A password will be e-mailed to you.

Asana Announces Record Third Quarter Fiscal 2022 Revenues
Revenues from customers spending $5,000 or more on an annualized basis grew 96% year over year

Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), a leading work management platform for teams, today reported financial results for its third-quarter fiscal 2022 ended October 31, 2021.

“Q3 was another strong quarter, led by record user adoption and large enterprise wins,” said Dustin Moskovitz, co-founder and chief executive officer of Asana. “We are excited to be announcing that we exceeded two million paid seats and we are landing bigger with larger customers and expanding significantly across our customer base. With some of the most valuable companies in the world deploying Asana to manage initiatives across entire divisions, Asana exemplifies what cross-functional work management at scale looks like.”

team management apps

Third Quarter Fiscal 2022 Financial Highlights

Revenues: Revenues were $100.3 million, an increase of 70% year over year.

Operating Loss: GAAP operating loss was $68.1 million, or 68% of revenues, compared to GAAP operating loss of $61.9 million, or 105% of revenues, in the third quarter of fiscal 2021. Non-GAAP operating loss was $41.3 million, or 41% of revenues, compared to a non-GAAP operating loss of $37.3 million, or 63% of revenues, in the third quarter of fiscal 2021.

Net Loss: GAAP net loss was $69.3 million, compared to GAAP net loss of $73.3 million in the third quarter of fiscal 2021. GAAP net loss per share was $0.37, compared to GAAP net loss per share of $0.65 in the third quarter of fiscal 2021. Non-GAAP net loss was $42.5 million, compared to a non-GAAP net loss of $38.3 million in the third quarter of fiscal 2021. Non-GAAP net loss per share was $0.23, compared to non-GAAP net loss per share of $0.34 in the third quarter of fiscal 2021.

Cash Flow: Cash flows from operating activities were negative $28.5 million, compared to negative $34.4 million in the third quarter of fiscal 2021. Free cash flow was negative $29.5 million, compared to negative $19.5 million in the third quarter of fiscal 2021.

Business Highlights

The total number of paying customers grew by 7,000, ending the third quarter with a total of over 114,000.

The number of customers spending $5,000 or more on an annualized basis grew to 14,143, an increase of 58% year over year. Revenues from these customers grew 96% year over year.

The number of customers spending $50,000 or more on an annualized basis grew to 739, an increase of 132% year over year.

The overall dollar-based net retention rate was over 120%.

The dollar-based net retention rate for customers with $5,000 or more in annualized spend was 130%.

The dollar-based net retention rate for customers with $50,000 or more in annualized spending was over 145%.

Unveiled the Enterprise Work Graph at the Asana Scale event, a suite of capabilities to align global enterprise teams and streamline cross-functional work from anywhere, including a new Goals API, Workflow Builder, and Library, Universal Reporting on data trends and workflows over time, and additional data security and scalability features.

Expanded Asana Partners Enterprise IT ecosystem including new integrations with Splunk and Netskope.

Financial Statement:

ASANA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(unaudited)

Three Months Ended October 31, Nine Months Ended October 31,
2021 2020 2021 2020
Revenues $ 100,337 $ 58,905 $ 266,488 $ 158,635
Cost of revenues(1) 9,581 7,321 27,364 20,548
Gross profit 90,756 51,584 239,124 138,087
Operating expenses:
Research and development(1) 53,788 32,996 142,209 81,338
Sales and marketing(1) 73,295 48,039 194,009 122,952
General and administrative(1) 31,761 32,483 81,027 58,400
Total operating expenses 158,844 113,518 417,245 262,690
Loss from operations (68,088 ) (61,934 ) (178,121 ) (124,603 )
Interest income and other income (expense), net (446 ) (389 ) (766 ) 1,010
Interest expense (353 ) (10,351 ) (18,078 ) (25,706 )
Loss before provision for income taxes (68,887 ) (72,674 ) (196,965 ) (149,299 )
Provision for income taxes 393 615 1,328 901
Net loss $ (69,280 ) $ (73,289 ) $ (198,293 ) $ (150,200 )
Net loss per share:
Basic and diluted $ (0.37 ) $ (0.65 ) $ (1.15 ) $ (1.70 )
Weighted-average shares used in calculating net loss per share:
Basic and diluted 185,022 113,264 172,684 88,539

Comments

comments

Send this to a friend