Quarterly revenue of $159.9 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 third quarter of fiscal 2017 ended March 31,
2017, and released a shareholder letter on the Investor
Relations section of its
website at https://investors.atlassian.com.
“Q3 was a great quarter for Atlassian. We again drove strong
execution across our cloud, server and data center products, and
our innovative model continues to combine consistent revenue growth
with significant free cash flow generation,” said Scott Farquhar,
Atlassian co-CEO and co-founder. “In addition to our broad-based
growth, we completed our acquisition of Trello in February and
recently launched new Trello integrations for JIRA, Confluence,
Bitbucket and HipChat. Together with Trello, we now serve more
than 85,000 customers around the world, expanding our path towards
supporting teams across the Fortune 500,000.”
Third Quarter Fiscal Year 2017 Financial
Highlights:
On an IFRS basis, Atlassian reported:
- Revenue: Total revenue was $159.9 million for
the third quarter of fiscal 2017, up 36% from $117.9 million for
the third quarter of fiscal 2016.
- Operating Loss and Operating Margin: Operating
loss was $23.1 million for the third quarter of
fiscal 2017, compared with $4.9 million for
the third quarter of fiscal 2016. Operating margin was
(14%) for the third quarter of fiscal 2017, compared with (4%) for
the third quarter of fiscal 2016.
- Net Loss and Net Loss Per Diluted
Share: Net loss was $17.5 million for
the third quarter of fiscal 2017, compared with $1.1
million for the third quarter of fiscal 2016. Net loss
per diluted share was $0.08 for
the third quarter of fiscal 2017, compared with $0.01 for
the third quarter of fiscal 2016.
- Balance Sheet: Cash and cash equivalents
and short-term investments at the end of
the third quarter of fiscal 2017
totaled $503.6 million.
On a non-IFRS basis, Atlassian reported:
- Operating Income and Operating Margin:
Operating income was $24.5 million for
the third quarter of fiscal 2017, compared with $18.3
million for the third quarter of fiscal 2016. Operating
margin was 15% for the third quarter of fiscal 2017, compared with
15% for the third quarter of fiscal 2016.
- Net Income and Net Income Per Diluted
Share: Net income was $18.9 million for
the third quarter of fiscal 2017, compared
with $17.0 million for the third quarter of
fiscal 2016. Net income per diluted share was $0.08 for
the third quarter of fiscal 2017, compared with $0.07 per
diluted share for the third quarter of fiscal 2016.
- Free Cash Flow: Cash flow from operations for
the third quarter of fiscal 2017 was $72.9 million, while
capital expenditures totaled $4.6 million, resulting in free cash
flow of $68.3 million, an increase of 68% 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 third quarter of fiscal 2017 with a total customer
count on an active subscription or maintenance agreement
basis of 85,031. Atlassian added 16,194 net new customers
during the quarter; this number benefited from an increase of
12,789 customers as a result of our acquisition of Trello during
the quarter. Excluding Trello, Atlassian ended the third
quarter of fiscal 2017 with a total customer count of 72,242, an
increase of 26% year-over-year. Net new customers during the
quarter excluding Trello were 3,405.
- Trello integrations with Atlassian
products: In March we launched new integrations,
called “Power-Ups,” that integrate Trello with the cloud versions
of JIRA Software, Confluence, and Bitbucket, and enhanced the
existing Power-Up for HipChat. Now teams can customize their Trello
boards to surface real-time updates on their work. Attaching
issues, pages, and pull requests to Trello cards, or creating cards
from their HipChat room, gives teams confidence that they’re
working on the most important items.
- Atlassian Marketplace: With over 3,000
add-ons designed to enhance Atlassian products, the Atlassian
Marketplace is one of the largest enterprise software marketplaces
and passed a new milestone during the quarter, with more than $250
million in lifetime sales since its inception in 2012.
Financial Targets:
Atlassian is providing its financial targets for the fourth
quarter and full fiscal year 2017. The company’s financial targets
are as follows:
- Fourth Quarter Fiscal Year 2017:
- Total revenue is expected to be in the range of $170 million to
$172 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 (20%) on an
IFRS basis and approximately 14% on a non-IFRS basis.
- Weighted-average share count is expected to be in the range of
238 million to 240 million shares on a fully diluted
basis.
- Net loss per diluted share is expected to be approximately
($0.10) on an IFRS basis, and net income per diluted share is
expected to be approximately $0.08 on a non-IFRS basis.
- Fiscal Year 2017:
- Total revenue is expected to be in the range of $616 million to
$618 million.**
- Gross margin is expected to be approximately 81% on an IFRS
basis and approximately 84% on a non-IFRS basis.
- Operating margin is expected to be approximately (11%) on an
IFRS basis and approximately 17% on a non-IFRS basis.
- Weighted-average share count is expected to be in the range of
235 million to 236 million shares on a fully diluted
basis.
- Net loss per diluted share is expected to be approximately
($0.20) on an IFRS basis, and net income per diluted share is
expected to be approximately $0.35 on a non-IFRS basis.
- Free cash flow is expected to be in the range of $173 million
to $177 million, which factors in capital expenditures that are
expected to be approximately $15 million in fiscal 2017.
*Our fourth quarter fiscal 2017 revenue
target includes a revenue contribution from Trello of
approximately $3 million.** Our full year fiscal 2017 revenue
target includes a revenue contribution from Trello
of approximately $4 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, April 27, 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 10103769). International
callers, please dial 1-412-317-0088 (access
code 10103769).
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 85,000 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
more about products including JIRA Software, Confluence, HipChat,
Trello, 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 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
(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 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 the related income
tax effects 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 related income 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 March 31, |
|
Nine Months Ended March 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues: |
|
|
|
|
|
|
|
Subscription |
$ |
63,369 |
|
|
$ |
38,691 |
|
|
$ |
169,626 |
|
|
$ |
103,069 |
|
Maintenance |
67,072 |
|
|
56,178 |
|
|
193,873 |
|
|
160,040 |
|
Perpetual
license |
19,495 |
|
|
16,430 |
|
|
55,206 |
|
|
47,576 |
|
Other |
9,973 |
|
|
6,643 |
|
|
26,900 |
|
|
18,785 |
|
Total revenues |
159,909 |
|
|
117,942 |
|
|
445,605 |
|
|
329,470 |
|
Cost of revenues (1)
(2) |
32,895 |
|
|
19,764 |
|
|
82,356 |
|
|
54,657 |
|
Gross profit |
127,014 |
|
|
98,178 |
|
|
363,249 |
|
|
274,813 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Research
and development (1) |
82,262 |
|
|
54,170 |
|
|
219,477 |
|
|
147,476 |
|
Marketing
and sales (1) (2) |
36,625 |
|
|
24,436 |
|
|
89,021 |
|
|
62,411 |
|
General
and administrative (1) |
31,190 |
|
|
24,507 |
|
|
85,581 |
|
|
59,416 |
|
Total operating
expenses |
150,077 |
|
|
103,113 |
|
|
394,079 |
|
|
269,303 |
|
Operating income
(loss) |
(23,063 |
) |
|
(4,935 |
) |
|
(30,830 |
) |
|
5,510 |
|
Other non-operating
expense, net |
(492 |
) |
|
54 |
|
|
(806 |
) |
|
(730 |
) |
Finance income |
1,040 |
|
|
703 |
|
|
3,803 |
|
|
872 |
|
Finance costs |
(6 |
) |
|
(5 |
) |
|
(51 |
) |
|
(62 |
) |
Income (loss) before
income tax benefit |
(22,521 |
) |
|
(4,183 |
) |
|
(27,884 |
) |
|
5,590 |
|
Income tax benefit |
5,060 |
|
|
3,111 |
|
|
6,088 |
|
|
3,485 |
|
Net income (loss) |
$ |
(17,461 |
) |
|
$ |
(1,072 |
) |
|
$ |
(21,796 |
) |
|
$ |
9,075 |
|
Net income (loss) per
share attributable to ordinary shareholders: |
|
|
|
|
|
|
|
Basic |
$ |
(0.08 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.05 |
|
Diluted |
$ |
(0.08 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.05 |
|
Weighted-average shares
outstanding used to compute net income (loss) per share
attributable to ordinary shareholders: |
|
|
|
|
|
|
|
Basic |
223,333 |
|
|
212,920 |
|
|
221,034 |
|
|
172,272 |
|
Diluted |
223,333 |
|
|
212,920 |
|
|
221,034 |
|
|
180,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
________________
(1) Amounts include share-based payment expense, as follows:
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Cost of
revenues |
$ |
1,853 |
|
|
$ |
1,258 |
|
|
$ |
4,697 |
|
|
$ |
3,765 |
|
Research
and development |
21,628 |
|
|
9,495 |
|
|
54,786 |
|
|
23,193 |
|
Marketing
and sales |
5,336 |
|
|
2,754 |
|
|
11,940 |
|
|
8,560 |
|
General
and administrative |
8,965 |
|
|
7,739 |
|
|
24,688 |
|
|
14,876 |
|
(2) Amounts include amortization of acquired intangible assets,
as follows:
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Cost of
revenues |
$ |
4,907 |
|
|
$ |
1,921 |
|
|
$ |
9,307 |
|
|
$ |
5,496 |
|
Marketing
and sales |
4,866 |
|
|
22 |
|
|
5,281 |
|
|
65 |
|
Atlassian Corporation Plc |
Consolidated Statements of Financial
Position |
(U.S. $ in thousands) |
(unaudited) |
|
|
March 31, 2017 |
|
June 30, 2016 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
196,882 |
|
|
$ |
259,709 |
|
Short-term investments |
306,676 |
|
|
483,405 |
|
Trade
receivables |
26,481 |
|
|
15,233 |
|
Current
tax receivables |
6,070 |
|
|
6,013 |
|
Prepaid
expenses and other current assets |
19,337 |
|
|
14,178 |
|
Total current
assets |
555,446 |
|
|
778,538 |
|
Non-current
assets: |
|
|
|
Property
and equipment, net |
45,190 |
|
|
58,762 |
|
Deferred
tax assets |
179,775 |
|
|
127,411 |
|
Goodwill |
311,748 |
|
|
7,138 |
|
Intangible assets, net |
134,992 |
|
|
13,577 |
|
Other
non-current assets |
8,513 |
|
|
5,547 |
|
Total non-current
assets |
680,218 |
|
|
212,435 |
|
Total assets |
$ |
1,235,664 |
|
|
$ |
990,973 |
|
Liabilities |
|
|
|
Current
liabilities: |
|
|
|
Trade and
other payables |
$ |
71,381 |
|
|
$ |
57,886 |
|
Current
tax liabilities |
5,250 |
|
|
286 |
|
Provisions |
5,585 |
|
|
4,716 |
|
Deferred
revenue |
221,860 |
|
|
173,612 |
|
Total current
liabilities |
304,076 |
|
|
236,500 |
|
Non-current
liabilities: |
|
|
|
Deferred
tax liabilities |
57,240 |
|
|
6,639 |
|
Provisions |
2,942 |
|
|
2,170 |
|
Deferred
revenue |
10,884 |
|
|
7,456 |
|
Other
non-current liabilities |
6,914 |
|
|
6,545 |
|
Total non-current
liabilities |
77,980 |
|
|
22,810 |
|
Total liabilities |
$ |
382,056 |
|
|
$ |
259,310 |
|
Equity |
|
|
|
Share capital |
$ |
22,422 |
|
|
$ |
21,620 |
|
Share premium |
448,986 |
|
|
441,734 |
|
Other capital
reserves |
379,555 |
|
|
244,335 |
|
Other components of
equity |
5,166 |
|
|
4,699 |
|
Retained earnings
(accumulated deficit) |
(2,521 |
) |
|
19,275 |
|
Total equity |
$ |
853,608 |
|
|
$ |
731,663 |
|
Total liabilities and
equity |
$ |
1,235,664 |
|
|
$ |
990,973 |
|
|
|
|
|
|
|
|
|
Atlassian Corporation Plc |
Consolidated Statements of Cash
Flows |
(U.S. $ in thousands) |
(unaudited) |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Operating
activities |
|
|
|
|
|
|
|
Income (loss) before
income tax |
$ |
(22,521 |
) |
|
$ |
(4,183 |
) |
|
$ |
(27,884 |
) |
|
$ |
5,590 |
|
Adjustments to
reconcile income (loss) before income tax to net cash provided by
operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
18,485 |
|
|
5,678 |
|
|
37,780 |
|
|
15,584 |
|
Loss
(gain) on sale of investments and other assets |
(15 |
) |
|
61 |
|
|
(422 |
) |
|
198 |
|
Net
unrealized foreign currency loss (gain) |
209 |
|
|
(442 |
) |
|
1 |
|
|
(8 |
) |
Share-based payment expense |
37,782 |
|
|
21,246 |
|
|
96,111 |
|
|
50,394 |
|
Interest
income |
(1,040 |
) |
|
(703 |
) |
|
(3,803 |
) |
|
(872 |
) |
Changes
in assets and liabilities: |
|
|
|
|
|
|
|
Trade
receivables |
2,155 |
|
|
1,003 |
|
|
(9,913 |
) |
|
(3,311 |
) |
Prepaid
expenses and other assets |
(89 |
) |
|
(796 |
) |
|
(2,859 |
) |
|
(824 |
) |
Trade and
other payables, provisions and other non-current liabilities |
12,707 |
|
|
10,717 |
|
|
9,308 |
|
|
5,975 |
|
Deferred
revenue |
25,035 |
|
|
15,272 |
|
|
49,352 |
|
|
29,524 |
|
Interest
received |
1,470 |
|
|
1,352 |
|
|
5,147 |
|
|
1,458 |
|
Income
tax paid, net of refunds |
(1,255 |
) |
|
(961 |
) |
|
(4,034 |
) |
|
(9,161 |
) |
Net cash provided by
operating activities |
72,923 |
|
|
48,244 |
|
|
148,784 |
|
|
94,547 |
|
Investing
activities |
|
|
|
|
|
|
|
Business combinations,
net of cash acquired |
(362,795 |
) |
|
— |
|
|
(381,090 |
) |
|
— |
|
Purchases of property
and equipment |
(4,623 |
) |
|
(7,531 |
) |
|
(9,921 |
) |
|
(16,819 |
) |
Proceeds from sale of
other assets |
— |
|
|
— |
|
|
342 |
|
|
— |
|
Purchases of
investments |
(105,021 |
) |
|
(318,785 |
) |
|
(338,385 |
) |
|
(435,428 |
) |
Proceeds from
maturities of investments |
23,088 |
|
|
13,202 |
|
|
80,188 |
|
|
47,824 |
|
Proceeds from sales of
investments |
235,173 |
|
|
6,361 |
|
|
433,761 |
|
|
6,361 |
|
Increase in restricted
cash |
— |
|
|
— |
|
|
(3,369 |
) |
|
— |
|
Payment of deferred
consideration |
— |
|
|
— |
|
|
(935 |
) |
|
(1,025 |
) |
Net cash used in
investing activities |
(214,178 |
) |
|
(306,753 |
) |
|
(219,409 |
) |
|
(399,087 |
) |
Financing
activities |
|
|
|
|
|
|
|
Proceeds from issuance
of ordinary shares upon initial public offering, net of offering
costs |
— |
|
|
— |
|
|
— |
|
|
431,447 |
|
Proceeds from exercise
of share options |
1,535 |
|
|
764 |
|
|
7,403 |
|
|
4,266 |
|
Employee payroll taxes
paid related to net share settlement of equity awards |
— |
|
|
— |
|
|
— |
|
|
(5,395 |
) |
Net cash provided by
financing activities |
1,535 |
|
|
764 |
|
|
7,403 |
|
|
430,318 |
|
Effect of
exchange rate changes on cash and cash equivalents |
440 |
|
|
371 |
|
|
395 |
|
|
22 |
|
Net increase
(decrease) in cash and cash equivalents |
(139,280 |
) |
|
(257,374 |
) |
|
(62,827 |
) |
|
125,800 |
|
Cash and cash
equivalents at beginning of period |
336,162 |
|
|
570,268 |
|
|
259,709 |
|
|
187,094 |
|
Cash and cash
equivalents at end of period |
$ |
196,882 |
|
|
$ |
312,894 |
|
|
$ |
196,882 |
|
|
$ |
312,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlassian Corporation Plc |
Reconciliation of IFRS to Non-IFRS
Results |
(U.S. $ and shares in thousands, except per
share data) |
(unaudited) |
|
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Gross
profit |
|
|
|
|
|
|
|
IFRS gross profit |
$ |
127,014 |
|
|
$ |
98,178 |
|
|
$ |
363,249 |
|
|
$ |
274,813 |
|
Plus:
Share-based payment expense |
1,853 |
|
|
1,258 |
|
|
4,697 |
|
|
3,765 |
|
Plus:
Amortization of acquired intangible assets |
4,907 |
|
|
1,921 |
|
|
9,307 |
|
|
5,496 |
|
Non-IFRS gross
profit |
$ |
133,774 |
|
|
$ |
101,357 |
|
|
$ |
377,253 |
|
|
$ |
284,074 |
|
Operating
income |
|
|
|
|
|
|
|
IFRS operating income
(loss) |
$ |
(23,063 |
) |
|
$ |
(4,935 |
) |
|
$ |
(30,830 |
) |
|
$ |
5,510 |
|
Plus:
Share-based payment expense |
37,782 |
|
|
21,246 |
|
|
96,111 |
|
|
50,394 |
|
Plus:
Amortization of acquired intangible assets |
9,773 |
|
|
1,943 |
|
|
14,588 |
|
|
5,561 |
|
Non-IFRS operating
income |
$ |
24,492 |
|
|
$ |
18,254 |
|
|
$ |
79,869 |
|
|
$ |
61,465 |
|
Net
income |
|
|
|
|
|
|
|
IFRS net income
(loss) |
$ |
(17,461 |
) |
|
$ |
(1,072 |
) |
|
$ |
(21,796 |
) |
|
$ |
9,075 |
|
Plus:
Share-based payment expense |
37,782 |
|
|
21,246 |
|
|
96,111 |
|
|
50,394 |
|
Plus:
Amortization of acquired intangible assets |
9,773 |
|
|
1,943 |
|
|
14,588 |
|
|
5,561 |
|
Less:
Income tax effects and adjustments |
(11,162 |
) |
|
(5,157 |
) |
|
(25,587 |
) |
|
(10,581 |
) |
Non-IFRS net
income |
$ |
18,932 |
|
|
$ |
16,960 |
|
|
$ |
63,316 |
|
|
$ |
54,449 |
|
Net income per
share |
|
|
|
|
|
|
|
IFRS net income (loss)
per share - basic |
$ |
(0.08 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.05 |
|
Plus:
Share-based payment expense |
0.17 |
|
|
0.10 |
|
|
0.44 |
|
|
0.30 |
|
Plus:
Amortization of acquired intangible assets |
0.04 |
|
|
0.01 |
|
|
0.07 |
|
|
0.03 |
|
Less:
Income tax effects and adjustments |
(0.05 |
) |
|
(0.02 |
) |
|
(0.12 |
) |
|
(0.06 |
) |
Non-IFRS net income per
share - basic |
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.29 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
IFRS net income (loss)
per share - diluted |
$ |
(0.08 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.10 |
) |
|
$ |
0.05 |
|
Plus:
Share-based payment expense |
0.17 |
|
|
0.09 |
|
|
0.42 |
|
|
0.26 |
|
Plus:
Amortization of acquired intangible assets |
0.04 |
|
|
0.01 |
|
|
0.06 |
|
|
0.03 |
|
Less:
Income tax effects and adjustments |
(0.05 |
) |
|
(0.02 |
) |
|
(0.11 |
) |
|
(0.06 |
) |
Non-IFRS net income per
share - diluted |
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
0.27 |
|
|
$ |
0.28 |
|
Weighted-average diluted shares outstanding |
|
|
|
|
|
|
|
Weighted-average shares
used in computing diluted IFRS net income (loss) per share |
223,333 |
|
|
212,920 |
|
|
221,034 |
|
|
180,417 |
|
Plus:
Dilution from share options and RSUs (1) |
12,900 |
|
|
18,023 |
|
|
13,900 |
|
|
— |
|
Plus:
Dilution from share options and RSUs granted in periods prior to
IPO (2) |
— |
|
|
— |
|
|
— |
|
|
11,247 |
|
Weighted-average shares
used in computing diluted non-IFRS net income per share |
236,233 |
|
|
230,943 |
|
|
234,934 |
|
|
191,664 |
|
Free cash
flow |
|
|
|
|
|
|
|
IFRS net cash provided
by operating activities |
$ |
72,923 |
|
|
$ |
48,244 |
|
|
$ |
148,784 |
|
|
$ |
94,547 |
|
Less:
Capital expenditures |
(4,623 |
) |
|
(7,531 |
) |
|
(9,921 |
) |
|
(16,819 |
) |
Free cash flow |
$ |
68,300 |
|
|
$ |
40,713 |
|
|
$ |
138,863 |
|
|
$ |
77,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The effects of these dilutive securities were not included
in the IFRS calculation of diluted net loss per share for the three
and nine months ended March 31, 2017 and the three months ended
March 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
Results |
(as a percentage of total
revenues) |
(unaudited) |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Operating
margin |
|
|
|
IFRS operating
margin |
(14 |
%) |
|
(4 |
%) |
Plus:
Share-based payment expense |
23 |
|
|
17 |
|
Plus:
Amortization of acquired intangible assets |
6 |
|
|
2 |
|
Non-IFRS operating
margin |
15 |
% |
|
15 |
% |
|
|
|
|
|
|
Atlassian Corporation Plc |
Reconciliation of IFRS to Non-IFRS Financial
Targets |
(U.S. $) |
|
|
Three Months Ending June 30, 2017 |
|
Fiscal Year Ending June 30, 2017 |
Revenue |
$170 million to $172 million |
|
$616 million to $618 million |
|
|
|
|
IFRS gross
margin |
|
80% |
|
|
|
81% |
|
Plus:
Share-based payment expense |
|
1 |
|
|
|
1 |
|
Plus:
Amortization of acquired intangible assets |
|
3 |
|
|
|
2 |
|
Non-IFRS gross
margin |
|
84% |
|
|
|
84% |
|
|
|
|
|
IFRS operating
margin |
|
(20%) |
|
|
|
(11%) |
|
Plus:
Share-based payment expense |
|
27 |
|
|
|
23 |
|
Plus:
Amortization of acquired intangible assets |
|
7 |
|
|
|
5 |
|
Non-IFRS
operating margin |
|
14% |
|
|
|
17% |
|
|
|
|
|
IFRS net loss
per share - diluted |
($0.10) |
|
|
($0.20) |
|
Plus:
Share-based payment expense |
|
0.19 |
|
|
|
0.60 |
|
Plus:
Amortization of acquired intangible assets |
|
0.05 |
|
|
|
0.12 |
|
Less:
Income tax effects and adjustments |
|
(0.06) |
|
|
|
(0.17) |
|
Non-IFRS net
income per share - diluted |
$0.08 |
|
|
$0.35 |
|
Weighted-average shares used in computing diluted non-IFRS
net income per share |
238 million to 240 million |
|
235 million to 236 million |
|
|
|
|
IFRS net cash
provided by operations |
|
|
$188 million to $192 million |
Less:
Capital expenditures |
|
|
(15 million) |
Free cash
flow |
|
|
$173 million to $177 million |
|
|
|
|
Investor Relations Contact
Ian Lee
IR@atlassian.com
Media Contact
Paul Loeffler
press@atlassian.com
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