Thank you for standing by, and welcome to Asana's First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to Catherine Buan, Head of Investor Relations. Please go ahead.

Good afternoon, and thank you for joining us on today's conference call to discuss the financial results for Asana’s first quarter fiscal year 2025. With me on today's call are Dustin Moskovitz, Asana’s Co-Founder and CEO; Anne 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 expectations for free cash flow, our financial outlook, strategic plans, our 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 10K and quarterly report on Form 10Q, 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. Reconciliation 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 webpage at investors.asana.com. And with that I’d like to turn the call over to Dustin.

Thank you Catherine, and thank you all for joining us on the call today. Asana had a good first quarter as we continue to execute on our enterprise go-to-market strategy and make progress on Asana AI. I’ll go through a few of the highlights from the quarter then jump into how I see the AI landscape evolving. Q1 revenues grew 13% year-over-year, with revenue from our largest customers growing even faster than that, and non-GAAP operating margins improved 5 percentage points year-over-year. Our growth continues to be fueled by some of the largest and most strategic companies in the world who are partnering with Asana and re-defining how they work. It's been a solid start to the year and we continue to focus on our enterprise playbook, sales productivity, and building our enterprise muscle. Now I want to get to what’s most top of mind for me. AI is a disruptive force that will dramatically reshape all of Software. Rigid software categories like ITSM, CRM, you can go down the list -- they are all designed for an earlier paradigm. AI is transforming the way we manage work, the way we execute work, and the way we think about how to work. Everyone’s mental model for how work gets done today needs to be rethought. Let me start with how folks currently think about our category, Collaborative Work Management. What used to be about helping humans coordinate work at scale has expanded to enabling humans and AI to collaborate and achieve extraordinary things together. At Asana, we believe the future of work is humans and AI collaborating side-by-side, with AI teammates taking on and completing increasingly complex tasks and workflows. There is incredible enthusiasm for AI in the enterprise, and rightfully so. But most of what has been released today…

Thanks Dustin. To further your point, our biggest, most innovative customers are focusing on AI as well. The Asana Work Graph is the scaffolding that combined with AI makes work even more effective. As a result, our AI roadmap is a top request for executive briefings. We are well positioned to be the solution for many of the questions that are pervasive in this early stage of AI adoption. We’ve started to roll out our new AI workflow capabilities to a select group of customers who are reinventing how they work today, and the early feedback has been nothing short of jaw-dropping. In fact, the last few weeks I’ve been meeting with customers in Tokyo, New York and across EMEA and their response has been amazing. They see massive potential for these AI teammates to drive productivity, fuel innovation, and deliver better results. As one customer said, Asana's AI capabilities have the potential to help us realize our vision of becoming an AI-powered workforce. Now let’s transition to our Q1 performance. We had a solid finish to the quarter despite ongoing budget scrutiny and other headwinds. Today, we believe that we have better predictability in our business, a strengthening pipeline, and we are starting the year better positioned to serve our customers throughout the entire customer life-cycle, enhancing our ability to partner and grow together. By geography, EMEA and Japan led revenue growth and overall International revenues grew 14.5% year-over-year. The EMEA team continues to execute well with strong leadership and a more seasoned sales team. This is a great leading indicator for North America where the step-up in leadership happened about one year later. As we mentioned previously, we expect dollar based net retention to bottom in Q2, at or slightly below 100% for the overall number, and stabilize…

Thank you Anne. Q1 revenues came in at $172.4 million, up 13% year-over-year. We have 22,162 Core customers, or customers spending $5,000 or more on an annualized basis. Revenue from Core customers grew 15% year-over-year. This cohort represented 74% of our revenues in Q1, up from 73% in the year ago quarter. We have 607 customers spending $100,000 or more on an annualized basis and this customer cohort grew at 19% year-over-year. As a reminder, we define these customer cohorts based on annualized GAAP revenues in a given quarter. I want to give you some color on our $100K customer progress since customer count based on GAAP revenues is a lagging indicator and does not capture the progress we have made. On an ARR basis, we added over 30 $100K customers in Q1 versus over 20 in the year ago quarter Our overall dollar-based net retention rate was 100%. Our dollar-based net retention rate for our Core customers was 102%. And among customers spending $100,000 or more, our dollar-based net retention rate was 108%. As a reminder, our dollar-based net retention rate is a trailing 4 quarter average calculation and thus a lagging indicator. We continue to see stable logo churn rates overall and low churn in our largest accounts. I’ll speak specifically to our outlook regarding this in a moment. As I turn to expense items and profitability, I would like to point out that I will be discussing non-GAAP results in the balance of my remarks. Gross margins came in at 89.8%. Research and Development was $55 million, or 32% of revenue. Sales and Marketing was $88.6 million, or 51% of revenue. G&A was $27.1 million, or 16% of revenue. Operating loss was $15.8 million, and our operating loss margin was 9%, representing a 5 percentage point improvement…

[Operator Instructions] Our first question comes from the line of Rob Oliver with Baird.

Great, good afternoon. Thank you very much for taking my questions. Dustin, I have a question for you. I really appreciate your perspective on this incredible moment we're in here with generative AI. And the potential paradigm shift that you laid out sort of away from traditional siloed application software categories is extremely interesting. And I'd love to hear a little bit more on that and whether you're hearing that today or any indications of usage trending that way from some of the most sophisticated Asana customers that are sort of the thought leaders on the Asana platform. And then I had a follow-up for Anne.

Yes, I'm trying to connect the question to the word that I used. I may have misconveyed it a little bit, but what I think is true is that the way that these workflows happen will change quite dramatically. And I think as a result, which borders exist between which categories will change as well. So for example, a lot of ITSM right now is sort of oriented around large numbers of humans taking tickets and figuring out how to respond to them. And if we move to a world where the vast majority of responses are fully automated and handled with the end user immediately, I think that will change the emphasis on where that software lives and where the value creation is. In terms of what our customers are doing now, so I was talking basically about the future of AI-driven workflows in Asana. And I mentioned that we're also working in a closed beta with a few select customers, but it's still very early. I don't think anyone has replaced an entire category of software yet like that, but that's what I see coming in the future just because the potential is so dramatic. But a lot of what we've learned as well is it's really hard to learn exactly how these things manifest until you're actually doing it. So we put the new functionality in front of customers and we might suggest a particular use case for it, but almost immediately they're sort of brainstorming 10 or 20 others, literally sometimes pulling in their colleagues and saying like, hey, can you imagine what you can do with this? And I think there's going to be quite a lot of discovery and innovation there. And so part of the point I was making is I think that the where we've been recently people kind of view AI entirely by analogy. It'll be like the same workflow, but now it'll be done in a partially automated way and I think that's a unnecessarily limited way of looking at the world.

That's helpful. Thank you. And then and my follow-up is for you just, I think coming up in our conversations and I assume others as well as just some of the I guess feeling of being overwhelmed or confusion from some enterprise buyers relative to all of the different AI offerings that are out there and every application vendor coming with an AI offering and I'd be curious as you and Ed, go to market, I continue to kind of ramp up the enterprise playbook and build that muscle. What are some of the ways that you guys are getting in front of the right executives and differentiating your offering amongst a sea of other application vendors out there touting their AI Opportunity and that I guess that question would be particularly germane to customers that might be new to sauna on the enterprise side. Thank you.

Yes. Thanks Rob. That's a great question because there are there's a lot out. And I think everybody as you said is padding AI. The things that are helping us differentiate is really we've been focusing a lot on ensuring that we are bringing a strategy to especially CIOs. We are work innovation lab published original research on the topics facing CIOs today including AI and 77% of IT leaders are saying they are the ones responsible for AI so part of our approach is bringing both this original research unique approach to AI and then showing CIOs what's possible? So we recently had our customer advisory board sessions with CIOs both in Europe and in the U.S. And just by showing what's already possible in Asana as Dustin just said it's really generating these ideas around what's already possible today and what will be possible tomorrow? And so our focus on going up market and really reaching the C-level decision makers is also starting to pay off because many of them just want a trusted partner to lay out a strategy together on how to approach AI and so they are excited about also, just our security and safety and how we've built AI into Asana so that that's what I think we're the most excited about in these conversations is just the executive level engagement and then their eyes lighting up when they're seeing what they can already do in Asana, and as Dustin said it just generates, 10 to 20 more ideas and so these pilots that we're running are really critical for us to be able to show them the value so quickly and we're excited to share more about what's happening there. So that's going to come at the work innovation summit both in San Francisco next week and then in the fall in New York in October.

Our next question comes from the line of George Iwanyc with Oppenheimer.

Thank you for taking my questions Dustin staying on the AI topic kind of digging into your comments with respect to the Discovery and innovation process. Can you maybe tie into how you're using the AI internally to how you're kind of adjusting both the product roadmap and the go-to-market roadmap on the enterprise side?

Sure, I always struggle a little bit with these questions because AI for us is really more than one thing There are a number of features that we have in product already and have been part of our roadmap and we talked about at last year's work innovation summit and have been have been delivering until a lot of that lives next to functionality that we use day in and day out. So things like smart summaries or being able to use smart answers to sort of ask questions of the current project that you're looking at And so that just ends up being part of part of our normal workflow and part of customer workflows as well. The part that I was speaking to that feels a little bit newer are these custom AI workflows? And in a lot of ways it is a continuation of a roadmap we've been working on for 10 years. It's been kind of magical for me actually to sort of feel like the language models are just sort of like this missing keystone in our existing workflow builder because we already have integrations to a lot of the other tools and enterprises are using we already have this sort of RPA style workflow automation We already have a very powerful templating engine and now we have this additional ability to take some of the steps and actually do part of the work, what we refer to as actually assigning work to an AI teammate. And so that is a really important development and opens up a lot of possibilities for us, but not actually this giant new effort on our roadmap because it's really combining with all these other building blocks we have. And in terms of how we're using it internally, we're…

Thank you. And then, Anne, as a follow-up, kind of digging into your number two priority with accelerating the pipeline. Can you kind of parse that out with what you're seeing on the enterprise side versus the SMB side?

Yes, definitely. So on pipeline, pipeline grew year-over-year and we've been consistently hitting or exceeding internal targets both inbound and outbound in every region and across every pipeline source. So we're really bullish about seeing those results. And it's really a strong partnership between our sales and marketing teams. I mentioned just the focus on our work innovation labs, original research, but that's also combined with the executive events we've been running with the work innovation summits around the world and then our executive briefings through our work innovation center. So it's all coming together to enable us to reach C-level decision makers. And that's been incredibly helpful in terms of building that enterprise pipeline. We also in Q1 saw strength in our SMB segment. So we saw double digit year-over-year growth in UAR there as well as improvement in our negative rate. We saw strength in SMB customer acquisition as well as in our sales assisted SMB motion. So we're also pleased to see that while our focus absolutely has been continuing to grow upmarket in enterprise, the stability and improvement in the lower end of the market is also an early positive signal for our business as well.

Our next question comes from a line of Brent Bracelin with Piper Sandler.

Thank you. Good afternoon. Tim, maybe we'll start with you. Obviously growth has been challenged here for the last couple of years. You talked about actually seeing some expansion, seed expansion within tech, demand stabilization. Walk us through what you're seeing maybe by industry segment. Do you think the worst of the headwinds in that tech vertical that I know has been a big vertical for you are now behind you? Any color there by vertical certainly would be helpful. And then I have one quick follow-up.

Yes, I would say when we look at our net expansion rate, the thing that we're starting to see over all across all the segments are now things have started to stabilize. What was really driving the initial drop in our gross renewals and net expansion rate was primarily driven by a lot of the layoffs related to tech. I think what we're seeing just from a early Q2 standpoint and even the Q1 results, things have started to stabilize. I think we're really encouraged by that. The other thing I would point to is the pipeline comment that Anne made, the fact that the pipeline grew year-over-year. And it's not just coming from tech. It's really coming from across a number of different industries. And I think work management is continuing to grow as a category. So I think it's really that combination.

Couple of colors, and then Dustin for you, this concept that AI is going to live inside of these project management planning tools, assigning work to humans and AI assistants certainly sounds intriguing. But we've kind of been waiting for AI to show up at the application layer for a while. Even Microsoft, I think 95% of the AI revenue at Microsoft is still on the Azure infrastructure as a service side, seeing very little adoption of AI in the app layer. What's your best guess on when we'll start to see more meaningful adoption of AI in the Asana application layer? Do you think this is going to be a groundswell of interest a year from now? Is it two years out? What's your best guess on how this is implemented? I know AI is not one thing, but as you think about a more meaningful adoption within the installed base, how long do you think it's going to take? Thanks.

Yes, that's a big sweeping question, so I'll give you a big sweeping answer. To your point, it's not one thing. We have quite a lot of usage over existing AI functionality already. That said, we packaged it only in our new packages, so it's not available to all customers. There's some subset of customers that aren't ready to use AI at all, and they just haven't gotten to that place in their corporate security posture. It's not that they're using other products. They're just not using anything. So there is still somewhat of a Jeffrey Moore-style adoption curve here, and I think we're still in the early adopter part of it. Part of the reason I'm excited about the add-ons that we're talking about for AI and the consumption-based model is I think it will allow us to match that reality and focus on just the early adopters and giving them a great experience and letting them lean in. That's something I'm involved with Anthropic a lot, and we share a board member with OpenAI. I talk to the labs, and that's kind of what I see on their side as well, is there's a few customers that are generating a lot of activity and sort of figuring it out and figuring out what else they can do in their business. I think with custom AI workflows, we're going to focus on that, and then we'll be able to tell that story and tell about the transformative impact it's having and use that to get the next set. Additionally, just in terms of adoption overall, an observation I have is that the places where people agree there's been real AI creation already are where it's integrated very closely into existing workflows. I think the two best examples are GitHub…

Our next question comes from the line of Jackson Ader with KeyBanc Capital Markets.

Hey Greg, thanks for taking our questions, guys. I guess the first one is actually following up on what I think is kind of some really ambitious talking points from the company and from you, Dustin, about workflow automation across the enterprise and disparate applications and business functions in Asana working across those lines. But I have a two parter for that. Number one, do you think that the core work management or collaboration tool, the Core Asana, needs to reach some sort of critical mass within an enterprise for then the customer to grant your AI technology access to the systems of records that you will need in order to derive value for them?

Sorry, just to clarify, by systems record you mean other than Asana as the system of record integrations?

Yes, yes. ERP, CRM, HR.

So I think just like at the highest level. No, I don't think you need critical mass, you need a team that is interested in that workflow, but there are a number of different ways to address, like, privacy or security concerns. Like, we don't necessarily need kind of like carte blanche access to a tool like that. We can kind of do what we already do today with integrations, which is we're basically making a call out for a specific record and that service is returning it to us. And I think there's the bigger friction there is just like, how hard it is to set up an integration than necessarily whether the customer thinks it's worth it or they've invested enough in Asana. So I guess it just doesn't resonate as a problem we're facing. But also, I think there's quite a lot of work you can get done using just Asana as the system of record. So most of the built in functionality I've been talking about doesn't need access to an external tool because it's actually helping you with the collaborative work management part of things. And then additionally, when you're doing something like Anne talked about, we've been implementing sales development outreach for Asana that requires access to our marketing materials and knowing how to speak Asana to customize a message, but it doesn't really. Well, I guess we want to look up the customer information, so it does a little bit, but those are our tools. Anyway, I guess I should just leave it where I started of. I don't think that's a real problem we face.

Yes, that's fine. Okay. And then just a quick follow-up. So I just think about the same in addition to Asana, like those same kind of systems of record, your CRM, ERP They are also developing their AI tools or Copilot threat or like -- and when I think of workflow automation tools, right? I think of a different software company, who is also trying to get into AI and blow automation across the enterprise. So I'm just curious like why -- what is the big 10,000-foot reason why Asana would be better positioned than maybe some of those larger companies that larger systems of record companies in being an AI winner?

Well, the same reasons we always are. I'm worried that something got projected onto what I said. I don't think we're entering the CRM category right now. What I do think is going to happen is all of SaaS is going to be transformed. And so who is the dominant player in CRM a couple years from now? Maybe it's Asana or yes, maybe it's another dedicated vendor that was agile in the right way and embraced the technologies. I do think we have a lot of advantages in terms, the existing advantages in terms of having connectivity through the layers of the Work Graph, in terms of supporting cross-functional work. And it continues to be the case that the most valuable work is done cross-functionally. And so, again, we are seeing in practice where customers want to develop and build with Asana. And it isn't necessarily CRM. I just think that that is a category that is going to be ripe for disruption. And I think that the thing I do see is you can create such dramatically different results when you rebuild the workflow using AI that your priorities about, what you care about change. And so if you're getting a dramatically better response rate and your business development reps have much higher productivity, then maybe the other things that you thought of as a requirement for that category sort of fall by the wayside. And it's more about where you can successfully implement and adopt and get the results that you want. And there I think Asana is just really well positioned to be early in the market and be able to not just address a single software category like that, but be a solution that you can use across teams and for cross-functional work.

Our next question comes from the line of Josh Baer with Morgan Stanley.

Great. Thanks for the question, which is for Dustin. I wanted to come back to something that you mentioned earlier around OpenAI and Anthropic. Just wondering how does your early involvement and your relationships and investments in those companies give Asana an advantage? If you could just expand a little bit, how your involvement really informs your strategies at Asana. Thanks.

Yes. So I think one of the themes on this call has just been the amount of kind of confusion there is in the market and how hard it is to decide where to kind of commit and invest and make choices for the future. And so there's just a huge advantage in sort of having direct communication with those teams. And we're mutual customers. And so as we do with our customers, they're sort of previewing the roadmap with us. They're giving us early access to tools. Sometimes we get early access to the frontier models and sort of get to beta test them. And so that saves us a lot in terms of sort of knowing, where things are going to converge in the future, where we should invest in our platform versus maybe where we're going to get a capability from the labs themselves. And maybe that will be better. And also, we've learned a lot about what it means to work with multiple at once. And I think that's just been really helpful for us to be able to build in a way that allows us to switch between them and even in some cases, use both in a single workflow. And so a lot is just about being able to have that sort of early access to a little bit of the future when everything is moving so quickly and developing so quickly and just having really high bandwidth communication with those teams. I think I probably know like, 15 or 20 individual employees in Anthropic now. And yes, and there's quite a lot more connections here with the whole company. So yes, it's really just about having those close relationships and being here where all that activity is happening and being able to just stand a little taller and see a little further.

Great. Thank you very much.

Our next question comes from the line of Michael Funk with Bank of America.

Yes. Thank you for the question tonight. Great. So first one's higher level. A number of software companies have talked about sequential enterprise demand weakness this quarter, calendar Q1 versus calendar 4Q. And if I heard your comments correctly, what you're experiencing is markedly different or more positive. I think I heard you talk about a solid finish to the quarter, stabilizing or stable churn rates and strong pipeline. So if I heard that correct, to what do you attribute the relative strength? Is it the product? Is it relatively low penetration? I think it would be helpful to put a finer point on that just given how the markets responded recently to some of the other company commentary.

Yes, Michael, thanks for that question. I do think for us, unlike a year ago, we're now seeing customers are planning to invest, especially in AI, and so in an AI in particular is also a potential driver of consolidation in our space because they see the benefit of having all of work management on one platform to really accelerate the benefits that would then accrue from AI on top of those workflows. And so we really see, we've always been strong in having relationships with customers around digital transformation. We feel like digital transformation is sort of the first step and precursor to AI transformation. And so they're responding enthusiastically as we are showing them what's already in the product and what's coming. And so I think that's actually what we're seeing in terms of in the demand environment. And then as far as, consolidations go, we're also just seeing that directly with customers. A hardware manufacturing company that we work closely with expanded to a three-year contract this quarter. They replaced two other redundant tools really driven out of the CIO's organization. So the CIO wanted to drive business value by managing all of their roadmaps, their projects, their product launches, and their marketing workflows all in Asana, and that's giving their leadership team visibility and control across their most critical initiatives. And so I think it's that confluence of, CIOs are looking to streamline and simplify their tech investments. Work management is emerging as a category that they're paying a lot of attention to. You add on top of that wanting to embrace AI in a strategic way. And so I think we're seeing that all come together in our customers.

Thank you for the comments.

This is Tim. The only thing I would add is the investments that we've also made in our go-to-market leadership that's been extremely beneficial in terms of moving the teams up and focusing them on the enterprise market.

And that was also the comment earlier about the strength in EDR international relative to the U.S. and presumably productivity improving and hopefully migrating to North America later this year.

Yes, absolutely. And thanks, Tim. Kudos to the team. Yes. We've been seeing real strength in EMEA. That's where, in each market we now have seasoned enterprise leadership. We're also seeing that globally as we've been investing in new leadership in sales enablement and field readiness, operations, as well as the new global leader for sales development. That's also helping to drive that consistency and performance in the enterprise. So we're excited to see more of that come in North America. Our general manager for North America joined at the beginning of the fiscal year, and we're really excited to see the momentum that he's driving.

Our next question comes from the line of Taylor McGinnis with UBS.

Yes, hi. Thanks so much for taking my question. So the first one is you talked about NRR going down in 2Q, but given that the trailing 12-month metric, I know it can be a little noisy. So I'm just wondering, can you give us color on how the renewal base in 2Q compares to what we've seen in past quarters in terms of size and churn risk? And then secondly, as we think about like the renewal rates that you're seeing in 2Q versus previous quarters, is the expectation that, those will be similar, better, tougher, like any more, I guess, color in terms of some of like the quarterly dynamics? Thanks.

Yes, I think we, as we mentioned on the call, Taylor, we specifically pointed that we still have some tough renewals going into 2Q, and that we're very well aware of those customers. But coming out of 2Q, we expect our gross renewal rate as well as NRR to pretty much stabilize. And, to the degree that expansion continues to happen, pipeline continues to build, we think those things will reaccelerate. If I compare kind of the slope of the curve of where things are today versus where they were a year ago, things last year was definitely on a downward slope in both our NRR and our GRR. And when I look back now at the kind of the last few, last two, three quarters, things are much more stable and have essentially, I would say, almost flat line on a renewal basis.

Perfect. And then my second question is just in terms of the new like pricing and packaging and I'll obviously like AI ties into this, but can you just give like an update in terms of the uptick that you're seeing there if any and how that could be a growth driver in the back half of this year. Thanks.

Yes Taylor I'll answer that question. So we're definitely continuing to see really encouraging signals that the new tiers are driving higher enterprise uptearing and contributing to a larger volume of enterprise deals in our pipeline versus historical. As of the end of Q1 we almost doubled the number of customers who adopted our new packaging compared to Q4 and since the launch of the new packages customers uptearing to our new enterprise packages comprised approximately 40% of our total enterprise tier AR expansion. So early positive signals and we're moving as quickly as possible to get customers into these new plans.

Our last question will come from the line of Patrick Walravens with Citizens JMP.

Great thanks for taking my question. So I know there's been a lot of discussion about AI on the call. I just wanted to drill down on one point. So there have been concerns about AI driving more seat compression. I just wanted to ask as you put more AI tools in the hands of Asana customers. Is that a line that gets crossed at a certain point or does it actually make it more appealing for customers to put more behind Asana? How do you think about that? Thanks.

Yes so you know part of that I think is unknown but the two big things that I'd go back to there. One we still have a lot of seat expansion opportunity in our existing customers. So unless they're already wall to wall I think on balance this is a reason to expand further. And then the other is I think that moving or adding the consumption based revenue line gives us some future proofing there because it's really aligning price to value on what they're getting out of the functionality rather than sort of fixating on the seats. So I think if that becomes a bigger trend then we would move more in that direction. And this is setting us up well to be agile. But in the next few years again given what I said about the early adopter curve and the way these technologies are adopted I don't think that's particularly relevant to the model or something that we're seeing in practice and deals.

Okay thanks.

That concludes today's question-and-answer session. I'd like to turn the call back to Catherine Buan for closing remarks.

Thank you again for joining us today. I know it was a really busy day in earnings and we appreciate your time. Looking forward to seeing you on the road this quarter will be at all the conferences in San Francisco and New York and of course please join us in San Francisco on Wednesday June 5th for the Work Innovation Summit. You can register on our website or just register with IR at asana.com and looking forward to seeing you on Wednesday. Thank you.

This concludes today's conference call. Thank you for participating. You may now disconnect.