I'm having trouble making sense of the accounting in this SEC filing for the annual report of Asana.

Specifically, they spent much more on stock-based compensation expenses (202m) than they gained in new revenue (100m~), but revenue per share still increased year-over-year.

Metric 2024 2023
Revenue 652,504 547,212
Shares Outstanding 220,406 200,034
Stock-based compensation expense 202,418 (irrelevant)
Revenue per share 2.96 2.73

Source: https://www.sec.gov/ix?doc=/Archives/edgar/data/1477720/000147772024000011/asan-20240131.htm

Now that I type it out, I think this is less about the SBC expense, and more on how many total new shares get issued. i.e. It all hinges on price paid per share.

Am I missing any steps that can help "sanity check" the prudence of SBC expense, or is simply checking per share calculations (as I did in the table) the way to do this?

  • Stock based (or any other) compensation is an expense, it doesn't affect the revenue.
    – littleadv
    Commented May 8 at 21:56

1 Answer 1


In 2023 the company had revenue of 547,212 and 200,034 shares outstanding. That means that revenue/share is 547212/200034 or 2.73 per share.

In 2024 the revenue was up to 652,504 and the number of shares was also up to 220,406. The revenue/share is 652504/220406 or 2.96 per share.

The company reports key numbers on a per share basis: revenue/share; earnings/share.

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