Asana, Inc. (NYSE:ASAN) Q2 2024 Earnings Conference Call September 5, 2023 4:30 PM ET

Company Participants

Catherine Buan - Head of Investor Relations

Dustin Moskovitz - Co-Founder and Chief Executive Officer

Anne Raimondi - Chief Operating Officer and Head of Business

Tim Wan - Chief Financial Officer

Conference Call Participants

Andrew DeGasperi - Berenberg

Steve Enders - Citi

George Iwanyc - Oppenheimer

Jackson Ader - MoffettNathanson

Alex Zukin - Wolfe Research

Josh Baer - Morgan Stanley

Robert Simmons - D.A. Davidson

Patrick Walravens - JMP Securities

Brent Thill - Jefferies

Operator

Thank you for standing by, and welcome to Asana’s Second Quarter Fiscal Year 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the call over to Catherine Buan, Head of Investor Relations. Please go ahead.

Catherine Buan

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana’s second quarter fiscal year 2024. With me on today's call are Dustin Moskovitz, Asana’s Co-Founder and CEO; Anne Raimondi, our Chief Operating Officer and Head of Business; and Tim Wan, our Chief Financial Officer.

Today's call will include forward-looking statements, including statements regarding our expectations for free cash flow, our financial outlook, strategic plans, market position and growth opportunities. Forward-looking statements involve risks, uncertainties, and assumptions that may cause our actual results to be materially different from those expressed or implied by the forward-looking statements. Please refer to our filings with the SEC, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q, for additional information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements.

In addition, during today's call we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. Reconciliation between GAAP and non-GAAP financial measures and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents are available in our earnings release which is posted on our Investor Relations webpage at investors.asana.com.

And with that I’d like to turn the call over to Dustin.

Dustin Moskovitz

Thank you Catherine, and thank you all for joining us on the call today. We reported Q2 results, beating the top and bottom line expectations. Q2 revenues grew 20% year-over-year, as we continue to close large deals in the enterprise segment. Non-GAAP operating margins improved 40 percentage points year-over-year, while we attained positive free cash flow in the quarter at $14.6 million.