, duplication, scaling costs, cross-team coordination and maintaining those prompts and controlling access and ensuring consistency all requires ongoing admin. So at Asana, we take a completely different approach. Our AI platform has context, controls and checkpoints built in.

第三類是人們在 LLM 提供者的基礎上進行真正意義上的 DIY 解決方案，他們直接建立和改進這些方案。它們非常靈活，適合進行實驗，對快速原型製作或客製化工作流程很有吸引力。但同樣，這些似乎都會遇到治理、重複、擴展成本、跨團隊協調等問題，維護這些提示、控制存取權限和確保一致性都需要持續的管理。所以，在 Asana，我們採取了一種完全不同的方法。我們的AI平台內建了上下文、控制和檢查點。

So if you look at AI teammates, these address many of those gaps because they operate as true members of the team, not just individual copilots.

所以，如果你看看人工智慧隊友，它們可以彌補很多這樣的不足，因為它們是作為團隊的真正成員運作的，而不僅僅是個人的副駕駛。

So if you think about all of the context that Asana has in our work graph, who's doing what by when, how and why, those are the key ingredients that's missing in those other approaches. Intelligence alone isn't enough, AI needs this rich context and rich workflows to be effective. But Asana also provides the checkpoints, review steps, permissions and governance models to prevent that sprawl and maintain quality and cost control at scale.

所以，如果你仔細想想 Asana 在我們工作圖譜中提供的所有背景信息，例如誰在什麼時候、如何以及為什麼做什麼，這些就是其他方法所缺乏的關鍵要素。單憑智慧是不夠的，人工智慧需要豐富的脈絡和豐富的工作流程才能有效發揮作用。但 Asana 也提供了檢查點、審查步驟、權限和治理模型，以防止這種蔓延，並大規模地維持品質和成本控制。

And because AI Studio and AI Teammates work together in one system, customers get reliable automations that are repeatable for work as well as flexible agents for more nuanced judgment-based work. So this is all about that overhead that we talked about on those DIY agent solutions or without the limitations of some of those functional silos of CRM and ITSM native tools. The result is an AI layer that actually scales across teams and not just within them.

由於 AI Studio 和 AI Teammates 在一個系統中協同工作，客戶可以獲得可靠的、可重複使用的自動化工作流程，以及靈活的代理程序，以進行更細緻的、基於判斷的工作。所以，這一切都與我們之前討論過的那些 DIY 代理解決方案的開銷有關，或者說，與 CRM 和 ITSM 原生工具的一些功能孤島的限制有關。最終得到的AI層可以跨團隊擴展，而不僅限於團隊內部。

Great thank you for your insights.

非常感謝您的真知灼見。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great, thank you good afternoon. And I also wanted to extend my best wishes to you, and it's been nice working with you. Dan, my question is for you just around the channel ecosystem and some of the momentum that you guys called out there, partner attach growth being strong again. Can you give us some sense for where you see kind of the partner ecosystem currently as someone who has a background with a lot of companies that have pretty advanced partner ecosystems. Where is it today? Kind of what inning are we in?

太好了，謝謝，下午好。我也想向你表達我最美好的祝愿，和你一起工作非常愉快。Dan，我的問題是關於通路生態系統以及你們提到的一些發展勢頭，例如合作夥伴附加成長再次強勁。您曾在多家擁有相當成熟的合作夥伴生態系統的公司工作過，能否談談您對當前合作夥伴生態系統的看法？現在它在哪裡？我們現在大概進行到第幾局了？

Where does it need to be? And where in particular, are you guys seeing that traction today? And then I had a quick follow-up as well for Sonalee. Thanks.

它應該放在哪裡？具體來說，你們目前在哪些方面看到了這種成長勢頭？然後，我又快速地向索娜莉詢問了一下情況。謝謝。

Yes. And Anne mentioned we're hot on the heels of our London and New York with Summit, and we had the opportunity to do partner breakouts of both of those, and I couldn't be more excited about our channel ecosystem. Our product and our category lends itself very well to the channel. And so I see nothing but opportunity for us in building out that channel ecosystem. As I talk to many of our partners today, they just want to do more.

是的。Anne 提到，我們緊接著在倫敦和紐約舉辦了峰會，並且有機會在這兩場峰會後與合作夥伴進行分組討論，我對我們的渠道生態系統感到無比興奮。我們的產品和品類非常適合這個通路。因此，我認為我們在建構這個通路生態系統方面只有機會。今天我和很多夥伴交流後發現，他們都希望做得更多。

They want us to be more consistent in how we help them to be successful. And so I do see it as a true ecosystem and partnership where we help ensure their success and not just a transactional channel for us. So yes, very excited about the partner opportunity and think we're at the early innings of it.

他們希望我們在幫助他們取得成功方面能夠更加一致。因此，我確實認為這是一個真正的生態系統和合作夥伴關係，我們幫助確保他們的成功，而不僅僅是我們的交易管道。是的，我對這次合作機會感到非常興奮，並認為我們還處於合作的初期階段。

Great. Very helpful. Appreciate that. And then, Sonalee, just for you. Obviously, a lot of work has been done by you and the team on the cost optimization side, infrastructure, cloud.

偉大的。很有幫助。謝謝。然後，索娜莉，這是專門為你準備的。顯然，你和你的團隊在成本優化、基礎設施和雲端方面做了很多工作。

And just was curious, I know you've been reallocating kind of stuff around the organization to try to drive higher ROI. But when it comes to those costs, how much more runway do we have on that? Have they been optimized? Is there more to go? If you can give us a flavor for what might be left, that would be great. Thank you.

我只是好奇，我知道你們一直在重新分配組織內的資源，以期獲得更高的投資報酬率。但就這些成本而言，我們還有多少迴旋餘地？它們是否已經過優化？還有後續嗎？如果你能大概描述一下可能剩下什麼，那就太好了。謝謝。

Yes. So the work is definitely not done. Thank you. I appreciate your support, but there is more margin upside to go for as we think about the remainder of this year, fiscal '27 and beyond. So growing profitably continues to be a key focus of this team with continued emphasis on geo mix benefits in terms of where our headcount sits, vendor rationalization, there's more to do there.

是的。所以這項工作遠未完成。謝謝。感謝您的支持，但考慮到今年剩餘時間、2027 財年及以後的發展，我們還有更大的利潤成長空間。因此，獲利成長仍然是團隊的重點，同時繼續重視地域組合優勢，包括人員分佈、供應商合理化等等，這方面還有更多工作要做。

productivity improvements in sales and marketing, which Dan has been very focused on, and that will allow us to continue expanding margins sequentially and for multiple years to come.

丹一直非常關注銷售和行銷方面的生產力提升，這將使我們能夠在未來幾年內持續擴大利潤率。

That being said, we are balancing margin expansion with reinvestments in our AI platform to sustain our product leadership and to accelerate growth. Both are priorities, but we are investing alongside expanding margins to support that revenue acceleration goal. So if you think about fiscal '27, we will build off our exit margin in Q4, which you see how I guided today. The only thing I would just caution is don't expect the same rate of margin expansion in fiscal '27 as you saw in '26. But I think that's well captured by consensus today.

也就是說，我們正在努力平衡利潤率擴張與人工智慧平台的再投資，以保持我們的產品領先地位並加速成長。兩者都是優先事項，但我們正在加大投資力度，擴大利潤率，以支持實現收入加速成長的目標。所以，如果你考慮 2027 財年，我們將以第四季度的退出利潤率為基準，正如我今天所指導的那樣。我唯一要提醒的是，不要指望 2027 財年的利潤率擴張速度能達到 2026 財年的水準。但我認為，這一點已經得到了目前共識的充分體現。

But by no means is the work done.

但這項工作遠未完成。

And the other thing I would just say is we are reallocating spend and what we're doing is reallocating to areas where we see higher ROI. So that should have an overall benefit to operating margin. And then the final point I would make is just our gross margins continue to be in the 89% to 90% range. So just the operating leverage that we get as we continue to grow and scale will continue to play through and have a positive impact on margins.

另外，我想說的是，我們正在重新分配支出，我們將支出重新分配到投資報酬率更高的領域。因此，這應該會對營業利潤率產生整體上的正面影響。最後我想說的是，我們的毛利率一直維持在 89% 到 90% 的範圍內。因此，隨著我們不斷發展壯大，我們所獲得的經營槓桿效應將繼續發揮作用，並對利潤率產生正面影響。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

Great, thank you. The first question, it's really nice to see the retention rates picking up, and it sounds like that was due to lower gross churn. But if I think about revenue growth slowing just a little bit, should we read into this to mean that maybe the expansions or the upsell of existing customers was more muted than it has been in the prior quarters? Thank you.

太好了，謝謝。第一個問題，很高興看到用戶留存率上升，聽起來這得益於總流失率的降低。但如果我們考慮到營收成長略有放緩，這是否意味著現有客戶的擴張或追加銷售比前幾季要溫和一些？謝謝。

Hey Jackson, it's Anne. I'll take that. Yes, I do think what we're pleased with is the improvements we saw in downgrade. And then as Dan mentioned, seeing some good expansions in some of our large tech renewals. And we really are investing in the multi-strategy -- multiproduct strategy approach.

嘿，傑克遜，我是安妮。我接受。是的，我認為我們感到滿意的是降級過程中所取得的改進。正如丹所提到的那樣，我們的一些大型科技續約計畫也取得了不錯的成長。我們確實在投資多戰略——多產品戰略方法。

So in some cases, what we're seeing is that because we've got FSP and we've got AI Studio, what we're able to do is drive a flat or slightly uptick in renewal, but both of those are great for future retention and expansion.

因此，在某些情況下，我們看到，由於我們擁有 FSP 和 AI Studio，我們能夠實現續約率持平或略有上升，但這兩項對於未來的客戶留存和擴張都非常有利。

And so that's really where we've been making the investments as well as on the monthly side. So a large portion of our base is still monthly customers, and that retention has been at a 12-month high. And so that's a lot of the work that we're doing both in customer support and in-product experience. So both of those levers in terms of what we can sell to larger customers as well as continue to make sure the monthly base is healthy, I think will ultimately lead to healthier retention.

所以，這就是我們一直以來進行投資的領域，也是我們每月投入資金的領域。因此，我們的大部分客戶仍然是按月​​付費的客戶，而且客戶留存率達到了 12 個月以來的最高水平。所以，這就是我們在客戶支援和產品體驗方面所做的許多工作。因此，我認為，透過這兩個槓桿——既可以向大客戶銷售產品，又可以繼續確保每月客戶基數保持健康——最終將有助於提高客戶留存率。

Okay. All right. Got it. And then a quick follow-up. Sonalee, it was this time a year ago, your first call with the company.

好的。好的。知道了。然後是一個簡短的後續問題。索娜莉，就在一年前的這個時候，你第一次與公司通話。

And you said the goal -- I can't remember exactly, that Asana could do both, right? You could both reaccelerate revenue and also expand operating cash flow margins. I think on the margin side, like pretty clear what you were just talking about with Rob, absolutely delivered. But if we think about revenue acceleration coupled with that margin expansion, is that still doable? Is that still the goal, the expectation as we kind of head into 2027 or even beyond?

你說過目標——我記不太清楚了——Asana 可以同時做到這兩點，對嗎？你們既可以重新加速營收成長，也可以擴大經營現金流利潤率。我認為在邊緣方面，就像你剛才和羅布談論的那樣，非常清楚，完全做到了。但如果我們考慮營收成長和利潤率擴張，這是否仍然可行？展望 2027 年甚至更遠的未來，這仍然是我們的目標和期望嗎？

Yes. So without guiding to fiscal '27 because I always do that in March, what I will say is that we are early innings on our new product strategy, our multiproduct strategy. And I believe that AI Studio and AI teammates are going to be the key unlock in terms of driving that growth reacceleration. We, by no means, have given up on that, and it is absolutely this team's strategy to continue to do both. And I am strongly encouraged by what I saw on the NRR side.

是的。因此，由於我總是在三月就對 2027 財年的情況進行預測，所以我就不做預測了。我想說的是，我們的新產品策略，我們的多產品策略，還處於早期階段。我相信，AI Studio 和 AI 團隊成員將是推動成長重新加速的關鍵。我們絕對沒有放棄這一點，而這支球隊的策略就是繼續同時進行這兩項工作。我對 NRR 方面的情況感到非常鼓舞。

And if you think about NRR, if we can even drive it a couple of points, you're looking at a very, very different growth profile, a very, very different financial profile.

如果你考慮一下淨收入率（NRR），如果我們能把它提高幾個百分點，你會看到一個非常非常不同的成長前景，一個非常非常不同的財務前景。

And I didn't -- when I put the comment in the prepared remarks about being at or near a bottom, I didn't put that in lightly. What's giving me confidence is the data that I'm seeing underlying the Q3 trends. So second consecutive quarter of in-quarter improvement. I don't know if you remember, but when I saw the first quarter improve, I said one quarter does not make a trend. Well, two quarters certainly gives me a lot more confidence.

而且我並沒有——當我在準備好的演講稿中提到我們正處於或接近谷底時，我並不是輕率地寫下這句話的。讓我感到信心的，是我看到的第三季趨勢背後的數據。這是連續第二季實現季度內成長。我不知道你是否還記得，但當我看到第一季有所改善時，我說過一個季度的業績並不能代表一種趨勢。嗯，兩季的成績確實讓我信心大增。

Secondly, a couple of us have called out on improvements in gross retention, that is across the board that we're seeing. And then the multiproduct, it's early days. And I talked about the impact of AI Studio being small for this year. But as we look ahead, and when I think about the contributors to our net bookings for fiscal '27, AI Studio and AI teammates will play a much stronger role there. So you can count on us to be delivering both for you.

其次，我們當中有幾個人指出，整體留存率有所提高，我們看到這種情況是普遍存在的。至於多產品線，目前還處於早期階段。我還談到了今年 AI Studio 的影響力較小。但展望未來，當我思考 2027 財年淨預訂量的貢獻者時，AI Studio 和 AI 團隊成員將扮演更重要的角色。所以您可以放心，我們會為您提供這兩項服務。

I'm going to hand over to Dan because I think he wouldn't have taken the job if he didn't feel like he could do both.

我要把工作交給丹，因為我覺得如果他覺得自己不能同時做好這兩件事，就不會接受這份工作了。

Thanks, Sona. Yes, maybe I'll just add a little color. And the color really is around, look, number one, collaborative work management, our category is about to have its moment in the sun because of AI. CWM becomes the system of record for work, which means we've got the who, the what, the when, the where and the why and the how of the work. And that context is just great to make AI effective.

謝謝，索娜。是的，也許我會加點顏色。而且，色彩確實無所不在，你看，第一，協作工作管理，由於人工智慧，我們的類別即將迎來它的黃金時代。CWM 成為工作的記錄系統，這意味著我們有了工作的負責人、工作內容、時間、地點、原因和方式。這種環境非常有利於人工智慧發揮效用。

And that's exactly why we launched AI studio and why we followed up this quarter with the beta launch of AI teammates.

正因如此，我們推出了 AI 工作室，並在本季推出了 AI 團隊成員的測試版。

Secondly, the PLG opportunity for us remains massive. Today, it's about 40% of our business. And in an AI search and LLM-driven world, we can double down on those high-performing channels with AI search and really target our marketing dollars towards higher propensity customers. So we're optimizing that trial experience, and we continue to help customers to reach value faster. CWM itself, this is number three, is a large and growing TAM, and we have a recognized leadership position.

其次，PLG 對我們來說仍然是一個巨大的機會。如今，這約占我們業務的 40%。在人工智慧搜尋和LLM驅動的世界裡，我們可以加大對人工智慧搜尋等高績效管道的投入，真正將我們的行銷預算用於更有購買意願的客戶。因此，我們正在優化試用體驗，並持續幫助客戶更快獲得價值。CWM 本身排名第三，是一個規模龐大且不斷成長的潛在市場，我們擁有公認的領導地位。

But our work here isn't done. There's a huge runway for us to innovate and expand the surface where work gets done and deliver even more value to our customers.

但我們在這裡的工作還沒完成。我們有很大的創新空間，可以拓展工作範圍，為客戶創造更大的價值。

And fourth, and as Sona touched on, whilst we've made some progress in our go-to-market motion and efficiency, there's a lot more work to do. So I'll be focusing on everything from persona-based selling, tightening our execution and customer success, improving productivity through high propensity leads and routing across all of our segments to unlock the potential in our go-to-market motions.

第四，正如 Sona 所提到的，雖然我們在市場推廣和效率方面取得了一些進展，但還有很多工作要做。因此，我將專注於從基於用戶畫像的銷售、加強執行和客戶成功、透過高意向線索提高生產力，到在所有細分市場中進行路由，以釋放我們市場推廣活動的潛力等各個方面。

And finally, for me, personally, my style is really about injecting tempo, which is about creating velocity for the organization, which is around faster decision-making, faster learning cycles, getting to beta faster and strengthening the operating rhythm of the company. So all of these will lead to an improvement in innovation and execution velocity.

最後，就我個人而言，我的風格在於注入節奏，也就是為組織創造速度，這體現在更快的決策、更快的學習週期、更快的測試版發布以及加強公司的營運節奏等方面。因此，所有這些都將有助於提高創新和執行速度。

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

Great, thank you. I'm going to change my question, Dan, because what you just said was super interesting. So I love the idea of increasing the velocity. How do you actually do it? Like how do you get everyone to run faster and we have all the code red stuff going on with OpenAI and Google right now and so many people are commenting that just telling everyone to run faster doesn't mean it's going to work.

太好了，謝謝。丹，我要換個問題，因為你剛才說的太有趣了。所以我喜歡提高速度的想法。你具體是怎麼做的？就像如何讓每個人都跑得更快一樣，我們現在正面臨著 OpenAI 和 Google 之間的各種棘手問題，很多人都在評論說，僅僅告訴每個人跑得更快並不意味著它就會奏效。

And sometimes, in fact, it backfires. So how do you do it? How do you increase the velocity?

但有時，這種做法其實會適得其反。那麼，具體該怎麼做呢？如何提高速度？

Yes. And I'd say my -- fortunately, my prior experiences really were a training ground for velocity, high-tempo organizations executing at scale. And so it's how I drive myself but also the organizations. The first piece is around decision-making and ensuring that you have a tight way to make decisions quickly with the right people involved and the right information that you need. The second is really a mindset or an operating principle around getting things to beta, and that is about launching new products, launching new capabilities in the knowledge that you're going to quickly iterate on them afterwards.

是的。幸運的是，我之前的經驗確實為高速、快節奏、大規模執行的組織提供了一個訓練場。所以，這不僅是我激勵自己的方式，也是我激勵組織的方式。第一部分是關於決策，確保你有一個嚴密的機制，能夠讓合適的人參與進來，並掌握你需要的正確信息，從而快速做出決策。第二點其實是一種思考方式或操作原則，也就是圍繞著將事物推向 beta 階段而展開，也就是在明知之後會快速迭代的情況下推出新產品、推出新功能。

And so it reduces the fear of kind of launching because you know that afterwards, you're going to rapidly iterate.

因此，它減少了發佈時的恐懼，因為你知道之後會快速迭代。

If you think about our AI studio self-service experience, this gives us a massive set of data points to continue to improve that product and get it right to the middle of the bell curve. And then having the right operating rhythm so that everybody understands exactly what needs to be done by when and really kind of pushing the pace in the expectations around that with all of our leaders. Those are some of the things that we can kind of inculcate into the culture.

想想我們的 AI 工作室自助服務體驗，這為我們提供了大量的數據點，以便我們不斷改進該產品，並使其達到常態分佈曲線的中間位置。然後，要保持正確的運作節奏，讓每個人都清楚知道什麼時候該做什麼，並且要真正加快所有領導者對這方面的期望。這些都是我們可以融入文化中的一些東西。

Great, thanks. Sonalee, if I can just ask a follow-up. I mean, not with the time frame on it, but when you talk about multiyear margin expansion and this company is going to come up on $1 billion pretty quick, where can the margins be? I mean, can they be in the 20s? Where can they be?

太好了，謝謝。索娜莉，我可以再問一個後續問題嗎？我的意思是，雖然時間上可能不太緊迫，但當你談到多年利潤率擴張，而這家公司很快就能達到 10 億美元的營收時，利潤率會在哪裡呢？我的意思是，他們有可能在20多歲嗎？他們會在哪裡？

Yes. So when I think about the margin expansion that we've been driving thus far, it all starts with that 90% gross margin or 89% to 90% gross margin and the inherent operating leverage there. So think about it, if we continue growing even if -- like I'm not going to guide, but just even if you use consensus, just if we kept expenses fairly flattish in many areas, you would still get consistent several percentage points of margin improvement every single quarter on a sequential basis.

是的。所以，當我思考我們迄今為止所推動的利潤率擴張時，這一切都始於 90% 或 89% 到 90% 的毛利率以及其中固有的經營槓桿作用。所以想想看，如果我們繼續成長，即使——我不會給出具體指導，但即使你採用普遍預期，即使我們在很多領域保持支出基本持平，你仍然可以在每個季度環比獲得幾個百分點的利潤率提升。

So there is no reason in my mind that we can't eventually aspire to be among the best-in-class in terms of enterprise SaaS software companies on margin. I always think we're the envy of many software companies with the gross margins that we have today. And even if AI studio and AI teammates take off the way we hope they do, and there's a little bit of pressure on the gross margin, there is still a ton of runway. So something with a two in front of it is certainly within the realm of possibilities.

因此，我認為我們最終完全有理由爭取成為利潤率最高的企業級 SaaS 軟體公司之一。我一直覺得，我們目前的毛利率讓很多軟體公司羨慕不已。即使 AI 工作室和 AI 團隊成員如我們所願發展壯大，毛利率也面臨一些壓力，但仍有很大的發展空間。所以，前面帶數字 2 的事物當然是有可能的。

Arsenije Matovic, Wolfe Research.

阿塞尼耶‧馬托維奇，沃爾夫研究中心。

Apologies. Arsenia, your line is now open. Go ahead.

抱歉。阿塞尼亞，你的線路已開通。前進。

Hey. So -- sorry, can you hear me?

嘿。所以——不好意思，你聽得到我說話嗎？

Yes sir.

是的，先生。

All right, so just thanks again for the question. How did the large tech renewals in 3Q trend versus your expectations given that heavier renewal volume in 4Q? Are you more confident in expansion and retention in 4Q than you were heading into 3Q? And is that also now reflected in the updated guidance? Just a follow-up.

好的，再次感謝你的提問。鑑於第四季續約量更大，第三季大型科技公司續約的趨勢與您的預期相比如何？與第三季開始時相比，您對第四季的擴張和留存更有信心嗎？更新後的指南是否也反映了這一點？補充一下。

Yes, I'll take the Q3 renewals and what we're seeing in Q4. So they did perform better than we expected, and we were very pleased by that. I think that's a combination of operational rigor on that as well as more products to sell. I think we're bringing that same approach into Q4. In Q4, while we have a higher volume of tech renewals, they're more midsized compared to the larger ones that we had in Q3.

是的，我會接受第三季的續約情況以及我們在第四季看到的情況。他們的表現比我們預期的要好，我們對此感到非常滿意。我認為這既得益於營運上的嚴格性，也得益於需要銷售更多產品。我認為我們將把同樣的做法延續到第四季。第四季度，雖然我們的技術續約數量有所增加，但與第三季的大型續約相比，這些續約項目規模較小。

So continuing to make sure we bring that operational discipline as well as now with the launch of teammates, even more to sell and more conversations to have.

因此，我們將繼續確保保持這種營運紀律，隨著團隊成員的加入，我們將有更多的產品需要銷售，更多的對話需要進行。

Yes. And I'll just add to that. Just on the guidance side of things, when we look into Q4, even though we do have a large renewal base in Q4 as is typical, I would say I am more confident going into Q4 versus where I was when I guided on Q3.

是的。我還要補充一點。就業績指引而言，當我們展望第四季時，儘管第四季續約基數很大（這是慣例），但我認為我對第四季的信心比我對第三季的指引更有信心。

Got it. And just to follow up on that, you did mention the four factors supporting that confidence as well, but still embedding conservatism on new business. So I guess we just kind of unpack what specifically supporting confidence in passing through, I think, double the beat in 3Q, even with that slightly lighter FX tailwind than you expected entering last quarter?

知道了。另外，您也提到了支撐這種信心的四個因素，但仍在新業務中融入了保守主義。所以我想我們只需要分析一下，究竟是什麼具體支撐了人們對第三季度業績的信心，我認為即使外匯市場的利好因素比你上個季度預期的要小一些，第三季度的業績仍然實現了兩倍的增長？

Yes. So net retention is a big factor there. So again, it's two consecutive quarters now of in-quarter net retention improvement and then the gross retention improvement across all cohorts. And importantly, the 100,000-plus cohort saw the largest improvement among them. So that was even with the headwind from that large customer downgrade that we called out in Q1, but actually impacted from Q2 and will continue to impact for the next couple of quarters.

是的。因此，淨留存率是一個重要因素。所以，現在已經連續兩個季度實現了季度內淨留存率提升，並且所有用戶群的總留存率也得到了提升。更重要的是，人數超過 10 萬的族群取得了最大的進步。所以，即使考慮到我們在第一季指出的那個大型客戶降級帶來的不利影響（實際上從第二季度開始就產生了影響，並且在接下來的幾個季度中將繼續產生影響），情況依然如此。

So the fact that in Q3, we managed to improve in spite of that, that added to my confidence levels. And then the multiproduct strategy and specifically AI Studio and the foundational service plans or FSPs, those are actively driving expansion and helping to mitigate downgrades and certainly have been extremely helpful in renewal conversations.

因此，儘管面臨這些困難，我們第三季仍然取得了進步，這增強了我的信心。此外，多產品策略，特別是 AI Studio 和基礎服務計劃 (FSP)，正在積極推動業務擴張，幫助緩解降級風險，並在續約談判中發揮了極其重要的作用。

And then there are the other items that I called out earlier, but we're seeing strength in other areas of our business, including new business. So the enterprise strength and that mid-market cohort, that 50,000 to 100,000, we don't break it out, but what I can tell you is what I saw this quarter was a lot of strength there. International, I continue to expect to -- it's been strong for the last two quarters, expect continued strength.

此外，還有我之前提到的其他項目，但我們在業務的其他領域，包括新業務方面，也看到了強勁的成長勢頭。所以，企業實力和中端市場群體（5萬到10萬家企業）的情況，我們沒有單獨列出，但我可以告訴你的是，我本季看到的是這個群體非常強勁。國際市場方面，我繼續預期——過去兩個季度表現強勁，預計將繼續保持強勁勢頭。

And then even in the enterprise side of the house, we saw 15% year-over-year increase in customers spending $100,000 or more. And if you couple that with stable demand trends and improvement in conversion, which leads to productivity gains, you end up with a -- or I ended up with a more confident picture as I look towards Q4 and the full year.

即使在企業客戶方面，我們也看到消費金額達到或超過 10 萬美元的客戶數量比去年同期成長了 15%。如果再加上穩定的需求趨勢和轉換率的提高（從而帶來生產力的提升），最終就會——或者說，展望第四季和全年，我最終會更有信心。

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

謝謝。現在我謹將會議交還給梁詠琪，請她作閉幕致詞。女士？

Thank you, everyone, for joining the call. We'll be on the road attending the UBS and Barclays conference this and next week. Looking forward to seeing all of you. As always, if you have any questions, please reach out to me at ir@asana.com. Thank you very much.

謝謝大家參加這次通話。本週和下週我們將前往參加瑞銀集團和巴克萊銀行的會議。期待見到大家。如有任何疑問，請隨時聯絡我，電子郵件地址是ir@asana.com。非常感謝。

And 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了。