Asana, Inc. Class A Common Stock Citi’s 2026 Global TMT Conference

Thanks for having us. Thanks for having us.

Just winding back the clock, Asana was founded about 17 years ago. We were founded on the idea that as soon as you get more than two humans in a room, you have a collaboration challenge that you need to figure out who's doing what by when. Fast-forward to today, we became one of the most ubiquitous collaborative work management companies. 85% of the Fortune 500, about 300,000 companies around the world, are using Asana. But the situation I arrived in is that the modern team is no longer just humans that need to collaborate with each other, but humans and agents that need to collaborate with each other.

The first mission really was to reimagine Asana as the human agent operating system, to account for the fact that the collaboration that needs to happen now is going to be between agents and humans, and agents and agents. The agents in turn need that collaboration strata to figure out what's the agent doing next. In fact, does the agent understand the company's goals? Has the agent's work now handed over to the right human afterwards and to the next agent to pick up? This kind of task centricity that we found with human-human collaboration is also the same thing. Literally, it's the language of agents. They talk in the language of tasks. Anyone that's used ChatGPT, you'll see the kind of task hierarchy as it goes through how it's processing. We literally run on the task hierarchy.

The Work Graph that underpins Asana is really a relationship between tasks, projects, goals, and humans, and now agents. Reimagining Asana for the new era. That means 100% of our engineers are building against the human agent operating system. Instead of collaborative work management, now we call it Agentic Work Management, our core category, we're repioneering. Along with that, launching new products. Actually in the next couple of weeks is a big couple of weeks for us, because a lot of the things we've been innovating on come to market. You'll see not just one product, our core product, but five new products. We'll have new products for each of our buying centers, whether that's IT, whether that's software development teams, whether that's professional services and client delivery teams, whether that's process architects and process builders.

We really have a solution, and then marketing operations team, which is our home base. We have a solution for every team. That's on the product side. Then of course, go to market, we've been optimizing as well. We've brought in a new Chief Revenue Officer, and we've been very focused on sales plays, very focused on our pipeline discipline. You see it in our numbers. You see a nice uptick really every quarter since I've started, actually, both an uptick in our top-line growth and an uptick in our operating margin and an uptick in our NRR. It's been pretty consistent now on the, maybe it's three, four full quarters. Every single one has followed that same trend line. Obviously if we continue on that vein, it will be a great story.

Aziz? Yeah. When I started as CFO six months ago, it corresponded with the start of our fiscal year, and the world has dramatically changed since then.

For me, it's really around how do we allocate our resources to the highest leverage areas to help drive this operating system that we're building and accelerate our growth. We've made a tremendous amount of investments that maybe we didn't anticipate in the planning cycle nine months ago around how do we invest in our R&D capabilities to build these new products? How do we bring on additional innovation? We acquired StackAI and absorbed the dilution, and that's been a really exciting journey. Early days, but we're seeing great proof points. How do we seed our customers with our AI capabilities? We've seen really strong momentum with our AI products.

Now we want to get them out to our full customer base. We're investing ahead of the financial benefits, so how do we absorb that? We've been able to have this rapid investment that will help drive future growth acceleration and also adhere to the financial commitments we made at the start of the year. That's been a real focus of mine, is really around resource allocation, ensuring we're placing our bets in the highest leverage areas, and adhering to our financial commitments while we do that.

Yeah. As Dan kind of alluded, we had a strong quarter. We grew 10% year-over-year. It was our second straight quarter of growth acceleration. All the KPIs for the quarter were very strong, especially the NRR. Every reported cohort improved. As we thought about the beat, we beat our midpoint of our guidance by $2.4 million. We flowed through to the full year about $1.5 million. As we move to Agentic Work Management, which I'm sure you're going to unpack, there are some revenue recognition timing push outs that are associated with that. As part of our base becomes consumption, part of that revenue gets pushed out into future quarters. It's really only a Q3 phenomenon where we see that push out, because in subsequent quarters, you have the pull in from the previous quarter. That was about a $1.2 million impact.

If you think about that together, $2.4 million beat, $1.5 million flow through of the beat, a $1.2 million impact. In absence of that impact, we would've been rolling the full beat and then slightly raising from there. That's how we think of the puts and takes. As we transition to more of a consumption-based model in both the core package with AWM and then with teammates as companies expand with us, we're going to learn a lot about consumption. We're going to learn about how quickly customers get from adopting these seeded credits to paid consumption. We're going to learn about consumption patterns and ramp. Right now, with the data we have, we wanted to be a little bit more prudent in how we factor that into the guide, and so that was reflected in how we guided as well.