Asana, Inc. (ASAN) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Asana Third Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加 Asana 第三季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

I would now like to hand the conference over to your speaker today, Ms. Catherine Buan, Head of Investor Relations. Thank you. Please go ahead.

現在我想把會議交給今天的講者——投資人關係主管 Catherine Buan 女士。謝謝。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 2021. With me on today's call are Dustin Moskovitz, Asana's Co-Founder and CEO; Tim Wan, the company's Chief Financial Officer; and Chris Farinacci, the company's Chief Operating Officer and Head of Business.

各位下午好，感謝您參加今天的電話會議，與我們一同討論 Asana 2021 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；公司財務長 Tim Wan；以及公司營運長兼商務負責人 Chris Farinacci。

Today's call will include forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook, market condition and growth opportunities. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

今天的電話會議將包含依據 1995 年《私人證券訴訟改革法》安全港條款所作的前瞻性陳述，包括但不限於關於我們的財務展望、市場狀況與成長機會的陳述。前瞻性陳述涉及已知與未知的風險與不確定性，可能導致我們的實際結果、表現或成就與前瞻性陳述所明示或暗示者存在重大差異。

Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect the company's financial results is included in its filings with the SEC from time to time, including the section titled Risk Factors in the prospectus filed by the company in connection with its direct listing.

前瞻性陳述僅代表管理層於作出陳述當日的信念與假設。可能影響公司財務結果之因素資訊，將不時載於公司向美國證券交易委員會（SEC）提交的文件中，包括公司就其直接上市所提交之招股說明書中題為「風險因素」的章節。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents is 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，以及使用非 GAAP 指標相較於其最接近 GAAP 對應指標之限制的討論，已載於我們的財報新聞稿中，並已張貼於投資人關係網站 investors.asana.com。

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

接下來，我想把電話會議交給 Dustin。

Thanks, Catherine. Welcome, everybody, and good afternoon. We had an excellent first quarter as a publicly traded company. And as you can see from the results, our business is fundamentally strong. In Q3, we added approximately 7,000 net new customers and reported revenue of $58.9 million, up 55% year-over-year. In addition, the number of customers spending $5,000 or more on an annualized basis was up 58% year-over-year, and revenue growth from those customers was up 80% year-over-year.

謝謝你，Catherine。各位好，下午好。我們作為上市公司後的第一個季度表現非常出色。從結果可以看出，我們的業務基本面相當強勁。在第三季，我們新增約 7,000 名淨新客戶，營收為 5,890 萬美元，年增 55%。此外，按年化計算支出達 5,000 美元或以上的客戶數年增 58%，而來自這些客戶的營收成長年增 80%。

Last quarter, we mentioned that we saw short-term headwinds from COVID and long-term tailwinds. Now we see that the short-term headwinds have diminished. Our churn rates have reverted to pre-COVID levels and markedly improved from their peak in April.

上一季我們提到，短期受到 COVID 的逆風影響，但長期有順風支撐。現在我們看到短期逆風已減弱。我們的客戶流失率已回到 COVID 之前的水準，並且相較於 4 月的高峰明顯改善。

Beyond COVID, we're seeing promising signs of continued durable growth in these 3 trends: one, acceleration in customer additions; two, faster deployments in some of our existing customers; and three, some of our largest enterprise expansions to date.

除了 COVID 之外，我們也看到以下三項趨勢持續且具韌性成長的正面跡象：第一，新增客戶加速；第二，部分既有客戶的部署速度更快；第三，迄今為止一些最大型的企業客戶擴張案。

Success we've experienced in Q3 marks a moment in time. It's grown from years of investment in our culture, our product, our strategy. We're a mission-critical platform that enables the world's teams to work together effortlessly. In a world where there's a fire hose for information, proliferation of collaboration tools and an increasingly distributed work environment, it's critical to have clarity about what's most important and what each team member should focus their attention on.

我們在第三季所取得的成功，是某個時間點的成果，源自多年來對文化、產品與策略的投入。我們是一個關鍵任務平台，讓全球團隊能夠毫不費力地協同工作。在資訊如消防水龍頭般湧入、協作工具大量增生、且工作環境日益分散的世界裡，對「最重要的是什麼」以及「每位團隊成員應將注意力聚焦於何處」保持清晰至關重要。

The pandemic and work from home has accelerated this need. And in fact, the cooperation market is expected to be a $32 billion market by 2023 according to IDC. We believe the world's 1.25 billion global information workers would benefit from a platform like Asana, and we've penetrated less than 3% of the employees at our own customer base.

疫情與居家辦公加速了這項需求。事實上，根據 IDC，協作市場預計到 2023 年將達到 320 億美元。我們相信，全球 12.5 億名資訊工作者都能從像 Asana 這樣的平台中受益，而在我們既有客戶群中，我們的滲透率仍不到其員工的 3%。

This is a relatively new software category. Let me explain how we view the landscape and where Asana fits in. Effective team collaboration requires the 3 seats: content, which includes cloud storage and file sharing; communication, which includes chat and video conferencing; and coordination, which is where Asana is focused.

這是一個相對較新的軟體類別。我來說明我們如何看待競爭版圖，以及 Asana 在其中的位置。有效的團隊協作需要三個「座位」：內容（content），包括雲端儲存與檔案分享；溝通（communication），包括聊天與視訊會議；以及協調（coordination），這正是 Asana 所專注的領域。

Teams have invested heavily in technology for the first 2. But in most cases, they haven't invested in the Asana layer, the coordination layer. That's our third seat. Coordination is about clearly answering the question who is doing what by when. Historically, teams have had to resort to sticky notes, e-mails, spreadsheets and status meetings to coordinate work. And with Asana, they have a better solution.

團隊在前兩個方面已大量投資科技。但在多數情況下，他們尚未投資於 Asana 這一層——也就是協調層。那是我們的第三個座位。協調的核心在於清楚回答「誰在什麼時候要做什麼」這個問題。過去，團隊不得不依賴便利貼、電子郵件、試算表與狀態會議來協調工作。而有了 Asana，他們有了更好的解決方案。

Companies work best when everyone in the organization has clarity on the company's mission, its objectives, the projects and workflows needed to achieve those objectives and who's responsible for each individual task. This enables every team member to achieve focus and flow and have clarity about how their work contributes to the organization's mission. When there's clarity, teams spend less time coordinating work, more time actually doing work and quite simply, are more productive. Asana solves the problem of team coordination and gives teams clarity.

當組織中的每個人都清楚公司的使命、目標、為達成目標所需的專案與工作流程，以及每項個別任務由誰負責時，公司運作得最好。這能讓每位團隊成員達到專注與心流，並清楚自己的工作如何貢獻於組織使命。當一切清晰時，團隊花在協調工作的時間更少，花在真正做事的時間更多，簡而言之，生產力更高。Asana 解決團隊協調的問題，為團隊帶來清晰。

In the Asana work graph is the data model that makes this team coordination possible. It enables a complete, fully connected, accurate and up-to-date map to work in your organization. The Asana work graph represents all of the units of work, like tasks, ideas, goals, agenda items, information about that work with relevant conversations, files and status information and how it all fits together, but importantly, who's responsible for each piece. It's a living system of clarity for work that emerges in real time and expresses a team's past state, present status, future plan. This is one of our biggest competitive differentiators so I'm going to spend a few minutes on this call and on the next couple of earnings calls talking about different aspects of the Asana work graph and the customer benefits it enables.

Asana 工作圖譜（Asana work graph）是使這種團隊協調成為可能的資料模型。它能在組織內建立一張完整、全連結、精準且即時更新的工作地圖。Asana 工作圖譜呈現所有工作單元，例如任務、想法、目標、議程項目，以及與該工作相關的對話、檔案、狀態資訊，並展示它們如何彼此關聯；更重要的是，清楚標示每一部分由誰負責。它是一個即時生成的「工作清晰度」活系統，能表達團隊的過去狀態、現在進度與未來計畫。這是我們最大的競爭差異化之一，因此我會在本次電話會議以及接下來幾次財報電話會議中，花一些時間談論 Asana 工作圖譜的不同面向，以及它為客戶帶來的效益。

Today, let's double-click on multi-homing, which is a feature of the Asana work graph that enables teams to manage complex work in a simple and intuitive way. Multi-homing gives people the ability to host a single task in multiple projects at the same time. This feature is unique to Asana, and it is what allows Asana to serve as a single source of truth for customers working across projects, processes and functions.

今天，我們來深入看看「多重歸屬（multi-homing）」，這是 Asana 工作圖譜的一項功能，讓團隊能以簡單直覺的方式管理複雜工作。多重歸屬讓使用者可以同時把同一個任務放在多個專案中。這項功能是 Asana 獨有的，也正是它讓 Asana 能成為客戶跨專案、流程與職能協作時的單一真實來源（single source of truth）。

For example, we used multi-homing to prepare for this earnings call. We created an Asana task to finalize approvals for the earnings call script, and that task had all the pertinent details for the call and served as our single source of truth. The task was simultaneously in several different projects, putting Investor Relations, communications, legal review and in my personal My Tasks. This flexibility allows each of those constituents to manage the work within their normal context and workflows without needing to make their own individual copy of the task.

例如，我們就是用多重歸屬來準備這次財報電話會議。我們建立了一個 Asana 任務，用於完成財報電話會議講稿的最終核准；該任務包含與會議相關的所有重要細節，並作為我們的單一真實來源。這個任務同時存在於數個不同的專案中，涵蓋投資人關係、對外溝通、法務審閱，以及我個人的「我的任務（My Tasks）」。這種彈性讓各相關方能在其日常情境與工作流程中管理工作，而無需各自建立任務的個別副本。

And each time a team member multi-homes a task, a cycle of chaos is a burden. Without multi-homing, one of 2 things happens. So either you miss a unit of work and one of its relevant contents and work all through the cracks or teams waste time in e-mail threads and meetings just to communicate status and reconcile changes.

而每當團隊成員需要把任務放到多個地方時，若缺乏多重歸屬，就會帶來混亂循環的負擔。沒有多重歸屬時，通常會發生兩種情況之一：要麼你會漏掉某個工作單元及其相關內容，讓工作從縫隙中流失；要麼團隊會浪費時間在電子郵件串與會議中，只為了溝通狀態並對齊與調和變更。

Multi-homing gives customers confidence that what they're seeing is the single source of truth across all teams. You might think this is too subtle and unchecked for customers to pick up on, but this is one of the aha moments that customers rave about. For example, BoxMedia says, "Before Asana, it was like the wild west in BoxMedia. Information didn't flow smoothly between teams and key details and deadlines are lost in e-mail and chat. Now with Asana, we can add a task like a legal review for a client campaign to multiple projects with just a click. This way, the legal team, for example, doesn't have to shift through all the other campaign work. They're able to consolidate all of their review tasks in one place. And when they complete the review, the update is automatically synced across all of the projects."

多重歸屬讓客戶有信心，相信他們所看到的是跨所有團隊的單一真實來源。你可能會覺得這對客戶而言太細微、不易察覺，但這其實是客戶津津樂道的「啊哈時刻」之一。例如，BoxMedia 表示：「在使用 Asana 之前，BoxMedia 就像西部荒野一樣。資訊無法在團隊間順暢流動，關鍵細節與截止日期常在電子郵件與聊天中遺失。現在有了 Asana，我們只要點一下，就能把像是客戶活動的法務審閱這類任務加入到多個專案中。如此一來，例如法務團隊就不必在其他所有活動工作中翻找。他們可以把所有審閱任務集中在同一處。當他們完成審閱後，更新會自動同步到所有專案中。」

Multi-homing is so powerful that it's used by 97% of our customers that spend $5,000 or more on an annualized basis, and the volume is remarkable. Customers have multi-homed hundreds of millions of Asana tasks, and this is just one of the unique capabilities enabled by the Asana work graph.

多重歸屬非常強大，以年化計算支出達 5,000 美元或以上的客戶中，有 97% 會使用該功能，而且使用量相當驚人。客戶已對數億個 Asana 任務進行多重歸屬，而這只是 Asana 工作圖譜所帶來的眾多獨特能力之一。

From an R&D perspective, we're investing aggressively in the Asana work graph and the features it enables. This year, we released more than 130 new features, including approvals, status, goals, dashboards and platform integration with Zoom, Jira, Slack, Microsoft Teams, Tableau, Power Bi and more.

從研發角度來看，我們正積極加碼投資 Asana 工作圖譜及其所支援的功能。今年我們發布了超過 130 項新功能，包括核准（approvals）、狀態（status）、目標（goals）、儀表板（dashboards），以及與 Zoom、Jira、Slack、Microsoft Teams、Tableau、Power BI 等的平臺整合。

We're also moving quickly towards our product vision of becoming the navigation system for organizations, which we described at our Future of Asana event last quarter. Some of those product investment areas include these areas. First, the Asana work graph, visualizations and reporting. This will give teams real-time data and insights across their organization.

我們也正快速朝著我們的產品願景邁進：成為組織的「導航系統」，這一點我們在上一季的 Future of Asana 活動中已經說明過。我們的部分產品投資領域包括以下幾個方向。首先是 Asana 工作圖譜、視覺化與報告功能。這將讓團隊能在整個組織範圍內取得即時數據與洞察。

Second, the workflow store and builder. This will democratize workflow creation and automation and enable best practice sharing across teams and organizations.

第二是工作流程商店與建置工具。這將使工作流程的建立與自動化更普及，並促進跨團隊與跨組織的最佳實務分享。

And next, goals. We're extending our goals product to allow organizations to manage all their org, team and individual goals for every employee in the company. This enables customers to map their work graph top to bottom, aligning work from the atomic level of detailed tasks all the way up the highest-level objectives of the organization.

接下來是目標。我們正在擴展目標產品，讓組織能為公司內每位員工管理其組織、團隊與個人目標。這使客戶能自上而下地映射其工作圖譜，將工作從最原子層級的細部任務一路對齊到組織最高層級的目標。

In addition, 2 weeks ago, we previewed some of the themes around our enterprise platform. We're building out even more enterprise platform capabilities, including enhanced admin controls, permissions, licensing, security and integration, to serve the world's largest companies. Stay tuned for new product announcements in these areas and more over the next several quarters.

此外，在兩週前，我們預覽了企業平台的一些主題。我們正在打造更多企業平台能力，包括強化的管理員控制、權限、授權、資安與整合，以服務全球最大的企業。未來幾季在這些領域及更多方面將有新的產品公告，敬請期待。

Now I'm going to turn it over to Chris to talk about Q3 from an operational perspective and share more details on how our customers are using Asana.

現在我把時間交給 Chris，從營運角度談談第三季，並分享更多客戶如何使用 Asana 的細節。

Thanks, Dustin. We're very excited about our performance in Q3 with top line revenue growth of 55% year-over-year, led by revenue from customers with over $5,000 in annual spend, which was up 80% year-over-year.

謝謝你，Dustin。我們對第三季的表現感到非常振奮：營收年增 55%，主要由年支出超過 5,000 美元的客戶所帶動，該客群營收年增 80%。

In Q3, we again saw notable improvements across many of our key metrics, including record top-of-funnel traffic and sign-ups, accelerated incremental paying customers and expanding deal sizes. Let me discuss each in a little more detail.

在第三季，我們再次看到多項關鍵指標出現顯著改善，包括創紀錄的漏斗頂端流量與註冊數、付費客戶淨增加速，以及成交規模擴大。我將逐一更詳細說明。

As you might remember from Q2, our top-of-funnel volume and sign-ups was elevated due to work from home, and it not only remained elevated but even expanded in Q3. We also accelerated the number of new paying customers in the quarter, adding approximately 7,000 to reach over 89,000 total paying customers to date. The increase in new paying customers in Q3 was almost as large as the volume in both Q1 and Q2 combined.

如同你可能還記得第二季的情況，我們的漏斗頂端量能與註冊數因居家辦公而提高，而第三季不僅維持在高檔，甚至進一步擴大。我們也加速了當季新增付費客戶數，約增加 7,000 家，使累計付費客戶總數至今超過 89,000 家。第三季新增付費客戶的增量幾乎與第一季與第二季合計的量相當。

Third, we saw a move to bigger deals across the board. In particular, we saw traction in large enterprises, and our large deal trends reflected this. We saw the number of customers expanding more than $50,000 with us annually increase 104% year-over-year, with the corresponding revenue contribution more than doubling. And we saw very strong growth in very large enterprises in Q3.

第三，我們看到整體成交案朝更大規模發展。特別是大型企業的動能提升，而我們的大型交易趨勢也反映了這點。我們看到每年與我們擴張至超過 50,000 美元的客戶數年增 104%，相對應的營收貢獻也超過倍增。而在第三季，我們在超大型企業客群也看到非常強勁的成長。

We are continuing to invest in our enterprise offering. Last month, we unveiled new and expanded integrations with Microsoft Teams, Slack, Jira and Zoom video, reinforcing our unique role enabling enterprise work orchestration.

我們持續投資於企業方案。上個月，我們推出與 Microsoft Teams、Slack、Jira 以及 Zoom Video 的全新與擴充整合，進一步強化我們在促成企業工作協同編排（work orchestration）方面的獨特角色。

In Q3, we saw customer wins broadly across industry verticals. Let me talk about a few notable wins. Asurion, a leading provider of electronic device insurance with 300 million customers worldwide, has been an Asana customer for over 2 years. In Q3, Asurion upgraded to our enterprise solution for our enterprise-grade security and strong integration capabilities and expanded to more departments across the organization, including HR, the B2B revenue division, retail and their IT architecture team.

在第三季，我們在各個產業垂直領域都取得客戶勝利。我來談幾個值得注意的案例。Asurion 是全球領先的電子裝置保險提供商，擁有 3 億名客戶，成為 Asana 客戶已超過 2 年。第三季，Asurion 因我們的企業級安全性與強大的整合能力而升級至企業方案，並擴展到組織內更多部門，包括人資、B2B 營收事業部、零售，以及其 IT 架構團隊。

VSP, a leading provider of access to eye care and eyewear to their 94 million members around the world, chose Asana as their enterprise solution, bringing together marketing teams from 5 lines of business into a single platform. With Asana, what used to be a manual process combining e-mail, SharePoint, spreadsheets and Jira will now be automated. VSP chose Asana because they need an organizational-wide solution that could replace e-mail with an automated approval process, be customized for the business workflows and provide strategic visibility across the organization for leadership.

VSP 是為全球 9,400 萬名會員提供眼科照護與眼鏡服務的領先供應商，選擇 Asana 作為其企業解決方案，將來自 5 條業務線的行銷團隊整合到單一平台。透過 Asana，過去需要手動整合電子郵件、SharePoint、試算表與 Jira 的流程，現在將能自動化。VSP 選擇 Asana，是因為他們需要一個全組織的解決方案，能以自動化核准流程取代電子郵件、可依業務工作流程客製化，並為管理層提供跨組織的策略可視性。

Zoom video, a leading provider of video-first unified communications, began using Asana in the mid-2019 to help manage their work. In Q3, Zoom expanded their use of Asana to more teams across the business. Now they can see project progress in real time and ensure responsibilities are clear, which is critical when you're moving as fast as Zoom is to serve their growing customer base.

Zoom Video 是以視訊為核心的整合式通訊領先供應商，於 2019 年年中開始使用 Asana 來協助管理工作。第三季，Zoom 將 Asana 的使用擴展到業務中的更多團隊。現在他們能即時查看專案進度並確保責任分工清楚，這在 Zoom 以極快速度服務其不斷成長的客戶群時至關重要。

Education everywhere has been hit hard by COVID-19. And the bigger the school, the harder it can be to stay aligned and responsive to change. At the University of California, Santa Cruz, Asana is becoming the backbone for a number of administrative units, supporting their teleworking experience and empowering employees to organize their work, delegate responsibility and drive accountability. For example, the Office of Research is using Asana to run some of its COVID-19 testing operations. And the procurement department is actioning inbound requests and approvals in Asana to streamline the process with other departments.

各地教育機構都受到 COVID-19 的嚴重衝擊。而學校規模越大，要保持一致對齊並快速因應變化就越困難。在加州大學聖克魯茲分校（University of California, Santa Cruz），Asana 正逐漸成為多個行政單位的核心支柱，支援其遠距工作體驗，並賦能員工組織工作、委派責任與推動問責。例如，研究處（Office of Research）正在使用 Asana 來運作部分 COVID-19 檢測作業；採購部門也在 Asana 中處理外部提出的需求與核准，以與其他部門協作並簡化流程。

I also want to highlight that 4 of our biggest customer expansions in the quarter were with Fortune 50 companies, this including expanding one of our largest customers to tens of thousands of seats.

我也想強調，本季我們最大的 4 個客戶擴張案來自《財富》50 大企業，其中包括將我們某個最大客戶擴展到數萬個席位。

So as you can see, while our enterprise motion is still in its early stages, we are clearly starting to see our strategy bear fruit. We are helping some of the most visionary companies in both traditional as well as disruptive industries and expanding rapidly around the world. Our growth levers remain intact, and we are progressing successfully, acquiring new customers, customer expansion, cross-company use cases and product innovation.

因此你可以看到，雖然我們的企業市場推進仍處於早期階段，但我們已明顯開始看到策略開花結果。我們正在協助一些最具遠見的公司——無論是傳統產業或顛覆性產業——並在全球快速擴張。我們的成長槓桿依然健全，且正順利推進：獲取新客戶、擴張既有客戶、跨公司使用情境，以及產品創新。

In September, I shared with you some of the opportunities in front of us to drive future growth. I'd like to revisit these growth drivers through the lens of what we saw in Q3.

在 9 月，我曾與各位分享我們面前推動未來成長的一些機會。我想從第三季所見的角度，再次檢視這些成長動因。

I'll start with new customer acquisition. We remain focused on acquiring new customers through word of mouth, marketing and our self-serve product. This is a fast-growing emerging category, with the vast majority of global information workers without work management tools and suffering from lack of clarity. For new teams, Asana is fundamentally a broad horizontal product. We see customer use cases within and across virtually all functions and departments and often including collaboration externally with suppliers, partners and customers. As you heard from Dustin, in Q3, we added approximately 7,000 net new customers.

我先從新客戶獲取談起。我們仍專注於透過口碑、行銷以及自助式產品來獲取新客戶。這是一個快速成長的新興類別，全球絕大多數資訊工作者仍未使用工作管理工具，並正承受缺乏清晰度之苦。對新團隊而言，Asana 本質上是一個廣泛的水平型產品。我們看到客戶使用情境幾乎涵蓋所有職能與部門之內及跨部門，且常包含與供應商、合作夥伴與客戶的外部協作。如同你從 Dustin 那裡聽到的，第三季我們約新增 7,000 名淨新客戶。

We continue to see a large expansion opportunity in our existing base of now over 89,000 paying customers. Our direct sales team is armed with department-specific solutions for our customers. And we continue to see strong traction in marketing and creative, sales and account management and strategy and operations teams as well as in product and design and HR and IT teams. We believe we have the right strategy, the best solutions, and now is the time to ramp up our sales capabilities and invest in marketing to take advantage of the $32 billion market opportunity.

我們也持續在現有客群中看到龐大的擴張機會，目前付費客戶已超過 89,000 家。我們的直銷團隊為客戶提供依部門量身打造的解決方案。我們在行銷與創意、銷售與客戶管理、策略與營運團隊，以及產品與設計、人資與 IT 團隊中持續看到強勁動能。我們相信我們具備正確的策略、最佳的解決方案，而現在正是擴大銷售能力並投資行銷、把握 320 億美元市場機會的時機。

Third, we see a large incremental opportunity to support company-wide use cases. Starting with our recent launch of integrated goals and OKR management, as we power the Asana work graph within companies, Asana is uniquely suited to empower company-wide clarity and engagement use cases.

第三，我們看到支援全公司範圍使用情境的巨大增量機會。從我們近期推出的整合式目標與 OKR 管理開始，隨著我們在企業內驅動 Asana 工作圖譜，Asana 具備獨特優勢，可賦能全公司層級的清晰度與投入度使用情境。

Internationally, we are expanding both our footprint and our product reach. In Q3, we opened an office in Singapore to expand our footprint in Asia and ultimately to be closer to our fast-growing Asean customer base. We will also be announcing support for more languages and localizations in the coming months.

在國際市場方面，我們正擴大據點與產品觸及範圍。第三季，我們在新加坡設立辦公室，以擴展我們在亞洲的布局，並最終更貼近快速成長的東協（Asean）客戶群。我們也將在未來幾個月宣布支援更多語言與在地化。

And finally, we continue to innovate and expand our market-leading offering to bring the Asana solution to more teams and increasingly larger enterprises and organizations. Our product and go-to-market strategies work hand-in-hand to meet the increasing customer demand for work management solutions and drive our long-term growth.

最後，我們持續創新並擴展我們的市場領先產品，將 Asana 解決方案帶給更多團隊，以及規模日益更大的企業與組織。我們的產品與上市策略相輔相成，以滿足客戶對工作管理解決方案日益增加的需求，並推動我們的長期成長。

Now I'll turn it over to Tim to go through our financial results.

現在我把時間交給 Tim，帶大家回顧我們的財務結果。

Thanks, Chris, and thank you to everyone for joining our call today. I know that earnings season can be an endurance test, and we appreciate your time and support.

謝謝你，Chris，也感謝各位今天參加我們的電話會議。我知道財報季往往是一場耐力考驗，我們很感謝各位的時間與支持。

It was a great quarter across the board. Revenue in Q3 was $58.9 million, up 55% year-over-year and up 13% quarter-over-quarter, led by 80% year-over-year growth from our customers $5,000 and over. We added approximately 7,000 net new paying customers in the quarter and now have over 89,000 paying customers. We now have 8,938 customers spending $5,000 or more with us on an annualized basis, up 58% year-over-year. And we saw even stronger growth in our larger customers. We now have 318 customers spending $50,000 or more with us on an annualized basis, up 104% year-over-year.

這是一個各方面都表現出色的季度。第三季營收為 5,890 萬美元，年增 55%、季增 13%，主要由年支出 5,000 美元以上客戶帶動，該客群年增 80%。本季我們約新增 7,000 名淨新付費客戶，目前付費客戶總數已超過 89,000 名。我們目前有 8,938 名客戶以年化計算在我們這裡支出 5,000 美元或以上，年增 58%。而在更大型客戶方面，我們看到更強勁的成長：目前有 318 名客戶以年化計算在我們這裡支出 50,000 美元或以上，年增 104%。

Subscriptions of $5,000 and over on an annualized basis represented 59% of our revenues in Q3 compared to 51% of our revenue in the year-ago quarter. Please note, this represents all customers $5,000 and over, including customers over $50,000.

以年化計算，訂閱金額達 5,000 美元及以上者在第三季占我們營收的 59%，相較於去年同期季度占 51%。請注意，這包含所有年化 5,000 美元及以上的客戶，也包括年化 50,000 美元以上的客戶。

In Q3, our overall dollar-based net retention rate was again over 115%, consistent with Q2. As a reminder, our dollar-based net retention rate is a trailing 4-quarter average calculation. For customers spending $5,000 or more with us on an annualized basis, the dollar-based net retention rate was over 125%, also consistent with Q2. And for customers spending $50,000 or more with us on an annualized basis, it was over 140%, again, consistent with Q2.

第三季，我們整體以美元計的淨留存率再次超過 115%，與第二季一致。提醒一下，我們的以美元計淨留存率是以過去 4 個季度的平均值計算。對於年化在我們這裡支出 5,000 美元或以上的客戶，以美元計的淨留存率超過 125%，同樣與第二季一致。而對於年化支出 50,000 美元或以上的客戶，該指標超過 140%，也同樣與第二季一致。

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. Gross margins came in at 88%, up from 87% in Q2 and 86% in the year-ago quarter.

在轉到費用項目與獲利能力之前，我想指出，我接下來的發言將討論非 GAAP 結果。毛利率為 88%，高於第二季的 87%，也高於去年同期季度的 86%。

We're proud of our best-in-class software gross margins, driven primarily by our leading architecture. R&D was $28.2 million or 48% of revenue. We have 5 broad areas of focus, and we are investing heavily to continue innovating at a high velocity.

我們以同級最佳的軟體毛利率為傲，主要由我們領先的架構所驅動。研發費用為 2,820 萬美元，占營收 48%。我們有 5 個廣泛的重點領域，並正大力投資，以持續以高速度創新。

Sales and marketing was $45.6 million or 77% of revenue. We have nearly doubled our sales team over the last year because we are confident as demand for work management continues to move mainstream.

銷售與行銷費用為 4,560 萬美元，占營收 77%。過去一年我們的銷售團隊幾乎倍增，因為我們有信心，隨著工作管理的需求持續走向主流。

G&A was $15.1 million or 26% of revenue, reflecting both increased public company costs as well as building out our infrastructure for scale. As a result, total non-GAAP operating loss was $37.3 million. Operating loss margin came in at 63%.

一般與行政（G&A）費用為 1,510 萬美元，占營收 26%，反映了上市公司成本增加，以及我們為擴大規模而建置基礎設施。結果，非 GAAP 營業虧損總額為 3,730 萬美元。營業虧損率為 63%。

Non-GAAP net loss was $38.3 million, and non-GAAP loss per share was $0.34.

非 GAAP 淨虧損為 3,830 萬美元，非 GAAP 每股虧損為 0.34 美元。

Total cash and marketable securities balances at the end of Q3 were approximately $424 million.

第三季末的現金與有價證券總餘額約為 4.24 億美元。

Free cash flow is defined as net cash from operating activities less cash used for property and equipment and capitalized software costs, excluding nonrecurring items such as the direct listing fees and expenses and the build-out of our San Francisco office. In Q3, free cash flow was negative $19.5 million.

自由現金流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，並排除一次性項目，例如直接上市費用與支出，以及我們舊金山辦公室的建置支出。第三季自由現金流為負 1,950 萬美元。

Our total Q3 deferred revenue was $90.1 million, up 56% year-over-year and up 20% sequentially.

第三季遞延收入總額為 9,010 萬美元，年增 56%，季增 20%。

As you will see on our balance sheet, $88.9 million of deferred revenue was in current liabilities, while $1.3 million, which represents long-term deferred, was included in other liabilities. The $15.1 million incremental deferred revenue that we added from Q2 to Q3 was driven by a variety of factors, including strong sales execution, larger deals and net new customer adds.

如你們在資產負債表上所見，8,890 萬美元的遞延收入列於流動負債；而 130 萬美元（代表長期遞延）則列於其他負債。從第二季到第三季新增的 1,510 萬美元遞延收入，來自多項因素驅動，包括強勁的銷售執行、更大規模的交易，以及淨新增客戶。

In addition, in Q3 of last year, we had a price change and allowed customers to lock in existing prices and renew earlier, which elevated renewals and deferred revenue in Q3. So as you think about deferred revenue in Q4, it's important to note that we expect the usual seasonal trends associated with the holidays and fewer working days.

此外，在去年第三季，我們進行了價格調整，並允許客戶鎖定既有價格並提前續約，這使得第三季的續約與遞延收入提高。因此，當你們思考第四季的遞延收入時，重要的是要注意，我們預期會出現與假期及工作天數較少相關的典型季節性趨勢。

Please note, we consider revenue growth to be the best leading indicator for the health of our business. And while we do recognize that investors look at other metrics such as RPO, deferred revenue and calculated billings, we do not consider these metrics to be good leading indicators for our business trends. With our bottoms-up model, we engage new users with a low friction entry point package, and a material portion of our revenue base is on monthly contracts.

請注意，我們認為營收成長是衡量我們業務健康狀況的最佳領先指標。雖然我們也理解投資人會看其他指標，例如 RPO、遞延收入與計算帳單（calculated billings），但我們不認為這些指標是反映我們業務趨勢的良好領先指標。以我們自下而上的模式，我們以低摩擦的入門方案吸引新使用者，而我們營收基礎中有相當比例來自月度合約。

Looking ahead to Q4, we are raising guidance for the next quarter and for the year. For the fourth quarter of fiscal year 2021, we expect the following: revenue of $62 million to $63 million, representing 43% to 45% year-over-year growth; we expect non-GAAP loss from operations of $42.5 million to $39.5 million; and non-GAAP net loss per share of $0.27 to $0.25, assuming basic and diluted weighted average shares outstanding of approximately 158 million.

展望第四季，我們上調了下一季度以及全年指引。對於 2021 會計年度第四季，我們預期如下：營收 6,200 萬至 6,300 萬美元，代表年增 43% 至 45%；我們預期非 GAAP 營業虧損為 4,250 萬至 3,950 萬美元；以及非 GAAP 每股淨虧損 0.27 至 0.25 美元，假設基本與稀釋加權平均流通股數約為 1.58 億股。

For the full fiscal year 2021, we now expect the following: revenue of $220.6 to $221.6 million, representing 55% year-over-year growth; we expect non-GAAP operating loss of $130.8 million to $127.8 million; and non-GAAP net loss per share of $1.24 to $1.21, assuming basic and diluted weighted average shares outstanding of approximately 106 million.

對於 2021 會計年度全年，我們目前預期如下：營收 2.206 億至 2.216 億美元，代表年增 55%；我們預期非 GAAP 營業虧損為 1.308 億至 1.278 億美元；以及非 GAAP 每股淨虧損 1.24 至 1.21 美元，假設基本與稀釋加權平均流通股數約為 1.06 億股。

Longer term, we believe that we can execute on our growth strategy and that our best-in-class gross margins will provide the leverage and flexibility to invest into the large market opportunity. We believe this investment will provide durable and sustainable long-term growth.

從更長期來看，我們相信我們能夠執行成長策略，而我們同級最佳的毛利率將提供槓桿與彈性，使我們得以投資於龐大的市場機會。我們相信這些投資將帶來持久且可持續的長期成長。

And now I would like to turn the call back over to the operator for Q&A. Operator?

現在我想把電話交回給接線員，進行問答。接線員？

And operator, while you're queuing the questions, I just wanted to jump in and first of all, thank everybody for joining us today. I'm going to try to keep the Q&A at a good pace. (Operator Instructions) Thanks.

接線員，在你排隊安排提問的同時，我想插一句，首先感謝大家今天加入。我會盡量讓問答維持良好的節奏。（接線員指示）謝謝。

(Operator Instructions) And your first question comes from the line of Alex Zukin from RBC.

（接線員指示）你們的第一個問題來自 RBC 的 Alex Zukin。

Also, congratulations on a great report -- first report as a public company. It's a great thing to see. So the first one, maybe just for you, Dustin. If you think about the kinds of conversations that you're having with C-level executives at the moment when the world is clearly thinking about restacking for a more -- for a new normal workplace, give us the tenor of those conversations.

另外，恭喜你們交出一份很棒的報告——作為上市公司後的第一份報告。看到這點很令人振奮。第一個問題可能給你，Dustin。當全世界顯然都在思考為了更——為了新的常態工作場所而重新堆疊（restacking）時，你目前與 C 級高層的對話大概是什麼樣的氛圍？請跟我們分享一下這些對話的基調。

And as you think about it from the context, you mentioned 3% penetration in your existing customer base on a user basis. Where does that go over the next couple of years? And how -- what's the main way when you think about unlocking that kind of potential? How do you think about it?

另外從脈絡來看，你提到以使用者為基礎，在你們既有客戶群中的滲透率是 3%。未來幾年這會走到哪裡？以及——當你思考要釋放這種潛力時，主要的方法是什麼？你怎麼看？

Yes. I'll start this off, and then I think Chris can probably add some more color. But I would just point out, our customers are in a number of different positions. It depends a bit which industry they're in, in terms of whether they're being aggressive about expansion and hiring or more conservative. But generally, we're seeing the same sort of positive reaction we've seen to existing deployments in prior years, too. Asana was built to be a great customer experience and something where the initial teams could be successful and really enjoy using the product and then get the good word out to their peers and other teams and departments. And so that's still generally the sentiment we get when we talk to C-level executives, is they're hearing from their teams they're getting a lot of value, and they'd like to expand that value proposition to other parts of the company.

是的。我先回答，然後我想 Chris 可能可以補充更多細節。不過我想先指出，我們的客戶處於多種不同狀態。這在某種程度上取決於他們所處的產業，因為有些在擴張與招募上更積極，有些則更保守。但整體而言，我們看到的仍是與過去幾年既有部署相同的正面反應。Asana 的設計初衷是提供很棒的客戶體驗，讓初期團隊能夠成功並真正享受使用產品，然後把好口碑傳給同儕以及其他團隊與部門。因此，當我們與 C 級高層交談時，普遍得到的情緒仍是：他們從團隊那裡聽到獲得了很大價值，並希望把這個價值主張擴展到公司其他部分。

And then in terms of the 3% penetration, it's really just a reflection of the massive opportunity that's left in a lot of our customers. In terms of where it goes in the long run, we -- obviously, we hope to get wall-to-wall and all of our customers will go to 100%. I don't know what pace that will be.

至於 3% 的滲透率，這其實只是反映出在許多客戶之中仍存在巨大的剩餘機會。就長期而言它會走到哪裡，我們——顯然，我們希望能做到全面覆蓋，讓所有客戶都能達到 100%。我不知道那會是什麼樣的速度。

Again, it's different in different customers and depends on the size. So in some of the smaller enterprises, that figure may be a much higher ratio of employees and may represent entire departments or divisions. And in very, very large organizations like the Fortune 5, it may be a smaller figure and may take us more years to get the whole organization. Anything you'd like to add, Chris?

同樣地，不同客戶之間會有差異，也取決於規模。因此在一些較小的企業中，這個數字可能占員工的比例更高，甚至可能代表整個部門或事業群。而在像《財富》前 5 大（Fortune 5）那樣非常、非常大型的組織中，這個數字可能較小，且可能需要更多年才能覆蓋整個組織。Chris，你有什麼想補充的嗎？

Yes, sure. So maybe I can add some value to your question just in terms of where we're seeing that value and that traction in those conversations. And generally, the conversations we're having are consistent with conversations we've had in the past in terms of the business imperative for basically real-time clarity and alignment and accountability in companies. And that's just sort of been amplified in this more globally diverse world over the last couple of quarters.

好的，當然。也許我可以就你問題中我們在這些對話裡看到的價值與動能補充一些觀點。整體而言，我們目前的對話在本質上與過去一致：企業的迫切需求是獲得基本上即時的清晰度、對齊與問責。而在過去幾個季度這個更全球化、更多元分散的世界裡，這種需求被進一步放大。

Where we're seeing the traction the most, it's broad and horizontal. But where we're seeing the traction the most is in marketing and creative teams, sales and account management and strategy and operation teams, where we already have departmental solutions. We're also seeing strong traction in other areas that are adjacent, like product design, HR and IT. So that's sort of a use case where the traction is.

我們看到的動能最明顯之處，是廣泛且橫向的。但最明顯的領域是在行銷與創意團隊、銷售與客戶管理，以及策略與營運團隊——在這些領域我們已經有部門級解決方案。我們也在其他相鄰領域看到強勁動能，例如產品設計、人資（HR）與資訊科技（IT）。以上大致就是動能所在的使用情境。

And then maybe more broadly, and I mentioned this in my remarks a little bit earlier, we're seeing the traction broadly across industry verticals, particularly in Q3. So I mentioned some new examples of wins and expansions in Q3 at Asurion, an insurance company; VSP in health care; Zoom in tech; and you see Santa Cruz in education, just to give you a feel for the sort of the diversity of demand.

然後可能更廣泛地說，我在稍早的發言中也稍微提到，我們看到在各個產業垂直領域都出現了明顯的進展，尤其是在第三季。因此我提到第三季一些新的贏單與擴張案例，包括 Asurion（一家保險公司）；醫療保健領域的 VSP；科技領域的 Zoom；以及教育領域的 Santa Cruz，讓大家感受一下需求多元性的程度。

That's perfect. And then maybe just as a follow-up. Tim, as I think about -- obviously, we're all going to want to talk about the enterprise numbers and the enterprise strength in the quarter that you saw was quite robust. Walk us through the headwind or the -- maybe the -- not the headwinds, but the lack -- like what you're seeing from the SMB customer base. The dollar-based net expansion was pretty strong as we've gotten through maybe the height of the pandemic, hopefully. Talk to us about retention. And particularly as we come out of it next year, hopefully, how should we think about those comparables, particularly on the SMB side of the business?

非常好。接著可能再追問一下。Tim，當我思考——顯然，我們都會想談談企業端的數字，以及你們本季看到的企業端強勁表現確實相當亮眼。請帶我們了解一下逆風或——也許不是逆風，而是——SMB 客戶基礎那邊你們看到的不足之處是什麼。隨著我們可能已經度過疫情高峰（希望如此），以美元計的淨擴張率一直相當強。請跟我們談談留存。特別是希望明年走出疫情後，我們應該如何看待可比基期，尤其是在 SMB 業務這一端？

Yes. I think there's a couple of ways you can look at it. I think Dustin kind of alluded to this in the prepared remarks, where we certainly are seeing churn diminish versus their peak back in kind of towards the tail end of Q1 and part of Q2. I think we're also being prudent in terms of, hey, we are living in a world where there's a second surge. And we do think that the net expansion rate is a 4-quarter rolling average so you can kind of expect some of the cohorts to work their way through over the next couple of quarters. But certainly, the customers that are staying and thriving and expanding with us even in a pandemic likely are going to only continue to get stronger.

是的。我認為可以從幾個角度來看。我想 Dustin 在事先準備的發言中有稍微提到，我們確實看到流失率相較於第一季末到第二季部分期間的高峰正在下降。我也認為我們在策略上保持審慎，因為我們所處的環境仍可能出現第二波疫情。我們也認為淨擴張率是以四季滾動平均計算，因此你可以預期某些客群（cohorts）會在接下來幾季逐步反映出來。但可以確定的是，那些在疫情期間仍選擇留下、表現良好並與我們一起擴張的客戶，未來很可能只會變得更強。

So in some ways, we do think, hey, we're going to come out of this with a much stronger customer base over time, but there's probably still a couple of quarters to kind of work through the cohorts. And I'll let Chris and Dustin kind of talk about some of the macro secular tailwinds that we're seeing in terms of the customers.

所以從某種角度來看，我們確實認為，隨著時間推進，我們會帶著更強的客戶基礎走出這段期間，但可能還需要再用幾個季度把各個客群（cohorts）的影響消化完。我也會請 Chris 和 Dustin 來談談我們在客戶面看到的一些宏觀、長期結構性順風。

Yes. I can add some color. I think you had asked specifically about SMB. So just building on what Tim said, although we don't break out our business by SMBs, what I can tell you is that the revenue growth rate for customers spending less than $5,000 with us on an annualized basis accelerated in Q3 versus the growth rate in Q2. But more broadly, I'd emphasize what Tim said in terms of the -- I'd emphasize the strength in the quarter was primarily driven by secular trends and the growing business imperative for work management that's been ongoing, and that's where we think the primary focus for demand and what's driving the businesses. And I think some of the recovery over time can help sort of add a little bit of an additive layer, but it's the secular trends that are really driving the business.

是的。我可以補充一些細節。我想你特別問的是 SMB。延續 Tim 的說法，雖然我們不會按 SMB 拆分揭露業務，但我可以告訴你的是：年化支出低於 5,000 美元的客戶，其營收成長率在第三季相較第二季是加速的。但更廣泛來說，我會強調 Tim 提到的——本季的強勁主要是由長期結構性趨勢所驅動，以及企業對工作管理（work management）日益提升的業務迫切性，這股趨勢一直在持續；我們認為需求的主要焦點與推動企業採用的動力就在這裡。我也認為隨著時間推移的復甦可能會帶來一些額外的加成，但真正驅動業務的仍是這些長期結構性趨勢。

Your next question comes from the line of Brent Bracelin from Piper Sandler.

下一個問題來自 Piper Sandler 的 Brent Bracelin。

One for Dustin and a follow-up for Tim. Dustin, love to get your view on this whole Salesforce-Slack deal. I appreciate that Asana is agnostic to all the video messaging channels. You've announced several new integrations. But that said, what is your view on Salesforce-Slack? And how may that or may that not impact your business going forward?

一個問題給 Dustin，另外一個追問給 Tim。Dustin，我想聽聽你對 Salesforce-Slack 這筆交易的看法。我理解 Asana 對各種影音訊息通道都保持中立，你們也宣布了幾個新的整合。但即便如此，你怎麼看 Salesforce-Slack？它未來可能、或可能不會，對你們的業務造成什麼影響？

Yes, great. Thanks for the question. First of all, I just want to say congratulations to both of those companies. This is a huge moment for Stewart and for Marc and for their entire teams.

是的，很好，謝謝你的問題。首先，我想先恭喜這兩家公司。這對 Stewart、Marc 以及他們整個團隊而言都是一個重要時刻。

And just to reiterate a couple -- how we see the overall collaboration landscape. I mentioned in the prepared remarks, there are really about 3 big categories that we see. So the first is content, which includes cloud storage and file sharing. Second is communication, which includes chat and video conferencing. And then the third thing is coordination. That's where Asana is focused. And coordination is all about clearly answering the question who's doing what by when.

再重申一下——我們如何看待整體協作（collaboration）版圖。我在事先準備的發言中提到，我們看到大致可分為三大類。第一是內容（content），包括雲端儲存與檔案分享。第二是溝通（communication），包括聊天與視訊會議。第三是協調（coordination），這也是 Asana 專注的領域。所謂協調，就是清楚回答「誰在什麼時候要做什麼」這個問題。

And so from our point of view and coordination, it's really important that we integrate well with the products in the other 2 categories. So Slack, of course, is part of communications. And it's no surprise, it's one of our best and most important integrations. In fact, it's something I use every day myself. And in addition we have a great integration with Salesforce's CRM product.

因此從我們在協調領域的角度來看，能與另外兩類產品良好整合非常重要。Slack 當然屬於溝通類。毫不意外，它是我們最好、也最重要的整合之一。事實上，我自己每天都在用。此外，我們也與 Salesforce 的 CRM 產品有很好的整合。

And on top of that, we're mutual customers. So we use Salesforce's CRM. They use Asana and the same with Slack. And so we're really looking forward to just deepening our long-existing relationship with the combined entity to build the future of work, and I think this is just building an even stronger partner for us for the future.

除此之外，我們彼此也是客戶。我們使用 Salesforce 的 CRM；他們使用 Asana，Slack 也是同樣的情況。因此我們非常期待能與合併後的實體深化我們長期既有的合作關係，一起打造未來的工作方式（future of work）。我認為這只會為我們未來建立一個更強的合作夥伴。

Got it. It's helpful color there. And then, Tim, on the follow-up here. I know you mentioned we're not supposed to pay attention to calculated billings and other metrics, but it was very strong, up over 25% sequentially. Just trying to understand, as you think about the momentum there, was there a couple outsized deals that drove billings up so much this quarter? Any additional color you can provide on why you saw such a sharp jump in billings this quarter?

了解。這些補充很有幫助。接著 Tim，關於這裡的追問。我知道你提到我們不應該太關注「計算後的帳單金額（calculated billings）」和其他指標，但它的表現非常強勁，季增超過 25%。我想了解的是，當你看待這股動能時，本季是否有幾筆特別大的交易推升帳單金額成長這麼多？你能否補充一些原因，說明為什麼本季帳單金額會出現如此明顯的跳升？

Great question. I would say we would -- there's not any one thing I can point to that really drove that particular sequential jump. I think we have a bottoms-up business. But I did talk a little bit about -- in my prepared remarks about the seasonality in Q3 related to billings and deferred revenue. And one of the things that we did last year was we did have a price change in Q3 and allowed customers to lock in their prices and renew early. So there's kind of this natural elevated deferred revenue or renewal cycle in Q3. So the way to think about it is probably take a little bit more of a muted approach to Q4 deferred. But really, it's really the secular tailwinds and the strength of the business that really drove kind of the -- both the billings and deferred revenue growth.

好問題。我會說——沒有任何單一因素是我可以指出來、能解釋這個特定的季增跳升。我們的業務是自下而上（bottoms-up）的。不過我在事先準備的發言中確實提到一些——第三季在帳單金額與遞延收入方面的季節性因素。我們去年在第三季做過一次調價，並允許客戶鎖定價格、提前續約。因此第三季自然會出現較高的遞延收入或續約循環。你可以這樣理解：對第四季的遞延收入，可能要採取稍微保守一點的看法。但歸根結底，真正驅動帳單金額與遞延收入成長的，仍是長期結構性順風以及業務本身的強勁表現。

Your next question comes from the line of Ittai Kidron from Oppenheimer.

下一個問題來自 Oppenheimer 的 Ittai Kidron。

And again, guys, congrats on the first public quarter and great results. I have a couple of questions. First, on the customer additions, clearly, a very strong number here. But can you tell us how much of this was potentially some catch-up from the previous 2 quarters? I would assume that some customers have kind of delayed decisions given COVID and perhaps have now felt a little bit more comfortable. So I'm trying to kind of split up the true business activity versus some catch-up activity in there.

再次恭喜各位第一個上市後季度以及優異的成果。我有幾個問題。首先，關於新增客戶數，顯然這是一個非常強的數字。但你們能否說明其中有多少可能是前兩個季度的遞延補回（catch-up）？我猜有些客戶因 COVID 而延後決策，現在可能覺得更安心一些。因此我想把真正的業務活動與其中的補回性活動做個拆分。

And then perhaps a question to Chris. Chris, you've talked about bigger deals in the quarter, and you talked about some of the corporate functions in which you're seeing a lot of traction, a lot of marketing and creative. Help me understand, though, how much of this larger deal activity is really -- reflects more than one corporate function constituency adopting you right off the bat versus a single one that you focus on but just making a bigger step as a first step.

接著可能是給 Chris 的問題。Chris，你談到本季有更大的交易，也提到你們在一些企業職能部門看到很強的動能，像是行銷與創意。請幫我理解：這些較大交易活動中，有多少其實反映的是一開始就有不只一個企業職能部門同時採用你們的產品，而不是你們先聚焦單一部門、但該部門在第一步就採取了更大規模的導入？

Sure. Let me try to take that first question, Ittai. So what I would say in terms of our net customer add, we definitely saw strength in our top of funnel in both Q2 and Q3 during the whole COVID period. And I think what's really changed is kind of the diminishing churn rate that we're seeing. So many of the customers that were impacted by COVID were either churned or paused their subscription at that period.

好的，Ittai，我先試著回答第一個問題。就我們的淨新增客戶而言，我們在整個 COVID 期間的第二季與第三季，漏斗頂端（top of funnel）確實都看到強勁表現。我認為真正改變的是我們看到的流失率正在下降。因此，許多受 COVID 影響的客戶在那段期間不是流失，就是暫停了訂閱。

Got it.

了解。

So I think that was the main impact in terms of our net adds. And then I'll turn the call back to Chris for the other question.

所以我認為這是影響我們淨新增的主要因素。接著我把電話交回給 Chris 來回答另一個問題。

Sure. Thanks, Ittai. So to try to answer your question, I'll just sort of remind everyone, at the highest level, we have an intentionally hybrid self-serve and direct sales business model, and that maps to the way customers adopt our product over time, where direct sales is built on top of that self-serve business. And self-serve, of course, maps to acquiring small free and paid teams in companies of all sizes, and that sales-assisted motion corresponds to land and expand. So land typically is about establishing a champion, deploying a critical workflow, an initial team or 2. And then expansion is typically about engaging with IT and decision-makers to expand more broadly.

好的，謝謝你，Ittai。為了回答你的問題，我先提醒大家，在最高層次上，我們刻意採用混合式的自助（self-serve）與直銷（direct sales）商業模式，而這也對應到客戶隨時間採用我們產品的方式：直銷建立在自助業務之上。自助模式當然對應到在各種規模的公司中獲取小型的免費與付費團隊，而銷售輔助（sales-assisted）的推進方式則對應到「落地並擴張（land and expand）」。所謂落地（land）通常是建立一位內部推動者（champion）、部署一個關鍵工作流程、先導入一到兩個初始團隊；而擴張（expand）通常是與 IT 與決策者互動，進一步在更廣範圍內擴大導入。

So we don't really break out the revenue versus land versus expand. But what I can tell you is expansion is almost always about more than one function to your question in cross-functional. And land, typically, a good portion of land typically gets into that. And maybe a good proxy for cross-functional usage of Asana is that what Dustin talked about earlier with multi-homing tasks, where we start to see work that is shared virally across teams. That's really what drives the usage of Asana from one department to another. So certainly, our sales-assisted business corresponds to cross-functional and multi-department. Not all of it, but a good chunk of it. And mostly, our expansion business is almost all focused on broader usage across the company.

所以我們其實不會把營收拆分成「land」與「expand」。但我可以告訴你的是，針對你提到的跨職能問題，擴張幾乎總是涉及不只一個功能面向。而「land」通常也會有相當一部分落在其中。至於 Asana 跨職能使用的一個可能良好代理指標，是 Dustin 先前提到的「多重歸屬（multi-homing）任務」：我們開始看到工作以病毒式方式在團隊之間被共享。這正是推動 Asana 使用從一個部門擴散到另一個部門的關鍵。因此，我們的銷售輔助（sales-assisted）業務確實對應到跨職能與多部門使用——不是全部，但占了相當一部分。而且我們的擴張業務幾乎都聚焦在公司內更廣泛的使用。

And your next question comes from the line of Brent Thill from Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Tim, no one is going to have an endurance problem on our side if you keep putting up 55% growth. So I guess, just as it relates to the digital component at 60% of your revenue, many are asking. Given you're such a digital mix, why the big need for these massive investments you're putting in? You can just put in context of how you're building the direct sales force out and then other components and how you anticipate bringing this back to more of a natural balance of good growth with carrying about the bottom line and profitability.

Tim，如果你們持續繳出 55% 的成長，我們這邊沒有人會有「續航力」問題。所以我想問的是，關於數位（digital）部分占你們營收 60%，很多人都在問：既然你們的組合這麼偏數位，為什麼還需要投入這麼龐大的投資？你能否說明一下你們如何擴建直銷團隊，以及其他組成部分，並且你們預期如何把這件事拉回到更自然的平衡——也就是在維持良好成長的同時，也兼顧損益底線與獲利能力。

Yes, sure. Why don't I start, and then, Chris, if you want to add on. I'll talk a little bit about kind of how we think about leverage and how we think about the -- growing the business long term.

好的，當然。要不我先開始，然後 Chris 你如果想補充再接著說。我會談一下我們如何看待槓桿效益，以及我們如何看待——長期的業務成長。

I think the most important thing for us is acquiring customers. Landing with those customers, helping them be successful and having them expand over time. So we have 88% gross margins, which provides a lot of flexibility for us to build a great business. And what we've seen with customers that are spending over $5,000 or $50,000 with us, that they naturally not only just expand with seats, but they also expand moving up the tiers from premium to business, and then business to enterprise. So there's also a lot of ACV growth down the road for us in addition to seats.

我認為對我們來說最重要的是取得客戶：先在這些客戶中落地（land），協助他們成功，並讓他們隨時間推移持續擴張（expand）。我們的毛利率是 88%，這讓我們有很大的彈性去打造一家很棒的公司。而我們看到，對於每年在我們這裡花費超過 5,000 美元或 50,000 美元的客戶，他們不僅會自然地透過增加席位（seats）來擴張，也會透過從 Premium 升級到 Business、再從 Business 升級到 Enterprise 來擴張。因此，除了席位之外，我們未來也還有很大的 ACV 成長空間。

So we think building the business is really about landing with customers. And the category is relatively new with 1.2 billion knowledge workers, and we're barely penetrating into that opportunity. So for us, it's really about investing into the opportunity and driving growth and then building and creating leverage over the longer term.

所以我們認為，打造這門生意的核心在於先在客戶端落地。這個類別相對新，面向 12 億名知識工作者，而我們對這個機會的滲透仍然非常有限。對我們而言，重點就是投資這個機會、推動成長，並在更長期建立與創造槓桿效益。

Yes. I don't have much to add. I'll just bring it back maybe to the business model. And again, it's an intentionally hybrid, self-serve direct sales business model. And given the market opportunity and the rising business imperative, the reality is we're investing in growth for both and one feeds the other.

是的。我沒有太多要補充的。我想把它拉回到商業模式本身。再次強調，這是一個刻意設計的混合式（hybrid）模式：自助式（self-serve）加上直銷（direct sales）。考量到市場機會與日益上升的業務迫切性，現實是我們同時在兩邊投資成長，而且兩者彼此相互促進。

So in self-serve, acquiring new customers, as Tim said, the market is wide open. It's in land grab mode. Most of the world doesn't yet have solutions. And so for future growth, we're very focused on landing new and free/paid teams in companies of all sizes, and we're investing in marketing and top of funnel and our self-serve business there.

在自助式方面，如 Tim 所說，市場仍然非常開放，正處於搶占市場（land grab）模式。世界上大多數地方仍然沒有解決方案。因此，為了未來成長，我們非常專注於在各種規模的公司中落地新的免費/付費團隊，並在行銷、漏斗頂端（top of funnel）以及我們的自助式業務上持續投資。

And again, on the sales-assisted side, that's all about the large expansion opportunity in our paying base. We shared some metrics on that. And for example, in customers spending more than $50,000 with us annually, we've more than doubled the revenue and the number of customers year-on-year in that segment. It's a good metric there. And we're investing again to sort of roughly double the sales team to ensure global coverage for growth, particularly with quota-carrying reps, to take advantage of that opportunity.

同樣地，在銷售輔助端，重點在於我們付費客群中的大型擴張機會。我們也分享了一些相關指標。舉例來說，在每年於我們這裡支出超過 50,000 美元的客戶中，我們在該區隔的營收與客戶數都已年增超過一倍，這是一個很好的指標。我們也再次投資，將銷售團隊大致擴增到約兩倍，以確保全球覆蓋、推動成長，特別是配額制（quota-carrying）的業務代表，以把握這個機會。

Your next question comes from the line of Stan Zlotsky from Morgan Stanley. Your next question comes from the line of Stan Zlotsky.

下一個問題來自 Morgan Stanley 的 Stan Zlotsky。下一個問題來自 Stan Zlotsky。

Sorry about that. I was on mute. Congratulations on a very strong quarter. Maybe a high-level question for me. As you guys look at the world and as the world really starts to settle into this new normal in 2021, how do you think Asana fits in to the new patterns of collaboration that emerge as a result? And then I have a quick follow-up.

抱歉，我剛剛在靜音。恭喜你們這一季表現非常強勁。我這邊可能是一個較高層次的問題。當你們看待這個世界、而世界在 2021 年逐漸進入這個新常態時，你們認為 Asana 會如何融入因此而出現的新協作模式？然後我還有一個簡短的追問。

Yes. So I think you're partially referring to the trends towards more distributed work. I think that the thing I'd point out is just well before COVID came on to the scene, I think there was a rapidly increasing business imperative for increased clarity and alignment. Clarity is really difficult for teams to achieve even when they're working in an office environment, but it's particularly difficult with remote work. So I think going forward, we're going to see some companies continue -- we're going to see some companies returning to the office. We're going to see some companies decide to continue with remote distributed work, and we're going to see everything in between. And across that entire spectrum, I think Asana has a really important role to play in terms of driving clarity for teams. And so I think we're just really well suited to all of those different environments, and yes, we're happy to help customers.

是的。我想你部分是在指向更分散式工作的趨勢。我想指出的是，在 COVID 出現之前很久，我認為企業對於提升清晰度與一致性（clarity and alignment）的迫切性就已快速上升。即使在辦公室環境中，團隊要達到清晰度也很困難，但在遠距工作下尤其困難。所以我認為未來，我們會看到一些公司回到辦公室；也會看到一些公司決定繼續採用遠距、分散式工作；以及介於兩者之間的各種型態。在整個光譜上，我認為 Asana 在推動團隊清晰度方面都能扮演非常重要的角色。因此我認為我們非常適合所有不同的環境；是的，我們也很樂意協助客戶。

Perfect. That makes a lot of sense, Dustin. And maybe just a follow-up for Tim. When we look at new customer acquisition that you guys saw in the quarter, obviously, very impressive numbers on a net basis. And some people will have -- are trying to ask that question. But as I think about it, right, there's essentially kind of 3 levers to net new customer acquisition in your model. You have conversion of free usage to paid. You actually have just brand-new top-of-funnel acquisition, and then you have just a sheer improvement in gross churn. As you think about those kind of 3 vectors, maybe stack rank them for us to help us in understanding of what were the drivers of such improvement in the quarter.

很好。這很有道理，Dustin。那我對 Tim 有個追問。當我們看你們本季的新客戶取得，顯然淨新增（net）數字非常亮眼。有些人一直在問這個問題。但我想，對吧，在你們的模型中，淨新增客戶取得大致有三個槓桿：你們可以把免費使用轉換成付費；你們也可以透過漏斗頂端取得全新的客戶；然後還有就是整體流失（gross churn）的純粹改善。當你看這三個向量時，能否幫我們做個優先排序（stack rank），以協助我們理解本季改善如此顯著的驅動因素是什麼？

Yes. I would say -- the improvement we definitely saw was on the logo churn basis, right? Because primarily, most of the churn that were related to COVID for us and impacted the industry like hospitality or retail and small businesses mostly happened in Q2. So we definitely saw improvement in logo churn.

是的。我會說——我們確實看到的改善是在客戶標誌（logo）流失的層面，對吧？因為對我們而言，與 COVID 相關、並影響到像旅宿、零售以及小型企業等產業的大部分流失，主要發生在第二季。所以我們確實看到 logo 流失有所改善。

And I would say like if I -- if we go back and look at both our free -- pay-to-free ratio, those have maintained relatively strong and hasn't changed dramatically. And our acquisition channel continues to be really strong, just the top of the funnel. So I would say the main difference change between this quarter and probably last quarter and even part of Q1 is just the logo churn has improved.

另外我會說，如果我——如果我們回頭看我們的免費——付費轉換比率，這些都維持在相對強勁的水準，並沒有出現劇烈變化。而我們的獲客渠道也持續非常強勁，也就是漏斗頂端。因此我會說，本季相較於上季、甚至第一季部分期間，主要的差異就是 logo 流失改善了。

Your next question comes from the line of Mark Murphy from JPMorgan.

下一個問題來自 JPMorgan 的 Mark Murphy。

I'll add my congrats on a very solid start. Tim, can you help us to try to understand how much of the $15 million deferred revenue increase would you say was unusual or seasonal relating to that price increase? And I understand you don't guide to it, but how does deferred revenue normally behave in a Q4? Because I don't think we have the historicals to go back too far and try to ascertain that.

我也要恭喜你們有個非常穩健的開局。Tim，你能否協助我們理解一下：遞延收入增加的 1,500 萬美元中，你認為有多少是與那次漲價相關、屬於不尋常或季節性因素？我知道你們不對此提供指引，但遞延收入在第四季通常會如何表現？因為我想我們沒有太多歷史數據可以回溯來判斷。

Yes. I think if we look at deferred prior to this Q3, deferred has probably grown anywhere between $5 million and $10 million on a quarter-over-quarter basis. But I think in Q4, there's generally a little -- it's a little bit more muted, primarily because we have the holidays of Thanksgiving and December. So I think you can kind of take a more muted approach in terms of the growth rate from quarter-to-quarter sequentially, and you should probably be fine.

是的。我想如果我們看第三季之前的遞延收入，按季（quarter-over-quarter）大概會成長 500 萬到 1,000 萬美元之間。但我認為在第四季通常會——會稍微更趨緩，主要是因為有感恩節與 12 月的假期。所以我認為你可以在按季成長率上採取較為保守、偏趨緩的看法，應該就沒問題。

I'm sorry, you're referring to 5% to 10% sequential and then muting...

抱歉，你指的是按季 5% 到 10% 的成長，然後再趨緩……？

No. $5 million to $10. Yes, $5 million to $10 million.

不是。是 500 萬到 1,000 萬美元。對，500 萬到 1,000 萬美元。

$5 million to $10 million, okay. Okay. And then Dustin, I'm curious roughly what you saw in terms of paid user growth in Q3 if you're able to say. And just in your mind, what do you think is the optimal balance of paid user growth versus ARPU expansion going forward the next couple of years?

500 萬到 1,000 萬美元，好的。好的。然後 Dustin，我也好奇如果你方便分享的話，你們在第三季的付費用戶成長大概是什麼情況？以及就你看來，未來幾年在「付費用戶成長」與「ARPU 擴張」之間，最理想的平衡大概會是什麼？

I don't think that we typically break those out from a metrics number, but I definitely think that the revenue growth was a combination of those. And in terms of the talent, I don't know how to answer that very precisely, but we're definitely very interested both in driving seat expansion within our existing customers and capturing that -- the opportunity you mentioned. So we're only 3% penetrated into employees for our existing customer base, so that a 97% seat expansion opportunity. And then we also think there's still a lot of opportunity to drive ARPU as well. So I think that will be part of the future, but I can't really give a prediction on the exact mix of them.

我不認為我們通常會把這些從某個指標數字中拆分出來，但我確實認為營收成長是由這些因素共同組成的。至於人才方面，我不太知道該如何非常精準地回答，但我們確實非常有興趣同時推動既有客戶內的席位擴張，以及把握你提到的那個——機會。因此，我們在既有客戶基礎的員工滲透率只有 3%，也就是有 97% 的席位擴張機會。然後我們也認為在提升 ARPU 方面仍然有很大的空間。所以我認為那會是未來的一部分，但我無法對它們之間的確切組合做出預測。

Mark, let me just comment on that deferred revenue. I know many of you are really focused on our deferred revenue and calculated billings. But still a material portion of our revenue is still on monthly contracts. So you won't see those in our deferred, but they do -- they certainly help and they help drive the business, and they help drive our GAAP revenue. So I just want to just make sure that you guys are aware of that as well.

Mark，我想就遞延收入補充說明一下。我知道你們很多人都非常關注我們的遞延收入和計算後的帳單金額（calculated billings）。但我們的收入中仍有相當一部分來自月度合約。因此你不會在我們的遞延收入中看到那些，但它們——確實有幫助，能推動業務，也能推動我們的 GAAP 收入。所以我只是想確保你們也注意到這一點。

Your next question comes from the line of Brad Zelnick from Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Brad Zelnick。

Great. And congrats on a great quarter. Dustin, it's good to see that the business remains well diversified with strength across several industries and functionally, in particular, the strength that you have in marketing departments. And I don't know if this analogy resonates with you, but is it fair to think that Asana could become sort of the Atlassian of marketing? And that said, along those lines, how do you think about the recent deal that Adobe made to acquire Workfront?

很好。也恭喜你們交出一個很棒的季度。Dustin，很高興看到業務仍然相當多元化，在多個產業與功能面都有強勁表現，尤其是你們在行銷部門的強勢。我不知道這個類比你是否認同，但把 Asana 視為可能成為「行銷界的 Atlassian」是否合理？另外，沿著這個脈絡，你們如何看待 Adobe 最近收購 Workfront 的交易？

Sure. So I think I would just start off by saying I think we have a really broad base of customers both across industries and geographies but also across departments. And so marketing is often the place where we land in the customers. So it'd probably be -- it's where we most often land, but it's the sort of plurality of landing, it's not the majority. And one of the reasons for that is actually that marketing tends to work so much cross-functionally. And so I mentioned in the prepared remarks that we have -- we see 97% of our customers over $5,000 -- paying $5,000 or more on an annualized basis are using multi-homing, and we've seen hundreds of millions of multi-homed tasks. We actually see that as a huge signal of the fact that our customers are using Asana cross-functionally.

當然。我想我會先說，我們的客戶基礎非常廣泛，涵蓋不同產業與地理區域，也涵蓋不同部門。因此行銷往往是我們切入客戶的地方。它可能是——我們最常切入的部門，但只是「相對最多」的切入點，並非多數。原因之一其實是行銷往往需要大量跨職能協作。我在事先準備的發言中提到，我們看到——在年化付費 5,000 美元以上的客戶中，有 97% 正在使用 multi-homing，而且我們已經看到數以億計的 multi-homed 任務。我們其實把這視為一個非常重要的訊號，顯示客戶正在跨職能使用 Asana。

And so I think we can be really strong in marketing, but we would -- but I think part of the reason for that is that marketing will work with -- for all the other departments in the company as well. And so we're really looking to be a horizontal solution for our customers. Do you want to add anything there, Chris?

因此我認為我們可以在行銷領域非常強，但我們——不過我認為其中一部分原因是行銷也會與——公司內所有其他部門一起合作。所以我們真正想成為客戶的水平式（horizontal）解決方案。Chris，你想補充什麼嗎？

Yes. And you also asked about Workfront, so I can mention something on that. But I'd also add, as a former CMO for 10 years, exactly what Dustin said about the cross-functional nature of marketing, it gets us into other teams and helps us spread virally.

是的。你也問到了 Workfront，所以我可以就那點提一下。不過我也想補充，作為一名前 CMO 做了 10 年的人，Dustin 說得完全正確：行銷的跨職能特性會把我們帶進其他團隊，並幫助我們以病毒式方式擴散。

But I'd also say that unlike some other functions, marketing teams do not have systems of record for these business processes, right? So for events and campaigns and product launches and those kinds of things, so sort of what we're doing with work management, there were no standard tools for that. So it's just super greenfield and it is a super exciting category. And it is our strongest. Even though we are very diverse, it tends to be, if you have to pick a starting point, probably where we see the most traction upfront at land.

但我也會說，與其他一些職能不同，行銷團隊並沒有針對這些業務流程的「系統紀錄」（systems of record），對吧？例如活動、行銷戰役、產品上市等這類事情。也就是說，在我們所做的工作管理（work management）領域，過去並沒有標準工具。所以這是一個非常綠地（greenfield）的市場，也是非常令人興奮的類別，而且是我們最強的。即使我們非常多元，但如果一定要選一個起點，可能就是我們在最初切入（land）時看到最多前期牽引力的地方。

And then I think you asked a question about the Workfront acquisition by Adobe. Yes, we see that as validation in 2 ways: validation of the category that large-cap tech companies are taking note of the business imperatives of the problem we solve and hearing it from their customers and validation of the marketing segment. What -- we just talked about it, but what a huge greenfield opportunity it is. And I would just add in that, our partnership with Adobe and the integrations we provide there is strong and driving a lot of traction with our customers right now.

然後我想你問了 Adobe 收購 Workfront 的問題。是的，我們把這視為兩個層面的驗證：第一，驗證這個類別——大型科技公司正在注意到我們所解決問題背後的業務迫切性，並從他們的客戶那裡聽到這個需求；第二，驗證行銷這個細分市場。我們——剛剛談過了——這是一個多麼巨大的綠地機會。我還想補充的是，我們與 Adobe 的合作夥伴關係，以及我們在那裡提供的整合非常強，並且正在為我們的客戶帶來大量的牽引力。

Maybe, Chris, just one quick follow-up or perhaps for you, Dustin. You talked about a lot of the new features. And I also took note of the press release Asana for the enterprise that you had out last month. But in particular, when I think about goals that you've launched, I think it's now been several months. Can you maybe just double-click on that a little bit further in terms of some of the early customer reception for the feature and how you view its potential to help drive greater seat expansion within an organization?

也許，Chris，再追問一個簡短的問題，或是給你 Dustin。你談到了很多新功能。我也注意到你們上個月發布的新聞稿《Asana for the enterprise》。但特別是，當我想到你們推出的 goals（目標）功能，我想現在已經過了好幾個月。你能否再更深入一點談談這個功能早期的客戶反應，以及你如何看待它在推動組織內更大席位擴張方面的潛力？

Do you want me to take that, Dustin, or would you like to...

Dustin，你希望我來回答，還是你想要……

Yes. I'll just start off by saying -- so we launched goals earlier this year. It's the first version of the product. And we've seen some great response from the initial customers, but this is really a multiyear product strategy for us. So we're going to be investing quite a bit more into goals this year. So I mentioned in the prepared remarks we're going to be allowing organizations to manage all of the org team and individual goals for every employee in the company. And this is really about sort of manifesting the full vision for the Asana work graph and allowing customers to map their work graph top to bottom and aligning work from the atomic level of detail tasks, all the way up to the highest-level objectives of the organization.

是的。我先說——我們今年稍早推出了 goals，這是產品的第一個版本。我們從初期客戶那裡看到很好的回饋，但這對我們而言其實是一個多年期的產品策略。因此今年我們會在 goals 上投入更多。我在事先準備的發言中提到，我們將讓組織能夠管理公司內每位員工的所有組織、團隊與個人目標。這其實是要把 Asana work graph 的完整願景具體呈現出來，讓客戶能夠自上而下地映射他們的 work graph，並把工作從最原子層級的細節任務，一路對齊到組織最高層級的目標。

And I think we've got a great sort of view on it out there, but there's a lot more that we can do to fully manifest that vision and make sure that it's flexible enough to be adopted by the broad base of customers. Do you want to add on, Chris?

我認為我們已經在市場上建立了很好的——某種程度的——觀點，但要完全實現那個願景，我們還能做更多，也要確保它足夠彈性，能被廣泛的客戶群採用。Chris，你想補充嗎？

No. I think you covered it well. Thanks.

不。我覺得你講得很完整了。謝謝。

Your next question comes from the line of Pat Walravens from JMP Securities.

下一個問題來自 JMP Securities 的 Pat Walravens。

Let me add my congratulations and also kudos to whomever coined the phrase in your script on multi-homing when you said the cycle of chaos is a burden. Those are 6 great words.

我也要補上我的恭喜，並且向你們稿子裡創造 multi-homing 那句話的人致意：你們說「混亂循環是一種負擔」。這 6 個字很棒。

Okay. So Dustin, when you think about the TAM, I think one question investors have is it seems like in this market, in the coordination space, you often have competitors that coexist in the same customer. And I mean, this is a funny example. A question before me, I think we mentioned Adobe. And Adobe bought Marketo before Marketo was a reference customer for Smartsheet. Now they bought Workfront. So obviously, they're going to have to figure that out. But my sense is this sort of thing accrues a lot. And so just -- I'd just love to hear your big picture themes in terms of does that mean that the TAM is actually maybe smaller and the 3% is actually a bigger number? And how does it play out?

好。所以 Dustin，當你思考 TAM（總可服務市場）時，我認為投資人有個疑問是：在這個市場、在協作（coordination）領域，你常常會看到競爭對手在同一個客戶內共存。我是說，這是一個有趣的例子。在我之前的問題裡，我想我們提到了 Adobe。Adobe 在 Marketo 成為 Smartsheet 的參考客戶之前就收購了 Marketo。現在他們又買了 Workfront。所以顯然他們得想辦法處理這件事。但我的感覺是，這類情況會大量累積。因此——我很想聽聽你從宏觀角度的主題：這是否意味著 TAM 其實可能更小，而 3% 其實已經是個更大的數字？以及這會如何發展？

This is Chris. Why don't I take a stab at that and Dustin, add anything you want. So if I understand you correctly, your question is really about the TAM. So it all starts with like the number of -- the amount of information and the worker -- information workers in the world that don't have a solution yet. And again, like the vast, vast, vast, north of 90% of information workers in the world don't yet have solutions. They're doing this manually. So the way they're trying to get clarity for their teams and align their teams is with spreadsheets, meetings and sticky notes and e-mail threads. And so that's, I think, why the business imperative for the need for clarity and alignment real time of who's doing what, when is just growing at a time when no one's ever really had it before other than manually.

我是 Chris。我先嘗試回答一下，Dustin 你再補充你想加的。如果我理解正確，你的問題主要是在談 TAM。所以一切都從——全球資訊工作者（information workers）的數量，以及還沒有解決方案的資訊工作量開始。再說一次，全球絕大多數、絕大多數、絕大多數——超過 90% 的資訊工作者仍然沒有解決方案。他們是用手動方式在做。也就是說，他們試圖為團隊取得清晰度並讓團隊對齊的方法，是用試算表、會議、便利貼和電子郵件串。也因此我認為，對於「即時清晰與對齊」——誰在做什麼、何時做——的業務迫切性正在成長，因為過去除了手動方式之外，從來沒有人真正擁有過這種能力。

And so I think that's overall what's driving the opportunity and what has us so excited. And it's true -- at the individual level in companies, it's true for kind of all business processes across companies, and it's true where all that work execution connects to the strategies, initiatives and goals of the management layer.

所以我認為，整體上正是這些因素在推動機會，也讓我們如此興奮。而且這是真的——在公司內的個人層級是真的；在跨公司的各種業務流程上也是真的；同時也是真的，因為所有的工作執行都會連結到管理層的策略、倡議（initiatives）與目標。

And ultimately, that's a lot of white space, right? And so on the customer acquisition side, it's just a huge opportunity for us. And sure, there are certain segments in that where we see more traction than not, but it's still so horizontal, the demand and the interest and the teams that we're acquiring today.

最終，那裡有大量的空白市場（white space），對吧？因此在客戶獲取（customer acquisition）方面，對我們而言就是一個巨大的機會。當然，其中有些細分領域我們看到的牽引力更強，但需求、興趣，以及我們今天正在獲取的團隊，仍然是非常水平式（horizontal）的。

And on the customer expansion side, in our paid base, we are less than 3% penetrated. So 97% of the addressable employees are still there. And that's without really getting into this wall-to-wall type thing, which is the third leg of our growth strategy and relatively new for us. And we've begun to see some greater wall-to-wall deployments in small and mid-sized companies, but it's early days. Like examples of names you might recognize are like Quora; Mirror, which was recently acquired by Lululemon; and Epitaph Records, an app supplier; and so on. And so it is a huge opportunity, and I think that's why -- the rise of the business imperative combined with this huge opportunity that's largely untapped that's never been solved right before is why I think you see so much interest in the category.

在客戶擴張方面，就我們的付費客群而言，我們的滲透率不到 3%。也就是說，97% 的可觸及員工仍然在那裡。而這還沒有真正進入我們所說的「全員覆蓋（wall-to-wall）」模式——這是我們成長策略的第三支柱，對我們來說也相對較新。我們已開始在中小型公司看到更多全員覆蓋的部署，但仍處於早期階段。舉一些你可能認得的例子：Quora；Mirror（近期被 Lululemon 收購）；以及應用程式供應商 Epitaph Records 等等。因此這是一個巨大的機會，而我認為這也是為什麼——商業迫切需求的崛起，加上這個龐大且大多尚未被開發、過去從未真正被解決的機會——讓你看到市場對這個類別有如此高的興趣。

And one thing I'll just add. So we really emphasize that the work graph data model uniquely enables Asana to be very successful cross-functionally, and a corollary to that is customers actually get increasing returns to scale as they expand their Asana usage throughout the organization and have a more complete work graph. So we think that gives us a special kind of advantage as we expand within these customers even if there -- we may be running into some other alternatives and other teams.

我再補充一點。我們非常強調，work graph（工作圖譜）資料模型以獨特方式讓 Asana 能夠在跨職能層面取得成功；其推論是，當客戶在整個組織內擴大 Asana 的使用、並建立更完整的 work graph 時，客戶實際上會獲得愈來愈高的規模報酬。因此我們認為，當我們在這些客戶內部擴張時，即使可能會遇到其他替代方案或其他團隊，這也能帶給我們一種特殊的優勢。

Your next question comes from the line of Alex Kurtz from KeyBanc.

下一個問題來自 KeyBanc 的 Alex Kurtz。

Yes. Dustin, I just want to go back to your philosophy. If you could remind us on how the team thinks about price increases, when to do it, how to do it and kind of the flow year-to-year around that. And then, Tim, back to an earlier question about deferred revenue and kind of how price increases drive behavior in the prior periods before that goes into effect. Is that something we should be looking at more closely in our calculated billings projections?

是的。Dustin，我想回到你們的理念。如果可以的話，請提醒我們團隊如何看待漲價：什麼時候做、怎麼做，以及每年在這方面大致的節奏。然後 Tim，回到先前關於遞延收入的問題，以及漲價在正式生效前的前期期間如何驅動行為。這是否是我們在計算帳單（billings）預測時應該更密切關注的事情？

Yes. I'll start off. Just on a philosophical basis, we think it makes sense to raise prices when we've made a step-wise change in the amount of value that we're providing to the customer experience, so it typically comes after. We've done quite a lot of investment into the product and released some new major features in whichever tier we're increasing as well as just generally improve the customer experience across the board. And so I think that just points to relatively infrequently, but it's something that is likely to occur again in the future, but we don't have any specific timing to speak to right now.

好的，我先回答。從理念上來說，我們認為當我們在提供給客戶的體驗價值上有「階梯式」提升時，調漲價格是合理的，因此通常會在之後發生。我們對產品投入了相當多的投資，並在我們要調漲的各個方案層級推出一些新的重大功能，同時也全面改善客戶體驗。因此我認為這意味著漲價相對不會太頻繁，但未來仍有可能再次發生；只是目前沒有任何具體時點可以分享。

Yes. And in terms of the impact on deferred revenue, I kind of -- I think the seasonality did happen in Q3, and you should model and think about that as a Q3 just because we do have a cohort of customer where the renewals came -- got pulled into Q3. But we will definitely -- prior to announcing any type of price increase, we generally give our customers time to adjust and reflect on whether they want to maintain. So you will have the same update when we notify our customers.

是的。至於對遞延收入的影響，我認為季節性確實發生在第三季，你應該把它建模並視為第三季的現象，因為我們有一批客戶的續約被拉到第三季完成。但我們在宣布任何形式的漲價之前，一般都會給客戶時間調整並思考是否要維持原方案。因此當我們通知客戶時，你也會看到同樣的變化。

Your next question comes from the line of Zane Chrane from Bernstein Research.

下一個問題來自 Bernstein Research 的 Zane Chrane。

Really nice quarter. I'm curious, what portion of your bookings this quarter came from direct sales versus self-service? And then how do you expect that to trend going forward?

這一季表現非常好。我想了解，本季你們的預訂（bookings）有多少比例來自直銷、多少來自自助式（self-service）？接著你們預期未來這個比例會如何變化？

And then secondly, the incremental revenue added in the quarter, if I look at the year-over-year growth in that metric, it's been pretty volatile. I was up double digits in Q1, down double digits in Q2, up 38% really impressively this quarter. And then your guidance implies it's down 25% roughly at the high end of your guidance in Q4. What's driving the volatility in that metric? And how should we think about that going forward?

第二個問題是，本季新增的增量營收（incremental revenue），如果我看這個指標的年增率，波動相當大：第一季是雙位數成長、第二季是雙位數下滑、這一季則非常亮眼地成長 38%。而你們的指引顯示，第四季在指引上緣大約會下滑 25%。是什麼在驅動這個指標的波動？我們應該如何看待未來的走勢？

Okay. So I think the first question was -- let me just make sure I have it here. It was self-service. So I think we -- I would say it hasn't changed dramatically. I think, Chris, on his -- kind of on the Investor Day as well as kind of on the Q2 earnings call talked a little bit about both the breakdown between our self-serve and sales-assisted business. And those have generally been in the 60%-40% range, 60% being self-serve and 40% being sales-assisted, and sales-assisted nudging up and becoming a higher percentage over time.

好的。我想第一個問題是——我先確認一下——是關於自助式。我會說這並沒有出現劇烈變化。我想 Chris 在投資人日以及第二季財報電話會議上，談到過我們自助式與銷售協助（sales-assisted）業務的拆分。整體而言大致落在 60%–40% 的區間，60% 來自自助式、40% 來自銷售協助，而且隨著時間推進，銷售協助的占比正在小幅上升、逐步成為更高的比例。

That's exactly right, yes.

沒錯，完全正確。

And Zane, I -- you would probably have to walk me through your math in terms of how you're coming up with the implied growth rate because I don't understand exactly the calculation. But we can take that off-line so I'll follow-up with you directly.

Zane，關於你推導出的隱含成長率，我可能需要你帶我走一遍你的計算方式，因為我不太理解你具體是怎麼算出來的。不過我們可以會後再談，我會直接跟你跟進。

Okay. Sounds good. If I could just have one quick follow-up. How should we think about the maturity in terms of your enterprise sales order buildout? I know it's been a big priority for you guys, and it seems to be yielding some results. What inning are we in, in terms of that enterprise sales order buildup?

好的，聽起來不錯。我再追問一個很快的問題：我們應該如何看待你們企業級銷售組織建置的成熟度？我知道這一直是你們的重點，看起來也開始產生一些成果。在企業級銷售團隊建置方面，我們現在大概進行到第幾局（inning）？

Yes. So the enterprise business, the -- think of it as moving into the large expansion business and eventually wall-to-wall business. It's in early days. And it's -- we're really encouraged by what we're seeing in early days, and we shared a lot of that. So I won't revisit it too much, maybe to just add a little bit to it. We are building out the offering. We talked about that and generalized the enterprise offering is focused on providing deeper security and administrative controls and support that IT needs, and we talked about some of the expansions of integrations as well as business rules and adding controls in this quarter.

是的。企業業務——可以把它想成是邁向大型擴張業務，最終走向全員覆蓋（wall-to-wall）業務——仍處於早期階段。我們對早期看到的情況感到非常鼓舞，也分享了很多內容，所以我不會重複太多，可能補充一點：我們正在擴充產品方案。我們談過，整體的企業方案聚焦於提供更深層的資安與管理控制，以及 IT 所需要的支援；我們也談到本季在整合（integrations）的擴展、商業規則（business rules）以及新增控制項方面的進展。

In terms of deal -- large deals, it's early innings. We thought it out, but we're starting to see it pay fruit. 2/3 of the Fortune 500 are already free or paid customers. Some of the world's most valuable customers are some of our largest customers. And in Q3, 4 of our biggest customer expansions were in the Fortune 50. But as we mentioned earlier, we're still only 3% penetrated in the addressable employee base. So I would think of it like in those large accounts, we're seeing really strong traction, but it's very early innings still.

就交易面——大型交易而言，仍是早期局數。我們已經規劃過，但開始看到成果。財富 500 大中已有 2/3 是我們的免費或付費客戶；全球最有價值的一些客戶也是我們最大的客戶之一。而在第三季，我們最大的四筆客戶擴張中，有四筆來自財富 50 大。但如同先前提到的，我們在可觸及員工基礎中的滲透率仍只有 3%。因此我會這樣看：在這些大型客戶中，我們看到非常強的動能，但整體仍然是非常早期的階段。

And your final question comes from the line of Andrew DeGasperi from Berenberg.

最後一個問題來自 Berenberg 的 Andrew DeGasperi。

Just one to close it off, I guess, would be the integrations you've made with the communication layer like Slack, Zoom and others. I was just curious, I know that's still in the early stages, but can you maybe share with us how many users have started using Asana with those tools?

最後一題，我想問的是你們與溝通層（communication layer）工具如 Slack、Zoom 等的整合。我很好奇，我知道這仍在早期階段，但你們是否可以分享一下，有多少使用者已開始搭配這些工具使用 Asana？

I don't think that we have a metric that we're able to share off-hand on that, but maybe that's something we can try and set up for the next call. I do think -- like I said, Slack is our most used integration. I know that for sure. And the communications integrations as a category are extremely popular. So it's very common to using work management side-by-side with those. And again, it's something I use every day myself. But yes, in terms of actual quantitative stats, I don't have a lot to give you.

我想我們目前沒有一個可以立即分享的指標，但也許我們可以嘗試在下一次電話會議前準備。我確實認為——如我所說——Slack 是我們使用最多的整合，這點我很確定。而且「通訊整合」作為一個類別非常受歡迎，因此把工作管理與這些工具並行使用是非常常見的。我自己也每天都這樣用。不過就實際的量化數據而言，我目前沒有太多可以提供。

Yes. Maybe something I could add is -- it's anecdotal, but it's helpful. Slack is the most popular, and Google, Microsoft and Zoom are the next most popular so -- out of all our integrations. So I think that gives you a feel for how important the communication with that -- the connection to that communication layer is.

是的，我可以補充一點——這是軼事性的，但有幫助。Slack 最受歡迎，接下來最受歡迎的是 Google、Microsoft 和 Zoom——在我們所有整合之中。我想這能讓你感受到，與該通訊層的溝通——也就是與通訊層的連結——有多重要。

And there are no further questions at this time. Catherine Buan, I turn the call back over to you for some closing remarks.

目前沒有其他問題。Catherine Buan，我把電話交回給你做結語。

Great. Thank you very much. And thank you, everyone, for joining us again today. As always, please feel free to reach out if you have any follow-up questions, and we are looking forward to talking to you again soon. Thank you.

很好。非常感謝。也謝謝各位今天再次加入我們。一如往常，如果你有任何後續問題，歡迎隨時與我們聯繫，我們也期待很快再次與各位交流。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。