Asana, Inc. Files 10-Q for Q1 2024

Ticker: ASAN · Form: 10-Q · Filed: 2024-05-30T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

Asana's Q1 2024 10-Q is in. Financials look standard, check for updates.

AI Summary

Asana, Inc. filed its 10-Q for the period ending April 30, 2024. The filing details financial information and operational updates for the company. Key financial data and balance sheet items are presented for the reporting period and comparative periods.

Why It Matters

This filing provides investors with the latest financial performance and position of Asana, Inc., crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this 10-Q filing?

This 10-Q filing provides Asana, Inc.'s quarterly financial statements and management's discussion and analysis for the period ended April 30, 2024.

What is Asana, Inc.'s fiscal year end?

Asana, Inc.'s fiscal year ends on January 31st.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted on May 30, 2024.

What is Asana's business address?

Asana's business address is 633 FOLSOM STREET, SUITE 100, SAN FRANCISCO, CA 94107.

What SIC code is associated with Asana, Inc.?

Asana, Inc. is associated with SIC code 7372, which falls under SERVICES-PREPACKAGED SOFTWARE.

Filing Stats: 4,461 words · 18 min read · ~15 pages · Grade level 18.4 · Accepted 2024-05-30 16:14:36

Key Financial Figures

Filing Documents

- Financial Information

Part I - Financial Information 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Loss 3 Condensed Consolidated Statements Stockholders' Equity (Deficit) 4 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 33

- Other Information

Part II - Other Information 35

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 65

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 65

Other Information

Item 5. Other Information 65

Exhibits

Item 6. Exhibits 65

Signatures

Signatures 66 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which statements involve substantial risk and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition; business strategy and plans; and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: our ability to grow or maintain our dollar-based net retention rate, expand usage of our platform within organizations, and sell subscriptions to our platform; our ability to convert individuals, teams, and organizations on our free and trial versions into paying customers; the timing and success of new features, integrations, capabilities, and enhancements by us, or by our competitors to their products, including the successful integration of artificial intelligence ("AI"), or any other changes in the competitive landscape of our market; our ability to achieve widespread acceptance and use of our platform; growth in the work management market; the amount and timing of operating expenses and capital expenditures, as well as entry into operating leases, that we may incur to maintain and expand our business and operations a

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) ASANA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) April 30, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 222,049 $ 236,663 Marketable securities 302,240 282,801 Accounts receivable, net 99,773 88,327 Prepaid expenses and other current assets 50,004 51,925 Total current assets 674,066 659,716 Property and equipment, net 96,955 96,543 Operating lease right-of-use assets 182,296 181,731 Other assets 24,851 23,970 Total assets $ 978,168 $ 961,960 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 12,895 $ 6,907 Accrued expenses and other current liabilities 68,111 75,821 Deferred revenue, current 292,191 265,306 Operating lease liabilities, current 20,316 19,179 Total current liabilities 393,513 367,213 Term loan, net 42,380 43,618 Deferred revenue, noncurrent 4,882 5,916 Operating lease liabilities, noncurrent 214,108 215,084 Other liabilities 3,388 3,733 Total liabilities 658,271 635,564 Commitments and contingencies (Note 7) Stockholders' equity Common stock 2 2 Additional paid-in capital 1,880,675 1,821,216 Accumulated other comprehensive loss ( 2,472 ) ( 236 ) Accumulated deficit ( 1,558,308 ) ( 1,494,586 ) Total stockholders' equity 319,897 326,396 Total liabilities and stockholders' equity $ 978,168 $ 961,960 See accompanying Notes to Condensed Consolidated Financial Statements. 1 ASANA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended April 30, 2024 2023 Revenues $ 172,448 $ 152,411 Cost of revenues 17,804 14,847 Gross profit 154,644 137,564 Operating expenses: Research and development 82,791 76,316 Sales and marketing 104,332 93,237 General and administrative 33,690 33,256 Total operating expenses 220,813 202,809 Loss from operations ( 66,169 ) ( 65,245 ) Interest income and other income (expense), net 4,

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