(ASAN) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for attending the Asana First Quarter and Fiscal Year 2022 Earnings Call. My name is Amber, and I will be your moderator for today's call. (Operator Instructions)

下午好，感謝您參加 Asana 第一季度和 2022 財年收益電話會議。我叫 Amber，我將擔任今天電話會議的主持人。 （操作員說明）

I now have the pleasure of handing the call to our host, Catherine Buan, Head of Investor Relations at Asana. Catherine, please proceed.

我現在很高興將電話轉給我們的主持人 Asana 投資者關係主管 Catherine Buan。凱瑟琳，請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results of Asana's First Quarter Fiscal 2023. With me on today's call are Dustin Moskovitz, Asana's Co-Founder and CEO; and Anne Raimondi, our Chief Operating Officer and Head of business; and Tim Wan, our Chief Financial Officer.

下午好，感謝您參加今天的電話會議，討論 Asana 2023 財年第一季度的財務業績。今天和我一起參加電話會議的有 Asana 的聯合創始人兼首席執行官 Dustin Moskovitz；和我們的首席運營官兼業務主管 Anne Raimondi；和我們的首席財務官 Tim Wan。

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 annual report on Form 10-K for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

今天的電話會議將包括前瞻性陳述，包括關於我們的財務前景、市場地位和增長機會的陳述。前瞻性陳述涉及風險、不確定性和假設，這些風險、不確定性和假設可能導致我們的實際結果與前瞻性陳述中明示或暗示的結果存在重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K 表格年度報告，以了解有關可能導致實際結果與此類聲明中規定的結果存在重大差異的風險、不確定性和假設的更多信息。

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

此外，在今天的電話會議中，我們將討論非 GAAP 財務措施。這些非 GAAP 財務措施是對根據 GAAP 編制的財務業績措施的補充，而不是替代或優於這些措施。 GAAP 和非 GAAP 財務指標之間的調節以及使用非 GAAP 指標與其最接近的 GAAP 等值的限制的討論可在我們的收益發布中找到，該發布發佈在我們的投資者關係網頁 investors.asana.com 上。

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

有了這個，我想把電話轉給達斯汀。

Thank you, Catherine, and thank you to everyone on the call today. We're pleased to report another record first quarter, led by strong growth across our major markets and significant traction in enterprise. Revenue grew 57% year-over-year, beating the top end of our guidance range. Importantly, we had record-breaking events on several fronts. Our largest customer scaled to a new high with now over 100,000 seats. We also set a new record with our largest land deal in company history. This leading payment service company is a net new customer with 3,000 enterprise seats and an annual contract value, or ACV, of well over $0.5 million.

謝謝你，凱瑟琳，也感謝今天電話會議的每一個人。我們很高興地報告第一季度又創紀錄，這得益於我們主要市場的強勁增長和企業的巨大吸引力。收入同比增長 57%，超過了我們指導範圍的上限。重要的是，我們在幾個方面都有破紀錄的事件。我們最大的客戶規模再創新高，現已超過 100,000 個席位。我們還創造了公司歷史上最大的土地交易的新紀錄。這家領先的支付服務公司是一個淨新客戶，擁有 3,000 個企業席位，年度合同價值 (ACV) 遠超過 50 萬美元。

I also want to note an important Asana milestone in Q1. For the first time, our ARR surpassed $0.5 billion. We're seeing bigger and faster expansions in our largest customers. Comparing the total ARR from our top 100 customers a year ago, the total ARR from our current top 100 customers, it grew 75% year-over-year. All of our top 100 customers have over 1,000 seats or more on Asana.

我還想指出第一季度的一個重要 Asana 里程碑。我們的 ARR 首次超過 5 億美元。我們在最大的客戶中看到了更大更快的擴張。與一年前我們前 100 名客戶的總 ARR 相比，我們當前前 100 名客戶的總 ARR 同比增長了 75%。我們所有前 100 名客戶都在 Asana 上擁有超過 1,000 個或更多席位。

Geographically, revenue in the U.S. grew faster than overall growth at 61% year-over-year, which we believe can be a leading indicator for demand worldwide. And our revenue mix of the business and enterprise tiers continues to climb, now representing over 64% of total revenue. While we acknowledge the overall macroeconomic environment today, and Tim will touch on our plans more in a moment, these metrics and customer wins are strong proof points for a durable Asana growth profile. The near constant change in the last 2 years underscores the need for more clarity and alignment and a platform that keeps teams focused and connected with each other and their goals. Asana's unique product strategy is the navigation system for cross-team coordination and clarity is meeting this demand. And as you can see from our Q1 results, companies are continuing to recognize Asana as an essential platform and partner for these modern work challenges.

從地域上看，美國的收入同比增長 61%，高於整體增長，我們認為這可以成為全球需求的領先指標。我們的業務和企業級收入組合繼續攀升，目前佔總收入的 64% 以上。雖然我們承認今天的整體宏觀經濟環境，蒂姆稍後會更多地談到我們的計劃，但這些指標和贏得的客戶是 Asana 持久增長狀況的有力證明。過去 2 年幾乎持續不斷的變化凸顯了對更加清晰和一致的需求，以及一個讓團隊保持專注並相互聯繫和實現目標的平台。 Asana 獨特的產品策略是用於跨團隊協調和清晰度的導航系統滿足了這一需求。正如您從我們第一季度的結果中看到的那樣，公司繼續將 Asana 視為應對這些現代工作挑戰的重要平台和合作夥伴。

Further demonstrating Asana's value is the June 7 Employee Impact Suite product launch. This launch addresses one of the most important concerns of leaders everywhere. How do I bring my teams together and keep them focused and productive. Leaders across the enterprise love these capabilities because their distributed teams can connect to and focus on the most important work. For example, with My goals, managers are empowered to macro manage their teams by aligning them around key objectives and the work needed to achieve them in one interface, no matter where they are in the world. And the new automatic progress roll-ups give executives and teams real-time look into the status of that work. They can identify roadblocks and make decisions more quickly with no manual work about work needed from their teams.

6 月 7 日的 Employee Impact Suite 產品發布進一步展示了 Asana 的價值。此次發布解決了各地領導人最關心的問題之一。我如何將我的團隊聚集在一起並讓他們保持專注和高效。整個企業的領導者都喜歡這些功能，因為他們分散的團隊可以連接並專注於最重要的工作。例如，借助“我的目標”，管理人員可以通過在一個界面中圍繞關鍵目標和實現這些目標所需的工作調整團隊，從而宏觀管理他們的團隊，無論他們身在世界的哪個角落。新的自動進度匯總讓高管和團隊可以實時查看該工作的狀態。他們可以識別障礙並更快地做出決策，而無需手動處理團隊所需的工作。

One remarkable trend that continued this quarter is the success of our Goals product. Asana Goals continues to drive an increasing amount of wall-to-wall deals and medium-sized enterprises. Customers such as Benevity and Lucid are great examples. Companies that care deeply about driving sustainable employee engagement, which translates to higher productivity have made Asana their work platform of choice.

本季度持續的一個顯著趨勢是我們的目標產品的成功。 Asana Goals 繼續推動越來越多的交易和中型企業。 Benevity 和 Lucid 等客戶就是很好的例子。非常關心推動可持續的員工敬業度，這可以轉化為更高的生產力的公司已經將 Asana 作為他們的首選工作平台。

Another thing to note is that Asana Partners is expanding our ecosystem in support of consolidated technology stack. Users do less contact switching and have more time for the work that matters. This expansion includes reimagined Google Drive integration, linking Google Box, Sheets and Slides to tasks with file comment notifications directly in Asana, minimizing tool switching.

另一件需要注意的事情是，Asana Partners 正在擴展我們的生態系統以支持整合的技術堆棧。用戶進行更少的接觸切換，將更多時間用於重要的工作。此擴展包括重新設想的 Google Drive 集成，將 Google Box、表格和幻燈片鏈接到任務，直接在 Asana 中提供文件評論通知，最大限度地減少工具切換。

Asana for Google Chat and Spaces converts unstructured conversations or messages into actionable Asana tasks without leaving Google Chat. And a brand-new Sigma integration powers creative work by converting stickies into Asana tasks without leaving brainstorming sessions in big jam boards. This launch continues the momentum of our strong fiscal year 2023 product cycle.

適用於 Google Chat 和 Spaces 的 Asana 無需離開 Google Chat 即可將非結構化對話或消息轉換為可操作的 Asana 任務。全新的 Sigma 集成通過將即時貼轉換為 Asana 任務來為創造性工作提供動力，而無需在大型果醬板上進行頭腦風暴會議。此次發布延續了我們強勁的 2023 財年產品週期勢頭。

Our Asana Flow launch in February democratize the power to build workflows. Workflow Builder is simple to use without requiring technical expertise, yet powerful enough to support end-to-end cross-team workflows for organizations of all sizes. Our customer base continues to be thematical about this launch. In just 90 days, 145,000 rules have been created with particularly high adoption across our top 100 domains. More than 40% of our $50,000 customers tried Workflow Builder within 2 weeks of the launch, leading a large runway for expanding across the base.

我們於 2 月推出的 Asana Flow 使構建工作流程的能力民主化。 Workflow Builder 易於使用，無需技術專業知識，但功能強大，足以支持各種規模的組織的端到端跨團隊工作流。我們的客戶群繼續關注此次發布。在短短 90 天內，我們創建了 145,000 條規則，在我們的前 100 個域中採用率特別高。在 Workflow Builder 推出後的 2 週內，超過 40% 的 50,000 美元客戶試用了它，從而為整個基地的擴展開闢了一條寬闊的跑道。

I also want to mention another launch in June. We're looking forward to the first Asana ESG report later this month. Our company was purpose-built for sustainability from day 1, and we're excited to share our metrics broadly and how ESG will be further integrated into our operations going forward. Looking ahead, digital transformation will continue to be a priority for organizations. Asana helps drive meaningful and vast productivity gains, which we know leaders are seeking intently. With high inflation and rising capital costs, leaders say they have even more appreciation for the efficiency Asana achieves within their businesses. Asana is perfectly suited during times like these as we help customers better adapt and improve along the way.

我還想提一下 6 月份的另一次發布。我們期待著本月晚些時候的第一份 Asana ESG 報告。我們公司從第一天起就是為可持續發展而專門打造的，我們很高興能廣泛分享我們的指標以及 ESG 將如何進一步融入我們未來的運營。展望未來，數字化轉型將繼續成為組織的優先事項。 Asana 有助於推動有意義且巨大的生產力提升，我們知道領導者正在熱切尋求這一點。隨著高通脹和資本成本上升，領導者表示他們更加欣賞 Asana 在其業務中實現的效率。 Asana 非常適合這樣的時期，因為我們幫助客戶更好地適應和改進。

We remain committed to building a comprehensive work management platform, capable of serving organizations of all sizes around the world. We believe in our long-term strategy and are confident in the fundamentals of our business. Our investment is paying off with strong momentum in the enterprise, and we'll continue to invest strategically in this growth while balancing our commitment to making significant progress towards free cash flow in the coming year.

我們始終致力於構建一個全面的工作管理平台，能夠為全球各種規模的組織提供服務。我們相信我們的長期戰略，並對我們業務的基本面充滿信心。我們的投資以企業的強勁勢頭得到回報，我們將繼續對這一增長進行戰略投資，同時平衡我們對在來年實現自由現金流方面取得重大進展的承諾。

And now I'll turn it over to Anne.

現在我將把它交給安妮。

Thanks, Dustin. As you've already heard from Dustin, it was a great first quarter. Our investments in the enterprise segment are paying off as we set new records with bigger lands and faster expansion. We now have 390 customers spending over $100,000, and these larger deals represent our fastest-growing customer cohort, up 127%.

謝謝，達斯汀。正如你已經從達斯汀那裡聽到的那樣，這是一個很棒的第一季度。隨著我們以更大的土地和更快的擴張創造新記錄，我們在企業領域的投資正在取得回報。我們現在有 390 位客戶花費超過 100,000 美元，這些較大的交易代表了我們增長最快的客戶群體，增長了 127%。

We're also consistently closing strong wins in the mid-market, where I would note in particular, we are seeing an uptick in wall-to-wall deals. Across medium-sized companies and divisions of enterprise organizations, our differentiated Goals product, which seamlessly ladders individual tasks, team projects and cross-functional portfolios up to company goals with automated status reports is helping us close more strategic opportunities.

我們也一直在中端市場取得強勁的勝利，我要特別指出的是，我們看到牆到牆交易有所增加。在中型公司和企業組織的各個部門中，我們差異化的目標產品可以通過自動狀態報告將個人任務、團隊項目和跨職能組合無縫地提升到公司目標，從而幫助我們關閉更多的戰略機會。

Looking at our performance by geography. Revenue from the U.S. grew 61% year-over-year, accounting for 59% of our total revenue. While international grew 52%, accounting for 41% of revenue. If it wasn't for our exposure in Ukraine and Russia and foreign exchange impact, the growth rate of our international business would be 1 to 2 percentage points higher. We saw strength in our core markets and our channel strategy, which is still in its early stages of growth, is seeing some notable large wins as we build our presence in new countries.

從地理上看我們的表現。來自美國的收入同比增長 61%，占我們總收入的 59%。而國際業務增長了 52%，佔收入的 41%。如果不是因為我們在烏克蘭和俄羅斯的敞口和外匯影響，我們國際業務的增長率會高出1到2個百分點。我們看到了我們核心市場的實力，我們的渠道戰略仍處於早期增長階段，隨著我們在新國家建立業務，我們看到了一些顯著的巨大勝利。

Lastly, we have a healthy pipeline and strong engagement with our large customers. As I look across our customer base, I see 3 major trends: bigger expansions often driven by strategic cross-functional use cases, larger lands and broad cross-industry adoption.

最後，我們擁有健康的渠道和與大客戶的緊密合作。當我審視我們的客戶群時，我看到了 3 個主要趨勢：通常由戰略性跨職能用例驅動的更大擴展、更大的土地和廣泛的跨行業採用。

The first and most pronounced trend is our larger, faster expansion within our largest customers. A number of big global brands are seeing steep user adoption curve of up to 2% week-over-week growth in some cases. As you know, we have some of the largest deployments in the category, and we are just getting started. Our largest deployment has grown again and is now over 100,000 seats. Asana is used heavily across several operational units, including managing their most strategic global accounts and designing and scaling some of their fast-growing cloud businesses.

第一個也是最明顯的趨勢是我們在最大的客戶中進行更大、更快的擴張。在某些情況下，許多大型全球品牌的用戶採用率曲線陡峭，每週增長高達 2%。如您所知，我們擁有該類別中一些最大的部署，而我們才剛剛開始。我們最大的部署再次增長，現在超過 100,000 個席位。 Asana 在多個運營部門大量使用，包括管理他們最具戰略意義的全球客戶以及設計和擴展他們一些快速增長的雲業務。

Another example from Q1 is a company called Octopus Energy, which is using transformative technology to make renewable energy the norm and end global reliance on fossil fuels. They are wall-to-wall with Asana and use our platform to streamline all of their strategic workflows across teams. Our success across various impact organizations is very important to our mission, which brings me to yet another important organization called Jobs for the Future. They went wall-to-wall with Asana in a multiyear contract. Jobs for the Future helps to provide a stronger supply of qualified prospects to fill jobs and develop more equitable advancement for people. It's an important effort as employers across the nation struggle to find people with the right skills, and Asana will help them scale quickly and effectively.

第一季度的另一個例子是一家名為 Octopus Energy 的公司，該公司正在使用變革性技術使可再生能源成為常態並結束全球對化石燃料的依賴。他們與 Asana 打成一片，並使用我們的平台來簡化他們跨團隊的所有戰略工作流程。我們在各種影響力組織中的成功對我們的使命非常重要，這讓我想到了另一個重要的組織，叫做未來的工作。他們與 Asana 簽訂了一份多年合同。 Jobs for the Future 有助於提供更強大的合格前景供應，以填補工作崗位並為人們創造更公平的進步。這是一項重要的努力，因為全國各地的雇主都在努力尋找具有合適技能的人才，而 Asana 將幫助他們快速有效地擴大規模。

Lastly, this quarter, one of the world's largest telecommunications companies continue to expand rapidly and virally as the demand across users surpassed their previous contract. One of the major drivers of these expansions is another trend we are seeing. More and more customers have scaled complex, strategic and cross-functional workloads. They need high impact and high return on investment fast, and Asana can help them with this. As these organizations shift and accommodate the ever-changing market environment, they need even more agility. Zoom and Okta are great examples where Asana is the company-approved platform for work management. It's how they work every day. As a corporate approved vendor, Asana is growing across their operations and business teams and is the way most employees manage their most important work.

最後，本季度，世界上最大的電信公司之一繼續快速擴張，因為用戶的需求超過了他們之前的合同。這些擴張的主要驅動力之一是我們看到的另一種趨勢。越來越多的客戶擴展了複雜的、戰略性的和跨職能的工作負載。他們需要快速獲得高影響力和高投資回報，而 Asana 可以幫助他們。隨著這些組織轉變並適應不斷變化的市場環境，他們需要更大的靈活性。 Zoom 和 Okta 是很好的例子，Asana 是公司批准的工作管理平台。這就是他們每天的工作方式。作為企業批准的供應商，Asana 在其運營和業務團隊中不斷發展，並且是大多數員工管理其最重要工作的方式。

The second trend we're seeing is larger net new land deals where the companies are realizing the strategic benefit of the capabilities enabled by the Work Graph. As Dustin mentioned, a large high-profile financial payments company represented the largest land in Asana company history. Importantly, Asana's Workflow Builder was a key contributor in closing the strategic net new deal. The CEO of this firm called Asana exceptionally well implemented and broadly useful. It's always great to see customers give us a shout out in a public forum.

我們看到的第二個趨勢是更大的淨新土地交易，在這些交易中，公司正在實現 Work Graph 啟用的功能的戰略利益。正如 Dustin 提到的，一家備受矚目的大型金融支付公司代表了 Asana 公司歷史上最大的土地。重要的是，Asana 的 Workflow Builder 是完成戰略淨新交易的關鍵貢獻者。這家公司的首席執行官稱 Asana 實施得非常好並且用途廣泛。很高興看到客戶在公共論壇上大聲疾呼。

Everbridge, a global leader in critical event management and National Public Safety software solutions was another exciting net new land deal. They saw the value of Asana and initiated a multiyear contract to help them automate operational workflows and increase visibility into projects. And the third we're seeing is broad cross industry demand in the enterprise. We continue to see significant expansions across financial services, telecommunications, automotive, manufacturing, consumer retail, technology and professional services, amongst others.

Everbridge 是關鍵事件管理和國家公共安全軟件解決方案領域的全球領導者，這是另一項激動人心的淨新土地交易。他們看到了 Asana 的價值，並啟動了一項多年期合同，以幫助他們實現運營工作流程的自動化並提高項目的可見性。第三個我們看到的是企業中廣泛的跨行業需求。我們繼續看到金融服務、電信、汽車、製造、消費零售、技術和專業服務等領域的顯著擴張。

On the topic of strategic partners, it's clear that our progress with HIPAA compliance opens exciting new opportunities. I'm proud to announce our partnership with Align Technology, a global medical device company and distributor to tens of thousands of doctors' offices. Real-time patient information and high-touch practice communication is an enormous opportunity for maximizing volume and revenue. This solution, Asana Smiles for Align marks an important development in Asana's history as we look to bring a broader HIPAA-compliant offering to other customers later this year.

關於戰略合作夥伴的話題，很明顯，我們在 HIPAA 合規方面取得的進展開啟了激動人心的新機遇。我很自豪地宣布我們與 Align Technology 的合作夥伴關係，Align Technology 是一家全球醫療設備公司，也是數万家醫生辦公室的經銷商。實時患者信息和高接觸實踐交流是最大化數量和收入的巨大機會。這個解決方案，Asana Smiles for Align 標誌著 Asana 歷史上的一個重要發展，因為我們希望在今年晚些時候為其他客戶提供更廣泛的符合 HIPAA 標準的產品。

Asana not only helps teams work together effortlessly, it also helps companies work together with their partners and customers effortlessly. It's still early to see how the client environment will ultimately impact our customers. Within the current dynamics, leaders are reconsidering how they're allocating resources. And more than ever, they need increased productivity across the organization no matter what people are working on. These times shine a brighter light on the value Asana has always delivered and the pain points we solve. The work management platform that shows who is doing what, by when and visibility into how this work is connected to larger goals. Organizations will lean into our category because they need more clarity, agility and efficiency. We are well positioned in a market like this as companies look to do more with less.

Asana 不僅可以幫助團隊輕鬆協作，還可以幫助公司與其合作夥伴和客戶輕鬆協作。現在判斷客戶端環境最終將如何影響我們的客戶還為時過早。在當前動態下，領導者正在重新考慮他們如何分配資源。他們比以往任何時候都更需要提高整個組織的生產力，無論人們在做什麼。這些時間讓人們更加了解 Asana 始終提供的價值和我們解決的痛點。工作管理平台，顯示誰在做什麼、何時做什麼以及了解這項工作如何與更大的目標相關聯。組織將傾向於我們的類別，因為他們需要更多的清晰度、敏捷性和效率。我們在這樣的市場中處於有利地位，因為公司希望事半功倍。

Looking ahead, my top areas of focus include value-based selling. As the IDC study revealed, customers realized 225% return on investment in the first year they use Asana through increased productivity and faster workflow. Account-based marketing, repeating our successful playbook in North America and doing it at scale around the globe. Our account-based selling enablement is starting to pick up our value-based selling is getting stronger. And raising industry awareness, we saw a tremendous pickup of our Anatomy of Work reports. We reached a global audience of over 1 billion people with stories in the major business in consumer media. We believe we can win this category as the awareness grows and our unique capabilities to meet customer needs, providing time to value in weeks, not years and high ongoing return on investment.

展望未來，我最關注的領域包括基於價值的銷售。正如 IDC 研究顯示的那樣，客戶在使用 Asana 的第一年通過提高生產力和加快工作流程實現了 225% 的投資回報。基於客戶的營銷，在北美重複我們的成功策略，並在全球範圍內大規模推廣。我們基於帳戶的銷售支持開始發揮作用，我們基於價值的銷售越來越強大。為了提高行業意識，我們看到了工作剖析報告的大量使用。我們在消費媒體的主要業務中報導了超過 10 億的全球觀眾。我們相信，隨著意識的提高和我們滿足客戶需求的獨特能力，我們可以在數周而不是數年內實現價值以及持續的高投資回報，我們可以贏得這一類別。

With that, I'll hand it over to Tim.

有了這個，我會把它交給蒂姆。

Thank you, Anne. Q1 revenue growth showed continued strength in the business. Revenues came in at $120.6 million, up 57% year-over-year. This puts us at an annualized quarterly revenue run rate of $483 million. As Dustin mentioned earlier, we reached a key milestone surpassing $500 million ARR, with year-to-year growth rate similar to our GAAP revenue. This is not a metric we regularly disclose, but it's such an important milestone.

謝謝你，安妮。第一季度收入增長表明業務持續強勁。收入為 1.206 億美元，同比增長 57%。這使我們的年化季度收入運行率為 4.83 億美元。正如 Dustin 之前提到的，我們達到了一個超過 5 億美元 ARR 的關鍵里程碑，年增長率與我們的 GAAP 收入相似。這不是我們定期披露的指標，但它是一個非常重要的里程碑。

Revenue from customers spending $5,000 or more annualized grew 73% year-over-year. This cohort represented 70% of our revenues in Q1, up from 64% in the year ago quarter. We now have over 126,000 paying customers at the end of Q1, up 7,000 in the quarter. This represents a 26% year-over-year increase. We have 16,689 customers spending $5,000 or more on an annualized basis, up 48% year-over-year, and growth in the larger customers is even stronger. We now have 979 customers spending $50,000 or more on an annualized basis, up 102% year-over-year. And as Anne mentioned, we have 390 customers spending $100,000 or more on an annualized basis, growing at 127% year-over-year. Our largest customers are our fastest-growing cohort. As a reminder, we define these customer cohorts based on our annualized GAAP revenues in a given quarter.

來自年消費 5,000 美元或以上客戶的收入同比增長 73%。這一群體占我們第一季度收入的 70%，高於去年同期的 64%。我們現在在第一季度末擁有超過 126,000 名付費客戶，比本季度增加了 7,000 名。這意味著同比增長 26%。我們有 16,689 名客戶每年花費 5,000 美元或更多，同比增長 48%，大客戶的增長更為強勁。我們現在有 979 位客戶每年花費 50,000 美元或更多，同比增長 102%。正如 Anne 提到的，我們有 390 位客戶每年花費 100,000 美元或更多，同比增長 127%。我們最大的客戶是我們增長最快的群體。提醒一下，我們根據給定季度的年化 GAAP 收入來定義這些客戶群體。

Our dollar-based net retention rates remain strong across every cohort. Our overall dollar-based net retention rate was over 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.

我們基於美元的淨保留率在每個隊列中都保持強勁。我們以美元為基礎的整體淨保留率超過 120%。在花費 5,000 美元或更多的客戶中，我們基於美元的淨保留率超過 130%。在花費 50,000 美元或更多的客戶中，我們基於美元的淨保留率超過 145%。提醒一下，我們以美元為基礎的淨保留率是過去 4 個季度的平均計算結果。

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%, the same as the year ago quarter. Research and development was $43.1 million or 36% of revenue. We continue to invest a few innovation on our proprietary technology and deliver on our vision. Sales and marketing was $83.3 million or 69% of revenue. We're investing in our enterprise go-to-market motion as well as building our sales infrastructure. We front-loaded many of our customer-facing roles this year to build sales capacity for the second half and beyond. The unit economics for those investments remain unchanged. The payback period for the last 12 months is less than 15 months consistent with last quarter and slightly better than a year ago quarter.

在談到費用項目和盈利能力之前，我想指出，我將在餘下的發言中討論非 GAAP 業績。毛利率為 90%，與去年同期相同。研發費用為 4310 萬美元，佔收入的 36%。我們繼續在我們的專有技術上進行一些創新，並實現我們的願景。銷售和營銷為 8330 萬美元，佔收入的 69%。我們正在投資於我們的企業上市行動以及建立我們的銷售基礎設施。今年，我們提前安排了許多面向客戶的角色，以建立下半年及以後的銷售能力。這些投資的單位經濟效益保持不變。過去 12 個月的投資回收期不到 15 個月，與上一季度一致，略好於去年同期。

G&A was $36.9 million or 31% of revenue. G&A expense this quarter included a onetime $3.6 million tax accrual. Without the onetime expense, G&A would be 28% of revenue, consistent with last quarter. We are actively working to find more leverage in our cost structure and expect to see improvement in our operating margins in the back half of this year and the coming year. Operating loss was $54.7 million and operating loss margin was 45%. Net loss was $57.4 million and our net loss per share was $0.30.

G&A 為 3690 萬美元，佔收入的 31%。本季度的 G&A 費用包括一次性 360 萬美元的應計稅款。如果沒有一次性費用，G&A 將佔收入的 28%，與上一季度一致。我們正積極努力在我們的成本結構中尋找更多槓桿，並期望在今年下半年和來年看到我們的營業利潤率有所改善。營業虧損為 5470 萬美元，營業虧損率為 45%。淨虧損為 5740 萬美元，每股淨虧損為 0.30 美元。

Moving on to the balance sheet and cash flow. Cash and marketable securities including long-term investments at the end of Q1 were approximately $283 million. Our remaining performance obligations or RPO was $250.4 million, up 72% from a year ago quarter. 87% of our RPO will be recognized over the next 12 months. That current portion of RPO grew 68% from the year ago quarter. Our free cash flow is defined as net cash used for operating activities, less cash use in property and equipment and capitalized software costs, excluding nonrecurring items such as the build-out of our San Francisco office. In Q1, free cash flow was negative $42.2 million, reflecting our investments in growth and rapid onboarding of new headcount during the quarter.

轉到資產負債表和現金流量。第一季度末包括長期投資在內的現金和有價證券約為 2.83 億美元。我們剩餘的履約義務或 RPO 為 2.504 億美元，比去年同期增長 72%。我們 87% 的 RPO 將在未來 12 個月內得到認可。 RPO 的當前部分比去年同期增長了 68%。我們的自由現金流定義為用於經營活動的淨現金減去財產和設備的現金使用以及資本化的軟件成本，不包括非經常性項目，例如我們舊金山辦事處的擴建。第一季度，自由現金流為負 4220 萬美元，反映了我們在本季度對增長和快速入職新員工的投資。

Looking forward, we are actively managing our cash burn, and we're pacing our investments in a more measured way given the macroeconomic backdrop. We are proud of the business momentum, especially as assessed with very large deployments at great iconic brands and the Velocity innovation this year.

展望未來，我們正在積極管理我們的現金消耗，並在宏觀經濟背景下以更謹慎的方式調整投資節奏。我們為業務發展勢頭感到自豪，尤其是根據今年偉大標誌性品牌的大規模部署和 Velocity 創新評估。

Now moving to our fiscal 2023 outlook. For Q2 fiscal 2023, we expect revenues of $127 million to $128 million, representing growth rates of 42% to 43% year-over-year. We expect non-GAAP loss from operations of $74 million to $72 million. We front-loaded our hiring for the customer-facing teams in the first half of this year. We expect net loss per share of $0.39 to $0.38, assuming basic and diluted weighted average shares outstanding of approximately $191 million. For the full fiscal year 2023, we expect revenues to be $536 million to $540 million, representing a growth rate of 42% to 43% for the full year. In terms of the shape of the quarterly progression, we expect to see more traditional enterprise sales seasonality with our sales capacity ramping towards the second half of the year as our mix continues to evolve towards sales-led motion. We continue to expect our operating loss margin to be in the mid-40s for the full fiscal year.

現在轉向我們的 2023 財年展望。對於 2023 財年第二季度，我們預計收入為 1.27 億美元至 1.28 億美元，同比增長率為 42% 至 43%。我們預計非 GAAP 運營虧損為 7400 萬至 7200 萬美元。今年上半年，我們提前招聘了面向客戶的團隊。我們預計每股淨虧損為 0.39 美元至 0.38 美元，假設流通在外的基本和稀釋加權平均股票約為 1.91 億美元。對於整個 2023 財年，我們預計收入為 5.36 億美元至 5.4 億美元，全年增長率為 42% 至 43%。就季度進展的形狀而言，隨著我們的組合繼續向以銷售為主導的運動發展，我們預計將看到更多傳統企業的銷售季節性，我們的銷售能力將在下半年上升。我們繼續預計整個財年的營業虧損率將在 40 多歲左右。

We also recognize that there are significant dynamics in the macroeconomic environment. At the same time, you see from our record-setting events in the first quarter and strong growth in enterprise, we are very excited about our growth opportunities. Our core strategy is unchanged, and we have a plan in place to manage our investments and prioritize our highest ROI initiatives. We are front-loading our investments in the first half of the year, and you should expect our operating margins in the second half to improve versus the first half of this year, and we expect improvement in free cash flow margin in the coming year, but any upside to our revenue growth will be upside to this plan.

我們還認識到宏觀經濟環境存在重大動態。與此同時，從我們第一季度的創紀錄事件和企業的強勁增長中可以看出，我們對我們的增長機會感到非常興奮。我們的核心戰略沒有改變，我們制定了一個計劃來管理我們的投資並優先考慮我們最高投資回報率的計劃。我們在上半年進行了前期投資，你應該預計下半年我們的營業利潤率會比今年上半年有所提高，我們預計來年自由現金流量利潤率也會有所改善，但我們收入增長的任何好處都將有利於該計劃。

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

有了這個，我會把它轉回給接線員提問。

(Operator Instructions) Our first question comes from Andrew DeGasperi with Berenberg.

（操作員說明）我們的第一個問題來自 Berenberg 的 Andrew DeGasperi。

I guess just on the guide, I know you previously mentioned the -- that effects could have an impact and also that the macro environment you previously saw during COVID that it did interrupt some expansion deals. I was just wondering if you are, first of all, seeing anything from that perspective? And then maybe could you elaborate a little more on the impact from FX or if you're also baking in some conservatism based on what's going on.

我想只是在指南中，我知道你之前提到過——影響可能會產生影響，而且你之前在 COVID 期間看到的宏觀環境確實中斷了一些擴張交易。我只是想知道你是否首先從那個角度看待任何事情？然後也許你能詳細說明一下 FX 的影響，或者你是否也根據正在發生的事情在一些保守主義中烘烤。

Yes. Andrew, this is Tim. Maybe I'll talk about guidance first and how we thought about FX and then have Anne share with you her perspective on kind of the current demand environment. From an FX perspective -- from the guidance perspective, we essentially assume that there's -- that FX doesn't change from this point forward. Obviously, if FX continues to degrade, there's going to be some more -- there could be additional risk. But at this point, we're essentially looking at -- we built the guidance essentially kind of off the existing FX rate and kind of the data that we have today.

是的。安德魯，這是蒂姆。也許我會先談談指導以及我們如何看待 FX，然後讓 Anne 與您分享她對當前需求環境的看法。從 FX 的角度來看——從指導的角度來看，我們基本上假設有——從現在開始 FX 不會改變。顯然，如果外匯繼續貶值，還會有更多——可能會有額外的風險。但在這一點上，我們基本上是在看——我們基本上是根據現有的匯率和我們今天擁有的數據來建立指導的。

Yes. And I'll just follow up on that. So in terms of demand, we see -- we continue to see healthy demand. And in particular, we're seeing strong expansion as our customers are really focused on how they can do more with less increased productivity and engagement in this current environment. And so our ability to deliver fast, measurable value, especially for senior leaders, most strategic initiatives, whether that's digital transformation, agile strategic planning, operationalizing their complex repeated workflows, that all continues to position us well as a priority investment. And we definitely see that reflected in our customers $100,000 and over, which grew at 127% year-over-year.

是的。我會繼續跟進。因此，就需求而言，我們看到 - 我們繼續看到健康的需求。特別是，我們看到了強勁的擴張，因為我們的客戶真正關注的是他們如何在當前環境中以更少的生產力和參與度來做更多的事情。因此，我們能夠提供快速、可衡量的價值，尤其是對於高級領導者，大多數戰略計劃，無論是數字化轉型、敏捷戰略規劃，還是實施他們複雜的重複工作流程，所有這些都繼續使我們成為優先投資。我們肯定會看到，這反映在我們的客戶 100,000 美元及以上，同比增長 127%。

And as a follow-up, in terms of the sales investments you're making, you mentioned the second half should show some better margin. Just curious to know if you have changed your plans in terms of the hiring levels that you were planning at the beginning of the year, maybe tied to the tighter labor markets or was -- is this essentially according to the plans you had set a few months ago?

作為後續行動，就您正在進行的銷售投資而言，您提到下半年應該會顯示出更好的利潤率。只是想知道你是否改變了你在年初計劃的招聘水平方面的計劃，可能與更緊張的勞動力市場有關，或者 - 這基本上是根據你制定的一些計劃幾個月前？

So this is Dustin responding. So Tim mentioned we are being really thoughtful about how we make investments this year, and we have moderated the pace of our hiring but that's coming off of really fast hiring so far this year. And so we had front-loaded quite a bit of the hiring, especially for those customer-facing roles with the plan that they would be ramping across the year. And so that part of the plan is still pretty much the case. And it's even the case that we have quite a few pending starts from people that we've already hired. And so that's part of why you don't necessarily see the improvement in free cash flow and operating margins in the next quarter, but we're expecting it later in the year. So we have moderated the hiring pace relative to the beginning of the year, but it still represents a really fast growth for headcount overall.

這是達斯汀的回應。所以蒂姆提到我們正在認真考慮今年的投資方式，我們已經放慢了招聘步伐，但今年到目前為止招聘速度非常快。因此，我們預先安排了相當多的招聘工作，尤其是那些面向客戶的職位，併計劃在全年增加招聘人數。因此，計劃的這一部分仍然是這樣。甚至我們已經僱用的人員中有很多未決的開始。因此，這就是為什麼你不一定會在下一季度看到自由現金流和營業利潤率有所改善的部分原因，但我們預計會在今年晚些時候出現。因此，我們相對於年初放慢了招聘步伐，但這仍然代表著整體員工人數的快速增長。

Our next question comes from Rob Oliver with Baird.

我們的下一個問題來自 Baird 的 Rob Oliver。

This is for Anne or Dustin, the first question. Late last year at the Scale event, you guys laid out a bunch of the enterprise focus initiatives. Dustin, you mentioned a few of them; Goals, Workflow Builder. And I know you mentioned that Workflow Builder, I think, was key towards the largest land with the payments company. Could you walk through the impact those have had on some of the enterprises? It certainly seems like you guys have tremendous momentum with large enterprises, and wanted to talk about some of the early reads on adoption and what they mean in terms of expansion with those customers. And then I just had a quick follow-up as well.

這是給 Anne 或 Dustin 的第一個問題。去年年底在 Scale 活動中，你們制定了一系列以企業為重點的計劃。達斯汀，你提到了其中的一些；目標，工作流生成器。我知道你提到過，我認為 Workflow Builder 是支付公司獲得最大土地的關鍵。您能否介紹一下這些對某些企業產生的影響？看起來你們似乎在大型企業中擁有巨大的動力，並且想談談一些關於採用的早期讀物以及它們在擴展這些客戶方面的意義。然後我也進行了快速跟進。

Sure. Thanks, Rob. Yes. So definitely, the investments that we announced at Scale and the continued investments in Workflow Builder are really impacting our ability to move upmarket. So in our conversations repeatedly with CIOs, with Chief Digital Transformation Officers, what we're hearing that they care a lot about are a number of things. They continue to care about ease-of-use and strong adoption, which we've always been really focused on.

當然。謝謝，羅布。是的。可以肯定的是，我們在 Scale 上宣布的投資以及對 Workflow Builder 的持續投資確實影響了我們進入高端市場的能力。因此，在我們與首席信息官和首席數字化轉型官的反復對話中，我們聽到他們非常關心的是很多事情。他們繼續關注易用性和強大的採用性，而我們一直非常關注這一點。

Now they're also really focused on the ability to scale quickly to thousands of employees across different teams and complex cross-functional use cases, and they see us standing out on that front. And then exec-level visibility and reporting. So all those investments now are making it possible for us to have that exec-level engagement. And so these pair well with where we're strong and continuing to invest on that -- on your point, on Workflow Builder. What we are seeing is that conversion on that large land, but we're also seeing healthy expansion in the existing base because of Workflow Builder and then also tier upgrades as a result. So I'll -- you said you had a follow-up, so we are to hear that.

現在他們也真正專注於快速擴展到跨不同團隊和復雜跨職能用例的數千名員工的能力，他們看到我們在這方面脫穎而出。然後是執行級別的可見性和報告。因此，現在所有這些投資都使我們有可能獲得高管級別的參與。因此，這些與我們強大的地方以及繼續投資的地方很好地結合在一起——在你的觀點上，在 Workflow Builder 上。我們看到的是在那片大地上的轉換，但我們也看到由於 Workflow Builder 的存在，現有基地的健康擴張，以及由此帶來的層級升級。所以我會 - 你說你有後續行動，所以我們會聽到。

Yes, that's super helpful. I appreciate the color. And the follow-up is for you. And you twice on the call, you've mentioned doing more with less. And in previous software cycles, we've seen from vendor rationalization that has certainly hurt some vendors, but favored others. And you guys are in an early stage of a high-growth market, but just -- investors are always concerned about competition, but at the same time, that could certainly benefit those that are aggressive. I just wanted to get a sense for when you look at within your customer base, if you're seeing some of your competitors in there and whether there some of the opportunities you're seeing for expansion are coming as folks start to consolidate around one vendor.

是的，這非常有幫助。我很欣賞這種顏色。後續行動是給你的。你在電話中兩次提到用更少的錢做更多的事。在以前的軟件週期中，我們從供應商合理化中看到，這肯定會傷害一些供應商，但有利於其他供應商。你們正處於高增長市場的早期階段，但投資者總是關心競爭，但與此同時，這肯定會讓那些積極進取的人受益。我只是想了解當你在你的客戶群中觀察時，你是否看到你的一些競爭對手在那裡，以及你看到的一些擴張機會是否會隨著人們開始圍繞一個整合而到來小販。

Yes. I would say overall, we still feel like it's early in work management. But some things that we're particularly excited about with our customers is these early indicators that we are their platform of choice, whether that's Okta and Zoom, right? They are essentially -- if there are pockets of other technology in the organizations, they're moving off of those and on to Asana. And probably more importantly, they're choosing Asana for all their employees and their most important cross functional use cases. So I think we overall feel that, that's early, but it's really positive signs for us that when those decisions are being made, they are moving on to Asana.

是的。我想說的是，總的來說，我們仍然覺得工作管理還處於早期階段。但我們對客戶特別興奮的一些事情是這些早期指標表明我們是他們的首選平台，無論是 Okta 還是 Zoom，對吧？他們本質上是——如果組織中有其他技術，他們就會從這些技術轉移到 Asana。可能更重要的是，他們為所有員工和最重要的跨職能用例選擇了 Asana。所以我認為我們總體上認為，這還為時過早，但這對我們來說確實是積極的跡象，當做出這些決定時，他們正在轉向 Asana。

And I'll just add, like Anne said, we don't see this a whole lot, but the product strategy is designed to help us succeed when it does happen because we do think that's somewhere in the future and maybe will be hastened by the economic conditions.

我只想補充一點，就像 Anne 所說的那樣，我們並沒有看到很多，但產品戰略旨在幫助我們在它確實發生時取得成功，因為我們確實認為這是在未來的某個地方，並且可能會被加速經濟條件。

But Asana was designed to be from the bottoms up, to serve individuals, teams and executives across the entire organization and especially to work well for cross-functional workflows. So often when you're in the consolidation conversation, they're evaluating tools that were more specialized for particular departments or particular use cases or workflows. And so the teams that are from that department might prefer that tool. But Asana is the only one that can kind of be the crowd favorite across multiple teams and then especially when they're working together. So if it's an operations team or product organization or go-to-market organization and they're working across departments, then Asana really shines. So we feel really well set up for that future.

但 Asana 的設計宗旨是自下而上，為整個組織的個人、團隊和高管提供服務，尤其適用於跨職能工作流程。因此，當您進行整合對話時，他們通常會評估更專門用於特定部門或特定用例或工作流程的工具。因此，來自該部門的團隊可能更喜歡該工具。但 Asana 是唯一一個可以在多個團隊中成為大眾喜愛的人，尤其是當他們一起工作時。因此，如果它是一個運營團隊或產品組織或上市組織，並且他們跨部門工作，那麼 Asana 真的很出色。因此，我們對那個未來感到非常滿意。

Our next question comes from Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

Maybe for -- first one just for you, Tim or Dustin. I mean given the headlines, maybe just remind us of your exposure into software-based industries or tech given all the headlines with layoffs or hiring pause, and what's the right way to think about the growth headwind from that on your business over the course of the year? And then, look, I appreciate the construct in the context of improving efficiency. But I think over the last 2 quarters, the free cash flow burn is pretty high at $40 million. So how do we think about -- I know you're not guiding to it, but at least at a high level, what's the right way to think about cash flow progression this year just given the construct of the balance sheet? You clearly have enough money to go for a long time. But it would appear if you were to operate at these levels, you'd have to contemplate the capital raise at some point in the future. So just level set that -- those 2 elements for us, if you will.

也許是為了——第一個只為你，蒂姆或達斯汀。我的意思是考慮到頭條新聞，也許只是提醒我們你在裁員或招聘暫停的所有頭條新聞中對基於軟件的行業或技術的接觸，以及在整個過程中考慮你的業務增長逆風的正確方法是什麼那一年？然後，看，我欣賞在提高效率的背景下的構造。但我認為在過去的兩個季度中，自由現金流消耗相當高，達到 4000 萬美元。那麼我們如何考慮 - 我知道你沒有指導它，但至少在高層次上，考慮到資產負債表的結構，考慮今年現金流量進展的正確方法是什麼？你顯然有足夠的錢去很長一段時間。但如果你要在這些水平上運營，你將不得不考慮在未來某個時候籌集資金。因此，如果您願意的話，只需對我們的這兩個元素進行水平設置。

Yes. So I'll start with the question about software exposure, and then Tim talk about cash flows. So we do have a lot of great customers in the software industry, but we also have really broad-based customers, both regionally and across industries. And I think as with use cases, there's maybe a plurality in software, but it doesn't represent like an enormous part of the revenue pie.

是的。所以我將從有關軟件曝光的問題開始，然後蒂姆談談現金流。所以我們在軟件行業確實有很多偉大的客戶，但我們也有真正廣泛的客戶，包括區域和跨行業。而且我認為與用例一樣，軟件中可能有多個，但它並不代表收入蛋糕的很大一部分。

And then when you look at who those accounts are individually, they're among the very strongest of the software companies. So a lot of them literally have billions on their cash balance sheets. And so they may, like us, decide to moderate their spend in various ways. But the expansion opportunity within those accounts is so enormous that it outweighs anything that might happen in terms of slowing headcount on the margin. So we just still have so much room to grow within the existing employee bases that we still feel pretty good about it.

然後，當您單獨查看這些帳戶是誰時，它們是最強大的軟件公司之一。所以他們中的很多人的現金資產負債表上確實有數十億美元。因此，他們可能會像我們一樣，決定以各種方式節制支出。但這些賬戶中的擴張機會是如此巨大，以至於它超過了在邊際上放慢員工人數可能發生的任何事情。因此，我們在現有員工基礎上仍有很大的發展空間，我們對此仍然感覺很好。

That doesn't apply to everybody. So as you get down into more of the SMB part of the market, there may be a little more exposure there. But as we've been talking about, the -- more and more of our business is coming from the larger accounts, coming from the business and enterprise tiers over time. And so that becomes less of a problem for us in terms of how it affects the overall accounting as we go further.

這並不適用於所有人。因此，當您深入到市場的更多 SMB 部分時，那裡的風險敞口可能會增加一些。但正如我們一直在談論的那樣，隨著時間的推移，我們越來越多的業務來自更大的客戶，來自業務和企業層。因此，隨著我們走得更遠，就它如何影響整體會計而言，這對我們來說不再是一個問題。

Yes. And Alex, just on the cash flow and operating margins. I think what you'll see from us is that, one, we care deeply about profitability, and we have a plan to manage both the burn and improve the operating margins. And I would kind of the comment earlier I made around looking at the business as first half and second half, the measure that we'll put in place, the efficiency metrics that we're going to be looking at that you should expect to see improvement in the second half of this year and then probably more measurable improvement next year. I think we're trying to do everything we can. We do have a strong balance sheet with over almost $300 million on the balance sheet, but we want to extend our runway and create as much optionality as possible.

是的。而亞歷克斯，只是關於現金流和營業利潤率。我想你會從我們這裡看到的是，第一，我們非常關心盈利能力，我們有一個計劃來管理燒傷和提高營業利潤率。我會在早些時候發表評論，將業務視為上半年和下半年，我們將採取的措施，我們將要考慮的效率指標，你應該期待看到今年下半年有所改善，明年可能會有更明顯的改善。我認為我們正在盡我們所能。我們確實有一個強大的資產負債表，資產負債表上有近 3 億美元，但我們希望擴展我們的跑道並創造盡可能多的選擇。

Our next question comes from George Iwanyc with Oppenheimer.

我們的下一個問題來自 George Iwanyc 和 Oppenheimer。

Dustin, following up on your software exposure answer. Can you give us a sense if there's been any change in churn rates with either SMB customers, mid-market or the larger customers?

Dustin，跟進您的軟件曝光答案。您能否告訴我們 SMB 客戶、中型市場或大型客戶的流失率是否有任何變化？

I don't think we're seeing anything particularly material just yet, we're certainly cautious about the future given the macroeconomic situation. But just as a comparison, in March 2020, I mean, things dropped off a cliff. I think there was a few weeks where the revenue actually moved backwards. So that was pretty bad. But I do want to call attention to, again, to the sort of currency headwinds and the war that does affect retention revenue just in a mathematical way. So even if the seats are there and the customers are there, they're going to renew with fewer dollars just because of the currency exchange rate. So we do see a little bit of that, and we quantified it a little bit in the prepared remarks.

我認為我們目前還沒有看到任何特別重要的東西，鑑於宏觀經濟形勢，我們當然對未來持謹慎態度。但作為比較，我的意思是，在 2020 年 3 月，情況一落千丈。我認為有幾週收入實際上倒退了。所以那很糟糕。但我確實想再次提醒人們注意那種以數學方式影響留存收入的貨幣逆風和戰爭。因此，即使座位在那裡並且客戶在那裡，他們也會因為貨幣匯率而用更少的美元續訂。所以我們確實看到了一些，並且我們在準備好的評論中對其進行了一些量化。

But so far, haven't really seen customers shutting down yet or just like choosing to cut costs by cutting us on out of their software stack, and don't really have the early indicators that would make us think that would happen. But again, we're paying attention to the macro situation.

但到目前為止，還沒有真正看到客戶關閉，或者只是喜歡選擇通過將我們從他們的軟件堆棧中剔除來削減成本，並且沒有真正讓我們認為會發生這種情況的早期跡象。但同樣，我們正在關注宏觀形勢。

And following up on your comments about the value-based selling and the success you're having in the mid-market, with large customers. Can you give us a sense of the pricing leverage that you have right now and kind of whether there's a lot of discounting going on when you're having these larger deals and your ability to maybe get the stronger pricing.

並跟進您對基於價值的銷售的評論以及您在中端市場與大客戶取得的成功。你能否讓我們了解一下你現在擁有的定價槓桿，以及當你進行這些較大的交易時是否有很多折扣，以及你是否有能力獲得更優惠的定價。

Yes. I think what we've tended to do with the mid-market and larger accounts is definitely create structures where there's predictable billing for them and total cost of ownership and making sure that from -- as Tim mentioned earlier, our priority really is on expansion of paid seats in these accounts because we really see that the stronger the adoption and the more employees that are using Asana, the faster that companies are realizing value. So we tend to depending on if it's a multiyear deal, we'll structure it primarily to make sure that customers have predictability in budget, but it's really focused on adoption, expansion and growth.

是的。我認為我們傾向於對中端市場和大型客戶做的事情肯定是創建結構，其中有可預測的計費和總擁有成本，並確保從 - 正如蒂姆之前提到的那樣，我們的首要任務確實是擴張這些帳戶中的付費席位，因為我們確實看到，採用 Asana 的人數越多，使用 Asana 的員工越多，公司實現價值的速度就越快。因此，我們傾向於根據它是否是一項多年期交易來構建它，主要是為了確保客戶在預算方面具有可預測性，但它真正關注的是採用、擴展和增長。

Our next question comes from Pinjalim Bora with JPMorgan.

我們的下一個問題來自摩根大通的 Pinjalim Bora。

Dustin, one -- or for Anne, one question on -- you kind of caught my attention on your comment about adoption curves. I think you're saying growing at about 2% week over week. I want to ask you from a product standpoint, would you say you have kind of reached an inflection point at this time in terms of satisfying kind of the major enterprise IT checklist around security, governance and other requirements that's allowing these customers to kind of expand with Asana wall-to-wall up to 100,000 seats at this point?

達斯汀，一個——或者安妮，一個問題——你對採用曲線的評論引起了我的注意。我想你是說每週增長 2% 左右。我想從產品的角度問你，在滿足主要企業 IT 核對錶的安全性、治理和其他允許這些客戶擴展的要求方面，你是否認為此時已經達到了一個轉折點？此時 Asana 牆到牆的座位數高達 100,000？

Yes, we're certainly seeing -- thanks for your question. We're certainly seeing that all the investments we've made over the last 1.5 years on partnering with CIOs and heads of IT on what is required from a security and scalability standpoint is paying off, and that is allowing for that faster expansion. We continue to work really closely with our customers to make sure we're meeting their needs. And in particular, now with these larger accounts, what we're partnering with customers on is actually managing the complex workflows at scale, being able to do things faster, making sure provisioning and security continue to be there across these complex global companies. But I do think the investments from the last 1.5 years have unlocked opportunities to partner much more closely at the VPIT, CIO level.

是的，我們當然看到了——謝謝你的問題。我們當然看到，在過去 1.5 年中，我們在與 CIO 和 IT 負責人就安全性和可擴展性的角度所需要的合作方面所做的所有投資正在取得回報，這使得更快的擴展成為可能。我們繼續與客戶緊密合作，以確保我們滿足他們的需求。特別是，現在有了這些更大的客戶，我們與客戶的合作實際上是大規模管理複雜的工作流程，能夠更快地做事，確保這些複雜的全球公司繼續存在配置和安全性。但我確實認為，過去 1.5 年的投資釋放了在 VPIT、CIO 層面更緊密合作的機會。

Understood. One quick follow-up. It seems like you're seeing good amount of demand, but have to play the devil's advocate, I guess, given the macro drumbeat of potential slowdown, are you -- is it -- are you not seeing any strains in the sales cycles in terms of kind of deal pushouts or increasing level of customer scrutiny or any change in the top of funnel in the various theaters globally?

明白了。一個快速跟進。看起來你看到了大量的需求，但我想，鑑於潛在放緩的宏觀鼓聲，你必須扮演魔鬼的擁護者，你是否 - 是 - 你是否沒有看到銷售週期中的任何壓力交易推出的種類或客戶審查水平的提高或全球各個劇院漏斗頂部的任何變化？

Currently, we have not seen changes there. As Dustin and Tim both mentioned, we pay close attention to that. I think the good news for us is in our existing customer base and the vast majority of our mid-market and enterprise accounts, there continues to be a lot of room for growth. And what we find is as adoption increases and customers are seeing value that, that is not preventing them from growing with us, right? They're actually seeing that it helps them with productivity and doing more with less in this environment. So I think that's where we see a lot of potential and continued growth is also in our expansion opportunity.

目前，我們還沒有看到那裡的變化。正如 Dustin 和 Tim 都提到的，我們密切關注這一點。我認為對我們來說，好消息是我們現有的客戶群以及我們絕大多數的中端市場和企業客戶，仍然有很大的增長空間。我們發現，隨著採用率的提高和客戶看到的價值，這並沒有阻止他們與我們一起成長，對吧？他們實際上看到它可以幫助他們提高工作效率，並在這種環境下事半功倍。所以我認為這就是我們看到很多潛力的地方，持續增長也在我們的擴張機會中。

And just to tie those questions together a little bit, what Anne had said was that we see 2% week-over-week growth in some of our like very best customers. And that's effectively a situation where, yes, we've satisfied the needs of IT of that customer, not necessarily for all possible customers and they're sort of letting the organic growth of the product goes sort of unfettered. We're also, of course, helping and helping them use workflows and adopt new use cases.

只是為了將這些問題稍微聯繫起來，安妮所說的是，我們看到一些最喜歡的客戶每週增長 2%。這實際上是一種情況，是的，我們已經滿足了該客戶的 IT 需求，不一定滿足所有可能的客戶，他們有點讓產品的有機增長不受限制。當然，我們也在幫助和幫助他們使用工作流程並採用新的用例。

But when employees are actually kind of provisioning the product for themselves and finding use cases for it, it's a pretty different thing for IT to come in and sort of take that out of their hands. And even when they're sort of thinking about budgets, I think it's a pretty strong signal to them that the employees are getting something very useful out of this. And then we have our own research and the case studies from those organizations and others that can kind of prove it for them mathematically.

但是，當員工實際上是在為自己配置產品並為其尋找用例時，IT 介入並從他們手中接手是完全不同的事情。即使他們在考慮預算，我認為這對他們來說是一個非常強烈的信號，表明員工正在從中得到一些非常有用的東西。然後我們有自己的研究以及來自這些組織和其他組織的案例研究，可以從數學上為他們證明這一點。

So in an environment like this, we switched to a little more value selling of Asana as a way to get more productivity, get more engagement from your employees, and be able to leverage your capital to greater impact. And so that's still a message that resonates with customers.

因此，在這樣的環境中，我們轉而對 Asana 進行更多的價值銷售，以此來提高生產力，讓員工更多地參與，並能夠利用您的資本產生更大的影響。因此，這仍然是一條能引起客戶共鳴的信息。

Our next question comes from Pat Walravens with JMP Group.

我們的下一個問題來自 JMP Group 的 Pat Walravens。

Great. Tim, I think this one is for you, which is, if I remember right, last quarter you guided to fiscal '23 operating margins in the mid-40s negative. And then if you look at '24, the consensus, I think, is negative 32%, so let's just say the low 30s. I mean, is that still the right way for investors to think about the operating model? And if not, how would you like us to think about it?

偉大的。蒂姆，我認為這是給你的，如果我沒記錯的話，上個季度你指導 23 財年 40 年代中期的營業利潤率為負。然後如果你看看 24 年，我認為共識是負 32%，所以我們只說 30 多歲。我的意思是，這仍然是投資者思考運營模式的正確方式嗎？如果不是，您希望我們如何考慮？

Yes. I mean I think you should 100% expect us to improve our operating margin and free cash flow margin in fiscal year '24. I think it will take some time for us, like as we measure the investments that we're making this year as the headcount that we added in the first half of this year, come online with added capacity towards the end of the year. I think all those things will come into play.

是的。我的意思是我認為你應該 100% 期望我們在 24 財年提高我們的營業利潤率和自由現金流利潤率。我認為這對我們來說需要一些時間，就像我們衡量我們今年所做的投資一樣，因為我們在今年上半年增加了員工人數，並在年底前增加了產能。我認為所有這些都會發揮作用。

But I think what you're seeing from us is we're putting a plan together. We have a plan to manage our cash burn to pace our investments. Really, what I would say is -- we're really focused on those areas where we've seen success and that we're confident about the ROI and pulling back or pulling back on those areas where we're less confident or it's been more speculative. So I think that's a fine way to think about it. But obviously, we want to be in a position where we're beating consensus, Pat, quite honestly. And hopefully, we'll deliver the kind of results that's going to make everybody happy.

但我認為你從我們這裡看到的是我們正在製定一個計劃。我們有一個計劃來管理我們的現金消耗以加快我們的投資。真的，我要說的是——我們真的專注於那些我們已經看到成功的領域，我們對投資回報率有信心，並撤回或撤回那些我們不太有信心或已經取得成功的領域更具投機性。所以我認為這是一個很好的思考方式。但顯然，帕特，老實說，我們希望處於擊敗共識的位置。希望我們能提供讓每個人都滿意的結果。

Great. And as a follow-up, is sort of the tightening financing environment for private companies helping you in any way? I mean, are you seeing more interesting private companies running low on cash and calling you to sell to you? Are you seeing less crazy behavior maybe from private competitors? I'm just wondering if there's a positive side to any of this.

偉大的。作為後續行動，私營公司收緊的融資環境是否以任何方式幫助您？我的意思是，你是否看到更多有趣的私營公司現金短缺並打電話給你賣給你？您是否看到私人競爭對手的行為不那麼瘋狂？我只是想知道這是否有積極的一面。

This is Dustin. I think that stuff can happen. It's -- everything has happened so quickly in the market that I don't necessarily think you'd see those changes right away. I did get an e-mail this morning about a company interested in being acquired. So I expect to see more of that. But I think it's still early days to see how the cycle really plays out. But I do think in an environment like this, it's good to have a lot of cash on the balance sheet. We talk a lot about our sort of public comps, but there is a long tail of other smaller private competitors. And so yes, there may be a future where they're less competitive and that leaves more of a market for the larger players.

這是達斯汀。我認為事情可能會發生。它——市場上的一切都發生得太快了，我不一定認為你會馬上看到這些變化。今天早上我確實收到了一封電子郵件，內容是關於一家有興趣被收購的公司。所以我希望看到更多。但我認為現在要了解這個週期的真正結果還為時過早。但我確實認為在這樣的環境下，資產負債表上有大量現金是件好事。我們談論了很多關於我們的公共競爭，但其他較小的私人競爭者也有長長的尾巴。所以是的，未來他們的競爭力可能會下降，從而為更大的參與者留下更多的市場。

Our next question comes from Josh Baer with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Baer。

Just wanted to ask the kind of growth investment macro question in a different way. I think previously some of the commentary around the investment philosophy was that it might take diminishing returns on investments to pull back and see more leverage. So my question is just is the moderation in hiring and commentary on back half improvement in margins. Is that reflecting any diminishing returns on investments? Or is it just a prudent and maybe welcome reaction to the market's focus on path to profitability given the macro environment?

只是想以不同的方式提出那種增長投資宏觀問題。我認為以前圍繞投資理念的一些評論是，可能需要投資回報遞減才能撤回並看到更多的槓桿作用。所以我的問題只是招聘和評論後半邊利潤率改善的適度。這是否反映了投資回報的遞減？或者這只是對市場在宏觀環境下關注盈利路徑的謹慎反應，也許是受歡迎的反應？

Yes. Josh, this is Tim. I would say it's certainly the uncertainty in the macroeconomic environment that's causing us to pause and just kind of reassess the hurdle rates that we want to have around the kinds of investments that's going to have a longer payback. And we have such amazing runways across a lot of different opportunities. And I think we just really want to be thoughtful around ensuring that the payback is there and the payback is there on a timely basis.

是的。喬希，這是蒂姆。我想說的是，肯定是宏觀經濟環境的不確定性導致我們停下來，只是重新評估我們希望獲得更長回報的投資的門檻率。我們擁有跨越許多不同機會的驚人跑道。而且我認為我們只是真的想考慮確保回報存在並且回報及時存在。

I just want to add -- I'll reiterate a lot of it is about the uncertainty. So I think there's just a wider range of possibilities for what kind of payback will get in the second half. We don't know it will happen, but it's not definitely negative. But also, I'll just point again at sort of the currency headwinds. They don't create diminishing returns, but they create less returns in a sort of mathematical way. And so that's just something we have to acknowledge. Even if we're not on a different part of the curve, we still have to think about LTV and paybacks and sort of make a new decision based on that. And then you have the additional heightened focus on cash flows and operating margins. So those all sort of point in the same direction.

我只想補充一點——我會重申很多是關於不確定性的。因此，我認為下半年將獲得什麼樣的回報的可能性更大。我們不知道它會發生，但它並不一定是負面的。而且，我將再次指出某種貨幣逆風。它們不會產生遞減的收益，但它們會以某種數學方式產生較少的收益。所以這就是我們必須承認的事情。即使我們不在曲線的不同部分，我們仍然必須考慮 LTV 和回報，並據此做出新的決定。然後你會更加關注現金流和營業利潤率。所以這些都指向同一個方向。

Our next question comes from Rishi Jaluria with RBC.

我們的下一個問題來自 RBC 的 Rishi Jaluria。

Wonderful. This is Rishi Jaluria. Two questions I wanted to ask. I think both macro in nature. But number one, I just want to understand, look, I know you're not seeing any real slowdown or changes in customer behavior. But I think uncertain environment and seems to be consensus at this point that we'll hit sort of a recession in the near term. Just how do you think about maybe what will happen, right, with sales cycles and everything because this is a very low-touch sales process, easy to implement. You saw a lot of those customers put it on pause early during COVID when there was a lot of uncertainty out there. Is there any reason to think, in other words, history won't repeat itself here and what we saw in the early stages of COVID won't happen if there is, in fact, a slowdown? And I've got a follow-up.

精彩的。這是 Rishi Jaluria。我想問的兩個問題。我認為兩者都是宏觀的。但第一，我只想了解，看，我知道你沒有看到任何真正的放緩或客戶行為的變化。但我認為不確定的環境，並且似乎在這一點上達成共識，即我們將在短期內遭遇某種衰退。你如何看待可能會發生什麼，對，銷售週期和一切，因為這是一個非常低接觸的銷售過程，易於實施。你看到很多客戶在 COVID 期間早期就暫停了，當時那裡有很多不確定性。是否有任何理由認為，換句話說，如果經濟放緩，歷史不會在這裡重演，我們在 COVID 早期階段看到的情況也不會發生？我有後續行動。

Well, again, I think we do want to acknowledge there's some uncertainty in general, and so we don't really know what will happen. I think there's a possible world where the uncertainty itself is sort of looming large at the beginning of the cycle, but even if things trend negatively if there's sort of definitiveness around it and people can sort of make their -- make models that they believe in, then I still think that they can move forward with confidence on software purchases, especially again, if they're going to help improve productivity and help improve efficiency, that's something they may even be more interested in. So that was part of what happened with COVID is there is a sort of shock element in March, April. And then we saw a very strong demand at the top of the funnel. Part of that was the move to distributed work as well. But I think part of it was just the need to do digital transformation faster. And I think that we're still part of that long trend.

好吧，我想我們確實想承認總體上存在一些不確定性，所以我們真的不知道會發生什麼。我認為有一個可能的世界，在周期開始時不確定性本身有點隱約可見，但即使事情呈負面趨勢，如果周圍有某種確定性並且人們可以在某種程度上製作他們相信的模型，然後我仍然認為他們可以在軟件購買方面充滿信心地前進，特別是再次，如果他們要幫助提高生產力並幫助提高效率，那是他們甚至可能更感興趣的事情。所以這就是發生的事情的一部分對於 COVID，三月、四月有一種令人震驚的因素。然後我們在漏斗的頂部看到了非常強勁的需求。其中一部分也是轉向分佈式工作。但我認為部分原因只是需要更快地進行數字化轉型。而且我認為我們仍然是那個長期趨勢的一部分。

Yes. The other thing I would add is our investments over the last couple of years in moving up market are also helping tremendously because the investment in our account team has some more success, partnering with more senior level, executives within these customers ensures that we continue to be a priority. So more and more in the conversations, it is driven by the top level strategic initiative that C-level execs have for their organization, which in this current environment really does focus on productivity and employee engagement.

是的。我要補充的另一件事是，我們過去幾年在提升市場方面的投資也有很大幫助，因為對我們客戶團隊的投資取得了更大的成功，與這些客戶中的高層管理人員合作，確保我們繼續成為優先事項。因此，在對話中越來越多的是，它是由 C 級高管為其組織製定的頂級戰略計劃驅動的，在當前環境下，這些計劃確實側重於生產力和員工敬業度。

And I just want to add one more thing. Just lessons from COVID, again, the positive growth for us was still very strong, but we got hurt on retention because our customers were going out of business. And so even though tech is very volatile right now, I think that's more a reflection of the uncertainty including among investors.

我只想再補充一件事。再次從 COVID 中吸取教訓，我們的正增長仍然非常強勁，但由於我們的客戶倒閉，我們在保留方面受到了傷害。因此，儘管科技目前非常不穩定，但我認為這更多地反映了包括投資者在內的不確定性。

But in a recession, I think I would still expect tech to be pretty strong. And the real problem is how the recession impacts all of the other industries. And so the thing that I think about more with macro is what happens if customers literally shut down across industries if we have a recession or especially a lengthy economic downturn and the demand part, the positive growth is the part that I still feel pretty confident about.

但在經濟衰退期間，我認為我仍然希望科技股非常強勁。真正的問題是經濟衰退如何影響所有其他行業。因此，我在宏觀方面考慮更多的事情是，如果我們遇到經濟衰退或特別是長期的經濟衰退和需求部分，如果客戶真的關閉了整個行業，那麼會發生什麼，正增長是我仍然感到非常有信心的部分.

Great. And

偉大的。和

(technical difficulty)

（技術難度）

I think we may have lost you.

我想我們可能失去了你。

Our next question comes from Brent Bracelin with Piper Sandler.

我們的下一個問題來自 Brent Bracelin 和 Piper Sandler。

Dustin, maybe I'll start with you. You, over the last couple of years, have invested in Asana both through a convertible note and then acquiring shares on the open market. I guess, what is your own appetite to invest in Asana, maybe long term, near term? Would love to better understand your kind of views on the business and relative to what you've done in the past couple of years?

達斯汀，也許我會從你開始。在過去的幾年中，您通過可轉換票據投資了 Asana，然後在公開市場上收購了股票。我想，您自己對 Asana 的投資興趣如何，可能是長期的，還是近期的？想更好地了解您對業務的看法以及相對於您過去幾年所做的事情嗎？

Yes. Thanks for the question, Brent. So I'm not able to really say in advance, whether I'll make more purchases on the open market. But I do want to take the opportunity just to talk about the process that I use when that does happen. So I always make purchases through a 10b5-1 that would be put in place during an open trading window. And then I additionally go through a multi-month cooling off period.

是的。謝謝你的問題，布倫特。所以我不能真正提前說，我是否會在公開市場上購買更多。但我確實想藉此機會談談當這種情況發生時我使用的流程。所以我總是通過 10b5-1 進行購買，該 10b5-1 將在開放的交易窗口期間到位。然後我還經歷了數月的冷靜期。

You may have noticed not every public company CEO does that, but generally I think it's good practice and something that I would consistently do to buy stock on the open market. And so that means that the processes by nature, sort of a slower process, more deliberative, more deliberate. And so I make those decisions more about what I want to do over the long term and what I want my ownership stake to be. So whenever you see buy or not buy in the open market, there's sometimes some speculation that, that's a reflection of maybe what I think about the business or the current stock price, but it's always a much slower decision than that.

您可能已經註意到，並非每個上市公司的首席執行官都會這樣做，但總的來說，我認為這是一種很好的做法，而且我會一直這樣做，以在公開市場上購買股票。因此，這意味著這些過程本質上是一個較慢的過程，更慎重，更慎重。因此，我做出這些決定更多地是關於我想長期做什麼以及我希望我的所有權股份是什麼。因此，每當你在公開市場上看到買入或不買入時，有時會有一些猜測，這可能反映了我對業務或當前股價的看法，但它總是比這慢得多的決定。

And it's also, frankly, hard for me to anticipate the kind of volatility we've seen over the past 2 years. And so I just want to send the message that, that's always really about me deciding to take a long-term position in the future long-term growth of the company rather than a reaction to what's happening in the market that day.

坦率地說，我也很難預測我們在過去兩年中看到的那種波動。因此，我只想傳達這樣一個信息，那就是我決定在公司未來的長期增長中採取長期立場，而不是對當天市場發生的事情做出反應。

Helpful color. And then maybe, Tim, just could you help me a little bit around the optics of revenue? Because if I look at the U.S. reported revenue, you actually added more revenue sequentially in Q1 of last year than you did this year, which at first glance made me a little nervous. There might be some softness in the U.S. But then if I look at deferred revenue, really strong in Q1 cRPO, backlog build here well above what we were looking for you. So is there a disconnect between like the timing or linearity in the quarter? Or did you see some softness in the transactional side of the business in the U.S.? Just trying to understand the optics relative to U.S. reported revenue, which looked a little weak but really strong deferred in cRPO.

有用的顏色。那麼也許，蒂姆，你能幫我談談收入的光學問題嗎？因為如果我看一下美國報告的收入，去年第一季度實際上比今年增加了更多的收入，乍一看讓我有點緊張。美國可能會有些疲軟，但如果我看一下遞延收入，第一季度 cRPO 真的很強勁，這裡的積壓量遠遠超過我們想要的。那麼本季度的時間或線性度之間是否存在脫節？或者您是否看到美國業務的交易方面有些疲軟？只是想了解相對於美國報告收入的光學情況，這看起來有點弱，但在 cRPO 中延遲確實很強。

Yes. I think the one thing that I think you'll continue to kind of see from us as we continue to make progress and momentum on the enterprise side that you'll see kind of the RPO. You see a little bit of lumpiness in the RPO number. We did close our largest transaction in the history of the company with this expansion to 100,000 seats. That was approximately $20 million on our deferred. So that certainly helped with the total RPO number. But I think what it really points to is the progress that we're making with -- on the enterprise side and the movement that we're seeing with some of our larger customers and how they're expanding and continuing to do multiyear deals with us especially in the RPO numbers.

是的。我認為，隨著我們在企業方面繼續取得進步和勢頭，您會繼續從我們這裡看到的一件事就是 RPO。您會在 RPO 數字中看到一點點塊狀。我們確實完成了公司歷史上最大的交易，將席位擴大到 100,000 個。這大約是我們遞延的 2000 萬美元。因此，這肯定有助於提高 RPO 總數。但我認為它真正指出的是我們正在取得的進展——在企業方面，我們看到一些大客戶的變化，以及他們如何擴展並繼續與我們尤其是在 RPO 數字中。

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

我們的下一個問題來自 Robert Simmons with D.A.戴維森。

So it looks like you had pretty good cost control in most areas. But looking at G&A, it nearly doubled year-over-year and it's over 30% of revenue. Other than the tax accrual, what's driving that? And then how long will -- how will you drive (inaudible) line over time?

所以看起來你在大多數領域都有很好的成本控制。但看看 G&A，它同比幾乎翻了一番，佔收入的 30% 以上。除了應計稅，還有什麼推動它？然後——隨著時間的推移，你將如何駕駛（聽不清）線路？

Yes. No, great question. Obviously, I think you want to net out the tax accrual, and I think if you net that out, then it's about 28% of revenue. And I would say we staffed up a G&A infrastructure to support a very large business. We've been growing headcount fairly aggressively over the last couple of years. So we have a pretty large team to support that. And I think what you're seeing now is you should expect G&A to moderate, and that we'll see a lot more leverage as we continue to grow the top line, really focus our efforts around building sales capacity, sales enablement, customer-facing teams, and that the infrastructure we put in place now can support a very large business.

是的。不，很好的問題。顯然，我認為你想要扣除應計稅款，我認為如果你將其扣除，那麼它大約佔收入的 28%。我想說我們配備了一個 G&A 基礎設施來支持一個非常大的企業。在過去的幾年裡，我們一直在相當積極地增加員工人數。所以我們有一個相當大的團隊來支持它。而且我認為你現在看到的是你應該期望 G&A 會適度，並且隨著我們繼續增加收入，我們將看到更多的槓桿作用，真正將我們的精力集中在建立銷售能力、銷售支持、客戶-面對團隊，我們現在建立的基礎設施可以支持非常大的業務。

Got it. And then I think you guys really haven't returned much to the office yet, but your customers are. Can you talk to kind of what you're seeing there in terms of how that's helping a hurting your sales and your expansions and then also what your internal plans are for return to office?

知道了。然後我認為你們真的還沒有回到辦公室，但你們的客戶已經回來了。你能談談你在那裡看到的是如何幫助損害你的銷售和擴張，然後是你重返辦公室的內部計劃嗎？

Yes. Thanks. We're actually doing the call from the office right now. And we have pretty decent attendance right now, we're sort of in a ramp-up period as we return -- ahead to a full return to office in September, at least in the Americas. And in terms of how that affects the business, we've -- this has come up across a few quarters. But our view is really that Asana is an essential tool for any teams, whether they're working together in an office or distributed or remote first. And even when you have a company like Asana that is planning to be office-centric, we still work across more than a dozen offices all around the world. So even though sort of the atomic teams can be in a room together, inevitably, they're working cross-functionally in a sort of remote first way a lot of the time. And really everybody is kind of a little bit hybrid and there's really a spectrum there.

是的。謝謝。我們現在實際上是在辦公室打電話。我們現在的出席率相當不錯，我們正處於回歸的加速期——至少在美洲，我們將在 9 月全面回歸辦公室。就這對業務的影響而言，我們已經 - 這已經出現了幾個季度。但我們的觀點是，Asana 確實是任何團隊的必備工具，無論他們是在辦公室一起工作，還是分佈式或遠程工作。即使你有一家像 Asana 這樣計劃以辦公室為中心的公司，我們仍然在世界各地的十幾個辦公室工作。因此，即使某種原子團隊可以一起在一個房間裡，但不可避免地，他們在很多時候都以一種遠程優先的方式跨職能工作。實際上每個人都有點混合，那裡確實有一個頻譜。

But again, Asana was built for companies long before remote work became such a massive trend, long before COVID. And we really think that it's an essential tool for teams working in all sorts of environments. So we haven't really seen any change in demand based on that.

但同樣，Asana 是為公司打造的，早在遠程工作成為如此巨大的趨勢之前，也就是在 COVID 之前很久。我們真的認為它是在各種環境中工作的團隊必不可少的工具。因此，我們還沒有真正看到基於此的需求變化。

Thank you. And that concludes today's question-and-answer session. I'll now hand the conference back over to Catherine for any closing remarks.

謝謝。今天的問答環節到此結束。我現在將會議交還給凱瑟琳，聽取任何閉幕詞。

Great. Thank you, Amber. Just want to say thank you to everyone for joining us today and making the time for the Asana earnings call. If you have any follow-up questions, as always, please feel free to reach out, and we look forward to seeing you on the road and at the conferences. Thanks a lot.

偉大的。謝謝你，琥珀。只想對大家今天加入我們並抽出時間參加 Asana 財報電話會議表示感謝。如果您有任何後續問題，請一如既往地與我們聯繫，我們期待在路上和會議上見到您。多謝。

That concludes today's Asana First Quarter and Fiscal Year 2022 Earnings Call. Thank you for your participation. You may now disconnect your lines.

今天的 Asana 第一季度和 2022 財年收益電話會議到此結束。感謝您的參與。您現在可以斷開線路。