Asana, Inc. (ASAN) Q3 2024 Earnings Breakdown

Key Highlights:

• Revenue Growth: Asana reported revenues of $183.9 million for the quarter, a 10% increase year-over-year. This growth was primarily driven by the addition of new paying customers and a shift in sales mix toward higher-priced subscription plans.
• Net Loss: The company reported a net loss of $57.3 million for the quarter, compared to a net loss of $61.8 million in the prior-year quarter.
• Dollar-Based Net Retention Rate (DBNRR): Asana's overall DBNRR declined to 96% from over 100% in the prior-year quarter. However, DBNRR for Core customers and customers spending over $100,000 annually remained strong at 98% and 99%, respectively.
• Stock Repurchase Program: In June 2024, Asana's board authorized a $150 million stock repurchase program. The company repurchased 4.5 million shares during the quarter for an aggregate purchase price of $55 million.
• Amendment to Credit Facility: Asana amended its November 2022 Senior Secured Credit Facility to adjust covenant levels for upcoming fiscal quarters. The facility is now held by SVB, a division of First Citizens BancShares, Inc.
• CEO Trading Plan: Dustin Moskovitz, Asana's CEO, adopted a Rule 10b5-1 trading arrangement for the purchase of up to 13.5 million shares of Class A common stock.