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Core Insights - Atlassian's shares fell 11.7% last month due to growth concerns and the departure of a key executive [1] - The company reported a 30% revenue growth and a 41% increase in subscription revenue, leading to a 59% growth in free cash flow, reaching $555 million [2] - Despite strong headline figures, analysts expressed concerns about sustainable growth, particularly in the cloud segment, which is expected to grow at 25%-30% [3] - Co-founder and co-CEO Scott Farquhar is stepping down after 23 years, adding uncertainty to the company's leadership [4] - The stock's high valuation ratios, with a forward P/E ratio over 55 and a price-to-sales ratio over 11, contribute to investor caution [4][5] Financial Performance - Revenue growth of 30% and subscription revenue growth of 41% indicate strong performance [2] - Free cash flow reached an all-time high of $555 million, reflecting robust financial health [2] - Adjusted earnings per share (EPS) exceeded Wall Street consensus by approximately 20% [2] Growth Concerns - Analysts are worried about the sustainability of growth, especially in the cloud segment, which is crucial for future plans [3] - The data center segment's strong performance is not expected to be sustainable, raising concerns about future revenue [3] - The anticipated slowdown in cloud growth is significant as it constitutes about 60% of total revenue [3] Leadership Changes - Scott Farquhar's departure introduces uncertainty, although he will remain on the board [4] - The transition in leadership is viewed as relatively minor given the presence of another co-CEO [4] Valuation Metrics - The stock's high valuation ratios make it challenging for investors to remain optimistic amid uncertainty [4][5] - The valuation ratios, while not prohibitively expensive, have become a concern following the recent news [5]

Have you looked into how Atlassian (TEAM) performed internationally during the quarter ending March 2024? Considering the widespread global presence of this company, examining the trends in international revenues is essential for assessing its financial resilience and prospects for growth.In today's increasingly interconnected global economy, a company's ability to tap into international markets can be a pivotal factor in shaping its overall financial health and growth trajectory. For investors, understandi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-37651 Atlassian Corporation (Exact name of Registrant as specified in its charter) Delaware 88-3940934 (State or other jurisdiction of incorporation or organizati ...

The company beat expectations for the fiscal quarter, but investors have some unanswered questions.Shares of Atlassian (TEAM -9.87%) sank on Friday after the enterprise collaboration software company reported results for its fiscal 2024 third quarter. As of 2:25 p.m. ET, Atlassian stock was down about 9.9%.A strong quarter, but...In the period, which ended March 31, Atlassian generated revenue of almost $1.2 billion, which was up 30% year over year and ahead of the expectations of most analysts. Moreover, t ...

Atlassian (TEAM) reported stronger-than-expected third-quarter fiscal 2024 results. Its non-GAAP earnings per share of 89 cents beat the Zacks Consensus Estimate of 61 cents. The figure surged 64.8% from the year-ago quarter’s non-GAAP earnings of 54 cents per share, mainly driven by double-digit year-over-year growth across segments like Cloud and Data Center.TEAM’s fiscal third-quarter revenues jumped 30% to $1.19 billion and surpassed the consensus mark of $1.10 billion. The top line was primarily driven ...

For the quarter ended March 2024, Atlassian (TEAM) reported revenue of $1.19 billion, up 29.9% over the same period last year. EPS came in at $0.89, compared to $0.54 in the year-ago quarter.The reported revenue represents a surprise of +8.49% over the Zacks Consensus Estimate of $1.1 billion. With the consensus EPS estimate being $0.61, the EPS surprise was +45.90%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expecta ...

Atlassian Corporation (NASDAQ:TEAM) Q3 2024 Earnings Conference Call April 25, 2024 5:00 PM ET Company Participants Martin Lam - Head of IR Scott Farquhar - Co-Founder and CEO Mike Cannon-Brookes - Co-Founder and CEO Joe Binz - CFO Conference Call Participants Ryan MacWilliams - Barclays Fred Havemeyer - Macquarie Sanjit Singh - Morgan Stanley Gregg Moskowitz - Mizuho Securities Michael Turrin - Wells Fargo Alex Zukin - Wolfe Research Keith Bachman - BMO Brent Thill - Jefferies Nick Altmann - Scotiabank Kas ...

Atlassian (TEAM) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 45.90%. A quarter ago, it was expected that this company would post earnings of $0.62 per share when it actually produced earnings of $0.73, delivering a surprise of 17.74%.Over the last four quarters, the company has su ...

Atlassian Q3 FY2024 Earnings Release [Financial Highlights (Q3 FY2024)](index=1&type=section&id=Third%20Quarter%20Fiscal%20Year%202024%20Financial%20Highlights%3A) The company reported strong Q3 revenue growth to $1.19 billion, improved profitability, and record free cash flow Q3 FY2024 Key Financial Metrics (YoY Comparison) | Metric | Q3 FY2024 | Q3 FY2023 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $1,189.1M | $915.5M | +30% | | **Subscription Revenue** | $1,071.0M | $760.7M | +41% | | **GAAP Operating Margin** | 1% | (18%) | +19 pts | | **Non-GAAP Operating Margin** | 27% | 22% | +5 pts | | **GAAP Net Income (Loss)** | $12.8M | ($209.0M) | N/A | | **Non-GAAP Net Income** | $232.5M | $138.0M | +68% | | **GAAP EPS (Diluted)** | $0.05 | ($0.81) | N/A | | **Non-GAAP EPS (Diluted)** | $0.89 | $0.54 | +65% | | **Free Cash Flow** | $554.9M | $349.7M | +59% | - The company has successfully transitioned to a cloud-majority business, with **over 300,000 customers** on its Cloud products and a **3x increase in paid cloud seats** since announcing the end-of-support for Server[2](index=2&type=chunk) - Cash, cash equivalents, and marketable securities totaled **$2.1 billion** at the end of the quarter[4](index=4&type=chunk) [CEO Transition](index=1&type=section&id=CEO%20Transition) Co-founder Scott Farquhar will step down as co-CEO, with Mike Cannon-Brookes becoming the sole CEO - Scott Farquhar will step down as co-CEO to spend more time with his family, engage in philanthropy, and support the global technology industry[3](index=3&type=chunk) - The transition is effective **August 31, 2024**, and Farquhar will continue as a Board member and special advisor[3](index=3&type=chunk) - Mike Cannon-Brookes will become the sole CEO, leading the company's mission and capitalizing on opportunities in the AI era[3](index=3&type=chunk) [Recent Business Highlights](index=3&type=section&id=Recent%20Business%20Highlights%3A) The company achieved key milestones including Marketplace sales growth, the acquisition of Optic, and product expansion - The Atlassian Marketplace surpassed **$4 billion in lifetime sales** since its 2012 inception, with over 1,800 partners and 5,700 apps[6](index=6&type=chunk) - Acquired **Optic**, an API documentation and management company, to enhance Compass and improve developer productivity[6](index=6&type=chunk) - Released **Confluence whiteboards** into general availability, offering a freeform collaboration tool integrated with Jira[6](index=6&type=chunk) - Expanded data residency to 12 geographies with the addition of India, Japan, South Korea, Switzerland, and the UK[6](index=6&type=chunk) - The number of customers with over **$10,000 in Cloud Annualized Recurring Revenue (ARR)** grew to 44,336, a **19% increase** year-over-year[6](index=6&type=chunk) [Financial Outlook (Q4 FY2024)](index=4&type=section&id=Financial%20Targets%3A) The company projects Q4 revenue between $1.12B and $1.135B with continued strong cloud and data center growth Q4 FY2024 Financial Targets | Metric | Target | | :--- | :--- | | **Total Revenue** | $1,120M - $1,135M | | **Cloud Revenue Growth (YoY)** | ~32% | | **Data Center Revenue Growth (YoY)** | 40% - 42% | | **GAAP Gross Margin** | ~81.0% | | **Non-GAAP Gross Margin** | ~83.5% | | **GAAP Operating Margin** | ~(7.0%) | | **Non-GAAP Operating Margin** | ~18.5% | Financial Statements and Reconciliations [Condensed Consolidated Statements of Operations](index=6&type=section&id=Atlassian%20Corporation%20Condensed%20Consolidated%20Statements%20of%20Operations) Q3 revenues grew 30% YoY to $1.19 billion, with a significant turnaround to positive GAAP net income Statement of Operations Highlights (Q3 FY2024 vs Q3 FY2023) | Metric (in thousands) | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | **Total Revenues** | $1,189,128 | $915,453 | | **Gross Profit** | $975,703 | $746,801 | | **Operating Income (Loss)** | $17,804 | ($161,567) | | **Net Income (Loss)** | $12,752 | ($209,037) | | **Diluted Net Income (Loss) per Share** | $0.05 | ($0.81) | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Atlassian%20Corporation%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $5.06 billion, driven by increased goodwill, while liabilities and equity also increased Balance Sheet Highlights (in thousands) | Metric | March 31, 2024 | June 30, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $1,948,978 | $2,102,550 | | **Goodwill** | $1,285,745 | $727,211 | | **Total Assets** | $5,063,265 | $4,106,779 | | **Deferred Revenue (Current)** | $1,698,639 | $1,362,736 | | **Total Liabilities** | $3,929,094 | $3,452,107 | | **Total Stockholders' Equity** | $1,134,171 | $654,672 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Atlassian%20Corporation%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated $565.4 million in net cash from operations, a significant increase from the prior year Cash Flow Summary (Q3, in thousands) | Activity | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $565,390 | $352,369 | | **Net cash provided by (used in) investing activities** | ($26,314) | $14,567 | | **Net cash used in financing activities** | ($47,877) | ($31,746) | | **Net increase in cash** | $488,430 | $335,611 | [Revenues by Deployment Options](index=9&type=section&id=Revenues%20by%20Deployment%20Options) Q3 revenue growth was driven by Cloud and Data Center segments, offsetting the planned decline in Server revenue Revenue by Deployment (Q3, in thousands) | Deployment | Q3 FY2024 | Q3 FY2023 | YoY Change | | :--- | :--- | :--- | :--- | | **Cloud** | $703,036 | $534,891 | +31.4% | | **Data Center** | $364,134 | $221,551 | +64.3% | | **Server** | $29,720 | $94,389 | -68.5% | | **Marketplace and other** | $92,238 | $64,622 | +42.7% | [Reconciliation of GAAP to Non-GAAP Results](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Results) Non-GAAP results primarily exclude stock-based compensation and amortization of acquired intangible assets - The main reconciling items between GAAP and non-GAAP figures are **stock-based compensation, amortization of acquired intangible assets, and restructuring charges**[12](index=12&type=chunk)[24](index=24&type=chunk) GAAP to Non-GAAP Reconciliation (Q3 FY2024, in thousands) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | **Operating Income** | $17,804 | $298,713 | $316,517 | | **Net Income** | $12,752 | $219,744 | $232,496 | - For fiscal year 2024, the company began using a **fixed long-term projected non-GAAP tax rate of 27%** to provide better consistency across reporting periods[25](index=25&type=chunk)