Quarterly revenue of $212.6 million, up 43%
year-over-year
Atlassian Corporation Plc (NASDAQ:TEAM), a leading provider of team
collaboration and productivity software, today announced financial
results for its second quarter of fiscal 2018 ended December 31,
2017 and released a shareholder letter on the Investor
Relations section of its
website at https://investors.atlassian.com.
“We finished calendar year 2017 with another great quarter. Our
Cloud, Server and Data Center products delivered strong
results, and the Atlassian Marketplace, which plays an
important role in our continued growth, passed $350 million in
lifetime sales,” said Scott Farquhar, Atlassian’s co-CEO and
co-founder. “We are also thrilled that James Beer will be joining
Atlassian as our new CFO in February, and look forward to the
leadership and experience he brings scaling global businesses.”
Second Quarter Fiscal Year 2018 Financial
Highlights:
On an IFRS basis, Atlassian reported:
- Revenue: Total revenue was $212.6 million for
the second quarter of fiscal 2018, up 43% from $148.9 million
for the second quarter of fiscal 2017.
- Operating Loss and Operating Margin: Operating
loss was $15.3 million for the second quarter of fiscal
2018, compared with $2.6 million for the second quarter
of fiscal 2017. Operating margin was (7%) for
the second quarter of fiscal 2018, compared with (2%) for
the second quarter of fiscal 2017.
- Net Loss and Net Loss Per Diluted
Share: Net loss was $65.2 million for
the second quarter of fiscal 2018, compared with $1.7
million for the second quarter of fiscal 2017. Net loss
per diluted share was $0.28 for
the second quarter of fiscal 2018, compared with $0.01
for the second quarter of fiscal 2017.Net loss for
the second quarter of fiscal 2018 included a non-cash charge to
income tax expense of $47.3 million as a result of the
write-down of Atlassian’s deferred tax assets. The charge was
driven by the reduction in the U.S. corporate income tax rate from
35% to 21% and Atlassian’s assessment of the realizability of its
deferred tax assets.
- Balance Sheet: Cash and cash equivalents
and short-term investments at the end of
the second quarter of fiscal 2018
totaled $679.1 million.
On a non-IFRS basis, Atlassian reported:
- Operating Income and Operating Margin:
Operating income was $44.4 million for
the second quarter of fiscal 2018, compared with
$27.6 million for the second quarter of fiscal
2017. Operating margin was 21% for the second quarter of
fiscal 2018, compared with 19% for the second quarter of
fiscal 2017.
- Net Income and Net Income Per Diluted
Share: Net income was $31.0 million for
the second quarter of fiscal 2018, compared
with $21.7 million for the second quarter of
fiscal 2017. Net income per diluted share was $0.13 for
the second quarter of fiscal 2018, compared with $0.09
per diluted share for the second quarter of fiscal
2017.
- Free Cash Flow: Cash flow from operations for
the second quarter of fiscal 2018 was $72.3 million,
while capital expenditures totaled $4.5 million, resulting in free
cash flow of $67.8 million, an increase of 52% year-over-year.
A reconciliation of IFRS to non-IFRS 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-IFRS Financial Measures.”
Recent Business Highlights:
- Customer growth: Atlassian ended
the second quarter of fiscal 2018 with a total customer
count on an active subscription or maintenance agreement
basis of 112,571, having added 4,825 net new
customers during the quarter.
- Atlassian Marketplace: With more than
3,500 apps designed to enhance Atlassian products, the Atlassian
Marketplace is one of the largest enterprise app stores. It
continues to see excellent growth and surpassed a new milestone
during the quarter, with more than $350 million in lifetime sales
since its inception in 2012.
- Atlassian Team Tour: Atlassian will soon
be getting on the road to unveil new product updates, share
the latest in team practices, and discuss the future of teamwork.
The Atlassian Team Tour is a series of live events starting
February 8, 2018 in Amsterdam, and will cross the globe with a
total of ten stops on three continents. You can find out more
at: https://www.atlassian.com/company/events/teamtour.
Financial Targets:
Atlassian is providing its financial targets for the third
quarter and full fiscal year 2018. The company’s financial targets
are as follows:
- Third Quarter Fiscal Year 2018:
• Total revenue is expected to be in the range of
$217 million to $219 million. • Gross
margin is expected to be approximately 80% on an IFRS basis and
approximately 83% on a non-IFRS basis. •
Operating margin is expected to be approximately (5%) on an
IFRS basis and approximately 17% on a non-IFRS basis.
• Net loss per diluted share is expected to be
approximately ($0.08) on an IFRS basis, and net income per diluted
share is expected to be approximately $0.08 on a non-IFRS
basis. • Weighted-average share count is
expected to be in the range of 231 million to 233 million shares
when calculating diluted IFRS net loss per share and in the range
of 244 million to 246 million shares when calculating diluted
non-IFRS net income per share.
- Fiscal Year 2018: •
Total revenue is expected to be in the range of $853
million to $857 million. • Gross margin is
expected to be approximately 80% on an IFRS basis and approximately
84% on a non-IFRS basis. • Operating
margin is expected to be approximately (8%) on an IFRS basis and
approximately 19% on a non-IFRS basis. •
Net loss per diluted share is expected to be in the range of
($0.48) to ($0.47) on an IFRS basis, and net income per diluted
share is expected to be in the range of $0.47 to $0.48 on a
non-IFRS basis. • Weighted-average
share count is expected to be in the range of 231 million to 233
million shares when calculating diluted IFRS net loss per share and
in the range of 242 million to 244 million shares when calculating
diluted non-IFRS net income per share. •
Free cash flow is expected to be in the range of $260 million
to $270 million, which includes capital expenditures that are
expected to be in the range of $25 million to $30 million.
With respect to Atlassian’s expectations under “Financial
Targets” above, a reconciliation of IFRS to non-IFRS gross margin,
operating margin, net income per diluted share, and free cash flow
have been provided in the financial statement tables included in
this press release.
Shareholder Letter and Webcast/Conference Call
Details
A detailed shareholder letter is available on the Investor
Relations section of Atlassian’s website
at: https://investors.atlassian.com. Atlassian will host
a webcast and conference call to answer questions today:
- When: Thursday, January 18, 2018 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.
- Dial in: To access the call via telephone
in North America, please dial 1-888-346-0688. For international
callers, please dial 1-412-902-4250. Participants should
request the “Atlassian call” after dialing in.
- Audio replay: An audio replay of the call will
be available via telephone for seven days, beginning two hours
after the call. To listen to the replay in North America, please
dial 1-877-344-7529 (access code 10114838). International
callers, please dial 1-412-317-0088 (access code 10114838).
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.
About Atlassian
Atlassian unleashes the potential of every team. Our
collaboration software helps teams organize, discuss and complete
shared work. Teams at more than 112,000 customers, across large and
small organizations - including Citigroup, eBay, Coca-Cola, Visa,
BMW and NASA - use Atlassian's project tracking, content creation
and sharing, real-time communication and service management
products to work better together and deliver quality results on
time. Learn more about products including Jira Software,
Confluence, Stride, Trello, Bitbucket and Jira Service Desk at
https://atlassian.com.
Investor Relations ContactIan
LeeIR@atlassian.com
Media ContactPaul
Loefflerpress@atlassian.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which statements involve substantial risks and uncertainties.
All statements other than statements of historical fact could be
deemed forward looking, including risks and uncertainties related
to statements about our products, customers, ecosystem, technology
and other key strategic areas, and our financial targets such as
revenue, share count and IFRS and non-IFRS financial measures
including gross margin, operating margin, net income (loss) per
diluted share and free cash flow.
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 from time to time, including the
section titled “Risk Factors” in our most recent Forms 20-F and 6-K
(reporting our quarterly results). These documents are available on
the SEC Filings section of the Investor Relations section of our
website at: https://investors.atlassian.com/.
About Non-IFRS Financial Measures
Our reported results and financial targets include certain
non-IFRS financial measures, including non-IFRS gross profit,
non-IFRS operating income, non-IFRS net income, non-IFRS net income
per diluted share, and free cash flow. Management believes that the
use of these non-IFRS financial measures provides consistency and
comparability with our past financial performance, facilitates
period-to-period comparisons of our results of operations, and also
facilitates comparisons with peer companies, many of which use
similar non-IFRS or non-GAAP financial measures to supplement their
IFRS or GAAP results. Non-IFRS results are presented for
supplemental informational purposes only to aid in understanding
our operating results. The non-IFRS results should not be
considered a substitute for financial information presented in
accordance with IFRS, and may be different from non-IFRS or
non-GAAP measures used by other companies.
Our non-IFRS financial measures reflect adjustments based on the
items below:
Non-IFRS gross profit. Excludes expenses related to
share-based compensation and amortization of acquired intangible
assets.
Non-IFRS operating income. Excludes expenses related to
share-based compensation and amortization of acquired intangible
assets.
Non-IFRS net income and non-IFRS net income per diluted share.
Excludes expenses related to share-based compensation, amortization
of acquired intangible assets, the related income tax effects on
these items and changes in our assessment regarding the
realizability of our deferred tax assets.
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 and acquired
intangible assets.
We exclude expenses related to share-based compensation,
amortization of acquired intangible assets, the related income tax
effects on these items and changes in our assessment regarding the
realizability of our deferred tax assets from certain of our
non-IFRS financial measures as we believe this helps investors
understand our operational performance. In addition, share-based
compensation expense can be difficult to predict and varies from
period to period and company to company due to differing valuation
methodologies, subjective assumptions and the variety of equity
instruments, as well as changes in stock price. Management believes
that providing non-IFRS financial measures that exclude share-based
compensation expense, amortization of acquired intangible assets,
the related income tax effects on these items and changes in our
assessment regarding the realizability of our deferred tax assets
allow for more meaningful comparisons between our operating results
from period to period.
Management considers free cash flow to be a liquidity measure
that provides useful information to management and investors about
the amount of cash generated by our business that can be used for
strategic opportunities, including investing in our business,
making strategic acquisitions and strengthening our statement of
financial position.
Management uses non-IFRS gross profit, non-IFRS operating
income, non-IFRS net income, non-IFRS net income per diluted share
and free cash flow:
- As measures of operating performance, because these financial
measures do not include the impact of items not directly resulting
from our core operations;
- For planning purposes, including the preparation of our annual
operating budget;
- To allocate resources to enhance the financial performance of
our business;
- To evaluate the effectiveness of our business strategies;
and
- In communications with our board of directors concerning our
financial performance.
The tables in this press release titled “Reconciliation of IFRS
to Non-IFRS Results” and “Reconciliation of IFRS to Non-IFRS
Financial Targets” provide reconciliations of non-IFRS financial
measures to the most recent directly comparable financial measures
calculated and presented in accordance with IFRS.
We understand that although non-IFRS gross profit, non-IFRS
operating income, non-IFRS net income, non-IFRS net income per
diluted share and free cash flow are frequently used by investors
and securities analysts in their evaluation of companies, these
measures have limitations as analytical tools, and you should not
consider them in isolation or as substitutes for analysis of our
results of operations as reported under IFRS.
|
Atlassian Corporation Plc |
Consolidated Statements of
Operations |
(U.S. $ and shares in thousands, except per
share data) |
(unaudited) |
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues: |
|
|
|
|
|
|
|
Subscription |
$ |
95,793 |
|
|
$ |
56,326 |
|
|
$ |
180,171 |
|
|
$ |
106,257 |
|
Maintenance |
80,362 |
|
|
65,060 |
|
|
156,677 |
|
|
126,801 |
|
Perpetual
license |
21,764 |
|
|
18,210 |
|
|
41,694 |
|
|
35,711 |
|
Other |
14,707 |
|
|
9,313 |
|
|
27,902 |
|
|
16,927 |
|
Total revenues |
212,626 |
|
|
148,909 |
|
|
406,444 |
|
|
285,696 |
|
Cost of revenues (1)
(2) |
43,164 |
|
|
26,899 |
|
|
83,254 |
|
|
49,461 |
|
Gross profit |
169,462 |
|
|
122,010 |
|
|
323,190 |
|
|
236,235 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Research
and development (1) |
101,324 |
|
|
69,758 |
|
|
196,186 |
|
|
137,215 |
|
Marketing
and sales (1) (2) |
44,810 |
|
|
27,416 |
|
|
90,276 |
|
|
52,396 |
|
General
and administrative (1) |
38,584 |
|
|
27,475 |
|
|
74,309 |
|
|
54,391 |
|
Total operating
expenses |
184,718 |
|
|
124,649 |
|
|
360,771 |
|
|
244,002 |
|
Operating loss |
(15,256 |
) |
|
(2,639 |
) |
|
(37,581 |
) |
|
(7,767 |
) |
Other non-operating
expense, net |
(493 |
) |
|
(251 |
) |
|
(1,158 |
) |
|
(314 |
) |
Finance income |
1,568 |
|
|
1,441 |
|
|
2,823 |
|
|
2,763 |
|
Finance costs |
(7 |
) |
|
(38 |
) |
|
(16 |
) |
|
(45 |
) |
Loss before income tax
benefit (expense) |
(14,188 |
) |
|
(1,487 |
) |
|
(35,932 |
) |
|
(5,363 |
) |
Income tax benefit
(expense) |
(51,042 |
) |
|
(211 |
) |
|
(43,292 |
) |
|
1,028 |
|
Net loss |
$ |
(65,230 |
) |
|
$ |
(1,698 |
) |
|
$ |
(79,224 |
) |
|
$ |
(4,335 |
) |
Net loss per share
attributable to ordinary shareholders: |
|
|
|
|
|
|
|
Basic |
$ |
(0.28 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.02 |
) |
Diluted |
$ |
(0.28 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.02 |
) |
Weighted-average shares
outstanding used to compute net loss per share attributable to
ordinary shareholders: |
|
|
|
|
|
|
|
Basic |
230,208 |
|
|
221,316 |
|
|
229,182 |
|
|
219,910 |
|
Diluted |
230,208 |
|
|
221,316 |
|
|
229,182 |
|
|
219,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________ |
|
|
|
(1)
Amounts include share-based payment expense, as
follows: |
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Cost of
revenues |
$ |
3,180 |
|
|
$ |
1,505 |
|
|
$ |
6,172 |
|
|
$ |
2,844 |
|
Research
and development |
27,020 |
|
|
16,159 |
|
|
52,991 |
|
|
33,158 |
|
Marketing
and sales |
6,136 |
|
|
3,089 |
|
|
12,345 |
|
|
6,604 |
|
General
and administrative |
9,015 |
|
|
7,053 |
|
|
17,968 |
|
|
15,723 |
|
|
|
|
|
_____________________ |
|
|
|
(2)
Amounts include amortization of acquired intangible
assets, as follows: |
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Cost of
revenues |
$ |
5,294 |
|
|
$ |
2,198 |
|
|
$ |
10,587 |
|
|
$ |
4,400 |
|
Marketing
and sales |
9,023 |
|
|
219 |
|
|
18,045 |
|
|
415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlassian Corporation Plc |
Consolidated Statements of Financial
Position |
(U.S. $ in thousands) |
(unaudited) |
|
|
|
|
|
December 31, 2017 |
|
June 30, 2017 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
310,905 |
|
|
$ |
244,420 |
|
Short-term investments |
368,194 |
|
|
305,499 |
|
Trade
receivables |
35,273 |
|
|
26,807 |
|
Current
tax receivables |
12,832 |
|
|
12,445 |
|
Prepaid
expenses and other current assets |
22,204 |
|
|
23,317 |
|
Total current
assets |
749,408 |
|
|
612,488 |
|
Non-current
assets: |
|
|
|
Property
and equipment, net |
37,792 |
|
|
41,173 |
|
Deferred
tax assets |
102,980 |
|
|
188,239 |
|
Goodwill |
311,996 |
|
|
311,900 |
|
Intangible assets, net |
92,255 |
|
|
120,789 |
|
Other
non-current assets |
12,094 |
|
|
9,269 |
|
Total non-current
assets |
557,117 |
|
|
671,370 |
|
Total assets |
$ |
1,306,525 |
|
|
$ |
1,283,858 |
|
Liabilities |
|
|
|
Current
liabilities: |
|
|
|
Trade and
other payables |
$ |
79,768 |
|
|
$ |
73,192 |
|
Current
tax liabilities |
1,178 |
|
|
2,207 |
|
Provisions |
6,426 |
|
|
6,162 |
|
Deferred
revenue |
284,231 |
|
|
245,306 |
|
Total current
liabilities |
371,603 |
|
|
326,867 |
|
Non-current
liabilities: |
|
|
|
Deferred
tax liabilities |
43,585 |
|
|
43,950 |
|
Provisions |
3,952 |
|
|
3,333 |
|
Deferred
revenue |
17,468 |
|
|
10,691 |
|
Other
non-current liabilities |
6,493 |
|
|
4,969 |
|
Total non-current
liabilities |
71,498 |
|
|
62,943 |
|
Total liabilities |
443,101 |
|
|
389,810 |
|
Equity |
|
|
|
Share capital |
23,121 |
|
|
22,726 |
|
Share premium |
453,016 |
|
|
450,959 |
|
Other capital
reserves |
483,936 |
|
|
437,346 |
|
Other components of
equity |
5,804 |
|
|
6,246 |
|
Accumulated
deficit |
(102,453 |
) |
|
(23,229 |
) |
Total equity |
863,424 |
|
|
894,048 |
|
Total liabilities and
equity |
$ |
1,306,525 |
|
|
$ |
1,283,858 |
|
|
|
|
|
|
|
|
|
Atlassian Corporation Plc |
Consolidated Statements of Cash
Flows |
(U.S. $ in thousands) |
(unaudited) |
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Operating
activities |
|
|
|
|
|
|
|
Loss before income tax
benefit (expense) |
$ |
(14,188 |
) |
|
$ |
(1,487 |
) |
|
$ |
(35,932 |
) |
|
$ |
(5,363 |
) |
Adjustments to
reconcile loss before income tax benefit (expense) to net cash
provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
20,990 |
|
|
11,253 |
|
|
41,570 |
|
|
19,295 |
|
Gain on
sale of investments and other assets |
(16 |
) |
|
(65 |
) |
|
(32 |
) |
|
(407 |
) |
Net
unrealized foreign currency gain |
(142 |
) |
|
(115 |
) |
|
(162 |
) |
|
(208 |
) |
Share-based payment expense |
45,351 |
|
|
27,806 |
|
|
89,476 |
|
|
58,329 |
|
Interest
income |
(1,568 |
) |
|
(1,441 |
) |
|
(2,823 |
) |
|
(2,763 |
) |
Changes
in assets and liabilities: |
|
|
|
|
|
|
|
Trade
receivables |
(4,668 |
) |
|
(12,695 |
) |
|
(8,387 |
) |
|
(12,068 |
) |
Prepaid
expenses and other assets |
(2,624 |
) |
|
2,416 |
|
|
1,143 |
|
|
(2,770 |
) |
Trade and
other payables, provisions and other non-current liabilities |
5,105 |
|
|
5,135 |
|
|
6,258 |
|
|
(3,399 |
) |
Deferred
revenue |
23,497 |
|
|
16,629 |
|
|
45,702 |
|
|
24,317 |
|
Interest
received |
1,361 |
|
|
1,381 |
|
|
2,791 |
|
|
3,677 |
|
Income
tax paid, net of refunds |
(770 |
) |
|
(1,418 |
) |
|
(2,027 |
) |
|
(2,779 |
) |
Net cash provided by
operating activities |
72,328 |
|
|
47,399 |
|
|
137,577 |
|
|
75,861 |
|
Investing
activities |
|
|
|
|
|
|
|
Business combinations,
net of cash acquired |
— |
|
|
— |
|
|
— |
|
|
(18,295 |
) |
Purchases of property
and equipment |
(4,550 |
) |
|
(2,907 |
) |
|
(7,114 |
) |
|
(5,298 |
) |
Proceeds from sale of
other assets |
— |
|
|
— |
|
|
— |
|
|
342 |
|
Purchases of
investments |
(124,787 |
) |
|
(81,628 |
) |
|
(227,128 |
) |
|
(233,364 |
) |
Proceeds from
maturities of investments |
31,119 |
|
|
22,250 |
|
|
81,887 |
|
|
57,100 |
|
Proceeds from sales of
investments |
32,674 |
|
|
86,706 |
|
|
82,058 |
|
|
198,588 |
|
Increase in restricted
cash |
(3,009 |
) |
|
(3,369 |
) |
|
(3,141 |
) |
|
(3,369 |
) |
Payment of deferred
consideration |
— |
|
|
(750 |
) |
|
— |
|
|
(935 |
) |
Net cash provided by
(used in) investing activities |
(68,553 |
) |
|
20,302 |
|
|
(73,438 |
) |
|
(5,231 |
) |
Financing
activities |
|
|
|
|
|
|
|
Proceeds from exercise
of share options |
1,278 |
|
|
2,151 |
|
|
2,155 |
|
|
5,868 |
|
Net cash provided by
financing activities |
1,278 |
|
|
2,151 |
|
|
2,155 |
|
|
5,868 |
|
Effect of
exchange rate changes on cash and cash equivalents |
(19 |
) |
|
(435 |
) |
|
191 |
|
|
(45 |
) |
Net increase in
cash and cash equivalents |
5,034 |
|
|
69,417 |
|
|
66,485 |
|
|
76,453 |
|
Cash and cash
equivalents at beginning of period |
305,871 |
|
|
266,745 |
|
|
244,420 |
|
|
259,709 |
|
Cash and cash
equivalents at end of period |
$ |
310,905 |
|
|
$ |
336,162 |
|
|
$ |
310,905 |
|
|
$ |
336,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlassian Corporation Plc |
Reconciliation of IFRS to Non-IFRS
Results |
(U.S. $ and shares in thousands, except per
share data) |
(unaudited) |
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Gross
profit |
|
|
|
|
|
|
|
IFRS gross profit |
$ |
169,462 |
|
|
$ |
122,010 |
|
|
$ |
323,190 |
|
|
$ |
236,235 |
|
Plus:
Share-based payment expense |
3,180 |
|
|
1,505 |
|
|
6,172 |
|
|
2,844 |
|
Plus:
Amortization of acquired intangible assets |
5,294 |
|
|
2,198 |
|
|
10,587 |
|
|
4,400 |
|
Non-IFRS gross
profit |
$ |
177,936 |
|
|
$ |
125,713 |
|
|
$ |
339,949 |
|
|
$ |
243,479 |
|
Operating
income |
|
|
|
|
|
|
|
IFRS operating
loss |
$ |
(15,256 |
) |
|
$ |
(2,639 |
) |
|
$ |
(37,581 |
) |
|
$ |
(7,767 |
) |
Plus:
Share-based payment expense |
45,351 |
|
|
27,806 |
|
|
89,476 |
|
|
58,329 |
|
Plus:
Amortization of acquired intangible assets |
14,317 |
|
|
2,417 |
|
|
28,632 |
|
|
4,815 |
|
Non-IFRS operating
income |
$ |
44,412 |
|
|
$ |
27,584 |
|
|
$ |
80,527 |
|
|
$ |
55,377 |
|
Net
income |
|
|
|
|
|
|
|
IFRS net loss |
$ |
(65,230 |
) |
|
$ |
(1,698 |
) |
|
$ |
(79,224 |
) |
|
$ |
(4,335 |
) |
Plus:
Share-based payment expense |
45,351 |
|
|
27,806 |
|
|
89,476 |
|
|
58,329 |
|
Plus:
Amortization of acquired intangible assets |
14,317 |
|
|
2,417 |
|
|
28,632 |
|
|
4,815 |
|
Less:
Income tax effects and adjustments (1) |
36,564 |
|
|
(6,861 |
) |
|
22,062 |
|
|
(14,425 |
) |
Non-IFRS net
income |
$ |
31,002 |
|
|
$ |
21,664 |
|
|
$ |
60,946 |
|
|
$ |
44,384 |
|
Net income per
share |
|
|
|
|
|
|
|
IFRS net loss per share
- basic |
$ |
(0.28 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.02 |
) |
Plus:
Share-based payment expense |
0.19 |
|
|
0.13 |
|
|
0.40 |
|
|
0.27 |
|
Plus:
Amortization of acquired intangible assets |
0.06 |
|
|
0.01 |
|
|
0.12 |
|
|
0.02 |
|
Less:
Income tax effects and adjustments |
0.16 |
|
|
(0.03 |
) |
|
0.10 |
|
|
(0.07 |
) |
Non-IFRS net income per
share - basic |
$ |
0.13 |
|
|
$ |
0.10 |
|
|
$ |
0.27 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
IFRS net loss per share
- diluted |
$ |
(0.28 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.02 |
) |
Plus:
Share-based payment expense |
0.20 |
|
|
0.12 |
|
|
0.39 |
|
|
0.25 |
|
Plus:
Amortization of acquired intangible assets |
0.06 |
|
|
0.01 |
|
|
0.12 |
|
|
0.02 |
|
Less:
Income tax effects and adjustments |
0.15 |
|
|
(0.03 |
) |
|
0.09 |
|
|
(0.06 |
) |
Non-IFRS net income per
share - diluted |
$ |
0.13 |
|
|
$ |
0.09 |
|
|
$ |
0.25 |
|
|
$ |
0.19 |
|
Weighted-average diluted shares outstanding |
|
|
|
|
|
|
|
Weighted-average shares
used in computing diluted IFRS net loss per share |
230,208 |
|
|
221,316 |
|
|
229,182 |
|
|
219,910 |
|
Plus:
Dilution from share options and RSUs (2) |
13,170 |
|
|
13,288 |
|
|
13,124 |
|
|
14,487 |
|
Weighted-average shares
used in computing diluted non-IFRS net income per share |
243,378 |
|
|
234,604 |
|
|
242,306 |
|
|
234,397 |
|
Free cash
flow |
|
|
|
|
|
|
|
IFRS net cash provided
by operating activities |
$ |
72,328 |
|
|
$ |
47,399 |
|
|
$ |
137,577 |
|
|
$ |
75,861 |
|
Less:
Capital expenditures |
(4,550 |
) |
|
(2,907 |
) |
|
(7,114 |
) |
|
(5,298 |
) |
Free cash flow |
$ |
67,778 |
|
|
$ |
44,492 |
|
|
$ |
130,463 |
|
|
$ |
70,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amount includes a non-cash charge of $47.3 million to
income tax expense during the three months ended December 31, 2017
as a result of the write-down of Atlassian’s deferred tax
assets. The charge was driven by the reduction in the U.S.
corporate income tax rate from 35% to 21% and Atlassian’s
assessment of the realizability of its deferred tax assets.
(2) The effects of these dilutive securities were not
included in the IFRS calculation of diluted net loss per share for
the three and six months ended December 31, 2017 and 2016 because
the effect would have been anti-dilutive.
|
Atlassian Corporation Plc |
Reconciliation of IFRS to Non-IFRS
Results |
(as a percentage of total
revenues) |
(unaudited) |
|
|
|
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Operating
margin |
|
|
|
|
|
|
|
IFRS operating
margin |
(7 |
%) |
|
(2 |
%) |
|
(9 |
%) |
|
(3 |
%) |
Plus:
Share-based payment expense |
21 |
|
|
19 |
|
|
22 |
|
|
20 |
|
Plus:
Amortization of acquired intangible assets |
7 |
|
|
2 |
|
|
7 |
|
|
2 |
|
Non-IFRS operating
margin |
21 |
% |
|
19 |
% |
|
20 |
% |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Atlassian Corporation Plc |
Reconciliation of IFRS to Non-IFRS Financial
Targets |
(U.S. $) |
|
|
|
|
|
Three Months Ending March 31,
2018 |
|
Fiscal Year Ending June 30, 2018 |
Revenue |
$217 million to $219 million |
|
|
$853 million to $857 million |
|
|
|
|
|
IFRS gross
margin |
80 |
% |
|
80 |
% |
Plus:
Share-based payment expense |
1 |
|
|
1 |
|
Plus:
Amortization of acquired intangible assets |
2 |
|
|
3 |
|
Non-IFRS gross
margin |
83 |
% |
|
84 |
% |
|
|
|
|
IFRS operating
margin |
(5 |
%) |
|
(8 |
%) |
Plus:
Share-based payment expense |
15 |
|
|
20 |
|
Plus:
Amortization of acquired intangible assets |
7 |
|
|
7 |
|
Non-IFRS
operating margin |
17 |
% |
|
19 |
% |
|
|
|
|
IFRS net loss
per share - diluted |
($0.08 |
) |
|
($0.48) to ($0.47 |
) |
Plus:
Share-based payment expense |
0.14 |
|
|
0.72 |
|
Plus:
Amortization of acquired intangible assets |
0.06 |
|
|
0.24 |
|
Less:
Income tax effects and adjustments |
(0.04 |
) |
|
(0.01 |
) |
Non-IFRS net
income per share - diluted |
$0.08 |
|
|
$0.47 to $0.48 |
|
|
|
|
|
Weighted-average shares used in computing diluted IFRS net
loss per share |
231 million to 233 million |
|
|
231 million to 233 million |
|
Dilution
from share options and RSUs (1) |
13 million |
|
|
11 million |
|
Weighted-average shares used in computing diluted non-IFRS
net income per share |
244 million to 246 million |
|
|
242 million to 244 million |
|
|
|
|
|
IFRS net cash
provided by operating activities |
|
|
$285 million to $300 million |
|
Less:
Capital expenditures |
|
|
(25
million) to (30 million) |
|
Free cash
flow |
|
|
$260 million to $270 million |
|
|
|
|
|
(1) The effects of these dilutive securities are not
included in our IFRS calculation of diluted net loss per share for
the three months ending March 31, 2018 and fiscal year ending June
30, 2018 because the effect would be anti-dilutive.
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