Asana Inc at Jefferies Software Conference (Virtual) Transcript

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

Question: Brent Thill - Jefferies LLC - Analyst : And Tim, I guess you know to start with the elephant in the room. It is -- largely been unprecedented in our coverage of a lot of names to see what your CEO is doing with his open market purchases. It's one of the top questions we get. I know it's one of the top questions you get. So let's address it upfront as it relates to Dustin's involvement and his purchasing. So anyway you can frame this and address -- his commitment obviously has been very clear to the Company.

Question: Brent Thill - Jefferies LLC - Analyst : Yes. I think many software investors wish he would give a teach into the rest of the industry on how to do this effectively. So I'm sure he's being called on for that. Maybe just for those that don't know Asana, Tim, as well, just set the stage of what's driving this incredible growth and opportunity from your perspective. 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 15, 2021 / 6:00PM, ASAN.N - Asana Inc at Jefferies Software Conference (Virtual)

Question: Brent Thill - Jefferies LLC - Analyst : We just had the CEO of Dropbox, and he had a statement that I thought was a good one. It's not a -- work from the office or work from anywhere, it's work from screens now. And these screens are all over; they are in your garage; they are on the Peloton; they are in the coffee shop. And it seems like we are struggling with this too across our team as this collaboration and coordination of work is a really difficult one. And I would assume many ask about this work from screen movement, and it seems like it's been very beneficial as these teams are globally distributed. They are not on central locations. Can you just talk to what you've seen since the pandemic? And clearly the numbers are inflecting. But I guess the question is, is this a surge where we are going to have a digestion period at some point, or do you believe this is kind of the new normal and sustainable growth line that we should expect?

Question: Brent Thill - Jefferies LLC - Analyst : Yes. Just on that topic, I know that you can fit into SMB and large enterprise, but I think everyone has been surprised by these really large seat adoptions. And it seems like you are still cracking the code on the larger enterprise. What are you doing here to ensure that -- you have this mass-market opportunity, you don't take your eye off the ball there. But you also have this clear enterprise opportunity with -- I would assume that these 50,000 seat deals could turn to even much larger transactions over time. How do

Question: Brent Thill - Jefferies LLC - Analyst : One of the other things we've heard out of the conference, we've heard actually other software companies talk about you and integration points. And so the question is when you think about some of these partnerships and opportunities, Vimeo talked about tying their video platform into your platform as an example. Can you walk through how you are getting more synergy and go-to-market tailwinds from some of these partnerships, or is it still way too early to call on it, it's kind of on the come? 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 15, 2021 / 6:00PM, ASAN.N - Asana Inc at Jefferies Software Conference (Virtual)

Question: Brent Thill - Jefferies LLC - Analyst : We've been doing hours of teach-ins trying to describe the landscape to investors. And you are going to do a better job than I can. But when you think about where you fit in and where the others are fitting in. So the common question of monday.com, Smartsheet, Atlassian are kind of the three most asked on. Can you just start there and maybe describe? And I think even in the due diligence we did and continue to do -- we find a lot of SMB and a lot of large enterprises saying right now they are using multiple tools. They may use Asana to coordinate the work, but they will go into Smartsheet to do the work or there's a lot of other solutions that you maybe use in concert with. Can you walk through that?

Question: Brent Thill - Jefferies LLC - Analyst : That's great. The growth rate at 72% clearly is impressive, but many have asked how you think about the balance of the bottom line. And I guess maybe the answer right now is if you can grow 70%-plus, why worry about the bottom line. But how do you think about this over time? And not near term, but inherently, if you have this user base that's captive and they are in, we've sustainably seen software companies produce 20% to 40%-plus margins. Is that in the ballpark of where you think you could be?

Question: Brent Thill - Jefferies LLC - Analyst : Do you think in an environment, in a work from screen or work from anywhere, does this change your cost basis over time? Meaning are you going to require when they come back to the office or how are you thinking about this return in -- if we go through a work from screen, I'd assume it has consequences positively to the bottom line at some point?

Question: Brent Thill - Jefferies LLC - Analyst : And with Anne's new role as COO and Chris retiring -- or hopefully he will be hanging out in Marin County and I'll get to see him more. But when you think about Anne's new role, can you walk through -- are there -- is this more -- if she's coming in to fill in and continue to create consistent playbook, you are running or do you think there's new thing she's going to add? How -- many have asked how that will work? 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 15, 2021 / 6:00PM, ASAN.N - Asana Inc at Jefferies Software Conference (Virtual)

Question: Brent Thill - Jefferies LLC - Analyst : There was a client question, and I'll just read the question verbatim. We know billings aren't a perfect measurement for Company performance, since one-third of the revenues come from month-to-month contracts that don't show up in [DR]. Even so, can you talk about the math behind the October quarter's billings growth?

Question: Brent Thill - Jefferies LLC - Analyst : Okay. Catherine, from your side and what you are hearing from investors, anything else that you think is important to address that you think is misunderstood or a common question that you want to address? Anything we should be considering?

Question: Brent Thill - Jefferies LLC - Analyst : That's great. Pleasure having you both. Thanks so much for your support of the conference, and welcome to the $20 billion market cap club.