Atlassian Corp (TEAM) 2024 Q2 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's Earnings Conference Call for the second quarter of fiscal year 2024. As a reminder, this conference call is being recorded and will be available for replay on the Investor Relations section of Atlassian's website following this call.

下午好，感謝您參加 Atlassian 2024 財年第二季度的收益電話會議。謹此提醒，本次電話會議正在錄製中，並將在電話會議結束後在 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.

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

Welcome to Atlassian's Second Quarter of Fiscal Year 2024 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; Chief Financial Officer, Joe Binz.

歡迎參加 Atlassian 2024 財年第二季財報電話會議。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 的共同創辦人兼聯合執行長 Scott Farquhar 和 Mike Cannon-Brookes；財務長喬·賓茲。

Earlier today, we published a shareholder letter and press release with our financial results and commentary for our second quarter of fiscal year 2024. The shareholder letter is available on Atlassian's Work Life blog and the Investor Relations section of our website, where you will also find other earnings-related materials, including the earnings press release and supplemental investor data sheet.

今天早些時候，我們發布了一封股東信和新聞稿，其中包含2024 財年第二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資料，包括收益新聞稿和補充投資者資料表。

As always, our shareholder letter contains management's insights and commentary for the quarter. So during the call today, we'll have brief opening remarks and then focus our time on Q&A. This call will include forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we have.

與往常一樣，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，或任何假設被證明不正確，我們的結果可能與我們的前瞻性陳述明示或暗示的結果有重大差異。

You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made, and we undertake no obligation to update or revise such statements should they change or cease to be current. Further information on these and other factors that could affect our business performance and financial results is included in the filings we make with the Securities and Exchange Commission from time to time, including the section titled Risk Factors in our most recently filed annual and quarterly reports.

您不應依賴前瞻性陳述作為未來事件的預測。前瞻性陳述僅代表我們管理階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業務績效和財務業績的因素的更多資​​訊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 include 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 Investor Relations section of our website. We'd like to allow as many of you to participate in Q&A as possible. Out of respect for others on the call, we'll take one question at a time.

在今天的電話會議中，我們也將納入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根據公認會計原則編製的財務績效指標的補充，不能替代或優於這些指標。我們網站投資者關係部分的股東信函、收益報告和投資者資料表中提供了 GAAP 和非 GAAP 財務指標之間的調整表。我們希望讓盡可能多的人參與問答。出於對通話中其他人的尊重，我們將一次回答一個問題。

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

接下來，我將把電話轉給史考特，讓他致開幕詞。

Thank you for joining us today. As we've already read in our shareholder letter, Q2 was full of significant milestones for Atlassian. When we first went public 8 years ago, we had just over $100 million in quarterly revenue and supported 54,000 customers. Fast forward to today, and we've just posted our first $1 billion revenue quarter, Jira Software crossed $1 billion in Cloud ARR and we surpassed 300,000 customers.

感謝您今天加入我們。正如我們在股東信中所讀到的那樣，第二季度對 Atlassian 來說充滿了重要的里程碑。 8 年前，當我們首次上市時，我們的季度收入剛剛超過 1 億美元，並為 54,000 名客戶提供支援。快轉到今天，我們剛剛發布了第一個 10 億美元收入季度，Jira Software 的雲端 ARR 突破了 10 億美元，我們的客戶數量也超過了 30 萬名。

These accomplishments are a true testament to our amazing team, our diverse and passionate customer base and the high-value mission-critical products we deliver. Mike and I are extremely proud and thankful for every single Atlassian who has helped to get us here. In Q2, our R&D engine continued to deliver incredible innovation across our Cloud platform. We rolled out Compass, Virtual Agent capabilities in Jira Service Management on our first phase of the Atlassian Intelligence capabilities into general availability.

這些成就真正證明了我們出色的團隊、多元化且熱情的客戶群以及我們提供的高價值關鍵任務產品。麥克和我對每一位幫助我們走到今天的 Atlassian 感到非常自豪和感謝。在第二季度，我們的研發引擎繼續在我們的雲端平台上提供令人難以置信的創新。在 Atlassian Intelligence 功能全面推出的第一階段，我們在 Jira Service Management 中推出了 Compass、虛擬代理功能。

We also welcomed Loom to the Atlassian family and have been thrilled to see the team deliver on their ambitious AI vision with many new features including enhanced editing experience that makes updating video as easy as editing a text document. Customers see the value where we're delivering in the Cloud and are turning to us for strategic guidance on how we can unleash the potential for their teams. We're excited by the momentum we are seeing across the business and remain laser-focused on executing against our key strategic priorities: Cloud migrations, serving the enterprise, IPSM, and now AI.

我們也歡迎 Loom 加入 Atlassian 家族，並很高興看到團隊透過許多新功能實現其雄心勃勃的 AI 願景，包括增強的編輯體驗，使更新影片像編輯文字文件一樣簡單。客戶看到了我們在雲端中提供的價值，並向我們尋求有關如何釋放其團隊潛力的策略指導。我們對整個業務的發展勢頭感到興奮，並繼續專注於執行我們的關鍵策略優先事項：雲端遷移、服務企業、IPSM 和現在的人工智慧。

And we're in a great position to get after them with massive market opportunities, strong customer commitment to the Atlassian platform, a unique ability to combine over 20 years of insights with the immense power of AI, and most importantly, a world-class team.

我們擁有巨大的市場機會、對 Atlassian 平台的堅定客戶承諾、將 20 多年的見解與人工智慧的巨大力量相結合的獨特能力，以及最重要的是世界一流的團隊。

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

這樣，我會將電話轉給接線生進行問答。

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

（操作員說明）您的第一個問題來自摩根士丹利的 Keith Weiss。

Congratulations on a lot of milestones this quarter and what looks like a solid quarter. In the shareholder letter, you talked about even absent Loom still expecting an acceleration in the Cloud business into the second half. It sounds like you saw some signs of stabilization in the quarter, but I was hoping you could drill in a little bit further on what gives you guys the confidence to look for that to expect that acceleration into the back half of the year? And what still seems to be an uneven macro environment?

恭喜本季取得了許多里程碑，並且看起來是一個堅實的季度。在股東信中，您談到即使缺席Loom，仍預期下半年雲端業務將加速發展。聽起來你們在本季看到了一些穩定的跡象，但我希望你們能進一步深入探討是什麼讓你們有信心尋找到今年下半年的加速？宏觀環境似乎仍然不平衡？

Yes. Thanks, Keith. This is Joe. Let me start with the Cloud revenue results in Q2. They were up 27.5%. Loom contributed about 1 point of growth. So our results excluding Loom landed in the middle of our guidance range for the quarter. There were a few cross currents in that performance. So let me walk through them in terms of consumer -- customer segments and growth driver trends to try and help. And then I'll transition into your question on the confidence around H2.

是的。謝謝，基斯。這是喬。讓我從第二季的雲端收入結果開始。他們上漲了27.5%。 Loom貢獻了約1個百分點的成長。因此，不包括 Loom 在內的我們的業績落在我們本季指導範圍的中間。在那次表演中存在一些交叉流。因此，讓我從消費者——客戶細分和成長驅動趨勢的角度來介紹它們，以嘗試提供幫助。然後我將轉向你關於 H2 信心的問題。

From a customer segment perspective, we had very strong sales execution in the quarter, which drove healthy performance in our enterprise customer segment. This resulted in better-than-expected billings on an annual and large multiyear deals. A significant portion of which landed on the balance sheet, unearned revenue. This also drove healthy upsell to premium versions of our products.

從客戶群的角度來看，我們在本季的銷售執行力非常強勁，這推動了我們的企業客戶群的健康表現。這導致年度和大型多年期交易的帳單好於預期。其中很大一部分出現在資產負債表上，也就是未實現的收入。這也推動了我們產品的高級版本的健康追加銷售。

Results conversely in SMB were slightly lower than we expected, and that was driven by paid seat expansion and a mix shift from monthly to annual subscriptions, which, as you know, signal stronger customers' commitment but also carries lower pricing. And as you know, dynamics in the SMB business, good or bad, are largely realized in the quarter given the linearity in that part of the business. In terms of the trends on our key growth drivers in the quarter, migrations from server and data center exceeded our expectations, and that's driven by the significant investment and execution focus we put there.

相反，中小型企業的結果略低於我們的預期，這是由付費席位擴張和從每月訂閱到每年訂閱的混合轉變推動的，正如您所知，這表明客戶的承諾更強，但價格也更低。如您所知，考慮到該部分業務的線性性，中小企業業務的動態，無論好壞，都在本季度基本實現。就本季主要成長動力的趨勢而言，伺服器和資料中心的遷移超出了我們的預期，這是由我們在這方面投入的大量投資和執行重點所推動的。

In terms of paid seat expansion, while the overall rate of paid seat expansion remained lower than the prior year, the pace of deceleration or slope of that trend continued to moderate from Q1. And within that trend, as mentioned earlier, enterprise was better than expected and SMB was slightly worse. We also saw the rate at which customers convert from free to paid at the top of our funnel stabilized relative to Q1 and that's another positive leading indicator.

在付費席次擴張方面，雖然付費席次擴張的整體速度仍低於去年同期，但這一趨勢的減速或斜率較第一季持續放緩。在這一趨勢中，如前所述，企業優於預期，而中小企業略差。我們還看到，漏斗頂部的客戶從免費轉換為付費的比率相對於第一季穩定，這是另一個積極的領先指標。

And then finally, other Cloud growth drivers like cross-sell and customer retention churn and monthly active usage continued to be very healthy and performed in line with our expectations. And beyond that, we didn't really see anything noteworthy in terms of linearity in the quarter or across products, regions or verticals that were largely in line with our expectations.

最後，其他雲端成長驅動因素（例如交叉銷售和客戶保留流失以及每月活躍使用量）仍然非常健康，並且表現符合我們的預期。除此之外，我們在本季或跨產品、地區或垂直產業的線性方面並沒有真正看到任何值得注意的東西，這在很大程度上符合我們的預期。

In terms of the confidence around the H2 guide, the midpoint of our H2 cloud guidance range excluding Loom does assume slightly accelerating growth rates. The factors that give me confidence are the recognition of those strong Q2 billings on annual and large multiyear agreements rolling off the balance sheet, the increasing momentum on Cloud migrations as we focus on unblocking more customers for moving to the Cloud, and continuing to bring new innovation and value to our Cloud offering, the benefit of price increases that are laddering into the model and the momentum we're seeing in enterprise driving healthy upsell to premium and enterprise versions of our products.

就 H2 指南的信心而言，我們的 H2 雲指南範圍（不包括 Loom）的中點確實假設成長率略有加快。給我信心的因素是對資產負債表上年度和大型多年期協議的第二季度強勁賬單的認可，雲遷移的勢頭不斷增強，因為我們專注於解鎖更多客戶遷移到雲，並繼續帶來新的我們的雲端產品的創新和價值、逐步融入該模型的價格上漲的好處以及我們在企業中看到的推動我們產品的高級版和企業版健康向上銷售的勢頭。

I talked about the slope of the trend line on paid seat expansion rates, and that continues to moderate quarter-over-quarter. And I also mentioned the leading indicator around free-to-pay conversions at the top of the funnel. So those are the types of things that give me confidence in the ability to deliver accelerating cloud revenue growth in the second half of the year. And I hope that helps.

我談到了付費座位擴張率趨勢線的斜率，該斜率逐季度繼續放緩。我還提到了漏斗頂部的免費到付費轉換的領先指標。因此，這些事情讓我對下半年實現雲端收入加速成長的能力充滿信心。我希望這會有所幫助。

Your next question comes from Michael Turrin from Wells Fargo.

您的下一個問題來自富國銀行的邁克爾·特林。

For Scott or Mike, there's been plenty of buildup and probably too much focus from us on the server end of life. For investors asking us what's next, the letter does a good job in framing some of that out. But maybe you can share your vision around what the cloud migration opens up for Atlassian from here.

對於斯科特或麥克來說，我們已經進行了大量的工作，並且可能過於關注伺服器的使用壽命。對於詢問我們接下來會發生什麼的投資者來說，這封信很好地闡述了其中的一些內容。但也許您可以從這裡分享您對雲端遷移為 Atlassian 帶來的前景的看法。

And then, Joe, just as a follow-on the 10 points of migration tailwind that Cloud line has been -- how should we think about that post server end of life, will that at all lessen? Or does it simply shift more towards data centers? Any puts and takes there for us to consider are useful.

然後，喬，就像雲端產品線所帶來的 10 個遷移順風點的後續一樣 - 我們應該如何考慮伺服器壽命結束後的情況，這種情況會減少嗎？或者只是更多地轉向數據中心？任何供我們考慮的看漲期權和看跌期權都是有用的。

Michael, thanks for the question, Scott here. Firstly, for those new to the Atlassian story, just a reminder, we said historically that about 10 points of our Cloud growth has come from migrations. And for those of you who really knew the Atlassian story, this coming quarter in the next few weeks, we will have our end of server support will be happening, which has been a 3-plus year journey with our customers. And so there's 3 points I want to make in answer to your question, Michael.

邁克爾，謝謝你的提問，斯科特在這裡。首先，對於那些剛接觸 Atlassian 故事的人來說，只是提醒一下，我們過去說過，我們的雲端成長的大約 10 個百分點來自遷移。對於那些真正了解 Atlassian 故事的人來說，在接下來的幾週內的下一個季度，我們將結束伺服器支持，這與我們的客戶一起經歷了 3 年多的旅程。邁克爾，我想用三點來回答你的問題。

Firstly is that migrations will continue for multiple years. And we said historically that about half our migrations to the cloud come from our data center customers. In this last quarter, even with a lot of server customers migrating with the end of support, 60% of our migrations in the last quarter came from data center customers. So with that, we expect to see migrations continue for a long time to come. And we've also made huge R&D investments in order to continue our customers moving to the Cloud and you continue to see us doing that.

首先，移民將持續多年。我們過去說過，大約一半的雲端遷移來自我們的資料中心客戶。在最後一個季度，即使許多伺服器客戶在支援結束後進行了遷移，上個季度 60% 的遷移也來自資料中心客戶。因此，我們預計遷移將在未來很長一段時間內持續下去。為了讓我們的客戶繼續遷移到雲端，我們也進行了大量的研發投資，您將繼續看到我們這樣做。

We've launched data residency in Canada. This last quarter, we also did launch Bring-Your-Own-Key secure software. We continue to remove blockers for our cloud customers and that continues to open up the aperture of migrations. The second point I'd like to make is that Cloud continues to be the gateway to the full Atlassian experience. And Customers, once they get to Cloud are really getting the best we can offer. And you see us continue to deliver innovation in Cloud. So whether that's comfort, which has continued to grow, Jira Product Discovery, which we talked about passing 4,000 paying customers, also Loom in our ecosystem and all the AI functionality that we have already developed and continue to develop are only available in Cloud.

我們在加拿大推出了資料駐留服務。上個季度，我們也推出了自備金鑰安全軟體。我們繼續為雲端客戶消除障礙，並繼續打開遷移的大門。我想說的第二點是，雲端仍然是通往完整 Atlassian 體驗的門戶。客戶一旦使用雲，就會真正獲得我們所能提供的最好服務。您將看到我們繼續在雲端領域提供創新。因此，無論是持續成長的舒適度，還是我們談到的已超過4,000 名付費客戶的Jira Product Discovery，以及我們生態系統中的Loom，以及我們已經開發和繼續開發的所有AI 功能，都只能在雲中使用。

And so with that, our customers get a better experience, but we also have an incredible opportunity to sell customers more products and more functionality that really makes a difference for them. And lastly, enterprise, the third thing is enterprise, which is through these migrations and having these discussions with customers around migrating to cloud, we've really deepened our relationships with our best customers, whether they're North American financial services customers or German auto manufacturers, these discussions have led to us being seen more and more as a strategic partner for them, and they want to do more with us.

因此，我們的客戶可以獲得更好的體驗，但我們也有一個難以置信的機會向客戶銷售更多的產品和更多的功能，這對他們真正產生影響。最後，企業，第三件事是企業，透過這些遷移並與客戶圍繞遷移到雲端進行討論，我們確實加深了與最佳客戶的關係，無論他們是北美金融服務客戶還是德國客戶對於汽車製造商來說，這些討論使我們越來越被視為他們的策略夥伴，他們希望與我們一起做更多事情。

And you saw that, we talked about Mercedes Benz in our letter that Mercedes Benz migrated 30,000 fleets from data center to cloud and -- of Jira and Confluence. And as part of that, we're so excited by the usage of our ITSM solution in that process that they then have adopted that and started using it with their customers. And so we are becoming more and more a strategic partner for these large enterprises.

您看到了，我們在信中談到了梅賽德斯奔馳，梅賽德斯將 30,000 輛車隊從資料中心遷移到了雲，以及 Jira 和 Confluence。作為其中的一部分，我們對在此過程中使用我們的 ITSM 解決方案感到非常興奮，他們隨後採用了該解決方案並開始與客戶一起使用。因此，我們越來越成為這些大型企業的策略夥伴。

Joe, do you want to talk about some of the puts and takes?

喬，你想談談一些投入和支出嗎？

Yes. Thanks, Scott. Michael, it's really too early to give a specific number on the migration impact to cloud revenue growth beyond FY '24. I would just echo what Scott said, we continue to expect migrations to be a significant driver of cloud revenue growth in FY '25 and beyond. That's driven primarily by the significant size of the data center installed base. There's a lot of opportunity there because those are some of our very largest customers. And for them, it's more a question of when and not if they move to the cloud. So we continue to expect to see migrations be a significant driver of cloud revenue growth beyond FY '24.

是的。謝謝，斯科特。 Michael，現在就遷移對 24 財年之後雲端收入成長的影響給出具體數字還為時過早。我只是重複 Scott 所說的，我們仍然預期遷移將成為 25 財年及以後雲端收入成長的重要驅動力。這主要是由資料中心安裝基數的巨大規模所推動的。那裡有很多機會，因為這些是我們最大的客戶。對他們來說，更多的是何時遷移到雲端的問題，而不是是否遷移到雲端的問題。因此，我們繼續預期遷移將成為 24 財年之後雲端收入成長的重要驅動力。

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. Maybe I'll focus on the data center business. So it's impressive that, that business is still actually growing 30% plus, even after adjusting for the net benefit from migrations, obviously, 41% reported. Joe, when you look at that strong growth, how should we think about the relative contributions from installed base expansion versus pricing versus net new logos?

好的。也許我會專注於資料中心業務。因此，令人印象深刻的是，即使在對遷移帶來的淨收益進行調整之後，該業務實際上仍然增長了 30% 以上，顯然，據 41% 的報告稱。喬，當您看到這種強勁的成長時，我們應該如何考慮安裝基礎擴張與定價與淨新商標的相對貢獻？

Yes. Thanks, Gregg. You're right. It was another strong quarter for data center. It was solidly ahead of our expectations, driven by stronger-than-expected migrations from server that's partially offset, as you pointed out, by the stronger migrations to Cloud. I'd say the biggest driver once you get past the net migration impact is really seat expansion. And that goes to my point earlier around paid seat expansion performance in enterprise was actually quite strong this quarter.

是的。謝謝，格雷格。你說得對。這是資料中心另一個強勁的季度。它完全超出了我們的預期，這是由伺服器遷移強於預期所推動的，正如您所指出的，雲端遷移的強勁遷移部分抵消了這一影響。我想說，一旦克服了淨遷移影響，最大的驅動因素實際上是座位的擴張。這符合我之前關於企業付費席位擴張的觀點，本季其實相當強勁。

And so we believe that's a statement around macro as well as our ability to serve those customers and the big investments that we've made to improve our enterprise-grade capabilities, address things like scalability, certifications, data residency, app integration, all these things are very compelling in moving customers to the Cloud, but also in terms of -- and as a result of that, customers are staying with us, and their moving to data center is a stepping stone that will ultimately result in a migration down the road. So it's primarily paid seat expansion from our perspective once you get past the migration impacts.

因此，我們認為，這是圍繞宏觀以及我們為這些客戶提供服務的能力以及我們為提高企業級能力、解決可擴展性、認證、資料駐留、應用程式整合等問題而進行的巨額投資的聲明。在將客戶遷移到雲端方面，事情非常引人注目，但也因此，客戶會留在我們身邊，他們遷移到資料中心是一個踏腳石，最終將導致向下遷移路。因此，從我們的角度來看，一旦克服了遷移影響，這主要是付費席位的擴展。

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 ask, as we start this year, we've once again seen that layoffs in the tech industry have been picking up, although it was substantially lower scale than what we saw in the prior year. So I wanted to ask, as we look at your outlook and the cloud revenue growth, how comfortable do you feel that guidance is once again derisk for the potential impacts from any sort of layoffs in the tech industry.

我想問的是，今年開始，我們再次看到科技業的裁員人數不斷增加，儘管規模遠低於去年。因此，我想問，當我們審視您的前景和雲端收入成長時，您認為指導再次消除科技業任何形式裁員的潛在影響的風險有多大。

And secondly, have you seen any signs at all that these layoffs may be impacting anything in your free-to-paid conversion or anything else to date?

其次，您是否看到任何跡象表明這些裁員可能會影響您的免費到付費轉換或迄今為止的其他任何事情？

Yes. Thanks, Fred. We haven't seen a dramatically different impact than we expected coming into the year relative to the recent announcements. Obviously, it's something we keep an eye on and track. If you think about the guidance, we really haven't changed conceptually how we freshened the guidance ranges for the Cloud. Just to reiterate, the high end of our cloud guidance range for the year assumes healthy acceleration in H2 growth rates that we talked about with Keith.

是的。謝謝，弗雷德。與最近的公告相比，我們並沒有看到今年的影響與我們預期的有顯著不同。顯然，這是我們密切關注和跟踪的事情。如果您考慮一下指導意見，我們實際上並沒有從概念上改變我們更新雲端指導範圍的方式。重申一下，我們今年的雲端指導範圍的高端假設我們與 Keith 討論過的下半年成長率將健康加速。

That's driven -- led by less macro headwinds and the related impact that would have on improving paid seat expansion. It also assumes strong migrations from server to cloud following server end to support and continued strength in data center migrations cross-sell, upsell and customer retention. On the low end of the guide, that -- for the year, that does assume increasing macro headwinds and the impacts you're talking about and the related impact that would have, not only on paid seat expansion, but also areas of our business that have held up well to date, such as migrations and cross-sell and upsell.

這是由宏觀阻力減少以及對改善付費座位擴張產生的相關影響所推動的。它還假設在伺服器端之後從伺服器到雲端的強大遷移，以支援資料中心遷移交叉銷售、追加銷售和客戶保留方面的持續優勢。在指南的低端，今年確實假設宏觀逆風不斷增加，以及您所談論的影響以及相關影響，不僅對付費座位的擴張，而且對我們的業務領域也會產生影響迄今為止，這些措施一直表現良好，例如遷移、交叉銷售和追加銷售。

And then lastly, I would assume we do a relatively -- we get relatively weak results post server end to support on migrations from server to cloud. So at the midpoint of our guidance, we're assuming that paid seat expansion rates are kind of steady to where they are today, that drives slightly accelerated revenue growth. At the high end of the range, we get favorable macroeconomic outcomes that drive improvement in that and thus better revenue. On the low end, we assume that we see the headwinds and that impacts those paid seat expansion rates.

最後，我假設我們在伺服器端得到相對較弱的結果來支援從伺服器到雲端的遷移。因此，在我們指導的中點，我們假設付費席位擴張率穩定在今天的水平，這會略微加速收入成長。在該範圍的高端，我們獲得了有利的宏觀經濟成果，推動了宏觀經濟的改善，從而提高了收入。在低端，我們假設我們看到了逆風，這會影響付費座位的擴張率。

Just to add on to Joe there. He talked about SMB paid seat expansion being a bit weak. But we went over the enterprise business, and we're talking with our biggest customers. I see great excitement amongst them for what we're providing. And that comes in a lot of different ways. It comes in competitive switch-out. We see a lot of our customers looking to us to replace more expensive versions of other products at this particular stage.

只是為了補充一下喬的情況。他談到中小企業付費席次擴張有點疲軟。但我們討論了企業業務，我們正在與我們最大的客戶進行交談。我看到他們對我們提供的服務感到非常興奮。這有很多不同的方式。它出現在競爭性切換中。我們看到很多客戶希望我們在這個特定階段更換其他產品的更昂貴版本。

I had thought that might happen early in the economic cycle, but it's actually showing up pretty strongly now in a lot of the deals that we're doing of replacing other products out there that might be older and/or more expensive. We're also seeing that in AI and the excitement around customers who are excited to use our AI features. And then the new products that we are delivering in Cloud are having great customer reception.

我原以為這可能會發生在經濟週期的早期，但實際上，現在我們正在做的許多替換其他可能較舊和/或更昂貴的產品的交易中，它實際上表現得非常強烈。我們也在人工智慧中看到了這一點，以及對使用我們的人工智慧功能感到興奮的客戶的興奮。我們在雲端提供的新產品受到了客戶的熱烈歡迎。

But it's still very early days. I think that Jira Product Discovery is a great example we talked about where we're delivering innovation and value to these customers in Cloud and they're picking it up and running with it. So they're all strong areas that I think, are sort of counter to any layoffs in technologies.

但現在還為時過早。我認為 Jira 產品發現是我們討論過的一個很好的例子，我們在雲端中為這些客戶提供創新和價值，而他們正在使用它並運行它。因此，我認為它們都是強勢領域，與技術領域的任何裁員背道而馳。

Your next question comes from Karl Keirstead from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的卡爾凱斯特德 (Karl Keirstead)。

I'd like to focus on the remaining server cohort. The sequential decline in server maintenance of $10 million was at least a little bit less than I was modeling. Are you surprised by that stickiness? Can you offer us any help in sizing the cohort that will likely not migrate at the end of support date and continue to run on supported versions and perhaps offer a little color as to what that cohort looks like in terms of customer size, vertical, anything?

我想重點關注剩下的伺服器群體。伺服器維護費用連續下降 1000 萬美元，至少比我建模的少一點。你對這種黏性感到驚訝嗎？您能否為我們提供任何幫助來確定在支援日期結束時可能不會遷移並繼續在受支援版本上運行的群組規模，並可能提供一些關於該群組在客戶規模、垂直領域等方面的情況的訊息？

Yes. Thanks, Karl. This is Joe. I'll go first, and Scott can chime in if he has anything to add. In terms of the server performance that you referenced, server delivered much better results -- than expected results in Q2, and it's certainly been more resilient than we expected over the course of the last year. I'd highlight this that it's not because of slower migrations to cloud and data center, those remain squarely on track, if not ahead of where we expected to be.

是的。謝謝，卡爾。這是喬。我先走了，史考特如果有什麼要補充的可以補充。就您提到的伺服器效能而言，伺服器交付的結果比第二季的預期結果要好得多，而且它肯定比我們去年的預期更具彈性。我要強調的是，這並不是因為向雲端和資料中心的遷移速度較慢，這些仍然完全步入正軌，即使沒有超出我們的預期。

In general, what we're seeing is better renewals, better customer retention and less-than-expected churn, which highlights the mission-critical nature of our product and customer commitment to Atlassian's road map and platform. And of course, it also means mathematically, we have a bigger opportunity than we originally thought in terms of future seat migrations to the Cloud, which is a great position to be in.

總的來說，我們看到的是更好的續約、更好的客戶保留和低於預期的客戶流失，這凸顯了我們產品的關鍵任務性質以及客戶對 Atlassian 路線圖和平台的承諾。當然，這也意味著從數學上來說，在未來將席位遷移到雲端方面，我們有比我們最初想像的更大的機會，這是一個很好的位置。

In terms of the end of support moment, we're about 2 weeks out. And really, there's been no change from what we discussed last quarter other than that we're seeing those stronger renewals and customer retention. We end of server support in a couple of weeks. There's been no change to our focus around migrating as many of those server customers as possible. The customers that remain on that server installed base are predominantly larger, more complex accounts that are typically blocked from the Cloud at the moment. So we continue to expect most of those customers that migrate -- will migrate the data center. And we continue to hold prudent assumptions to account for customers who will choose not to migrate in FY '24, and that's also factored into our guidance.

就支援結束時間而言，我們還有大約 2 週。事實上，除了我們看到更強勁的續訂和客戶保留之外，我們上季度討論的內容沒有任何變化。我們將在幾週內結束伺服器支援。我們對遷移盡可能多的伺服器客戶的關注點沒有改變。保留在該伺服器安裝基礎上的客戶主要是規模更大、更複雜的帳戶，目前通常無法存取雲端。因此，我們仍然預期大多數遷移的客戶將遷移資料中心。我們繼續持有謹慎的假設，以考慮到那些選擇在 24 財年不遷移的客戶，這也已納入我們的指導中。

Yes. Just to add some color there. I think Joe has talked to the financial aspect of it. Obviously, with an end-of-life moment, it's hard to predict week-by-week basis exactly what happens. So we've put a lot of test into looking at every single customer that still exists on server and what it will take to get them across the Cloud in an ideal sense or to data center or if they can't move there. As Joe referenced, we had really come to the stickiness of our products and it's kind of a testament to what we've built and how valuable we are for our customers that we haven't seen churn there.

是的。只是為了在那裡添加一些顏色。我認為喬已經談到了它的財務方面。顯然，在生命終結的時刻，很難準確預測每週會發生什麼事。因此，我們進行了大量的測試來查看伺服器上仍然存在的每個客戶，以及如何讓他們以理想的方式跨雲端或資料中心，或者如果他們無法移動到那裡。正如喬所提到的，我們確實已經意識到我們產品的黏性，這證明了我們所打造的產品以及我們對客戶的價值，我們還沒有看到客戶流失。

And for many of these customers who can't move to Cloud, data center is a drop in replacement that does not require many months of planning. And so customers can leave it to the last minute and switch out to data center, and I expect to see a lot of that happen as we cross the end of server support threshold in the next few weeks.

對於許多無法遷移到雲端的客戶來說，資料中心是一種替代品，不需要幾個月的規劃。因此，客戶可以把它留到最後一刻並切換到資料中心，我預計當我們在接下來的幾週內跨越伺服器支援閾值時，會發生很多這種情況。

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)。

Congratulations on the results. From a trend line standpoint, the Cloud migration is a big opportunity, clearly. But when you look at the trend over the last 5 to 6 quarters or so, the Cloud has decelerated from 49% or so, I think it was Q1 last year to 27%, and a big chunk of that is coming from migration. So if you look at the net underlying Cloud growth rate, it has decelerated or server continues to -- data center, I am sorry, continues to be a champion. It's gone from 54% or so to 41%.

祝賀結果。從趨勢線的角度來看，雲端遷移顯然是一個巨大的機會。但當你看看過去 5 到 6 個季度左右的趨勢時，雲端運算已經從去年第一季的 49% 左右下降到 27%，其中很大一部分來自遷移。因此，如果你看看底層雲的淨成長率，你會發現它已經減速，或者伺服器繼續——資料中心，我很抱歉，仍然是冠軍。從 54% 左右下降到 41%。

Can you help understand what could be causing the dichotomy that -- maybe there is a preference for the data center product. If that's the case, then what does the long term look like for the company? Because companies generally either have a cloud product that wins or an on-prem that wins rarely does both win, but maybe it does for Atlassian. Can you help us understand what are you really betting on with your customers? Where do you wish your customers to really go and how are you going to make it happen?

您能否幫助理解是什麼導致了這種二分法——也許對資料中心產品存在偏好。如果是這樣，那麼公司的長期前景如何？因為公司通常要么擁有獲勝的雲端產品，要么擁有獲勝的本地產品，很少能同時獲勝，但對於 Atlassian 來說也許確實如此。您能幫助我們了解您與客戶真正的賭注是什麼嗎？您希望您的客戶真正去哪裡？您將如何實現這一目標？

Yes, Kash, this is Joe. Customers are not choosing data center over cloud. What's happening here is server migration to data center and cloud both exceeded our expectations. And so we don't see more customers choosing one over the other. If there was any weakness in our cloud performance versus expectations, it's that paid seat expansion has been lower than we expected. And this quarter, it was slightly lower than we expected, particularly in SMB.

是的，卡什，這是喬。客戶不會選擇資料中心而不是雲端。這裡發生的事情是伺服器向資料中心和雲端的遷移都超出了我們的預期。因此，我們沒有看到更多的客戶選擇其中一種。如果說我們的雲端效能與預期相比有什麼弱點的話，那就是付費席位的擴張低於我們的預期。本季度，略低於我們的預期，特別是在中小企業領域。

DC strength on the other hand, as I mentioned earlier, was also driven by stronger migrations from server as well as paid seat expansion. So we feel really good about the fact that customers are looking at data center as a stepping stone to the Cloud and ultimately, we want to get those customers to the Cloud because that's where our customers receive the best experience, the most secure experience from Atlassian, and it gives us a chance to add more and more value over time, as Scott discussed earlier in the call.

另一方面，正如我之前提到的，DC 的實力也是受到伺服器遷移和付費席位擴充的推動。因此，我們對客戶將資料中心視為通往雲的墊腳石感到非常滿意，最終，我們希望讓這些客戶進入雲，因為這是我們的客戶從 Atlassian 獲得最佳體驗、最安全體驗的地方，這讓我們有機會隨著時間的推移增加越來越多的價值，正如斯科特之前在電話會議中討論的那樣。

Let me add to that, which is every customer I've talked to, whether that be a German bank kind of we would consider on a more conservative end of the scale through to small, medium-sized businesses out there even in regulated environments. All of them are telling me the Cloud is the future. And if you went 5 years ago, we were telling customers Cloud with the future. These days customers are doing calling me. That's the case.

讓我補充一點，這是我接觸過的每一位客戶，無論是德國銀行，我們都會在更保守的範圍內考慮到中小型企業，即使是在受監管的環境中。他們所有人都告訴我雲端是未來。如果你在 5 年前，我們正在告訴客戶雲端的未來。這些天客戶不斷打電話給我。就是這樣。

And in many cases, is that, they either need the time to plan a migration if we've got tens of thousands of users, that is a chance not only to migrate to the product we have in Cloud but expand your usage of Atlassian, look at other products that we can replace and so we see a lot of that happening, but that takes a little bit of time at the largest customers or in some cases, but decreasing. Our customers have bought some Cloud and they are pushing us to say, "Oh, I need data residency or a certification or FedRAMP." So we're thinking about a lot of that with our customers.

在許多情況下，如果我們有數以萬計的用戶，他們要么需要時間來計劃遷移，這不僅是遷移到我們在雲端的產品的機會，而且是擴展您對 Atlassian 的使用的機會，看看我們可以替代的其他產品，我們看到很多這樣的事情發生，但這在最大的客戶身上需要一點時間，或者在某些情況下，但會減少。我們的客戶已經購買了一些雲，他們敦促我們說：“哦，我需要資料駐留或認證或 FedRAMP。”因此，我們正在與客戶一起考慮很多問題。

Your next question comes from Nick Altmann from Scotiabank.

您的下一個問題來自豐業銀行的尼克·阿爾特曼。

Awesome. I wanted to circle back to sort of the stabilization in the free-to-pay conversion. I guess when you think about how in the quarter, you saw that stabilize. Do you think that was an anomaly just because perhaps as a stronger spending period for software? Or you kind of see it stabilizing over the next coming quarters?

驚人的。我想回顧一下免費轉換成付費的穩定情況。我想當你想到本季的情況時，你會發現這種情況趨於穩定。您是否認為這只是因為軟體支出較為強勁的時期而出現異常？或者您認為它在接下來的幾個季度會趨於穩定？

Thanks for the question. We do see it as a stabilizing -- durable stabilizing factor. We think it's super important because it's a leading indicator of success. Today's land and new customers are tomorrow's expansion opportunity. So we fundamentally believe that a lot of that is macro driven. I'd also say we've done a good job of investing to improve the efficiency of our funnel and to improve the efficiency and the hit rate on that free-to-paid conversion.

謝謝你的提問。我們確實將其視為一個穩定的、持久的穩定因素。我們認為這是非常重要的，因為它是成功的先行指標。今天的土地和新客戶就是明天的擴張機會。因此，我們從根本上相信，其中許多都是宏觀驅動的。我還想說，我們在提高通路效率、提高免費到付費轉換的效率和命中率方面做得很好。

And so hats off to the team inside Atlassian who is doing a phenomenal job on driving improvement there. So some of it is macro, some of it is absolutely our own execution. And overall, we feel it's durable moving forward.

因此，我們要向 Atlassian 內部的團隊致敬，他們在推動改進方面做得非常出色。所以有些是宏觀的，有些絕對是我們自己執行的。總的來說，我們認為它的發展是持久的。

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。

Great to see data centers driving more than 60% of Cloud migrations at this point. So in the shareholder letter, and you've just been mentioning how you've been unblocking some of the largest customers on data center to help them move the Cloud. Do you have a rough idea of what percentage of data center revenue you would consider blocked today? And if unblocked, will these customers be willing to move to the cloud after recently moving to data center.

很高興看到資料中心目前推動了超過 60% 的雲端遷移。因此，在股東信中，您剛剛提到瞭如何解鎖資料中心上一些最大的客戶，以幫助他們遷移雲端。您是否粗略地了解您今天會考慮阻止多少比例的資料中心收入？而如果暢通的話，這些客戶在最近遷移到資料中心後是否願意遷移到雲端。

Yes, Ryan, we're not going to -- I'm not going to able to -- sorry, go ahead, Scott.

是的，瑞安，我們不會——我不能——抱歉，請繼續，斯科特。

No, it's okay, Joe. You go ahead.

不，沒關係，喬。你先走。

Yes. Ryan, I was going to say we're not going to be able to provide a breakdown today on what that blocked percentage is. Keep in mind, those data center customers are primarily our largest and most complex. So you can imagine it's all the things we're investing against and making progress on. I mentioned earlier, scalability, data residency, certifications, app integration, a lot of investment, a lot of effort going to unblock that. That's why we're confident in the ability to continue to grow migrations from data center to cloud. And so we feel very confident in our ability to continue to drive migration over the next coming years.

是的。瑞安，我想說我們今天無法提供阻止百分比的詳細資訊。請記住，這些資料中心客戶主要是我們最大且最複雜的。所以你可以想像這是我們正在投資並取得進展的所有事情。我之前提到過，可擴展性、資料駐留、認證、應用程式集成，需要大量投資、大量努力來解決這些問題。這就是為什麼我們對繼續增加從資料中心到雲端的遷移的能力充滿信心。因此，我們對未來幾年繼續推動移民的能力充滿信心。

And Ryan, just to chime in, this is Mike here. I'll give you over to a brief because you haven't asked any product questions today. I've also -- it's about the long-term partnership with our customers. I think that's really important, even more so for the biggest of the big. One of the things that the customers will tell us is that they've been really impressed by our delivery over the last 3 to 5 years in the cloud of enterprise capabilities. We have a public cloud road map.

瑞安插話一下，我是麥克。我將向您簡要介紹一下，因為您今天沒有提出任何產品問題。我還—這與我們與客戶的長期合作關係有關。我認為這非常重要，對於最大的公司來說更是如此。客戶會告訴我們的一件事是，他們對我們過去 3 到 5 年在企業雲端能力方面的交付印象深刻。我們有一個公有雲路線圖。

So we do talk about FedRAMP delivery, data residency delivery, compliance delivery across all the different geographies that we operate in. The last quarter, we hit 100% of that road map in terms of delivery on time and what that's building is this long-term strategic partnership, long-term relationship with those biggest of the big customers. We believe in our enterprise business over the next decade and hopefully many decades, it's about building a partnership with those biggest customers that we have.

因此，我們確實討論了我們運營的所有不同地區的FedRAMP 交付、數據駐留交付、合規性交付。上個季度，我們在按時交付方面實現了路線圖的100%，而我們正在建設的目標是這麼長——長期策略夥伴關係，與那些最大的大客戶的長期關係。我們相信我們的企業業務在未來十年，希望在未來幾十年，都是與我們擁有的最大客戶建立合作關係。

And that partnership is built on trust. It's built on continued delivery of the things that we say we're going to deliver. And when you talk to those customers, as Scott mentioned, they are believing that Cloud is their long-term future. They understand that. They're working on moving in all sorts of different rates. We have a great proportion of our migrations coming from data center today, but that engineering delivery has been a hallmark of our strength in terms of building that partnership with those customers. And obviously, we intend to continue that over time.

這種夥伴關係是建立在信任的基礎上的。它建立在持續交付我們承諾交付的東西的基礎上。正如史考特所提到的，當你與這些客戶交談時，他們相信雲端是他們的長期未來。他們明白這一點。他們正在努力以各種不同的價格移動。如今，我們的遷移很大一部分來自資料中心，但工程交付一直是我們與這些客戶建立合作關係方面實力的標誌。顯然，我們打算隨著時間的推移繼續這樣做。

Your next question comes from Keith Bachman from BMO.

您的下一個問題來自 BMO 的 Keith Bachman。

Congratulations on the solid quarter and guide. Joe, I wanted to direct this for you. You've implicitly given us guidance for the June quarter, which is post the expiration of server. And I just wanted to get your thoughts to what extent is the June quarter a reasonable proxy without -- for FY '25 growth rate.

恭喜您獲得了紮實的季度和指南。喬，我想為你導演這個。您已經隱含地向我們提供了六月季度的指導，該季度是伺服器到期後的。我只是想了解您的想法，在沒有 25 財年增長率的情況下，6 月季度在多大程度上是合理的代理。

So I'm not asking for '25, but I'm just asking, is there anything usual in the implied growth rates for cloud and data center that we should think about as we're considering our '25 estimates. In other words, is the February deadline going to pull forward a bunch of revenues? Or is there anything else that we should think about for that June quarter exit run rate?

所以我不是要求 25 年，而是問，在我們考慮 25 年的估計時，我們應該考慮雲端和資料中心的隱含成長率是否有任何常見的情況。換句話說，二月的最後期限是否會提前帶來大量收入？或者六月季度的退出運行率我們還應該考慮什麼？

Yes, thanks. It's really too early to talk specifically about FY '25. In general, I'll talk a little bit about the individual lines. If you look at data center, we do expect growth rates there will continue to decelerate as server to data center migrations drop essentially to zero and the data center to cloud migrations accelerate as we continue to deliver on removing Cloud blockers.

對了謝謝。現在具體談論 25 財年還為時過早。總的來說，我會稍微談談各個路線。如果你看看資料中心，我們確實預期那裡的成長率將繼續減速，因為伺服器到資料中心的遷移基本上會降至零，而隨著我們繼續消除雲端障礙，資料中心到雲端的遷移會加速。

In terms of the Cloud, we've talked a lot on the call about migrations being a multiyear journey, so I won't rehash that. In addition to that, keep in mind, we have a number of other drivers in that model. First of all, paid seat expansion within existing customers is the biggest driver and even bigger than the migrations factor that we've talked about. And that has been an area in the model that's been most impacted by macro headwinds over the last year.

就雲端而言，我們在電話會議上多次談到遷移是一個多年的旅程，所以我不會重複這一點。除此之外，請記住，我們在該模型中還有許多其他驅動程式。首先，現有客戶的付費席次擴展是最大的推動因素，甚至比我們談到的遷移因素還要大。這是模型中去年受宏觀逆風影響最大的領域。

So a lot of your view on '25 is going to depend on macro outcomes. Then our opportunity to cross-sell additional products to our over 300,000 existing customers, our ability to upsell the premium and enterprise additions of our products is another significant growth driver. And then with the smaller impact, other drivers like the free-to-pay conversion that we've talked about, the price increases that we've made and new high-growth products like Compass, Jira Product Discovery and Loom. And I'd just point out, we're in a super dynamic space right now, particularly with and there's a lot of opportunity to add value with solid execution.

因此，您對 25 年的看法很大程度上取決於宏觀結果。然後，我們向超過 30 萬名現有客戶交叉銷售其他產品的機會、我們追加銷售優質產品和企業附加產品的能力是另一個重要的成長動力。然後，隨著影響較小，其他驅動因素包括我們談到的免費到付費的轉換、我們的價格上漲以及新的高成長產品，如 Compass、Jira Product Discovery 和 Loom。我只想指出，我們現在正處於一個超級動態的空間，特別是有很多機會透過紮實的執行來增加價值。

So we feel very confident in our ability to deliver healthy revenue growth over a multiyear period in the Cloud. And then obviously, server is going to be zero essentially in 2 weeks when we get to the server and to support. So that's the color I'd give you for now. We'll continue to update you over the course of the next 6 months. But that's how I would -- that's where our mindset is, and that's how I think about it directionally.

因此，我們對在雲端領域實現多年收入健康成長的能力非常有信心。顯然，當我們到達伺服器並提供支援時，伺服器將在兩週內基本上為零。這就是我現在給你的顏色。我們將在接下來的 6 個月內繼續為您提供最新資訊。但這就是我的想法——這就是我們的心態，這就是我的方向性思考方式。

Your next question comes from Fatima Boolani from Citi.

您的下一個問題來自花旗銀行的法蒂瑪·布爾尼 (Fatima Boolani)。

I just wanted to shift gears to Jira Service Management. You're clocking in about 50,000 customers since about 3, 3.5 years from launch, about 20% of your base. But I was hoping to ask some more quantitative color as to how the monetization curve looks like? And when should we expect a JSM to become as a large arrival the size of Jira and Confluence as a revenue contributor to the business?

我只是想轉向 Jira 服務管理。自推出以來大約 3、3.5 年以來，您已經吸引了約 50,000 名客戶，約佔您的客戶群的 20%。但我希望能問一些更定量的問題，即貨幣化曲線是什麼樣的？我們什麼時候應該期望 JSM 能夠像 Jira 和 Confluence 一樣規模龐大，成為業務的收入貢獻者？

I can take that. The -- look, we remain incredibly excited about JSM and the service management market broadly, both in terms of IT service management and enterprise service management for all functions within the business. I think we've done a really good job at continuing to grow that business alongside our other businesses that we have. It's always hard when your plan catch-up. It's got about a decade to catch up on Jira software in the Agile and DevOps market. It certainly has the potential to do that, and we continue to see it being our fastest growth broad market that we have.

我可以接受。看起來，我們對 JSM 和廣泛的服務管理市場仍然非常興奮，無論是在 IT 服務管理還是業務內所有職能的企業服務管理方面。我認為我們在繼續發展該業務以及我們擁有的其他業務方面做得非常好。當你的計劃趕上時總是很困難。它大約需要十年的時間才能在敏捷和 DevOps 市場上趕上 Jira 軟體。它當然有潛力做到這一點，而且我們仍然認為它是我們成長最快的廣大市場。

It's also worth noting that for a lot of our customers, our strength is in the combination of the markets. So people who buy Jira Service Management, some of them as Scott mentioned are migrating off expensive and legacy tools, and we see increasing numbers of switch outs, which is always comforting to see but more importantly, they're buying it because of our connection to developers in connection to the work management market and broader connectivity across their organization.

另外值得注意的是，對我們的許多客戶來說，我們的優勢在於市場的結合。因此，購買Jira Service Management 的人（正如Scott 所提到的，其中一些正在遷移昂貴的舊工具），我們看到越來越多的人放棄使用Jira Service Management，這總是讓人感到欣慰，但更重要的是，他們購買它是因為我們的聯繫向開發人員提供與工作管理市場以及整個組織更廣泛的連接。

Increasingly, you're going to see a blending of this as software and technology become the core strategic advantage and operating and delivering on that service alongside that is incredibly important. So I think we are very bullish on the long-term monetization of Jira Service Management and the ITSM and ESM spaces broadly, both because of our competitive positioning as we've seen and demonstrated this quarter and last quarter and the quarter beforehand. But also because of our connectivity to the two adjacent markets, which is strategically why we're there in the first place. Scott may have some customer color that you want to add on top of that?

隨著軟體和技術成為核心策略優勢，您將越來越多地看到這種融合，而營運和交付該服務也變得非常重要。因此，我認為我們非常看好 Jira Service Management 以及 ITSM 和 ESM 領域的長期貨幣化，這都是因為我們在本季、上個季度以及之前的季度中看到並展示了我們的競爭定位。但也因為我們與兩個相鄰市場的連結性，這也是我們首先在那裡的戰略原因。斯科特可能有一些您想添加的客戶色彩？

Yes. I just want to remind everyone that ITSM is right in Atlassian's valley wick like it really goes together with our Jira Software, which is development teams and all the other products we've got there work very closely with IT teams and increasingly so every single day. And that's something that only we deliver in this market and we've been recognized actually over the last few months by this. We were a leader in Forrester's ESM Wave, where we received the highest possible score for strategy. And as a company that -- we've been doing this for a while now, but it wasn't the thing we started with, it's really comforting to see that we were being recognized for the unique things that we -- only we can provide in the market.

是的。我只是想提醒大家，ITSM 就在Atlassian 的谷底，就像它確實與我們的Jira Software 緊密結合在一起，Jira Software 是開發團隊，我們在那裡擁有的所有其他產品都與IT 團隊密切合作，而且每天都在日益緊密地合作。這是只有我們在這個市場上提供的東西，並且在過去的幾個月裡我們實際上已經得到了認可。我們是 Forrester ESM Wave 的領導者，在策略方面獲得了最高得分。作為一家公司，我們這樣做已經有一段時間了，但這不是我們一開始的事情，看到我們因獨特的事情而受到認可，真的很令人欣慰，只有我們才能做到市場上提供。

And not only is that being recognized by analysts, but key switcher stories, right? We have a lottery travel company who've been a 15-year customer of one of our large competitors in this space, who started out -- who switched to JSM and switched away from that legacy vendor. And we see that again and again with a large logistics provider who moved 1400 agents to JSM. So we're really -- we've been strong historically in the SMB space. That's kind of where we started. We're increasingly seeing strength in the enterprise space as well, as well as industry analysts are recognizing us.

這不僅得到了分析師的認可，而且還得到了關鍵的轉換故事，對嗎？我們有一家彩票旅遊公司，它是我們在這個領域的一個大競爭對手之一的 15 年客戶，該競爭對手一開始就轉向了 JSM，並放棄了那個傳統供應商。我們一次又一次地看到一家大型物流供應商將 1400 名代理商轉移到 JSM。所以，我們在中小企業領域歷史上一直很強大。這就是我們開始的地方。我們也越來越多地看到企業領域的實力，產業分析師也認可我們。

Your next question comes from Alex Zukin from Wolfe Research.

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

I want to maybe shift a little bit towards understanding the unlock in kind of the OpEx and COGS basis post migration. If we think about elevated COGS activity, salespeople continue to be focused on migration that start to unlock and focus on cloud and cross-sell, upsell. As well as the incremental R&D costs that you've been kind of putting into the entire platform as you've been doing this over the last couple of years. What's the right way to think about that opportunity on kind of the operating margin side and the OpEx portfolio as we go -- as we get even into the next few quarters?

我可能想稍微轉向理解遷移後營運支出和銷售成本基礎上的解鎖。如果我們考慮到銷貨成本活動的增加，銷售人員將繼續專注於開始解鎖並關注雲端和交叉銷售、追加銷售的遷移。以及過去幾年您一直在整個平台上投入的增量研發成本。當我們進入接下來的幾個季度時，在營運利潤率和營運支出投資組合方面考慮這一機會的正確方法是什麼？

Yes. Thanks, Alex. This is Joe. Let me start with sort of our view of H2 on OpEx. And then I'll touch directly on your question around the points of leverage we see from an OpEx and cost management perspective. We'll see growth -- OpEx growth rates accelerate in H2, and this is really driven by two factors. One is the ongoing growth and investments in our core strategic priorities. Those are things like Cloud and enterprise and artificial intelligence, ITSM and the other core markets that we're in.

是的。謝謝，亞歷克斯。這是喬。讓我先談談我們對 OpEx 上的 H2 的看法。然後我將直接回答您關於我們從營運支出和成本管理角度看到的槓桿點的問題。我們將看到成長——營運支出成長率在下半年加速，這實際上是由兩個因素驅動的。一是我們核心策略重點的持續成長與投資。這些包括雲端、企業、人工智慧、ITSM 以及我們所處的其他核心市場。

And the other thing is more mechanical. It's we're lapping the benefit we received in H2 last year from the restructuring and lower bonus expenses. You've heard me talk about our philosophy overall on OpEx management. We continue to focus on maximizing the return on every dollar spent. We're focused on making disciplined prioritization and resource allocation calls and driving operational efficiencies as we gain scale.

另一件事則更加機械化。我們正在享受去年下半年從重組和較低的獎金支出中獲得的收益。您已經聽過我談論我們關於營運支出管理的整體理念。我們繼續專注於最大化每一美元的回報。我們專注於制定嚴格的優先順序和資源分配要求，並在規模擴大時提高營運效率。

I'd say the other factor to keep in mind that's over time, not necessarily in the immediate future is on the other side of the significant multiyear investments in Cloud and enterprise capability, we will have the opportunity to reallocate that investment to other areas that will drive long-term growth. And that will be another potential point of leverage for us as we think about it.

我想說的是，隨著時間的推移，不一定是在不久的將來，另一個需要記住的因素是對雲端和企業能力的多年重大投資的另一面，我們將有機會將該投資重新分配到其他領域將推動長期成長。當我們思考這個問題時，這將是我們的另一個潛在槓桿點。

In terms of gross margin, in general, gross margins will track with the revenue mix. Cloud gross margin structurally obviously have lower gross margin than our licensing business. So as that becomes a bigger mix of our overall revenue, that will put pressure on gross margins blended. At the same time, the mindset we have on cloud gross margins is to drive year over -- consistent year-over-year improvement through the great investments we're making on the engineering side to optimize cloud infrastructure to improve support and so again, you're right, we're going to make big investments on post sale activity to drive deployment and usage and engagement.

就毛利率而言，一般來說，毛利率將與收入結構一致。從結構上看，雲毛利率明顯低於我們的授權業務毛利率。因此，隨著這成為我們整體收入的更大組成部分，這將對綜合毛利率造成壓力。同時，我們對雲毛利率的看法是透過我們在工程方面進行的大量投資來優化雲端基礎設施以改善支持，從而逐年推動持續的逐年改善，等等，您是對的，我們將在售後活動上進行大量投資，以推動部署、使用和參與。

And then we're going to have an opportunity to redeploy that and become more efficient over time, and that will be part of that story. So that's the general framework on how we're thinking about both the cloud COGS side as well as the OpEx side going forward.

然後我們將有機會重新部署它並隨著時間的推移變得更加高效，這將是這個故事的一部分。這就是我們如何思考雲端 COGS 面向以及 OpEx 方面未來發展的整體框架。

Alex, maybe I can just add a small bit of color from an engineering point of view. Look, philosophically, I think all world-class engineering organizations in any large fast or SAP-type company should be working on continuing to optimize engineering costs. As you're running -- as we are an incredibly large Cloud platform that's now geographically diverse, as you see from all the data residency improvements and other things, there are opportunities to save money effectively by running things more efficiently over time. And some of that learning comes from scale, some of that learning comes from deployment, some of that learning comes from new technologies.

亞歷克斯，也許我可以從工程的角度添加一點顏色。從哲學上看，我認為任何大型快速或 SAP 類型公司中的所有世界級工程組織都應該致力於繼續優化工程成本。當您運行時，因為我們是一個令人難以置信的大型雲端平台，現在在地理上是多樣化的，正如您從所有資料駐留改進和其他方面看到的那樣，有機會透過隨著時間的推移更有效地運行事物來有效地節省金錢。其中一些學習來自規模，一些學習來自部署，一些學習來自新技術。

We certainly have a large investment as a world-class, world-leading R&D organization and continuing to do the things we did last quarter, cheaper, better, faster and more efficiently. Sometimes that money has returned, as Joe said, in the finances. At other times, it's invested in other things. So it might be we learn how to do things more efficiently and run systems and services more efficiently, that then allow us to do things like that a residency in a global sense, other times in things like Atlassian Intelligence, a lot of the AI features, it's about getting the features out first, and then working out how to cost optimize over time as we watch customer usage patterns, we can work our head of scale and make that more efficient.

作為世界一流、世界領先的研發組織，我們當然擁有大量投資，並繼續做我們上個季度所做的事情，更便宜、更好、更快、更有效率。正如喬所說，有時這筆錢會在財務上回歸。有時，它會投資於其他事情。因此，我們可能會學習如何更有效地做事，更有效地運行系統和服務，然後讓我們能夠做一些全球意義上的駐地之類的事情，其他時候則可以做像Atlassian Intelligence 這樣的事情，很多人工智慧功能，首先要了解功能，然後在觀察客戶使用模式時研究如何隨著時間的推移進行成本優化，我們可以發揮規模優勢並提高效率。

So certainly something in engineering, we spend a lot of time working on, and we've had great results over the last 2 to 3 years as our Cloud platform has grown increasingly more complex, but also that gives us more leverage.

當然，在工程方面，我們花費了大量時間進行研究，並且在過去2 到3 年中，隨著我們的雲端平台變得越來越複雜，我們取得了很好的成果，但這也給了我們更多的影響力。

Your next question comes from Brent Thill from Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

An Atlassian Intelligence, I believe it's GA now. And I'm curious if you could give us a sense of what you're seeing and then ultimately, the monetization path in AI. And I guess one of the questions we're getting is if you're seeing a faster move to DC versus Cloud, does this slow your AI adoption pathway down or not?

Atlassian Intelligence，我相信現在已經正式上市了。我很好奇你是否能讓我們了解你所看到的以及最終人工智慧的貨幣化路徑。我想我們遇到的問題之一是，如果您看到資料中心的遷移速度比雲端更快，這是否會減慢您的人工智慧採取路徑？

Brent, I'm glad. I can take that one. I was worried about you all not asking an AI question until well into the call. Just checking you're all updated. Look, Cloud, Atlassian Intelligence and AI generally is a huge advantage for Atlassian. Like we deeply, deeply grateful as a company that focuses on knowledge workers and unleashing the potential of the team, a company that has a huge amount of data that customers have entrusted us with, the ability to remix, summarize and give that data back in different forms to customers using a lot of these large language models and machine learning technology is incredible.

布倫特，我很高興。我可以接受那個。我擔心你們直到通話結束後才提出人工智慧問題。只是檢查一下您是否都已更新。看，雲端、Atlassian Intelligence 和 AI 總體來說是 Atlassian 的巨大優勢。就像我們深深地感謝一家專注於知識型員工並釋放團隊潛力的公司一樣，一家擁有客戶委託給我們的大量數據的公司，我們有能力重新混合、總結並將這些數據返回給我們。不同形式的客戶使用大量這些大型語言模型和機器學習技術是令人難以置信的。

It's very exciting in terms of what we can deliver. As you mentioned, the initial Atlassian intelligence feature set, largely went GA during the quarter, it has had a fantastic customer reception. There's no other way to say that. We saw that when we announced it at Team '23 last year in Las Vegas, and we've continued to see that as we work with all of the early access program and the beta customers and now being in GA.

就我們所能提供的服務而言，這是非常令人興奮的。正如您所提到的，最初的 Atlassian 智慧功能集在本季大部分已正式發布，客戶反應非常好。沒有其他方法可以這麼說。當我們去年在拉斯維加斯的Team '23 上宣布這一消息時，我們看到了這一點，並且在我們與所有早期訪問計劃和測試版客戶合作以及現在正式發佈時，我們繼續看到這一點。

The ability to change how people do work in non-technical teams and in technical teams is just an unlock when we talk about our mission to unleash potential in every team. It's literally doing that in fantastical ways. We had more than 20,000 customers that use the features during the beta period, which, for us, as far as the beta goes is sort of off the chart in terms of interest, which is fantastic. And as you mentioned, we do see server and increasingly more of a data center customers. It being a factor in their movement, right? It being a factor in their migration. There's a clear logical understanding among customers, that the last language model-driven and machine learning-driven features are based in the Cloud, which means that the customers move to the cloud in order to get access to those features.

當我們談論釋放每個團隊潛力的使命時，改變人們在非技術團隊和技術團隊中工作方式的能力只是一個解鎖。它確實以奇妙的方式做到了這一點。我們有超過 20,000 名客戶在測試期間使用了這些功能，對我們來說，就測試而言，就興趣而言，這有點不可思議，這太棒了。正如您所提到的，我們確實看到了伺服器和越來越多的資料中心客戶。這是他們行動的一個因素，對嗎？這是他們遷徙的因素。客戶之間有一個清晰的邏輯理解，即最後的語言模型驅動和機器學習驅動的功能是基於雲端的，這意味著客戶需要遷移到雲端才能存取這些功能。

And it is another reason in a whole tapestry of reasons why customers are looking to move. And we've certainly seen really great adoption of those features so far, really excited about Atlassian Intelligence. Really excited about virtual agents and Jira Service Management continuing to just drive straight efficiencies for customers and again, driving that movement up to premium enterprise additions as we've talked about beforehand.

這是客戶尋求搬家的眾多原因中的另一個原因。到目前為止，我們確實看到了這些功能的廣泛採用，我們對 Atlassian Intelligence 感到非常興奮。正如我們之前討論的那樣，虛擬代理和 Jira Service Management 繼續為客戶直接提高效率，並再次推動這項運動向優質企業添加邁進，這讓我們感到非常興奮。

And lastly, as I mentioned earlier, Loom AI and the Loom intelligence features that we shipped last month. again, driving great adoption of Loom because it's a different category than the other Atlassian Intelligence features, but the ability to create and consume video more efficiently is really quite fantastic using some of these technologies. So I don't think our excitement could be higher and our commitment and the amount of resources we're spending in R&D to do this equal to the best in the world is paramount for us.

最後，正如我之前提到的，Loom AI 和我們上個月發布的 Loom 智慧功能。再次推動 Loom 的廣泛採用，因為它與其他 Atlassian Intelligence 功能不同，但使用其中一些技術更有效地創建和使用影片的能力確實非常出色。因此，我認為我們的興奮度不會更高，我們的承諾和我們在研發上花費的資源量以達到世界上最好的水平對我們來說至關重要。

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。

Strength in deferred revenue performance was notable. I was wondering if you could help unpack how much some of the newer initiatives around step-up credits, dual licensing, hybrid ELAs as well as Atlassian Advisory services helped drive the strength in the larger enterprise deals there? And how should we think about some of those newer programs flowing through to revenue over the coming quarters, meaning to the extent there was dual licensing, how does that flow through to D.C. and Cloud? And similarly, advisory services, how does that like flow through to revenue, be it showing up in other or cloud or D.C.?

遞延營收表現強勁引人注目。我想知道您是否可以幫助了解有關升級積分、雙重許可、混合 ELA 以及 Atlassian 諮詢服務的一些新舉措在多大程度上幫助推動了那裡的大型企業交易的實力？我們應該如何考慮未來幾個季度收入的一些新項目，這意味著在雙重許可的情況下，它如何流入華盛頓和雲端？同樣，諮詢服務如何轉化為收入，是否出現在其他、雲端或華盛頓特區？

Yes. Thanks, Ari. This is Joe. You're right. We were thrilled with our billings performance in the quarter. It was higher than we expected and was a record for the company. As you mentioned, you see this performance in our unearned revenue balance, which accelerated to 30% year-over-year growth. You'll also see it in the remaining performance obligations, which increased over $1.9 billion. The outperformance there this quarter was driven by great sales execution that we talked about earlier, and that resulted in several large multiyear agreements.

是的。謝謝，阿里。這是喬。你說得對。我們對本季的比林斯業績感到非常興奮。這超出了我們的預期，並且創下了公司的記錄。正如您所提到的，您可以在我們的非賺取收入餘額中看到這種表現，同比增長加速至 30%。您還可以在剩餘履約義務中看到這一點，該義務增加了超過 19 億美元。本季的優異表現是由我們之前談到的出色的銷售執行力推動的，這導致了幾項大型的多年期協議。

And those are the agreements that you were referencing, hybrid ELAs, dual licensing, they're having a material impact on our ability to grow our business in the enterprise space. I'd say the way you're going to see that show up is primarily in the form of migrations because a lot of that is targeted at establishing those relationships with our customers over multiple years.

這些是您引用的協議、混合 ELA、雙重許可，它們對我們在企業領域發展業務的能力產生了重大影響。我想說的是，您將看到的主要是以遷移的形式出現，因為其中許多都是為了在多年內與我們的客戶建立這些關係。

Many of those customers are using data center as a stepping stone until they're ready to move to the cloud. It shows up both in a data center and our Cloud revenue rose from a P&L accounting perspective. And we basically attribute revenue based on the relative list price between those two. So it's roughly 50-50, give or take, between those two things as you think about the mechanical accounting of it.

其中許多客戶都使用資料中心作為墊腳石，直到他們準備好遷移到雲端。它顯示在資料中心中，從損益會計角度來看，我們的雲端收入有所成長。我們基本上根據兩者之間的相對標價來歸因收入。因此，當你考慮機械核算時，這兩件事之間的比例大約是 50-50。

Thank you. That's all the questions we have time for today. I will now turn the call over to Mike 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麥克做總結發言。

Thanks, everyone, for joining the call today from wherever you're joining the world. We really, really appreciate you being here. As always, also appreciate thoughtful questions and continued support of Atlassian and analysis. A small note, we look forward to seeing all of you, hopefully, at Team '24 in Las Vegas at the end of April. And with that, have a kick a*s weekend.

感謝大家今天從世界任何地方加入電話會議。我們真的非常感謝您來到這裡。一如既往，也感謝深思熟慮的問題以及對 Atlassian 和分析的持續支持。順便說一句，我們期待在 4 月底在拉斯維加斯舉行的 Team '24 比賽中見到你們所有人。就這樣，週末愉快吧。