Quarterly revenue of $148.9 million, up 36%
year-over-year
Atlassian Corporation Plc (NASDAQ:TEAM), a leading provider of team
collaboration and productivity software, today announced financial
results for the second quarter of fiscal 2017 ended December
31, 2016, and released a shareholder letter on the
Investor Relations section of its
website at https://investors.atlassian.com.
“We delivered great results this quarter, as we saw strong
performance across our cloud, server and data center products,"
said Scott Farquhar, Atlassian co-CEO and co
founder. "Additionally, we announced plans to acquire Trello,
a breakout collaboration service that has amassed more than 19
million registered users and is especially popular with business
teams. The acquisition will extend Atlassian's leadership in
powering all work for all teams.”
Second Quarter Fiscal Year 2017 Financial
Highlights:
On an IFRS basis, Atlassian reported:
- Revenue: Total revenue was $148.9 million for
the second quarter of fiscal 2017, up 36% from $109.7 million for
the second quarter of fiscal 2016.
- Operating Loss: Operating loss was
$2.6 million for the second quarter of fiscal 2017,
compared with operating income of $3.4 million for
the second quarter of fiscal 2016.
- Net Loss and Net Loss Per Diluted
Share: Net loss was $1.7 million for
the second quarter of fiscal 2017, compared with net
income of $5.1 million for the second quarter of fiscal
2016. Net loss per diluted share was $0.01 for
the second quarter of fiscal 2017, compared with net
income per diluted share of $0.03 for the second quarter
of fiscal 2016.
- Balance Sheet: Cash and cash equivalents
and short-term investments at the end of
the second quarter of fiscal 2017
totaled $795.3 million.
On a non-IFRS basis, Atlassian reported:
- Operating Income: Operating income
was $27.6 million for the second quarter of
fiscal 2017, compared with $20.3 million for
the second quarter of fiscal 2016.
- Net Income and Net Income Per Diluted
Share: Net income was $21.7 million for
the second quarter of fiscal 2017, compared
with $19.1 million for the second quarter of
fiscal 2016. Net income per diluted share was $0.09 for
the second quarter of fiscal 2017, compared with $0.11
per diluted share for the second quarter of fiscal 2016.
- Free Cash Flow: Cash flow from operations for
the second quarter of fiscal 2017 was $47.4 million,
while capital expenditures totaled $2.9 million, leading to free
cash flow of $44.5 million, an increase of 55% 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 2017 with a total customer
count on an active subscription or maintenance agreement
basis of 68,837, a 27% increase over December 31,
2015. Atlassian added 3,164 net new customers during the
quarter.
- Trello acquisition: On January 9, 2017,
Atlassian announced that it entered into a definitive agreement to
acquire Trello, one of the fastest growing cloud collaboration
services. The acquisition is valued at approximately $425 million
and is expected to close in the third quarter of fiscal 2017
ending March 31, 2017, subject to certain closing conditions and
regulatory clearance.
- New Chief People Officer: Atlassian
welcomed Helen Russell as its new Chief People Officer in October
2016. Helen joined Atlassian from Sonos, where she was Chief Human
Resources Officer, and before that ran global HR for Kantar, EMEA
HR for Yahoo, and EMEA HR for Siebel Systems. Helen has a truly
global background, having worked in the United Kingdom and
Switzerland, as well as the United States.
Financial Targets:
Atlassian is providing its financial targets for the third
quarter and full fiscal year 2017. The company’s financial targets
are as follows:
- Third Quarter Fiscal Year 2017:
- Total revenue is expected to be in the range of $155 million to
$157 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 (24%) on an
IFRS basis and approximately 12% on a non-IFRS basis.
- Weighted-average share count is expected to be in the range of
235 million to 237 million shares on a fully diluted
basis.
- Net loss per diluted share is expected to be approximately
($0.15) on an IFRS basis, and net income per diluted share is
expected to be approximately $0.06 on a non-IFRS basis.
- Fiscal Year 2017:
- Total revenue is expected to be in the range of $611 million to
$615 million.**
- Gross margin is expected to be in the range of 81% to 82% on an
IFRS basis and in the range of 84% to 85% on a non-IFRS
basis.
- Operating margin is expected to be approximately (16%) on an
IFRS basis and approximately 15% on a non-IFRS basis.
- Weighted-average share count is expected to be in the range of
234 million to 236 million shares on a fully diluted
basis.
- Net loss per diluted share is expected to be in the range of
($0.30) to ($0.29) on an IFRS basis, and net income per diluted
share is expected to be in the range of $0.32 to $0.33 on a
non-IFRS basis.
- Free cash flow is expected to be in the range of $160 million
to $165 million, which factors in capital expenditures that are
expected to be approximately $15 million in fiscal 2017.
*Our third quarter fiscal 2017 revenue
target includes a revenue contribution from Trello of
approximately $1 million.**Our full year fiscal 2017 revenue
target includes a revenue contribution from Trello
of approximately $4 million.
For fiscal year 2018, Trello is expected to be dilutive to IFRS
earnings per share, and neutral to slightly accretive to non-IFRS
earnings per share. The above estimates relating to expected
contributions from Trello include fair value write-down adjustments
to acquired deferred revenue as part of purchase accounting for the
acquisition.
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 19, 2017 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 10097585). International
callers, please dial 1-412-317-0088 (access
code 10097585).
Atlassian has used, and will continue to use, its Investor
Relations website at https://investors.atlassian.com as a
means of disclosing material non-public information and for
complying with its disclosure obligations.
About Atlassian
Atlassian unleashes the potential in every team. Our
collaboration software helps teams organize, discuss and complete
shared work. Teams at more than 68,000 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
about products including JIRA Software, Confluence, HipChat,
Bitbucket and JIRA Service Desk 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 the anticipated benefits of the Trello acquisition, the ability
of Atlassian to extend its leadership in powering all types of
teamwork, the ability of Atlassian and Trello to close the
announced acquisition and the timing of the closing of the
acquisition, statements about Atlassian’s products, technology and
other key strategic areas, and Atlassian’s financial targets such
as revenue, share count and IFRS and non-IFRS financial measures
including gross margin, operating margin, net income per diluted
share and free cash flow.
Atlassian undertakes 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. 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 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 and related income tax
effects on these items.
- Free cash flow. Free cash flow is defined as net cash
provided by operating activities less capital expenditures, which
consists primarily of purchases of property and equipment.
We exclude expenses related to share-based compensation,
amortization of acquired intangible assets and income tax effect on
these items 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 and the tax effects on
these items allow for more meaningful comparisons between our
operating results from period to period.
We include the effect of our outstanding share options and
restricted share units (“RSUs”) in weighted-average shares used in
computing non-IFRS net income per diluted share. IFRS excludes the
impact of the full weighting of these outstanding equity awards
until the effectiveness of our initial public offering (“IPO”). We
have presented the full weighting impact of these additional shares
from previously granted share options and RSUs, as if they were
outstanding from the date of grant, in order to provide investors
with insight into the full impact of all potentially dilutive
awards outstanding and to provide comparability across periods.
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, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenues: |
|
|
|
|
|
|
|
Subscription |
$ |
56,326 |
|
|
$ |
33,911 |
|
|
$ |
106,257 |
|
|
$ |
64,378 |
|
Maintenance |
65,060 |
|
|
53,508 |
|
|
126,801 |
|
|
103,862 |
|
Perpetual
license |
18,210 |
|
|
15,645 |
|
|
35,711 |
|
|
31,146 |
|
Other |
9,313 |
|
|
6,642 |
|
|
16,927 |
|
|
12,142 |
|
Total revenues |
148,909 |
|
|
109,706 |
|
|
285,696 |
|
|
211,528 |
|
Cost of revenues (1)
(2) |
26,899 |
|
|
18,473 |
|
|
49,461 |
|
|
34,893 |
|
Gross profit |
122,010 |
|
|
91,233 |
|
|
236,235 |
|
|
176,635 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Research
and development (1) |
69,758 |
|
|
47,846 |
|
|
137,215 |
|
|
93,306 |
|
Marketing
and sales (1) (2) |
27,416 |
|
|
21,713 |
|
|
52,396 |
|
|
37,975 |
|
General
and administrative (1) |
27,475 |
|
|
18,307 |
|
|
54,391 |
|
|
34,909 |
|
Total operating
expenses |
124,649 |
|
|
87,866 |
|
|
244,002 |
|
|
166,190 |
|
Operating income
(loss) |
(2,639 |
) |
|
3,367 |
|
|
(7,767 |
) |
|
10,445 |
|
Other non-operating
income (expense), net |
(251 |
) |
|
(181 |
) |
|
(314 |
) |
|
(784 |
) |
Finance income |
1,441 |
|
|
123 |
|
|
2,763 |
|
|
169 |
|
Finance costs |
(38 |
) |
|
(49 |
) |
|
(45 |
) |
|
(57 |
) |
Income (loss) before
income tax benefit (expense) |
(1,487 |
) |
|
3,260 |
|
|
(5,363 |
) |
|
9,773 |
|
Income tax benefit
(expense) |
(211 |
) |
|
1,805 |
|
|
1,028 |
|
|
374 |
|
Net income (loss) |
$ |
(1,698 |
) |
|
$ |
5,065 |
|
|
$ |
(4,335 |
) |
|
$ |
10,147 |
|
Net income (loss) per
share attributable to ordinary shareholders: |
|
|
|
|
|
|
|
Basic |
$ |
(0.01 |
) |
|
$ |
0.03 |
|
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
Diluted |
$ |
(0.01 |
) |
|
$ |
0.03 |
|
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
Weighted-average shares
outstanding used to compute net income (loss) per share
attributable to ordinary shareholders: |
|
|
|
|
|
|
|
Basic |
221,316 |
|
|
160,328 |
|
|
219,910 |
|
|
152,168 |
|
Diluted |
221,316 |
|
|
165,730 |
|
|
219,910 |
|
|
155,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
_______________(1) Amounts include share-based payment expense,
as follows:
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Cost of
revenues |
$ |
1,505 |
|
|
$ |
1,301 |
|
|
$ |
2,844 |
|
|
$ |
2,507 |
|
Research
and development |
16,159 |
|
|
7,777 |
|
|
33,158 |
|
|
13,698 |
|
Marketing
and sales |
3,089 |
|
|
3,064 |
|
|
6,604 |
|
|
5,806 |
|
General
and administrative |
7,053 |
|
|
2,910 |
|
|
15,723 |
|
|
7,137 |
|
(2) Amounts include amortization of acquired intangible assets,
as follows:
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Cost of
revenues |
$ |
2,198 |
|
|
$ |
1,830 |
|
|
$ |
4,400 |
|
|
$ |
3,575 |
|
Marketing
and sales |
219 |
|
|
22 |
|
|
415 |
|
|
43 |
|
Atlassian Corporation Plc |
Consolidated Statements of Financial
Position |
(U.S. $ in thousands) |
|
|
December 31, 2016 |
|
June 30, 2016 |
|
(unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
336,162 |
|
|
$ |
259,709 |
|
Short-term investments |
459,112 |
|
|
483,405 |
|
Trade
receivables |
27,608 |
|
|
15,233 |
|
Current
tax receivables |
6,301 |
|
|
6,013 |
|
Prepaid
expenses and other current assets |
17,053 |
|
|
14,178 |
|
Total current
assets |
846,236 |
|
|
778,538 |
|
Non-current
assets: |
|
|
|
Property
and equipment, net |
49,687 |
|
|
58,762 |
|
Deferred
tax assets |
138,864 |
|
|
127,411 |
|
Goodwill |
22,584 |
|
|
7,138 |
|
Intangible assets, net |
17,332 |
|
|
13,577 |
|
Other
non-current assets |
8,404 |
|
|
5,547 |
|
Total non-current
assets |
236,871 |
|
|
212,435 |
|
Total assets |
$ |
1,083,107 |
|
|
$ |
990,973 |
|
Liabilities |
|
|
|
Current
liabilities: |
|
|
|
Trade and
other payables |
$ |
56,245 |
|
|
$ |
57,886 |
|
Current
tax liabilities |
2,457 |
|
|
286 |
|
Provisions |
4,852 |
|
|
4,716 |
|
Deferred
revenue |
195,556 |
|
|
173,612 |
|
Total current
liabilities |
259,110 |
|
|
236,500 |
|
Non-current
liabilities: |
|
|
|
Deferred
tax liabilities |
9,683 |
|
|
6,639 |
|
Provisions |
2,169 |
|
|
2,170 |
|
Deferred
revenue |
9,988 |
|
|
7,456 |
|
Other
non-current liabilities |
9,955 |
|
|
6,545 |
|
Total non-current
liabilities |
31,795 |
|
|
22,810 |
|
Total liabilities |
$ |
290,905 |
|
|
$ |
259,310 |
|
Equity |
|
|
|
Share capital |
$ |
22,240 |
|
|
$ |
21,620 |
|
Share premium |
447,468 |
|
|
441,734 |
|
Other capital
reserves |
306,507 |
|
|
244,335 |
|
Other components of
equity |
1,047 |
|
|
4,699 |
|
Retained earnings |
14,940 |
|
|
19,275 |
|
Total equity |
$ |
792,202 |
|
|
$ |
731,663 |
|
Total liabilities and
equity |
$ |
1,083,107 |
|
|
$ |
990,973 |
|
|
|
|
|
|
|
|
|
Atlassian Corporation Plc |
Consolidated Statements of Cash
Flows |
(U.S. $ in thousands) |
(unaudited) |
|
|
Three Months Ended December 31, |
|
Six Months Ended December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Operating
activities |
|
|
|
|
|
|
|
Income (loss) before
income tax |
$ |
(1,487 |
) |
|
$ |
3,260 |
|
|
$ |
(5,363 |
) |
|
$ |
9,773 |
|
Adjustments to
reconcile income (loss) before income tax to net cash provided by
operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
11,253 |
|
|
5,372 |
|
|
19,295 |
|
|
9,906 |
|
Loss
(gain) on sale of investments and other assets |
(65 |
) |
|
137 |
|
|
(407 |
) |
|
137 |
|
Net
unrealized foreign currency loss (gain) |
(115 |
) |
|
(130 |
) |
|
(208 |
) |
|
434 |
|
Share-based payment expense |
27,806 |
|
|
15,052 |
|
|
58,329 |
|
|
29,148 |
|
Interest
income |
(1,441 |
) |
|
(123 |
) |
|
(2,763 |
) |
|
(169 |
) |
Changes
in assets and liabilities: |
|
|
|
|
|
|
|
Trade
receivables |
(12,695 |
) |
|
(2,866 |
) |
|
(12,068 |
) |
|
(1,588 |
) |
Prepaid
expenses and other assets |
2,416 |
|
|
164 |
|
|
(2,770 |
) |
|
(2,754 |
) |
Trade and
other payables, provisions and other non-current liabilities |
5,135 |
|
|
5,962 |
|
|
(3,399 |
) |
|
(4,742 |
) |
Deferred
revenue |
16,629 |
|
|
7,551 |
|
|
24,317 |
|
|
14,252 |
|
Interest
received |
1,381 |
|
|
23 |
|
|
3,677 |
|
|
106 |
|
Income
tax paid, net of refunds |
(1,418 |
) |
|
(2,503 |
) |
|
(2,779 |
) |
|
(8,200 |
) |
Net cash provided by
operating activities |
47,399 |
|
|
31,899 |
|
|
75,861 |
|
|
46,303 |
|
Investing
activities |
|
|
|
|
|
|
|
Business combinations,
net of cash acquired |
— |
|
|
— |
|
|
(18,295 |
) |
|
— |
|
Purchases of property
and equipment |
(2,907 |
) |
|
(3,133 |
) |
|
(5,298 |
) |
|
(9,288 |
) |
Proceeds from sale of
other assets |
— |
|
|
— |
|
|
342 |
|
|
— |
|
Purchases of
investments |
(81,628 |
) |
|
(112,243 |
) |
|
(233,364 |
) |
|
(116,643 |
) |
Proceeds from
maturities of investments |
22,250 |
|
|
15,040 |
|
|
57,100 |
|
|
34,622 |
|
Proceeds from sales of
investments |
86,706 |
|
|
— |
|
|
198,588 |
|
|
— |
|
Increase in restricted
cash |
(3,369 |
) |
|
— |
|
|
(3,369 |
) |
|
— |
|
Payment of deferred
consideration |
(750 |
) |
|
— |
|
|
(935 |
) |
|
(1,025 |
) |
Net cash provided by
(used in) investing activities |
20,302 |
|
|
(100,336 |
) |
|
(5,231 |
) |
|
(92,334 |
) |
Financing
activities |
|
|
|
|
|
|
|
Proceeds from issuance
of ordinary shares upon initial public offering, net of offering
costs |
— |
|
|
433,192 |
|
|
— |
|
|
431,447 |
|
Proceeds from exercise
of share options |
2,151 |
|
|
2,291 |
|
|
5,868 |
|
|
3,502 |
|
Employee payroll taxes
paid related to net share settlement of equity awards |
— |
|
|
(5,395 |
) |
|
— |
|
|
(5,395 |
) |
Net cash provided by
financing activities |
2,151 |
|
|
430,088 |
|
|
5,868 |
|
|
429,554 |
|
Effect of
exchange rate changes on cash and cash equivalents |
(435 |
) |
|
285 |
|
|
(45 |
) |
|
(349 |
) |
Net increase in
cash and cash equivalents |
69,417 |
|
|
361,936 |
|
|
76,453 |
|
|
383,174 |
|
Cash and cash
equivalents at beginning of period |
266,745 |
|
|
208,332 |
|
|
259,709 |
|
|
187,094 |
|
Cash and cash
equivalents at end of period |
$ |
336,162 |
|
|
$ |
570,268 |
|
|
$ |
336,162 |
|
|
$ |
570,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Gross
profit |
|
|
|
|
|
|
|
IFRS gross profit |
$ |
122,010 |
|
|
$ |
91,233 |
|
|
$ |
236,235 |
|
|
$ |
176,635 |
|
Plus:
Share-based payment expense |
1,505 |
|
|
1,301 |
|
|
2,844 |
|
|
2,507 |
|
Plus:
Amortization of acquired intangible assets |
2,198 |
|
|
1,830 |
|
|
4,400 |
|
|
3,575 |
|
Non-IFRS gross
profit |
$ |
125,713 |
|
|
$ |
94,364 |
|
|
$ |
243,479 |
|
|
$ |
182,717 |
|
Operating
income |
|
|
|
|
|
|
|
IFRS operating income
(loss) |
$ |
(2,639 |
) |
|
$ |
3,367 |
|
|
$ |
(7,767 |
) |
|
$ |
10,445 |
|
Plus:
Share-based payment expense |
27,806 |
|
|
15,052 |
|
|
58,329 |
|
|
29,148 |
|
Plus:
Amortization of acquired intangible assets |
2,417 |
|
|
1,852 |
|
|
4,815 |
|
|
3,618 |
|
Non-IFRS operating
income |
$ |
27,584 |
|
|
$ |
20,271 |
|
|
$ |
55,377 |
|
|
$ |
43,211 |
|
Net
income |
|
|
|
|
|
|
|
IFRS net income
(loss) |
$ |
(1,698 |
) |
|
$ |
5,065 |
|
|
$ |
(4,335 |
) |
|
$ |
10,147 |
|
Plus:
Share-based payment expense |
27,806 |
|
|
15,052 |
|
|
58,329 |
|
|
29,148 |
|
Plus:
Amortization of acquired intangible assets |
2,417 |
|
|
1,852 |
|
|
4,815 |
|
|
3,618 |
|
Less:
Income tax effects and adjustments |
(6,861 |
) |
|
(2,859 |
) |
|
(14,425 |
) |
|
(5,424 |
) |
Non-IFRS net
income |
$ |
21,664 |
|
|
$ |
19,110 |
|
|
$ |
44,384 |
|
|
$ |
37,489 |
|
Net income per
share |
|
|
|
|
|
|
|
IFRS net income (loss)
per share - basic |
$ |
(0.01 |
) |
|
$ |
0.03 |
|
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
Plus:
Share-based payment expense |
0.13 |
|
|
0.10 |
|
|
0.27 |
|
|
0.20 |
|
Plus:
Amortization of acquired intangible assets |
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.02 |
|
Less:
Income tax effects and adjustments |
(0.03 |
) |
|
(0.02 |
) |
|
(0.07 |
) |
|
(0.03 |
) |
Non-IFRS net income per
share - basic |
$ |
0.10 |
|
|
$ |
0.12 |
|
|
$ |
0.20 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
IFRS net income (loss)
per share - diluted |
$ |
(0.01 |
) |
|
$ |
0.03 |
|
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
Plus:
Share-based payment expense |
0.12 |
|
|
0.09 |
|
|
0.25 |
|
|
0.17 |
|
Plus:
Amortization of acquired intangible assets |
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.02 |
|
Less:
Income tax effects and adjustments |
(0.03 |
) |
|
(0.02 |
) |
|
(0.06 |
) |
|
(0.03 |
) |
Non-IFRS net income per
share - diluted |
$ |
0.09 |
|
|
$ |
0.11 |
|
|
$ |
0.19 |
|
|
$ |
0.22 |
|
Weighted-average diluted shares outstanding |
|
|
|
|
|
|
|
Weighted-average shares
used in computing diluted IFRS net income (loss) per share |
221,316 |
|
|
165,730 |
|
|
219,910 |
|
|
155,576 |
|
Plus:
Dilution from share options and RSUs (1) |
13,288 |
|
|
— |
|
|
14,487 |
|
|
— |
|
Plus:
Dilution from share options and RSUs granted in periods prior to
IPO (2) |
— |
|
|
14,046 |
|
|
— |
|
|
16,571 |
|
Weighted-average shares
used in computing diluted non-IFRS net income per share |
234,604 |
|
|
179,776 |
|
|
234,397 |
|
|
172,147 |
|
Free cash
flow |
|
|
|
|
|
|
|
IFRS net cash provided
by operating activities |
$ |
47,399 |
|
|
$ |
31,899 |
|
|
$ |
75,861 |
|
|
$ |
46,303 |
|
Less:
Capital expenditures |
(2,907 |
) |
|
(3,133 |
) |
|
(5,298 |
) |
|
(9,288 |
) |
Free cash flow |
$ |
44,492 |
|
|
$ |
28,766 |
|
|
$ |
70,563 |
|
|
$ |
37,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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, 2016 because the effect would
have been anti-dilutive.(2) Gives effect to share options and RSUs
in periods prior to our IPO for comparability.
|
|
|
|
|
|
|
|
Atlassian Corporation Plc |
|
Reconciliation of IFRS to Non-IFRS Financial
Targets |
|
(U.S. $) |
|
|
|
|
|
|
|
|
|
|
Three Months Ending March 31,
2017 |
|
Fiscal Year Ending June 30, 2017 |
Revenue |
|
$155 million to $157 million |
|
|
|
$611 million to $615 million |
|
|
|
|
|
|
|
|
|
IFRS gross
margin |
|
80 |
% |
|
|
81% to 82 |
% |
Plus:
Share-based payment expense |
|
2 |
|
|
|
1 |
|
Plus:
Amortization of acquired intangible assets |
|
2 |
|
|
|
2 |
|
Non-IFRS gross
margin |
|
84 |
% |
|
|
84% to 85 |
% |
|
|
|
|
|
|
|
|
IFRS operating
margin |
|
(24 |
%) |
|
|
(16 |
%) |
Plus:
Share-based payment expense |
|
33 |
|
|
|
29 |
|
Plus:
Amortization of acquired intangible assets |
|
3 |
|
|
|
2 |
|
Non-IFRS
operating margin |
|
12 |
% |
|
|
15 |
% |
|
|
|
|
|
|
|
|
IFRS net loss
per share - diluted |
$ |
(0.15 |
) |
|
$ |
(0.30) to (0.29 |
) |
Plus:
Share-based payment expense |
|
0.22 |
|
|
|
0.75 |
|
Plus:
Amortization of acquired intangible assets |
|
0.02 |
|
|
|
0.07 |
|
Less:
Income tax effects and adjustments |
|
(0.03 |
) |
|
|
(0.20 |
) |
Non-IFRS net
income per share - diluted |
$ |
0.06 |
|
|
$ |
0.32 to 0.33 |
|
Weighted-average shares used in computing diluted non-IFRS
net income per share |
|
235 million to 237 million |
|
|
|
234 million to 236 million |
|
|
|
|
|
|
|
IFRS net cash
provided by operations |
|
|
|
$175 million to $180 million |
|
Less:
Capital expenditures |
|
|
|
(15
million |
) |
Free cash
flow |
|
|
|
$160 million to $165 million |
|
|
|
|
|
Investor Relations Contact
Ian Lee
IR@atlassian.com
Media Contact
Paul Loeffler
press@atlassian.com
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