Quarterly revenue of $689 million, up 37%
year-over-year
Quarterly subscription revenue of $509 million,
up 64% year-over-year
Quarterly IFRS operating margin of (10)% and
non-IFRS operating margin of 26%
Quarterly cash flow from operations of $222
million and free cash flow of $197 million
Atlassian Corporation Plc (NASDAQ: TEAM), a leading provider of
team collaboration and productivity software, today announced
financial results for its second quarter of fiscal year 2022 ended
December 31, 2021 and released a shareholder letter available on
Atlassian’s Work Life blog at http://atlassian.com/blog/announcements/shareholder-letter-q2fy22.
The shareholder letter was also posted to the Investor Relations
section of Atlassian’s website at https://investors.atlassian.com.
“Q2 was another strong quarter for Atlassian with over 10,000
net new customers this quarter, 98% of which were in the Cloud,”
said Scott Farquhar, Atlassian’s co-founder and co-CEO. “We also
saw subscription revenue grow 64% year-over-year, which reflects
our continued investment in our Cloud platform and the strong focus
and effort we have put in to helping our customers seamlessly move
to Cloud.”
“The Atlassian Marketplace continues to go from strength to
strength surpassing $2 billion in sales and shows no signs of
slowing down,” said Mike Cannon-Brookes, Atlassian’s co-founder and
co-CEO. “We recognise that the opportunities for Atlassian, our
customers and our partners have never been greater as companies
accelerate their future of work transformations, and we’re
incredibly proud of this partner ecosystem which is fuelling
innovation and helping to deliver on our mission to unleash the
potential of every team.”
Second Quarter Fiscal Year 2022 Financial Highlights:
On an IFRS basis, Atlassian reported:
- Revenue: Total revenue was $688.5 million for the second
quarter of fiscal year 2022, up 37% from $501.4 million for the
second quarter of fiscal year 2021.
- Operating Income (Loss) and Operating Margin: Operating
loss was $66.7 million for the second quarter of fiscal year 2022,
compared with an operating income of $27.7 million for the second
quarter of fiscal year 2021. Operating margin was (10)% for the
second quarter of fiscal year 2022, compared with 6% for the second
quarter of fiscal year 2021.
- Net Loss and Net Loss Per Diluted Share: Net loss was
$77.5 million for the second quarter of fiscal year 2022, compared
with a net loss of $621.5 million for the second quarter of fiscal
year 2021. Net loss per diluted share was $0.31 for the second
quarter of fiscal year 2022, compared with a net loss per diluted
share of $2.49 for the second quarter of fiscal year 2021.
- Balance Sheet: Cash and cash equivalents plus short-term
investments at the end of the second quarter of fiscal year 2022
totaled $986.0 million.
During the second quarter of fiscal year 2022, Atlassian drew
$350.0 million from its term loan facility, used $1.2 billion in
cash to settle the remaining portion of its outstanding
exchangeable senior notes and received $104.5 million in cash from
the unwinding of the related capped calls. The net impact resulted
in cash outflows of $779.9 million, which is reflected in net 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 $178.3 million for the second quarter of fiscal year 2022,
compared with operating income of $143.2 million for the second
quarter of fiscal year 2021. Operating margin was 26% for the
second quarter of fiscal year 2022, compared with 29% for the
second quarter of fiscal year 2021.
- Net Income and Net Income Per Diluted Share: Net income
was $127.3 million for the second quarter of fiscal year 2022,
compared with $95.3 million for the second quarter of fiscal year
2021. Net income per diluted share was $0.50 for the second quarter
of fiscal year 2022, compared with $0.37 for the second quarter of
fiscal year 2021.
- Free Cash Flow: Cash flow from operations was $221.7
million and free cash flow was $197.5 million for the second
quarter of fiscal year 2022. Free cash flow margin for the second
quarter of fiscal year 2022 was 29%.
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:
- Atlassian Marketplace Surpasses $2 Billion in Lifetime
Sales: During the second quarter of fiscal 2022, the Atlassian
Marketplace surpassed $2 billion in lifetime sales since its
inception in 2012. Atlassian’s 1,250+ Marketplace Partners help
deliver additional value to the tens of thousands of customers that
utilize a Marketplace app.
- Leader in Forrester Wave for Enterprise Service
Management: Atlassian was named a Leader in The Forrester
Wave™: Enterprise Service Management, Q4 2021. In addition,
Atlassian’s strategy for enterprise service management (ESM)
received the highest score of all vendors in this report. Over
35,000 customers trust Jira Service Management to deliver
exceptional service experiences for internal and external
customers.
- Strategic Investments in Miro and Clockwise: Atlassian
deepened its partnership with Miro, a visual collaboration company,
by participating in their Series C funding round earlier this
month. Miro’s virtual whiteboarding product integrates with Jira
and Confluence to drive customer innovation. Atlassian also
invested in Clockwise, a scheduling optimization app provider.
Clockwise’s focus on team productivity aligns with Atlassian’s
mission to unleash the potential of every team. These investments
showcase Atlassian Ventures’ focus on driving customer value and
expanding the economy around Atlassian.
- Percept.ai Acquisition: Atlassian announced today the
acquisition of Percept.ai, an AI-powered virtual agent technology
provider which will expand frontline support capabilities in Jira
Service Management. The acquisition builds on Atlassian’s previous
investments in AI and machine learning, and will help customers
efficiently deliver great employee and customer support experiences
at high velocity.
- Atlassian Team ’22: Atlassian will hold its flagship
customer event in Las Vegas, at the Venetian Convention and Expo
Center, from April 5 through April 7, 2022. Virtual attendance and
global viewing parties will also be available from April 6 through
April 7, 2022. Thousands of customers will discover Atlassian
solutions, skills, and ideas to transform how their teams
collaborate, power digital transformation, and drive cultural
change. General information on Team ’22 can be found at
https://events.atlassian.com/team22/home.
- Customer Growth: Atlassian ended its second quarter of
fiscal year 2022 with a total customer count, on an active
subscription or maintenance agreement basis, of 226,521 customers,
adding 10,021 net new customers during the quarter.
CTO transition:
Atlassian announced today that Sri Viswanath will transition his
CTO responsibilities at the end of June 2022. Sri joined as CTO in
January 2016, shortly after Atlassian’s initial public offering.
When Sri joined Atlassian, the company had approximately 800
employees in R&D and 54,000 customers. Sri has been
instrumental in transforming the architecture of Atlassian’s
platform and products to establish the foundation of its
cloud-first business. As of the end of the second quarter of fiscal
year 2022, the company had nearly 4,000 Atlassians under Sri’s
leadership, supported more than 226,000 customers, and quarterly
Cloud revenue had grown approximately 13x over his time at the
company.
“To say Sri has been instrumental in this tremendous growth and
scale would be an understatement. Particularly in our shift to
cloud and building a world-class cloud platform,” said Mike
Cannon-Brookes, Atlassian’s co-founder and co-CEO. “He is a
respected and inspiring leader as well as a natural mentor,
nurturing the careers of countless Atlassians during his tenure.
While Scott and I are sad to see him go, we are thankful for the
huge impact he has had on our customers, our growth, and our
culture. We look forward to cheering him on in his next chapter —
whatever that may be.”
Financial Targets:
Atlassian is providing its financial targets for the third
quarter of fiscal year 2022 as follows:
Third Quarter Fiscal Year 2022:
- Total revenue is expected to be in the range of $690 million to
$705 million.
- Gross margin is expected to be in the range of 82% to 83% on an
IFRS basis and in the range of 84% to 85% on a non-IFRS basis.
- Operating margin is expected to be in the range of (10%) to
(9%) on an IFRS basis and in the range of 17% to 18% on a non-IFRS
basis.
- Net loss per diluted share is expected to be in the range of
($0.33) to ($0.31) on an IFRS basis, and net income per diluted
share is expected to be in the range of $0.29 to $0.31 on a
non-IFRS basis.
- Weighted average share count is expected to be in the range of
253 million to 254 million shares when calculating diluted IFRS net
loss per share and in the range of 257 million to 258 million
shares when calculating diluted non-IFRS net income per share.
For additional commentary regarding financial targets, please
see Atlassian’s second quarter fiscal year 2022 shareholder letter
dated January 27, 2022.
With respect to Atlassian’s expectations under “Financial
Targets” above, a reconciliation of IFRS to non-IFRS gross margin,
operating margin, and net income (loss) 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-q2fy22,
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, January 27, 2022 at 2:00 p.m. Pacific
Time (5:00 p.m. Eastern Time).
- Webcast: A live webcast of the call can be accessed from
the Investor Relations section of Atlassian’s website at:
https://investors.atlassian.com.
Following the call, a replay will be available on the same
website.
Atlassian has used, and will continue to use, its Investor
Relations website at https://investors.atlassian.com as a means of
making material information public and for complying with its
disclosure obligations.
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 225,000
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,
sustainability, Atlassian Marketplace, partnerships, acquisitions,
strategic investments, 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 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 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 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 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 December
31,
Six Months Ended December
31,
2021
2020
2021
2020
Revenues:
Subscription
$
508,987
$
310,675
$
944,283
$
588,639
Maintenance
127,059
131,276
257,649
258,970
Other
52,480
59,408
100,618
113,256
Total revenues
688,526
501,359
1,302,550
960,865
Cost of revenues (1) (2)
115,161
79,482
213,179
153,166
Gross profit
573,365
421,877
1,089,371
807,699
Operating expenses:
Research and development (1) (2)
374,976
241,064
654,822
473,299
Marketing and sales (1) (2)
134,659
77,151
237,587
147,437
General and administrative (1)
130,448
75,949
224,034
147,318
Total operating expenses
640,083
394,164
1,116,443
768,054
Operating income (loss)
(66,718
)
27,713
(27,072
)
39,645
Other non-operating expense, net
(319
)
(545,749
)
(425,252
)
(572,020
)
Finance income
77
2,112
357
4,702
Finance costs
(6,078
)
(91,448
)
(13,189
)
(104,023
)
Loss before income tax expense
(73,038
)
(607,372
)
(465,156
)
(631,696
)
Income tax expense
(4,434
)
(14,156
)
(12,418
)
(11,386
)
Net loss
$
(77,472
)
$
(621,528
)
$
(477,574
)
$
(643,082
)
Net loss per share attributable to
ordinary shareholders:
Basic
$
(0.31
)
$
(2.49
)
$
(1.89
)
$
(2.59
)
Diluted
$
(0.31
)
$
(2.49
)
$
(1.89
)
$
(2.59
)
Weighted-average shares outstanding used
to compute net loss per share attributable to ordinary
shareholders:
Basic
252,960
249,188
252,533
248,601
Diluted
252,960
249,188
252,533
248,601
(1) Amounts include share-based payment expense, as follows:
Three Months Ended December
31,
Six Months Ended December
31,
2021
2020
2021
2020
Cost of revenues
$
13,631
$
6,801
$
21,476
$
12,057
Research and development
147,233
73,085
219,835
134,536
Marketing and sales
35,812
11,666
54,188
18,450
General and administrative
40,334
16,140
60,486
28,380
(2) Amounts include amortization of acquired intangible assets,
as follows:
Three Months Ended December
31,
Six Months Ended December
31,
2021
2020
2021
2020
Cost of revenues
$
5,599
$
5,413
$
11,288
$
10,832
Research and development
93
42
187
83
Marketing and sales
2,266
2,317
4,537
4,616
Atlassian Corporation Plc
Consolidated Statements of Financial Position (U.S. $ in
thousands)
December 31, 2021
June 30, 2021
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
899,394
$
919,227
Short-term investments
86,629
313,001
Trade receivables
241,682
173,473
Tax receivables
11,337
2,332
Derivative assets
1,785
127,486
Prepaid expenses and other current
assets
61,982
48,322
1,302,809
1,583,841
Assets held for sale
51,826
43,665
Total current assets
1,354,635
1,627,506
Non-current assets:
Property and equipment, net
71,155
66,221
Deferred tax assets
28,622
36,174
Goodwill
724,899
725,758
Intangible assets, net
108,578
124,590
Right-of-use assets, net
276,021
205,300
Strategic investments
163,102
122,159
Other non-current assets
33,601
37,636
Total non-current assets
1,405,978
1,317,838
Total assets
$
2,760,613
$
2,945,344
Liabilities
Current liabilities:
Trade and other payables
$
255,741
$
266,497
Tax liabilities
1,817
42,051
Provisions
32,253
25,148
Deferred revenue
913,889
812,943
Lease obligations
41,893
42,446
Derivative liabilities
14,208
772,127
Exchangeable senior notes, net
—
348,799
Total current liabilities
1,259,801
2,310,011
Non-current liabilities:
Deferred tax liabilities
16,538
26,625
Provisions
13,580
12,435
Deferred revenue
61,589
84,652
Term loan facility, net
999,332
—
Lease obligations
284,824
214,103
Other non-current liabilities
1,324
2,604
Total non-current liabilities
1,377,187
340,419
Total liabilities
2,636,988
2,650,430
Equity
Share capital
25,335
25,164
Share premium
461,020
461,016
Other capital reserves
1,872,524
1,516,609
Other components of equity
55,027
104,832
Accumulated deficit
(2,290,281
)
(1,812,707
)
Total equity
123,625
294,914
Total liabilities and equity
$
2,760,613
$
2,945,344
Atlassian Corporation Plc
Consolidated Statements of Cash Flows (U.S. $ in thousands)
(unaudited)
Three Months Ended December
31,
Six Months Ended December
31,
2021
2020
2021
2020
Operating activities
Loss before income tax expense
$
(73,038
)
$
(607,372
)
$
(465,156
)
$
(631,696
)
Adjustments to reconcile loss before
income tax expense to net cash provided by operating
activities:
Depreciation and amortization
12,153
13,807
25,317
27,218
Depreciation of right-of-use assets
11,053
9,378
21,132
18,592
Share-based payment expense
237,010
107,692
355,985
193,423
Net loss on exchange derivative and capped
call transactions
—
539,102
424,482
566,598
Amortization of debt discount and issuance
cost
118
87,854
3,840
97,027
Interest income
(77
)
(2,112
)
(357
)
(4,702
)
Interest expense
5,960
3,594
9,349
6,996
Net unrealized foreign currency loss
(gain)
(5,258
)
4,874
(11,656
)
10,441
Net unrealized loss on investments
—
750
500
750
Loss (gain) on sale of investments,
disposal of assets and other
298
51
(317
)
299
Changes in assets and liabilities:
Trade receivables
(54,992
)
(37,145
)
(68,203
)
(45,523
)
Prepaid expenses and other assets
4,585
4,057
(15,713
)
(7,361
)
Trade and other payables, provisions and
other non-current liabilities
61,863
32,823
(4,162
)
(14,561
)
Deferred revenue
64,429
61,297
77,884
83,933
Interest received
191
3,298
1,086
7,454
Income tax paid, net
(42,611
)
(21,486
)
(53,941
)
(28,961
)
Net cash provided by operating
activities
221,684
200,462
300,070
279,927
Investing activities
Business combinations, net of cash
acquired
—
(9,700
)
—
(42,164
)
Purchases of property and equipment
(12,581
)
(9,548
)
(19,462
)
(17,365
)
Purchases of investments
(42,000
)
(36,013
)
(116,003
)
(69,265
)
Proceeds from maturities of
investments
7,600
120,627
61,487
195,304
Proceeds from sales of investments
—
40,607
186,262
47,694
Change in restricted cash
11,119
(2,162
)
11,119
(2,162
)
Payment of deferred consideration
(2,701
)
—
(3,839
)
(185
)
Net cash provided by (used in)
investing activities
(38,563
)
103,811
119,564
111,857
Financing activities
Proceeds from exercise of share
options
4
225
5
1,147
Payments of lease obligations
(11,626
)
(11,139
)
(23,812
)
(22,235
)
Payment of issuance costs for debt
—
(4,445
)
—
(4,445
)
Interest paid
(3,603
)
(3,294
)
(4,802
)
(3,294
)
Repayment of exchangeable senior notes
(1,234,376
)
(671,489
)
(1,548,686
)
(671,497
)
Proceeds from settlement of capped call
transactions
104,519
72,776
135,497
72,776
Proceeds from term loan facility
350,000
—
1,000,000
—
Net cash used in financing
activities
(795,082
)
(617,366
)
(441,798
)
(627,548
)
Effect of exchange rate changes on cash
and cash equivalents
(245
)
4,546
(2,353
)
7,510
Net decrease in cash and cash
equivalents
(612,206
)
(308,547
)
(24,517
)
(228,254
)
Cash and cash equivalents at beginning
of period
1,507,418
1,560,262
919,227
1,479,969
Net decrease in cash and cash equivalents
included in assets held for sale
4,182
—
4,684
—
Cash and cash equivalents at end of
period
$
899,394
$
1,251,715
$
899,394
$
1,251,715
Atlassian Corporation Plc
Revenues by Deployment Options (U.S. $ in thousands)
(unaudited)
Three Months Ended December
31,
Six Months Ended December
31,
2021
2020
2021
2020
Cloud
$
364,099
$
230,412
$
682,002
$
437,733
Data Center
139,108
76,060
250,303
142,410
Server (1)
135,519
153,399
275,066
303,230
Marketplace and services (2)
49,800
41,488
95,179
77,492
Total revenues
$
688,526
$
501,359
$
1,302,550
$
960,865
(1) Included in Server is perpetual
license revenue. Perpetual license revenue is captured as other
revenue on the Consolidated Statements of Operations.
(2) Included in Marketplace and services
is premier support revenue. Premier support is a subscription-based
arrangement for a higher level of support across different
deployment options. Premier support is recognized as subscription
revenue on the Consolidated Statements of Operations as the
services are delivered over the term of the arrangement.
Atlassian Corporation 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,
2021
2020
2021
2020
Gross profit
IFRS gross profit
$
573,365
$
421,877
$
1,089,371
$
807,699
Plus: Share-based payment expense
13,631
6,801
21,476
12,057
Plus: Amortization of acquired intangible
assets
5,599
5,413
11,288
10,832
Non-IFRS gross profit
$
592,595
$
434,091
$
1,122,135
$
830,588
Operating income
IFRS operating income (loss)
$
(66,718
)
$
27,713
$
(27,072
)
$
39,645
Plus: Share-based payment expense
237,010
107,692
355,985
193,423
Plus: Amortization of acquired intangible
assets
7,958
7,772
16,012
15,531
Non-IFRS operating income
$
178,250
$
143,177
$
344,925
$
248,599
Net income
IFRS net loss
$
(77,472
)
$
(621,528
)
$
(477,574
)
$
(643,082
)
Plus: Share-based payment expense
237,010
107,692
355,985
193,423
Plus: Amortization of acquired intangible
assets
7,958
7,772
16,012
15,531
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
—
626,956
427,853
663,625
Less: Income tax effects and
adjustments
(40,172
)
(25,581
)
(76,639
)
(57,415
)
Non-IFRS net income
$
127,324
$
95,311
$
245,637
$
172,082
Net income per share
IFRS net loss per share - diluted
$
(0.31
)
$
(2.49
)
$
(1.89
)
$
(2.59
)
Plus: Share-based payment expense
0.93
0.44
1.40
0.78
Plus: Amortization of acquired intangible
assets
0.03
0.04
0.06
0.07
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
—
2.48
1.69
2.63
Less: Income tax effects and
adjustments
(0.15
)
(0.10
)
(0.30
)
(0.21
)
Non-IFRS net income per share -
diluted
$
0.50
$
0.37
$
0.96
$
0.68
Weighted-average diluted shares
outstanding
Weighted-average shares used in computing
diluted IFRS net loss per share
252,960
249,188
252,533
248,601
Plus: Dilution from share options and RSUs
(1)
4,018
5,357
4,028
5,457
Weighted-average shares used in computing
diluted non-IFRS net income per share
256,978
254,545
256,561
254,058
Free cash flow
IFRS net cash provided by operating
activities
$
221,684
$
200,462
$
300,070
$
279,927
Less: Capital expenditures
(12,581
)
(9,548
)
(19,462
)
(17,365
)
Less: Payments of lease obligations
(11,626
)
(11,139
)
(23,812
)
(22,235
)
Free cash flow
$
197,477
$
179,775
$
256,796
$
240,327
(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, 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
March 31, 2022
Revenue
$690 million to $705
million
IFRS gross margin
82% to 83%
Plus: Share-based payment expense
2
Plus: Amortization of acquired intangible
assets
0
Non-IFRS gross margin
84% to 85%
IFRS operating margin
(10%) to (9%)
Plus: Share-based payment expense
26
Plus: Amortization of acquired intangible
assets
1
Non-IFRS operating margin
17% to 18%
IFRS net loss per share -
diluted
($0.33) to ($0.31)
Plus: Share-based payment expense
0.70
Plus: Amortization of acquired intangible
assets
0.03
Less: Income tax effects and
adjustments
(0.11)
Non-IFRS net income per share -
diluted
$0.29 to $0.31
Weighted-average shares used in
computing diluted IFRS net loss per share
253 million to 254
million
Dilution from share options and RSUs
(1)
4 million
Weighted-average shares used in
computing diluted non-IFRS net income per share
257 million to 258
million
(1) The effects of these dilutive
securities are not included in the IFRS calculation of diluted net
loss per share for the three months ending March 31, 2022 because
the effect would be anti-dilutive.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220127005959/en/
Investor Relations Contact Martin Lam IR@atlassian.com
Media Contact M-C Maple press@atlassian.com
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