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)

女士們，先生們，謝謝你們的支持。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Asana 第三季度和 2022 財年財報電話會議。 （操作員說明）

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

此時，我想將電話轉給投資者關係主管 Catherine Buan。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 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.

下午好，感謝您參加今天的電話會議，討論 Asana 2022 財年第三季度的財務業績。今天與我通話的是 Asana 的聯合創始人兼首席執行官 Dustin Moskovitz；我們的首席財務官 Tim Wan；和我們的首席運營官兼業務主管 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括前瞻性陳述，包括關於我們的財務前景、市場地位和增長機會的陳述。前瞻性陳述涉及風險、不確定性和假設，可能導致我們的實際結果與前瞻性陳述中明示或暗示的結果存在重大差異。請參閱我們向 SEC 提交的文件，包括我們最近的 10-Q 表格季度報告，以獲取有關可能導致實際結果與此類聲明中所述結果大不相同的風險、不確定性和假設的更多信息。

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 財務指標。這些非公認會計原則財務指標是對根據公認會計原則編制的財務業績指標的補充，而不是替代或優於這些指標。 GAAP 和非 GAAP 財務指標之間的對賬，以及使用非 GAAP 指標與其最接近的 GAAP 等值指標的局限性的討論，可在我們的收益發布中找到，該發布發佈在我們的投資者關係網頁 Investors.asana.com 上。

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

有了這個，我想把電話轉給達斯汀。

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，凱瑟琳。我們很高興地報告另一個季度的強勁收入增長、大量客戶贏得和創紀錄的採用率。從我們的結果可以看出，Asana 的勢頭一直持續到第三季度。我們現在的年化季度收入運行速度超過 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.

季度收入首次超過 1 億美元，同比增長 70%，這得益於新的高峰和超過 114,000 名付費客戶。我們的大客戶增長更快，客戶支出 5,000 美元或更多的收入同比增長 96%，企業增長勢頭強勁，許多客戶連續第三個季度支出 50,000 美元或更多。我們基於美元的淨保留率在所有群組中都有所增加，說明整個客戶群的擴張幅度更大。最後，我們看到本季度付費用戶的採用率繼續創紀錄地突破 200 萬，這是一個新的里程碑。

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，隨著我們企業發展勢頭的持續，我們的登陸規模越來越大，擴張速度越來越快。我們已經看到我們對企業以產品為主導的增長的投資超過了過去，我們繼續看到它們現在正在獲得回報。 Asana Work Graph 具有獨特的架構，可為組織提供跨職能功能，從而提供可衡量的業務價值，據 IDC 稱，第一年的投資回報率估計為 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.

今天的現實是，我們比以往任何時候都更加分散，並且經常與我們從未見過面的人進行跨職能合作。這種複雜性加劇了公司規模越大、越分散，但大多數企業仍然根據員工的位置和職能來組織員工。

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.

企業工作圖通過在全球範圍內圍繞正確的工作協調正確的人員來解決這個問題。這就是為什麼 Asana 對大公司如此強大以及我們看到如此驚人的增長的原因。與微觀管理不同，領導者可以自由地宏觀管理他們的團隊，讓他們圍繞關鍵目標和實現這些目標所需的工作，無論他們身在何處。

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.

第三季度，我們繼續投資於支持客戶需求的企業級基礎設施。在我們的發布活動 Scale 上，我們接待了來自全球各地的數千名與會者，並產生了重要的渠道。我們展示了兩家令人難以置信的公司 Okta 和 Xero 如何通過 Asana 更好地協調工作以實現其增長目標。

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.

我們還在 3 個關鍵領域宣布了一套新的企業特定功能。首先，我們為 IT 發布了更高的安全性和可擴展性功能，例如企業密鑰管理或 EKM；脫脂功能，可自動設置並與 Okta 和 Microsoft Azure AD 同步日期配置文件；以及更好的管理員功能來部署帶有審計日誌 API 和管理員公告的 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.

其次，我們使用 Workflow Builder 使跨職能和跨團隊的協調變得更加容易。現在，任何人都可以構建全面且可重複的流程，將團隊連接起來，無論位置或功能如何，並推動工作向前發展。

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，我們改進了高管的一致性和可見性，包括一個新的目標 API，用於將我們本地構建的目標產品與任務關鍵型工具的數據和見解聯繫起來，以及在通用報告中隨時間報告數據趨勢和工作流的能力.隨著客戶部署規模的擴大，Universal Reporting 變得越來越有價值，而且我們看到我們最大的客戶採用速度快於整體客戶率。

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導著我們如何開發我們的產品、我們如何為我們的客戶和他們的使命服務，以及我們如何出現和合作。在第三季度，我們很榮幸在更多平台上對產品創新和客戶體驗的投資獲得認可。 Asana 在 IDC MarketScape：2021 年全球協作和社區應用供應商評估中被評為領導者。我們在 Fast Company 的首個年度品牌重要名單中獲得認可。此外，我們還在 Inc. Magazine 的 2021 年首屆最佳領導公司名單中。這些認可是我們的文化和對我們使命的勤奮追求的結果。

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.

在我將它傳遞給 Anne 之前，我想呼籲將 Amit Singh 添加到 Asana 的董事會。 Amit 擔任 Palo Alto Networks 的首席商務官，擁有令人印象深刻的上市領導經驗，包括創立和建立 Google 的雲業務以及領導 Google AR 和 VR 工作的業務和運營。在加入 Google 之前，Amit 在 Oracle 工作了 20 年，擔任過各種產品、工程、銷售和戰略職務。隨著我們繼續擴大我們的企業足跡，他將成為 Asana 的巨大資源。

And now I'll hand it off to Anne.

現在我會把它交給安妮。

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，達斯汀。我很高興來到這裡，也很高興能在第一季度末領導 Asana 的業務團隊。對於尚未有幸見面的各位，我先簡單介紹一下自己。

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.

在我的職業生涯中，我有幸擴展了包括 eBay、SurveyMonkey 和 Zendesk 在內的組織。作為 Asana 的前客戶，我深刻理解客戶的痛點以及我們可以為他們提供的價值。作為我們董事會的前成員，我在 Asana 領導團隊工作了 2 年多，因為公司正在成長、擴大規模並製定我們現在製定的戰略。

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.

我擔任首席運營官的前 90 天大部分時間都花在與客戶會面上。我首先被人們對 Asana 的喜愛程度、用戶對產品的熱情以及我們的品牌在客戶滿意度和員工敬業度方面的強大程度所震驚。很高興看到我們如何讓汽車製造、全球消費品、高科技和非營利部門的企業在不斷壯大的團隊中更輕鬆地工作。亞馬遜、日本航空、羅氏和其他數千家領先公司正在與我們合作，以增強他們的團隊能力。

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.

我還發現聽到這些公司的首席執行官、首席運營官和首席信息官向我們講述他們的跨職能痛點以及他們在這段時間內保持團隊聯繫所面臨的巨大挑戰，我感到非常了不起。這些主題在第三季度轉化為一些非常驚人的大公司交易。

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，我們很高興地歡迎華納音樂集團成為新客戶。他們是世界上最大的 3 家跨國唱片公司之一。他們在第三季度採用 Asana 的企業解決方案來組織、管理和跟踪他們如何更快、更有效地識別、評估和將新藝術家帶入其各個標籤的端到端流程。我想我們都有一個或兩個最喜歡的藝術家在他們的眾多標籤之一下。我的是紅辣椒和貝貝雷克薩。這是一個全新的客戶，對我們的團隊來說是一塊重要的土地。

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，我們與世界上最大的汽車製造公司之一簽署了戰略協議。他們在本季度擴大了對 Asana 企業解決方案的使用，因為他們專注於提高運營效率，因此團隊可以花更多時間為他們的車輛開發創新。這些新團隊將管理其移動應用程序的軟件開發、產品開發以及數字密鑰和平台上數千名員工的新員工入職等工作。這增強了我們在傳統行業中獲得的可信度。

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.

我們還在北美關閉了另一個大型全球品牌。世界上最大的巧克力製造商之一選擇了 Asana 的企業解決方案。他們正在努力應對重大的時間和資源管理挑戰以及跨部門的痛苦項目移交，這些都減緩了活動的速度。這意味著他們需要一種更好的方式來管理他們的工作，以便在最後期限之前完成並更快地製作出品牌聞名的標誌性營銷活動，因此他們選擇了 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.

我們不僅登陸的更大，而且我們的擴張速度也更快。 Benevity 是一個以企業為目的的平台，它幫助耐克、可口可樂、谷歌、蘋果和許多其他財富 1000 強企業通過捐贈、志願服務和贈款使他們的員工成為社會變革的推動者。它是加拿大西部最大的初創企業之一，也是另一家影響力巨大的公司，本季度以新客戶的身份在 Asana 上大放異彩。現在，Benevity 的所有部門都將使用 Asana 來管理從 OKR 到收入運營、路線圖以及介於兩者之間的所有工作，以便他們能夠快速有效地執行以實現其積極的增長目標。

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.

我們與一個名為 Team Rubicon 的重要影響組織達成了另一項戰略性多年協議，該組織將退伍軍人的技能和經驗與急救人員結合起來，以快速部署應急響應團隊。他們選擇與 Asana 的企業解決方案進行全面部署。他們在世界各地部署了數千名志願者。在 Asana 中，他們將關鍵信息傳遞給他們在該領域的龐大志願者群體，並將能夠提高他們的運營敏捷性，並幫助人們更快地準備、響應和從災難和危機中恢復。

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，作為支持世界各地影響力組織的重要品牌，我們勢頭強勁，包括 Allbirds、The Citizenry、Chapters of the United Way 等等。我們從一開始就相信，有一個指導我們的工作和核心價值觀的使命至關重要。這項使命是 Asana 支持有影響力的組織以使其團隊能夠更有效地從事改變世界的工作的基本承諾的基礎。

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、發展最快的創新者，還是日益傳統的行業，我們只是在擴大規模並加快擴張速度。因此，我在接下來的幾個季度中的首要任務是：首先，擴大我們的全球企業上市銷售組織，我們正在迅速擴大以抓住巨大的企業機會。事實上，值得一提的是，過去幾個季度企業的巨大發展勢頭，我們已經完成了 7 和 8 位數的交易，而且我們還處於早期階段。

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.

其次，幫助我們最大的客戶取得成功並提高采用率。我們強勁的淨擴張率證明了我們有能力在工作本質上是跨職能的大型企業中獲勝和擴張。

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，通過與當地語言支持和文化本地化以及利用合作夥伴擴大我們的影響力的客戶會面，繼續我們的國際發展勢頭。我將繼續花費大量時間進一步培養我們的戰略客戶和我們的合作夥伴關係。我們希望在未來幾個季度進一步擴展我們的合作夥伴生態系統。

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.?

如您所見，我們通過以產品為主導的戰略和專注於客戶成功的市場推廣行動進行投資以贏得和發展。有了這個，我會把它交給 Tim 來檢查我們的財務結果。？

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，安妮。第三季度收入增長代表了業務的持續增長勢頭。收入為 1.003 億美元，同比增長 70%。每年花費 5,000 美元或更多的客戶的收入同比增長 96%。這部分占我們第三季度收入的 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.

截至第三季度末，我們現在擁有超過 114,000 名付費客戶，比本季度增加了 7,000 名。這意味著同比增長 28%。我們有 14,143 名客戶每年花費 5,000 美元或更多，同比增長 58%。我們更大客戶的增長更加強勁。我們現在有 739 名客戶每年花費 50,000 美元或更多，同比增長 132%，這是我們連續第三個季度加速同比增長。提醒一下，我們根據給定季度的年化 GAAP 收入來定義消費 5,000 美元或更多和 50,000 美元或更多的客戶。

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.

每個隊列的基於美元的淨保留率都有所提高。我們以美元為基礎的整體淨保留率提高到 120% 以上。在消費 5,000 美元或以上的客戶中，我們基於美元的淨保留率提高到 130%。在消費 50,000 美元或以上的客戶中，我們以美元為基礎的淨保留率遠高於 145%。提醒一下，我們基於美元的淨保留率是過去 4 個季度的平均計算。

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.

在轉向費用項目和盈利能力之前，我想指出，我將在餘下的發言中討論非公認會計原則的結果。

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%，高於去年同期的 87.7%。研發為 3910 萬美元，佔收入的 39%。我們將繼續大力投資以推動創新。銷售和市場營銷為 6580 萬美元，佔收入的 66%，反映了我們對自助服務和直銷業務增長的投資。 G&A 為 2730 萬美元，佔收入的 27%。營業虧損為 4130 萬美元，營業虧損率為 41%。淨虧損為 4250 萬美元，每股淨虧損為 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.

轉到資產負債表和現金流。現金和有價證券，包括第三季度末的長期投資，約為 3.536 億美元。我們的 RPO 為 1.9 億美元，比上年增長 87%。我們的自由現金流定義為來自經營活動的淨現金，減去用於財產和設備的現金以及資本化的軟件成本，不包括非經常性項目，例如擴建舊金山辦事處。第三季度，自由現金流為負 2950 萬美元，反映了我們對增長的投資以及該季度新員工人數的快速入職。

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.

現在繼續我們的第四季度和 2022 財年展望。對於 2022 財年第四季度，我們預計收入為 1.045 億美元至 1.055 億美元，同比增長 53% 至 54%。我們預計非公認會計原則的運營虧損為 5300 萬美元至 5100 萬美元。我們預計每股淨虧損為 0.28 美元至 0.27 美元，假設基本和稀釋加權平均流通股約為 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.

展望整個 2022 財年。我們正在上調之前的展望，現在預計收入將在 3.71 億美元至 3.72 億美元之間，同比增長 63% 至 64%。我們預計非公認會計原則的運營虧損為 1.66 億美元至 1.64 億美元。我們預計每股淨虧損為 0.96 美元至 0.95 美元，假設基本和稀釋加權平均流通股約為 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.

擁有超過 12 億知識工作者的潛在市場，該行業未來將實現巨大增長，我們與世界上一些最有價值的公司的成功證明了我們早期的領導地位。正如您從我們的展望中看到的那樣，我們正在投資以通過行業領先的創新和運營執行快速增長並取勝。

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

有了這個，我會把它轉回給接線員提問。

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)

偉大的。謝謝。這是凱瑟琳。我要插話了。我們有幾位分析師在飛機上，他們很友好地仍然提出了一些問題，所以我要大聲朗讀它們。 （操作員說明）

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:

但是對於第一個問題，我們有一個來自 Baird 的 Rob Oliver 的問題，他-- 我將閱讀他的問題，因為他必須從飛機上通過電子郵件發送。問題是這樣的：

"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?"

“大宗交易部署。你們過去已經召集了幾個 50,000 和 25,000 個座位的部署。我認為你引用了一個非常大的交易，這有助於上個季度的賬單。這些規模的部署仍然是異常值嗎？或者你是否開始看到交易接近那個規模？您能否告訴我們大型企業部署的趨勢，以及鑑於您最近推出的企業增強功能（例如規模事件中的安全功能），您是否看到這些部署在增長？

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.

凱瑟琳，我很樂意接受。因此，我們看到了在更大範圍內和更快擴張方面的強勁增長。正如我們所分享的，我們的 50,000 名客戶連續第三季度加速增長。我覺得我們真的看到了它，因為工作管理現在是企業的當務之急。毫無疑問，我們的企業增強功能使客戶選擇與我們合作，幫助他們解決最具戰略意義的任務關鍵型跨職能計劃。例如，我提到的華納，這是他們在整個公司識別和招募新藝術家的最重要舉措之一。

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.

偉大的。我也要排隊下一個問題。下一個問題將來自史蒂夫·恩德斯，緊隨其後的是來自奧本海默的伊泰·基德隆。那麼請史蒂夫·恩德斯提出下一個問題。

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，你們最近有很多關於企業自動化、安全性等的激動人心的公告。早期客戶對此的反饋和牽引力是什麼？我有一個後續行動。

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。早期的——感謝這個問題。早期的客戶反饋非常積極。我們宣布的許多功能都是基於客戶的反饋。因此，我們很高興能夠提供客戶想要的功能。我們很高興看到隨著越來越多的客戶因為他們的擴展能力而與我們一起擴展，它有助於提高淨保留率。如果還有其他產品問題，我會讓達斯汀也加入進來。

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

是的。我想你說你有後續行動。

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。因此，也許對蒂姆來說，是關於比林斯的後續行動。有點放緩。我認為上一個問題提到了上個季度可能產生的重大影響。本季度的賬單有什麼需要注意的嗎？管道是什麼樣的？

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。我會說沒有什麼要注意的。我確實想在電話會議上提醒投資者，我們大約 1/3 的客戶群仍然是每月一次。因此，比林斯並不是我們增長率的完美指南或完美晴雨表。所以 - 但實際上，從第四季度的角度來看，沒有什麼值得注意的。

Okay. Congrats on $100 million.

好的。恭喜獲得 1 億美元。

Thanks, Steve.

謝謝，史蒂夫。

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?

謝謝你。下一個問題將來自奧本海默的 Ittai Kidron。之後是摩根士丹利的斯坦·茲洛茨基。請問Ittai好嗎？

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?

很棒的季度。蒂姆，我想稍微挖掘一下數字，並在中等美元的擴張背後獲得更多的色彩，那裡的改進。你能否給我們一些更定性的細分，也許是推動這一點的原因？其中有多少是座位驅動的，而不是定價計劃從溢價轉向業務方面？

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。我會——很好的問題，Ittai。所以我想說我們在所有領域的淨擴張率都有所提高。特別是在 5,000 及以上的用戶中，它從 1.25 億增加到 1 30。這部分收入同比增長了 96%。我想說的是——這實際上是座位增長和客戶從企業到企業的價值鏈向上移動的結合。

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.

因此，我們最近剛剛宣布，我們在本季度結束時擁有超過 200 萬個座位，我們為通過新徽標和更多座位部署來發展業務的方式感到無比自豪。

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。很好。也許是安妮的後續行動。很高興聽到你是紅辣椒的粉絲。所以很高興聽到。因此，也許在這種基調上，為了在未來幾年內將公司規模擴大到 20 億美元、30 億美元、40 億美元，你必須在內部僱傭哪些黑暗必需品？

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.

我喜歡參考。所以說真的，在過去 90 天裡，我的首要任務是與世界上一些最大組織的高管會面。當組織正在考慮工作的未來時，跨職能的痛點是如此清晰和特別尖銳。

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，我的首要任務是繼續在全球範圍內發展我們面向客戶的團隊，特別是繼續投資以支持更快的採用和擴展。正如我們所分享的，隨著我們的登陸規模越來越大，部署規模也越來越大，他們真正專注於確保我們盡快交付價值。特別是投資於我們的售後團隊真的很興奮。

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?

知道了。也許我可以稍微推動一下。如果你的目標更大，你能不能談談當你的目標更大時你是否也在組織內的多個位置上落腳？還是您仍然在一組中登陸，也許是一組中的更多人。那麼，其中有多少是在多個地方登陸而不是在一個群體中大面積登陸呢？

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。這是一個很好的問題。我們看到我們同時登陸多個團隊。我們提到了幾個很好的客戶例子，包括我們落地的 Benevity。因此，我們不僅被每個部門採用，而且特別是為了真正解決那些跨部門的舉措。因此，我們真正興奮的是，在 C 級別，我們被選中執行那些真正具有戰略意義的跨部門計劃，公司中的每個人都必須清楚地了解這些計劃。

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，伊泰。下一個問題來自摩根士丹利的 Stan Zlotsky。緊隨其後的是來自 Berenberg 的 Andrew DeGasperi。但是麥克風是為你打開的，斯坦。

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

優秀。不，這實際上是 Keith Weiss 今晚坐在 Stan Zlotsky 的位置上。非常好的季度，伙計們。安妮，很高興見到你。

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.

我想問你一個關於訂婚的問題。你們在這裡度過了同樣出色的幾個季度，新客戶的採用率確實在上升，達到了每季度 7,000 次的大關，並且非常穩定地達到了這個水平。你提到了某種客戶支持。就像當您查看客戶群並且您快速建立它時，參與度指標是否跟上？就像解決方案的日活躍用戶、月活躍用戶這樣的意思，這是否與客戶賬戶的快速擴張保持同步？然後我對蒂姆進行了跟進。

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.

我想我會從那開始。謝謝你的問題，基思。我確實認為這取決於指標。但是，當我仔細考慮您所命名的事物類型時，它們似乎都非常強大。事實上，我們在上一次財報電話會議上談了很多關於在轉化、採用、保留方面看到整個渠道的記錄指標。這些是 - 所有這些都與這些類型的參與度指標相關聯。所以賬戶看起來真的很健康。我認為，當你看到那些登陸規模更大、擴張速度更快的大客戶時，情況就更是如此了。但除非有參與，否則我們不會擴大規模。這很清楚。因此，我認為您應該將其視為這些組織中員工參與度高的直接指標。

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?

知道了。這非常有幫助。然後對於蒂姆來說，當我們查看盈利曲線時，並不是你沒有告訴我們這將會發生並且你正在經歷投資週期，但運營虧損正在擴大到後半部分年。您預計第四季度的經營虧損會更大。當我們考慮未來一年的 23 財年時，我們是否還在考慮將第四季度作為運營虧損的頂峰？然後它會更多地朝著提高盈利能力到 23 財年的軌道上發展嗎？我們是否仍然按照我們在 IPO 時談到的接近盈虧平衡的時間表保持一致？

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，我們將在下一次財報電話會議上提供關於增長率和盈利能力的更新視圖。但我們從根本上相信這是一個巨大的市場機會，我們將繼續投資於這個機會。

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.

但是在全年的基礎上，基思，我認為如果你看一下這些數字，在自由現金流邊際上，我們確實在全年基礎上同比有所改善。即使在現金流中，也有一些與季度波動有關的時機。

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.

偉大的。我們的下一個問題將來自 Berenberg 的 Andrew DeGasperi，後面是 Piper Sandler 的 Brent Bracelin。安德魯，麥克風是你的。

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?

也許一個你可能在競爭中得到很多的問題。我只是想知道與過去相比，本季度您是否看到了任何變化。特別是，我知道微軟剛剛推出了一款新產品。他們正在對 Teams 進行更改。只是想知道這是否會影響你現在在市場上看到的東西？

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。我們並沒有真正看到整體競爭環境發生重大變化，但各種規模的公司肯定會提高認識並更快地採用工作管理。因此，由於這種加速和管理分佈式工作的需要，工作管理的主題正在公司的戰略鏈中向上移動。因此，我們非常高興能與 CIO 和 C 級高管討論 Asana 如何幫助他們解決最具戰略性和最複雜的跨職能需求。

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.

所以我想說真正改變的是對痛點的更多認識，然後更渴望與可以與他們一起快速擴展的人合作。

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.

也只是為了解決您問題的直接部分。我們確實看到微軟對工作管理有幾種不同的思考方式。所以他們有 Microsoft Planner、Microsoft Project、Lists、Flow。我們最常與之競爭的東西實際上是微軟本身，因為它是電子郵件、文檔和會議現狀的一部分。因此，絕大多數團隊仍未在該領域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，您提到他們推出了一種新產品 Loop。我認為這更多的是關於以文檔為中心的協作。所以這一直是我們最後競爭的東西。我們都是關於協作的協調部分，因此真正幫助團隊明確計劃以及誰在何時做什麼以及協調戰略要務。

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.

偉大的。我們的下一個問題將來自 Piper Sandler 的 Brent Bracelin，接下來將來自 Jefferies 的 Brent Thill。但是現在，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.

也許是給達斯汀和安妮的，然後是蒂姆的後續行動。如果我查看您報告的 200 萬付費用戶里程碑，那麼，謝謝。但是，根據我的計算，添加第一個 100 萬付費訂閱用戶需要大約 11 年的時間。您在過去 3 年中增加了下一個百萬，這顯然證明了這裡正在發生的擴張運動。

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.

但如果我以座位為基礎來看，它只有大約 18 個——每位客戶的付費用戶。那是從 16 開始的。這只是我們有多早的一個函數嗎？那是 - 是否有更多的機會來加速擴張？當您考慮機會時，希望獲得您的整體看法，甚至可能擴大機會，以進一步加速相對於每位客戶平均只有 18 個付費用戶。

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。我認為這是 - 這是一個很好的問題。我認為這主要是因為我們擁有混合業務這一事實。因此，它由從非常小型的企業（包括 1 人和 2 人的公司）到世界上最大的企業（真正意義上的財富 5 公司）的一切組成。

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，當您考慮 114,000 名客戶時，其中絕大多數將是 SMB 或非常小的 SMB。所以這只是拉低了平均值。但我們看到這些較大的客戶發生了很多增長。因此，很多收入增長將來自那裡，但您可能仍然會看到很多原始徽標和來自 SMB 的客戶帳戶。因此，即使我們清楚地看到收入正在變得更加高端，我也不一定期望平均數量會發生太大變化。

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?

那裡完全有道理。然後，蒂姆，只是你的後續行動。 50,000 名客戶群中的增長非常強勁，該客戶數量在本季度再次加速。但隱含的是，我們正在看到 SMB（較小的客戶群）的減速。本季度相對於流失率或月度是否有任何異常情況——月度訂閱用戶造成了一點點下降？它仍然增長良好，但與上一季度相比確實有所下降。因此，對於本季度較小的客戶群中發生的導致輕微減速的情況，有任何色彩評論嗎？

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。沒有什麼可以直接指出的。我的意思是我認為我們 - 我們一直在進行的許多投資實際上都是圍繞著在 5,000 和 50,000 上向高端市場移動。現在你會看到 5,000 名及以上的客戶群約占我們收入的 68%，並且增長了 96%。而且我認為，顯然，在較小的團隊中，你會在這里和那裡有一些波動，但它仍在以非常健康的速度增長。

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?

偉大的。謝謝，布倫特。下一個問題來自 Jefferies 的 Brent Hill，之後是摩根大通的 Mark Murphy。布倫特希爾？

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.

蒂姆，只是在表面之下有點好奇，有很多表面級別的指標，收入減速，RPO 和賬單下降。意識到你有艱難的比賽，但我想很多人都在問，除了艱難的比賽之外，你在幕後看到了什麼嗎？你能給我們任何顏色嗎？我知道你說過不要看比林斯，但好奇是否還有其他需要指出的地方。

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。我的意思是我不認為——就像我退後一步，顯然——我們傾向於如何看待業務的健康狀況，顯然，一個是收入增長。另一個是我們想要發展業務的方式，對吧？我們希望通過添加更多新徽標並讓這些徽標繼續採用和擴展來發展我們的業務。我想你在我們的座位上看到了這一點。然後隨著時間的推移，讓它們增加或增長的邊際成本或邊際成本變得更少，因為根據我們的淨擴張率，對於我們的 5,000 和 50,000，你會看到它們現在已經提高到大流行前的水平， 5,000 及以上的 130%，然後 50,000 及以上的超過 145,000。

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.

但是您的問題實際上是關於帳單和 RPO。而且我認為我們已經說過，因為我們基礎的 1/3 仍然是每月，所以賬單並不是我們如何隨著時間的推移發展業務的最佳指標。

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.

我要補充一點，我認為你的問題的一部分是，這是厄運的預兆還是類似的東西？所以我要重申，我們對企業的發展勢頭感到非常興奮，我們將下一季度的指導提高了 1200 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?

偉大的。對於安妮來說，在國際上，如果你將首要的 1 或 2 個優先事項定為框架，我知道你提到你的第三個優先事項是繼續保持這種勢頭。但如果你必須深入研究，那裡的重點是什麼？您如何描述與最高線優先級相關的 1、2？

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。我們對國際化的機會感到非常興奮。因此，我們將繼續投資於擴大語言支持、本地化內容和資源以支持客戶。我們在新加坡開設了新辦事處，因此發展迅速。

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.

然後實際上，它正在提高所有這些新辦事處和地區的銷售和營銷能力。大量招聘來支持我們的客戶。最後但並非最不重要的是，利用合作夥伴。我們很高興我們的國際渠道合作夥伴能夠幫助我們擴大業務範圍。

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

極好的。下一個問題來自摩根大通的馬克·墨菲。

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。達斯汀，我對你認為最優先的研發感興趣，即進入下一財年的創新載體。例如，在客戶的功能或您正在構建的高級功能方面，是否有任何非常高要求的東西可以推動持續提升？

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。這是一個很好的問題。所以我只是重申一下。所以我們大約一個月前舉辦了 Scale 活動，這是宣布一些新事物和預覽我們未來的組合。所以有3大類。首先是為 IT 提供更多的安全性和可擴展性功能。因此，我們宣布了企業密鑰管理、略讀功能、與 Okta 和 Microsoft Azure AD 的集成、管理功能。老實說，還有更多的事情要做。在這方面還有更多的要求。

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，我們還宣布，我們正在通過 Workflow Store 和 Workflow Builder 簡化跨職能和跨團隊的協調。所以這些還沒有發布。這就是我在幾次財報電話會議上談到的事情，因為我們全年都在努力實現這一目標。對本財年末的發布感到非常興奮。

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.

即使在那裡，我們已經建立了很多東西，之後還有很多事情要做，才能真正深入了解對客戶最重要的工作流程。因此，我們對路線圖的很多看法是他們需要哪些集成才能使這些團隊工作流程真正運作良好，以及我們在客戶採用時聽到的信息，幫助他們獲得下一個重要功能。

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，我們還談到了提高高管的一致性和可見性。我們談到了我們新的目標 API 從其他來源引入數據，以幫助您實時報告目標，改進通用報告。我們在這些領域還有很多工作要做，以改進目標、報告和投資組合，並為高管們提供那些真正偉大的高層觀點。

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.

此外，我們的另一個重要支柱就是幫助客戶在整個生命週期中真正取得成功。因此，幫助他們真正快速地採用，採用這些工作流程並普遍採用產品。所有這一切都有助於幫助我們再次與那些更大的企業一起實現更大的土地和更快的擴張。所以這確實是我們明年路線圖的重要主題。

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。這很有幫助。然後，蒂姆，作為快速跟進，您的任何超大型部署是否超過了收入的 1% 的門檻？因為你降落了一些非常大的，尤其是在夏天。或者你認為未來幾年這種潛力會發展嗎？還是——您是否覺得其他業務增長得如此之快以至於無法實現？

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。我想說不是 1%，但非常接近我們確實可能有一個大型部署，我們將接近 1%。

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

偉大的。謝謝你。最後，我們有來自 JMP 的 Pat Walravens。拍？

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?

這是帕特的[傑里林西克]。我剛給蒂姆做了一個快速的。你對毛利率的表現有什麼要說的嗎？然後我們應該如何考慮這個指標的發展軌跡？

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。我認為毛利率的表現通常確實是我們的架構和我們如何構建產品的一個因素，我們確實從我們在研發方面的投資中受益。我希望它會繼續保持在 80 年代和 90 年代的高位，所以隨著時間的推移會在某個地方。是的。沒有真正的改變。

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.

謝謝你。這是我們今天的最後一個問題。非常感謝您今天加入我們的電話會議。我知道這是一個非常忙碌的收益週，我們感謝您像往常一樣花時間和奉獻精神關注 Asana。期待很快在網上或路上見到你們。並再次感謝您。