0001477720FALSE00014777202025-03-102025-03-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM 8-K
__________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 10, 2025
__________________________
Asana, Inc.
(Exact name of Registrant as Specified in Its Charter)
__________________________
Delaware001-3949526-3912448
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
633 Folsom Street, Suite 100
San Francisco,CA94107
(Address of Principal Executive Offices)(Zip Code)
(415) 525-3888
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
__________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, $0.00001 par
value		ASANNew York Stock Exchange
Long-Term Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On March 10, 2025, Asana, Inc. issued a press release announcing its financial results for the quarter and fiscal year ended January 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ASANA, INC.
Dated: March 10, 2025By:/s/ Eleanor Lacey
Eleanor Lacey
General Counsel and Corporate Secretary

Exhibit 99.1
Asana Announces Fourth Quarter and Fiscal Year 2025 Results

Q4 revenue in-line with guidance; exceeded high end of guidance adjusted for currency impact
Achieved full year of positive operating cash flow and free cash flow
Q4 GAAP operating margin improved 590bps year over year; Q4 Non-GAAP operating margin improved 820bps year over year

March 10, 2025 – San Francisco, CA – Asana, Inc. (NYSE: ASAN)(LTSE: ASAN), a leading enterprise work management platform, today reported financial results for its fourth quarter and fiscal year ended January 31, 2025.

“The early momentum with AI Studio has exceeded our expectations, with initial proof points confirming its transformative potential, including strong early customer adoption across segments and geographies, rapidly growing credit usage and a multi-million dollar pipeline," said Dustin Moskovitz, co-founder and chief executive officer of Asana. "As AI becomes an integral part of how work gets done, Asana is uniquely positioned to capitalize on this massive opportunity, providing a structured and intuitive framework that enables more effective human-AI coordination at scale. The introduction of AI Studio strengthens our ability to deliver on our core workflows and meaningfully expands our addressable market to new workflows.”

"FY25 was a pivotal year for Asana, with stabilization across key metrics, our emergence as a multi-product company, achieving over 800 basis point improvement in Q4 non-GAAP operating margin and positive free cash flow for the full year—a major milestone on our path to sustained profitable growth," said Sonalee Parekh, Chief Financial Officer of Asana. "The efficiencies and productivity gains we've unlocked are not only driving an additional 1,000 basis point plus improvement in FY26 non-GAAP operating margin and setting the stage for non-GAAP profitability starting in Q1 FY26, but also enabling us to reinvest in high-growth areas like AI Studio, channel, and initiatives that strengthen customer adoption and engagement. These investments we expect will improve net retention and drive long-term growth acceleration."

Fourth Quarter Fiscal 2025 Financial Highlights

•Revenues: Revenues were $188.3 million, an increase of 10% year over year. Revenues adjusted for the impact of foreign exchange rates were $189.1 million, an increase of 10.5% year over year.
•Operating Loss: GAAP operating loss was $63.6 million, or 34% of revenues, compared to GAAP operating loss of $67.9 million, or 40% of revenues, in the fourth quarter of fiscal 2024. Non-GAAP operating loss was $1.7 million, or 1% of revenues, compared to non-GAAP operating loss of $15.6 million, or 9% of revenues, in the fourth quarter of fiscal 2024.
•Net Loss: GAAP net loss was $62.3 million, compared to GAAP net loss of $62.4 million in the fourth quarter of fiscal 2024. GAAP net loss per share was $0.27, compared to GAAP net loss per share of $0.28 in the fourth quarter of fiscal 2024. Non-GAAP net loss was $0.4 million, compared to non-GAAP net loss of $10.1 million in the fourth quarter of fiscal 2024. Non-GAAP net loss per share was $0.00, compared to non-GAAP net loss per share of $0.04 in the fourth quarter of fiscal 2024.
•Cash Flow: Cash flows from operating activities were $15.9 million, compared to negative $15.3 million in the fourth quarter of fiscal 2024. Free cash flow was $12.3 million, compared to negative $17.0 million in the fourth quarter of fiscal 2024.







1
Exhibit 99.1
Fiscal 2025 Financial Highlights

•Revenues: Revenues were $723.9 million, an increase of 11% year over year.
•Operating Loss: GAAP operating loss was $266.7 million, or 37% of revenues, compared to GAAP operating loss of $270.0 million, or 41% of revenues, in fiscal 2024. Non-GAAP operating loss was $40.8 million, or 6% of revenues, compared to non-GAAP operating loss of $58.1 million, or 9% of revenues, in fiscal 2024.
•Net Loss: GAAP net loss was $255.5 million, compared to GAAP net loss of $257.0 million in fiscal 2024. GAAP net loss per share was $1.11, compared to GAAP net loss per share of $1.17 in fiscal 2024. Non-GAAP net loss was $29.6 million, compared to non-GAAP net loss of $45.1 million in fiscal 2024. Non-GAAP net loss per share was $0.13, compared to non-GAAP net loss per share of $0.20 in fiscal 2024.
•Cash Flow: Cash flows from operating activities were $14.9 million, compared to negative $17.9 million in fiscal 2024. Free cash flow was $2.6 million, compared to negative $31.1 million in fiscal 2024.

Business Highlights

•The number of Core customers, or customers spending $5,000 or more on an annualized basis, grew to 24,062 in Q4, an increase of 11% year over year. Revenues from Core customers in Q4 grew 11% year over year.
•The number of customers spending $100,000 or more on an annualized basis in Q4 grew to 726, an increase of 20% year over year.
•Overall dollar-based net retention rate in Q4 was 96%.
•Dollar-based net retention rate for Core customers in Q4 was 97%.
•Dollar-based net retention rate for customers spending $100,000 or more on an annualized basis in Q4 was 96%.
•Announced Asana AI’s integration with AWS’ Q Business in the main product keynote at AWS re:Invent 2024 - the integration transforms how employees work allowing them to find information in other third party applications without having to leave Asana.
•Recognized as a Leader in the 2024 Gartner® Magic Quadrant™ for Collaborative Work Management (CWM).
•Recognized as a Leader in the IDC MarketScape for Team Collaboration Applications
•Hosted Asana’s Work Innovation Summit event in London and Frankfurt – diving into how Asana is shaping the new era of work with partners, customers, thought leaders, and more.
•Received six top industry awards in G2’s annual Best Software Awards - including #3 for Best Software Products and #2 for Best Project Management Software Products based on customer satisfaction scores and market presence data.
•Hosted the first in a series of AI Studio Sessions - immersive in-person training workshops where customers get hands-on experience building Smart workflows in AI Studio.
•Announced Strategic Partnership with Datacom to Enhance Enterprise Solutions for ANZ Customers.

Financial Outlook

For the first quarter of fiscal 2026, Asana expects:

•Revenues of $184.5 million to $186.5 million, representing year over year growth of 7% to 8%.
•Non-GAAP operating profit of $2.0 million to $3.0 million, with 1% to 2% operating margin.





2
Exhibit 99.1
•Non-GAAP net income per share of $0.02, assuming diluted weighted average shares outstanding of approximately 245 million.

For fiscal 2026, Asana expects:

•Revenues of $782.0 million to $790.0 million, representing year over year growth of 8% to 9%.
•Non-GAAP operating margin of at least 5%.
•Non-GAAP net income per share of $0.19 to $0.20, assuming diluted weighted average shares outstanding of approximately 247 million.

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 fiscal year 2025 non-GAAP results included in this press release.

Earnings Conference Call Information

Asana will hold a conference call and live webcast today to discuss these results at 1:30 p.m. Pacific Time. A live webcast and replay will be available on the Asana Investor Relations webpage 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 our market opportunity, the potential and impact of AI, the expected benefits of AI Studio, including our expectations regarding revenue to be generated by AI Studio, our ability to execute on our current strategies, our technology and brand position, expectations regarding product launches, Asana’s outlook for the fiscal quarter ending April 30, 2025 and the full fiscal year ending January 31, 2026, Asana’s outlook for the expected benefits of our offerings, and our market position. 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,” “may,” “will,” “goal,” 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, including the successful integration of AI, 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





3
Exhibit 99.1
participates, Asana’s international expansion strategies, and broader macroeconomic conditions. 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 Annual Report on Form 10-K for the year ended January 31, 2024 and subsequent filings with the SEC. 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 Asana’s consolidated financial statements, which are prepared and presented in accordance with GAAP, Asana utilizes certain non-GAAP financial measures to assist in understanding and evaluating its core operating performance. In this release, Asana’s non-GAAP gross profit, gross margin, operating expenses, operating expenses as a percentage of revenue, operating loss, operating margin, net loss, net loss per share, free cash flow, adjusted free cash flow, and revenues adjusted for the impact of foreign currency are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations. 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 which can be found in the accompanying financial statements included with this press release.

Asana is presenting these non-GAAP financial measures because it 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 against other companies in Asana’s industry, and allow for greater transparency with respect to important metrics used by Asana’s management for financial and operational decision-making.

Asana believes the following adjustments and exclusions from its non-GAAP financial measures are useful to investors and others in assessing Asana’s operating performance due to the following factors:

•Stock-based compensation expenses. Although stock-based compensation is an important aspect of the compensation of our employees and executives, management believes it is useful to exclude stock-based compensation expenses to better understand the long-term performance of Asana’s core business and to facilitate comparison of its results to those of peer companies.
•Employer payroll tax associated with RSUs. 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.
•Non-cash expenses. Non-cash expenses include charges for impairment of long-lived assets. We believe the exclusion of certain non-cash items provides useful supplemental information to investors and facilitates the analysis of its operating results and comparison of operating results across reporting periods.





4
Exhibit 99.1
•Restructuring related costs (benefits). These charges are associated with the re-alignment of our organization to meet business needs, top strategic priorities, and key growth opportunities. We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business, to facilitate comparison of our results to those of peer companies, and to facilitate comparison over multiple periods.
•Revenues adjusted for the impact of foreign currency. Calculated by applying the comparative prior period average exchange rates to revenue recognized on invoices billed in currencies other than United States dollars in the current period. Asana provides revenues adjusted for the impact of foreign exchange rates as a framework for assessing how our underlying business performed from period to period, excluding the effects of foreign currency fluctuations. The growth rates for revenues adjusted for the impact of foreign currency are calculated by comparing the revenues adjusted for the impact of foreign currency in the current period to the GAAP revenue from the comparable prior period.

There are a number of limitations related to the use of non-GAAP financial measures as compared to GAAP financial measures, including that the non-GAAP financial 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.

In addition to the non-GAAP financial measures outlined above, Asana also uses the non-GAAP financial measures of free cash flow, which is defined as net cash from operating activities less cash used for purchases of property and equipment and capitalized internal-use software costs, and adjusted free cash flow, which is defined as free cash flow plus costs paid related to restructuring. Asana believes free cash flow and adjusted free cash flow are important liquidity measures of the cash that is available, after capital expenditures and operational expenses, for investment in its business and to make acquisitions. Asana believes that free cash flow and adjusted free cash flow are useful to investors as liquidity measures because they measure Asana’s ability to generate or use cash. There are a number of limitations related to the use of free cash flow and adjusted free cash flow as compared to net cash from operating activities, including that free cash flow and adjusted free cash flow exclude capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made.

Definitions of Business Metrics

Customers spending $5,000 or more on an annualized basis, or Core customers

We define customers spending $5,000 or more, which we also refer to as Core customers, as those organizations on a paid subscription plan that had $5,000 or more in annualized GAAP revenues in a given quarter, inclusive of discounts.

Customers spending $100,000 or more on an annualized basis

We define customers spending $100,000 or more as those organizations on a paid subscription plan that had $100,000 or more in annualized GAAP revenues in a given quarter, inclusive of discounts.

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





5
Exhibit 99.1
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, its ability to retain its customers, and the macroeconomic environment.

About Asana
Asana, a leading enterprise work management platform, is where work connects to goals. Over 169,000 customers like Amazon, Accenture, Morningstar, Anthropic and Suzuki rely on Asana to manage and automate everything from goal setting and tracking to capacity planning to product launches. To learn more, 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 X (formerly Twitter) account (@asana), its blog (blog.asana.com), its LinkedIn page (www.linkedin.com/company/asana), its Instagram account (@asana), its Facebook page (www.facebook.com/asana/), Threads profiles (@asana and @moskov) and TikTok account (@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.

Eva Leung
Asana Investor Relations
ir@asana.com

Frances Ward
Asana Communications
press@asana.com








6
Exhibit 99.1
ASANA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended January 31,Twelve Months Ended January 31,
2025202420252024
Revenues$188,334 $171,135 $723,876 $652,504 
Cost of revenues(1)
19,604 17,392 77,193 64,524 
Gross profit168,730 153,743 646,683 587,980 
Operating expenses: 
Research and development(1)
84,239 82,973 341,467 324,688 
Sales and marketing(1)
102,261 103,921 419,950 391,955 
General and administrative(1)
45,819 34,797 152,001 141,334 
Total operating expenses232,319 221,691 913,418 857,977 
Loss from operations(63,589)(67,948)(266,735)(269,997)
Interest income and other income (expense), net3,578 7,314 19,647 20,624 
Interest expense(852)(1,005)(3,683)(3,952)
Loss before provision for income taxes(60,863)(61,639)(250,771)(253,325)
Provision for income taxes1,436 759 4,765 3,705 
Net loss$(62,299)$(62,398)$(255,536)$(257,030)
Net loss per share:
Basic and diluted$(0.27)$(0.28)$(1.11)$(1.17)
Weighted-average shares used in calculating net loss per share:
Basic and diluted231,380 224,300 229,472 220,406 
_______________
(1) Amounts include stock-based compensation expense as follows:
Three Months Ended January 31,Twelve Months Ended January 31,
2025202420252024
Cost of revenues$357 $372 $1,387 $1,549 
Research and development27,081 28,691 115,953 112,619 
Sales and marketing15,986 15,779 64,320 59,217 
General and administrative7,145 7,007 29,611 29,033 
Total stock-based compensation expense(1)
$50,569 $51,849 $211,271 $202,418 

__________________
(1)The table above includes $0.8 million of stock-based compensation expense for the three and twelve months ended January 31, 2025 that was incurred as a result of the restructuring approved in the fourth quarter of fiscal 2025.





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ASANA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 January 31, 2025January 31, 2024
Assets
Current assets
Cash and cash equivalents$184,728 $236,663 
Marketable securities282,156 282,801 
Restricted cash136 — 
Accounts receivable, net87,567 88,327 
Prepaid expenses and other current assets46,154 51,925 
Total current assets600,741 659,716 
Property and equipment, net95,836 96,543 
Operating lease right-of-use assets166,545 181,731 
Other assets28,293 23,970 
Total assets$891,415 $961,960 
Liabilities and Stockholders’ Equity
Current liabilities  
Accounts payable$9,922 $6,907 
Accrued expenses and other current liabilities83,031 75,821 
Deferred revenue, current300,798 265,306 
Operating lease liabilities, current22,066 19,179 
Total current liabilities415,817 367,213 
Term loan, net39,291 43,618 
Deferred revenue, noncurrent2,005 5,916 
Operating lease liabilities, noncurrent201,733 215,084 
Other liabilities5,046 3,733 
Total liabilities663,892 635,564 
Stockholders' equity  
Common stock2 2 
Additional paid-in capital2,059,848 1,821,216 
Accumulated other comprehensive loss(3,851)(236)
Accumulated deficit(1,828,476)(1,494,586)
Total stockholders’ equity227,523 326,396 
Total liabilities and stockholders’ equity$891,415 $961,960 
                                                                                                        






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ASANA, INC.
SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended January 31,Twelve Months Ended January 31,
2025202420252024
Cash flows from operating activities  
Net loss$(62,299)$(62,398)$(255,536)$(257,030)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Allowance for expected credit losses2,165 1,068 3,190 3,140 
Depreciation and amortization4,813 3,937 17,543 14,344 
Amortization of deferred contract acquisition costs6,718 6,001 25,907 21,972 
Stock-based compensation expense50,569 51,849 211,271 202,418 
Net accretion of discount on marketable securities(864)(1,823)(5,510)(3,391)
Non-cash lease expense4,439 4,092 17,967 18,090 
Impairment of long-lived assets6,785 — 6,785 5,009 
Amortization of discount on revolving credit facility and term loan issuance costs31 31 122 122 
Changes in operating assets and liabilities:
Accounts receivable(25,271)(21,778)(4,661)(9,527)
Prepaid expenses and other current assets(4,575)(11,830)(20,427)(25,594)
Other assets194 (1,210)(4,400)(468)
Accounts payable(167)(4,181)4,443 (569)
Accrued expenses and other liabilities18,012 11,679 6,604 (5,206)
Deferred revenue20,661 15,780 31,581 37,623 
Operating lease liabilities(5,356)(6,554)(19,954)(18,864)
Net cash provided by (used in) operating activities15,855 (15,337)14,925 (17,931)
Cash flows from investing activities  
Purchases of marketable securities(67,820)(34,821)(234,448)(319,133)
Sales of marketable securities— 6 — 18 
Maturities of marketable securities44,996 17,500 240,601 43,141 
Purchases of property and equipment(1,505)(500)(5,569)(7,721)
Capitalized internal-use software costs(2,011)(1,115)(6,713)(5,440)
Net cash used in investing activities(26,340)(18,930)(6,129)(289,135)
Cash flows from financing activities  
Repayment of term loan(625)(625)(2,500)(3,125)
Repurchases of common stock(4,485)— (78,354)— 
Proceeds from exercise of stock options5,217 987 9,101 4,843 
Proceeds from employee stock purchase plan— — 13,665 15,069 
Taxes paid related to net share settlement of equity awards— (3)(5)(10)
Net cash provided by (used in) financing activities107 359 (58,093)16,777 
Effect of foreign exchange rates on cash, cash equivalents, and restricted cash(1,846)2,257 (2,502)389 
Net decrease in cash, cash equivalents, and restricted cash(12,224)(31,651)(51,799)(289,900)
Cash, cash equivalents, and restricted cash  
Beginning of period197,088 268,314 236,663 526,563 
End of period$184,864 $236,663 $184,864 $236,663 
9

ASANA, INC.
Reconciliation of GAAP to Non-GAAP Data
(in thousands, except percentages)
(unaudited)
Three Months Ended January 31,Twelve Months Ended January 31,
2025202420252024
Reconciliation of gross profit and gross margin
GAAP gross profit$168,730 $153,743 $646,683 $587,980 
Plus: stock-based compensation and related employer payroll tax associated with RSUs363 376 1,415 1,585 
Non-GAAP gross profit$169,093 $154,119 $648,098 $589,565 
GAAP gross margin89.6 %89.8 %89.3 %90.1 %
Non-GAAP adjustments0.2 %0.3 %0.2 %0.3 %
Non-GAAP gross margin89.8 %90.1 %89.5 %90.4 %
Reconciliation of operating expenses    
GAAP research and development$84,239 $82,973 $341,467 $324,688 
Less: stock-based compensation and related employer payroll tax associated with RSUs(27,019)(28,981)(117,916)(115,397)
Adjustment for: restructuring (costs) benefit(2,492)— (2,492)— 
Non-GAAP research and development$54,728 $53,992 $221,059 $209,291 
GAAP research and development as percentage of revenue44.7 %48.5 %47.2 %49.8 %
Non-GAAP research and development as percentage of revenue29.1 %31.5 %30.5 %32.1 %
GAAP sales and marketing$102,261 $103,921 $419,950 $391,955 
Less: stock-based compensation and related employer payroll tax associated with RSUs(16,035)(15,891)(65,269)(60,329)
Adjustment for: restructuring (costs) benefit(1,241)— (1,241)173 
Non-GAAP sales and marketing$84,985 $88,030 $353,440 $331,799 
GAAP sales and marketing as percentage of revenue54.3 %60.7 %58.0 %60.1 %
Non-GAAP sales and marketing as percentage of revenue45.1 %51.4 %48.8 %50.9 %
GAAP general and administrative$45,819 $34,797 $152,001 $141,334 
Less: stock-based compensation and related employer payroll tax associated with RSUs(7,185)(7,089)(30,089)(29,725)
Less: impairment of long-lived assets(6,785)— (6,785)(5,009)
Adjustment for: restructuring (costs) benefit(741)— (741)(26)
Non-GAAP general and administrative$31,108 $27,708 $114,386 $106,574 
GAAP general and administrative as percentage of revenue24.3 %20.3 %21.0 %21.7 %
Non-GAAP general and administrative as percentage of
revenue
16.5 %16.2 %15.8 %16.3 %
Reconciliation of operating loss and operating margin
GAAP loss from operations$(63,589)$(67,948)$(266,735)$(269,997)
Plus: stock-based compensation and related employer payroll tax associated with RSUs50,602 52,337 214,689 207,036 
Plus: impairment of long-lived assets6,785 — 6,785 5,009 
Adjustment for: restructuring costs (benefit)(1)
4,474 — 4,474 (147)
Non-GAAP loss from operations$(1,728)$(15,611)$(40,787)$(58,099)
GAAP operating margin(33.8)%(39.7)%(36.8)%(41.4)%
Non-GAAP adjustments32.9 %30.6 %31.2 %32.5 %
Non-GAAP operating margin(0.9)%(9.1)%(5.6)%(8.9)%
10

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,
2025202420252024
Reconciliation of net loss
GAAP net loss$(62,299)$(62,398)$(255,536)$(257,030)
Plus: stock-based compensation and related employer payroll tax associated with RSUs50,602 52,337 214,689 207,036 
Plus: impairment of long-lived assets6,785 — 6,785 5,009 
Adjustment for: restructuring costs (benefit)(1)
4,474 — 4,474 (147)
Non-GAAP net loss$(438)$(10,061)$(29,588)$(45,132)
Reconciliation of net loss per share    
GAAP net loss per share, basic$(0.27)$(0.28)$(1.11)$(1.17)
Non-GAAP adjustments to net loss0.27 0.24 0.98 0.97 
Non-GAAP net loss per share, basic$— $(0.04)$(0.13)$(0.20)
Weighted-average shares used in GAAP and non-GAAP per share calculation, basic and diluted231,380 224,300 229,472 220,406 

_______________
(1)Restructuring costs for the three and twelve months ended January 31, 2025 were composed of severance and related charges of $3.7 million and stock-based compensation expense of $0.8 million. These charges are related to the restructuring plan approved in the fourth quarter of fiscal 2025.

Three Months Ended January 31,Twelve Months Ended January 31,
2025202420252024
Computation of free cash flow and adjusted free cash flow
Net cash used in investing activities$(26,340)$(18,930)$(6,129)$(289,135)
Net cash provided by (used in) financing activities$107 $359 $(58,093)$16,777 
Net cash provided by (used in) operating activities$15,855 $(15,337)$14,925 $(17,931)
Less: purchases of property and equipment(1,505)(500)(5,569)(7,721)
Less: capitalized internal-use software costs(2,011)(1,115)(6,713)(5,440)
Free cash flow$12,339 $(16,952)$2,643 $(31,092)
Plus: restructuring costs paid— — — 707 
Adjusted free cash flow$12,339 $(16,952)$2,643 $(30,385)


Three Months Ended January 31,Twelve Months Ended January 31,
2025202420252024
Computation of revenue adjusted for impact of foreign currency
GAAP revenue$188,334 $171,135 $723,876 $652,504 
Adjustment for: impact of foreign currency735 (344)624 (669)
Revenue adjusted for impact of foreign currency$189,069 $170,791 $724,500 $651,835 
11
v3.25.0.1
Cover
Mar. 10, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 10, 2025
Entity Registrant Name Asana, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39495
Entity Tax Identification Number 26-3912448
Entity Address, Address Line One 633 Folsom Street,
Entity Address, Address Line Two Suite 100
Entity Address, City or Town San Francisco,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94107
City Area Code (415)
Local Phone Number 525-3888
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, $0.00001 par value
Trading Symbol ASAN
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001477720
Amendment Flag false
Asana (NYSE:ASAN)
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