Research Reports

Q4 revenue $205.6M, +9% YoY (CEO, CFO)
Non-GAAP operating income $18.2M, 9% margin (CEO, CFO)
Adjusted free cash flow $25.7M, 13% margin (CEO, CFO)
Core customers (≥$5K annualized): 25,928; revenue from this cohort +10% YoY, 76% of Q4 revenue (CFO)
Customers ≥$100K annualized: 817; cohort +13% YoY (CFO)
Dollar-based NRR: 96% overall; Core NRR 97%; ≥$100K NRR 96% (CFO)
In-quarter NRR improved for third consecutive quarter (CEO, CFO)
AI Studio ARR exited FY’26 at >$6M, +50% QoQ in Q4 (CEO)
8 customers spending >$100K annually on AI Studio alone (CEO)
AI Teammates beta: >200 customers onboarded (CEO)
International revenue +11% YoY (CEO)
U.S. revenue growth accelerated in Q4; tech vertical returned to flat YoY (CEO)
Billings and current RPO accelerated in Q4 (CEO)
RPO $524.8M, +22% YoY; current RPO +17% YoY, 78% of total (CFO)
Deferred revenue $333.9M, +10% YoY (CFO)
Q4 share repurchase: $58M, 4.5M shares at avg $12.75 (CFO)
Board increased repurchase authorization by $160M; ~$200M available (CFO)
Cash, equivalents, marketable securities ~$434M (CFO)
FY’26 full-year revenue $790.8M, +9% YoY (CFO)
FY’26 added >1,800 Core customers and >90 customers ≥$100K (CFO)

Official Guidance (CFO):

Q1 FY’27: Revenue $202.5M–$204.5M (8.1%–9.2% YoY); non-GAAP op income $15M–$17M (7.4%–8.3% margin); non-GAAP EPS $0.07–$0.08 (diluted shares ~241M)
Full-year FY’27: Revenue $850M–$858M (7.5%–8.5% YoY); non-GAAP op margin at least 9.5%; non-GAAP EPS $0.36–$0.37 (diluted shares ~243M)
AI offerings expected to represent nearly 15% of new ARR in FY’27 (CFO)
PLG headwind expected to create ~2-point drag on ARR growth in FY’27; no recovery assumed (CFO)
~$10M incremental AI R&D investment planned in FY’27 (CFO)

Mgmt Quotes:

“FY ‘26 was a year of progress for Asana, we exited the year with solid momentum.” (CEO)
“Our reported NRR remained stable, and for the third consecutive quarter, our in-quarter NRR improved.” (CEO)
“AI Studio continued to scale rapidly, in fact, we exited FY ‘26 with over $6M in ARR and grew over 50% quarter-on-quarter in Q4.” (CEO)
“We expect AI Teammates will become generally available to sales-led customers by the end of Q1 and our self-serve customers in the second half of the year.” (CEO)
“Enterprise performance remains stronger than the company's overall growth rate. At the same time, self-serve, which is primarily SMB, remains a headwind.” (CFO)

Metric	Value	Speaker/Context
Q4 Revenue	$205.6M	CEO, CFO
Q4 Revenue YoY Growth	9%	CEO, CFO
Non-GAAP Operating Income	$18.2M	CEO, CFO
Non-GAAP Operating Margin	9%	CEO, CFO
Adjusted Free Cash Flow	$25.7M	CEO, CFO
Adjusted FCF Margin	13%	CEO, CFO
Core Customers (≥$5K)	25,928	CFO
Core Customer Revenue YoY Growth	10%	CFO
Core Customer Revenue % of Total	76%	CFO
Customers ≥$100K	817	CFO
≥$100K Customer Cohort YoY Growth	13%	CFO
Overall NRR	96%	CFO
Core Customer NRR	97%	CFO
≥$100K Customer NRR	96%	CFO
Gross Margin	88%	CFO
R&D Expense	$47.7M (23% of revenue)	CFO
Sales & Marketing Expense	$88.1M (43% of revenue)	CFO
G&A Expense	$27.1M (13% of revenue)	CFO
Net Income (non-GAAP)	$19.9M	CFO
Diluted EPS (non-GAAP)	$0.08	CFO
Cash & Equivalents	~$434M	CFO
RPO	$524.8M (+22% YoY)	CFO
Current RPO Growth	+17% YoY (78% of total)	CFO
Deferred Revenue	$333.9M (+10% YoY)	CFO
FY’26 Full-Year Revenue	$790.8M (+9% YoY)	CFO
FY’26 Core Customers Added	>1,800	CFO
FY’26 Customers ≥$100K Added	>90	CFO
AI Studio ARR (FY’26 exit)	>$6M	CEO
AI Studio QoQ Growth (Q4)	>50%	CEO
AI Teammates Beta Customers	>200	CEO
Q1 FY’27 Revenue Guidance	$202.5M–$204.5M	CFO
Q1 FY’27 Op Income Guidance	$15M–$17M	CFO
Q1 FY’27 Op Margin Guidance	7.4%–8.3%	CFO
Q1 FY’27 EPS Guidance	$0.07–$0.08	CFO
FY’27 Revenue Guidance	$850M–$858M	CFO
FY’27 Op Margin Guidance	At least 9.5%	CFO
FY’27 EPS Guidance	$0.36–$0.37	CFO
FY’27 AI New ARR Contribution	~15%	CFO
FY’27 Incremental AI R&D Investment	~$10M	CFO
Share Repurchase in Q4	$58M (4.5M shares at $12.75)	CFO
Remaining Repurchase Authorization	~$200M	CFO

Topic: AI对Asana工作流的粘性及与Claude合作的经济分配
Key points:
- AI不会减少协调需求，反而因更多输出、依赖关系和跨职能复杂性而放大协调需求；Asana的Work Graph架构适合人-代理协作。
- AI Teammates已进入Beta阶段，有200个客户；Agentic Enterprise需要四个要素：上下文、持久记忆、多人编排、企业级信任。
- Claude应用允许Claude客户（同时也是Asana客户）在聊天中触发Asana工作流，但需双方订阅。
Mgmt stance: 乐观（AI是Asana的顺风，因架构优势使协调需求增加，而非替代）

Topic: 技术垂直的稳定性及AI裁员风险对指引的影响
Key points:
- 技术垂直NRR连续第三个季度环比改善；技术ARR七季度以来首次持平。
- 技术收入占比已降至不到25%，且持续下降；前10大续约（含多家技术客户）均以超过100% NRR完成。
- FY‘27续约风险分布更均衡；指引仅纳入温和的NRR改善，未考虑进一步技术改善或AI裁员影响。
Mgmt stance: 谨慎乐观（技术稳定趋势更持久，但指引基于当前高置信度，未假设重大改善）

Topic: PLG漏斗顶端压力及恢复路径
Key points:
- PLG客户发现与购买行为发生结构性转变；公司已看到漏斗顶端和转化率的连续改善。
- PLG对FY‘27 ARR增长造成约2个百分点的拖累；指引未假设漏斗压力缓解。
- 上半年聚焦产品体验和转化优化，下半年推出包含AI产品的新自服务产品。
Mgmt stance: 中性偏谨慎（PLG恢复慢于预期，但已通过新领导层和计划推动长期改善；若PLG影响消除，整体增长将加速）

Topic: 增长加速的驱动力，包括AI产品
Key points:
- Q4账单和CRPO均加速；AI Studio在Q4实现$6百万ARR；FY‘27 AI产品预计占净新ARR的15%。
- 三大增长引擎：AI货币化、PLG稳定并重建、SLG生产力叠加（技术垂直稳定、NRR改善）。
- 前10大续约中超100% NRR，其中技术客户占较大比例；AI Teammates计划在FY’27下半年发布。
Mgmt stance: 乐观（AI顺风、SLG证据积极，但需更多季度验证；长期加速基于AI+PLG+SLG组合）

Topic: 财务指引策略与变化
Key points:
- Aziz Megji完全参与了指引制定，并支持当前指引；无哲学或策略转变。
- 指引策略保持纪律性，贴近当前所见，反映动态环境中的上行与潜在风险。
Mgmt stance: 中性（财务策略延续，无重大变化）

Topic: 增长与利润率能否同时实现，以及AI的双重作用
Key points:
- AI基础模型的进步加速了Agentic Enterprise愿景的实现，成为新的增长驱动力，产品路线图未来12–18个月充满雄心。
- 内部运营中AI提升效率，从而在增长的同时实现成本控制。
- 管理层认为利润率扩张趋势不会改变，未来仍有多个杠杆：将员工向低成本地区转移、优化第三方支出、提升销售与营销杠杆、以及AI带来的生产力提升。
Mgmt stance: bullish – 管理层明确表示增长与利润率可以兼得，且利润率将“连续多年”持续扩张，并列举了具体可行的手段。

Topic: AI占净新增ARR的15%是增量贡献还是替代现有平台支出
Key points:
- AI Studio和AI Teammates客户实践中，大部分为增量——带来全新用例和新的采购部门。
- 部分场景也存在替代效应，即客户用AI更高效地完成原本已规划的工作。
- 在续约对话中，AI新产品有助于缓解降级风险，同时也是重要的扩张机会。
Mgmt stance: neutral – 承认是“两者的结合”，既明确增量为主，也客观指出存在替代，同时强调AI在续约中的防御与进攻双重价值。