Atlassian Corp (TEAM) 2023 Q3 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's earnings conference call for the third quarter of fiscal year 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.

下午好，感謝您參加 Atlassian 2023 財年第三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。

I will now hand the call over to Martin Lam, Atlassian's Head of Investor Relations.

我現在將電話轉交給 Atlassian 的投資者關係主管 Martin Lam。

Welcome to Atlassian's Third Quarter of 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 財年第三季度財報電話會議。感謝您今天加入我們。今天和我一起參加電話會議的還有 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 third 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. 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.

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 財年第三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。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。

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. 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. 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.

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。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。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。

During today's call, we will also discuss nonfinancial 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. 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.

在今天的電話會議中，我們還將討論非財務措施。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。 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。

Please keep in mind that we'd like to allow as many of you to participate in Q&A as possible. (Operator Instructions)

請記住，我們希望盡可能多的人參與問答。 （操作員說明）

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. As you've already read in our shareholder letter, we delivered another solid quarter of financial results and continued the steady drumbeat of innovation to help our customers transform the way they work. We've just wrapped Team ’'23 our annual Atlassian conference, where we gathered with thousands of customers and partners.

感謝您今天加入我們。正如您已經在我們的股東信中讀到的那樣，我們又交付了穩健的季度財務業績，並繼續穩步推進創新，以幫助我們的客戶轉變工作方式。我們剛剛結束了 Team ''23 年度 Atlassian 會議，我們與成千上萬的客戶和合作夥伴齊聚一堂。

The investing community has never been stronger, and the enthusiasm for our product announcements was unmatched. We introduced Atlassian Intelligence, virtual teammate, which uses generative AI technology and leverages the Atlassian platform to accelerate customers' work in a way that is tailored to them. With 20 years of knowledge reflecting how hundreds of thousands of software IP and business teams plan, track and deliver work Atlassian Intelligence is like a floodlight, lighting up new customer insights. We're excited to see how AI will unleash our customers' potential and strengthen our competitive advantage.

投資界從未如此強大，對我們產品發布的熱情是無與倫比的。我們推出了虛擬隊友 Atlassian Intelligence，它使用生成式 AI 技術並利用 Atlassian 平台以適合客戶的方式加速他們的工作。憑藉 20 年的知識，反映了數十萬軟件 IP 和業務團隊如何規劃、跟踪和交付工作，Atlassian Intelligence 就像一盞泛光燈，照亮了新的客戶洞察力。我們很高興看到人工智能將如何釋放我們客戶的潛力並增強我們的競爭優勢。

In addition to Atlassian Intelligence, we also announced exciting new features and platform enhancements, including Confluence Whiteboards and databases; support for up to 50,000 users in the cloud; and Beacon, our new threat detection and mitigation products, just to name a few. It's incredibly exciting to think about the opportunities we have in front of us. With unique features and capabilities for Atlassian Intelligence and the platform innovations we're delivering, customers are more enthusiastic than ever to migrate to the cloud, and we look forward to helping them on that journey.

除了 Atlassian Intelligence 之外，我們還宣布了激動人心的新功能和平台增強功能，包括 Confluence Whiteboards 和數據庫；在雲中支持多達 50,000 個用戶；和 Beacon，我們的新威脅檢測和緩解產品，僅舉幾例。想想我們面前的機會真是令人興奮。憑藉 Atlassian Intelligence 的獨特特性和功能以及我們正在提供的平台創新，客戶比以往任何時候都更加熱衷於遷移到雲，我們期待在這一過程中幫助他們。

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 Gregg Moskowitz from Mizuho Securities.

（操作員說明）您的第一個問題來自瑞穗證券的 Gregg Moskowitz。

Okay. You mentioned in the shareholder letter that the Q4 guide includes an assumption of increasing headwinds for churn and for premium edition upsells, even though you've yet to see a significant impact in those areas. And I think that's prudent, but wondering if you could contextualize this a bit more for us. For instance, are you baking in a modest incremental headwinds? Or would you say that it's more substantial than that?

好的。您在致股東的信中提到，第四季度指南包括假設客戶流失和高級版追加銷售的逆風增加，儘管您尚未在這些領域看到重大影響。而且我認為這是謹慎的，但想知道您是否可以為我們更多地考慮這一點。例如，您是否在適度增加的逆風中烘烤？或者你會說它比那更重要嗎？

Yes. Thanks, Greg. Really, no change to our guidance approach that we took back in February when it comes to the cloud guidance specifically. That cloud guidance range assumes the macroeconomic environment gets worse in Q4, and year-to-date trend lines continue into Q4. You're right to call out the fact that the low end of that range, not only assumes continued weakness in the 2 drivers that we've seen to date around paid seat expansion at existing customers and free-to-pay conversions, but it also does include some macro impact to areas that have held up well year-to-date like churn upsell and migrations. So we do expect and have built in pretty substantial macroeconomic headwinds at the low end of that range.

是的。謝謝，格雷格。確實，我們在 2 月份特別針對雲指導採取的指導方法沒有改變。該雲指導範圍假設宏觀經濟環境在第四季度變得更糟，並且年初至今的趨勢線持續到第四季度。你指出這個範圍的低端這一事實是正確的，不僅假設我們迄今為止看到的 2 個驅動因素在現有客戶的付費座位擴展和免費轉換方面持續疲軟，而且它也確實包括對年初至今表現良好的領域的一些宏觀影響，例如流失追加銷售和遷移。因此，我們確實預計並且已經在該範圍的低端建立了相當大的宏觀經濟逆風。

The other thing I'd call out really quickly is if you take that Q4 guidance, it puts our full year FY '23 cloud guidance at 37% year-over-year. That's squarely within the range of the 35% to 40% we provided in February. So really no fundamental change overall in our cloud outlook or our approach to guidance.

我要很快指出的另一件事是，如果您採用第 4 季度的指導，它將使我們全年的 23 財年雲指導達到同比增長 37%。這正好在我們 2 月份提供的 35% 到 40% 的範圍內。因此，我們的雲前景或我們的指導方法總體上沒有根本性的變化。

The next question comes from Brent Thill from Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Joe, EMEA grew 22% this quarter. I think last quarter was 30%. It seems like you had some weakness in the region. Can you just give us a sense what happened there? And maybe I'm just reading too much into the numbers, but anything to call out there?

喬，歐洲、中東和非洲本季度增長了 22%。我認為上個季度是 30%。看來你在該地區有一些弱點。你能告訴我們那裡發生了什麼嗎？也許我只是對數字讀得太多了，但有什麼要說的嗎？

Yes. Awesome. Thanks, Brent, and great to hear from you. I'll start, and then I'll let Cameron chime in. In EMEA, revenue trends tend to be quite volatile quarter-to-quarter than the U.S., and the reason for that is pretty simple. EMEA has been slower to adopt the cloud, so there is more data center revenue in the EMEA sales mix. And DC, as you know, is inherently more volatile for 2 reasons. One is revenue recognition, 20% of DC license value is recognized upfront. And then secondarily, customer purchasing behavior around data center pricing changes also create some volatility. So I wouldn't read too much into that. It's typically just a function of quarter-to-quarter volatility, but I'll pass it to Cameron for more of the customer insight.

是的。驚人的。謝謝，布倫特，很高興收到你的來信。我先開始，然後讓卡梅倫插話。在歐洲、中東和非洲地區，與美國相比，每個季度的收入趨勢往往波動很大，原因很簡單。 EMEA 採用雲的速度較慢，因此 EMEA 銷售組合中的數據中心收入更多。如您所知，DC 本質上更不穩定，原因有兩個。一是收入確認，預先確認 DC 許可證價值的 20%。其次，圍繞數據中心定價變化的客戶購買行為也會造成一些波動。所以我不會對此讀太多。它通常只是季度間波動的函數，但我會將其傳遞給 Cameron 以獲得更多客戶洞察力。

Yes. Repeating what Joe said there, but I would like to speak just to the cloud adoption in EMEA. Obviously, we do see cloud adoption lagging behind the U.S. and the Americas. But in general, over the last year, as we've done things like data residency in Germany as well as higher requirements for Banfi for financial services organizations, we've been able to see more and more of our larger customers in Europe choosing to go to cloud. We actually worked at a very large European Bank over the last few months, getting them signed up for cloud, and we're starting to migrate them today. So I will see that although they're lagging, we are seeing that adoption continuing to increase more in line with the U.S. numbers.

是的。重複 Joe 在那裡所說的話，但我只想談談 EMEA 中的雲採用。顯然，我們確實看到雲採用落後於美國和美洲。但總的來說，在過去的一年裡，隨著我們在德國完成數據駐留以及對金融服務組織對 Banfi 的更高要求，我們已經能夠看到越來越多的歐洲大客戶選擇去雲。事實上，過去幾個月我們在一家非常大的歐洲銀行工作，讓他們註冊雲，我們今天開始遷移他們。所以我會看到，儘管他們落後了，但我們看到採用率繼續增加，與美國的數字更加一致。

The next question comes from Keith Weiss from Morgan Stanley.

下一個問題來自摩根士丹利的 Keith Weiss。

Excellent. I was hoping to sneak in 2 questions. One kind of more tactical and short term in nature and one longer term. On the short term, this is going off of Gregg's question, I think what a lot of people are trying to understand what the shape of the quarter was and how demand held up through the quarter and whether that influenced more conservative Q4 guide. So maybe if Cameron gives a view on kind of like how the quarter progressed.

出色的。我希望偷偷提出兩個問題。一種本質上更具戰術性和短期性，另一種是長期性。從短期來看，這與 Gregg 的問題不符，我認為很多人都在試圖了解本季度的情況以及需求如何在本季度保持穩定，以及這是否會影響更保守的第四季度指南。因此，也許卡梅倫可以就本季度的進展情況發表看法。

The longer-term question comes from sort of, I think the debate that all of us are having around like large language models and generative AI on whether they're going to be disruptive or complementary to a lot of existing businesses. You guys have already rolled out functionality when it comes to the ITSM side of the equation. So how do you guys think about that question about sort of the risk of being displaced by people utilizing these new technologies versus your ability and what's going to make you sticky and being able to benefit from them? And does that necessitate at all kind of changing the pricing model, moving away from the per seat pricing model maybe to better sort of account for the value that you're adding that doesn't take place with the agent itself, but takes place on the platform, actually doing a lot more of the work?

更長期的問題來自某種程度上，我認為我們所有人都在圍繞大型語言模型和生成人工智能進行辯論，討論它們是否會破壞或補充許多現有業務。當涉及到等式的 ITSM 方面時，你們已經推出了功能。那麼你們如何看待這個問題，即被使用這些新技術的人取代的風險與你的能力以及什麼會讓你保持粘性並能夠從中受益？這是否需要改變定價模型，從按座位定價模型轉變為更好地考慮您所增加的價值，這些價值不是由代理本身產生的，而是發生在平台，實際上做了更多的工作？

Thanks for the question, Keith. This is Joe. I'll take the first part with Cameron, and then Mike will chime in on the second. In terms of the linear nature of the quarter, we did not see anything unusual about the linearity of our billings in the quarter nor did we see anything unusual in the month of April, where trends were consistent with Q3. Cam?

謝謝你的問題，基思。這是喬。我將與 Cameron 一起完成第一部分，然後 Mike 將加入第二部分。就本季度的線性性質而言，我們沒有看到本季度賬單的線性有任何異常，我們也沒有看到 4 月份有任何異常，該月份的趨勢與第三季度一致。凸輪？

Yes, I'd say the only thing is, as all of you know, we did a price change on our server and data center licensing in mid-February. That, of course, causes some behavior throughout the quarter, but no -- nothing significant throughout the quarter beyond the reaction to the price change. Mike?

是的，我想說的是，眾所周知，我們在 2 月中旬對服務器和數據中心許可進行了價格調整。當然，這會在整個季度引起一些行為，但不會 - 除了對價格變化的反應之外，整個季度沒有什麼重要的。麥克風？

Yes. Thanks, Keith. Great question. Well, quite clearly, what I can say from Atlassian's point of view, we think that AI, large language models, as you mentioned, is a huge opportunity for us as a business. If you look at our fundamentals, we've always tried to solve human problems, not technology problems, right, which means we have a lot of customer knowledge and data entrusted to us over the last 2 decades. We have a fantastic platform to build on top of that connects that knowledge together, and we have a fantastic R&D team to build features on top of these things. So AI allows our customers to be significantly more efficient to get to our mission of unleashing the potential of every team. That's what we believe it will do.

是的。謝謝，基思。很好的問題。嗯，很明顯，從 Atlassian 的角度來看，我們認為人工智能、大型語言模型，正如你提到的，對我們作為一個企業來說是一個巨大的機會。如果你看一下我們的基本面，我們總是試圖解決人類問題，而不是技術問題，對吧，這意味著在過去的 2 年裡，我們擁有大量的客戶知識和數據。我們有一個很棒的平台可以在此基礎上將這些知識連接在一起，並且我們有一個很棒的研發團隊可以在這些東西之上構建功能。因此，人工智能使我們的客戶能夠更有效地實現我們釋放每個團隊潛力的使命。這就是我們相信它會做的。

So from our point of view, we think our best opportunity to grow our business through the Atlassian Intelligence feature set is to drive customer growth, right? We have a goal of, in the long term, winning the Fortune 500,000, not the Fortune 500, and we think that these technologies will help us get there. That's why we're including the features in all additions rather than as a separate SKU. It's not a good customer experience and, we think, will slow adoption to put it that way around.

因此，從我們的角度來看，我們認為通過 Atlassian Intelligence 功能集發展業務的最佳機會是推動客戶增長，對嗎？從長遠來看，我們的目標是贏得財富 500,000 強，而不是財富 500 強，我們認為這些技術將幫助我們實現目標。這就是為什麼我們將這些功能包含在所有添加項中，而不是作為單獨的 SKU。這不是一個好的客戶體驗，而且我們認為，將這種方式放慢採用速度。

We also obviously have a major trend, as you're all well aware of the migrations to the cloud in our business. Our largest customers in data center have the most amount of knowledge and data built up over time, which hence they can get the most amount of efficiency. And with this feature set being only available in the cloud, it's a further reason for them to migrate or bring forward their migrations. And as we know, the migrated customers have really great economics for Atlassian, faster expansion rates, et cetera. So that's the reason we're looking at it that way. Fundamentally, yes, a huge advantage for our customers, which is why we're in this business in the first place. And secondly, that's how we're looking at growing our Atlassian's business through the Atlassian Intelligence feature set.

我們顯然也有一個主要趨勢，因為你們都很清楚我們業務中向雲的遷移。隨著時間的推移，我們在數據中心的最大客戶擁有最多的知識和數據，因此他們可以獲得最大的效率。由於此功能集僅在雲中可用，因此這是他們遷移或提前遷移的另一個原因。正如我們所知，遷移後的客戶為 Atlassian 帶來了非常好的經濟效益，更快的擴張速度等等。所以這就是我們以這種方式看待它的原因。從根本上說，是的，這對我們的客戶來說是一個巨大的優勢，這就是我們首先從事這項業務的原因。其次，這就是我們考慮通過 Atlassian Intelligence 功能集發展 Atlassian 業務的方式。

Your next question comes from Fatima Boolani from Citi.

你的下一個問題來自花旗的 Fatima Boolani。

Mike, maybe for you or, Scott, on the Jira Service Management product pillar, a lot of activity and action is really boosting use cases that JSM can be deployed in specifically around external customer support use cases, and we're familiar with certain vendors in that market. So I'm curious what else needs to happen to really drive more monetization scale in JSM and particularly in the context of some of your very large customers who are working to really head count retrenchment process where JSM can be very labor inflationary investment. And then a quick follow-up for Joe, if I may.

Mike，也許對於你或 Scott，在 Jira Service Management 產品支柱上，很多活動和行動確實在促進 JSM 可以部署的用例，特別是圍繞外部客戶支持用例，我們熟悉某些供應商在那個市場。所以我很好奇還需要發生什麼才能真正推動 JSM 的更大貨幣化規模，特別是在您的一些非常大的客戶正在努力真正裁員的情況下，JSM 可能是非常勞動力通脹的投資。如果可以的話，然後快速跟進喬。

Sure. I can certainly take that for you, Fatima. Look, we remain incredibly bullish on our position in ITSM and ASM spaces. And obviously, Jira Service Management is a huge part of that. I think as customers naturally are looking to be more efficient with their spend in a more turbulent economic time that would lead to advantages in Jira Service Management, and we continue to push those. We've invested heavily with Atlassian Intelligence feature sets and virtual agents and all sorts of other technologies that make customers more efficient, make agents more efficient, fundamentally allow them to process more requests per day, per hour with hopefully greater customer fidelity as well. So that's -- it's one of the reasons we're incredibly bullish at the moment.

當然。我當然可以為你接受，法蒂瑪。看，我們仍然非常看好我們在 ITSM 和 ASM 領域的地位。顯然，Jira Service Management 是其中的重要組成部分。我認為客戶自然希望在更加動蕩的經濟時期提高支出效率，這將帶來 Jira Service Management 的優勢，我們將繼續推動這些。我們對 Atlassian Intelligence 功能集和虛擬代理以及各種其他技術進行了大量投資，這些技術可以提高客戶的效率，提高代理的效率，從根本上讓他們每天、每小時處理更多的請求，並有望提高客戶忠誠度。所以這就是 - 這是我們目前非常看漲的原因之一。

Second is Jira Service Management, just to remind people, it lands predominantly in IT teams, but it does have a great expansion story to other parts of the organization in terms of like HR, finance, marketing, legal areas, which are fundamentally service-driven parts of an organization that have the customers being other parts of the organization. That has long been our thesis. Again, our fundamental philosophy is that there are far more agents, we believe, inside a company than other companies. I think other vendors think because we're not just targeting the IT team. That said, obviously, we have a wonderful landing spot through the development and IT organization and expansion, and we continue to see that throughout the quarter as customers increasingly use Jira Service Management outside of IT teams, and that's a long-term growth factor for us.

其次是 Jira Service Management，只是提醒人們，它主要用於 IT 團隊，但它在人力資源、財務、營銷、法律領域等組織的其他部分確實有很大的擴展故事，這些領域基本上是服務-組織的驅動部分，客戶是組織的其他部分。這一直是我們的論點。同樣，我們的基本理念是，我們相信，一家公司內部的代理人比其他公司多得多。我認為其他供應商的想法是因為我們不僅僅針對 IT 團隊。也就是說，很明顯，我們通過開發和 IT 組織和擴展擁有一個很好的著陸點，我們在整個季度繼續看到，隨著客戶越來越多地在 IT 團隊之外使用 Jira Service Management，這是一個長期增長因素我們。

I appreciate that detail. Joe, the question for you is just on the cloud trajectory. I know a lot of us have been grappling with how that segment is digesting and absorbing the pretty meaningful moderation you've seen in seat expansion. And I know you alluded to in your shareholder letter that churn levels necessarily have not increased. But can you help us sort of understand or at least maybe put some sort of a downside cap on how you're thinking about that dynamic, where you're really actively trying to manage gross seat turn in order to support that growth and to that segment?

我很欣賞這個細節。喬，你的問題只是關於雲的軌跡。我知道我們中的很多人一直在努力解決該部分如何消化和吸收您在席位擴展中看到的非常有意義的節制。我知道你在股東信中提到流失率一定沒有增加。但是你能幫助我們理解或者至少可以對你如何看待這種動態設置某種下行上限嗎，你真的在積極嘗試管理總座位轉彎以支持這種增長並支持這種增長部分？

Yes. Thanks for the question, Fatima. When we look at the churn rates, especially customer churn, it's been very consistent and stable throughout the year. That suggests there's nothing that's changed from our structural competitive position. Customers continue to come to our sites, try our products, our monthly active users, our free instances, all of that seems very healthy and strong. So churn has not been a big issue for us.

是的。謝謝你的問題，法蒂瑪。當我們查看流失率，尤其是客戶流失率時，全年都非常穩定。這表明我們的結構性競爭地位沒有任何變化。客戶繼續訪問我們的網站、試用我們的產品、我們的每月活躍用戶、我們的免費實例，所有這些似乎都非常健康和強大。所以客戶流失對我們來說不是什麼大問題。

The primary driver of the pressure that we're seeing in that cloud segment is really around paid seat expansion at existing customers and the free-to-paid conversion rates that we talked about. The remainder of the business, whether it's migrations or upsell or cross-sell, all those drivers, pricing, all those drivers continue to be very healthy from our perspective. So that's really been the core issue that we've been working through.

我們在雲領域看到的壓力的主要驅動因素實際上是圍繞現有客戶的付費席位擴展和我們談到的免費到付費的轉化率。業務的其餘部分，無論是遷移、追加銷售還是交叉銷售，所有這些驅動因素、定價，從我們的角度來看，所有這些驅動因素仍然非常健康。所以這確實是我們一直在努力解決的核心問題。

The next question comes from Michael Turrin from Wells Fargo.

下一個問題來自富國銀行的 Michael Turrin。

Great. Maybe one for me on margin. We entered the year expecting mid-teens operating margin. You just delivered a second consecutive quarter of 20-plus percent. Maybe, Joe, if you can speak to what's driving that uplift. And then as a second part, at the investor session, there was a comment around fiscal '24 as a year of continued investment. So any color in helping us square that with just anything else you're doing to help optimize on the cost side as we're thinking through the puts and takes of margin trajectory and some of the offsets you have within your control?

偉大的。也許對我來說是一個保證金。我們進入了這一年，預計營業利潤率將達到十幾歲左右。您剛剛連續第二個季度實現了 20% 以上的業績。也許，喬，如果你能談談是什麼推動了這種提升。然後作為第二部分，在投資者會議上，有關於 24 財年作為持續投資年的評論。因此，在我們考慮保證金軌蹟的看跌期權和您控制範圍內的一些抵消時，有什麼顏色可以幫助我們將其與您正在做的任何其他事情相提並論，以幫助在成本方面進行優化？

Yes, great question. Thanks for asking. If you look at our operating margin performance in the quarter, we did outperform our expectations by 6 to 7 percentage points, 5 points of that was driven by lower operating expenses and better operating leverage. Those operating expenses were -- favorability was driven in 2 primary areas. First, we have less-than-expected payroll-related costs from lower bonus expenses and headcount, including about $10 million in savings related to our restructuring. And then secondarily, we had less-than-expected discretionary costs in areas like professional services and T&E as part of our plan that we discussed earlier in the year to be responsive to the macro impact on our business and align our cost structure with revenue growth. I'll let Scott talk to the comments of Team '23.

是的，很好的問題。謝謝你的提問。如果你看一下我們本季度的營業利潤率表現，我們確實超出了我們的預期 6 到 7 個百分點，其中 5 個百分點是由較低的運營費用和更好的運營槓桿推動的。這些運營費用是——在兩個主要領域推動了好感度。首先，由於獎金支出和員工人數減少，我們的工資相關成本低於預期，其中包括與重組相關的約 1000 萬美元的節省。其次，我們在專業服務和 T&E 等領域的可自由支配成本低於預期，這是我們在今年早些時候討論的計劃的一部分，以應對對我們業務的宏觀影響，並使我們的成本結構與收入增長保持一致.我會讓 Scott 談談 Team '23 的評論。

The last point I would make just is the focus for the team has been around maximizing the return on every dollar spent, making disciplined prioritization and resource allocation calls and driving operational efficiencies, and I really believe the team has done a really good job this year of executing across those 3 things, and that's what you see showing up in that operating expense favorability. Scott?

我要說的最後一點是團隊的重點一直是最大限度地提高每一美元花費的回報，進行有紀律的優先級排序和資源分配調用以及提高運營效率，我真的相信團隊今年做得非常好執行這三件事，這就是您在運營費用偏好中看到的。斯科特？

Yes. Just to reiterate what you've mentioned, Michael, for those that weren't at our investor call or at our team conference that we did say that we see FY '24 being a continued investment year. We still see huge opportunities out there in those areas. We talked about migrations, enterprise, ITSM that we're being aggressive in investing behind, and we expect those investments to continue through FY '24 of course taking into account everything closely.

是的。只是重申你提到的，邁克爾，對於那些沒有參加我們的投資者電話會議或我們的團隊會議的人來說，我們確實說過我們認為 24 財年是一個持續的投資年。我們仍然在這些領域看到了巨大的機會。我們談到了我們正在積極投資的遷移、企業、ITSM，我們預計這些投資將持續到 24 財年，當然要密切考慮所有因素。

Your next question comes from Kash Rangan from Goldman Sachs.

你的下一個問題來自高盛的 Kash Rangan。

Just a quick couple of introspective questions here. The cloud growth rate is certainly looking to be set for deceleration in Q4. As you look at next year, is there reason to believe that cloud growth rate could reaccelerate at some point in fiscal '24 based on your assessment of time line of migrations and the product readiness?

這裡只是幾個快速的內省問題。雲增長率肯定會在第四季度減速。展望明年，根據您對遷移時間線和產品準備情況的評估，是否有理由相信雲增長率會在 24 財年的某個時候重新加速？

And also, as it relates to generative AI, I'm wondering if you can -- and it's been hard to get clarity out of company management because it's such a nebulous topic. So the best of your abilities, can you prognosticate if this will mean that you will need fewer developers and fewer service people? And therefore, there is the idea of a shrinking TAM, but then you gain share relative to the TAM because your technology allowed to displace workers that do not have the generative AI capability. Or is it that it actually grows the pie because the number of developers will actually grow because the barrier to software development comes down so people like me can start develop. Hopefully, that should not be the case. But how should we think about the TAM implication from a headcount perspective as a result of generative AI and what it does for developers and servicepeople?

而且，由於它與生成人工智能有關，我想知道你是否可以——而且很難從公司管理層中弄清楚，因為這是一個如此模糊的話題。因此，盡您所能，您能否預測這是否意味著您將需要更少的開發人員和更少的服務人員？因此，有縮小 TAM 的想法，但隨後你獲得了相對於 TAM 的份額，因為你的技術允許取代不具備生成人工智能能力的工人。或者它實際上是在擴大餡餅，因為開發人員的數量實際上會增加，因為軟件開發的障礙減少了，所以像我這樣的人可以開始開發了。希望情況不會如此。但是，我們應該如何從人數的角度考慮生成人工智能對 TAM 的影響，以及它對開發人員和服務人員的作用？

Kash, this is Joe. Thanks for the question. Obviously, we aren't providing specific quantitative guidance on FY '24, but I would offer up the following how to think about it directionally, specifically as it relates to the cloud space. The big caveat I always offer here is on revenue. There's lots of moving parts, but the biggest being the macroeconomic outlook, which is highly uncertain. And as you've seen in FY '23, that can have an impact on our business. We're not immune to those factors.

卡什，這是喬。謝謝你的問題。顯然，我們沒有提供關於 FY '24 的具體量化指導，但我會提供以下如何定向思考它的方法，特別是當它與雲空間相關時。我總是在這裡提供的最大警告是收入。有很多變化因素，但最大的因素是宏觀經濟前景，它具有高度不確定性。正如您在 23 財年所見，這會對我們的業務產生影響。我們不能免受這些因素的影響。

Beyond macro, I'd have you think about the following. Mathematically, we will have easier comps as we move through the next year. We will have a significant event in the second half of the year with the server end of life, and our focus there is really on migrating those customers to either our cloud preferably or data center offerings. We'll also have some benefit from pricing as prior price increases and less loyalty discounts layer into the model. And then lastly, the decisions that we've made this year around rebalancing and reprioritization to reinvigorate revenue growth will begin to land and have positive impact as we move through FY '24. So in the end, macro is going to play a big role, and we'll see what that ultimately brings. But hopefully, that helps you think through some of the other dynamics that will relate to cloud revenue in FY '24. Mike?

除了宏觀之外，我還希望您考慮以下內容。從數學上講，明年我們將有更容易的比賽。我們將在今年下半年舉辦一場重大活動，屆時服務器將停產，我們的重點實際上是將這些客戶遷移到我們的雲服務或數據中心產品中。我們也會從定價中獲益，因為先前的價格上漲和較少的忠誠度折扣會疊加到模型中。最後，我們今年圍繞重新平衡和重新確定優先次序以重振收入增長而做出的決定將開始落地，並在我們度過 24 財年時產生積極影響。所以最終，宏觀將發揮重要作用，我們將拭目以待最終帶來什麼。但希望這能幫助您思考與 24 財年雲收入相關的其他一些動態。麥克風？

Yes. Kash, I can chip in if you're looking for prognostication, that's probably my column. I would answer 2 ways, personally. Firstly, the software world, if you want to think about it, you ask if there's going to be less developers, et cetera. My view and our house view, I suppose, is no, right? The simple answer to that is software is not demand-constrained, it is supply-constrained. We are constrained by the supply of developers in the world, not the demand, the number of ideas or pieces of software we could create. So when you create tooling that makes it possible for efficiency of any form, you will soak up more of that demand with the existing supply. Okay. The supply won't go down. The number of developers, I don't think it goes down. That's not the way sort of human creativity, which is ultimately how the software works.

是的。卡什，如果你正在尋找預測，我可以插話，這可能是我的專欄。我個人會回答兩種方式。首先，軟件世界，如果你想考慮一下，你會問是否會有更少的開發人員，等等。我的觀點和我們的觀點，我想，是否定的，對吧？對此的簡單回答是軟件不受需求限制，它受供應限制。我們受到世界上開發人員供應的限制，而不是需求、我們可以創建的想法或軟件的數量。因此，當您創建可以提高任何形式效率的工具時，您將利用現有供應吸收更多需求。好的。供應不會下降。開發人員的數量，我認為不會減少。這不是人類創造力的方式，這最終是軟件的工作方式。

Secondly, when you make software developers more efficient, if you're talking about artificial intelligence or large language models with code assistance and writing code, et cetera, or creating parts of software, that makes far more software. The more software there is in the world, that's good for Atlassian in a generalized sense. We're not necessarily working on individual developers. Again, in Jira Software, they're about 1/4 of the audience are software developers. The more software you have, the more need you have to still designers and program managers and making sure that we have the right software that we're building. You now have a lot of software to operate, run and manage. So the more software there is in the world, that's generally, I think, a good thing for Atlassian.

其次，當你提高軟件開發人員的效率時，如果你談論的是人工智能或具有代碼輔助的大型語言模型和編寫代碼等，或者創建軟件的各個部分，那麼就會產生更多的軟件。世界上的軟件越多，從廣義上講，這對 Atlassian 來說是件好事。我們不一定針對個別開發人員。同樣，在 Jira Software 中，大約 1/4 的受眾是軟件開發人員。你擁有的軟件越多，你就越需要設計師和項目經理，並確保我們擁有我們正在構建的正確軟件。您現在有很多軟件可以操作、運行和管理。所以世界上有更多的軟件，我認為這對 Atlassian 來說通常是一件好事。

There will be puts and takes across this world as a flow-through, but those would be my 2 fundamental points. We maintain incredible optimism for artificial intelligence and what it can do for us as a business to help unleash the potential of our customers, to help them create and manage more software in that market of Atlassian markets.

在這個世界上會有 puts 和 takes 作為流程，但這些將是我的 2 個基本點。我們對人工智能以及它可以為我們做些什麼來幫助釋放我們客戶的潛力，幫助他們在 Atlassian 市場中創建和管理更多軟件保持令人難以置信的樂觀。

Your next question comes from Michael Turits from KeyBanc.

您的下一個問題來自 KeyBanc 的 Michael Turits。

I wanted to just talk about data center versus cloud. You're seeing that some of those impacts on expansion free-to-paid impacting cloud. Data center beat in the quarter, and it sounds like you're looking for only a minor decel data center going into next quarter. So could you tell us what's supporting that growth on a relative basis versus cloud?

我只想談談數據中心與雲。您會看到其中一些影響會影響從免費到付費的影響雲的擴展。數據中心在本季度表現出色，聽起來您只是在尋找進入下個季度的小型減速數據中心。那麼，您能否告訴我們相對於雲而言，是什麼支持這種增長？

Yes. Thanks for the question, Michael. This is Joe. You're right. Data center had another strong quarter of revenue growth that accelerated to 47% and was better than we expected. And that was primarily driven by 2 things: stronger-than-expected renewals and better-than-expected seat expansions at existing customers.

是的。謝謝你的問題，邁克爾。這是喬。你說得對。數據中心的收入增長又一個強勁的季度，加速至 47%，好於我們的預期。這主要是由兩件事推動的：強於預期的續訂和現有客戶的座位擴展好於預期。

We were helped a little by deal pull-forward, resulting from the price change in February, but it was largely consistent with prior year and only slightly higher than our expectations and certainly not nearly as significant or pronounced as it was 2 years ago. Having said that, migrations from data center to cloud remain very healthy. Year-to-date, over 50% of cloud migrations are coming from data center, and that's up from about 1/3 a year ago. So we've got good progress there as well.

由於 2 月份的價格變化，交易提前對我們有所幫助，但它與上一年基本一致，僅略高於我們的預期，而且肯定不如 2 年前那麼重要或明顯。話雖如此，從數據中心到雲的遷移仍然非常健康。年初至今，超過 50% 的雲遷移來自數據中心，這一比例高於一年前的 1/3 左右。所以我們在那裡也取得了很好的進展。

And then in terms of the guidance, we do expect growth rates there to moderate a little bit in Q4 and beyond, and that's really driven by increasing migrations from data center and cloud and server to cloud as we remove migration blockers and add compelling features and value to our cloud offering. And then secondly, in the data center, we are starting to lap strong prior year comparables in Q4, and so that's another factor in the growth guidance that we've given.

然後就指導而言，我們確實預計第四季度及以後的增長率會有所緩和，這實際上是由數據中心和雲以及服務器到雲的遷移增加所推動的，因為我們消除了遷移障礙並添加了引人注目的功能和對我們的雲產品的價值。其次，在數據中心，我們在第四季度開始表現強勁的前一年可比性，因此這是我們給出的增長指導的另一個因素。

Yes, this is Cameron. I'll just add a little bit on the data center side. Just largely basically talking to customers, we were at Team '23 roughly a few weeks ago, where many of our largest customers are there. And many of those customers are still on data center, have been on data center for many years. I would just say the tone with those customers over the last few years, I'd say, last Team or a few years ago, 3 years ago, it was always about like, why should I move to cloud? What are the capabilities? Are you going to get to my data privacy requirements, you name it. I'd say that tone this year, just talking with all these customers is, okay, how do I get there, right? You delivered the new AI. We have these new functionality. We're bought in, now help us guide us through this plan. And I just think that overall tonal shift has been super positive and helping get more data center customers moving to cloud going forward.

是的，這是卡梅倫。我將在數據中心方面添加一點。基本上只是與客戶交談，大約幾週前我們在 Team '23，我們的許多最大客戶都在那裡。其中許多客戶仍在使用數據中心，已經使用數據中心多年。我只想說過去幾年與那些客戶的語氣，我會說，上一個團隊或幾年前，3 年前，它總是像，我為什麼要遷移到雲？有什麼能力？你會得到我的數據隱私要求嗎？我會說今年的語氣，只是與所有這些客戶交談，好吧，我如何到達那裡，對吧？你交付了新的 AI。我們有這些新功能。我們被買下了，現在幫助我們指導我們完成這個計劃。我只是認為整體的基調轉變非常積極，有助於讓更多的數據中心客戶在未來轉向雲。

Your next question comes from Keith Bachman from BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 Keith Bachman。

My question relates to what Cameron was just talking about. As you think about just philosophically in FY '24, would you expect data center to continue to outgrow cloud? Or do the comparison, some of the other feature set things you were just talking about? And then underneath that, you've talked pretty consistently about cloud is getting the benefit of 10 points of growth associated with conversions. As you think about what happens to that 10 points as you anniversary or get beyond the server date, which is mid-Feb a year away from now? Does that cloud conversion go to 0? Or is there a continued benefit as you migrate longer term from data center to cloud when you, in fact, perhaps move to enterprise version? So in other words, is there still a longer-term benefit of cloud conversion? Or does that 10 points go to 0?

我的問題與卡梅倫剛才所說的有關。正如您在 24 財年從哲學上思考的那樣，您是否期望數據中心的增長繼續超過雲計算？或者進行比較，您剛才談論的其他一些功能集？然後在此之下，您一直在談論云正在獲得與轉化相關的 10 個增長點的好處。當您考慮週年紀念日或超過服務器日期（距現在一年 2 月中旬）時，這 10 分會發生什麼變化？雲轉換是否變為 0？或者當你從數據中心長期遷移到雲時，實際上可能會遷移到企業版本，是否會有持續的好處？那麼換句話說，雲轉換是否還有更長期的好處？還是那10分歸0？

Thank you. So this is Cameron. I'll talk to just largely the customer choice ahead of us, and you're absolutely right. So server end of life goes into effect February of next year, and we still have a variety of server customers still sitting out there on a variety of sizes that effectively need to make that choice between now and February, and many are doing it month by month. Obviously, many are going to wait until the last minute to make that choice, and they do have 2 choices. Now obviously, we're going to lead and try and get as many of those customers to choose cloud. But obviously, we have data center as a very strong capable version for them going forward. So I see that continued option out.

謝謝。所以這是卡梅倫。我將主要討論擺在我們面前的客戶選擇，你是絕對正確的。所以服務器的生命週期將於明年 2 月生效，我們仍然有各種各樣的服務器客戶仍然坐在那裡，需要在現在和 2 月之間有效地做出選擇，而且許多人正在做這個選擇月。顯然，許多人會等到最後一刻才做出選擇，而他們確實有兩個選擇。現在很明顯，我們將領導並嘗試讓盡可能多的客戶選擇雲。但顯然，我們擁有數據中心作為他們未來發展的非常強大的能力版本。所以我看到繼續選擇。

Post 2024, we'll still have a sizable data center customer base allowing us to continue migrate customers to the cloud. So this migration journey that we are on does not stop February of next year. It is a multiyear journey as we continue to get all of our on-premises customers eventually to the cloud.

2024 年後，我們仍將擁有龐大的數據中心客戶群，使我們能夠繼續將客戶遷移到雲端。因此，我們正在進行的遷移之旅不會在明年 2 月停止。這是一個多年的旅程，因為我們將繼續讓所有本地客戶最終遷移到雲端。

Yes. Thanks, Cam. I would say nothing more to add to that beyond. We continue to invest to grow and accelerate that migration to the cloud. We're removing blockers. We're making migration easier through tooling and support investments. We're also closing the gap on pricing between advantaged pricing on DC and cloud with our overall pricing strategy. And just overall, the cloud platform provides the best experience, whether it's analytics or automation or AI collaboration and better TCO. Those factors will only increase over time. And then just to reiterate what Cameron said, there's a lot of runway left on that cloud migration story, and we expect to continue to see that even after the server end of life.

是的。謝謝，卡姆。我不會再多說什麼了。我們繼續投資以發展和加速向雲的遷移。我們正在刪除攔截器。我們通過工具和支持投資使遷移變得更容易。我們還通過我們的整體定價策略縮小了 DC 和雲的優勢定價之間的定價差距。總的來說，雲平台提供了最好的體驗，無論是分析、自動化還是 AI 協作和更好的 TCO。這些因素只會隨著時間的推移而增加。然後重申卡梅倫所說的話，雲遷移故事還有很多跑道，我們希望即使在服務器生命週期結束後也能繼續看到這種情況。

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 about Beacon, actually. It called my attention in your shareholder letter offering -- it's, of course, an early access product, but shifting and focusing a bit on cybersecurity as it relates to just Atlassian's cloud ecosystem. Seems an interesting adjacency here. I'm curious, with this early access program, are you seeing signs that there is demand across your customer base for just a broader set of cybersecurity solutions? Is this something that you think is specifically monetizable? And is there any sort of scale of customer that is particularly applicable to?

實際上，我想問問 Beacon。它在您的股東信函中引起了我的注意——當然，它是一種早期訪問產品，但由於它僅與 Atlassian 的雲生態系統相關，所以它正在轉移並稍微關注網絡安全。這裡似乎是一個有趣的鄰接。我很好奇，通過這個早期訪問計劃，您是否看到跡象表明您的客戶群需要更廣泛的網絡安全解決方案？您認為這是特別可貨幣化的東西嗎？有沒有特別適用的客戶規模？

Thanks for the question. Scott here. Just a reminder, so firstly, there's a big demand for this sort of products from Atlassian from our customers, particularly at our user conference, and just customers are excited by this. And if you think about moving to cloud, customers want to make sure that their data is secured and the things that we can do and what we can do and we can see the shape of usage of our products that allow us to work with our customers on flagging things that might be of interest to them.

謝謝你的問題。斯科特在這裡。提醒一下，首先，我們的客戶對 Atlassian 的這類產品有很大的需求，特別是在我們的用戶大會上，只有客戶對此感到興奮。如果您考慮遷移到雲，客戶希望確保他們的數據安全以及我們可以做的事情和我們可以做的事情，我們可以看到我們產品的使用情況，使我們能夠與客戶合作標記他們可能感興趣的事物。

As a reminder that this is not a generic security product. This is across our data and our cloud. Now we have advantages because we have one platform in the cloud, and we can offer Beacon across most of our products. So there's an advantage there from a sort of consolidation perspective and from an IT admin play in a similar way you've seen us to access on the user or authentication side. But this is really a product to help customers be very comfortable with how their data gets used in the cloud. And in most cases, all we can offer here is again ahead of what the customers could do themselves in a behind-the-firewall setting. And so this is just yet another example of how the cloud is overall better for our customers than what they can do themselves and another reason for them to migrate.

提醒一下，這不是通用的安全產品。這是跨越我們的數據和我們的雲。現在我們有優勢，因為我們在雲中有一個平台，我們可以在我們的大多數產品中提供 Beacon。因此，從某種整合的角度來看，從 IT 管理員的角度來看，這有一個優勢，就像您看到我們在用戶或身份驗證方面進行訪問一樣。但這確實是一種產品，可以幫助客戶對他們的數據在雲中的使用方式感到非常滿意。在大多數情況下，我們在這裡所能提供的一切再次領先於客戶在防火牆後面的設置中可以自己做的事情。因此，這只是另一個例子，說明雲對我們的客戶來說總體上比他們自己做的更好，也是他們遷移的另一個原因。

The next question comes from Alex Zukin from Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

This is Allan on for Alex Zukin. I just wanted to ask a financial question. If I think about the shape of NRR through the quarter. I know this isn't a metric you guys report to, but just to better understand the growth that you're seeing in the business. Can you just, at a high level, talk about what that shape looks like through the quarter and through April?

這是亞歷克斯祖金的艾倫。我只是想問一個財務問題。如果我考慮整個季度的 NRR 形狀。我知道這不是你們要報告的指標，而只是為了更好地了解你們在業務中看到的增長。您能否從高層次上談談整個季度和 4 月份的情況？

Yes. Thanks for the question. Unfortunately, no specifics to share with you today on the NRR. Given the macro pressure and headwinds, we do see on paid seat expansion, it is trending lower. There was nothing unusual about that trend in Q3 relative to Q1 and Q2. Those trends just continued into Q3. And I'd say lastly, the underlying fundamentals in our business remain very strong. We see no change to our structural competitive position. So we do expect those retention rates to recover once the macro picture stabilizes and improves.

是的。謝謝你的問題。不幸的是，今天沒有關於 NRR 的細節可以與您分享。鑑於宏觀壓力和逆風，我們確實看到付費席位擴張呈下降趨勢。相對於第一季度和第二季度，第三季度的趨勢沒有什麼不尋常的。這些趨勢一直持續到第三季度。最後我要說的是，我們業務的基本面仍然非常強勁。我們認為我們的結構性競爭地位沒有變化。因此，我們確實希望一旦宏觀形勢穩定和改善，這些保留率就會恢復。

Got it. Okay. And just a quick follow-up. I appreciate the color on the guide for Q4 of cloud growth benefiting 10 points from migrations. Just so we kind of have the numbers correctly here, do you mind just kind of telling us like what that exact benefit was in this quarter and the last 2 quarters or so?

知道了。好的。并快速跟進。我很欣賞第四季度雲增長指南上的顏色，從遷移中受益 10 分。只是為了讓我們在這裡得到正確的數字，您介意告訴我們本季度和過去兩個季度左右的確切收益是多少嗎？

Yes. We've consistently said we're getting overall approximately 10 points of revenue growth in the cloud business from migrations. That hasn't changed dramatically throughout the year.

是的。我們一直表示，我們從遷移中獲得了大約 10 個雲業務收入增長點。全年都沒有顯著變化。

Your next question comes from Ryan MacWilliams at Barclays.

你的下一個問題來自巴克萊銀行的 Ryan MacWilliams。

Just on the vertical standpoint, any verticals worth calling out that may have impacted the quarter or the guide? And at this point, do you have a sense maybe what percentage of server customers might choose to remain on server even past the end of life for a couple of quarters after?

就垂直的角度而言，是否有任何值得一提的可能影響季度或指南的垂直領域？在這一點上，您是否知道有多少服務器客戶可能會選擇在服務器壽命結束後的幾個季度內繼續使用服務器？

This is Cameron. I'll take that. Just from a customer perspective, as we mentioned, with over 250,000 customers and across all industries, geographies, the sizes of all type, we see that to have a massive competitive differentiation for Atlassian, giving us plenty of growth opportunities across the customer base for quite some time. Of course, the trends we've seen in seat expansion slowing down is broad-based across the entire customer base that we see today.

這是卡梅倫。我會接受的。正如我們提到的，僅從客戶的角度來看，我們擁有超過 250,000 名客戶，遍及所有行業、地區、各種規模，我們認為 Atlassian 具有巨大的競爭優勢，為我們的客戶群提供了大量的增長機會相當一段時間。當然，我們在座位擴張放緩方面看到的趨勢在我們今天看到的整個客戶群中都是廣泛存在的。

One advantage we have is that as every company starts bringing in more and more technology to deliver value to their customers, we obviously have to take advantage of that as we are helping companies with technology teams and business teams to work better together going forward.

我們擁有的一個優勢是，隨著每家公司開始引入越來越多的技術來為他們的客戶創造價值，我們顯然必須利用這一點，因為我們正在幫助擁有技術團隊和業務團隊的公司在未來更好地合作。

Oh, and then the second part on the server end of life thing, largely, most of those customers we see, there will be some that have the perpetual license, and there will be some customers we believe that most will choose cloud. Some will go to data center. And obviously, some will continue to use the server licenses unsupported. Just about every customer size that I speak to largely is under a compliance requirement or just general IT guidances internally that they do not run unsupported software and that will be choosing cloud or data center post the end of life. So I really see that as a very small portion of the customer base.

哦，然後是關於服務器生命週期結束的第二部分，在很大程度上，我們看到的大多數客戶，會有一些擁有永久許可證，我們相信會有一些客戶選擇雲。有些人會去數據中心。顯然，有些人會繼續使用不受支持的服務器許可證。與我交談過的幾乎每個客戶規模都在遵守合規性要求或只是內部的一般 IT 指導下，他們不運行不受支持的軟件，並且將在生命週期結束後選擇雲或數據中心。所以我真的認為這是客戶群的一小部分。

Your next question comes from Adam Tindle from Raymond James.

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

Okay. Maybe one for Mike or Scott. Was going back to my notes from this time last year where you announced free additions of cloud products. And you talked about it echoing an approach from '08, '09, where you brought in your customer base by offering a $10 starter license? So if we fast forward 1 year later, your customer count is still growing, so you're certainly broadening the base like you did in '08, '09. So the question would be maybe take us back to the upsell motion from the starter license and compare and contrast that to upselling from the free cloud, what you learned then and what you can apply now to improve cloud upsell.

好的。也許一個給邁克或斯科特。回到去年這個時候你宣布免費添加雲產品的筆記。你談到它與 08 年、09 年的方法相呼應，你通過提供 10 美元的入門許可證來吸引客戶群？因此，如果我們快進 1 年後，您的客戶數量仍在增長，因此您肯定會像 08 年、09 年那樣擴大客戶群。因此，問題可能是讓我們回到入門許可證的追加銷售動議，並將其與免費云的追加銷售進行比較和對比，了解您當時學到的知識以及現在可以應用的內容來改善雲追加銷售。

It's Scott here, Adam. Great question. And so just a reminder for those who haven't followed the Atlassian story for such a long time that back in the '08, '09 financial downturn, we introduced free versions of our behind-the-wall products back then. And $10 starters, I guess it was really what we introduced back then where you have to pay $10, and you got 10 users of our products, down from what was a couple of thousand dollars with our lowest price at the time. So very disruptive pricing changes. And that was a long-term play for us because we left a lot of money on the table. People were previously paying us thousands of dollars, they're now paying us $10 to get a version of our software. And the good thing at that is that opens the funnel up to a whole bunch of companies that otherwise would not have considered our products. And over the long term, they go from 10 to 11 to 12 users and then start paying us on a different pricing curve.

我是斯科特，亞當。很好的問題。因此，提醒那些已經很長時間沒有關注 Atlassian 故事的人，早在 08 年、09 年的金融低迷時期，我們就推出了我們幕後產品的免費版本。還有 10 美元的啟動器，我想這真的是我們當時推出的，你必須支付 10 美元，你有 10 個我們產品的用戶，低於我們當時最低價格的幾千美元。非常具有破壞性的定價變化。這對我們來說是一個長期的遊戲，因為我們在桌面上留下了很多錢。人們以前付給我們數千美元，現在他們付給我們 10 美元來獲得我們軟件的一個版本。這樣做的好處是，它為一大群原本不會考慮我們產品的公司打開了渠道。從長遠來看，他們的用戶數量從 10 人增加到 11 人，再到 12 人，然後開始以不同的定價曲線向我們付款。

So echoing that in the COVID time period a couple of years ago, we introduced basically free versions of products down from $10 a month in the cloud down to free. And soon we saw that open the funnel at the top of our customer acquisition side of things. And so maybe natural questions asked, well, then how do you convert more of those free customers to paid? And how do you change that cycle? That is something we do look at. But honestly, most of our free to pay is based on usage and based on customer value and changing from 10 to 11 users. And you could -- one of the advantages of Atlassian business model is that customers pay us as they start using more of our features, and we don't spend a huge amount of energy trying to call them, trying to encourage them. You could waste a lot of money in a sales motion doing that. And so what we do is spend a lot of time looking at the levels at which we charge for things and make sure that is the appropriate gates and make sure we provide value to our customers. And so as they use our products more and more, we get the value as they increase their usage.

因此，與幾年前的 COVID 時期相呼應，我們推出了基本上免費的產品版本，從雲端每月 10 美元降至免費。很快我們就看到在客戶獲取方面的頂部打開了漏斗。所以可能會問一些自然的問題，嗯，那麼你如何將更多的免費客戶轉化為付費客戶呢？你如何改變這個循環？這是我們確實關注的事情。但老實說，我們的大部分免費付費是基於使用情況和基於客戶價值的，並且從 10 個用戶變成了 11 個用戶。你可以 - Atlassian 商業模式的優勢之一是客戶在開始使用我們的更多功能時向我們付費，而我們不會花費大量精力試圖給他們打電話，試圖鼓勵他們。你可能會在銷售活動中浪費很多錢。因此，我們所做的是花大量時間研究我們對事物收費的水平，並確保這是適當的門檻，並確保我們為客戶提供價值。因此，隨著他們越來越多地使用我們的產品，我們會隨著他們增加使用量而獲得價值。

Now not only have we done free at the start of COVID. When we saw a couple of months ago, more interesting and macroeconomic times, we decided to go harder on ITSM on a JSM offering, where we made it cheaper at the low end and for competitive migrations for people that were switching out from other higher-priced offerings. And so at Atlassian, we talk sometimes about the price rises that come through at various parts of our cycle, but we also spend a lot of time working on how do we make it cheaper in other areas like in order to more aggressively get market share. And so for us, it's a long-term play about getting market share and not really a short-term sugar hit of trying to convert those free customers to paid in any particular given time period.

現在我們不僅在 COVID 開始時免費完成。幾個月前，當我們看到更有趣和更宏觀的經濟時代時，我們決定在 JSM 產品上更加努力地使用 ITSM，我們降低了低端產品的價格，並為那些從其他更高的產品轉出的人提供了有競爭力的遷移。定價的產品。因此在 Atlassian，我們有時會談論在我們週期的各個部分出現的價格上漲，但我們也花了大量時間研究如何在其他領域降低價格，比如為了更積極地獲得市場份額.因此，對我們來說，這是獲得市場份額的長期舉措，而不是試圖在任何特定時間段內將這些免費客戶轉化為付費客戶的短期甜蜜打擊。

Your next question comes from Peter Weed from Bernstein.

你的下一個問題來自 Bernstein 的 Peter Weed。

I guess there's 2 parts to this, kind of both focused maybe on a follow-on even with the new customers. You certainly had a nice uptick this last quarter relative to the prior one on net new customers. And I guess there's 2 parts of it. One is we were backing out in our model, what portion of the kind of new revenue growth was coming from the 2. It looked like you are probably seeing kind of flat quarter-over-quarter revenue contribution from kind of new customers over the trailing 12 months, and most of the headwinds are really coming from existing customers. Does that seem about right, that the new customers were probably kind of like flattening and it was mostly the existing customers' expansion that had been the issue?

我想這有兩個部分，兩個部分都可能關注新客戶的後續行動。與上一季度的淨新客戶相比，上一季度你肯定有一個很好的增長。我想它有兩個部分。一是我們退出了我們的模型，這種新收入增長的哪一部分來自 2。看起來你可能會看到新客戶在尾隨期間的季度環比收入貢獻持平12 個月，大部分不利因素實際上來自現有客戶。這看起來是否正確，新客戶可能有點像扁平化，主要是現有客戶的擴張才是問題所在？

Yes. This is Cameron. I'll speak to the net new customer number. So as we said before, the new customer number does jump around from quarter-to-quarter for a variety of reasons. That said, very glad to see the increase from Q2 to Q3 with over 6,500 net new customers. It's showing that there's continued demand for what we have that we still can convert those free customers to paid customers, and it's nice to see the quarter-on-quarter increase.

是的。這是卡梅倫。我將與淨新客戶號碼通話。因此，正如我們之前所說，由於各種原因，新客戶數量確實從一個季度跳到另一個季度。也就是說，很高興看到從第二季度到第三季度增加了 6,500 多個淨新客戶。這表明對我們擁有的產品的需求持續存在，我們仍然可以將這些免費客戶轉化為付費客戶，而且很高興看到季度環比增長。

However, I do want to call out that challenge that we've been mentioning for the last few quarters of our conversion rate from free plans to paid plans is still lower than it was historically before we saw these macroeconomic headwinds. As far as net new customers impact into our short-term revenue, it is minimal. And today, where we always focus on the net new customer overall number is really a better guide for our long-term portion of our business.

但是，我確實想指出我們在過去幾個季度中一直提到的挑戰，即我們從免費計劃到付費計劃的轉換率仍然低於我們看到這些宏觀經濟逆風之前的歷史水平。就淨新客戶對我們短期收入的影響而言，它是微乎其微的。今天，我們始終關注淨新客戶總數，這確實是我們長期業務的更好指南。

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 a question on the cloud growth and expectations here. One, given the strength in data center, you called that out as better than expected in the quarter. Does that suggest potentially that future migration to cloud may not be quite as pronounced, given customers are renewing on data center more than you expected?

這裡只是關於雲增長和期望的問題。第一，鑑於數據中心的實力，您在本季度稱其好於預期。這是否表明未來向雲的遷移可能不會那麼明顯，因為客戶對數據中心的更新比您預期的要多？

And second, I believe in the shareholder letter, it was called out, for the first time, there was an impact from seat count reductions. Do you believe that's more reflective of layoffs that are being -- that are occurring today or more reflective of the layoffs that we saw last year?

其次，我相信股東信中第一次提到了席位數量減少的影響。你認為這更能反映今天正在發生的裁員，還是更能反映我們去年看到的裁員？

Yes, a multipart question here. This is Joe. I'll take a part of it, and then Cam will chime in. I'd say in terms of the data center to cloud migrations, not at all. We expect those to continue to be strong for the foreseeable future. Cam spoke earlier about the multiyear journey we're on. We continue to add a ton of value in the cloud. We continue to invest in migration tooling and customer support. We continue to invest in data residency and scalability and certifications and extensibility and all the things that are going to enable more customers in that data center category to move to the cloud. So we remain very bullish on that opportunity. Cam, do you want to take the next chart?

是的，這裡有一個多部分問題。這是喬。我會參與其中，然後 Cam 會插話。我想說的是從數據中心到雲遷移，一點也不。我們預計在可預見的未來，它們將繼續保持強勁。 Cam 早些時候談到了我們正在進行的多年旅程。我們繼續在雲中增加大量價值。我們繼續投資於遷移工具和客戶支持。我們繼續投資於數據駐留和可擴展性以及認證和可擴展性以及所有將使該數據中心類別中的更多客戶能夠遷移到雲的所有事情。因此，我們仍然非常看好這個機會。卡姆，你想拍下一張圖表嗎？

Yes. I'll just clarify the -- just we see customers choosing data center as further investment in Atlassian. And our multiyear journey of getting customers to the cloud is very much on track with our expectations, and we increasingly improve our ability to migrate customers every single day.

是的。我只是澄清一下——我們看到客戶選擇數據中心作為對 Atlassian 的進一步投資。我們將客戶遷移到雲端的多年曆程非常符合我們的預期，而且我們每天都在不斷提高遷移客戶的能力。

As far as you mentioned on the seat count reduction, in general, I'd say the biggest issue that we focus on is the paid seat expansion. And customers are still expanding their seats. It's just not at the same rate that we saw before the macroeconomic headwinds. Of course, there are a subset of our customers, a very small subset, that have reduced their employee count over the last few months. And when their renewals come up, they're renewing at a lower tier than what they previously renewed because they had less new users in their business. But overall, that is a small overall percentage of our customer base. The bulk of where we focus is really the paid seat expansion.

至於你提到的減少席位數量，一般來說，我想說我們關注的最大問題是付費席位的擴大。客戶仍在擴大座位。這與我們在宏觀經濟逆風之前看到的速度不同。當然，我們的一小部分客戶，非常小的一部分，在過去幾個月裡減少了員工人數。當他們的續訂出現時，他們的續訂級別低於他們之前續訂的級別，因為他們的業務中的新用戶較少。但總的來說，這只占我們客戶群的一小部分。我們關注的大部分地方實際上是付費席位擴展。

Your next question comes from Jake Roberge from William Blair.

你的下一個問題來自 William Blair 的 Jake Roberge。

Just wanted to double click on that the data center strength you saw in the quarter. Is that more a result of new customers starting to land there or upsells within existing customers? Or is that really just the server migrations going more towards DC than you expected the cloud? And then more of a high-level one, but what's driving the seat expansion for DC versus the headwinds for cloud? Is that primarily a result of the enterprise focus in DC?

只是想雙擊您在本季度看到的數據中心實力。這更多是因為新客戶開始登陸還是現有客戶的追加銷售？或者這真的只是服務器遷移更多地向 DC 遷移，而不是您預期的雲？然後更多的是高級別的，但是是什麼推動了 DC 的席位擴展與雲的逆風？這主要是企業關注 DC 的結果嗎？

Yes. Thanks for the question. This is Joe. As we discussed earlier, when you look at that DC strength and resilience, it's really driven by 2 things: better-than-expected renewals and then paid seat expansions at existing customers. Cam?

是的。謝謝你的問題。這是喬。正如我們之前討論的那樣，當您查看 DC 的實力和彈性時，它實際上是由兩件事驅動的：好於預期的續訂，然後是現有客戶的付費席位擴展。凸輪？

Yes. I have to say it's just in the quarter, we have to remember we did do a price change on data center, and that causes customers to make a choice whether they -- if they're thinking about adding users in the future there, it's a good compelling event for them to choose data center. But once again, we see that path to data center. We prove it again and again, we have the ability to move data center customers to the cloud. Over the last year, half of the seats we moved to the cloud are from data center customers. So we see this as within the quarter, it's fantastic. People choose data center, but that's great. We can eventually get them to cloud, and we're proving that every day.

是的。我不得不說這只是在本季度，我們必須記住我們確實對數據中心進行了價格調整，這會導致客戶做出選擇——如果他們考慮在未來增加用戶，那是他們選擇數據中心的一個很好的引人注目的事件。但我們又一次看到了通往數據中心的道路。我們一再證明，我們有能力將數據中心客戶遷移到雲端。去年，我們遷移到雲端的席位中有一半來自數據中心客戶。所以我們認為這是在本季度內，這太棒了。人們選擇數據中心，但這很好。我們最終可以將它們遷移到雲端，而且我們每天都在證明這一點。

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

謝謝。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。

I just wanted to say thank you, everyone, for your questions. Thank you to those who came to our analyst function at Team '23, and I hope you all have a fantastic rest of your day.

我只是想說謝謝大家的問題。感謝那些來到 Team '23 參加我們分析師職能的人，我希望你們今天過得愉快。