Asana, Inc. (ASAN) 2022 Q4 法說會逐字稿

Good evening, and thank you for attending today's Asana Fourth Quarter and Fiscal Year 2022 Earnings Call. My name is Selena, and I will be your moderator. (Operator Instructions) I would now like to pass the conference over to our host, Catherine Buan, Head of Investor Relations at Asana. Please go ahead.

各位晚安，感謝您參加今天的 Asana 2022 會計年度第四季暨全年財報電話會議。我是 Selena，將擔任本次會議的主持人。（接線員指示）現在我想把會議交給我們的主持人 Asana 投資人關係主管 Catherine Buan。請開始。

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana's fourth quarter and fiscal year 2022. With me on today's call are Dustin Moskovitz, Asana's Co-Founder and CEO; Tim Wan, our Chief Financial Officer; and Anne Raimondi, our Chief Operating Officer and Head of Business.

各位午安，感謝您參加今天的電話會議，與我們一同討論 Asana 2022 會計年度第四季及全年財務業績。今天與我一同出席的有 Asana 共同創辦人暨執行長 Dustin Moskovitz；我們的財務長 Tim Wan；以及我們的營運長暨商務負責人 Anne Raimondi。

Today's call will include forward-looking statements, including statements regarding our financial outlook, market position and growth opportunities. Forward-looking statements involve risks, uncertainties and assumptions that may cause our actual results to be materially different from those expressed or implied by the forward-looking statements. Please refer to our filings with the SEC, including our most recent quarterly report on Form 10-Q for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

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

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

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之 GAAP 對應指標的限制說明，均載於我們的財報新聞稿中，並已發布於我們的投資人關係網站 investors.asana.com。

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

接下來，我想把電話會議交給 Dustin。

Thank you, Catherine. I'm excited to talk about our business results, but I wish I didn't have to do it against the backdrop of the humanitarian crisis in Ukraine. Our thoughts are with all those who are personally impacted by the situation in the region.

謝謝你，Catherine。我很期待與各位分享我們的業務成果，但我希望不必在烏克蘭人道危機的背景下進行。我們的心與所有在該地區情勢中受到直接影響的人同在。

We had a strong Q4, which capped off a great fiscal year. I continue to be really proud of our team, our mission-driven culture and what we've achieved together. As you can see from our results, our product-led strategy and execution drove accelerated revenue growth to 67% year-over-year versus 59% last fiscal year.

我們第四季表現強勁，為精彩的會計年度畫下句點。我仍然為我們的團隊、以使命為導向的文化，以及我們共同達成的成果感到非常自豪。從我們的業績可以看出，我們以產品為主導的策略與執行，推動營收年增率加速至 67%，相較於上一會計年度的 59%。

We saw continued strength in the enterprise with 340 customers spending $100,000 or more on an annualized basis. Those with the biggest investments also significantly increased their footprint, with the dollar-based net retention of this cohort much higher than the $50,000 or more cohort in Q4. For example, our largest customer is now spending well into 8 figures with more than 50,000 paying seats and growing. Their continued investment speaks to the power of the Asana Work Graph, our proprietary technology that enables cross-functional teams to work together at a global scale.

我們在企業客群持續展現強勁動能，年化支出達 10 萬美元以上的客戶達 340 家。投入規模最大的客戶也顯著擴大使用範圍，該族群的以美元計價淨留存率遠高於第四季年化支出 5 萬美元以上的族群。舉例來說，我們最大的客戶目前年支出已達數千萬美元等級，付費席位超過 50,000 且仍在成長。他們持續加碼投資，彰顯 Asana Work Graph（Asana 工作圖譜）的力量——這是我們的專有技術，使跨職能團隊能在全球規模下協同工作。

Customer adoption is at record levels with well over 2 million paid users. We partner closely with our customers to help them succeed at their missions and co-create our product road map through channels like Asana's Voice of the Customer program.

客戶採用率創下新高，付費用戶遠超過 200 萬。我們與客戶緊密合作，協助他們成功達成使命，並透過 Asana「客戶之聲」（Voice of the Customer）計畫等管道共同打造我們的產品路線圖。

Speaking of products, we launched more than 200 features last year, a rate of more than 4 features every week. We also have a large and rapidly growing Asana Together Community, now representing more than 3,800 Asana ambassadors around the world. Our talent and culture is what makes these results possible. I'm proud to share that Asana has grown to over 1,600 employees and earned a record of 16 total workplace awards in 2021, with 3 awards ranking us at #1. These included Fortune's Best Workplaces in the Bay Area, in Tech and for Millennials.

談到產品，我們去年推出超過 200 項功能，等於每週超過 4 項功能。我們也擁有規模龐大且快速成長的 Asana Together 社群，目前在全球已有超過 3,800 位 Asana 大使。我們的人才與文化讓這些成果成為可能。我很自豪地分享，Asana 員工人數已成長至超過 1,600 人，並在 2021 年獲得創紀錄的 16 項職場獎項，其中 3 項排名第 1。這些獎項包括《Fortune》灣區最佳職場、科技業最佳職場，以及千禧世代最佳職場。

We're entering the new year with incredible momentum, and as companies look to drive their most critical initiatives they are increasingly turning to us. While others are building suites of collaboration products for small teams, our strategy is different. We're a pure-play work management company, committed to leading the category and building the most comprehensive platform capable of serving organizations of all sizes around the world.

我們以驚人的動能邁入新的一年，當企業希望推動最關鍵的計畫時，正越來越多地轉向我們。當其他公司在為小型團隊打造協作產品套件時，我們的策略不同。我們是一家專注於工作管理的純粹玩家（pure-play），致力於引領此一類別，打造最全面的平台，能夠服務全球各種規模的組織。

Teams are organized functionally, but most work gets done cross-functionally. That's also where the greatest opportunity is for reducing friction and increasing impact. Asana is a great platform for cross team work, thanks to our ability to serve as a system of record across different projects. This is one of our big differentiators and the key to supporting large complex organizations. The larger the team and more cross-functional use cases, the faster Asana can expand.

團隊通常以職能來組織，但大多數工作其實是跨職能完成的。而這也正是降低摩擦、提升影響力的最大機會所在。Asana 是跨團隊協作的絕佳平台，因為我們能作為不同專案之間的系統紀錄（system of record）。這是我們的重要差異化之一，也是支援大型複雜組織的關鍵。團隊越大、跨職能使用情境越多，Asana 擴張的速度就越快。

These trends give us the confidence to invest aggressively, particularly in the enterprise. We're initiating top line guidance for Q1 representing 50% growth year-over-year. We're also initiating fiscal 2023 revenue guidance at 40% growth year-over-year at the midpoint of the guidance range.

這些趨勢讓我們有信心積極投資，尤其是在企業市場。我們對第一季提出營收指引，代表年增 50%。我們也提出 2023 會計年度營收指引，在指引區間中點對應年增 40%。

As we enter fiscal year 2023, we have a strong product cycle ahead. We'll continue to focus heavily on our Enterprise Work Graph, improving on and expanding the functionality required by the largest and most complex organizations. We're already off to a fast start to the year, launching products out of the gate. On February 15, we introduced Asana Flow, a suite of new features, purpose-built to enable workflow automation across an entire organization.

進入 2023 會計年度，我們前方有強勁的產品週期。我們將持續高度聚焦於 Enterprise Work Graph（企業工作圖譜），改善並擴展最大型、最複雜組織所需的功能。我們今年一開始就快速起跑，開年即推出新產品。2 月 15 日，我們推出 Asana Flow——一套全新功能組合，專為在整個組織範圍內實現工作流程自動化而打造。

It used to be that only IT or system administrators could build workflows. We democratize that power with Workflow Builder, a point-and-click tool that makes it easy for every knowledge worker to create automated workflows. Importantly, you can also add everyday apps like Slack, Adobe Creative Cloud, Salesforce and Zoom, right into your workflows, plus 2 new additions to Asana partners that were Miro and Jotform. This means Asana can serve as the connective tissue across existing best-of-breed collaboration tools.

過去只有 IT 或系統管理員能建立工作流程。我們透過 Workflow Builder（工作流程建置器）將這項能力民主化——這是一個點選式工具，讓每位知識工作者都能輕鬆建立自動化工作流程。重要的是，你也可以把 Slack、Adobe Creative Cloud、Salesforce 和 Zoom 等日常應用直接加入工作流程中，另外還新增 2 個 Asana 合作夥伴：Miro 與 Jotform。這意味著 Asana 能成為既有最佳同類協作工具之間的連結樞紐。

Our customer base is already fanatical about this launch. We had a combined 12,000 people registered for a recent Learn-a-thon and live Asana Flow demo. And in only 3 weeks, 200,000 users have tried Workflow Builder with 42,000 rules created. Our redesigned Template Library is where you can save, share and reuse your most successful workflows. It also features industry-approved templates made in collaboration with leading organizations around the globe.

我們的客戶對這次發布已經非常熱烈。我們最近的 Learn-a-thon 與 Asana Flow 現場示範合計有 12,000 人報名。而在短短 3 週內，就有 200,000 名使用者試用 Workflow Builder，並建立了 42,000 條規則。我們重新設計的範本庫（Template Library）可讓你儲存、分享並重複使用最成功的工作流程；同時也提供與全球領先組織合作打造、獲產業認可的範本。

This year, we'll build on this launch with part of our road map dedicated to adding more partners and more capabilities.

今年，我們將在此發布基礎上持續推進，並在產品路線圖中投入一部分資源，用於新增更多合作夥伴與更多功能。

Our next big product moment is Asana's Employee Impact Suite in Q2, which will give leaders a blueprint for how to better leverage the power of their people. We'll be announcing several product enhancements to help employees operate with clarity of purpose, due to most impactful work and feel valued for their contributions. These enhancements will help them find flow and limit distractions and keep them in sync with their team members.

我們下一個重大的產品里程碑是第二季推出的 Asana Employee Impact Suite（員工影響力套件），將為領導者提供藍圖，協助他們更好地運用人才的力量。我們將宣布多項產品強化，幫助員工以清晰的目標運作、專注於最具影響力的工作，並因其貢獻而感到被重視。這些強化將幫助他們進入心流、減少干擾，並與團隊成員保持同步。

Our investments in creating high-level clarity also means building on the adoption and capabilities of features like reporting and goals and the ability to better track the time spent on the work done in support of these goals. We're seeing incredible early adoption of our Goal's products by existing customers like Benevity and Xero. These companies care deeply about employee engagement, and as a result, have chosen to go wall-to-wall with Asana as their work platform of choice. You'll see even more enhancements to Goals and functionality to better support larger enterprise companies over time.

我們在建立高層次清晰度方面的投資，也意味著要在報表（reporting）、目標（Goals）等功能的採用與能力上持續深化，並提升追蹤為支持這些目標所完成工作之時間投入的能力。我們看到既有客戶如 Benevity 與 Xero 對我們 Goals 產品的早期採用非常亮眼。這些公司非常重視員工參與度，因此選擇在全公司範圍內全面採用 Asana，作為其首選工作平台。隨著時間推進，你將看到更多對 Goals 的強化，以及更能支援大型企業公司的功能。

What ties this all together is an emphasis on helping large organizations get clarity around their Work Graph and simplify workflows, something Asana is uniquely capable of doing.

將這一切串連起來的核心，是我們強調協助大型組織釐清其 Work Graph（工作圖譜）並簡化工作流程——而這正是 Asana 獨具能力做到的。

In addition to the functionality that helps both teams organize, we're investing in all of the other things important to large enterprises, too, like making Asana accessible for all employees, improving our compliance capabilities, adding integrations for Data Loss Prevention and eDiscovery and scalability. We'll also be increasing the depth and breadth of the core Asana platform by expanding our IT partner ecosystem.

除了能協助團隊組織工作的功能之外，我們也在投資其他同樣對大型企業至關重要的面向，例如讓所有員工都能無障礙使用 Asana、提升我們的合規能力、增加資料外洩防護（Data Loss Prevention）與電子蒐證（eDiscovery）的整合，以及可擴展性。我們也將透過擴大 IT 合作夥伴生態系，提升核心 Asana 平台的深度與廣度。

I want to wrap up by saying that this virtually untapped market opportunity for work management and our differentiated ability to deliver value gives us increased confidence in investing further in the enterprise. We’re still in early innings and we are investing to win.

最後我想總結：工作管理這個市場機會仍幾乎尚未被充分開發，而我們具差異化的價值交付能力，讓我們更有信心進一步加大對企業市場的投資。我們仍在早期階段，而我們正在投資以取得勝利。

And now I’ll turn it over to Anne.

現在我把時間交給 Anne。

Thanks, Dustin. I want to join you in congratulating our teams for accelerating growth during a period of dramatic change in the world and in our markets. We achieved some amazing milestones this past year. Asana is now available in 13 major languages, meaning our product is now accessible to the majority of the world's population in their native language. We've opened new offices in Paris, Singapore and Chicago to better reach and serve our customers, growing our customer-facing teams around the world.

謝謝你，Dustin。我也想和你一起祝賀我們的團隊，在全球以及我們市場劇烈變動的期間加速成長。我們在過去一年達成了一些令人驚豔的里程碑。Asana 現在已支援 13 種主要語言，這代表我們的產品如今能以母語形式觸及全球大多數人口。我們在巴黎、新加坡與芝加哥設立了新辦公室，以更好地接觸並服務客戶，並在全球擴編面向客戶的團隊。

Our significant top-of-funnel investment paid off with new records in both web traffic and sign-ups. We hosted thousands of attendees from all over the globe at our Focus and Flow and Scale events, generating significant pipeline while increasing our ability to reach larger customers and build relationships with executives.

我們在漏斗頂端（top-of-funnel）的重大投資帶來回報，網站流量與註冊數雙雙創下新紀錄。我們在 Focus and Flow 與 Scale 活動中接待了來自全球各地的數千名與會者，在提升我們觸及更大型客戶並與高階主管建立關係的能力之際，也創造了可觀的銷售管線。

The tremendous traction we made in some of our most strategic investments has proven that we not only have the right product, we also have the right focus and strategy. The number of customers spending $50,000 or more was up 125% in Q4. And as Dustin mentioned, a number of customers spending $100,000 or more was 340 in Q4. We've been closing 7-figure deals, and we are still early.

我們在一些最具策略性的投資上取得的強勁動能，證明我們不僅擁有正確的產品，也有正確的聚焦與策略。第 4 季單季中，年度支出達 50,000 美元以上的客戶數成長 125%。而如 Dustin 所提到，第 4 季年度支出達 100,000 美元以上的客戶數為 340 家。我們已經在成交七位數美元的合約，而我們仍處於早期階段。

We've accomplished so much and are still just getting started. Fiscal year '23, we'll see our largest top-of-funnel investment ever and a focus on solving our customers' most strategic cross-functional needs as we grow and scale the value we deliver them.

我們已完成許多成果，但也才剛開始。在 2023 財年，我們將進行史上最大規模的漏斗頂端投資，並聚焦解決客戶最具策略性的跨部門需求，同時擴大並提升我們為客戶交付的價值。

Let's talk about some of the customer wins in Q4. We've won big deals across all industries, including banking, media, retail, healthcare and telecom. This quarter, one of the largest banks in Canada consolidated on Asana to increase their operating agility, to improve cross-functional work across wealth management, marketing and sales, and to eliminate the time consuming back and forth of e-mails, messages and spreadsheets to coordinate work in their venture division.

接下來談談第 4 季的一些客戶勝利。我們在各行各業都拿下大型交易，包括銀行、媒體、零售、醫療保健與電信。本季，加拿大最大的銀行之一整合採用 Asana，以提升營運敏捷性、改善財富管理、行銷與銷售之間的跨部門協作，並消除在其創投部門協調工作時，耗時的電子郵件、訊息與試算表往返。

One of the largest global media and marketing conglomerates signed a multiyear contract for Asana's Enterprise Solution and added 1,000 seats. Their agencies around the world use Asana to manage their clients' media and marketing campaign, grow their businesses and gain market share.

全球最大的媒體與行銷集團之一，簽署了 Asana 企業解決方案（Enterprise Solution）的多年期合約，並新增 1,000 個席位。他們遍布全球的代理商使用 Asana 來管理客戶的媒體與行銷活動、拓展業務並提升市占率。

Many of our expansions are also accelerating. One of our largest this quarter was with Morningstar, a global investment research company. They first began using Asana's Enterprise Solution to streamline global marketing campaigns and manage strategy and global accounts. After realizing quick efficiency gains in just 2 quarters, they more than tripled their seats to bring other departments throughout the business into Asana. It was the ability to scale, eliminate silos and orchestrate work across different lines of business that won this account.

我們許多擴張案也在加速。本季我們最大的擴張之一來自 Morningstar（晨星），一家全球投資研究公司。他們最初採用 Asana 企業解決方案，以簡化全球行銷活動並管理策略與全球客戶。僅在 2 個季度內就看到快速的效率提升後，他們將席位數增加到原本的三倍以上，把公司內其他部門也納入 Asana。能夠擴展規模、消除資訊孤島，並在不同業務線之間協調工作，正是贏得這個客戶的關鍵。

Next, I'm sure many of you have binge-watched a show or 2 over these past 2 years. I definitely did. This quarter, one of the world's leading streaming services upgraded from our business to Enterprise Solution. Their studio and production divisions rely on Asana to help with real-time team support so they can hit their production deadlines and ambitious subscriber goals. With this upgrade, their corporate teams will now also be able to utilize Asana to manage their work.

接下來，我相信過去兩年你們很多人都追劇追了不只一兩部。我肯定也是。本季，全球領先的串流服務之一，從我們的商務版（Business）升級到企業解決方案。他們的影視工作室與製作部門仰賴 Asana 提供即時的團隊支援，以便達成製作期限與雄心勃勃的訂閱者目標。透過這次升級，他們的企業內部團隊現在也能使用 Asana 來管理工作。

T-Mobile, the industry leader in 5G, is known for their unwavering obsession with offering the best possible service experience. To do this, teams need to be on the same page, which is why they chose to expand their use of Asana's enterprise solution last quarter. Now their emerging products and digital teams can collaborate cross-functionally in 1 platform to develop strategies and business plans for consumer markets, co-create digital products for emerging markets, and deliver digital technology programs for business and government.

5G 產業領導者 T-Mobile 以對提供最佳服務體驗的堅定執著而聞名。為了做到這點，各團隊必須保持一致步調，這也是他們在上季選擇擴大使用 Asana 企業解決方案的原因。如今，他們的新興產品與數位團隊可以在同一個平台上進行跨部門協作，為消費市場制定策略與商業計畫、共同打造面向新興市場的數位產品，並為企業與政府交付數位科技計畫。

Another inspiring impact customer who upgraded to Asana's Enterprise Solution this quarter with Bombas, the basic apparel company with a mission to help those experiencing homelessness. My family has a few favorite Bombas style, including their Pride collection and Princess collection. At Bombas, they donate a product for every one sold and have donated more than 60 million items to more than 3,500 community organizations and shelters to date.

本季另一位令人振奮、升級至 Asana 企業解決方案的影響力客戶是 Bombas——一家以協助無家可歸者為使命的基本服飾公司。我家人有幾款最喜歡的 Bombas 款式，包括他們的 Pride 系列與 Princess 系列。在 Bombas，他們每售出一件產品就捐出一件，迄今已捐贈超過 6,000 萬件物資給超過 3,500 個社區組織與收容所。

A number of Bombas teams use Asana to manage internal projects and communicate requests, progress and updates within the platform. This allows for easy cross-functional collaboration and connection.

Bombas 的多個團隊使用 Asana 來管理內部專案，並在平台內溝通需求、進度與更新。這使跨部門協作與連結變得更容易。

We also saw success with channel partners in some of our fastest-growing international geography. PC Home is now the leading integrated e-commerce service group in Taiwan, providing e-commerce, FinTech and web portal services. They chose Asana's business solution this quarter to manage product development. They were initially looking for a tool for their IT and engineering teams to manage their fast-paced product development cycle. But with the help of our local partner, Master Concept, they decided to also bring in their marketing, customer service and operations teams into Asana as well so everyone would have a system of record for the development process to help launch products faster.

我們也在一些成長最快的國際地區，與通路合作夥伴取得成功。PChome 現已成為台灣領先的整合型電子商務服務集團，提供電商、FinTech 與入口網站服務。他們本季選擇 Asana 的商務版解決方案來管理產品開發。起初，他們在尋找一個工具，讓 IT 與工程團隊能管理快速節奏的產品開發週期。但在我們在地合作夥伴 Master Concept 的協助下，他們也決定將行銷、客服與營運團隊一併納入 Asana，讓所有人都有一套針對開發流程的系統紀錄（system of record），以協助更快推出產品。

Not only are we adding big customers, but we're also helping customers serve their own customers faster. This quarter, we're launching a strategic partnership with one of our existing customers, a major global medical device company to bring a new HIPAA-compliant workflow solution to the health care industry.

我們不僅在新增大型客戶，也在協助客戶更快地服務他們自己的客戶。本季，我們將與一位既有客戶——一家全球主要醫療器材公司——啟動策略合作夥伴關係，為醫療保健產業帶來一套符合 HIPAA 規範的全新工作流程解決方案。

Instead of relying on the manual processes and disconnected systems across their vast network, they are using Asana to power a workflow that connects processes and teams to real-time updates to improve operational efficiency and customer care. With Asana, they seek to serve more customers, support them in growing their business and create consistent experiences for those receiving treatment. By solving this pain point for their global network of organizations, we have the opportunity to reach hundreds of thousands of offices worldwide over the life of this partnership.

他們不再依賴遍布龐大網路中的手動流程與彼此分離的系統，而是使用 Asana 來驅動一套工作流程，將流程與團隊連結到即時更新，以提升營運效率與客戶照護。透過 Asana，他們希望服務更多客戶、支持客戶拓展業務，並為接受治療的人提供一致的體驗。藉由為其全球組織網路解決這個痛點，我們有機會在這項合作的整個期間內，觸及全球數十萬個辦公據點。

This partnership is just the beginning and one example of how the Asana platform can support coordination at scale across many industries and organization types from franchises to supply chains and much more. We're also excited to announce that to further support Asana's enterprise advancement, a broader HIPAA offering will soon expand to other customers in the health care industry later this year.

這項合作只是開始，也是 Asana 平台如何在多種產業與各類組織（從加盟體系到供應鏈等）中支援大規模協調的一個例子。我們也很高興宣布，為了進一步支持 Asana 的企業級推進，更廣泛的 HIPAA 方案將於今年稍晚擴展至醫療保健產業的其他客戶。

As Dustin said, the major fiscal '22 wins we had with customers like Warner Music, Viacom CBS and the largest automotive manufacturer in the world give us increased confidence to invest further in the enterprise. In fiscal '23, this will include making our biggest investment increase ever in pipeline build to support lead generation, sales development reps, account-based marketing and customer engagement program. We will be focusing on our sales infrastructure, solution selling, customer success and everything that supports customer expansion, all major levers for adoption and expansion.

如 Dustin 所說，我們在 2022 財年與 Warner Music、ViacomCBS 以及全球最大汽車製造商等客戶取得的重大勝利，讓我們更有信心加碼投資企業市場。在 2023 財年，這將包括在建立銷售管線（pipeline build）方面進行我們史上最大幅度的投資增加，以支持潛在客戶開發、銷售開發代表（SDR）、以帳戶為基礎的行銷（ABM）以及客戶互動計畫。我們將聚焦於銷售基礎建設、解決方案式銷售、客戶成功，以及所有支持客戶擴張的事項——這些都是推動採用與擴張的主要槓桿。

Our global enterprise go-to-market sales organization, especially quota-carrying sales headcount, will grow faster than overall headcount. And we will be expanding our ecosystem of technology partners, channel partners and co-selling network. Another example of a successful partnership has been Vimeo. In fact, just yesterday, Asana and Vimeo were named a top 3 joint venture among Fast Company's annual list of the World's Most Innovative Companies.

我們的全球企業級 go-to-market 銷售組織，特別是承擔配額的銷售人力，將以快於整體人力的速度成長。我們也將擴大技術合作夥伴、通路合作夥伴與共同銷售網路的生態系。另一個成功合作的例子是 Vimeo。事實上，就在昨天，Asana 與 Vimeo 被 Fast Company 年度「全球最具創新公司」榜單評選為前三名的合資合作案之一。

In conclusion, we are investing to win, especially in the enterprise. We're growing adoption and expansion with our product-led strategy, and we're going to market focused on customer success and adoption.

總結來說，我們正以投資來贏得勝利，尤其是在企業市場。我們以產品驅動策略推動採用與擴張，並以客戶成功與採用為核心推進市場策略。

And with that, I'll pass it to Tim.

接下來，我把時間交給 Tim。

Thank you, Anne. Q4 revenue growth represented continued momentum in the business. Revenues were $111.9 million, up 64% year-over-year. This puts us at an annualized quarterly run rate of $448 million. Revenue from customers spending $5,000 or more annualized grew 82% year-over-year. This cohort represented 69% of our revenues in Q4, up from 62% in the year ago quarter. We now have over 119,000 paying customers at the end of Q4, up 5,000 in the quarter. This represents a 28% year-over-year increase.

謝謝你，Anne。第 4 季營收成長展現了業務持續的動能。營收為 1.119 億美元，年增 64%。這使我們的季度年化營收運行率（run rate）達到 4.48 億美元。年度化支出達 5,000 美元以上客戶的營收年增 82%。該客群在第 4 季貢獻了我們 69% 的營收，高於去年同期的 62%。截至第 4 季末，我們的付費客戶超過 119,000 家，本季增加 5,000 家，年增 28%。

We have 15,437 customers spending $5,000 or more on an annualized basis, up 52% year-over-year. And growth in our larger customers is even stronger. We now have 894 customers spending $50,000 or more on an annualized basis, up 125% year-over-year. And as Dustin and Anne mentioned, we have 340 customers spending $100,000 or more on an annualized basis as of Q4.

我們有 15,437 家年度化支出達 5,000 美元以上的客戶，年增 52%。而大型客戶的成長更為強勁。我們目前有 894 家年度化支出達 50,000 美元以上的客戶，年增 125%。並且如 Dustin 與 Anne 所提，截至第 4 季，我們有 340 家年度化支出達 100,000 美元以上的客戶。

As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter. Our dollar-based net retention rate remained strong across every cohort. Overall dollar-based net retention rate was 120%. Among customers spending $5,000 or more, our dollar-based net retention rate was over 130% and among customers spending $50,000 or more, our dollar-based net retention rate was over 145%. As a reminder, our dollar-based net retention rate is a trailing 4-quarter average calculation.

提醒一下，我們是依據某一季度的年化 GAAP 營收來定義這些客戶分群。我們以美元計價的淨留存率在各個分群中都維持強勁。整體以美元計價的淨留存率為 120%。在年化支出達 5,000 美元或以上的客戶中，我們以美元計價的淨留存率超過 130%；在年化支出達 50,000 美元或以上的客戶中，我們以美元計價的淨留存率超過 145%。再次提醒，我們的以美元計價淨留存率是以過去 4 個季度的平均值計算。

Before turning to expense items and profitability, I would like to point out that I will be discussing non-GAAP results in the balance of my remarks. Gross margins came in at 90%, improved from 88.2% in the year ago quarter. Research and development was $37.7 million or 34% of revenue. We continue to invest heavily to fuel innovation on our proprietary technology, the Work Graph.

在轉到費用項目與獲利能力之前，我想先指出，接下來我的其餘發言將討論非 GAAP 結果。毛利率為 90%，較去年同期的 88.2% 提升。研發費用為 3,770 萬美元，占營收 34%。我們持續大力投資，以推動我們專有技術 Work Graph 的創新。

Sales and marketing was $75.6 million or 68% of revenue, reflecting the investments in growth for both our self-serve and sales-led motion. For example, our customer-facing teams grew faster than our overall company headcount growth in Q4. G&A was $31.3 million or 28% of revenue. Operating loss was $43.9 million and operating loss margin was 39%. Net loss was $46.9 million, and our net loss per share was $0.25.

銷售與行銷費用為 7,560 萬美元，占營收 68%，反映我們在自助式（self-serve）與銷售主導（sales-led）兩種成長動能上的投資。例如，在第四季，我們面向客戶的團隊人數成長速度快於公司整體人力增長。一般與行政（G&A）費用為 3,130 萬美元，占營收 28%。營業虧損為 4,390 萬美元，營業虧損率為 39%。淨虧損為 4,690 萬美元，每股淨虧損為 0.25 美元。

Now on to the full fiscal year highlights. Fiscal year revenue growth accelerated to 67% year-over-year to $378.4 million. About 42% of our revenue came from outside the United States. Both U.S. and international revenue growth for the year was 67% year-over-year. We added over 26,000 net new paying customers during the year. We also added over 5,000 customers spending $5,000 or more on an annualized basis during the year, and we added almost 500 customers spending $50,000 or more on an annualized basis during the year.

接著是全年度財務年度重點。財務年度營收年增率加速至 67%，達 3.784 億美元。我們約 42% 的營收來自美國以外地區。美國與國際營收在本年度的年增率皆為 67%。本年度我們新增超過 26,000 名淨新增付費客戶。我們也在本年度新增超過 5,000 名年化支出達 5,000 美元或以上的客戶，並新增近 500 名年化支出達 50,000 美元或以上的客戶。

Importantly, our unit economics remained strong throughout the year. Our net expansion rate across all segments increased. Sales and marketing payback was less than 15 months at the end of fiscal year '22. Please refer to our SEC filings for the calculation. With strong gross margins and compelling unit economics, we feel confident in our ability to continue to invest further in durable long-term growth.

重要的是，我們的單位經濟效益在全年都維持強勁。我們在所有區隔的淨擴張率均有所提升。截至 2022 財務年度末，銷售與行銷回收期少於 15 個月。計算方式請參閱我們向 SEC 提交的文件。憑藉強勁的毛利率與具吸引力的單位經濟效益，我們對於持續加大投資、以推動可持續的長期成長充滿信心。

Moving on to the balance sheet and cash flow. Cash and marketable securities, including long-term investments at the end of Q4, were approximately $315 million. Our remaining performance obligations, or RPO, was $218.1 million, up 78% from 1 year ago. 85% of our RPO will be recognized over the next 12 months, which grew 70% from the year ago quarter.

接下來談資產負債表與現金流。截至第四季末，現金與有價證券（包含長期投資）約為 3.15 億美元。我們的剩餘履約義務（RPO）為 2.181 億美元，較一年前成長 78%。我們的 RPO 中有 85% 將在未來 12 個月內認列，較去年同期成長 70%。

Our free cash flow is defined as net cash used in operating activities less cash used and property and equipment and capitalized software costs, excluding non-recurring items such as the build-out of our San Francisco office. In Q4, free cash flow was negative $41.2 million, reflecting our investment in growth in rapid onboarding of new headcount during the quarter.

我們將自由現金流定義為營運活動使用之淨現金，扣除用於不動產與設備以及資本化軟體成本的現金支出，並排除如舊金山辦公室建置等一次性項目。第四季自由現金流為負 4,120 萬美元，反映我們在該季度快速擴編、投資成長所致。

We also ended the fiscal year with over 1,600 employees. We are very proud of the business momentum, especially our success with very large-scale deployments at great referenceable accounts and the velocity innovation of this year.

我們也在財務年度結束時擁有超過 1,600 名員工。我們對業務動能感到非常自豪，尤其是在具高度可作為標竿案例的大型客戶中，成功推動超大規模部署，以及今年在創新速度上的成果。

Now moving on to our fiscal year 2023 outlook. For Q1 fiscal year 2023, we expect revenues of $114.5 million to $115.5 million, representing growth rates of 49% to 51% year-over-year. We expect non-GAAP loss from operations of $68 million to $66 million, and we expect net loss per share of $0.36 to $0.35, assuming basic and diluted weighted average shares outstanding of approximately 189 million. For the full fiscal year 2023, we expect revenues to be $527 million to $531 million representing a growth rate of 39% to 40% for the full year.

接著談我們對 2023 財務年度的展望。對於 2023 財務年度第一季，我們預期營收為 1.145 億至 1.155 億美元，年增率為 49% 至 51%。我們預期非 GAAP 營業虧損為 6,800 萬至 6,600 萬美元；並預期每股淨虧損為 0.36 至 0.35 美元，假設基本與稀釋加權平均流通股數約為 1.89 億股。對於 2023 全財務年度，我們預期營收為 5.27 億至 5.31 億美元，全年成長率為 39% 至 40%。

In terms of the shape of the quarterly progression, we expect to see a more traditional enterprise sales seasonality with our sales capacity ramping towards the second half of the year as our mix continues to evolve towards a sales-led motion.

就季度進展的型態而言，隨著我們的組合持續朝向銷售主導模式演進，我們預期將看到更傳統的企業銷售季節性，且銷售產能將在下半年逐步提升。

Given the large untapped opportunity ahead and along with the success we've seen in fiscal year '22, with the Work Graph scaling to 25,000 and 50,000 seats and beyond, we are increasing our investments to expand the functionality required by large and complex enterprises and further investments in our go-to-market motion in the form of increasing our sales capacity and customer-facing teams to support adoption and expansion within many of our larger enterprise customers.

鑑於前方仍有龐大且尚未開發的機會，加上我們在 2022 財務年度所見的成功——Work Graph 已可擴展至 25,000、50,000 個席位及更高——我們正提高投資，以擴充大型且複雜企業所需的功能，並進一步加大我們的市場進入（go-to-market）投入，透過提升銷售產能與擴編面向客戶的團隊，來支持我們眾多大型企業客戶的導入與擴張。

We expect full year non-GAAP operating loss margins to be in the mid-40 percentage range for fiscal year 2023. We believe the investments we are making in fiscal year '23 reflect our ambition to be the category leader and our drive towards durable long-term growth.

我們預期 2023 財務年度全年非 GAAP 營業虧損率將落在 40% 中段區間。我們相信，2023 財務年度所進行的投資反映了我們成為類別領導者的企圖心，以及我們追求可持續長期成長的動力。

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

接下來，我把時間交還給接線員進行提問。

(Operator Instructions) The first question comes from Alex Zukin with Wolfe Research.

（接線員指示）第一個問題來自 Wolfe Research 的 Alex Zukin。

Look, I think the -- congratulations on the quarter. Obviously, very strong result and a great guide. I would say the question that I'm going to get most of all tomorrow is if we look at the incremental operating margins of the business and the investment profile that you're thinking about as we look at next year, unpack for us, maybe both Dustin and Tim, like what are -- where are the primary areas of investment and focus? And how are we going to see the ROI on those investments? Is it going to be more enterprise lands, faster expands because you seem to be doing really well, landing the enterprise customers today. So what don't -- what isn't there yet that you want to make sure and take this year to invest in to get to? And how should investors think about that?

我想說——恭喜本季表現。顯然，結果非常強勁，指引也很出色。我認為我明天最常被問到的問題是：如果我們看公司的增量營業利益率，以及你們在展望明年時所思考的投資輪廓，能否請你們（也許 Dustin 和 Tim 兩位）為我們拆解一下——主要的投資與聚焦領域在哪裡？以及我們將如何看到這些投資的投資報酬率（ROI）？會是更多企業客戶的落地（lands）、更快的擴張（expands）嗎？因為你們目前在拿下企業客戶方面看起來做得非常好。那麼，現在還缺少什麼——或有哪些尚未到位之處——是你們希望確保今年投入資源去補齊、以達成的？投資人應該如何看待這件事？

Yes, that's a great question. I think you framed it really well. So I think the big picture is the category is maturing really quickly, but our view is it's still really early days. And vast majority of teams out there are still on the status quo of spreadsheets and e-mail. And so we're excited to continue investing to build out our differentiated vision and reach more of the market. So I'll go through -- well, there's really 2 big areas we're making the largest investments. I'll talk about the R&D side first and then maybe hand off to Anne actually to sort of double-click on go-to-market.

是的，這是個很好的問題。我覺得你提得非常到位。從大方向來看，這個類別正在非常快速地成熟，但我們的觀點是現在仍然是非常早期的階段。市面上絕大多數團隊仍維持現狀，使用試算表和電子郵件。因此，我們很期待持續投資，打造我們差異化的願景並觸及更大的市場。我會先說明——其實我們最大的投資主要集中在兩個領域。我先談研發（R&D）面，接著可能把時間交給 Anne，請她更深入說明市場進入（go-to-market）。

But in R&D, we have a really strong product cycle ahead so we're going to continue to focus heavily on our Enterprise Work Graph. So improving on and expanding functionality required by the largest and the most complex organizations. As you said, we're already quite successful with them, but there's a lot of cumulative needs across all the different organizations out there and more value that we can deliver to help them be even more successful.

在研發方面，我們接下來有非常強勁的產品週期，因此會持續高度聚焦於我們的 Enterprise Work Graph，也就是改善並擴充最大型、最複雜組織所需的功能。如你所說，我們在這些客戶上已相當成功，但不同組織累積起來的需求非常多，我們也能提供更多價值，協助他們取得更大的成功。

So we already started off the year just a couple of weeks ago with our Asana Flow launch. And I mentioned in a lot of calls last year that, that was one of the things I was most excited we were working towards building throughout the year, but there's a lot more to do. So a big part of our road map for fiscal year '23 is dedicated to adding more capabilities to the Workflow Builder, further developing the Template Library and adding more partners to integrate with the workflows.

因此，我們在今年一開始、就在幾週前推出了 Asana Flow。我在去年很多通話中也提到，那是我最期待我們在全年持續打造的項目之一，但仍有很多工作要做。所以，我們 2023 財務年度產品路線圖的一大部分，將用於為 Workflow Builder 增加更多能力、進一步發展 Template Library，並加入更多合作夥伴以與工作流程進行整合。

And then in Q2, we're launching our Employee Impact Suite. So that's going to help everyone on the team get clarity of purpose, find focus and flow to do their work and really feel recognized and valued for their contributions.

接著在第二季，我們將推出 Employee Impact Suite。這將幫助團隊中的每個人釐清目標、找到專注與心流來完成工作，並真正感受到其貢獻被看見、被肯定與被重視。

And then throughout the year, we're making more investments in creating high-level clarity. This is part of the way that Asana is most differentiated from other work management solutions. That really means building on the adoption and capabilities of features like reporting, goals and portfolios, and the ability to better track the time spent on the work done in support of those goals.

此外，在全年期間，我們也會加大投資以建立更高層次的清晰度。這是 Asana 相較其他工作管理解決方案最具差異化的部分之一。這實際上意味著在報表（reporting）、目標（goals）與投資組合（portfolios）等功能的採用與能力上持續深化，並提升追蹤為支持這些目標而完成之工作所投入時間的能力。

And in addition to help -- the functionality that helps teams organized, we're also investing in all the other things, important for large enterprises, too such things like making Asana accessible to all employees, improving our compliance capabilities and adding integrations for data loss prevention and eDiscovery and scalability to really be able to serve these very large deployments with tens of thousands of seats -- tens of thousands of people working together in one instance.

此外，除了協助——也就是幫助團隊更有組織的功能之外，我們也在投資其他所有對大型企業同樣重要的事項，例如讓 Asana 對所有員工都可存取、提升我們的合規能力，並新增用於資料遺失防護（DLP）與電子蒐證（eDiscovery）的整合，以及可擴展性，真正能夠支援這些非常大型的部署——在同一個執行個體中有數萬個席位、數萬人一起協作。

And then finally, we'll also be increasing the depth and breadth of the core Asana platform by expanding our IT partner ecosystem. So it really ties that all together from the product perspective is an emphasis on helping large organizations get clarity around their Work graph and simplify workflows.

最後，我們也將透過擴大我們的 IT 合作夥伴生態系，來提升 Asana 核心平台的深度與廣度。因此，從產品角度把這一切串起來的重點，就是強調協助大型組織釐清其 Work graph，並簡化工作流程。

Yes. And then on the go-to-market side, we're excited to put more resources towards areas where we're already seeing strong performance and that enable us to reach and serve our customers faster. So starting with our top of funnel, we're continuing to see strong performance in all regions. We're also making big investments in pipeline building, including scaling our global sales development teams and increasing account-based marketing and customer engagement programs.

是的。接著在 go-to-market 方面，我們很期待把更多資源投入到我們已經看到強勁表現、且能讓我們更快觸及並服務客戶的領域。從漏斗頂端開始，我們持續看到各區域都有強勁表現。我們也在管線建置上進行重大投資，包括擴大全球銷售開發團隊規模，以及增加以帳戶為基礎的行銷（ABM）與客戶互動計畫。

From a hiring standpoint, our quota-carrying sales headcount will grow faster than overall headcount. And there, what we see is when our team is able to partner early with our larger customers, we're able to serve more of their employees and make a faster impact on their most strategic cross-team initiative.

從招募角度來看，我們承擔配額的銷售人力將比整體人力成長更快。而我們看到的是，當團隊能夠更早與較大型客戶合作時，我們就能服務到更多他們的員工，並更快在其最具策略性的跨團隊倡議上產生影響。

We're also investing a lot in customer success in post sales programs because in our larger customers, we're seeing a step-function change in adoption and expansion. And this is because we're not only helping their teams adopt the Asana platform, we're also helping the organization codify and implement their best practices for cross-team work. So this is the work many of our biggest customers are asking us to help them with, given our 10-plus years of experience partnering with some of the world's most innovative teams.

我們也在售後的客戶成功計畫上投入大量資源，因為在較大型客戶中，我們看到採用與擴張出現階躍式的變化。這是因為我們不僅協助他們的團隊採用 Asana 平台，也協助組織將跨團隊協作的最佳實務制度化並落地執行。因此，鑑於我們 10 多年來與全球最具創新力的團隊合作的經驗，這正是許多最大客戶希望我們協助他們完成的工作。

So just this week, one of our Fortune 10 customers was seeking our advice on best practices for updating how their organization sets and manages goals across their enterprise. And we're just seeing that demand in a lot of our larger customers. And so we're excited to invest in places where we're already seeing results.

例如就在本週，我們的一家《財富》前 10 大客戶向我們諮詢最佳實務，想更新其組織在全企業範圍內設定與管理目標的方式。我們在許多大型客戶中都看到這樣的需求。因此，我們很期待在已經看到成果的地方加大投資。

Got it. Perfect. And then maybe just as a follow-up, with a good proportion of the revenue coming from international or outside of the U.S., any thoughts or incorporation into the guidance around headwinds, if there are any out of Europe, Western or Eastern? And just in general, how do we think about the conservatism in the guide with respect to that?

了解。很好。那再追問一下，既然有相當比例的營收來自國際市場或美國以外地區，對於指引中是否納入任何逆風因素有什麼想法嗎？例如來自歐洲（西歐或東歐）的影響？以及更一般地說，我們該如何看待指引在這方面的保守程度？

Alex, this is Tim. It's probably too early to fully assess the impact of the Ukraine crisis and the broader implications right now. Now revenues from customer based in Ukraine and Russia are not a material part of our business. But again, it's really just difficult to predict both the short- and long-term implications sitting here today. And I would say, like many of you on the call and other companies, I mean, we're monitoring the situation closely.

Alex，我是 Tim。現在要完整評估烏克蘭危機及其更廣泛影響，可能還太早。來自烏克蘭與俄羅斯客戶的營收並非我們業務的重要部分。但同樣地，就坐在這裡的今天而言，短期與長期影響都很難預測。我想跟電話會議上的許多人以及其他公司一樣，我們正密切監控情勢。

The impact of the euro falling, increased gas prices, inflation, supply chain issues and how companies and customers are thinking about investments. I mean it's certainly concerning. We're monitoring it, but it's not factored into our guidance at this point, and we're just going to monitor this like a hawk.

歐元走貶、天然氣價格上升、通膨、供應鏈問題，以及企業與客戶如何思考投資——這些確實令人擔憂。我們正在監控，但目前尚未納入我們的指引中，我們會像鷹一樣緊盯這件事。

We have a question submitted by e-mail. Please proceed.

我們收到一個透過電子郵件提交的問題。請繼續。

This is Catherine. I'm going to read the question from Rob Oliver at Baird. Strong balance this quarter. You guys rolled out a ton of enterprise-specific functionality at your scale event in late '21. I wanted to ask if those announcements drove larger deployments in the quarter and how they have impacted the enterprise expansion pipeline.

我是 Catherine。我將朗讀來自 Baird 的 Rob Oliver 的問題。本季資產負債表很強勁。你們在 21 年底的 scale 活動上推出了大量針對企業的功能。我想請問，這些公告是否在本季帶動了更大型的部署？以及它們如何影響企業擴張的管線？

Yes. Great. I'll go ahead and answer that. So we're seeing more customers choosing enterprise, including some of our largest customers who upgraded in Q4 including one of the largest global sports apparel manufacturers a Fortune 10 company and a global streaming service provider. So the revenue combined from our business and enterprise tiers represents more than 60% of our revenue in fiscal year '22. And the revenue from those 2 tiers grew over 100% year-over-year in fiscal year '22. So strong demand for our business and enterprise tiers.

是的，很好。我來回答。我們看到更多客戶選擇企業方案（enterprise），其中包括一些在第四季升級的最大客戶，包含全球最大的運動服飾製造商之一、一家《財富》前 10 大公司，以及一家全球串流服務供應商。因此，我們的 Business 與 Enterprise 兩個等級合計的營收，在 2022 財年占我們營收的 60% 以上。而這兩個等級的營收在 2022 財年年增超過 100%。所以我們的 Business 與 Enterprise 等級需求強勁。

The next question comes from Steve Enders with KeyBanc.

下一個問題來自 KeyBanc 的 Steve Enders。

I think you mentioned in the prepared remarks that you saw record web traffic and new sign-ups coming onto the platform. I guess, wondering how are you seeing paid conversion at this point? And how should we kind of think about the new customers potentially coming in going forward here?

我記得你在事先準備的發言中提到，你們看到網站流量與平台新註冊數創下紀錄。我想問的是，目前付費轉換的情況如何？以及我們該如何看待未來可能進來的新客戶？

Yes. So we -- the way we think about our top-of-funnel investments is really based on payback and the quality of the customers and lifetime value. So we see -- and given our strong product-led growth motion, many of our enterprise customers actually come in through that funnel and then our sales teams identify them and work with them to expand. So we invest based on seeing those results.

是的。我們看待漏斗頂端投資的方式，主要是基於回收期、客戶品質與終身價值（LTV）。我們看到——而且鑑於我們強勁的產品主導成長（PLG）動能，許多企業客戶其實是透過該漏斗進來，接著由我們的銷售團隊辨識並與他們合作擴張。因此，我們會依據看到的成果來投資。

Okay. That's helpful. And then on Reporting and Goals, I think you mentioned in the remarks as well as seeing good adoption there. But I guess -- how are those driving customers up to higher price tiers at this point?

好的，這很有幫助。接著關於 Reporting 和 Goals，我想你在發言中也提到那邊採用情況不錯。但我想問——這些功能目前如何推動客戶升級到更高的價格等級？

Well, generally, I think the larger the customer, the more value they're going to get out of trying to achieve clarity at what we call the top of the pyramid of clarity. So thinking about larger portfolios of work or strategic initiatives, and Goals is literally about modeling your highest level objectives and mapping them to the work and Reporting is about getting that high-level clarity that's most useful to the senior team leads or executives. And so a lot of that functionality is just literally part of our business tier SKU. And so it will be part of an upgrade conversation. But I think sort of more qualitatively, it's part of what is exciting in any sort of sales cycle conversation when we're demoing the product and helping explain to potential customers how Asana is differentiated from competition.

一般來說，我認為客戶規模越大，他們越能從我們所稱的「清晰金字塔頂端」中獲得價值。也就是思考更大型的工作組合或策略性倡議；而 Goals 其實就是用來建模你最高層級的目標，並把它們對應到具體工作；Reporting 則是用來取得高層級的清晰度，這對資深團隊主管或高階主管最有用。這些功能很多都直接包含在我們的 Business 等級 SKU 中，因此會成為升級對話的一部分。但更偏質化地說，在任何銷售週期的對話中，當我們展示產品並協助向潛在客戶說明 Asana 相較競品的差異化時，這也是令人興奮的一部分。

And so one thing I'll also add to that -- sorry, I was just going to say something to add on to that is it's also -- those features are also helping us drive wall-to-wall in our upper mid-market customers. And so one of the fastest-growing community platforms -- it's 1,000 seats and they're going to double or in size this year as a company or more. And every employee gets an instance of Asana, and it's just how they do work. So those are leading not only to upgrades in terms of the tiers but adoption across an entire company.

另外我也想補充——抱歉，我只是想再加一句——這些功能也在我們的中高階中型市場（upper mid-market）客戶中，幫助我們推動「全員採用」（wall-to-wall）。例如其中一個成長最快的社群平台——有 1,000 個席位——他們今年公司規模將倍增或更多。每位員工都有一個 Asana 執行個體，這就是他們工作的方式。因此，這些不僅帶來等級上的升級，也帶動整家公司範圍的採用。

Just a quick follow-up on that last comment you had about wall-to-wall adoption. I guess, how prevalent is that becoming at this point? And how should we kind of think about the increasing mix of those conversations versus maybe a year ago?

針對你剛才關於全員採用的最後評論，我再快速追問一下。目前這種情況變得多普遍？以及相較於一年前，我們該如何看待這類對話占比的提升？

Yes. We are seeing that much more prevalent, especially in our upper mid-market customers, which really we see as these high-growth companies are the future enterprise customers. And so with the functionality that we just talked about and the investments in workflow and the investments in security and scalability, we are seeing many more conversations about wall-to-wall and companies a way that all their employees do work together.

是的。我們看到這種情況更為普遍，特別是在我們的中高階中型市場客戶中；我們確實把這些高成長公司視為未來的企業客戶。因此，結合我們剛談到的功能、在工作流程上的投資，以及在安全性與可擴展性上的投資，我們看到更多關於全員採用的對話——也就是公司把它作為所有員工共同工作的方式。

And this is Dustin. One thing I always like to add color on this, too, is even in the larger enterprise customers, what we often see is a division or a business unit is using Asana wall-to-wall. So using it cross-functionally, this is often a subsidiary with its own brand inside a larger conglomerate maybe came in through an acquisition. And so yes, the mid-markets where we see it most literally. But then if you look a little closer to enterprise customers, they also often look like that.

我是 Dustin。我也一直喜歡在這點上補充一些背景：即使在更大型的企業客戶中，我們常看到某個事業部或業務單位在全員採用 Asana。也就是跨職能地使用；這通常是大型集團內具有自有品牌的子公司，可能是透過併購而來。因此，是的，中型市場是我們最明顯看到的地方；但如果你更仔細看企業客戶，他們也常呈現出那樣的樣貌。

And I'd also just tie this back to the prior question about web traffic because it can be a little deceiving to look at that just as a funnel into new logos showing up new customers because it's often actually generating sort of new lands for us inside a large enterprise. And so that's also part of how we see the ROI of that -- of those investments.

我也想把這點連回前一題關於網站流量的問題，因為如果只把它視為導入新 logo、帶來新客戶的漏斗，可能會有點誤導；它其實常常是在大型企業內部為我們帶來某種新的落地（new lands）。因此，這也是我們看待那些投資投資報酬率（ROI）的一部分。

The next question comes from Mark Murphy with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Mark Murphy。

Tim, you commented that you expect more traditional enterprise sales seasonality toward the second half of the year. And I was wondering, when you say more, do you mean more than other companies? Or do you mean more than you saw last year? I'm just trying to understand if you mean it's going to be a little more back-end loaded in terms of bookings patterns this year.

Tim，你提到你預期今年下半年會出現更傳統的企業銷售季節性。我想請教，當你說「更」的時候，是指比其他公司更明顯？還是指比你們去年看到的更明顯？我只是想理解，你的意思是否是今年在訂單（bookings）節奏上會更偏向後段集中。

Yes. What I meant, Mark, was more than what we historically saw at Asana, primarily because of all the incremental sales capacity. We ended up at the end of the quarter in Q4 and the new adds in terms of the new capacity that we're building in the first half as well as building the infrastructure to support those salespeople. So you can kind of compare it relative to how we -- where our investments were for our sales-led motion last year to where it's going on a go-forward basis.

是的。Mark，我的意思是，比我們在 Asana 歷史上看到的更明顯，主要是因為我們新增了所有額外的銷售產能。我們在第四季（Q4）季末的編制，以及我們在上半年正在建立的新增加產能，同時也在建置支援這些業務人員的基礎設施。所以你可以把它拿來對照：相較於去年我們在銷售主導（sales-led）推進上的投資配置，與未來前進方向上的投資配置差異。

Okay. Understood. And Dustin, how is the usage and the actual engagement of the Asana product trending when you see employees begin to return to the office? For instance, I don't know what the typical usage looks like, but say, if someone is using the app for 20 minutes per day when they're remote, are you able to track how does that change at all when they return to the office?

好的，了解。那 Dustin，當你看到員工開始回到辦公室時，Asana 產品的使用情況與實際參與度（engagement）趨勢如何？例如，我不確定典型使用情況長什麼樣，但假設某人在遠端時每天使用 App 20 分鐘，你們是否能追蹤到他回到辦公室後這個數字是否會改變？

I haven't explicitly looked at session time, but I've seen some of the just frequency metrics like how often people log in and those look totally unchanged. I'm not sure how acutely you'd be able to see something like that though since people are returning office on different time lines around the world. But even aside from that, I wouldn't expect to see a change because work management was something that was a rising category even before remote work hits.

我沒有特別去看單次使用時長（session time），但我看過一些頻率類指標，例如大家登入的頻率，那些看起來完全沒有變化。不過我也不確定你能多精準地觀察到那種變化，因為全球各地回辦公室的時間線都不同。但即便撇開這點，我也不預期會看到變化，因為工作管理在遠端工作出現之前就已經是一個正在崛起的類別。

And we really see Asana as an essential platform to use, whether you're working in a distributed way or from an office. And even when you're working from an office, you're often also working in a distributed way because a lot of our customers work across many offices. Even before the pandemic, Asana had, I think, 13 locations all over the world. And so even though in each of those locations, we're working in an office, we're still having to collaborate in a distributed way. And even within one building, you're working across floors or working across one large floor plates. It's still very useful to have a shared source of truth and a database like Asana.

而且我們確實把 Asana 視為一個不可或缺的平台，不論你是以分散式方式工作或是在辦公室工作。即使你在辦公室工作，你也常常是在以分散式方式工作，因為我們很多客戶跨越多個辦公室協作。甚至在疫情之前，Asana 我記得在全球就有大概 13 個據點。所以即便在每個據點我們都在辦公室工作，我們仍然必須以分散式方式協作。甚至在同一棟大樓裡，你也會跨樓層協作，或在同一個很大的樓層平面上協作。擁有一個共享的單一事實來源（source of truth）以及像 Asana 這樣的資料庫仍然非常有用。

The next question comes from George Iwanyc with Oppenheimer.

下一個問題來自 Oppenheimer 的 George Iwanyc。

Dustin, maybe you could provide some more color on Flow and Workflow Builder. With the customers that have already launched, I know it's early, but have you noticed anything different in the way that they're using Asana?

Dustin，也許你可以就 Flow 和 Workflow Builder 提供更多細節。對於已經上線的客戶，我知道現在還早，但你是否注意到他們使用 Asana 的方式有任何不同？

Yes, it's still a little too early for that. Hopefully at the next earnings call, we can bring some great anecdotes. I did -- in the prepared remarks, I mentioned that there have been over 200,000 individual people who have tried the Workflow Builder and about 60,000 rules that they've created with it. So that's a really great start. We've seen a lot of excitement from customers who want to learn more. So there's been a ton of -- thousands of people signing up for our webinars to learn about it and reaching out to their customer success reps and sales reps.

是的，現在要下結論還稍微太早。希望在下一次財報電話會議時，我們能分享一些很棒的案例。我在事先準備的發言中提到，已經有超過 200,000 名個別使用者試用過 Workflow Builder，並且用它建立了大約 60,000 條規則。這是非常好的開始。我們看到很多客戶很興奮、想要了解更多。因此有大量——數千人——報名參加我們的網路研討會來學習，也會主動聯繫他們的客戶成功（customer success）代表和業務代表。

And there's clearly a lot of excitement around it. And the next few months will be about helping users really get the most value. Internally, I can tell you that we've started adopting it in earnest and have been able to use it to really streamline our most complex workflows that involve multiple groups around the company that need to have shared context, especially around things like product launches, where they're just all these -- many different constituents within the company, and we want to make sure that we have really high fidelity processes that always execute correctly to get all of them in the loop at the right time.

顯然大家對它非常興奮。接下來幾個月的重點會是協助使用者真正獲得最大價值。在內部，我可以告訴你，我們已經開始認真導入，並且能用它大幅精簡我們最複雜的工作流程——這些流程涉及公司內多個團隊，需要共享脈絡，特別是像產品發佈這類事情，因為公司裡有很多——許多不同的利害關係人，我們希望確保有高保真度（high fidelity）的流程，能夠始終正確執行，並在正確的時間把所有人都納入同步。

All right. And then maybe in the context of the new capabilities that you're adding and the wall-to-wall expansion. Can you give us a bit of an update on the competitive environment? Or are you seeing any displacements going on? Or are you seeing any price changing?

好的。接著在你們新增能力以及「端到端」（wall-to-wall）擴張的背景下，能否給我們一些競爭環境的最新狀況？你們是否看到替換（displacements）的情況？或是看到任何價格變動？

Yes, I'll take that one. We're not really seeing a material change in competition, but rather an overall increase in awareness of and interest in work management, so I think what we're seeing also is like our dedicated focus on innovating specifically in work management, the caliber of our customers and our ability to deliver and measure value quickly is what's kind of contributing to us being able to attract new customers, win those customers and then expand with the ones that we have.

是的，這題我來回答。我們並沒有看到競爭出現實質性的變化；反而是整體市場對工作管理的認知與興趣在提升。所以我認為我們看到的是：我們專注於在工作管理領域持續創新、客戶品質的水準，以及我們能快速交付並衡量價值的能力，這些因素共同促成我們能吸引新客戶、贏得這些客戶，並且在既有客戶中持續擴張。

The next question comes from Brent Bracelin with Piper Sandler.

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

My question here is really around just an evolvement of the trends here on work management, which historically has been a departmental land, encouraging to see more wall-to-wall. You guys are talking about more cross-functional being a driver here. Is the industry shifting here where you're seeing a bit of a tipping point towards wanting more of a cross-functional tool than we historically have seen? Or are those expansions happening faster? Any color around some of the wall-to-wall activity you're seeing? And is the land profile changing here?

我這個問題主要是關於工作管理趨勢的演變。過去這通常是以部門為單位的切入（departmental land），但很鼓舞人心的是看到更多「端到端」（wall-to-wall）。你們提到跨職能（cross-functional）正在成為驅動因素。產業是否正在轉變，出現某種臨界點，使得大家比以往更想要跨職能工具？或者這些擴張是否發生得更快？能否分享一些你們看到的端到端活動的情況？以及切入（land）樣貌是否正在改變？

I think that it's always been more typical for Asana to land cross-functionally and certainly expand cross-functionally. So I think since the beginning of the company, we talked about the most common way we enter is through a marketing team, and then they're just immediately working with product and sales and legal on cross-functional workflows. I think it's accelerated over time as we've built out more capabilities that service that exact need and have established ourselves as differentiated and being able to support cross-team work. .

我認為 Asana 一直以來就更常見的是以跨職能方式切入，當然也會以跨職能方式擴張。所以我想自公司創立以來，我們就談到最常見的進入方式是從行銷團隊開始，然後他們會立刻與產品、銷售、法務一起在跨職能工作流程上合作。我認為這些年來確實加速了，因為我們建立了更多正好滿足該需求的能力，並且確立了我們的差異化——能夠支援跨團隊協作。.

We're also just seeing more awareness of work management. And so as we move to larger deals, the topic is moving up higher in the org chart, the strategic chain, so we're talking to more CIOs and C-level executives who naturally have a cross-functional mindset to how they're going to deploy it. So I think of it -- yes, as a long-term trend, that is accelerating some.

我們也看到市場對工作管理的認知正在提升。因此當我們走向更大型的交易時，這個議題在組織圖與策略鏈條上被提升到更高層級，所以我們會與更多 CIO 與 C-level 高階主管對話，而他們在部署時自然會以跨職能的思維來看待。我會把它視為——是的——一個正在加速的長期趨勢。

Great. So it sounds like the lands are similar, the expand seem to be accelerating. Helpful color there. Tim, my last question for you is just really around the aggressive investment plans for this year. It looks like OpEx growth will outpace revenue growth based on the guide. As you think just about the philosophy of operating leverage, is there a pull-forward of investment this year with the intent to drive maybe more leverage next year? Just trying to think through at what point would you start to will be willing to show a little bit more leverage in the business model?

很好。聽起來切入（land）類似，但擴張（expand）似乎正在加速，這些補充很有幫助。Tim，我最後一個問題是關於你們今年積極的投資計畫。從指引來看，營運費用（OpEx）成長會超過營收成長。當你思考營運槓桿（operating leverage）的理念時，今年是否有把投資提前（pull-forward），以期明年帶來更多槓桿？我想釐清的是，你們在什麼時間點會願意在商業模式上展現更多槓桿？

No, it's a great question. I think that's right, Brent, that you would expect to see more leverage in the following year. One of the things -- I'm not sure we mentioned on the call was we did -- I think we mentioned this, we accelerated growth, and we actually grew faster this year than we grew last year. And then when we look at the unit economics and our gross margins, gross margins being north of about 90% and that our unit economics, both on, on payback and the unit economics on the larger deployments like the $50,000 or the $100,000, their net expansion rates being very healthy gives us a lot of confidence in our ability to continue to invest both on the product side as well as on the sales and marketing side to enable and unlock many of those customers.

不，這是個很好的問題。我認為你說得對，Brent，你會預期在下一年看到更多槓桿。有一件事——我不確定我們在電話會議上是否提到——我們確實——我想我們有提到——我們加速了成長，而且今年的成長速度其實比去年更快。然後當我們看單位經濟（unit economics）與毛利率時，毛利率在 90% 以上，而我們的單位經濟，不論是回收期（payback），或是像 50,000 美元或 100,000 美元這類較大型部署的單位經濟，其淨擴張率（net expansion rates）都非常健康，這讓我們對於持續投資更有信心——不論是在產品端，或是在銷售與行銷端——以促成並解鎖許多這類客戶。

So I think what you see is the model that we've shared maybe about 1.5 years ago at the -- at our direct listing, how we think about the growth phase and a longer-term model. Those haven't changed and how we define the growth phases. As long as we're growing at a healthy clip, that's kind of the sweet spot of what we're looking for, and that really hasn't changed.

所以我認為你看到的是我們大概在 1.5 年前、在我們直接上市（direct listing）時分享過的模型：我們如何看待成長階段以及更長期的模型。這些都沒有改變，也沒有改變我們對成長階段的定義。只要我們以健康的速度成長，那就是我們所尋找的甜蜜點（sweet spot），而這點確實沒有改變。

And 2 additional points I want to make there. So in addition to revenue overall accelerating, when we look at our largest customers, so revenue from customers spending more than $5,000 annually, that actually grew 90% in fiscal year '22. So that's growing even faster than revenue overall. And a lot of the headcount that we're adding conceptually really needs to keep pace with that part of the growth because a different motion to support those larger customers.

另外我還想補充兩點。除了整體營收加速之外，當我們看我們最大的客戶，也就是每年支出超過 5,000 美元的客戶所帶來的營收，在 2022 會計年度實際上成長了 90%。因此那部分的成長甚至比整體營收更快。我們在概念上新增的許多人力，確實需要跟上那一段成長的步伐，因為要支援這些大型客戶，需要不同的推進方式（motion）。

And then additionally, on the sort of marketing side, we have really great analytics on the specific channels and markets that we're investing into to acquire new customers or acquire additional seats and existing customers. And that gives us a lot of confidence that we can further invest into those and expect to get the return. Not necessarily immediately, but on looking out over the longer payback period, we have really high confidence. So it's not like we're just sort of throwing money at billboards and Super Bowl ads. We're able to invest in really smart ways and have confidence that we're going to get that money back.

另外，在行銷面向，我們對於正在投入的特定通路與市場（用以獲取新客戶，或在既有客戶中取得更多席次）有非常好的分析數據。這讓我們很有信心可以進一步加大投入，並預期能取得回報。不一定是立刻，但從較長的回收期來看，我們有非常高的信心。所以這不是那種把錢隨便砸在看板或超級盃廣告上。我們能以非常聰明的方式投資，並且有信心把這些錢賺回來。

The next question comes from Andrew DeGasperi with Berenberg.

下一個問題來自 Berenberg 的 Andrew DeGasperi。

Just as one on the partnerships. In particular, I know when you launched the channel partner program internationally, that was -- the focus was expanding geographically. But I'm wondering if we were to fast forward a few years from now, do you see the partner channel becoming a much more meaningful contributor to sales like we see in some of your larger software peers?

關於合作夥伴的問題。特別是，我知道你們在國際上推出通路合作夥伴計畫時，重點是地理版圖的擴張。但我想問的是，如果我們把時間快轉到幾年後，你是否認為合作夥伴通路會像你們一些更大型的軟體同業那樣，成為對銷售更有意義的貢獻來源？

Yes. No, thanks for that question. I think right now, and we definitely see this as both early and promising. It really is helping us reach customers in more geographies. We had mentioned our partner, Master Concept in Taiwan and how they were able to help us with PC Home and growing that account faster. In EMEA, we're seeing that same thing. We're able to bring on great partners, and they are investing in the Asana business through dedicated resources and programs.

是的。謝謝你的問題。我認為目前我們確實把這視為仍在早期、但很有前景的方向。它確實正在幫助我們觸及更多地理區域的客戶。我們提到過台灣的合作夥伴 Master Concept，以及他們如何協助我們服務 PC Home，並讓該帳戶成長更快。在 EMEA，我們也看到同樣的情況。我們能引入很棒的合作夥伴，而他們也透過專屬資源與計畫投入 Asana 業務。

I think we -- so those are all promising. And while we're still early, we do think medium to longer term, this is an important place for us to spend resources and bring on additional strategic partners, especially to help in the enterprise. But yes, I would say it's very promising. We're excited to see how we can better reach and serve customers together, but we also know that it's a medium to long-term investment for us.

我想我們——所以這些都很有希望。雖然仍在早期，但我們確實認為在中長期，這會是我們投入資源、引入更多策略性合作夥伴的重要領域，尤其是為了協助企業客戶（enterprise）。但我會說這非常有前景。我們很期待能如何一起更好地觸及並服務客戶，但我們也知道，這對我們而言是一項中長期投資。

That's helpful. And then as a follow-up on the 8-figure deal that you signed last year. I mean, I was just wondering, if the pipeline that you're seeing for this year, is there a potential to do more of that type over the next few quarters?

這很有幫助。接著追問一下你們去年簽下的那筆 8 位數交易。我只是想了解，你們今年看到的管線（pipeline）是否有可能在接下來幾個季度再做出更多類似規模的交易？

Yes, we're certainly very excited about that customer and the rate of growth. The more that we're working with these larger customers that are using us for their most strategic cross-team initiatives, we actually see faster expansion. So there are a number of the larger 7-figure deal customers as well as high-growth ones that we're certainly partnering very closely with to be able to deliver more value and then realize that value.

是的，我們當然對那位客戶以及其成長速度感到非常興奮。當我們與這些更大型的客戶合作、而他們把我們用在最具策略性的跨團隊倡議上時，我們其實看到更快的擴張。因此也有一些更大型的 7 位數交易客戶，以及一些高成長的客戶，我們都在非常緊密地合作，以便交付更多價值，並進而實現那個價值。

The next question comes from Pat Walravens with JMP Securities.

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

Great and let me add my congratulations. So I don't know if it's for Tim or Dustin, but -- so yes, revenue accelerated year-over-year, and we can see why that would justify investments. But Tim, you know how we are, we look at the quarters. And if you look at the quarters, basically, like calculated billings seems like a good place -- a really clean place to look at it. The business accelerated for 5 quarters in a row from the beginning of '21 to Q2 of this year were up '22. And then seems to have decelerated the last 2 quarters. So I'd just love to hear your thoughts and what key points you make to investors on why the acceleration and the deceleration.

很好，也讓我表達我的祝賀。我不確定這題是問 Tim 還是 Dustin，但——是的，營收年增加速，我們也能理解為什麼這會合理化投資。不過 Tim，你知道我們的習慣，我們會看季度。如果看季度的話，基本上像是計算後帳單（calculated billings）看起來是一個很好的——很乾淨的觀察點。從 2021 年初到今年 Q2（也就是 2022 年）為止，業務連續 5 個季度加速。然後看起來在最近 2 個季度又放緩了。所以我很想聽聽你的看法，以及你會對投資人強調哪些關鍵點，來解釋加速與放緩的原因。

Yes. It's a good question. I do think there -- obviously, there's a comp analysis that you can look at because last year, you're also comping against a -- the prior year where COVID was much more rapid. But I would also point out that billings isn't necessarily the one metric we run the business on. We certainly look at the business across a number of different metrics. And I think GAAP revenue is probably a better indicator of how we think about our growth rate.

是的，這是個好問題。我確實認為——很明顯你可以做同基期（comp）分析，因為去年你也在對比——前一年 COVID 影響更劇烈的時期。但我也想指出，帳單（billings）不一定是我們用來經營公司的唯一指標。我們當然會從多個不同指標來看業務。我認為 GAAP 營收可能更能反映我們如何看待自身的成長率。

Now with that said, we are -- as you can see, one of the things that we are focused on is building out our go-to-market around the enterprise motion and that you would expect RPO as well as our CRPO to -- as one metric that you should be looking to over time where we're getting more enterprise traction, especially as we go beyond -- as we do more longer-term deals.

話雖如此，我們——如你所見，我們聚焦的一件事是圍繞企業端推進（enterprise motion）來建構我們的 go-to-market，而你也會預期 RPO 以及我們的 CRPO——作為你應該隨時間關注的一項指標——在我們取得更多企業端動能時會有所反映，特別是當我們進一步——當我們做更多長期合約時。

Yes. But revenue, again, was sort of higher at the beginning of half of the year and then decelerating in the second half, too, right? Is there something more fundamental going on than comps?

是的。但營收同樣也是，上半年比較高，然後下半年也在放緩，對吧？除了同基期之外，是否有更根本的因素在發生？

No. I mean there is also just the timing of large deals and change -- it's part of why we don't focus on billings as much. But yes, the comps versus the prior year and then just like which quarter particular deals happen to fall in.

沒有。我的意思是，還有大型交易的時點，以及變動——這也是我們不那麼聚焦帳單的原因之一。但沒錯，主要就是相較前一年的同基期因素，以及特定交易剛好落在哪一個季度。

The lumpiness of the billings, really to larger deals.

帳單的波動性（lumpiness），其實主要來自較大型的交易。

Yes.

是的。

The next question comes from Rishi Jaluria with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Rishi Jaluria。

This is Richard on for Rishi. So you mentioned some of the partnerships you guys have with players in tangential areas of the collaboration landscape such as digital collaboration tools, whiteboarding tools. So as you look forward, have you identified other collaboration categories that you think you could expand into long term? Or just, I guess, more generally, how do you think about the broader market opportunity in collaboration software long term?

我是 Richard，代 Rishi 提問。你提到你們與協作版圖中一些相鄰領域的業者有合作夥伴關係，例如數位協作工具、白板工具等。展望未來，你們是否已辨識出其他你們認為長期可以擴展進入的協作類別？或者更一般地說，你們如何看待長期協作軟體更廣泛的市場機會？

Yes, it really depends how long term you're thinking. But for the foreseeable future, we really think of ourselves as pure-play work management. So when we think about the overall collaboration landscape, we divide it into the 3 big areas. So one is communications. So it's going to be anything from Zoom and Slack to deploy technologies and e-mail. And then the content categories, which would include document editors, the whiteboarding tools, specialized products like Adobe or Figma. And then the third big category is work management.

是的，這真的取決於你所說的「長期」有多長。但在可預見的未來，我們確實把自己定位為純粹的工作管理（pure-play work management）。因此當我們看整體協作版圖時，我們把它分成三大領域。第一是溝通（communications），涵蓋從 Zoom、Slack 到部署技術與電子郵件。第二是內容類別（content categories），包括文件編輯器、白板工具，以及像 Adobe 或 Figma 這類專業產品。第三個大類別則是工作管理。

And we really -- collaboration software is obviously just really exciting, [large], but even work management is just such an enormous market opportunity and still feels just incredibly untapped. So we think about the total addressable market is over 1 billion-odd workers worldwide. And still a vast majority of them are using the status quo of e-mail, spreadsheets, long meetings, sticky notes on whiteboards or digital light boards. And so we're really excited about staying focused on that opportunity and then partnering with the best-of-breed products and the other ones.

而我們真的——協作軟體顯然非常令人興奮、[龐大]，但即便只是工作管理，也是一個極其巨大的市場機會，而且仍然感覺非常未被開發。我們認為總可服務市場（TAM）涵蓋全球超過約 10 億名工作者。而其中絕大多數仍在使用現狀：電子郵件、試算表、冗長會議、白板上的便利貼或數位光板。因此我們非常期待持續聚焦在這個機會上，並與同類最佳（best-of-breed）的產品以及其他產品進行合作。

Very helpful. And this might be a little bit of a repetitive question, but you talked about the launch of Asana Flow last month and it seemed to be some strong early engagement numbers and metrics. So I guess just in terms of monetization strategy, I note the majority of these new features are in some of the more premium SKUs. So do you expect something like that to drive some free to paid conversion or upgrade SKUs? And same question, I guess, as you look forward to the broader product road map such as the Employee Impact Suite you mentioned earlier?

非常有幫助。這可能有點重複，但你提到上個月推出 Asana Flow，而且看起來早期的互動數字與指標相當強勁。所以我想就變現策略而言，我注意到這些新功能多數是在較高階的 SKU 中。你是否預期這類功能會推動從免費到付費的轉換，或促使客戶升級 SKU？同樣的問題也想請教，當你展望更廣泛的產品路線圖，例如你先前提到的 Employee Impact Suite？

You want to talk maybe about the pricing aspect?

你要不要談談定價方面？

Yes. We're excited that, in particular, for the Flow launch, to get the most value out of the Workflow Builder, the Template Library, those are in our premium tiers. And so I think the early response, we're very excited about both within like new customers who were joining our webinars as well as we had a large over 6,000-person community event of some of our most active evangelist. So again, as just mentioned, it's early right now, but we're excited about the interest and momentum in customers and new customers trying the product and then our sales teams are actively working with them understand their needs and ideally get them into the right package to be able to solve their cost team needs.

好的。我們很興奮，特別是就 Flow 的推出而言，要從 Workflow Builder、Template Library 中獲得最大價值，這些都在我們的高階方案（premium tiers）裡。因此我認為早期回饋讓我們非常振奮，包含像是新客戶參加我們的網路研討會，以及我們也舉辦了一場超過 6,000 人的社群活動，參與者是一些最活躍的推廣者（evangelist）。所以再次強調，現在仍在早期，但我們對客戶與新客戶嘗試產品所展現的興趣與動能感到興奮，而我們的銷售團隊也正積極與他們合作，了解其需求，並理想上協助他們選擇合適的方案，以解決其跨團隊（cross-team）的需求。

So that's overall how we're thinking about all the features that we launched, which is making them as accessible as possible is going to be part of our strategy. And then for those customers that have these cross-team's strategic needs, making sure that they understand the value that are in our business and enterprise tiers and being able to move them up into those tiers when they're ready.

所以，這就是我們整體上如何看待我們所推出的所有功能：讓它們盡可能容易取得，將會是我們策略的一部分。接著，對於那些有跨團隊策略性需求的客戶，我們要確保他們理解我們商務版與企業版層級所提供的價值，並在他們準備好時，能夠將他們升級到那些層級。

And then in addition to packaging, I would just also point out that workflows are really helpful for helping a customer adopt and stay retained with Asana. So a lot of what we've built into the templates and what we are helping the first set of customers to with Workflow Builder is really very quickly implement workflow streams that they were otherwise doing by sort of gluing together a set of features like the automation rules or forms or task templates or custom API scripts they were writing to integrate with some of the other apps in their toolkit. And so this is really giving us a much faster way to deploy cross-functional use cases and workflows into new customers and help them just get started on a really good foot and expand faster.

此外，除了方案包裝之外，我也想指出，工作流程對於協助客戶採用並持續使用 Asana、提高留存非常有幫助。我們在範本中所建置的許多內容，以及我們透過 Workflow Builder 正在協助第一批客戶做到的事情，都是讓他們能非常快速地實作工作流程串流；而過去他們往往是透過把一組功能「拼接」起來完成，例如自動化規則、表單、任務範本，或是他們自行撰寫的自訂 API 腳本，用來與工具組中的其他應用程式整合。因此，這讓我們能以更快的方式，將跨職能的使用案例與工作流程部署到新客戶，幫助他們以更好的起點快速上手，並更快擴張。

Next question comes from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Dustin and Tim, many investors are asking about the magnitude of your spend. And I know Brent's question, the Brents (inaudible) thinking alike on this call on the questions, it's just when you think about how long you're willing to commit to that magnitude of a loss before you start to show some leverage? What's the trigger? What's going to trip the line, if you will, or the core to pull back a bit? You're significantly overspending relative to your peers. And so we're getting a lot of questions on that if you can address that.

Dustin 和 Tim，許多投資人都在問你們支出的規模。我知道 Brent 的問題——這通電話上兩位 Brent（聽不清）想法一致——問題是：當你們思考在開始展現一些槓桿效益之前，你們願意承諾承擔這種規模的虧損多久？觸發點是什麼？換句話說，什麼會讓你們踩線或促使你們稍微收手？相較同業，你們的支出明顯過高。因此我們收到很多相關問題，若你們能回應一下。

Yes. Well, there are a couple of different ways to look at it. Again, the very big picture for me as the CEO is just where we are in the category maturation. And so we're investing to win, and we mean that quite literally. And so when you think about this big market opportunity, I'm a little less focused on what the optics of the operating margin are in the short run and more focused on how confident are we that we're going to get those investments back in the form of long-term revenue.

是的。嗯，這可以從幾個不同角度來看。再說一次，對我這位執行長而言，最宏觀的視角是我們在這個類別成熟度中的位置。因此我們是在投資以贏得市場，而且我們是非常字面意義上的「投資以取勝」。當你想到這個巨大的市場機會時，我比較不會把焦點放在短期營業利益率的觀感上，而是更關注：我們有多大把握能以長期營收的形式，把這些投資收回來。

And so again, there, we look at our efficiency metrics. So we have the 90% gross margins. We look at the success with enterprise customers. We look at the sort of concrete channel and market efficiency for our marketing spend and where sales are succeeding. And so I think the things that will cause us to get leverage are more about hitting diminishing returns there, such that those investments no longer look profitable on the margin and then also slowing our growth trajectory so that it makes less sense to invest ahead because when you're growing as fast as we are, you sort of quickly catch up to the scale of the spend. And if you don't, then you can sort of slow down on adding heads and grow into it.

因此，在這方面我們會看效率指標。我們有 90% 的毛利率。我們會看企業客戶的成功情況。我們會看行銷支出的具體通路與市場效率，以及銷售在哪些地方取得成效。因此，我認為會讓我們產生槓桿效益的因素，更多是當我們在那些方面開始出現邊際報酬遞減，使得這些投資在邊際上看起來不再那麼有利可圖；另外也包括我們的成長軌跡放緩，使得提前投資的合理性降低，因為當你像我們這樣高速成長時，你會很快追上支出規模；如果沒有追上，你就可以放慢增員速度，讓成長去消化這些投入。

But if you're growing much lower, then you can't really sort of make that kind of rationale. So I think that those are the 2 things that we would look to and you could look to for when we get leverage. But we do, maybe not in every quarter and every year. But over multiyear periods, we do trend towards more leverage.

但如果你的成長率低很多，你就很難用那種邏輯來合理化。因此，我認為這就是我們會觀察、你們也可以觀察的兩個槓桿效益出現的訊號。不過，我們確實——也許不是每一季、每一年——但在多年期的時間尺度上，我們確實會朝向更高的槓桿效益趨勢前進。

Thanks, Dustin. Just for Tim, when you look at the biggest areas of spend this year, is there an easy way to bucket where this is all going? Is it across the board? Is it 70% of sales and marketing? What -- how would you put broader categories around that?

謝謝你，Dustin。再請教 Tim：當你看今年最大的支出領域時，有沒有一個簡單的方法可以把這些支出歸類，看看錢都花到哪裡去了？是全面性增加嗎？是 70% 在銷售與行銷嗎？你會如何用更大的類別來描述？

Yes. I would say a big part of it is around our sales and marketing. And I would say it's a combination of demand gen, pipeline building, sales capacity, building up on the enterprise motion and the necessary support. So many of the customer-facing teams to support that part of the business. So it's a lot of focus around reaching our enterprise customers, helping them adopt and helping them expand.

是的。我會說其中很大一部分是在銷售與行銷。我也會說這是需求開發（demand gen）、管線建立、銷售產能、推進企業客戶動能（enterprise motion）以及所需支援的組合。因此，許多面向客戶的團隊都在支援這部分業務。我們的重點很大程度放在觸達企業客戶、協助他們採用，並協助他們擴張。

The next question comes from Robert Simmons with D.A. Davidson.

下一個問題來自 D.A. Davidson 的 Robert Simmons。

I was wondering how much are you factoring in higher expenses from a return to relative normalcy post or semi post-COVID?

我想請問，你們在多大程度上把疫情後或半疫情後回到相對常態所帶來的更高費用納入考量？

Yes. I mean we are -- we haven't returned to the office yet. Some of us are actually doing this call in person together -- but we have included -- made some assumptions of return to office around the back half of the year. So additional travel additional spend related to being in the office together and being able to reach our customers, meet with them, help them be successful. So back -- I would say back half of the year.

是的。我的意思是，我們——我們還沒有回到辦公室。有些人其實是一起在現場進行這通電話——但我們已經就今年下半年回到辦公室做了一些假設。因此會有額外的差旅、與大家回到辦公室一起工作相關的額外支出，以及能夠觸達客戶、與他們會面、協助他們成功所需的支出。所以——我會說是在下半年。

I want to nuance that a little bit, return to office has a concrete definition internally. You have several hundred people in the San Francisco office and then dozens of people in some of the other offices, but 10 means more like 90% or 100% of the workforce coming back. And so part of those expenses exist now and part of them may accelerate in the back half.

我想把這點說得更細緻一些：在內部，「回到辦公室」有一個具體定義。你們在舊金山辦公室有數百人，其他一些辦公室也有數十人，但「回到辦公室」更像是 90% 或 100% 的員工回來。因此，部分費用現在就已經存在，部分費用可能會在下半年加速。

Got it. And -- sorry, finish.

了解。然後——抱歉，你繼續。

I was just also going to say, I mean, it's not quite so binary though because we are -- we're paying rent on our offices anyway. That's probably the largest sort of office expense. So it's not like it totally flips, but yes, travel and expenses and some of the costs of actually operating the building change.

我也想補充一下：其實也不是那麼二元，因為我們——反正都在支付辦公室租金。那大概是最大的辦公室相關費用。所以不是說它會完全翻轉，但確實，差旅與費用，以及實際營運大樓的一些成本會有所變化。

Got it. All right. And then where do you think you're the most underpenetrated out in the market? Is it a particular region? Are there industries? Is it specific parts of the enterprise, like legal or sales? Or what are your thoughts there?

了解。好。那你認為你們在市場上最未滲透的地方在哪裡？是特定地區嗎？有哪些產業嗎？是企業內部的特定部門，例如法務或銷售嗎？你對此有什麼看法？

There's a few different ways I can go with that. I mean the first thing that comes to mind is just very highly regulated industries where we may not have the compliance requirements yet or they may just be the least -- sort of last mover to adopt new technologies that's where we least penetrated. But we do have a lot of presence in a wide variety of industries, a wide variety of regions and customer scale.

這個問題我可以從幾個不同方向回答。我第一個想到的是高度受監管的產業，我們可能還沒有滿足其合規要求，或者他們本來就是最——算是最後一批採用新技術的族群；那是我們滲透最少的地方。但我們在非常多元的產業、非常多元的地區，以及不同規模的客戶中，都有相當的能見度。

That concludes the Q&A session. I would like to pass the conference back to Catherine Buan for additional remarks.

問答環節到此結束。我想把會議交回給 Catherine Buan，請她做進一步的說明。

Thanks so much, everyone -- thank you very much, everyone, for joining us today. Looking forward to seeing you on the road this quarter and always appreciate your time. Thank you.

非常感謝各位——非常感謝各位今天加入我們。期待本季在路演行程中與各位見面，也一如既往感謝各位的時間。謝謝。

That concludes the Asana Fourth Quarter and Fiscal Year 2022 Earnings Call. Thank you for your participation. You may now disconnect your lines.

Asana 2022 會計年度第四季暨全年財報電話會議到此結束。感謝各位的參與。您現在可以掛線。