(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| ||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
value | ||||||||||||||
Long-Term Stock Exchange |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
ASANA, INC. | ||||||||
Dated: December 5, 2023 | By: | /s/ Eleanor Lacey | ||||||
Eleanor Lacey | ||||||||
General Counsel and Corporate Secretary |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | $ | 166,503 | $ | 141,439 | $ | 481,369 | $ | 396,981 | |||||||||||||||
Cost of revenues(1) | 16,053 | 15,160 | 47,132 | 41,354 | |||||||||||||||||||
Gross profit | 150,450 | 126,279 | 434,237 | 355,627 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development(1) | 81,028 | 75,509 | 241,715 | 215,947 | |||||||||||||||||||
Sales and marketing(1) | 98,349 | 113,713 | 288,034 | 320,228 | |||||||||||||||||||
General and administrative(1) | 34,494 | 38,165 | 106,537 | 128,064 | |||||||||||||||||||
Total operating expenses | 213,871 | 227,387 | 636,286 | 664,239 | |||||||||||||||||||
Loss from operations | (63,421) | (101,108) | (202,049) | (308,612) | |||||||||||||||||||
Interest income and other income (expense), net | 3,479 | 1,291 | 13,310 | (219) | |||||||||||||||||||
Interest expense | (1,012) | (457) | (2,947) | (1,125) | |||||||||||||||||||
Loss before provision for income taxes | (60,954) | (100,274) | (191,686) | (309,956) | |||||||||||||||||||
Provision for income taxes | 796 | 631 | 2,946 | 2,786 | |||||||||||||||||||
Net loss | $ | (61,750) | $ | (100,905) | $ | (194,632) | $ | (312,742) | |||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Basic and diluted | $ | (0.28) | $ | (0.49) | $ | (0.89) | $ | (1.60) | |||||||||||||||
Weighted-average shares used in calculating net loss per share: | |||||||||||||||||||||||
Basic and diluted | 221,776 | 204,657 | 219,094 | 195,261 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenues | $ | 413 | $ | 461 | $ | 1,177 | $ | 1,200 | |||||||||||||||
Research and development | 29,384 | 25,030 | 83,928 | 70,606 | |||||||||||||||||||
Sales and marketing | 15,584 | 15,018 | 43,438 | 43,028 | |||||||||||||||||||
General and administrative | 7,485 | 7,482 | 22,026 | 21,000 | |||||||||||||||||||
Total stock-based compensation expense | $ | 52,866 | $ | 47,991 | $ | 150,569 | $ | 135,834 |
October 31, 2023 | January 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 268,314 | $ | 526,563 | |||||||
Marketable securities | 261,726 | 2,739 | |||||||||
Accounts receivable, net | 68,032 | 82,363 | |||||||||
Prepaid expenses and other current assets | 46,069 | 48,726 | |||||||||
Total current assets | 644,141 | 660,391 | |||||||||
Property and equipment, net | 98,241 | 94,984 | |||||||||
Operating lease right-of-use assets | 182,779 | 176,189 | |||||||||
Other assets | 22,519 | 23,399 | |||||||||
Total assets | $ | 947,680 | $ | 954,963 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 9,988 | $ | 7,554 | |||||||
Accrued expenses and other current liabilities | 65,698 | 83,488 | |||||||||
Deferred revenue, current | 249,673 | 226,443 | |||||||||
Operating lease liabilities, current | 17,592 | 14,831 | |||||||||
Total current liabilities | 342,951 | 332,316 | |||||||||
Term loan, net | 44,856 | 46,696 | |||||||||
Deferred revenue, noncurrent | 5,770 | 7,156 | |||||||||
Operating lease liabilities, noncurrent | 220,181 | 210,012 | |||||||||
Other liabilities | 1,753 | 2,209 | |||||||||
Total liabilities | 615,511 | 598,389 | |||||||||
Stockholders’ equity | |||||||||||
Common stock | 2 | 2 | |||||||||
Additional paid-in capital | 1,767,633 | 1,595,001 | |||||||||
Accumulated other comprehensive loss | (3,278) | (873) | |||||||||
Accumulated deficit | (1,432,188) | (1,237,556) | |||||||||
Total stockholders’ equity | 332,169 | 356,574 | |||||||||
Total liabilities and stockholders’ equity | $ | 947,680 | $ | 954,963 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net loss | $ | (61,750) | $ | (100,905) | $ | (194,632) | $ | (312,742) | |||||||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||||||||
Allowance for expected credit losses | 683 | (315) | 2,072 | 1,045 | |||||||||||||||||||
Depreciation and amortization | 3,531 | 3,204 | 10,407 | 9,507 | |||||||||||||||||||
Amortization of deferred contract acquisition costs | 5,668 | 3,937 | 15,971 | 10,509 | |||||||||||||||||||
Stock-based compensation expense | 52,866 | 47,991 | 150,569 | 135,834 | |||||||||||||||||||
Net amortization (accretion) of premium (discount) on marketable securities | (636) | (7) | (1,568) | 50 | |||||||||||||||||||
Non-cash lease expense | 3,954 | 4,058 | 13,998 | 11,426 | |||||||||||||||||||
Impairment of long-lived assets | — | — | 5,009 | — | |||||||||||||||||||
Amortization of discount on revolving credit facility and term loan issuance costs | 31 | 5 | 91 | 13 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (2,407) | (6,580) | 12,251 | (1,377) | |||||||||||||||||||
Prepaid expenses and other current assets | (4,707) | 5,547 | (13,764) | (22,155) | |||||||||||||||||||
Other assets | (606) | (1,178) | 742 | (3,201) | |||||||||||||||||||
Accounts payable | 6,857 | (1,864) | 3,612 | (3,333) | |||||||||||||||||||
Accrued expenses and other liabilities | (2,668) | (1,258) | (16,885) | 15,225 | |||||||||||||||||||
Deferred revenue | (5,693) | 4,665 | 21,843 | 40,614 | |||||||||||||||||||
Operating lease liabilities | (3,356) | (3,478) | (12,310) | (10,374) | |||||||||||||||||||
Net cash used in operating activities | (8,233) | (46,178) | (2,594) | (128,959) | |||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Purchases of marketable securities | (145,018) | 2 | (284,312) | (72,216) | |||||||||||||||||||
Sales of marketable securities | 12 | — | 12 | — | |||||||||||||||||||
Maturities of marketable securities | 7,500 | 54,314 | 25,641 | 110,204 | |||||||||||||||||||
Purchases of property and equipment | (1,255) | (1,457) | (7,221) | (3,140) | |||||||||||||||||||
Capitalized internal-use software costs | (1,977) | (882) | (4,325) | (952) | |||||||||||||||||||
Net cash provided by (used in) investing activities | (140,738) | 51,977 | (270,205) | 33,896 | |||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Repayment of term loan | (625) | (1,000) | (2,500) | (2,667) | |||||||||||||||||||
Proceeds from private placement—related party, net of offering costs | — | 347,384 | — | 347,384 | |||||||||||||||||||
Repurchases of common stock | — | — | — | (2) | |||||||||||||||||||
Proceeds from exercise of stock options | 783 | 980 | 3,856 | 4,627 | |||||||||||||||||||
Proceeds from employee stock purchase plan | 6,511 | 7,959 | 15,069 | 17,115 | |||||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | (7) | — | |||||||||||||||||||
Net cash provided by financing activities | 6,669 | 355,323 | 16,418 | 366,457 | |||||||||||||||||||
Effect of foreign exchange rates on cash, cash equivalents, and restricted cash | (3,081) | (489) | (1,868) | (1,207) | |||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (145,383) | 360,633 | (258,249) | 270,187 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash | |||||||||||||||||||||||
Beginning of period | 413,697 | 149,957 | 526,563 | 240,403 | |||||||||||||||||||
End of period | $ | 268,314 | $ | 510,590 | $ | 268,314 | $ | 510,590 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of gross profit and gross margin | |||||||||||||||||||||||
GAAP gross profit | $ | 150,450 | $ | 126,279 | $ | 434,237 | $ | 355,627 | |||||||||||||||
Plus: stock-based compensation and related employer payroll tax associated with RSUs | 418 | 470 | 1,209 | 1,226 | |||||||||||||||||||
Non-GAAP gross profit | $ | 150,868 | $ | 126,749 | $ | 435,446 | $ | 356,853 | |||||||||||||||
GAAP gross margin | 90.4 | % | 89.3 | % | 90.2 | % | 89.6 | % | |||||||||||||||
Non-GAAP adjustments | 0.2 | % | 0.3 | % | 0.3 | % | 0.3 | % | |||||||||||||||
Non-GAAP gross margin | 90.6 | % | 89.6 | % | 90.5 | % | 89.9 | % | |||||||||||||||
Reconciliation of operating expenses | |||||||||||||||||||||||
GAAP research and development | $ | 81,028 | $ | 75,509 | $ | 241,715 | $ | 215,947 | |||||||||||||||
Less: stock-based compensation and related employer payroll tax associated with RSUs | (29,788) | (25,293) | (86,416) | (72,216) | |||||||||||||||||||
Non-GAAP research and development | $ | 51,240 | $ | 50,216 | $ | 155,299 | $ | 143,731 | |||||||||||||||
GAAP research and development as percentage of revenue | 48.7 | % | 53.4 | % | 50.2 | % | 54.4 | % | |||||||||||||||
Non-GAAP research and development as percentage of revenue | 30.8 | % | 35.5 | % | 32.3 | % | 36.2 | % | |||||||||||||||
GAAP sales and marketing | $ | 98,349 | $ | 113,713 | $ | 288,034 | $ | 320,228 | |||||||||||||||
Less: stock-based compensation and related employer payroll tax associated with RSUs | (15,745) | (15,185) | (44,438) | (43,744) | |||||||||||||||||||
Less: restructuring costs | — | — | 173 | — | |||||||||||||||||||
Non-GAAP sales and marketing | $ | 82,604 | $ | 98,528 | $ | 243,769 | $ | 276,484 | |||||||||||||||
GAAP sales and marketing as percentage of revenue | 59.1 | % | 80.4 | % | 59.8 | % | 80.7 | % | |||||||||||||||
Non-GAAP sales and marketing as percentage of revenue | 49.6 | % | 69.7 | % | 50.6 | % | 69.6 | % | |||||||||||||||
GAAP general and administrative | $ | 34,494 | $ | 38,165 | $ | 106,537 | $ | 128,064 | |||||||||||||||
Less: stock-based compensation and related employer payroll tax associated with RSUs | (7,621) | (7,587) | (22,636) | (21,510) | |||||||||||||||||||
Less: impairment of long-lived assets | — | — | (5,009) | — | |||||||||||||||||||
Less: restructuring costs | — | — | (26) | — | |||||||||||||||||||
Non-GAAP general and administrative | $ | 26,873 | $ | 30,578 | $ | 78,866 | $ | 106,554 | |||||||||||||||
GAAP general and administrative as percentage of revenue | 20.7 | % | 27.0 | % | 22.1 | % | 32.3 | % | |||||||||||||||
Non-GAAP general and administrative as percentage of revenue | 16.1 | % | 21.6 | % | 16.4 | % | 26.8 | % | |||||||||||||||
Reconciliation of operating loss and operating margin | |||||||||||||||||||||||
GAAP loss from operations | $ | (63,421) | $ | (101,108) | $ | (202,049) | $ | (308,612) | |||||||||||||||
Plus: stock-based compensation and related employer payroll tax associated with RSUs | 53,572 | 48,535 | 154,699 | 138,696 | |||||||||||||||||||
Plus: impairment of long-lived assets | — | — | 5,009 | — | |||||||||||||||||||
Plus: restructuring costs | — | — | (147) | — | |||||||||||||||||||
Non-GAAP loss from operations | $ | (9,849) | $ | (52,573) | $ | (42,488) | $ | (169,916) | |||||||||||||||
GAAP operating margin | (38.1) | % | (71.5) | % | (42.0) | % | (77.7) | % | |||||||||||||||
Non-GAAP adjustments | 32.2 | % | 34.3 | % | 33.2 | % | 34.9 | % | |||||||||||||||
Non-GAAP operating margin | (5.9) | % | (37.2) | % | (8.8) | % | (42.8) | % |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of net loss | |||||||||||||||||||||||
GAAP net loss | $ | (61,750) | $ | (100,905) | $ | (194,632) | $ | (312,742) | |||||||||||||||
Plus: stock-based compensation and related employer payroll tax associated with RSUs | 53,572 | 48,535 | 154,699 | 138,696 | |||||||||||||||||||
Plus: impairment of long-lived assets | — | — | 5,009 | — | |||||||||||||||||||
Plus: restructuring costs | — | — | (147) | — | |||||||||||||||||||
Non-GAAP net loss | $ | (8,178) | $ | (52,370) | $ | (35,071) | $ | (174,046) | |||||||||||||||
Reconciliation of net loss per share | |||||||||||||||||||||||
GAAP net loss per share, basic | $ | (0.28) | $ | (0.49) | $ | (0.89) | $ | (1.60) | |||||||||||||||
Non-GAAP adjustments to net loss | 0.24 | 0.23 | 0.73 | 0.71 | |||||||||||||||||||
Non-GAAP net loss per share, basic | $ | (0.04) | $ | (0.26) | $ | (0.16) | $ | (0.89) | |||||||||||||||
Weighted-average shares used in GAAP and non-GAAP per share calculation, basic and diluted | 221,776 | 204,657 | 219,094 | 195,261 | |||||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Computation of free cash flow | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | $ | (140,738) | $ | 51,977 | $ | (270,205) | $ | 33,896 | |||||||||||||||
Net cash provided by financing activities | $ | 6,669 | $ | 355,323 | $ | 16,418 | $ | 366,457 | |||||||||||||||
Net cash used in operating activities | $ | (8,233) | $ | (46,178) | $ | (2,594) | $ | (128,959) | |||||||||||||||
Less: purchases of property and equipment | (1,255) | (1,457) | (7,221) | (3,140) | |||||||||||||||||||
Less: capitalized internal-use software costs | (1,977) | (882) | (4,325) | (952) | |||||||||||||||||||
Plus: restructuring costs paid | — | — | 707 | — | |||||||||||||||||||
Plus: purchases of property and equipment from build-out of corporate headquarters | — | — | — | 2 | |||||||||||||||||||
Free cash flow | $ | (11,465) | $ | (48,517) | $ | (13,433) | $ | (133,049) |
Cover |
Dec. 05, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Dec. 05, 2023 |
Entity Registrant Name | Asana, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39495 |
Entity Tax Identification Number | 26-3912448 |
Entity Address, Address Line One | 633 Folsom Street, |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | San Francisco, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94107 |
City Area Code | (415) |
Local Phone Number | 525-3888 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.00001 par value |
Trading Symbol | ASAN |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001477720 |
Amendment Flag | false |
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