Asana, Inc. (ASAN) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Asana Third Quarter and Fiscal Year 2022 Earnings Call. (Operator Instructions)

各位女士、先生，感謝您稍候。我叫 Brent，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Asana 2022 會計年度第三季暨 2022 會計年度財報電話會議。（接線員指示）

At this time, I would like to turn the call over to Catherine Buan, Head of Investor Relations. Please go ahead.

此刻，我想將電話會議交給投資人關係主管 Catherine Buan。請開始。

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 2022. With me on today's call are Dustin Moskovitz, Asana's Co-Founder and CEO; Tim Wan, our Chief Financial Officer; and Anne Raimondi, our Chief Operating Officer and Head of Business.

各位午安，感謝您參加今天的電話會議，與我們一同討論 Asana 2022 會計年度第三季的財務結果。今天與我一同出席的有 Asana 共同創辦人兼執行長 Dustin Moskovitz；我們的財務長 Tim Wan；以及我們的營運長暨商務負責人 Anne Raimondi。

Today's call will include forward-looking statements, including statements regarding our financial outlook, market position and growth opportunities. Forward-looking statements involve risks, uncertainties and assumptions that may cause our actual results to be materially different from those expressed or implied by the forward-looking statements. Please refer to our filings with the SEC, including our most recently 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.

今天的電話會議將包含前瞻性陳述，包括關於我們的財務展望、市場地位與成長機會的陳述。前瞻性陳述涉及風險、不確定性與假設，可能導致我們的實際結果與前瞻性陳述中明示或暗示的內容存在重大差異。請參閱我們向美國證券交易委員會（SEC）提交的文件（包括我們最近一期的 Form 10-Q 季度報告），以取得關於可能導致實際結果與此類陳述所載內容出現重大差異之風險、不確定性與假設的更多資訊。

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 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標是對依 GAAP 編製之財務績效衡量指標的補充，並非替代，也不優於 GAAP 指標。GAAP 與非 GAAP 財務衡量指標之間的調節表，以及使用非 GAAP 指標相較於其最接近的 GAAP 對應指標之限制的討論，均載於我們的財報新聞稿中；該新聞稿已發布於我們的投資人關係網站 investors.asana.com。

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

接下來，我想把電話交給 Dustin。

Thank you, Catherine. We're very pleased to be reporting another quarter of strong top line growth, large customer wins and record-breaking adoption. As you can see from our results, the momentum at Asana continued into Q3. We're now at an annualized quarterly revenue run rate of over $400 million.

謝謝你，Catherine。我們非常高興能再度報告一個營收強勁成長的大季度、贏得多個大型客戶，以及創紀錄的採用表現。從我們的業績可以看到，Asana 的動能在第三季持續延續。我們目前的年化季度營收運行率已超過 4 億美元。

Quarterly revenue surpassed $100 million for the first time and grew 70% year-over-year, driven by new heights and paid customers to over 114,000. Our larger customers grew even faster with 96% year-over-year revenue growth from customers spending $5,000 or more and considerable momentum in enterprises, with a number of customers spending $50,000 or more accelerating for the third consecutive quarter. Our dollar-based net retention rates increased across all cohorts, illustrating the larger expansions across the customer base. And finally, we're seeing continued record adoption of paying users topping 2 million this quarter, a new milestone.

季度營收首次突破 1 億美元，年增 70%，主要受付費客戶數攀升至超過 114,000 的新高所帶動。我們的大型客戶成長更快：來自年支出 5,000 美元以上客戶的營收年增 96%；企業客戶動能亦相當強勁，年支出 50,000 美元以上的客戶數連續第三季加速成長。我們以美元計價的淨留存率在所有客群中均有所提升，顯示整體客戶群的擴張幅度更大。最後，我們也看到付費使用者持續創下採用新高，本季突破 200 萬名，達成新的里程碑。

Put simply, as our enterprise momentum continues, we're landing bigger and expanding faster. We've seen our investments in product-led growth in the enterprise exceeding the past, and we continue to see that they're paying off now. The Asana Work Graph is uniquely architected to give organizations cross-functional capabilities that deliver measurable business value, and according to IDC, an estimated 225% ROI in the first year.

簡而言之，隨著我們在企業市場的動能持續，我們能夠切入更大型的客戶並更快速地擴張。我們在企業端的產品導向成長（product-led growth）投資已超越過往，我們也持續看到這些投資如今正在帶來回報。Asana Work Graph 以獨特架構打造，能為組織提供跨職能能力並帶來可衡量的商業價值；根據 IDC 估計，第一年的投資報酬率（ROI）可達 225%。

Today's reality is that we're more distributed than ever and are frequently collaborating both cross-functionally and with people we've never met in person. This complexity compounds the larger and more dispersed the company is, yet most enterprises still organize workers based on their location and function.

當今的現實是，我們比以往任何時候都更加分散，且經常需要跨職能協作，也會與從未在現實中見過面的人合作。公司規模越大、分布越分散，這種複雜性就越加劇；然而，多數企業仍以員工的所在地與職能來組織工作。

The Enterprise Work Graph solves this problem by coordinating the right people around the right work at global scale. It's why Asana is so powerful for large companies and why we're seeing such amazing growth. Rather than micromanaging, leaders are free to macro manage their teams by aligning them around key objectives and the work needed to achieve them no matter where they are in the world.

Enterprise Work Graph 透過在全球規模上，讓合適的人圍繞合適的工作進行協調，解決了這個問題。這正是 Asana 對大型企業如此強大的原因，也是我們看到如此驚人成長的原因。領導者不必事無巨細地微觀管理，而能透過將團隊對齊於關鍵目標與達成目標所需的工作，來進行宏觀管理，無論團隊成員身在世界何處。

In the third quarter, we continued to invest in enterprise-grade infrastructure that supports our customers' needs. At our launch event, Scale, we hosted thousands of attendees from all over the globe and generated significant pipeline. We showcased how 2 incredible companies, Okta and Xero, are better orchestrating work in achieving their growth goals with Asana.

在第三季，我們持續投資於企業級基礎設施，以支援客戶需求。在我們的產品發表活動 Scale 上，我們接待了來自全球各地的數千名與會者，並創造了可觀的銷售管線。我們展示了兩家卓越公司 Okta 與 Xero 如何透過 Asana 更有效地協調工作，以達成其成長目標。

We also announced a new suite of enterprise-specific functionality in 3 key areas. First, we released greater security and scalability features for IT, such as Enterprise Key Management or EKM; skim functionality, which automates setup and syncs profile of dates with Okta and Microsoft Azure AD; and better admin capabilities to deploy Asana with audit log API and admin announcements.

我們也宣布了一套新的企業專屬功能，聚焦於三個關鍵領域。第一，我們為 IT 推出更強的安全性與可擴展性功能，例如 Enterprise Key Management（EKM）；SCIM 功能，可自動化設定並與 Okta 及 Microsoft Azure AD 同步使用者設定檔資料；以及更完善的管理員能力，包括透過稽核記錄 API 與管理員公告來部署 Asana。

Second, we've made cross-functional and cross-team coordination even easier with Workflow Builder. Now it's possible for anyone to build comprehensive and repeatable processes that connect teams regardless of location or function and move work forward.

第二，我們透過 Workflow Builder 讓跨職能與跨團隊協作變得更容易。現在，任何人都能建立完整且可重複的流程，連結不同地點或不同職能的團隊，並推動工作向前進行。

And third, we've improved alignment and visibility for execs, including a new Goals API for linking our natively built Goals product to data and insights for mission-critical tools, and the ability to report on data trends and workflows over time in Universal Reporting. Universal Reporting is more and more valuable as customer deployment scale, and we see our largest customers adopting faster than the overall customer rate.

第三，我們提升了高階主管的對齊與可視性，包括推出新的 Goals API，可將我們原生打造的 Goals 產品與關鍵任務工具的資料與洞察連結；以及在 Universal Reporting 中，能隨時間推移針對資料趨勢與工作流程進行報告的能力。隨著客戶部署規模擴大，Universal Reporting 的價值愈發凸顯；我們也看到最大型客戶的採用速度快於整體客戶的採用速度。

Our company values guide how we develop our products, how we serve our customers and their missions, and how we show up and work together. During the third quarter, we were honored to be recognized for our investments in product innovation and customer experience across several more platforms. Asana was named as a leader in IDC MarketScape: Worldwide Collaboration and Community Applications 2021 Vendor Assessment. We were recognized in Fast Company's first annual list of Brands That Matter. And also, we are on Inc. Magazine's inaugural list of Best-Led Companies in 2021. These recognitions are outcomes of our culture and diligent pursuit of our mission.

我們的公司價值觀指引我們如何開發產品、如何服務客戶及其使命，以及我們如何展現自我並共同合作。在第三季，我們很榮幸在多個平台上因對產品創新與客戶體驗的投入而獲得肯定。Asana 在《IDC MarketScape：全球協作與社群應用程式 2021 供應商評估》中被評為領導者。我們也入選 Fast Company 首屆「Brands That Matter」榜單。此外，我們也登上 Inc. Magazine 2021 年首屆「Best-Led Companies」榜單。這些肯定是我們文化與對使命不懈追求的成果。

Before I pass it on to Anne, I want to call out the addition of Amit Singh to Asana's Board of Directors. Amit, who serves as the Chief Business Officer for Palo Alto Networks, has impressive go-to-market leadership experience, including founding and building Google's Cloud business and leading business and operations for Google's AR and VR efforts. Prior to Google, Amit spent 20 years at Oracle in various products, engineering, sales and strategy roles. He will be a tremendous resource for Asana as we continue expanding our enterprise footprint.

在我把電話交給 Anne 之前，我想特別提到 Amit Singh 加入 Asana 董事會。Amit 現任 Palo Alto Networks 的首席商務長，擁有令人印象深刻的市場拓展（go-to-market）領導經驗，包括創立並打造 Google Cloud 業務，以及領導 Google 的 AR 與 VR 業務與營運。在加入 Google 之前，Amit 在 Oracle 任職 20 年，擔任過多項產品、工程、銷售與策略職務。隨著我們持續擴大在企業市場的布局，他將成為 Asana 的重要資源。

And now I'll hand it off to Anne.

現在我把電話交給 Anne。

Thank you, Dustin. I'm thrilled to be here and excited to experience my first end of quarter leading Asana's business team. For those of you who have not yet had the pleasure of meeting, I'll briefly introduce myself.

謝謝你，Dustin。我很高興能在這裡，也很期待以領導 Asana 商務團隊的身分，迎來我第一個季度結束。對於尚未有機會認識我的各位，我先簡單自我介紹。

During my career, I've had the good fortune of scaling organizations, including eBay, SurveyMonkey and Zendesk. As a former Asana customer, I deeply understand our customers' pain points and the value we can deliver for them. And as a former member of our Board of Directors, I spent over 2 years working with the Asana leadership team as the company was growing, scaling and creating the strategy that we now have in place.

在我的職涯中，我很幸運能協助多個組織擴張成長，包括 eBay、SurveyMonkey 與 Zendesk。作為 Asana 的前客戶，我深刻理解客戶的痛點，以及我們能為他們帶來的價值。同時，作為前董事會成員，我在公司成長與擴張期間，與 Asana 領導團隊合作超過兩年，共同制定並建立我們目前所採行的策略。

Much of my first 90 days as COO has been spent meeting with our customers. I've been struck first by how much people love Asana, how passionate users are about the product and how strong our brand is in terms of customer satisfaction and employee engagement. It's gratifying to see how we are enabling enterprises across auto manufacturing, global consumer packaged goods, high tech and the nonprofit sector to work more effortlessly across growing teams. Leading companies such as Amazon, Japan Airlines, Roche and thousands of others are partnering with us to empower their teams.

我擔任 COO 的前 90 天，多數時間都用於與客戶會面。我首先感受到的是大家有多喜愛 Asana、使用者對產品有多熱情，以及我們在客戶滿意度與員工投入度方面的品牌力有多強。看到我們正在協助汽車製造、全球消費性包裝商品、高科技與非營利領域的企業，在不斷成長的團隊之間更輕鬆地跨團隊協作，令人欣慰。像 Amazon、日本航空（Japan Airlines）、Roche 以及其他數千家領先企業，都正與我們合作以賦能其團隊。

I also find it remarkable hearing CEOs, COOs and CIOs at these companies tell us about their cross-functional pain points and the huge challenge they're experiencing keeping their teams connected during this time. These themes translated into some really amazing large company deals in Q3.

我也覺得非常值得注意的是，聽到這些公司的 CEO、COO 與 CIO 向我們分享他們在跨職能協作上的痛點，以及在這段期間維持團隊連結所面臨的巨大挑戰。這些主題也在第三季轉化為一些非常出色的大型企業交易。

In North America, we're excited to welcome Warner Music Group as a new customer. They are 1 of the 3 largest multinational recording companies in the world. They took Asana's enterprise solution in Q3 to organize, manage and track the end-to-end process of how they identify, evaluate and bring new artists into its various labels faster and more effectively. I think we all have a favorite artist or 2 under one of their many labels. Mine are Red Hot Chili Peppers and Bebe Rexha. This was a net new customer and a significant land for our team.

在北美，我們很高興歡迎華納音樂集團（Warner Music Group）成為新客戶。他們是全球三大跨國唱片公司之一。他們在第三季採用 Asana 的企業解決方案，用於組織、管理並追蹤從端到端的流程：如何更快、更有效地識別、評估並將新藝人引入其旗下各個廠牌。我想我們每個人可能都有一兩位喜愛的藝人隸屬於他們眾多廠牌之一。我喜歡的是 Red Hot Chili Peppers 和 Bebe Rexha。這是一位全新淨新增客戶，對我們團隊而言也是一筆重要的落地（land）成果。

In Japan, we signed a strategic deal with one of the largest automotive manufacturing companies in the world. They expanded their use of Asana's Enterprise solution this quarter as they focus on improving operating efficiency, so teams can spend more time developing innovations for their vehicles. These new teams will be managing software development for their mobile app, product development and things like digital keys and new hire onboarding for thousands of employees in the platform. This reinforces the credibility we are getting across traditional industries.

在日本，我們與全球最大的汽車製造公司之一簽署了一項策略性合作協議。本季他們擴大了 Asana 企業解決方案的使用，因為他們專注於提升營運效率，讓團隊能投入更多時間為其車輛開發創新。這些新團隊將在平台上管理其行動 App 的軟體開發、產品開發，以及數位鑰匙等事項，並為數千名員工進行新進人員到職（onboarding）管理。這進一步強化了我們在傳統產業中所獲得的信譽。

We also closed yet another big global brand in North America. One of the largest chocolate manufacturers in the world chose Asana's Enterprise solution. They were struggling with significant time and resource management challenges and painful project handoffs across departments that were slowing down campaigns. This means they needed a better way to manage their work in order to hit deadlines and more quickly produce the iconic marketing campaigns the brand is known for, and they chose Asana.

我們也在北美拿下另一個大型全球品牌。全球最大的巧克力製造商之一選擇了 Asana 的企業解決方案。他們一直受困於嚴重的時間與資源管理挑戰，以及跨部門痛苦的專案交接，導致行銷活動進度放緩。這表示他們需要更好的方式來管理工作，以便如期達成截止期限，並更快速地產出該品牌聞名的經典行銷活動，而他們選擇了 Asana。

Not only are we landing bigger, but we are also expanding faster. Benevity is a corporate-purpose platform that helps companies like Nike, Coca-Cola, Google, Apple and many other Fortune 1000 empower their people to be the agent of social change through giving, volunteering and grant-making. It is one of Western Canada's largest start-ups and another great impact company that went wall-to-wall on Asana as a net new customer this quarter. Now all departments of Benevity will use Asana to manage their work from OKRs to revenue operations, road maps and everything in between, so they can execute quickly and effectively to hit their aggressive growth goals.

我們不僅拿下更大型的客戶，也擴張得更快。Benevity 是一個企業使命平台，協助 Nike、可口可樂、Google、Apple 以及其他許多《財富》1000 大企業，透過捐贈、志工服務與補助金發放，賦能其員工成為推動社會改變的力量。它是加拿大西部最大的新創公司之一，也是另一家優秀的影響力企業，本季以全新淨新增客戶之姿在 Asana 上實現全面導入（wall-to-wall）。現在，Benevity 的所有部門都將使用 Asana 來管理從 OKRs 到營收營運（revenue operations）、產品路線圖（road maps）以及其間的一切工作，讓他們能快速且有效地執行，以達成其積極的成長目標。

We did another strategic multiyear deal with an important impact organization called Team Rubicon that unites the skills and experiences of military veterans with first responders to rapidly deploy emergency response team. They chose to go wall-to-wall with Asana's Enterprise solution. They deploy thousands of volunteers around the world. In Asana, they get critical information to their large volunteer base in the field and will be able to increase their operational agility and help people prepare, respond and recover from disasters and crises faster.

我們也與一個重要的影響力組織 Team Rubicon 再次達成一項策略性的多年期合作協議；該組織結合退伍軍人的技能與經驗，以及第一線救援人員的能力，以快速部署緊急應變團隊。他們選擇在 Asana 的企業解決方案上全面導入（wall-to-wall）。他們在全球部署數千名志工。在 Asana 中，他們能將關鍵資訊傳遞給在第一線的大型志工群，並提升營運敏捷性，協助人們更快地準備、應對並從災害與危機中復原。

In fact, we have great momentum as an important brand that supports impact organizations everywhere, including Allbirds, The Citizenry, chapters of the United Way and many others. We have believed from the beginning that it's critical to have a mission that guides our work and core values. This mission underlies Asana's foundational commitment to support impact organizations to empower their teams to pursue world-changing work more effectively.

事實上，我們動能強勁，因為有一個重要品牌在各地支持影響力組織，包括 Allbirds、The Citizenry、United Way 的各地分會以及許多其他組織。從一開始我們就相信，擁有一個能指引我們工作與核心價值的使命至關重要。這個使命奠定了 Asana 的基礎承諾：支持影響力組織，賦能其團隊更有效地推動改變世界的工作。

Whether it's with large impact organizations, the most modern, fast-growing innovators or increasingly traditional industries, we're simply landing bigger and expanding faster. As a result, my top priorities over the next several quarters are these: first, scaling our global enterprise go-to-market sales organization where we are quickly ramping to capture the enormous enterprise opportunity. In fact, it's worth mentioning with the tremendous momentum in the enterprise over the last few quarters, we have been closing 7- and 8-figure deals, and we're still early.

無論是大型影響力組織、最現代且快速成長的創新者，或是日益傳統的產業，我們都在拿下更大型的客戶並更快地擴張。因此，接下來幾個季度我的首要任務如下：第一，擴大我們的全球企業級 go-to-market（GTM）銷售組織，我們正快速擴編以掌握龐大的企業級機會。事實上，值得一提的是，過去幾個季度企業市場動能非常強勁，我們已經在成交 7 位數與 8 位數美元的合約，而我們仍處於早期階段。

Second, helping our largest customers succeed and grow adoption. Our strong net expansion rates are evidence of our ability to win and expand in large enterprises where work is by nature cross-functional.

第二，協助我們最大的客戶成功並提升採用率。我們強勁的淨擴張率證明了我們在大型企業中取勝並擴張的能力，而大型企業的工作本質上通常是跨職能的。

Third, continue our international momentum by meeting customers where they are with local language support and cultural localization as well as leveraging partners to expand our reach. And I will continue to spend considerable time further nurturing our strategic customers and our partner relationships. We expect to further expand our partner ecosystem over the coming quarters.

第三，透過在地語言支援與文化在地化，並善用合作夥伴擴大觸及範圍，持續推進我們的國際動能。我也將持續投入相當多的時間，進一步培育我們的策略性客戶與合作夥伴關係。我們預期在未來幾個季度進一步擴大合作夥伴生態系。

As you can see, we're investing to win and grow with our product-led strategy and go-to-market motion focused on customer success. With that, I will hand it over to Tim to go through our financial results.?

如你所見，我們正以產品驅動策略與以客戶成功為核心的 go-to-market 推進方式進行投資，以贏得市場並實現成長。接下來我把時間交給 Tim，請他說明我們的財務結果。?

Thank you, Anne. Q3 revenue growth represented continued momentum in the business. Revenues were $100.3 million, up 70% year-over-year. Revenue from customers spending $5,000 or more annualized grew 96% year-over-year. This segment represented 68% of our revenues in Q3, up from 59% in the year ago quarter.

謝謝你，Anne。第三季營收成長展現了業務持續的動能。營收為 1.003 億美元，年增 70%。來自年化支出 5,000 美元以上客戶的營收年增 96%。該客群在第三季占我們營收的 68%，高於去年同期的 59%。

We now have over 114,000 paying customers at the end of Q3, up 7,000 in the quarter. This represents a 28% year-over-year increase. We have 14,143 customers spending $5,000 or more on an annualized basis, up 58% year-over-year. And growth in our larger customers is even stronger. We now have 739 customers spending $50,000 or more on an annualized basis, up 132% year-over-year, our third consecutive quarter of accelerating year-over-year increase. As a reminder, we define customers spending $5,000 or more and $50,000 or more based on annualized GAAP revenues in a given quarter.

截至第三季末，我們的付費客戶已超過 114,000 家，本季增加 7,000 家，年增 28%。年化支出 5,000 美元以上的客戶為 14,143 家，年增 58%。而我們更大型客戶的成長更為強勁：年化支出 50,000 美元以上的客戶目前為 739 家，年增 132%，這是我們連續第三個季度年增幅加速。提醒一下，我們對年化支出 5,000 美元以上與 50,000 美元以上客戶的定義，是以某一季度的年化 GAAP 營收為基礎。

Dollar-based net retention rates increased across every cohort. Our overall dollar-based net retention rate increased to over 120%. Among customers spending $5,000 or more, our dollar-based net retention rate increased to 130%. And among customers spending $50,000 or more, our dollar-based net retention rate was well over 145%. As a reminder, our dollar-based net retention rate is a trailing 4-quarter average calculation.

以美元計價的淨留存率在每個客群（cohort）中皆有所提升。我們整體的以美元計價淨留存率提升至 120% 以上。在年化支出 5,000 美元以上的客戶中，我們的以美元計價淨留存率提升至 130%。而在年化支出 50,000 美元以上的客戶中，我們的以美元計價淨留存率遠高於 145%。提醒一下，我們的以美元計價淨留存率是以過去 4 個季度的平均值計算。

Before turning to expense items and profitability, I would like to point out that I will be discussing non-GAAP results in the balance of my remarks.

在轉向費用項目與獲利能力之前，我想先指出，我接下來其餘的說明將討論非 GAAP 的結果。

Gross margins came in at 90.7%, improved from 87.7% in the year ago quarter. Research and development was $39.1 million or 39% of revenue. We continue to invest heavily to fuel innovation. Sales and marketing was $65.8 million or 66% of revenue, reflecting the investments in growth in both our self-serve and direct sales motion. G&A was $27.3 million or 27% of revenue. Operating loss was $41.3 million, and operating loss margin was 41%. Net loss was $42.5 million, and our net loss per share was $0.23.

毛利率為 90.7%，較去年同期的 87.7% 提升。研發費用為 3,910 萬美元，占營收 39%。我們持續大力投資以推動創新。銷售與行銷費用為 6,580 萬美元，占營收 66%，反映我們在自助式（self-serve）與直銷（direct sales）兩種銷售模式上的成長投資。一般與行政（G&A）費用為 2,730 萬美元，占營收 27%。營業損失為 4,130 萬美元，營業損失率為 41%。淨損失為 4,250 萬美元，每股淨損失為 0.23 美元。

Moving on to the balance sheet and cash flow. Cash and marketable securities, including long-term investments at the end of Q3, were approximately $353.6 million. Our RPO is $190 million, up 87% from prior year. Our free cash flow is defined as net cash from operating activities, less cash used in property and equipment and capitalized software costs, excluding nonrecurring items such as the build-out of our San Francisco office. In Q3, free cash flow was negative $29.5 million, reflecting our investment in growth and rapid onboarding of new head count during the quarter.

接著看資產負債表與現金流。截至第三季末，現金與有價證券（包含長期投資）約為 3.536 億美元。我們的 RPO 為 1.90 億美元，較前一年成長 87%。我們對自由現金流的定義為：營運活動產生的淨現金，扣除用於不動產與設備以及資本化軟體成本的現金支出，並排除如舊金山辦公室建置等一次性項目。第三季自由現金流為負 2,950 萬美元，反映我們對成長的投資，以及本季快速招募並到職的新員工人數增加。

Now moving on to our Q4 and fiscal year 2022 outlook. For Q4 fiscal 2022, we expect revenues of $104.5 million to $105.5 million, representing growth rates of 53% to 54% year-over-year. We expect non-GAAP loss from operations of $53 million to $51 million. And we expect net loss per share of $0.28 to $0.27, assuming basic and diluted weighted average shares outstanding of approximately 187 million.

接下來是我們對第四季與 2022 財年的展望。就 2022 財年第四季而言，我們預期營收為 1.045 億至 1.055 億美元，代表年增 53% 至 54%。我們預期非 GAAP 的營業損失為 5,300 萬至 5,100 萬美元。我們也預期每股淨損失為 0.28 至 0.27 美元，假設基本與稀釋加權平均流通股數約為 1.87 億股。

Looking out to the full fiscal year 2022. We are raising our previous outlook and now expect revenue to be in the range of $371 million to $372 million, representing a growth rate of 63% to 64% year-over-year. We expect non-GAAP loss from operations of $166 million to $164 million. And we expect net loss per share of $0.96 to $0.95, assuming basic and diluted weighted average shares outstanding of approximately 176 million.

展望 2022 全財年。我們上調先前的展望，現在預期營收將落在 3.71 億美元至 3.72 億美元區間，代表年增率 63% 至 64%。我們預期非 GAAP 營業損失為 1.66 億美元至 1.64 億美元。我們也預期每股淨損為 0.96 美元至 0.95 美元，假設基本及稀釋加權平均流通股數約為 1.76 億股。

With an addressable market of over 1.2 billion knowledge workers, the industry has tremendous growth ahead, and our success with some of the most valuable companies in the world demonstrates our early leadership position. As you can see from our outlook, we're investing to grow rapidly and win through industry-leading innovation and operational execution.

在可觸及市場超過 12 億名知識工作者的背景下，產業未來仍有龐大的成長空間，而我們在全球最具價值的一些公司中取得的成功，證明了我們早期的領先地位。從我們的展望中您可以看到，我們正投入資源以快速成長，並透過業界領先的創新與營運執行來勝出。

And with that, I'll turn it back to the operator for questions.

接下來，我把時間交還給主持人進行問答。

Great. Thanks. This is Catherine. I'm just going to jump in. We have a couple of analysts who are on airplanes and are kind enough to still put out some questions, so I'm going to read them aloud. (Operator Instructions)

很好，謝謝。我是 Catherine。我先插話一下。我們有幾位分析師正在搭飛機，但仍很貼心地提出了一些問題，所以我會把問題唸出來。（主持人指示）

But for the first question, we have a question from Rob Oliver of Baird, who -- I'm going to read his question because he had to e-mail it in from the plane. The question is this:

第一個問題來自 Baird 的 Rob Oliver——我會直接唸他的問題，因為他必須在飛機上用電子郵件寄來。問題如下：

"Large deal deployments. You guys have called out a few 50,000 and 25,000 seat deployments in the past. And I think you cited a very large deal that helped billings last quarter. Are those sized deployments still outliers? Or are you starting to see deals approach that size? Can you give us a sense for how large enterprise deployments are trending and if you are seeing those grow given the recent enterprise enhancements you rolled out such as security features at the scale event?"

「大型交易部署。你們過去曾提到幾個 50,000 與 25,000 席位的部署。我記得你們也提到上一季有一筆非常大的交易帶動了帳單金額（billings）。這種規模的部署仍然是特例嗎？還是你們開始看到交易接近這樣的規模？能否分享一下大型企業部署的趨勢，以及在你們近期推出企業端強化功能（例如在 Scale 活動上發布的安全功能）之後，是否看到這些部署規模在成長？」

Catherine, I'm happy to take that. So we are seeing strong growth in both landing larger and expanding faster. As we shared, our 50,000 customers accelerated for the third quarter in a row. And I feel like we're really seeing it because work management is a business imperative now. Definitely, our enterprise enhancements are resulting in customers choosing to partner with us to help them solve their most strategic mission-critical, cross-functional initiatives. For example, Warner, which I mentioned, it's one of their kind of most important initiatives across the company to identify and onboard new artists.

Catherine，我很樂意回答。我們確實看到在「拿下更大型客戶」以及「更快擴張」兩方面都有強勁成長。正如我們分享的，50,000 美元以上客戶的成長已連續第三季加速。我覺得我們真的看到了這點，因為工作管理現在已是企業的關鍵要務。毫無疑問，我們的企業端強化功能正促使客戶選擇與我們合作，協助他們解決最具策略性、任務關鍵、跨職能的計畫。舉例來說，我提到的 Warner，對他們而言，這是全公司最重要的計畫之一，用於辨識並導入新的藝人。

Great. I'm going to queue up the next question, too. The next question will be from Steve Enders, and following that will be Ittai Kidron from Oppenheimer. So next question from Steve Enders, please.

很好。我也先安排下一題。下一題將由 Steve Enders 提問，接著是 Oppenheimer 的 Ittai Kidron。所以請 Steve Enders 提問。

About the Scale event, you guys recently had a lot of exciting announcements around enterprise automation, security, et cetera. What's been the early customer feedback on that and traction? And I have a follow-up.

關於 Scale 活動，你們最近在企業自動化、安全等方面發布了許多令人振奮的公告。客戶早期的回饋與採用動能如何？我還有一個追問。

Yes. The early -- thanks for that question. The early customer feedback has been incredibly positive. Many of the features we announced were based on customer feedback. So we're excited to deliver features that our customers want. And we're excited to see it help net retention as more customers expand with us because of their ability to scale. If there's additional product questions, I'll have Dustin also chime in.

是的——謝謝這個問題。客戶的早期回饋非常正面。我們宣布的許多功能都是根據客戶回饋所打造，所以我們很高興能交付客戶想要的功能。我們也很期待這能在更多客戶因具備擴展能力而與我們擴大合作時，帶動淨留存率。如果還有更多產品相關問題，我也會請 Dustin 一起補充。

Yes. I think you said you had a follow-up.

是的，我想你說你有一個追問。

Yes. So a follow-up, maybe for Tim, on billings. A little bit of a slowdown. I think the previous question mentioned some maybe large deal impacts in the last quarter. Anything to note for this quarter's billings? And what does the pipeline look like?

是的。追問可能給 Tim，關於帳單金額（billings）。看起來有一點放緩。我想前一題提到上一季可能有一些大型交易的影響。這一季的 billings 有什麼需要注意的嗎？而銷售管線（pipeline）看起來如何？

Yes. I would say there's nothing to note. I do want to remind the investors on the call that about 1/3 of our customer base are still on monthly. So billings isn't really a perfect guide or a perfect barometer for our growth rate. So -- but really, nothing to note from a Q4 standpoint.

是的。我會說沒有什麼特別需要注意的。我想提醒在場投資人，我們大約有三分之一的客戶仍採月付方案，所以 billings 並不是衡量我們成長率的完美指標或完美的晴雨表。不過——就第四季而言，真的沒有什麼需要特別說明的。

Okay. Congrats on $100 million.

好的。恭喜達到 1 億美元。

Thanks, Steve.

謝謝你，Steve。

Thank you. The next question is going to be from Ittai Kidron from Oppenheimer. And after that will be Stan Zlotsky from Morgan Stanley. Ittai, please?

謝謝。下一題將由 Oppenheimer 的 Ittai Kidron 提問。之後是 Morgan Stanley 的 Stan Zlotsky。Ittai，請。

Great quarter. Tim, I wanted to dig into the numbers a little bit and get a little bit more color behind the mid-dollar expansion, the improvement over there. Can you give us a little bit more qualitative perhaps breakdown of what's been driving that? How much of that is seat-driven versus shift in pricing plans more towards the business side from premium?

這一季表現很棒。Tim，我想更深入看看數字，並更了解中等金額擴張（mid-dollar expansion）那邊改善的背景與原因。你能否更定性地拆解一下是什麼在驅動？其中有多少是席位數帶動，多少是定價方案從 premium 轉向更偏 business 的組合變化？

Yes. I would -- great question, Ittai. So I would say our net expansion rate across all segment increased. Particularly in the 5,000 and above, it went from 1 25 million to 1 30. And that segment of revenue grew 96% year-over-year. And I would say the -- it's really a combination of both seat growth and customers moving up the value chain from business to enterprise.

是的——很好的問題，Ittai。我會說我們各個分群的淨擴張率都有提升。特別是在 5,000 以上的分群，從 125% 提升到 130%。而該分群的營收年增 96%。我會說——這確實是席位成長與客戶沿著價值鏈從 business 升級到 enterprise 的綜合結果。

So we just recently today announced that we ended the quarter with over 2 million seats, and we're incredibly proud of the way we're growing the business through new logos and more seat deployment.

我們也在今天稍早宣布，本季結束時席位數已超過 200 萬，我們對於透過新增客戶（new logos）與更多席位部署來推動業務成長的方式感到非常自豪。

Okay. Very good. And maybe a follow-up for Anne. Great to hear you're a Red Hot Chili Pepper fan. So that's great to hear. So maybe on that tone, what are some of the dark necessities you'll have to employ over there internally in order to drive the company scale-wise to a $2 billion, $3 billion, $4 billion in revenue over the next few years?

好的，非常好。也許再追問 Anne。很高興聽到你是 Red Hot Chili Peppers 的粉絲，這很棒。那延續這個語氣，未來幾年要把公司在規模上推進到 20 億、30 億、40 億美元營收，你們內部需要採取哪些「dark necessities（黑暗必需品）」？

I like the reference. So really, my priorities, as I dive in over the last 90 days, have been meeting with executives at some of the largest organizations in the world. And the cross-functional pain points are so clear and particularly acute as organizations are thinking about the future of work.

我喜歡這個引用。就我在過去 90 天深入了解的情況而言，我的優先事項之一是與全球一些最大型組織的高階主管會面。跨職能的痛點非常明確，而且在組織思考未來工作型態時，這些痛點尤其尖銳。

So based on these interactions with customers, really my priorities are to continue to grow our customer-facing teams around the world, and in particular, continue to invest in supporting faster adoption and expansion. As we shared, as we're landing bigger, the deployments are bigger, and they're really focused on ensuring that we're delivering value as fast as possible. So really excited to invest in our post-sales teams in particular.

因此，基於與客戶的這些互動，我的優先事項是持續在全球擴大我們面向客戶的團隊，並特別持續投資於支援更快的採用與擴張。正如我們分享的，當我們拿下更大的客戶時，部署規模也更大，而且重點在於確保我們能以最快速度交付價值。因此，我對於特別投資在售後團隊感到非常興奮。

Got it. Maybe I can just push on this a little bit. And if you're landing bigger, can you also talk on whether you're also landing in multiple spots within organization when you land bigger? Or is it still you're landing within one group, perhaps more people within one group. So how much of this is landing in multiple places versus just landing big within a single group?

了解。也許我再追問一下。如果你們「落地」更大客戶，能否談談你們是否也會在同一個組織內同時在多個部門／場景落地？還是仍然先在單一團隊落地，只是同一團隊的人數更多？所以這當中有多少是多點落地，多少是單點大規模落地？

Yes. That's a great question. We are seeing that we're landing in multiple teams at the same time. We mentioned a couple of great customer examples, including Benevity, where we landed wall-to-wall. So we're being adopted not only by every department, but in particular, to really tackle those cross-department initiatives. So that's what we're really excited to see is that at the C level, we're being chosen for those really strategic cross-departmental initiative that everybody in the company has to have clarity around.

是的，這是個很好的問題。我們確實看到我們會同時在多個團隊落地。我們提到幾個很好的客戶案例，包括 Benevity，我們是以「全面鋪開（wall-to-wall）」的方式落地。因此，不只是每個部門都在採用，尤其是用來推動那些跨部門的計畫。讓我們特別興奮的是，在 C-level 層級，我們被選用來承接那些非常策略性的跨部門計畫，因為公司裡每個人都必須對此有清楚的共識與透明度。

Thanks, Ittai. The next question is from Stan Zlotsky from Morgan Stanley. And just up next after that will be Andrew DeGasperi from Berenberg. But the mic is open for you, Stan.

謝謝你，Ittai。下一題來自 Morgan Stanley 的 Stan Zlotsky。接下來將由 Berenberg 的 Andrew DeGasperi 提問。不過現在麥克風交給你，Stan。

Excellent. No, this is actually Keith Weiss sitting in for Stan Zlotsky this evening. Very nice quarter, guys. And Anne, pleasure to meet you.

太好了。不，其實今晚是 Keith Weiss 代替 Stan Zlotsky 出席。各位這一季表現非常好。Anne，很高興認識你。

I wanted to ask you a question about engagement. You guys have had a like outstanding couple of quarters here, new customer adoption really ramping up, hitting that like 7,000-a-quarter mark and hitting that pretty consistently. And you mentioned sort of customer support. Like when you look at the customer base and as you sort of built it out so quickly, have the engagement metrics kept pace? Like meaning like the daily active users, monthly active users of the solution, has that been kind of keeping pace with the rapid expansion of the customer account? Then I have a follow-up for Tim.

我想問你一個關於使用參與度（engagement） 的問題。你們這裡已經連續幾個季度表現非常出色，新客戶採用率真的大幅提升，達到每季大約 7,000 的水準，而且相當穩定。你也提到某種程度上的客戶支援。當你看整體客戶基礎、而且你們又如此快速地擴張時，參與度指標是否也有跟上？也就是說，這個解決方案的日活躍用戶（DAU）、月活躍用戶（MAU）等指標，是否大致能跟上客戶帳戶快速擴張的步伐？然後我還有一個問題要追問 Tim。

I guess I'll start with that. Thanks for the question, Keith. I do think it depends on the metric. But when I think through the types of things you named, they all seem pretty strong. In fact, we talked a lot in the last earnings call about seeing sort of record metrics across the funnel in terms of conversion, adoption, retention. Those are -- those all tie back to those types of engagement metrics. So the accounts seem really healthy. And I think that's even more true when you look at those larger customers who are landing bigger and expanding faster. But we don't get to expand unless the engagement is there. That's pretty clear. So I think you should see that as a direct indicator of the success of the employees within those organizations engaging well.

我想我先回答這個。謝謝你的問題，Keith。我確實認為這取決於你看的是哪一個指標。但就你提到的那些項目來看，它們看起來都相當強勁。事實上，我們在上一場財報電話會議中談了很多，提到我們在漏斗各環節看到某種程度上的創紀錄指標，包括轉換、採用、留存。這些——這些都與你所說的那類參與度指標相互連結。所以這些帳戶看起來非常健康。而且我認為，當你看那些更大型的客戶、他們以更大的規模導入並且擴張更快時，這點就更為明顯。但如果沒有參與度，我們也無法擴張。這點非常清楚。所以我認為你可以把這視為一個直接指標，反映出那些組織內的員工確實有良好地參與使用。

Got it. That's super helpful. And then for Tim, when we look at the profitability curve, and not that you sort of didn't tell us this was going to be happening and you're going through the investment cycle, but the operating losses are expanding into the back half of the year. You expect a bigger operating loss in Q4. As we think about FY '23 in the forward year, are we still thinking about kind of Q4 being the peak in terms of operating losses? And then will it be sort of more on the trajectory towards improving profitability into FY '23? And are we still kind of aligned to the schedule towards approaching breakeven that we had talked about around the IPO?

了解。這非常有幫助。接著問 Tim，當我們看獲利曲線時——並不是說你沒有告訴我們這會發生、而且你們正在經歷投資週期——但營業虧損在今年下半年擴大。你們預期第四季的營業虧損會更大。當我們思考下一個年度 FY '23 時，我們是否仍然認為第四季會是營業虧損的高峰？然後在 FY '23 會走向獲利能力改善的軌跡嗎？以及我們是否仍大致符合在 IPO 前後所談到、朝向損益兩平（breakeven）的時間表？

Yes. What I would say is we'll provide a more updated view kind of on both the growth rate and profitability on the next earnings call. But we fundamentally believe that this is a huge market opportunity and that we'll continue to invest into the opportunity.

是的。我想說的是，我們會在下一次財報電話會議上，提供對成長率與獲利能力更更新的看法。但我們從根本上相信，這是一個巨大的市場機會，我們也會持續投入以把握這個機會。

But on a full year basis, Keith, I think if you kind of look at the numbers, on a free cash flow margin, we did improve on a full year basis year-over-year. And there is some timing just related to quarterly fluctuations even within cash flows.

但以全年來看，Keith，我認為如果你看這些數字，以自由現金流利潤率（free cash flow margin）而言，我們的確在全年基礎上較去年同期有所改善。而且在現金流方面，即使在季度之間也會因為時點因素而出現一些波動。

Great. Our next question is going to come from Andrew DeGasperi from Berenberg, and behind that will be Brent Bracelin from Piper Sandler. So Andrew, the mic is yours.

很好。下一個問題將由 Berenberg 的 Andrew DeGasperi 提問，接著是 Piper Sandler 的 Brent Bracelin。所以 Andrew，麥克風交給你。

Maybe one question that you probably get a lot on competition. I'm just wondering if you've seen any changes this quarter relative to what you've seen in the past. And in particular, I know Microsoft just introduced a new product. They're making changes to Teams. And just wondering if that at all has an impact to what you see in the market right now?

也許問一個你們可能常被問到的競爭問題。我只是想知道，這一季你們是否看到相較過去有任何變化。特別是，我知道微軟剛推出一個新產品，他們也在對 Teams 做調整。我想知道這是否會對你們目前在市場上看到的情況造成任何影響？

Yes. Thanks for that question. We're not really seeing a material change in the competitive environment overall, but there's definitely increased awareness and faster adoption of work management across companies of all sizes. And so because of that acceleration and the need to manage distributed work, the topic of work management is moving higher up the strategic chain in companies. So we're really excited that we're talking to CIOs and C-level executives about how Asana can help them solve their most strategic and complex cross-functional needs.

是的，謝謝你的問題。我們整體上並沒有看到競爭環境出現重大的變化，但確實看到各種規模的公司對工作管理（work management）的認知提升、採用速度加快。也因此，隨著這種加速以及管理分散式工作的需求，工作管理這個議題在企業的策略鏈條中被放到更高的位置。所以我們非常興奮，因為我們正在與 CIO 以及 C-level 高階主管討論 Asana 如何協助他們解決最具策略性、最複雜的跨部門需求。

So I'd say what's really changing is more greater awareness of the pain points and then greater desire to partner with someone who can scale really rapidly with them.

所以我會說，真正改變的是：大家對痛點的認知更強，以及更希望與能夠跟著他們快速擴張的合作夥伴一起合作。

And just to address the sort of direct part of your question, too. We do see that Microsoft has a few different ways of thinking about work management. So they have Microsoft Planner, Microsoft Project, Lists, Flow. The thing that we compete with most often is actually Microsoft itself because it's part of the status quo of e-mails, documents and meetings. So vast majority of teams are still not using any form of work management solution in the space.

另外也直接回應你問題中的那一部分。我們確實看到微軟對工作管理有幾種不同的思考方式。他們有 Microsoft Planner、Microsoft Project、Lists、Flow。我們最常競爭的其實是「微軟本身」，因為它是現狀的一部分：電子郵件、文件與會議。因為在這個領域裡，絕大多數團隊仍然沒有使用任何形式的工作管理解決方案。

And then, yes, you mentioned they introduced a new product, Loop. I think that is a little more about sort of document-centric collaboration. So that's always been something that we've sort of competed with a little bit last. We're all about the coordination part of collaboration, so really helping teams get clarity about the plan and who's doing what by when and coordinating strategic imperatives.

然後，是的，你提到他們推出了一個新產品 Loop。我認為那更偏向以文件為中心（document-centric）的協作。所以那一直是我們某種程度上也會競爭到的一塊。我們的核心在於協作中的「協調」部分，也就是幫助團隊釐清計畫、誰在什麼時候要做什麼，並協調策略性要務。

Great. Our next question is going to be from Brent Bracelin at Piper Sandler, and following that will be Brent Thill from Jefferies. But for now, Brent Bracelin, you have the mic.

很好。下一個問題將由 Piper Sandler 的 Brent Bracelin 提問，接著是 Jefferies 的 Brent Thill。不過現在先請 Brent Bracelin，你有麥克風。

Maybe one for Dustin and Anne and a follow-up for Tim. If I look at the 2 million paid subscriber milestone that you reported, one, thanks for that. But it looks like, by my math, it took about 11 years to add the first million paid subs. You've added the next million in the last 3 years, which is obviously a testament to the expand motion that's happening here.

也許一題給 Dustin 和 Anne，然後再追問 Tim。如果我看你們公布的 200 萬付費訂閱者里程碑，首先，謝謝你們。但按我的計算，新增第一個 100 萬付費訂閱者大概花了 11 年；而你們在過去 3 年新增了下一個 100 萬，這顯然證明了目前正在發生的擴張動能（expand motion）。

But if I look at it on a seat basis, it's only about 18 -- paid users per customer. That is up from 16. Is that just a function of how early we are? Is that -- is there kind of more opportunity to accelerate the expands? Would love to get just your overall view as you think about the opportunity, and potentially even the expand opportunity to accelerate further relative to just 18 paid users on average per customer.

但如果我以席位（seat）來看，平均每位客戶大約只有 18 位——付費使用者。這比之前的 16 有提升。這只是因為我們還處於很早期的階段嗎？還是說——在擴張方面其實還有更多機會可以加速？很想聽聽你們對整體機會的看法，甚至是相對於每位客戶平均只有 18 位付費使用者，擴張機會是否可能進一步加速。

Yes. I think that's -- it's a great question. I think it's -- think of that primarily as a function of the fact that we have a hybrid business. So it's composed of everything from very small businesses, including 1- and 2-person companies, to the largest enterprises in the world, literally Fortune 5 companies.

是的。我認為這——這是個很好的問題。我認為——主要可以把它視為我們擁有混合型業務（hybrid business）所導致的結果。因為我們的客戶組成涵蓋從非常小的企業（包括只有 1、2 個人的公司）到全球最大的企業，甚至是《財富》前 5 大（Fortune 5）公司。

And so when you think about 114,000 customers, the vast majority of them are going to be the SMBs or the very small SMBs. And so that just sort of drags down the average. But we are seeing a lot of the growth happen in those larger customers. And so a lot of the revenue growth is going to come from there, but you may still see a lot of the sort of raw logos and the customer accounts coming from the SMBs. So I wouldn't necessarily expect the average count to change all that much even though we clearly see that the revenue is coming more upmarket.

因此，當你想到 114,000 家客戶時，其中絕大多數會是中小企業（SMB）或非常小型的 SMB。這就會把平均值拉低。但我們確實看到很多成長發生在那些更大型的客戶上。因此，很多營收成長會來自那裡，但你仍可能看到大量的新增 logo 與客戶帳戶來自 SMB。所以即使我們清楚看到營收更偏向往中大型市場（upmarket）而來，我也不一定預期平均席位數會有太大變化。

Totally makes sense there. And then, Tim, just a follow-up for you. Really strong acceleration in the 50,000 customer cohort, that customer count accelerating again this quarter. But the implied is that we are seeing deceleration in the SMB, the smaller customer cohort. Were there any anomalies this quarter relative to churn or monthly -- the monthly subscribers causing a little bit of a decel there? It's still growing nicely, but it did decel from last quarter. So any sort of color commentary on what happened in that smaller customer cohort this quarter that caused a slight decel?

完全合理。接著 Tim，再追問你一下。50,000 客戶群（cohort）的加速非常強勁，這一季客戶數又再次加速。但從推算來看，我們似乎看到 SMB、較小客戶群出現減速。這一季在流失（churn）或月度——月度訂閱者方面，有沒有任何異常，導致那邊稍微減速？它仍然成長得不錯，但確實比上一季放緩。所以能否分享一下，這一季在較小客戶群發生了什麼，造成輕微減速？

Yes. There's nothing really directly to point to. I mean I think we're -- a lot of the investments that we've been making has been really around moving upmarket both on the 5,000 and the 50,000. And you now kind of see that the 5,000 and above customer base is about 68% of our revenue and growing 96%. And I think, obviously, on the smaller teams, you'll have some fluctuations here and there, but it's still growing at a very healthy clip.

是的。沒有什麼特別可以直接指出的原因。我的意思是，我們——我們做的很多投資，確實是圍繞著在 5,000 與 50,000 這兩個層級往中大型市場推進（moving upmarket）。而你現在也看到，5,000 以上的客戶基礎約占我們營收的 68%，且成長 96%。我想，顯然在較小的團隊上，這裡那裡會有一些波動，但它仍以非常健康的速度成長。

Great. Thanks, Brent. And the next question is from the other Brent, Brent Hill from Jefferies, and after that will be Mark Murphy from JPMorgan. Brent Thill?

很好。謝謝你，Brent。下一個問題來自另一位 Brent，也就是 Jefferies 的 Brent Hill，之後是 JPMorgan 的 Mark Murphy。Brent Thill？

Tim, just curious kind of underneath the surface, there's a lot of surface-level metrics, decelerating revenue, RPO and billings down. Realizing you have tough comps, but I think many are asking, is there anything you're seeing behind the scenes other than just the tough comps? Can you give us any color of -- I know you said don't look at billings, but curious if there's anything else that we should point out.

Tim，我只是好奇在表面之下的情況。表面上的指標很多：營收成長放緩、RPO 與帳單金額（billings）下滑。我知道你們面臨艱難的比較基期，但我想很多人都在問：除了比較基期很硬之外，你們在幕後是否看到任何其他狀況？能否提供一些補充說明——我知道你說不要看 billings，但想了解是否還有其他我們應該特別指出的地方。

Yes. I mean I don't think -- like if I step back and obviously -- how we kind of tend to look at the health of the business, obviously, one is revenue growth. The other is the way we want to grow our business, right? And we want to grow our business through adding more new logos and having those logos continue to adopt and expand. And I think you see that with our seats. And then over time, the marginal cost or the marginal cost to have them increase or grow becomes less because based on our net expansion rate, for both our 5,000 and our 50,000, you see that they've improved to pre-pandemic levels now, 130% on the 5,000 and above and then over 145,000 on the 50,000 and above.

是的。我是說，我不認為——如果我退一步看，當然——我們通常看待業務健康狀況的方式，顯然其一是營收成長。其二是我們希望如何成長我們的業務，對吧？我們希望透過新增更多新客戶（new logos），並讓這些客戶持續採用並擴張來成長。我認為你可以從我們的席位數（seats）看到這點。然後隨著時間推移，讓他們增加或成長的邊際成本會變得更低，因為從我們的淨擴張率來看，無論是 5,000 以上或 50,000 以上的客戶，你都會看到它們現在已改善回到疫情前水準：5,000 以上為 130%，50,000 以上則超過 145%。

But your question is really about the billings and RPO. And I think we've said, because 1/3 of our base is still on monthly, that billings isn't best indicator for how we grow our business over time.

但你的問題主要是關於 billings 和 RPO。我想我們也說過，因為我們仍有三分之一的客戶基礎是按月付費，所以 billings 並不是衡量我們長期業務成長的最佳指標。

And I'll just add, I think that part of your question is, is that a harbinger of doom or something like that? And so I'll just reiterate, we're really excited about the enterprise momentum, and we raised guidance for next quarter by $12 million.

我再補充一下，我想你問題的一部分是：這是否是某種厄運的前兆之類的？所以我再重申一次，我們對企業端的動能感到非常興奮，而且我們把下季的指引上調了 1,200 萬美元。

Great. And quickly for Anne, on international, if you kind of frame the top 1 or 2 priorities, I know you mentioned that your third priority is continue that momentum. But if you had to drill in, what is the focus there? How would you characterize the 1, 2 as it relates to the top line priority?

很好。再快速問 Anne 一個關於國際市場的問題：如果你要框定前 1 到 2 個優先事項——我知道你提到第三個優先事項是延續那股動能——但如果要更聚焦，你們的重點是什麼？就營收（top line）優先事項而言，你會如何描述第 1、第 2 項？

Yes. We're really excited about the opportunity in international. So we're continuing to invest in expanding language support, localizing content and resources to support customers. We had opened a new office in Singapore, so are growing that rapidly.

是的。我們對國際市場的機會感到非常興奮。因此我們持續投資於擴充語言支援、在地化內容與資源以支援客戶。我們在新加坡開設了新辦公室，所以正在快速擴張那裡的規模。

And then really, it's increasing sales and marketing capacity across all of these new offices and regions. So lots of hiring to support our customers. And then last but not least, leveraging partners. We're excited about our channel partners internationally to help us expand our reach.

接著，真正的重點是提升這些新辦公室與區域的銷售與行銷產能。所以我們大量招募以支援客戶。最後但同樣重要的是，運用合作夥伴。我們對國際的通路合作夥伴感到很興奮，能幫助我們擴大觸及範圍。

Fantastic. And the next question comes from Mark Murphy at JPMorgan.

太棒了。下一個問題來自 JPMorgan 的 Mark Murphy。

Yes. Dustin, I am interested in what you view as your highest-priority R&D, kind of innovation vectors heading into next fiscal year. For instance, is there anything bubbling up that is very highly requested in terms of features from customers or premium features you're building in that could kind of drive ongoing uplift?

是的，Dustin，我想了解你們在進入下一個會計年度時，最高優先順序的研發（R&D）方向、也就是創新向量是什麼。比如說，是否有任何正在浮現、客戶高度要求的功能，或你們正在打造的高階（premium）功能，可能帶動持續的升級（uplift）？

Yes. It's a great question. So I'll just reiterate. So we have the Scale event about a month ago, and that was a combination of announcing some new things and also previewing what's in our future. And so there are 3 big categories. The first was more security and scalability features for IT. So we announced Enterprise Key Management, skim functionality, integrations with Okta and Microsoft Azure AD, admin capabilities. Honestly, there's just a lot more of that coming. There are plenty more requests in that vein of things.

是的，這是個很好的問題。我再重申一下。我們大約一個月前舉辦了 Scale 活動，那是結合了宣布一些新內容，以及預告我們未來方向的活動。主要有三大類。第一類是更多面向 IT 的安全性與可擴展性功能。因此我們宣布了企業金鑰管理（Enterprise Key Management）、SCIM 功能、與 Okta 及 Microsoft Azure AD 的整合、管理員能力。老實說，這方面還會有更多推出，也有很多同類型的需求。

Additionally, we announced we're making cross-functional and cross-team coordination easier with the Workflow Store and the Workflow Builder. So those are not yet released. That's something I've talked about across a few earnings calls as we've been working towards throughout the entire year. So really excited about that launch at the end of the fiscal year.

此外，我們也宣布將透過 Workflow Store 與 Workflow Builder，讓跨職能與跨團隊的協作更容易。這些尚未正式發布。這是我在過去幾次財報電話會議中提過的內容，我們整個年度都在朝這個方向努力。所以我們對於在會計年度末推出這項功能感到非常興奮。

And even there, there's a lot we've been building, and there will be a lot more to do after that to really go deeper with the most important workflows to our customers. So a lot of how we think about the road map is what integrations they need to make those team workflows work really well and just what we're hearing from customers as they adopt, helping them get the next important functionality in the margin.

即便在那之後，我們也已經打造了很多內容，而且後續還有很多工作要做，才能在對客戶最重要的工作流程上更深入。因此我們在規劃產品路線圖時，很大一部分是在思考：他們需要哪些整合，才能讓團隊工作流程運作得非常順暢；以及我們從客戶採用過程中聽到什麼，協助他們在邊際上取得下一個重要功能。

And then finally, we also talked about improved alignment and visibility for execs. We talked about our new Goals API bringing data in from other sources to help you report on goals in real time, improvements in Universal Reporting. There's a lot more we're doing in those areas to improve Goals and Reporting and Portfolios and give those really great high-level views for executives.

最後，我們也談到為高階主管改善對齊與可視性。我們提到新的 Goals API，可從其他來源匯入資料，協助你即時回報目標進度；以及 Universal Reporting 的改進。我們在這些領域還會做更多，以強化 Goals、Reporting 與 Portfolios，並為高階主管提供非常好的高層視圖。

And then additionally, another huge pillar for us is just helping make customers really successful throughout their life cycle. So helping them adopt really quickly, adopt into those workflows and adopt into the product in general. And all of that together levels up to contributing to helping us, again, land bigger and expand faster with those larger enterprises. So that's really the big theme for our road map next year.

另外，對我們而言另一個非常重要的支柱，是協助客戶在其整個生命週期中取得成功。也就是幫助他們快速導入、導入到那些工作流程中，並整體導入產品。這些加總起來，最終都會有助於我們——再次強調——在更大型的企業客戶中，做到更大規模的落地（land bigger）並更快擴張（expand faster）。這就是我們明年路線圖的核心主題。

Okay. That's very helpful. And then, Tim, as a quick follow-up, do any of your ultra-large deployments cross the threshold of 1% of revenue yet? Because you had landed some very large ones, especially over the summer. Or do you see that kind of potential developing in the next couple of years? Or is it -- do you feel like the rest of the business is growing so rapidly that it wouldn't quite get there?

好的，這非常有幫助。接著，Tim，快速追問：你們是否有任何超大型部署已經跨過營收 1% 的門檻？因為你們確實拿下了一些非常大的案子，尤其是在夏天期間。或者你是否看到未來幾年有這種可能性？還是——你覺得其他業務成長太快，以至於不太可能達到那個程度？

Yes. I would say not at 1%, but getting very close to we do have probably a large deployment that we'll get close to 1%.

是的。我會說目前還沒有到 1%，但已經非常接近；我們確實可能有一個大型部署會接近 1%。

Great. Thank you. And we have for our last -- last but not least, we have Pat Walravens from JMP. Pat?

很好，謝謝。那麼我們最後——最後但同樣重要——最後一位提問者是來自 JMP 的 Pat Walravens。Pat？

This is [Jerry Rinsick] on for Pat. I just had a quick one here for Tim. Is there anything you'd call out on the gross margin outperformance? And then how should we think about that, the trajectory of that metric going forward?

我是代 Pat 上線的 [Jerry Rinsick]。我這裡有個給 Tim 的簡短問題：毛利率優於預期的表現，有沒有什麼你會特別點出的因素？以及我們應該如何看待這個指標未來的走勢？

Yes. I think the gross margin outperformance generally has really been a factor of our architecture and how we built the product, and we're really benefiting from the investments we've made in R&D. I would expect that to kind of continue to be in the high 80s and right at 90, so somewhere around there over time. Yes. No real change.

是的。我認為毛利率優於預期，整體上主要是我們的架構以及我們打造產品的方式所致，而我們也確實正在受益於我們在研發上的投資。我預期毛利率會持續維持在接近 80% 後段、並接近 90% 的水準，也就是長期大概落在那個區間。是的，沒有什麼實質變化。

Thank you. And that's our last question for today. Thanks very much for joining our call today. I know it's a really busy earnings week, and we appreciate your time and dedication to following Asana as usual. Look forward to seeing you guys either virtually or on the road sometime soon. And thank you again.

謝謝。以上就是我們今天的最後一個問題。非常感謝各位今天加入我們的電話會議。我知道這是一個非常忙碌的財報週，我們一如既往感謝各位撥冗並持續關注 Asana。期待不久後無論是線上或在出差途中與各位再見。再次感謝。