Asana Inc at Citi TMT Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Steven Enders - Citibank Cameroon SA - Analyst : We'll make sure to do that. I do want to talk about earnings. But before we do that, I think you both -- I think it was about a year ago exactly that you were announced as CFO, Sona. I guess maybe what surprised you from your first year here about Asana versus your perception coming in, and where do you kind of see the most, I guess, opportunity to, I guess, operationalize the business a little bit more?

Question: Steven Enders - Citibank Cameroon SA - Analyst : Okay. That's great to hear. I mean I'm sure we're going to dig in a lot to the AI opportunity later in the session. I do want to touch on earnings last night, can you give us the high-level takeaway around, I guess, what happened? Or how we should be thinking about earnings?

Question: Steven Enders - Citibank Cameroon SA - Analyst : All right. That makes sense. Maybe you can talk about the transition of Dustin moving away from the CEO, Dan coming in. What's kind of been the -- I think he's been on Board maybe a month now at this point?

Question: Steven Enders - Citibank Cameroon SA - Analyst : I guess what's the first month like been with Dan and maybe what changes in the medium or longer term for Asana with him coming on board? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 7:30PM, ASAN.N - Asana Inc at Citi TMT Conference

Question: Steven Enders - Citibank Cameroon SA - Analyst : Yes, that's great. That's interesting. I do want to keep this interactive. So if there are questions in the room, we want to make sure that we get to those. But I do want to address the SEO side because I think there was some --

Question: Steven Enders - Citibank Cameroon SA - Analyst : Yes. I'm sure you haven't heard about that at all today. But just I guess maybe what did you see in the quarter from the SEO, SCM dynamics? And I guess, as we think about the guidance, what are you assuming in there versus kind of what you actually saw?

Question: Steven Enders - Citibank Cameroon SA - Analyst : Okay. I guess a couple of follow-up questions there. I think you said that it actually got a little bit better through the quarter, at least the headwinds maybe pulled back a little bit. I guess, maybe what have you seen so far in 3Q coming off of that as well? Actually start there and then I guess I'll have another follow-up.

Question: Steven Enders - Citibank Cameroon SA - Analyst : Yes.

Question: Steven Enders - Citibank Cameroon SA - Analyst : Sure.

Question: Steven Enders - Citibank Cameroon SA - Analyst : Got it. Okay. That makes sense. And it sounds like you're thinking about 4Q, what you have in place and starts to improve kind of going through 3Q and 4Q is back to normal?

Question: Steven Enders - Citibank Cameroon SA - Analyst : Okay. Got you. That makes sense. I think I'm ready to move on from SEO in that conversation, if there are questions in the room. Otherwise, we'll move on to the AI product and AI Studio. So maybe just to start there and dig in a little bit more, I think you said it doubled this quarter.

Question: Steven Enders - Citibank Cameroon SA - Analyst : More than doubled. Maybe how are the use cases that customers are using AI Studio for, how is it different than maybe what they had done historically with Asana? And what is -- like how are the -- like most sophisticated customers like the most interesting use cases, what does that look like for you all?

Question: Steven Enders - Citibank Cameroon SA - Analyst : That's great to hear. With the customers that have adopted it so far, just how is -- I guess, like the underlying like metrics, how was it different? Like what -- does NRR look materially different for that customer set or like the user trends different for that user seat expansion trends? Is it different for those customers? Just how do you kind of think about what that means?

Question: Steven Enders - Citibank Cameroon SA - Analyst : Okay. I guess as your -- I guess, with Studio, just for that customer base, how easy is it to actually begin to use, begin to implement it? Like is there any handholding from like a salesperson or from an account manager that needs to happen to make them able to use?

Question: Steven Enders - Citibank Cameroon SA - Analyst : Okay. That's good to hear. Maybe that's a good part to start defining into the model a little bit. Maybe to start, just how do you think about the contribution from the AI portfolio for this year? And as we think about the ramp-up and not kind of being deployed a little bit more fully, what does that mean for the kind of the go-forward view of Asana?

Question: Steven Enders - Citibank Cameroon SA - Analyst : Sure. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2025 / 7:30PM, ASAN.N - Asana Inc at Citi TMT Conference

Question: Steven Enders - Citibank Cameroon SA - Analyst : Okay. No, that makes sense. I don't want to disappoint you. I did want to ask about margin.

Question: Steven Enders - Citibank Cameroon SA - Analyst : Yes. Well, let's give you the opportunity to talk about it. I mean, it's been a big point of focus for you to come in and do that. I guess what have you kind of already done from -- or what have you kind of changed to be able to support that to drive that margin opportunity? And how do you think about how much more room there is to drive?

Question: Steven Enders - Citibank Cameroon SA - Analyst : Okay. All right. That's good to hear. I guess, to your point around there are areas that you want to invest in areas that I think Dan wants to kind of maybe accelerate or put us on the accelerator a little bit. Just how do you think about then the balance of what do you let flow through to the bottom line versus letting -- versus utilizing and putting back to work to try to grow the company?

Question: Steven Enders - Citibank Cameroon SA - Analyst : Okay. That makes sense. I think we have about five minutes here. I just want to see any questions in the room real quick before moving forward. We got a mic coming, just one second. Unidentified Participant How has the stock price affected hiring for your AI Studio development team?

Question: Steven Enders - Citibank Cameroon SA - Analyst : We have another question on the back. Unidentified Participant On the AI studio product, is there any differentiation on the unit economics versus kind of like legacy products?

Question: Steven Enders - Citibank Cameroon SA - Analyst : Okay. That's great. We've got about a minute left here. So I guess I'll ask a high-level question to leave it. But you think about the investments you're making today, it seems like there's a big view of the future of AI. I guess, how does that kind of transform Asana as a company? And how does it kind of, I guess, transformed the opportunity as you look out over the next kind of few years?

Question: Steven Enders - Citibank Cameroon SA - Analyst : That's good. I think it's a good place to leave it. So Sonalee, Aziz, thank you so much for being here and I want to thank everybody in the room for joining us today. So thank you.