Asana Inc (NYSE: ASAN) Stock Gains on Outstanding Performance

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Asana Inc (NYSE: ASAN) stock surged over 8.9% on June 4th, 2021 (as of 12:09:52 UTC-4 · USD; Source: Google finance) though the company posted higher than expected results for the first quarter of FY 22. The company has ended the first quarter with over 100,000 paying customers. The number of customers spending $5,000 or more on an annualized basis grew to 11,272, which represents an increase of 53% year over year. The number of customers spending $50,000 or more on an annualized basis grew to 485, which represents an increase of 92% year over year. Overall dollar-based net retention rate was more than 115% for the first quarter. The dollar-based net retention rate for customers with $5,000 or more in annualized spend was 123% and the dollar-based net retention rate for customers with $50,000 or more in annualized spend was over 140%. The company has delivered Non-GAAP operating loss was $33.3 million, or 43% of revenues, compared to non-GAAP operating loss of $23.9 million, or 50% of revenues, in the first quarter of fiscal 2021. The company has overall reported Non-GAAP net loss was $33.8 million, compared to non-GAAP net loss of $23.7 million in the first quarter of fiscal 2021. The company has generated Cash flows from operating activities of negative $7.4 million, compared to negative $18.2 million in the first quarter of fiscal 2021. Free cash flow was negative $7.7 million, compared to negative $17.1 million in the first quarter of fiscal 2021.

ASAN in the first quarter of FY 22 has reported the adjusted loss per share of 21 cents, beating the analysts’ estimates for the adjusted loss per share of 27 cents. The company had reported the adjusted revenue growth of 61 percent to $76.7 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $70.18 million.

For the second quarter of fiscal 2022, Asana expects the revenues to be in the range of $81.0 million to $83.0 million, representing year over year growth of 56% to 60%. Q2 2022 Non-GAAP operating loss is expected to be in the range of $44.0 million to $42.0 million and Non-GAAP net loss per share is expected to be in the range of $0.27 to $0.26, assuming basic and diluted weighted average shares outstanding of approximately 163 million. The Street estimated to be of a $0.28 loss per share on revenue of $74.1 million.

For fiscal year 2022, Asana expects revenues to be in the range of $336.0 million to $340.0 million, representing year over year growth of 48% to 50%. This is compared to market consensus of $312.2 million. The company had previously expected revenue of $309.0 million to $314.0 million for the full year.

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