Atlassian Corp (TEAM) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's Earnings Conference Call for the first quarter of fiscal 2023. 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 2023 財年第一季度的收益電話會議。提醒一下，本次電話會議正在錄製中，可以在電話會議後從 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 First Quarter Fiscal Year 2023 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; our Chief Revenue Officer, Cameron Deatsch; and Chief Financial Officer, Joe Binz.

歡迎來到 Atlassian 2023 財年第一季度財報電話會議。感謝您今天加入我們。今天和我一起參加電話會議的有 Atlassian 的聯合創始人兼聯合首席執行官 Scott Farquhar 和 Mike Cannon-Brookes；我們的首席營收官 Cameron Deatsch；和首席財務官 Joe Binz。

Earlier today, we published a shareholder letter and press release with our financial results and commentary for our first quarter of fiscal year 2023. 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 data sheet.

今天早些時候，我們發布了一封股東信和新聞稿，其中包含我們 2023 財年第一季度的財務業績和評論。股東信可在 Atlassian 的工作生活博客和我們網站的投資者關係部分找到，您還可以在其中找到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 letter contains management's insight and commentary for the quarter. So during the call today, we'll have brief opening remarks and then focus our time on Q&A. This call will include forward-looking statements. Forward-looking statements involve 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.

一如既往，我們的股東信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，我們將進行簡短的開場白，然後將時間集中在問答環節。此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、不確定性和假設。如果任何此類風險或不確定性成為現實，或者如果任何假設被證明不正確，我們的結果可能與我們所做的前瞻性陳述中明示或暗示的結果存在重大差異。

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, and we undertake no obligation to update or revise such statements should they change or cease to be current.

您不應依賴前瞻性陳述作為對未來事件的預測。前瞻性陳述僅代表我們管理層在作出此類陳述之日的信念和假設，如果此類陳述發生變化或不再有效，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 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 recently filed annual and quarterly reports. During today's call, we will also discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP.

有關可能影響我們財務業績的這些因素和其他因素的更多信息包含在我們不時向美國證券交易委員會提交的文件中，包括我們最近提交的年度和季度報告中標題為“風險因素”的部分。在今天的電話會議中，我們還將討論非 GAAP 財務指標。這些非 GAAP 財務指標是對根據 GAAP 編制的財務業績指標的補充，但不能替代或優於這些指標。

A reconciliation between GAAP and non-GAAP financial measures is available in our shareholder letter, earnings release and investor data sheet on the IR website. 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 one question at a time. Please rejoin the queue if you have another question or a follow-up, and we'll do our best to come back to you later in the session.

IR 網站上的股東信函、收益發布和投資者數據表中提供了 GAAP 和非 GAAP 財務指標之間的對賬。請記住，我們希望盡可能多的人參與問答。為方便起見，我們將一次回答一個問題。如果您有其他問題或要跟進，請重新加入隊列，我們會盡力在會議後期回复您。

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

有了這個，我將把電話轉給斯科特，讓他發表開場白。

Thank you for joining us today. We are proud of our execution in Q1 against our long-term initiatives. We announced a new subscription offering in Atlassian Together, launched Atlas into general availability, and held Work Life, our first large-scale customer event focused on a single market.

感謝您今天加入我們。我們為我們在第一季度針對我們的長期計劃的執行感到自豪。我們在 Atlassian Together 中宣布了一項新的訂閱服務，推出了 Atlas 全面上市，並舉辦了 Work Life，這是我們針對單一市場的首次大型客戶活動。

As you've already read in our shareholder letter, Atlassian is not immune to the broader macroeconomic environment, but we remain steadfast in our conviction that we have the right leaders, products and strategies in place to capitalize on incredible long-term opportunities in front of us. Turbulent markets provide an opportunity to shake up the leaderboards, and we're (inaudible). We'll focus our investments to take share and strengthen our market position in this environment. We'll, of course, balance our continued investments with the overall growth of our business and be responsive to the macroeconomic conditions.

正如您在我們的股東信中已經讀到的那樣，Atlassian 不能免受更廣泛的宏觀經濟環境的影響，但我們仍然堅信我們擁有合適的領導者、產品和戰略來利用眼前難以置信的長期機會我們。動蕩的市場提供了一個改變排行榜的機會，我們（聽不清）。我們將集中投資以在這種環境下佔據份額並加強我們的市場地位。當然，我們會平衡我們的持續投資與我們業務的整體增長，並對宏觀經濟狀況做出反應。

We continue to have line of sight to $10 billion in annual revenue and believe we will come out of this environment in a much stronger market position. I'm incredibly thrilled to pass the CFO baton to Joe Binz, who I want to welcome to his inaugural Atlassian earnings call. He's only been here since early September, but has quickly gotten up to speed and will do far better than me in my short stint as interim CFO.

我們繼續將年收入提高到 100 億美元，並相信我們將以更強大的市場地位擺脫這種環境。我非常高興能將首席財務官的接力棒交給 Joe Binz，我想歡迎他參加他的首屆 Atlassian 財報電話會議。他從 9 月初才來這裡，但很快就跟上了步伐，在我擔任臨時首席財務官的短暫任期內，他的表現會比我好得多。

With that, I'll pass the call to the operator for Q&A.

這樣，我會將電話轉給接線員進行問答。

(Operator Instructions) Your first question comes from Keith Weiss from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Keith Weiss。

Excellent. I guess kind of a top line and a bottom line question. You guys mentioned in the shareholder letter, and I appreciate the being upfront about kind of the macro impact you're seeing. Free-to-paid conversion slowed down and some of the paid, it sounds like NRR slowed down a little bit. What have you guys been seeing in kind of top-of-funnel trends? Is that kind of feeling as expected? Or did that slow down as well?

出色的。我想這是一個頂線和底線問題。你們在股東信中提到了，我很欣賞你們對你們所看到的宏觀影響的坦率。免費到付費的轉換變慢了，一些付費的，聽起來 NRR 有點慢了。你們在漏斗頂部趨勢中看到了什麼？那種感覺是不是預料之中？或者這也減慢了速度？

And then you are sustaining the operating margin guide for the full year, even with the revenues coming down a little bit. Where are the areas you guys are looking to get the increased efficiencies as we think about FY '23?

然後你將維持全年的營業利潤率指南，即使收入略有下降。當我們考慮 23 財年時，你們希望提高效率的領域在哪裡？

First off, this is Cameron. I'll speak to the top line for this and then hand off to Joe to talk about expenses. So yes, as we mentioned previous quarter, actually back in our August earnings, we spoke about how -- while we are seeing plenty of people coming in and trying Jira, trying to our free versions of our product, and we continue to see that trend today, many more people coming in and signing up and using our products, we saw them starting to slow down, getting to that 11th user, entering their credit card information and becoming paid customers.

首先，這是卡梅倫。我將與頂線交談，然後交給 Joe 討論費用。所以，是的，正如我們在上一季度提到的那樣，實際上回到我們 8 月份的收益中，我們談到瞭如何——雖然我們看到很多人進來試用 Jira，嘗試我們產品的免費版本，但我們繼續看到今天的趨勢是，越來越多的人進來註冊和使用我們的產品，我們看到他們開始放慢速度，到達第 11 位用戶，輸入他們的信用卡信息並成為付費客戶。

So that trend definitely came through throughout the quarter, and we see it today where we still have plenty of people coming in. Year-over-year growth of our customers continues to grow, which is great, but just a little bit slower in the converting to actual paying customer. The new piece we saw in the previous quarter was that towards the end of the quarter, we actually saw user expansion in existing accounts. So this is largely people going from 100 users in confluence to 110 users, right? And that's largely due to company slowing down hiring, trying to constrain their own internal IT budgets and using more of the license they already have.

因此，這種趨勢肯定會貫穿整個季度，我們今天看到它仍然有很多人進來。我們客戶的同比增長繼續增長，這很好，但在轉換為實際付費客戶。我們在上一季度看到的新情況是，在本季度末，我們實際上看到了現有賬戶的用戶擴張。所以這主要是人們從 100 個用戶匯合到 110 個用戶，對吧？這主要是由於公司放慢了招聘速度，試圖限制他們自己的內部 IT 預算並使用更多他們已有的許可證。

Now we continue to see growth just that user growth wasn't nearly as strong as what we've seen historically. On the other side, on top line, so while the user growth slowed down, we do continue to see migrations tracking along as planned, are additions working people from standard to premium and enterprise versions of our products, strong and cross-sell. Jira Service Management specifically continues to be adopted well.

現在我們繼續看到增長，只是用戶增長不如我們過去看到的那麼強勁。另一方面，最重要的是，雖然用戶增長放緩，但我們確實繼續看到遷移按計劃進行，增加了工作人員從我們產品的標準版到高級版和企業版，強大和交叉銷售。 Jira Service Management 特別繼續得到很好的採用。

So while we are affected by basically hiring rates and how quickly people are adding people to their organizations, the big projects like migrations or choosing their new IT service management tools, we've seen no slowdown in those efforts to date. Joe, do you want to handle the expenses competition?

因此，雖然我們基本上受到招聘率和人們向其組織添加人員的速度、遷移或選擇新的 IT 服務管理工具等大型項目的影響，但迄今為止，我們並未看到這些努力有所放緩。喬，你想參加費用競賽嗎？

Yes. Thanks, Cameron, and thanks, Keith. So there's really 2 focus areas. First and foremost, we're making reductions in our nonheadcount driven discretionary spending. And then secondarily, we'll be moderating the rate of planned headcount growth in the second half of FY '23. I'd say in terms of areas, Keith, I think there's efficiencies to be found across the board, whether you're talking about gross margins or process efficiencies or even resource allocation, right? Looking at where we have our resources allocated, make sure that we're constantly prioritizing investments and moving those resources with the highest ROI and most impactful things.

是的。謝謝，Cameron，也謝謝 Keith。所以實際上有 2 個重點領域。首先，我們正在減少非員工驅動的可自由支配支出。其次，我們將在 23 財年下半年降低計劃的員工人數增長率。我想說，就領域而言，基思，我認為可以全面提高效率，無論您是在談論毛利率還是流程效率，甚至是資源分配，對嗎？查看我們的資源分配位置，確保我們不斷確定投資的優先級，並以最高的投資回報率和最有影響力的事情轉移這些資源。

And as Scott mentioned, this is all with an eye towards strengthening our position in the large, high-growth markets we're targeting and enabling us to emerge in a stronger position out of the downturn as we were going in. So hopefully, that gives you a sense, but I would say, it's very broad and based on those 2 primary principles.

正如 Scott 所提到的，這一切都是為了加強我們在我們所瞄準的大型、高增長市場中的地位，並使我們能夠在進入低迷期時處於更有利的地位。所以希望，給你一種感覺，但我會說，它非常廣泛，並且基於這兩個主要原則。

Your next question comes from Michael Turrin from Wells Fargo Securities.

您的下一個問題來自富國銀行證券公司的 Michael Turrin。

Appreciate it. And I'm sure it's going to be somewhat of a similar construct to the first one, but I'll ask a little bit differently. So a couple of parts. The first one is just clarifying some of Cameron's comments from the first question. It sounds like it's fair to assume that it's more -- it's less the cloud migration trajectory like the pace of migrations that you're seeing changing here that's influencing the change in revenue target for cloud for the year than it is the expansion rate.

欣賞它。而且我確信它會與第一個結構有些相似，但我會提出一些不同的要求。所以有幾個部分。第一個只是澄清卡梅倫在第一個問題中的一些評論。聽起來可以公平地假設它更多 - 雲遷移軌跡（如您在這裡看到的遷移速度）正在影響今年雲計算收入目標的變化，而不是擴張速度。

So first part is just is that a fair assumption that, that 130% to 140% for large customers that we're seeing is what's causing the moderation impact?

所以第一部分只是一個公平的假設，我們看到的大客戶的 130% 到 140% 是什麼導致了適度影響？

And then the second part for Joe is just -- I know you're relatively new to the call, but your views just around potentially giving more margin. What would inform that discussion versus just continuing to stay the course with the investment cycle? I know the company tends to think long term. So just your thinking given the macro is changing a bit, I think, is useful here in the context of what you're seeing.

然後喬的第二部分就是——我知道你對這個電話會議還比較陌生，但你的觀點可能會帶來更多利潤。與繼續保持投資週期的進程相比，該討論有何啟示？我知道公司傾向於長遠考慮。因此，我認為，鑑於宏觀正在發生一些變化，在您所看到的情況下，您的想法在這裡很有用。

Happy to speak to the -- just to be very, very clear, yes, we have seen no change in our migrations rates. Our migrations progress continues to be on track as it's been the last few quarters with the server end of life coming up to February 2024 as well as our loyalty discount program, which will basically take another step down in June. We have a series of compelling events that we've been working with our customers over the last couple of years.

很高興與 - 非常非常清楚，是的，我們沒有看到我們的遷移率發生變化。我們的遷移進度繼續按計劃進行，因為在過去的幾個季度中，服務器的使用壽命將在 2024 年 2 月結束，而且我們的忠誠度折扣計劃基本上將在 6 月再次縮減。在過去的幾年裡，我們一直在與客戶合作舉辦一系列引人注目的活動。

We get better in those conversations every day. And the migration efforts continue to be right along with plan. So no impact due to migrations. It is largely purely focused on people adding users, that user expansion within their existing use of our products that we've seen slow down a bit over the last quarter.

我們每天都在這些對話中變得更好。遷移工作繼續按計劃進行。因此不會因遷移而產生影響。它主要專注於增加用戶的人，即我們在上個季度看到的在現有產品使用範圍內的用戶擴展有所放緩。

Great. Michael, this is Joe. Thanks for the question. On the NRR question, the expansion rate question. As you know, we don't provide updates on expansion rates on a quarterly basis. Directionally, it remains very healthy and above the 130% we discussed at the Investor Day. I think that's indicative of the fundamental health of our business, particularly around upgrades to premium and enterprise additions, customers adding new products and churn rates.

偉大的。邁克爾，這是喬。謝謝你的問題。關於NRR問題，膨脹率問題。如您所知，我們不會按季度提供擴展率更新。從方向上講，它仍然非常健康，高於我們在投資者日討論的 130%。我認為這表明我們業務的基本健康狀況，特別是在升級到高級和企業添加、客戶添加新產品和客戶流失率方面。

And while we talked about the macro impact on paid seat growth within existing customers, relative to expectations, the absolute growth rates there are still very good on an absolute basis. So that's a big -- that's also a big driver behind those healthy expansion rates.

雖然我們談到了對現有客戶付費席位增長的宏觀影響，但相對於預期，那裡的絕對增長率在絕對基礎上仍然非常好。所以這是一個很大的 - 這也是那些健康擴張率背後的一個重要推動力。

And I'll turn it over to Scott to talk a little bit about the margin trade-off discussion.

我會把它交給斯科特來談談利潤權衡的討論。

In terms of -- stepping back in terms of thinking about long term, like we've been through multiple downturns to the business. Like we started in '01/'02 in sort of the dot-com crash, we went through '08/'09. And yes, we're now in the third downturn for us. And what we've learned is that during those periods of time, like if you can invest wisely, you can come out the other side with the leaderboard shaking up a little bit, and you can come out higher on that leaderboard than you went going in.

就-退一步考慮長期而言，就像我們經歷了多次業務低迷一樣。就像我們從 01/02 年開始的互聯網泡沫破滅一樣，我們經歷了 08/09 年。是的，我們現在正處於第三次低迷時期。我們學到的是，在那些時期，如果你能明智地投資，你可以從另一邊出來，排行榜稍微搖晃一下，你可以在排行榜上比你去的時候更高在。

And so that informs a lot of how we think about the investments through this period. So there's a couple of areas. One is we think that we can pick up staff where other companies are shedding staff. There's a lot of incredible people in the market who may only come on the market once a decade, and we have an opportunity to pick those staff up now. And so may be really thoughtful around kind of how many we hire and where we hire, but our experience is that we can come out really strongly on the other side by selectively picking up staff that other people are letting go.

因此，這為我們如何看待這段時期的投資提供了很多信息。所以有幾個方面。一是我們認為我們可以在其他公司裁員的地方招募員工。市場上有很多令人難以置信的人，他們可能十年才出現一次，我們現在有機會挑選這些員工。因此，我們可能會認真考慮我們僱用的人數和僱用地點，但我們的經驗是，我們可以通過有選擇地挑選其他人放手的員工，在另一邊表現得非常強大。

We also, in terms of think about what the opportunities and we said in our Investor Day kind of -- it seems like a long time ago now, but early this year, we said we have 3 really good opportunities that we were going to invest behind that was migrating our customers to the cloud at the fastest rate we can, building new products to that point A program and investing more in ITSM with our JSM platform there.

我們還考慮了我們在投資者日所說的機會——這似乎是很久以前的事了，但今年年初，我們說我們有 3 個非常好的機會要投資其背後是以最快的速度將我們的客戶遷移到雲端，構建新產品到那個點一個程序，並通過我們的 JSM 平台在 ITSM 上進行更多投資。

And so again, we think those are long-term investments that pay off short, medium and long term, we want to continue to invest in those areas. And so we're going to continue to do that. And so we're going to be thoughtful around that. We need to make sure that does fit within a certain cost envelope and with the macro economic environments like we want to be conscious about what the cost invoice is. But again, our philosophy about investing for the long term about having low-priced products that are very particularly attractive in this market, picking up staff that hasn't changed through this cycle.

因此，我們再次認為這些是短期、中期和長期回報的長期投資，我們希望繼續投資這些領域。因此，我們將繼續這樣做。因此，我們將對此深思熟慮。我們需要確保它符合一定的成本範圍和宏觀經濟環境，就像我們想要了解成本發票是什麼一樣。但同樣，我們關於長期投資的理念是擁有在這個市場上非常特別有吸引力的低價產品，挑選在這個週期中沒有改變的員工。

Your next question comes from Fatima Boolani from Citigroup.

你的下一個問題來自花旗集團的 Fatima Boolani。

Cameron, this question is for you. It's a little bit of a counter factual. So I know you're staying committed to the proportion of your cloud growth coming from migration. But conversely, why wouldn't we see a slowdown in migrations to the cloud if the sensitivity that you've seen most to date is on the user expansion area. So in other words, why wouldn't an existing customer just sweat out the capacity that they have versus going to sort of a per user or need seat model where potentially the TCO in the short term could be much higher. Just a couple of thoughts there on why that wouldn't actually impair the migration cadence to the cloud.

卡梅倫，這個問題是給你的。這有點反事實。所以我知道您一直致力於雲增長中來自遷移的比例。但相反，如果您迄今為止看到的最敏感的問題是用戶擴展區域，為什麼我們不會看到遷移到雲的速度放緩。因此，換句話說，為什麼現有客戶不只是耗盡他們擁有的容量，而不是選擇每個用戶或需要的座位模型，短期內 TCO 可能會高得多。關於為什麼這實際上不會影響向雲的遷移節奏的一些想法。

So basically, let me just try and rephrase the, -- why haven't we seen a slowdown in the cloud migration rates when it is an effort for customers to make a change versus just sitting on their renewals and wait until the last minute, the primary reason for that is that over the last 2 years, ever since we announced the server end of life, now almost exactly 2 years ago, we've had a very well-engineered set of programs that we have released between loyalty discounts, new migration tooling, more engagement with our enterprise customers, incentivizing our partners and incentivizing our customers to ensure that cloud is the proper destination for them.

所以基本上，讓我試著重新表述一下，為什麼我們沒有看到雲遷移率的放緩，因為客戶正在努力做出改變，而不是僅僅坐等續約，直到最後一分鐘，這樣做的主要原因是在過去的 2 年裡，自從我們宣布服務器生命週期結束以來，現在幾乎正好是 2 年前，我們在忠誠度折扣期間發布了一套精心設計的程序，新的遷移工具，更多地與我們的企業客戶接觸，激勵我們的合作夥伴並激勵我們的客戶確保云是他們的正確目的地。

And many of them over the last 2 years have been in various stages. Some moved very, very quickly. Some are building plans today. Some are waiting, like you said, to the last minute. But across the board, we have seen that entire approach being like largely on track. So they haven't been seeing the (inaudible) cloud as a capacity challenge. It's not like 100 users, the fact that they need to more add users, they can add more users on-premises if they want versus adding more users on cloud. It's more of the while we've been looking to go to cloud and we've made the strategic decision to go to cloud, there's a whole lot more value that we unlock in cloud and more productivity for the users we have. So let's go through and continue to finish this project so that our teams operate more efficiently and have the best tools available to them even if we were going to have less people hired in the future.

在過去的兩年中，其中許多都處於不同的階段。有些動作非常非常快。有些人今天正在製定計劃。正如您所說，有些人正在等待到最後一刻。但總的來說，我們已經看到整個方法基本上都在軌道上。因此，他們並未將（聽不清）雲視為容量挑戰。它不像 100 個用戶，事實上他們需要添加更多用戶，如果他們願意，他們可以在本地添加更多用戶，而不是在雲上添加更多用戶。更多的時候我們一直在尋求進入雲並且我們已經做出了進入雲的戰略決策，我們在雲中釋放了更多的價值，並為我們擁有的用戶提供了更高的生產力。因此，讓我們繼續並繼續完成這個項目，以便我們的團隊更有效地運作並擁有最好的工具，即使我們將來會僱用更少的人。

So it wasn't really tied to how many people are in the room, it's more tied to them choosing the best solution for them long term and of course, reacting to the programs that we put in the market to compel them to move to cloud.

因此，這與房間裡有多少人並沒有真正的聯繫，更多的是他們為他們長期選擇最佳解決方案，當然，對我們投放市場的程序做出反應，迫使他們遷移到雲.

Your next question comes from Arjun Bhatia from William Blair.

你的下一個問題來自威廉布萊爾的 Arjun Bhatia。

I'm curious, just when you think about the macro impact that you're seeing, is there any way to just break it down any further between the behavior that you're seeing from larger customers that are maybe multiproduct that are more committed than of a broader deployment versus smaller customers that are earlier in their journey.

我很好奇，就在您考慮所看到的宏觀影響時，是否有任何方法可以將其進一步分解為您從更大的客戶那裡看到的行為，這些客戶可能是比多產品更忠誠的客戶更廣泛的部署與更早的旅程中的較小客戶。

And then Joe, one for you just when you're thinking about the rest of the year and the guidance that you've provided, can you just help us understand what you're incorporating from a macro perspective in the forward numbers?

然後喬，當你考慮今年剩餘時間和你提供的指導時，你能幫助我們從宏觀角度了解你在遠期數字中納入的內容嗎？

I can take that one. Look, I want to restress our philosophy of open company, no bullish, right? We've told you every single quarter we've been public. We're going to be open with you and clear with you about what's going on. We tried to do that best we can in the letter, right? The 2 areas that we're seeing impact, again, is the free instances, the rate of converting to paid, and secondly is the rate of user expansion growth, the historical rate has been pretty consistent for us, slowing down a bit.

我可以拿那個。看，我想強調我們的開放公司理念，不看好，對吧？我們已經告訴過你我們公開的每個季度。我們將與您坦誠相待，並向您澄清正在發生的事情。我們在信中盡力做到最好，對吧？我們再次看到影響的兩個領域是免費實例，轉換為付費的比率，其次是用戶擴展增長率，歷史增長率對我們來說非常一致，略有放緩。

The reason for that is we think both anecdotally and best guess is customers optimizing their spend. right? If you're going to add that 11th user, you're more likely today to think I'll stay at 10. The good part about that for us is we see no sort of decrease in usage or change in churn rates. These aren't customers leaving Atlassian at all. These are customers who are dealing with their own turbulence and optimizing their spend and tuning the number of users they have, right?

其原因是我們認為傳聞和最佳猜測是客戶優化他們的支出。正確的？如果您要添加第 11 個用戶，您今天更有可能認為我會保持在 10 個。對我們來說，這樣做的好處是我們沒有看到使用率下降或流失率發生變化。這些根本不是離開 Atlassian 的客戶。這些客戶正在處理自己的動盪，優化他們的支出並調整他們擁有的用戶數量，對吧？

We've also highlighted where we see as great opportunities in front of us and being quite clear about where we're playing offense. And some of them go to the areas that you said. Cameron just addressed migrations, which continues to be strong. If you think about it from a customer perspective, the -- if you're looking at optimizing spend, cloud is an easier place to do that than on-premise because you are -- can pay monthly, and you can pay per user, et cetera. So that gives you a slightly easy optimization. And secondly, it's a much higher ROI in terms of running the software. We do all that for you. So that's why we see continued opportunities and migrations, which are tracking strongly.

我們還強調了我們認為擺在我們面前的巨大機會，並且非常清楚我們正在進攻的地方。其中一些去了你說的地區。卡梅倫剛剛談到了移民問題，移民問題仍然很強勁。如果你從客戶的角度考慮它，那麼——如果你正在考慮優化支出，雲比內部部署更容易做到這一點，因為你——可以按月付費，而且你可以按用戶付費，等等。所以這給了你一個稍微簡單的優化。其次，就運行軟件而言，它的投資回報率要高得多。我們為您做這一切。因此，這就是為什麼我們看到持續的機會和移民，這些機會和移民正在強勁追踪。

Secondly, in enterprises, we certainly see that a significant opportunity on the back of 10 years of really great work of continuing to optimize for the enterprise. That's a huge opportunity area for us.

其次，在企業中，我們當然看到了在 10 年為企業持續優化的真正偉大工作背後的重大機遇。這對我們來說是一個巨大的機會領域。

And lastly, as we've mentioned repeatedly in ITSM, we're seeing really strong growth. So all those play into the enterprise that you talked about, but hopefully, that gives you some background color about where we think we're well positioned to gain market share in this environment and really excited about the future.

最後，正如我們在 ITSM 中反复提到的那樣，我們看到了非常強勁的增長。因此，所有這些都在您談到的企業中發揮作用，但希望這能為您提供一些背景顏色，讓您了解我們認為我們有能力在這種環境中獲得市場份額，並對未來感到非常興奮。

And this is Cameron, I'll add a little on. Just give you a little more view of the how we do SMB growth over our enterprise customer base growth. Now first and foremost, that the constraints in the growth rate of users we do largely see across all cohorts. Like I said, all sized customers, industries and geographies, it seems to be broad across the customer base.

我是卡梅倫，我要補充一點。讓您更多地了解我們如何通過企業客戶群增長來實現 SMB 增長。現在最重要的是，我們在所有群組中都看到了用戶增長率的限制。就像我說的，所有規模的客戶、行業和地區，似乎在客戶群中都很廣泛。

However, we do continue to see strength in our enterprise business for a few reasons, primarily due to the fact that migrations, which are going as planned, have an outsized impact when it comes to our enterprise business compared to our small and medium-sized business, simply due to pricing dynamics. The second is also in our enterprise business that we continue to see customers continue to standardize on our applications, choose the enterprise additions of our products when they move to the migrations, which continues to grow their inputs.

然而，由於一些原因，我們確實繼續看到我們的企業業務的實力，主要是因為與我們的中小型企業相比，按計劃進行的遷移對我們的企業業務產生了巨大的影響業務，僅僅是由於定價動態。第二個也是在我們的企業業務中，我們繼續看到客戶繼續對我們的應用程序進行標準化，在遷移到遷移時選擇我們產品的企業添加，這將繼續增加他們的投入。

On top of that, in just over the last month, we've announced a partnership with Accenture, which gives us massive scale with one of the large global system integrators in the industry to help our customers through their massive transitions, whether that's their agile transformation or their cloud transition. And just today, as Mike mentioned, that our growth in IT service management market, we were named the leader in the Gartner Magic Quadrant, which shows that even more enterprise credibility as we look to expand into IT operations and service management use cases in the enterprise.

最重要的是，就在上個月，我們宣布與埃森哲建立合作夥伴關係，這使我們能夠與業內最大的全球系統集成商之一進行大規模合作，幫助我們的客戶完成大規模轉型，無論是他們的敏捷轉型或他們的雲轉型。就在今天，正如 Mike 提到的，我們在 IT 服務管理市場的增長，我們被評為 Gartner 魔力像限的領導者，這表明隨著我們尋求擴展到 IT 運營和服務管理用例，我們獲得了更高的企業信譽企業。

And then Arjun, this is Joe, you asked about the assumptions underpinning the guidance. We're assuming 2 fundamental things in our guidance. First, the current macroeconomic environment persists throughout the year. It does not get materially better or worse.

然後是 Arjun，我是 Joe，你詢問了支持指南的假設。我們在指南中假設了 2 件基本事情。首先，當前的宏觀經濟環境貫穿全年。它不會在物質上變得更好或更糟。

And then secondarily, the macro impact on the business and the trends we saw in Q1 around free-to-paid conversion rates and paid seat expansion at existing customers also persist throughout the year and does not get materially better or worse. So in other words, the guidance assumes status quo on those 2 factors. Like most, we continue to monitor things closely, both on the macro side and on the business side, and we're adjusting and responding to it. As you know, there's a lot of uncertainty right now, and we think this is an appropriate range, given what we have seen to date, both in Q1 performance and our Q2 quarter-to-date performance and the underlying trends we saw there.

其次，對業務的宏觀影響以及我們在第一季度看到的圍繞現有客戶的免費到付費轉化率和付費席位擴展的趨勢也在全年持續存在，並且沒有實質性好轉或惡化。因此，換句話說，指南假定這兩個因素保持現狀。與大多數人一樣，我們繼續密切關注宏觀和業務方面的情況，我們正在調整和應對。如您所知，目前存在很多不確定性，我們認為這是一個合適的範圍，考慮到我們迄今為止所看到的第一季度業績和第二季度季度迄今業績以及我們在那裡看到的潛在趨勢。

Your next question comes from Alex Zukin from Wolfe Research.

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

I want to dive into that last -- the last answer from both Cameron and maybe others. I guess if we think about the enterprise impact, like can you maybe dissect the cloud revenue growth for the year, the takedown? Is it -- are the seat adds -- the headwinds from the seat adds, is that more in the mid-market, the SMB, the enterprise? Is there -- would you say it's being compensated by incremental module additions at the enterprise? Help us unpack that and give us a sense for when you started to see these issues? Is it in the last 2 weeks of the quarter? How that's trended in October?

我想深入探討最後一個——卡梅倫和其他人的最後一個回答。我想如果我們考慮對企業的影響，比如你能不能剖析當年的雲收入增長，那就是下架？是 - 席位增加 - 來自席位增加的逆風，在中端市場、SMB 和企業中是否更多？有沒有 - 你會說它正在通過企業中的增量模塊添加來補償嗎？幫助我們解開包裝並讓我們了解您何時開始看到這些問題？是在本季度的最後兩週嗎？十月份的趨勢如何？

And from the financial perspective, is the cloud growth kind of exiting this year, where does that trend? Because if I remember correctly at the Analyst Day, we talked about that 50% wasn't just for this year cloud growth, but for a couple of years. So I'm assuming it's coming off for this year, but I just want to clarify, is that also off for the next couple of years. Apologize for the multiple questions.

從財務角度來看，今年雲增長是否有所退出，趨勢在哪裡？因為如果我沒記錯的話，在分析師日，我們談到 50% 不僅僅是為了今年的雲增長，而是為了幾年。所以我假設它會在今年取消，但我只想澄清一下，未來幾年是否也會取消。為多個問題道歉。

No problem at all. I'll address the first part and then hand off to Joe. So as you know, our cloud growth, easy to think is that it's new customers coming in, those customers adding users to the products that they have purchased in addition to upgrading additions to either the premium or enterprise version of their products. Also, migration is another big piece of our cloud growth. Roughly 10% of our growth is due to migrations. And of course, cross-sell expanding out to our other products.

完全沒有問題。我將解決第一部分，然後交給 Joe。如您所知，我們的雲增長很容易被認為是新客戶的加入，這些客戶除了升級其產品的高級版或企業版之外，還將用戶添加到他們購買的產品中。此外，遷移是我們雲增長的另一個重要組成部分。我們大約 10% 的增長歸功於遷移。當然，交叉銷售擴展到我們的其他產品。

So to diagnose specifically what we saw in Q1, the specific areas we saw in Q1 was the net new customers starting to slow the rate. We still added over 6,000 net new customers, but we saw that somewhat slowing down as free customers slowed their conversion to paid customers, and we saw that user growth. So someone who was an existing cloud customer slowing down the rate on which they added more users. We did not see any impact to either migrations or addition upgrades or in our major cross-sell motions. So it's primarily just the user additions tied to largely hiring. Our customers adding more and more employees into their business and then slowing that down, which slows down our user growth. Those -- other efforts are right on track as we originally planned. Joe?

因此，為了具體診斷我們在第一季度看到的情況，我們在第一季度看到的具體領域是淨新客戶開始放慢速度。我們仍然增加了 6,000 多個淨新客戶，但隨著免費客戶向付費客戶的轉化速度放緩，我們看到增長速度有所放緩，我們看到了用戶增長。因此，現有云客戶的某個人放慢了他們添加更多用戶的速度。我們沒有看到對遷移或附加升級或我們的主要交叉銷售動議有任何影響。因此，這主要只是與大量招聘相關的用戶增加。我們的客戶在他們的業務中增加了越來越多的員工，然後放慢了速度，這減緩了我們的用戶增長。那些 - 其他努力正按照我們最初的計劃進行。喬？

Thanks, Cameron. And then Alex, your question on how we're going to exit Q4, we expect to exit Q4 with cloud revenue growth rates in the 40% to 45% range.

謝謝，卡梅倫。然後是亞歷克斯，你的問題是我們將如何退出第四季度，我們預計第四季度的雲收入增長率將在 40% 到 45% 之間。

Your next question comes from Gregg Moskowitz from Mizuho Securities.

你的下一個問題來自瑞穗證券的 Gregg Moskowitz。

So I think of Atlassian as an unusual software company in a good way, a couple of the reasons being that one, your quarters are typically very linear. And two, you have tremendous visibility into customer buying and usage patterns. And so I'd have to believe that you had a very early warning of the paid user growth slowdown that began midway through the quarter.

因此，我認為 Atlassian 在某種程度上是一家不同尋常的軟件公司，其中有幾個原因，您的季度通常非常線性。第二，您對客戶的購買和使用模式有極大的了解。因此，我不得不相信，您很早就收到了付費用戶增長放緩的警告，該警告從本季度中旬開始。

And with that said, what I'm wondering is, was there anything that you were able to do that has enabled you to mitigate the slowdown as it unfolded. Investors are pretty surprised to see results like this from Atlassian. And so the question here or the spirit of the question is whether you have the ability to make adjustments and navigate the difficult macro better than others?

話雖如此，我想知道的是，您是否能夠做任何事情來減輕放緩的影響。投資者對 Atlassian 這樣的結果感到非常驚訝。所以這裡的問題或問題的精神是你是否有能力比其他人更好地進行調整和駕馭困難的宏觀？

Gregg, this is Cameron again. Sorry, Scott. Go ahead.

格雷格，我又是卡梅倫。對不起，斯科特。前進。

It's Scott here. Just want to sort of philosophically, Gregg, one of the things we look at, we're a long-term company and there are many of our peers drive their quarters really back from the sales team. They sort of say, how many sales people I got and how many reps do I have, and that's how they run their business. If you look at our business, it really is a much more long-term self-serve model where our customers come and we're also, from a price perspective, much more reasonably priced on a firstly basis than many of our competitors out there.

我是斯科特。只是想從哲學上講，格雷格，我們所關注的一件事，我們是一家長期公司，我們的許多同行都把他們的季度從銷售團隊中帶回來了。他們會說，我有多少銷售人員，我有多少銷售代表，這就是他們經營業務的方式。如果你看一下我們的業務，它確實是一個更長期的自助服務模式，我們的客戶來了，而且從價格的角度來看，我們的定價比我們的許多競爭對手更合理.

And so in terms of -- for good and bad, there aren't many things we can do within a quarter to affect the quarter's results, which is why you see the linearity that you've seen over the years from the last year. And so when I look about the macro environment and what we're seeing, we've cut this every which way, by geo, by product, by market segment. It really comes down to that customers are not adding seats and heads the way they used to add them because the hiring environment has changed outside of Atlassian.

因此，無論好壞，我們在一個季度內可以做的事情並不多，無法影響該季度的結果，這就是為什麼您會看到從去年開始多年來一直看到的線性。因此，當我審視宏觀環境和我們所看到的情況時，我們已經按照地域、產品、細分市場的各個方面進行了削減。這真的歸結為客戶沒有像過去那樣添加座位和負責人，因為招聘環境在 Atlassian 之外發生了變化。

And so we see that. We trend that they're in a long term, we're really -- we've got -- we can sell more products to customers. We have a great product pipeline in Point A products. We have great market opportunities in ITSM. The migrations are still going strongly. And one of the reasons they're going strongly is that the ROI is just so compelling to them, though they pay us more money, the overall cost to them or TCO goes down because they got less people managing things in an environment where they had to manage their own service and data centers.

所以我們看到了。我們傾向於認為他們是長期的，我們真的 - 我們已經 - 我們可以向客戶銷售更多產品。我們在 Point A 產品方面擁有出色的產品線。我們在 ITSM 方面有很大的市場機會。遷移仍在進行中。他們表現強勁的原因之一是投資回報率對他們來說非常有吸引力，儘管他們付給我們更多的錢，但他們的總體成本或 TCO 卻下降了，因為他們在他們擁有的環境中管理事物的人更少了管理自己的服務和數據中心。

And so that's a great opportunity. All those are great opportunities for us. They're not short term, do something within a quarter, they really play out over the long term. And again, when we look at sort of the opportunities for us now, they are to take market share because we have great products that are cost competitive versus competitors out there. And what we're seeing here is that we haven't seen any materially changed in churn, like it's mostly on adding fleets. And so then also points to the stickiness of our products. And so that's the way I think about that.

所以這是一個很好的機會。所有這些對我們來說都是很好的機會。他們不是短期的，在一個季度內做某事，他們真正發揮長期作用。再一次，當我們現在為我們尋找機會時，他們將佔據市場份額，因為我們擁有與競爭對手相比具有成本競爭力的優質產品。我們在這裡看到的是，我們沒有看到客戶流失有任何實質性變化，就像主要是增加車隊一樣。因此也指出了我們產品的粘性。這就是我的想法。

Very helpful perspective.

很有幫助的觀點。

I can also add on to just the timing of things that we saw. As we mentioned in August, what we were seeing in the August time frame was the net new customers, the free customers converted to paid was slowing down going into August. We normally through our summer season, the July and August tend to see user growth slow down across our customer base, largely due to seasonality, vacations and holidays.

我還可以補充我們看到的事情的時間。正如我們在 8 月份提到的那樣，我們在 8 月份的時間範圍內看到的是淨新客戶，免費客戶轉化為付費客戶在進入 8 月份時正在放緩。我們通常會在整個夏季、7 月和 8 月看到我們客戶群的用戶增長放緩，這主要是由於季節性、假期和節假日。

It just tends to be a normal seasonal trend where July and August are slower as people are not upgrading instances, adding more users. What we noticed is usually most years when you come back in September, everyone is coming back to work, the holidays wear off and people start adding users and upgrading their instances again and that's when we actually did not see that normal user growth uptick that we normally do in September.

這只是一個正常的季節性趨勢，7 月和 8 月速度較慢，因為人們沒有升級實例，增加了更多用戶。我們注意到的通常是大多數年份，當你在 9 月回來時，每個人都回來工作，假期結束，人們開始添加用戶並再次升級他們的實例，那時我們實際上沒有看到我們正常的用戶增長上升通常在九月做。

The great thing is that one of the advantages that we do have is that we have plenty of other growth drivers we can continue to leverage in our business, whether it's upgrading additions, continuing to escalate our migration efforts or relying on expansion to other products of which we've even released a few new ones over the last few quarters. So plenty other levers that we tend to pull when we see user expansion slowdown.

很棒的是，我們確實擁有的優勢之一是我們有許多其他增長動力，我們可以繼續在我們的業務中利用，無論是升級附加產品、繼續升級我們的遷移工作，還是依靠擴展到其他產品我們甚至在過去幾個季度發布了一些新產品。當我們看到用戶擴張放緩時，我們往往會採取許多其他手段。

Your next question comes from Brent Thill from Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Headcount accelerated to the fastest growth in 11 quarters kind of into the face of this slowdown. Can you just talk to what you're going to do through the next 6 to 9 months and how you're thinking about that investment pace? And then I had just a quick follow-up on the geography perspective. EMEA looked like it had the biggest hit. Can you comment on what you're seeing in EMEA versus the U.S.?

面對這種放緩，員工人數加速到 11 個季度以來最快的增長。您能否談談在接下來的 6 到 9 個月內您打算做什麼以及您如何考慮投資步伐？然後我對地理觀點進行了快速跟進。 EMEA 看起來受到的打擊最大。你能評論一下你在 EMEA 和美國看到的情況嗎？

I'll take the headcount and Cam can talk about the geo side of things. On the headcount, you're right. It is our high watermark on headcount growth. We do have, from a seasonality perspective, a lot of graduates coming out in the U.S. who started this quarter. So that gives this quarter's numbers a boost. And we are thinking about sort of what does our headcount moderation look like going forward. We are still going to be growing our headcount, but of course, moderating that growth in light of the macroeconomic conditions and ensuring those people are going on the most productive of projects. Cam?

我來統計人數，Cam 可以談談地理方面的事情。在人數上，你是對的。這是我們對員工人數增長的高水位線。從季節性的角度來看，我們確實有很多本季度開始在美國畢業的畢業生。因此，這給本季度的數字帶來了提振。我們正在考慮我們的員工人數節制會是什麼樣子。我們仍將增加我們的員工人數，但當然，根據宏觀經濟條件緩和這種增長，並確保這些人正在進行最有成效的項目。凸輪？

Yes. From a geographic perspective, as I mentioned prior, the trends we tend to see across our customer base has been largely across all segments, industries and geographies. So when we look to Europe specifically, or APAC, we have seen no quantitative change other than what we've already spoken about, the user expansion slowing down. but migrations, our addition upgrades, our cross-sell programs continue to be on track from a quantitative perspective.

是的。從地理角度來看，正如我之前提到的，我們傾向於在我們的客戶群中看到的趨勢主要跨越所有細分市場、行業和地區。因此，當我們特別關注歐洲或亞太地區時，除了我們已經談到的用戶擴張放緩之外，我們沒有看到任何數量變化。但從數量的角度來看，遷移、我們的附加升級、我們的交叉銷售計劃繼續走上正軌。

Qualitatively, when we talk to customers, we do get plenty of discussions and concerns about largely uncertainty we see going into the next year. Plenty have financial concerns related to the variety of macroeconomic efforts that are areas that we see impacting their businesses. That has not cost projects to slow or migrations to slow down at this point, but it's definitely a constant conversation we are having with those customers.

定性地，當我們與客戶交談時，我們確實得到了大量的討論和對明年我們看到的主要不確定性的擔憂。許多人對各種宏觀經濟努力存在財務擔憂，我們認為這些領域會影響他們的業務。在這一點上，這並沒有使項目減慢或遷移速度減慢，但這絕對是我們與這些客戶進行的持續對話。

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。

On the subject of the slowdown in both expansions of customers and conversions, you're trying to slower headcount growth among customers themselves. Can you say perhaps if there is you see anything in particular in the development world, in other words, among the headcount growth or not in your customers for software developers. And how that may or may not be tied to what we've heard about in terms of the spend in cloud this quarter?

關於客戶擴張和轉化率均放緩的問題，您正試圖減緩客戶本身的人數增長。你能說說你是否在開發領域看到了什麼特別的東西，換句話說，在軟件開發人員的客戶中是否有增長。這與我們在本季度的雲支出方面所聽到的有何關聯或無關？

Michael, I appreciate the direction of the question is we're seeing headcount growth slowing our customers, where is that -- I think you're asking which departments of our customers are seeing that headcount slightly -- does that factor into other cloud spends and so forth. I think it's too early for us to have any sort of strong opinion on that, like we sell across the entire customer base in our customers. So it's sort of hard for us to be specific about that. Of course, our history is selling more to developers. But the thing to take away from last year's result is, we're really speaking to our customers, we haven't seen people decide to slow the migrations. We haven't seen people try to reduce or sort of cancel contracts or anything like that. It really is just tied to headcount growth, but I couldn't give you any more detail on which department that is.

邁克爾，我明白這個問題的方向是我們看到員工人數增長放緩了我們的客戶，我想你問的是我們客戶的哪些部門看到員工人數略有增長 - 這是否會影響其他雲支出等等。我認為我們對此有任何強烈的意見還為時過早，就像我們在客戶的整個客戶群中銷售一樣。所以我們很難具體說明這一點。當然，我們的歷史更多地賣給開發者。但從去年的結果中可以看出，我們真的在與客戶交談，我們還沒有看到人們決定放慢遷移速度。我們還沒有看到人們試圖減少或取消合同或類似的事情。它確實只與員工人數增長有關，但我不能給你更多關於哪個部門的細節。

Can I just ask one additional question, too. I mean -- you said you're seeing across all segments. But another way of thinking about it is not segments per se, but customers with different sizes of spend. And I think you obviously have some people spending a lot of money with you in the small companies or big ones. But there's also the ability to have a fairly small spend with Atlassian and therefore, maybe in some senses to fall underneath the radar in terms of big budgeting decisions. Do you see any difference there between where you're a big part of the company's budget versus small?

我也可以再問一個問題嗎？我的意思是 - 你說你看到了所有細分市場。但另一種思考方式不是細分市場本身，而是具有不同支出規模的客戶。而且我認為你顯然有一些人在小公司或大公司里和你一起花很多錢。但也有能力在 Atlassian 上花費相當少的錢，因此，在某些意義上，在大的預算決策方面可能會被忽視。您是否發現您在公司預算中所佔比例較大與較小之間有什麼區別？

Yes. This is Cameron to answer that. And not really -- if you look across the base, actually, on the small end, you see this coming in our free users, like we have plenty of free instances with 8 users, 9 users, 10 users and then their willingness to put their credit card in and pay a relatively minimal amount to get into our paid plans, we've seen that slow down.

是的。這是卡梅倫來回答這個問題。並不是真的——如果你縱觀整個基地，實際上，在較小的一端，你會看到我們的免費用戶中出現了這種情況，就像我們有大量的免費實例，有 8 名用戶、9 名用戶、10 名用戶，然後他們願意投入他們的信用卡並支付相對較少的金額以進入我們的付費計劃，我們已經看到這種放緩。

Even when we get to our largest customers, most of our conversations with our largest customers are about expanding to new product use cases, whether that's Jira Service Management or Jira line or having these migrations conversations if they're large on-premises customers. So they're project-based, and a big portion of our revenue discussions are tied to that. What we have less discussions with (inaudible) adding 500 users or 1,000 more users because they've rapidly expanded their development teams or what have you.

即使我們接觸到最大的客戶，我們與最大客戶的大部分對話都是關於擴展到新產品用例，無論是 Jira Service Management 還是 Jira line，或者如果他們是大型本地客戶，則進行這些遷移對話。所以他們是基於項目的，我們的大部分收入討論都與此相關。我們很少討論（聽不清）增加 500 名用戶或 1,000 名用戶，因為他們迅速擴大了他們的開發團隊或你有什麼。

So the answer is no. We have not seen user expansion tied directly to share of wallet or the current spend with Atlassian, it's definitely much more tied to how many people are hiring and how much people are expanding their overall technology footprint in their businesses.

所以答案是否定的。我們還沒有看到用戶擴展與錢包份額或當前在 Atlassian 上的支出直接相關，這肯定與僱用多少人以及有多少人在其業務中擴展其整體技術足蹟有關。

Your next question comes from Steven Koenig from SMBC Nikko.

你的下一個問題來自 SMBC Nikko 的 Steven Koenig。

Given that like the higher velocity sales motions seemed to be the most affected here. I'm wondering if you look at your existing cloud customers and look at the monthly people versus the annuals, are you seeing any kind of like earlier slippage in the monthly? And are we going to need to work through 12 months of the annual customers renewing with adding fewer seats? Like how do you think about maybe the net expansion rates for those 2 different steps of cloud customers?

考慮到更高速的銷售動議似乎在這裡受到的影響最大。我想知道如果你看看你現有的雲客戶，看看每月的人與每年的人，你是否看到任何類似的每月滑點？我們是否需要在 12 個月的年度客戶更新中增加更少的席位？比如您如何看待這兩個不同步驟的雲客戶的淨擴張率？

Yes. One advantage of our business model is that we have plenty of customers on monthly plans, we have the option to go annual plans across the board, and we largely let customers make the choice. We have -- but the good news is it's not like we have all annual plans come up at one time every year as we have annual plans renewing every single month just like we have monthly plans.

是的。我們商業模式的一個優勢是我們有很多客戶選擇月度計劃，我們可以選擇全面採用年度計劃，而且我們在很大程度上讓客戶做出選擇。我們有——但好消息是，我們並不是每年都會同時提出所有年度計劃，因為我們每個月都會更新年度計劃，就像我們有月度計劃一樣。

So no, we see that user expansion challenge that we saw over the previous quarter continue to be like largely even across both our monthly and annual plans. We don't see any major delta between the two difference with the monthly plans is that we will have much more accurate tied to the customers paying for exactly the number of users they're using within the product and allows us to the annual plans where we can continue to watch those customers. With cloud, we have incredible telemetry about the health and usage of the products and allows us to proactively engage with those customers if we tend to see usage or activities starting to go into unhealthy territories, given us even more abilities to run customer success programs, training programs and the like.

所以不，我們看到我們在上一季度看到的用戶擴展挑戰在很大程度上甚至在我們的月度和年度計劃中仍然存在。我們沒有看到這兩個與月度計劃之間的主要差異在於，我們將更準確地與客戶聯繫起來，為他們在產品中使用的用戶數量付費，並允許我們制定年度計劃我們可以繼續關注這些客戶。借助雲，我們對產品的健康狀況和使用情況進行了令人難以置信的遙測，如果我們傾向於看到使用情況或活動開始進入不健康的領域，我們就可以主動與這些客戶互動，從而讓我們更有能力運行客戶成功計劃，培訓計劃等。

Your next question comes from Ari Terjanian from Cleveland Research.

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

Just asking a little bit differently on the user expansion. I appreciate all the color you've given thus far. Any way like you can estimate or break out like exposure to the tech vertical, I mean, it seems like kind of looking at the headlines, you have Amazon kind of slowing hiring, Shopify, Stripe, letting off people. Just kind of curious, like, obviously, those companies were hiring pretty aggressively during COVID. So just kind of curious if you've accounted or have seen any like a benefit from those cohorts during COVID? And if you're kind of expecting baking in for user growth from kind of the tech cohort in the coming months here?

只是對用戶擴展提出了一些不同的要求。我很感激你到目前為止所提供的所有顏色。任何你可以估計或突破的方式，比如對技術垂直領域的接觸，我的意思是，這似乎有點像看頭條新聞，你有亞馬遜有點放緩招聘，Shopify，Stripe，放人。只是有點好奇，很明顯，這些公司在 COVID 期間非常積極地招聘。所以有點好奇，如果您在 COVID 期間計算過或看到過這些隊列的任何類似好處？如果您希望在未來幾個月內從某種技術群體那裡獲得用戶增長？

Ari, yes, I would understand your line of questioning is sort of what -- are there tailwinds that are coming off from COVID or like that we should be thinking about. And we've looked at this and we think about almost every company these days is becoming a software company, whether you're a retailer or whether you are a car company or whether you are a transport company, just every aspect of the economy is becoming a tech company and that's why people have turned to our products.

Ari，是的，我會理解你的問題是什麼——是否有來自 COVID 的順風或我們應該考慮的類似問題。我們已經研究了這一點，我們認為如今幾乎每家公司都在成為一家軟件公司，無論您是零售商、汽車公司還是運輸公司，經濟的方方面面都在發生變化。成為一家科技公司，這就是人們轉向我們產品的原因。

And I don't think that sort of secular trend is changing anytime soon. And I don't think -- the tech is a large industry it's a lot like than it was 20 years ago when we started. We sell to tech, to banking, to manufacturing, like all down every industry vertical we sell to. And so I wouldn't say we're overly exposed to technology workers. We do sell again products that help teams more effective, and our history was to start with technical teams. But those technical teams are in every single company out there.

而且我認為這種長期趨勢不會很快改變。而且我不認為 - 技術是一個大行業，與 20 年前我們剛開始時相比，它很像。我們向科技、銀行業、製造業銷售產品，就像我們銷售的所有垂直行業一樣。所以我不會說我們過度接觸技術工人。我們再次銷售幫助團隊更有效的產品，我們的歷史是從技術團隊開始的。但是這些技術團隊存在於每一家公司中。

And when I talk to our customers, those technical teams are also they talk to people that most companies are doing their best to retain during the downturn like -- they're the ones that have taken a long time to build up, They have a lot of IP and they're very hard to restart. And so we think that (inaudible) industry, but we do sell to technical teams across the board. And we think those teams are sort of last on the line to be reduced in terms of macro headwinds.

當我與我們的客戶交談時，那些技術團隊也在與大多數公司在經濟低迷時期竭盡全力留住的人交談——他們是那些花了很長時間才建立起來的人，他們有很多 IP，它們很難重新啟動。所以我們認為（聽不清）行業，但我們確實向全面的技術團隊銷售。而且我們認為，就宏觀逆風而言，這些球隊是最後一批要減少的球隊。

Your next question comes from Mark (inaudible) from Raymond James.

你的下一個問題來自 Raymond James 的 Mark（聽不清）。

This is Mark on for Adam. I wanted to ask about the loyalty discounting you're doing to migrate customers to cloud. And understanding this is still ongoing, but how would you size the overall potential uplift to revenue and margins as these discounts are rolling off? And when would you really start to see that impact?

這是亞當的馬克。我想問一下你們為將客戶遷移到雲而進行的忠誠度折扣。並且了解這一點仍在進行中，但是隨著這些折扣的減少，您如何衡量收入和利潤率的整體潛在提升？你什麼時候才能真正開始看到這種影響？

Yes. So this is Cameron here. So the loyalty discounts and as those you've been following for a while, when we announced the server end of life, we basically had aggressive loyalty discounts that rolled down effectively every July 1 over a 3-year period as we led to the server end of life. So effectively, the sooner that our customers would choose to move to the cloud, they would get a bigger discount.

是的。我是卡梅倫。因此，忠誠度折扣以及您已經關注了一段時間的那些，當我們宣布服務器生命週期結束時，我們基本上有積極的忠誠度折扣，隨著我們導致服務器的 3 年期間，每年 7 月 1 日有效地滾動生命的盡頭。如此有效，我們的客戶越早選擇遷移到雲，他們就會獲得更大的折扣。

And then over the 3-year period as the loyalty discounts roll down, they eventually get to list price. And that's still the truth for all of our customers. So we still have a loyalty discount in place. It's the last year of loyalty discounts going up until June 30. As of July of next year, all customers are effectively paying on new contracts, be paying list. All existing customers, who are on 1 year up to 3-year contracts at the end of their 3-year terms will be at list price as well.

然後在 3 年的時間裡，隨著忠誠度折扣的減少，他們最終達到了標價。對於我們所有的客戶來說，這仍然是事實。所以我們仍然有忠誠度折扣。這是忠誠折扣的最後一年，一直持續到 6 月 30 日。截至明年 7 月，所有客戶都在有效地支付新合同，支付清單。在 3 年期結束時簽訂 1 年至 3 年合同的所有現有客戶也將按標價購買。

Joe, did you want to add anything? .

喬，你想補充什麼嗎？ .

Yes, Cam, I was just going to mention the question around when do we start to see those price changes and the impact of those in the model? And the answer to that is it's not immediate. So there's 2 reasons for that, Mark. First and foremost is the ratable recognition on subscription, which is 80% of our revenue. And secondly, the timing of renewals that happen throughout the year post those changes. So you won't see an immediate impact when we go through those types of pricing changes, it will tend to run into the model over time.

是的，Cam，我只是想提一下我們什麼時候開始看到這些價格變化以及它們在模型中的影響的問題？答案是它不是立竿見影的。所以有兩個原因，馬克。首先也是最重要的是對訂閱的認可，這是我們收入的 80%。其次，這些變化發生後全年發生的續訂時間。因此，當我們經歷這些類型的定價變化時，你不會立即看到影響，它會隨著時間的推移而進入模型。

Your next question comes from Peter Wade from Bernstein.

你的下一個問題來自伯恩斯坦的彼得韋德。

Earlier, you touched on net revenue retention and referenced back to enterprise, you talked about 130% and 140% previously and that you were still seeing NRR over 130%. Now I wanted to clarify because obviously, your cloud revenue comes from more than large and midsized businesses, whether or not when you said 130%, you were still exceeding that. Was that just for kind of the medium and large-sized businesses? Or was that for that entire revenue base that you report on?

早些時候，你談到了淨收入保留並提到了企業，你之前談到了 130% 和 140%，你仍然看到 NRR 超過 130%。現在我想澄清一下，因為很明顯，你的雲收入來自超過大中型企業，無論你說 130% 時，你仍然超過了那個。這是否僅適用於大中型企業？還是您報告的整個收入基礎？

Yes, Peter, thanks for the question. This is Joe. That was for the entire customer base that we report on.

是的，彼得，謝謝你的提問。這是喬。那是針對我們報告的整個客戶群。

Okay. And then as you're taking a look at the smaller customers within there that you are trying to get into paid, certainly, that transition is frustrating. But I think that you were alluding to it in the note here. But how are you seeing any competitive pressures there? I mean, certainly, you hear things like GitLab being thrown around as an alternative that people could use if they have a lower sophisticated organization. Is it genuinely that people are just not upgrading to paid? Or are you seeing situations where you are concerned with some of these customers that the names be using other solutions to try to get done what Atlassian may be able to do better.

好的。然後當你看看你試圖進入付費的較小客戶時，當然，這種轉變是令人沮喪的。但我認為你在這裡的註釋中提到了它。但是您如何看待那裡的競爭壓力？我的意思是，當然，你聽說過像 GitLab 這樣的東西被扔來扔去作為人們可以使用的替代品，如果他們的組織不那麼複雜的話。人們真的沒有升級到付費嗎？或者您是否看到過一些情況，您擔心其中一些客戶正在使用其他解決方案來嘗試完成 Atlassian 可能做得更好的事情。

This is Cameron. And yes, first and foremost, across the board, whether it's the new customer acquisition or existing customers, we see no real change in our overall competitive position. We have incredibly strong products, incredibly happy customers, and we also have the certain critical applications where we're highly integrated into their environments.

這是卡梅倫。是的，首先，無論是新客戶還是現有客戶，我們都認為我們的整體競爭地位沒有真正的變化。我們擁有令人難以置信的強大產品，令人難以置信的滿意客戶，我們還擁有某些關鍵應用程序，我們將這些應用程序高度集成到他們的環境中。

Specific to what you mentioned, the free users converting into paid. We definitely haven't seen any competitive dynamic there because we still see them as free users of our products. It's actually one of the advantages of our free program and that people will be choosing us and using our free version of our products compared to going to an alternative vendor across the board also at a dollar level if budgets are getting more constrained and customers are looking to save money, across our entire product base, one of our core parts of the Atlassian products so attractive is that we are relatively priced, less expensive than most alternatives. So no change in competitive dynamics nor are we seeing competitors being any direct impact to our free-to-paid conversion rates.

具體到你提到的，免費用戶轉化為付費用戶。我們絕對沒有在那裡看到任何競爭動態，因為我們仍然將他們視為我們產品的免費用戶。這實際上是我們免費計劃的優勢之一，如果預算越來越受限並且客戶正在尋找，與全面轉向替代供應商相比，人們會選擇我們並使用我們的免費版本的產品，同樣在美元水平上為了省錢，在我們的整個產品群中，Atlassian 產品如此吸引人的核心部分之一是我們的價格相對較低，比大多數替代品都便宜。因此，競爭動態沒有變化，我們也沒有看到競爭對手對我們的免費到付費轉化率產生任何直接影響。

This is Mike, I just wanted to add in one thing to maybe add a little bit of a stronger message to what Cameron is saying. I think it's actually an opposite behavior, right? We've talked about playing offense in this environment on a few shareholder letters now. And again, this quarter, the same. We actually see the upcoming period as a good chance for us to pick up market share in a lot of our markets.

我是 Mike，我只想補充一件事，也許可以為 Cameron 所說的話添加一點更強烈的信息。我認為這實際上是一種相反的行為，對吧？我們現在已經在幾封股東信中談到了在這種環境下進攻。同樣，本季度也是如此。實際上，我們認為即將到來的時期是我們在許多市場中獲得市場份額的好機會。

We actually think we're very strongly positioned in all 3 of our major markets. Our investment in R&D are extremely affordable, high-value products for customers is a great chance for us to pick up market share in an environment where customers are optimizing that spend. So that's an area we're very bullish and going after.

我們實際上認為我們在所有 3 個主要市場中都處於非常有利的地位。我們在研發方面的投資是非常實惠的，為客戶提供高價值的產品，這對我們來說是一個很好的機會，可以在客戶優化支出的環境中獲得市場份額。所以這是我們非常看好並追求的領域。

Your next question comes from Fred Havemeyer from Macquarie.

您的下一個問題來自 Macquarie 的 Fred Havemeyer。

I wanted to ask, with respect to the slowdown that you're seeing in net new -- sorry, free-to-paid conversion as well as just user expansion. What we're seeing now in terms of layoffs, it's certainly ahead of what we saw at the COVID pandemic. But I wanted to ask, if you were to compare or consider what you're seeing now to say, like the start of 2020 when layoffs intensified, businesses began to freeze hiring and just [capital throes]. How have you seen -- or could you just generally compare and contrast what you're seeing now versus then?

我想問一下，關於您在淨新方面看到的放緩——抱歉，免費到付費的轉換以及用戶擴展。就裁員而言，我們現在看到的情況肯定比我們在 COVID 大流行期間看到的要早。但我想問，如果你要比較或考慮你現在看到的情況，比如 2020 年初，裁員加劇，企業開始凍結招聘，只是 [資本陣痛]。你是怎麼看的——或者你能不能一般地比較和對比你現在看到的和那時看到的？

So this is Cameron. I will do my best, looking back to that area. Obviously, going back to 2020, at the beginning of the year, we just only saw this kind of right into COVID, we had 2 things that happened. If you remember, that is actually when we changed our business model from going trials based to free which resulted in a huge uplift in sign-ups and new free activations of our products, but we also saw that in line with the impact of COVID, small businesses shutting down and so on.

所以這是卡梅倫。我會盡我所能，回顧那個地區。顯然，回到 2020 年，在年初，我們只看到了這種對 COVID 的權利，我們發生了兩件事。如果您還記得的話，那實際上是我們將商業模式從基於試用的模式更改為免費的時候，這導致我們產品的註冊量和新的免費激活量大幅增加，但我們也看到，與 COVID 的影響相一致，小企業倒閉等等。

And if you remember, our Q4 of fiscal year 2020, it was actually one of our slowest new customer growth quarters ever because of those 2 dynamics. Our conversion to free as well as smaller customers largely going out of business or not renewing. 2 years later, now we're at the tail end of COVID, and we are looking to see the trends, our net new customer number is still significantly higher than we had pre our free launch. So even if you took out all the uncontrolled unknown pieces of the COVID dynamic over the last 2 years, our change of business models go into free has significantly altered our ability to acquire and attract net new customers, and we see that today.

如果您還記得，我們 2020 財年的第四季度實際上是我們有史以來新客戶增長最慢的季度之一，因為這兩個動態。我們向免費客戶和較小客戶的轉變在很大程度上會倒閉或不再續訂。 2 年後，現在我們處於 COVID 的尾端，我們正在尋找趨勢，我們的淨新客戶數量仍然明顯高於我們免費推出之前的數量。因此，即使你去掉了過去兩年 COVID 動態中所有不受控制的未知部分，我們將商業模式轉變為免費模式也顯著改變了我們獲取和吸引淨新客戶的能力，我們今天看到了這一點。

In addition to that, the fact is we still every single day, continue to see more and more customers signing up, coming into our store, as I say, and clicking the try button year-over-year, which is the same dynamic we saw back then. However, they're ability to get to the 11th user, enter their credit card, all that is significantly dependent on other environments that we don't always have control of. The most important piece that we look to is are they using our products? Are they getting value out of it, and we can be patient for the revenue. And that is what we see is consistent between that kind of early COVID months and what we see now a few years later.

除此之外，事實是我們仍然每一天，繼續看到越來越多的客戶註冊，進入我們的商店，正如我所說，並點擊試用按鈕年復一年，這與我們的動態相同當時看到了然而，他們能夠找到第 11 位用戶，輸入他們的信用卡，所有這些都在很大程度上依賴於我們並不總是能夠控制的其他環境。我們關注的最重要的一點是他們是否在使用我們的產品？他們是否從中獲得價值，我們可以耐心等待收入。這就是我們看到的早期 COVID 月份與幾年後現在看到的情況是一致的。

And then just I think one follow-up on that. Also, Cameron, that was, I think, a great job, not just to try at explaining it. In terms of just Atlassian together, the bundled solution that you've launched and announced this quarter, I know it's very early days, but it seems like that's more of an enterprise-focused offering. And is there an opportunity outside of just driving sales into enterprise to potentially add this in or use the opportunity of a transition from some of these on-premise customers to either data center or cloud to onboard them into together?

然後我想對此進行後續跟進。另外，Cameron，我認為這是一份很棒的工作，而不僅僅是試圖解釋它。就 Atlassian 而言，您在本季度推出並宣布的捆綁解決方案，我知道現在還處於早期階段，但它似乎更像是一個以企業為中心的產品。除了將銷售推向企業之外，是否還有機會將其添加到企業中，或者利用從這些本地客戶中的一些過渡到數據中心或云的機會，將他們整合在一起？

Fred, it's Mike here. Super glad you managed to fair it out, a product strategy question. Thank you for doing that. Yes is the answer. So a reminder, Atlassian together is an enterprise-focused offering. We announced at Work Life, a conference targeting work management. Now we have more than 150,000 customers in the work management arena, so a very strong market for us.

弗雷德，我是邁克。非常高興你設法解決了這個問題，這是一個產品策略問題。謝謝你這樣做。答案是肯定的。所以提醒一下，Atlassian 是一個以企業為中心的產品。我們在工作生活會議上宣布了一項針對工作管理的會議。現在我們在工作管理領域擁有超過 150,000 名客戶，這對我們來說是一個非常強大的市場。

There's no doubt that we've continued, as you've seen in our platform, to make our products, as we say, work differently together. So we believe every team works in their own way, and we want our products to work incredibly well together, and we also want to work with all of the other products that customers use as the number of products per customer.

毫無疑問，正如您在我們的平台上看到的那樣，我們一直在繼續讓我們的產品，正如我們所說的那樣，以不同的方式協同工作。所以我們相信每個團隊都以自己的方式工作，我們希望我們的產品能夠很好地協同工作，我們也希望與客戶使用的所有其他產品一起工作，作為每個客戶的產品數量。

I think it's topped 89 or 90 in the latest October survey and it's going to continue to go up, we believe. Atlassian together is an offering targeted our largest customers to allow them to purchase all of our work management applications together that work with each other and all the third-party applications generally used -- focused on customers who are increasing their spend significantly in terms of the number of users.

我認為它在 10 月份的最新調查中超過了 89 或 90，並且我們相信它會繼續上升。 Atlassian together 是一項針對我們最大客戶的產品，允許他們一起購買我們所有的工作管理應用程序，這些應用程序可以相互配合以及所有通常使用的第三方應用程序——專注於在以下方面顯著增加支出的客戶用戶數量。

So when you're rolling out Atlassian's Work Management applications from maybe 2,000 employees to 10,000 employees, it's an incredible way to do that because you don't have to manage individual applications and usage across your employee base. It's very early days. Obviously, as you mentioned, for customers coming from server or data center, they only really have access to Confluence on the server data center realm.

因此，當您將 Atlassian 的工作管理應用程序從大約 2,000 名員工推廣到 10,000 名員工時，這是一種令人難以置信的方式，因為您不必管理單個應用程序和整個員工群的使用情況。現在還很早。顯然，正如您提到的，對於來自服務器或數據中心的客戶，他們實際上只能在服務器數據中心領域訪問 Confluence。

So Atlassian together includes Atlassian Access, Trello, Jira Work Management, Confluence and Atlas, which is our new offering. So those 5 products come in the Atlassian together package. If you're coming from on-premise and moving to the cloud, you only have Confluence. So we do hope it is a compelling offering for customers who are migrating in that space. Far too early to see any actual results of that yet. Again, it was only announced a month ago. Initial customer feedback, I will say, is very positive. People understand the offering, especially for those larger customers that are moving significantly up in terms of their employee access to our Work Management applications and the ability for them all to collaborate with each other. But we'll have more updates for you as that rolls out.

因此，Atlassian 包括 Atlassian Access、Trello、Jira Work Management、Confluence 和 Atlas，這是我們的新產品。所以這 5 種產品一起出現在 Atlassian 包中。如果您從內部部署遷移到雲端，那麼您只有 Confluence。因此，我們確實希望它能為遷移到該領域的客戶提供極具吸引力的產品。現在要看到任何實際結果還為時過早。同樣，它只是在一個月前才宣布。我會說，最初的客戶反饋是非常積極的。人們了解該產品，尤其是對於那些在員工訪問我們的工作管理應用程序以及他們彼此協作的能力方面正在顯著提升的大客戶而言。但隨著推出，我們將為您提供更多更新。

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作結束語。

Just wanted to say thank you all for the detailed questions and for reading our shareholder letter and for attending today. Thank you to all the Atlassian employees for another [kick-ass] quarter. And I hope you have a great weekend, wherever you are in the world, and we'll talk to you next quarter.

只是想說謝謝大家提出詳細的問題，感謝大家閱讀我們的股東信和出席今天的會議。感謝所有 Atlassian 員工的另一個 [kick-ass] 季度。我希望你周末過得愉快，無論你身在世界何處，我們將在下個季度與你交談。