Asana Announces Record Fourth Quarter and Fiscal Year 2021 Revenues

March 10, 2021

Record fiscal year 2021 revenues grew 59% year over year

Over 93,000 total paying customers

Over 85% growth in revenues year over year from customers who spend $5,000 or more on an annualized basis

SAN FRANCISCO--(BUSINESS WIRE)-- Asana, Inc. (NYSE: ASAN), a leading work management platform for teams, today reported financial results for its fourth quarter and fiscal year ended January 31, 2021.

“We are very pleased with our strong results for the fiscal year, driving record revenue of $227 million, up 59 percent year over year," said Dustin Moskovitz, co-founder and chief executive officer of Asana. “In the fourth quarter, growth was driven by a year over year acceleration of new customer growth, strong expansion within our existing base and momentum with some of our largest enterprise customers. We now have over 93,000 paying customers and over 1.5 million paid users who trust Asana to provide the real-time clarity their teams need to do their best work."

Fourth Quarter Fiscal 2021 Financial Highlights

  • Revenues: Revenues were $68.4 million, an increase of 57% year over year.
  • Operating Loss: GAAP operating loss was $51.0 million, or 74.5% of revenues, compared to GAAP operating loss of $25.3 million, or 58.2% of revenues, in the fourth quarter of fiscal 2020. Non-GAAP operating loss was $34.8 million, or 51.0% of revenues, compared to non-GAAP operating loss of $20.1 million, or 46.1% of revenues, in the fourth quarter of fiscal 2020.
  • Net Loss: GAAP net loss was $61.5 million, compared to GAAP net loss of $25.2 million in the fourth quarter of fiscal 2020. GAAP net loss per share was $0.39, compared to GAAP net loss per share of $0.34 in the fourth quarter of fiscal 2020. Non-GAAP net loss was $35.0 million, compared to non-GAAP net loss of $19.9 million in the fourth quarter of fiscal 2020. Non-GAAP net loss per share was $0.22, compared to non-GAAP net loss per share of $0.27 in the fourth quarter of fiscal 2020.
  • Cash Flow: Cash flows from operating activities were negative $18.2 million, compared to cash flows from operating activities of negative $16.1 million in the fourth quarter of fiscal 2020. Free cash flow was negative $17.5 million, compared to negative $19.2 million in the fourth quarter of fiscal 2020.

Fiscal Year 2021 Financial Highlights

  • Revenues: Revenues were $227.0 million, an increase of 59% year over year.
  • Operating Loss: GAAP operating loss was $175.6 million, or 77.3% of revenues, compared to GAAP operating loss of $119.6 million, or 83.9% of revenues, in fiscal 2020. Non-GAAP operating loss was $123.2 million, or 54.3% of revenues, compared to non-GAAP operating loss of $69.3 million, or 48.6% of revenues, in fiscal 2020.
  • Net Loss: GAAP net loss was $211.7 million, compared to GAAP net loss of $118.6 million in fiscal 2020. GAAP net loss per share was $1.99, compared to GAAP net loss per share of $1.69 in fiscal 2020. Non-GAAP net loss was $123.3 million, compared to non-GAAP net loss of $68.2 million in fiscal 2020. Non-GAAP net loss per share was $1.16, compared to non-GAAP net loss per share of $0.97 in fiscal 2020.
  • Cash Flow: Cash flows from operating activities were negative $92.9 million, compared to cash flows from operating activities of negative $40.1 million in fiscal 2020. Free cash flow was negative $76.0 million, compared to negative $44.6 million in fiscal 2020.

Business Highlights

  • Named #1 in the Workplace category in Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2021.
  • Launched new product features, including Asana Goals; Project Overview and Brief; Asana for Operations, Sales and Account Management; and new integrations with Microsoft Teams, Zoom, Jira, Salesforce, Tableau and PowerBI.
  • Expanded the Asana Together community program to more than 2,000 members across 94 countries.
  • Topped the G2 Enterprise Grid® Leader quadrant for the third year in a row and earned the #1 spot in the 2021 Grid® Report for Project Management.
  • Ranked a Best Workplace by Fortune, Inc., Glassdoor and Built In NY - including the #1 Best Workplace in the Bay Area for the fourth consecutive year.
  • Ended the year with over 93,000 paying customers and 1.5 million paid users.
  • Customers spending $5,000 or more on an annualized basis in Q4 grew to 10,174, an increase of 55% year over year.
  • Customers spending $50,000 or more on an annualized basis in Q4 grew to 397, an increase of 92% year over year.
  • Overall dollar-based net retention rate in Q4 was over 115%.
  • Dollar-based net retention rate for customers with $5,000 or more in annualized spend was 125%.
  • Dollar-based net retention rate for customers with $50,000 or more in annualized spend was over 140%.

Financial Outlook

For the first quarter of fiscal 2022, Asana expects:

  • Revenues of $69.5 million to $70.5 million, representing year over year growth of 46% to 48%.
  • Non-GAAP operating loss of $44.0 million to $42.0 million.
  • Non-GAAP net loss per share of $0.27 to $0.26, assuming basic and diluted weighted average shares outstanding of approximately 161 million.

For fiscal year 2022, Asana expects revenues of $309.0 million to $314.0 million, representing year over year growth of 36% to 38%.

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 year fiscal 2021 non-GAAP results included in this press release.

Conference Call Information

Asana will host a conference call and live webcast for analysts and investors at 1:30 p.m. Pacific Time on March 10, 2021. A live webcast and accompanying presentation can be accessed on the Investor Relations section of Asana’s website at: https://investors.asana.com. The conference call can also be accessed by dialing (833) 529-0220, or +1 236-389-2147 (outside of the US). The conference ID is 859-8159. A replay of the call via webcast will be available at https://investors.asana.com.

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, 2022, 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 fiscal quarter ended October 31, 2020. 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 its consolidated financial statements, which are prepared and presented in accordance with GAAP, Asana uses certain non-GAAP financial measures, as described below, to understand and evaluate its core operating performance. 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 defines non-GAAP operating loss as GAAP loss from operations plus stock-based compensation expense and related employer payroll taxes and non-recurring costs such as direct listing expenses. Asana defines non-GAAP net loss as GAAP net loss plus stock-based compensation expense and related employer payroll taxes, amortization of discount and non-cash contractual interest expense related to its senior mandatory convertible promissory note, and non-recurring costs such as direct listing expenses. 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. Asana does not consider these items when evaluating the performance of its business and making operating plans. Asana believes it is useful to exclude these expenses in order to better understand the long-term performance of its core business and to facilitate comparison of its results to those of peer companies and over multiple periods. There are a number of limitations related to the use of these non-GAAP measures as compared to GAAP operating loss and net loss, 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 and direct listing expenses. 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

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 93,000 paying organizations and millions of free organizations across 190 countries. Global customers such as Accenture, Estee Lauder, Japan Airlines, Sky and Viessmann 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,

 

 

2021

 

2020

 

2021

 

2020

Revenues

 

$

68,369

 

 

$

43,470

 

 

$

227,004

 

 

$

142,606

 

Cost of revenues(1)

 

 

8,193

 

 

 

5,802

 

 

 

28,741

 

 

 

19,881

 

Gross profit

 

 

60,176

 

 

 

37,668

 

 

 

198,263

 

 

 

122,725

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development(1)

 

 

39,801

 

 

 

20,087

 

 

 

121,139

 

 

 

89,675

 

Sales and marketing(1)

 

 

53,527

 

 

 

30,909

 

 

 

176,479

 

 

 

105,836

 

General and administrative(1)

 

 

17,812

 

 

 

11,974

 

 

 

76,212

 

 

 

46,845

 

Total operating expenses

 

 

111,140

 

 

 

62,970

 

 

 

373,830

 

 

 

242,356

 

Loss from operations

 

 

(50,964

)

 

 

(25,302

)

 

 

(175,567

)

 

 

(119,631

)

Interest income and other income, net

 

 

558

 

 

 

197

 

 

 

1,568

 

 

 

1,365

 

Interest expense

 

 

(10,472

)

 

 

(78

)

 

 

(36,178

)

 

 

(78

)

Loss before provision for income taxes

 

 

(60,878

)

 

 

(25,183

)

 

 

(210,177

)

 

 

(118,344

)

Provision for income taxes

 

 

632

 

 

 

62

 

 

 

1,533

 

 

 

245

 

Net loss

 

$

(61,510

)

 

$

(25,245

)

 

$

(211,710

)

 

$

(118,589

)

Net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.39

)

 

$

(0.34

)

 

$

(1.99

)

 

$

(1.69

)

Weighted-average shares used in calculating net loss per share:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

159,270

 

 

 

74,139

 

 

 

106,344

 

 

 

70,335

 

_______________                

(1) Amounts include stock-based compensation expense as follows:

                 

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Cost of revenues

 

$

130

 

 

$

13

 

 

$

305

 

 

$

103

 

Research and development

 

 

9,086

 

 

 

1,919

 

 

 

18,606

 

 

 

24,869

 

Sales and marketing

 

 

4,303

 

 

 

775

 

 

 

9,387

 

 

 

10,177

 

General and administrative

 

 

2,407

 

 

 

623

 

 

 

5,927

 

 

 

13,237

 

Total stock-based compensation expense

 

$

15,926

 

 

$

3,330

 

 

$

34,225

 

 

$

48,386

 

ASANA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

         

 

 

January 31, 2021

 

January 31, 2020

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

259,878

 

 

$

306,020

 

Marketable securities

 

 

126,396

 

 

 

45,288

 

Accounts receivable, net

 

 

32,194

 

 

 

12,659

 

Prepaid expenses and other current assets

 

 

27,295

 

 

 

16,667

 

Total current assets

 

 

445,763

 

 

 

380,634

 

Property and equipment, net

 

 

74,436

 

 

 

10,100

 

Restricted cash, noncurrent

 

 

 

 

 

4,657

 

Operating lease right-of-use assets

 

 

182,924

 

 

 

20,818

 

Investments, noncurrent

 

 

19,125

 

 

 

 

Other assets

 

 

8,871

 

 

 

5,483

 

Total assets

 

$

731,119

 

 

$

421,692

 

Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ (Deficit) Equity

Current liabilities

 

 

 

 

Accounts payable

 

$

9,599

 

 

$

7,549

 

Accrued expenses and other current liabilities

 

 

41,616

 

 

 

18,241

 

Deferred revenue, current (1)

 

 

103,875

 

 

 

62,725

 

Operating lease liabilities, current

 

 

8,386

 

 

 

11,613

 

Total current liabilities

 

 

163,476

 

 

 

100,128

 

Term loan, net

 

 

29,508

 

 

 

 

Convertible notes, net—related party

 

 

351,161

 

 

 

203,097

 

Operating lease liabilities, noncurrent

 

 

196,802

 

 

 

10,472

 

Other liabilities(1)

 

 

2,961

 

 

 

2,729

 

Total liabilities

 

 

743,908

 

 

 

316,426

 

Commitments and contingencies

 

 

 

 

Redeemable convertible preferred stock

 

 

 

 

 

250,581

 

Stockholders’ (deficit) equity

 

 

 

 

Common stock

 

 

2

 

 

 

1

 

Additional paid-in capital

 

 

528,616

 

 

 

184,522

 

Accumulated other comprehensive loss

 

 

39

 

 

 

(102

)

Accumulated deficit

 

 

(541,446

)

 

 

(329,736

)

Total stockholders’ (deficit) equity

 

 

(12,789

)

 

 

(145,315

)

Total liabilities, redeemable convertible preferred stock, and stockholders’ (deficit) equity

 

$

731,119

 

 

$

421,692

 

_______________

(1)

 

Total deferred revenue was $105.9 million as of January 31, 2021, of which $2.0 million, 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,

 

 

2021

 

2020

 

2021

 

2020

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(61,510

)

 

$

(25,245

)

 

$

(211,710

)

 

$

(118,589

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Allowance for doubtful accounts

 

 

(280

)

 

 

355

 

 

 

924

 

 

 

653

 

Depreciation and amortization

 

 

978

 

 

 

542

 

 

 

3,486

 

 

 

2,233

 

Gain on sale of property and equipment  

 

 

 

 

 

 

 

(12

)

 

 

 

Amortization of deferred contract acquisition costs

 

 

1,395

 

 

 

596

 

 

 

4,079

 

 

 

1,607

 

Stock-based compensation expense

 

 

15,926

 

 

 

3,330

 

 

 

34,225

 

 

 

48,386

 

Net accretion of discount of marketable securities

 

 

324

 

 

 

(134

)

 

 

406

 

 

 

(1,016

)

Change in fair value of redeemable convertible preferred stock warrant liability

 

 

 

 

 

8

 

 

 

 

 

 

117

 

Non-cash lease expense

 

 

4,554

 

 

 

2,497

 

 

 

16,389

 

 

 

8,228

 

Amortization of discount on convertible notes and term loan issuance costs

 

 

6,405

 

 

 

49

 

 

 

22,369

 

 

 

49

 

Non-cash interest expense

 

 

3,972

 

 

 

29

 

 

 

13,681

 

 

 

29

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(8,627

)

 

 

(2,480

)

 

 

(20,458

)

 

 

(7,718

)

Prepaid expenses and other current assets

 

 

(3,933

)

 

 

(3,330

)

 

 

(17,184

)

 

 

(8,688

)

Other assets

 

 

(853

)

 

 

(395

)

 

 

(3,390

)

 

 

(1,791

)

Accounts payable

 

 

(4,717

)

 

 

861

 

 

 

(2,877

)

 

 

3,472

 

Accrued expenses and other current liabilities

 

 

4,344

 

 

 

3,411

 

 

 

17,888

 

 

 

8,321

 

Deferred revenue

 

 

15,738

 

 

 

6,403

 

 

 

41,779

 

 

 

32,189

 

Operating lease liabilities

 

 

7,884

 

 

 

(2,594

)

 

 

7,300

 

 

 

(7,618

)

Other liabilities

 

 

235

 

 

 

 

 

 

235

 

 

 

 

Net cash used in operating activities

 

 

(18,165

)

 

 

(16,097

)

 

 

(92,870

)

 

 

(40,136

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchases of marketable securities

 

 

(64,963

)

 

 

(1,790

)

 

 

(191,576

)

 

 

(77,759

)

Sales of marketable securities

 

 

37,091

 

 

 

1,605

 

 

 

37,091

 

 

 

4,282

 

Maturities of marketable securities

 

 

8,501

 

 

 

9,094

 

 

 

53,842

 

 

 

93,394

 

Purchases of property and equipment

 

 

(22,191

)

 

 

(5,023

)

 

 

(57,344

)

 

 

(6,878

)

Sales of property and equipment

 

 

 

 

 

 

 

 

12

 

 

 

 

Capitalized internal-use software

 

 

(104

)

 

 

(82

)

 

 

(962

)

 

 

(384

)

Net cash provided by (used in) investing activities

 

 

(41,666

)

 

 

3,804

 

 

 

(158,937

)

 

 

12,655

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from term loan, net of issuance costs

 

 

18,000

 

 

 

 

 

 

30,915

 

 

 

 

Proceeds from issuance of convertible notes—related party

 

 

 

 

 

300,000

 

 

 

150,000

 

 

 

300,000

 

Taxes paid related to net share settlement of equity awards

 

 

 

 

 

 

 

 

(378

)

 

 

 

Repurchases of common stock

 

 

(33

)

 

 

(7

)

 

 

(33

)

 

 

(77

)

Proceeds from exercise of stock options

 

 

4,307

 

 

 

3,826

 

 

 

20,501

 

 

 

11,674

 

Net cash provided by financing activities

 

 

22,274

 

 

 

303,819

 

 

 

201,005

 

 

 

311,597

 

Effect of foreign exchange rates on cash and cash equivalents and restricted cash

 

 

10

 

 

 

(60

)

 

 

3

 

 

 

(19

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

(37,547

)

 

 

291,466

 

 

 

(50,799

)

 

 

284,097

 

Cash, cash equivalents, and restricted cash

 

 

 

 

 

 

 

 

Beginning of period

 

 

297,425

 

 

 

19,211

 

 

 

310,677

 

 

 

26,580

 

End of period

 

$

259,878

 

 

$

310,677

 

 

$

259,878

 

 

$

310,677

 

ASANA, INC.

Reconciliation of GAAP to Non-GAAP Data

(In thousands, except percentages)

(unaudited)

         

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Reconciliation of gross profit and gross margin

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

60,176

 

$

37,668

 

$

198,263

 

$

122,725

Plus: stock-based compensation and related employer payroll tax associated with RSUs

 

135

 

13

 

310

 

103

Non-GAAP gross profit

 

$

60,311

 

$

37,681

 

$

198,573

 

$

122,828

GAAP gross margin

 

88.0%

 

86.7%

 

87.3%

 

86.1%

Non-GAAP adjustments

 

0.2%

 

—%

 

0.2%

 

—%

Non-GAAP gross margin

 

88.2%

 

86.7%

 

87.5%

 

86.1%

Reconciliation of operating expenses

 

 

 

 

 

 

 

 

GAAP research and development

 

$

39,801

 

$

20,087

 

$

121,139

 

$

89,675

Less: stock-based compensation and related employer payroll tax associated with RSUs

 

(9,172)

 

(1,919)

 

(18,692)

 

(24,869)

Non-GAAP research and development

 

$

30,629

 

$

18,168

 

$

102,447

 

$

64,806

GAAP research and development as percentage of revenue

 

58.2%

 

46.2%

 

53.4%

 

62.9%

Non-GAAP research and development as percentage of revenue

 

44.8%

 

41.8%

 

45.1%

 

45.4%

GAAP sales and marketing

 

$

53,527

 

$

30,909

 

$

176,479

 

$

105,836

Less: stock-based compensation and related employer payroll tax associated with RSUs

 

(4,377)

 

(775)

 

(9,461)

 

(10,177)

Non-GAAP sales and marketing

 

$

49,150

 

$

30,134

 

$

167,018

 

$

95,659

GAAP sales and marketing as percentage of revenue

 

78.3%

 

71.1%

 

77.7%

 

74.2%

Non-GAAP sales and marketing as percentage of revenue

 

71.9%

 

69.3%

 

73.6%

 

67.1%

GAAP general and administrative

 

$

17,812

 

$

11,974

 

$

76,212

 

$

46,845

Less: stock-based compensation and related employer payroll tax associated with RSUs

 

(2,448)

 

(623)

 

(5,968)

 

(13,237)

Less: direct listing expenses

 

3

 

(1,912)

 

(17,952)

 

(1,912)

Non-GAAP general and administrative

 

$

15,367

 

$

9,439

 

$

52,292

 

$

31,696

GAAP general and administrative as percentage of revenue

 

26.1%

 

27.5%

 

33.6%

 

32.8%

Non-GAAP general and administrative as percentage of

revenue

 

22.5%

 

21.7%

 

23.0%

 

22.2%

Reconciliation of operating loss and operating margin

 

 

 

 

 

 

 

 

GAAP loss from operations

 

$

(50,964)

 

$

(25,302)

 

$

(175,567)

 

$

(119,631)

Plus: stock-based compensation and related employer payroll tax associated with RSUs

 

16,132

 

3,330

 

34,431

 

48,386

Plus: direct listing expenses

 

(3)

 

1,912

 

17,952

 

1,912

Non-GAAP loss from operations

 

$

(34,835)

 

$

(20,060)

 

$

(123,184)

 

$

(69,333)

GAAP operating margin

 

(74.5)%

 

(58.2)%

 

(77.3)%

 

(83.9)%

Non-GAAP adjustments

 

23.5%

 

12.1%

 

23.0%

 

35.3%

Non-GAAP operating margin

 

(51.0)%

 

(46.1)%

 

(54.3)%

 

(48.6)%

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,

 

 

2021

 

2020

 

2021

 

2020

Reconciliation of net loss

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(61,510

)

 

$

(25,245

)

 

$

(211,710

)

 

$

(118,589

)

Plus: stock-based compensation and related employer payroll tax associated with RSUs

 

 

16,132

 

 

 

3,330

 

 

 

34,431

 

 

 

48,386

 

Plus: amortization of debt discount

 

 

6,402

 

 

 

49

 

 

 

22,357

 

 

 

49

 

Plus: non-cash interest

 

 

3,972

 

 

 

29

 

 

 

13,681

 

 

 

29

 

Plus: direct listing expenses

 

 

(3

)

 

 

1,912

 

 

 

17,952

 

 

 

1,912

 

Non-GAAP net loss

 

$

(35,007

)

 

$

(19,925

)

 

$

(123,289

)

 

$

(68,213

)

Reconciliation of net loss per share

 

 

 

 

 

 

 

 

GAAP net loss per share, basic

 

$

(0.39

)

 

$

(0.34

)

 

$

(1.99

)

 

$

(1.69

)

Non-GAAP adjustments to net loss

 

 

0.17

 

 

 

0.07

 

 

 

0.83

 

 

 

0.72

 

Non-GAAP net loss per share, basic

 

$

(0.22

)

 

$

(0.27

)

 

$

(1.16

)

 

$

(0.97

)

Weighted-average shares used in GAAP and non-GAAP per share calculation, basic and diluted

 

 

159,270

 

 

 

74,139

 

 

 

106,344

 

 

 

70,335

 

         

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Computation of free cash flow

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

$

(41,666

)

 

$

3,804

 

 

$

(158,937

)

 

$

12,655

 

Net cash provided by financing activities

 

$

22,274

 

 

$

303,819

 

 

$

201,005

 

 

$

311,597

 

Net cash used in operating activities

 

$

(18,165

)

 

$

(16,097

)

 

$

(92,870

)

 

$

(40,136

)

Less: purchases of property and equipment

 

 

(22,191

)

 

 

(5,023

)

 

 

(57,344

)

 

 

(6,878

)

Less: capitalized internal-use software

 

 

(104

)

 

 

(82

)

 

 

(962

)

 

 

(384

)

Plus: purchases of property and equipment from build-out of corporate headquarters

 

 

22,661

 

 

 

1,872

 

 

 

55,791

 

 

 

2,626

 

Plus: direct listing expenses

 

 

315

 

 

 

167

 

 

 

19,427

 

 

 

167

 

Free cash flow

 

$

(17,484

)

 

$

(19,163

)

 

$

(75,958

)

 

$

(44,605

)

Catherine Buan
Asana Investor Relations
ir@asana.com

Stephanie Hess
Asana Corporate Communications
press@asana.com

Source: Asana, Inc.