Gross margins came in at 90%, the same as the year ago quarter. And so that's still a message that resonates with customers. Please disable your ad-blocker and refresh. More and more customers have scaled complex, strategic and cross-functional workloads. Federal ATF agents raid the Hells Angels clubhouse in Denver early on Nov. 7 . Asana, Inc. (NYSE:ASAN) Q1 2023 Results Conference Call June 2, 2022 4:30 PM ET, Catherine Buan - Head, Investor Relations, Anne Raimondi - Chief Operating Officer and Head, Business, Good afternoon, and thank you for attending the Asana First Quarter and Fiscal Year 2022 (sic) [2023] Earnings Call. Federal Trade Commission v. Meta Platforms, Inc. Distributional cost-effectiveness analysis, All-Party Parliamentary Group for Future Generations, Centre for Enabling EA Learning & Research, Existential risk from artificial general intelligence, Superintelligence: Paths, Dangers, Strategies, https://en.wikipedia.org/w/index.php?title=Dustin_Moskovitz&oldid=1149920960, People associated with effective altruism, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, World's youngest self-made billionaire (2012), This page was last edited on 15 April 2023, at 08:05. [41][42][43], Moskovitz is played in the movie The Social Network by actor Joseph Mazzello. I think all those things will come into play. If you have an ad-blocker enabled you may be blocked from proceeding. Understood. When they did, they kept it free for the first six months. Geographically, revenue in the U.S. grew faster than overall growth at 61% year-over-year, which we believe can be a leading indicator for demand worldwide. So my question is just is the moderation in hiring and commentary on back half improvement in margins. Our next question comes from Josh Baer with Morgan Stanley. Our next question comes from Robert Simmons with D.A. And raising industry awareness, we saw a tremendous pickup of our Anatomy of Work reports. The calendar says July 16, but Moskovitz isnt at the museum that day. I also want to mention another launch in June. Dustin, maybe I'll start with you. Our mission is really well-suited for this moment, and were energized by the opportunity.. "Facebook CEO tops list of the 20 wealthiest people under 35", "Forbes Rich List: Facebook Six Stake Their Claims", "Reply on Quora to: Who is the CEO of Asana? Yes. You've, over the last couple of years have invested in Asana both through a convertible note and then acquiring shares on the open market. Thanks, Justin. And I think as with use cases, there's maybe a plurality in software, but it doesn't represent like an enormous part of the revenue pie. Research and development was $43.1 million or 36% of revenue. And we really think that it's an essential tool for teams working in all sorts of environments. Our core strategy is unchanged, and we have a plan in place to manage our investments and prioritize our highest ROI initiatives. Wary of being another flash-in-the-pan unicorn, Asana has focused on long-term viability, with a decade-old rule not to boost its head count by more than double in any year. I'll now hand the conference back over to Catherine for any closing remarks. . Internally, Moskovitz and Rosenstein took their time crafting their idealized corporate culture. I just wanted to get a sense for when you look at within your customer base, if you're seeing some of your competitors in there and whether there some of the opportunities you're seeing for expansion are coming as well start to consolidate around 1 vendor. And its deep in the case that we have quite a few pending starts from people that we've already hired. In March 2011, Forbes reported Moskovitz to be the youngest self-made billionaire in the world, on the basis of his 2.34% share in Facebook. We now have over 126,000 paying customers at the end of Q1, up 7,000 in the quarter. How Philanthropists are Tackling COVID-19 | Barron's ", "Forbes's Youngest Billionaire: Facebook Co-Founder Dustin Moskovitz Edges Out Mark Zuckerberg", "Bloomberg billionaires index: Dustin Moskovitz", "Mark Zuckerberg's 10 Most Jewish Moments", "Dustin Moskovitz Biography: Success Story of Facebook Co-founder", "XPRIZE Foundation Bio - Dustin Moskovitz", "Student's Start-Up Draws Attention and $13 Million", "Asana Leadership - Meet Our Leaders Asana", "Asana valued at $5.5 billion after direct listing debut", "They made a fortune in Silicon Valley. ", Steve Humphreys/The Irish Independent/Redux. So as you get down into more of the SMB part of the market, there may be a little more exposure there. Our success across various impact organizations is very important to our mission, which brings me to yet another important organization called [Jobs for the Future]. We would like to show you a description here but the site won't allow us. We were pretty convinced that there would be something like Asana in the future, even if we werent the ones to build it, Moskovitz says. Part of that was the move to distributed work as well. The near constant change in the last 2 years underscores the need for more clarity and alignment and a platform that keeps teams focused and connected with each other and their goals. Asana, Inc. (ASAN) CEO Dustin Moskovitz on Q1 2023 Results - Earnings Asana is used heavily across several operational units, including managing their most strategic global accounts and designing and scaling some of their fast-growing cloud businesses. Our next question comes from Rishi Dilawari with RBC. And what we find is as adoption increases and customers are seeing value that, that is not preventing them from growing with us, right? Yes. [33] Asana's own listed contributions for the election cycle, which are almost all directly from Moskovitz and his wife Cari Tuna, reached around $45 million. But for the past dozen years since he left the high-flying social network, Moskovitz and his Asana cofounder, Justin Rosenstein, 37, have been lying low, quietly toiling behind the scenes to solve an age-old problem: how much effort we waste in the meta-work around work. Forward-looking statements involve risks, uncertainties and assumptions that may cause our actual results to be materially different from those expressed or implied by the forward-looking statements. As COVID continues to pose "exactly the kind of threat our grantees have been warning about," Moskovitz also discussed a broad spectrum of other COVID response work in this thread. Dustin Moskovitz, the philanthropist conquering Silicon Valley Nov 2008 - Present14 years 6 months. With high inflation and rising capital costs, leaders say they have even more appreciation for the efficiency Asana achieves within their businesses. That was approximately $20 million on our deferred. Thank you, Catherine, and thank you to everyone on the call today. And as Anne mentioned, we have 390 customers spending $100,000 or more on an annualized basis, growing at 127% year-over-year. For Q2 fiscal 2023, we expect revenues of $127 million to $128 million, representing growth rates of 42% to 43% year-over-year. [31], For the 2016 United States presidential election, Moskovitz announced that he and his wife would donate $20 million to support Hillary Clinton, the Democratic Party nominee, arguing that the dangers of a Donald Trump presidency are significant, and that they were making their donation despite being skeptical of allowing large donors to influence election cycles through money. Our largest customers are our fastest-growing cohort. And I think that we're still part of that long art trend. Facebook founders among backers of Ohio criminal justice reform amendment. China Pushes Back at WHO Criticism That It Withheld Covid Data. So is there a disconnect between like the timing or linearity in the quarter? Acquired Entities. Could you walk through the impact those have had on some of the enterprises? Acquired Party. So those all sort of point in the same direction. Dustin Moskovitz Co-Founder & CEO, Asana Lorrie Norrington Operating Partner, Lead Edge Capital Justin Rosenstein Board Member & Adviser, Asana Amit Singh Chief Business Officer, Palo Alto Networks Krista Anderson-Copperman Board Member & Advisor Learn More We're also consistently closing strong wins in the mid-market, where I would note in particular, we are seeing an uptick in wall-to-wall deals. But Asana was designed to be from the bottoms up, to serve individuals, teams and executives across the entire organization and especially to work well for cross-functional workflows. So I'll start with the question about software exposure, and then can talk about cash flows. So I always make purchases through a 10b5-1 that would be put in place during an open trading window. Moskovitz is also active in charity work. So all those investments now are making it possible for us to have that exact level engagement. Today's call will include forward-looking statements, including statements regarding our financial outlook, market position and growth opportunities. And following up on your comments about the value-based selling and the success you're having in the mid-market with large customers. I did get an e-mail this morning about a company interested in being acquired. Mr Moskovitz viewed the convertible notes as a financial investment rather than an . Thanks. Moskovitz, 36, who is worth $14.2 billion, is best known as cofounder of Facebook with Mark Zuckerberg. COVID vaccine profits have created 9 new pharma billionaires Great. Zoom and Okta are great examples, where Asana is the company approved platform for work management. Event 201. [9] Moskovitz attended Harvard University as an economics major for two years before he moved with Mark Zuckerberg to Palo Alto in order to work full-time on Facebook. And so we had front-loaded quite a bit of the hiring, especially for those customer-facing roles with the plan that they would be ramping across the year. The outlet ranked Moskovitz 107th in its world's richest billionaires list for 2021, climbing nearly 40 places from his spot on the 2020 list. Freed from a startups typical fundraising pressures, Moskovitz and Rosenstein spent months coding and talking to potential customers before shipping the first version of their product in November 2011. Dustin Moskovitz on Twitter Young Jewish billionaire pledges $35m to thwart Trump Most of the 37-year-old internet entrepreneurs fortune comes from his estimated 2% stake in Facebook, though he has not worked at the company since 2008. Looking forward, we are actively managing our cash burn, and we're pacing our investments in a more measured way given the macroeconomic backdrop. ", "How Does an Emerging "Army" of Tech Donors Think? But I do want to call attention to, again, to the sort of currency headwinds and the war that does affect retention revenue just in a mathematical way. So that was pretty bad. [24] Moskowitz is a supporter of using rationality to guide his decision-making. They're actually seeing that it helps them with productivity and doing more with less in this environment. National Coronavirus Response: A Road Map to Reopening And we have such amazing runways across a lot of different opportunities. Importantly, Asana's workflow builder was a key contributor in closing the strategic net new deal. We continue to work really closely with our customers to make sure we're meeting their needs. Yes. This represents a 26% year-over-year increase. I'm proud to announce our partnership with Align Technology, a global medical device company and distributor to tens of thousands of doctors' offices. And then how long will -- how will you drive over that line over time? Valued at $1.5 billion in November 2018, Asana operates without hype or splashy fundraises. We were just kind of shocked and frustrated at how much of our collective time was going toward trying to establish clarity and getting everyone on the same page, Moskovitz says in a recent video call. For the first time, our ARR surpassed $0.5 billion. And then I additionally go through a multi-month cooling off period.cYou may have noticed not every public company CEO does that, but generally I think it's good practice and something that I would consistently do to buy stock on the open market. But I think what it really points to is the progress that we're making with -- on the enterprise side and the movement that we're seeing with some of our larger customers and how they're expanding and continuing to do multiyear deals with us. And so that means that the process is by nature, sort of a slower process, more deliberative, more deliberate. The company's headquarters are in Just trying to understand the optics relative to U.S. reported revenue, which looked a little weak but really strong deferred CRPO. We also recognize that there are significant dynamics in the macroeconomic environment. Part of that is due to its self-described introverted CEO. This expansion includes reimagined Google Drive integration, linking Google Box, Sheets and Slides to tasks with final common notifications directly in Asana, minimizing tool switching. But our view is really that Asana is an essential tool for any teams, whether they're working together in an office or distributed or remote first. Dustin Moskovitz - Wikipedia The couple is also the primary supporters of the Open Philanthropy Project, which advises donors and provides grants. Entering text into the input field will update the search result below, in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. I think it will take some time for us, like as we measure the investments that we're making this year as the headcount that we added in the first half of this year, come online with added capacity towards the end of the year. California voters may decide on health care initiatives, tax proposals We support COVID-19 work when it can help more people than other powerful options, such as @GiveWell top charities." I mean given the headlines, maybe just remind us of your exposure into software-based industries or tech given all the headlines with layoffs or hiring pause, and what's the right way to think about the growth headwind from that on your business over the course of the year? We've been growing headcount fairly aggressively over the last couple of years. "Project Next Gen" would succeed "Operation Warp Speed," with $$ for new monoclonals, vaccines that produce mucosal immunity and pan-covid vaccines. Dustin Moskovitz's Wealth Went Up By $13 Billion During Pandemic But Asana is the only one that can kind of be the crowd favorite across multiple teams and then especially when they're working together. As you've already heard from Dustin, it was a great first quarter. I appreciate the color. I want to ask you from a product standpoint, would you say you have kind of reached an inflection point at this time in terms of satisfying kind of the major enterprise IT checklist around security, governance and other requirements that's allowing these customers to kind of expand with a wall to wall up to 100,000 seats at this point? We're committing $20M to help Democrats in the 2016 election", "Dustin Moskovitz, Facebook Co-Founder, Pledges $20 Million to Aid Democrats", "Facebook co-founder Dustin Moskovitz commits $20M to help beat Trump", "Some of tech's biggest names donated millions of dollars ahead of the 2020 election, and most of it went to Democrats", "Top Contributors, federal election data for Joe Biden, 2020 cycle", "Redmond-based clean energy startup to build pioneering fusion energy facility", "Meet the Wives and Girlfriends of Billionaires", "Cari Tuna and Dustin Moskovitz: Young Silicon Valley billionaires pioneer new approach to philanthropy", "Zuckerberg among nine new Jewish individuals and families to take the Giving Pledge", "Radical Inclusion vs. . This launch addresses one of the most important concerns of leaders everywhere. Granting Status. The Open Philanthropy Project, mainly funded by Moskovitz and his wife, has donated around $500,000 to the cause. Can you give us a sense of the pricing leverage that you have right now and kind of whether there's a lot of discounting going on when you're having these larger deals and your ability to maybe get the stronger pricing? At Chicago-based online software marketplace G2, Asana got a toehold when a new chief marketing officer wanted to track his teams traffic and revenue targets, then spread to its more than 250 employees worldwide. [40], Moskovitz and Tuna attend Burning Man regularly, and Moskovitz has written about his reasons for doing so. And I just want to add one more thing. But it would appear if you were to operate at these levels, you'd have to contemplate the capital raise at some point in the future. Our customer base continues to be thematical about this launch. Our next question comes from Pat Walravens with JMP Group. I think both macro in nature. "There simply isn't a replacement for in-person connection," said Asana's Head of EMEA, Simon O'Kane, adding that "the future of work will remain flexible and Because if I look at the U.S. reported revenue, you actually added more revenue sequentially in Q1 of last year than you did this year, which at first glance made me a little nervous. Revenue for its most recent quarter ended April 30 was $47.7 million, up 70%. [27] Dustin is also a signatory of The Giving What We Can Pledge. But again, Asana was built for companies long before remote work became such a massive trend long before COVID. "[29][30] This made him the third-largest donor in the 2016 campaigns.[32]. Facebooks stock initially dropped below $147 per share in mid-March last year as the stock market struggled amid the global health crisis. Yes. HSR Annual Reports; HSR Resources; Further demonstrating Asana's value is the June 7 employee impact suite product launch. So that certainly helped with the total RPO number. But in a recession, I think I would still expect tech to be pretty strong. With the wealth Dustin has gained, he takes [his responsibility to others] like a sacred task to do everything he can.. And I'll just add, like Anne said, we don't see this a whole lot, but the product strategy is designed to help us when it does happen because we do think that's somewhere in the future and maybe will be hastened by the economic conditions.
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