Atlassian Corp (TEAM) 2024 Q3 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's earnings conference call for the third quarter of fiscal year 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. 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 2024 財年第三季的收益電話會議。我現在將電話轉給 Atlassian 投資者關係主管 Martin Lam。

Welcome to Atlassian's Third 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, and Chief Financial Officer, Joe Binz.

歡迎參加 Atlassian 2024 財年第三季財報電話會議。感謝您今天加入我們。今天加入我的電話會議的還有 Atlassian 的共同創辦人兼聯合執行長 Scott Farquhar 和 Mike Cannon-Brookes，以及財務長 Joe Binz。

Earlier today, we published a shareholder letter and press release with our financial results and commentary for our third quarter of fiscal year 2024. Shareholder letter is available on Atlassian's Work Life blog and the Investor Relations section of our website, where you will also find other earnings-related materials, including the earnings press release and supplemental investor data sheet. As always, our shareholder letter contains management's insight and commentary for the quarter. So during the call today, we'll have brief opening remarks and then focus our time on Q&A.

今天早些時候，我們發布了一封股東信和新聞稿，其中包含2024 財年第三季度的財務業績和評論。可以在其中找到其他內容收益相關資料，包括收益新聞稿和補充投資者資料表。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。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。

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.

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所做的前瞻性陳述明示或暗示的結果有重大差異。您不應依賴前瞻性陳述作為未來事件的預測。

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 business performance and 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 discuss non-GAAP financial measures. These non-GAAP financials 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.

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數據是根據公認會計原則編制的財務績效衡量標準的補充，而不是替代或優於這些衡量標準。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。

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

我想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。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 is already read in our shareholder letter, Q3 was truly a milestone quarter for Atlassian. Today, Atlassian is a cloud-majority company. We have over 300,000 customers using our Cloud products and have seen a 3x increase in paid seats in the Cloud since we announced the winding down of support for Server 3.5 years ago.

感謝您今天加入我們。正如我們在股東信中所讀到的那樣，第三季度對 Atlassian 來說確實是一個里程碑式的季度。如今，Atlassian 是一家以雲端為主的公司。我們有超過 30 萬名客戶使用我們的雲端產品，並且自從我們在 3.5 年前宣布停止對伺服器的支援以來，雲端中的付費席位增加了 3 倍。

And while this is just one significant moment among many across our multiyear Cloud journey, we are thrilled with what we've achieved to date. We migrated more paid seats to Cloud than we had initially projected, and our churn has been consistently lower than expected from our Server base.

雖然這只是我們多年的雲端之旅中的一個重要時刻，但我們對迄今為止所取得的成就感到非常興奮。我們將更多的付費席位遷移到雲端中，這比我們最初預計的要多，而且我們的伺服器基礎的流失率一直低於預期。

This speaks volumes about the mission-critical role our products play, the value they deliver and our customers' desire to realize the innovation in our Cloud products. We now have an even larger opportunity in Cloud than originally believed. You'll see us continue to execute against our road map and deliver more innovation to pave the path (inaudible) to drive durable future growth.

這充分說明了我們的產品所發揮的關鍵任務作用、它們提供的價值以及我們的客戶實現雲端產品創新的願望。我們現在在雲端領域擁有比最初想像的更大的機會。您將看到我們繼續按照我們的路線圖執行，並提供更多創新，為推動未來持久成長鋪平道路（聽不清楚）。

We're also announcing that I'll be stepping down as co-CEO of Atlassian on the 31st of August this year. It's been a difficult decision, but after 23 years, it's time to pursue some other passions I have, particularly philanthropy, investing and to help grow and build the global technology industry. And while there is never a perfect time to step away, I'm supremely confident of where Atlassian is at.

我們也宣布，我將於今年 8 月 31 日辭去 Atlassian 聯合執行長的職務。這是一個艱難的決定，但 23 年後，是時候追求我的其他愛好了，特別是慈善事業、投資以及幫助發展和建立全球科技產業。雖然永遠沒有離開的最佳時機，但我對 Atlassian 的現狀非常有信心。

We've got one of the best Cloud platforms in the industry. And Point A new products are gaining real traction with customers and revenue, AI is providing new and exciting opportunities, and our customers are increasingly choosing to consolidate around Atlassian.

我們擁有業內最好的雲端平台之一。 Point A 新產品正在獲得真正的客戶吸引力和收入，人工智慧正在提供新的令人興奮的機會，我們的客戶越來越多地選擇圍繞 Atlassian 進行整合。

And I'm proud to say we have the most experienced leadership team in our history. I will remain an active Board member and assume a special advisor role, with Mike continuing on as CEO. I have complete trust in Mike leading the way to harness the incredible opportunities that we, at Atlassian, have ahead of us.

我很自豪地說，我們擁有史上最有經驗的領導團隊。我將繼續擔任董事會活躍成員並擔任特別顧問，麥克則繼續擔任執行長。我完全相信 Mike 會帶領我們充分利用 Atlassian 所面臨的難以置信的機會。

I'll turn it over to you, Mike.

我會把它交給你，麥克。

Thanks, Scott. Yes, milestone quarter for a number of reasons. Now there'll be plenty of time for celebrations and farewells as this is not Scott's last earnings call, but I do want to touch on his news briefly.

謝謝，斯科特。是的，由於多種原因，這是一個里程碑式的季度。現在將有足夠的時間進行慶祝和告別，因為這不是斯科特最後一次財報電話會議，但我確實想簡單談談他的新聞。

As you all know, Scott and I have known each other for nearly 3 decades and have experienced every major life milestone together. This company simply would not be Atlassian without Scott, and I'm truly thankful to have had him by my side every day for the last 23 years.

眾所周知，我和史考特相識近30年，一起經歷了人生的每一個重大里程碑。如果沒有 Scott，這家公司就不會成為 Atlassian，我真的很感激過去 23 年每天都有他陪伴在我身邊。

In this next chapter, I'm sure we will remain great mates and trusted partners, and I'm glad that I can support him through this, both personally and professionally, as I continue to lead Atlassian forward as CEO.

在下一章中，我確信我們仍將是偉大的伙伴和值得信賴的合作夥伴，我很高興能夠在個人和職業上支持他，同時我將繼續作為首席執行官帶領 Atlassian 前進。

Atlassian has always been my #1 professional priority and focus. Scott and I have both worn every hat over the last 2 decades, so I'm confident in taking over full responsibility of the company.

Atlassian 一直是我的第一大專業優先事項和關注點。史考特和我在過去 20 年都身兼數職，因此我有信心承擔公司的全部責任。

I'm incredibly excited about the massive opportunities that we have in front of us across our 3 markets in work management, software development and service management. We have such huge opportunities ahead of us in both the enterprise transition and AI, where our unique team data and insights allow us to offer unique capabilities and unleash our customers' potential.

我對我們在工作管理、軟體開發和服務管理三個市場中所擁有的巨大機會感到非常興奮。在企業轉型和人工智慧方面，我們面臨著巨大的機遇，我們獨特的團隊數據和見解使我們能夠提供獨特的能力並釋放客戶的潛力。

As we continue to attack our opportunities, I want to reiterate the commitments that we've made to continue to grow over the long term, while returning to our historical margin levels. We have a thoughtful plan in place to continue to drive durable revenue growth.

在我們繼續抓住機會的同時，我想重申我們所做的持續長期成長的承諾，同時恢復到我們的歷史利潤水準。我們制定了周密的計劃來繼續推動持久的收入成長。

And we feel really good about our agile approach to prioritizing resources behind key strategic areas like enterprise NII, while driving leverage as we scale. And we couldn't be more excited about the future.

我們對我們的敏捷方法感到非常滿意，該方法可以優先考慮企業 NII 等關鍵策略領域背後的資源，同時隨著我們的規模擴大而提高槓桿率。我們對未來感到無比興奮。

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 Ryan MacWilliams from Barclays.

（操作員說明）。你的第一個問題來自巴克萊銀行的瑞安·麥克威廉斯。

Just like to hear about the overall macro trends at this point toward developer hiring. Like have you noticed any trends around the green shoots of growth for IT budgets or hiring developers?

只是想聽聽目前開發人員招募的整體宏觀趨勢。您是否注意到 IT 預算或招聘開發人員的成長萌芽的任何趨勢？

And then separately, just one quick housekeeping item for Joe. What was the Loom contribution to Cloud revenue growth in the third quarter? And maybe how you're thinking about its contribution to the fourth quarter?

然後單獨為喬提供一件快速的家務用品。 Loom 對第三季雲端營收成長的貢獻是什麼？也許您如何看待它對第四季的貢獻？

Yes. Thanks, Ryan. I'll start. From a macro perspective, macro trends were very much in line with what we saw in Q2 and in line with our expectations. Enterprise was healthy across both Cloud and Data Center, and that drove the record billings, strong growth in annual and multiyear agreements, strong migration and good momentum in sales of Premium and Enterprise editions of our products that you see rolling through our revenue results.

是的。謝謝，瑞安。我開始吧。從宏觀角度來看，宏觀趨勢與我們在第二季度看到的情況非常一致，也符合我們的預期。企業在雲端和資料中心方面都很健康，這推動了創紀錄的帳單、年度和多年協議的強勁增長、強勁的遷移以及我們產品的高級版和企業版銷售的良好勢頭，您可以看到我們的收入結果不斷滾動。

The macro impact on SMB, on the other hand, continue to be challenging, although also in line with expectations. And that macro headwind in SMB lands primarily in Cloud, given SMB makes up a significant part of that business. And within Cloud, it lands primarily in paid seat expansion. So stepping back more broadly within Cloud, the trends in Q3 were very consistent with Q2 as well as our expectations coming into the quarter.

另一方面，對中小企業的宏觀影響仍然充滿挑戰，儘管也符合預期。鑑於中小企業佔該業務的重要組成部分，中小企業的宏觀阻力主要集中在雲端領域。在雲端內部，它主要涉及付費席位的擴展。因此，從更廣泛的角度來看，第三季的趨勢與第二季以及我們對本季的預期非常一致。

And then paid seat expansion rates remained well below prior year levels, but the decelerating trend quarter-to-quarter did continue to moderate from Q2. So that's a positive sign. All of the other growth drivers, migrations, cross-sell, upsell, new customers, monthly active usage, churn, et cetera, those were all in line with our expectations and stable overall.

然後，付費座位擴張率仍遠低於去年同期水平，但季度環比減速趨勢確實比第二季度繼續放緩。所以這是一個正面的訊號。所有其他成長動力、遷移、交叉銷售、追加銷售、新客戶、每月活躍使用量、流失率等，這些都符合我們的預期，整體穩定。

And then in terms of Loom, we -- basically, from a quarter perspective, we're not going to provide specifics on Loom's revenue or growth rate. We were pleased with the growth we're seeing and excited by the customer reaction to the recent AI innovations we've been introducing into Loom's product line.

然後就 Loom 而言，基本上，從季度的角度來看，我們不會提供有關 Loom 收入或成長率的具體資訊。我們對所看到的成長感到高興，並對客戶對我們最近引入 Loom 產品線的人工智慧創新的反應感到興奮。

In terms of performance in the quarter, Loom revenue in Q3 was squarely in line with our expectations. And in terms of our fiscal year guidance, in terms of our overall revenue and operating margin guidance for the year, we continue to expect Loom to have about 1.5 points of impact on FY '24 Cloud revenue growth for the year and for Loom to be slightly dilutive to FY '24 and FY '25 operating margins.

從本季的業績來看，Loom 第三季的營收完全符合我們的預期。就我們的財年指導而言，就我們今年的整體收入和營業利潤率指導而言，我們繼續預計 Loom 將對 24 財年雲收入增長產生約 1.5 個百分點的影響，並且 Loom 將對略微稀釋24財年及25 財年的營業利益率。

The next question comes from Fred Havemeyer from Macquarie.

下一個問題來自麥格理的 Fred Havemeyer。

Thank you very much. Scott, we know you're not leaving immediately, but certainly will be quite missed on these calls. I wanted to ask, with respect to those -- the super migration at this point, it's very encouraging to hear that churn was looking much lower than expected, and primarily, the customers have transitioned on to Data Center. But are there any customers that are left over at this point in time that might make a future transition after limping along for some period of time here?

非常感謝。斯科特，我們知道您不會立即離開，但肯定會非常想念這些電話。我想問的是，就目前的超級遷移而言，聽到客戶流失率看起來比預期低得多，這是非常令人鼓舞的，而且主要是客戶已經轉移到資料中心。但是，此時是否有任何留下來的客戶可能會在這裡跛行一段時間後在未來進行過渡？

Fred, this is Joe. It's difficult to know exactly how many Server customers remain running unsupported at this point. We believe it's a small number and certainly smaller than we thought it would be entering the quarter. We're not assuming any material contribution to either Data Center or Cloud revenue growth from this cohort of customers moving forward in the guidance. And operationally, our focus now is squarely on enabling our Data Center customers to move to the Cloud.

弗雷德，這是喬。目前很難確切知道有多少伺服器客戶仍在不受支援的情況下運作。我們認為這個數字很小，而且肯定比我們預期的進入本季的數字要小。我們並沒有假設這群客戶在指南中的進展會對資料中心或雲端收入成長做出任何實質貢獻。在營運方面，我們現在的重點完全是使我們的資料中心客戶能夠遷移到雲端。

The next question comes from Keith Weiss from Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

This is Sanjit Singh for Keith. I actually wanted to ask a question about a customer callout that you had in the shareholder letter. You guys mentioned that FanDuel was able to cut tickets that require human interventions by 85%, which is a pretty fantastic result for FanDuel.

我是基斯的桑吉特·辛格。我實際上想問一個關於您在股東信中提到的客戶標註的問題。你們提到 FanDuel 能夠將需要人工幹預的門票減少 85%，這對 FanDuel 來說是一個非常了不起的結果。

In terms of that customer, are you pricing that FanDuel contract on a seat basis? And how would you think about when they achieve those types of efficiency gains? How do you think about the revenue opportunity with some of the efficiency gains they're seeing with the Atlassian products.

就該客戶而言，您是否按席位定價 FanDuel 合約？當他們實現這些類型的效率提升時，您會如何看待？您如何看待透過 Atlassian 產品獲得的一些效率提升所帶來的收入機會？

Yes. That's a great question, Sanjit, and I think one on people's minds is AI increasingly helps produce these incredible ROI experiences that we're seeing across our customer base. And at the moment, we have historically priced our -- almost all of our products on some sort of seat basis, with some usage basis that has happened in certain areas of the product, such as Bitbucket pipelines that we've charged for units of build and stuff like that.

是的。 Sanjit，這是一個很好的問題，我認為人們腦海中的一個想法是，人工智慧越來越有助於產生我們在客戶群中看到的令人難以置信的投資回報率體驗。目前，我們歷史上幾乎所有產品的定價都是基於某種席位，以及產品某些領域發生的一些使用基礎，例如我們按單位收費的 Bitbucket 管道。

We are experimenting going forward with more usage-based private seats. So it's -- I don't want to get into one specific customer, but we think that there is a world in the future where we do have some sort of usage-backed pricing around these interactions with -- and the ROI that we're getting from customers. And so we'll see more experimentation with that going forward, but that's something we're experimenting with at the moment.

我們正在嘗試推出更多基於使用情況的私人座位。所以，我不想接觸某個特定的客戶，但我們認為在未來的世界裡，我們確實會圍繞這些互動提供某種基於使用情況的定價，以及我們的投資報酬率。因此，我們未來會看到更多的實驗，但這就是我們目前正在嘗試的。

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）。

Scott, all the best in your future endeavors, even though I know, as Mike said, you'll be with us for a little while longer, fortunately. So my question is, obviously, this is a significant upside quarter.

史考特，祝你未來一切順利，儘管我知道，正如麥克所說，幸運的是，你會和我們在一起一段時間。所以我的問題是，顯然，這是一個顯著的上升季度。

Having said that, I think the big question is one of sustainability. The Cloud revenue in the quarter was it'll be in line with guidance with all of the upside coming from Data Center and Marketplace, and Marketplace itself is tied to the Data Center as well. But we're never going to have another quarter of Server migrations.

話雖如此，我認為最大的問題是永續性。本季的雲端收入將與來自資料中心和市場的所有優勢的指導一致，而市場本身也與資料中心相關。但我們永遠不會再進行四分之一的伺服器遷移。

And clearly, there was also a decent amount of pull forward given the recent Data Center price increase. And so as we look ahead into next year and beyond, the question is, can Atlassian, in fact, continue to show good growth.

顯然，考慮到最近資料中心價格的上漲，也出現了相當大的拉力。因此，當我們展望明年及以後時，問題是 Atlassian 事實上能否繼續表現出良好的成長。

Yes. Great question, Gregg. Thanks for asking. Let me try and share a little bit of perspective on that without giving specific numbers for FY '25.

是的。好問題，格雷格。謝謝你的詢問。讓我試著分享一些對此的看法，但不會給出 25 財年的具體數字。

At the highest level, the long-term revenue growth of the company is really driven by the opportunities we have in our three large high-growth markets that Mike touched on at the top of the call. And secular trends around things like digital transformation and software is a critical factor to the success of every company.

在最高層面上，公司的長期收入成長實際上是由我們在三個大型高成長市場中所擁有的機會所推動的，麥克在電話會議的頂部提到了這一點。數位轉型和軟體等方面的長期趨勢是每家公司成功的關鍵因素。

From there, there are several growth drivers across Cloud and Data Center. In terms of Cloud, given the size of the Data Center installed base, we do continue to expect migrations to be a key driver of Cloud revenue growth over several years, although we do expect that impact to wane gradually over time.

從這裡開始，雲端和資料中心有幾個成長驅動因素。在雲端方面，考慮到資料中心安裝基數的規模，我們仍然預期遷移將成為未來幾年雲端收入成長的關鍵驅動力，儘管我們確實預期這種影響會隨著時間的推移逐漸減弱。

Now to drive migrations, we're delivering a Cloud platform that provides the best customer experience and value with analytics and automation and AI as well as better TCO for the customer. And those factors will only improve and grow stronger over time. As part of that, we are investing in new and highly valuable product innovation as well, and much of that is only currently available on Premium and Enterprise editions of our products, our Cloud products.

現在，為了推動遷移，我們正在提供一個雲端平台，透過分析、自動化和人工智慧提供最佳的客戶體驗和價值，並為客戶提供更好的整體擁有成本。隨著時間的推移，這些因素只會改善並變得更強大。作為其中的一部分，我們也投資於新的、高價值的產品創新，其中大部分創新目前僅在我們的產品（即我們的雲端產品）的高級版和企業版上提供。

And we are working to unblock and help customers migrate and deploy on our Cloud and making good progress on scalability and certifications and app integration and extensibility, all of which are very relevant to our largest customers in Data Centers.

我們正在努力解鎖並幫助客戶在我們的雲端上遷移和部署，並在可擴展性和認證以及應用程式整合和可擴展性方面取得良好進展，所有這些都與我們資料中心最大的客戶非常相關。

So we have a lot of confidence in the migration space. From there, as you know, there are multiple growth drivers in the Cloud we've discussed in the past, things like paid seat expansion within our existing customer base, our opportunity to cross-sell additional products to our over 300,000 customers, upselling to Premium and Enterprise editions of our products.

所以我們對遷移空間充滿信心。如您所知，從這裡開始，我們過去討論過雲端中有多種成長驅動因素，例如我們現有客戶群中的付費席位擴展、我們向超過 300,000 名客戶交叉銷售其他產品的機會、向上銷售到我們產品的高級版和企業版。

And then with the smaller impact today but growing over time are other drivers like new customer adds and new high-growth products like Compass, Jira Product Discovery and Loom. And of course, pricing is the final lever in the Cloud model.

現在影響較小，但隨著時間的推移而不斷增長的是其他驅動因素，如新客戶的增加和新的高成長產品，如 Compass、Jira Product Discovery 和 Loom。當然，定價是雲端模型中的最後一個槓桿。

In terms of Data Center, we expect organic expansion and pricing to be durable, long-term drivers given the high renewal rates on Data Center agreements and the Enterprise nature of that customer base. And with AI, we are well positioned with the unique data graphs around high-value workloads, and there's a lot of opportunity in that space as well. And we're off to a solid start with Atlassian Intelligence with more AI innovation on the way.

在資料中心方面，鑑於資料中心協議的高續訂率和該客戶群的企業性質，我們預計有機擴張和定價將成為持久的長期驅動因素。借助人工智慧，我們可以利用圍繞高價值工作負載的獨特數據圖來佔據有利位置，並且該領域也存在許多機會。我們在 Atlassian Intelligence 上有了一個堅實的開端，更多的人工智慧創新即將到來。

And then finally, add on significant opportunity we have for further penetration in Enterprise, where we've had great signal and momentum over the last year. And overall, all up, we feel confident in our ability to invest behind and deliver healthy revenue growth over a multiyear period as a result of that.

最後，我們有進一步滲透到企業領域的重要機會，去年我們在企業領域發出了巨大的訊號和動力。總的來說，我們對自己的投資能力充滿信心，並因此在多年內實現健康的收入成長。

Gregg, I just wanted to chime in at a high level. I think Joe's given a very fantastic and comprehensive answer there. I think we should remember that any upside in Data Center is long-term upside for the Cloud in terms of the destination for those customers over the long arc of time.

格雷格，我只是想以高水準插話。我認為喬在那裡給出了非常精彩且全面的答案。我認為我們應該記住，資料中心的任何好處都是雲端的長期好處，就這些客戶在很長一段時間內的目的地而言。

I think our end-of-Server journey, as you mentioned, from a migration point of view, overall, it's been a huge success, right? Over the last 4 years, we beat our original expectations for the number of paid seats that we migrate to Cloud. We ended with less churn overall than we thought we would have over that 3- or 4-year period. We've tripled the number of paid seats in Cloud during that period since we -- in fact, since we announced the end-of-Servers 3 years ago.

我認為，正如您所提到的，從遷移的角度來看，我們的伺服器端之旅總體而言取得了巨大的成功，對吧？在過去 4 年裡，我們遷移到雲端的付費席位數量超出了我們最初的預期。整體而言，我們的客戶流失率比我們預期的 3 到 4 年期間要少。自從我們三年前宣布終止伺服器以來，我們在此期間將雲端中的付費席位數量增加了兩倍。

I think the way I would zoom out and see that is, that is an example of Atlassian executing against the long-term goal as a team and as a company, and we can do hard things. We say this all the time internally. Data Center customers moving to hybrid deployments, which is generally the way they go through in the middle and then to Cloud. It's a different journey. These are our largest and most complex customers. They have different requirements, different things, but we will get them there.

我認為我會縮小並看到這一點，這是 Atlassian 作為團隊和公司執行長期目標的一個例子，我們可以做困難的事情。我們內部一直這麼說。資料中心客戶轉向混合部署，這通常是他們經歷中間然後轉向雲端的方式。這是一次不同的旅程。這些是我們最大、最複雜的客戶。他們有不同的要求，不同的事情，但我們會滿足他們。

We will execute against that mission over the next few years in the same way that we executed against the last mission. I have confidence in Atlassian to do that. And if you want a singular statistic of how that's going, again, the Data Center to Cloud migrations over the first 3 quarters of this year were up 90%, 9-0, on the first 3 quarters of last year on a year-on-year basis. So we are already migrating Data Center customers to the Cloud. So that overperformance is a long-term good sign for us.

我們將在未來幾年內以與上次任務相同的方式執行該任務。我對 Atlassian 能夠做到這一點充滿信心。如果您想了解具體進展的單一統計數據，今年前 3 季資料中心到雲端的遷移量比去年前 3 季年增 90%，即 9-0年為基礎。因此，我們已經將資料中心客戶遷移到雲端。因此，超額表現對我們來說是一個長期的好兆頭。

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

您的下一個問題來自富國銀行證券公司的麥可‧特林。

Results were quite strong in a still tough environment. I think the stock is initially reacting more to the surprise news from Scott. So maybe you can both, Scott and Mike, give us a peek behind the scenes around how you have historically divided the CEO role?

在仍然嚴峻的環境下，結果相當強勁。我認為該股最初對斯科特的意外消息反應更大。史考特和麥克，也許你們可以讓我們了解你們歷史上是如何劃分執行長角色的幕後故事？

And Mike, it would be helpful to hear more around is becoming sole CEO at all changes the role or key points of focus on your end from a product or a strategic perspective? I think just any detail there is useful.

麥克，如果能聽到更多關於成為唯一執行長會從產品或策略角度改變您的角色或重點關注點，會有幫助嗎？我認為任何細節都是有用的。

Thanks. Scott here. I'll take the first (inaudible). Look, Mike and I have worked together for 23 years. We used to take turns taking the bins out in our first office. So we've kind of done every job equally over that period of time. Mike's run go-to-market for well over half that time, I've run actually little less than that. I've run engineering, Mike's run engineering products.

謝謝。斯科特在這裡。我會選擇第一個（聽不清楚）。看，麥克和我已經一起工作了 23 年。我們過去常常輪流清理第一個辦公室的垃圾箱。因此，在那段時間裡，我們幾乎平等地完成了每項工作。麥克的上市時間遠超過一半，而我的時間實際上比這少一點。我負責工程，麥克負責工程產品。

So we've kind of done everything together over that period of time. And I think that's relatively unique-ishly. I mean, consider ourselves to be unique, actually kind of shared and give you those responsibilities and change them over time, I think it's also extremely unique there. And so I don't think there's anything that Mike hasn't done before that he'll be picking up.

所以在那段時間裡我們幾乎一起做了所有事情。我認為這是相對獨特的。我的意思是，認為我們自己是獨特的，實際上是一種共享的，並賦予你這些責任並隨著時間的推移而改變它們，我認為這也是非常獨特的。所以我認為麥克之前沒有做過的事情他都會接手。

And the philosophy is around how we run finances and how we think about the growth of business and investments. Like we've spent a lot of time together over the years doing and -- Joe and finance reporting into me for the last half a dozen years or so. Mike and I spent a lot of time together looking at where we want to grow the business and what our investment profile is. So Mike, do you want to add anything?

這個理念圍繞著我們如何管理財務以及我們如何看待業務和投資的成長。就像這些年來我們花了很多時間在一起做的那樣——喬和財務在過去六年左右的時間裡向我報告。麥克和我花了很多時間一起研究我們想要在哪裡發展業務以及我們的投資狀況。麥克，你想補充什麼嗎？

Yes. Thanks, Scott. Thanks, Michael. Look, other than Scott being clearly excited better than I was at taking the bins out, we'll work on that going forward. But I want to say, from a long-term point of view, I'd echo Scott's last point, right?

是的。謝謝，斯科特。謝謝，麥可。聽著，除了斯科特在倒垃圾箱方面明顯比我更興奮之外，我們將在未來繼續努力。但我想說，從長遠來看，我同意斯科特的最後一點，對嗎？

Our philosophies as a company, our values, our mission to unleash the potential of every team and the culture, this has been a constant of the company for the last 23 years, and it's going to continue to be a constant going forward. We hope for a very long time.

我們作為一家公司的理念、我們的價值觀、我們的使命是釋放每個團隊和文化的潛力，這是公司在過去 23 年裡堅持的理念，在未來也將繼續如此。我們希望很長一段時間。

We're a very long-term thinking company. We have certain ways of being that we don't expect to change, nor do I think Scott would want them to change or nor do I think they should change. Now we live in a highly changing environment, so we can't say nothing's going to change.

我們是一家非常有長遠眼光的公司。我們有某些我們不希望改變的生活方式，我也不認為史考特會希望它們改變，或者我也不認為它們應該改變。現在我們生活在一個高度變化的環境中，所以我們不能說什麼都不會改變。

What we can say is, in the short to medium term, sort of the closer focus, we're very clear on our strategies and our execution. As Scott mentioned, we have the most experienced executive team we've ever had. I'm super lucky to get to work alongside them all every single day, even executing through this mini project, if you like.

我們可以說的是，從短期到中期來看，我們的策略和執行更加清晰。正如斯科特所提到的，我們擁有有史以來最有經驗的管理團隊。我非常幸運能夠每天與他們一起工作，如果你願意的話，甚至可以執行這個迷你專案。

From a strategy point of view, look, we're very clear. We've been clear with our investors, our shareholders, our customers what our focuses are in terms of the opportunities we have in the Enterprise and with migrations, in terms of the ITSM and ESM market, and continue to invest strongly there and seeing strong results.

從戰略的角度來看，我們是非常明確的。我們已經向我們的投資者、股東和客戶明確表示我們的重點是我們在企業和遷移方面的機會、ITSM 和 ESM 市場，並繼續在那裡大力投資，並看到強勁的發展勢頭。

And then in the AI era, we have some fantastic opportunities. So those are the current priorities, as we said. That doesn't change from yesterday to today, and we'll keep you updated as we move forward.

然後在人工智慧時代，我們有一些絕佳的機會。正如我們所說，這些是當前的優先事項。從昨天到今天，這一點都沒有改變，我們將隨時向您通報最新情況。

Your next question comes from Alex Zukin from Wolfe Research.

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

Maybe mine is tied to the Data Center to Cloud journey that you've seen both over the first 3 quarters of this year, in the context of some customers kind of signing more longer-term deals and in the construct of kind of this notion that the end-of-Server life unblocks the company's ability to focus on a lot more things.

也許我的經歷與今年前三個季度的資料中心到雲端之旅有關，在一些客戶簽署更多長期協議的背景下，以及在這種概念的構建中伺服器壽命的結束使公司能夠專注於更多事情。

What does that mean for Data Center to Cloud migration trends in terms of both from a financial perspective, maybe next quarter and next year, that 10 points you previously thought? And then just beyond, if you look at the activity of where those customers are migrating in terms of a tier basis and what that's doing to ARR or ACV growth?

從財務角度來看，這對資料中心到雲端遷移趨勢意味著什麼，也許是下個季度和明年，您之前想到的 10 點？除此之外，如果您按層級查看這些客戶的遷移活動，以及這對 ARR 或 ACV 成長有何影響？

Yes. Thanks, Alex. A lot of questions there, so if I don't hit them all, bring me back. So I'll start with migrations. We do continue to expect migrations to be a key driver of Cloud revenue growth in Q4 and FY '25.

是的。謝謝，亞歷克斯。那裡有很多問題，所以如果我沒有解決所有問題，請帶我回來。所以我將從遷移開始。我們仍預期遷移將成為第 4 季和 25 財年雲端收入成長的關鍵驅動力。

Despite a few, if any, Server migrations post end of support, this is due to the significant size of the Data Center installed base and the opportunity we have to enable those customers, some of our very largest customers, to move to the Cloud. And that opportunity today is even bigger than we expected it to be 3 months ago, given the strong customer retention and migrations from Server to Data Center this quarter.

儘管有一些（如果有的話）伺服器遷移在支援結束後進行，但這是由於資料中心安裝基礎的巨大規模以及我們必須讓這些客戶（我們的一些最大的客戶）遷移到雲端的機會。鑑於本季強勁的客戶保留率以及從伺服器到資料中心的遷移，今天的機會甚至比我們 3 個月前的預期還要大。

Having said that, we also expect the migration benefit to Cloud revenue growth to gradually decline over time from the approximately 10-point benefit in FY '24, given the lack of Server migrations. Now to drive these migrations, I talked earlier about the things we're doing. So we have a lot of confidence in our ability to execute on that and to drive it. So that's how we think about the growth impact to Cloud from migrations going forward.

話雖如此，鑑於缺乏伺服器遷移，我們也預期雲端收入成長的遷移收益將隨著時間的推移從 24 財年約 10 個百分點的收益逐漸下降。現在，為了推動這些遷移，我之前談到了我們正在做的事情。因此，我們對執行和推動這一目標的能力充滿信心。這就是我們如何看待未來遷移對雲端成長的影響。

In terms of the deal structure, if you look at our overall deal volume this quarter, even though we had a large number of absolute deals, the mix between annual and multiyear were very consistent and similar to past quarters. So think of the overall volume growing, and within that volume, the mix between multiyear and annual being the same.

就交易結構而言，如果你看一下本季我們的整體交易量，儘管我們有大量絕對交易，但年度和多年期交易的組合非常一致，與過去幾個季度相似。因此，考慮總體數量的增長，在該數量內，多年期和年度之間的混合是相同的。

I just had a few small points to that, Alex. Firstly, in terms of deals, like you're seeing a lot more hybrid deals, obviously, from the Data Center-type customer. One of the points that we like to make clear is the larger and more complex customers moving to the Cloud is not a sort of a 1-day single-button click event like changing an app on your phone, right? They have complex deployments with lots of integrations, and they're enmeshed into deep customer workflows.

我只是有一些小觀點，亞歷克斯。首先，就交易而言，顯然，您會看到更多來自資料中心類型客戶的混合交易。我們想澄清的一點是，規模更大、更複雜的客戶遷移到雲端並不是像更改手機上的應用程式那樣的一日單按鈕點擊事件，對嗎？他們有複雜的部署和大量的集成，並且融入了深入的客戶工作流程。

This is fantastic for Atlassian. This shows how much value we have in our products. It means the migration journey is more of a gradual over time series of events. And that shows up in their hybrid, both in terms of their deployment environment, topology and their deal construct.

這對於 Atlassian 來說太棒了。這顯示我們的產品有多大價值。這意味著遷移之旅更多的是隨著時間的推移逐漸發生的一系列事件。這體現在他們的混合中，無論是在部署環境、拓撲或交易結構方面。

I will say, we continue to be agile with our resources at Atlassian. We pride ourselves in our ability to move R&D around to where we need it to be. Obviously, with the end of Server, we can move slightly more R&D towards the Cloud, but we maintain a strong commitment to the Data Center business and continuing to move that forward.

我想說的是，我們將繼續靈活利用 Atlassian 的資源。我們為能夠將研發轉移到我們需要的地方而感到自豪。顯然，隨著伺服器的結束，我們可以將更多的研發轉向雲，但我們仍然對資料中心業務保持堅定的承諾，並繼續向前邁進。

And there's still lots of work to do, right? We're incredibly proud of the work we've done in performance and scale, in governance and data residency. We rolled out 7 new regions this quarter and an extensibility and all the things that our largest customers need. And you'll see us continuing to invest in those over the coming years as part of the journey.

還有很多工作要做，對吧？我們對我們在效能和規模、治理和資料駐留方面所做的工作感到非常自豪。本季我們推出了 7 個新區域以及可擴展性以及我們最大的客戶所需的所有東西。作為這趟旅程的一部分，您將看到我們在未來幾年繼續對這些領域進行投資。

Your next question, Keith Bachman from BMO Capital Markets.

您的下一個問題是 BMO 資本市場的 Keith Bachman。

Yes. Joe, I think this is for you as well, but I wanted to talk about Data Center growth. So the guidance that you've given for Q4 of, call it, 40 to 42 with 15 points of help, even net of help, it would have been -- it's keenly stronger than I would have anticipated. And so if we look out over the horizon, is there any puts and takes that you can give us on how to construct or think about Data Center growth specifically?

是的。喬，我想這也適合你，但我想談談資料中心的成長。因此，您為第四季度給出的指導，即 40 到 42，有 15 點幫助，即使沒有幫助，它也會比我預期的強得多。因此，如果我們展望未來，您是否可以向我們提供有關如何建構或具體考慮資料中心成長的任何建議和建議？

And just to even take a step back, as we look at Analyst Day next week, or the analyst event, I should say, at your event, which I'm very much looking forward to, will management provide some longer-term model frameworks, either the top line or margin construct?

甚至退後一步，當我們關注下週的分析師日或分析師活動時，我應該說，在我非常期待的活動中，管理層是否會提供一些長期模型框架，是頂線還是邊距結構？

Yes. Great questions, Keith. Thanks. Let me start with the Data Center question and frame it in terms of long-term growth drivers on that model. We expect Data Center growth rates will decelerate through FY '25, just given the migration dynamics into and out of Data Center and the challenging comparables they're going to have to FY '24.

是的。很好的問題，基斯。謝謝。讓我從資料中心問題開始，並根據該模型的長期成長驅動因素來建立它。考慮到資料中心進出的遷移動態以及與 24 財年相比將面臨的挑戰性，我們預計資料中心成長率將在 25 財年放緩。

To the question earlier, we're not going to have another Server end-of-support moment in FY '25. Having said that, in FY '24, Data Center revenue growth benefited from migration flows from Server, net the headwind from Data Center migrations to Cloud. And with Server end-of-support, we do expect that benefit to wane over the course of the next year to 18 months, given limited, if any, new migrations from unsupported Server customers and accelerating Data Center migrations from Cloud.

對於先前的問題，我們不會在 25 財年再次出現伺服器支援終止時刻。話雖如此，24 財年，資料中心營收成長受益於伺服器的遷移流，消除了資料中心遷移到雲端的不利因素。隨著伺服器支援結束，我們預計這種優勢將在未來一年到18 個月內減弱，因為不受支援的伺服器客戶的新遷移數量有限（如果有的話），並且加速了資料中心從雲端的遷移。

We should see a much more pronounced decrease in that benefit in H2 FY '25 and into FY '26 as we lap the strong migrations from Server in this quarter, at which point we'll likely have a net headwind to Data Center revenue growth, driven by migrations to the Cloud. So that's sort of the migration stories.

我們應該會看到，隨著本季度伺服器的強勁遷移，我們在 25 財年下半年和 26 財年的收益會出現更明顯的下降，此時我們可能會對數據中心收入增長產生淨阻力，由向雲端遷移的推動。這就是移民故事。

I think it's also important to keep in mind, as you think about long-term Data Center growth rates, our customer base here is predominantly Enterprise, with very high renewal rates, and price increases and expansion are the other key drivers beyond those migration dynamics. And we do expect those to remain healthy contributors to growth going forward.

我認為記住這一點也很重要，當你考慮長期資料中心成長率時，我們的客戶群主要是企業，續訂率非常高，價格上漲和擴張是這些遷移動態之外的其他關鍵驅動因素。我們確實預計這些將繼續為未來的成長做出健康的貢獻。

In terms of Analyst Day, I appreciate the interest in that, really looking forward to seeing you and many of your colleagues next week. I'm not going to share a whole lot today, other than to say we plan to share our optimism around the long-term opportunities we have how we think about the drivers of durable growth and the key areas of investment we'll be making that will enable us to deliver on that. And I'll share the rest next week when we get together.

就分析師日而言，我很高興大家對此感興趣，非常期待下週見到您和您的許多同事。今天我不會分享太多內容，只是說我們計劃分享我們對我們所擁有的長期機會的樂觀態度，我們如何看待持久增長的驅動因素以及我們將進行的關鍵投資領域這將使我們能夠實現這一目標。下週我們聚會時我將分享其餘的內容。

Next question comes from Brent Thill from Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Joe, I think many on the buy side are still hung up on why Cloud is growing faster right now. And I know you're expecting to accelerate going forward. But what is -- I mean when you think about the differential of kind of the expectation versus what you're seeing, what has been holding Cloud back as much? Is it just DC was easier to make the migration?

喬，我認為買方的許多人仍然對為什麼雲端現在成長得更快感到困惑。我知道您期望加速前進。但我的意思是，當你考慮到預期與你所看到的情況之間的差異時，是什麼阻礙了雲端的發展？難道只是 DC 更容易進行遷移嗎？

Is there something else that's going on? Because I think most felt like this would actually move a little faster, and we know it's going to accelerate going forward for your guide. But just curious to get your thoughts on what you think is maybe can restrain some of the growth or maybe our expectations are just too big.

還有其他事情發生嗎？因為我認為大多數人都覺得這實際上會進展得更快一些，而且我們知道它會加速您的指南的前進。但只是好奇地了解您的想法，也許會限制一些增長，或者也許我們的期望太大了。

Yes. With respect to the Server end-of-support, Brent, you'll recall that we did talk about the fact that of the Server customers that were there at end of support, we expected the vast majority, if not all, of those customers to migrate to Data Center, right, because those are large customers with very complex environments. And it's a much easier migration path to Data Center than Cloud. And most of those customers need a little more time. So I would say, migrations, as part of the model, has performed in line or better than what we expected all year, and it's held up really well.

是的。關於伺服器支援結束，布倫特，您會記得我們確實討論過這樣一個事實：對於支援結束時存在的伺服器客戶，我們預計絕大多數（如果不是全部）這些客戶遷移到資料中心，對吧，因為這些都是環境非常複雜的大客戶。與雲端相比，這是一種更容易遷移到資料中心的路徑。大多數客戶都需要更多時間。所以我想說，作為模型的一部分，遷移的表現符合或優於我們全年的預期，而且保持得非常好。

Stepping back at the overall Cloud business. I think the main pain point has been around paid seat expansion and weakness. Everything else in the model has performed in line with what we expected entering the year and continues to hold up really well in what has been a really mixed, if not difficult, macroeconomic environment.

退一步討論整個雲端業務。我認為主要的痛點是付費席位的擴張和弱點。該模型中的其他所有內容都符合我們對進入今年的預期，並且在非常複雜（如果不是困難的話）的宏觀經濟環境中繼續表現良好。

In terms of paid seat expansion, our rate of paid seat expansion in the quarter, overall, remained below prior year levels, as I mentioned earlier. But I talked about the fact that trend quarter-to-quarter is improving and beginning to moderate from prior quarters.

在付費席位擴張方面，正如我之前提到的，我們本季的付費席位擴張率總體仍低於去年同期水準。但我談到了這樣一個事實，即季度環比趨勢正在改善，並開始比前幾季放緩。

Within that trend, seat expansion rates in SMB continue to be particularly challenged. And so that's been, if you want to center the pain point there and the expectation delta, that could be an aspect of it.

在這一趨勢下，中小型企業的席次擴張率持續面臨特別的挑戰。所以，如果你想把痛點和期望增量集中在那裡，這可能是它的一個面向。

Our Enterprise rates remain very stable. And so we continue to believe a big driver of this trend is macro as customers tightly managed headcount growth and costs and where we see SMB more impacted, broadly speaking than enterprise. So from our perspective, that's been the primary pain point and the headwind on the business from a Cloud perspective.

我們的企業費率保持非常穩定。因此，我們仍然認為，這一趨勢的一大推動因素是宏觀因素，因為客戶嚴格管理員工數量成長和成本，​​而且我們認為中小企業（廣義而言）比企業受到的影響更大。因此，從我們的角度來看，從雲端的角度來看，這是業務的主要痛點和阻力。

The remaining drivers, whether it's migration or cross-sell or upsell to Premium editions, even new customers are coming back in line. All of those aspects continue to perform well and in line with our expectations. So that's -- from our perspective, that's been the biggest expectation delta.

剩下的驅動因素，無論是遷移還是交叉銷售或追加銷售到高級版本，甚至新客戶也會回歸。所有這些方面都繼續表現良好並符合我們的預期。所以從我們的角度來看，這是最大的預期增量。

Next our next question comes from Nick Altmann from Scotiabank.

接下來我們的下一個問題來自豐業銀行的尼克‧阿爾特曼。

Awesome. I wanted to build on the last question a little bit. But just in your prepared remarks, you guys talked about how the opportunity around Cloud today is much larger versus your initial expectations. And I was just wondering if you guys could impact that a bit.

驚人的。我想在最後一個問題的基礎上進一步探討。但就在你們準備好的發言中，你們談到了當今雲周圍的機會比你們最初的預期要大得多。我只是想知道你們能否對此產生一點影響。

I mean you guys talked about seat counts on Cloud or higher churn sort of was above expectations. But maybe just talk about why you see the opportunity more significant today than you did several years ago? What's sort of driving that heightened optimism? And just any other color you can provide around what you guys are seeing with your current Cloud customers that's driving the upside versus sort of your initial expectations?

我的意思是你們談到了雲端上的座位數或更高的流失率超出了預期。但也許只是談談為什麼你認為今天的機會比幾年前更重要？是什麼推動了這種高度樂觀的情緒？您可以提供任何其他顏色來圍繞您當前的雲端客戶所看到的與您最初的期望相比推動上行的情況嗎？

Thanks, Nick. Its Scott here. A couple of reasons. One is -- let's just take the migration asset first, which is that, in our migration models, everything has performed as expected, and in terms of how many people we expected to migrate from Server to Cloud. [What these companies allow people to term out]. And that, I think, is pointed to the stickiness of our overall offering to our customers.

謝謝，尼克。這是斯科特。有幾個原因。一是——讓我們首先考慮遷移資產，即在我們的遷移模型中，一切都按預期執行，以及我們預計有多少人從伺服器遷移到雲端。 [這些公司允許人們說出什麼]。我認為，這表明了我們向客戶提供的整體產品的黏性。

These are the times when you would expect competitors or alternatives to be researched out there in the market, and we haven't seen that. We've seen people really stick with and double down on investments in Atlassian's products. And so they may not have made the first step to Cloud. They've made the first by Data Center. But I can tell you with every one of those customers I speak to, large or small, Cloud is in their future.

在這些時候，您會期望在市場上研究競爭對手或替代品，但我們還沒有看到這種情況。我們看到人們確實堅持並加大了對 Atlassian 產品的投資。因此，他們可能還沒有踏出雲的第一步。他們透過數據中心實現了第一個。但我可以告訴你，與我交談過的每一位客戶，無論大小，雲端都是他們的未來。

And it's really, okay, they either they feature from us or they want a particular data residency or a particular compliance that we're already working on. Or they just got a project internally that they're trying to schedule when they want to get the migration done. And so I have a huge kind of excitement around what that holds for future migrations.

確實，好吧，他們要么從我們這裡獲得特色，要么想要我們已經在努力的特定數據駐留或特定合規性。或者他們只是在內部找到了一個項目，並試圖在想要完成遷移時安排該項目。因此，我對未來遷移的前景感到非常興奮。

If we take down just the market size and opportunity, (inaudible) next week around that. But I'm super excited by what that shows, bottoms up, of just the opportunity inside our customer base. And that is getting larger for a couple of reasons. One is that we've got new products that are coming to market. Our Point A products are gaining real customer usage and sort of early in the revenue on the usage that they're growing pretty fast. And we know that those new products can then be sold across our entire customer base.

如果我們只考慮市場規模和機會，（聽不清楚）下週就會圍繞這一點。但我對自下而上所顯示的我們客戶群內部的機會感到非常興奮。由於幾個原因，這個數字正在變得越來越大。一是我們有新產品即將上市。我們的 A 點產品正在獲得真正的客戶使用，並且在使用量的早期收入增長得相當快。我們知道這些新產品可以在我們的整個客戶群中銷售。

Two is the consolidation motion we are seeing across the industry. And in times like this, our customers are looking to deal with less vendors, and they are looking for a single system of work across their entire organization to make sure that work can move across every department. And so we are seeing competitive switch-outs of (inaudible) to consolidate on Atlassian. And so that is really exciting.

二是我們在整個產業看到的整合動向。在這樣的時期，我們的客戶希望與更少的供應商打交道，他們正在尋找跨整個組織的單一工作系統，以確保工作可以跨每個部門轉移。因此，我們看到（聽不清楚）競爭性的切換，以在 Atlassian 上進行整合。這真的很令人興奮。

And lastly, with AI and what we can do there, there's a couple of things. One is, I firmly believe that more software is going to get built on the far side of this. And so the market for people who want to use our tools and products and so forth to broadly help build software is going to increase.

最後，對於人工智慧以及我們可以做的事情，有幾件事。一是，我堅信，更多的軟體將會在此基礎上建置。因此，想要使用我們的工具和產品等來廣泛幫助建立軟體的人們的市場將會增加。

And the ROI or the dollars you can charge for our customers over time is changing, whether that's usage based or some other business model. But we're now providing so much more value for our customers than we were before the AI revolution came over the last 1.5 years that our opportunities there are alive. So I can go on and on. I don't know if it's Mike or Joe want to add anything to that.

隨著時間的推移，投資回報率或您可以向我們的客戶收取的費用正在發生變化，無論是基於使用情況還是其他商業模式。但我們現在為客戶提供的價值比過去 1.5 年人工智慧革命到來之前要多得多，因此我們的機會仍然存在。所以我可以繼續說下去。我不知道麥克或喬是否想補充一些內容。

Yes. The only thing I would add, Scott covered all of the basics. And obviously, we're incredibly bullish about AI. We got some exciting stuff coming up next week. We hope to see you all there at 1024.

是的。我唯一要補充的是，斯科特涵蓋了所有基礎知識。顯然，我們非常看好人工智慧。下週我們將推出一些令人興奮的內容。我們希望在 1024 見到大家。

The Atlassian platform is probably one of the areas that I always think is underestimated in terms of durable growth and in terms of long-term advantage, right? Again, Atlassian is a company that thinks very long term and very strategically and thoughtfully as we go through Equinox and Solstice and Equinox and Solstice and Equinox and Solstice. The world goes around and around, and we try to think about that across more than just a singular quarter.

Atlassian 平台可能是我一直認為在持久成長和長期優勢方面被低估的領域之一，對吧？同樣，Atlassian 是一家在我們經歷春分和至日、春分和至日、春分和至日時進行非常長遠、非常戰略性和深思熟慮的公司。世界不停地轉動，我們試著不只在一個季度內思考這個問題。

In terms of engineering, you see we have significant R&D investments, right? That is a part of how we think about the world. And in the Cloud, a large amount of that goes into the Atlassian platform. Building out the platform to scale across our products is a unique competitive advantage.

在工程方面，您看到我們有大量的研發投資，對吧？這是我們看待世界的方式的一部分。在雲端中，大量資料進入 Atlassian 平台。建立平台來擴展我們的產品是一個獨特的競爭優勢。

It is increasingly resonant with customers as a differentiator and as a moat that allows them to choose multiple products, it allows them to adopt our products more seamlessly, more quickly. You get automation across those products, get analytics across those products and build out the teamwork graph that underpins a lot of our Atlassian intelligence and other future capabilities.

它作為一種差異化因素和護城河，讓客戶能夠選擇多種產品，越來越引起客戶的共鳴，讓他們能夠更無縫、更快速地採用我們的產品。您可以在這些產品中實現自動化，對這些產品進行分析，並建立支撐我們的 Atlassian 智慧和其他未來功能的團隊合作圖。

That is a super unique advantage that comes only from our large R&D investments and our long-term thinking and our ability to, in a capital-efficient way, fund that buildout over a many, many year period, and it will continue to be so over the future periods.

這是一個超級獨特的優勢，僅來自我們的大量研發投資、我們的長期思維以及我們以資本效率高的方式為多年的建設提供資金的能力，而且這種優勢將繼續如此在未來的時期。

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)。

Yes. I'm toggling from one call to the other. My question is, it looks like given the continued strength in the Data Center product, this is going to be here to stay for quite a while. So I'm curious, when you look at the product road map ahead, how much of an emphasis is being placed on the development side on the Cloud, particularly with respect to the functionality.

是的。我正在從一個呼叫切換到另一個呼叫。我的問題是，鑑於資料中心產品的持續強勁，這似乎將持續相當長一段時間。所以我很好奇，當你查看未來的產品路線圖時，你會發現雲端的開發方面有多少重點，特別是在功能方面。

And when are we going to start to see a divergence by design, by intention, between the Cloud and the surviving entity? And what new incentives are we going to see in the fiscal years ahead and also migrations? Are we going to make those migrations easier going forward?

我們什麼時候才能開始看到雲和倖存實體之間的設計和意圖上的分歧？在未來的財政年度我們將看到哪些新的激勵措施以及移民？我們會讓這些遷移變得更容易嗎？

Sure, Kash, I can take that. Look, I would say, from our customers' point of view, it's well understood that the Cloud is our future and our customers know that. As Scott mentioned earlier, 5 years ago, you had a lot of customers that said, I'm not going to the Cloud. Now it is a when, not an if, right? I do not run into customers who say they will not go to the Cloud. I run into customers who say, we can't go now because of this reason or that reason, either internal reasons or Atlassian-related reasons.

當然，卡什，我可以接受。我想說，從我們客戶的角度來看，雲端是我們的未來，這是眾所周知的，我們的客戶也知道這一點。正如 Scott 之前提到的，5 年前，很多客戶都說，我不會轉向雲端。現在是“何時”，而不是“如果”，對吧？我沒有遇到說他們不會使用雲端的客戶。我遇到客戶說，我們現在不能去，因為這個原因或那個原因，要么是內部原因，要么是 Atlassian 相關的原因。

The divergence of features, to some extent, has already happened because of the nature of the Cloud. So you need to look no further than Atlassian Intelligence, right? AI and LLM-driven features with large-scale foundational models requiring teamwork graph in the Atlassian Cloud platform is not something that we can bring to a Data Center customer, and they understand that. It's a completely logical reason. And hence, an extra reason or incentive for them to migrate.

在某種程度上，由於雲的性質，功能的差異已經發生。所以您只需看看 Atlassian Intelligence，對嗎？ AI 和 LLM 驅動的功能以及需要 Atlassian Cloud 平台中的團隊合作圖的大規模基礎模型不是我們可以帶給資料中心客戶的東西，他們明白這一點。這是一個完全合乎邏輯的理由。因此，這是他們遷移的額外理由或動機。

Now we are building continually hybrid-supporting features in things like our migration tooling and in other areas as those customers move parts of their workload to the Cloud, if you think about it that way. And that is helpful to those customers over time. Beyond that, we do continue to invest in the capabilities of Data Center for those customers, right, in terms of security, in terms of their scale and compliance and in terms of features where we can take certain features, which makes sense to build in Data Center and in the Cloud simultaneously.

現在，當這些客戶將部分工作負載轉移到雲端時，我們正在遷移工具等其他領域不斷建立混合支援功能（如果您這樣想的話）。隨著時間的推移，這對這些客戶很有幫助。除此之外，我們確實繼續為這些客戶投資資料中心的功能，在安全性、規模和合規性以及我們可以採用某些功能的功能方面，這是有意義的資料中心和雲端同時進行。

So I think the customers understand that. In terms of additional incentives for DC customers to move from a financial and other point of view, we continue to work with our customers and our partners as to the best way to do that. Often, it's not financially driven, right? It can be as much about compliance and data residency and Fed ramp and Enterprise scale and all the things that we are continuing to work on with those customers.

所以我認為客戶理解這一點。在從財務和其他角度為 DC 客戶提供額外激勵方面，我們將繼續與客戶和合作夥伴合作，尋找實現這一目標的最佳方法。通常，這不是經濟驅動的，對嗎？它可以與合規性和資料駐留、聯準會斜坡和企業規模以及我們繼續與這些客戶合作的所有事情有關。

The next question comes from Fatima Boolani from Citi.

下一個問題來自花旗銀行的法蒂瑪·布爾尼 (Fatima Boolani)。

Scott, congratulations to you for an absolutely legendary run. Just on the point of the carrots or the incentives for your existing Data Center customers to move to the Cloud, I wanted to ask you the question in a different way. You always make substantial progress in solving for data residency demands and other compliance with security blockers for some of your most regulated and complex customers.

斯科特，祝賀你取得了絕對傳奇的成績。就現有資料中心客戶遷移到雲端的胡蘿蔔或激勵措施而言，我想以不同的方式問您這個問題。對於一些最受監管和最複雜的客戶來說，您在解決資料駐留需求和其他安全攔截器合規性方面始終取得了實質進展。

So I'm curious what is left to address or alleviate from a "cloud blockers" standpoint? And what type of investment should we expect that will entail in the medium term? And the reason I ask this is because the expectation is that your Data Center migrations to Cloud are going to accelerate, presumably most of those blockers have been renewed. So I would just love a little bit more color on that front.

所以我很好奇從「雲端攔截者」的角度來看還有什麼需要解決或緩解的問題？我們預計中期將需要什麼類型的投資？我之所以問這個問題，是因為預計您的資料中心向雲端的遷移將會加速，想必大多數阻礙因素已經被更新。所以我希望前面多一點顏色。

Sure, Fatima. I can take some part of that. Look, I think, at the highest level, it's a pretty big testament to our Enterprise that 3/4 of our Enterprise customers in regulated industries have a Cloud footprint today. So you talked about our achievements, and thank you for noticing that, by the way. That's very gratifying. We have been working incredibly hard on those areas, and it is resonating with customers, and that's an important place to start.

當然，法蒂瑪。我可以承擔一部分。我認為，從最高層面來看，今天受監管行業 3/4 的企業客戶擁有雲端足跡，這對我們的企業來說是一個相當大的證明。您談到了我們的成就，順便說一句，感謝您注意到這一點。這是非常令人欣慰的。我們在這些領域一直在非常努力地工作，它引起了客戶的共鳴，這是一個重要的起點。

Second, I would say, these customers, we call them our largest, the most complex, most enmeshed customers. That is one of the things that just takes time for them to move. Like for a lot of these customers, it is a 3-, 5-year road map they're running in these large complex IT organizations.

其次，我想說，這些客戶，我們稱他們為我們最大、最複雜、最複雜的客戶。這是他們需要時間才能移動的事情之一。與許多此類客戶一樣，這是他們在這些大型複雜 IT 組織中運行的 3 年、5 年路線圖。

That's not about -- I think you referred to them as cloud blockers. That is just about that company saying, yes, I get it. I have these projects going on. It's going to take me a year, 2 years, 3 years. I'm going to move this piece first, and this piece second. Some of that's the natural progression pace of those customers.

這不是——我想你把它們稱為雲攔截器。那隻是關於那家公司說，是的，我明白了。我正在進行這些項目。我需要一年、兩年、三年。我要先移動這個部分，然後再移動這個部分。其中一些是這些客戶的自然進步速度。

There are certainly things we can do, improving migration tooling and lots of other things that we are working on. But some part of the paces were in terms of the customers. And there's no doubt, we will continue to work on governance, as we mentioned. We're in process with FedRAMP Moderate, and we continue to work on things like that for governmental customers.

我們當然可以做一些事情，改進遷移工具以及我們正在做的許多其他事情。但部分步伐是針對客戶的。毫無疑問，正如我們所提到的，我們將繼續致力於治理。我們正在與 FedRAMP Moderate 合作，並將繼續為政府客戶進行類似的工作。

We have more data residency regions we'd love to roll to, for sure. There is always more performance and scale that we can eke out for our largest customers. So there are a lot of things that we have to continue to work on. In the app and extensibility area, we continue to ship improvements every single quarter.

當然，我們希望遷移到更多資料駐留區域。我們始終可以為最大的客戶提供更多的性能和規模。因此，我們還有很多事情需要繼續努力。在應用程式和可擴展性領域，我們每季都會繼續進行改進。

Now the other thing is building customer trust. We see our relationship with the customers, especially in the Subscription environments, like Data Center and Cloud, that's about demonstrating continued trust over time. They are subscribing to get our future offerings. We can see that in the last 2 quarters, we've hit 100% of our Cloud road map in R&D in terms of delivery.

現在另一件事是建立客戶信任。我們看到我們與客戶的關係，特別是在資料中心和雲端等訂閱環境中，這關係到隨著時間的推移而展示持續的信任。他們正在訂閱我們未來的產品。我們可以看到，在過去的兩個季度中，我們在研發方面的雲端路線圖的交付率已經達到了 100%。

So when these customers are making a multiyear or even decade-long commitment to Atlassian as a partner, they want to see that we're going to deliver on the things that we tell them we're going to deliver on, which is certainly what we've done over the last period of time.

因此，當這些客戶向 Atlassian 作為合作夥伴做出多年甚至十年的承諾時，他們希望看到我們將實現我們告訴他們我們將實現的目標，這當然是我們所要實現的目標。裡已經完成了。

That said, having customer conversations, they acknowledge they are clear and they see that we are continuing to remove the, as you call them, cloud blockers over time. So that trust is going up when you talk to customers. They are seeing our progress just as you are. So I hope that's helpful.

也就是說，在與客戶交談時，他們承認他們很清楚，並且他們看到我們將隨著時間的推移繼續消除您所說的雲端攔截器。因此，當您與客戶交談時，信任度就會上升。他們和您一樣看到我們的進步。所以我希望這有幫助。

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。

Perfect. Maybe one for Mike or Scott. I just wanted to touch on the AI landscape, but maybe more from the sense of what it means for the role of the developer, right? We're hearing a lot more about text-to-code capabilities and how that's automating a lot of the workflow for the developer role. And you have companies popping up that are addressing this, start-ups that are doing this more and more.

完美的。也許是給麥克或史考特的。我只是想談談人工智慧領域，但也許更多的是從它對開發人員角色的意義來看，對吧？我們聽到了更多關於文字到程式碼功能以及它如何自動化開發人員角色的大量工作流程的資訊。正在解決這個問題的公司不斷湧現，越來越多的新創公司正在這樣做。

But from your perspective, how do you see the role of the developer changing? And maybe what does it mean from an Atlassian perspective? What does it mean about how Jira might need to change or evolve to manage the agile process overall?

但從您的角度來看，您如何看待開發人員角色的變化？也許從 Atlassian 的角度來看這意味著什麼？ Jira 可能需要如何改變或發展以管理整個敏捷流程意味著什麼？

Yes. Thanks, Matt. I can certainly take that one. Lots of thoughts here. Firstly, AI is awesome for software development in the broadest sense, right? Large language models, their ability to generate code, their ability to understand code, which is arguably more important, is phenomenal for the world.

是的。謝謝，馬特。我當然可以接受那個。這裡有很多想法。首先，從最廣泛的意義上來說，人工智慧對於軟體開發來說非常棒，對吧？大型語言模型，它們產生程式碼的能力，它們理解程式碼的能力，可以說是更重要的，對世界來說是驚人的。

It -- we take the position that the world has a supply constraint in the number of engineers, not a demand constraint in the amount of ideas we have for software that we would like to be built. What AI does is loosens that supply constraint. We're not going to hit demand ceiling. So people will be able to do more with the number of engineers that they have is the way we think of it.

我們的立場是，世界對工程師的數量有供應限制，而不是對我們想要建立的軟體的想法數量有需求限制。人工智慧所做的就是放鬆供應限制。我們不會達到需求上限。因此，人們將能夠利用他們擁有的工程師數量做更多的事情，這就是我們的想法。

That is good for us for a number of reasons. Firstly, most developer time is not spent on coding. It's spent on coordination activities. It's spent on how developers work with product managers and marketing teams and service teams, how they support and operate the software and services that they've built, rather than just the sort of classical view of coding a piece of software and then delivering it. That is a collaboration activity. That is a difficult hard problem that we spent 20-plus years working on, and I suspect to spend most of the next 20 years continuing to work on.

出於多種原因，這對我們有好處。首先，大多數開發人員的時間並沒有花在編碼上。它用於協調活動。它用於開發人員如何與產品經理、行銷團隊和服務團隊合作，如何支援和操作他們建立的軟體和服務，而不僅僅是編碼軟體然後交付它的那種經典視圖。這是一項協作活動。這是一個難題，我們花了 20 多年的時間來解決，我懷疑未來 20 年的大部分時間都會繼續解決。

Secondly, AI, we believe, will generate far more software, far more services and apps and tools, and that is a great thing for us, especially for things like Compass, which are about managing developer experience, managing your software sprawl. Again, resonating extremely well with customers only a few months into GA, but obviously -- but already taking off on a pretty strong growth path and well ahead of our expectations. So Compass and AI is a great thing that have more software.

其次，我們相信，人工智慧將產生更多的軟體、更多的服務、應用程式和工具，這對我們來說是一件好事，特別是對於像Compass 這樣的東西，它是關於管理開發人員體驗、管理軟體蔓延的。同樣，在上市僅幾個月後，就與客戶產生了非常好的共鳴，但顯然 - 但已經開始走上相當強勁的增長道路，遠遠超出了我們的預期。所以指南針和人工智慧是一個很棒的東西，擁有更多的軟體。

And thirdly and lastly, the ability of AI to allow nondevelopers to "write" code in some sort of a form to be able to do more programmatic capabilities is quite fantastic. You can see this in Atlassian Analytics, where the ability to use natural language to turn into SQL and then chart and dashboards, it's kind of a developer-like activity but allows a democratization of the ability to get to that analytics, to get to your data, to understand it.

第三也是最後一點，人工智慧允許非開發人員以某種形式「編寫」程式碼，從而能夠執行更多的程式設計功能，這是非常棒的。您可以在Atlassian Analytics 中看到這一點，其中能夠使用自然語言轉換為SQL，然後產生圖表和儀表板，這是一種類似於開發人員的活動，但允許實現分析、獲取您的資料的能力民主化。

I think there'll be many, many more things like that, that allow these AI capabilities to democratize what we used to think of as software development. Maybe that's the way to say it. So Scott, I don't know if you have any follow-ons.

我認為還會有很多很多類似的事情，讓這些人工智慧功能使我們過去認為的軟體開發民主化。也許就是這樣說。史考特，我不知道你是否有後續行動。

I'd just (inaudible) the first point you made, which is just that I think for people that don't write software, I think it may be not well known how little time people actually spend hands-on keyboard writing code. A lot of software is working at the requirements and what it looks like and how do we want to build things and where is data going to come from.

我只是（聽不清楚）你提出的第一點，我認為對於不寫軟體的人來說，我認為可能並不知道人們實際花在鍵盤上編寫程式碼的時間有多少。許多軟體都在滿足需求、它是什麼樣子、我們想要如何建立東西以及資料從哪裡來。

And so you can make huge differences in how much time a developer spends with hands-on keyboard. But percentage-wise, it actually doesn't change their weight that much because they spend a lot of their time in Jira, in Confluence, in like talking to customers, gathering requirements. And if you look at where our products touch our customers, that's a way larger percentage of a customers' weight than a software developers' in writing in an idea.

因此，開發人員花在實際操作鍵盤上的時間可以產生巨大的差異。但從百分比來看，實際上並沒有太大改變他們的權重，因為他們花了很多時間在 Jira、Confluence 上，例如與客戶交談、收集需求。如果你看看我們的產品與客戶接觸的地方，你會發現客戶的權重比軟體開發人員在創意中所佔的比例大得多。

So the opportunity for us to save time for these hands-on keyboard software developers is immense. It is because (inaudible) spend coding (inaudible) time there, it's a huge difference. And so I just want to echo that because it's not particularly well-known if you're not a software developer.

因此，我們為這些鍵盤軟體開發人員節省時間的機會是巨大的。這是因為（聽不清楚）在那裡花了（聽不清楚）編碼時間，這是一個巨大的差異。所以我只是想重複這一點，因為如果你不是軟體開發人員，它並不是特別出名。

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

謝謝。我們的問答環節到此結束。我現在將把電話轉給麥克做總結發言。

Thank you, everyone, for joining our call today. As always, we appreciate your thoughtful questions and continued support. We're incredibly excited for TEAM '24, our flagship customer conference next week in Las Vegas. We've got some incredible speakers, fantastic customers and some, hopefully, mind-blowing announcements that we can't wait to share with you. We'll also be hosting our Investor Day at TEAM '24, so we really hope to see you there. And with that, have a fantastic weekend.

謝謝大家今天加入我們的電話會議。一如既往，我們感謝您深思熟慮的問題和持續的支持。我們對下週在拉斯維加斯舉行的 TEAM '24 旗艦客戶會議感到非常興奮。我們有一些令人難以置信的演講者、出色的客戶以及一些令人興奮的公告，我們迫不及待地想與您分享。我們還將在 TEAM '24 舉辦投資者日活動，因此我們非常希望在那裡見到您。就這樣，祝你周末愉快。