Asana at Baird Conference: AI Strategy and Growth Plans

Published 05/06/2025, 21:08
Asana at Baird Conference: AI Strategy and Growth Plans

On Thursday, 05 June 2025, Asana (NYSE:ASAN) presented its strategic roadmap at the Baird Global Consumer, Technology & Services Conference 2025. The company highlighted its focus on AI integration and enterprise expansion, while acknowledging challenges such as a slight ACV downgrade in a major deal. The conference showcased Asana’s efforts to maintain its leadership in collaborative work management amidst a competitive landscape.

Key Takeaways

  • Asana is focusing on AI integration and enterprise expansion to drive growth.
  • A $100 million TCV deal was secured, with a slight ACV downgrade for a three-year lock-in.
  • The company aims to increase channel-driven revenue to double-digit percentages.
  • Operating margins improved, achieving non-GAAP operating profitability.
  • A search for a new CEO is ongoing, with a focus on SaaS experience and cultural fit.

Financial Results

  • Operating Margin: Improved from -9% to over 4%, achieving non-GAAP operating profitability.
  • Gross Margin: Maintained at a robust 90%.
  • Landmark Deal: A $100 million TCV deal was secured, including a modest ACV downgrade for a three-year lock-in period.
  • Sales and Marketing Spend: Programmatic spend was reduced due to low ROI, contributing to improved margins.

Operational Updates

  • AI Studio: Recently achieved General Availability, with a business model based on platform fees.
  • Go-to-Market Strategy: Currently, 40% of business comes from SMB/PLG and 60% from corporate/enterprise. There’s a focus on expanding enterprise presence and channel partnerships.
  • Channel Expansion: Asana aims to emulate peers with 30-50% channel-driven business, investing in partner portals and related events.
  • Headcount Mix: Hiring is shifting towards lower-cost geographies like Warsaw and Reykjavik.
  • Customer Retention: Initiatives are underway to improve net retention, particularly in the monthly business segment.

Future Outlook

  • AI Leadership: Asana aims to establish itself as the defining platform for human-AI collaboration.
  • Product Expansion: The release of resource management and other add-ons is anticipated to drive growth.
  • Go-to-Market Diversification: Channel growth is expected to enhance seller productivity and market reach.
  • Retention Improvement: Material improvements in retention metrics are anticipated, driven by focused initiatives.
  • Financial Performance: Asana aims to drive a financial profile that creates value for stakeholders.

Q&A Highlights

  • Dustin Moskovitz’s Role: Transitioning to a strategic role focused on product and AI vision, while remaining engaged with the company.
  • CEO Search: The search for a new CEO focuses on candidates with SaaS experience and a cultural fit with Asana.
  • Impact of AI: AI roadmap and strategy are key differentiators in enterprise negotiations.

Readers are invited to refer to the full transcript for a more detailed account of Asana’s strategic plans and financial outlook.

Full transcript - Baird Global Consumer, Technology & Services Conference 2025:

Rob Oliver, Analyst, Baird: Three of Baird’s global consumer technology and services conference. I’m Rob Oliver. I follow the software sector application software here at Baird. It’s a pleasure to have management of Asana here with me today. Sonali Parikh, CFO, Aziz Meghji, who’s from FP and A.

Great to have you guys. Thanks for joining.

Sonali Parikh, CFO, Asana: Thank you. We’re delighted to be here.

Rob Oliver, Analyst, Baird: Great. So please don’t hesitate to ask questions, session3@rwbear.com, and I’ll try to get your questions in. First, let’s start, suddenly, with you. I think some SaaS investors are gonna know you because you’ve been CFO of some other companies before, but joined Asana, I think, late last year from like middle

Sonali Parikh, CFO, Asana: of So I joined September. Yeah. So it’s ten months. An investor told me that yesterday. Time flies.

Rob Oliver, Analyst, Baird: Yeah. So maybe a little bit of your background for for investors and then why you joined Asana, then we can kind of dig into maybe level set the room of kind of Asana, kind of what you guys do.

Sonali Parikh, CFO, Asana: Yeah, sure. So why did I join Asana? I think like couple of drivers there. One is our product leadership in the CWM category. And on the category itself, I felt like there was just a huge structural growth opportunity.

It’s greenfield in many respects, particularly among enterprise and corporates. And so I saw this huge runway for growth. But I also saw this company where innovation was part of the DNA. And I met Dustin. And I’ll never forget the first meeting in his office.

When he gets excited about something, he goes to a whiteboard. And he couldn’t stay in his seat because he was telling me about AI Studio. Of course, it hadn’t launched yet. It’s just gone GA in the last month and a half. Hopefully, you’ll ask me lots more about that.

You will. But he was telling me about how we have this opportunity to be a true leader and just catapult ourselves as a category leader. And that AI and AI Studio would really help to differentiate our lead amongst competitors. And, so I I I love the idea of being in a category that’s growing with all this structural growth, with somebody as visionary as Dustin Moskovitz at the helm, who’s willing to invest and who’s really sitting at the forefront and bleeding edge of AI. And then, of course, the team.

The team was amazing. And I brought a couple of people from my own team. But and also like a world class board and deeply and highly engaged board. And what I would say is that since I’ve arrived, I found lots of opportunity to create value in terms of You talked about people knowing me. I think I’m known for being someone who drives efficient growth and productivity.

But the thing that I love about Asana is that we can do both improve efficiency, but also reinvest some of that those efficiency savings in ensuring that we maintain and you know re accelerate our growth. So that that really is the trajectory we’re on.

Rob Oliver, Analyst, Baird: Yeah, exciting. Let’s just to level set for the room and talk briefly about the collaborative work management space because it seems a few years ago as if there were ten, fifteen, 20 players going after this market. It feels to me as if it’s coalesced around a handful of players with you guys being one of them. So maybe talk about what Asana’s core offering is and how you guys compete in the market.

Sonali Parikh, CFO, Asana: Yeah. Sure. Thanks for bringing that up because I think I need to give us a little plug here because Forrester just came out with their Forrester Wave.

Rob Oliver, Analyst, Baird: Saw that.

Sonali Parikh, CFO, Asana: I think it was two days ago and we were one of two leaders on that on that wave. And I think you’re right. You know, it’s a it it’s it’s a category that has it’s quite fragmented, but the leaders, particularly on the pot product side, like, are are truly differentiated. It continues to be competitive. It is a competitive space.

But where we really feel we are truly differentiated is by the work graph that really underpins everything we do. And the wonderful thing about the work graph is we have AI Studio that sits right on top of it and that makes our AI Studio product that much more powerful because it is so context aware. It has all of the data inputs and you know, the work graph is continuously up updating and upgrading and you know all of your work and tasks and everything you do every day just sits on there And then the AI and AI Studio can pull from that. And I think that that’s what makes our AI offering truly, truly differentiated. The other thing I would say is, you know, we’ve been investing in AI Studio for many, many years.

So, whilst, again, we’re talking about, you know, growing this part of the business, and we’ll talk more about, you know, how excited we are about the pipeline, you’re not gonna suddenly see our r and d expense, you know, blow up. In fact, we’ve been able to keep r and d very much in check and, some of the savings that we generated over the last couple of quarters since I’ve arrived, we’ve been able to reinvest in, areas that are helping to drive truly the areas that we think are gonna provide outsized ROI.

Rob Oliver, Analyst, Baird: Got it. And where’s the land for you guys typically when you land within a larger company? Is there a particular department, particular area?

Sonali Parikh, CFO, Asana: Yeah. So I think traditionally and historically, we’ve often landed via the CMO. A lot of our you can use our product for many things, but I think campaign management, marketing management is something that is very, very typical. And then I would say the the project management office or strategic change office is often a a spot where we first go in. But of course, like the idea is you go into one department and then you land and expand and then hopefully go wall to wall.

And you know, for example, the very large renewal that we talked about at our earnings which was you know a hundred million dollar TCV deal, the largest in our company’s history. We are proliferated across that organization. That is an extremely large, one of the largest employers in the world, one of the most sophisticated IT buyers in the world, if not the most sophisticated. And you know, we are just throughout the organization. And that’s the other thing that makes Asana really special.

I think when you asked about the competitive landscape, a lot of our competitors, one they can’t scale to the degree that we can, but two they’re quite siloed. So if you deploy them in one organization or one function, that function can’t talk to the other function. So HR can’t talk to marketing, can’t talk to finance. Whereas we truly are a horizontal platform. So the beauty of Asana and the beauty of the WorkGraph is if we’re doing something in finance and then our product team is launching a new product, We are, we can see each other’s work obviously with permissions.

Know, there’s there’s all of all of that incorporated into the product. But we can truly work cross functionally and that’s when the real power of Asana comes to life. And, I don’t think any of the other competitors can do that and certainly not at that scale. And I can tell you one of the things that I did when I first arrived and I learned so much from this is I read the win loss reports And often when I see the reasons that we win is this like ability to scale, ability to scale securely, and then the ability to work across functions. That is why we win.

And I think you know again going back to the category, think the category is uniquely positioned to be able to use AI on top of again where everybody’s work sits and lives because that context awareness makes the AI so much more powerful and so much more accurate. Aziz may want to add to that because he spends a lot of time with our GM of AI studio.

Rob Oliver, Analyst, Baird: Luis, yeah. I was gonna ask about I

Aziz Meghji, FP&A, Asana: think you captured that really well. And we’ve seen in studies where, you know, AI living where work is actually done, embedded into that workflow, creates 40% more in terms of productivity gains versus when the AI is sitting in another application and not integrating the workflow. So we’re seeing that right now with AI Studio and, you know, part of the, you know, explosion in the demand is because of the productivity benefits and efficiency benefits it’s driving, which are enhanced with it sitting and embedded within the workflow where the work is done, and as Sonali said, in a context aware manner. So this work graph, which is like a living repository of all the work in a company, being able to tap into that and come back with solutions and work that’s boundaries, has governance, is secure is really important, especially to enterprises.

Rob Oliver, Analyst, Baird: Yeah. And I think you guys have always been sort of uniquely positioned here on AI because of Dustin’s many relationships and sort of the insight he has to a lot of things that are happening within the industry. So, you know, specifically on AI Studio, and I know it’s still relatively early, so maybe we say your AI strategy generally. When you guys get into these enterprise negotiations, how important is that enterprise is that AI roadmap to the discussion? Because I assume it’s not necessarily being monetized today, but how important is that roadmap to the discussion?

Aziz Meghji, FP&A, Asana: Yeah, and it’s really important. It’s a really important differentiator. And actually in the Forrester report, our AI strategy and the way we’ve embedded AI is something that was specifically called out as a differentiator. So all companies are evaluating how and where they’re going to use AI and it’s a common question. One of the things with AI Studio, we’ve made it frictionless to adopt it.

So we’ve adopted a business model where we’re selling AI Studio as a platform fee that comes with an abundance of credits, so you’re not worried about, if I use this and I derive a lot of value, how much is it going to cost? I’m surprised by a bill. You know, Dustin’s connection and strong leadership in the ecosystem gives us unique insights into the LLMs and how to orchestrate the LLMs. So a key differentiator of AI Studio is also, you know, being able to match your workflow and the complexity of your workflow with the right LLM to drive the best cost per performance outcome so that customers can get the most out of the credits they’re getting with AI Studio and do more and proliferate it more broadly. That’s been super powerful and we’ve heard really great feedback about how we’re approaching it from a business model and people are like, well, I can do so much and the billing is so transparent.

And then there’s a few customers that are going above it, but, you know, and buying more credits, they’re like, I’m driving so much efficiency and productivity, I can justify that, so this is great. So the business model has really driven the demand and interest as well.

Rob Oliver, Analyst, Baird: Got it, got it. Yeah, that’s really helpful. Thanks Aziz. Sonali, I wanted to ask about that large contract which you referenced earlier. By the way, you guys just reported your earnings, you just talked about that large contract and obviously signature win, signature customer for you guys through your contract massive deal.

It certainly displays the scalability. Talk about the I mean, there was concern on the street about the about the contract value being a little bit lower than it had been initially. I know we’re in a sort of a tougher macro. So maybe I wanted to give you an opportunity to address that concern. And then also perhaps to talk broadly about the opportunity within the account beyond sort of the current footprint.

Sonali Parikh, CFO, Asana: Yeah. Thanks. That’s a great question, and thanks for the opportunity. So you’re right. It was a hundred million dollar TCV landmark deal.

I would say, you know, a true reference customer for us. It’s multiple hundred thousand seats.

Rob Oliver, Analyst, Baird: Even though you can’t name them.

Sonali Parikh, CFO, Asana: Even though I can’t name them. But they’re, you know, and and and and what I would say is, you know, it was a trade off that it was a modest ACV downgrade. So on an annual basis, it was a renewal. It was a customer that we had had and we’ve been renewing on an annual basis. And as a management team, we actually really like the idea of locking in that customer for the next couple of years, for three years.

And you know, it’s very typical particularly when you get to the, you know, that size of deal and that volume of deal for there to be a degree of discounting. But you know, within that actual deal, we still see upside from it because of course, it it covers up to a certain number of seats, but it certainly isn’t covering the entire company. And this is a very, very large company that has many, many subsidiaries and that does M and A, etcetera, etcetera. So we see over the next three years opportunity to upsell into that customer. And this deal also did not cover AI Studio.

So AI Studio and all the other exciting things that are on our roadmap for the second half of this year, And actually, as you look over the next three years, those are all potential add ons, upsells. And then on top of that, you have potential service plans. So foundational service plans. Because this deal, and typically a deal of this size, would expect the customer to take services. The hundred million TCV does not include any services.

So there’s upside from that as well. And I hope as we speak, you know, our deal team is is is working on all of those. So we really viewed it as this opportunity to have a lot of visibility into the next three years, to take a small concession on pricing, but then to also have the incremental upside from the fact that we’re a multiproduct company today. And when we were signing the annual ACV deals and renewals over the last couple of years, we weren’t multiproduct. So the only way in the past for Asana to, upsell with a customer was more seats or a higher SKU.

Whereas now we have all these new offerings and, you know, Aziz touched on AI Studio, but then of course we also have AI teammates, which Dustin talked about on our call. And then we have resource management coming in this summer. So there’s a lot of goodies coming that that are potential upsell. And the other thing I would say is, you know, within that customer, we they are, consolidating on Asana. So we are displacing other CWM, players that are currently within their estate.

And again, I think, know, when when a customer is willing to do that, it’s it’s an incremental, there’s incremental incentive for us to get in there. And then lastly, we have become foundational within that customer. So in other words, the buying of in order to buy or take on an incremental seat within Asana, it’s at the corporate level. You don’t have to apply by division. So the budget is managed at the corporate level.

And we are one of just, know, I don’t know exactly how many, companies they have but it’s a handful of companies that are foundational and we are one of them. So they truly are consolidating on Asana. And and I think that’s, you know, it was a unique opportunity and you know, is it a sign of things to come? What I would say is that there is no other customer within our stable and you know, within our pipeline that’s of that scale. So no, you shouldn’t expect this to, you know, to have many fast followers.

What I would say is that, you know, if there is another customer who wants to sign a hundred million TCV deal, you know, there there are obviously, you know, puts and takes on the negotiation that we’d be willing to entertain. And, know, would I do that deal again? Absolutely, I would. Especially knowing all the all the great product add ons that are coming in the pipeline. Because again, this all represents, you know, potential upsell.

Rob Oliver, Analyst, Baird: Yep. That’s very helpful. No. I appreciate that. Actually gives me an opportunity to ask about the go to market because historically Asana was a product like Growth Motion and you guys have evolved into, well clearly with a deal like that, having an enterprise capability.

So as somebody who you came into the organization, you know, kind of late last year, can you just give us of a a a state of the landscape of where you guys are today with your enterprise go to market capability? And you know, what what what if anything you feel needs to happen in order to

Sonali Parikh, CFO, Asana: of course. So I think we firmly established ourselves in the enterprise. So today about 40% of our business is the SB or PLG. And 60% of our business is corporate and enterprise. And, you know, in terms of like where can we go from there?

We’re already actually very global and we’re seeing a lot of strength actually in in both our APJ and EMEA enterprise business. The deal, the landmark deal that I talked about was actually a US deal, but it’s a very global company. In terms of where we could actually go, I think from my perspective and I thought this from the moment I joined Asana a very small proportion of our enterprise, and actually quite frankly, SP motion comes from the channel. And that’s atypical. And what I’ve seen from is about high single digit percentage of our overall ARR that comes from the channel today.

Customers that we adopt via the channel, customers that that join Asana via the channel tend to be stickier customers. You know, the NRR on those customers is significantly above our corporate NRR. So, know, that’s a business that I would like to see grow a lot more. And when you think about kind of how the complexion of our current go to market is likely to change. I think as we become multi product, we will become ever more attractive and I think it will make more sense for us to work with the channel.

But that does require a degree of investment. Yep. And you probably heard when I first joined on the first quarterly call, I talked about the efficiencies we were gonna drive, but I also talked about the investments we’re gonna make. And in order to work with partners efficiently, you need a really great partner portal. You need to invest in, you know, certain types of events.

All of that is happening and we have a great head of channel and and and partnerships that Aziz and I spent a ton of time with. And I think, you know, if you were to ask me a year from now, will your channel business still be high single digit? Or mid single digit? Mid to high single digit? I would say no, it should become double digit.

And then if you look at our peer group, you know, there are many that are 30 to 50% of their business is from the channel.

Rob Oliver, Analyst, Baird: Yeah, was going to say like this seems like an opportunity where, you know, others have taken a more channel friendly approach. And in some cases that has been a source of success.

Sonali Parikh, CFO, Asana: And accelerates growth. Yeah. It’s a growth accelerant as well. So, you know, when I think about where we’re going, and I love the way you ask the question because it’s like, where are we going? Like, you know, you stabilize your NRR and that gives you a couple of points of growth.

Rob Oliver, Analyst, Baird: Yep.

Sonali Parikh, CFO, Asana: Channel goes from where it is today to double digit. That gives you a couple of points of growth. AI studio, you know, resource management, AI studio self serve, that gives you like, you can really see this, potential to reaccelerate. And that’s what gets me excited.

Rob Oliver, Analyst, Baird: And when you think about channel, just to clarify, are we thinking large GSIs or are we thinking more mid sized partners that can really get in the weeds with Asana and and or both?

Sonali Parikh, CFO, Asana: Yeah. So I think it’s because of AI Studio, I’m gonna say both.

Rob Oliver, Analyst, Baird: Yep.

Sonali Parikh, CFO, Asana: Today, it’s more the mid sized partners. Got it. And of our five largest deals this quarter, like excluding the Landmark deal, three out of five of those were partner driven deals. Got it. And you know, our partner deals are, they’re growing double digit.

So we’re already on that path.

Rob Oliver, Analyst, Baird: Got it. And you you called this out, but what one of the things that you know investors who who knew you were excited about upon your arrival was that like greater operating efficiency. So maybe talk a little bit about you know, your view or vision for Asana relative to these, clearly these growth initiatives that are important to you guys to reaccelerate revenue growth. But how you do that in the context of a framework which is margin efficient.

Sonali Parikh, CFO, Asana: Yeah, exactly. So so again, it’s really important like both matter a lot. So it’s not just about I I know I seem to have this reputation for caring so much about efficiency, which of course I do. But like I love growth even more. So, I, you know, expect it to be balanced and we’re super proud of the progress we’ve made on margins.

You know, we went from minus 9% to above 4% operating margin. We’re now non GAAP OP profitable. You know, we did that. I I’ve been here ten months. I’m I’m like super excited about that.

There’s so much more to go for there. With our 90% gross margin, which by the way is another reason I joined Asana because when I looked at our financial profile, saw these super juicy gross margins and the operating margin. And I thought, wow, there’s a ton to do there. So I think, you know, with our 90% gross margin and and and our growth, and you know, I talked about some of the the levers to hopefully reaccelerate growth, in the medium term, you get the operating leverage from that. And that alone gives you a very healthy multi quarter, multi year margin expansion story.

And the things that I looked at when I first arrived were sales and marketing. And specifically around marketing what we found was there was a lot of program spend, programmatic spend that wasn’t giving us the ROI that we were looking for. And we pulled back quite considerably on that spend. And you see it in our sales and marketing as a percentage of revenue. And what we found was our pipeline barely moved.

Actually, our pipeline is healthier today than it was. And actually, the quality, it’s not just like the amount in your pipeline, but it’s the quality of it, right? Particularly top of funnel. That has actually improved. I think there’s more we can do there.

We looked at the productivity of our sellers. And you know, now that we’re multi product, it’s great. They have more in their, you know, bag to to sell on to customers. We’re expecting our salespeople to become more productive. I think there’s more we can drive there.

Productivity with the channel, I think there’s more we can drive there to bring down customer acquisition costs. You know, there’s there’s the procurement and everything around programmatic spend across the company. There’s more we can do there. So so without doing anything incremental, you already would get a healthy margin expansion story. Again, multi quarter consecutive like sequential and multi year.

But then we think we can do even more on top of that. The last thing I will say is our headcount mix. You know when I first arrived it was sort of 85 to 90% in high cost geos. Just through backfilling and you know changing our new hiring in certain target areas to lower cost geos, that moves the dial considerably. And that’s something that we’re, you know, already doing.

And we’ve been hiring very successfully and at very, you know, a good velocity in Warsaw and Reykjavik. And you know, Warsaw, we have great teams now, team leaders. And once you get those team leaders in place, it’s so much easier to then you know, again increase and improve that hiring velocity.

Rob Oliver, Analyst, Baird: Got it. Great. Thanks. We only have a few minutes to go and there’s a couple questions I wanna try to get to from the audience. One is, you know, you guys have referenced Dustin a lot here in the in the presentation fireside chat, but he actually just stepped away for an operational role.

So can you talk about any impact that might have on the culture or operations of the company? And can you refresh us as to the timeline for a replacement on CEO?

Sonali Parikh, CFO, Asana: Yeah, of course. So you may think Dustin stepped away. How many times has he pinged you in the last twenty four hours? Dustin has not stepped away yet. He is as engaged or more engaged than he’s ever been.

But what I said in you know my last meeting was I think he really feels this higher calling in terms of he does not want to be bogged down in the operational day to day stuff when there is so much to do on the AI vision and strategy. And you said Dustin’s in a really unique position in terms of you know, how he fits into the ecosystem. And he feels like we have a true lead here. And he does not want to squander it. So it’s really important for him to take that, you know, more strategic role, really focused on product and AI.

In terms of the search, it’s been really, really good in terms of the quality of the candidates we’re seeing, their caliber, the pipeline of candidates. But the bar is high, we want to make sure we get the right person with the right experience. You know someone who knows SaaS, someone who is operational, someone who is operated at our level of scale and beyond. And also really importantly, and this is very Asana, someone who fits in with our culture and our values and our mission. Like we are very mission driven.

And again, and I I go back to that first conversation I had with Dustin. You know, was about like how do we make work? Like how do we take the friction out of work for people? And I think that mission is really important. And AI Studio actually supercharges it.

Rob Oliver, Analyst, Baird: Got it. So a year from now and hopefully you guys are back in a year and we’re talking you know, without having putting you a position to have any forward projections on numbers. What are what are we gonna talk about? I know you got excitement around the channel, the enterprise go to market, the opportunity to potentially reaccelerate revenue growth. Like, there’s also a lot of disruption happening right now, a lot of regenerative AI and the macro.

So perhaps in a year, like what what are what are some of the things you’d like to see?

Sonali Parikh, CFO, Asana: Yeah. So I’m gonna start with AI. I’m gonna say like I want to come back in a year and tell you about this like incredible milestone we’ve hit in terms of AI studio and the AI self serve business. I think that’s like, that would be my number one. And that we have truly established ourselves.

Like Forrester said it two days ago, but I want to like, you know increase that lead even more and you know be the defining platform for human AI collaboration. Like firmly entrench ourselves as the solution, the platform. And like of course I’m the CFO, I have to say this. I I want to drive a financial profile that creates value for all of you guys. And by the way, if it creates value for all of you guys, it creates value for me too.

So I I think that would be success for me. How about you?

Aziz Meghji, FP&A, Asana: Yeah, I agree. I think on echo what you said about AI Studio, there’s also other add ons as well, resource management and many in the pipeline for next year that can continue to drive incrementality and give our sellers more to sell and drive more value, you know, for our customers. So that’s key as well. I think also in diversifying our go to market, building that channel, you know, the channel amplifies the productivity of our sellers. So, you know, allows them to sell more through the system and the reach of the channel.

So that’s key in driving that velocity. And then on the retention side, I think coming back next year with a material improvement in retention, there’s so much initiative, so much focus on net retention at Asana, both on the enterprise side and on our monthly business. You know, the monthly business contributes a disproportionate amount of churn. It’s been an area we’ve been less focused and we’ve really ramped that focus. Just a couple basis point change in the gross retention that can really change the overall net retention and our revenue growth.

So we have a concerted focus. Those initiatives take some time to seed and translate into NRR and revenue, but by this time next year we hope to be showing the progress of those and an upward trajectory, not just stabilization on NRR.

Rob Oliver, Analyst, Baird: Great. Thank you. Well, with that, I think we’re out of time. Please join me in thanking Asana, Sanliasis. Really appreciate it.

Thanks. Thank you, guys.

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