Asana, Inc. (NYSE: ASAN) reported Q3 EPS of ($0.34), $0.03 better than the analyst estimate of ($0.37). Revenue for the quarter came in at $58.9 million versus the consensus estimate of $54.14 million.

Third Quarter Fiscal 2021 Financial Highlights

• Revenues: Revenues were $58.9 million, an increase of 55% year over year.
• Operating Loss: GAAP operating loss was $61.9 million, or 105.1% of revenues, compared to GAAP operating loss of $63.1 million, or 165.7% of revenues, in the third quarter of fiscal 2020. Non-GAAP operating loss was $37.3 million, or 63.3% of revenues, compared to non-GAAP operating loss of $21.5 million, or 56.3% of revenues, in the third quarter of fiscal 2020.
• Net Loss: GAAP net loss was $73.3 million, compared to GAAP net loss of $62.8 million in the third quarter of fiscal 2020. GAAP net loss per share was $0.65, compared to GAAP net loss per share of $0.89 in the third quarter of fiscal 2020. Non-GAAP net loss was $38.3 million, compared to non-GAAP net loss of $21.2 million in the third quarter of fiscal 2020. Non-GAAP net loss per share was $0.34, compared to non-GAAP net loss per share of $0.30 in the third quarter of fiscal 2020.
• Cash Flow: Cash flows from operating activities were negative $34.4 million, compared to cash flows from operating activities of negative $10.9 million in the third quarter of fiscal 2020. Free cash flow was negative $19.5 million, compared to negative $11.6 million in the third quarter of fiscal 2020.

“We reported a very strong quarter, with total revenue growth of 55 percent year over year and growth of revenue from customers who spend $5,000 or more on an annualized basis of over 80 percent year over year,” said Dustin Moskovitz, co-founder and chief executive officer of Asana. “With the acceleration of digital transformation, organizations are reimagining every aspect of business operations to ensure that people can stay engaged, aligned and effective, no matter where they are. Asana’s Work Graph provides the power, flexibility and control that organizations need to orchestrate work at scale.”

GUIDANCE:

Asana, Inc. sees Q4 2021 EPS of ($0.27)-($0.25), versus the consensus of ($0.31). Asana, Inc. sees Q4 2021 revenue of $62-63 million, versus the consensus of $58.05 million.

Asana, Inc. sees FY2021 EPS of ($1.24)-($1.24), versus the consensus of ($1.31). Asana, Inc. sees FY2021 revenue of $220.6-221.6 million, versus the consensus of $211.96 million.

Financial Outlook

For the fourth quarter of fiscal 2021, Asana currently expects:

• Revenues of $62 million to $63 million, representing year-over-year growth of 43% to 45%
• Non-GAAP operating loss of $42.5 million to $39.5 million
• Non-GAAP net loss per share of $0.27 to $0.25, assuming basic and diluted weighted average shares outstanding of approximately 158 million

For the full fiscal year 2021, Asana currently expects:

• Revenues of $220.6 million to $221.6 million, representing year-over-year growth of 55%
• Non-GAAP operating loss of $130.8 million to $127.8 million
• Non-GAAP net loss per share of $1.24 to $1.21, assuming basic and diluted weighted average shares outstanding of approximately 106 million

For earnings history and earnings-related data on Asana, Inc. (ASAN) click here.