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    Asana Inc (ASAN)

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    Business Description

    Asana, Inc. is a leading work management software platform that focuses on enhancing productivity and engagement for enterprises. The company provides a platform that helps organizations orchestrate work, ranging from daily tasks to cross-functional strategic initiatives. Asana sells access to its platform through subscription fees, offering a variety of interfaces and tools designed to automate complex workflows and improve operational efficiency .

    1. AI Studio - Marks Asana's entry as a multiproduct company, expected to be a significant revenue stream in the future .
    2. Subscription Platform - Provides access to Asana's work management tools, including tasks, lists, calendars, boards, timelines, reporting dashboards, and workload management, all designed to enhance productivity and engagement .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Dustin MoskovitzPresident, CEO, and Chair of the BoardDecember 2008 (Board), October 2010 (CEO), February 2019 (President), December 2019 (Chair)Co-founded Asana and has served as CEO since October 2010. Previously co-founded Facebook, Inc., serving in senior roles including CTO and VP of Engineering from February 2004 to November 2008 .
    Tim WanFormer Chief Financial OfficerJanuary 2017Served as CFO from January 2017 until his resignation effective September 10, 2024. Previously CFO at Apigee Corporation and held senior roles at RealNetworks, Inc. .
    Eleanor LaceyGeneral Counsel and Corporate SecretaryJuly 2019 (General Counsel), September 2019 (Corporate Secretary)Joined Asana as General Counsel in July 2019 and Corporate Secretary in September 2019. Previously with Sophos, Inc. and SurveyMonkey, Inc. .
    Anne RaimondiChief Operating OfficerAugust 2021Became COO in August 2021. Previously a member of Asana's Board and held roles at Zendesk, Inc. and Guru Technologies, Inc. .
    Sonalee ParekhChief Financial OfficerSeptember 11, 2024Appointed CFO effective September 11, 2024. Has over 25 years of experience in technology and banking, previously serving as CFO at RingCentral and in executive roles at Hewlett Packard Enterprise .

    Questions to Ask Management

    1. Given that AI Studio may allow customers to derive significant value without increasing seat counts, potentially impacting seat-based revenue growth, how do you anticipate this will affect your overall net retention rates and revenue in the near term?

    2. With an $18 million cash burn in Q3 and expectations for positive free cash flow in Q4, can you elaborate on the specific steps you are taking to achieve this turnaround, and what are the key drivers that give you confidence in reaching and sustaining positive free cash flow moving forward?

    3. As you note stabilization in the tech vertical, which still represents a significant portion of your business, what is your outlook on demand within this segment, and how are you planning to drive growth amid ongoing budget constraints and macroeconomic volatility?

    4. Considering that AI Studio is still in early stages with minimal revenue impact expected before fiscal Q1, yet you see it as a key driver for upsell and improved net retention, how are you calibrating your expectations for its contribution to revenue growth and NRR improvements in the next fiscal year?

    5. With your plans for operational efficiency and material operating margin expansion, particularly within sales and marketing, can you provide more details on where you see the biggest opportunities for cost savings and how these efficiencies might impact your ability to drive top-line growth as you transition to a multiproduct company with AI Studio?