Asana, Inc. Files Q3 2024 10-Q

Ticker: ASAN · Form: 10-Q · Filed: 2024-12-05T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials, asana

TL;DR

Asana's Q3 2024 10-Q is in. Check financials for common stock & paid-in capital.

AI Summary

Asana, Inc. filed its 10-Q for the period ending October 31, 2024. The filing covers the third quarter of their fiscal year. Key financial data and operational details for this period are presented, including information on common stock and additional paid-in capital.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Asana, Inc., crucial for understanding the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the specific financial details and future outlook within the full report could indicate higher risks.

Key Numbers

Key Players & Entities

FAQ

What is Asana's fiscal year end?

Asana's fiscal year ends on January 31st (01/31).

What is the SEC file number for Asana, Inc.?

The SEC file number for Asana, Inc. is 001-39495.

What is the primary business address for Asana, Inc.?

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

What period does this 10-Q filing cover?

This 10-Q filing covers the period ending October 31, 2024, specifically the third quarter of their fiscal year.

What types of stock are mentioned in relation to Asana's capital structure?

The filing mentions common stock (Class A and Class B) and additional paid-in capital.

Filing Stats: 4,556 words · 18 min read · ~15 pages · Grade level 19.7 · Accepted 2024-12-05 16:13:03

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 4 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10

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 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 40

- Other Information

Part II - Other Information 41

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 72

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 72

Other Information

Item 5. Other Information 72

Exhibits

Item 6. Exhibits 72

Signatures

Signatures 74 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 deployment 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 an

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) ASANA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 196,772 $ 236,663 Marketable securities 258,541 282,801 Restricted cash 316 — Accounts receivable, net 66,892 88,327 Prepaid expenses and other current assets 48,837 51,925 Total current assets 571,358 659,716 Property and equipment, net 96,627 96,543 Operating lease right-of-use assets 177,626 181,731 Other assets 28,545 23,970 Total assets $ 874,156 $ 961,960 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 12,606 $ 6,907 Accrued expenses and other current liabilities 69,307 75,821 Deferred revenue, current 279,560 265,306 Operating lease liabilities, current 21,556 19,179 Total current liabilities 383,029 367,213 Term loan, net 39,904 43,618 Deferred revenue, noncurrent 2,581 5,916 Operating lease liabilities, noncurrent 207,527 215,084 Other liabilities 1,845 3,733 Total liabilities 634,886 635,564 Commitments and contingencies (Note 7) Stockholders' equity Common stock 2 2 Additional paid-in capital 2,002,764 1,821,216 Accumulated other comprehensive loss ( 983 ) ( 236 ) Accumulated deficit ( 1,762,513 ) ( 1,494,586 ) Total stockholders' equity 239,270 326,396 Total liabilities and stockholders' equity $ 874,156 $ 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 October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenues $ 183,882 $ 166,503 $ 535,542 $ 481,369 Cost of revenues 19,798 16,053 57,589 47,132 Gross profit 164,084 150,450 477,953 434,237 Operating expenses: Research and development 83,286 81,028 257,228 241,715 Sales and marketing 104,708 98,349 317,689 288,034 General and administrative 36,270 3

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