Quarterly revenue of $939 million, up 24%
year-over-year
Quarterly subscription revenue of $800 million,
up 34% year-over-year
Quarterly GAAP operating margin of (5)% and
non-GAAP operating margin of 22%
Quarterly cash flow from operations of $273
million and free cash flow of $270 million
Atlassian Corporation (NASDAQ: TEAM), a leading provider of team
collaboration and productivity software, today announced financial
results for its fourth quarter and fiscal year ended June 30, 2023
and released a shareholder letter available on Atlassian’s Work
Life blog at
http://atlassian.com/blog/announcements/shareholder-letter-q4fy23.
The shareholder letter was also posted to the Investor Relations
section of Atlassian’s website at
https://investors.atlassian.com.
“We closed out a challenging year with strong momentum in cloud
migrations, enterprise sales, and within the ITSM market,
reinforcing our conviction in our strategy which has positioned us
well for fiscal year 2024 and beyond,” said Scott Farquhar,
Atlassian’s co-founder and co-CEO. “We generated over $3.5 billion
in revenue this year, with more than 250,000 customers powering
collaboration through our world-class cloud platform.”
“Our continued investment in R&D has ensured we’re able to
deliver innovation that takes advantage of the next generation of
AI,” said Mike Cannon-Brookes, Atlassian’s co-founder and co-CEO.
“By leveraging the latest advancements in large language models,
combined with each customer’s own data and two decades of our
data-driven insights into how teams work, we’re able to help each
of our customers unleash their potential.”
Fourth Quarter Fiscal Year 2023 Financial Highlights:
On a GAAP basis, Atlassian reported:
- Revenue: Total revenue was $939.1 million for the fourth
quarter of fiscal year 2023, up 24% from $759.8 million for the
fourth quarter of fiscal year 2022.
- Operating Loss and Operating Margin: Operating loss was
$50.4 million for the fourth quarter of fiscal year 2023, compared
with operating loss of $42.3 million for the fourth quarter of
fiscal year 2022. Operating margin was (5)% for the fourth quarter
of fiscal year 2023, compared with (6)% for the fourth quarter of
fiscal year 2022.
- Net Loss and Net Loss Per Diluted Share: Net loss was
$59.0 million for the fourth quarter of fiscal year 2023, compared
with net loss of $90.6 million for the fourth quarter of fiscal
year 2022. Net loss per diluted share was $0.23 for the fourth
quarter of fiscal year 2023, compared with net loss per diluted
share of $0.36 for the fourth quarter of fiscal year 2022.
- Balance Sheet: Cash and cash equivalents plus marketable
securities at the end of the fourth quarter of fiscal year 2023
totaled $2.1 billion.
On a non-GAAP basis, Atlassian reported:
- Operating Income and Operating Margin: Operating income
was $202.8 million for the fourth quarter of fiscal year 2023,
compared with operating income of $107.6 million for the fourth
quarter of fiscal year 2022. Operating margin was 22% for the
fourth quarter of fiscal year 2023, compared with 14% for the
fourth quarter of fiscal year 2022.
- Net Income and Net Income Per Diluted Share: Net income
was $147.0 million for the fourth quarter of fiscal year 2023,
compared with net income of $68.5 million for the fourth quarter of
fiscal year 2022. Net income per diluted share was $0.57 for the
fourth quarter of fiscal year 2023, compared with net income per
diluted share of $0.27 for the fourth quarter of fiscal year
2022.
- Free Cash Flow: Cash flow from operations was $272.8
million and free cash flow was $270.4 million for the fourth
quarter of fiscal year 2023. Free cash flow margin for the fourth
quarter of fiscal year 2023 was 29%.
Fiscal Year 2023 Financial Highlights:
On a GAAP basis, Atlassian reported:
- Revenue: Total revenue was $3.5 billion for fiscal year
2023, up 26% from $2.8 billion for fiscal year 2022.
- Operating Income (Loss) and Operating Margin: Operating
loss was $345.2 million for fiscal year 2023, compared with
operating income of $70.1 million for fiscal year 2022. Operating
margin was (10)% for fiscal year 2023, compared with 3% for fiscal
year 2022.
- Net Loss and Net Loss Per Diluted Share: Net loss was
$486.8 million for fiscal year 2023, compared with net loss of
$519.5 million for fiscal year 2022. Net loss per diluted share was
$1.90 for fiscal year 2023, compared with net loss per diluted
share of $2.05 for fiscal year 2022.
On a non-GAAP basis, Atlassian reported:
- Operating Income and Operating Margin: Operating income
was $722.6 million for fiscal year 2023, compared with operating
income of $627.3 million for fiscal year 2022. Operating margin was
20% for fiscal year 2023, compared with 22% for fiscal year
2022.
- Net Income and Net Income Per Diluted Share: Net income
was $492.3 million for fiscal year 2023, compared with net income
of $383.5 million for fiscal year 2022. Net income per diluted
share was $1.92 for fiscal year 2023, compared with net income per
diluted share of $1.50 for fiscal year 2022.
- Free Cash Flow: Cash flow from operations was $868.1
million and free cash flow was $842.5 million for fiscal year 2023.
Free cash flow margin for fiscal year 2023 was 24%.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the financial statement tables included in this press
release. An explanation of these measures is also included below,
under the heading “About Non-GAAP Financial Measures.”
Recent Business Highlights:
- A Leader in the 2023 Gartner® Magic Quadrant™ for DevOps
Platforms: Atlassian was named a Leader in the 2023 Gartner
Magic Quadrant for DevOps Platforms1. Atlassian provides a single,
extensible DevOps platform, powered by Jira Software, that connects
engineering, ITOps, and business teams to accelerate engineering
velocity, improve application health, increase reliability, and
deliver value faster. Today, Jira Software powers workflows at
nearly 125,000 customers.
- Recognized in The Forrester Wave™: Integrated Software
Delivery Platforms: Atlassian was recognized as a Strong
Performer in The Forrester Wave™: Integrated Software Delivery
Platforms, Q2, 2023. Atlassian’s Open DevOps solutions enable teams
to create and manage software using both Atlassian and other
partner tools that development teams choose to use. The features of
products like Jira Software and Confluence, along with the
capability to integrate with other products, provide an enhanced
developer experience.
- Security Tab in Jira Software: Atlassian introduced new
security integration capabilities in Jira Software Cloud, bringing
security vendors together into one place to help organizations
better prioritize security. In partnership with Snyk, Mend,
Lacework, StackHawk, and JFrog, the Security tab in Jira Software
brings DevSecOps practices into software development allowing teams
to address security issues earlier and more effectively.
- Jira Product Discovery: Atlassian released Jira Product
Discovery into general availability. Jira Product Discovery is a
dedicated tool for product teams to capture and prioritize ideas,
connect business and tech teams, and align everyone across the
product journey. Built on the Jira platform, Jira Product Discovery
empowers product teams to collaborate behind a shared vision
without the need to switch tools.
- Data Residency in Singapore: Atlassian announced added
support for Singapore as a new data residency region available to
customers. Atlassian now offers customers the ability to store data
in the U.S.A., EU, Australia, Germany, and Singapore. Data
residency allows customers flexibility and control to design the
data strategy that makes the most sense for them.
- Enterprise Momentum: The number of Atlassian customers
who spend more than $1 million annually grew by 52% year-over-year,
underscoring Atlassian’s momentum in serving enterprise customers
while maintaining its uniquely efficient go-to-market model.
CRO departure:
Atlassian announced that its Chief Revenue Officer, Cameron
Deatsch, will leave Atlassian at the end of December 2023. Cameron
joined Atlassian almost 11 years ago, and during that time has
built out its customer-facing teams, served as Head of Server &
Data Center product teams, and led Atlassian’s go-to-market
functions as Chief Revenue Officer over the past three years.
Cameron will leave behind a team that has helped shape one of the
most unique enterprise software business models with a
customer-oriented flywheel built for scale, complemented by
higher-touch motions to deepen relationships with enterprise
customers.
“Cameron has made an immeasurable contribution to the business,”
said Scott Farquhar. “His impact is widespread and will live on
through the teams and leaders he’s developed, the customer
obsession he’s championed, and the culture he’s instilled. Mike and
I thank him for an incredible decade, and wish him the very
best.”
“The opportunity ahead for Atlassian is massive,” said Deatsch.
“While I’m ready to dial back after 11 years of charging ahead,
this company is still just getting started.”
Financial Targets:
Atlassian is providing its financial targets as follows:
First Quarter Fiscal Year 2024:
- Total revenue is expected to be in the range of $950 million to
$970 million.
- Cloud revenue growth year-over-year is expected to be in the
range of 25% to 27%.
- Gross margin is expected to be approximately 81.0% on a GAAP
basis and approximately 83.5% on a non-GAAP basis.
- Operating margin is expected to be approximately (8.5%) on a
GAAP basis and approximately 19.5% on a non-GAAP basis.
Fiscal Year 2024:
- Cloud revenue growth year-over-year is expected to be in the
range of 25% to 30%.
- Gross margin is expected to be approximately 81.0% on a GAAP
basis and approximately 83.5% on a non-GAAP basis.
- Operating margin is expected to be approximately (8.0%) on a
GAAP basis and approximately 18.5% on a non-GAAP basis
For additional commentary regarding financial targets, please
see Atlassian’s fourth quarter fiscal year 2023 shareholder letter
dated August 3, 2023.
With respect to Atlassian’s expectations under “Financial
Targets” above, a reconciliation of GAAP to non-GAAP gross margin
and operating margin has been provided in the financial statement
tables included in this press release.
Shareholder Letter and Webcast Details:
A detailed shareholder letter is available on Atlassian’s Work
Life blog at
https://atlassian.com/blog/announcements/shareholder-letter-q4fy23,
and the Investor Relations section of Atlassian’s website at
https://investors.atlassian.com. Atlassian will host a webcast to
answer questions today:
- When: Thursday, August 3, 2023 at 2:00 p.m. Pacific Time
(5:00 p.m. Eastern Time).
- Webcast: A live webcast of the call can be accessed from
the Investor Relations section of Atlassian’s website at
https://investors.atlassian.com. Following the call, a replay will
be available on the same website.
Atlassian has used, and will continue to use, its Investor
Relations website at https://investors.atlassian.com as a means of
making material information public and for complying with its
disclosure obligations.
____________________
1 Gartner, Magic Quadrant for DevOps
Platforms, Manjunath Bhat, Thomas Murphy, Joachim Herschmann, et
al, 5 June 2023. Gartner Disclaimer - Gartner does not endorse any
vendor, product or service depicted in its research publications,
and does not advise technology users to select only those vendors
with the highest ratings or other designation. Gartner research
publications consist of the opinions of Gartner research
organization and should not be construed as statements of fact.
Gartner disclaims all warranties, express or implied, with respect
to this research, including any warranties of merchantability or
fitness for a particular purpose. GARTNER is a registered trademark
and service mark of Gartner, Inc. and/or its affiliates in the U.S.
and internationally, and MAGIC QUADRANT is a registered trademark
of Gartner, Inc. and/or its affiliates and are used herein with
permission. All rights reserved.
About Atlassian
Atlassian unleashes the potential of every team. Our agile &
DevOps, IT service management and work management software helps
teams organize, discuss, and complete shared work. The majority of
the Fortune 500 and over 260,000 companies of all sizes worldwide -
including NASA, Kiva, Deutsche Bank, and Salesforce - rely on our
solutions to help their teams work better together and deliver
quality results on time. Learn more about our products, including
Jira Software, Confluence, Jira Service Management, Trello,
Bitbucket, and Jira Align at https://atlassian.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995,
which statements involve substantial risks and uncertainties. In
some cases, you can identify these statements by forward-looking
words such as “may,” “will,” “expect,” “believe,” “anticipate,”
“intend,” “could,” “should,” “estimate,” or “continue,” and similar
expressions or variations, but these words are not the exclusive
means for identifying such statements. All statements other than
statements of historical fact could be deemed forward looking,
including risks and uncertainties related to statements about our
products, product features, including AI and large language models,
customers, cloud migration, macroeconomic environment, anticipated
growth, outlook, technology and other key strategic areas, and our
financial targets such as total revenue and cloud revenue and GAAP
and non-GAAP financial measures including gross margin and
operating margin.
We undertake no obligation to update any forward-looking
statements made in this press release to reflect events or
circumstances after the date of this press release or to reflect
new information or the occurrence of unanticipated events, except
as required by law.
The achievement or success of the matters covered by such
forward-looking statements involves known and unknown risks,
uncertainties and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, our
results could differ materially from the results expressed or
implied by the forward-looking statements we make. You should not
rely upon forward-looking statements as predictions of future
events. Forward-looking statements represent our management’s
beliefs and assumptions only as of the date such statements are
made.
Further information on these and other factors that could affect
our financial results is included in filings we make with the
Securities and Exchange Commission (the “SEC”) from time to time,
including the section titled “Risk Factors” in our most recently
filed Forms 20-F and 10-Q. These documents are available on the SEC
Filings section of the Investor Relations section of our website at
https://investors.atlassian.com.
About Non-GAAP Financial Measures
In addition to the measures presented in our consolidated
financial statements, we regularly review other measures that are
not presented in accordance with GAAP, defined as non-GAAP
financial measures by the SEC, to evaluate our business, measure
our performance, identify trends, prepare financial forecasts and
make strategic decisions. The key measures we consider are non-GAAP
gross profit, non-GAAP operating income and non-GAAP operating
margin, non-GAAP net income, non-GAAP net income per diluted share
and free cash flow (collectively, the “Non-GAAP Financial
Measures”). These Non-GAAP Financial Measures, which may be
different from similarly titled non-GAAP measures used by other
companies, provide supplemental information regarding our operating
performance on a non-GAAP basis that excludes certain gains, losses
and charges of a non-cash nature or that occur relatively
infrequently and/or that management considers to be unrelated to
our core operations. Management believes that tracking and
presenting these Non-GAAP Financial Measures provides management,
our board of directors, investors and the analyst community with
the ability to better evaluate matters such as: our ongoing core
operations, including comparisons between periods and against other
companies in our industry; our ability to generate cash to service
our debt and fund our operations; and the underlying business
trends that are affecting our performance.
Our Non-GAAP Financial Measures include:
- Non-GAAP gross profit. Excludes expenses related to stock-based
compensation, amortization of acquired intangible assets, and
restructuring charges.
- Non-GAAP operating income and non-GAAP operating margin.
Excludes expenses related to stock-based compensation, amortization
of acquired intangible assets, and restructuring charges.
- Non-GAAP net income and non-GAAP net income per diluted share.
Excludes expenses related to stock-based compensation, amortization
of acquired intangible assets, restructuring charges, non-coupon
impact related to exchangeable senior notes and capped calls, gain
on a non-cash sale of a controlling interest of a subsidiary and
the related income tax effects on these items, and a non-recurring
income tax adjustment.
- Free cash flow. Free cash flow is defined as net cash provided
by operating activities less capital expenditures, which consists
of purchases of property and equipment.
We understand that although these Non-GAAP Financial Measures
are frequently used by investors and the analyst community in their
evaluation of our financial performance, these measures have
limitations as analytical tools, and you should not consider them
in isolation or as substitutes for analysis of our results as
reported under GAAP. We compensate for such limitations by
reconciling these Non-GAAP Financial Measures to the most
comparable GAAP financial measures. We encourage you to review the
tables in this press release titled “Reconciliation of GAAP to
Non-GAAP Results” and “Reconciliation of GAAP to Non-GAAP Financial
Targets” that present such reconciliations.
Atlassian Corporation
Consolidated Statements of
Operations
(U.S. $ and shares in
thousands, except per share data)
(unaudited)
Three Months Ended June
30,
Fiscal Year Ended June
30,
2023
2022
2023
2022
Revenues:
Subscription
$
799,713
$
597,297
$
2,922,576
$
2,096,706
Maintenance
85,925
117,095
399,738
495,077
Other
53,460
45,449
212,333
211,099
Total revenues
939,098
759,841
3,534,647
2,802,882
Cost of revenues (1) (2)
169,776
130,404
633,765
452,914
Gross profit
769,322
629,437
2,900,882
2,349,968
Operating expenses:
Research and development (1) (2)
474,855
367,007
1,869,881
1,291,877
Marketing and sales (1) (2)
202,621
173,054
769,861
535,815
General and administrative (1)
142,235
131,709
606,362
452,193
Total operating expenses
819,711
671,770
3,246,104
2,279,885
Operating income (loss)
(50,389
)
(42,333
)
(345,222
)
70,083
Other income (expense), net
(7,096
)
(608
)
14,501
(501,839
)
Interest income
20,579
1,328
49,732
2,284
Interest expense
(8,540
)
(4,767
)
(30,147
)
(41,466
)
Loss before provision for income taxes
(45,446
)
(46,380
)
(311,136
)
(470,938
)
Provision for income taxes
(13,506
)
(44,259
)
(175,625
)
(48,572
)
Net loss
$
(58,952
)
$
(90,639
)
$
(486,761
)
$
(519,510
)
Net loss per share attributable to Class A
and Class B common stockholders:
Basic
$
(0.23
)
$
(0.36
)
$
(1.90
)
$
(2.05
)
Diluted
$
(0.23
)
$
(0.36
)
$
(1.90
)
$
(2.05
)
Weighted-average shares used in computing
net loss per share attributable to Class A and Class B common
stockholders:
Basic
257,389
254,482
256,307
253,312
Diluted
257,389
254,482
256,307
253,312
(1) Amounts include stock-based compensation as follows:
Three Months Ended June
30,
Fiscal Year Ended June
30,
2023
2022
2023
2022
Cost of revenues
$
17,166
$
8,719
$
63,913
$
31,358
Research and development
156,836
89,798
604,301
328,978
Marketing and sales
33,817
19,789
131,739
76,209
General and administrative
37,425
23,368
148,134
88,258
(2) Amounts include amortization of acquired intangible assets,
as follows:
Three Months Ended June
30,
Fiscal Year Ended June
30,
2023
2022
2023
2022
Cost of revenues
$
5,763
$
5,697
$
22,853
$
22,694
Research and development
93
93
374
374
Marketing and sales
2,524
2,491
9,900
9,330
Atlassian Corporation
Consolidated Balance
Sheets
(U.S. $ in thousands)
(unaudited)
June 30, 2023
June 30, 2022
Assets
Current assets:
Cash and cash equivalents
$
2,102,550
$
1,385,265
Marketable securities
10,000
73,294
Accounts receivable, net
477,678
308,127
Assets held for sale
—
60,265
Prepaid expenses and other current
assets
146,136
70,002
Total current assets
2,736,364
1,896,953
Non-current assets:
Property and equipment, net
81,402
100,662
Operating lease right-of-use assets
184,195
277,276
Strategic investments
225,538
159,064
Intangible assets, net
69,072
100,840
Goodwill
727,211
722,838
Deferred tax assets
9,945
10,335
Other non-current assets
73,052
58,862
Total assets
$
4,106,779
$
3,326,830
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
159,293
$
81,220
Accrued expenses and other current
liabilities
423,131
406,139
Deferred revenue, current portion
1,362,736
1,066,059
Operating lease liabilities, current
portion
44,930
40,638
Term loan facility, current portion
37,500
—
Total current liabilities
2,027,590
1,594,056
Non-current liabilities:
Deferred revenue, net of current
portion
182,743
116,621
Operating lease liabilities, net of
current portion
237,835
274,434
Term loan facility, net of current
portion
962,093
999,419
Deferred tax liabilities
10,669
312
Other non-current liabilities
31,177
14,616
Total liabilities
3,452,107
2,999,458
Stockholders’ equity
Common stock
3
2
Additional paid-in capital
3,130,631
2,182,536
Accumulated other comprehensive income
34,002
13,864
Accumulated deficit
(2,509,964
)
(1,869,030
)
Total stockholders’ equity
654,672
327,372
Total liabilities and stockholders’
equity
$
4,106,779
$
3,326,830
Atlassian Corporation
Consolidated Statements of
Cash Flows
(U.S. $ in thousands)
(unaudited)
Three Months Ended June
30,
Fiscal Year Ended June
30,
2023
2022
2023
2022
Cash flows from operating
activities:
Net loss
$
(58,952
)
$
(90,639
)
$
(486,761
)
$
(519,510
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
15,304
13,898
60,923
51,739
Stock-based compensation
245,244
141,674
948,087
524,803
Impairment charges for leases and
leasehold improvements
—
—
61,098
—
Deferred income taxes
4,305
918
10,613
(2,002
)
Net loss on exchange derivative and capped
call transactions
—
—
—
424,482
Amortization of debt discount and issuance
cost
118
118
471
27,051
Net loss on strategic investments
2,143
441
19,407
72,663
Net foreign currency gain
(4,608
)
(4,032
)
(10,613
)
(12,065
)
Gain on a non-cash sale of a controlling
interest of a subsidiary
—
—
(45,158
)
—
Other
230
870
1,488
646
Changes in operating assets and
liabilities:
Accounts receivable, net
(131,495
)
(51,581
)
(169,526
)
(134,764
)
Prepaid expenses and other assets
2,300
14,528
(38,230
)
(21,927
)
Accounts payable
56,868
6,086
78,902
31,741
Accrued expenses and other liabilities
(6,444
)
92,004
74,611
93,250
Deferred revenue
147,762
90,594
362,799
284,937
Net cash provided by operating
activities
272,775
214,879
868,111
821,044
Cash flows from investing
activities:
Business combinations, net of cash
acquired
(5,175
)
(2,550
)
(5,775
)
(19,411
)
Purchases of intangible assets
(160
)
—
(160
)
(4,018
)
Purchases of property and equipment
(2,425
)
(24,648
)
(25,652
)
(70,583
)
Purchases of strategic investments
(1,000
)
(8,750
)
(19,450
)
(111,668
)
Purchases of marketable securities and
other investments
(14,800
)
—
(24,800
)
(21,003
)
Proceeds from maturities of marketable
securities
—
12,850
73,950
76,937
Proceeds from sales of marketable
securities and strategic investments
—
—
629
186,262
Net cash provided by (used in)
investing activities
(23,560
)
(23,098
)
(1,258
)
36,516
Cash flows from financing
activities:
Proceeds from term loan facility
—
—
—
1,000,000
Repayment of exchangeable senior notes
—
—
—
(1,548,686
)
Proceeds from settlement of capped call
transactions
—
—
—
135,497
Repurchases of Class A Common Stock
(118,258
)
—
(150,006
)
—
Proceeds from other financing
arrangements
187
4,379
1,585
13,909
Net cash provided by (used in)
financing activities
(118,071
)
4,379
(148,421
)
(399,280
)
Effect of foreign exchange rate changes on
cash, cash equivalents and restricted cash
(809
)
(6,595
)
(1,805
)
(9,233
)
Net increase in cash, cash equivalents,
and restricted cash
130,335
189,565
716,627
449,047
Cash, cash equivalents, and restricted
cash at beginning of period
1,973,580
1,195,465
1,386,686
931,023
Net decrease in cash and cash equivalents
included in assets held for sale
—
1,656
602
6,616
Cash, cash equivalents, and restricted
cash at end of period
$
2,103,915
$
1,386,686
$
2,103,915
$
1,386,686
Atlassian Corporation
Revenues by Deployment
Options
(U.S. $ in thousands)
(unaudited)
Three Months Ended June
30,
Fiscal Year Ended June
30,
2023
2022
2023
2022
Cloud
$
563,229
$
433,969
$
2,085,498
$
1,515,424
Data Center
232,208
158,921
819,251
560,319
Server (1)
86,149
117,629
400,519
525,028
Marketplace and services (2)
57,512
49,322
229,379
202,111
Total revenues
$
939,098
$
759,841
$
3,534,647
$
2,802,882
(1) Included in Server is perpetual
license revenue. Perpetual license revenue is captured as other
revenue on the Consolidated Statements of Operations.
(2) Included in Marketplace and services
is premier support revenue. Premier support is a subscription-based
arrangement for a higher level of support across different
deployment options. Premier support is recognized as subscription
revenue on the Consolidated Statements of Operations as the
services are delivered over the term of the arrangement.
Atlassian Corporation
Reconciliation of GAAP to
Non-GAAP Results
(U.S. $ and shares in
thousands, except percentage and per share data)
(unaudited)
Three Months Ended June
30,
Fiscal Year Ended June
30,
2023
2022
2023
2022
Gross
profit
GAAP gross profit
$
769,322
$
629,437
$
2,900,882
$
2,349,968
Plus: Stock-based compensation
17,166
8,719
63,625
31,358
Plus: Amortization of acquired intangible
assets
5,763
5,697
22,853
22,694
Plus (less): Restructuring charges (1)
(55
)
—
9,192
—
Non-GAAP gross profit
$
792,196
$
643,853
$
2,996,552
$
2,404,020
Operating
income
GAAP operating income (loss)
$
(50,389
)
$
(42,333
)
$
(345,222
)
$
70,083
Plus: Stock-based compensation
245,718
141,674
937,812
524,803
Plus: Amortization of acquired intangible
assets
8,380
8,281
33,127
32,398
Plus (less): Restructuring charges (1)
(954
)
—
96,894
—
Non-GAAP operating income
$
202,755
$
107,622
$
722,611
$
627,284
Operating
margin
GAAP operating margin
(5
)%
(6
)%
(10
)%
3
%
Plus: Stock-based compensation
26
19
26
18
Plus: Amortization of acquired intangible
assets
1
1
1
1
Plus (less): Restructuring charges (1)
—
—
3
—
Non-GAAP operating margin
22
%
14
%
20
%
22
%
Net
income
GAAP net loss
$
(58,952
)
$
(90,639
)
$
(486,761
)
$
(519,510
)
Plus: Stock-based compensation
245,718
141,674
937,812
524,803
Plus: Amortization of acquired intangible
assets
8,380
8,281
33,127
32,398
Plus (less): Restructuring charges (1)
(954
)
—
96,894
—
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
—
—
—
450,829
Less: Gain on a non-cash sale of a
controlling interest of a subsidiary
—
—
(45,158
)
—
Plus (less): Income tax adjustments
(47,172
)
9,136
(43,659
)
(105,064
)
Non-GAAP net income
$
147,020
$
68,452
$
492,255
$
383,456
Net income per
share
GAAP net loss per share - diluted
$
(0.23
)
$
(0.36
)
$
(1.90
)
$
(2.05
)
Plus: Stock-based compensation
0.95
0.56
3.66
2.05
Plus: Amortization of acquired intangible
assets
0.03
0.03
0.13
0.13
Plus (less): Restructuring charges (1)
—
—
0.38
—
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
—
—
—
1.78
Less: Gain on a non-cash sale of a
controlling interest of a subsidiary
—
—
(0.18
)
—
Plus (less): Income tax adjustments
(0.18
)
0.04
(0.17
)
(0.41
)
Non-GAAP net income per share -
diluted
$
0.57
$
0.27
$
1.92
$
1.50
Weighted-average
diluted shares outstanding
Weighted-average shares used in computing
diluted GAAP net loss per share
257,389
254,482
256,307
253,312
Plus: Dilution from dilutive securities
(2)
447
1,006
554
2,345
Weighted-average shares used in computing
diluted non-GAAP net income per share
257,836
255,488
256,861
255,657
Free cash
flow
GAAP net cash provided by operating
activities
$
272,775
$
214,879
$
868,111
$
821,044
Less: Capital expenditures
(2,425
)
(24,648
)
(25,652
)
(70,583
)
Free cash flow
$
270,350
$
190,231
$
842,459
$
750,461
(1) Restructuring charges include
stock-based compensation expense related to the rebalancing of
resources for the three months and fiscal year ended June 30,
2023.
(2) The effects of these dilutive
securities were not included in the GAAP calculation of diluted net
loss per share for the three months and fiscal years ended June 30,
2023 and 2022 because the effect would have been anti-dilutive.
Atlassian Corporation
Reconciliation of GAAP to
Non-GAAP Financial Targets
Three Months Ending
September 30, 2023
Fiscal Year Ending June
30, 2024
GAAP gross margin
81.0
%
81.0
%
Plus: Stock-based compensation
2.0
2.0
Plus: Amortization of acquired intangible
assets
0.5
0.5
Non-GAAP gross margin
83.5
%
83.5
%
GAAP operating margin
(8.5
%)
(8.0
%)
Plus: Stock-based compensation
27.0
26.0
Plus: Amortization of acquired intangible
assets
1.0
0.5
Non-GAAP operating margin
19.5
%
18.5
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803978818/en/
Investor Relations Contact Martin Lam IR@atlassian.com
Media Contact Marie-Claire Maple press@atlassian.com
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