Atlassian Corp (TEAM) 2020 Q3 法說會逐字稿

Good afternoon. Thank you for joining Atlassian's Earnings Conference Call for the Third Quarter of Fiscal 2020. 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 conference over to Matt Sonefeldt, Atlassian's Head of Investor Relations.

下午好。感謝您參加 Atlassian 的 2020 財年第三季度收益電話會議。提醒一下，本次電話會議正在錄音中，可在本次電話會議後從 Atlassian 網站的投資者關係部分重播。我現在將會議交給 Atlassian 的投資者關係主管 Matt Sonefeldt。

Thank you. Good afternoon, and welcome to Atlassian's Third Quarter of Fiscal 2020 Earnings Conference Call. Thank you for joining and supporting us. On the call today, we have Atlassian's Co-founders and Co-CEOs, Scott Farquhar and Michael Cannon-Brookes; our Chief Financial Officer, James Beer; and our President, Jay Simons.

謝謝你。下午好，歡迎參加 Atlassian 2020 財年第三季度收益電話會議。感謝您加入和支持我們。在今天的電話會議上，我們有 Atlassian 的聯合創始人兼聯合首席執行官 Scott Farquhar 和 Michael Cannon-Brookes；我們的首席財務官 James Beer；和我們的總裁傑伊·西蒙斯。

Earlier today, we issued a press release and a shareholder letter with our financial results and commentary for our third quarter of fiscal 2020. These items were also posted on the Investor Relations section of Atlassian's website. On our IR site, we also posted a supplemental presentation and data sheet.

今天早些時候，我們發布了新聞稿和股東信函，其中包含我們 2020 財年第三季度的財務業績和評論。這些項目也發佈在 Atlassian 網站的投資者關係部分。在我們的 IR 網站上，我們還發布了補充演示文稿和數據表。

During the call, we'll make brief opening remarks and then spend the remainder of time on Q&A.

在電話會議期間，我們將做簡短的開場白，然後將剩餘時間用於問答。

Statements made on this call include forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our 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 rely upon forward-looking statements as predictions of future events.

本次電話會議上的陳述包括前瞻性陳述。前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果、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。您不應依賴前瞻性陳述作為對未來事件的預測。

Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made. And we disclaim any obligation to update or revise them should they change or cease to be updated. Further information on these and other factors that could affect the company's financial results are included in the filings we make with the Securities and Exchange Commission from time to time, including the section titled Risk Factors in our most recent 20-F and quarterly report on Form 6-K.

前瞻性陳述僅代表我們管理層在做出此類陳述之日的信念和假設。如果它們發生變化或停止更新，我們不承擔任何更新或修改它們的義務。有關可能影響公司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證券交易委員會提交的文件中，包括我們最近 20-F 和表格上的季度報告中標題為風險因素的部分6-K。

In addition, during today's call, we will discuss non-IFRS financial measures. These non-IFRS financial measures are in addition to, not as a substitute for, or superior to measures of financial performance prepared in accordance with IFRS. There are a number of limitations related to the use of these non-IFRS financial measures versus their nearest IFRS equivalents, and they may be different from non-IFRS and non-GAAP measures used by other companies. A reconciliation between IFRS and non-IFRS financial measures is available in our earnings release, our shareholder letter and in our updated investor data sheet on our IR website.

此外，在今天的電話會議中，我們將討論非國際財務報告準則財務措施。這些非 IFRS 財務指標是對根據 IFRS 編制的財務業績指標的補充、而非替代或優於這些指標。相對於最接近的 IFRS 等效指標，這些非 IFRS 財務指標的使用存在許多限制，並且它們可能不同於其他公司使用的非 IFRS 和非 GAAP 指標。 IFRS 和非 IFRS 財務指標之間的對賬可在我們的收益發布、我們的股東信函以及我們投資者關係網站上更新的投資者數據表中找到。

(Operator Instructions) Also, please be patient if we encounter any disruptions or challenges in logistics, given we are individually dialing in from our homes across the world.

（操作員說明）此外，如果我們在物流方面遇到任何中斷或挑戰，請耐心等待，因為我們是從世界各地的家中單獨撥入的。

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

有了這個，我將把電話轉給邁克做開場白。

Thanks, everyone, for joining today and for your continued support. We want to start by saying we hope you and your loved ones are safe and healthy. We are in unprecedented times. It's more important than ever that we embrace our mission to unleash the potential of every team and support our staffs, customers and communities.

感謝大家今天的加入以及您的持續支持。首先，我們希望您和您所愛的人安全健康。我們正處於前所未有的時代。比以往任何時候都更重要的是，我們接受我們的使命，即釋放每個團隊的潛力並支持我們的員工、客戶和社區。

As you've hopefully read in our shareholder letter, we are confronting this crisis head on. Rapid economic change shapes up industry leader boards, and we will continue to position Atlassian to drive long-term growth in the coming quarters and years. We will leverage our resilient culture and the strength of our business model to take share in the massive markets that we serve. Over nearly 2 decades, we've learned to navigate and adapt to macro change. While we plan to play offense in this cycle, we also acknowledge that the macroeconomy presents some serious headwinds. Yet in Q3, our performance was unscathed. We posted strong results with 33% year-over-year revenue growth, 6,200 net new customer additions and solid profitability. At the same time, the reality of serving over 170,000 customers means we have exposure to the small business economy and COVID-impacted industries. We provided much more detail and many other updates in our shareholder letter that was issued earlier today.

正如您希望在我們的股東信中看到的那樣，我們正直面這場危機。快速的經濟變化塑造了行業領先地位，我們將繼續定位 Atlassian，以推動未來幾個季度和幾年的長期增長。我們將利用我們富有彈性的文化和商業模式的優勢，在我們服務的龐大市場中佔有一席之地。在近 2 年的時間裡，我們學會了駕馭和適應宏觀變化。雖然我們計劃在這個週期中進攻，但我們也承認宏觀經濟存在一些嚴重的逆風。然而在第三季度，我們的表現毫髮無損。我們公佈了強勁的業績，收入同比增長 33%，淨新增客戶 6,200 家，盈利能力穩健。同時，服務超過 170,000 名客戶的現實意味著我們接觸到小企業經濟和受 COVID 影響的行業。我們在今天早些時候發布的股東信中提供了更多細節和許多其他更新。

We are committed to emerging stronger from this storm, and our culture will help us set our direction. Before we move to questions, we want to thank our employees for demonstrating incredible resilience and adaptability in becoming a fully remote TEAM under pressure. It has been difficult, and your hard work has never been more important as we support millions of teams across the world.

我們致力於從這場風暴中變得更強大，我們的文化將幫助我們確定方向。在我們提出問題之前，我們要感謝我們的員工在壓力下成為一個完全遠程的團隊時表現出令人難以置信的彈性和適應能力。這很困難，而您的辛勤工作從未像現在這樣重要，因為我們支持全球數百萬個團隊。

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

有了這個，我會把電話轉給接線員進行問答。

(Operator Instructions)

（操作員說明）

Your first question is from the line of Michael Turrin with Wells Fargo.

您的第一個問題來自富國銀行的 Michael Turrin。

Clearly, everyone's speechless with the results we have delivered this quarter. Operator, maybe we'll come back for Michael.

顯然，每個人都對我們本季度交付的結果感到無語。接線員，也許我們會回來接邁克爾。

Your next question is from the line of Arjun Bhatia with William Blair.

您的下一個問題來自威廉布萊爾的 Arjun Bhatia。

And your next question comes from the line of Arjun Bhatia.

您的下一個問題來自 Arjun Bhatia。

And your next question comes from Jack Andrews.

您的下一個問題來自 Jack Andrews。

I wanted to ask something about the -- something in your shareholder letter. You mentioned that I think 23% of your attendees from your recent Remote Summit came from business teams, which was essentially double from 2019. I was wondering if you could just talk about what is really accounting for that increase there, whether there's something that's happening organically or whether you've pivoted your marketing message. And then the second question would just be any early feedback on the new cloud enterprise product.

我想問一些關於你股東信中的一些事情。你提到我認為最近遠程峰會的與會者中有 23% 來自業務團隊，這基本上是 2019 年的兩倍。我想知道你是否可以談談真正導致這種增長的原因，是否正在發生一些事情有機地，或者您是否已經改變了營銷信息。然後第二個問題是關於新雲企業產品的任何早期反饋。

I'll take the first one. I think it's just an indication of the continued interest in how broad our products can be deployed and the diversity of audiences they serve. I mean, Remote Summit lowered the barrier to entry to Summit. So it could be that there's a lot of interest from line of business participants in our product and users of our product that may not want to travel all the way to San Francisco for an event, but we made it far easier for them to join an event and meet birds of a feather, and I think that's something that we'll continue to explore going forward. And I think Mike will take the enterprise cloud question.

我會拿第一個。我認為這只是表明人們對我們的產品可以部署的範圍以及它們所服務的受眾的多樣性的持續興趣。我的意思是，遠程峰會降低了進入峰會的門檻。因此，業務線參與者可能對我們的產品和我們產品的用戶非常感興趣，他們可能不想一路前往舊金山參加活動，但我們讓他們更容易加入活動並遇到輕而易舉的鳥，我認為這是我們將繼續探索的事情。我認為 Mike 會回答企業雲問題。

Sure, Matt. Look, Cloud Enterprise, to those who don't know, was our latest addition of our cloud products that was launched at Summit a few weeks ago. It's certainly been one of our most important and challenging initiatives in R&D over the last few years. It does give us a full ladder now of cloud additions to meet any customer size. If you count 3 standard premium and now enterprise with, of course, Access for identity and content management across the set. That enterprise addition helps us meet the needs of the, obviously, the largest and most complex enterprises that want unlimited scalability, data residency, the complex security needs to come with that, et cetera. Those are obviously extremely hard to build to meet those requirements. And those requirements are incredibly important for the largest enterprises in the world as they move to the cloud.

當然，馬特。看，Cloud Enterprise，對於那些不知道的人來說，是我們幾週前在峰會上推出的最新添加的雲產品。在過去的幾年裡，這無疑是我們在研發方面最重要和最具挑戰性的舉措之一。它現在確實為我們提供了一個完整的雲添加階梯，以滿足任何客戶規模。如果您算上 3 個標準高級版和現在的企業版，當然還有 Access 用於整個集合的身份和內容管理。顯然，企業添加有助於我們滿足最大和最複雜的企業的需求，這些企業需要無限的可擴展性、數據駐留、複雜的安全性等需求。這些顯然很難滿足這些要求。這些要求對於世界上最大的企業來說非常重要，因為它們正在遷移到雲中。

We obviously had a very good reception to that announcement of the early Access program at Summit. We don't expect it to be a material contributor in FY '20 or even in FY '21 as we get those larger customers ramped up. But obviously, in the long term, it's an incredibly important initiative. In terms of existing feedback from those large enterprises that have joined the early Access program, it's been very good. Obviously, we spent a lot of time with them before that, making sure that we were building what it was that they wanted, and it's just a validation that we're on the right track with that addition.

顯然，我們在峰會上宣布了搶先體驗計劃，得到了很好的歡迎。我們預計它不會在 20 財年甚至 21 財年成為實質性貢獻者，因為我們會吸引那些更大的客戶。但顯然，從長遠來看，這是一項非常重要的舉措。從那些已經加入搶先體驗計劃的大型企業的現有反饋來看，這是非常好的。顯然，在此之前我們花了很多時間與他們合作，確保我們正在構建他們想要的東西，這只是驗證我們在添加的正確軌道上。

And your next question comes from the line of Michael Turits with Raymond James.

您的下一個問題來自 Michael Turits 和 Raymond James 的台詞。

You guided slightly below The Street for next quarter and commented that COVID would impact fourth quarter more than the current quarter, if this is a good quarter. I was wondering if you could speak a little bit more specifically about where COVID and the emerging recession will specifically impact the business. You mentioned SMB, for example, you mentioned COVID-impacted industry. So I was wondering if you could just talk a little bit more about that calculation. And my follow-up question would be, what you think the impact of all of this will be on the pace of software development projects being rolled out, and of developer hiring and how that might impact you guys in the next 12 months.

您對下一季度的指導略低於華爾街，並評論說，如果這是一個好季度，COVID 對第四季度的影響將超過當前季度。我想知道您是否可以更具體地談談 COVID 和新興經濟衰退將具體影響業務的地方。例如，您提到了 SMB，您提到了受 COVID 影響的行業。所以我想知道你是否可以多談談這個計算。我的後續問題是，您認為所有這些將對軟件開發項目的推出速度、開發人員招聘的速度以及未來 12 個月對你們的影響有何影響。

Michael, it's Scott here. I'll talk to the broader thing, and James can talk about the fiscal impact. As you well know, we have 171,000 customers around the world, everything from Fortune 10 to most of the Fortune 500 and tens of thousands, we talk about the Fortune 500,000 being our market that we do. We have no strategic customer concentration. No one customer makes up more than 1% of our revenue. So there's not sort of a specific area there. But of course, as you expect from such a broad market that we're exposed in the same way that you would be kind of across all the different geographies and industries that we're in. I do think there is a sort of short-term benefit of people using our products. In terms of the work from home aspect, they're using collaboration tools more in the short term. I think the long term, the aspect is that people are going to work remotely more than they have to date.

邁克爾，這裡是斯科特。我將談論更廣泛的事情，詹姆斯可以談論財政影響。如您所知，我們在全球擁有 171,000 名客戶，從財富 10 強到財富 500 強中的大多數以及數以萬計的客戶，我們談論財富 500,000 是我們的市場。我們沒有戰略客戶集中度。沒有一個客戶占我們收入的 1% 以上。所以那裡沒有特定的區域。但是，當然，正如您對如此廣闊的市場所期望的那樣，我們以同樣的方式暴露在我們所處的所有不同地區和行業中。我確實認為存在一種短期-使用我們產品的人的長期利益。在在家工作方面，他們在短期內更多地使用協作工具。我認為從長遠來看，人們將比以往更多地遠程工作。

That's going to require more collaboration tools, whether that is collaborating on work product in Confluence, whether that is managing more workflow in Jira versus talking to the person next to him at a desk. So we see that there's some benefits for that over the long term. In terms of pace of software development and hiring, I think we're 6 weeks into this, it would be too hard to talk about that as a broad industry trend. We haven't seen anything that makes us significantly change what we believe internally about that. James, do you want to talk through any of the specific financial impacts there?

這將需要更多的協作工具，無論是在 Confluence 中就工作產品進行協作，還是在 Jira 中管理更多工作流，而不是在辦公桌前與他旁邊的人交談。所以我們看到從長遠來看這有一些好處。就軟件開發和招聘的速度而言，我認為我們已經進入了 6 週，很難將其作為一個廣泛的行業趨勢來談論。我們還沒有看到任何讓我們顯著改變我們內部對此的看法的東西。詹姆斯，你想談談那裡的任何具體財務影響嗎？

Sure. Thanks, Scott. Yes, as we've said, pleased that really a negligible impact from COVID-related factors in Q3. We have seen some impact in April. And in terms of the fact that we serve such a highly diverse set of customers really across all business sizes, geographies and industries, is really one of our major business model advantages. And the reality of that is that when you're serving that many customers, we are going to have exposure to the small business economy and to those particular sectors that have been particularly impacted by COVID. Now of course, this is reflected in the guide. And yes I would particularly emphasize that, that guide underpins some very beneficial aspects of our revenue model. Recall that over 90% of our revenue comes from existing customers. And indeed, over 85% of our revenue is recurring in nature. So overall, we're pleased with how the business performed in Q3. We feel like the guide reflects the impact of the coming quarter.

當然。謝謝，斯科特。是的，正如我們所說，很高興第三季度與 COVID 相關的因素的影響可以忽略不計。我們在四月份看到了一些影響。事實上，我們為所有業務規模、地域和行業的高度多樣化的客戶提供服務，這確實是我們的主要商業模式優勢之一。現實情況是，當您為這麼多客戶提供服務時，我們將接觸到小企業經濟和那些特別受 COVID 影響的特定行業。當然，這反映在指南中。是的，我要特別強調的是，該指南支持了我們收入模式的一些非常有益的方面。回想一下，我們 90% 以上的收入來自現有客戶。事實上，我們 85% 以上的收入都是經常性的。總的來說，我們對第三季度的業務表現感到滿意。我們覺得該指南反映了下一季度的影響。

And your next question comes from the line of Arjun Bhatia with William Blair.

您的下一個問題來自威廉·布萊爾 (William Blair) 的 Arjun Bhatia。

You mentioned in the shareholder letter that cloud migrations were up 60% this year. How do you think the pace of those migration plays out over the rest of the year, given we're in a bit more of an uncertain environment and maybe IT departments are a little busier just trying to keep the lights on? And sort of related to that, we'd just like to hear some early feedback that you're hearing from the cloud enterprise program that you launched.

您在股東信中提到，今年雲遷移增長了 60%。您認為這些遷移的步伐在今年餘下的時間裡會如何發揮作用，因為我們處於一個更加不確定的環境中，而且 IT 部門可能更忙於保持正常運轉？與此相關的是，我們只是想听聽您從您啟動的雲企業計劃中聽到的一些早期反饋。

Sure, mate, I can certainly take that. Look, in terms of migrations, let me start there. We continue to monitor, obviously, how that will be affected. I wouldn't say we've seen much of an effect other than the normal growth in migration so far. It's probably worth noting -- the larger you are as a company, it's obviously a large IT transformation project. But once you've moved to the cloud, you have reduced impact in terms of the operational load on your own team. Effectively, Atlassian takes care of a lot of things that you would have taken care of yourself. So depending on your increased workload in a COVID environment, it can actually reduce your workload quite significantly as an IT department to let us handle a lot of the bits and pieces.

當然，伙計，我當然可以接受。看，就遷移而言，讓我從那裡開始。顯然，我們將繼續監測這將如何受到影響。除了目前的正常移民增長之外，我不會說我們已經看到了太多的影響。可能值得注意的是——作為一家公司，規模越大，它顯然是一個大型 IT 轉型項目。但是，一旦您遷移到雲端，就減少了對您自己團隊的運營負載的影響。實際上，Atlassian 會處理很多您自己會處理的事情。因此，根據您在 COVID 環境中增加的工作量，它實際上可以顯著減少您作為 IT 部門的工作量，讓我們處理很多零碎的工作。

And that, obviously, as you get smaller down the chain, that can be more pronounced. If you're a 500-user customer or 100-user customer. So we remain vigilant as to how that will affect the growth we've seen in migrations, which has been really good so far. It's worth noting that's been increased by the release of the Jira Cloud Migration Assistant, which is a tool we shipped during the last quarter that allows Jira users, predominantly Jira Software but Jira Service Desk too, pick up and move their data to the cloud much more easily and so it helps you through a lot of the more complex transition work. And that's obviously increased both the pace and the accuracy of those migrations, which have been really good.

很明顯，隨著你在鏈條上的規模越來越小，這可能會更加明顯。如果您是 500 個用戶的客戶或 100 個用戶的客戶。因此，我們對這將如何影響我們在移民中看到的增長保持警惕，到目前為止這真的很好。值得注意的是，隨著 Jira Cloud Migration Assistant 的發布，這一功能得到了提升，這是我們在上個季度發布的一個工具，它允許 Jira 用戶（主要是 Jira Software，但也包括 Jira Service Desk）獲取並將他們的數據遷移到雲端。更容易，因此它可以幫助您完成許多更複雜的過渡工作。這顯然提高了這些遷移的速度和準確性，這非常好。

From a cloud enterprise perspective, don't have a lot to add to what I said before. Obviously, the early reaction to the ERP from customers who joined it has been very good. Largely along the lines that this is the addition we're looking for. This checks a lot of the boxes that we made from the highest and most demanding customers with good scale, performance and security requirements. We'll move into assessment mode and have a look at this. And we're working together with those early Access program customers to make sure that cloud enterprise [continues] to evolve to meet their needs.

從雲企業的角度來看，我之前所說的沒有太多可補充的。顯然，加入 ERP 的客戶對 ERP 的早期反應非常好。很大程度上，這是我們正在尋找的補充。這檢查了我們從具有良好規模、性能和安全要求的最高和最苛刻的客戶那裡製造的許多盒子。我們將進入評估模式並看看這個。我們正在與這些早期訪問計劃客戶合作，以確保云企業 [繼續] 發展以滿足他們的需求。

Perfect. And James, just a quick follow-up, if I may.

完美的。詹姆斯，如果可以的話，只是一個快速的跟進。

Sorry, I lost you there.

對不起，我把你弄丟了。

Can you hear me now?

你能聽到我嗎？

Yes. We can hear you now.

是的。我們現在可以聽到你的聲音了。

Okay. Sorry about that. Yes. I was just asking about how you're thinking about price increases this year relative to what you've planned and whether those plans have changed at all given the increased uncertainty.

好的。對於那個很抱歉。是的。我只是問你如何看待今年的價格上漲相對於你的計劃，以及鑑於不確定性增加，這些計劃是否發生了變化。

Well, as you know, we have a very thoughtful and rigorous process to considering pricing moves, and we've been doing that for some years now. When you think about what we've done in years past, it's been a balance between lowering prices and in some instances, raising prices. And to layer on top of that as well. It's important to think about the additions, the strategy that we've been pursuing in recent times. So now with the rollout fully of the free additions of Jira Software, Confluence and Jira Service Desk, that complements the standard additions, the premium additions. And as Mike was speaking of earlier now, beginning to roll out the enterprise additions as well.

好吧，如您所知，我們有一個非常周到和嚴格的流程來考慮定價變動，而且我們已經這樣做了好幾年了。當你想想我們過去幾年所做的事情時，它是在降低價格和在某些情況下提高價格之間取得平衡。並在此之上進行分層。重要的是要考慮新增內容，以及我們最近一直在追求的策略。現在，隨著 Jira Software、Confluence 和 Jira Service Desk 的免費附加功能的全面推出，這些附加功能是對標準附加功能和高級附加功能的補充。正如邁克早些時候所說的那樣，也開始推出企業附加功能。

So the additions represent another way in which we can be paid for the incremental value that we're offering a particular customer. And our customers are able to align their needs with the right addition. And so that will be an ongoing part of our strategy in the years ahead. And then in terms of a specific price, we'll always obviously be thinking through all of the different relevant factors, both competitively and relevant to our customers. So we'll always be looking to find the right balance between being compensated for the value that we offer to our customers while being cognizant of doing the right thing for our customer set as well. So we'll keep having that perspective around pricing, and we'll update you in the months ahead.

因此，這些增加代表了另一種方式，我們可以通過這種方式為我們為特定客戶提供的增量價值付費。我們的客戶能夠通過正確的添加來調整他們的需求。因此，這將是我們未來幾年戰略的一個持續部分。然後就具體價格而言，我們顯然總是會考慮所有不同的相關因素，包括競爭性和與客戶相關的因素。因此，我們將始終尋求在為我們提供給客戶的價值而獲得補償和意識到為我們的客戶群體做正確的事情之間找到適當的平衡。因此，我們將繼續圍繞定價保持這種觀點，我們將在未來幾個月內向您更新。

Your next question from the line of Rishi Jaluria with D.A. Davidson.

你的下一個問題來自 Rishi Jaluria 與 D.A.戴維森。

This is Rishi Jaluria from D.A. Davidson. Two -- first, wanted to -- I appreciate the commentary that more resilient model because 90% of the revenue comes from existing customers. I just wanted to drill down a little bit more into that. If we were to kind of take a snapshot of any given year, how do we think directionally of new business within existing versus new? And following up on that, if you were to think about your penetration within your existing customer base, I'm sure you're pretty under-penetrated right now. But directionally, what do you think that opportunity just within the existing customer set looks like? And then I've got a follow-up.

這是來自 D.A. 的 Rishi Jaluria。戴維森。兩個——首先，想要——我很欣賞關於更具彈性的模型的評論，因為 90% 的收入來自現有客戶。我只是想再深入一點。如果我們要對任何一年進行快照，我們如何在現有業務與新業務之間有方向性地思考新業務？跟進這一點，如果您要考慮在現有客戶群中的滲透率，我敢肯定您現在的滲透率很低。但就方向而言，您認為現有客戶群中的機會是什麼樣的？然後我有一個跟進。

Well, certainly, we've noted that 90% of our activity of our revenue each quarter comes from our current customers. So we tend to add a lot of new customers each quarter. Q3 was another example of additional customers. But those tend to represent a relatively small proportion of the quarter. So it's very much coming from our expand motion. And of course, we have a variety of ways in which to expand. Across products, across additions that I was just referring to in the earlier question in terms of expanding across a broader part of that customer serving more of the groups at that customer and so forth. And so we routinely talk about the fact that we believe we're early in our work to address these very large markets that we serve. So we continue to be very focused on the long-term opportunity and very confident about our ability to address that real opportunity.

好吧，當然，我們已經註意到我們每個季度 90% 的收入活動來自我們當前的客戶。所以我們傾向於每個季度增加很多新客戶。第三季度是增加客戶的另一個例子。但這些往往只佔本季度的一小部分。所以它很大程度上來自我們的擴展運動。當然，我們有多種擴展方式。跨越產品，跨越我剛才在前面的問題中提到的添加，即擴展該客戶的更廣泛部分，為該客戶的更多群體提供服務等等。因此，我們經常談論這樣一個事實，即我們相信我們在努力解決我們所服務的這些非常大的市場方面處於早期階段。因此，我們將繼續非常關注長期機會，並對我們應對這一真正機會的能力充滿信心。

Okay. Great. That's helpful. And then just as a follow-up, you did talk a little bit about with the guidance, the SMB side of the equation. But I wanted to think about industry exposure, right? Obviously, you're very well diverse across industries. But if you were to think about just your exposure, again, directionally, to some of the more impacted industries like travel, hospitality, retail, energy. Just wondering if you can give us a sense for how big that exposure looks.

好的。偉大的。這很有幫助。然後作為後續行動，您確實談到了指導，即等式的 SMB 方面。但我想考慮一下行業曝光，對吧？顯然，您在各個行業中都非常多樣化。但是，如果您只考慮您在一些受影響較大的行業（如旅遊、酒店、零售、能源）中的曝光率，還是有方向性的。只是想知道您是否可以讓我們了解這種曝光看起來有多大。

Sure. Again, we really cover all industries, all sizes of companies in all geographies. That's one of our terrific business model strengths. And so yes, we obviously serve some of the companies like in the travel sector, that have been particularly hard hit in the last several weeks. But really the focus of where we've seen an impact is on the smaller-sized company end of the spectrum. In fact, it was notable to me how one of the larger, for us, deals of March was with an important travel services company. The deal took a few more days to close and actually rolled into the early part of April. But at the end of the day, I was very comfortable with the terms that we settled upon. And the customer was very appreciative of the fact that we had worked with them to help them through their particularly difficult time.

當然。同樣，我們確實涵蓋了所有行業，所有地區的所有規模的公司。這是我們出色的商業模式優勢之一。所以，是的，我們顯然為旅遊行業的一些公司提供服務，這些公司在過去幾週受到的打擊尤其嚴重。但實際上，我們看到影響的重點是規模較小的公司。事實上，我注意到，對我們來說，三月份的一筆較大的交易是如何與一家重要的旅遊服務公司進行的。這筆交易又花了幾天時間才完成，實際上一直持續到 4 月初。但歸根結底，我對我們確定的條款感到非常滿意。客戶非常感謝我們與他們合作幫助他們度過特別困難的時期。

On the smaller end of the spectrum, obviously, that's where we have more of our cloud customers. Recall that we've spoken now a couple of quarters ago about the fact that we have more than 125,000 cloud customers out of our total of, our most recent figure today reported 171,000. So we do skew in our cloud business to a smaller size of organization. Taking a step back from that more broadly, I'd say we are holding steady across the enterprise and large enterprise portions of our business. And on the cloud side, going back there for one last thought, I've been pleased that while, as I say, there are some customers there who are seeing an impact. I've been very pleased by the number of new cloud customers who've been coming to us both in the month of March and thus far in April. In fact, March was the strongest month of Q3 for the addition of new cloud customers. And of course, that's lining up with a month in which we had fully rolled out our free offerings as well. So really quite encouraged by the developments there in terms of continuing to attract new cloud customers.

顯然，在範圍較小的一端，這就是我們擁有更多雲客戶的地方。回想一下，我們已經在幾個季度前談到了這樣一個事實，即我們擁有超過 125,000 個雲客戶，我們今天的最新數據是 171,000 個。因此，我們在雲業務中確實傾向於較小規模的組織。從更廣泛的角度來看，我想說我們在企業和我們業務的大型企業部分保持穩定。在雲方面，回過頭來想一想，我很高興，正如我所說，那裡有一些客戶看到了影響。我對 3 月和 4 月迄今為止來到我們這裡的新雲客戶的數量感到非常高興。事實上，3 月是第三季度新增雲客戶最強勁的月份。當然，這與我們完全推出免費產品的一個月相吻合。因此，在繼續吸引新的雲客戶方面，那裡的發展確實令人鼓舞。

Next question, line of Michael Turrin with Wells Fargo.

下一個問題，Michael Turrin 與 Wells Fargo 的台詞。

I was hoping to hear more around the decision to play offense here in this backdrop. It sounded pretty clear in the letter that you're planning to keep pace in terms of hiring and play offense here in the coming months. Could you just spend a little more time in terms of what that means from your perspective? Are there any specific areas you see yourself maybe pushing even a bit faster behind? And are any of those impacts showing up here in the free cash flow guide? We saw somewhat of a reduction here as well.

我希望能聽到更多關於在這種背景下進攻的決定。在信中聽起來很清楚，你計劃在接下來的幾個月裡在招聘和進攻方面跟上步伐。從你的角度來看，你能多花一點時間來了解這意味著什麼嗎？您是否認為自己有任何特定的領域可能會更快地落後？自由現金流指南中是否顯示了這些影響？我們在這裡也看到了一些減少。

Sure. Michael, let me take that from this side and Scott or James can jump in. As I think we felt it was really important in line with our values. So one of our company values is open company, no bul(expletive). We wanted to be very clear with investors and partners about how we were approaching the current environment, which is obviously unusual. It's not business as usual at the moment. And I think as a company, you have to choose a long-term strategic path with very clear thought as to why one is choosing that path because this is going to play out over many, many quarters. When we sit down and think about it [like in] strengths, beside the fact that we are in very large markets. We have a capability to actually gain share through these quarters with turbulence, however, they come at us, and we remain very adaptable and thoughtful about them. Our culture is extremely strong and adaptable. Obviously, our go-to-market model, as you're presumably well familiar with, suits the flexibility of these type of environments as we don't have to get on a lot of planes to sell stuff.

當然。邁克爾，讓我從這方面考慮，斯科特或詹姆斯可以加入。因為我認為我們認為這對符合我們的價值觀非常重要。所以我們公司的價值觀之一是開放的公司，沒有 bul（髒話）。我們希望與投資者和合作夥伴非常清楚我們是如何應對當前環境的，這顯然是不尋常的。目前情況並不像往常一樣。我認為，作為一家公司，你必須選擇一條長期的戰略道路，並且非常清楚為什麼要選擇這條道路，因為這將在很多很多方面發揮作用。當我們坐下來想一想（比如）優勢時，除了我們處於非常大的市場這一事實之外。我們有能力在動蕩的這些季度中真正獲得份額，但是，它們向我們襲來，我們仍然對它們非常適應和深思熟慮。我們的文化非常強大且適應性強。顯然，我們的上市模式，正如您可能非常熟悉的那樣，適合這類環境的靈活性，因為我們不必乘坐很多飛機來銷售東西。

We have product innovation and we have an extremely strong, obviously, financial position in terms of generating free cash flow as well as obviously, the cash we have on the balance sheet in the business and the stability of our revenue streams. So I think when you put all that together, it's -- hopefully shows some of the background why we feel confident to take that strategy as we sail into the coming quarters and years about how we are planning to approach that and why we are choosing to communicate that. Scott, maybe you want to go into a little bit about the actual effects of what that means? We listed a couple in the letter, but...

我們有產品創新，我們在產生自由現金流方面擁有非常強大的財務狀況，顯然，我們在業務資產負債表上擁有的現金和我們收入流的穩定性。所以我認為，當你把所有這些放在一起時，它 - 希望能展示一些背景，為什麼我們有信心在未來幾個季度和幾年內採取該戰略，了解我們計劃如何實現這一目標以及我們為什麼選擇溝通。斯科特，也許你想了解一下這意味著什麼的實際效果？我們在信中列出了一對，但是...

Yes. Just I'll touch again on them again. The types of things that we've done in the past. And so, Mike and I would hopefully consider ourselves still fairly young in the business since we've been running it last -- since it started in the dot-com crash in 2001. And we remember the global financial crisis in '08, '09, pretty clearly. And some of the things we did back then and what we're doing again now is picking up great key hires and talent that's available and that we could -- maybe wouldn't be on the market otherwise. So that's doing well. Customer acquisition, we've -- 12 years ago now, we released starter licenses and reduced our price from $1,000 down to $10 for many of our products. A few months ago, we launched free and those in free effectively to that $10 down to 0 to aggressively try to acquire customers.

是的。只是我會再次觸及它們。我們過去做過的事情的類型。因此，邁克和我希望自我們上一次經營該業務以來，我們仍然相當年輕——自 2001 年互聯網泡沫破滅以來。我們記得 08 年的全球金融危機， 09，很清楚。我們當時所做的一些事情以及我們現在正在做的事情是挑選優秀的關鍵員工和人才，我們可以 - 否則可能不會出現在市場上。所以這很好。客戶獲取，我們已經 - 12 年前的現在，我們發布了入門許可證並將我們的許多產品的價格從 1,000 美元降至 10 美元。幾個月前，我們推出了免費和免費的，有效地將 10 美元降至 0，以積極嘗試獲取客戶。

And also, I think that -- increased product innovation, continuing the R&D investments that we are known for and yield great value for our customers. And if there's any opportunistic M&A that turns up we're not necessarily going hunting for it, but like there's often opportunities in this particular market environment where you can pick up things that are very attractive that otherwise, again, wouldn't be available. So all those things that we're considering, and we're discussing in a weekly basis in terms of how to be more, I guess, opportunistic in these times. James can talk to how that flows into free cash flow guidance.

而且，我認為——增加產品創新，繼續我們眾所周知的研發投資，並為我們的客戶創造巨大價值。如果出現任何機會主義併購，我們不一定會去尋找它，但就像在這個特定的市場環境中經常有機會一樣，你可以挑選非常有吸引力的東西，否則，再一次，將無法獲得。因此，我們正在考慮的所有這些事情，我們每週都在討論如何在這些時代更加投機取巧。詹姆斯可以談談這如何流入自由現金流指導。

Yes. On the guide, I would just observe. Obviously, we've laid out our revenue guide, the free cash flow guides directionally consistent with that, but then also from a working capital perspective. And it's fair to say that we are working with a small subset of our customers who've requested help in these extremely challenging macroeconomic times. Now this is a relatively small proportion of our total customer base, less than 0.5%. But we feel as though that's the right thing to do. And it's an illustration again of the long-term orientation that Scott and Mike have been talking about on this call already, just another illustration of that mindset that will work out well for those companies and well for us.

是的。在指南上，我只是觀察。顯然，我們已經制定了收入指南，自由現金流指南與此方向一致，但也從營運資金的角度來看。公平地說，我們正在與一小部分客戶合作，他們在這些極具挑戰性的宏觀經濟時期尋求幫助。現在這在我們的總客戶群中所佔的比例相對較小，不到 0.5%。但我們覺得這似乎是正確的做法。這再次說明了斯科特和邁克在這次電話會議上已經談到的長期定位，只是對這種思維方式的另一個說明，這種思維方式對這些公司和我們都很有效。

Your next question on the line of Ittai Kidron with Oppenheimer.

你的下一個問題是關於奧本海默的 Ittai Kidron。

Good numbers, guys. I guess I wanted to follow-up on a couple of things. First of all, with respect to the free cloud additions, great to see that out. Maybe you can tell us on how many downloads you've already had. Or any statistics that you can have there that helps us understand uptake, interest, level of interest or conversion rate, anything on that front. And I know it's early, but some color would be appreciated. And then for James, on the perpetual license revenue decline, clearly, I'm assuming this is demand related. But maybe you can help me think about that in the context of how much of that was perhaps customers shifting to cloud versus true reflection of softer business activity? And should I assume that, that also is the main area where with respect to your guidance, that's where we see most of the weakness near term.

好數字，伙計們。我想我想跟進幾件事。首先，關於免費的雲添加，很高興看到這一點。也許您可以告訴我們您已經下載了多少次。或者您可以在那裡獲得的任何統計數據，以幫助我們了解吸收、興趣、興趣水平或轉化率，以及這方面的任何內容。我知道現在還早，但有些顏色將不勝感激。然後對於詹姆斯來說，關於永久許可收入的下降，顯然，我假設這與需求有關。但是，也許您可以幫助我考慮一下，其中有多少可能是客戶轉向雲計算而不是真正反映更軟的業務活動？我是否應該假設，這也是就您的指導而言的主要領域，這也是我們近期看到的大部分弱點。

Yes, Ittai. Mike, I can certainly take the top part of this question. It's good to see someone else with a tricky name besides us. (inaudible). Look, (inaudible) is still very early, right? The results are -- incredibly encouraging. For history, we started rolling out our free editions back in October in a very limited sense as we told you in the shareholder letter. So sort of looking at 5% and 10% of traffic and seeing what the effects were, as we are always very thoughtful with how the impact of changes we made to pricing and try to consider the long-term benefit to that. We solely expanded that. Obviously, with COVID and the current crisis, we decided to accelerate that somewhat and rolled it out fully in March, which is now available for Jira Software, Jira Service Desk and Confluence. Obviously, that's alongside Trello and Bitbucket and other products that already had 3 editions, and that's a large part of their model already in the cloud.

是的，伊泰。邁克，我當然可以回答這個問題的最重要部分。很高興看到除了我們之外的其他人有一個棘手的名字。 （聽不清）。看，（聽不清）還很早，對吧？結果令人難以置信。從歷史上看，正如我們在股東信中告訴您的那樣，我們早在 10 月就開始在非常有限的意義上推出我們的免費版本。所以有點像查看 5% 和 10% 的流量，看看效果是什麼，因為我們總是非常考慮我們對定價所做的更改的影響，並嘗試考慮這樣做的長期利益。我們只是擴展了它。顯然，由於 COVID 和當前的危機，我們決定在一定程度上加快這一進程，並在 3 月份全面推出，現在可用於 Jira Software、Jira Service Desk 和 Confluence。顯然，這與 Trello 和 Bitbucket 以及其他已經有 3 個版本的產品一起，這是他們模型的很大一部分已經在雲中。

That have been included in closing so we had 125% uplift in valuations, which is obviously actually a little bit ahead of where we expected, but is looking really positive for that perspective. I would reiterate, it is extremely early. We did that, I believe it was less than 4 weeks ago now, a little over 4 weeks ago. So you'd expect a pop-up off the bat. And then it settled down to a number, but it's extremely in a good spot in terms of where we think it should be. And we have seen limited evidence so far, I would say, but certainly some evidence that it's helping us get into even more markets and which users we would not otherwise have been able to get to, which is our goal of heading towards the Fortune 500,000, so it's a great step on that particular journey. Just reiterating the long-term rotation, and this is a great step on that journey. James, I don't know if you want to take any financial impacts of that?

這已包含在收盤中，因此我們的估值上漲了 125%，這顯然實際上比我們預期的要高一點，但從這個角度來看確實是積極的。我要重申，現在非常早。我們做到了，我相信現在還不到 4 週，也就是 4 週前。所以你會期待一個彈出窗口。然後它穩定到一個數字，但就我們認為它應該在的位置而言，它處於一個非常好的位置。到目前為止，我們看到的證據有限，但肯定有一些證據表明它正在幫助我們進入更多市場以及我們無法接觸到哪些用戶，這是我們邁向財富 500,000 強的目標，所以這是在那段特殊旅程上邁出的一大步。只是重申長期輪換，這是該旅程的重要一步。詹姆斯，我不知道你是否想承擔任何財務影響？

Sure. Well, I'll speak to the license part of the question in particular. First of all, recall that in Q2, so 90 days ago, we reported quite a significant pull-forward effect that was driven by the price increases that we had announced previously. So what we saw in part in Q3 was the effect of having activity that otherwise would have occurred in Q3 actually get pulled forward into Q2. Now second point that's really important, though, is that -- and as we've been talking about this theme now for a number of quarters, is that we're very much orienting our business towards continuing to grow to subscription revenue business, so it's the cloud business and the data center business. So you saw subscription revenue growth of [47%] year-over-year.

當然。好吧，我將特別談談問題的許可證部分。首先，回想一下在第二季度，也就是 90 天前，我們報告了相當顯著的拉動效應，這是由我們之前宣布的價格上漲推動的。因此，我們在第三季度部分看到的是，原本會在第三季度發生的活動實際上被提前到了第二季度。不過，現在第二點非常重要，因為我們已經討論這個主題已經有幾個季度了，我們非常關注我們的業務，繼續向訂閱收入業務增長，所以它是雲業務和數據中心業務。因此，您看到訂閱收入同比增長 [47%]。

Very much subscription, the primary driver of the revenue line for the company now. And I would expect that, that will continue. And commensurately, you'll continue to see license moderating over time. In fact, recall that the license line now is a relatively small one. It's a small component of our overall revenue structure. So this past quarter, the absolute dollar figure is $21 million. So I would continue to expect that we'll see less license activity over time and more subscription revenue growth.

非常多的訂閱，現在是公司收入線的主要驅動力。我希望這種情況會繼續下去。相應地，您將繼續看到許可證隨著時間的推移而減少。事實上，回想一下，現在的許可證線是一個相對較小的線。這是我們整體收入結構的一小部分。所以上個季度，絕對美元數字是 2100 萬美元。因此，我繼續預計隨著時間的推移，我們會看到許可證活動減少，訂閱收入增長會更多。

And your next question on the line of Nikolay Beliov from Bank of America.

你的下一個問題來自美國銀行的 Nikolay Beliov。

This is Nikolay Beliov from Bank of America. I wanted to double-click on the 60% increase in migrations from server to cloud. Just wondering how do you measure that? Is that based on users, customers, revenue, et cetera? As you saw that uptick this fiscal year, what strength do you see under the covers in terms of customer sizes moving from server to cloud? Did you guys take advantage in more upsell? And lastly, what have been the partner feedback on migration tools that got launched a couple of months back? As customers move from manual migration to more automated migration, are we talking migration maybe from months or weeks, just whatever you're seeing would love to get to hear from you guys.

這是來自美國銀行的 Nikolay Beliov。我想雙擊從服務器到雲的遷移增加了 60%。只是想知道你是如何衡量的？這是基於用戶、客戶、收入等嗎？正如您在本財年看到的那樣，您在從服務器到雲的客戶規模方面看到了哪些優勢？你們有沒有利用更多的追加銷售？最後，合作夥伴對幾個月前推出的遷移工具有何反饋？隨著客戶從手動遷移轉向更自動化的遷移，我們談論的遷移可能是幾個月還是幾週，無論您看到什麼，都希望收到你們的來信。

So some of my colleagues will jump in as well. But in terms of your first part of the question, the migration statistics that we mentioned for service cloud activity, they're driven off user count. And in terms of our customer size that is migrating. What we are seeing is that, step-by-step, as we continue to add more capability to our cloud products, as we continue to roll out and increase the capability of the different [additions] that we've been talking about on this call, then we're seeing more larger companies making that move. And I think we'll continue to see this trend play out that way over the coming years. Mike spoke earlier to the rollout of enterprise editions. So now we're in a position where we can address the needs of any customer size. And I was going to refer to the helpfulness of those migration tools before you added it to your question. I think that has been an important aspect of us continuing down this pathway of making it easier for our customers of all sizes to migrate their path. Jay, over to you.

所以我的一些同事也會加入進來。但就問題的第一部分，我們提到的服務雲活動的遷移統計數據而言，它們被排除在用戶數量之外。就我們正在遷移的客戶規模而言。我們所看到的是，隨著我們繼續向我們的雲產品添加更多功能，隨著我們繼續推出並增加我們一直在談論的不同 [additions] 的功能，我們正在一步一步地電話，然後我們看到更多的大公司採取了這一舉措。而且我認為我們將在未來幾年繼續看到這種趨勢以這種方式發揮作用。 Mike 早些時候談到了企業版的推出。因此，現在我們可以滿足任何客戶規模的需求。在您將其添加到您的問題之前，我將參考這些遷移工具的幫助。我認為這是我們繼續走這條道路的一個重要方面，讓我們的各種規模的客戶更容易遷移他們的道路。傑，交給你了。

Yes. I'll just jump on, Nikolay, with the back part of that question. I mean the migration tools are built both for customers that can migrate without partner assistance. Also for partners to basically enable a better, more reliable migration. And remember, like in the partner case, there's a bunch of work that they're going to do around the migration that doesn't involve just moving data from server to cloud. In many cases, they want to reconsider their workflow. They want to reconsider how their projects are structured. So we've taken the work out of basically moving data from point A to point B. But in point B, they have an opportunity to rethink what they really want to do or how they want to change their product. In many cases, the server customers have been using the server product for 5 or 6 years. And so there may be some calcification that they want to partner to help them move past. And I think we're going to measure that just in terms of velocity over time, like constantly, both with a partner and with a customer directly, we want to make sure that moving is ever, ever easier.

是的。 Nikolay，我會直接回答這個問題的後半部分。我的意思是遷移工具是為無需合作夥伴幫助即可遷移的客戶構建的。也讓合作夥伴能夠從根本上實現更好、更可靠的遷移。請記住，就像在合作夥伴案例中一樣，他們將圍繞遷移進行大量工作，而不僅僅是將數據從服務器移動到雲。在許多情況下，他們想重新考慮他們的工作流程。他們想重新考慮他們的項目的結構。因此，我們基本上不再將數據從 A 點移動到 B 點。但在 B 點，他們有機會重新思考他們真正想要做什麼或如何改變他們的產品。在許多情況下，服務器客戶已經使用服務器產品 5 或 6 年。因此，他們可能想要合作幫助他們過去的一些鈣化。而且我認為我們將隨著時間的推移根據速度來衡量這一點，就像不斷地與合作夥伴和直接與客戶一樣，我們希望確保移動變得越來越容易。

Got it. And just one clarification question, if I might. James, you mentioned, I believe that you saw some COVID impact in the month of April. Can you please give us some color where in the business you saw that exactly?

知道了。如果可以的話，只有一個澄清問題。詹姆斯，你提到過，我相信你在四月份看到了一些 COVID 影響。你能給我們一些顏色嗎？

Yes, Nikolay, nothing really to add to our previous answers, the April impact's really in the SMB space, with more of an orientation of SMBs to our cloud products. And then obviously, the most heavily impacted industries in terms of the macro impact from COVID, seeing some factor there. But absent that, nothing noticeable to report across industries or across geographies.

是的，尼古拉，我們之前的回答沒有什麼可補充的，4 月的影響確實在 SMB 領域，更多的是 SMB 對我們的雲產品的定位。然後很明顯，就 COVID 的宏觀影響而言，受影響最嚴重的行業也有一些因素。但如果沒有這一點，跨行業或跨地域的報告就沒有什麼值得注意的了。

And your next question, the line of Keith Weiss with Morgan Stanley.

還有你的下一個問題，摩根士丹利的 Keith Weiss。

Excellent. Very nice quarter. I wanted to follow up on -- I think this is a question that Mike Turits was trying to ask, maybe I'd be a little bit more direct about it. One of the things investors are trying to understand is like which solutions do customers find most strategic and most mission-critical and where you're most likely to sustain demand even through difficult times and which ones are perhaps less -- or deemed less mission-critical. And I think the question we're trying to ask is like, if we look across the solution portfolio, is there parts of the portfolio that people find to be more mission-critical? Or you expect the demand to sustain better in? Like if we think about Jira, is Jira Software less mission-critical and Jira Service Desk more? Or is there any way you could kind of help us out in terms of how the customers are thinking about the mission criticality of the suite, number one. And number two for James, on the -- I know it's a very small percentage of customers, but the customers that are asking for help, is the form of the help that you guys are willing to give, is that just on payment terms and the like? Or are you guys actually kind of modifying existing contracts?

優秀的。非常好的季度。我想跟進——我認為這是 Mike Turits 試圖問的一個問題，也許我會更直接一點。投資者試圖了解的一件事是，客戶認為哪些解決方案最具戰略性和最關鍵的任務，即使在困難時期你最有可能維持需求，哪些可能更少——或被認為更少任務——危急。我認為我們要問的問題是，如果我們查看解決方案組合，人們是否發現組合中的某些部分對任務更為關鍵？或者您預計需求會持續好轉？就像我們考慮 Jira 一樣，Jira Software 是不是任務關鍵型更少而 Jira Service Desk 更多？或者有什麼方法可以幫助我們了解客戶如何考慮套件的任務關鍵性，第一。詹姆斯排名第二，我知道這是一小部分客戶，但尋求幫助的客戶是你們願意提供的幫助形式，只是在付款條件和類似？還是你們實際上是在修改現有合同？

Keith, Scott here. I'll answer the first bit about sort of where our products are most mission critical. Now what we've found is that our products, because they are workflow products that are embedded in our customers' workflows in almost all the cases of what we do, whether it's Trello or it's Confluence or it's Bitbucket or it's Confluence for doing collaboration or it's your service desk that's serving your customers, your internal help desk, like all those things are baked into our customers' workflows. And so we don't really see them as a discretionary expense that gets turned off when you want to save money, like it's key to people being productive. And I think we have an added benefit that we're a relatively -- compared to our peers or competitors, we will be a lower cost to provide that outcome. And so we -- in 2008, we saw some benefit to us because people switched to a lower-cost provider to provide those things where maybe they had a legacy provider and they wanted to move.

基思，斯科特在這裡。我將首先回答關於我們的產品在哪些方面最關鍵的任務。現在我們發現的是我們的產品，因為它們是工作流產品，幾乎在我們所做的所有情況下都嵌入到我們客戶的工作流中，無論是 Trello 還是 Confluence 或 Bitbucket 或 Confluence 進行協作或為您的客戶服務的是您的服務台，您的內部幫助台，就像所有這些東西都融入了我們客戶的工作流程一樣。因此，我們並不真正將它們視為一種可自由支配的開支，當你想省錢時就會被關閉，就像它是人們提高生產力的關鍵一樣。而且我認為我們有一個相對的額外好處 - 與我們的同行或競爭對手相比，我們將提供這種結果的成本更低。所以我們——在 2008 年，我們看到了一些好處，因為人們轉向低成本的供應商來提供那些他們可能有傳統供應商並且他們想搬家的東西。

Now -- so that's the way I think about it. It's not an area where I'd say we're particularly strong or weak there. Obviously, in our customer base, the more embedded we are in our customers, the stickier we are. And so to the extent that more -- to be able to customize our products more, which we'd say probably a medium or larger-sized customers have customized our products more. And where people use our third-party marketplace so if 2 companies look alike, I'd say the ones that have customized it more and have used more third parties, we know are stickier in the numbers. James, do you want to talk to the next part?

現在——我就是這麼想的。這不是一個我會說我們在那里特別強或特別弱的領域。顯然，在我們的客戶群中，我們越深入客戶，我們就越有粘性。因此，在某種程度上——能夠更多地定制我們的產品，我們會說可能是中型或大型客戶對我們的產品進行了更多的定制。在人們使用我們的第三方市場的地方，如果有兩家公司看起來相似，我會說那些定制更多並使用更多第三方的公司，我們知道在數字上更具粘性。詹姆斯，你想談談下一部分嗎？

Yes, sure. The bulk of where we're working with our customers are really around payment terms. And I'd note that those are changes to our arrangements that are temporary in nature, and that's quite clear in our dialogue with those customers.

是的，當然。我們與客戶合作的大部分內容實際上都是圍繞付款條款進行的。我會注意到，這些是對我們安排的臨時更改，這在我們與這些客戶的對話中非常清楚。

And your next question, line of Heather Bellini with Goldman Sachs.

還有你的下一個問題，Heather Bellini 與高盛的關係。

Great. Just had a couple of follow-ups. And I know the shareholder letter was longer this quarter, but it was very helpful. My 2 questions relate to a little bit what other people have been asking. Just looking at what you said about April, are you assuming that spending levels from those affected companies and industries stay the same throughout the quarter? Or in your assumptions, are you expecting business to actually get better for those affected companies and industries in May and June? And then my follow-up is just, again, you also highlighted 90% of your revenue comes from existing customers. From the industries that aren't impacted, what assumptions are you making about net expansions, if you will, versus prior periods for June?

偉大的。剛剛進行了幾次跟進。而且我知道本季度的股東信更長，但它非常有幫助。我的 2 個問題與其他人一直在問的問題有關。看看你關於 4 月份的說法，你是否假設那些受影響的公司和行業的支出水平在整個季度保持不變？或者在您的假設中，您是否預計 5 月和 6 月受影響的公司和行業的業務實際上會變得更好？然後我的跟進只是，再次強調，您 90% 的收入來自現有客戶。在未受影響的行業中，與 6 月份的前期相比，如果您願意的話，您對淨擴張做出了哪些假設？

Okay. Heather, I'll take that one. So in terms of the guidance that we've offered, a few thoughts. First of all, I'd say that the philosophy that we brought setting the guidance in terms of setting the range, placing the range is quite consistent with what we have done historically. We have laid out a broader revenue range. Clearly, with this macroeconomic uncertainty, there is a greater potential variability in our results. And it's certainly challenging to accurately estimate the current environment's impact across such a large customer base. So we have looked carefully at our experience in April and considered that, and our various leading indicators are top of funnel-type indicators and assumed that, that sort of situation plays out across the balance of the quarter. So hopefully, that's helpful to that part of the question.

好的。希瑟，我要那個。因此，就我們提供的指導而言，有一些想法。首先，我要說的是，我們在設定範圍、設定範圍方面設定指導的理念與我們過去所做的非常一致。我們已經制定了更廣泛的收入範圍。顯然，由於宏觀經濟的不確定性，我們的結果存在更大的潛在可變性。準確估計當前環境對如此龐大的客戶群的影響當然具有挑戰性。因此，我們仔細研究了 4 月份的經驗並考慮到這一點，我們的各種領先指標都是漏斗型指標的頂部，並假設這種情況會在本季度的剩餘時間裡出現。因此，希望這對問題的那一部分有所幫助。

In terms of around the 90% or so of our revenue that comes from our existing customers. I wouldn't add anything other than, obviously, we factor in what we've been seeing in the last few weeks. And again, think specifically about the relevant forward-looking indicators for that type of element of the overall revenue structure.

大約 90% 左右的收入來自我們現有的客戶。除了顯然我們考慮了過去幾週所看到的情況之外，我不會添加任何內容。再次，具體考慮整體收入結構中這類元素的相關前瞻性指標。

And your next question, the line of Gregg Moskowitz with Mizuho.

還有你的下一個問題，Gregg Moskowitz 與瑞穗的路線。

Gregg Moskowitz, Mizuho. I guess my first question, in the shareholder letter, you mentioned that you have over 150,000 organizations on starter licenses or subscriptions, and clearly, it's a very large number. However, there were over 175,000 starter accounts a year ago. And just given your very strong top of funnel, I'm wondering why that has declined. In other words, have you converted a lot of these to paid accounts? Or are there a bunch of them that have just gone away for one reason or another?

格雷格莫斯科維茨，瑞穗。我想我的第一個問題，在股東信中，你提到你有超過 150,000 個組織的初學者許可證或訂閱，顯然，這是一個非常大的數字。但是，一年前有超過 175,000 個初始帳戶。鑑於您非常強大的漏斗頂部，我想知道為什麼它會下降。換句話說，您是否將其中很多轉換為付費帳戶？還是有很多人因為某種原因而消失了？

I think Jay, why don't you take that one?

我想傑，你為什麼不拿那個？

Yes. Gregg. So I think the macro trend is just the shift to cloud. Remember, like the starter license largely talks about the server 10 user license for $10. And increasingly, the more attractive value proposition even at the pre free price was to move to cloud, and that was like the macro trend, people aren't going to install a piece of software, if you can get it for effectively the equivalent price to run on the cloud. So that's been some pressure. And then free is a far more attractive place to start on any Atlassian product. And so that's sort of the -- I think the macro effect here on the server starter license.

是的。格雷格。所以我認為宏觀趨勢只是向雲的轉變。請記住，就像入門許可證一樣，主要談論 10 美元的服務器 10 用戶許可證。並且越來越多地，即使在免費前的價格下，更具吸引力的價值主張是遷移到雲，這就像宏觀趨勢一樣，人們不會安裝一個軟件，如果你能以等價的價格獲得它在雲上運行。所以壓力有點大。然後免費是開始使用任何 Atlassian 產品的更具吸引力的地方。這就是——我認為這裡的宏觀效應對服務器入門許可證的影響。

Right. Okay. And then just as a follow-up, curious about what kind of demand you saw in the quarter for data center subscription as well as your cloud premium SKU?

對。好的。然後作為後續行動，對您在本季度看到的數據中心訂閱以及雲高級 SKU 有什麼樣的需求感到好奇？

Good. We were pleased with both. I think James mentioned this. But largely the enterprise segment, both just in terms of how we performed in the quarter and then the overall pipeline and traction, we saw both through the quarter and headed into this one with positive, both across data center, both directly and then in with our indirect global channel and from standard to premium as an upgrade pattern in cloud.

好的。我們對兩者都很滿意。我認為詹姆斯提到了這一點。但主要是企業部門，無論是就我們在本季度的表現，然後是整體管道和牽引力而言，我們都看到了整個季度，並以積極的態度進入了這一季度，無論是直接還是直接進入數據中心我們的間接全球渠道以及從標準到高級的雲升級模式。

And your next question from the line of Brent Thill with Jefferies.

你的下一個問題來自 Jefferies 的 Brent Thill。

This is Luv Sodha on for Brent Thill. First of all, congrats to Jay given it's his last quarter. And more to ask maybe a couple of questions. One was now with the release of the Atlassian Cloud Enterprise, could you maybe talk about the investment in Enterprise Advocates? I know you guys have a viral go-to-market motion. But the Enterprise Advocates have been helping in terms of pushing Atlassian as a solution set. So what about the investment in that team going forward? And then the second one, on the M&A front, I know you guys mentioned that you would be more offensive there. Sort of anything in your portfolio that's lacking right now? Or how would you think about the strategy going forward?

這是布倫特希爾的 Luv Sodha。首先，恭喜傑，因為這是他的最後一個季度。還有更多要問的問題。一個是現在發布了 Atlassian Cloud Enterprise，您能否談談對 Enterprise Advocates 的投資？我知道你們有一個病毒式的上市運動。但企業倡導者一直在幫助推動 Atlassian 作為解決方案集。那麼未來對該團隊的投資呢？然後是第二個，在併購方面，我知道你們提到你們在那裡會更具攻擊性。你的投資組合中現在缺少什麼？或者您如何看待未來的戰略？

Yes. I'll take the first one. So we'll continue to invest in Enterprise Advocates as we have to support the data center upgrade motion in server, both the migration motion from server to enterprise cloud and the upgrade motion from standard cloud to enterprise cloud is really similar. And so I think we'll continue to expand that team to serve the opportunity that enterprise cloud presents, both for existing service customers that are moving and for big enterprise customers that are growing. Remember that we get a lot of leverage in the Enterprise Advocates group, both from our indirect channel that we -- that is pretty large and deeply connected to our products and our customers in the market, and we work hand-in-hand with them on that bigger enterprise upgrade motion and selling motion.

是的。我會拿第一個。因此，我們將繼續投資 Enterprise Advocates，因為我們必須支持服務器中的數據中心升級運動，從服務器到企業雲的遷移運動和從標準雲到企業雲的升級運動都非常相似。因此，我認為我們將繼續擴大該團隊，為企業雲提供的機會服務，既為現有的正在移動的服務客戶，也為正在增長的大型企業客戶。請記住，我們在 Enterprise Advocates 小組中獲得了很多影響力，無論是來自我們的間接渠道，我們 - 這是相當大的，與我們的產品和市場上的客戶有著密切的聯繫，我們與他們攜手合作關於那個更大的企業升級動議和銷售動議。

So we get leverage there, which is why the Enterprise Advocate group can grow modestly over time. And we get a lot of leverage just from the flywheel. We're landing inside of these biggest customers with a high-velocity starting point that I think we're really well-known for. And then we can use that as a more efficient leverage point to grow customers, both as we have in data center, and it's certainly up the stack in cloud to enterprise cloud. And I'll hand over that question? Or Scott, on the M&A question?

因此，我們在那裡獲得了影響力，這就是 Enterprise Advocate 小組可以隨著時間的推移適度增長的原因。而且我們僅從飛輪中就獲得了很大的影響力。我們以高速的起點登陸這些最大的客戶，我認為我們確實以這一點而聞名。然後我們可以將其用作更有效的槓桿點來增加客戶，就像我們在數據中心中所擁有的一樣，而且它肯定是從雲到企業雲的堆棧。我會交出這個問題嗎？還是斯科特，關於併購問題？

Yes. Obviously, again, I've been really proud of how we've done that. You can build products, you can partner, you can have a marketplace, you can acquire. And I think Atlassian is a company that has done all those very successfully over almost 20 years there. And when we look at acquisitions. The things we always look for is, firstly, are they aligned with our mission to unleash the potential of every team? Do they help us get to our big hairy goal of 100 million active users. Do they fit with the values of our company? Do they fit with our business model? And then there's a lot of [out] long tail, a lot of things we've really looked for. And I think we've been very successful with that approach and a measured approach of making sure that we bring on the companies that are really great fit for Atlassian. As Mike and I've been the biggest shareholders of Atlassian, we're aligned with all of you on this call and all the shareholders listening in terms of being good stewards of capital and making sure that we invest wisely to get the returns that all of us would want.

是的。顯然，我再次為我們如何做到這一點感到非常自豪。你可以打造產品，你可以合作，你可以擁有一個市場，你可以收購。我認為 Atlassian 是一家在近 20 年裡非常成功地完成所有這些工作的公司。當我們考慮收購時。我們一直在尋找的東西是，首先，它們是否符合我們釋放每個團隊潛力的使命？它們是否幫助我們實現了 1 億活躍用戶這一艱鉅的目標。它們符合我們公司的價值觀嗎？它們符合我們的商業模式嗎？然後有很多[out]長尾，很多我們真正尋找的東西。我認為我們在這種方法和確保我們引進非常適合 Atlassian 的公司方面取得了非常成功的成功。由於邁克和我一直是 Atlassian 的最大股東，我們在這次電話會議上與你們所有人保持一致，所有股東都在傾聽，以成為良好的資本管家，並確保我們明智地投資以獲得所有人的回報我們中的一些人想要。

And your next question, line of Keith Bachman with Bank of Montreal.

您的下一個問題是蒙特利爾銀行的 Keith Bachman。

I wanted to ask 2 questions. The first one's on mix and the second is on COVID. The mix question is probably for James to build on something that was asked before, but perpetual was down year-over-year, and you indicated you had some pull-ins. It actually hasn't been down previously despite some pricing changes. And so as we look out, you said growth would moderate. Would it still be, you think, a positive number as we look out over the next couple of quarters? And the related part of that is on the maintenance side. Maintenance has been steady eddie at call it, 20%, 21% growth for some time. If perpetual wanes, should we start to think about the maintenance side also perhaps slowing? I would think that would be a long process. But I just wanted to hear a little bit about that, and then I'll ask my COVID question as a follow-up.

我想問2個問題。第一個是混合的，第二個是關於 COVID 的。混合問題可能是讓詹姆斯在之前提出的一些問題的基礎上再接再厲，但 perpetual 同比下降，你表示你有一些拉動作用。儘管價格發生了一些變化，但它實際上並沒有下降。因此，正如我們所看到的，您說增長將放緩。在接下來的幾個季度中，您認為這仍然是一個正數嗎？與此相關的部分是在維護方面。維持一直穩定，20%，21%的增長已經有一段時間了。如果永久衰退，我們是否應該開始考慮維護方面也可能放緩？我認為這將是一個漫長的過程。但我只是想听聽一點，然後我會問我的 COVID 問題作為後續行動。

Sure. So in the perpetual license line, yes, we have been seeing those pull-forward effects into Q2 from Q3. And I would expect other of our coming quarters, the next couple of quarters, for example, to see similar types of pull-forward effects when we record those results. So that will drive the dynamic of whether it's a lower percentage growth or whether it is, in fact, a shrinking of the absolute dollar figure. Again, the dollar figure is a relatively small one at this point in time because so much of the new activity is taken by our customers going straight to one or more of our cloud services.

當然。因此，在永久許可線中，是的，我們已經看到了從第三季度到第二季度的那些拉動效應。我希望我們接下來的其他幾個季度，例如接下來的幾個季度，在我們記錄這些結果時會看到類似類型的拉動效應。因此，這將推動這一動態，無論是較低的百分比增長，還是實際上是絕對美元數字的萎縮。同樣，此時美元數字相對較小，因為我們的客戶直接使用我們的一項或多項云服務進行了大量新活動。

Now also in terms of the maintenance line, clearly, we have spoken a great deal about our efforts to migrate customers from server over to cloud. And indeed, some of our server customers migrate up to data center as well. So as that continues to happen and continues to build over time, then, yes, there'll be fewer customers executing their renewal of their server contracts. Instead, they'll be taking on data center or cloud contracts. And so yes, you would see that affect the maintenance line over time. But I think you're right in characterizing that as a more gradual effect the net that you see in the license line because the license line reflects brand-new activity, either a new company coming in to buy our server products or it could reflect a current customer buying additional licenses, more users for their current licenses. That sort of thing. And so I would expect you to see the drawdown most pronounced on the license line but also a similar effect over time on the maintenance line.

現在同樣在維護線方面，很明顯，我們已經談了很多關於我們將客戶從服務器遷移到雲的努力。事實上，我們的一些服務器客戶也遷移到了數據中心。因此，隨著這種情況繼續發生並隨著時間的推移繼續構建，那麼，是的，執行他們的服務器合同更新的客戶將會減少。相反，他們將承擔數據中心或云合同。所以是的，你會看到隨著時間的推移會影響維護線。但我認為你的描述是對的，因為許可證線反映了全新的活動，要么是一家新公司進來購買我們的服務器產品，要么它可能反映了一個更漸進的效果，因為許可證線反映了全新的活動。當前客戶購買了額外的許可證，更多的用戶購買了他們當前的許可證。之類的東西。因此，我希望您會看到許可證線的下降最為明顯，但隨著時間的推移，維護線也會出現類似的影響。

Okay. Great. That's very helpful. And then, Jay, maybe in the spirit of this is your last call, I direct this one to you. When you think about or talk about COVID and the interactions with the customers, is there any sense about you could give us some dollar exposure to SMB? In other words, is that x percent of your revenues? And b, when you say that you're having some impact, what's the behavior there? Is it less upsell? Is it not renewing the monthlies? Is there any feedback you can give on what that means in terms of behavior when you say you're being impacted? And all the best in your future endeavors.

好的。偉大的。這很有幫助。然後，傑，也許本著這是你的最後一個電話的精神，我把這個電話給你。當您考慮或談論 COVID 以及與客戶的互動時，您是否可以讓我們在 SMB 中獲得一些美元敞口？換句話說，那是您收入的 x% 嗎？ b，當你說你有一些影響時，那裡的行為是什麼？是不是加售少了？不是更新月刊嗎？當您說自己受到影響時，您可以就行為方面的含義提供任何反饋嗎？在你未來的努力中一切順利。

Thanks, Keith. I'll start, and James maybe will want to tack on. I think we've addressed this a bunch over the course of the call, like we've seen largely the impact that we've seen has been from the small to medium business segment in cloud. And we saw that in March and continued a little bit in April. And mostly, that is around customers either not expanding at the rate that we wanted them to, or in some cases, reducing their license counts because they reduced the size of their employee population. We're happy -- on the cost side, by the way, we're also happy with the rate of new customer acquisition has been where we want it to be. And so I think that's a good positive signal. And then as I mentioned, the enterprise segment, which is a growing proportion of our business remains healthy, both just in terms of what we did in the quarter and pipeline that we're building. And James you may want to tack on some color.

謝謝，基思。我會開始，詹姆斯可能會想繼續。我認為我們在電話會議期間已經解決了很多問題，就像我們已經看到了我們所看到的主要影響來自云中的中小型業務部門。我們在三月看到了這一點，並在四月繼續了一點。大多數情況下，客戶要么沒有按照我們希望的速度擴張，要么在某些情況下減少了他們的許可證數量，因為他們減少了員工人數。我們很高興——順便說一下，在成本方面，我們也對新客戶獲取率達到我們想要的水平感到高興。所以我認為這是一個很好的積極信號。然後正如我所提到的，在我們的業務中所佔比例越來越大的企業部門保持健康，無論是就我們在本季度所做的事情和我們正在建設的管道而言。還有詹姆斯，你可能想要添加一些顏色。

No, I think you covered it, Jay.

不，我想你涵蓋了它，傑伊。

And your next question, the line of Ari Terjanian Cleveland Research.

還有你的下一個問題，Ari Terjanian Cleveland Research 的產品線。

Congrats on the results. Two questions. First, can you just give a little bit more impact. You touched upon it on the shareholder letter, but -- and talked about collaboration. But any more examples of how customers may be using your tools and solutions to help address COVID, and do you think you guys will make more templates, more kind of prepackaged applications to help? And then second, you talked about take-up of the leaderboard. Are there any areas where you see potential for the greatest share gains over the next 6 to 12 months across your portfolio?

祝賀結果。兩個問題。首先，你能不能多一點影響。你在股東信中提到了它，但是 - 談到了合作。但是還有更多關於客戶如何使用您的工具和解決方案來幫助解決 COVID 的示例，您認為你們會製作更多模板、更多類型的預打包應用程序來提供幫助嗎？其次，你談到了排行榜的佔據。在您的投資組合中，您認為在未來 6 到 12 個月內，您認為哪些領域有可能獲得最大的股票收益？

Let me take the first one. Scott mentioned a bunch of these use cases, but I mean, we become a way to coordinate project activity content. In the case of COVID where everybody's gone remote, I think our products become pretty critical as a way to connect people to what they're trying to do. And so I think there's a bunch of great use cases highlighted in the document, even when you think about something as -- even maybe that seems little mundane is how do we get people back into our offices. I mean, that is a fairly -- can be a fairly complicated amount of work with a whole bunch of considerations as we emerge from this and maybe people go back into an office and to work, and they've got to do things like get on an elevator, you have to consider like how desks get spaced out differently. That involves a ton of human coordination and action. And that's typically where our products get brought in to help customers and help teams. And maybe who is taking the second part, maybe, Mike?

讓我拿第一個。斯科特提到了一堆這樣的用例，但我的意思是，我們成為了一種協調項目活動內容的方式。在 COVID 的情況下，每個人都變得偏遠，我認為我們的產品作為一種將人們與他們正在嘗試做的事情聯繫起來的方式變得非常重要。因此，我認為文檔中突出顯示了許多很棒的用例，即使您認為某些事情是——即使我們如何讓人們回到我們的辦公室，這似乎有點平凡。我的意思是，這是一個相當 - 可能是相當複雜的工作量，當我們從中出現時需要考慮很多因素，也許人們回到辦公室工作，他們必須做一些事情，比如得到在電梯上，您必須考慮辦公桌的間距如何不同。這涉及大量的人類協調和行動。這通常是我們的產品被引入以幫助客戶和幫助團隊的地方。也許誰在拍攝第二部分，也許是邁克？

Yes. I can certainly take the second part of that. Look, the question is where do we expect share gains, et cetera. Look, all of the markets we operate in, whether you look at Agile and DevOps in the software teams market, whether you look at IT and the broader sort of ITSM, enterprise service management spaces or whether you just look at collaborative work management tools, whether teams are remote or not remote, right, people are going to change their work styles as a result of this. So I would say all sort of 3 of our major markets, we have very small shares, and all 3 of the markets are growing by themselves. So we expect there to be a lot of opportunities to look there. Scott mentioned talent, it's quite likely that this is a period over the next couple of years where there's a higher availability of talent in different markets that we operate in geographically. That's very important for us. And I think what's important is to see us just constantly optimizing our business.

是的。我當然可以接受第二部分。看，問題是我們期望股票收益在哪裡，等等。看看我們經營的所有市場，無論您是查看軟件團隊市場中的敏捷和 DevOps，還是查看 IT 和更廣泛的 ITSM、企業服務管理空間，還是只查看協作工作管理工具，無論團隊是遠程還是非遠程，對，人們都會因此改變他們的工作方式。所以我會說我們的所有 3 個主要市場，我們的份額很小，所有 3 個市場都在自行增長。所以我們預計會有很多機會去那裡看看。斯科特提到人才，很可能在接下來的幾年裡，我們在地理上經營的不同市場中的人才可用性更高。這對我們來說非常重要。我認為重要的是看到我們不斷優化我們的業務。

Again, as Scott mentioned a little bit in 2008, 2009 when we introduced the starter program, which is a little bit of an analogy to what we've done in free and cloud. That really sets the platform to drive a decade of growth across a lot of different markets that brought in tens of thousands of businesses to the Atlassian experience to different parts of our world. And those other companies, you should see at the moment, moving from server to data center or evaluating cloud premium or cloud enterprise. So when we talk about playing in the long-term game, that's exactly what we mean. We believe this can have an opportunity in 3 very large markets that we serve, and you'll see us continue to make moves to try to be opportunistic where we see that. You've seen that in free already. You've seen that in hiring. We'll continue to evaluate our acquisition opportunities as we look through that. But we're very positive about what that means to us going forward.

同樣，正如 Scott 在 2008 年提到的，2009 年我們引入啟動程序時，這有點類似於我們在免費和雲中所做的事情。這確實為平台設置了在許多不同市場推動十年增長的平台，這些市場為我們世界不同地區帶來了數以萬計的企業使用 Atlassian 體驗。和其他公司，你現在應該看到，從服務器轉移到數據中心或評估雲溢價或云企業。因此，當我們談論長期比賽時，這正是我們的意思。我們相信這可以在我們服務的 3 個非常大的市場中獲得機會，您會看到我們繼續採取行動，在我們看到的地方嘗試投機取巧。您已經在免費中看到了這一點。你已經在招聘中看到了這一點。我們將繼續評估我們的收購機會。但我們對這對我們前進的意義非常樂觀。

And your next question on the line of Alex Kurtz with KeyBanc.

你的下一個問題是關於 KeyBanc 的 Alex Kurtz 的。

This is Steve Enders on for Alex. I just want to get a better sense of how your partners and sales teams are adjusting to work-from-home initiatives and their ability to drive expansion within your largest customers. And secondly, I want to get a better understanding of, I think you mentioned that you're looking to hire more people and focus more on the R&D side. But where are the biggest opportunities for investment in the product and R&D teams now?

這是亞歷克斯的史蒂夫恩德斯。我只是想更好地了解您的合作夥伴和銷售團隊如何適應在家工作的計劃，以及他們在最大客戶中推動擴張的能力。其次，我想更好地理解，我認為您提到您正在尋求僱用更多人並更多地關注研發方面。但現在對產品和研發團隊的最大投資機會在哪裡？

Steve, I'll take the first part. I mean, our sales teams -- our direct sales team, are all largely inside. And so -- inside teams. And so not -- they're working largely either from home, they've been -- work from home in the past or they work in offices, engaging with the customers. So I think that rhythm hasn't really changed. Partners are in market with customers. And so I think there's an impact there for partners that can't meet with customers. But we've been working over the past 10 years to help digitize like our solution partners. And so the way that we market, co-market with them, the way that we help generate demand in market combines both off-line, which may have a little bit of a pause until we can get back to a different -- the old normal. But we complemented that with a whole bunch of online digital demand capability that we [offered] them. Just in terms of building pipeline and letting them serve customers, I don't anticipate that we'll have too much of an impact.

史蒂夫，我將參加第一部分。我的意思是，我們的銷售團隊——我們的直銷團隊，大部分都在內部。所以 - 內部團隊。所以不是 - 他們主要是在家工作，他們過去一直 - 在家工作，或者他們在辦公室工作，與客戶互動。所以我認為節奏並沒有真正改變。合作夥伴與客戶一起進入市場。因此，我認為無法與客戶會面的合作夥伴會受到影響。但在過去的 10 年裡，我們一直在努力幫助數字化，就像我們的解決方案合作夥伴一樣。所以我們營銷的方式，與他們共同營銷，我們幫助在市場中產生需求的方式結合了離線，這可能會有一點停頓，直到我們可以回到不同的地方——舊的普通的。但我們用我們[提供]給他們的一大堆在線數字需求能力來補充這一點。就建立管道並讓他們為客戶服務而言，我預計我們不會產生太大的影響。

Yes. And if I could just briefly interject on that, Jay, just to support that, I've been pleased with as I said earlier, we've been tracking very closely all aspects of our financials in April and partner performance has been tracking well. And one of my (inaudible) the second part of that in R&D?

是的。如果我可以簡單地插話，傑伊，只是為了支持這一點，正如我之前所說，我很高興，我們一直在密切跟踪四月份財務狀況的各個方面，合作夥伴的表現一直很好。我的（聽不清）研發的第二部分之一？

I'm sorry, I can jump in and take the second part of that on R&D. Look, we still believe we have a massive number of opportunities to invest in R&D. The highlights would certainly be -- be things like Trello and [Trulia] taking advantage of the change in work style. As more companies are working from home, tools like that are obviously becoming more valuable, Confluence for asynchronous communication, things like this. So obviously, in the product set, there's a lot of opportunities. Secondly, we're in the midst of a decade-long transition to our singular Atlassian platform, the Teamwork Platform. That's not a simple exercise. It's going to continue to take us years to build out, I guess, so far. You've seen lots of examples of that, the new Collaborative Editor [role] it involves a lot of change in identity and other key parts of our platform as they roll through different products. And then thirdly would be in the enterprise segment, right?

對不起，我可以跳進去，把第二部分的內容放在研發上。看，我們仍然相信我們有大量的機會投資於研發。亮點肯定是——比如 Trello 和 [Trulia] 利用工作方式的變化。隨著越來越多的公司在家工作，像這樣的工具顯然變得更有價值，用於異步通信的 Confluence 等等。所以很明顯，在產品組合中，有很多機會。其次，我們正處於向我們獨特的 Atlassian 平台——團隊合作平台——過渡長達十年之久。這不是一個簡單的練習。我想，到目前為止，我們還需要數年的時間才能建立起來。你已經看到了很多這樣的例子，新的協作編輯器 [角色] 它涉及身份和我們平台的其他關鍵部分的大量變化，因為它們在不同產品中滾動。然後第三個是在企業領域，對吧？

We've talked about cloud enterprise, the new addition that we put into early Access program this year. That's a massive amount of infrastructural and calculated changes in how we operate our products to meet the demands of our largest customers and scale them in the cloud. That's not a one-and-done exercise. That's a continued R&D investment and requires large-scale changes in our infrastructure and how we deploy products, how we work with data residency, how we work with security, how we work with our company's own networks, et cetera, and still provide the flexible cloud products that we do and scale them for those needs. So you'll see us continue to invest largely all across the board, but hopefully those are 3 useful examples of areas where we are investing.

我們已經討論了雲企業，這是我們今年加入早期訪問計劃的新成員。這是我們如何操作產品以滿足我們最大客戶的需求並在雲中擴展它們的大量基礎設施和計算變化。這不是一勞永逸的練習。這是一項持續的研發投資，需要對我們的基礎設施以及我們如何部署產品、我們如何處理數據駐留、我們如何處理安全性、我們如何處理我們公司自己的網絡等等進行大規模的改變，並且仍然提供靈活的我們所做的雲產品並根據這些需求對其進行擴展。因此，您會看到我們繼續進行全面投資，但希望這些是我們投資領域的 3 個有用示例。

Your next question the line of Derrick Wood with Cowen.

你的下一個問題是 Derrick Wood 和 Cowen 的路線。

First question, James, with respect to guidance. If I look at the midpoint, it does imply sequentially down revenue for Q4. And I guess I'm just trying to understand the kind of bigger levers in driving that. Is it increase in dollar churn? Or should we think maybe there's more trade down to pre SKUs? Or perhaps an acceleration of on-prem to cloud? If you could give some color there, and then I've got a follow-up.

第一個問題，詹姆斯，關於指導。如果我看中點，它確實意味著第四季度的收入依次下降。我想我只是想了解推動它的更大槓桿。美元流失增加了嗎？或者我們是否應該認為前 SKU 可能會有更多的交易？或者可能是本地到雲的加速？如果你能在那裡提供一些顏色，然後我會跟進。

So just point to really 3 different thoughts. First of all, recall my earlier comments about pull forward activity, so I would expect what we benefited from in Q2 in terms of a pull-forward effect. That's drawing from both Q3, Q4 and probably the next 2 quarters of fiscal '21. So I think that's important to bear in mind. Yes, as Mike talked about earlier. We have fully rolled out free as the default option for our entry-level customers. So I would say that the effect there is quite modest. We guided at the start of this year to the impacts that we thought would occur from free during the year, and it was one of 3 components of a 1-point headwind to revenue growth. And I feel as though we're tracking well to that. And then obviously, we've been talking about the impacts of COVID generating the macroeconomic sort of circumstances that are impacting some of our SMB cloud customers in particular.

因此，只需指出真正的 3 個不同的想法。首先，回想一下我之前關於前拉活動的評論，所以我預計我們在第二季度從前拉效應中受益。這來自第三季度、第四季度以及可能是 21 財年的下兩個季度。所以我認為記住這一點很重要。是的，正如邁克之前所說的那樣。我們已完全免費推出，作為入門級客戶的默認選項。所以我會說那裡的效果相當溫和。我們在今年年初指導了我們認為在今年免費發生的影響，這是收入增長 1 點逆風的 3 個組成部分之一。而且我覺得我們在這方面做得很好。然後很明顯，我們一直在談論 COVID 產生的宏觀經濟環境的影響，這些環境特別影響了我們的一些 SMB 雲客戶。

Okay. I guess a broader question. I mean, I would imagine there's a lot of people that are looking for cost optimization right now. Maybe that gives you a window to attract more IT people to your platform. You've got low cost particularly around Jira Service Desk. So can you talk about maybe some new initiatives you guys are thinking about doing to target the IT buyer more aggressively in this environment?

好的。我想一個更廣泛的問題。我的意思是，我想現在有很多人正在尋找成本優化。也許這為您提供了一個窗口來吸引更多 IT 人員使用您的平台。您的成本很低，尤其是在 Jira Service Desk 周圍。那麼，您能否談談你們正在考慮採取的一些新舉措，以便在這種環境中更積極地瞄準 IT 買家？

Yes. I mean, Derrick, we believe it's an ongoing focus for us. IT is, as we've talked about, is an increasing place that we can land with JSD. And to your point, like we agree, we are, I think, a value choice and a high product quality choice. And that combination, I think, sets us up well in this environment. But we'll continue to talk about the IT service management and IT, kind of broad collaboration, service collaboration areas that we focus on, both across JSD and with Opsgenie and with Confluence and Trello. I mean there's -- we've got, I think, a really rich portfolio that we can talk to IT about both to help serve the problems that they're trying to solve internally for themselves, but more importantly, for the problems that they're in charge of for their companies.

是的。我的意思是，Derrick，我們相信這是我們持續關注的焦點。正如我們所討論的，IT 是一個越來越多的地方，我們可以使用 JSD。就您的觀點而言，就像我們同意的那樣，我認為，我們是一個價值選擇和高產品質量選擇。我認為，這種組合使我們在這種環境中處於有利地位。但我們將繼續討論 IT 服務管理和 IT，一種廣泛的協作，我們關注的服務協作領域，包括 JSD 和 Opsgenie 以及 Confluence 和 Trello。我的意思是——我認為，我們有一個非常豐富的產品組合，我們可以與 IT 討論這兩者，以幫助解決他們試圖在內部為自己解決的問題，但更重要的是，為他們解決的問題'負責他們的公司。

And I will now turn the call back over to Scott Farquhar for closing remarks.

現在，我將把電話轉回給 Scott Farquhar 以致閉幕詞。

Thank you, everyone, for joining our call today. We appreciate your ongoing support, and we hope that you and your loved ones remain safe and healthy. Thank you.

謝謝大家，今天加入我們的電話會議。感謝您一直以來的支持，我們希望您和您所愛的人保持安全和健康。謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。