Quarterly revenue of $560 million, up 30%
year-over-year
Quarterly subscription revenue of $386 million,
up 50% year-over-year
Quarterly IFRS operating margin of (1)% and
non-IFRS operating margin of 17%
Quarterly cash flow from operations of $184
million and free cash flow of $164 million
Atlassian Corporation Plc (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, 2021 and released a shareholder letter available on Atlassian’s
Work Life blog at
http://atlassian.com/blog/announcements/shareholder-letter-q4fy21.
The shareholder letter was also posted to the Investor Relations
section of Atlassian’s website at
https://investors.atlassian.com.
“Our Q4 was a ripper of a quarter - as we Aussies say - as we
added over 23,000 new customers, grew subscription revenue 50
percent year-over-year, and continued to see cloud momentum build,”
said Mike Cannon-Brookes, Atlassian’s co-founder and co-CEO. “We
are incredibly proud of our resilience and execution during fiscal
2021. We continued to innovate with five new products built on top
of our cloud platform, surpassed 200,000 customers and $2 billion
in revenue, and added over 1,500 new Atlassians to the team.”
“Looking ahead to fiscal 2022 and beyond, the opportunities in
front of Atlassian have never been greater,” said Scott Farquhar,
Atlassian’s co-founder and co-CEO. “We are reimagining the future
of work and are keen to seize the massive opportunities that we see
across our three core markets: agile development; IT service
management; and work management for all teams. We will continue to
put in the hard yards to execute and advance on our mission to
unleash the potential of every team.”
Fourth Quarter Fiscal Year 2021 Financial Highlights:
On an IFRS basis, Atlassian reported:
- Revenue: Total revenue was $559.5 million for the fourth
quarter of fiscal year 2021, up 30% from $430.5 million for the
fourth quarter of fiscal year 2020.
- Subscription revenue was $385.5 million for the fourth quarter
of fiscal year 2021, up 50% from $257.5 million for the fourth
quarter of fiscal year 2020.
- Operating Loss and Operating Margin: Operating loss was
$7.5 million for the fourth quarter of fiscal year 2021, compared
with an operating loss of $3.3 million for the fourth quarter of
fiscal year 2020. Operating margin was (1)% for the fourth quarter
of fiscal year 2021, compared with (1)% for the fourth quarter of
fiscal year 2020.
- Net Loss and Net Loss Per Diluted Share: Net loss was
$213.1 million for the fourth quarter of fiscal year 2021, compared
with a net loss of $385.2 million for the fourth quarter of fiscal
year 2020. Net loss per diluted share was $0.85 for the fourth
quarter of fiscal year 2021, compared with a net loss per diluted
share of $1.56 for the fourth quarter of fiscal year 2020. Net loss
for the fourth quarter of fiscal year 2021 included a charge of
$200.5 million recorded in “other non-operating expense, net,”
compared with a charge of $382.7 million in the fourth quarter of
fiscal year 2020 relating to Atlassian’s exchangeable senior notes
and related capped calls. Of this amount, a loss of $180.9 million
is related to marking to fair value the exchange feature of the
notes and related capped calls that remain outstanding as of
quarter end. In addition, a net loss of $19.6 million is related to
the net impact of settling a portion of the notes and unwinding of
the related capped calls during this quarter.
- Balance Sheet: Cash and cash equivalents and short-term
investments at the end of the fourth quarter of fiscal year 2021
totaled $1.2 billion. During the fourth quarter of fiscal year
2021, Atlassian used $540.2 million in cash to settle a portion of
the notes in privately negotiated transactions and early exchange
requests and received $67.0 million in cash from the unwinding of
the related capped calls. The net impact resulted in cash outflows
of $473.2 million, which is reflected in cash used in financing
activities on our consolidated statements of cash flows.
On a non-IFRS basis, Atlassian reported:
- Operating Income and Operating Margin: Operating income
was $94.9 million for the fourth quarter of fiscal year 2021,
compared with operating income of $82.5 million for the fourth
quarter of fiscal year 2020. Operating margin was 17% for the
fourth quarter of fiscal year 2021, compared with 19% for the
fourth quarter of fiscal year 2020.
- Net Income and Net Income Per Diluted Share: Net income
was $62.2 million for the fourth quarter of fiscal year 2021,
compared with $63.0 million for the fourth quarter of fiscal year
2020. Net income per diluted share was $0.24 for the fourth quarter
of fiscal year 2021, compared with $0.25 for the fourth quarter of
fiscal year 2020.
- Free Cash Flow: Cash flow from operations was $184.4
million and free cash flow was $164.2 million for the fourth
quarter of fiscal year 2021. Free cash flow margin for the fourth
quarter of fiscal year 2021 was 29%.
Fiscal Year 2021 Financial Highlights
On an IFRS basis, Atlassian reported:
- Revenue: Total revenue was $2.1 billion for fiscal year
2021, up 29% from $1.6 billion for fiscal year 2020.
- Operating Income and Operating Margin: Operating income
was $101.6 million for fiscal year 2021, compared with operating
income of $14.1 million for fiscal year 2020. Operating margin was
5% for fiscal year 2021, compared with 1% for fiscal year
2020.
- Net Loss and Net Loss Per Diluted Share: Net loss was
$696.3 million for fiscal year 2021, compared with a net loss of
$350.7 million for fiscal year 2020. Net loss per diluted share was
$2.79 for fiscal year 2021, compared with a net loss per diluted
share of $1.43 for fiscal year 2020. Net loss for fiscal year 2021
included a charge recorded in “other non-operating expense, net” of
$616.4 million, compared with a charge of $336.0 million in fiscal
year 2020 relating to Atlassian’s exchangeable senior notes and
related capped calls. Of this amount, a loss of $294.1 million is
related to marking to fair value the exchange feature of the notes
and related capped calls that remain outstanding as of year end. In
addition, a net loss of $322.3 million is related to the net impact
of settling a portion of the notes and unwinding of the related
capped calls during the year. Further, Atlassian took an $87.3
million charge related to accelerated amortization of the
unamortized notes discount and issuance costs.
On a non-IFRS basis, Atlassian reported:
- Operating Income and Operating Margin: Operating income
was $519.1 million for fiscal year 2021, compared with operating
income of $370.0 million for fiscal year 2020. Operating margin was
25% for fiscal year 2021, compared with 23% for fiscal year
2020.
- Net Income and Net Income Per Diluted Share: Net income
was $357.6 million for fiscal year 2021, compared with net income
of $288.8 million for fiscal year 2020. Net income per diluted
share was $1.40 for fiscal year 2021, compared with net income per
diluted share of $1.15 for fiscal year 2020.
- Free Cash Flow: Cash flow from operations was $841.3
million and free cash flow was $764.9 million for fiscal year 2021,
an increase of 53% year-over-year. Free cash flow margin for fiscal
year 2021 was 37%.
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 its fourth quarter of
fiscal year 2021 with a total customer count, on an active
subscription or maintenance agreement basis, of 236,118 customers,
adding 23,311 net new customers during the quarter. 6,520 of these
net new customers were single-user Trello accounts.
- Leader in Magic Quadrant for Enterprise Agile Planning
Tools: Atlassian was named as a Leader in Gartner’s 2021 Magic
Quadrant for Enterprise Agile Planning Tools. The report ranked
Atlassian highest in “Ability to Execute.” In addition to the Magic
Quadrant, Atlassian received the highest score for the Scaled Agile
Framework (SAFe) use case in the companion Critical Capabilities
report from Gartner.
- Forge Launch: Atlassian announced Forge, its
next-generation cloud app development platform, is generally
available. Customers and developers can rely on Forge's
infrastructure, storage, and function-as-a-service to build cloud
apps to extend, customize, and integrate with Atlassian cloud
products. Forge reduces the cost and complexity for developers to
build cloud apps. Over 500 apps have already emerged from Forge’s
early access program, and its launch will unleash even more of our
customers’ potential in the cloud.
- Return on Action Report: Atlassian released its second
annual Return on Action Report at
https://www.atlassian.com/blog/leadership/return-on-action-report-2021-employee-expectations,
with research conducted by PwC Australia, which revealed more
employees expect businesses to step up when it comes to social and
environmental issues, compared to 2020. The multinational survey
spotlights how the past 12 months have changed employees’
priorities and put what truly matters into perspective. “The
consequences of inaction are very real. We’re in a global war for
talent and employees want change. There have never been higher
expectations on business, and how we respond as leaders is
crucial,” said Scott Farquhar, co-founder and co-CEO of Atlassian.
“If this groundswell of support for action is ignored, it will open
businesses up to the risk of alienating the emerging workforce.”
Additionally, workers across a range of industries were surveyed
and revealed that 54% would consider switching companies to access
remote work opportunities. Atlassian is committed to offering its
teams flexibility around where and when they work with its “TEAM
Anywhere” program, and is focused on thought leadership and product
innovations that help teams thrive in a distributed world.
Financial Targets:
Atlassian is providing its financial targets for the first
quarter of fiscal year 2022 as follows:
First Quarter Fiscal Year 2022:
- Total revenue is expected to be in the range of $575 million to
$590 million.
- Gross margin is expected to be approximately 83% on an IFRS
basis and approximately 85% on a non-IFRS basis.
- Operating margin is expected to be approximately 5% on an IFRS
basis and approximately 25% on a non-IFRS basis.
- Net income per diluted share is expected to be in the range of
$0.09 to $0.10 on an IFRS basis and in the range of $0.38 to $0.39
on a non-IFRS basis.
- Weighted average share count is expected to be in the range of
254 million to 256 million shares when calculating diluted IFRS and
non-IFRS net income per share.
For additional commentary regarding financial targets, please
see Atlassian’s fourth quarter fiscal year 2021 shareholder letter
dated July 29, 2021.
With respect to Atlassian’s expectations under “Financial
Targets” above, a reconciliation of IFRS to non-IFRS gross margin,
operating margin, and net income per diluted share, 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
http://atlassian.com/blog/announcements/shareholder-letter-q4fy21,
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, July 29, 2021 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.
- 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
1-800-585-8367 (access code 3477338). International callers, please
dial 1-416-621-4642 (access code 3477338).
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 team
collaboration and productivity software helps teams organize,
discuss, and complete shared work. Teams at more than 236,000
customers, across large and small organizations - including Bank of
America, Redfin, NASA, Verizon, and Dropbox - use Atlassian’s
project tracking, content creation and sharing, and service
management products to 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 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, anticipated growth,
outlook, 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, and net income (loss) per diluted share.
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 results of operations. 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 include:
- 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, non-coupon impact
related to exchangeable senior notes and capped calls, the related
income tax effects on these items, and a discrete tax impact
resulting from a non-recurring transaction.
- 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 payments of lease
obligations.
Our non-IFRS financial measures reflect adjustments based on the
items below:
- Share-based compensation.
- Amortization of acquired intangible assets.
- Non-coupon impact related to exchangeable senior notes and
capped calls:
- Amortization of notes discount and issuance costs.
- Mark to fair value of the exchangeable senior notes exchange
feature.
- Mark to fair value of the related capped call
transactions.
- Net loss on settlements of exchangeable senior notes and capped
call transactions.
- The related income tax effects on these items, and a discrete
tax impact resulting from a non-recurring transaction.
- Purchases of property and equipment and payments of lease
obligations.
We exclude expenses related to share-based compensation,
amortization of acquired intangible assets, non-coupon impact
related to exchangeable senior notes and capped calls, the related
income tax effects on these items, and a discrete tax impact
resulting from a non-recurring transaction 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,
non-coupon impact related to exchangeable senior notes and capped
calls, the related income tax effects on these items, and a
discrete tax impact resulting from a non-recurring transaction
allow for more meaningful comparisons between our results of
operations 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.
- In communications with our Board of Directors and investors
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 June
30,
Fiscal Year Ended June
30,
2021
2020
2021
2020
Revenues:
Subscription
$
385,510
$
257,521
$
1,324,064
$
931,455
Maintenance
131,080
122,774
522,971
469,350
Perpetual license
9,237
20,365
84,806
95,162
Other
33,712
29,816
157,291
118,206
Total revenues
559,539
430,476
2,089,132
1,614,173
Cost of revenues (1) (2)
97,967
70,112
336,021
268,807
Gross profit
461,572
360,364
1,753,111
1,345,366
Operating expenses:
Research and development (1) (2)
245,929
210,738
963,326
763,188
Marketing and sales (1) (2)
133,429
77,892
372,909
299,683
General and administrative (1)
89,740
75,014
315,242
268,409
Total operating expenses
469,098
363,644
1,651,477
1,331,280
Operating income (loss)
(7,526
)
(3,280
)
101,634
14,086
Other non-operating expense, net
(199,401
)
(383,234
)
(620,759
)
(338,486
)
Finance income
1,008
3,390
7,174
27,801
Finance costs
(8,099
)
(12,484
)
(122,713
)
(49,610
)
Loss before income tax benefit
(expense)
(214,018
)
(395,608
)
(634,664
)
(346,209
)
Income tax benefit (expense)
945
10,385
(61,651
)
(4,445
)
Net loss
$
(213,073
)
$
(385,223
)
$
(696,315
)
$
(350,654
)
Net loss per share attributable to
ordinary shareholders:
Basic
$
(0.85
)
$
(1.56
)
$
(2.79
)
$
(1.43
)
Diluted
$
(0.85
)
$
(1.56
)
$
(2.79
)
$
(1.43
)
Weighted-average shares outstanding used
to compute net loss per share attributable to ordinary
shareholders:
Basic
251,264
246,909
249,679
244,844
Diluted
251,264
246,909
249,679
244,844
(1) Amounts include share-based payment
expense, as follows:
Three Months Ended June
30,
Fiscal Year Ended June
30,
2021
2020
2021
2020
Cost of revenues
$
6,187
$
5,133
$
24,739
$
19,787
Research and development
55,093
52,162
253,328
204,150
Marketing and sales
16,754
9,058
46,978
41,960
General and administrative
16,011
11,786
60,687
47,498
(2) Amounts include amortization of
acquired intangible assets, as follows:
Three Months Ended June
30,
Fiscal Year Ended June
30,
2021
2020
2021
2020
Cost of revenues
$
6,008
$
5,203
$
22,394
$
29,509
Research and development
44
42
168
166
Marketing and sales
2,298
2,349
9,192
12,860
Atlassian Corporation
Plc
Consolidated Statements of
Financial Position
(U.S. $ in thousands)
June 30, 2021
June 30, 2020
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
919,227
$
1,479,969
Short-term investments
313,001
676,072
Trade receivables
173,473
112,019
Tax receivables
2,332
1,509
Derivative assets
127,486
327,487
Prepaid expenses and other current
assets
48,322
46,730
1,583,841
2,643,786
Assets held for sale
43,665
—
Total current assets
1,627,506
2,643,786
Non-current assets:
Property and equipment, net
66,221
97,648
Deferred tax assets
36,174
35,351
Goodwill
725,758
645,140
Intangible assets, net
124,590
129,690
Right-of-use assets, net
205,300
217,683
Other non-current assets
159,795
124,774
Total non-current assets
1,317,838
1,250,286
Total assets
$
2,945,344
$
3,894,072
Liabilities
Current liabilities:
Trade and other payables
$
266,497
$
202,570
Tax liabilities
42,051
19,583
Provisions
25,148
14,291
Deferred revenue
812,943
573,813
Lease obligations
42,446
34,743
Derivative liabilities
772,127
1,284,596
Exchangeable senior notes, net
348,799
889,183
Total current liabilities
2,310,011
3,018,779
Non-current liabilities:
Deferred tax liabilities
26,625
31,304
Provisions
12,435
9,493
Deferred revenue
84,652
27,192
Lease obligations
214,103
229,825
Other non-current liabilities
2,604
2,173
Total non-current liabilities
340,419
299,987
Total liabilities
2,650,430
3,318,766
Equity
Share capital
25,164
24,744
Share premium
461,016
459,892
Other capital reserves
1,516,609
1,130,918
Other components of equity
104,832
76,144
Accumulated deficit
(1,812,707
)
(1,116,392
)
Total equity
294,914
575,306
Total liabilities and equity
$
2,945,344
$
3,894,072
Atlassian Corporation
Plc
Consolidated Statements of
Cash Flows
(U.S. $ in thousands)
(unaudited)
Three Months Ended June
30,
Fiscal Year Ended June
30,
2021
2020
2021
2020
Operating activities
Loss before income tax benefit
(expense)
$
(214,018
)
$
(395,608
)
$
(634,664
)
$
(346,209
)
Adjustments to reconcile loss before
income tax benefit (expense) to net cash provided by operating
activities:
Depreciation and amortization
14,172
13,123
55,296
62,271
Depreciation of right-of-use assets
9,542
8,955
37,552
35,127
Share-based payment expense
94,045
78,139
385,732
313,395
Net loss on exchange derivative and capped
call transactions
200,513
382,696
616,446
335,953
Amortization of debt discount and issuance
cost
5,246
9,063
109,548
35,608
Interest income
(1,008
)
(3,390
)
(7,174
)
(27,801
)
Interest expense
2,852
3,421
13,164
14,002
Net unrealized foreign currency loss
(gain)
(2,525
)
1,670
7,650
(1,503
)
Impairment of lease-related assets
7,435
—
7,435
—
Net unrealized loss on investments
—
—
2,000
—
Loss (gain) on sale of investments,
disposal of assets and other
9
(138
)
1,144
(993
)
Changes in assets and liabilities:
Trade receivables
19,687
(18,229
)
(61,256
)
(29,440
)
Prepaid expenses and other assets
(2,002
)
(3,014
)
(13,054
)
(10,608
)
Trade and other payables, provisions and
other non-current liabilities
31,676
26,080
64,899
51,532
Deferred revenue
23,558
17,798
294,371
131,535
Interest received
2,041
4,801
12,513
29,217
Income tax paid, net
(6,856
)
(2,026
)
(50,272
)
(17,876
)
Net cash provided by operating
activities
184,367
123,341
841,330
574,210
Investing activities
Business combinations, net of cash
acquired
(7,960
)
(15,229
)
(91,584
)
(53,212
)
Purchases of intangible assets
(1,800
)
—
(1,800
)
—
Purchases of property and equipment
(8,790
)
(15,844
)
(31,520
)
(35,709
)
Purchases of investments
(25,912
)
(34,450
)
(119,431
)
(985,931
)
Proceeds from maturities of
investments
124,447
88,011
454,996
513,268
Proceeds from sales of investments
—
7,857
48,786
245,498
Increase in restricted cash
(456
)
(2,085
)
(2,618
)
(2,085
)
Payment of deferred consideration
—
(760
)
(185
)
(760
)
Net cash provided by (used in)
investing activities
79,529
27,500
256,644
(318,931
)
Financing activities
Proceeds from exercise of share
options
5
317
1,163
1,802
Payments of lease obligations
(11,336
)
(11,790
)
(44,874
)
(38,125
)
Payment of issuance costs for credit
facility
—
—
(4,445
)
—
Interest paid
(2,282
)
(3,125
)
(6,498
)
(6,250
)
Repayment of exchangeable senior notes
(540,197
)
—
(1,803,244
)
(2
)
Proceeds from settlement of capped call
transactions
67,012
—
203,093
—
Net cash used in financing
activities
(486,798
)
(14,598
)
(1,654,805
)
(42,575
)
Effect of exchange rate changes on cash
and cash equivalents
(4
)
5,533
5,406
(1,176
)
Net increase (decrease) in cash and
cash equivalents
(222,906
)
141,776
(551,425
)
211,528
Cash and cash equivalents at beginning
of period
1,151,450
1,338,193
1,479,969
1,268,441
Cash and cash equivalents included in
assets held for sale
(9,317
)
—
(9,317
)
—
Cash and cash equivalents at end of
period
$
919,227
$
1,479,969
$
919,227
$
1,479,969
Atlassian Corporation
Plc
Reconciliation of IFRS to
Non-IFRS Results
(U.S. $ and shares in
thousands, except per share data)
(unaudited)
Three Months Ended June
30,
Fiscal Year Ended June
30,
2021
2020
2021
2020
Gross
profit
IFRS gross profit
$
461,572
$
360,364
$
1,753,111
$
1,345,366
Plus: Share-based payment expense
6,187
5,133
24,739
19,787
Plus: Amortization of acquired intangible
assets
6,008
5,203
22,394
29,509
Non-IFRS gross profit
$
473,767
$
370,700
$
1,800,244
$
1,394,662
Operating
income
IFRS operating income (loss)
$
(7,526
)
$
(3,280
)
$
101,634
$
14,086
Plus: Share-based payment expense
94,045
78,139
385,732
313,395
Plus: Amortization of acquired intangible
assets
8,350
7,594
31,754
42,535
Non-IFRS operating income
$
94,869
$
82,453
$
519,120
$
370,016
Net
income
IFRS net loss
$
(213,073
)
$
(385,223
)
$
(696,315
)
$
(350,654
)
Plus: Share-based payment expense
94,045
78,139
385,732
313,395
Plus: Amortization of acquired intangible
assets
8,350
7,594
31,754
42,535
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
203,588
391,759
723,823
371,561
Less: Income tax effects and
adjustments
(30,672
)
(29,256
)
(87,417
)
(88,030
)
Non-IFRS net income
$
62,238
$
63,013
$
357,577
$
288,807
Net income per
share
IFRS net loss per share - diluted
$
(0.85
)
$
(1.56
)
$
(2.79
)
$
(1.43
)
Plus: Share-based payment expense
0.37
0.33
1.51
1.27
Plus: Amortization of acquired intangible
assets
0.03
0.03
0.12
0.17
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
0.81
1.57
2.90
1.49
Less: Income tax effects and
adjustments
(0.12
)
(0.12
)
(0.34
)
(0.35
)
Non-IFRS net income per share -
diluted
$
0.24
$
0.25
$
1.40
$
1.15
Weighted-average
diluted shares outstanding
Weighted-average shares used in computing
diluted IFRS net loss per share
251,264
246,909
249,679
244,844
Plus: Dilution from share options and RSUs
(1)
4,216
6,000
5,041
6,811
Weighted-average shares used in computing
diluted non-IFRS net income per share
255,480
252,909
254,720
251,655
Free cash
flow
IFRS net cash provided by operating
activities
$
184,367
$
123,341
$
841,330
$
574,210
Less: Capital expenditures
(8,790
)
(15,844
)
(31,520
)
(35,709
)
Less: Payments of lease obligations
(11,336
)
(11,790
)
(44,874
)
(38,125
)
Free cash flow
$
164,241
$
95,707
$
764,936
$
500,376
(1) The effects of these dilutive
securities were not included in the IFRS calculation of diluted net
loss per share for the three months and fiscal year ended June 30,
2021 and 2020 because the effect would have been anti-dilutive.
Atlassian Corporation
Plc
Reconciliation of IFRS to
Non-IFRS Financial Targets
(U.S. $)
Three Months Ending September
30, 2021
Revenue
$575 million to $590
million
IFRS gross margin
83%
Plus: Share-based payment expense
1
Plus: Amortization of acquired intangible
assets
1
Non-IFRS gross margin
85%
IFRS operating margin
5%
Plus: Share-based payment expense
19
Plus: Amortization of acquired intangible
assets
1
Non-IFRS operating margin
25%
IFRS net income per share -
diluted
$0.09 to $0.10
Plus: Share-based payment expense
0.42
Plus: Amortization of acquired intangible
assets
0.03
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
0.01
Less: Income tax effects and
adjustments
(0.17)
Non-IFRS net income per share -
diluted
$0.38 to $0.39
Weighted-average shares used in
computing diluted IFRS and non-IFRS net income per share
254 million to 256
million
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210729006119/en/
Investor Relations Contact Martin Lam
IR@atlassian.com
Media Contact Jake Standish press@atlassian.com
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