Asana(NYSE:ASAN) 
Asana, Inc., together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. It provides a work management platform as software as service that enables individuals and teams to get work done faster while enhanc...
Website: http://www.asana.com
Founded: 2008
IPO Price: $21 (Sep 30, 2020)
Full Time Employees: 1,782 (Jan 2023)
CEO / Co-Founder: Dustin Moskovitz
Sector: Technology
Industry: Software-Application
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At a glance:
- Revenue Growth Moderating with Enterprise-Led Momentum: Asana’s top-line growth has been decelerating from prior highs, but larger customers and enterprise adoption remain key drivers. Investors often focus on net retention and the mix shift toward bigger accounts as leading indicators of durable growth.
- Path to Profitability Improving via Operating Discipline: Management has emphasized efficiency and expense control, supporting improving operating margins over time. Progress is typically assessed through operating loss trends, sales and marketing efficiency, and incremental margin expansion.
- Free Cash Flow Trends Moving Toward Breakeven: Cash burn has generally been narrowing as costs are managed and gross margins remain strong for a software model. Free cash flow and cash runway are central watch-items, especially in periods of slower growth.
- Dollar-Based Net Retention and Seat Expansion Remain Critical: Asana’s ability to expand within existing customers is a core part of the thesis. Changes in dollar-based net retention can signal improving product stickiness—or rising pressure from budget scrutiny and consolidation.
- Competitive Landscape and AI/Product Differentiation in Focus: Work management is crowded, with competition from suites and point solutions. Product innovation—especially AI-driven workflow automation and enterprise governance features—can influence win rates, pricing power, and long-term positioning.
Bull Thesis:
- Strong Enterprise Adoption & Upselling: Asana continues to demonstrate success in moving upmarket, securing larger enterprise clients and expanding its footprint within existing accounts. This shift towards higher-value customers typically leads to more stable, predictable revenue streams and higher average contract values (ACVs), indicating strong product stickiness and value proposition for complex organizational needs.
- Product Innovation & AI Integration: Asana consistently invests in product development, enhancing its platform with new features and capabilities. Its strategic integration of artificial intelligence (AI) is poised to further differentiate its offering, improve user productivity, and automate routine tasks, thereby strengthening its competitive edge and expanding its utility for a broader range of use cases.
- Large and Growing Total Addressable Market (TAM): The market for work management and collaboration software remains vast and continues to expand as more organizations embrace digital transformation and remote/hybrid work models. Asana is well-positioned to capture a significant share of this growing market, driven by the increasing demand for tools that enhance team productivity and project visibility across industries.
- Improving Operating Leverage & Path to Profitability: While historically unprofitable, Asana has shown progress in improving its operating efficiency and reducing its cash burn. The company is demonstrating a clearer path towards achieving positive free cash flow and sustainable profitability through disciplined spending, revenue growth, and the inherent scalability of its software-as-a-service (SaaS) model.
Bear Thesis:
- Intense Competition & Pricing Pressure: The work management software market is highly saturated with formidable competitors, including Microsoft (Teams, Project), Atlassian (Jira, Trello), Monday.com, Smartsheet, and others. This intense competition can lead to pricing pressure, increased customer acquisition costs, and challenges in maintaining market share, potentially hindering Asana's growth and margin expansion.
- Persistent Negative Free Cash Flow & Profitability Concerns: Despite efforts to improve efficiency, Asana continues to report negative free cash flow and remains unprofitable. Investors are increasingly scrutinizing companies with high burn rates, especially in a higher interest rate environment. A prolonged path to profitability could pressure its stock valuation and raise concerns about long-term financial sustainability without further capital raises.
- Macroeconomic Headwinds Impacting Growth: Economic uncertainties, inflation, and potential recessionary pressures can lead to tighter IT budgets and slower spending on new software solutions, particularly among small and medium-sized businesses (SMBs) and even larger enterprises. This macroeconomic environment could decelerate Asana's revenue growth rates and impact its ability to acquire new customers or expand existing contracts.
- Valuation Concerns Amidst Decelerating Growth: Asana's stock has historically traded at high revenue multiples, reflecting its growth potential. However, with growth rates decelerating from their peak and persistent unprofitability, its current valuation may be seen as stretched by some investors. A re-evaluation of growth prospects and profitability timelines could lead to further downward pressure on its stock price.
Main Competitors:
- Atlassian ($TEAM) (Jira Software, Jira Work Management, Confluence), Atlassian's Jira products (Software for dev teams, Work Management for business teams) are direct competitors, offering robust project tracking, agile methodologies, and issue management. Confluence provides collaborative documentation, competing with Asana's project brief and knowledge management features. Atlassian often appeals to technical teams and larger enterprises due to its deep feature set and integration with other developer tools.
- monday.com ($MNDY) (monday Work Management), monday.com is a direct competitor offering highly customizable work management solutions with a strong visual interface. It caters to a wide range of teams and use cases, emphasizing flexibility, automation, and ease of use, often appealing to teams looking for a more intuitive and colorful alternative to traditional project management tools.
- Smartsheet ($SMAR) (Smartsheet), Smartsheet provides a spreadsheet-like interface for project management, work collaboration, and automation. It's often favored by larger enterprises for its robust features, reporting capabilities, and strong integration with existing enterprise systems, competing with Asana for complex project tracking and portfolio management needs.
- ClickUp (ClickUp), ClickUp positions itself as an 'all-in-one' productivity platform, offering a vast array of features for project management, task tracking, document creation, and communication. It often appeals to users looking for a highly customizable and feature-rich solution that can consolidate multiple tools into one, directly competing with Asana's core work management offerings and broader collaboration features.
- Microsoft ($MSFT) (Microsoft Project, Microsoft Planner, Microsoft To Do, Microsoft Lists, Microsoft Loop), Microsoft offers a suite of tools that collectively compete with Asana. Microsoft Project targets enterprise-grade project management, while Planner, To Do, and Lists offer simpler task and work tracking. Microsoft Loop is a newer collaborative workspace. These tools often leverage Microsoft's existing enterprise ecosystem and deep integrations with Office 365, making them a strong contender for organizations already invested in Microsoft's stack.
Moat:
Asana operates in a highly competitive and fragmented work management market. Its primary moat lies in its intuitive user interface, strong focus on clarity and visibility for cross-functional teams, and robust integrations with other business tools. Competitors range from specialized solutions (like Jira for technical teams) to broad, highly customizable platforms (like monday.com and ClickUp) and established enterprise suites (like Microsoft's offerings). The competition often centers on ease of use, feature depth, scalability, pricing, and seamless integration into existing organizational workflows, with many players vying for market share by targeting specific team types or offering unique value propositions.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-07-31 | 2021-04-30 | 2021-01-31 | 2020-10-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | 201,033,000 | 196,936,000 | 187,267,000 | 188,334,000 | 183,882,000 | 179,212,000 | 172,448,000 | 171,135,000 | 166,503,000 | 162,455,000 | 152,411,000 | 150,231,000 | 141,439,000 | 134,896,000 | 120,646,000 | 111,949,000 | 100,337,000 | 89,478,000 | 76,673,000 | 68,369,000 | 58,905,000 |
yoy | 9.33% | 9.89% | 8.59% | 10.05% | 10.44% | 10.31% | 13.15% | 13.91% | 17.72% | 20.43% | 26.33% | 34.20% | 40.96% | 50.76% | 57.35% | 63.74% | 70.34% | ||||
qoq | 2.08% | 5.16% | -0.57% | 2.42% | 2.61% | 3.92% | 0.77% | 2.78% | 2.49% | 6.59% | 1.45% | 6.22% | 4.85% | 11.81% | 7.77% | 11.57% | 12.14% | 16.70% | 12.15% | 16.07% | |
cost of revenues | 22,307,000 | 20,221,000 | 19,227,000 | 19,604,000 | 19,798,000 | 19,987,000 | 17,804,000 | 17,392,000 | 16,053,000 | 16,232,000 | 14,847,000 | 15,205,000 | 15,160,000 | 13,756,000 | 12,438,000 | 11,533,000 | 9,581,000 | 9,869,000 | 7,914,000 | 8,193,000 | 7,321,000 |
gross profit | 178,726,000 | 176,715,000 | 168,040,000 | 168,730,000 | 164,084,000 | 159,225,000 | 154,644,000 | 153,743,000 | 150,450,000 | 146,223,000 | 137,564,000 | 135,026,000 | 126,279,000 | 121,140,000 | 108,208,000 | 100,416,000 | 90,756,000 | 79,609,000 | 68,759,000 | 60,176,000 | 51,584,000 |
yoy | 8.92% | 10.98% | 8.66% | 9.75% | 9.06% | 8.89% | 12.42% | 13.86% | 19.14% | 20.71% | 27.13% | 34.47% | 39.14% | 52.17% | 57.37% | 66.87% | 75.94% | ||||
qoq | 1.14% | 5.16% | -0.41% | 2.83% | 3.05% | 2.96% | 0.59% | 2.19% | 2.89% | 6.29% | 1.88% | 6.93% | 4.24% | 11.95% | 7.76% | 10.64% | 14.00% | 15.78% | 14.26% | 16.66% | |
gross margin % | 88.90% | 89.73% | 89.73% | 89.59% | 89.23% | 88.85% | 89.68% | 89.84% | 90.36% | 90.01% | 90.26% | 89.88% | 89.28% | 89.80% | 89.69% | 89.70% | 90.45% | 88.97% | 89.68% | 88.02% | 87.57% |
operating expenses: | |||||||||||||||||||||
research and development | 73,813,000 | 79,376,000 | 75,127,000 | 84,239,000 | 83,286,000 | 91,151,000 | 82,791,000 | 82,973,000 | 81,028,000 | 84,371,000 | 76,316,000 | 81,262,000 | 75,509,000 | 75,233,000 | 65,205,000 | 60,915,000 | 53,788,000 | 48,454,000 | 39,967,000 | 39,801,000 | 32,996,000 |
sales and marketing | 100,243,000 | 106,677,000 | 99,841,000 | 102,261,000 | 104,708,000 | 108,649,000 | 104,332,000 | 103,921,000 | 98,349,000 | 96,448,000 | 93,237,000 | 114,733,000 | 113,713,000 | 110,392,000 | 96,123,000 | 88,888,000 | 73,295,000 | 63,930,000 | 56,784,000 | 53,527,000 | 48,039,000 |
general and administrative | 74,656,000 | 40,118,000 | 36,976,000 | 45,819,000 | 36,270,000 | 36,222,000 | 33,690,000 | 34,797,000 | 34,494,000 | 38,787,000 | 33,256,000 | 38,245,000 | 38,165,000 | 46,787,000 | 43,112,000 | 37,676,000 | 31,761,000 | 27,276,000 | 21,990,000 | 17,812,000 | 32,483,000 |
total operating expenses | 248,712,000 | 226,171,000 | 211,944,000 | 232,319,000 | 224,264,000 | 236,022,000 | 220,813,000 | 221,691,000 | 213,871,000 | 219,606,000 | 202,809,000 | 234,240,000 | 227,387,000 | 232,412,000 | 204,440,000 | 187,479,000 | 158,844,000 | 139,660,000 | 118,741,000 | 111,140,000 | 113,518,000 |
income from operations | -69,986,000 | -49,456,000 | -43,904,000 | -63,589,000 | -60,180,000 | -76,797,000 | -66,169,000 | -67,948,000 | -63,421,000 | -73,383,000 | -65,245,000 | -99,214,000 | -101,108,000 | -111,272,000 | -96,232,000 | -87,063,000 | -68,088,000 | -60,051,000 | -49,982,000 | -50,964,000 | -61,934,000 |
yoy | 16.29% | -35.60% | -33.65% | -6.42% | -5.11% | 4.65% | 1.42% | -31.51% | -37.27% | -34.05% | -32.20% | 13.96% | 48.50% | 85.30% | 92.53% | 70.83% | 9.94% | ||||
qoq | 41.51% | 12.65% | -30.96% | 5.66% | -21.64% | 16.06% | -2.62% | 7.14% | -13.58% | 12.47% | -34.24% | -1.87% | -9.13% | 15.63% | 10.53% | 27.87% | 13.38% | 20.15% | -1.93% | -17.71% | |
operating margin % | -34.81% | -25.11% | -23.44% | -33.76% | -32.73% | -42.85% | -38.37% | -39.70% | -38.09% | -45.17% | -42.81% | -66.04% | -71.49% | -82.49% | -79.76% | -77.77% | -67.86% | -67.11% | -65.19% | -74.54% | -105.14% |
interest income and other income | 3,609,000 | 3,307,000 | 5,830,000 | 3,578,000 | 4,949,000 | 6,760,000 | 4,360,000 | 7,314,000 | 3,479,000 | 4,165,000 | 5,666,000 | 7,152,000 | 1,291,000 | -164,000 | -1,346,000 | -770,000 | -446,000 | -328,000 | 8,000 | 558,000 | -389,000 |
interest expense | -767,000 | -797,000 | -791,000 | -852,000 | -934,000 | -955,000 | -942,000 | -1,005,000 | -1,012,000 | -968,000 | -967,000 | -875,000 | -457,000 | -311,000 | -357,000 | -307,000 | -353,000 | -7,351,000 | -10,374,000 | -10,472,000 | -10,351,000 |
income before provision for income taxes | -67,144,000 | -46,946,000 | -38,865,000 | -60,863,000 | -56,165,000 | -70,992,000 | -62,751,000 | -61,639,000 | -60,954,000 | -70,186,000 | -60,546,000 | -92,937,000 | -100,274,000 | -111,747,000 | -97,935,000 | -88,140,000 | -68,887,000 | -67,730,000 | -60,348,000 | -60,878,000 | -72,674,000 |
provision for income taxes | 1,289,000 | 1,414,000 | 1,153,000 | 1,436,000 | 1,161,000 | 1,197,000 | 971,000 | 759,000 | 796,000 | 1,228,000 | 922,000 | 2,089,000 | 631,000 | 1,222,000 | 933,000 | 1,909,000 | 393,000 | 625,000 | 310,000 | 632,000 | 615,000 |
net income | -68,433,000 | -48,360,000 | -40,018,000 | -62,299,000 | -57,326,000 | -72,189,000 | -63,722,000 | -62,398,000 | -61,750,000 | -71,414,000 | -61,468,000 | -95,026,000 | -100,905,000 | -112,969,000 | -98,868,000 | -90,049,000 | -69,280,000 | -68,355,000 | -60,658,000 | -61,510,000 | -73,289,000 |
yoy | 19.38% | -33.01% | -37.20% | -0.16% | -7.16% | 1.09% | 3.67% | -34.34% | -38.80% | -36.78% | -37.83% | 5.53% | 45.65% | 65.27% | 62.99% | 46.40% | -5.47% | ||||
qoq | 41.51% | 20.85% | -35.76% | 8.67% | -20.59% | 13.29% | 2.12% | 1.05% | -13.53% | 16.18% | -35.31% | -5.83% | -10.68% | 14.26% | 9.79% | 29.98% | 1.35% | 12.69% | -1.39% | -16.07% | |
net income margin % | -34.04% | -24.56% | -21.37% | -33.08% | -31.18% | -40.28% | -36.95% | -36.46% | -37.09% | -43.96% | -40.33% | -63.25% | -71.34% | -83.75% | -81.95% | -80.44% | -69.05% | -76.39% | -79.11% | -89.97% | -124.42% |
net income per share | |||||||||||||||||||||
basic and diluted | -0.29 | -0.2 | -0.17 | -0.27 | -0.25 | -0.31 | -0.28 | -0.28 | -0.28 | -0.33 | -0.28 | -0.44 | -0.49 | -0.59 | -0.52 | -0.48 | -0.37 | -0.4 | -0.37 | -0.29 | -0.65 |
weighted-average shares used for eps calculation | |||||||||||||||||||||
basic and diluted | 237,790 | 236,218 | 234,859 | 229,472 | 229,624 | 229,760 | 227,069 | 220,406 | 221,776 | 219,004 | 216,413 | 200,034 | 204,657 | 191,352 | 189,590 | 176,401 | 185,022 | 170,600 | 162,079 | 106,344 | 113,264 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-07-31 | 2021-04-30 | 2021-01-31 | 2020-10-31 |
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assets | |||||||||||||||||||||
current assets | |||||||||||||||||||||
cash and cash equivalents | 183,470,000 | 184,146,000 | 193,791,000 | 184,728,000 | 196,772,000 | 219,400,000 | 222,049,000 | 236,663,000 | 268,314,000 | 413,697,000 | 382,234,000 | 526,563,000 | 509,091,000 | 148,458,000 | 197,328,000 | 240,403,000 | 271,818,000 | 270,315,000 | 263,933,000 | 259,878,000 | 297,425,000 |
marketable securities | 280,146,000 | 291,074,000 | 277,011,000 | 282,156,000 | 258,541,000 | 302,224,000 | 302,240,000 | 282,801,000 | 261,726,000 | 123,809,000 | 141,315,000 | 2,739,000 | 36,322,000 | 90,454,000 | 84,057,000 | 71,628,000 | 71,578,000 | 103,270,000 | 122,374,000 | 126,396,000 | 126,439,000 |
restricted cash | 408,000 | 526,000 | 289,000 | 136,000 | 316,000 | 455,000 | |||||||||||||||
accounts receivable | 72,296,000 | 69,232,000 | 68,076,000 | 87,567,000 | 66,892,000 | 65,066,000 | 99,773,000 | 88,327,000 | 68,032,000 | 66,330,000 | 98,906,000 | 82,363,000 | 59,345,000 | 52,505,000 | 66,978,000 | 59,085,000 | 47,067,000 | 34,612,000 | 37,344,000 | 32,194,000 | 23,287,000 |
prepaid expenses and other current assets | 51,096,000 | 53,533,000 | 49,329,000 | 46,154,000 | 48,837,000 | 53,194,000 | 50,004,000 | 51,925,000 | 46,069,000 | 47,230,000 | 48,088,000 | 48,726,000 | 50,955,000 | 60,342,000 | 48,620,000 | 40,278,000 | 28,093,000 | 26,999,000 | 25,904,000 | 27,295,000 | 25,277,000 |
total current assets | 587,416,000 | 598,511,000 | 588,496,000 | 600,741,000 | 571,358,000 | 640,339,000 | 674,066,000 | 659,716,000 | 644,141,000 | 651,066,000 | 670,543,000 | 660,391,000 | 655,713,000 | 351,759,000 | 396,983,000 | 411,394,000 | 418,556,000 | 435,196,000 | 449,555,000 | 445,763,000 | 472,428,000 |
property and equipment | 87,555,000 | 96,323,000 | 94,740,000 | 95,836,000 | 96,627,000 | 95,742,000 | 96,955,000 | 96,543,000 | 98,241,000 | 97,938,000 | 96,876,000 | 94,984,000 | 94,632,000 | 95,296,000 | 98,229,000 | 99,632,000 | 100,523,000 | 101,337,000 | 94,138,000 | 74,436,000 | 54,787,000 |
operating lease right-of-use assets | 137,667,000 | 160,237,000 | 164,810,000 | 166,545,000 | 177,626,000 | 182,261,000 | 182,296,000 | 181,731,000 | 182,779,000 | 185,112,000 | 194,365,000 | 176,189,000 | 179,639,000 | 169,919,000 | 173,675,000 | 174,083,000 | 175,508,000 | 177,971,000 | 181,093,000 | 182,924,000 | 138,752,000 |
other assets | 27,792,000 | 28,086,000 | 29,087,000 | 28,293,000 | 28,545,000 | 27,034,000 | 24,851,000 | 23,970,000 | 22,519,000 | 22,291,000 | 22,503,000 | 23,399,000 | 21,525,000 | 21,176,000 | 21,056,000 | 19,166,000 | 15,012,000 | 12,265,000 | 10,708,000 | 8,871,000 | 8,018,000 |
total assets | 840,430,000 | 883,157,000 | 877,133,000 | 891,415,000 | 874,156,000 | 945,376,000 | 978,168,000 | 961,960,000 | 947,680,000 | 956,407,000 | 984,287,000 | 954,963,000 | 953,008,000 | 639,649,000 | 691,071,000 | 707,035,000 | 719,781,000 | 735,508,000 | 747,593,000 | 731,119,000 | 673,985,000 |
liabilities and stockholders’ equity | |||||||||||||||||||||
current liabilities | |||||||||||||||||||||
accounts payable | 13,158,000 | 16,295,000 | 7,942,000 | 9,922,000 | 12,606,000 | 13,834,000 | 12,895,000 | 6,907,000 | 9,988,000 | 5,188,000 | 8,871,000 | 7,554,000 | 8,119,000 | 9,545,000 | 15,819,000 | 11,557,000 | 13,487,000 | 6,013,000 | 8,947,000 | 9,599,000 | 16,291,000 |
accrued expenses and other current liabilities | 78,491,000 | 70,853,000 | 78,310,000 | 83,031,000 | 69,307,000 | 72,598,000 | 68,111,000 | 75,821,000 | 65,698,000 | 67,472,000 | 69,564,000 | 83,488,000 | 75,432,000 | 75,307,000 | 60,562,000 | 60,915,000 | 48,649,000 | 60,020,000 | 46,535,000 | 41,616,000 | 36,331,000 |
deferred revenue, current | 304,596,000 | 312,511,000 | 288,993,000 | 300,798,000 | 279,560,000 | 285,508,000 | 292,191,000 | 265,306,000 | 249,673,000 | 254,905,000 | 257,734,000 | 226,443,000 | 212,194,000 | 207,148,000 | 198,938,000 | 170,143,000 | 150,572,000 | 135,970,000 | 122,884,000 | 88,871,000 | |
operating lease liabilities, current | 24,702,000 | 24,423,000 | 24,118,000 | 22,066,000 | 21,556,000 | 21,200,000 | 20,316,000 | 19,179,000 | 17,592,000 | 16,246,000 | 17,164,000 | 14,831,000 | 14,627,000 | 13,133,000 | 13,945,000 | 12,573,000 | 10,957,000 | 5,577,000 | 6,742,000 | 8,386,000 | 10,960,000 |
total current liabilities | 420,947,000 | 424,082,000 | 399,363,000 | 415,817,000 | 383,029,000 | 393,140,000 | 393,513,000 | 367,213,000 | 342,951,000 | 343,811,000 | 353,333,000 | 332,316,000 | 310,372,000 | 305,133,000 | 289,264,000 | 255,188,000 | 223,665,000 | 207,580,000 | 185,108,000 | 163,476,000 | 152,453,000 |
term loan | 35,576,000 | 36,814,000 | 38,053,000 | 39,291,000 | 39,904,000 | 41,142,000 | 42,380,000 | 43,618,000 | 44,856,000 | 45,469,000 | 46,082,000 | 46,696,000 | 30,458,000 | 31,954,000 | 33,450,000 | 34,612,000 | 35,608,000 | 36,604,000 | 37,599,000 | 29,508,000 | 12,491,000 |
deferred revenue, noncurrent | 534,000 | 1,112,000 | 1,298,000 | 2,005,000 | 2,581,000 | 3,684,000 | 4,882,000 | 5,916,000 | 5,770,000 | 6,230,000 | 6,215,000 | 7,156,000 | 2,644,000 | 3,025,000 | 3,088,000 | ||||||
operating lease liabilities, noncurrent | 189,686,000 | 191,103,000 | 197,082,000 | 201,733,000 | 207,527,000 | 212,855,000 | 214,108,000 | 215,084,000 | 220,181,000 | 223,275,000 | 226,604,000 | 210,012,000 | 212,935,000 | 204,139,000 | 206,869,000 | 208,422,000 | 208,525,000 | 207,984,000 | 207,511,000 | 196,802,000 | 138,141,000 |
other liabilities | 5,325,000 | 5,490,000 | 5,033,000 | 5,046,000 | 1,845,000 | 2,638,000 | 3,388,000 | 3,733,000 | 1,753,000 | 3,369,000 | 3,968,000 | 2,209,000 | 1,630,000 | 3,277,000 | 2,427,000 | 4,973,000 | 4,522,000 | 4,076,000 | 3,737,000 | 2,961,000 | 2,416,000 |
total liabilities | 652,068,000 | 658,601,000 | 640,829,000 | 663,892,000 | 634,886,000 | 653,459,000 | 658,271,000 | 635,564,000 | 615,511,000 | 622,154,000 | 636,202,000 | 598,389,000 | 558,039,000 | 547,528,000 | 535,098,000 | 503,195,000 | 472,320,000 | 456,244,000 | 795,292,000 | 743,908,000 | 646,289,000 |
commitments and contingencies | |||||||||||||||||||||
stockholders' equity | |||||||||||||||||||||
common stock | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |||||
additional paid-in capital | 2,246,005,000 | 2,183,543,000 | 2,118,447,000 | 2,059,848,000 | 2,002,764,000 | 1,942,911,000 | 1,880,675,000 | 1,821,216,000 | 1,767,633,000 | 1,706,006,000 | 1,647,422,000 | 1,595,001,000 | 1,540,200,000 | 1,135,398,000 | 1,085,875,000 | 1,034,252,000 | 987,398,000 | 949,784,000 | 554,340,000 | 528,616,000 | 507,737,000 |
accumulated other comprehensive income | 1,825,000 | 1,263,000 | 1,955,000 | -873,000 | -626,000 | -200,000 | -63,000 | 63,000 | 39,000 | ||||||||||||
accumulated deficit | -2,059,470,000 | -1,960,252,000 | -1,884,100,000 | -1,828,476,000 | -1,762,513,000 | -1,650,218,000 | -1,558,308,000 | -1,494,586,000 | -1,432,188,000 | -1,370,438,000 | -1,299,024,000 | -1,237,556,000 | -1,142,530,000 | -1,041,625,000 | -928,656,000 | -829,788,000 | -739,739,000 | -670,459,000 | -602,104,000 | -541,446,000 | -479,936,000 |
total stockholders’ equity | 188,362,000 | 224,556,000 | 236,304,000 | 227,523,000 | 239,270,000 | 291,917,000 | 319,897,000 | 326,396,000 | 332,169,000 | 334,253,000 | 348,085,000 | 356,574,000 | 394,969,000 | 92,121,000 | 155,973,000 | 203,840,000 | 247,461,000 | 279,264,000 | |||
total liabilities and stockholders’ equity | 840,430,000 | 883,157,000 | 877,133,000 | 891,415,000 | 874,156,000 | 945,376,000 | 978,168,000 | 961,960,000 | 947,680,000 | 956,407,000 | 984,287,000 | 954,963,000 | 953,008,000 | 639,649,000 | 691,071,000 | 707,035,000 | 719,781,000 | 735,508,000 | |||
common stock, 0.00001 par value... | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | ||||||||||||||||
accumulated other comprehensive loss | -3,851,000 | -983,000 | -778,000 | -2,472,000 | -236,000 | -3,278,000 | -1,317,000 | -315,000 | -2,703,000 | -1,654,000 | -1,248,000 | -107,000 | |||||||||
investments, noncurrent | 1,128,000 | 2,760,000 | 10,182,000 | 8,739,000 | 12,099,000 | 19,125,000 | |||||||||||||||
restricted cash, noncurrent | 1,499,000 | 1,499,000 | |||||||||||||||||||
convertible notes, net—related party | 361,337,000 | 351,161,000 | 340,788,000 | ||||||||||||||||||
liabilities and stockholders’ deficit | |||||||||||||||||||||
stockholders' deficit | |||||||||||||||||||||
total stockholders’ deficit | -47,699,000 | -12,789,000 | |||||||||||||||||||
total liabilities and stockholders’ deficit | 747,593,000 | ||||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ deficit | |||||||||||||||||||||
deferred revenue | 103,875,000 | ||||||||||||||||||||
redeemable convertible preferred stock, 0.00001 par value... | |||||||||||||||||||||
stockholders' (deficit) equity | |||||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | 731,119,000 | ||||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ (deficit) equity | |||||||||||||||||||||
redeemable convertible preferred stock | |||||||||||||||||||||
total stockholders’ (deficit) equity | 27,696,000 | ||||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ (deficit) equity | 673,985,000 | ||||||||||||||||||||
revenues | 58,905,000 | ||||||||||||||||||||
cost of revenues | 7,321,000 | ||||||||||||||||||||
gross profit | 51,584,000 | ||||||||||||||||||||
operating expenses: | |||||||||||||||||||||
research and development | 32,996,000 | ||||||||||||||||||||
sales and marketing | 48,039,000 | ||||||||||||||||||||
general and administrative | 32,483,000 | ||||||||||||||||||||
total operating expenses | 113,518,000 | ||||||||||||||||||||
income from operations | -61,934,000 | ||||||||||||||||||||
interest income and other income | -389,000 | ||||||||||||||||||||
interest expense | -10,351,000 | ||||||||||||||||||||
income before benefit from income taxes | -72,674,000 | ||||||||||||||||||||
benefit from income taxes | 615,000 | ||||||||||||||||||||
net income | -73,289,000 | ||||||||||||||||||||
net income per share | |||||||||||||||||||||
basic and diluted | -650 | ||||||||||||||||||||
weighted-average shares used for eps calculation |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-07-31 | 2021-04-30 | 2021-01-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||
net loss | -68,433,000 | -48,360,000 | -40,018,000 | -62,299,000 | -57,326,000 | -72,189,000 | -63,722,000 | -62,398,000 | -61,750,000 | -71,414,000 | -61,468,000 | -95,026,000 | -100,905,000 | -112,969,000 | -98,868,000 | -90,049,000 | -69,280,000 | -68,355,000 | -60,658,000 | -61,510,000 |
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||
allowance for expected credit losses | 399,000 | 166,000 | 1,027,000 | 2,165,000 | 653,000 | 173,000 | 199,000 | 1,068,000 | 683,000 | 652,000 | 737,000 | -315,000 | ||||||||
depreciation and amortization | 5,809,000 | 5,146,000 | 4,963,000 | 4,813,000 | 4,437,000 | 4,279,000 | 4,014,000 | 3,937,000 | 3,531,000 | 3,588,000 | 3,288,000 | 3,162,000 | 3,204,000 | 3,199,000 | 3,104,000 | 2,963,000 | 3,129,000 | 1,399,000 | 973,000 | 978,000 |
amortization of deferred contract acquisition costs | 7,036,000 | 7,078,000 | 6,691,000 | 6,718,000 | 6,696,000 | 6,406,000 | 6,087,000 | 6,001,000 | 5,668,000 | 5,432,000 | 4,871,000 | 4,589,000 | 3,937,000 | 3,527,000 | 3,045,000 | 2,708,000 | 2,317,000 | 1,993,000 | 1,629,000 | 1,395,000 |
stock-based compensation expense | 54,746,000 | 62,154,000 | 48,167,000 | 50,569,000 | 51,955,000 | 60,107,000 | 48,640,000 | 51,849,000 | 52,866,000 | 56,205,000 | 41,498,000 | 53,128,000 | 47,991,000 | 47,934,000 | 39,909,000 | 42,267,000 | 25,848,000 | 20,381,000 | 16,031,000 | 15,926,000 |
net accretion of discount on marketable securities | -439,000 | -542,000 | -736,000 | -1,090,000 | -1,725,000 | -1,831,000 | 115,000 | 250,000 | 336,000 | |||||||||||
non-cash lease expense | 4,566,000 | 4,582,000 | 4,540,000 | 4,439,000 | 4,640,000 | 4,436,000 | 4,452,000 | 4,092,000 | 3,954,000 | 4,781,000 | 5,263,000 | 4,169,000 | 4,058,000 | 3,729,000 | 3,639,000 | 3,347,000 | 4,462,000 | 4,254,000 | 4,526,000 | 4,554,000 |
impairment of long-lived assets | 0 | 0 | ||||||||||||||||||
amortization of discount on revolving credit facility and term loan issuance costs | 31,000 | 30,000 | 30,000 | 31,000 | 30,000 | 31,000 | 30,000 | 31,000 | 30,000 | 30,000 | ||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||
accounts receivable | -3,391,000 | -971,000 | 18,738,000 | -25,271,000 | -2,304,000 | 34,646,000 | -11,732,000 | -21,778,000 | -2,407,000 | 31,910,000 | -17,252,000 | -23,802,000 | -6,580,000 | 13,734,000 | -8,531,000 | -13,014,000 | -12,979,000 | 2,182,000 | -3,182,000 | -8,627,000 |
prepaid expenses and other current assets | -4,532,000 | -11,333,000 | -8,846,000 | -4,575,000 | -2,254,000 | -9,196,000 | -4,402,000 | -11,830,000 | -4,707,000 | -4,432,000 | -4,625,000 | -1,887,000 | 5,547,000 | -15,899,000 | -11,803,000 | -14,664,000 | -3,417,000 | -3,188,000 | -2,383,000 | -3,933,000 |
other assets | 287,000 | 988,000 | -714,000 | 194,000 | -1,513,000 | -2,187,000 | -894,000 | -1,210,000 | -606,000 | 467,000 | 881,000 | -907,000 | -1,178,000 | 173,000 | -2,196,000 | -4,371,000 | -2,842,000 | -1,653,000 | -1,858,000 | -853,000 |
accounts payable | -3,652,000 | 7,985,000 | -1,724,000 | -167,000 | -1,759,000 | -77,000 | 6,446,000 | -4,181,000 | 6,857,000 | -3,231,000 | -14,000 | -1,058,000 | -1,864,000 | -6,150,000 | 4,681,000 | -1,804,000 | 7,371,000 | 4,143,000 | -2,451,000 | -4,717,000 |
accrued expenses and other liabilities | 7,334,000 | -4,728,000 | -7,442,000 | 18,012,000 | -5,035,000 | 3,810,000 | -10,183,000 | 11,679,000 | -2,668,000 | -800,000 | -13,417,000 | 10,314,000 | -1,258,000 | 15,692,000 | 791,000 | |||||
deferred revenue | -8,494,000 | 23,332,000 | -12,512,000 | 20,661,000 | -7,050,000 | -7,881,000 | 25,851,000 | 15,780,000 | -5,693,000 | -2,814,000 | 30,350,000 | 18,761,000 | 4,665,000 | 8,148,000 | 27,801,000 | 19,512,000 | 15,157,000 | 13,645,000 | 20,025,000 | 15,738,000 |
operating lease liabilities | -5,811,000 | -5,692,000 | -5,400,000 | -5,356,000 | -4,970,000 | -4,775,000 | -4,853,000 | -6,554,000 | -3,356,000 | -4,663,000 | -4,291,000 | -3,455,000 | -3,478,000 | -3,505,000 | -3,391,000 | -401,000 | 3,923,000 | -1,823,000 | 6,364,000 | 7,884,000 |
net cash from operating activities | 16,172,000 | 39,835,000 | 6,764,000 | 15,855,000 | -14,890,000 | 15,858,000 | -1,898,000 | -15,337,000 | -8,233,000 | 20,232,000 | -14,593,000 | -31,099,000 | -46,178,000 | -41,648,000 | -41,133,000 | -39,325,000 | -28,500,000 | -8,516,000 | -7,444,000 | -18,165,000 |
capital expenditures | -2,743,000 | -4,453,000 | -2,769,000 | -3,516,000 | -3,291,000 | -3,098,000 | -2,377,000 | -1,615,000 | -3,232,000 | -5,627,000 | -2,687,000 | -3,065,000 | -2,339,000 | -635,000 | -1,118,000 | -1,284,000 | -10,937,000 | -12,701,000 | -17,152,000 | -22,295,000 |
free cash flows | 13,429,000 | 35,382,000 | 3,995,000 | 12,339,000 | -18,181,000 | 12,760,000 | -4,275,000 | -16,952,000 | -11,465,000 | 14,605,000 | -17,280,000 | -34,164,000 | -48,517,000 | -42,283,000 | -42,251,000 | -40,609,000 | -39,437,000 | -21,217,000 | -24,596,000 | -40,460,000 |
cash flows from investing activities | ||||||||||||||||||||
purchases of marketable securities | -56,981,000 | -70,041,000 | -34,055,000 | -67,820,000 | -59,502,000 | -36,642,000 | -70,484,000 | -34,821,000 | -145,018,000 | 0 | -139,294,000 | 0 | 2,000 | -25,664,000 | -46,554,000 | -471,000 | -13,453,000 | -14,468,000 | -34,002,000 | -64,963,000 |
maturities of marketable securities | 69,000,000 | 55,576,000 | 41,000,000 | 44,996,000 | 104,309,000 | 39,796,000 | 51,500,000 | 17,500,000 | 7,500,000 | 16,526,000 | 1,615,000 | 33,661,000 | 54,314,000 | 20,309,000 | 35,581,000 | 7,713,000 | 43,549,000 | 36,687,000 | 44,352,000 | 8,501,000 |
purchases of property and equipment | -669,000 | -1,297,000 | -638,000 | -1,505,000 | -1,372,000 | -1,690,000 | -1,002,000 | -500,000 | -1,255,000 | -4,100,000 | -1,866,000 | -2,211,000 | -1,457,000 | -635,000 | -1,048,000 | -1,284,000 | -10,746,000 | -12,588,000 | -16,969,000 | -22,191,000 |
capitalized internal-use software costs | -2,074,000 | -3,156,000 | -2,131,000 | -2,011,000 | -1,919,000 | -1,408,000 | -1,375,000 | -1,115,000 | -1,977,000 | -1,527,000 | -821,000 | -854,000 | -882,000 | 0 | -70,000 | |||||
net cash from investing activities | 9,276,000 | -18,918,000 | 4,176,000 | -26,340,000 | 41,516,000 | 56,000 | -21,361,000 | -18,930,000 | -140,738,000 | 10,899,000 | -140,366,000 | 30,596,000 | 51,977,000 | -5,990,000 | -12,091,000 | 5,313,000 | 19,161,000 | 9,538,000 | -6,451,000 | -41,666,000 |
cash flows from financing activities | ||||||||||||||||||||
repayment of term loan | -1,250,000 | -625,000 | -625,000 | -625,000 | -625,000 | -1,250,000 | -625,000 | -35,666,000 | -1,000,000 | -1,000,000 | -667,000 | -500,000 | -500,000 | -500,000 | -167,000 | |||||
repurchases of common stock | -30,785,000 | -28,872,000 | -14,526,000 | -4,485,000 | -54,847,000 | -7,000 | 0 | -4,000 | 0 | -23,000 | -13,000 | |||||||||
proceeds from exercise of stock options | 762,000 | 816,000 | 1,257,000 | 5,217,000 | 1,755,000 | 1,044,000 | 1,085,000 | 987,000 | 783,000 | 1,275,000 | 1,798,000 | 1,146,000 | 980,000 | 1,419,000 | 2,228,000 | 3,740,000 | 3,859,000 | 5,994,000 | 2,974,000 | 4,307,000 |
proceeds from employee stock purchase plan | 5,266,000 | 0 | 7,746,000 | 0 | 4,799,000 | 0 | 8,866,000 | 0 | 6,511,000 | 0 | 8,558,000 | 1,000 | 7,959,000 | 0 | 9,156,000 | 0 | 7,223,000 | 0 | 6,127,000 | |
taxes paid related to net share settlement of equity awards | 0 | -1,000 | 0 | -4,000 | -3,000 | 0 | 0 | |||||||||||||
net cash from financing activities | -26,007,000 | -30,556,000 | -5,523,000 | 107,000 | -48,919,000 | -19,228,000 | 9,947,000 | 359,000 | 6,669,000 | 18,000 | 9,731,000 | 14,934,000 | 355,323,000 | 417,000 | 10,717,000 | 3,236,000 | 10,582,000 | 5,471,000 | 17,921,000 | 22,274,000 |
effect of foreign exchange rates on cash, cash equivalents, and restricted cash | -235,000 | 231,000 | 3,799,000 | -1,846,000 | -474,000 | -3,081,000 | -489,000 | |||||||||||||
net decrease in cash, cash equivalents, and restricted cash | -794,000 | -22,767,000 | ||||||||||||||||||
cash, cash equivalents, and restricted cash | ||||||||||||||||||||
beginning of period | 0 | 0 | 184,864,000 | 0 | 0 | 0 | 236,663,000 | 0 | 0 | 0 | 526,563,000 | 0 | 0 | 0 | 240,403,000 | 0 | 0 | 0 | 259,878,000 | 0 |
end of period | -794,000 | -9,408,000 | 194,080,000 | -12,224,000 | -22,767,000 | -2,194,000 | 222,049,000 | -31,651,000 | -145,383,000 | 31,463,000 | 382,234,000 | 15,973,000 | 360,633,000 | -47,371,000 | 197,328,000 | -31,415,000 | 1,503,000 | 6,382,000 | 263,933,000 | -37,547,000 |
net increase in cash, cash equivalents, and restricted cash | 9,216,000 | 360,633,000 | -31,415,000 | 1,503,000 | 6,382,000 | 4,055,000 | ||||||||||||||
net amortization of (discount) premium on marketable securities | ||||||||||||||||||||
sales of marketable securities | 6,000 | 22,000 | 0 | 0 | 351,000 | |||||||||||||||
proceeds from term loan, net of issuance costs | 0 | 0 | 0 | 9,000,000 | 18,000,000 | |||||||||||||||
proceeds from private placement—related party, net of offering costs | ||||||||||||||||||||
reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||||||||||||||||||||
cash and cash equivalents | ||||||||||||||||||||
restricted cash | ||||||||||||||||||||
total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | ||||||||||||||||||||
supplemental cash flow data | ||||||||||||||||||||
cash paid for income taxes | ||||||||||||||||||||
cash paid for interest | ||||||||||||||||||||
supplemental non-cash investing and financing information | ||||||||||||||||||||
purchase of property and equipment in accounts payable and accrued expenses | ||||||||||||||||||||
vesting of early exercised stock options | ||||||||||||||||||||
stock-based compensation expense capitalized for software development | ||||||||||||||||||||
effect of foreign exchange rates on cash and cash equivalents | -1,302,000 | 899,000 | -568,000 | |||||||||||||||||
net decrease in cash and cash equivalents | -14,614,000 | |||||||||||||||||||
net amortization of premium (discount) on marketable securities | -1,823,000 | -636,000 | -488,000 | -444,000 | ||||||||||||||||
amortization of discount on convertible notes and credit facility issuance costs | ||||||||||||||||||||
non-cash interest expense | 0 | 0 | 2,740,000 | 3,930,000 | 3,972,000 | |||||||||||||||
proceeds from private placement — related party, net of offering costs | ||||||||||||||||||||
net increase in cash and cash equivalents | -144,329,000 | -43,075,000 | ||||||||||||||||||
purchase of property and equipment in accounts payable and accrued liabilities | ||||||||||||||||||||
issuance of common stock upon conversion of convertible notes — related party | ||||||||||||||||||||
stock-based compensation for software development | ||||||||||||||||||||
allowance for doubtful accounts | 627,000 | 1,019,000 | 472,000 | 570,000 | 196,000 | -280,000 | ||||||||||||||
net amortization of premium on marketable securities | 12,000 | -7,000 | 2,000 | 55,000 | ||||||||||||||||
amortization of discount on convertible notes and term loan issuance costs | 28,000 | 5,000 | 4,000 | 4,000 | 5,000 | 4,000 | 4,385,000 | 6,251,000 | 6,405,000 | |||||||||||
proceeds from issuance of convertible notes — related party | 0 | |||||||||||||||||||
net amortization of premium (discount) of marketable securities | ||||||||||||||||||||
change in fair value of redeemable convertible preferred stock warrant liability | ||||||||||||||||||||
total cash, cash equivalents, and restricted cash | ||||||||||||||||||||
conversion of redeemable convertible preferred stock warrant liability to redeemable convertible preferred stock as a result of warrant exercise | ||||||||||||||||||||
loss on sale of property and equipment | ||||||||||||||||||||
accrued expenses and other current liabilities | -2,779,000 | 10,523,000 | 2,827,000 | 4,344,000 | ||||||||||||||||
sales of property and equipment | 2,000 | 0 | ||||||||||||||||||
capitalized internal-use software | -191,000 | -113,000 | -183,000 | -104,000 | ||||||||||||||||
proceeds from issuance of convertible notes—related party | ||||||||||||||||||||
effect of foreign exchange rates on cash and cash equivalents and restricted cash | 260,000 | -111,000 | 29,000 | 10,000 | ||||||||||||||||
gain on sale of property and equipment | 0 | |||||||||||||||||||
net accretion of discount of marketable securities | ||||||||||||||||||||
other liabilities | ||||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs |