Asana, Inc. (NYSE:ASAN) Q1 2024 Earnings Conference Call June 1, 2023 4:30 PM ET

Company Participants

Catherine Buan - IR

Dustin Moskovitz - Co-Founder & CEO

Anne Raimondi - Chief Operating Officer & Head, Business

Tim Wan - CFO

Conference Call Participants

Andrew DeGasperi - Berenberg

George Iwanyc - Oppenheimer

Steve Enders - Citigroup

Jackson Ader - SVB MoffettNathanson

Ethan Bruck - Wolfe Research

Jason Celino - KeyBanc Capital Markets

Josh Baer - Morgan Stanley

Robert Simmons - D.A. Davidson

Patrick Walravens - JMP Securities

Operator

Good afternoon, and thank you for joining the Asana First Quarter Fiscal Year '24 Earnings Call. My name is Kate, and I will be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end.

I would now like to pass the call over to our host, Catherine Buan, you may proceed.

Catherine Buan

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana's first 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, our 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 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 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. Asana had a good first quarter. Q1 revenues grew 26% year-over-year, customers over $100,000 grew faster at 31%, and non-GAAP operating margins had a 30 percentage point improvement year-over-year. Our growth continues to be fueled by some of the largest and most strategic companies in the world.