https://investors.asana.com/news/news-details/2021/Asana-Ann…
Asana Announces Record Fourth Quarter and Fiscal Year 2021 Revenues
March 10, 2021
Record fiscal year 2021 revenues grew 59% year over year
Over 93,000 total paying customers
Over 85% growth in revenues year over year from customers who spend $5,000 or more on an annualized basis
SAN FRANCISCO–(BUSINESS WIRE)-- Asana, Inc. (NYSE: ASAN), a leading work management platform for teams, today reported financial results for its fourth quarter and fiscal year ended January 31, 2021.
“We are very pleased with our strong results for the fiscal year, driving record revenue of $227 million, up 59 percent year over year," said Dustin Moskovitz, co-founder and chief executive officer of Asana. “In the fourth quarter, growth was driven by a year over year acceleration of new customer growth, strong expansion within our existing base and momentum with some of our largest enterprise customers. We now have over 93,000 paying customers and over 1.5 million paid users who trust Asana to provide the real-time clarity their teams need to do their best work."
Fourth Quarter Fiscal 2021 Financial Highlights
Revenues: Revenues were $68.4 million, an increase of 57% year over year.
Operating Loss: GAAP operating loss was $51.0 million, or 74.5% of revenues, compared to GAAP operating loss of $25.3 million, or 58.2% of revenues, in the fourth quarter of fiscal 2020. Non-GAAP operating loss was $34.8 million, or 51.0% of revenues, compared to non-GAAP operating loss of $20.1 million, or 46.1% of revenues, in the fourth quarter of fiscal 2020.
Net Loss: GAAP net loss was $61.5 million, compared to GAAP net loss of $25.2 million in the fourth quarter of fiscal 2020. GAAP net loss per share was $0.39, compared to GAAP net loss per share of $0.34 in the fourth quarter of fiscal 2020. Non-GAAP net loss was $35.0 million, compared to non-GAAP net loss of $19.9 million in the fourth quarter of fiscal 2020. Non-GAAP net loss per share was $0.22, compared to non-GAAP net loss per share of $0.27 in the fourth quarter of fiscal 2020.
Cash Flow: Cash flows from operating activities were negative $18.2 million, compared to cash flows from operating activities of negative $16.1 million in the fourth quarter of fiscal 2020. Free cash flow was negative $17.5 million, compared to negative $19.2 million in the fourth quarter of fiscal 2020.
Fiscal Year 2021 Financial Highlights
Revenues: Revenues were $227.0 million, an increase of 59% year over year.
Operating Loss: GAAP operating loss was $175.6 million, or 77.3% of revenues, compared to GAAP operating loss of $119.6 million, or 83.9% of revenues, in fiscal 2020. Non-GAAP operating loss was $123.2 million, or 54.3% of revenues, compared to non-GAAP operating loss of $69.3 million, or 48.6% of revenues, in fiscal 2020.
Net Loss: GAAP net loss was $211.7 million, compared to GAAP net loss of $118.6 million in fiscal 2020. GAAP net loss per share was $1.99, compared to GAAP net loss per share of $1.69 in fiscal 2020. Non-GAAP net loss was $123.3 million, compared to non-GAAP net loss of $68.2 million in fiscal 2020. Non-GAAP net loss per share was $1.16, compared to non-GAAP net loss per share of $0.97 in fiscal 2020.
Cash Flow: Cash flows from operating activities were negative $92.9 million, compared to cash flows from operating activities of negative $40.1 million in fiscal 2020. Free cash flow was negative $76.0 million, compared to negative $44.6 million in fiscal 2020.
Business Highlights
Named #1 in the Workplace category in Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2021.
Launched new product features, including Asana Goals; Project Overview and Brief; Asana for Operations, Sales and Account Management; and new integrations with Microsoft Teams, Zoom, Jira, Salesforce, Tableau and PowerBI.
Expanded the Asana Together community program to more than 2,000 members across 94 countries.
Topped the G2 Enterprise Grid® Leader quadrant for the third year in a row and earned the #1 spot in the 2021 Grid® Report for Project Management.
Ranked a Best Workplace by Fortune, Inc., Glassdoor and Built In NY - including the #1 Best Workplace in the Bay Area for the fourth consecutive year.
Ended the year with over 93,000 paying customers and 1.5 million paid users.
Customers spending $5,000 or more on an annualized basis in Q4 grew to 10,174, an increase of 55% year over year.
Customers spending $50,000 or more on an annualized basis in Q4 grew to 397, an increase of 92% year over year.
Overall dollar-based net retention rate in Q4 was over 115%.
Dollar-based net retention rate for customers with $5,000 or more in annualized spend was 125%.
Dollar-based net retention rate for customers with $50,000 or more in annualized spend was over 140%.
Financial Outlook
For the first quarter of fiscal 2022, Asana expects:
Revenues of $69.5 million to $70.5 million, representing year over year growth of 46% to 48%.
Non-GAAP operating loss of $44.0 million to $42.0 million.
Non-GAAP net loss per share of $0.27 to $0.26, assuming basic and diluted weighted average shares outstanding of approximately 161 million.
For fiscal year 2022, Asana expects revenues of $309.0 million to $314.0 million, representing year over year growth of 36% to 38%.
Lee