Known for his temper as a twenty-something at Facebook, he says he has learned not to agonize so much over setbacks. Moskovitz is also active in charity work. 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. They went wall-to-wall with Asana in a multiyear contract. Andrew, this is Tim. 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? 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. In addition to this, Moskovitz and his wife have also pledged to give away the majority of their fortune through philanthropy by signing the Giving Pledge founded by Bill Gates and Warren Buffet. 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. And I know you mentioned that Workflow Builder I think, was key towards the largest land with the payments company. Yes. 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. All of our top 100 customers have over 1,000 seats or more on Asana. 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. Thanks a lot. 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. Revenue from the U.S. grew 61% year-over-year, accounting for 59% of our total revenue. Corporate leadership uses it to map product launches. But just as a comparison, in March 2020, I mean, things dropped off a cliff. As these organizations shift and accommodate the ever-changing market environment, they need even more agility. [33] Asana's own listed contributions for the election cycle, which are almost all directly from Moskovitz and his wife Cari Tuna, reached around $45 million. Most of the 37-year-old internet entrepreneurs fortune comes from his estimated 2% stake in Facebook, though he has not worked at the company since 2008. It's always great to see customers give us a shout out in a public forum. If you have an ad-blocker enabled you may be blocked from proceeding. And that's effectively a situation where, yes, we've satisfied the needs of IT at that customer, not necessarily for all possible customers and they're sort of letting the organic growth of the product go sort of unfettered. 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. Dustin, following up on your software exposure answer. SACRAMENTO Gabe Bankman-Fried, a former Wall Street trader, has raised $12 million from a cryptocurrency trading firm founded by his brother, Sam Bankman-Fried. 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. As you've already heard from Dustin, it was a great first quarter. [21][22][23] The Open Philanthropy Project has since become a separate organization, and continuously increases its annual giving, having made over $170 million in grants in 2018 alone (see Open Philanthropy Project#Grants made for more). They need high impact and high return on investment fast, and Asana can help them with this. Asana brought on Sonja Gittens Ottley (left) as its diversity and inclusion officer in 2015, and Anna Binder as head of people in 2016. Nearly a decade ago, Zucks college roommate became the worlds youngest self-made billionaire by moving fast and breaking things. Dustin, one -- or for Anne, one question on -- you kind of caught my attention on your comment about adoption curves. So definitely, the investments that we announced at scale and the. Dustin Moskovitz was one of four Facebook co-founders and is currently the CEO of Asana, a cloud-based software service that lets workers collaborate on projects and assign tasks. That concludes today's Asana First Quarter and Fiscal Year 2022 Earnings Call. And I think that we're still part of that long art trend. I did get an e-mail this morning about a company interested in being acquired. This is not a metric we regularly disclose, but it's such an important milestone. We remain deeply concerned about existing problems like malaria, intestinal parasites, and global poverty. Moments Moments, current page. As a reminder, our dollar-based net retention rate is a trailing 4-quarter average calculation. 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. Dustin Moskovitz. He co-founded the philanthropic foundation Good Ventures with his wife Cari Tuna in 2011. If this problem wasnt worth solving or wasnt a viable business, Id just stop, he says. That was approximately $20 million on our deferred. And if not, how would you like us to think about it? [5] As of November 2022, his net worth is estimated at US$11.3 billion. [3] In 2008, he left Facebook to co-found Asana[4] with Justin Rosenstein. Great. And raising industry awareness, we saw a tremendous pickup of our Anatomy of Work reports. Sign up and stay up to date with our daily newsletter. Just lessons from COVID, again, the positive growth for us was still very strong, but we got hurt on retention because our customers were . [16] As of 2021, Asana has more than 107,000 paying customers. 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. Our next question comes from Brent Bracelin with Piper Sandler. 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. Asana eschews traditional executive titles and instead makes people heads of a particular topic or business outcome. I think you're saying growing at about 2% week over week. We also set a new record with our largest land deal in company history. 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 1 interface, no matter where they are in the world. Moskovitz has bragged that his charity, Open Philanthropy, supported averting global catastrophic risks like pandemics long before COVID-19. Facebook became the largest social network in the world, with nearly three billion users as of 2021, and about half that number were using Facebook every day. 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. Skoll anticipates the threat One philanthropist recognized the global risks of pandemics more than a decade ago. 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. And it's also, frankly, hard for me to anticipate the kind of volatility we've seen over the past 2 years. 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. The calendar says July 16, but Moskovitz isnt at the museum that day. 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. All Rights Reserved. Our free cash flow is defined as net cash used for operating activities, less cash used in property and equipment and capitalized software costs, excluding nonrecurring items such as the build-out of our San Francisco office. is posted on our Investor Relations web page at investors.asana.com. Clad in an untucked dark gray button-down, jeans and white sneakers, his beard closely cropped, he strides onstage with a microphone and presentation clicker before plunging into a rapid-fire overview of the new look and feel of Asana, his work-collaboration app. Sales and marketing was $83.3 million or 69% of revenue. From $9.3 billion in 2020, Moskovitz's fortune soared during the COVID-19 pandemic to an estimated $23.2 billion as of Wednesday, Forbes reported. But I think uncertain environment and seems to be consensus at this point that we'll hit some sort of a recession in the near term. Thats in stark contrast to its competition, which includes monday.com, a New York and Tel Avivbased team-management business recently valued at $2.7 billion, and Notion, a next-gen note-taking app worth $2 billion. 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 said a few months ago? Freed from a startups typical fundraising pressures, Moskovitz and Rosenstein spent months coding and talking to potential customers before shipping the first version of their product in November 2011. This launch addresses one of the most important concerns of leaders everywhere. No, great question. When Dustin Moskovitz stepped away from Facebook Inc. four years after helping start the company, the 24-year-old owned a piece of the social-media giant that today would be worth about $18. For older adults (those over age 60), those with underlying health conditions, and other populations at heightened risk from COVID-19, continuing to limit time in the community will be important.. Asana introduced a paid version of its product in 2012 (it now charges $10.99 a month per person) but resisted hiring a large sales team, instead preferring to find customers largely through cheap search-engine optimization tactics and word of mouth. Internally, Moskovitz and Rosenstein took their time crafting their idealized corporate culture. In Q1, free cash flow was negative $42.2 million, reflecting our investments in growth and rapid onboarding of new headcount during the quarter. As Dustin mentioned, a large high-profile financial payments company represented the largest land in Asana Company's history. Part of that is due to its self-described introverted CEO. They continue to care about ease-of-use and strong adoption, which we've always been really focused on. So that was pretty bad. As a reminder, we define these customer cohorts based on our annualized GAAP revenues in a given quarter. Entering text into the input field will update the search result below, in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Featured. Thank you, Anne. "There simply isn't a replacement for in-person connection," said Asana's Head of EMEA, Simon O'Kane, adding that "the future of work will remain flexible and 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. 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. On the top of strategic partners, it's clear that our progress with HIPAA compliance opens exciting new opportunities. So that was part of what happened with COVID is there is a sort of shock element in March, April. We also recognize that there are significant dynamics in the macroeconomic environment. Asana Goals continues to drive an increasing amount of wall-to-wall deals and medium-sized enterprises. And so that part of the plan is still pretty much the case. And I just want to add one more thing. Users do less contact switching and have more time for the work that matters. 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.

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