[nv-vn]

This filing looks like it has a ton of red flags about the way Asana is running their company. As an example, one of the images tries to highlight Asana's timeline and their achievements [1]. One of the things they mention is opening an international office with ~100 employees and <11k customers. Based on their current figures of 75,000 paying customers and revenue of $142,606,000, you would expect a revenue of ~$19 million for 11k customers. Why is a company with 100 employees & <$19 million in revenue opening international offices? Likewise, why is the company spending 74% of revenue on sales and 63% on R&D? How are they managing to lose 83% of revenue? It seems like the company has 0 responsibility with how they spend their cash and beyond that, it's unclear whether they even have a path towards profitability if they're spending 75 cents on the dollar just to make a sale and throwing almost $100 million at R&D every year. Despite substantial revenue growth y/y (~70%), they've managed to outpace it by growing losses twice as fast at ~140%. It seems like the company has a pretty good product and a great gross margin as well as good revenue growth, but I don't see them becoming profitable with their current management -- it seems like the folks in charge right now have no clue how to run a successful business and will just throw money away as soon as they're given it.

[1] https://www.sec.gov/Archives/edgar/data/1477720/000119312520...

Disclaimer: I'm not a professional investor and I'm not familiar with Asana's business