Atlassian Corp (TEAM) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's Earnings Conference Call for the Fourth Quarter and 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. I will now hand the call over to Martin Lam, Atlassian's Head of Investor Relations.

下午好，感謝您參加 Atlassian 2023 年第四季度和財年收益電話會議。謹此提醒，本次電話會議正在錄製中，並可在本次電話會議後在 Atlassian 網站的投資者關係部分重播。我現在將把電話轉給 Atlassian 投資者關係主管 Martin Lam。

Welcome to Atlassian's Fourth Quarter and 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.

歡迎參加 Atlassian 第四季度和 2023 財年收益電話會議。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；和首席財務官喬·賓茲。

Earlier today, we published a shareholder letter and press release with our financial results and commentary for our fourth quarter 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 our 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.

今天早些時候，我們發布了一封股東信和新聞稿，其中包含2023 財年第四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我們的信息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。與往常一樣，我們的股東信包含了管理層對本季度的見解和評論。

So during the call today, we'll have brief opening remarks and then focus our time on Q&A. This call will include forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events.

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上。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，或者任何假設被證明不正確，我們的結果可能與我們做出的前瞻性陳述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。

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.

前瞻性陳述僅代表我們管理層截至做出此類陳述之日的信念和假設，如果這些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。有關這些因素和其他可能影響我們財務業績的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 the call today, we will also discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures is available in our shareholder letter, earnings release and investor data sheet on the IR website. Please keep in mind that we'd like to allow as many of you to participate in Q&A as possible. (Operator Instructions)

在今天的電話會議中，我們還將討論非公認會計準則財務指標。這些非公認會計原則財務指標是對根據公認會計原則編制的財務業績指標的補充，不能替代或優於這些指標。我們的股東信函、收益報告和投資者關係網站上的投資者數據表中提供了 GAAP 和非 GAAP 財務指標之間的調節表。請記住，我們希望讓盡可能多的人參與問答。 （操作員說明）

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

接下來，我將把電話轉給邁克致開場白。

Thank you all for joining us today. As you've already read in our shareholder letter, we delivered a strong quarter of financial results. We closed out FY '23 with great momentum in cloud migrations, in enterprise and across all our 3 markets. We generated over $3.5 billion in revenue this year and over 250,000 customers now power their collaboration on our world-class cloud platform.

感謝大家今天加入我們。正如您在我們的股東信中所讀到的那樣，我們交付了強勁的季度財務業績。我們在 23 財年結束時，在企業和所有 3 個市場的雲遷移方面表現強勁。今年我們創造了超過 35 億美元的收入，現在有超過 250,000 名客戶在我們世界一流的雲平台上支持他們的協作。

Amidst a challenging year, we're extremely proud of all that we've accomplished. We said we play offense in FY '23, and that's exactly what we did. We migrated millions of users to our world-class cloud platform, we built game-changing innovations such as Atlassian Intelligence, launching new products like Jira Product Discovery, delivered increased scale on our cloud platform and unlock data residency in new locations like Germany and Singapore for our global customer base. Working deeply with our customers, we're more and more excited about the value Atlassian Intelligence we'll deliver.

在充滿挑戰的一年中，我們對所取得的一切感到非常自豪。我們說過我們在 23 財年要進攻，而這正是我們所做的。我們將數百萬用戶遷移到我們世界一流的雲平台，我們構建了Atlassian Intelligence 等改變遊戲規則的創新，推出了Jira Product Discovery 等新產品，擴大了我們雲平台的規模，並解鎖了德國和新加坡等新地點的數據駐留為我們的全球客戶群服務。通過與客戶深入合作，我們對 Atlassian Intelligence 將提供的價值越來越感到興奮。

By leveraging the latest advancements in large language models, combined with each customer's unique data, and our world-class cloud platform with our 2 decades of data-driven insights into how teams work, we'll be able to further unleash each of our customers' potential across all of 3 markets. Today, we're seeing our bets pay off and that's strengthening our conviction in our strategy. As we enter FY '24, we're eager to get after those large opportunities, and believe we're well positioned to come out of the year even stronger.

通過利用大型語言模型的最新進展，結合每個客戶的獨特數據，以及我們世界一流的雲平台以及我們 2 年來對團隊工作方式的數據驅動洞察，我們將能夠進一步釋放每個客戶的潛力' 跨越所有3 個市場的潛力。今天，我們看到我們的賭注得到了回報，這增強了我們對戰略的信念。當我們進入 24 財年時，我們渴望抓住這些巨大的機會，並相信我們已經做好準備，在今年變得更加強大。

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 Michael Turrin from Wells Fargo Securities.

（操作員指令）您的第一個問題來自富國銀行證券公司的 Michael Turrin。

Joe, given it's your first full year guide, maybe you can start by walking us through the process there, the visibility into and confidence in framing those cloud targets for fiscal '24? And there's some commentary in the letter just around the proportions you're expecting between data center and cloud and just some details in there. I think it's useful to bring to the front of the call. So anything on just the signals you're watching and how the end of life event has taken into account all very useful.

Joe，鑑於這是您的第一份全年指南，也許您可​​以首先向我們介紹整個流程，以及製定 24 財年雲目標的可見性和信心？信中有一些關於您期望的數據中心和雲之間的比例的評論以及其中的一些細節。我認為在電話會議中提到這一點很有用。因此，有關您正在觀察的信號以及如何考慮生命終結事件的任何信息都非常有用。

Great. I think let's start with our cloud revenue guide of 25% to 30%. That assumes the macro headwinds in FY '23 persist into FY '24. And that migrations from server and data center will continue to be strong contributors to cloud growth, approximately 10 points. So we do expect the momentum that we've seen in '23 on that front to continue.

偉大的。我認為讓我們從 25% 到 30% 的雲收入指南開始。這是假設 23 財年的宏觀逆風持續到 24 財年。服務器和數據中心的遷移將繼續對雲增長做出巨大貢獻，大約為 10 個百分點。因此，我們確實預計 23 年在這方面看到的勢頭將繼續下去。

The low end of our cloud guidance range assumes continued macro weakness throughout FY '24 as well as some macro impact to areas that have held up really well in FY '23 like churn, upsell and migrations. Finally, we do expect cloud revenue growth rates to gradually improve throughout the year, driven by the easier prior year comparables that we have in the second half of the year.

我們的雲指導範圍的低端假設整個 24 財年宏觀經濟持續疲軟，以及對 23 財年表現良好的領域（如客戶流失、追加銷售和遷移）產生一些宏觀影響。最後，我們確實預計雲收入增長率將在全年逐步提高，這是由於下半年我們的上一年可比性更容易的推動。

Now you mentioned data center. In terms of data center, we do expect decelerating revenue growth rates in FY '24 driven by a few things: first and foremost, lower migrations from server following the server end of support. We do expect greater migrations from data center to cloud as we remove migration blockers and enhance our cloud offering. And then, of course, data center has difficult prior year comparables in the second half of the year. And then finally, as we expect a steep decrease in our server revenue up to end of support in February 2024, at which point we'll no longer recognize any further revenue. So that's a general outline of how we're thinking about that for next year.

現在您提到了數據中心。就數據中心而言，我們確實預計 24 財年的收入增長率將放緩，原因有以下幾點：首先也是最重要的是，服務器端支持之後從服務器的遷移量減少。隨著我們消除遷移障礙並增強我們的雲產品，我們確實期望從數據中心到雲的更大遷移。當然，數據中心在今年下半年的業績與去年同期相比也很困難。最後，我們預計到 2024 年 2 月支持結束之前，我們的服務器收入將急劇下降，屆時我們將不再確認任何進一步的收入。這就是我們明年的想法的總體輪廓。

Your next question comes from Keith Weiss from Morgan Stanley.

您的下一個問題來自摩根士丹利的基思韋斯。

This is Sanjit on for Keith. One of the challenges in the last couple of quarters is really the free-to-paid conversion. The letter suggested that was still sort of an impact again this quarter. Just wanted to get, as we go into next year, I just wanted to get a sense of what it takes to sort of reignite growth in that segment of the customer base. Is it simply just a better macro? Or are there things on the funnel side, the sales side, the execution side that could help bring the ratio to that end of it?

這是 Sanjit 替 Keith 發言。過去幾個季度的挑戰之一實際上是免費到付費的轉換。這封信表明，這在本季度仍然會產生一定的影響。只是想知道，當我們進入明年時，我只是想了解如何才能重新點燃該客戶群的增長。它只是一個更好的宏嗎？或者在漏斗方面、銷售方面、執行方面是否有一些東西可以幫助將比率提高到這一點？

This is Cameron. I'll speak to the new customer number. So in Q4, we definitely saw that continued downward pressure on our free-to-paid conversion that we've been speaking about largely through the last 4 quarters or so. And although we do continue to increase the total number of free customers out there in the pool and serve those customers year-on-year, simply those customers are slower to take out the credit card and purchase our software. We just find we can be patient and convert them over a longer period of time.

這是卡梅倫。我將與新客戶號碼通話。因此，在第四季度，我們確實看到了免費到付費轉化的持續下行壓力，我們在過去 4 個季度左右的時間裡一直在談論這一點。儘管我們確實繼續增加免費客戶總數並逐年為這些客戶提供服務，但這些客戶使用信用卡和購買我們軟件的速度較慢。我們只是發現我們可以耐心等待並在更長的時間內轉變他們。

The bigger shift that we saw between Q3 and Q4 was actually due to something that we had full control of. As we look to our budgets, and we are very diligent with all of our budgets this year, but we really went into our marketing campaign spend and marketing campaign budgets and look at ROI of those investments. Based on the deep dive of that analysis, we were actually able to redirect some of our top of funnel spend towards higher value, longer-term customers.

我們在第三季度和第四季度之間看到的更大轉變實際上是由於我們完全控制的事情造成的。當我們審視預算時，我們對今年的所有預算都非常勤奮，但我們確實深入研究了營銷活動支出和營銷活動預算，並關注了這些投資的投資回報率。根據對該分析的深入研究，我們實際上能夠將一些漏斗頂部的支出轉向更高價值、更長期的客戶。

The result here was that we got less customers overall in the funnel and converted to paid customers in Q4. But the customers we did bring in will be by the higher longer-term value, higher ROI customers for that marketing spend. Going forward, as Joe already mentioned, we do continue to believe that the macroeconomic pressure against the free-to-paid will continue, but we will always be optimizing our marketing spend for the highest ROI possible. And where we see good ROI, we will put more investment behind it.

結果是，我們在渠道中獲得的總體客戶較少，並在第四季度轉化為付費客戶。但我們確實引入的客戶將是那些營銷支出具有更高長期價值、更高投資回報率的客戶。展望未來，正如喬已經提到的，我們仍然相信免費付費的宏觀經濟壓力將繼續存在，但我們將始終優化我們的營銷支出，以獲得盡可能高的投資回報率。當我們看到良好的投資回報率時，我們將投入更多投資。

Your next question comes from Arjun Bhatia from William Blair.

您的下一個問題來自威廉·布萊爾的阿瓊·巴蒂亞。

Maybe one for Cameron or Joe, just as you're thinking about how fiscal '24 plays out, how should we think about the cadence of the migrations that are left as we approach February end of life? And maybe this one is more for Cameron but who are the customers that are still left on server? Do they tend to skew smaller, larger? Anything you can give us there would be super helpful.

也許是卡梅倫或喬的一個，就像你在思考 24 財年的結果一樣，我們應該如何考慮在二月份生命週期即將結束時剩下的移民節奏？也許這對卡梅倫來說更重要，但服務器上還剩下哪些客戶呢？它們傾向於偏小還是偏大？你能給我們的任何東西都會非常有幫助。

Arjun, this is Joe. I'll take it first, and then Cam can chime in at the end. As you mentioned, we ended support for our server products in February 2024. Our focus there is obviously on migrating our remaining server customers to either or cloud or data center offerings. We expect that there will be uncertainty in quarter-to-quarter variability based on when and how our server customers ultimately choose to migrate. For now, we are assuming the trends we saw in FY '23 with respect to how many server seats migrate and where they migrate to, we'll continue in FY '24 directionally through end of support.

阿瓊，這是喬。我先接，然後卡姆可以在最後插話。正如您提到的，我們於 2024 年 2 月終止了對服務器產品的支持。我們的重點顯然是將剩餘的服務器客戶遷移到雲或數據中心產品。我們預計，根據我們的服務器客戶最終選擇遷移的時間和方式，季度與季度之間的變化將存在不確定性。目前，我們假設我們在 23 財年看到的關於服務器席位遷移數量和遷移到何處的趨勢，我們將在 24 財年繼續定向直至支持結束。

And then at end of support, we expect most of the remaining service seats will migrate to data center. And we've also built appropriately prudent assumptions for customers who will choose not to migrate in FY '24 into our guidance, and we'll be able to share more on quarter-to-quarter assumptions related to that server end of support dynamics when we provide our Q2 guidance next quarter. Cam?

然後在支持結束時，我們預計大部分剩餘的服務席位將遷移到數據中心。我們還為那些選擇不在 24 財年遷移到我們的指導中的客戶建立了適當審慎的假設，並且我們將能夠分享更多與服務器端支持動態相關的季度假設。我們將在下個季度提供第二季度的指導。凸輪？

Yes. Just adding to that. I just want to highlight that this entire transition since we announced the end of server support almost 3 years ago has been a multiyear journey in a multiyear investment across all factions of Atlassian, whether it's go to market, getting closer to our customers, whether it's our R&D teams, eliminating cloud blockers, delivering scale, certifications, you name it. And of course, the variety of programs we've rolled out from price changes to loyalty discounts and of course, this large compelling event with the end of server support coming up in February.

是的。只是補充一下。我只是想強調，自從我們大約 3 年前宣布結束服務器支持以來，整個轉變是 Atlassian 所有派別多年投資的多年曆程，無論是進入市場、更接近我們的客戶，還是我們的研發團隊，消除雲阻礙，提供規模，認證，等等。當然，我們推出了各種計劃，從價格調整到忠誠度折扣，當然，還有這個引人注目的大型活動，即 2 月份即將結束的服務器支持。

So like it's been a multiyear journey. And as we've been saying, we're very consistent and very happy with our performance along the way. We have been able to retain a very large portion of our server customers while getting our customers to choose cloud or data center appropriately. That's it. We have about 6 months more as we come up to February. We have a significant server customer base still out there. They are all shapes and sizes, I'll have to say, but they're the ones who waited the last to the latest to make this choice, which is perfectly fine.

就像這是一個多年的旅程。正如我們一直所說的，我們始終如一，對我們一路走來的表現非常滿意。我們已經能夠留住很大一部分服務器客戶，同時讓我們的客戶適當地選擇雲或數據中心。就是這樣。到二月份，我們還有大約 6 個月的時間。我們仍然擁有大量的服務器客戶群。我不得不說，他們的形狀和大小各不相同，但他們是等到最後才做出這個選擇的人，這很好。

The good part there is we are in a better position than we've ever been to help those customers make the right choice for their company and transition as quickly as possible. Obviously, we'll incentivize our customers to choose cloud first and foremost in all those conversations. But data center, of course, is there, and honestly, a great option for some customers out there who simply are still not ready to move to cloud.

好的方面是，我們比以往任何時候都處於更好的位置，可以幫助這些客戶為他們的公司做出正確的選擇並儘快過渡。顯然，我們將激勵客戶在所有這些對話中首先選擇雲。但數據中心當然是存在的，而且說實話，對於一些尚未準備好遷移到雲的客戶來說，這是一個很好的選擇。

As far as who will choose what, as Joe said, we largely see that customer choice falling in line with what we've kind of seen over the last year. And of course, the customers who wait for the last minute, definitely we'll have data center as an easy migration path for them if they want to stay on-prem.

至於誰會選擇什麼，正如喬所說，我們在很大程度上看到客戶的選擇與我們去年所看到的情況一致。當然，對於那些等待最後一刻的客戶，如果他們想留在本地，我們肯定會將數據中心作為他們的簡單遷移路徑。

Your next question comes from Ryan MacWilliams from Barclays.

您的下一個問題來自巴克萊銀行的 Ryan MacWilliams。

Two-part question here on 4Q cloud results. Could you maybe provide some context around what the contribution was from migration to cloud growth in the quarter? And how should we also think about the contribution from the expiration of the loyalty discount program to that fourth quarter cloud growth?

關於第四季度雲結果的問題分為兩部分。您能否提供一些有關本季度遷移對雲增長的貢獻的背景信息？我們還應該如何考慮忠誠度折扣計劃到期對第四季度雲增長的貢獻？

Yes. The first part of the question in terms of migrations, the migrations contribution to growth in the quarter was very consistent with what it's been in the past. I think we've talked about it being approximately 10 points in FY '23. That was a similar outcome in Q4. In terms of outperformance to the revenue guide, the outperformance was driven by stronger-than-expected purchasing in June and primarily in enterprise ahead of the expiration of our loyalty discount program.

是的。問題的第一部分是關於移民的，本季度移民對增長的貢獻與過去非常一致。我想我們已經討論過 23 財年大約是 10 個點。第四季度的結果類似。就收入指南的表現而言，表現優異是由於 6 月份的採購強於預期，主要是在我們的忠誠度折扣計劃到期之前的企業採購。

And that came in the form of both more deals and higher contract value per deal, and it drove strong results in migration (inaudible) and upsell to premium and enterprise versions of our products across both our cloud and data center businesses, and that drove the outperformance there. The server outperformance in the quarter was driven strictly by stronger-than-expected renewals and larger deal sizes. And then finally, marketplace outperformance was driven by app pull-through on the stronger cloud and data center sales I noted earlier. I hope that helps.

這以更多的交易和更高的每筆交易合同價值的形式出現，它在我們的雲和數據中心業務中推動了我們產品的高級版和企業版遷移（聽不清）和追加銷售的強勁成果，並推動了那裡表現出色。本季度服務器的優異表現完全是由強於預期的續訂和更大的交易規模推動的。最後，市場表現出色是由應用程序對我之前提到的更強勁的雲和數據中心銷售的拉動所推動的。我希望這有幫助。

And this is Cameron. Just from a customer perspective, I just want to say that none of this was really a surprise for the customers. We've been very open along the way for over the last few years about how the loyalty discount program would be staging down over 3 years and going away entirely on July 1.

這是卡梅倫。僅僅從客戶的角度來看，我只想說，這一切對客戶來說都不是真正的驚喜。在過去的幾年裡，我們一直對忠誠度折扣計劃如何在 3 年內逐漸減少並在 7 月 1 日完全取消持非常開放的態度。

And it's that openness to these customers, largely we've been working with them for many months, sometimes with these bigger customers 4 years knowing that this date was out there and giving them a large compelling event to make that choice. Of course, as I already mentioned, we still have another big data out there with next February, and we'll continue to work with our customers who still remain on server between now and then.

正是對這些客戶的開放態度，很大程度上我們已經與他們合作了好幾個月，有時與這些大客戶合作了4 年，知道這個日期已經存在，並為他們提供了一個令人信服的大型活動來做出選擇。當然，正如我已經提到的，明年二月我們仍然有另一個大數據，我們將繼續與從現在到那時仍在服務器上的客戶合作。

Your next question comes from Kash Rangan from Goldman Sachs.

您的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

I was curious if you could just comment on the transition. We've had a transition of sorts in the company. And with the 0 transition, how are you approaching the next year's planning? Are you looking for a new leader within the company, hiring from the outside? What are the considerations on that transition?

我很好奇你能否對過渡發表評論。我們公司經歷了某種轉變。隨著 0 過渡，您如何制定明年的計劃？您是否正在公司內部尋找新的領導者，從外部招聘？此次轉型有何考量？

It's Scott here. I just want to say a huge thank you to Cameron for his revenues at Atlassian. And Cameron has done nearly every job at Atlassian. He's done marketing presales and now eventually he is after running all of our sales and marketing, and it's an incredible job. And when we chatted about this, it's been the right time for Cameron to step back because the cloud migrations and end-of-life server are going so well. So it turns out the right time for Cameron to spend a bit of time skiing given he lives up in Tahoe at the moment.

這是斯科特。我只想對 Cameron 在 Atlassian 的收入表示衷心的感謝。 Cameron 幾乎完成了 Atlassian 的所有工作。他完成了售前營銷，現在最終他負責我們所有的銷售和營銷，這是一項令人難以置信的工作。當我們談論這個問題時，卡梅倫是時候退後一步了，因為雲遷移和停產服務器進展順利。因此，鑑於卡梅倫目前住在塔霍，現在正是花點時間滑雪的好時機。

In terms of what happens going forward, Cameron has some really strong leaders under him inside the business, particularly on the sales side. Has got a leader that runs most of the sales organization at the moment. And so we expect there to be a strong continuity of that leadership. At this stage, we're not saying exactly how that role will be replaced or refilled. But I don't expect there to be significant changes from what we've done in the past.

就未來發生的事情而言，卡梅倫在業務內部擁有一些非常強大的領導者，特別是在銷售方面。目前有一位負責管理大部分銷售組織的領導者。因此，我們預計這種領導力將具有強大的連續性。現階段，我們還沒有確切說明該角色將如何被替換或重新填補。但我不認為我們過去所做的事情會發生重大變化。

Your next question comes from Gregg Moskowitz from Mizuho Securities.

您的下一個問題來自瑞穗證券的格雷格·莫斯科維茨（Gregg Moskowitz）。

Okay. Best wishes to Cameron. For Mike or Scott, you were very clear at the Atlassian Summit in April that Atlassian Intelligence would be embedded in all of your cloud editions and be free of charge. But since that time, we've seen several software companies, GitLab to name one of them, announce specific pricing for their gen AI tech. And so I'm curious to hear your thoughts on the direct monetization plans that are developing in the industry. Also, if Atlassian intelligence delivers the value to customers that you think it can, could all of this potentially make you rethink your approach at some point?

好的。向卡梅倫致以最美好的祝愿。對於 Mike 或 Scott 來說，您在 4 月份的 Atlassian 峰會上非常明確地表示，Atlassian Intelligence 將嵌入到您的所有云版本中並且是免費的。但從那時起，我們看到多家軟件公司（GitLab 就是其中之一）宣布了其新一代人工智能技術的具體定價。因此，我很想听聽您對該行業正在製定的直接貨幣化計劃的看法。此外，如果 Atlassian 智能為客戶提供了您認為可以的價值，那麼所有這一切是否可能讓您在某個時候重新考慮您的方法？

Yes. Greg, it's Mike here. Thanks for the question. Look, I would start with our philosophy view and long-term thinking as a company. We clearly believe that Atlassian Intelligence and AI and new models are a huge opportunity for us. We think that software is supply constrained, not demand constrained, that will enable the creation of far more software. We are a content text-based business and anything that allows you to manipulate generate, pars understand, text is very good for us as a company that targets collaboration and knowledge workers.

是的。格雷格，我是邁克。謝謝你的提問。聽著，我將從我們作為一家公司的哲學觀點和長期思考開始。我們清楚地相信 Atlassian Intelligence 和人工智能以及新模型對我們來說是一個巨大的機會。我們認為軟件是供應受限的，而不是需求受限的，這將有助於創建更多的軟件。我們是一家基於內容文本的企業，任何允許您操作生成、理解文本的東西對於我們作為一家以協作和知識工作者為目標的公司來說都是非常有好處的。

We have a huge amount of data across our set of products and connections to third-party products and the best of big products in the world. That is incredibly value for us. So we are huge believers in AI and the potential of Atlassian Intelligence to drive significant value change for our customers.

我們擁有大量產品數據，以及與第三方產品和世界上最好的大型產品的連接。這對我們來說具有難以置信的價值。因此，我們堅信人工智能和 Atlassian Intelligence 為我們的客戶帶來重大價值變革的潛力。

Secondly, our philosophy is to leave with R&D to build and then customer value before thinking about monetization. I know there may be others in the industry who go the other way around and announce the price, then build something then work out of customer care. We don't work that way. We go in the other direction. So you've seen us execute that plan and that play many times over 2 decades, and that's exactly what we're doing in terms of Atlassian Intelligence. We are super excited and I believe you're at TEAM 2023. One of the best feature set, customer resonances we've had at the announcement and the launch of what we demonstrated to customers, huge customer excitement.

其次，我們的理念是先通過研發來構建客戶價值，然後再考慮貨幣化。我知道業內可能還有其他人會採取相反的方式公佈價格，然後構建一些東西，然後通過客戶服務來解決問題。我們不是那樣工作的。我們朝另一個方向走。因此，您已經看到我們執行了該計劃，並且在 20 年來多次執行該計劃，而這正是我們在 Atlassian Intelligence 方面所做的事情。我們非常興奮，我相信您加入了 TEAM 2023。這是最好的功能集之一，我們在宣布和推出我們向客戶展示的產品時引起了客戶的共鳴，客戶非常興奮。

Our job now is to turn that into actual customer usage in a huge manner, first, and that is exactly what we're doing. Those features are now in the hands of the order of thousands of customers and we are working every single day to make sure that those features deliver customer value and actually used first. We do believe they'll drive significant product competitiveness and unleash the potential of every team, which is what were here to do.

我們現在的工作是首先將其轉化為實際的客戶使用情況，而這正是我們正在做的事情。這些功能現在掌握在數千名客戶的手中，我們每天都在努力確保這些功能能夠為客戶帶來價值並首先實際使用。我們確實相信他們將顯著提高產品競爭力並釋放每個團隊的潛力，這正是我們要做的。

There are a number of ways, we believe, as we've said before, that we've gained economically from the Atlassian Intelligence feature set. Again, first and foremost, we do believe it will continue to drive significant momentum and migrations of customers from server and data center products to the cloud. Atlassian Intelligence features only exist in the cloud and can only exist in the cloud. So anything that is a carrot to further improve that migration flow is a good thing for us economically as a business.

正如我們之前所說，我們相信，我們可以通過多種方式從 Atlassian Intelligence 功能集中獲得經濟收益。首先，我們確實相信它將繼續推動客戶從服務器和數據中心產品向雲遷移的巨大動力和遷移。 Atlassian Intelligence 功能只存在於雲中，也只能存在於雲中。因此，任何能夠進一步改善移民流動的胡蘿蔔對於我們企業來說都是一件好事。

Secondly, we do believe it will drive product competitiveness and improve our new to new customer conversion rates and our win rates against competitors in all markets. Worth saying that we have built Atlassian Intelligence leveraging our cloud platform, which is both world-class and quite unique. This is a great example of why we spent 5 to 10 years building this cloud platform. because we can ship Atlassian intelligence features in every product in every category that we're in every market to improve our competitive standing across the board and we think that will come back in new customers and competitive wins over the medium to long term.

其次，我們確實相信它將提高產品競爭力，提高我們的新客戶轉化率以及我們在所有市場上對抗競爭對手的獲勝率。值得一提的是，我們利用我們的雲平台構建了 Atlassian Intelligence，該平台既是世界一流的，也是非常獨特的。這是我們為什麼花費 5 到 10 年時間構建這個雲平台的一個很好的例子。因為我們可以在每個市場的每個類別的每個產品中提供 Atlassian 智能功能，以全面提高我們的競爭地位，我們認為這將在中長期內帶來新客戶和競爭勝利。

And thirdly, some Atlassian Intelligence features enhance and leverage features that are packaged into premium and enterprise additions. So we do believe it will drive some additional movement as customers go from free to standard, and standard to premium and premium to enterprise. Some features do exist in enterprise levels. For example, the Atlassian Analytics features that exist in the Enterprise edition, very powerful set of features to be able to use Atlassian Intelligence to generate queries for you is one of the resident features, but that will hopefully drive more enterprise addition upgrade.

第三，一些 Atlassian Intelligence 功能增強並利用了高級版和企業版附加功能中的功能。因此，我們確實相信，隨著客戶從免費到標準，從標準到高級，再到高級到企業，它將推動一些額外的變化。企業級確實存在一些功能。例如，企業版中存在的 Atlassian Analytics 功能是一組非常強大的功能，能夠使用 Atlassian Intelligence 為您生成查詢，這是常駐功能之一，但這有望推動更多企業的附加升級。

So we do believe there's monetization opportunities for us in Atlassian Intelligence in summary. But philosophically, we're starting with R&D and building a deep set of core capabilities. We believe we can scale for the next 5 to 10 years as this wave takes over all of software. And secondly, we're focusing on delivering customer value first. We are doing that every single day and we remain incredibly bullish about this area of the company.

因此，總而言之，我們確實相信 Atlassian Intelligence 為我們提供了盈利機會。但從理念上講，我們從研發開始，建立一套深厚的核心能力。我們相信，隨著這一浪潮席捲所有軟件，我們可以在未來 5 到 10 年內實現擴展。其次，我們首先關注的是提供客戶價值。我們每天都在這樣做，並且我們仍然對公司的這一領域非常樂觀。

Your next question comes from Brent Thill from Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Joe, on the operating margin, you're guiding down 200 basis points year-over-year. And then I think in the shareholder letter, you expect that trend to reverse. Can you just walk through the next couple of year cadence and how you're thinking about the investments you're going after and then maybe tie that into that expansion and how you're thinking about how that plays out?

Joe，就營業利潤率而言，您的指導方針是同比下降 200 個基點。然後我認為在股東信中，您預計這種趨勢將會逆轉。您能否簡單介紹一下未來幾年的節奏以及您如何考慮您要進行的投資，然後將其與擴張聯繫起來以及您如何考慮其結果？

It's Scott here. I'll take the first part about that, and Joe can get in with the details. And just to remind to those who might be new to Atlassian story. Well, I think we've run a very successful and highly profitable business over a really long period of time. It's kicked off great. Free cash flow has great margins. And about 18 months ago, we identified a set of opportunities where we wanted to invest heavy arm behind those opportunities than we have historically.

這是斯科特。我將介紹第一部分，喬可以詳細介紹。只是為了提醒那些可能不熟悉 Atlassian 故事的人。嗯，我認為我們在很長一段時間內經營著一項非常成功且利潤豐厚的業務。已經拉開了序幕，太棒了自由現金流有很大的利潤空間。大約 18 個月前，我們發現了一系列機會，我們希望在這些機會背後投入比以往更多的力量。

And the 3 of the opportunities we articulated to you, at our Investor Day were investing heavier in enterprise cloud, investing heavier in our cloud migrations and investing more in our ITSM set of products. And on all 3, I mean, super happy with the returns we've been getting migrations, we're continuing at the pace that we thought. We were ITSM, and particularly in this time of consolidation and people looking to get off high-priced legacy vendors.

我們在投資者日向您介紹的 3 個機會是加大對企業雲的投資、加大對雲遷移的投資以及加大對 ITSM 系列產品的投資。在所有這三個方面，我的意思是，我們對遷移所獲得的回報非常滿意，我們正在按照我們想像的速度繼續進行。我們是 ITSM，尤其是在這個整合時期，人們希望擺脫高價的傳統供應商。

We've seen a lot of competitive switch outs. And in enterprise cloud, you've seen some of the -- the number is now $0.5 million or $1 million deals in our shareholder letter, like we're seeing a great uptick in our enterprise segment as well. So all 3 of those are going really well.

我們已經看到了很多競爭性的轉變。在企業雲中，您已經在我們的股東信中看到了一些交易的數字，現在是50 萬美元或100 萬美元的交易，就像我們看到我們的企業細分市場也出現了巨大的增長一樣。所以這三個都進展順利。

Now you as investors have rightly asked, well, what does the shape of that investment look like? How many years are we doing that for? And in our investor letter this year, just that we just came out today, we shared that we expect the FY '24 margin profile to be the sort of lowest point in our margin, and we expect them to climb over the coming years back towards our historical norms.

現在，作為投資者，您正確地問了，那麼，這項投資的形式是什麼樣的？我們這樣做了多少年？在今年的投資者信中，我們今天剛剛發布，我們預計 24 財年的利潤率將達到我們利潤率的最低點，並且我們預計它們將在未來幾年回升至我們的歷史規範。

Joe, do you want to add any more color to that?

喬，你想為此添加更多顏色嗎？

Yes. Thanks, Scott. Brent, I was just going to walk you through some of the mechanics. So in FY '24, we do expect operating margins of approximately 18.5%, as Scott mentioned. That's lower than this year, and it's driven by the strategic high-priority areas we're investing in that Scott and Mike have both highlighted including the areas of innovation like AI. Keep in mind in FY '24, we'll also be lapping the H2 benefit of restructuring savings and lower bonus expense that we had in FY '23.

是的。謝謝，斯科特。布倫特，我只是想向您介紹一些機制。因此，正如斯科特提到的，我們預計 24 財年的營業利潤率約為 18.5%。這個數字低於今年，這是由我們投資的戰略高優先領域推動的，斯科特和邁克都強調了這些領域，包括人工智能等創新領域。請記住，在 24 財年，我們還將享受 23 財年重組儲蓄和較低獎金支出帶來的下半年效益。

In terms of FY '25, what's happening there is we do expect continued healthy revenue growth in FY '25 combined with our expectation of improving operating leverage as operating expense growth moderates, as Scott mentioned, particularly in the big areas of investment like cloud migrations and we will continue to drive general efficiency improvements with scale. So that's some of the mechanics underneath the philosophy that Scott articulated.

就25 財年而言，正如斯科特提到的那樣，我們確實預計25 財年收入將持續健康增長，同時我們預計隨著運營費用增長放緩，運營槓桿也會提高，特別是在雲遷移等大型投資領域我們將繼續大規模推動總體效率提高。這就是斯科特闡述的哲學背後的一些機制。

Your next question comes from Ari Terjanian from Cleveland Research.

您的下一個問題來自克利夫蘭研究中心的 Ari Terjanian。

Congrats on the results, Cameron. I know you're moving at the end of the year, but congrats on a great run. I guess a question for you, a lot of strength here in the quarter on enterprise side. If you could double-click what do you think changed from a go-to-market perspective investments into Enterprise Advocates and the partner side that's helped drive some of these larger deals? And do you feel like Atlassian's at a steady state now in terms of the investments on the go-to-market side? Or is there more to come here as you think about the future?

祝賀結果，卡梅倫。我知道你將在年底搬家，但祝賀你一切順利。我想問你一個問題，本季度企業方面表現強勁。如果您可以雙擊，您認為從進入市場的角度投資到企業倡導者和幫助推動其中一些較大交易的合作夥伴方面發生了什麼變化？您認為 Atlassian 現在在市場投資方面是否處於穩定狀態？或者當你思考未來時還會有更多的事情來到這裡嗎？

Thank you for the question. And yes, we're very happy with the results we had in Q4 and the strength we continue to see in migrations and enterprise. But like I said, none of this happened overnight, and none of this was specifically just because of the go-to-market teams focused more on enterprise. This really has been a multiyear investment from Atlassian, largely with the commitment to get closer to our largest customers, and deliver -- honestly, to become the strategic partners that they want us to be.

感謝你的提問。是的，我們對第四季度的結果以及我們在遷移和企業方面繼續看到的實力感到非常滿意。但正如我所說，這一切都不是一朝一夕發生的，而且這一切都不是專門因為市場推廣團隊更加關注企業而造成的。這確實是 Atlassian 的一項多年投資，主要是為了更接近我們最大的客戶，並誠實地成為他們希望我們成為的戰略合作夥伴。

Now this starts with R&D, and you see us deliver massive investments in scale. We have 50,000 users in our cloud products today, certifications, extensibility and largely just understanding our enterprise customers' unique needs much more closely. And then, of course, we match that investment in go-to-market by including our Enterprise Advocates, our technical account managers, our customer success managers and so on. And as we got closer, we've been able to get larger deals, longer-term commitments and become the strategic partners that customers want.

現在這一切從研發開始，你會看到我們進行了大量規模投資。如今，我們的雲產品擁有 50,000 名用戶，認證、可擴展性，很大程度上只是更密切地了解我們企業客戶的獨特需求。當然，我們還會通過包括我們的企業倡導者、我們的技術客戶經理、我們的客戶成功經理等來匹配對進入市場的投資。隨著我們越來越接近，我們已經能夠獲得更大的交易、更長期的承諾，並成為客戶想要的戰略合作夥伴。

However, we've been able to do this all through evolution, as we've said, not revolution, and you see that today in our sales and marketing spend. So we've been able to actually get close to our largest customers to do these larger enterprise transactions, all while maintaining largely industry-leading sales and marketing expense, something that I'm exceedingly proud of and something that I'm very happy with my team will continue to do going forward is have that great balance of understanding our flywheel and product-led growth and all those great principles that Mike largely laid out earlier of how we're even thinking about AI.

然而，正如我們所說，我們能夠通過進化來做到這一點，而不是革命，你可以在今天的銷售和營銷支出中看到這一點。因此，我們能夠真正接近我們最大的客戶來進行這些大型企業交易，同時保持基本上行業領先的銷售和營銷費用，這是我感到非常自豪和非常高興的事情我的團隊未來將繼續做的就是在理解我們的飛輪和產品主導的增長以及邁克之前很大程度上闡述的關於我們如何思考人工智能的所有偉大原則之間取得良好的平衡。

But then, of course, when we're ready, go to our largest customers, and bring those solutions to them and, of course, get value and return for that. So we will continue to get closer to our largest customers, but we will absolutely continue to maintain our incredible efficient go-to-market structure going forward.

但是，當然，當我們準備好時，就去找我們最大的客戶，並將這些解決方案帶給他們，當然，我們也會因此獲得價值和回報。因此，我們將繼續拉近與最大客戶的距離，但我們絕對會繼續保持我們令人難以置信的高效進入市場結構。

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

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

So you said in a couple of places that migrations were strong, but you talked about both in the data centers as well as to cloud. I was wondering if you could drill on specifically on the migrations to cloud. So you mentioned things like data residency that were obstacles that were being removed. But are we in a position where whether it's because macro feels better and people are okay on TCO or some other reason that the actual migrations from let's just call it on-prem, whether from [based on] server to cloud of improving at this point? Is that sustainable?

因此，您在幾個地方提到遷移很強勁，但您談到了數據中心和雲的遷移。我想知道您是否可以專門深入探討向雲的遷移。所以你提到了諸如數據駐留之類的障礙，這些障礙正在被消除。但是，我們是否處於這樣的境地：無論是因為宏觀感覺更好，還是人們對總體擁有成本（TCO）感到滿意，還是其他一些原因，實際的遷移（我們稱之為本地部署），無論是從[基於]服務器遷移到雲，目前都在改進？這是可持續的嗎？

This is Cameron here. So the migration plan, like it hasn't been a multiyear program we put in place. And as the customers choosing cloud, choosing data center has been very much in line with what we've expected. As we eliminate cloud blockers, whether that's data residency, scale, extensibility and to be very honest, we have a public road map where we show all of our customers, here's all the things that we are shipping down the road so that they can make the appropriate choices going forward.

這是卡梅倫。因此，遷移計劃就像我們實施的多年計劃一樣。而隨著客戶選擇雲，選擇數據中心也非常符合我們的預期。當我們消除雲阻礙時，無論是數據駐留、規模、可擴展性，老實說，我們都有一個公共路線圖，我們向所有客戶展示以下是我們正在運送的所有內容，以便他們能夠未來的適當選擇。

It's a combination of all of those things that have allowed us to get these large customers choosing to move to cloud. Of course, as we've said, there are still plenty of customers out there that are ready for cloud would prefer to stay on premises and are choosing data center, and we will continue to see, I think, a large portion of customers going over the next year, choosing data center as that option.

所有這些因素的結合使我們能夠讓這些大客戶選擇遷移到雲。當然，正如我們所說，仍然有很多客戶已經為雲做好了準備，他們更願意留在本地並選擇數據中心，我認為我們將繼續看到很大一部分客戶會選擇數據中心。在接下來的一年裡，我們將選擇數據中心作為該選項。

But that's not a dead end. We largely see that investment in data center as a further commitment into Atlassian. And we've proven again and again that we can move data center customers to the cloud with half of our migrated seats coming from data center customers. So it's once again, we provide the optionality for the customers throughout if they choose data center, that's great. We'll continue to work with them, moving them to cloud and getting the most value from Atlassian long term.

但這並不是死胡同。我們主要認為對數據中心的投資是對 Atlassian 的進一步承諾。我們一次又一次地證明，我們可以將數據中心客戶遷移到雲端，其中一半的遷移席位來自數據中心客戶。因此，我們再次為客戶提供了選擇數據中心的選擇，這很好。我們將繼續與他們合作，將他們遷移到雲端，並從 Atlassian 長期獲得最大價值。

Mike, you got anything to add?

邁克，你還有什麼要補充的嗎？

Nothing, Cameron. I think you now that just reemphasizing that the half our migrated seats coming from data center is a really important milestone for us as we continue this long-term journey.

沒什麼，卡梅倫。我認為您現在再次強調，我們遷移的一半席位來自數據中心，這對於我們繼續這一長期旅程來說是一個非常重要的里程碑。

Your next question comes from Alex Zukin from Wolf Research.

您的下一個問題來自 Wolf Research 的 Alex Zukin。

Maybe just first, if we look at the cloud revenue growth number, and we look at -- we try to decompose net new ARR into net new versus migration versus expansion. You've talked a little bit about the migration dynamic. But how much -- like if we look at the -- if we just ask you like a cloud NRR metric and how much is coming from expansion. It would be great to understand that, particularly as we're getting into the later innings of the migration?

也許首先，如果我們看一下云收入增長數字，我們會嘗試將淨新 ARR 分解為淨新與遷移與擴張。您已經談到了一些關於遷移動態的問題。但是，如果我們只問你一個雲 NRR 指標，以及有多少來自擴展，那麼有多少——就像我們看一下一樣。很高興能理解這一點，特別是當我們進入遷移的後期階段時？

And then maybe just as a follow-up, Joe, you talked about healthy top line growth for fiscal '25. You gave the 25% to 30% growth range for '24, which we really appreciate, by the way. Is that a durable kind of growth rate? It's obviously a wider range given the macro uncertainty. But is that growth rate likely to stay durable particularly as maybe the migration tailwinds start to ebb a little bit as we get past the server end of life?

喬，也許作為後續行動，您談到了 25 財年的健康營收增長。順便說一句，您給出了 24 年 25% 到 30% 的增長范圍，我們對此非常讚賞。這是一種持久的增長率嗎？考慮到宏觀不確定性，這顯然是一個更大的範圍。但這種增長率是否可能保持持久，特別是當我們過了服務器壽命結束時，遷移的順風可能開始減弱？

Yes. Thanks for the question, Alex. I'd say, starting with your last question. In terms of FY '25, we're obviously not giving any guidance on that. To your broader question, I do believe it's durable. The value that we're adding to the products that cloud brings that's very specific, the value it delivers to customers, I think there's a lot of opportunity for tailwind in that business. And so directionally speaking, we should continue to see very healthy growth, as I mentioned, for FY '25. That will be driven primarily by could as the server revenue base goes away and increasingly, data center customers migrate to the cloud.

是的。謝謝你的提問，亞歷克斯。我想說，從你最後一個問題開始。就 25 財年而言，我們顯然不會就此提供任何指導。對於你更廣泛的問題，我確實相信它是耐用的。我們為雲帶來的產品添加的價值是非常具體的，它為客戶提供的價值，我認為該業務有很多順風的機會。因此，從方向上來說，正如我提到的，25 財年我們應該會繼續看到非常健康的增長。隨著服務器收入基礎的消失以及數據中心客戶越來越多地遷移到雲，這將主要由可能推動。

In terms of your first question on net retention rates, I would just say paid seat expansion and free-to-paid conversions continue to be impacted by the macroeconomic headwinds that we've seen. That would impact that area of the business. In terms of a specific expansion rate, as you know, we don't share quarterly retention and expansion rates. Having said that, we've talked about the macroeconomic pressures and the underlying fundamentals in our business outside of that remain very strong, however, and we see no change to our structural competitive position.

關於您關於淨保留率的第一個問題，我只想說付費席位的擴張和免費到付費的轉換繼續受到我們所看到的宏觀經濟逆風的影響。這將影響該業務領域。就具體的擴張率而言，如您所知，我們不分享季度保留率和擴張率。話雖如此，我們已經討論了宏觀經濟壓力以及我們業務之外的基本面仍然非常強勁，但是，我們認為我們的結構性競爭地位沒有變化。

So we do expect those retention rates to improve once the macro picture stabilizes and begins to improve. And then as you talked about earlier, I'd also highlight other aspects of -- key aspects of our business like migrations and cross-sell and upsell and monthly active usage. Those all remain very healthy and speak to the highly valuable and mission-critical nature of our products, and those will also feed future expansion rate improvements. So our outlook is very positive on that going forward.

因此，我們確實預計，一旦宏觀形勢穩定並開始改善，這些保留率就會提高。然後，正如您之前談到的，我還要強調我們業務的其他方面，例如遷移、交叉銷售和追加銷售以及每月活躍使用量。這些都保持非常健康，並說明了我們產品的高度價值和關鍵任務性質，並且這些也將促進未來擴張率的提高。因此，我們對未來的前景非常樂觀。

Your next question comes from Fred Havemeyer from Macquarie.

您的下一個問題來自麥格理的 Fred Havemeyer。

First actually another thank you for introducing a dark theme as well for Jira. I think for people like me greatly appreciate it, especially when I'm on with some of my colleagues in Australia late at night. The question right now is really focusing on the migration tooling that you have. As you're looking at and kind of reviewing the learnings that you have and the investments you've made into your migration tooling. Just how confident are you that at this point, you have the server to either data center or cloud migration tooling on-ramp capabilities really solved versus are there any significant risks you still see for some of those larger enterprise customers post server end of life to need to wait a little longer to have either like additional tools built out?

首先，實際上還要感謝您為 Jira 引入了黑暗主題。我想對於像我這樣的人來說非常感激，尤其是當我深夜與澳大利亞的一些同事在一起時。現在的問題實際上集中在您擁有的遷移工具上。當您查看並回顧您所學到的知識以及您對遷移工具所做的投資時。此時，您對服務器到數據中心或云遷移工具入口功能的真正解決有多大信心？對於一些較大的企業客戶來說，在服務器壽命終止後，您仍然會看到任何重大風險嗎？需要等待更長的時間才能構建出類似的附加工具嗎？

Fred, I can take that. It's Mike, and thanks for the kudos on dark theme in Jira. It's a good example of the amazing R&D team we have. It's done properly with design tokens and all sorts of things across our cloud platform using AtlasCamp. So it will be coming to other products shortly. It's already in hand full of products that you see all across the area with a huge focus on accessibility, which has kept us into migrations. That thing is quite challenging to do in an accessible way that works to meet all of the standards required for people who have accessibility issues when it comes to software.

弗雷德，我可以接受。我是 Mike，感謝您對 Jira 深色主題的認可。這是我們擁有出色的研發團隊的一個很好的例子。它可以通過使用 AtlasCamp 的設計令牌和我們的雲平台上的各種事物來正確完成。因此，它很快就會出現在其他產品中。它手中已經充滿了您在該地區隨處可見的產品，並且非常注重可訪問性，這使我們不斷遷移。以一種可訪問的方式來滿足那些在軟件方面有可訪問性問題的人所需的所有標準，這件事是相當具有挑戰性的。

Gets to some of the migration tooling questions that you've asked. Our migration tooling continues to improve quarter-on-quarter. We work really hard on the tools to make that as self-service as possible. And largely what we are doing is continue to work on the scale and speed of the tools to move huge amounts of data faster and faster, the repeatability of those tools. Customers don't do one-shot migrations, especially the larger ones. They will migrate their data across, test it, migrate it again and do that multiple times. So the tooling becomes incredibly important to be repeatable and reliable.

了解您提出的一些遷移工具問題。我們的遷移工具逐季度持續改進。我們非常努力地開發工具，使其盡可能成為自助服務。我們所做的主要是繼續致力於工具的規模和速度，以越來越快地移動大量數據，以及這些工具的可重複性。客戶不會進行一次性遷移，尤其是較大的遷移。他們將遷移數據、測試它、再次遷移並重複多次。因此，工具的可重複性和可靠性變得非常重要。

And lastly, we work with customers who have lots of edge cases, some of them have 10 to 20 years of Jira family or Confluence data on-prem. They may have added it to their own database, they may have done a whole lot of things that we have to take these edge cases to move them across. We continue to work on how to do that as we get bigger and bigger customers, and we can counter more and more edge cases, more of the tooling is self-service and repeatable.

最後，我們與擁有大量邊緣案例的客戶合作，其中一些在本地擁有 10 到 20 年的 Jira 系列或 Confluence 數據。他們可能已經將其添加到自己的數據庫中，他們可能做了很多事情，我們必須利用這些邊緣情況來移動它們。隨著我們的客戶越來越多，我們將繼續研究如何做到這一點，並且我們可以應對越來越多的邊緣情況，更多的工具是自助服務和可重複的。

And lastly, we are continuing to work with app vendors and our amazing marketplace community to make sure that their app data and the apps themselves can be migrated as they move from our on-premise extensibility and plug-in systems to connect and forge in the cloud. That's quite a unique migration challenge. I would say every quarter, we get better and better at doing this. We can use less human power to do migrations. We can do bigger migrations. And I'm really proud of how the team is going on managing all of that tooling.

最後，我們將繼續與應用程序供應商和我們令人驚嘆的市場社區合作，以確保他們的應用程序數據和應用程序本身可以在從我們的本地可擴展性和插件系統轉移到連接和打造應用程序時進行遷移。雲。這是一個非常獨特的遷移挑戰。我想說每個季度我們在這方面都做得越來越好。我們可以使用更少的人力來進行遷移。我們可以進行更大規模的遷移。我對團隊如何管理所有這些工具感到非常自豪。

So continuing to improve I don't know it's -- your question was around, is it solved, it will get better every single quarter as it has done for the last 3 years, and we'll continue to do that as we migrate more and more server and data center customers over the time.

所以繼續改進我不知道 - 你的問題是，它是否解決了，它會像過去 3 年那樣每個季度都會變得更好，隨著我們遷移更多，我們將繼續這樣做隨著時間的推移，會有更多的服務器和數據中心客戶。

Your next question comes from Peter Weed from AllianceBernstein.

您的下一個問題來自 AllianceBernstein 的 Peter Weed。

And great to see IT service management growth called out of the note. It was top of mind for us, too. We see it as a really large opportunity for you going forward. And obviously, it already is a large business. Really impressive to see the 45,000 customers and 80% year-over-year growth. Kind of looking forward, how should we think about the total upside from here? Like what are the profile of the companies that on the largest opportunity going forward that will drive more growth? And how much additional headroom do you see in this over the coming kind of 3-ish years?

很高興看到 IT 服務管理的增長被提及。這也是我們最關心的問題。我們認為這對您來說是一個巨大的前進機會。顯然，這已經是一項大生意了。看到 45,000 名客戶和 80% 的同比增長，真是令人印象深刻。有點期待，我們應該如何看待這裡的總體上行空間？哪些公司的概況如何，這些公司未來將面臨最大的機遇，將推動更多增長？在未來三年左右的時間裡，您認為這方面還有多少額外的空間？

Peter, It's Scott here. Look, I think we have a huge opportunity for durable growth over such a long period of time. We operate in 3 very large markets and take them one by one. You talked about Jira Service Management and ITSM. The opportunity there is we're the challenger in that particular market. And there's plenty of large incumbents there and putting it on happy customers and those large incumbents. So there's just massive opportunities for us to take market share in that particular space.

彼得，我是斯科特。聽著，我認為我們擁有在如此長的時間內實現持久增長的巨大機會。我們在 3 個非常大的市場開展業務，並將它們一一對待。您談到了 Jira 服務管理和 ITSM。機會在於我們是該特定市場的挑戰者。那裡有很多大型現有企業，並將其放在滿意的客戶和那些大型現有企業身上。因此，我們有巨大的機會在該特定領域佔據市場份額。

In our migrations, let me talk about work management for all. So there's just a huge opportunity there. That's a very large market. And if you look at the stronghold we have around developers and around development teams. And when I talk to CEOs these days around the world, like the biggest -- one of the biggest thing -- issues is how do they make the development teams productive, how do they get more out of the development teams. And when we look at customers consolidating around work management for all items, they can throw it out to other vendors, but they can't get rid of the tools, the power of their engineering teams. And so we have a huge opportunity for consolidation in our work management for all markets.

在我們的遷移中，讓我談談所有人的工作管理。所以那裡有一個巨大的機會。這是一個非常大的市場。如果你看看我們在開發人員和開發團隊周圍的堡壘。這些天，當我與世界各地的首席執行官交談時，最重要的問題之一是他們如何提高開發團隊的生產力，如何從開發團隊中獲得更多收益。當我們看到客戶圍繞所有項目的工作管理進行整合時，他們可以將其扔給其他供應商，但他們無法擺脫工具和工程團隊的力量。因此，我們有巨大的機會來整合所有市場的工作管理。

And then if I look at the innovations that we're bringing to our traditional agile and DevOps market, we're a large player there, but there's just so any different customer problems that we can be solving for them. And you saw us launch Jira Product Discovery to target product managers. So if we start tackling more and more personas across there, there's just so much customer value that we can produce. And so I see huge opportunities in every market that we have at the moment. So I don't really see any limit there. Migration of our customers from server to cloud is just a stepping stone for us to be able to keep delivering huge value and increased cloud revenue.

然後，如果我看看我們為傳統敏捷和 DevOps 市場帶來的創新，我們是那裡的重要參與者，但我們可以為他們解決任何不同的客戶問題。您看到我們針對產品​​經理推出了 Jira Product Discovery。因此，如果我們開始處理越來越多的角色，我們就可以創造大量的客戶價值。因此，我在目前的每個市場都看到了巨大的機會。所以我真的沒有看到任何限制。我們的客戶從服務器遷移到雲只是我們能夠繼續提供巨大價值和增加雲收入的墊腳石。

It's Cameron. I'll follow up just speaking with customers as well. The IT service, as we mentioned, 80% growth in our largest enterprise customers with Jira Service Management last year which shows that, hey, we struck a vein here with the customers where if you look at the trends in the market, customers are trying to consolidate vendors and save money, Jira Service Management for existing Atlassian customers is a great opportunity. Customers also want their development teams and IT teams to come closer together to work on a common platform.

是卡梅倫。我也會跟進與客戶的交談。 IT 服務，正如我們提到的，去年我們最大的企業客戶通過Jira Service Management 實現了80% 的增長，這表明，嘿，我們在這裡與客戶達成了共識，如果你看看市場的趨勢，客戶正在嘗試為了整合供應商並節省資金，Jira Service Management 對於現有 Atlassian 客戶來說是一個絕佳的機會。客戶還希望他們的開發團隊和 IT 團隊更加緊密地合作，在一個通用平台上工作。

Jira Service Management provides that absolute capability. and customers want more flexibility, quicker time to value of their investments. They don't want to spend 6 to 12 months rolling out these tools. They want to be able to purchase software, get it running and start delivering valor to their end users in days, weeks at most and Jira Service Management once again delivers valor here. So in the IT Service Management market broadly, I think we have a very unique offering with a very unique value prop at a very unique price point. And all 3 of those reasons are the reasons why customers continue to look to us and invest in Jira Service Management.

Jira 服務管理提供了這種絕對的功能。客戶希望獲得更大的靈活性，更快地實現投資價值。他們不想花費 6 到 12 個月的時間來推出這些工具。他們希望能夠在幾天、最多幾週內購買軟件、使其運行並開始為最終用戶提供勇氣，而 Jira Service Management 再次在這裡提供勇氣。因此，在廣泛的 IT 服務管理市場中，我認為我們擁有非常獨特的產品，以非常獨特的價格點提供非常獨特的價值支撐。所有這 3 個原因都是客戶繼續關注我們並投資 Jira Service Management 的原因。

Your next question comes from Derrick Wood from TD Cowen.

您的下一個問題來自 TD Cowen 的 Derrick Wood。

I guess, Joe, this is for you. I wanted to ask about like some of the expansion headwinds being felt upmarket. I think with your smaller customers, I know a lot are on monthly contracts. So perhaps net expansion rates normalize quicker. But within your enterprise customers, you often have multiyear contracts. Customers would historically buy seats for growth to take advantage of pricing and we've heard from other seat-based models that as growth in the tech world has slowed, expansions on renewals can be a lot more challenging. So just curious, is that something you're seeing and do you think we still need some time, quarters ahead that fully cycle through this with kind of longer enterprise contracts?

我想，喬，這是給你的。我想問一下高端市場所感受到的一些擴張阻力。我認為對於您的小客戶，我知道很多都是按月簽訂合同的。因此，也許淨擴張率會更快正常化。但在企業客戶中，您通常簽訂多年合同。從歷史上看，客戶會購買增長席位以利用定價優勢，我們從其他基於席位的模型中了解到，隨著科技領域增長放緩，續訂擴張可能會更具挑戰性。所以只是好奇，這是您所看到的嗎？您認為我們是否還需要一些時間，提前幾個季度，通過更長的企業合同來完全週期？

Yes. Let me just talk a little bit about the differences between SMB and Enterprise, and I think it will get to your question. The SMB segment of our business is the most sensitive to macro and it has been the most impacted over the last year by the macroeconomic headwinds. We also do see the impact of changes in SMB in our cloud revenue sooner than in Enterprise, simply given the mix of monthly cloud billings that we have in SMB. So I do expect SMB to be an area that will most benefit in our portfolio if macro improves, and we'll see that impact in a fairly timely way in our revenue and P&L when it occurs.

是的。讓我簡單談談中小企業和企業之間的區別，我想這會回答你的問題。我們業務中的中小企業部門對宏觀經濟最敏感，去年受宏觀經濟逆風的影響最大。考慮到我們在中小企業中的每月雲賬單組合，我們確實比企業更早地看到了中小企業變化對我們雲收入的影響。因此，我確實預計，如果宏觀經濟改善，中小企業將成為我們投資組合中最受益的領域，並且當這種影響發生時，我們將相當及時地看到這種影響對我們的收入和損益的影響。

Now as you point out, Enterprise has slightly different dynamics. It's been less macro sensitive over the last year, still impacted by macro but not to the same degree as SMB and as you pointed out, Enterprise also benefits from the investments we've made to unblock cloud migrations and improve enterprise capabilities, including premium enterprise SKU value. And they purchased that value through a higher percentage of annual and multiyear contract billings and that reduces the quarter-to-quarter revenue variability to some degree. So you will see that play out over time, and it does take longer for us to see that goodness from enterprise fully reflected in the P&L as a result of that.

正如您所指出的，Enterprise 的動態略有不同。去年它對宏觀的敏感度較低，仍然受到宏觀的影響，但程度不及中小企業，正如您所指出的，企業也受益於我們為解鎖雲遷移和提高企業能力（包括優質企業）所做的投資SKU 值。他們通過較高比例的年度和多年合同賬單購買了該價值，這在一定程度上減少了季度與季度的收入波動。因此，你會看到這種情況隨著時間的推移而發揮作用，而且我們確實需要更長的時間才能看到企業的好處充分反映在損益表中。

Your next question comes from Austin Cole from Citizens JMP Securities.

您的下一個問題來自 Citizens JMP Securities 的 Austin Cole。

Congrats on the results. So just cash now exceeds $2 billion on the balance sheet kind of a milestone there. I was wondering if you guys could share anything on how you guys are thinking about M&A strategy at this stage.

祝賀結果。因此，現在資產負債表上的現金就超過了 20 億美元，這算是一個里程碑。我想知道你們是否可以分享一下你們現階段如何考慮併購策略。

Yes. Thanks for the question. I'll talk a little bit just in general about our capital allocation philosophy, which really hasn't changed. The first priority is investment to drive the long-term growth of our business, both from an organic R&D and sales and marketing perspective as well as you point out, mergers and acquisitions and strategic investments. And from there, we typically look to opportunistically return capital to shareholders as we're currently doing through the share repurchase plan. So Atlassian has always done M&A as part of its growth strategy, and that continues to be part of it going forward as well. Scott?

是的。謝謝你的提問。我將籠統地談談我們的資本配置理念，這一理念實際上並沒有改變。首要任務是投資，以推動我們業務的長期增長，無論是從有機研發、銷售和營銷的角度，還是從您指出的併購和戰略投資的角度來看。從那時起，我們通常會尋找機會向股東返還資本，就像我們目前通過股票回購計劃所做的那樣。因此，Atlassian 一直將併購作為其增長戰略的一部分，並且這也將繼續成為其未來的一部分。斯科特？

I don't think there's any change to our philosophy, irrespective of what our balance sheet numbers look like. We've always been a company that thinks about the long term in terms of our investments. And it's not going to change as a result of having a large or a small cash balance out there. We look at the right things, we weren't (inaudible) like from a new customer acquisition perspective. We don't want to dig up a [big] hole for us to suit. We're willing to sit around and wait for something that really hits us and really provides value to our customers. And so for us, we're always on the lookout for great value assets, and we'll do them when the time is right, not irrespective of our bank balance.

我不認為我們的理念有任何改變，無論我們的資產負債表數字如何。我們一直是一家在投資方面著眼長遠的公司。而且它不會因為現金餘額的多少而改變。我們著眼於正確的事情，我們並不（聽不清）從新客戶獲取的角度來看。我們不想挖一個[大]洞來適應。我們願意坐下來等待真正打動我們並真正為我們的客戶提供價值的東西。因此，對我們來說，我們一直在尋找有價值的資產，並且在時機成熟時我們會這樣做，而不是不管我們的銀行餘額如何。

Your next question comes from Fred Havemeyer from Macquarie.

您的下一個問題來自麥格理的 Fred Havemeyer。

I wanted to also ask on the ITSM side of the business as well and Jira Service Management. Just the enterprise growth, in particular, I think you noted about 80% year-over-year is looking quite impressive. Just was hoping to better understand, to the extent you can describe kind of how much of those Jira Service Desk customers you would qualify as enterprise at this point in time? And then secondly, what's really started to work there to be able to turn on that enterprise growth within Service Management?

我還想詢問 ITSM 方面的業務以及 Jira 服務管理。尤其是企業增長，我認為您注意到同比增長約 80%，看起來相當令人印象深刻。只是希望更好地理解，您能描述一下您目前有多少 Jira Service Desk 客戶符合企業資格嗎？其次，什麼真正開始發揮作用，能夠在服務管理中開啟企業增長？

Cameron here. I'll call out what's driving the enterprise success in IT service management largely comes off the back of many of our enterprise investments broadly at the Atlassian cloud platform level. Whether that was data residency or the certifications, all the same benefits that we had for driving migrations in large enterprise automatically get translated to Jira Service Management.

卡梅倫在這裡。我將指出，推動企業在 IT 服務管理方面取得成功的因素很大程度上來自於我們在 Atlassian 雲平台層面廣泛進行的許多企業投資。無論是數據駐留還是認證，我們在大型企業中推動遷移所獲得的所有優勢都會自動轉化為 Jira 服務管理。

However, the Jira Service Management team has also been exceedingly focused on knocking down the specific IT requirements of those larger customers. And you see that largely show up the validation of that as we are in the leadership quadrant in the Gartner IT Magic Quadrant which basically shows that, hey, yes, we check all the boxes that those customers require while maintaining that unique value of bringing dev and IT closer together at a relatively competitive price point.

然而，Jira 服務管理團隊也非常注重降低這些大客戶的特定 IT 需求。您會看到，這在很大程度上證明了這一點，因為我們處於Gartner IT 魔力像限的領導象限，這基本上表明，嘿，是的，我們檢查了這些客戶所需的所有方框，同時保持了帶來開發的獨特價值和 IT 以相對有競爭力的價格更緊密地結合在一起。

So it's really the investment across the board in IT service management. As we said a few years ago now, we're going to double down this area. And as we paid off those R&D investments, and focused our go-to-market efforts as we reach out to our larger customers, and we're talking to them about migrating the cloud. We're not just talking about getting what they already have over to the cloud. We talked about expanding the overall Atlassian value prop as they move to the Atlassian cloud platform, and that's also helped us expand the Jira Service Management offerings. Mike?

所以這實際上是對 IT 服務管理的全面投資。正如我們幾年前所說，我們將在這一領域加倍努力。當我們還清了這些研發投資，並在接觸更大的客戶時集中了我們的市場推廣工作，我們正在與他們討論遷移雲的問題。我們不僅僅是在談論將他們已有的東西轉移到雲端。我們討論了在遷移到 Atlassian 雲平台時擴展 Atlassian 的整體價值支柱，這也幫助我們擴展了 Jira 服務管理產品。麥克風？

Yes. I just wanted to add on one thing. I was talking to an enterprise customer maybe a month, 1.5 months ago. And 1 of the things that was coming through to them was the value of the Atlassian platform. And one of the reasons why they opted for JSM. In particular, in this case, they used Atlassian in their agile and DevOps, the Jira Software and other products. The combination of development teams and IT teams is increasingly important. We have an incredibly unique value advantage there as every customer every company becomes a software company, that connectivity between development teams and IT teams is incredibly important.

是的。我只是想補充一件事。大約一個月前，1.5 個月前，我正在與一位企業客戶交談。他們感受到的其中一件事就是 Atlassian 平台的價值。這也是他們選擇 JSM 的原因之一。特別是，在這種情況下，他們在敏捷和 DevOps、Jira Software 和其他產品中使用了 Atlassian。開發團隊和IT團隊的結合變得越來越重要。我們在那裡擁有令人難以置信的獨特價值優勢，因為每個客戶每個公司都成為一家軟件公司，開發團隊和 IT 團隊之間的連接非常重要。

That's powered by our investments in the Atlassian platform over time. You're seeing that come through in Atlassian Intelligence and a whole host of other ways. But it's really gratifying to us to see that resonating with customers, especially the large customers, and it's a big differentiator. The same actually applies on the connectivity between IT and service teams in an organization and the work management space.

這得益於我們對 Atlassian 平台的長期投資。您會看到 Atlassian Intelligence 和許多其他方式都實現了這一點。但令我們感到非常高興的是看到它與客戶，尤其是大客戶產生共鳴，這是一個很大的差異化因素。這實際上也適用於組織中 IT 和服務團隊與工作管理空間之間的連接。

So on the other side of our market combinations, as enterprise service management continues to roll out, our virtual agent technologies using Atlassian Intelligence, I think will be a huge boon to larger enterprises in trying to take Service Management more broadly from IT into HR, finance, marketing and other capabilities. This all relies on the power of the Atlassian cloud platform. It will continue to drive migrations of our largest customers there and I think be a differentiator in the ITSM space.

因此，在我們市場組合的另一邊，隨著企業服務管理的不斷推出，我們使用Atlassian Intelligence 的虛擬代理技術，我認為對於試圖將服務管理更廣泛地從IT 引入HR 的大型企業來說將是一個巨大的福音，財務、營銷和其他能力。這一切都依賴於Atlassian雲平台的力量。它將繼續推動我們最大的客戶遷移到那裡，我認為這將成為 ITSM 領域的一個差異化因素。

Thank you. That's all the questions we have time for today. I will now turn the call over to Scott for closing remarks.

謝謝。這就是我們今天有時間回答的所有問題。我現在將把電話轉給斯科特，讓他發表結束語。

So thank you to everyone for joining our call today. As always, we appreciate your thoughtful questions and continued support and a special thank to the Atlassian team for your resilience and closing the year out with strong momentum. Also I want to say a special thank you to Cameron, that was his last earnings call. I just want to say a huge thank you for the revenues you've given to Atlassian so far. Thank you all, and I'll see you next quarter.

感謝大家今天加入我們的電話會議。與往常一樣，我們感謝您深思熟慮的問題和持續的支持，並特別感謝 Atlassian 團隊的韌性和強勁的勢頭結束了這一年。我還想特別感謝卡梅倫，那是他最後一次財報電話會議。我只想對您迄今為止為 Atlassian 帶來的收入表示衷心的感謝。謝謝大家，下季度見。