Atlassian Corp (TEAM) 2024 Q4 法說會逐字稿

Good afternoon and thank you for joining Atlassian's earning conference call for the fourth quarter of fiscal year 2024.

下午好，感謝您參加 Atlassian 2024 財年第四季的獲利電話會議。

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.

謹此提醒，本次電話會議正在錄製中，並可在本次電話會議後在 Atlassian 網站的投資者關係部分重播。

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 fourth quarter and fiscal year 2024 earnings call.

歡迎參加 Atlassian 第四季和 2024 財年財報電話會議。

Thank you for joining us today.

感謝您今天加入我們。

On the call with me today, we have Atlassian's Co-Founders and Co-CEOs, Mike Cannon, Brookes, and Scott Farquha, and Chief Financial Officer, Joe Binz.

今天與我通話的嘉賓有 Atlassian 的共同創辦人兼聯合執行長 Mike Cannon、Brookes 和 Scott Farquha，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 fourth quarter of fiscal year 2024.

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 財年第四季的財務表現和評論。

Shareholder letter is available on Atlassian's work life blog and investor relations section of our website, where you also find other earnings related materials, including the earnings press release and supplemental investor datasheet.

股東信函可在 Atlassian 的工作生活部落格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 insight and commentary for the quarter.

與往常一樣，我們的股東信包含了管理層對本季度的見解和評論。

So during the call today, we'll have brief opening remarks and then focus our time on Q&A.

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.

此次電話會議將包括前瞻性陳述。

Forward looking statements involve known and unknown risks, uncertainties and assumptions.

前瞻性陳述涉及已知和未知的風險、不確定性和假設。

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.

任何此類風險或不確定性的出現，或如果任何假設被證明不正確，我們的結果可能與我們所做的前瞻性陳述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.

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.

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，如果此類陳述發生變化或不再有效，我們不承擔更新或修改此類陳述的義務。

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.

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.

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。

These non-GAAP financial metrics are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP.

這些非公認會計原則財務指標是根據公認會計原則制定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。

The reconciliation between GAAP and non-GAAP financial measures is available in our shareholder letter, earnings release and investor data sheet on the Investor Relations website.

公認會計原則和非公認會計原則財務指標之間的調節可在我們的股東信函、收益報告和投資者關係網站上的投資者資料表中找到。

We'd like to allow as many of you to participate in Q&A as possible.

我們希望讓盡可能多的人參與問答。

Out of respect for others on the call, we'll take one question at a time.

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 Mike for opening remarks.

接下來，我將把電話轉給麥克致開場白。

Thank you all for joining us today.

感謝大家今天加入我們。

As you've already read in our shareholder letter, FY '24 was an incredible year for Atlassian and we're proud of what we've accomplished in a challenging environment.

正如您在我們的股東信中所讀到的那樣，24 財年對於 Atlassian 來說是令人難以置信的一年，我們為我們在充滿挑戰的環境中所取得的成就感到自豪。

We generated $4.4 billion in revenue over $1.4 billion in free cash flow, and surpassed 300,000 customers.

我們創造了 44 億美元的收入，超過 14 億美元的自由現金流，並擁有超過 30 萬名客戶。

We continued our steady drumbeat of innovation in FY '24, shipping Atlassian intelligence, compass and virtual agents for Jira Service Management into general availability.

我們在 24 財年繼續穩步推進創新，將 Atlassian 智慧、指南針和 Jira 服務管理虛擬代理全面投入使用。

We also welcome Loom into the Atlassian family and introduce Rovo and announced an entirely new era for Jira.

我們也歡迎 Loom 加入 Atlassian 家族，引入 Rovo，並宣布 Jira 進入全新時代。

We closed out at three and a half year journey of winding down server and successfully migrated millions of users to cloud and data center.

我們結束了三年半的伺服器關閉之旅，並成功將數百萬用戶遷移到雲端和資料中心。

As we continue to partner deeper with our data center customers, they understand that cloud provides the ultimate Atlassian experience with the power of our unified platform and innovations such as analytics, automation and AI.

隨著我們繼續與資料中心客戶進行更深入的合作，他們了解到，雲端借助我們統一平台的強大功能以及分析、自動化和人工智慧等創新技術，提供了終極的 Atlassian 體驗。

We've continued to deliver enterprise-grade platform capabilities to this cloud and working data residency in six new regions, increasing the scalability for Jira to support up to 50,000 users on a single instance and achieved FedRAMP in process designation, a critical milestone in supporting the US public sector in our Atlassian cloud.

我們繼續為該雲端提供企業級平台功能，並在六個新區域提供工作資料駐留，提高Jira 的可擴展性，以在單一實例上支援多達50,000 個用戶，並在流程指定中實現FedRAMP，這是支持我們的 Atlassian 雲端中的美國公共部門。

These and more helping pave the way for some of our largest and most complex data center customers as they map out their journeys to cloud.

這些以及更多內容有助於為我們一些最大、最複雜的資料中心客戶規劃他們的雲端之旅鋪平道路。

We now have over 500 customers spending over $1 million annually.

我們現在有超過 500 名客戶每年花費超過 100 萬美元。

The progress we've made and the momentum we are seeing in the enterprise segment reinforces our conviction in our strategy to build and deliver solutions that help solve our customers' toughest pain collaboration challenges.

我們在企業領域所取得的進步和我們所看到的勢頭增強了我們對建立和提供解決方案的策略的信念，這些解決方案有助於解決客戶最棘手的協作挑戰。

We have a massive, serviceable, addressable market opportunity across our three customer markets, including a $14 billion revenue opportunity just within our existing customer base alone.

我們在三個客戶市場中擁有巨大的、可服務的、可尋址的市場機會，其中僅在我們現有的客戶群中就包括 140 億美元的收入機會。

And we are more excited than ever to seize this opportunity and accelerate our path to surpass $10 billion in annual revenue.

我們比以往任何時候都更興奮地抓住這個機會，加速我們年收入超過 100 億美元的步伐。

Lastly, this is Scott's last earnings call.

最後，這是史考特的最後一次財報電話會議。

It is truly impossible to put into words the impact that Scott has had on me, on the thousands of employees, hundreds of thousands of customers and Atlassian as a concept and as a company over the last 23 years,

在過去 23 年裡，Scott 對我、對數千名員工、對數十萬客戶以及 Atlassian 作為一個概念和一家公司所產生的影響確實無法用語言來形容，

It's between an honor to lead Atlassian side-by-side with him over the last two decades.

在過去的二十年裡與他並肩領導 Atlassian 是一種榮幸。

And I look forward to his many continued contributions to the company as a board member and in his special adviser role.

我期待他作為董事會成員和特別顧問繼續為公司做出許多貢獻。

Thank you, Scott.

謝謝你，斯科特。

And with that, I will turn it over to him.

這樣，我就把它交給他了。

Thanks, Mike.

謝謝，麥克。

I look back on the last 23 years with immense pride about what we've built at Atlassian.

回顧過去 23 年，我對我們在 Atlassian 所取得的成就感到無比自豪。

We've always believed that only through teamwork can we achieve this seemingly impossible.

我們始終相信，只有透過團隊合作才能實現這看似不可能的目標。

This is why we spent over two decades building products that enable our customers to do just that.

這就是為什麼我們花了二十多年的時間來打造讓我們的客戶能夠做到這一點的產品。

Our products have powered teams at the forefront of innovation, from the companies leading next stages space exploration to those developing ground-breaking medical discoveries that are saving lives.

我們的產品為處於創新前沿的團隊提供動力，從引領下一階段太空探索的公司到開發拯救生命的突破性醫學發現的公司。

And it feels like we're only just getting started.

感覺我們才剛開始。

Atlassian is incredibly well-positioned to seize the massive opportunities in front of us across our three markets and an enterprise, AI, and of course, delivering innovation across the entire product portfolio.

Atlassian 處於令人難以置信的有利位置，可以抓住我們面前的三個市場和企業、人工智慧以及整個產品組合中的創新的巨大機會。

I'm more bullish than ever about our strong position to grow and deliver unparalleled value to our customers.

我比以往任何時候都更看好我們在發展和為客戶提供無與倫比的價值方面的強大地位。

Before I close out, I want to take a moment to thank every single Atlassian around the world, past and present.

在結束之前，我想花點時間感謝世界各地過去和現在的每一位 Atlassian。

People say this place wouldn't be Atlassian without Mike or I, but the truth is, Atlassian wouldn't be what it is today without any each and every one of you.

人們說如果沒有 Mike 和我，這個地方就不會是 Atlassian，但事實是，如果沒有你們每一個人，Atlassian 就不會是今天的樣子。

You drive our mission forward and your dedication and unwavering commitment inspire me and make me incredibly proud.

你們推動我們的使命不斷前進，你們的奉獻精神和堅定不移的承諾激勵著我，讓我感到無比自豪。

I look forward to seeing Atlassian continue to see with mission of our mission essentially every team, albeit from a slightly different seat.

我期待看到 Atlassian 繼續看到我們的使命，基本上每個團隊，儘管座位略有不同。

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) Keith Weiss, Morgan Stanley.

（操作員指示）Keith Weiss，摩根士丹利。

Excellent.

出色的。

Thank you, guys for taking the question.

謝謝你們提出問題。

Scott, congratulations on a really remarkable career.

斯科特，祝賀你取得了非常出色的職業生涯。

It's been a real pleasure working with you over the years.

這些年來與您合作真的很愉快。

So coming out of a of real building year in FY'24, the FY'25 guidance for total revenues about 16% is disappointing to investors.

因此，在 24 財年的實際建設年中，25 財年總收入約 16% 的指導令投資者感到失望。

We see that in the aftermarket reactions.

我們在售後市場的反應中看到了這一點。

Do you guys remain confident in the longer term, 20% plus growth profile over the next three years?

你們對未來三年 20% 以上的長期成長前景仍然充滿信心嗎？

Can you help us bridge that equation?

你能幫助我們彌合這個等式嗎？

Where do you guys garner the confidence for like the 20% plus growth on longer term?

你們從哪裡獲得 20% 以上的長期成長的信心？

What are the parts of the equation that are going to turn on, if you will, as we go into FY'26 and FY'27 that we're not seeing today, that gives you guys the confidence to make that statement with today's results.

如果你願意的話，當我們進入 26 財年和 27 財年時，等式中的哪些部分將會出現，但我們今天看不到，這讓你們有信心用今天的結果做出這樣的聲明。

Thanks, Keith.

謝謝，基斯。

This is Joe. I'll start and then I'll pass it over to Mike for more color.

這是喬。我將開始，然後將其傳遞給邁克以獲得更多顏色。

Despite the macroeconomic uncertainty and the execution risks related to the evolution of our go-to-market motion, we believe FY'25 will set us up with a strong foundation to accelerate growth in FY'26 and beyond.

儘管存在宏觀經濟不確定性以及與我們的上市行動演變相關的執行風險，但我們相信 25 財年將為我們在 26 財年及以後加速成長奠定堅實的基礎。

And keep in mind, mechanically, there are a number of difficult prior year comparables in FY'25 with the end of server maintenance revenue and event-driven purchasing around the server end to support.

請記住，從機械角度來看，25 財年有許多難以與上一年進行比較的情況，因為伺服器維護收入和圍繞伺服器端的事件驅動採購的結束需要支援。

Longer term fundamental growth drivers for FY'26 and beyond are very consistent with what we shared at Investor Day back in May.

26 財年及以後的長期基本成長動力與我們在 5 月份投資者日分享的內容非常一致。

So it starts with the opportunities we have in our three large markets, those being software, service management, and work management.

首先是我們在軟體、服務管理和工作管理這三大市場所擁有的機會。

Those are collectively growing at a solid double digit CAGR.

這些複合年增長率總體以兩位數的複合年增長率成長。

We have a $67 billion addressable market opportunity with $14 billion of that in our existing enterprise customer base alone.

我們擁有 670 億美元的潛在市場機會，其中光是我們現有的企業客戶群就有 140 億美元。

And then from there, we can drive growth in several ways.

然後，我們可以透過多種方式推動成長。

We believe migrations from data center, given the size of the installed base, will continue to be a driver of cloud revenue growth in FY'25 and beyond.

我們相信，鑑於安裝基礎的規模，從資料中心的遷移將繼續成為 25 財年及以後雲端收入成長的驅動力。

And we're investing and working hard to enable those customers to migrate to the cloud.

我們正在投資並努力使這些客戶能夠遷移到雲端。

In addition to migrations, we have paid seat expansion within existing customers as we move to enterprise and enable more wall-to-wall adoption.

除了遷移之外，當我們轉向企業並實現更多的全面採用時，我們還在現有客戶中付費擴展席位。

Then our opportunity to cross-sell additional products like Jira Service Management, Jira Product Discovery, Compass, Loom and Rovo to our over 300,000 customers is another great opportunity.

然後，我們向超過 30 萬名客戶交叉銷售 Jira Service Management、Jira Product Discovery、Compass、Loom 和 Rovo 等其他產品的機會是另一個絕佳機會。

We have the ability to upsell to premium and enterprise editions of our products, which is another significant growth driver.

我們有能力追加銷售我們產品的高級版和企業版，這是另一個重要的成長動力。

And then there are other drivers in the model like pricing and new customer growth, which is not significant in the short term, but as a longer-term growth driver.

該模型中還有其他驅動因素，例如定價和新客戶成長，這在短期內並不重要，但可以作為長期成長驅動力。

And then lastly, with AI, I would say we believe we have a unique and differentiated position with data graphs around high-value workloads.

最後，對於人工智慧，我想說，我們相信我們在圍繞高價值工作負載的數據圖表方面擁有獨特且差異化的地位。

And there's a lot of long-term opportunity in that space as well.

該領域也存在著許多長期機會。

So overall, we continued to drive healthy revenue growth over the next three years at cloud.

因此，總體而言，我們在未來三年內繼續推動雲端收入的健康成長。

And from a data center perspective, that customer base is primarily composed of large customers with very high logo retention.

從資料中心的角度來看，該客戶群主要由具有非常高的徽標保留率的大客戶組成。

So growth from the customers that remain on data center will be driven by pricing and seat expansion and cross-sell.

因此，保留在資料中心的客戶的成長將由定價、席位擴展和交叉銷售推動。

So overall risks and tough comparables to navigate in the short term, but big opportunity and fundamental customer demand are there long term, particularly in the enterprise customer segment, as you can see in the momentum and traction we're getting there,

因此，短期內存在整體風險和艱難的可比性，但長期存在巨大的機會和基本客戶需求，特別是在企業客戶領域，正如您在我們實現這一目標的勢頭和牽引力中看到的那樣，

We cited we have over 500,000 customers spending more than $1 million with us, which is up 48% year over year.

我們稱，我們有超過 50 萬名客戶在我們這裡的消費超過 100 萬美元，比去年同期成長 48%。

So we feel really good about that.

所以我們對此感覺非常好。

And then I'd just say overall, we remain confident as ever in our ability to deliver revenue growth in excess of a 20% compounded annual growth rate over the next three years.

然後我只想說，總體而言，我們一如既往地相信我們有能力在未來三年內實現超過 20% 的複合年增長率。

Mike?

麥克風？

Yeah, look I think Joe's answer did incredibly well, Keith.

是的，我認為喬的回答非常好，基斯。

Look, if I take, he's he's nailed the math there, right.

聽著，如果我接受的話，他就是他，他已經把數學搞清楚了，對吧。

And we are incredibly confident in our 20% figure we've given over the next three years and continue to be.

我們對未來三年所給出的 20% 的數字充滿信心，並將繼續保持下去。

So today, as we were at the Investor Day, for all the reasons that you stated and how that how the math plays out.

因此，今天，就像我們在投資者日一樣，出於您所說的所有原因以及數學結果如何。

I will say from a qualitative point of view, the more customers I spent time with, more confidence I have in that number from on the non-mass side, I suppose.

我想說，從定性的角度來看，我花時間接觸的客戶越多，我對非大眾方面的數字就越有信心。

Most of the large customers I speak to, in fact, all the large customers I speak to, would tell you that cloud is a when, not an next for them.

我接觸過的大多數大客戶，事實上，我接觸過的所有大客戶都會告訴你，雲端對他們來說只是一個時代，而不是下一個時代。

So that gap between the server migrations ending in the data center migrations picking up pace, that we have high confidence that will mature through in our engineering roadmap and in the deliveries, we have in cloud and how that's resonating with the customers in the stories they tell.

因此，以資料中心遷移結束的伺服器遷移之間的差距正在加快，我們有很高的信心，它將在我們的工程路線圖和交付中成熟，我們在雲端中擁有，以及這如何與客戶在他們的故事中產生共鳴告訴。

Secondly, increasingly, AI analytics and their platform are mentioned by those large customers move reasons for moving, as well as our cloud delivery.

其次，越來越多的大客戶提到了人工智慧分析及其平台，以及我們的雲端交付。

So our proven ability to deliver, as we saw FedRAMP In process this quarter, is resonating with those larger customers, as is the new products that Joe mentioned, some also in Loom, Jira Product Discovery, Rovo, Guard, Campus.

因此，正如我們在本季看到的FedRAMP 進程中所證明的那樣，我們的交付能力正在與那些大客戶產生共鳴，Joe 提到的新產品也是如此，其中一些還包括Loom、Jira Product Discovery、Rovo 、Guard、Campus。

We have the best slide of new products in a nascent phases that we've had with very high customer resonance when you do qualitative checks with customers.

我們擁有處於初始階段的新產品的最佳幻燈片，當您與客戶進行定性檢查時，我們已經獲得了非常高的客戶共鳴。

All of those exist in the cloud and all of those are going to drive that migration journey.

所有這些都存在於雲端中，並且所有這些都將推動遷移之旅。

Lastly, I have a huge confidence in our long-term ability to evolve and adapt as a business.

最後，我對我們作為企業的長期發展和適應能力充滿信心。

We've shown that over more than two decades.

二十多年來，我們已經證明了這一點。

We're in one of those adoption phases at the moment, as we deal with the the enterprise transition, I think, adroitly.

我認為，我們目前正處於採用階段之一，因為我們正在巧妙地處理企業轉型。

And that that evolution capability that Atlassian have will continue as we help those largest customers to go increasingly wall-to-wall across their enterprises.

隨著我們幫助這些最大的客戶越來越多地在其企業中開展業務，Atlassian 所擁有的演進能力將繼續下去。

So huge bullishness for me that we'll hit those numbers that we've given out.

對我來說，我們非常樂觀，我們將達到我們給予的那些數字。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Hey, great.

嘿，太棒了。

Thanks, Appreciate you taking the question.

謝謝，感謝您提出問題。

Objectively, 30 plus percent subscription revenue growth. 30 plus percent, free cash flow margin.

客觀地說，訂閱收入成長了 30% 以上。自由現金流利潤率超過 30%。

Not something we're seeing a lot of across software, but in the spirit of the question is, Joe, you guided Cloud to 32% for Q4.

我們在軟體中並沒有看到很多這樣的情況，但本著問題的精神，Joe，您將雲端在第四季度引導至 32%。

The reported number came in at 31%, so just hoping you could provide some context around what drove the Delta in Q4 and maybe just help us frame the approach to Cloud guidance for fiscal '25.

報告的數字為 31%，因此希望您能提供一些關於第四季度推動 Delta 的背景信息，也許只是幫助我們制定 25 財年雲指導的方法。

If there's anything additional, you're taking into account, obviously a lot of moving pieces and factors to consider, so any compare and contrast with the approach to guidance here versus prior periods is helpful.

如果您要考慮其他任何事情，顯然需要考慮許多變化的因素和因素，因此與此處的指導方法與先前的指導方法進行任何比較和對比都是有幫助的。

Thank you.

謝謝。

Yeah, awesome.

是啊，太棒了。

Thanks for the question.

謝謝你的提問。

You're right, revenue was up 31% year-over-year in the Cloud in Q4.

你是對的，第四季雲端收入年增 31%。

That was slightly below our guided range of 32%.

這略低於我們 32% 的指導範圍。

The variance to our expectations.

與我們預期的差異。

There was driven by two factors.

這是由兩個因素驅動的。

One is the timing of high touch enterprise deals, which landed later than expected in the quarter, and slightly lower than expected revenue from data center migrations.

一是高接觸企業交易的時機，該交易在本季的落地時間晚於預期，並且略低於資料中心遷移的預期收入。

So I'll take each one of those and dive in.

因此，我將逐一進行研究。

From a deal slip perspective, deals closed and billings landed in the quarter just later than we expected, and that impacted revenue recognition.

從交易單的角度來看，本季的交易完成和帳單到達晚於我們的預期，這影響了收入確認。

There were a couple of factors that drove that.

有幾個因素推動了這一點。

The first is what I characterize as the evolution of our high-touch go-to-market motions.

第一個是我所描述的我們高接觸市場行動的演變。

We are driving larger, more complex deals that include more products and require more approvals.

我們正在推動規模更大、更複雜的交易，其中包括更多產品並需要更多批准。

And in some cases, we're targeting large, complex migrations, and all of that adds up to longer sales cycles than we anticipated.

在某些情況下，我們的目標是大型、複雜的遷移，所有這些都會導致銷售週期比我們預期的更長。

Second, we always take a very disciplined and long-term oriented approach as we think through pricing and concessions on these deals.

其次，在考慮這些交易的定價和優惠時，我們始終採取非常嚴格和長期為導向的方法。

So we're not deadline driven.

所以我們不受最後期限的驅動。

We don't do anything unusual or unnatural with deal economics to close a deal at a certain time, and we're willing to be patient and wait for the right deal for both the customer and for us, and that's what we did this quarter.

我們不會在交易經濟學上做任何不尋常或不自然的事情來在特定時間完成交易，我們願意耐心等待對客戶和我們正確的交易，這就是我們本季所做的。

In terms of the migration list, overall, migrations to cloud were slightly lower on an absolute basis in Q4 versus Q3, and you'd expect that following a catalyst like server end of support, with migrations from data center slightly lower than our expectations as you highlighted.

就遷移清單而言，總體而言，第四季度向雲端的遷移相對於第三季度的絕對值略低，您預計在伺服器端支援等催化劑作用下，從資料中心的遷移略低於我們的預期，如下圖：你強調了。

The driver there is complexity of these migrations.

這些遷移的驅動因素是複雜性。

Data center customers our largest customers with the most complex environments to migrate.

資料中心客戶是我們最大的客戶，需要遷移的環境最複雜。

It's very different from the one to two day migrations that we can do with our smaller customers.

這與我們為小型客戶所做的一到兩天的遷移有很大不同。

Further, many of these customers when they do migrate, do so taking a hybrid approach over time.

此外，隨著時間的推移，許多客戶在遷移時會採取混合方法。

And then lastly, many of these data center customers recently migrated from server.

最後，許多資料中心客戶最近從伺服器遷移。

So there's going to be variability in the pace of these data center migrations quarter-to-quarter, and overall, our customers are clear that their ultimate destinations in the cloud, as Mike talked about.

因此，這些資料中心遷移的速度每季都會有所變化，總的來說，我們的客戶很清楚他們的最終目的地是雲，正如麥克所說的那樣。

It's the best and most secure experience, and it's where all of our R&D and product innovations pointed, so they can see the value we're delivering there and have a plan to get there.

這是最好、最安全的體驗，也是我們所有研發和產品創新的重點，因此他們可以看到我們在那裡提供的價值，並制定實現該目標的計劃。

So it's just a question of what the timing looks like over the next several years.

所以這只是未來幾年時間安排的問題。

The last part of your question was on the approach to guidance in FY'25, and what I'd say here is we have taken a different approach to our guidance this year, and that we have taken a more conservative and risk-adjusted view of our revenue outlook entering the year than we did a year ago.

你問題的最後一部分是關於 25 財年的指導方針，我想說的是，我們今年的指導方針採取了不同的方法，並且我們採取了更加保守和風險調整的觀點與一年前相比，我們今年的收入前景如何。

We believe this is prudent given two factors.

考慮到兩個因素，我們認為這是謹慎的。

First is the uncertainty we see in the macroeconomic environment.

首先是宏觀經濟環境的不確定性。

And second is execution risks related to the evolution and transformation of our enterprise go-to-market motion.

其次是與我們企業上市行動的演變和轉型相關的執行風險。

And so our guidance balances the trends we've seen over the last year with the uncertainty that is out there, whether it's macro related or changes, we're making inside the company.

因此，我們的指導平衡了我們去年看到的趨勢與存在的不確定性，無論是宏觀相關的還是我們公司內部發生的變化。

And it incorporates the assumption that macro gets worse and execution risks are realized to form a more risk-adjusted and prudent view entering the year than we did a year ago.

它包含了宏觀情勢惡化和執行風險已實現的假設，以形成比一年前更風險調整和審慎的觀點。

So hopefully that color helps in terms of what we're thinking about from a guidance perspective.

因此，希望這種顏色能幫助我們從指導的角度思考問題。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

Hey guys, thanks for taking the question.

嘿夥計們，感謝您提出問題。

Maybe for Mike, I want to hear your thoughts on what's next for your go-to-market organization, like alongside a new head of sales.

也許對麥克來說，我想聽聽您對行銷組織下一步的想法，例如與新的銷售主管一起。

Does it make sense to go out and also hire more seasoned and more seasoned enterprise sales reps into Atlassian?

走出去並聘請更多經驗豐富的企業銷售代表加入 Atlassian 是否有意義？

And how have the sales team so far transitioned from a migration opportunity into selling into more enterprises or selling new Atlassian products at this point?

到目前為止，銷售團隊如何從遷移機會轉變為向更多企業銷售或銷售新的 Atlassian 產品？

Yeah, hi, Ryan.

是的，嗨，瑞安。

I can certainly talk to that.

我當然可以談論這一點。

It's a great question.

這是一個很好的問題。

Maybe let me start from the high level.

也許讓我從高層次開始。

And I think I would categorize this as as another evolution in Atlassian's go-to-market motions overall.

我認為我會將其歸類為 Atlassian 整體上市動議的另一次演變。

You've seen us do this before many times, and Atlassian has a pretty proud history of adapting to the environment, adapting to technological advancements like AI, but also changing the way we service support and make successful our customers.

您以前多次看到我們這樣做，Atlassian 在適應環境、適應人工智慧等技術進步方面有著相當自豪的歷史，而且還改變了我們服務支援和幫助客戶取得成功的方式。

And our current go-to-market motion engine is obviously highly successful, right.

我們目前上市的運動引擎顯然非常成功，對吧。

We have a highly effective flywheel that serves the SMB and our enterprise customers well resulting in best in class efficiency and the financial profile that you're all aware of and has given us a huge volume of customers and an enviable margin and cash flow profile.

我們擁有高效的飛輪，可以為中小型企業和我們的企業客戶提供良好的服務，從而實現一流的效率和眾所周知的財務狀況，並為我們帶來了大量的客戶以及令人羨慕的利潤和現金流狀況。

We have made a series of evolutions in go-to market.

我們在進入市場方面做出了一系列的改進。

I would say over that 20-year period.

我想說的是在那20年的時間裡。

When we introduced Data Center, we added enterprise advocates and obviously we've shown a history of building a significant business in the data center world.

當我們推出資料中心時，我們加入了企業倡導者，顯然我們已經展示了在資料中心領域建立重要業務的歷史。

When we added Cloud, we learned to sell and migrate and support customers in the cloud and built a very significant cloud business over over time.

當我們添加雲端時，我們學會了在雲端銷售、遷移和支援客戶，並隨著時間的推移建立了非常重要的雲端業務。

You've seen us do that.

你已經看到我們這樣做了。

And then more recently as we added additions in premium and enterprise editions in the cloud, we've added the muscles to be able to upsell customers and explain the success of their moving.

最近，當我們在雲端中新增高級版和企業版時，我們增加了能力，能夠向客戶進行追加銷售並解釋他們遷移的成功。

And we have proof pointed that in a strong reduction of premium and enterprise.

我們有證據表明，保費和企業都在大力減少。

So a series of evolutions we've had over time gives us confidence that we can continue to evolve and adapt as we have done.

因此，隨著時間的推移，我們經歷的一系列演變讓我們有信心，我們可以像以前一樣繼續演變和適應。

As we've talked about, the more than $14 billion revenue opportunity in our existing base, we've spent a lot of time evolving R&D over the last three or four years to better serve the enterprises in the cloud.

正如我們所討論的，我們現有基礎上有超過 140 億美元的收入機會，在過去三四年裡，我們花費了大量時間進行研發，以更好地為雲端中的企業服務。

And we've got great proof points of delivery there.

我們在那裡有很好的交貨證明。

And now we're continuing to evolve our go-to-market motion to sell, support, and service as largest enterprises.

現在，我們正在繼續發展我們的市場進入行動，以作為最大的企業進行銷售、支援和服務。

As we as we said, we've got more than 500 customers that are spending north of $1 billion, and that's great.

正如我們所說，我們有 500 多家客戶，他們的消費超過 10 億美元，這很棒。

We think we can continue to grow that portion of the customer base strongly and that evolution and that desire to keep changing and adapting and improving is one of the things that keeps Atlassian a very special place to work.

我們認為我們可以繼續大力發展這部分客戶群，這種發展以及不斷變化、適應和改進的願望是讓 Atlassian 成為一個非常特殊的工作場所的因素之一。

I do think it's worth saying at the highest levels too, it's important that what you can expect not to change in that in that evolution.

我確實認為在最高層也值得說的是，重要的是你可以期望在演化過程中不會改變。

First, I would say there is that our discipline as a company.

首先，我想說的是我們身為一家公司的紀律。

We've always prided ourselves on making economic decisions, understanding the deal economics in the enterprise as we do now better than ever before, and being continually capital-efficient as we as we grow that as you've seen us do.

我們一直為自己能夠做出經濟決策、了解企業的交易經濟學而感到自豪，因為我們現在比以往任何時候都做得更好，並且隨著我們的發展而不斷保持資本效率，正如您所看到的那樣。

Secondly, the long-term focus doesn't change.

其次，長期的著眼點沒有改變。

Part of this evolution is looking forward multiple years and seeing how that enterprise part of our business is going to continue to grow and evolve, and how we serve those largest of the of the Fortune 5,000 with incredibly complex needs, and our opportunity to do so and to help them out in their businesses.

這一演變的一部分是展望未來數年，看看我們業務的企業部分將如何繼續發展和發展，以及我們如何為財富 5,000 強中規模最大、需求極其複雜的客戶提供服務，以及我們這樣做的機會並幫助他們開展業務。

And lastly is maintaining a flywheel as our primary land motion for all customers, from the SMB customers in the Fortune 500,000 to the enterprise customers in that Fortune 500 Fortune 5,000.

最後，將飛輪作為我們為所有客戶提供的主要陸地動力，從財富 500,000 強的中小型企業客戶到財富 500 強和財富 5,000 強的企業客戶。

I point out that this enterprise focus is additive, rihjt?

我指出這個企業重點是附加的，對嗎？

Our SMB and product-led growth motions are incredibly important and efficient, and will remain so for the business as we keep evolving.

我們的中小企業和產品主導的成長舉措非常重要和高效，並且隨著我們的不斷發展，對於業務而言也將如此。

Now the second part of your question.

現在是你問題的第二部分。

Look, we continue to focus on the talent levels experience we have as well as growing talent within our business.

看，我們繼續關注我們擁有的人才水平經驗以及我們業務中的人才培養。

There are a lot of areas that we continue to grow as we strengthen our go-to-market muscles to focus on the needs of our largest enterprise customers.

隨著我們加強進入市場的實力，專注於滿足最大企業客戶的需求，我們在許多領域不斷發展。

We have a proven ability to manage multiple go-to-market machines, I would say, and throw them together carefully.

我想說，我們有能力管理多台上市機器，並將它們小心地組合在一起。

And I'm sure we'll continue to improve and grow that better, but I'm really excited about this evolution CareScience.

我相信我們會繼續改進並發展得更好，但我對 CareScience 的這種演變感到非常興奮。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Perfect.

完美的。

Thank you for taking the question here.

感謝您在這裡提出問題。

If we can touch on the FedRAMP, it's the opportunity.

如果我們能觸及 FedRAMP，那就是機會。

It sounds like you're making progress there.

聽起來你在那裡取得了進展。

I'm curious how long it might take before you can unlock some more federal deals in cloud.

我很好奇你可能需要多長時間才能解鎖更多雲端方面的聯邦交易。

I assume you have a lot of existing federal customers on DC.

我假設您在華盛頓有很多現有的聯邦客戶。

Are those customers that you can start to migrate over to cloud, or is there still a little bit of a process to play out before this time before the buying cycle occurs here in calendar Q3?

您是否可以開始將這些客戶遷移到雲，或者在日曆第三季度的購買週期發生之前，是否還有一些流程需要完成？

Thank you.

謝謝。

Hry, Arjun.

嘿，阿瓊。

I can certainly take that.

我當然可以接受。

Look, there's no doubt we have a huge volume of very large government customers in data center.

看，毫無疑問，我們的資料中心擁有大量非常大的政府客戶。

And I would also say we have a large number of customers who service government entities who are also in data center, who may not necessarily be government entities themselves.

我還想說，我們有大量為政府實體提供服務的客戶，這些客戶也位於資料中心，但他們本身不一定是政府實體。

But obviously, in a lot of working with the government, need FedRAMP or RAV for them to new businesses if they have FedRAMP capabilities.

但顯然，在與政府的大量合作中，如果他們具有 FedRAMP 功能，則需要 FedRAMP 或 RAV 來幫助他們開展新業務。

So it's not just about the government.

所以這不只是政府的問題。

It's the businesses around the government as well, which is a very large segment, as I'm sure you're aware.

我相信您也知道，這也是政府周圍的企業，這是一個非常大的部分。

We have continued to work with a lot of those customers as we've developed our FedRAMP capabilities to keep them on the journey and aware of where we're at.

我們繼續與許多此類客戶合作，開發了 FedRAMP 功能，讓他們繼續前進並了解我們所處的位置。

And I will say our cloud roadmap delivery is a really important point there.

我想說的是，我們的雲端路線圖交付是非常重要的一點。

The last couple of quarters, we've hit 100% of items on our roadmap at or before the time.

過去幾個季度，我們在當時或之前完成了路線圖上 100% 的專案。

And this resonates with customers.

這引起了客戶的共鳴。

So you can look just as I can at our future Cloud roadmap.

因此，您可以像我一樣查看我們未來的雲端路線圖。

That is online to talk to compliance, to scale, to performance, and to all the other things that we're building into that to that roadmap.

這是在線討論合規性、規模、性能以及我們正在構建的路線圖的所有其他內容。

We have a series of customer examples who have cited as they've moved to hybrid ELA.

我們有一系列客戶在轉向混合 ELA 時引用的範例。

I can think of a very large global aerospace and defense company.

我能想到一家非常大的全球航空航天和國防公司。

It's a sort of 20-year customer of Atlassian that signed a hybrid ELA this quarter for the next couple of years and stated that FedRAMP and the inroads we've made in cloud security on the roadmap are called out reasons as to why they signed such a deal and move forward, so that gives us great confidence as we move to the in-process designation of FedRAMP, but also [paper] and all the other compliance standards that we've shipped as well as data residency and gives great confidence that we can move there and obviously, BYOK as well as bring your own key encryption capabilities very for this customer segment.

這是 Atlassian 的 20 年客戶，本季度簽署了未來幾年的混合 ELA，並表示 FedRAMP 和我們在路線圖上的雲端安全方面取得的進展是他們簽署此類協議的原因達成協議並繼續前進，因此，當我們轉向FedRAMP 的進程中指定時，這給了我們很大的信心，而且[論文] 和我們已經發布的所有其他合規標準以及數據駐留也給了我們很大的信心我們可以搬到在那裡，顯然，BYOK 也可以為這個客戶群帶來您自己的金鑰加密功能。

Say that for data center customers migrating, it's a multiyear journey for a lot of these very large customers.

假設對於資料中心客戶的遷移來說，對於許多大型客戶來說這是一個多年的旅程。

Again, the reason that that company shop hybrid ELA is to enable them to up moving some workflows and loads to the cloud as for the workflows and load they have on premise will continue there and they'll move into a hybrid state for probably a multiyear period before being entirely in cloud, and we pretend to do that.

同樣，該公司購買混合 ELA 的原因是使他們能夠將一些工作流程和負載轉移到雲端，而他們本地的工作流程和負載將繼續在那裡，並且他們將進入混合狀態可能長達數年在完全進入雲之前的一段時間，我們假裝這樣做。

It less than test and learn about cloud, I can see the strength of cloud and they will move that over time.

它比測試和了解雲還要少，我可以看到雲的力量，並且隨著時間的推移他們會移動它。

I think that the patent will see with a lot of these largest startup center customers that can have tens, hundreds, sometimes even thousands of Jira and Confluent service running across their enterprise.

我認為該專利將吸引許多最大的創業中心客戶，他們可以在其企業中運行數十、數百、有時甚至數千個 Jira 和 Confluence 服務。

This is a huge ability, this latent demand for Atlassian products and latent demand for cloud, if you want to think about it that way, is a big strength of Atlassian as we look forward over the next few years and I'm confident in our ability to unlock that and FedRAMP will be a huge unlock for our government and government adjacent customers.

這是一種巨大的能力，這種對 Atlassian 產品的潛在需求和對雲端的潛在需求，如果你想這樣想的話，這是 Atlassian 的一大優勢，因為我們展望未來幾年，我對我們的解鎖這一點的能力和FedRAMP 對於我們的政府和政府相關客戶來說將是一個巨大的解鎖。

DJ Hynes, Canaccord.

DJ 海因斯，Canaccord。

Hey guys, thanks for taking the question.

嘿夥計們，感謝您提出問題。

This is Luke on for DJ.

我是 DJ 盧克。

So I was hoping to get some insight into the response you've received from customers since you've folded JWM and the Jira, just anything you've heard from both technical and nontechnical teams regarding that change and whether it's been a positive from a marketing and messaging standpoint in terms of driving interest across those two audiences?

因此，我希望了解自從您合併 JWM 和 Jira 以來，您從客戶那裡收到的回應，以及您從技術和非技術團隊那裡聽到的有關這一變化的任何信息，以及它是否是積極的就激發這兩個受眾的興趣而言，行銷和訊息傳遞的立場是什麼？

Luke, certainly great question.

盧克，當然是個好問題。

Look, I can say categorically it's been a positive from customers' point of view.

看，我可以斷然地說，從客戶的角度來看，這是正面的。

That one is a very, very easy answer.

這是一個非常非常簡單的答案。

The system of work that Atlassian has and continue to communicate and been sharper on over the last few quarters is very resonant with customers.

Atlassian 在過去幾季中一直在溝通並不斷改進的工作系統引起了客戶的強烈共鳴。

The reason is a lot of our customers are incredibly technology driven companies.

原因是我們的許多客戶都是科技驅動型公司。

They realize that technology is there cool competitive advantage going forward in that business, whether they're building cars or rockets or fantastic healthcare advancements, or whether they're building databases, right.

他們意識到，科技在該行業的發展中具有很酷的競爭優勢，無論他們是在製造汽車、火箭還是出色的醫療保健進步，或者無論他們是在建立資料庫，對吧。

Whether it's technical or nontechnical company, they realize that technology is the core fundamental advantage.

無論是技術型公司或非技術型公司，他們都意識到科技是核心根本優勢。

And in doing so, they realize that getting that technology teams to work closely to their business teams and to exchange data back and forth and to be able to work in a common set of tools and a common set of patents is incredibly important for them to win in a technology-driven era.

在這樣做的過程中，他們意識到，讓技術團隊與業務團隊密切合作，來回交換數據，並能夠使用一組通用的工具和一組通用的專利，對於他們來說非常重要贏得技術驅動的時代。

That's one of the reasons why, although Jira Work Management was doing incredibly well as a product, and we were very bullish on it, we took the decision to merge the two into a single Jira to allow technology and non-technology teams to work together.

這就是為什麼，儘管 Jira Work Management 作為一個產品表現得非常好，而且我們非常看好它，但我們決定將兩者合併為一個 Jira，以允許技術和非技術團隊一起工作。

That has been incredibly well received by customers.

這受到了客戶的熱烈歡迎。

And it allows them to achieve the goals that they have, right.

它讓他們能夠實現他們的目標，對吧。

We have a series of stories where it also leads to two factors for Atlassian.

我們有一系列的故事，這也為 Atlassian 帶來了兩個因素。

Firstly, it allows the customer to consolidate on Atlassian off other work management tools because they have a singular cloud platform.

首先，它允許客戶在 Atlassian 上整合其他工作管理工具，因為他們擁有單一的雲端平台。

And in the era where consolidations is incredibly important, that timing works very well for us and for them.

在這個整合極為重要的時代，這個時機對我們和他們來說都非常適合。

We can talk to a company like Rivian that took five different work management tools and consolidate on the Atlassian cloud due to the combination of Jira Work Management and JIRA Software, saved them over $2.5 million annually, and expanded their use cases for Jira into many other business teams.

我們可以與像Rivian 這樣的公司交談，由於Jira Work Management 和JIRA Software 的結合，該公司採用了五種不同的工作管理工具並在Atlassian 雲端上進行了整合，每年節省了超過250 萬美元，並將Jira 的用例擴展到許多其他領域業務團隊。

And secondly, for Atlassian, it allows us to expand our seat count.

其次，對於 Atlassian 來說，它使我們能夠擴大座位數量。

Because the technology teams within an organization or a relatively small proportion, depending on the organization can be from 5% to 25% or 30% of an organization.

因為技術團隊在一個組織內所佔的比例還是比較小的，依組織的不同可以是一個組織的5%到25%或30%。

The other 95% to 70% of the organization is a business teams that still have workflows and project capabilities they need.

組織中的其他 95% 到 70% 是仍擁有所需工作流程和專案能力的業務團隊。

And Rivian is a good example where we've seen that, where we've got both consolidation and seat expansion for Atlassian due to the system of work.

Rivian 就是一個很好的例子，我們已經看到了這一點，由於工作系統，我們對 Atlassian 進行了整合和席位擴展。

And the platform that underlies all of our products.

以及我們所有產品的基礎平台。

So incredibly good customer reception from this move.

此舉獲得了令人難以置信的良好客戶反響。

And as we continue to do Atlassian over the long term, it's about listening to customers and understanding what they need and trying to deliver that in our product portfolio in our R&D and also in our in our go-to-market motions and how explain to customers what it is that we do and help them.

隨著我們長期繼續做 Atlassian，重點是傾聽客戶的意見並了解他們的需求，並嘗試在我們的研發產品組合中以及我們的上市動議中實現這些需求，以及如何向客戶解釋客戶我們所做的是什麼並幫助他們。

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

Hi.

你好。

Good afternoon.

午安.

Thank you for taking my questions.

感謝您回答我的問題。

Joe, this question is for you.

喬，這個問題是問你的。

Earlier, you were very explicit in the variables and assumptions you are taking into consideration for the cloud book of business for fiscal '25, and you need a specific reference to execution risks due to some of the enterprise go-to-market motion changes that you're making.

早些時候，您非常明確地明確了您正在考慮的 25 財年雲端業務簿的變數和假設，並且您需要具體參考執行風險，因為一些企業上市動議發生了變化，您正在做。

I was hoping we could go a couple of layers deeper into and what specific variables or assumptions you're considering or flexing to kind of arrive at that conclusion and relatedly changes in the sales organization and kind of the departure of Kevin.

我希望我們可以更深入地了解您正在考慮或調整哪些特定變數或假設以得出該結論以及銷售組織的相關變化以及凱文的離開。

How is that flowing downstream in the way you're thinking about well productivity and quota attainment and things like that?

當您考慮油井生產率和配額實現等問題時，它是如何向下游流動的？

I really appreciate some more granularity.

我真的很欣賞更多的粒度。

Thank you.

謝謝。

Yeah.

是的。

Thanks for the question.

謝謝你的提問。

I'll keep it at a fairly high level in terms of the execution risk we see in that transformation or evolution of our go-to-market enterprise sales motion.

就我們在進入市場的企業銷售行動的轉變或演變中看到的執行風險而言，我會將其保持在相當高的水平。

As you pointed out, there is leadership transition there, and so that's always something you want to keep in the back of your mind as you think about forecasting over the next year.

正如您所指出的，那裡存在領導層換屆，因此當您考慮明年的預測時，您始終要牢記這一點。

And then I would just say it's a nascent capability that we continue to build and develop over time, and Mike highlighted the fact we've been investing in this space.

然後我想說，這是我們隨著時間的推移不斷構建和開發的一項新生功能，麥克強調了我們一直在這個領域進行投資的事實。

We have a foundation, but as we continue to make more and more progress, we're going to continue to evolve and build that, and whenever you're doing that, that involves risk in our execution against that level of change.

我們有一個基礎，但隨著我們繼續取得越來越多的進展，我們將繼續發展和建立這個基礎，無論何時這樣做，都會涉及到我們針對該層級的變革執行的風險。

So from a high level, those are the two big factors, and I'll let Mike fill in the fill in the details.

因此，從較高的層面來看，這是兩個重要因素，我將讓麥克填寫詳細資料。

Yeah.

是的。

Look, Fatima, great question.

法蒂瑪，你看，這是個好問題。

I want to, I guess I want to start from my point of view with nothing but gratitude and thanks for Kevin and the role he's played.

我想，我想我想從我的角度開始，除了對凱文和他所扮演的角色表示感激和感謝。

He's been an incredibly dedicated leader of our sales function for a number of years, has built an incredibly strong sales leadership team, and and has set up the foundation for us to make this this continued transformation and evolution.

多年來，他一直是我們銷售部門的一位非常敬業的領導者，建立了一支非常強大的銷售領導團隊，並為我們持續轉型和發展奠定了基礎。

So just have to cal him out with great thanks from myself and from Scott in our context.

因此，在我們的背景下，我和史考特都必須向他表示衷心的感謝。

As I said, we are searching for a transformational CRO who can continue to drive that next phase at ever-increasing scale.

正如我所說，我們正在尋找一位能夠繼續以不斷擴大的規模推動下一階段變革的 CRO。

That search is well underway, and in the short term, look, I personally led and built a go-to-market engine we have today for our first 17 years, I guess, and continue to be incredibly heavily involved there and with the customers.

這種搜尋正在順利進行，從短期來看，我個人領導並建立了一個進入市場的引擎，我們今天已經擁有了第一個 17 年的產品，我猜，並將繼續大力參與其中並與客戶合作。

I will say we have an incredibly strong executive team.

我想說的是，我們擁有一支非常強大的執行團隊。

I would argue the strongest we've ever had across the business.

我認為這是我們整個行業中最強大的。

So incredibly confident we can lead the business strongly through that evolution.

我們非常有信心能夠強有力地領導業務完成這一演變。

I think Joe has spoken well to the prudence of our guidance in light of this transformation, but more in light of the other things he's mentioned, the other factors that go into that come there.

我認為喬對我們針對這一轉變的指導的審慎性說得很好，但更多的是考慮到他提到的其他事情，以及其中涉及的其他因素。

I think you've seen from us a prudence and careful thought as well as hopefully openness and explanation about what it is that we are going through as we focus on the long term.

我認為您從我們身上看到了謹慎和仔細的思考，以及希望對我們在專注於長期目標時所經歷的事情的開放性和解釋。

And lastly, I would I would reiterate our deep belief and confidence in the 20% multiyear revenue caveat that we've given out at Investor Day, and we would maintain those targets both on the revenue side and on the retained historical operating margin side.

最後，我想重申我們對投資者日上提出的 20% 多年收入警告的堅定信念和信心，我們將在收入方面和保留的歷史營業利潤方面維持這些目標。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks.

謝謝。

Joe, as you know, the central question investors are asking us is the cloud guide and ultimately are you putting a little more conservatism into this forecast to give yourself more wiggle room?

喬，如您所知，投資者問我們的核心問題是雲端指南，最終您是否會在這項預測中更加保守一點，以便給自己更多的迴旋空間？

It's been a, I know it's been a challenging thing to forecast given a lot of different factors, but what is your approach change here?

我知道考慮到許多不同的因素，預測這是一件具有挑戰性的事情，但是您的方法有何變化？

Has anything changed in the underlying assumptions to give investors more confidence that they can they can really believe in that number?

基本假設是否發生了任何變化，讓投資者更有信心他們可以真正相信這個數字？

The second one was just to follow up on two months ago, you guided 20% top line guidance 16.

第二個只是兩個月前的跟進，您指導了 20% 的頂線指導 16。

Should we think differently now about the long term growth or is this more of a tactical pit stop and you still believe in 20% over a period of time?

我們現在應該對長期成長有不同的看法，還是這更像是一種戰術性的停頓，而你仍然相信一段時間內 20% 的成長？

Thanks.

謝謝。

Yeah, Brent, thanks for the question.

是的，布倫特，謝謝你的提問。

In terms of the revenue guidance.

在收入指導方面。

I'll just reiterate what I said earlier in terms of our approach.

我將重申我之前所說的我們的方法。

We are taking a different approach to our guidance this year.

今年我們對指導採取了不同的方法。

It is a more conservative and risk adjusted approach.

這是一種更保守且經過風險調整的方法。

And the reason and the drivers for that are the risks and uncertainties that we talked about.

其原因和驅動因素就是我們談到的風險和不確定性。

One is we see uncertainty in the macroeconomic environment.

一是宏觀經濟環境存在不確定性。

And second, the question earlier, we do see execution risk related to the evolution and transformation that we're undergoing on the go-to-market side.

其次，前面的問題是，我們確實看到了與我們在進入市場方面正在經歷的演變和轉型相關的執行風險。

So we've taken all those it into account and the net result of that is we have a more risk adjusted and prudent view this year going into the year than we did last year.

因此，我們已經考慮了所有這些因素，最終的結果是，我們對今年的風險調整和看法比去年更加謹慎。

So we have adjusted slightly to that.

所以我們對此做了一些調整。

In terms of the cloud revenue and revenue overall, we are still committed to a three year 20% plus compounded annual growth rate on revenue.

就雲端收入和整體收入而言，我們仍然致力於三年20%以上的年複合收入成長率。

We talked earlier about the drivers on that.

我們之前討論過這方面的驅動因素。

Nothing has changed in the last three months since Investor Day when we made that.

自從我們制定投資者日以來，過去三個月沒有任何變化。

We continue to reiterate our confidence around that.

我們繼續重申對此的信心。

And we talked earlier on the call about the drivers behind that.

我們早些時候在電話會議上討論了背後的驅動因素。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Yeah, hey, guys.

是的，嘿，夥計們。

I think maybe it would be helpful to just unpack, kind of similar to how you at least commented in the letter on the margin side around the headwinds that investors should, or the tailwinds that investors should recall that were one-time in nature on operating margins in fiscal '24, such that ex that the fiscal '25 margin guide is actually flat.

我認為也許只是解開包裝會有所幫助，類似於您至少在信中關於投資者應該面臨的逆風的保證金方面的評論，或者投資者應該記住的一次性的經營性質的順風24 財年的利潤率，因此25 財年的利潤率指導實際上持平。

Similar to that framing, if it's possible just to understand, if you look at the guide that you gave for 16% total revenue growth, but that's in light of these onetime tailwinds of end of server and conversion.

與該框架類似，如果可以理解的話，如果您查看您給出的總收入增長 16％ 的指南，但這是考慮到伺服器端和轉換的這些一次性的推動力。

Because I think if I adjust for that, the guide is actually closer to 19%.

因為我認為如果我對此進行調整，指導值實際上更接近 19%。

So just help us frame that, because that's obviously not going to recur.

所以請幫助我們建立這個框架，因為這種情況顯然不會再發生。

And presumably, it appears from your commentary that the guidance is more incorporating timing of certain deals closing on the enterprise side, maybe migrations on the enterprise side, that's informing the conservatism.

據推測，從您的評論來看，該指導意見更多地納入了企業方面某些交易完成的時間，也許是企業方面的遷移，這為保守主義提供了資訊。

But just maybe help and maybe help us better understand that a little bit.

但也許有幫助，也許可以幫助我們更好地理解這一點。

Yeah, Alex, this is Joe. I'll take a shot at that.

是的，亞歷克斯，這是喬。我會嘗試一下。

I think first of all, you started from an operating margin perspective, and what are the factors there that are driving the lower year-over-year operating margin.

我認為首先，您從營業利潤率的角度出發，以及導致營業利潤率同比下降的因素有哪些。

As you point out, we expect our non-GAAP operating margin to be 21.5% approximately in FY'25.

正如您所指出的，我們預計 25 財年的非 GAAP 營業利潤率約為 21.5%。

That's about 200 basis points lower than FY'24.

這比 2024 財年低約 200 個基點。

Keep in mind, as you pointed out, our FY'24 non-GAAP operating margin benefited from the significant outperformance in data center and marketplace revenue related to server and the support in H2.

請記住，正如您所指出的，我們的 24 財年非 GAAP 營運利潤率得益於資料中心和與伺服器相關的市場收入以及下半年的支援的顯著優異表現。

That was the impact was about 200 basis points.

影響大約是200個基點。

And so when you normalize for that impact, our FY'25 operating margins will be roughly flat year- over-year.

因此，當您將這種影響標準化後，我們 25 財年的營業利潤率將與去年同期大致持平。

In terms of the cloud revenue deceleration and the comps there, we do believe cloud revenue growth will decelerate in FY'25.

就雲端收入減速和那裡的比較而言，我們確實相信 25 財年雲端收入成長將會減速。

And the primary drivers, as we expect, less contributions from server migration.

正如我們預期的那樣，主要驅動因素是伺服器遷移的貢獻較少。

Now that we're past server end of support.

現在我們已經結束了伺服器支援。

And while data center migrations will increase, they won't make up for the decrease in server migrations.

雖然資料中心遷移量將會增加，但無法彌補伺服器遷移量的減少。

Given the migration path or many of those customers, as we've talked about earlier, will play out over a multiyear period with many involving hybrid deployments.

正如我們之前所討論的，考慮到遷移路徑或許多此類客戶將在多年的時間內發揮作用，其中許多涉及混合部署。

We've also incorporated, as you pointed out, prudent assumptions to account for the impact of worsening macroeconomic environments and execution risks in our enterprise go-to-market motions.

正如您所指出的，我們還納入了審慎的假設，以解釋宏觀經濟環境惡化和我們的企業上市動議中的執行風險的影響。

So those are some of the factors that are driving that year-over-year decel and cloud revenue.

這些是推動雲端收入年減的一些因素。

Now having said that, as we pointed out in the call, we remain optimistic long term and expect cloud revenue growth to accelerate in FY'26 as we lap the drag from server into support and drive improving seat expansion, cross-sell of additional products and upsell to premium enterprise editions of our products that we talked about earlier.

話雖如此，正如我們在電話會議中指出的那樣，我們對長期保持樂觀，並預計雲端收入成長將在26 財年加速，因為我們將伺服器的拖累轉化為支持，並推動改善席位擴展和其他產品的交叉銷售並追加銷售我們之前討論過的產品的高級企業版。

Gregg Moskowitz, Mizuho.

格雷格·莫斯科維茨，瑞穗。

Okay, thank you for taking the question.

好的，謝謝你提出問題。

I had a follow up on a couple of the go-to-market questions from earlier.

我對之前提出的幾個上市問題進行了跟進。

Mike, you're looking, as you said, for a new CRO with expertise in leading enterprise sales transformations, but how do you define an enterprise sales transformation and more specifically, how much do you foresee your go to market changing Atlassian, both in fiscal '25 as well as over the longer term?

Mike，正如您所說，您正在尋找一位具有領先企業銷售轉型專業知識的新CRO，但是您如何定義企業銷售轉型，更具體地說，您預計您的市場走向會在多大程度上改變Atlassian，無論是在25 財年以及更長期的情況如何？

Hey, Gregg.

嘿，格雷格。

How much is an interesting question.

多少錢是一個有趣的問題。

Look, I would say that we are continue to be a very long-term thinking company, and what I say that, I mean at Investor Day, we talked about our R&D spend as a percentage of greater revenue moderating when we gave our long-term targets.

聽著，我想說，我們仍然是一家具有非常長遠思維的公司，我所說的，我的意思是在投資者日，我們談到了我們的研發支出佔更大收入的百分比，當我們給予我們的長期-術語目標。

And our sales and marketing spend increasing from roughly that sort of 15%, 16% range moving moving north of that.

我們的銷售和行銷支出從大約 15% 到 16% 的範圍內不斷增加。

So you can see implied in that that there will be increasing spending, but I would argue in a cautious and careful way, and we're very good at the capital efficiency, the calculation of where the ROI on that spend is, and it's a relatively moderate increase in spending, especially when you compare it to our comps in the market and other companies, right.

所以你可以看到這暗示著支出將會增加，但我會以謹慎和謹慎的方式爭論，我們非常擅長資本效率，計算支出的投資回報率，這是一個支出增長相對溫和，尤其是與我們在市場上的公司和其他公司進行比較時，對吧。

We will still be, after that transition, comparatively efficient on sales and marketing to most other software companies, and still comparatively high spending on R&D, because we believe that that's where our fundamental advantages are.

在轉型之後，我們在銷售和行銷方面仍將比大多數其他軟體公司相對高效，並且在研發方面的支出仍然相對較高，因為我們相信這就是我們的根本優勢所在。

So think about this as an evolutionary and an adjustment in that in that manner.

因此，請將此視為一種進化和調整。

Now, the transformation is about how we continue to take those 500 customers spending more than $1 million and the huge latent demand we have in data center and increasingly build deep partnerships with some of our largest customers in how we are helping them transform their businesses.

現在，轉型的重點是我們如何繼續吸引這500 家花費超過100 萬美元的客戶以及我們在資料中心方面的巨大潛在需求，並越來越多地與一些最大的客戶建立深厚的合作夥伴關係，幫助他們實現業務轉型。

This is a part of our evolution, right.

這是我們進化的一部分，對吧。

I've talked about 15, 17 years ago when we started the data center business, we were talking about moving $5,000 customers to be $50,000 customers.

我在 15、17 年前談到過，當我們開始資料中心業務時，我們正在談論將 5,000 美元的客戶轉變為 50,000 美元的客戶。

Now we're a long way from that nowadays, but this is something that we are familiar with.

現在我們離那個目標還有很長的路要走，但這是我們熟悉的事情。

It is a history of evolution that we've had and I think it's a very smart example of how Atlassian continues to evolve through the years in ways that benefit our customers.

這是我們的發展歷史，我認為這是一個非常明智的例子，說明 Atlassian 如何多年來不斷發展，使我們的客戶受益。

In this case, we're looking at our largest customers that are and when you speak to them, they're betting incredibly hard on Atlassian.

在這種情況下，我們正在關注我們最大的客戶，當你與他們交談時，他們在 Atlassian 上下了非常大的賭注。

They think that we are transforming the way that their company works.

他們認為我們正在改變他們公司的運作方式。

They want to roll out to ever increasing numbers of scale and they want to understand the philosophy of how we work together and build our partnership across our portfolio of products and that that's what we mean by that enterprise transformation and how we sell, support and ultimately make successful those largest customers.

他們希望擴大規模，他們希望了解我們如何合作並在我們的產品組合中建立合作夥伴關係的理念，這就是我們所說的企業轉型以及我們如何銷售、支持和最終的含義。成功。

And lastly, I will point out that we believe this is additive to our model, not not a swap or a switch.

最後，我要指出的是，我們相信這是對我們模型的補充，而不是交換或轉換。

We have a great capital-efficient flywheel in the product-led growth motion that we have at landing large numbers of SMB customers, but also landing in those enterprise customers, which is what makes that enterprise motion more efficient for us and then other companies.

我們在以產品為主導的成長運動中擁有巨大的資本效率飛輪，我們不僅吸引了大量中小企業客戶，而且還吸引了這些企業客戶，這使得企業運動對我們和其他公司來說更加高效。

So they work together in harmony.

所以他們工作起來很和諧。

Kasthuri Gopalan Rangan, Goldman Sachs.

卡斯圖裡·戈帕蘭·蘭甘，高盛。

Hi, thank you very much.

你好，非常感謝你。

Mike, a question for you.

麥克，問你一個問題。

These transitions can be very hard, and certainly the goal is to come out more successful as a company.

這些轉變可能非常困難，我們的目標當然是讓公司更成功。

Clearly, you're on the way.

顯然，你已經在路上了。

As you come out of the transition, what are the lessons learned, and how can there be further tweaks to the product strategy go-to-market?

當您完成轉型後，您吸取了哪些經驗教訓？

I guess we all learned from the most difficult, challenging times, and we come out mostly ahead.

我想我們都從最困難、最具挑戰性的時期吸取了教訓，並且大部分都取得了領先。

So one of the things that you have learned that you're going to adopt to the strategy company going forward, and also from a bandwidth perspective, you're in an unenviable position.

因此，您所學到的一件事是您將要採用的策略公司的未來，而且從頻寬的角度來看，您處於一個不令人羨慕的位置。

You're now twice the CEO that you were before with Scott.

你現在的執行長數量是史考特之前的兩倍。

Of course, he's on the board now.

當然，他現在是董事會成員。

Then you're looking for a CRO.

那麼您正在尋找 CRO。

I mean, these are some big shoes to fill.

我的意思是，這些都是需要填補的大問題。

How and you talked about Joe, very eloquently talked about the walk into how the different levers exist in place to get the company to potentially accelerate.

你如何談論喬，非常雄辯地談論了不同的槓桿如何存在以使公司有可能加速。

And one of the very first questions I had, but I'm more curious about the how you get there.

這是我提出的第一個問題，但我更好奇你是如何到達那裡的。

What are the things that are that are being done internally differently?

內部正在以不同的方式做哪些事情？

It's just I know it's a long rambling complicated question, but I just wanted to hear you out a little bit more in depth as you start to all this stuff.

我只是知道這是一個冗長而雜亂的複雜問題，但我只是想在您開始討論所有這些內容時更深入地聽聽您的想法。

Thank you so much.

太感謝了。

Sure, Kash, I'm guessing I'm going to take that one.

當然，卡什，我想我會選擇那個。

Look at a few things.

看幾件事。

Firstly, I think I would start with saying we have an incredibly strong executive team.

首先，我想我首先要說的是我們擁有一支非常強大的執行團隊。

So a lot of the implication in your question are going to fall on my shoulders.

所以你問題中的許多意義都落在我的肩上。

And there's no doubt ultimate accountability does.

毫無疑問，最終責任確實如此。

I'm very comfortable with that.

我對此感到非常滿意。

But at a high level, like, we have a great executive team, we have a great South leadership team at the moment, and we are well familiar with this evolution and transformation motion and having it play out over the quarters and the years.

但在高層，我們擁有一支出色的執行團隊，目前我們擁有一支出色的南方領導團隊，我們非常熟悉這種演變和轉型運動，並讓它在幾個季度和幾年中發揮作用。

This is not something that starts on July 1 of this quarter.

這不是本季 7 月 1 日開始的事情。

This is something that's been going for a while.

這種情況已經持續了一段時間了。

As you can see, with more than 500 customers north of a million dollars, this is not an entirely new motion for us, right.

正如您所看到的，我們有超過 500 名客戶，價值超過 100 萬美元，這對我們來說並不是一個全新的動議，對吧。

This is an evolution.

這是一種演變。

There's nothing broken here, right.

這裡沒有任何東西損壞，對吧。

We're just continuing to improve and grow and stretch as we have done for a long time.

我們只是像長期以來所做的那樣，繼續改進、成長和擴展。

The mix shift of being more and more additive in the enterprise, as we said, have come on the back of a huge amount of R&D investment into everything from data residency and BYOK to scale in the cloud to FedRAMP.

正如我們所說，企業中越來越多的附加性的混合轉變是在從資料駐留和 BYOK 到雲端擴展到 FedRAMP 等各個方面的大量研發投資的基礎上實現的。

And now we believe we have the opportunity to increase our footprint in that enterprise customer base in all of our customer markets, I would say from a software teams.

現在，我們相信我們有機會擴大我們在所有客戶市場的企業客戶群中的足跡，我想說的是軟體團隊。

And in ITSM, you've seen how strong will Jira Service Management businesses at the moment and through work management and collaboration as the seasonal work rolls out, we get a high footprint.

在 ITSM 中，您已經看到 Jira 服務管理業務目前的實力有多強大，隨著季節性工作的展開，透過工作管理和協作，我們獲得了很高的影響力。

So I think we feel the opportunity is there and we're going to go after that.

所以我認為我們覺得機會就在那裡，我們將抓住機會。

I think when you talk about what lessons have we learned, look, we continue to see great sales execution as we go through.

我想當你談論我們學到了什麼教訓時，你看，我們在經歷過程中繼續看到出色的銷售執行力。

Team '24 was a huge event for us in terms of a lot of things, product launches, but also in terms of pipeline build.

Team '24 對我們來說是一次盛大的活動，不僅包括產品發布，還包括管道建設。

It was our largest enterprise event that we've ever held.

這是我們舉辦過的最大的企業活動。

And the confidence that comes from those customers often informs us in making these these evolutions and movements.

來自這些客戶的信心常常告訴我們如何做出這些演變和行動。

I would say that our strengths as a company has always been our ability to learn and evolve.

我想說，作為一家公司，我們的優勢始終是我們的學習和發展能力。

I'm less worried about personal workload and personal bandwidth than looking at the team of, 10 odd people we have on the executive team, I guess you'd say, and then through the thousand leaders we have through the business and that the 12,000 or more Atlassian staff and our ability as a collective to go after this mission, I feel incredibly confident that we can we can get after that and do that, and that's we intend to get do.

我不太擔心個人工作量和個人頻寬，而是關注我們的執行團隊中的 10 多個人，我猜你會說，然後透過我們在業務中擁有的 1000 名領導者，以及 12,000或更多Atlassian 員工以及我們作為一個集體完成這項任務的能力，我非常有信心我們能夠完成這項任務並做到這一點，這就是我們打算做的事情。

Nick Altmann, Scotiabank.

尼克·阿爾特曼，豐業銀行。

Hey, guys, this is John Gomez on for Nick Altmann.

嘿，夥計們，我是尼克·阿爾特曼的約翰·戈麥斯。

Thanks for taking my question.

感謝您提出我的問題。

You guys outlined some interesting examples at the Analyst Day in terms of the product adjacencies with Loom and the core.

你們在分析師日上概述了一些關於 Loom 和核心產品鄰接性的有趣範例。

So now that Loom has been part of Atlassian for a couple of quarters now, can you give us a better sense of cross-selling traction there?

那麼既然 Loom 已經成為 Atlassian 的一部分已有幾個季度了，您能否讓我們更了解那裡的交叉銷售吸引力？

And as it pertains to FY'25, do you have any goal posts for how we should be thinking about on the Loom contribution?

就 25 財年而言，您是否有任何關於我們應該如何考慮 Loom 貢獻的目標？

Yeah, thanks for the question.

是的，謝謝你的提問。

I'll take the first part of that and then Mike will follow on.

我將講第一部分，然後麥克將繼續講。

You asked about the FY'25 impact that loom will have.

您詢問了織布機對 25 財年的影響。

Within our overall revenue and operating margin guidance for FY'25, we expect them to have about 1.5 points to 2 points of impact on FY'25 cloud revenue growth for the year.

在我們對 25 財年的整體營收和營業利潤率指引中，我們預期它們將對 25 財年雲端收入成長產生約 1.5 個百分點至 2 個百分點的影響。

And consistent with our prior expectations, we expect Loom to be slightly dilutive to FY'25 operating margins.

與我們先前的預期一致，我們預期 Loom 將略微稀釋 25 財年的營業利潤率。

And I'll turn over to Mike on the cross-sell.

我將把交叉銷售的工作交給麥克。

I would say a few things on Loom.

我想就 Loom 說幾句話。

Personally, what an incredible product, right.

就我個人而言，這是多麼令人難以置信的產品，對吧。

The customer reception I would start there is fantastic.

我將從那裡開始的客戶接待非常棒。

It is saving our customers a lot of time in meetings, and it's just a fantastic way to communicate with any, if you haven't tried it, I would encourage you to do so.

它為我們的客戶節省了大量的會議時間，而且這是與任何人溝通的絕佳方式，如果您還沒有嘗試過，我會鼓勵您這樣做。

We truly believe it can be transformational to the way that organizations work, the way that they work through video and in a synchronous manner in an increasingly distributed workplace that we live in.

我們堅信，它可以改變組織的工作方式，在我們生活的日益分散的工作場所中透過視訊和同步方式工作的方式。

So our bullishness of the product and the product sector is still increasingly, is still very high.

所以我們對產品和產品部門的看好仍然越來越高，仍然非常高。

Secondly, as the product, it continues to sell very strongly, independently of Atlassian.

其次，作為產品，它的銷售繼續非常強勁，獨立於 Atlassian。

And that's always the first step.

這始終是第一步。

I would say we've added a small amount of top spin to the business in terms of how it actually sales and when AI continues to sell and drives a change inland in and of itself has the ability to edit video just as you read in the text document, rings true both with customers and also in the delivery of the product.

我想說的是，我們在實際銷售方面為業務添加了少量的頂部旋轉，以及當人工智能繼續銷售並推動內陸變革時，它本身俱有編輯視頻的能力，就像您在文本文件，無論是對客戶還是在產品交付中都是如此。

We are continuing to integrate learn into our business practices as we do.

我們將繼續將學習融入我們的業務實踐中。

So into the Atlassian cloud platform, into a broaded sales and marketing execution machine.

因此，進入 Atlassian 雲端平台，進入廣泛的銷售和行銷執行機器。

That integration does take some time.

這種整合確實需要一些時間。

We get better at it with each evolution, but there's sort of a two stream effect there.

每次進化我們都會變得更好，但那裡有一種兩流效應。

Once the product continuing independently to sell strongly by itself.

一旦產品繼續獨立地自行強勁銷售。

And secondly, is the integration into our broader platform and the role it plays in the system of work.

其次，是融入我們更廣泛的平台及其在工作系統中所扮演的角色。

Maybe lastly, I would say that the team, the Loom team that's joined us and the additional Loom mates we've added to that continued to deliver very strong product road map.

也許最後，我想說的是，加入我們的 Loom 團隊以及我們添加的其他 Loom 夥伴繼續提供非常強大的產品路線圖。

If you look at the recent launches in Loom around integrations with Jira and Confluence, but also in the Loom.ai skew and continuing to work on how you can just seamlessly added video.

如果你看看 Loom 最近發布的與 Jira 和 Confluence 的集成，以及 Loom.ai 的傾斜，並繼續致力於如何無縫添加影片。

I think the product delivery there is going to continue to be important as we build the momentum in our Loom business.

我認為，隨著我們在織布機業務中建立動力，那裡的產品交付將繼續發揮重要作用。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Hi, many thanks for the question, Joe. I wanted to direct this to you.

你好，非常感謝你的提問，喬。我想把這個告訴你。

I appreciate your comments on being a bit more conservative on the outlook.

我很欣賞您關於對前景更加保守的評論。

And I wanted to tie that to some of the conversations we had in Vegas.

我想將其與我們在維加斯的一些對話聯繫起來。

And particularly as we think about the outlook for the year in the cloud and data center, how you're thinking about two variables that would contribute amongst others, but in particular as it relates to seats and pricing?

特別是當我們思考雲端和資料中心今年的前景時，您如何考慮兩個會產生影響的變量，特別是與席位和定價相關的變量？

How are you thinking about what the contribution from those in order to realize the targets that you've laid out for the year?

您如何看待這些人為實現您今年所訂定的目標所做的貢獻？

Yeah, thanks for the thanks for the question, Keith.

是的，謝謝你提出這個問題，基斯。

From a paid seat expansion perspective, our expansion rates in Q4 were consistent to Q3.

從付費席次擴張的角度來看，我們第四季的擴張率與第三季一致。

That's an encouraging sign, but one data point is not a trend to make.

這是一個令人鼓舞的跡象，但一個數據點並不代表一種趨勢。

And so we are assuming that we'll see continued pressure in paid seat expansion in FY'25.

因此，我們假設 25 財年付費席次擴張將面臨持續壓力。

And that speaks to the risk-adjusted approach we took around macro macroeconomic.

這說明了我們在宏觀經濟方面採取的風險調整方法。

In terms of pricing, we continue to expect to have pricing increases throughout the year.

在定價方面，我們繼續預計全年價格會上漲。

That will be a driver of cloud revenue growth as it has been in FY'24 and prior.

正如 2024 財年及之前的情況一樣，這將成為雲端收入成長的推動力。

And so you should expect to see a similar impact in FY'25 going forward.

因此，您應該會在 25 財年看到類似的影響。

Thank you.

謝謝。

That's all the questions we have time for today.

這就是我們今天有時間回答的所有問題。

I will now turn the call over to Mike for closing remarks.

我現在將把電話轉給麥克做總結發言。

Thanks, everyone, for joining the call today.

感謝大家今天加入電話會議。

Appreciate it all of your thoughtful questions and continued support.

感謝您提出的所有深思熟慮的問題和持續的支持。

I guess I just want to add a small note on a personal level at the end here.

我想我只是想在最後加上一個個人層面的小註釋。

It is Scott's last earnings call and you've all spent in some questions today which I'm sure he is very grateful fo.

這是史考特的最後一次財報電話會議，今天大家都在討論一些問題，我相信他對此非常感激。

When Scott sits down with graduates when they when they joined with any new staff members, one of the things he said for more than two decades now is that the one thing he wanted to leave them with is that they should leave Atlassian a better place than they found it.

當Scott 與畢業生坐下來討論他們加入新員工時，他二十多年來一直在說的一件事是，他想留給他們的一件事是，他們應該給Atlassian 留下一個比他們更好的地方。

They should not treat it as a finished object, but rather a continued construction project that gets better and better and that if they leave the company better than they found it and that's the only thing they walk away with that we will all benefit.

他們不應該把它當作一個成品，而應該把它當作一個持續的建設項目，變得越來越好，如果他們離開公司比他們發現時更好，那就是他們離開時唯一能讓我們所有人受益的東西。

And I say that because I think if there's one person who's left Atlassian better than he founded it, it is Scott and on behalf of the leadership team of the 12,000 current Atlassian's and the 20 odd thousand, I don't even know how many Atlassian there are past and present add together.

我這麼說是因為我認為如果有一個人離開 Atlassian 比他創立它時更好，那就是 Scott，他代表目前 12,000 名 Atlassian 和 20 多名 Atlassian 的領導團隊，我什至不知道有多少 Atlassian有過去和現在加在一起。

We all owe a huge debt of gratitude and thanks for leaving Atlassian better than he found it is is an underestimation, but just the a magical place to work and a fantastic and different company.

我們都對 Atlassian 留下了巨大的感激之情，感謝他們讓 Atlassian 變得比他想像的更好，這是一種低估，但這只是一個神奇的工作場所和一家出色而不同的公司。

And for me personally and from everybody else, thank you, Scott for everything you've done to contribute to the business we have today.

對於我個人和其他所有人來說，謝謝你，斯科特，感謝你為我們今天的業務所做的一切。

And the place we all lucky enough to get to work every day and path for a long time to come.

我們都很幸運，可以在未來很長一段時間內每天上班並走上這條路。

So thank you very much for me, We love you a lot and we wish you the best in all future endeavors.

所以非常感謝你，我們非常愛你，並祝你在未來的一切努力中一切順利。

And with that have a great day everyone.

祝大家有美好的一天。

And have a great weekend.

祝週末愉快。