Asana, Inc. (NYSE:ASAN) Q1 2023 Results Conference Call June 2, 2022 4:30 PM ET

Company Participants

Catherine Buan - Head, Investor Relations

Dustin Moskovitz - Co-Founder and CEO

Anne Raimondi - Chief Operating Officer and Head, Business

Tim Wan - Chief Financial Officer

Conference Call Participants

Andrew DeGasperi - Berenberg

Rob Oliver - Baird

Alex Zukin - Wolfe Research

George Iwanyc - Oppenheimer

Pinjalim Bora - JPMorgan

Pat Walravens - JMP Group

Josh Baer - Morgan Stanley

Rishi Dilawari - RBC

Brent Bracelin - Piper Sandler

Robert Simmons - D.A. Davidson

Operator

Good afternoon, and thank you for attending the Asana First Quarter and Fiscal Year 2022 (sic) [2023] Earnings Call. My name is Amber, and I will be your moderator for today's call. [Operator Instructions]

I now have the pleasure of handing the call to our host, Catherine Buan, Head of Investor Relations at Asana. Catherine, please proceed.

Catherine Buan

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results of Asana's First Quarter Fiscal 2023. With me on today's call are Dustin Moskovitz, Asana's Co-Founder and CEO; and Ann 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 financial outlook, 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 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. Reconciliations 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 web page 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 to everyone on the call today. We're pleased to report another record first quarter, led by strong growth across our major markets and significant traction in enterprise. Revenue grew 57% year-over-year, beating the top end of our guidance range. Importantly, we had record-breaking events on several fronts. Our largest customer scaled to a new high with now over 100,000 seats. We also set a new record with our largest land deal in company history. This leading payment service company is a net new customer with 3,000 enterprise seats and an annual contract value, or ACV, of well over $0.5 million.