-Atlassian: 2.91%

-Intuit: 2.3%

-Workday: 1.81%

-Paycom: 3.3%

-ADP: 2.1%

Using an inflated discount rate hide’s a firm’s true liabilities from investors.

Asana has $382 million in future operating lease obligations. The present value of those obligations, according to Asana, is $214.2 million. If we use the blended average discount rate for Asana’s peer group— 2.48%— we calculate a lease liability of $322.5 million. It means Asana is understating the present value of its lease liabilities by approximately $108.3 million, or 28.3% of its future operating lease obligations and 13.6% of total liabilities.

Asana’s 9.5% discount rate is up from 3.4% the prior year, or 179.4%.