Fiscal year revenue growth accelerated, up 67%
year over year Customers spending $50,000 or more on an annualized
basis ended the fiscal year at 894 customers
Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), a leading work management
platform for teams, today reported financial results for its fourth
quarter and fiscal year ended January 31, 2022.
“Our fiscal year revenue growth accelerated versus the previous
year, led by strength in the enterprise and strong demand across
the customer base," said Dustin Moskovitz, co-founder and chief
executive officer of Asana. “Many of the most recognized companies
in the world are choosing Asana as their platform for cross team
work. Our product strategy is resonating and the addressable market
is large, representing over 1.25 billion knowledge workers. We are
cementing our leadership position by increasing investments further
to meet this large and growing enterprise demand.”
Fourth Quarter Fiscal 2022 Financial Highlights
- Revenues: Revenues were $111.9 million, an increase of 64% year
over year.
- Operating Loss: GAAP operating loss was $87.1 million, or 78%
of revenues, compared to GAAP operating loss of $51.0 million, or
75% of revenues, in the fourth quarter of fiscal 2021. Non-GAAP
operating loss was $43.9 million, or 39% of revenues, compared to
non-GAAP operating loss of $34.8 million, or 51% of revenues, in
the fourth quarter of fiscal 2021.
- Net Loss: GAAP net loss was $90.0 million, compared to GAAP net
loss of $61.5 million in the fourth quarter of fiscal 2021. GAAP
net loss per share was $0.48, compared to GAAP net loss per share
of $0.39 in the fourth quarter of fiscal 2021. Non-GAAP net loss
was $46.9 million, compared to non-GAAP net loss of $35.0 million
in the fourth quarter of fiscal 2021. Non-GAAP net loss per share
was $0.25, compared to non-GAAP net loss per share of $0.22 in the
fourth quarter of fiscal 2021.
- Cash Flow: Cash flows from operating activities were negative
$39.3 million, compared to negative $18.2 million in the fourth
quarter of fiscal 2021. Free cash flow was negative $41.2 million,
compared to negative $17.5 million in the fourth quarter of fiscal
2021.
Fiscal Year 2022 Financial Highlights
- Revenues: Revenues were $378.4 million, an increase of 67% year
over year.
- Operating Loss: GAAP operating loss was $265.2 million, or 70%
of revenues, compared to GAAP operating loss of $175.6 million, or
77% of revenues, in fiscal 2021. Non-GAAP operating loss was $157.1
million, or 42% of revenues, compared to non-GAAP operating loss of
$123.2 million, or 54% of revenues, in fiscal 2021.
- Net Loss: GAAP net loss was $288.3 million, compared to GAAP
net loss of $211.7 million in fiscal 2021. GAAP net loss per share
was $1.63, compared to GAAP net loss per share of $1.99 in fiscal
2021. Non-GAAP net loss was $162.9 million, compared to non-GAAP
net loss of $123.3 million in fiscal 2021. Non-GAAP net loss per
share was $0.92, compared to non-GAAP net loss per share of $1.16
in fiscal 2021.
- Cash Flow: Cash flows from operating activities were negative
$83.8 million, compared to negative $92.9 million in fiscal 2021.
Free cash flow was negative $87.6 million, compared to negative
$76.0 million in fiscal 2021.
Business Highlights
- Ended the fiscal year with over 119,000 paying customers.
- The number of customers spending $5,000 or more on an
annualized basis in Q4 grew to 15,437, an increase of 52% year over
year. Revenues from these customers in Q4 grew 82% year over
year.
- The number of customers spending $50,000 or more on an
annualized basis in Q4 grew to 894, an increase of 125% year over
year.
- Overall dollar-based net retention rate in Q4 was over
120%.
- Dollar-based net retention rate for customers with $5,000 or
more in annualized spend in Q4 was over 130%.
- Dollar-based net retention rate for customers with $50,000 or
more in annualized spend in Q4 was over 145%.
- Named the Leader in G2’s Enterprise Grid® and topped the
Project Management Grid® for ten consecutive quarters in the
ranking’s Leader quadrant.
- Launched Asana Flow in February 2022 - a suite of offerings and
capabilities to help teams build start-to-finish workflows with
Workflow Builder, individuals prioritize work with an intelligent
Home interface, and leaders improve processes to achieve goals
faster with Workflow Reporting.
- Added over 200 product features in fiscal year 2022.
- Ranked Best Workplaces for Parents™ by Great Place to Work® in
2021, in addition to the record setting 16 workplace awards
throughout fiscal year 2022.
Financial Outlook
For the first quarter of fiscal 2023, Asana expects:
- Revenues of $114.5 million to $115.5 million, representing year
over year growth of 49% to 51%.
- Non-GAAP operating loss of $68.0 million to $66.0 million.
- Non-GAAP net loss per share of $0.36 to $0.35, assuming basic
and diluted weighted average shares outstanding of approximately
189.0 million.
For fiscal year 2023, Asana expects revenues of $527.0 million
to $531.0 million, representing year over year growth of 39% to
40%.
These statements are forward-looking and actual results may
materially differ. Refer to the “Forward-Looking Statements”
section below for information on the factors that could cause
Asana’s actual results to materially differ from these
forward-looking statements.
A reconciliation of non-GAAP outlook measures to corresponding
GAAP measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty regarding, and the
potential variability of, many of these costs and expenses that may
be incurred in the future. Asana has provided a reconciliation of
GAAP to non-GAAP financial measures in the financial statement
tables for its fourth quarter and full fiscal year 2022 non-GAAP
results included in this press release.
Earnings Conference Call Information
Asana will hold a conference call and live webcast today to
discuss these results at 1:30 p.m. Pacific Time. A live webcast and
replay will be available on the Asana Investor Relations website
at: https://investors.asana.com. The conference call can also be
accessed by dialing (844) 200-6205, or +1 929-526-1599 (outside of
the US). The conference access code is 505266.
Forward-Looking Statements
This press release contains “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on management’s beliefs and assumptions and on
information currently available to management. Forward-looking
statements include, but are not limited to, statements about
Asana’s outlook for the first fiscal quarter and the full fiscal
year ending January 31, 2023, expected benefits of our offerings,
Asana’s market position, and potential market opportunities.
Forward-looking statements generally relate to future events or
Asana’s future financial or operating performance. Forward-looking
statements include all statements that are not historical facts and
in some cases can be identified by terms such as “anticipate,”
“expect,” “intend,” “plan,” “believe,” “continue,” “could,”
“potential,” “remain,” “may,” “might,” “will,” “would,” or similar
expressions and the negatives of those terms. However, not all
forward-looking statements contain these identifying words.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors, including factors beyond Asana’s
control, that may cause Asana’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. These risks include, but are not
limited to, risks and uncertainties related to: Asana’s ability to
achieve future growth and sustain its growth rate, Asana’s ability
to attract and retain customers and increase sales to its
customers, Asana’s ability to develop and release new products and
services and to scale its platform, Asana’s ability to increase
adoption of its platform through Asana’s self-service model,
Asana’s ability to maintain and grow its relationships with
strategic partners, the highly competitive and rapidly evolving
market in which Asana participates, Asana’s international expansion
strategies, and the impact of the COVID-19 pandemic. Further
information on risks that could cause actual results to differ
materially from forecasted results are included in Asana’s filings
with the SEC, including Asana’s Quarterly Report on Form 10-Q for
the quarter ended October 31, 2021. Any forward-looking statements
contained in this press release are based on assumptions that Asana
believes to be reasonable as of this date. Except as required by
law, Asana assumes no obligation to update these forward-looking
statements, or to update the reasons if actual results differ
materially from those anticipated in the forward-looking
statements.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, Asana uses certain
non-GAAP financial measures to understand and evaluate its core
operating performance. In this release, Asana’s non-GAAP gross
profit, gross margin, operating expenses, operating expenses as a
percentage of revenue, operating loss, operating margin, net loss,
net loss per share, free cash flow are not presented in accordance
with GAAP and are not intended to be used in lieu of GAAP
presentations of results of operations. These non-GAAP financial
measures, which may be different from similarly titled measures
used by other companies, are presented to enhance investors’
overall understanding of Asana’s financial performance and should
not be considered a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
Investors are encouraged to review the reconciliation of these
non-GAAP measures to their most directly comparable GAAP financial
measures. A reconciliation of the non-GAAP financial measures to
such GAAP measures can be found in the accompanying financial
statements included with this press release.
Asana believes that these non-GAAP financial measures provide
useful information about its financial performance, enhance the
overall understanding of Asana’s past performance and future
prospects, facilitate period-to-period comparisons of operations,
and allow for greater transparency with respect to important
metrics used by Asana’s management for financial and operational
decision-making. Asana is presenting these non-GAAP financial
metrics to assist investors in seeing its financial performance
through the eyes of management, and because Asana believes that
these measures provide an additional tool for investors to use in
comparing its core financial performance over multiple periods with
other companies in Asana’s industry.
Asana believes excluding the following items from the GAAP
Condensed Consolidated Statements of Operations is useful to
investors and others in assessing Asana’s operating performance due
to the following factors:
- Share-based compensation expenses. Although share-based
compensation is an important aspect of the compensation of our
employees and executives, management believes it is useful to
exclude share-based compensation expenses to better understand the
long-term performance of our core business and to facilitate
comparison of our results to those of peer companies.
- Employer payroll tax associated with RSUs. The amount of
employer payroll tax-related items on employee stock transactions
is dependent on Asana’s stock price and other factors that are
beyond its control and that do not correlate to the operation of
the business.
- Non-cash and non-recurring expenses. Non-cash expenses include
the amortization of debt discount and non-cash interest related to
the senior mandatory convertible promissory notes and non-recurring
expenses include direct listing fees. Asana believes the exclusion
of the non-cash and non-recurring items provides useful
supplemental information to investors and facilitates the analysis
of our operation results and comparison of operating results across
reporting periods.
There are a number of limitations related to the use of non-GAAP
measures as compared to GAAP measures of gross profit, gross
margin, operating expenses, operating expenses as a percentage of
revenue, operating loss, operating margin, net loss, and net loss
per share, including that the non-GAAP measures exclude stock-based
compensation expense, which has been, and will continue to be for
the foreseeable future, a significant recurring expense in Asana’s
business and an important part of its compensation strategy.
Asana also uses the non-GAAP financial measure of free cash
flow, which is defined as net cash used in operating activities
less cash used for purchases of property and equipment and
capitalized internal-use software costs, plus non-recurring
expenditures such as capital expenditures from the purchases of
property and equipment associated with the build-out of Asana’s
corporate headquarters in San Francisco. Asana believes free cash
flow is an important liquidity measure of the cash that is
available, after capital expenditures and operational expenses, for
investment in its business and to make acquisitions. Free cash flow
is useful to investors as a liquidity measure because it measures
Asana’s ability to generate or use cash. There are a number of
limitations related to the use of free cash flow as compared to net
cash from operating activities, including that free cash flow
includes capital expenditures, the benefits of which are realized
in periods subsequent to those when expenditures are made.
Definitions of Business Metrics
Customers spending over $5,000 and $50,000
We define customers spending over $5,000 and $50,000 as those
organizations on a paid subscription plan that had $5,000 or more
or $50,000 or more in annualized GAAP revenues in a given quarter,
respectively, inclusive of discounts.
Dollar-based net retention rate
Asana’s reported dollar-based net retention rate equals the
simple arithmetic average of its quarterly dollar-based net
retention rate for the four quarters ending with the most recent
fiscal quarter. Asana calculates its dollar-based net retention
rate by comparing its revenues from the same set of customers in a
given quarter, relative to the comparable prior-year period. To
calculate Asana’s dollar-based net retention rate for a given
quarter, Asana starts with the revenues in that quarter from
customers that generated revenues in the same quarter of the prior
year. Asana then divides that amount by the revenues attributable
to that same group of customers in the prior-year quarter. Current
period revenues include any upsells and are net of contraction or
attrition over the trailing 12 months, but exclude revenues from
new customers in the current period. Asana expects its dollar-based
net retention rate to fluctuate in future periods due to a number
of factors, including the expected growth of its revenue base, the
level of penetration within its customer base, and its ability to
retain its customers.
About Asana
Asana helps teams orchestrate their work, from small projects to
strategic initiatives. Headquartered in San Francisco, CA, Asana
has more than 119,000 paying customers and millions of free
organizations across 190 countries. Global customers such as
Amazon, Affirm, Japan Airlines, and Sky rely on Asana to manage
everything from company objectives to digital transformation to
product launches and marketing campaigns. For more information,
visit www.asana.com.
Disclosure of Material Information
Asana announces material information to its investors using SEC
filings, press releases, public conference calls, and on its
investor relations page of Asana’s website at
https://investors.asana.com. Asana uses these channels, as well as
social media, including its Twitter account (@asana), its blog
(blog.asana.com), its LinkedIn page
(www.linkedin.com/company/asana), its Instagram account (@asana),
and its Facebook page (www.facebook.com/asana/), to communicate
with investors and the public about Asana, its products and
services and other matters. Therefore, Asana encourages investors,
the media and others interested in Asana to review the information
it makes public in these locations, as such information could be
deemed to be material information.
ASANA, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per
share data)
(unaudited)
Three Months Ended January
31,
Twelve Months Ended January
31,
2022
2021
2022
2021
Revenues
$
111,949
$
68,369
$
378,437
$
227,004
Cost of revenues(1)
11,533
8,193
38,897
28,741
Gross profit
100,416
60,176
339,540
198,263
Operating expenses:
Research and development(1)
60,915
39,801
203,124
121,139
Sales and marketing(1)
88,888
53,527
282,897
176,479
General and administrative(1)
37,676
17,812
118,703
76,212
Total operating expenses
187,479
111,140
604,724
373,830
Loss from operations
(87,063
)
(50,964
)
(265,184
)
(175,567
)
Interest income and other income
(expense), net
(770
)
558
(1,536
)
1,568
Interest expense
(307
)
(10,472
)
(18,385
)
(36,178
)
Loss before provision for income taxes
(88,140
)
(60,878
)
(285,105
)
(210,177
)
Provision for income taxes
1,909
632
3,237
1,533
Net loss
$
(90,049
)
$
(61,510
)
$
(288,342
)
$
(211,710
)
Net loss per share:
Basic and diluted
$
(0.48
)
$
(0.39
)
$
(1.63
)
$
(1.99
)
Weighted-average shares used in
calculating net loss per share:
Basic and diluted
187,435
159,270
176,401
106,344
_______________
(1) Amounts include stock-based
compensation expense as follows:
Three Months Ended January
31,
Twelve Months Ended January
31,
2022
2021
2022
2021
Cost of revenues
$
344
$
130
$
806
$
305
Research and development
22,739
9,086
57,480
18,606
Sales and marketing
12,990
4,303
29,631
9,387
General and administrative
6,223
2,407
16,644
5,927
Total stock-based compensation expense
$
42,296
$
15,926
$
104,561
$
34,225
ASANA, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(unaudited)
January 31, 2022
January 31, 2021
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
240,403
$
259,878
Marketable securities
71,628
126,396
Accounts receivable, net
59,085
32,194
Prepaid expenses and other current
assets
40,278
27,295
Total current assets
411,394
445,763
Property and equipment, net
99,632
74,436
Operating lease right-of-use assets
174,083
182,924
Investments, noncurrent
2,760
19,125
Other assets
19,166
8,871
Total assets
$
707,035
$
731,119
Liabilities and Stockholders’ Equity
(Deficit)
Current liabilities
Accounts payable
$
11,557
$
9,599
Accrued expenses and other current
liabilities
60,915
41,616
Deferred revenue, current (1)
170,143
103,875
Operating lease liabilities, current
12,573
8,386
Total current liabilities
255,188
163,476
Term loan, net
34,612
29,508
Convertible notes, net—related party
—
351,161
Operating lease liabilities,
noncurrent
208,422
196,802
Other liabilities(1)
4,973
2,961
Total liabilities
503,195
743,908
Stockholders’ equity (deficit)
Common stock
2
2
Additional paid-in capital
1,034,252
528,616
Accumulated other comprehensive income
(loss)
(626
)
39
Accumulated deficit
(829,788
)
(541,446
)
Total stockholders’ equity (deficit)
203,840
(12,789
)
Total liabilities and stockholders’ equity
(deficit)
$
707,035
$
731,119
_______________
(1) Total deferred revenue was $174.2
million and $105.9 million as of January 31, 2022 and 2021,
respectively, of which $4.1 million and $2.0 million, respectively,
is presented within other liabilities, as a noncurrent liability,
in the consolidated balance sheets.
ASANA, INC.
SUMMARY OF CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Three Months Ended January
31,
Twelve Months Ended January
31,
2022
2021
2022
2021
Cash flows from operating
activities
Net loss
$
(90,049
)
$
(61,510
)
$
(288,342
)
$
(211,710
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Allowance for doubtful accounts
1,019
(280
)
2,257
924
Depreciation and amortization
2,963
978
8,464
3,486
Amortization of deferred contract
acquisition costs
2,708
1,395
8,647
4,079
Stock-based compensation expense
42,267
15,926
104,527
34,225
Net amortization of premium of marketable
securities
83
324
784
406
Non-cash lease expense
3,347
4,554
16,589
16,389
Amortization of discount on convertible
notes and term loan issuance costs
5
6,405
10,645
22,369
Non-cash interest expense
—
3,972
6,670
13,681
Changes in operating assets and
liabilities:
Accounts receivable
(13,014
)
(8,627
)
(26,993
)
(20,458
)
Prepaid expenses and other current
assets
(14,664
)
(3,933
)
(23,652
)
(17,184
)
Other assets
(4,408
)
(853
)
(10,724
)
(3,402
)
Accounts payable
(1,804
)
(4,717
)
7,259
(2,877
)
Accrued expenses and other liabilities
13,111
4,579
23,682
18,123
Deferred revenue
19,512
15,738
68,339
41,779
Operating lease liabilities
(401
)
7,884
8,063
7,300
Net cash used in operating activities
(39,325
)
(18,165
)
(83,785
)
(92,870
)
Cash flows from investing
activities
Purchases of marketable securities
(471
)
(64,963
)
(62,394
)
(191,576
)
Sales of marketable securities
—
37,091
373
37,103
Maturities of marketable securities
7,713
8,501
132,301
53,842
Purchases of property and equipment
(1,284
)
(22,191
)
(41,587
)
(57,344
)
Capitalized internal-use software
costs
(645
)
(104
)
(1,132
)
(962
)
Net cash provided by (used in) investing
activities
5,313
(41,666
)
27,561
(158,937
)
Cash flows from financing
activities
Proceeds from term loan, net of issuance
costs
—
18,000
9,000
30,915
Repayment of term loan
(500
)
—
(1,667
)
—
Proceeds from issuance of convertible
notes—related party
—
—
—
150,000
Taxes paid related to net share settlement
of equity awards
—
—
—
(378
)
Repurchases of common stock
(4
)
(33
)
(40
)
(33
)
Proceeds from exercise of stock
options
3,740
4,307
16,567
20,501
Proceeds from employee stock purchase
plan
—
—
13,350
—
Net cash provided by financing
activities
3,236
22,274
37,210
201,005
Effect of foreign exchange rates on cash,
cash equivalents, and restricted cash
(639
)
10
(461
)
3
Net increase (decrease) in cash, cash
equivalents, and restricted cash
(31,415
)
(37,547
)
(19,475
)
(50,799
)
Cash, cash equivalents, and restricted
cash
Beginning of period
271,818
297,425
259,878
310,677
End of period
$
240,403
$
259,878
$
240,403
$
259,878
ASANA, INC.
Reconciliation of GAAP to
Non-GAAP Data
(In thousands, except
percentages)
(unaudited)
Three Months Ended January
31,
Twelve Months Ended January
31,
2022
2021
2022
2021
Reconciliation of gross profit and
gross margin
GAAP gross profit
$
100,416
$
60,176
$
339,540
$
198,263
Plus: stock-based compensation and related
employer payroll tax associated with RSUs
350
135
843
310
Non-GAAP gross profit
$
100,766
$
60,311
$
340,383
$
198,573
GAAP gross margin
89.7
%
88.0
%
89.7
%
87.3
%
Non-GAAP adjustments
0.3
%
0.2
%
0.2
%
0.2
%
Non-GAAP gross margin
90.0
%
88.2
%
89.9
%
87.5
%
Reconciliation of operating
expenses
GAAP research and development
$
60,915
$
39,801
$
203,124
$
121,139
Less: stock-based compensation and related
employer payroll tax associated with RSUs
(23,202
)
(9,172
)
(59,206
)
(18,692
)
Non-GAAP research and development
$
37,713
$
30,629
$
143,918
$
102,447
GAAP research and development as
percentage of revenue
54.4
%
58.2
%
53.7
%
53.4
%
Non-GAAP research and development as
percentage of revenue
33.7
%
44.8
%
38.0
%
45.1
%
GAAP sales and marketing
$
88,888
$
53,527
$
282,897
$
176,479
Less: stock-based compensation and related
employer payroll tax associated with RSUs
(13,243
)
(4,377
)
(30,695
)
(9,461
)
Non-GAAP sales and marketing
$
75,645
$
49,150
$
252,202
$
167,018
GAAP sales and marketing as percentage of
revenue
79.4
%
78.3
%
74.8
%
77.7
%
Non-GAAP sales and marketing as percentage
of revenue
67.6
%
71.9
%
66.6
%
73.6
%
GAAP general and administrative
$
37,676
$
17,812
$
118,703
$
76,212
Less: stock-based compensation and related
employer payroll tax associated with RSUs
(6,376
)
(2,448
)
(17,385
)
(5,968
)
Less: direct listing expenses
—
3
—
(17,952
)
Non-GAAP general and administrative
$
31,300
$
15,367
$
101,318
$
52,292
GAAP general and administrative as
percentage of revenue
33.7
%
26.1
%
31.4
%
33.6
%
Non-GAAP general and administrative as
percentage of revenue
28.0
%
22.5
%
26.8
%
23.0
%
Reconciliation of operating loss and
operating margin
GAAP loss from operations
$
(87,063
)
$
(50,964
)
$
(265,184
)
$
(175,567
)
Plus: stock-based compensation and related
employer payroll tax associated with RSUs
43,171
16,132
108,129
34,431
Plus: direct listing expenses
—
(3
)
—
17,952
Non-GAAP loss from operations
$
(43,892
)
$
(34,835
)
$
(157,055
)
$
(123,184
)
GAAP operating margin
(77.8
) %
(74.5
) %
(70.1
) %
(77.3
) %
Non-GAAP adjustments
38.7
%
23.5
%
28.6
%
23.0
%
Non-GAAP operating margin
(39.1
) %
(51.0
) %
(41.5
) %
(54.3
) %
ASANA, INC.
Reconciliation of GAAP to
Non-GAAP Data
(In thousands, except
percentages and per share data)
(unaudited)
Three Months Ended January
31,
Twelve Months Ended January
31,
2022
2021
2022
2021
Reconciliation of net loss
GAAP net loss
$
(90,049
)
$
(61,510
)
$
(288,342
)
$
(211,710
)
Plus: stock-based compensation and related
employer payroll tax associated with RSUs
43,171
16,132
108,129
34,431
Plus: amortization of debt discount
—
6,402
10,628
22,357
Plus: non-cash interest
—
3,972
6,670
13,681
Plus: direct listing expenses
—
(3
)
—
17,952
Non-GAAP net loss
$
(46,878
)
$
(35,007
)
$
(162,915
)
$
(123,289
)
Reconciliation of net loss per
share
GAAP net loss per share, basic
$
(0.48
)
$
(0.39
)
$
(1.63
)
$
(1.99
)
Non-GAAP adjustments to net loss
0.23
0.17
0.71
0.83
Non-GAAP net loss per share, basic
$
(0.25
)
$
(0.22
)
$
(0.92
)
$
(1.16
)
Weighted-average shares used in GAAP and
non-GAAP per share calculation, basic and diluted
187,435
159,270
176,401
106,344
Three Months Ended January
31,
Twelve Months Ended January
31,
2022
2021
2022
2021
Computation of free cash flow
Net cash provided by (used in) investing
activities
$
5,313
$
(41,666
)
$
27,561
$
(158,937
)
Net cash provided by financing
activities
$
3,236
$
22,274
$
37,210
$
201,005
Net cash used in operating activities
$
(39,325
)
$
(18,165
)
$
(83,785
)
$
(92,870
)
Less: purchases of property and
equipment
(1,284
)
(22,191
)
(41,587
)
(57,344
)
Less: capitalized internal-use software
costs
(645
)
(104
)
(1,132
)
(962
)
Plus: purchases of property and equipment
from build-out of corporate headquarters
59
22,661
38,610
55,791
Plus: direct listing expenses
—
315
270
19,427
Free cash flow
$
(41,195
)
$
(17,484
)
$
(87,624
)
$
(75,958
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220308006107/en/
Catherine Buan Asana Investor Relations ir@asana.com
Stephanie Hess Asana Corporate Communications
press@asana.com
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