Atlassian Corp (TEAM) 2022 Q4 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's earnings conference call for the fourth quarter and full fiscal year 2022. As a reminder, this conference call is being recorded, and will be available for replay from the Investor Relations section of Atlassian's website following this call. I will now hand the call over to Martin Lam, Atlassian's Head of Investor Relations.

下午好，感謝您參加 Atlassian 2022 年第四季度和整個財年的收益電話會議。提醒一下，本次電話會議正在錄音中，本次電話會議結束後，可在 Atlassian 網站的投資者關係部分重播.我現在將電話轉交給 Atlassian 的投資者關係主管 Martin Lam。

Welcome to Atlassian's Fourth Quarter and Full Fiscal Year 2022 Earnings Call. Thank you for joining us today. Joining me on the call today, we have Atlassian's co-Founders and co-CEOs, Scott Farquhar and Mike Cannon-Brookes; and our Chief Revenue Officer, Cameron Deatsch.

歡迎參加 Atlassian 的 2022 年第四季度和全年財報電話會議。感謝您今天加入我們。今天加入我的電話會議的有 Atlassian 的聯合創始人和聯合首席執行官 Scott Farquhar 和 Mike Cannon-Brookes；和我們的首席營收官 Cameron Deatsch。

Earlier today, we published a Shareholder Letter and press release with our financial results and commentary for our fourth quarter and full fiscal year 2022. The Shareholder Letter is available on Atlassian's Work Life blog and the Investor Relations section of our website, where you will also find other earnings-related materials, including the earnings press release and supplemental investor datasheet.

今天早些時候，我們發布了一封股東信函和新聞稿，其中包含我們對 2022 年第四季度和整個財年的財務業績和評論。股東信函可在 Atlassian 的工作生活博客和我們網站的投資者關係部分獲得，您還可以在其中找到查找其他與收益相關的材料，包括收益新聞稿和補充投資者數據表。

As always, our shareholder weather contains management's insight and commentary for the quarter. So during the call today, we'll have a brief opening remarks and then focus our time on Q&A.

與往常一樣，我們的股東天氣包含管理層對本季度的見解和評論。因此，在今天的電話會議中，我們將有一個簡短的開場白，然後將我們的時間集中在問答上。

This call will include forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should not look upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of such statements were made, and we assume no obligation to update or revise such statements should they change or cease to be current.

本次電話會議將包括前瞻性陳述。前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果、業績或成就與前瞻性陳述中明示或暗示的任何未來結果、業績或成就存在重大差異。您不應將前瞻性陳述視為對未來事件的預測。前瞻性陳述僅代表我們管理層在做出此類陳述時的信念和假設，如果此類陳述發生變化或不再是最新的，我們不承擔更新或修改此類陳述的義務。

Further information on these and other factors that could affect the company's 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 Form 20-F and quarterly Form 6-K.

有關可能影響公司財務業績的這些和其他因素的更多信息包含在我們不時向證券交易委員會提交的文件中，包括我們最近的表格 20-F 和季度表格 6-中標題為風險因素的部分K。

During today's call, we will also discuss non-IFRS financial measures. These non-IFRS financial measures are in addition to and are not a substitute for or superior to measure this financial performance prepared in accordance with IFRS. A reconciliation between IFRS and non-IFRS financial measures is available in our Shareholder letter, earnings release and investor data sheet on the IR website.

在今天的電話會議中，我們還將討論非國際財務報告準則財務措施。這些非國際財務報告準則財務措施是對根據國際財務報告準則編制的財務業績的補充，不能替代或優於衡量該財務業績。國際財務報告準則和非國際財務報告準則財務指標之間的對賬可在我們的股東信函、收益發布和投資者關係網站上的投資者數據表中找到。

Please keep in mind that we'd like to allow as many of you to participate in Q&A as possible. To facilitate that, we'll take 1 question at a time. Please rejoin the queue if you have a follow-up or another question and we'll do our best to come back to you later in the session.

請記住，我們希望盡可能多的人參與問答。為方便起見，我們將一次回答 1 個問題。如果您有後續問題或其他問題，請重新加入隊列，我們將盡最大努力在會議稍後回复您。

With that, I'll turn the call over to Scott for opening remarks.

有了這個，我會把電話轉給 Scott 做開場白。

Thank you for joining us today. As you've already read in our shareholder letter, we ended fiscal 2022 with strong Q4 results across all 3 of our markets: Agile and DevOps, ITSM and Wealth Management. Cloud revenue grew by 55% year-over-year in Q4 and ended the year with over 242,000 customers.

感謝您今天加入我們。正如您在我們的股東信中已經讀到的那樣，我們在 2022 財年結束時在我們所有 3 個市場（敏捷和 DevOps、ITSM 和財富管理）中都取得了強勁的第四季度業績。雲收入在第四季度同比增長 55%，到年底擁有超過 242,000 名客戶。

Atlassian is uniquely positioned, having great momentum and a differentiated business model. Now while we can't predict what the future holds at a macro level, we're forging ahead with conviction and vigilance as we look to continue to fuel durable growth over the long term and deepen our strategic advantages. We're incredibly proud of the way we continue to execute against our long-term goals, and we're excited to take this momentum into fiscal 2023.

Atlassian 定位獨特，發展勢頭強勁，業務模式差異化。現在，雖然我們無法在宏觀層面預測未來會怎樣，但我們正懷著信念和警惕奮進，希望繼續推動長期的持久增長並深化我們的戰略優勢。我們為繼續執行長期目標的方式感到無比自豪，我們很高興將這一勢頭帶入 2023 財年。

I'd also take the time to mention that this quarter, I am operating as interim CFO. This will be my first and last earnings call as interim CFO as we welcome Joe Binz as our incoming CFO. We are so excited to bring Joe on and introduce him to you in the next earnings call next quarter.

我還要花時間提到本季度，我擔任臨時首席財務官。這將是我作為臨時首席財務官的第一次也是最後一次財報電話會議，因為我們歡迎喬賓茲擔任我們的新任首席財務官。我們很高興能在下個季度的下一個財報電話會議上邀請喬加入並把他介紹給你。

With that, I'll pass the call to the operator for questions and answers.

有了這個，我將把電話轉給接線員詢問問題和答案。

(Operator Instructions) Your first question comes from Fatima Boolani from Citi.

（操作員說明）您的第一個問題來自花旗的 Fatima Boolani。

Just 1 around the cloud growth expectations for fiscal '23 that you've reiterated, which is very encouraging, as well as the reiteration of the magnitude of migration impacts to that cloud growth. What I'm curious about is when you think about the fiscal '24 dynamic, which is similar to fiscal '23, how much of the migratory impact from the prior year, i.e., fiscal '23? What type of purchasing or expansion behavior from those migrated customers are you expecting in the base in fiscal '24?

您重申的對 23 財年的雲增長預期僅是 1，這非常令人鼓舞，並且重申了遷移對雲增長的影響程度。我很好奇的是，當您考慮與 23 財年類似的 24 財年動態時，與上一年（即 23 財年）相比，遷移影響有多大？在 24 財年，您期望這些遷移客戶的購買或擴張行為是什麼類型的？

Scott here answering that question. As we mentioned previously in our Investor Day a few months ago and reiterating now on this earnings call, we expect cloud growth to be approximately 50% year-on-year for FY '23 and FY '24, and so that remains the same. We've also said that there's high single-digits of that growth comes from migrations in any given year. And so we expect, again, that to continue.

斯科特在這裡回答了這個問題。正如我們之前在幾個月前的投資者日中提到的並且現在在這次財報電話會議上重申的那樣，我們預計 23 財年和 24 財年的雲增長將同比增長約 50%，因此保持不變。我們還說過，在任何一年中，這種增長都有很高的個位數來自遷移。因此，我們再次希望這種情況繼續下去。

We haven't looked in terms of the FY '24 dynamic of how that goes. What we do see, though, is our migrating customers expand at a similar rate to the customers we have in our existing instances. And we've also stated that previously we have a net expansion rate of 130% in cloud and 140% for our larger customers in cloud. And so that's all I can give you on that at this stage.

我們還沒有考慮 24 財年的動態。但是，我們確實看到的是，我們的遷移客戶以與我們現有實例中的客戶相似的速度擴展。而且我們還表示，之前我們在雲中的淨擴展率為 130%，在雲中的較大客戶為 140%。在這個階段，這就是我能告訴你的全部內容。

This is Martin. Just to clarify, we are expecting 10 points of growth of the 50% growth in cloud for the next 2 years.

這是馬丁。澄清一下，我們預計未來 2 年雲增長 50% 將增長 10 個百分點。

Your next question comes from Michael Turrin from Wells Fargo.

您的下一個問題來自富國銀行的 Michael Turrin。

Congrats on a strong end of the fiscal year. Scott, I know we won't see it often, but nice suit photo, very CFO with the materials as well. There's a great stat you emphasized just in the letter on 90% of fiscal year revenue coming from -- we know you've generally always run a consistent long-term playbook. So just wondering, is that number fairly consistent with prior periods? And then on the other side of that, if we do see some moderation of the newer cohorts, are you confident that there's a catch-up with the newer cohorts you're landing can similarly contribute to the model as you work through it just given the experience and expertise you've gathered there?

祝賀本財年的強勁結束。斯科特，我知道我們不會經常看到它，但是漂亮的西裝照片，非常有材料的首席財務官。你在信中強調了一個很好的統計數據，即 90% 的財政年度收入來自——我們知道你通常總是在運行一個一致的長期劇本。所以只是想知道，這個數字與之前的時期是否相當一致？另一方面，如果我們確實看到較新的同類群組有所緩和，您是否有信心趕上您正在登陸的較新的同類群組，在您完成剛剛給出的模型時同樣可以為模型做出貢獻你在那裡積累的經驗和專業知識？

Yes, thank you for the compliments on how good I work on the suit. I appreciate that. And you're right, we won't -- we catch that too often in the future. We've said historically, yes, that 90% of our revenue in any given year comes from our existing customers. And we were chatting just before on this call that if you think about the results we're getting this year, they are seasonally planted years ago and the seasonal planting this year come to bloom in the [imports]. So this is not a business where we are trying to have a very extensive enterprise sales force, reduce a particular number in a particular period. We think very carefully about the long-term return characteristics of all the investments that we make at any point in time. And so that 90% number, we continue to see that's like that's not likely to change in any particular time, but we really think about the long-term investments that we're making now are paying off over a 2- to 3-year period.

是的，感謝您對我在西裝上的出色表現的稱讚。我很感激。你說得對，我們不會——我們以後會經常抓到它。我們曾經說過，是的，我們在任何一年的收入的 90% 都來自我們現有的客戶。我們之前在這個電話會議上聊過，如果你想想我們今年得到的結果，它們是幾年前季節性種植的，而今年的季節性種植在[進口]中開花結果。因此，這不是我們試圖擁有非常廣泛的企業銷售隊伍，在特定時期減少特定數量的業務。我們非常仔細地考慮我們在任何時間點所做的所有投資的長期回報特徵。所以這個 90% 的數字，我們繼續看到這在任何特定時間都不太可能改變，但我們真的認為我們現在所做的長期投資將在 2 到 3 年內得到回報時期。

Your next question comes from Arjun Bhatia from William Blair.

您的下一個問題來自 William Blair 的 Arjun Bhatia。

Congrats on a great quarter. As you -- I know you guys addressed the macro a little bit in the Shareholder Letter. But I'm curious, as it relates to migration specifically, would you expect the shape of migration to change at all just given the macro situation to customers pause a little bit, do they reconsider or do they say, hey, the total cost of ownership is there, and I'm going to go full steam ahead? What are you seeing and hearing from partners and customers on that front?

祝賀一個偉大的季度。正如你——我知道你們在股東信函中提到了一些宏。但我很好奇，因為它特別與遷移有關，您是否會期望遷移的形式會發生變化，只是考慮到客戶的宏觀情況暫停一點，他們是重新考慮還是他們說，嘿，總成本所有權就在那裡，我要全力以赴？在這方面，您從合作夥伴和客戶那裡看到和聽到了什麼？

This is Cameron, and I'll take that one. So as you know, this migration journey has been going on for a couple of years now. We announced the server end of life over 18 months ago, and gave customers more than 3 years heads up to make a decision on migrating to the cloud. So none of this is a surprise.

這是卡梅倫，我要那個。如您所知，這次遷移之旅已經持續了幾年。我們在 18 個月前宣布了服務器的生命週期結束，並為客戶提供了 3 年多的時間來做出遷移到雲的決定。所以這一切都不足為奇。

Many are in the different stages of their planning, whether that's from a technical perspective or budgetary perspective, and we are increasingly getting good at those conversations about, honestly, the larger ROI savings that customers get when they move to the cloud, whether that's reducing administrative costs, their own hardware costs, and of course, unlocking a ton of new innovation in our cloud.

許多人處於他們計劃的不同階段，無論是從技術角度還是預算角度，我們越來越擅長這些對話，老實說，客戶在遷移到雲時獲得的更大的投資回報率節省，無論這是否減少管理成本、他們自己的硬件成本，當然還有在我們的雲中解鎖大量新的創新。

In addition to that, we have a Forrester Total Economic Impact report, where we've actually done deep research into the overall cost savings that customers get when they actually move to the cloud. So the short answer is, no, our migrations plans continue as planned, and we are very, very happy with the results to date. And you saw a lot of that in our recent Q4 results.

除此之外，我們還有一份 Forrester 總體經濟影響報告，其中我們實際上對客戶實際遷移到雲時所節省的總體成本進行了深入研究。所以簡短的回答是，不，我們的遷移計劃按計劃繼續進行，我們對迄今為止的結果非常非常滿意。你在我們最近的第四季度業績中看到了很多。

Your next question comes from Jim Fish from Piper Sanat.

您的下一個問題來自 Piper Sanat 的 Jim Fish。

This is Quinton on for Jim Fish. Sticking to the demand side for just a second, is there anything you can call out from a geographic perspective in terms of weakness or relative strength? Looking at the numbers here, it looks like really strong growth across all geos. But wondering if there is 1 specific place that you're maybe keeping your eye on more than others.

這是吉姆魚的昆頓。只停留在需求方面，從地理角度來看，你有什麼可以從弱點或相對強項方面得出的結論嗎？看看這裡的數字，看起來所有地區的增長都非常強勁。但是想知道是否有 1 個特定的地方你可能比其他地方更關注。

Cameron here again. I'd say we are being exceedingly vigilant across watching all stages of our funnel, whether that's migrations funnel, the additions upgrades, retention rates and, of course, our new customers coming in. And this really set up with the Russia, Ukraine war back starting in February. We have been keeping a very special eye in the EMEA region. The good news as of to date is we have yet to see any specific trend geographically or even in industry segments or in customer size that gives us pause or worry to date. So something we continue to watch like a hawk, but there's no new news to share today.

卡梅倫又來了。我想說，我們在觀察我們漏斗的所有階段時都非常警惕，無論是遷移漏斗、添加升級、保留率，當然還有我們的新客戶。這真的是在俄羅斯、烏克蘭戰爭中建立起來的二月開始回來。我們一直非常關注 EMEA 地區。迄今為止，好消息是，我們還沒有看到任何特定的地理趨勢，甚至在行業領域或客戶規模上，讓我們暫停或擔心。所以我們繼續像鷹一樣觀察，但今天沒有新消息要分享。

Your next question comes from Gregg Moskowitz from Mizuho.

您的下一個問題來自瑞穗的 Gregg Moskowitz。

Congrats on a very good quarter as well. Has there been any change to the mix of products sold over the last few months? Anything different with regard to customer prioritization? And then just a quick clarification, just to help everybody with their models, if I may. I believe consensus was projecting data center revenue growth somewhere in the low to mid-20s for fiscal '23. And given the comment in the Shareholder Letter about moderating growth after Q1 being somewhat vague, I'm just wondering if you're able to tell us if you're comfortable at this time with where those consensus numbers stand.

祝賀一個非常好的季度。過去幾個月銷售的產品組合是否有任何變化？關於客戶優先級有什麼不同嗎？然後只是快速澄清一下，如果可以的話，只是為了幫助每個人使用他們的模型。我相信共識預計 23 財年的數據中心收入增長將在 20 年代中期到 20 年代中期左右。鑑於股東信函中關於第一季度後增長放緩的評論有些含糊，我只是想知道您是否能夠告訴我們此時您是否對這些共識數字的位置感到滿意。

This is Cameron. I'll speak to the mix. I'll let our new interim CFO handle the second part of that question. As far as the overall mix, no, we have not seen any significant shift in customer demand across our product lines. I do have to continue to call out the strong demand we continue to see with Jira Service Management as one of our strongest cross-sell motions, surpassing 40,000 Jira Service management customers to date. And we just seem to have struck a vein there in the market with a very compelling offering that's very feature complete, very easy to use, as well as highly competitive from a pricing perspective.

這是卡梅倫。我會和混音說話。我將讓我們的新臨時首席財務官處理該問題的第二部分。就整體組合而言，不，我們沒有看到我們產品線的客戶需求發生任何重大變化。我確實必須繼續強調我們繼續將 Jira Service Management 視為我們最強大的交叉銷售動議之一的強勁需求，迄今已超過 40,000 名 Jira Service Management 客戶。我們似乎只是在市場上找到了一種非常引人注目的產品，該產品功能非常完整，非常易於使用，並且從定價的角度來看具有很強的競爭力。

But that -- I don't want to take away from our other products. Jira Software, Confluence, Trello, you name it, continue to see strong demand across the board as we continue to see people embracing digital transformation and needing tools to help -- take these large technical projects that they're running, and our tools help manage those projects throughout, as well as this cultural transformation we continue to see, as all of us are figuring out this new way of working, whether it's remote, back in the office or hybrid, we continue to see demand for collaboration products that continue to be strong. And the second half to Scott there.

但是——我不想從我們的其他產品中拿走。 Jira Software、Confluence、Trello 等等，繼續看到全面的強勁需求，因為我們繼續看到人們接受數字化轉型並需要工具來提供幫助 - 以他們正在運行的這些大型技術項目為例，我們的工具會提供幫助管理這些項目，以及我們繼續看到的這種文化轉變，因為我們所有人都在尋找這種新的工作方式，無論是遠程、回到辦公室還是混合，我們繼續看到對協作產品的需求繼續存在要堅強。下半場讓斯科特出現。

Yes, just your question around DC shape of revenue. Again, just a reminder for those people new to the opening story, we have end-of-life our server offerings. And so they have to make a choice whether they move to our cloud directly or if they're at the longer process or a longer time frame, they may choose to move to data center as a stepping stone to moving to cloud. And so we've been really happy again with all our migrations and actually happy about 1/3 of our migrations come. We said that at our Investor Day, about 1/3 of our migrations come from the data center customers already. And so we really at all directions head towards cloud.

是的，只是您關於 DC 收入形式的問題。再一次提醒那些剛接觸開篇故事的人，我們的服務器產品已報廢。因此，他們必須做出選擇，是直接遷移到我們的雲，還是處於更長的過程或更長的時間框架，他們可能會選擇遷移到數據中心作為遷移到雲的墊腳石。因此，我們再次對我們所有的遷移感到非常高興，並且實際上對我們 1/3 的遷移感到高興。我們說過，在我們的投資者日，我們大約 1/3 的遷移已經來自數據中心客戶。所以我們真的在各個方向都朝著雲的方向前進。

Now specifically in our Shareholder Letter, we highlighted in terms of the data center revenue maintaining high growth through Q1 before moderating over the remaining 3 quarters. And we can't give any sort of more details on that, but really, that's just to give you a hint of the seasonality that we might see over the next 4 quarters in terms of how we think those migrations might end up happening.

現在特別是在我們的股東信中，我們強調數據中心收入在第一季度保持高增長，然後在剩餘的三個季度放緩。我們無法就此提供任何更多細節，但實際上，這只是為了讓您了解我們在接下來的 4 個季度中可能會看到的季節性變化，我們認為這些遷移最終可能會如何發生。

Your next question comes from Brent Thill from Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

This is Luv Sodha on for Brent Thill. Wanted to ask a real quick question on margins this quarter. It looks like there was an increase in investment in R&D. And it sounds like you're planning to continue that into the next year. Could you maybe give us some color into where these investments are being directed to?

這是布倫特希爾的 Luv Sodha。想問一個關於本季度利潤率的真正快速問題。研發投入似乎有所增加。聽起來您打算將其延續到明年。您能否告訴我們這些投資的方向？

If we -- sort of starting at our Investor Day, we had a discussion with you, our shareholders, about the incredible opportunities we are seeing across our business. And those opportunities, they're kind of in every corner of the business. And as a management team, we think long term, and we think about how do we invest behind those opportunities. And there are myriad of them, but a couple we've highlighted in the past, are our customers migrating to the cloud. We're seeing incredible demand for that migration. And if we can improve the throughput of those customers migrating to the cloud, that's great for them and it's great for us.

如果我們 - 從我們的投資者日開始，我們與您，我們的股東就我們在整個業務中看到的令人難以置信的機會進行了討論。而這些機會，它們就在業務的每個角落。作為一個管理團隊，我們著眼長遠，我們會考慮如何在這些機會背後進行投資。其中有無數，但我們過去強調過的一對，是我們的客戶正在遷移到雲。我們看到對這種遷移的巨大需求。如果我們能夠提高那些遷移到雲的客戶的吞吐量，那對他們來說非常好，對我們也非常好。

We've also seen incredible demand for our ITSM products in that market. And again, there are some features we can add there and getting our customers onboarded to those products and great for us and for them. And I can go on. But as a result of all these opportunities, we made a decision to invest heavier behind these opportunities than we had before. And then we said in our Investor Day that we expect margins for FY '23 to be in the mid-teens.

我們還看到該市場對我們的 ITSM 產品的巨大需求。再說一次，我們可以在那裡添加一些功能，讓我們的客戶加入這些產品，這對我們和他們都非常有用。我可以繼續。但由於所有這些機會，我們決定在這些機會背後投入比以前更大的投資。然後我們在投資者日表示，我們預計 23 財年的利潤率將在十幾歲左右。

And so those areas of investments are, as you mentioned, are largely in R&D. We are sort of really seeing huge investments there because of the features and getting our cloud to the stage where we can accommodate 100% of our customers require some more features.

因此，正如您所提到的，這些投資領域主要是研發。由於這些功能，我們確實看到了巨大的投資，並且讓我們的云達到我們可以容納 100% 的客戶需要更多功能的階段。

You will also see some investments turn up in other areas of the P&L because, for example, they are some handholding to get our customers across that doesn't show up in R&D as well as it shows up in other areas in the P&L. So largely R&D, but you may see some other areas of P&L impacted just to the way that we're helping our customers migrate.

您還會看到一些投資出現在損益表的其他領域，因為例如，它們是讓我們的客戶了解的一些幫助，這些投資並未出現在研發中，也出現在損益表的其他領域。主要是研發，但您可能會看到損益表的其他一些領域僅影響到我們幫助客戶遷移的方式。

Your next question comes from Alex Zukin from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Alex Zukin。

Congrats on a great quarter. I guess maybe just 2 from our side. When you think about the macro impact that you are seeing in the business, I think you called out slightly slower conversion of free customers to paid customers. I guess when you dissect what's happening in the pipeline, why do you think that's the only macro impact you're seeing versus migration delays or versus longer sales cycles and the larger customers or we're not seeing kind of some of the other impacts and other companies are seeing. Is it -- like what are you learning in real time as you analyze the data in the demand environment? And then I've got a quick follow-up.

祝賀一個偉大的季度。我想我們這邊可能只有 2 個。當您考慮您在業務中看到的宏觀影響時，我認為您指出免費客戶向付費客戶的轉化速度稍慢。我想當你剖析管道中正在發生的事情時，為什麼你認為這是你看到的唯一宏觀影響，而不是遷移延遲或更長的銷售週期和更大的客戶，或者我們沒有看到其他一些影響和其他公司正在看到。是不是就像您在分析需求環境中的數據時實時學習的一樣？然後我有一個快速跟進。

Yes, I can cover that first piece. This is Cameron again. So as you mentioned, and you see this in our Q4 results, across the many funnels we operate, whether that's our migrations, our additions upgrades, our cross-sell of products, our overall retention continues to be exceedingly strong. And that's great to see, and that's been supporting our net expansion rate we've already discussed on this call here.

是的，我可以覆蓋第一部分。這又是卡梅倫。正如你所提到的，你在我們的第四季度業績中看到了這一點，在我們運營的許多渠道中，無論是我們的遷移、我們的附加升級、我們的產品交叉銷售，我們的整體保留率仍然非常強勁。很高興看到，這一直在支持我們已經在此電話會議上討論過的淨擴張率。

And largely, what you see is existing customers continue to have demand for what our products do to help their teams work more productively in the future. As far as that slight thing that we mentioned in the Shareholder Letter, just so you all realize that we land all of our net new customers in free plans. And this is relatively -- we're about 2 years into this experience, but we continue to have many, many, many thousands of customers signing up in free plans, and they either need to add an 11th user, which then they get to pay to get the 11th user, or simply they want more premium capabilities in our standard and premium additions. Those are the reasons people enter their credit card.

在很大程度上，您所看到的是，現有客戶繼續對我們的產品有需求，以幫助他們的團隊在未來更高效地工作。至於我們在股東信中提到的那件小事，只是為了讓你們都意識到我們將所有的淨新客戶都納入了免費計劃。這是相對的——我們已經有大約 2 年的經驗了，但我們仍然有很多、很多、成千上萬的客戶註冊免費計劃，他們要么需要添加第 11 個用戶，然後他們才能獲得付費獲得第 11 位用戶，或者只是他們想要在我們的標準和高級附加功能中獲得更多高級功能。這就是人們輸入信用卡的原因。

And the 1 thing that's worth calling out that we've seen literally just in the last month is that the cohort of customers that came in, in the April, May and June time frame are converting to those paid plans at a slightly slower rate than what we've seen in previous quarters. Now I'd love to say that's specific to a product or a geography or an industry. There's no specific customer segment there. It just seems that, in general, those cohort of customers have been signing up in the last quarter are using the products, they're activating, they're getting value, but they simply just haven't put those credit cards and hit those paid walls yet.

值得一提的是，我們在上個月看到的字面意思是，在 4 月、5 月和 6 月時間範圍內進入的客戶群正在以比我們在前幾個季度看到的情況。現在我想說這是特定於產品、地理或行業的。那裡沒有特定的客戶群。看起來，總的來說，上個季度註冊的那群客戶正在使用這些產品，他們正在激活，他們正在獲得價值，但他們只是沒有放那些信用卡並打到那些付費牆呢。

So that's one of the areas that we continue to be vigilant. We have multiple analytics teams, multiple growth teams as well as our onboarding and R&D teams that are focused on ensuring that those customers remain active, and it gives us more chances to convert them to paid plans in the future. That does not take away from the continued growth we see in our existing customer base that also drives more than 90% of our revenue in the existing year.

所以這是我們繼續保持警惕的領域之一。我們有多個分析團隊、多個增長團隊以及我們的入職和研發團隊，他們專注於確保這些客戶保持活躍，這讓我們有更多機會在未來將他們轉換為付費計劃。這並沒有影響我們在現有客戶群中看到的持續增長，這也推動了我們去年收入的 90% 以上。

Perfect. And I guess maybe just going back to the data center part of your business, the extraordinary growth that you're seeing, I think, accelerating growth in the quarter. How much of that growth is from data center customers expanding versus understanding what the existing customers are growing like within data center to get a sense of the growth that you're seeing in data center coming from server migration to data center? In addition, and I apologize for the multipart question, just the range of migration activity from data center to cloud versus server to cloud in that 10 points of migration as a driver for the 50% cloud growth.

完美的。而且我想也許只是回到您業務的數據中心部分，我認為您所看到的非凡增長加速了本季度的增長。這種增長中有多少來自數據中心客戶的擴展，而不是了解現有客戶在數據中心內的增長情況，以了解您在數據中心看到的從服務器遷移到數據中心的增長？此外，我對多部分問題表示歉意，只是在這 10 個遷移點中從數據中心到雲的遷移活動範圍與從服務器到雲的遷移活動的範圍是 50% 的雲增長的驅動力。

Got you. I think I can address that. So overall data center demand, I'll hit that first, and then we can talk about the server to cloud or data center to cloud journey. So as we've already mentioned, this server end-of-life message we give customers more than 3 years heads up. And what you see customers doing every quarter is increasingly optioning out of going to cloud, which obviously that's where we lead with. That's where we have been putting all of our incentives to get customers to go to the cloud, so they get as most innovation as possible or they can choose data center. And many are seeing either way, it's an increased investment and commitment to Atlassian long term. And we see that those are 2 good decisions for customers.

得到你。我想我可以解決這個問題。所以總體數據中心需求，我會先講到這個，然後我們可以討論服務器到雲或數據中心到雲的旅程。因此，正如我們已經提到的，我們會提前 3 年多提醒客戶此服務器報廢消息。而且您看到客戶每季度所做的事情越來越多地選擇不使用雲，這顯然是我們領先的地方。這就是我們一直在採取所有激勵措施讓客戶使用雲的地方，以便他們獲得盡可能多的創新，或者他們可以選擇數據中心。許多人都認為，這是對 Atlassian 長期投資和承諾的增加。我們看到這對客戶來說是兩個不錯的決定。

However, when those customers jump the data center, and we see this again and again, they're seeing that as just a stepping stone to that cloud journey. But it gives them more optionality down the time and, of course, data center is a fantastic product. So we've historically said, it's roughly 30% of our cloud migrations come from data center customers, which proves that stepping stone statement. And I don't specifically know how much that drives into the overall 10% growth that we've shown that drives our overall cost growth, but you can see roughly 1/3 of our customers are coming from data center. That's all I have to share. Scott, do you have anything to add on that? Okay.

但是，當這些客戶跳入數據中心時，我們一次又一次地看到這一點，他們認為這只是通往雲之旅的墊腳石。但它為他們提供了更多的選擇餘地，當然，數據中心是一個了不起的產品。所以我們歷史上說過，我們大約 30% 的雲遷移來自數據中心客戶，這證明了這一點。而且我不知道這在多大程度上推動了我們展示的整體 10% 的增長，從而推動了我們的整體成本增長，但您可以看到大約 1/3 的客戶來自數據中心。這就是我要分享的全部內容。斯科特，你有什麼要補充的嗎？好的。

Your next question comes from Adam Tindle from Raymond James.

您的下一個問題來自 Raymond James 的 Adam Tindle。

Okay. I just wanted to touch on the investment period and operating margin trends. You talked about mid-teens in fiscal '23 playing offense. I think you said lower in the second half of the year. I'm wondering if that's indicative of a multiyear period of investment here. You certainly earn the right to invest based on what we've seen so far. I just wanted to level set investor expectations since I think Street is modeling improvement in fiscal '24. I'm not sure if that's consistent with how you're thinking about things.

好的。我只是想談談投資期和營業利潤率趨勢。你談到了 23 財年中的青少年打進攻。我想你說的下半年會走低。我想知道這是否表明這裡有多年的投資。根據我們目前所見，您當然獲得了投資的權利。我只是想平衡投資者的預期，因為我認為 Street 正在對 24 財年的改進進行建模。我不確定這是否與你的想法一致。

Adam, just remind to everyone we said back at our Investor Day, which is Atlassian has an incredible business model. And if you look historically over the arc of time, both it before being a public company and during the 7 years we've been a public company, this business model does generate a large amount of free cash flow and margin returns. And so that's sort of the fundamentals that we have in the business. And if we look at the long-term opportunities like they are more abundant than we've ever seen before, and that's the reason to invest.

亞當，提醒一下我們在投資者日時說過的話，Atlassian 擁有令人難以置信的商業模式。如果你回顧歷史，無論是在成為上市公司之前還是在我們成為上市公司的 7 年中，這種商業模式確實產生了大量的自由現金流和利潤率回報。這就是我們在業務中的基本面。如果我們看到長期機會比我們以前見過的更豐富，這就是投資的原因。

Now on your specific investment period, what we've said is that FY '23 is going through investment year and we guided through the mid-teens margins for FY '23. We haven't given any guidance for FY '24, and we'll be doing that at the end of FY '23.

現在在您的特定投資期，我們所說的是 23 財年正在經歷投資年，我們指導了 23 財年的中期利潤率。我們沒有為 24 財年提供任何指導，我們將在 23 財年結束時這樣做。

Your next question comes from Peter Wade from Bernstein.

您的下一個問題來自 Bernstein 的 Peter Wade。

So taking a look at kind of your overall migration plan. I think you had originally anticipated maintenance shrinking down a little bit more than maybe it's seen now, and you're talking about a year from now getting to $75 million, which I think was maybe a little bit of a slower ramp than at least I had been anticipating.

所以看看你的整體遷移計劃。我認為您最初預計維護費用會比現在看到的要多一點，而且您說的是從現在開始的一年後將達到 7500 萬美元，我認為這可能比至少我慢一點一直在期待。

How are you seeing that roll off of your existing customer base? Has it been stickier? And is it something where you have to spend more time and effort encouraging customers to migrate? And how do you see that affecting the curiosity of the cloud migration itself?

您如何看待現有客戶群的流失？是不是更粘人了？您是否需要花費更多時間和精力來鼓勵客戶遷移？您如何看待這會影響雲遷移本身的好奇心？

Yes, this is Cameron again. As we mentioned, migration demand remains very strong. And that server customer base, they effectively have till February of 2024 to make a decision on where they want to option out, whether it's going to data center or whether that's going to cloud. Obviously, we continue to remove any blockers or any reasons why customers would not adopt our cloud, and we give people plenty of incentives along the way to move to our cloud offerings.

是的，這又是卡梅倫。正如我們所提到的，移民需求仍然非常強勁。而那個服務器客戶群，他們實際上必須在 2024 年 2 月之前決定他們想要選擇的地方，是去數據中心還是去雲。顯然，我們將繼續消除任何阻礙或客戶不採用我們雲的任何原因，並且在遷移到我們的雲產品的過程中，我們給予人們大量的激勵。

The good news across the board is we continue to see retention rates maintain high for the existing the entire server customer base throughout this. So as we continue to see server renewals happen, we see people option out the data center and cloud. But the good part there is we continue to see these customers continue to remain and they are loyal to Atlassian, and largely they're figuring out what the best technical and decision long term is for their companies. We have been focusing on cloud. And as we've already mentioned, we are largely in line with our migration plans to date. So we'll continue to be vigilant there over the next year as we continue to incentivize our customers to choose cloud.

全面的好消息是，在整個過程中，我們繼續看到現有的整個服務器客戶群的保留率保持在較高水平。因此，隨著我們繼續看到服務器更新，我們看到人們選擇退出數據中心和雲。但好的一面是，我們繼續看到這些客戶繼續留下來，他們忠於 Atlassian，而且很大程度上他們正在弄清楚對他們的公司來說最好的技術和長期決策是什麼。我們一直專注於雲。正如我們已經提到的，到目前為止，我們在很大程度上符合我們的遷移計劃。因此，我們將在明年繼續保持警惕，因為我們將繼續激勵我們的客戶選擇雲。

And I think you've been investing in some cloud migration personnel. Do you see that being kind of like fully built out? Or are you seeing that you're going to have to continue to expand that personnel to see the success through?

而且我認為您一直在投資一些雲遷移人員。你看到這有點像完全建成了嗎？或者您是否看到您將不得不繼續擴大人員才能看到成功？

This is Cameron again. Yes, so we have a dedicated cloud migration management and migration support engineers as long -- as well as a dedicated migration tooling and a variety of people that can come and help these customers through the more technical migrations. We did make significant investments in the previous fiscal year across those teams, and we believe they are fairly stable to date and can handle the volume that's coming in over the next coming quarters.

這又是卡梅倫。是的，所以我們有專門的雲遷移管理和遷移支持工程師——以及專門的遷移工具和各種各樣的人，他們可以來幫助這些客戶完成更多的技術遷移。我們確實在上一財年對這些團隊進行了大量投資，我們相信它們迄今為止相當穩定，可以處理接下來幾個季度即將到來的交易量。

Your next question comes from Steven Koenig from SMBC Nikko.

您的下一個問題來自 SMBC Nikko 的 Steven Koenig。

So let's see, I'm wondering regarding your hiring and you're investing that you've been talking about. Your comments on your plans to hire are certainly borne out by your -- as we look at your job postings there remaining pretty solid, whereas a lot of other vendors are cutting their hiring plans. I'm wondering how is your hiring progressing relative to plan in terms of your progress in finding the talent that you want? And then if I can just add a quick addendum. Any tactical pricing adjustments of note since your February 15 price increase on server and data center. And that's all for me. And congrats on a great quarter.

所以讓我們看看，我想知道你的招聘和你一直在談論的投資。您對招聘計劃的評論肯定得到了您的證實——因為我們看到您在那裡的職位發布仍然相當穩固，而許多其他供應商正在削減他們的招聘計劃。我想知道，就您在尋找所需人才方面的進展而言，相對於計劃而言，您的招聘進展如何？然後，如果我可以添加一個快速附錄。自 2 月 15 日服務器和數據中心價格上漲以來，任何值得注意的戰術性定價調整。這就是我的全部。並祝賀一個偉大的季度。

Steve, it's Mike here. I can take that. We've been getting a lot of product questions on today's call. So let me jump in and take one of the solid ones. Look, we've been pretty clear, right, that we're playing offense. We continue to tell that quarter in, quarter out. We're using this period of time to deepen our strategic position and increase the advantages we have over the competition, right? There's less -- they say that there (inaudible) cash funding competition. And so we think we have a really good opportunity going forward.

史蒂夫，這裡是邁克。我可以接受。在今天的電話會議上，我們收到了很多產品問題。所以讓我跳進去拿一個堅固的。看，我們已經很清楚了，對，我們正在進攻。我們繼續告訴那個季度，季度。我們正在利用這段時間來深化我們的戰略地位，增加我們在競爭中的優勢，對吧？更少——他們說那裡（聽不清）現金資助競爭。所以我們認為我們有一個非常好的機會前進。

We also have spent a lot of time retooling our hiring pipeline over the last 2 years and are really, really excited with where we stand at the moment. So we've had, I believe, our 2 biggest quarters of hiring in the last 2 quarters and we continue to do so. Obviously, we don't just look at the volume of hires or that's sort of an absolute number marker. We continue to push quality of the talent that's available, and we think that, that will get easier in difficult circumstances. And also, obviously, making sure that the cultural fit and other things that have -- which is incredibly important and incredibly difficult and a huge challenge for us to do as we continue to scale.

在過去的 2 年裡，我們還花費了大量時間來重新調整我們的招聘渠道，並且對我們目前所處的位置感到非常非常興奮。因此，我相信，在過去的兩個季度中，我們有兩個最大的招聘季度，我們將繼續這樣做。顯然，我們不只是看招聘數量，或者這是一個絕對數字標記。我們繼續提高可用人才的質量，我們認為，在困難的情況下，這將變得更容易。而且，顯然，確保文化契合度和其他具有的東西 - 這是非常重要且非常困難的，並且隨著我們繼續擴大規模，這對我們來說是一個巨大的挑戰。

There's no doubt, as Scott mentioned, the majority of that hiring is going to R&D to try to, again, deepen those strategic positions that we already have.

毫無疑問，正如斯科特所說，大部分招聘將用於研發，以再次嘗試深化我們已經擁有的戰略職位。

The last thing I would say is just a reminder that we made the same or similar sort of play in the 2008, 2009 period. We paused for a little while then, and then we realized that we were in a very strong position as a company relative to other companies out there. And so we hired well through that period, and we saw the benefits of that for the 3, 4 and 5 years afterwards as we've got a real updraft with the products coming out and the results of this product. So we believe we have massive opportunities in front of us in all 3 of our markets. And as such, we're hiring behind.

我要說的最後一件事只是提醒我們，我們在 2008 年、2009 年期間進行了相同或相似的比賽。然後我們停頓了一會兒，然後我們意識到我們作為一家公司相對於其他公司處於非常有利的地位。所以我們在那段時間僱傭得很好，我們看到了之後的 3、4 和 5 年的好處，因為我們已經有了真正的上升氣流，產品的推出和這個產品的結果。因此，我們相信我們在所有三個市場中都有巨大的機會擺在我們面前。因此，我們正在招聘落後。

That's great. Can you guys comment on any pricing actions of note, say, in the last 6 months since that February price increase?

那太棒了。你們能否對任何值得注意的定價行為發表評論，例如，自 2 月價格上漲以來的過去 6 個月內？

Yes. So this is Cameron. As you already mentioned, we did have price increases on our server and data center products in February. All of our pricing changes are made public, and we -- across the board, and they're all available on our websites for all of our customers, as well as we give our customers a relatively decent heads up on these price changes so they can plan their budgets accordingly. No other price changes to mention, and our pricing strategy remains consistent.

是的。這就是卡梅倫。正如您已經提到的，我們的服務器和數據中心產品在 2 月份確實有價格上漲。我們所有的價格變化都是公開的，而且我們 - 全面，它們都可以在我們的網站上為我們所有的客戶提供，而且我們讓我們的客戶對這些價格變化有一個相對體面的了解，所以他們可以相應地計劃他們的預算。無需提及其他價格變化，我們的定價策略保持一致。

Your next question comes from Keith Weiss from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

This is Sanjit Singh for Keith. Somewhat annoying, we had another question on sort of the case for investment. As you sort of look at where the business stands today, you have a $3 billion business, you have 0.25 million customers, I think, 10-plus monthly active users. And if you look at sort of where you're trying to take the business getting to 1 million customers, 100 million monthly active users, expanding from developers and IT to line of business teams with the work management initiatives. As you expand into these newer markets and this longer tail of customers, are the unit economics from here going to be as attractive versus what the business has built today to get to this 3 billion and 0.75 million customers? I was wondering if you could just sort of frame out how you think expanding into these -- into the longer tail of users and customers and product markets. What does that do to the sort of unit economics of the business?

這是 Keith 的 Sanjit Singh。有點煩人，我們有另一個關於投資案例的問題。當你看看今天的業務狀況時，你有 30 億美元的業務，你有 25 萬客戶，我認為，每月有 10 多個活躍用戶。如果你看看你試圖讓業務達到 100 萬客戶，每月 1 億活躍用戶，從開發人員和 IT 擴展到業務線團隊的工作管理計劃。隨著您擴展到這些新市場和更長的客戶尾巴，從這裡開始的單位經濟是否會與今天的企業為獲得這 30 億和 75 萬客戶而建立的經濟一樣有吸引力？我想知道您是否可以大致說明您認為如何擴展到這些領域——進入用戶、客戶和產品市場的長尾。這對企業的單位經濟有什麼影響？

Sure. Mike. I can take that again. Look, I think obviously, we feel bullish about our unit economics at the moment. And I don't see why that would change going forward. And we've always been very prudent stewards of capital in the business and continue to invest in very high ROI opportunities as we look forward. You mentioned some of our numbers there. Obviously, there are millions and millions and millions of businesses in the world. There are around or approximately 1 billion knowledge workers. So we have a huge amount of expansion possibility even just inside our existing customers.

當然。麥克風。我可以再接受一次。看，我認為顯然，我們目前對我們的單位經濟感到樂觀。而且我不明白為什麼這會在未來發生變化。我們一直是業務中非常謹慎的資本管理者，並在我們期待的同時繼續投資於非常高的投資回報率機會。你在那裡提到了我們的一些數字。顯然，世界上有數以百萬計的企業。大約有 10 億知識工作者。因此，即使只是在我們現有的客戶內部，我們也有巨大的擴展可能性。

As Cameron mentioned earlier, we remain north of 130% in our NER numbers and north of 140% in the large customer segment, and we saw that again this quarter. And so from the point of view of expansion in those large customers, we have many, many millions of employees that we do not touch in those existing customers. And you see that in -- specifically in our Work Management segment where Trello, Confluence and Atlas are continuing to get further and further into an organization and look more to the wall-to-wall access, wall-to-wall employees within those companies.

正如 Cameron 之前提到的，我們的 NER 數量保持在 130% 以上，在大型客戶群中保持在 140% 以上，我們在本季度再次看到了這一點。因此，從擴大這些大客戶的角度來看，我們在現有客戶中沒有接觸到數以百萬計的員工。你會看到——特別是在我們的工作管理部門，Trello、Confluence 和 Atlas 繼續深入到一個組織中，並且更多地關注這些公司內的牆到牆訪問、牆到牆的員工.

I think the other thing I would say is that we continue to, as Cameron mentioned earlier, be incredibly focused on not just the unit economics of our funnel, the product where the growth funnel in terms of free and our evaluations and trials, and we're obviously incredibly well instrumented there, and we really understand the value of spending a dollar on marketing or sales and the conversion rate of expansion through our customer base. We've got 20 years of experience doing this. I believe we're absolutely best-in-class and continue to improve and evolve every single year.

我想我要說的另一件事是，正如卡梅倫之前提到的，我們將繼續難以置信地專注於我們漏斗的單位經濟學、免費增長漏斗的產品以及我們的評估和試驗，我們'顯然那裡的儀器非常好，我們真正了解在營銷或銷售上花費一美元的價值以及通過我們的客戶群擴展的轉化率。我們在這方面有 20 年的經驗。我相信我們絕對是一流的，並且每年都在不斷改進和發展。

We also are really, really good at the enterprise and premium expansion activities when it comes to bringing in more human power and more activity to expand customers across the product set. And again, we've got a whole lot of new products coming out, but also the same focus on being very, very capital efficient when it comes to those sales motions. We don't just take it in the automated product-led growth funnel, we take it at the same time in all of our sales activities. We're very proud of how we do that, and we have to keep raising the bar on that every year. I don't think long term it should change the unit economics.

在引入更多人力和更多活動以在整個產品集中擴展客戶方面，我們也非常非常擅長企業和高級擴展活動。再一次，我們有很多新產品問世，但在銷售活動方面，我們同樣關注非常非常資本效率。我們不僅將其納入以自動化產品為主導的增長漏斗，我們還將其同時納入所有銷售活動。我們為我們如何做到這一點感到非常自豪，我們每年都必須不斷提高標準。我不認為從長遠來看它應該改變單位經濟學。

Really appreciate the thoughts and congrats on the great data center and cloud subscription results this quarter.

非常感謝對本季度出色的數據中心和雲訂閱結果的想法和祝賀。

Your next question comes from Ari Terjanian from Cleveland Research.

您的下一個問題來自 Cleveland Research 的 Ari Terjanian。

Congrats on the great results. I just want to double-click on the Deutsche Bank cloud deal that was called out in the press release or the Shareholder Letter. I was just hoping if you could provide some more detail on that opportunity. Is that migration complete? Or is it just the signing? And what do you think caused them to pull the trigger, because I know regulated industries, banking, Germany, Europe, these are areas that had historically more hesitant to move to cloud. So just wondering if you could please provide some more color on that deal and if you think it could be a beachhead and cause others in these geos and verticals to start moving.

祝賀偉大的結果。我只想雙擊新聞稿或股東信中提到的德意志銀行雲交易。我只是希望你能提供更多關於這個機會的細節。遷移完成了嗎？還是只是簽字？你認為是什麼導致他們扣動扳機，因為我知道受監管的行業、銀行業、德國、歐洲，這些領域在歷史上對遷移到雲端更加猶豫不決。所以只是想知道你是否可以為這筆交易提供更多的顏色，如果你認為它可能是一個灘頭陣地並導致這些地理和垂直領域的其他人開始移動。

So Cameron again. Yes, I was deeply involved with Deutsche Bank for quite some time. In fact, they've been a customer for many years. They have been a data center customer for many years. And we've been speaking about the cloud opportunity and journey with them for quite some time. But it shows, I think you nailed it right there, it's a German bank, highly regulated, massive scale, like you name it from a requirements perspective, they had it for our cloud. And it's a testament to the investments we've made over the last couple of years and performance and scale in regulated things like Banfi, specific financial services regulation requirements in Germany that allowed us to open up that door and have that serious conversation about getting them to the cloud.

所以又是卡梅倫。是的，我與德意志銀行有很長一段時間的關係。事實上，他們多年來一直是客戶。他們多年來一直是數據中心的客戶。很長一段時間以來，我們一直在談論云機會和與他們一起的旅程。但它表明，我認為你已經做到了，它是一家德國銀行，受到高度監管，規模龐大，就像你從需求的角度來命名它一樣，他們為我們的雲服務。這證明了我們在過去幾年中所做的投資以及在 Banfi 等受監管事物中的表現和規模，德國的特定金融服務監管要求使我們能夠打開那扇門並就獲得它們進行認真的對話到雲端。

To answer your question, no, we have just started the cloud journey. We've largely -- they checked all the boxes to get them to adopt our cloud, and we've started our migration planning, so just began moving their users and data. And that will be a multi-month or multi-quarter journey, the size of deployment and complexity that they have, as well as how mission-critical applications are for the bank. I mean, they literally are running on us every single day. Many of our customers are saying that our applications are more important than e-mail for getting their work done inside the organization. So it's something that we have to plan out very diligently with them, but they've been incredible partners throughout this exploration of cloud, and we are looking forward to having them 100% on the cloud in the upcoming quarters.

要回答您的問題，不，我們剛剛開始了雲之旅。我們在很大程度上——他們檢查了所有的框，讓他們採用我們的雲，我們已經開始了遷移計劃，所以才開始遷移他們的用戶和數據。這將是一個多月或多季度的旅程，部署規模和復雜性，以及關鍵任務應用程序對銀行的影響。我的意思是，他們每天都在向我們奔跑。我們的許多客戶都說，對於在組織內完成他們的工作，我們的應用程序比電子郵件更重要。因此，我們必須非常努力地與他們一起計劃，但在整個雲探索過程中，他們一直是令人難以置信的合作夥伴，我們期待在接下來的幾個季度讓他們 100% 部署在雲上。

(Operator Instructions) Your next question comes from Fred Havemeyer from Macquarie.

（操作員說明）您的下一個問題來自麥格理的 Fred Havemeyer。

I wanted to ask about your net retention rate, because throughout this year, you've been posting or discussing strong 130%, rather north of 130% cloud net retention rates. I saw in the Shareholder Letter today that you noted that larger customers were topping a 140% cloud net, or rather net expansion rate. So I wanted to ask, can you help to characterize what's driving that? Is that something that is a seat-based expansion, a cross-sell or upsell reach into nontechnical departments, expansion with new technical departments? Anything to kind of characterize that can help us understand where this growth is coming from would be greatly appreciated.

我想問一下你的淨留存率，因為在這一年裡，你一直在發布或討論強勁的 130%，而不是 130% 的雲淨留存率。我在今天的股東信中看到，您注意到大客戶的云網絡達到了 140%，或者說是淨擴張率。所以我想問，你能幫忙描述一下是什麼驅動了它嗎？那是基於席位的擴展，交叉銷售或追加銷售到非技術部門，擴展新的技術部門嗎？任何可以幫助我們了解這種增長來自何處的特徵都將不勝感激。

Yes, the numbers you quoted are correct, and I think we've stated in our -- from our Investor Day last year and reiterated some of them in our Shareholder Letter today. Now if you think about Atlassian's business model, it has been historically and continues to be a land and expand motion, where we land inside a part of an organization, maybe a small team, a couple of different teams or even multiple teams across the organization that maybe aren't even coordinated with each other. And from there, they see the incredible value in our products and they expand on a number of vectors. And those vectors are -- they've been a number of seats, maybe starting with 1 small team, all the way up until large enterprise deployments such like Deutsche Bank that we talked about with tens of thousands of seats. And so there's a seat aspect where you expand there.

是的，您引用的數字是正確的，我認為我們已經在去年的投資者日中陳述過，並在今天的股東信函中重申了其中一些。現在，如果您考慮 Atlassian 的商業模式，它在歷史上一直是並且將繼續是一種土地和擴張運動，我們進入組織的一部分，可能是一個小團隊，幾個不同的團隊，甚至是整個組織的多個團隊甚至可能彼此不協調。從那裡，他們看到了我們產品的不可思議的價值，並擴展了許多載體。這些向量是 - 他們有很多席位，可能從一個小團隊開始，一直到像德意志銀行這樣的大型企業部署，我們談到了數万個席位。因此，您可以在座位方面進行擴展。

We also see that customers expand on a product basis. So they start with 1 product, they didn't see the value that they've got, they come back to Atlassian and discover what other products that we have that can do solve their problems and how well do these products work together, particularly in cloud, where they're deeply integrated. And so that's another one.

我們還看到客戶在產品基礎上進行擴展。所以他們從 1 個產品開始，他們沒有看到他們所擁有的價值，他們回到 Atlassian 並發現我們還有哪些其他產品可以解決他們的問題，以及這些產品如何協同工作，特別是在雲，它們在其中深度集成。這是另一個。

We have different additions now with premium and enterprise. And so customers love the functionality, and they want to unlock additional functionality in the products. And so they're willing to pay for our premium and enterprise versions as well. I can go on, but one I want to touch on is also our third-party application marketplace. We have one of the best marketplaces in enterprise software, and customers can easily adopt incremental functionality or whole new areas of functionality in our marketplace. And so we see expansion across all of those vectors in various ways. And there's not typically 1 specific part that we see our customers take, but we're very comfortable and feel very great about that going forward, given how sticky our products are and how much additional functionality they can unlock across the organization once they started becoming a customer.

我們現在在高級版和企業版中添加了不同的內容。因此客戶喜歡該功能，他們希望解鎖產品中的附加功能。因此他們也願意為我們的高級版和企業版付費。我可以繼續，但我想談的也是我們的第三方應用市場。我們擁有企業軟件中最好的市場之一，客戶可以輕鬆地在我們的市場中採用增量功能或全新的功能領域。因此，我們看到所有這些向量以各種方式擴展。而且我們看到客戶通常不會採用 1 個特定的部分，但考慮到我們的產品的粘性以及一旦開始成為他們可以在整個組織中解鎖的額外功能，我們對此感到非常自在並且感覺非常好。一個客戶。

If I can get another one in here, it wouldn't take up more time. I wanted to also ask about scaling. Because in the Shareholder Letter today, I think you also noted that 35,000 user cloud instances are now available to your entire customer base. And if I recall, getting to that scale has been a journey, and looking across the market, some of the other project management tools that are out there have some difficulties really achieving scale for large (inaudible) current users. So I wanted to ask, what has that journey been like? And generally, what does it take to build such a highly scalable, collaborative live project management tool? And would you view that as a competitive moat?

如果我能在這裡再弄一個，它不會佔用更多時間。我還想問關於縮放的問題。因為在今天的股東信中，我認為您還指出，您的整個客戶群現在可以使用 35,000 個用戶雲實例。如果我記得，達到這個規模是一段旅程，縱觀整個市場，現有的一些其他項目管理工具很難真正為大型（聽不清）當前用戶實現規模。所以我想問，那段旅程是什麼樣的？一般來說，構建這樣一個高度可擴展、協作的實時項目管理工具需要什麼？你會認為這是一條有競爭力的護城河嗎？

Sure. I can take that question. It's Mike here. Look, there's -- so that is a testament to R&D teams and specifically the infrastructural engineering teams there in terms of scaling our offerings in the cloud. There's a few things I would point to there. So a reminder for anyone listening. With a single instance of Jira Software in the case that you mentioned there, we started our cloud journey at about, I think, 1,000 or 2,000 seat range. We expanded to 5, then to 10. I think we've ended 25, and now we've just [GA] 35, and I believe we have 50,000 in early access program. So continuing to scale a single instance of Jira Software.

當然。我可以接受這個問題。這裡是邁克。看，這是對研發團隊，特別是那裡的基礎設施工程團隊在擴展我們在雲中的產品方面的證明。有幾件事我會指出那裡。所以提醒任何聽的人。在您在那裡提到的案例中，使用 Jira Software 的單個實例，我們開始了我們的雲之旅，我認為，大約有 1,000 或 2,000 個座位範圍。我們擴大到 5 個，然後擴大到 10 個。我認為我們已經結束了 25 個，現在我們只有 [GA] 35 個，而且我相信我們有 50,000 個處於搶先體驗計劃中。因此，繼續擴展 Jira Software 的單個實例。

At the same time, we've scaled multiple other parts of our back-end infrastructure to allow further increase beyond that amount in a single Jira Software instance. So you see that in our enterprise addition where you get unlimited instances. So you can have lots of 35,000 user instances at the moment. And obviously, from an identity and scaling perspective, you can go beyond there.

同時，我們擴展了後端基礎架構的多個其他部分，以允許在單個 Jira Software 實例中進一步增加超過該數量。因此，您會在我們的企業添加中看到，您可以獲得無限實例。因此，您目前可以擁有大量 35,000 個用戶實例。顯然，從身份和規模的角度來看，你可以超越那裡。

I would say it's really a testament to our continued investment in our customers and the continued world-leading amount of revenue that we spend on R&D because this stuff is hard. It's just one of those problems that's very, very difficult. You need a lot of hard work and discipline over a long period of time to continue to work out what parts of the infrastructure are scaling and continue to obviously be ambitious and push that to an upwards. We have many, many customers on-premise and data center who were well beyond the 35,000 limits. So you won't see us stop there. We'll continue to push that limit higher and higher as we work with those larger customers.

我想說這確實證明了我們對客戶的持續投資以及我們在研發上花費的持續世界領先的收入，因為這些東西很難。這只是那些非常非常困難的問題之一。您需要在很長一段時間內進行大量的艱苦工作和紀律，才能繼續確定基礎架構的哪些部分正在擴展，並繼續顯然雄心勃勃並將其推向更高的水平。我們有許多本地客戶和數據中心客戶，遠遠超出了 35,000 個限制。所以你不會看到我們停在那裡。隨著我們與那些更大的客戶合作，我們將繼續將這個限制推得越來越高。

Lastly, I would say, it's a testament to the platform that we've built, because most of that scaling doesn't actually happen in the Jira Software world. It happens in the Atlassian cloud platform, in our infrastructure layers below that, everything from the networking layer all the way through to databases, various shared services we have, et cetera, all have the scale to handle that, whether it's serving videos or whether it's mentioning users. Collaborative software is all about connecting with other people on your team.

最後，我想說，這證明了我們所構建的平台，因為大多數擴展實際上並沒有發生在 Jira Software 世界中。它發生在 Atlassian 雲平台中，在我們下面的基礎設施層中，從網絡層一直到數據庫，我們擁有的各種共享服務等等，無論是提供視頻還是它提到了用戶。協作軟件就是與團隊中的其他人建立聯繫。

So if you mentioned the user and it takes an awfully long time, it's a very poor customer experience, you get low customer satisfaction. So it's not just about scaling the sheer numbers that's making sure that all the user experiences happen at scale very, very fast. And there's a huge amounts of smarts in AI and machine learning, for example, to make sure that when you mention a user, we dig across your 35,000 employees and find the exact person that you're trying to find with a couple of key strokes as fast as we can. So, look, we spend awful lot of time and effort on that, and we'll continue to do so, probably reflected in our MER and great cloud numbers and more to come.

因此，如果您提到用戶並且需要很長時間，這是一個非常糟糕的客戶體驗，您的客戶滿意度會很低。因此，確保所有用戶體驗以非常、非常快的速度大規模發生的不僅僅是擴大數量。人工智能和機器學習中有大量的智能，例如，確保當你提到一個用戶時，我們會挖掘你的 35,000 名員工，並通過幾個按鍵找到你想要找到的確切人盡可能快。所以，看，我們在這方面花費了大量的時間和精力，我們將繼續這樣做，這可能反映在我們的 MER 和巨大的雲數量以及未來更多。

Your next question comes from Kash Rangan from Goldman Sachs.

您的下一個問題來自高盛的 Kash Rangan。

I wanted to say congratulations on the navigated quarter, but Hi, Joe Binz a terrific, terrific executive. On that thought, how comfortable are you with the new CFO of Joe's caliber coming in that you have reset the margins and that we can be very comfortable that you have factored in all possible investments that the company needs to make to achieve this cloud transition? Because I would imagine that our new CFO coming in probably wants to ensure that the Street is level set with respect to margin guide because he has a background of Microsoft, you mentioned cloud transition. So I'm just wondering how did Joe get comfortable with the level of investments that have already been spoken for and guided into the model? That's it for me. Thank you very much, and congratulations.

我想對導航季度表示祝賀，但是嗨，喬賓茲是一位了不起的、了不起的高管。考慮到這個想法，你對喬這樣的新 CFO 的到來感到滿意嗎？你已經重新設定了利潤率，並且我們可以很滿意你已經考慮了公司為實現這種雲過渡而需要進行的所有可能的投資？因為我想我們的新首席財務官可能希望確保華爾街在保證金指導方面保持水平，因為他有微軟的背景，你提到了雲過渡。所以我只是想知道，Joe 是如何對已經被提及並引導到模型中的投資水平感到滿意的？對我來說就是這樣。非常感謝，也祝賀你。

This is Scott here. I'll answer that. Mike and I have been around for 20 years running -- last year, we just celebrated our 20th anniversary in the last few months. And we've been public for 7 years. And whilst each individual CFO coming into Atlassian brings a whole bunch of their experience and their opinions around how it should work, the philosophy about how we run the business and how we set guidance and how we interact with you, our shareholders, in an open and transparent way, that is really said for Mike and I at the top.

這是斯科特在這裡。我會回答的。邁克和我已經經營了 20 年——去年，我們剛剛在過去幾個月慶祝了 20 週年。我們已經公開了 7 年。雖然每位進入 Atlassian 的 CFO 都帶來了他們的大量經驗和意見，包括關於它應該如何運作、關於我們如何經營業務、我們如何制定指導以及我們如何與您、我們的股東以公開的方式互動的理念和透明的方式，這真的是對邁克和我在頂部說的。

And so we're really excited for Joe to get here with his deep experience with Microsoft who we know they had their own cloud transition. But I don't expect there to be any material changes to the way we guide, to the way we invest and the way we interact with you, our shareholders, as a result of that. And I'm super excited to have Joe on board. He's going to be a great addition to the team, I'm super excited about his ability to help us allocate capital across the amazing opportunities that we have in front of us. And that's really, really exciting given he's done that extremely well at his previous positions.

因此，我們非常高興 Joe 能夠憑藉他在 Microsoft 的豐富經驗來到這裡，我們知道他們有自己的雲過渡。但我預計我們的指導方式、我們的投資方式以及我們與您、我們的股東互動的方式不會因此而發生任何重大變化。我非常高興喬能加入。他將成為團隊的重要補充，我對他能夠幫助我們將資金分配給我們面前的驚人機會感到非常興奮。鑑於他在以前的位置上做得非常好，這真的非常令人興奮。

Your next question comes from Michael Turits from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Michael Turits。

This is Billy on for Michael. Can you just give us an update on the regulatory work you've been doing around the public sector, FedRAMP, and maybe different industry verticals? And how much opportunity you think is out there once you unlock these events?

這是邁克爾的比利。您能否向我們介紹一下您在公共部門、FedRAMP 以及不同行業垂直領域所做的監管工作的最新情況？一旦你解鎖這些事件，你認為有多少機會？

This is Cameron. I can speak briefly to that. So as we mentioned before, over the last couple of years, actually many years with our cloud platform, we continue to invest in not just scale, as Mike just mentioned, but all of the regulatory data and compliance requirements that our very, very diverse customer base has. And in addition to that, we've been able to knock off these cloud requirements, and you see this every single quarter, and every single quarter as we announce these new capabilities, a new cohort of customers gets unlocked to start their cloud transition.

這是卡梅倫。我可以簡單地說一下。因此，正如我們之前提到的，在過去幾年中，實際上是使用我們的雲平台很多年，我們不僅繼續投資於規模，正如 Mike 剛剛提到的，而且還投資於我們非常非常多樣化的所有監管數據和合規要求客戶群有。除此之外，我們已經能夠滿足這些雲需求，您會在每個季度看到這一點，並且在我們宣布這些新功能的每個季度，都會有一批新客戶被解鎖以開始他們的雲過渡。

In addition to that, we do publish all of our future-looking roadmap in this area up on our public cloud roadmap. And that gives just increasing confidence for our customers so that they can plan ahead, as well as engage with our teams on when they should actually start their migration journey. And that's been a critical part of our overall conversation going forward.

除此之外，我們確實在我們的公共雲路線圖上發布了我們在該領域的所有未來路線圖。這給我們的客戶增加了信心，使他們可以提前計劃，並與我們的團隊就何時應該真正開始他們的遷移之旅進行交流。這一直是我們未來整體對話的關鍵部分。

So we've done in the last just 12 months, HIPAA, Banfi, we have all of our SOC 2 compliance, and we continue to have additional requirements across the board, and we are continuing to our work on FedRAMP. Our federal customer base is significant, and we do have customers across the federal customer base, all on server and data center today. Great part there is only majority of those agencies actually have cloud-first mandates, like all of them are simply looking for the ability to go to cloud, and we continue to invest in our cloud platform to hit up those specific requirements. But it doesn't stop with FedRAMP, there's still many other specific industry-related regulatory efforts that we will continue to invest in.

因此，我們在過去的 12 個月中完成了 HIPAA、Banfi、我們所有的 SOC 2 合規性，並且我們繼續全面提出額外的要求，我們正在繼續我們的 FedRAMP 工作。我們的聯邦客戶群非常重要，而且我們在整個聯邦客戶群中都有客戶，現在都在服務器和數據中心上。很重要的是，這些機構中只有大多數實際上具有云優先任務，就像他們都只是在尋找使用雲的能力，我們繼續投資於我們的雲平台以滿足這些特定要求。但這並不止於 FedRAMP，我們還將繼續投資許多其他與行業相關的特定監管工作。

In addition to that, I do want to call out our Forge platform, which was our new capability to allow Marketplace apps to be run within the Atlassian cloud infrastructure. This has opened up even more opportunity for our customers to build and deploy apps, as well as our Marketplace partners to build out and have them basically secured within the cloud platform, giving our customers even more confidence if they're in highly regulated industries.

除此之外，我還想介紹一下我們的 Forge 平台，這是我們允許 Marketplace 應用程序在 Atlassian 雲基礎架構中運行的新功能。這為我們的客戶以及我們的 Marketplace 合作夥伴提供了更多機會來構建和部署應用程序，以在雲平台中構建和基本保護它們，讓我們的客戶在高度監管的行業中更有信心。

Thank you. And that concludes our question-and-answer session. I will now turn the call over to Mike for closing remarks.

謝謝你。我們的問答環節到此結束。我現在將把電話轉給邁克以結束髮言。

Thanks, everyone. Just thank you for joining the call. Two small things before we sign off here. Firstly, congratulations to Scott on his interim CFO role. I think he's done a fine job today. We're super excited to have Joe join to take the wheel. Barrowing any emergencies, we look forward to him joining us on our October call.

感謝大家。感謝您加入電話會議。在我們在這裡簽字之前有兩件小事。首先，祝賀 Scott 擔任臨時首席財務官一職。我認為他今天做得很好。我們非常高興喬能加入掌舵。如果遇到任何緊急情況，我們期待他在 10 月份的電話會議上加入我們。

Secondly, as you saw in our Shareholder Letter, building on the success of team 22 earlier last quarter, we'll be holding unique events now tailored to each of our markets. So we'll kick things off in September, on the 29th of September in San Francisco in the Chase Center, with a Work Management specific event that we're calling Work Life. So please come check it out, and see how teams can work differently together.

其次，正如您在我們的股東信中看到的那樣，在上個季度早些時候團隊 22 的成功基礎上，我們將舉辦現在針對我們每個市場量身定制的獨特活動。因此，我們將在 9 月，即 9 月 29 日在舊金山的大通中心舉辦一場名為“工作生活”的工作管理特定活動。所以請來看看，看看團隊如何以不同的方式合作。

With that, thank you, everyone, for joining our call today. As always, we really appreciate all of your continued support, thoughtful questions. And last, but definitely not least, thank you to all the Atlassians on a fantastic year. We will talk to you in the next quarter.

有了這個，謝謝大家今天加入我們的電話會議。一如既往，我們非常感謝您一直以來的支持和深思熟慮的問題。最後，但同樣重要的是，感謝所有 Atlassians 度過了美好的一年。我們將在下個季度與您交談。