Asana Q1: 26% Revenue Growth, Earnings Beat & More

Asana, Inc. ASAN reported a Q1 FY24 revenue growth of 26% Y/Y to $152.4 million, beating the consensus of $150.6 million.
The number of customers spending $5,000 or more, on an annualized basis, grew 19% Y/Y to 19,864. Revenues from these customers rose 32% Y/Y.
The number of customers spending $100,000 or more, on an annualized basis, was up 31% Y/Y to 510.
Overall dollar-based net retention rate stood at over 110%.
Non-GAAP operating loss improved to $(22.3) million from an operating loss of $(54.7) million a year ago.
Non-GAAP EPS loss came in at $(0.09), an improvement from $(0.30) the prior year, beating the consensus of $(0.18).
Operating cash flow was negative $(14.6) million vs. $(41.1) million in the prior year.
Free cash outflow came in at $(16.6) million vs. $(42.2) million in the prior year.
Outlook: For Q2, the company expects revenues of $157.5 million-$158.5 million (+17% Y/Y) vs. consensus of $157.75 million and non-GAAP EPS loss of $(0.12)-$(0.11) vs. consensus of $(0.15).
For FY24, ASAN now projects revenues of $640.0 million-$648.0 million (+17% to +18%) vs. $638.0 million- $648.0 million earlier and the consensus of $643.45 million.
The company now anticipates non-GAAP EPS loss of $(0.55)-$(0.50) vs $(0.59)-$(0.55) expected earlier and the consensus of $(0.56).
Price Action: ASAN shares are trading higher by 1.84% at $23.27 premarket on the last check Friday.