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Asana Announces Record Third Quarter Revenues
December 09, 2020
Q3 Revenues grew 55% year over year

Over 89,000 total paying customers

Revenues from customers who spend $5,000 or more on an annualized basis grew over 80% year over year

Fiscal year outlook raised

SAN FRANCISCO--(BUSINESS WIRE)-- Asana, Inc. (NYSE: ASAN), a leading work management platform for teams, today reported financial results for its third quarter ended October 31, 2020.

“We reported a very strong quarter, with total revenue growth of 55 percent year over year and growth of revenue from customers who spend $5,000 or more on an annualized basis of over 80 percent year over year,” said Dustin Moskovitz, co-founder and chief executive officer of Asana. “With the acceleration of digital transformation, organizations are reimagining every aspect of business operations to ensure that people can stay engaged, aligned and effective, no matter where they are. Asana’s Work Graph provides the power, flexibility and control that organizations need to orchestrate work at scale.”

Third Quarter Fiscal 2021 Financial Highlights

Revenues: Revenues were $58.9 million, an increase of 55% year over year.
Operating Loss: GAAP operating loss was $61.9 million, or 105.1% of revenues, compared to GAAP operating loss of $63.1 million, or 165.7% of revenues, in the third quarter of fiscal 2020. Non-GAAP operating loss was $37.3 million, or 63.3% of revenues, compared to non-GAAP operating loss of $21.5 million, or 56.3% of revenues, in the third quarter of fiscal 2020.
Net Loss: GAAP net loss was $73.3 million, compared to GAAP net loss of $62.8 million in the third quarter of fiscal 2020. GAAP net loss per share was $0.65, compared to GAAP net loss per share of $0.89 in the third quarter of fiscal 2020. Non-GAAP net loss was $38.3 million, compared to non-GAAP net loss of $21.2 million in the third quarter of fiscal 2020. Non-GAAP net loss per share was $0.34, compared to non-GAAP net loss per share of $0.30 in the third quarter of fiscal 2020.
Cash Flow: Cash flows from operating activities were negative $34.4 million, compared to cash flows from operating activities of negative $10.9 million in the third quarter of fiscal 2020. Free cash flow was negative $19.5 million, compared to negative $11.6 million in the third quarter of fiscal 2020.
Business Highlights

Expanded Asana’s App ecosystem with a powerful set of best-in-class integrations with Zoom, Jira, Microsoft Teams and Slack.
Continued enterprise-ready product momentum announcing enhanced Rules functionality, and expanded administrative controls to help organizations stay connected at scale.
Ended the quarter with over 89,000 paying customers.
The number of customers spending $5,000 or more on an annualized basis grew to 8,938, an increase of 58% year over year.
The number of customers spending $50,000 or more on an annualized basis grew to 318, an increase of 104% year over year.
Overall dollar-based net retention rate was over 115%.
Dollar-based net retention rate for customers with $5,000 or more in annualized spend was over 125%.
Dollar-based net retention rate for customers with $50,000 or more in annualized spend was over 140%.
Financial Outlook

For the fourth quarter of fiscal 2021, Asana currently expects:

Revenues of $62 million to $63 million, representing year-over-year growth of 43% to 45%
Non-GAAP operating loss of $42.5 million to $39.5 million
Non-GAAP net loss per share of $0.27 to $0.25, assuming basic and diluted weighted average shares outstanding of approximately 158 million
For the full fiscal year 2021, Asana currently expects:

Revenues of $220.6 million to $221.6 million, representing year-over-year growth of 55%
Non-GAAP operating loss of $130.8 million to $127.8 million
Non-GAAP net loss per share of $1.24 to $1.21, assuming basic and diluted weighted average shares outstanding of approximately 106 million



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