Atlassian Corp (TEAM) 2025 Q1 法說會逐字稿

Good afternoon, and thank you for joining Atlassian earnings conference call for the first quarter of fiscal year 2025. As a reminder, this conference call is being recorded and will be available for replay on the Investor Relations section of Atlassian's website following this call.

下午好，感謝您參加 Atlassian 2025 財年第一季的收益電話會議。

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 first-quarter fiscal year 2025 earnings call. Thank you for joining us today.

歡迎參加 Atlassian 2025 財年第一季財報電話會議。感謝您今天加入我們。

On the call with me today, we have Atlassian CEO and Co-Founder; Mike Cannon-Brookes; and Chief Financial Officer, Joe Binz. Earlier today, we published a shareholder letter and press release with our financial results and commentary for our first quarter of fiscal year 2025. The shareholder letter is available on Atlassian's Work Life blog and the Investor Relations section of our website, where you will also find other earnings-related materials, including the earnings press release and supplemental investor data sheet.

今天與我通話的有 Atlassian 執行長兼共同創辦人；麥克‧坎農-布魯克斯；和財務長喬·賓茲。今天早些時候，我們發布了一封股東信和新聞稿，其中包含2025 財年第一季的財務業績和評論。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. So during the call today, we'll have brief opening remarks and then focus our time on Q&A.

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.

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。

You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made. We undertake no obligation to update or revise such statements should they change or cease to be current.

您不應依賴前瞻性陳述作為未來事件的預測。前瞻性陳述僅代表我們管理階層截至做出此類陳述之日的信念和假設。如果此類聲明發生變更或不再有效，我們不承擔更新或修改這些聲明的義務。

Further information on these and other factors that could affect our business performance in the 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 report and quarterly reports.

有關這些因素和其他可能影響我們財務績效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報告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 financial measures are in addition to and are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures is available in our shareholder letter, earnings release, and investor data sheet on the Investor Relations section of our website.

在今天的電話會議中，我們還將討論非公認會計準則財務指標。這些非公認會計原則財務指標是根據公認會計原則編製的財務績效指標的補充，不能替代或優於這些指標。我們網站投資者關係部分的股東信函、收益報告和投資者資料表中提供了 GAAP 和非 GAAP 財務指標之間的調整表。

We'd like to allow as many of you to participate in Q&A if possible out of respect for others on the call, but we'll take one question at a time.

出於對通話中其他人的尊重，如果可能的話，我們希望允許盡可能多的人參與問答，但我們一次只會回答一個問題。

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 here today. As you've read in our shareholder letter, FY25 is off to a good start with fresh off our Team '24 Europe event in Barcelona, where we heard our customers like Vodafone, Lloyds Banking Group, and Mercedes-Benz, are leveraging our products in powerful ways to drive team productivity and deliver superior service. We are really energized by the excitement from our customers and partners in response to the innovation that we're delivering.

感謝大家今天加入我們。正如您在我們的股東信中所讀到的那樣，25 財年在巴塞隆納舉行的Team '24 Europe 活動中取得了良好的開端，我們聽說沃達豐、勞埃德銀行集團和梅賽德斯-奔馳等客戶正在利用我們的產品以強大的方式提高團隊生產力並提供優質服務。客戶和合作夥伴對我們所提供的創新所展現的興奮讓我們深受鼓舞。

Over the last few months, I've met with dozens of CIOs and CEOs from our largest customers and listened to the challenges that they face. Technology is increasingly becoming critical to the success of every single organization. And with a platform that now spans software, IT and business teams, I think Atlassian is uniquely positioned to break down the silos between those teams through our system of work.

在過去的幾個月裡，我會見了來自我們最大客戶的數十位首席資訊長和首席執行官，並聽取了他們面臨的挑戰。技術對於每個組織的成功越來越重要。憑藉現在涵蓋軟體、IT 和業務團隊的平台，我認為 Atlassian 具有獨特的優勢，可以透過我們的工作系統打破這些團隊之間的隔閡。

If you're interested in hearing more about the system of work, we are always innovating here at Atlassian. Check out the Loom I just posted to our IR website to give you all a sense of how Loom works and give us any feedback on how you liked it.

如果您有興趣了解更多有關工作系統的信息，我們 Atlassian 始終致力於創新。看看我剛發佈到我們的 IR 網站上的 Loom，讓大家了解 Loom 的工作原理，並向我們提供您對它的喜愛程度的反饋。

AI, of course, is also going to play a pivotal role in how work gets done. With the power of our R&D engine and more than 20 years' worth of data and how teams plan, track, and deliver work, we have incredible competitive advantages in the AI era. And we're not just marketing AI; we're shipping it.

當然，人工智慧也將在工作完成方面發揮關鍵作用。憑藉我們研發引擎的強大力量、20 多年的數據價值以及團隊計劃、追蹤和交付工作的方式，我們在人工智慧時代擁有令人難以置信的競爭優勢。我們不僅僅是在行銷人工智慧；我們也在行銷人工智慧。我們正在運送它。

We've made Rovo, our newest AI-powered product, generally available for all customers just five months after announcing it Team '24 in Las Vegas. Rovo is delivering differentiated value to our customers through our powerful Teamwork Graph, allowing customers to unlock their existing organizational knowledge at ever increasing scale and pace.

在拉斯維加斯 Team '24 宣布推出 Rovo 後僅五個月，我們就向所有客戶全面推出了最新的人工智慧產品 Rovo。 Rovo 透過我們強大的團隊合作圖譜為我們的客戶提供差異化的價值，使客戶能夠以不斷增長的規模和速度釋放他們現有的組織知識。

We also continue to thread our AI capabilities throughout the entire cloud platform, with Atlassian Intelligence across premium and enterprise additions of all our existing products. This is driving increased customer adoption of higher value additions and, of course, driving migrations to the cloud. To build on this momentum, we've introduced Jira Product Discovery Premium, Compass premium, and Guard Premium, adding even more advanced and enterprise-grade capabilities to our newest cloud offerings.

我們也繼續將我們的人工智慧功能貫穿整個雲端平台，將 Atlassian Intelligence 應用於我們所有現有產品的高級版和企業版產品。這推動了客戶越來越多地採用更高附加價值，當然也推動了向雲端的遷移。為了鞏固這一勢頭，我們推出了 Jira Product Discovery Premium、Compass premium 和 Guard Premium，為我們最新的雲端產品添加了更先進的企業級功能。

And lastly, with our increased focus on serving enterprise, we introduced Atlassian Focus, the newest product in our enterprise strategy and planning solution. This continued product innovation is paving the way for our largest and most complex customers to unlock incredible value from the Atlassian cloud platform. Our customers understand that the ultimate Atlassian experience is in the cloud that are increasingly expressing their desire to adopt our cloud offerings.

最後，隨著我們更加重視為企業服務，我們推出了 Atlassian Focus，這是我們企業策略和規劃解決方案中的最新產品。這種持續的產品創新為我們最大、最複雜的客戶從 Atlassian 雲端平台釋放難以置信的價值鋪平了道路。我們的客戶明白，最終的 Atlassian 體驗是在雲端中，他們越來越多地表達了採用我們的雲端產品的願望。

The progress we're making against our top strategic priorities of serving the enterprise, delivering on AI innovation, and empowering teams to work better together with our system of work is resonating incredibly well with our customers. We look forward to building on this momentum in order to seize the incredible opportunities that lie ahead of Atlassian and make further progress on our mission to unleash the potential of every team.

我們在服務企業、實現人工智慧創新以及讓團隊更好地與我們的工作系統合作等首要戰略重點方面所取得的進展，與我們的客戶產生了令人難以置信的共鳴。我們期待著利用這一勢頭，抓住 Atlassian 面前的難以置信的機遇，並在釋放每個團隊潛力的使命上取得進一步進展。

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

這樣，我將轉接給接線生進行問答。

(Operator Instructions) Kash Rangan, Goldman Sachs.

（操作員指令）Kash Rangan，高盛。

(technical difficulty) product releases, which we saw at Team, it's been just a few months after Team that you released it. What are the proof points that you can offer to us that AI, contrary to a lot of peers of Wall Street, that it might take away jobs in development and service, what support can you offer is based on your customer conversations, anecdotal albeit that it could be just the opposite. Thank you so much -- if it is the opposite. Thank you.

（技術難度）產品發布，我們在Team看到的，距離Team發布才幾個月。您可以向我們提供哪些證據來證明人工智慧與華爾街的許多同行相反，它可能會奪走開發和服務方面的工作崗位，您可以提供什麼支持是基於您的客戶對話，儘管是軼事情況可能恰恰相反。非常感謝——如果情況相反的話。謝謝。

Hi, Kash. I think I missed the start of that question. I think it was largely around the AI product releases and the proof points we could offer behind that. It's a very thoughtful and totally a relevant question.

嗨，卡什。我想我錯過了這個問題的開頭。我認為這主要是圍繞人工智慧產品的發布以及我們可以在背後提供的證明點。這是一個非常深思熟慮且完全相關的問題。

Look, I can tell you in terms of both -- let me step back. We have a two-pronged AI strategy, as you're probably all aware. We have Atlassian Intelligence threaded through our platform for all the existing cloud products that brings AI capabilities to every single product we offer. And we have Rovo, which is a separate product built in and for the AI era. And all of that is now in general availability, and we keep iterating and building on it every single quarter with our R&D engine.

聽著，我可以從這兩方面告訴你──讓我退後一步。正如你們可能都知道的那樣，我們有一個雙管齊下的人工智慧策略。我們將 Atlassian Intelligence 貫穿我們所有現有雲端產品的平台，為我們提供的每一款產品帶來人工智慧功能。我們還有 Rovo，這是一款專為人工智慧時代打造的獨立產品。所有這些現在都已普遍可用，我們每個季度都透過我們的研發引擎不斷迭代和建構它。

In terms of proof points, I can tell you that both Atlassian Intelligence customers and the people in the Rovo early access program have seen incredible benefits for their business, right, in terms of how much time they can save every week, and how much faster that business can move. So that yields just high ROI on these investments.

就證據而言，我可以告訴您，Atlassian Intelligence 客戶和Rovo 早期訪問計劃的人員都看到了他們的業務所獲得的令人難以置信的好處，對吧，就每周可以節省多少時間以及速度提高多少而言該業務可以移動。因此，這些投資只會產生高投資報酬率。

Atlassian Intelligence usage has increased more than 10x since the start of the year. And those customers continue to adopt more of their Atlassian products as a result, they're seeing increased ROI from that. And it's also driving for us not only premium and enterprise edition upgrades but migrations, which is a big part of, obviously, our continued evolution as a business.

自今年年初以來，Atlassian Intelligence 的使用量增加了 10 倍以上。這些客戶繼續採用更多的 Atlassian 產品，因此他們看到了投資回報率的提高。它不僅推動了我們的高級版和企業版升級，還推動了遷移，顯然，遷移是我們業務持續發展的重要組成部分。

One of the world's largest Investment management companies signed an agreement recently to move from data center to the cloud over the next three years. It's a huge agreement for us and cited their primary reasons for moving as Atlassian Intelligence and Analytics.

全球最大的投資管理公司之一最近簽署了一項協議，將在未來三年內從資料中心遷移到雲端。這對我們來說是一項巨大的協議，並列舉了他們遷移到 Atlassian Intelligence and Analytics 的主要原因。

I think -- and the question is an implication that it will do the opposite of takeaway from jobs. And I think that's entirely correct. I'm a big believer that the amount of human creativity we have is largely unlimited. And AI is a fantastic tool to enable us to get more of that creativity out faster. It will enable the businesses that adopt it and adopt our products to compete more effectively with other businesses, and that will force everyone to have some sort of adoption of this and gain that efficiency.

我認為——問題是這會帶來與工作崗位的剝奪相反的效果。我認為這是完全正確的。我堅信人類的創造力在很大程度上是無限的。人工智慧是一個很棒的工具，可以讓我們更快發揮更多創造力。它將使得採用它並採用我們產品的企業能夠更有效地與其他企業競爭，這將迫使每個人都以某種方式採用它並獲得效率。

We're certainly not seeing at the moment any seat cannibalization. Again, I would caveat this, it's all -- but all we're seeing at the moment is customer excitement, customer adoption that they're playing with these tools and learning how to use them and really working out how to increase their business velocity in a highly constrained time. So we maintain high excitement.

目前我們當然沒有看到任何座位蠶食。再次，我要警告這一點，僅此而已 - 但我們目前看到的只是客戶的興奮，客戶採用這些工具並學習如何使用它們並真正解決如何提高他們的業務速度在高度有限的時間裡。所以我們保持高度的興奮。

And we do also have a series of elements of consumption-based pricing, as you can see from our pricing of virtual service agents and some of the Rovo and Atlassian Intelligence capabilities. So I think we're well placed for any future that might emerge but maintain high confidence at the moment about how AI is changing our customers and helping us achieve the mission.

我們也確實有一系列基於消費的定價要素，正如您從我們對虛擬服務代理的定價以及 Rovo 和 Atlassian Intelligence 的一些功能中看到的那樣。因此，我認為我們已經為可能出現的任何未來做好了準備，但目前對人工智慧如何改變我們的客戶並幫助我們實現使命保持高度信心。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Congratulations on a really solid quarter. I was hoping you guys could help me like with my research process being completely selfish here. So I made Atlassian my topic, and my thesis was moving to the cloud is just a better platform for upsell and cross-sell. You guys have a broader solution portfolio, and that's going to help NRR expand.

恭喜這個季度的表現非常強勁。我希望你們能幫助我，因為我的研究過程在這裡是完全自私的。所以我把 Atlassian 作為我的主題，我的論文是遷移到雲端只是一個更好的追加銷售和交叉銷售平台。你們擁有更廣泛的解決方案組合，這將有助於 NRR 的擴張。

So when we look at the cloud outperformance this quarter, you talked about seat expansion. You talked about migration benefit. Can you help us understand how much of this is just like the environment has maybe stabilized or slightly improving versus how much of this do you think is stemming from -- now that you're on the cloud platform, that NRR will expand or now that you're on the cloud platform, the marketing initiatives for upsell and cross-sell are proving more effective? Like how much of this is driven by your guys like proactive activity versus driven by the market?

因此，當我們審視本季的雲端表現時，您談到了席次擴張。您談到了移民福利。您能否幫助我們了解其中有多少是環境可能已經穩定或略有改善，而您認為這有多少是源於——現在您在雲端平台上，NRR 將擴展，或者現在您在雲端平台上，追加銷售和交叉銷售的行銷措施是否更有效？例如這其中有多少是由你們的人驅動的，例如主動活動，而不是由市場驅動？

Yeah. Thanks for the question, Keith. I'll start and then Mike will chime in. So just from a high level, we benefited this quarter from a stable macro environment and trends in our business from Q4 largely carried into Q1. So we did see signs of continued stabilization in our SMB customer segment and low-touch sales channel.

是的。謝謝你的提問，基斯。我先開始，然後麥克插話。 因此，從高水準來看，我們本季受益於穩定的宏觀環境以及第四季度的業務趨勢，這些趨勢在很大程度上延續到了第一季。因此，我們確實看到了中小企業客戶群和低接觸銷售管道持續穩定的跡象。

Paid seat expansion rates in SMB, although lower than prior year, were stable to Q4 and top of funnel health remains healthy. So all that felt good and that a prerequisite for that was to have a stable macroeconomic environment to build on.

中小型企業的付費席次擴張率雖然低於去年同期，但在第四季保持穩定，漏斗頂部的健康狀況仍然良好。因此，一切都感覺很好，而實現這一點的先決條件是有一個穩定的宏觀經濟環境。

Enterprise trends overall were also healthy and consistent with Q4. We delivered solid results on annual and multi-year deals, migrations and upsell to premium enterprise additions of our SKUs. So that was also influenced by the stable macroeconomic environment that we saw.

企業整體趨勢也很健康，並且與第四季一致。我們在年度和多年交易、遷移以及向優質企業添加 SKU 的追加銷售方面取得了堅實的成果。所以這也受到我們所看到的穩定的宏觀經濟環境的影響。

And then the other thing I would say is that we did have really steady sales execution in the quarter, and that also carried through to our results. Mike?

我要說的另一件事是，我們在本季的銷售執行確實非常穩定，這也反映在我們的業績上。麥克風？

Yeah. Thanks, Joe. I would say, look, Keith, I think you're a very selfish person. I think that's very fair on yourselves. The macro is still a factor.

是的。謝謝，喬。我會說，聽著，基思，我認為你是一個非常自私的人。我認為這對你們自己來說非常公平。宏觀仍然是一個因素。

There's no doubt about that, right? The companies continue to try to tighten their belts, scrutinize budgets, SMBs tend to be more sensitive to the macro, right? And we still have heavy proportion of SMB. So there's no doubt that's still going on. The way we take that is that's the environment that exists.

毫無疑問，對吧？公司繼續勒緊褲腰帶，審查預算，中小企業往往對宏觀更加敏感，對嗎？而且我們仍然有很大比例的中小企業。所以毫無疑問這種情況仍在持續。我們採取的方式是，這就是存在的環境。

We have to execute through that. We have to continue to grow through that. We have to deal with that. We are no doubt spending a lot of time as we always do with our customers. I can tell you that our message is really resonating both the system of work and philosophy of what we're trying to do for their businesses, both their demand and drive to see Atlassian as a strategic partner that's really helping them through that world.

我們必須執行它。我們必須透過這個過程繼續成長。我們必須處理這個問題。毫無疑問，我們像往常一樣與客戶一起花費了大量時間。我可以告訴您，我們的訊息確實引起了我們努力為他們的業務所做的工作體系和理念的共鳴，無論是他們的需求還是將Atlassian 視為真正幫助他們度過這個世界的戰略合作夥伴的動力。

And also, just the consolidation factor is also working in our favor, which Joe did mention increasingly consolidation onto the Atlassian platform in the cloud is a really great part of it. We're pretty clear that over the medium to long term, though, the key levers of growth are in our control. I think sometimes these factors like the macro are relatively short term in the scale of Atlassian's time thinking.

而且，整合因素也對我們有利，Joe 確實提到，越來越多的整合到雲端的 Atlassian 平台是其中非常重要的一部分。不過，我們非常清楚，從中長期來看，成長的關鍵槓桿在我們的控制範圍內。我認為有時這些宏觀因素在 Atlassian 的時間思考範圍內是相對短期的。

We continue to evolve our enterprise go-to-market motion, as Joe mentioned, really strong customer conversations, really strong continued opportunity to go to wall to wall in our largest customers, which are some of the biggest businesses in the world now.

正如喬所提到的，我們繼續發展我們的企業進入市場行動，真正強大的客戶對話，真正強大的持續機會，與我們最大的客戶進行全面接觸，這些客戶是現在世界上最大的企業之一。

System of work is working really well and driving paid seat expansion as we facilitate that wall-to-wall adoption and also as we continue to connect technology teams with the business teams in an organization, and there's no doubt, they are far more knowledge workers in those business teams and those big companies.

工作系統運作得非常好，並推動了付費席位的擴展，因為我們促進了全面採用，並且隨著我們繼續將組織中的技術團隊與業務團隊聯繫起來，毫無疑問，他們更多地是知識工作者在那些業務團隊和那些大公司。

AI, as we mentioned, continues to drive that growth. So it's a whole set of things across migrations, across new customers coming to us for the Atlassian Intelligence capabilities. Rovo driving interest in our ability to connect and consolidate a whole series of third-party products together and provide huge value on top of those. And there's no doubt, continued growth momentum coming from cross-selling of our solutions.

正如我們所提到的，人工智慧繼續推動這種成長。因此，這是跨遷移、跨新客戶向我們尋求 Atlassian Intelligence 功能的一整套事情。 Rovo 激發了人們對我們將全系列第三方產品連接和整合在一起並在此基礎上提供巨大價值的能力的興趣。毫無疑問，持續的成長動力來自於我們解決方案的交叉銷售。

Obviously, Jira Service Management continuing to power along really well, but a lot of emerging products that we've shipped over the last year or two years in Jira Product Discovery, Compass, and Rovo, all of whom have early traction and feedback. It's really encouraging and are at the start of their growth journeys, not to mention Loom, which continues to just crank along at pace, fantastic product, fantastic customer adoption, and we keep learning as an organization at how to do this every single quarter. That's what we've done for a long time. So incredible bullishness at the moment on our ability to continue to drive results despite a challenging environment out there in the world.

顯然，Jira 服務管理繼續發展得非常好，但過去一兩年我們在 Jira Product Discovery、Compass 和 Rovo 中發布了許多新興產品，所有這些產品都得到了早期的關注和回饋。這確實令人鼓舞，而且正處於他們成長之旅的開始，更不用說Loom，它繼續快速發展，出色的產品，出色的客戶採用率，我們作為一個組織每個季度都在不斷學習如何做到這一點。這就是我們長期以來所做的事情。儘管世界環境充滿挑戰，但目前我們仍對我們繼續推動業績的能力抱持著令人難以置信的樂觀態度。

Adam Tindle, Raymond James.

亞當·廷德爾，雷蒙德·詹姆斯。

I'll try to ask an unselfish question since we're on a team call here. I want to return to the topic of AI, kind of twofold here.

因為我們在這裡進行團隊通話，所以我會嘗試問一個無私的問題。我想回到人工智慧的話題，這裡有雙重意義。

Mike, what was the pivot point to move the AI strategy from more embedded in the product with the Atlassian Intelligence to separately now break it out and monetize it with Rovo. And as you did that, how did you think about pricing not uncommon for AI agents at this price point. But relative to your own core product portfolio, it is a fairly healthy price point. So if you could walk us through those two things.

Mike，將人工智慧策略從透過 Atlassian Intelligence 更加嵌入到產品中，到現在透過 Rovo 單獨進行突破並實現貨幣化的關鍵點是什麼。當您這樣做時，您如何看待人工智慧代理在這個價位上並不罕見的定價。但相對於您自己的核心產品組合，這是一個相當健康的價格點。所以如果你能引導我們完成這兩件事。

And for Joe, real quick, just confirming that Rovo is going to report in cloud and anything that's contemplated in the guidance from Rovo.

對於 Joe 來說，速度很快，只是確認 Rovo 將在雲端報告以及 Rovo 指南中考慮的任何內容。

I can take that first and I'll hand over to Joe for the end part of that question. Adam, appreciate we're all the team here. Look, I don't know, I would call it a pivot point per se. I think it's really important.

我可以先回答這個問題，然後將問題的最後部分交給喬。亞當，感謝我們都是這裡的團隊。聽著，我不知道，我會稱之為樞軸點本身。我認為這非常重要。

There are two different forces happening here. That's why we think about it as a two-point strategy. Firstly, through existing products, Confluence and Jira have been around, more than 20 years of products, still growing fantastically well.

這裡有兩種不同的力量正在發生。這就是為什麼我們將其視為兩點戰略。首先，透過現有的產品，Confluence和Jira已經存在了20多年，並且仍然成長得非常好。

AI and all the capabilities of the Atlassian Cloud platform can deliver increased value in those existing products through text generation through smarter searching through all sorts of different things that we've built as Atlassian Intelligence capabilities in our existing products. That is not something we're pivoting away from, quite the opposite. We've increased the pace of delivery of Atlassian Intelligence features.

人工智慧和 Atlassian Cloud 平台的所有功能可以透過對我們在現有產品中作為 Atlassian Intelligence 功能構建的各種不同事物進行更聰明的搜尋來產生文本，從而為現有產品帶來更高的價值。這並不是我們要迴避的事情，恰恰相反。我們加快了 Atlassian Intelligence 功能的交付速度。

The monetization of that though was not as a separate add-on product. It's the core capabilities of that product, as we've learned how to deliver those capabilities better, as we get more of those capabilities and we deliver them at increasingly lower cost, we're managing our own margins and costs pretty aggressively on the AI side.

不過，其貨幣化並不是作為一個單獨的附加產品。這是該產品的核心功能，因為我們已經學會瞭如何更好地提供這些功能，隨著我們獲得更多這些功能並且以越來越低的成本提供它們，我們在人工智慧上非常積極地管理自己的利潤和成本邊。

And as I said, usage of those features is up more than 10x. And customers reporting great efficiency boost in their existing use of existing products, which is only good for Atlassian. Their subscriptions for the long term, moving to those premium additions. We're certainly not pivoting away from that with Rovo at all.

正如我所說，這些功能的使用率增加了 10 倍以上。客戶報告說，他們現有產品的現有使用效率得到了極大提高，這對 Atlassian 來說是件好事。他們的訂閱是長期的，轉向那些高級附加內容。對於 Rovo，我們當然不會放棄這一點。

With Rovo, given those capabilities we've built over the last 24 months in the Atlassian cloud platform, given the Teamwork Graph that we've built over the last four or five years, we have the ability to build new products we never could have built before. So that's why we say the product's built for the AI here.

有了 Rovo，考慮到我們過去 24 個月在 Atlassian 雲端平台上建構的這些功能，考慮到我們過去四、五年建構的團隊合作圖，我們有能力建立我們從未擁有過的新產品之前建造的。這就是為什麼我們說該產品是為人工智慧而建造的。

We could not have built Rovo without AI. It's not an additive thing. It's core to the product, but it is a very different product to the other things. Our customers increasingly, obviously, using chat to talk to all the knowledge they have across Atlassian's applications and there are other applications in Google Docx and Slack, GitHub, Sigma, et cetera. So this is a really powerful feature set we couldn't have built beforehand.

沒有人工智慧，我們就不可能製造出 Rovo。這不是一個附加的東西。它是產品的核心，但它是一個與其他產品非常不同的產品。顯然，我們的客戶越來越多地使用聊天來談論他們在 Atlassian 應用程式中擁有的所有知識，並且 Google Docx 和 Slack、GitHub、Sigma 等中還有其他應用程式。所以這是一個我們之前無法建立的非常強大的功能集。

And secondly, obviously, with things like agents, allowing them to actually take action, have virtual teammates increasing the bandwidth of their team and the efficiency of their team. It's not a pivot from one to the other as much as we're pretty aggressively investing in both of those 2 areas in terms of the wonderful tools that we have in Atlassian Intelligence. You talked about pricing. I assume you're meaning for Rovo there, particularly, although we have obviously the virtual service agents in Jira Service Management, which also have a consumption-based pricing capability. I think it's important that we continue to evolve and learn about Rovo in terms of the sales strategy.

其次，顯然，借助代理商之類的東西，讓他們能夠實際採取行動，讓虛擬隊友增加團隊的頻寬和團隊的效率。這並不是從一個領域到另一個領域的轉變，因為我們在 Atlassian Intelligence 擁有的出色工具方面非常積極地投資於這兩個領域。您談到了定價。我認為您指的是 Rovo，特別是，儘管我們在 Jira Service Management 中顯然有虛擬服務代理，它也具有基於消耗的定價功能。我認為我們在銷售策略方面不斷發展和了解 Rovo 非常重要。

This is an area that's moving pretty fast, no doubt about that. Rovo though does appeal to both the SMB and the enterprise segments of our customer base.

毫無疑問，這是一個發展非常快的領域。不過，Rovo 確實對我們客戶群中的中小型企業和企業群都有吸引力。

It is a classical Atlassian application in both sides, the flywheel driven, large-scale product-led growth motion and the high-touch enterprise motion. We are trying to do both of those with Rovo. We'll continue to learn from customers and adapt accordingly, but the value delivered is very, very large. So while we take a pragmatic approach always to pricing and monetization, I could hear the early customer feedback, demand signals are strong. The pipeline is ahead of our initial expectations at the moment.

它是典型的 Atlassian 應用，無論是飛輪驅動的、大規模產品主導的成長運動還是高接觸性的企業運動。我們正在努力透過 Rovo 實現這兩點。我們將繼續向客戶學習並做出相應的調整，但所帶來的價值是非常非常大的。因此，雖然我們在定價和貨幣化方面始終採取務實的方法，但我可以聽到早期的客戶回饋，需求訊號很強烈。目前該管道超出了我們最初的預期。

So product only released a few weeks ago. Give us some time, but we maintain high excitement there. Joe?

所以產品幾週前才發售。給我們一些時間，但我們在那裡保持高度興奮。喬？

Yeah. Thanks, Mike. And Adam, thanks for the question. Rovo revenue will be included in cloud when we report our results. And as Mike said earlier in the conversation, our big focus now is on driving deployment, usage, engagement and value with the product across as many customers as possible.

是的。謝謝，麥克。亞當，謝謝你的提問。當我們報告業績時，Rovo 收入將包含在雲端。正如麥克早些時候在談話中所說，我們現在的重點是推動盡可能多的客戶的產品部署、使用、參與和價值。

So monetization is going to be an outcome of success on those things. So our guidance right now assumes a very modest level of revenue from Rovo in FY25, which we believe is the prudent approach at this early stage of the product. And then we'll see gradual growth and build from there over time.

因此，貨幣化將是這些事情成功的結果。因此，我們目前的指導假設 Rovo 在 2025 財年的收入水準非常適度，我們認為這是該產品早期階段的謹慎做法。然後，隨著時間的推移，我們將看到逐漸的成長和建設。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Maybe just the other elephant in the room, just again, this is the largest cloud revenue beat. I think you guys have given since you started providing guidance.

也許只是房間裡的另一頭大象，這又是最大的雲端收入表現。我認為自從你們開始提供指導以來你們已經給予了幫助。

And maybe just drilling a little bit deeper on what drove the outperformance? Was it more prudent conservative initial guide that was derisked? Can you maybe parse out what specifically was kind of much better than your expectations expansions, cross-sell migrations, maybe just stack those for investors to get a better understanding.

也許只是更深入研究推動績效優異的因素？是否是更謹慎保守的初始指引被排除了風險？您能否分析出具體是什麼比您的預期要好得多？ 擴張，交叉銷售遷移，也許只是將這些疊加起來，以便投資者更好地理解。

And then the new -- your new CRO hire, Brian Duffy, just coming in, what are you excited about in terms of the opportunities to really continue to mature the sales go-to-market function?

然後，新聘用的 CRO Brian Duffy 剛上任，您對真正繼續成熟銷售上市功能的機會感到興奮嗎？

Yeah. Thanks, Alex. I'll start, and then Mike will pick it up. So revenue, as you mentioned, in cloud was up 31%. That's in line with Q4, but certainly much better than our expectation of 27% year-over-year growth.

是的。謝謝，亞歷克斯。我先開始，然後麥克接起來。因此，正如您所提到的，雲端領域的收入成長了 31%。這與第四季度的情況一致，但肯定比我們預期的 27% 同比增長要好得多。

I mentioned earlier in Keith's call -- Keith's question, trends from Q4 continued into Q1. The variance to our expectation was really driven by two factors. One is better-than-expected paid seat expansion and the other is migrations. Some of that is macro related to the question earlier, but some of it is just good execution on our part from a sales execution perspective.

我之前在基斯的電話會議中提到——基斯的問題，第四季的趨勢一直延續到第一季。與我們預期的差異實際上是由兩個因素所驅動的。一是付費席位擴張優於預期，二是遷移。其中一些與先前的問題有關，但其中一些只是從銷售執行的角度來看我們的良好執行。

All the other growth drivers in this part of our business, whether it's cross-sell of additional products or adoption of high-value additions or top-of-funnel performance and customer retention, those are either in line or slightly better than our expectations going into the quarter. So that's sort of the breakdown we gave you on the cloud performance. I think it's a mix of both macro, good sales execution, and then just fundamental health in the business. Mike?

我們這部分業務的所有其他成長動力，無論是額外產品的交叉銷售還是高附加價值產品的採用，或者漏斗頂部的績效和客戶保留率，這些都符合或略好於我們的預期進入季度。這就是我們為您提供的有關雲端效能的細分。我認為這是宏觀、良好的銷售執行以及業務基本健康的結合。麥克風？

Yeah, I would agree with Joe on that. It's a broad scale. He's highlighted a series of different points, but we executed well across a whole lot of different factors this quarter, which is great, but we're pragmatic about the environment we're in and continue to try to do that every quarter.

是的，我同意喬的觀點。這是一個廣泛的規模。他強調了一系列不同的觀點，但本季度我們在許多不同因素上都表現良好，這很好，但我們對所處的環境持務實態度，並繼續每個季度都這樣做。

On Brian, look super excited to have him come join. It's been a big search, very comprehensive, very thorough, and a whole lot of time. I think the first thing is to learn Atlassian's business. Brian has a great set of experience across a different series of sales motions.

對於布萊恩的加入，他看起來非常興奮。這是一次大規模的搜索，非常全面、非常徹底，並且花費了很多時間。我覺得首先是要了解Atlassian的業務。布萊恩在不同系列的銷售活動中擁有豐富的經驗。

As I've mentioned Atlassian is a very complex company from a sales perspective, we have a large-scale SMB flywheel product-led growth motion. We also have an increasing enterprise player touch business and trying to thread these two machines together is what we do. It's no small challenge. So he's a big learner. I think he'll study that continually and learn how it works from the inside.

正如我所提到的，從銷售角度來看，Atlassian 是一家非常複雜的公司，我們有大規模的 SMB 飛輪產品主導的成長動力。我們還有越來越多的企業玩家觸摸業務，我們正在嘗試將這兩台機器連接在一起。這是一個不小的挑戰。所以他是一個很好的學習者。我認為他會不斷地研究它並從內部了解它是如何運作的。

At the same time, obviously, has huge experience in driving the sales transformations in leadership, and he's super excited about the opportunity in front of Atlassian and continue to deliver on that.

同時，顯然，他在推動領導力銷售轉型方面擁有豐富的經驗，他對 Atlassian 面前的機會感到非常興奮，並將繼續實現這一目標。

As we mentioned, we have more than 524 customers that are north of $1 million, continues to be a very fast-growing cohort from us, continue to accelerate that enterprise path and the opportunity. We've called those as one of our three big transformations going on in the business as we continue to evolve. I'm sure he will continue to help power that. And no doubt, it will be a big add to the executive team, having public company CEO experience and getting on the team, we're all super excited to have him. So looking forward to it.

正如我們所提到的，我們擁有超過 524 名客戶，價值超過 100 萬美元，他們仍然是我們快速成長的群體，繼續加速企業道路和機會。我們將這些稱為我們在不斷發展過程中正在進行的三大業務轉型之一。我確信他將繼續為此提供幫助。毫無疑問，這將是執行團隊的一大補充，擁有上市公司執行長的經驗並加入團隊，我們都非常高興能擁有他。所以很期待。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Nice start to the fiscal year all. At the top of the jar, but I think it's useful to go back to it just on AI and ROVO. I wanted to just give Mike a chance to help level set your view on Atlassian's points of differentiation there versus some of the other tools we're seeing come out across software. And maybe help us also just think through how much of the Atlassian user base this could eventually address over a much longer period of time.

本財年開局良好。在罐子的頂部，但我認為回到 AI 和 ROVO 上是有用的。我只是想給 Mike 一個機會，幫助您了解 Atlassian 與我們在軟體中看到的其他一些工具的差異點。也許還可以幫助我們思考，這最終可以在更長的時間內解決多少 Atlassian 用戶群問題。

Well, Michael, you're asking the questions that are going to get me in a lot of trouble here. Look, I think we're massively differentiated in Rovo. I really do.

好吧，邁克爾，你問的問題會給我帶來很多麻煩。聽著，我認為我們 Rovo 有著巨大的差異化。我真的這麼做。

I think we are well ahead in the R&D journey of building a real product that actually lands with customers and actually delivers value that can access today and is built on many, many years of investment. I think the cloud platform, the Teamwork Graph, the Forge technical platform we have to build extensions and add-ons, the Teamwork Graph, as I mentioned, that we've built over many years, which is strongly tied and highly opinionated way of organizing all of the teamwork data that you have.

我認為我們在建立真正的產品的研發過程中處於領先地位，該產品能夠真正交付給客戶，並真​​正提供當今可以獲得的價值，並且是建立在多年投資的基礎上的。我認為雲端平台、Teamwork Graph、Forge 技術平台我們必須建立擴充功能和附加元件，正如我所提到的，Teamwork Graph 是我們多年來建構的，這是一種緊密聯繫且高度固執己見的方式組織您擁有的所有團隊合作數據。

And then we've added on top Atlassian Intelligence a series of different large language models from many different vendors that we run, and we have great (smash) about how we choose which model and why as well as the extensibility of Atlassian's products and portfolio combined with a really world-class enterprise search engine that we've built to access that data and get the right data through the LLMs, right?

然後，我們在Atlassian Intelligence 之上添加了來自我們運行的許多不同供應商的一系列不同的大型語言模型，並且我們對如何選擇哪個模型、為什麼以及Atlassian 產品和產品組合的可擴展性有很好的了解（粉碎）與我們構建的真正世界一流的企業搜尋引擎相結合，以訪問該數據並通過法學碩士獲得正確的數據，對嗎？

Getting AI features is not the hard part. It's getting the data you have organized, structured, and thoughtfully managed. It's having a search engine or search capability that can get that data to the intelligence features and then it's having an extensibility platform to allow those agents to actually take action in ways that are user controlled. So they understand what's going to happen, but at the same time, autonomous and able to go and create value for your organization.

要取得人工智慧功能並不是困難的部分。它獲取您組織、結構化和精心管理的資料。它擁有一個搜尋引擎或搜尋功能，可以將資料獲取到智慧功能，然後它擁有一個可擴展平台，允許這些代理以用戶控制的方式實際採取行動。因此，他們了解將要發生的事情，但同時又具有自主性，能夠為您的組織創造價值。

So massive excitement. That's why you see the excitement in our customer base.

如此巨大的興​​奮。這就是為什麼您會看到我們的客戶群如此興奮。

A whole series of multi-multiyear investments coming together into Rovo with the Atlassian Intelligence on the top. So a classic example, I think, of Atlassian's R&D and long-term focus over the last 5 to 10 years coming together and very differentiated, right? I will tell you that in terms of what our agents can do, the breadth of those agents across business teams, IT teams, software teams is very, very strong, and customers are really resonating with it.

Rovo 匯集了一系列多年投資，其中最重要的是 Atlassian Intelligence。我認為這是一個典型的例子，A​​tlassian 的研發和過去 5 到 10 年的長期關注融合在一起並且非常與眾不同，對嗎？我會告訴你，就我們的代理商能做的事情而言，這些代理商跨業務團隊、IT團隊、軟體團隊的廣度非常非常強，客戶確實與之產生了共鳴。

The amount of things they can do when they start playing, we've seen that in some of our existing early access program -- or access program customers. And what I like seeing is just delight on their faces when it starts doing things, when Rovo is achieving things inside their business with their own data with data that comes from Atlassian products and third-party products put together and then actually taking action and driving business value.

他們開始玩遊戲時可以做的事情很多，我們已經在一些現有的早期訪問計劃或訪問計劃客戶中看到了這一點。我喜歡看到的是，當Rovo 開始做事時，當Rovo 使用自己的數據，以及來自Atlassian 產品和第三方產品的數據組合在一起，然後實際採取行動並推動業務發展時，他們臉上洋溢著喜悅的表情。

It's a super exciting product. It's a super exciting time to be building products and we have an amazing technical platform, I would say, absolutely world-class and be able to do that. So a differentiated.

這是一個超級令人興奮的產品。這是建立產品的超級令人興奮的時刻，我想說，我們擁有令人驚嘆的技術平台，絕對是世界一流的，並且能夠做到這一點。所以有差異化。

We've had this journey going for a fair while now. So happy to be ahead at the same time, practical. We've got to stay ahead. We're going to keep investing to stay ahead on the R&D side. And we're far from done on this. So there's a lot more to do, a lot more things coming out.

我們的這段旅程已經進行了一段時間了。很高興同時領先，務實。我們必須保持領先。我們將繼續投資，以在研發方面保持領先地位。我們在這方面還遠遠未完成。所以還有很多事情要做，還有很多事情要做。

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

Mike, you alluded to this in the opening remarks and some of the commentary you threaded in some of your answers earlier. But I wanted to throw in on your pricing strategy. Specifically, maybe Atlassian is more assertive foray into the realm of consumption pricing that is being maybe more profoundly infused in the portfolio.

麥克，您在開場白以及您之前在一些答案中提出的一些評論中提到了這一點。但我想談談你們的定價策略。具體來說，Atlassian 可能更果斷地涉足消費定價領域，而消費定價領域可能會更深入地融入投資組合中。

So I'm wondering what the calculus behind the consumption and strategy as we're aware can be pretty variable and it's still pretty early days. So we'd just love to get your thoughts on just the strategizing about rolling out the consumption pricing because it's relatively new.

所以我想知道我們所知道的消費和策略背後的計算原理可能是相當多變的，而且現在還處於早期階段。因此，我們很想了解您對推出消費定價策略的想法，因為它相對較新。

And Joe, if you could help us on how you are contemplating how much consumption pricing scales and how it's embedded in your guidance with respect to some of that variability that it could bring.

喬，如果您能幫助我們了解您如何考慮消費定價的範圍，以及如何將其嵌入到您的指導中，以應對它可能帶來的一些變化。

Fatima, great question. I can answer the first part, and I'll let Joe follow on with the second part there. Lower consumption-based pricing in various ways across the portfolio for a little while now. Bitbucket pipelines in terms of effectively some sort of a proxy on CPU usage because of the amount of builds you run can be highly variable. It doesn't necessarily depend on the number of developers you have.

法蒂瑪，好問題。我可以回答第一部分，然後我會讓喬繼續回答第二部分。目前，整個投資組合中以各種方式降低基於消費的定價已經有一段時間了。 Bitbucket 管道實際上是 CPU 使用率的某種代理，因為您執行的建置量可能會變化很大。它不一定取決於您擁有的開發人員數量。

We obviously have storage and a few other areas where we do have a pricing capability that burst up and down. Historically, I would say our consumption-based pricing strategy has been on avoiding overages, so the sort of top 3% to 5% of your customer base that have an order of magnitude, more usage of storage or something else? And just making sure that that doesn't hurt the margins on the downside.

顯然，我們在儲存和其他一些領域確實具有突然上下波動的定價能力。從歷史上看，我想說，我們基於消費的定價策略一直是避免超額，那麼您的客戶群中前 3% 到 5% 的客戶群是否有一定數量級、更多的儲存使用率或其他因素？只是確保這不會損害利潤率。

And that maintains to be a broad philosophy across our six, seven, eight consumption-based strategies we have going on in different places. That's more of a defensive strategy, I would say. And ideally, that's where we would like to be in a broad level.

這仍然是我們在不同地方實施的六、七、八種基於消費的策略的廣泛理念。我想說，這更多的是一種防禦策略。理想情況下，這就是我們希望在廣泛層面上實現的目標。

However, with things like AI and virtual service agents, there's certainly a capability to increasingly deploy that. The same thing with assets in Jira Service Management is another area that we have some consumption-based pricing, largely where we like to take pricing gain from a philosophy point of view, is to be very customer driven. Where does it make sense? Where is it logical? Or is it going to scale in as friction-free way as possible?

然而，有了人工智慧和虛擬服務代理之類的東西，肯定有能力越來越多地部署它。與 Jira 服務管理中的資產相同的是，我們有一些基於消費的定價，主要是我們希望從哲學角度獲得定價收益，即非常以客戶為導向。哪裡有道理呢？邏輯在哪裡？或者它會以盡可能無摩擦的方式擴展？

And where is there a clear value return for what I consume, what I use and where do I get a clear return for that? And is there a clear ROI to me, I think that's the same strategy that we're employing there. we will learn over the coming year as to how that works in terms of virtual service agents and assets. I can say we're very thoughtful when it comes to pricing and have been over a long period of time. And I would say we'll maintain that posture.

我消費的東西、我使用的東西在哪裡有明確的價值回報？對我來說有明確的投資報酬率嗎？ 我認為這與我們在那裡採用的策略相同。我們將在接下來的一年中了解它在虛擬服務代理和資產方面的運作方式。我可以說，我們在定價方面考慮得非常周到，並且已經考慮了很長一段時間。我想說我們會保持這種姿態。

Joe?

喬？

Thank you, Mike. To the question, Fatima, about consumption pricing and the financial model, there's a very small and modest amount in the guidance in LRP. We believe it will take some time to scale. And as Mike mentioned, we don't have a fixed mindset on pricing and packaging. And in the future, we'll be pragmatic and flexible in our approach based on the value we deliver to customers and how we deliver that.

謝謝你，麥克。 Fatima，關於消費定價和財務模型的問題，LRP 的指導中的內容非常少且適度。我們相信規模化需要一些時間。正如麥克所提到的，我們在定價和包裝方面沒有固定的心態。未來，我們將根據我們為客戶提供的價值以及我們如何提供價值，採取務實且靈活的方法。

So our modeling today is predominantly seat-based when we think about this year's guidance and the long-range plan that we have. So we are taking a very conservative approach to this and seeing how things develop.

因此，當我們考慮今年的指導和我們的長期計劃時，我們今天的建模主要是基於席位的。因此，我們對此採取非常保守的態度，看看事情如何發展。

Gregg Moskowitz, Mizuho Securities.

格雷格·莫斯科維茨，瑞穗證券。

Okay. Congratulations on a very nice quarter. Mike, for many years now, Atlassian has spent right around 35% of its revenues in R&D, which obviously is much higher than peers. And certainly, we've seen some very good innovation over the years. But frankly, I can't recall any period of time that matches what you've unveiled over the last several months or so.

好的。恭喜您度過了一個非常美好的季度。 Mike，多年來，Atlassian 將其收入的 35% 左右用於研發，這顯然比同行高得多。當然，這些年來我們已經看到了一些非常好的創新。但坦白說，我不記得任何一段時間與您在過去幾個月左右所披露的內容相符。

And maybe that's just circumstantial. But what I'm wondering is, have any changes been made to how the engineering teams are oriented that helps explain the flurry of product innovation that we're seeing.

也許這只是偶然的。但我想知道的是，工程團隊的導向方式是否發生了任何變化，這有助於解釋我們所看到的一系列產品創新。

Gregg, look, I appreciate the nice words there, for sure. I don't think there's anything structural that I would say we're changing. We've continued to work really hard over the last couple of years on developer productivity, having a world-class engineering organization, product management organization, design organization is incredibly important to us.

格雷格，聽著，我當然很欣賞那裡的好話。我不認為我們正在改變任何結構性的東西。在過去的幾年裡，我們一直在努力提高開發人員的生產力，擁有世界一流的工程組織、產品管理組織、設計組織對我們來說非常重要。

And we have a big view as you've said for a long time that great technology companies that can survive and thrive for decades require world-class engineering organizations. You cannot find one that doesn't have a really world-class engineering organization.

正如您長期以來所說的那樣，我們有一個宏大的觀點，即能夠生存和繁榮數十年的偉大科技公司需要世界一流的工程組織。你找不到一個沒有真正世界級工程組織的公司。

We spend a lot of time focusing on what we create but also as much time focusing on the productivity of that organization, we do spend a lot of time on productivity. When I talk to customers, I spend a lot of time explaining to them how our R&D organization works, how much we spend on productivity, how we measure productivity, both qualitatively and quantitatively.

我們花了很多時間專注於我們創造的東西，但也同樣多的時間專注於該組織的生產力，我們確實花了很多時間在生產力上。當我與客戶交談時，我花了很多時間向他們解釋我們的研發組織如何運作，我們在生產力上花了多少錢，我們如何定性和定量地衡量生產力。

And a lot of our products, Compass is a good example, come from internal tool that we have built over time to drive our own productivity in the modern world of engineering. I don't think that's really changed. It's a continued evolution, a continued growth in the mindset there.

我們的許多產品（Compass 就是一個很好的例子）都來自於我們長期以來建構的內部工具，旨在提高我們在現代工程領域的生產力。我認為這並沒有真正改變。這是一種持續的演變，是一種心態的持續成長。

The only thing I could probably point to is building a lot of platform componentry takes an awful long time, as we've talked about whenever asked about R&D spending over the years. There's no doubt we've spent a lot of time building our cloud platform. And at some point, you can start building products on top of that platform that really show that and leverage that.

我唯一可以指出的是，建立大量平台組件需要花費很長時間，正如我們多年來每當被問及研發支出時所討論的那樣。毫無疑問，我們花了很多時間來建立我們的雲端平台。在某些時候，您可以開始在該平台上建立真正展示並利用這一點的產品。

If you look at Focus, if you look at your Product Discovery even if you look at Rovo building on top of Forge and the Teamwork Graph, we are able with that cloud platform to build, I would say, more mature products faster than we were five years ago, more fully featured and more of the time can be spent on the unique value of the product. There's no doubt about that.

如果你看看 Focus，如果你看看你的產品發現，即使你看看 Rovo 構建在 Forge 和 Teamwork Graph 之上，我想說，我們能夠利用該雲端平台比我們更快地構建更成熟的產品五年前，功能更加齊全，可以把更多的時間花在產品的獨特價值上。毫無疑問。

We are integrating Loom into that platform faster than we have integrated any previous acquisition, which is another way that, that platform is benefiting. And as the -- I suppose if you're looking at the multi-year view as that platform has matured, that lets us spend less time on migration tooling and moving the data centric customers to that cloud platform.

我們將 Loom 整合到該平台的速度比我們整合之前任何收購的速度都要快，這是該平台受益的另一種方式。我想，如果您從多年的角度來看該平台已經成熟，那麼我們可以在遷移工具上花費更少的時間，並將以資料為中心的客戶轉移到該雲端平台。

We are now building ever more advanced enterprise capabilities, right? We're now data resident in 11 different countries, et cetera. So that platform had certainly a large amount of investment for a period of time.

我們現在正在建立更先進的企業能力，對吧？我們現在的數據駐留在 11 個不同的國家等。所以說這個平台在一段時間內肯定有大量的投資。

To some extent, that's pivoted to building products and other capabilities on top of that platform. But I would say that we're not slowing down. We're a big organization. We have a lot of great ideas of things we can build.

在某種程度上，這主要是在該平台上建立產品和其他功能。但我想說的是，我們並沒有放慢腳步。我們是一個大組織。我們有很多可以建造的好主意。

We take the same view that we start with prototypes and ideas. We try to turn those into products, learn and co-create with our customers, and where those products deliver incredible value, then we work out how to turn them into the business, and we're very patient and thoughtful about how we do that to build really defensible businesses over time.

我們的觀點是從原型和想法開始。我們嘗試將它們轉化為產品，與客戶一起學習和共同創造，這些產品可以提供令人難以置信的價值，然後我們研究如何將它們轉化為業務，我們對如何做到這一點非常耐心和深思熟慮隨著時間的推移建立真正具有防禦性的企業。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO 資本市場。

I wanted to focus on JSM for a second, if I could. On your slide deck, you have greater than 55,000 JSM customers. I wanted to try to get some perspective on how do you think your win rates and opportunities have changed.

如果可以的話，我想暫時關註一下 JSM。在您的投影片上，您有超過 55,000 位 JSM 客戶。我想嘗試了解您對獲勝率和機會有何變化的看法。

There's a lot of different dynamics underpinning the question, but in particularly seats, which the seat opportunities based on channel feedback have been limited, but seem to be steadily growing, particularly over the last year. But just how do you think the competitive dynamics are changing?

這個問題有很多不同的動力支撐，但特別是在席位方面，基於渠道反饋的席位機會有限，但似乎在穩步增長，特別是在去年。但您認為競爭動態正在發生什麼樣的變化？

In addition, if you could address, Mike, this was per your comments to a previous question on how AI may be changing the landscape. And the context of my question is really within JSM, I'd like to drill down a little bit on that. ServiceNow obviously talks about their plus SKUs pretty aggressively gaining traction. And I wanted to see if you could channel the AI discussion, particularly towards JSM and how you think that might change your competitive opportunities as you look out over the next year or two.

此外，麥克，如果你能回答一下，這是根據你對先前關於人工智慧如何改變格局的問題的評論。我的問題的背景實際上是在 JSM 內，我想對此進行深入研究。 ServiceNow 顯然在談論他們的附加 SKU 非常積極地獲得關注。我想看看您是否可以引導人工智慧討論，特別是針對 JSM 以及您認為在您展望未來一兩年時這可能會如何改變您的競爭機會。

Great questions. A lot there. Look, I would say a few things on the Jira Service Management opportunity in the service management Space. we continue to do extremely well there, continues to grow strongly, as you mentioned, sell through 55,000 customers, so the expansion continues well. It's driven by a few fundamentals, I would say.

很好的問題。那裡有很多。看，我想就服務管理空間中的 Jira 服務管理機會說幾句話。我們在那裡繼續做得非常好，並繼續強勁增長，正如您所提到的，透過 55,000 名客戶進行銷售，因此擴張繼續順利。我想說，它是由一些基本原理驅動的。

Firstly, an incredible product that delivers incredible value, especially compared to a lot of legacy vendors where the price-to-value ratio we are far and away ahead of a lot of those legacy vendors. That is many, many years of R&D built on top of the cloud platform, built on top of the Jira platform. So there's a reason for that.

首先，這是一個令人難以置信的產品，可以提供令人難以置信的價值，特別是與許多傳統供應商相比，我們的性價比遠遠領先許多傳統供應商。這是建立在雲端平台、Jira 平台之上的多年研發成果。所以這是有原因的。

We continue to expand strongly with JSM, both in the DevOps space. So anyone connecting their IT team to the development and operations teams, an area of huge strength as you've seen us continuing to embed some of the Opsgenie capabilities in terms of incidents and rostering and alerting combining JSM and Compass together as a real powerful solution.

我們繼續在 DevOps 領域與 JSM 一起大力擴張。因此，任何將IT 團隊與開發和營運團隊聯繫起來的人，這都是一個具有巨大優勢的領域，因為您已經看到我們繼續在事件、排班和警報方面嵌入Opsgenie 的一些功能，將JSM 和Compass 結合在一起作為真正強大的解決方案。

We are head and shoulders above anybody else in our ability to do that at the moment and continue to go in the other direction towards more employee service management, with aspects of HR teams, marketing teams and finance teams increasingly adopting Jira Service Management, incredible time to value. So the ability to start a service function or a service desk can get it up and running, highly configured. Our automation engine is second to none. So the ROI of our service desk is incredibly high.

目前，我們在這方面的能力遙遙領先於其他任何人，並繼續朝著更多員工服務管理的方向前進，人力資源團隊、行銷團隊和財務團隊越來越多地採用Jira 服務管理，這是令人難以置信的時間價值。因此，啟動服務功能或服務台的能力可以使其啟動並運行，並進行高度配置。我們的自動化引擎是首屈一指的。因此，我們服務台的投資報酬率非常高。

Our AI is a little bit of a cream on top of that. The business was already running really, really well. When you add AI on the DevOps side, we shipped a whole series of AI innovations, really industry-leading in terms of our ability to use AI to process large amounts of alerts and incoming information. And really, there's still that for the agents to separate signal from noise.

我們的人工智慧是最重要的一點。業務已經運作得非常非常好。當您在 DevOps 方面添加 AI 時，我們推出了一系列 AI 創新，就我們使用 AI 處理大量警報和傳入資訊的能力而言，這些創新確實處於行業領先地位。事實上，智能體仍然需要將訊號與噪音分開。

And secondly, in virtual service agents, given the strength we have in AI and our R&D heritage, we are outperforming anybody else in our ability to deliver that virtual service experience, both in terms of the number of customers helped and the number of tickets resolved, the number of agents helped, so the ability to make agents operate their job faster and the ability to close out the high volume of sort of repetitive tickets.

其次，在虛擬服務代理方面，鑑於我們在人工智慧方面的實力和我們的研發傳統，我們在提供虛擬服務體驗的能力方面優於其他任何人，無論是在幫助的客戶數量還是解決的票證數量方面，代理的數量有所幫助，因此能夠使代理更快地開展工作，並能夠關閉大量重複的工單。

We feel really strong about how we're doing that. We continue to have a whole series of things. It's fantastic to be recognized by Forrester and others for our sort of leadership position there in AI and service management. And I would say that we're not slowing down in that space at all. I know there's sort of continued surprise about from the Investor Day, the speed of growth of that business continues to be a really strong one for us.

我們對自己的做法感到非常堅定。我們繼續擁有一系列的事情。很高興我們在人工智慧和服務管理領域的領導地位得到 Forrester 和其他機構的認可。我想說的是，我們在這個領域根本沒有放慢腳步。我知道投資者日一直給人帶來驚喜，這項業務的成長速度對我們來說仍然非常強勁。

We think we're in a great competitive position. And we're only just getting started. Our assets capabilities in building out a modern configuration management database that's graph-based, instead of being relational is increasingly adopted by customers for all sorts of workflows and applications within their organization.

我們認為我們處於非常有利的競爭地位。而我們才剛開始。我們建立基於圖形而非關係的現代配置管理資料庫的資產能力越來越多地被客戶用於其組織內的各種工作流程和應用程式。

So lots of super exciting areas to go into besides the traditional DevOps space. So look, lots of customer examples, incredible statistics from customers. So very, very excited about where we sit in service management space and onward and upward from here.

除了傳統的 DevOps 領域之外，還有很多超級令人興奮的領域值得研究。所以看，大量的客戶範例，來自客戶的令人難以置信的統計數據。對於我們在服務管理領域的地位以及從這裡開始向上的發展感到非常非常興奮。

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

Well, the larger data center customers that have provided more detail around their plans to move to the cloud to get Atlassian features, do you think the timing of their migration is likely to happen around their contract renewal? Or do you think they could start to move more seats over to the cloud earlier with hybrid deployments in the meantime? Thank you.

那麼，較大的資料中心客戶已經提供了有關遷移到雲端以獲得 Atlassian 功能的計劃的更多詳細信息，您認為他們的遷移時間可能會在合約續約前後發生嗎？或者您認為他們可以開始透過混合部署更早將更多席位轉移到雲端？謝謝。

Ryan, I can take that one as well. It's a little bit of both. It might be worth stepping back to understand how that tends to work for these larger customers. There's no doubt that contract renewal is a time when they will look at moving into more of a hybrid state. That certainly is true.

瑞安，我也可以接受那個。兩者都有一點。也許值得退後一步來了解這對這些大客戶有何影響。毫無疑問，在續約時，他們將考慮進入更多的混合狀態。這當然是真的。

The more innovation we ship in the cloud, depending on when their renewal is at, they may look for early renewals or early capabilities, right? Atlassian Intelligence, certainly, driving some of those customers to look earlier so that both of those are happening.

我們在雲端提供的創新越多，取決於他們的更新時間，他們可能會尋求早期更新或早期功能，對嗎？當然，Atlassian Intelligence 會促使其中一些客戶更早進行查看，以便這兩件事都會發生。

Most of those largest customers, certainly, move into a hybrid state first, right? If someone has 50, 80, 100 data center instances running around that company, they will move some of them. They may choose some of them to move into an archival state. They may move some small ones first to get used to the migration process. They may have some that require FedRAMP or some different type of compliance capabilities and other instances.

當然，大多數最大的客戶會先進入混合狀態，對吧？如果某人在該公司周圍運行 50 個、80 個、100 個資料中心實例，他們將遷移其中的一些實例。他們可能會選擇其中一些進入存檔狀態。他們可能會先移動一些小的，以適應遷移過程。他們可能有一些需要 FedRAMP 或某些不同類型的合規功能和其他實例。

So you run into these large global conglomerates, I've spoken to, a series of large conglomerate, banking customers and telecommunications customers in the last month. Both of them have different geographic needs for different data center instances. So it becomes a large scale migration project.

所以你在上個月遇到了這些大型全球企業集團，我曾與一系列大型企業集團、銀行客戶和電信客戶交談過。他們對於不同的資料中心實例有不同的地理需求。因此它成為一個大規模的遷移計畫。

The key for us is to make sure that we're showing them good value from the cloud platform over time, that, that is their destination, they understand the value they're going to get from getting there. And we build up our capability and their organizational capability to run these migrations. Some of these customers again have 50 to 100 data center servers or more that they have to migrate over time. This is a large scale IT project, but it's very exciting for them to do that.

對我們來說，關鍵是要確保隨著時間的推移，我們向他們展示雲端平台的良好價值，那就是他們的目的地，他們了解到達目的地後將獲得的價值。我們建立我們的能力和他們的組織能力來運作這些遷移。其中一些客戶再次擁有 50 到 100 台或更多資料中心伺服器，隨著時間的推移，他們必須進行遷移。這是一個大型 IT 項目，但他們能夠做到這一點非常令人興奮。

I will point to two final things. It is a multiyear journey, and it's somewhat dependent upon those customers. So the macro environment can affect this, right? There's no doubt about that. We have customers who have migration projects that have slowed down because of their internal macro environment.

我將指出最後兩件事。這是一個多年的旅程，並且在某種程度上取決於這些客戶。那麼宏觀環境會影響這一點，對嗎？毫無疑問。我們有些客戶的遷移項目由於其內部宏觀環境而放緩。

It's an internal project. That's okay. We're patient. We're playing a long game with those customers. As I said, we had a good quarter.

這是一個內部專案。沒關係。我們很有耐心。我們正在與這些客戶進行一場持久戰。正如我所說，我們度過了一個美好的季度。

We're slightly ahead of our expectation for this quarter. We're slightly behind last quarter. I suspect, as Joe mentioned, that's going to be part of this multiyear journey is managing through that experience. But most importantly, the COOs speak to the customers, they really are in a win not if environment.

我們對本季的預期略高於預期。上季我們略有落後。正如喬所提到的，我懷疑這將是這段多年旅程的一部分，就是透過這段經歷來管理。但最重要的是，營運長與客戶交談，他們確實處於雙贏的環境中。

They do understand that cloud is the best experience of Atlassian products. It's their ultimate destination. They see the innovation we're delivering in the cloud. They see that management that movement -- as I mentioned, that large financial services customer that signed a very large three-year deal for us.

他們確實明白雲端是 Atlassian 產品的最佳體驗。這是他們的最終目的地。他們看到了我們在雲端提供的創新。他們看到了管理階層的行動——正如我所提到的，那個大型金融服務客戶為我們簽署了一份非常大的三年協議。

They explicitly mentioned that analytics and AI were the reasons that they were choosing the cloud, and they were starting on their migration journey. And that's fantastic. It's just up to us to continue to drive that momentum.

他們明確提到，分析和人工智慧是他們選擇雲端的原因，他們正在開始遷移之旅。這太棒了。我們有責任繼續推動這股勢頭。

And then if I could just add one thing, Mike. Ryan, just as a reminder, we are confident and continue to expect data center migrations to make a mid- to high single-digit contribution to cloud revenue growth rates over the next three years. So that's reflective in the financial model of our confidence around that motion.

然後我可以補充一件事嗎，麥克。 Ryan，提醒一下，我們有信心並繼續期望資料中心遷移在未來三年內對雲端收入成長率做出中高個位數的貢獻。這反映在我們對該動議的信心的財務模型中。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Joe, in the letter, you seem to comment on negative macro factors and obviously understand Brian coming in as a potential factor as well. But I guess, in your commentary, you mentioned demand was stable quarter to quarter, Andy Jassy at Amazon just mentioned demand is improving. EWS is accelerating. Google saw their enterprise cloud accelerate.

喬，在信中，你似乎對負面宏觀因素進行了評論，並且顯然也理解布萊恩的加入也是一個潛在因素。但我想，在您的評論中，您提到需求季度穩定，亞馬遜的安迪賈西剛剛提到需求正在改善。 EWS 正在加速。谷歌看到他們的企業雲加速發展。

I guess, I mean, it seems like in the bigger picture, things seem to be getting a little bit better, but you're being a little more conservative. Anything to read in there? Is that a right view? Maybe just kind of give us your sense of how you're taking a lot of these factors into your guidance.

我想，我的意思是，從更大的角度來看，情況似乎有所好轉，但你有點保守了。裡面有什麼可以讀的嗎？這是正確的觀點嗎？也許只是讓我們了解一下您如何將這些因素納入您的指導中。

Yeah, it's a great question, Brent. Thanks for asking. We highlighted last quarter that we had taken a different approach to our guidance this year, and that it was a more conservative and risk-adjusted approach than in the past. At the time, we believe this was prudent and the right thing to do given two factors.

是的，這是一個很好的問題，布倫特。謝謝你的詢問。我們在上個季度強調，我們對今年的指導採取了不同的方法，並且比過去更加保守和經過風險調整的方法。當時，考慮到兩個因素，我們認為這是謹慎且正確的做法。

First, the uncertainty we saw in the macro environment and then secondarily, execution risks related to the evolution and transformation of our enterprise go-to-market motion. Nothing has changed with respect to that approach in our updated guidance for Q2 and the rest of FY25.

首先，我們在宏觀環境中看到的不確定性，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。在我們更新的第二季和 2025 財年剩餘時間指南中，這種方法沒有任何變化。

A few factors there. One, Q1 is seasonally our lowest, absolute bookings quarter in the year. So we don't want to read too much into the rest of the year based on performance in Q1. Secondly, macro uncertainty remains with the upcoming U.S. election, the regional military conflicts and tempered IT spending outlooks.

有幾個因素。第一，第一季是我們一年中絕對預訂量最低的季度。因此，我們不想根據第一季的表現過度解讀今年剩餘時間。其次，即將到來的美國大選、區域軍事衝突以及 IT 支出前景不佳等因素仍存在宏觀不確定性。

And while we are super excited to welcome Brian to the team, we are still in the early days of our enterprise go-to-market evolution, and there's a lot of work left to do. So we believe it was the right thing to do three months ago, and nothing has changed in our thinking about that. So we've taken the same approach this quarter because both of those factors, macro uncertainty and execution risk remain as relevant now as they did three months ago in our opinion, as we look to the future.

雖然我們非常高興地歡迎 Brian 加入團隊，但我們仍處於企業進入市場發展的早期階段，還有很多工作要做。所以我們相信三個月前做的事情是正確的，我們對此的想法沒有任何改變。因此，我們本季採取了相同的方法，因為在我們展望未來時，宏觀不確定性和執行風險這兩個因素現在仍然與三個月前一樣相關。

So hope that context helps Brent.

所以希望上下文對布倫特有幫助。

Jason Celino, KeyBanc.

傑森·塞利諾，KeyBanc。

Clearly, very impressive cloud results, kind of twofold. With the Q4, did you see any deals that maybe had slipped closed in Q1? Or was there any dynamic of maybe closing some deals or some pull forward ahead of some of these cloud pricing increases that we saw a month back.

顯然，雲端結果非常令人印象深刻，有雙重意義。在第四季度，您是否看到任何可能在第一季結束的交易？或者在我們一個月前看到的一些雲端定價上漲之前，是否有任何可能完成一些交易或提前推進的動態。

Yeah. Thanks for the question. This is Joe. I'll take that one. Just as a reminder, in Q4, we highlighted deal timing landing in the quarter, not deal slips.

是的。謝謝你的提問。這是喬。我會接受那個。提醒一下，在第四季度，我們強調了本季的交易時機，而不是交易單。

And I would just point out deal timing was not a factor in Q1 as it was in Q4. In Q1, we saw a healthy deal flow throughout the quarter that was in line or slightly better than our expectations. And stepping back for a second, over time, there will be three factors that will impact the velocity of our deals with large customers in our high-touch sales channel.

我只想指出，交易時機並不是第一季的一個因素，而是第四季的因素。在第一季度，我們看到整個季度的交易量保持健康，符合或略好於我們的預期。退一步來說，隨著時間的推移，將有三個因素影響我們在高接觸銷售管道中與大客戶的交易速度。

The first is the evolution of our high-touch go-to-market motions. We're driving larger, more complex deals that include more products, span more groups within the customer and require more approvals. In many cases, we're targeting large, complex migrations and all of that adds up to longer sales cycles than we've had in the past.

首先是我們高接觸性的上市行動的演進。我們正在推動規模更大、更複雜的交易，其中包括更多產品、涵蓋更多客戶群並需要更多批准。在許多情況下，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過去更長。

Second, we also take a very disciplined and long-term oriented approach as we think through pricing and concessions. We're not deadline driven. We do not do anything unusual or unnatural with deal economics to close a deal at a certain time.

其次，在考慮定價和優惠時，我們也採取非常嚴格和長期為導向的方法。我們不受最後期限的驅動。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。

We're willing to be patient and wait for the right deal for both the customer and for us. And so as we continue to further grow our business in the enterprise, we've incorporated the impact of both of those factors into our outlook for the future.

我們願意耐心等待對客戶和我們來說合適的交易。因此，隨著我們繼續進一步發展企業業務，我們已將這兩個因素的影響納入我們對未來的展望中。

And I just wanted to add on, Jason. There's no doubt, as Joe mentioned, we're trying to be prudent and pragmatic. It is a very complex macro environment as we've talked about, there's a lot of factors flowing around. We don't make excuses for that. It's our job to execute through that, and we did a great job in the last quarter. We've got to keep doing that.

我只是想補充一點，傑森。毫無疑問，正如喬所提到的，我們正在努力保持謹慎和務實。正如我們所說，這是一個非常複雜的宏觀環境，有很多因素在流動。我們不會為此找藉口。我們的工作就是執行這個任務，我們在上個季度做得很好。我們必須繼續這樣做。

I do want to say, though, that we're feeling excited about. You mentioned the enterprise and pull forwards. The exciting part is that the long-term focus of those customers. If we continue to have them treat us and see us as a strategic partner, one of their top three, four or five vendors that are really driving that business forward, if they understand the system of work philosophy and feel like it resonates and it's going to change their organization in in a positive way.

不過，我確實想說，我們對此感到興奮。您提到了企業並向前邁進。令人興奮的部分是這些客戶的長期關注。如果我們繼續讓他們對待我們並將我們視為戰略合作夥伴，他們的前三名、四名或五名真正推動業務發展的供應商之一，如果他們理解工作理念系統並感覺它產生共鳴並且它會繼續發展以積極的方式改變他們的組織。

And the more executives from our largest customers that I meet, the more that, that is a true statement, I would say, every single time that they understand that. That puts us in a good stead for the long term as we all navigate through these conditions, economic conditions that we're in. We're building in R&D and investing for the long term. We are doing the same thing in the go-to-market and sales side of the world as well.

我遇到的來自我們最大客戶的高階主管越多，我想說，每次他們理解這一點時，這就是一個真實的陳述。從長遠來看，這使我們處於有利地位，因為我們都在應對我們所處的這些條件和經濟條件。我們也在全球的市場推廣和銷售方面做同樣的事情。

And I'm sure, Brian, will come in and take that point of view. So I would just recommend understanding that, that we still take a long-term view through the short-term waters that we're in. We're very pragmatic about those orders, and we feel really excited about where we sit with the customers and our opportunity there.

我確信，布萊恩，會進來接受這個觀點。因此，我建議理解這一點，我們仍然以長遠的眼光看待我們所處的短期困境。

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

謝謝。這就是我們今天有時間回答的所有問題。我現在將把電話轉給麥克做總結發言。

Just wanted to say thank you, everyone, for joining our call today, for all the questions, and for being part of the team as investors and analysts. A short reminder, we put up a Loom video in the Investors section this time for the first time ever. Love any feedback that you will have on that.

只是想對大家表示感謝，感謝大家今天加入我們的電話會議，提出所有問題，並作為投資者和分析師成為團隊的一員。簡短提醒一下，我們第一次在投資者部分發布了 Loom 影片。喜歡您對此的任何反饋。

As always, we appreciate your thoughtful questions and continue to support. Have a kicka*** day.

一如既往，我們感謝您深思熟慮的問題並繼續提供支持。祝你有個愉快的一天。