Atlassian Corp (TEAM) 2025 Q2 法說會逐字稿

Good afternoon and thank you for joining Atlassian's Earnings Conference Call for the Second Quarter of Fiscal Year 2025.

下午好，感謝您參加 Atlassian 2025 財年第二季財報電話會議。

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.

提醒一下，本次電話會議正在錄音，會議結束後您可以在 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.

現在我將把電話交給 Atlassian 投資者關係主管 Martin Lam。

Welcome to Atlassian's second quarter of fiscal year 2025 earnings call.

歡迎參加 Atlassian 2025 財年第二季財報電話會議。

Thank you for joining us today.

感謝您今天加入我們。

On the call with me today, we have Atlassian CEO and Co-Founder, Mike Cannon-Brookes; and Chief Financial Officer, Joe Binz.

今天與我一起通話的還有 Atlassian 執行長兼共同創辦人 Mike Cannon-Brookes；和財務長喬·賓茲（Joe Binz）。

Earlier today, we published a shareholder letter and press release with our financial results and commentary for our second quarter of fiscal year 2025.

今天早些時候，我們發布了一封股東信和新聞稿，其中包含我們 2025 財年第二季的財務表現和評論。

The shareholder letter is available on Atlassian's Work Life blog and the Investor Relations section of our website where you'll also find other earnings-related materials, including the earnings press release and supplemental investor data sheet.

股東信可在 Atlassian 的 Work Life 部落格和我們網站的投資者關係部分找到，您還可以在那裡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 many management's insight and commentary for the quarter but during the call today will have brief opening remarks and then focus our time on Q&A.

像往常一樣，我們的股東信包含許多管理層對本季度的見解和評論，但在今天的電話會議中我們將發表簡短的開場白，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 of 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.

前瞻性陳述涉及已知和未知的風險、不確定性以及任何此類風險或不確定性的假設，或者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表達或暗示的結果存在重大差異。

You should not rely upon forward-looking statements as predictions of the 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在作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 included in filings we make with the Securities and Exchange Commission from time to time, including the section titled Risk Factors in our most recent filed annual and quarterly reports.

有關這些因素以及其他可能影響我們的業務、業績和財務結果的因素的更多信息，包含在我們不時向美國證券交易委員會提交的文件中，包括我們最近提交的年度和季度報告中標題為“風險因素」的部分。

During today's call, we will also discuss non-GAAP financial measures.

在今天的電話會議上，我們還將討論非公認會計準則財務指標。

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.

這些非 GAAP 財務指標是根據 GAAP 編制的財務績效指標的補充，並非替代或優於後者。

Reconciliations 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.

我們的網站的投資者關係部分中的股東信函、收益報告和投資者資料表提供了 GAAP 和非 GAAP 財務指標之間的對帳表。

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

我們希望盡可能多的人能夠參與問答環節，出於對電話會議上其他人的尊重，我們每次只回答一個問題。

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

說完這些，我將把電話轉給麥克，請他致開場白。

Thank you all for joining us today.

感謝大家今天的參與。

As you've already read in our shareholder letter, we executed well in Q2 as we scaled passed $5 billion in annual run rate revenue, driven by subscription revenue, which grew 30% year over year.

正如您在我們的股東信中所讀到的，我們在第二季度表現良好，年運行收入突破 50 億美元，這主要得益於訂閱收入，同比增長 30%。

Our investments in our key strategic priorities of serving enterprise customers, delivering innovation in AI, and breaking down knowledge silos with our system of work on driving momentum across the business and increasing customer commitment to the Atlassian platform.

我們投資於服務企業客戶、實現人工智慧創新以及透過我們的工作系統打破知識孤島等關鍵策略重點，以推動整個業務的發展並提高客戶對 Atlassian 平台的承諾。

Companies like Cisco, DHL, and Reddit are turning to Atlassian to help solve their toughest team collaboration challenges, bridging the gap between that technology and business teams.

思科、DHL 和 Reddit 等公司正在向 Atlassian 尋求協助，以解決最棘手的團隊協作難題，以彌合技術與業務團隊之間的差距。

And our world-class cloud platform with AI threaded throughout is delivering.

我們世界一流的、以人工智慧為核心的雲端平台正在不斷交付成果。

With more than 20 years of data and insights on how software, IT, and business teams planned track and deliver work, we're uniquely positioned to help to teams across every organization on the planet work better together.

憑藉 20 多年關於軟體、IT 和業務團隊如何規劃追蹤和交付工作的數據和見解，我們擁有獨特的優勢，可以幫助全球每個組織的團隊更好地協同工作。

Today, more than 1 million monthly active users are utilizing our Atlassian Intelligence features to unlock enterprise knowledge, supercharge workflows, and accelerate their chain collaboration.

如今，每月有超過 100 萬活躍用戶正在利用我們的 Atlassian Intelligence 功能來解鎖企業知識、增強工作流程並加速他們的鍊式協作。

These features are clearly delivering value as we've seen AI number of interactions increased more than 25x year over year.

這些功能顯然帶來了價值，因為我們看到 AI 互動次數比去年同期成長了 25 倍以上。

These powerful AI capabilities, along with automation and analytics, are also driving increasing adoption of premium and enterprise editions, with sales to higher value skews up over 40% year over year.

這些強大的人工智慧功能以及自動化和分析功能也推動了高級版和企業版的日益普及，高價值產品的銷售額年增超過 40%。

With the breadth of our offering, the pace of innovation, and the recognition of our product leadership across all the markets we plan, the Atlassian platform is incredibly well-positioned to further connect technology and business teams across the Fortune 500.

憑藉我們產品的廣度、創新的速度以及我們產品領導力在我們計劃的所有市場中的認可，Atlassian 平台完全有能力進一步連接財富 500 強企業的技術和業務團隊。

We had some incredible customer wins in Q2, including a record number of deals greater than $1 million in annual contract value signed during the quarter.

我們在第二季度贏得了一些令人難以置信的客戶，包括本季簽署的創紀錄數量的年度合約價值超過 100 萬美元的交易。

With some of the largest companies in the world committing to the Atlassian Cloud and embracing the Atlassian System of Work.

世界上一些最大的公司已承諾採用 Atlassian Cloud 並採用 Atlassian System of Work。

If you're interested in hearing more about the ongoing evolution of our go-to-market motion, checkout the Loom that just posted to our IR website.

如果您有興趣了解更多有關我們市場進入動議的持續進展，請查看剛發佈到我們的 IR 網站的 Loom。

The progress we're making across our business and the signals we're getting from our customers reinforces our conviction that we're making the right investments to help us scale to $10 billion in revenue and beyond, where are you going to get after it and build on this momentum, pushing ahead on our mission to unleash the potential of every time.

我們在整個業務中取得的進展以及從客戶那裡得到的信號增強了我們的信念，即我們正在做出正確的投資，以幫助我們擴大到100 億美元的收入甚至更多，那麼你打算在哪裡實現這目標？

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

說完這些，我會將電話轉接給接線生進行問答。

(Operator Instructions) Keith Bachman, BMO Capital Markets.

（操作員指示）Keith Bachman，BMO 資本市場。

Hi, thank you very much and congratulations on the solid results.

你好，非常感謝，並祝賀你取得了堅實的成果。

Michael, Joe, and Martin, I wanted to ask you about the goals with really the larger enterprise accounts.

麥可、喬和馬丁，我想問你們關於大型企業帳戶的真正目標。

Mike in the shareholder letter, you reiterated the sort of 10% of your revenues are being driven by the large customers.

麥克，在致股東的信中，你重申了 10% 的收入是由大客戶推動的。

And I really wanted to hear a little bit now about how you increase that penetration.

我現在真的很想聽聽你如何提高這種滲透率。

Now, certainly part of it go to market.

現在，其中一部分肯定已經進入市場。

In your Loom, you referenced that you now have 100 sales reps versus virtually none previously.

在您的 Loom 中，您提到您現在有 100 位銷售代表，而以前幾乎沒有。

Where does that go to, you think, over the next 12, 18 months as you continue to try to penetrate the larger accounts?

您認為，在未來 12 到 18 個月內，當您繼續嘗試打入更大的帳戶時，這些資金將流向何處？

And secondly, from a technology perspective, when you think you have the most opportunities to harness the situation in terms of -- what product areas?

其次，從技術角度來看，您認為在哪些產品領域最有機會掌控局勢？

I would think here Sam would be the largest opportunity, but I want to hear a little bit more about it because I'm not sure that would impede your seats specifically on the software development side but love to hear any color on those two areas.

我認為Sam 在這裡擁有最大的機會，但我想聽到更多關於它的信息，因為我不確定這是否會妨礙你在軟體開發方面的席位，但我很樂意聽到有關這兩個領域的任何資訊。

Thank you.

謝謝。

Thanks, Keith.

謝謝，基斯。

Look, it's a broad question to start with.

瞧，首先這是一個很廣泛的問題。

But look, I would say, firstly, we had a great Q2 in the enterprise segment, just fantastic execution by the sales and success team across-the-board.

但我想說，首先，我們在第二季的企業業務表現非常出色，銷售和成功團隊的全面執行力非常出色。

So when you asked about which markets or which products, one of our advantages right now is a really broad scale growth profile.

因此，當您問到哪些市場或哪些產品時，我們目前的優勢之一就是真正廣泛的成長前景。

Jira, yes, continues to expand seats really strongly in business teams as well as technology teams.

是的，Jira 在業務團隊和技術團隊中的席位繼續大幅擴張。

Again, we combined Jira Work Management and Jira Software together after the customer demand to do so because of the desire to connect their business and technology teams together.

再次，根據客戶的要求，我們將 Jira Work Management 和 Jira Software 結合在一起，因為他們希望將他們的業務和技術團隊連接在一起。

So that gives us a great expansion profile across those larger enterprises.

這使得我們在這些大型企業中擁有良好的擴張前景。

There are lots of seats and lot of employees that we don't yet touch in most of those larger customers.

在大多數較大的客戶中，有很多席位和員工我們還沒有接觸過。

So that is a huge, obviously, growth vector for us going forward.

所以，這顯然是我們未來發展的一個巨大的成長動力。

On the go-to-market motion, just generally in the enterprise, I would say, look, we have a very highly effective flywheel.

關於進入市場的行動，總的來說，我想說，看，我們有一個非常強大的飛輪。

Great financial profile, as I'm sure you're aware, that lands both small customers and big customers in terms of the size of the company, small team lending.

我相信您已經意識到，良好的財務狀況可以吸引到無論公司規模大小的小客戶和大客戶，以及小團隊貸款。

But both of those where we use our enterprise over the layers we keep evolving and adapting our go-to-market motions to make those customers more and more successful.

但是，在這兩個層面上，我們都在不斷發展和調整我們的市場進入舉措，以使這些客戶取得越來越大的成功。

\If and how we take that increasing landing size and grow it into a larger impact for that customer, as you see, we have more than 500 customer spending $1 million.

\如果我們能夠擴大登陸規模，並使其對該客戶產生更大的影響，正如你所看到的，我們有超過 500 名客戶花費 100 萬美元。

We had a record quarter of $1 million deals that is showing across the board of products across a set of markets we have just great momentum.

我們本季達成了創紀錄的 100 萬美元交易，這表明我們在一系列市場中的產品都擁有強勁的發展勢頭。

As customers continue to pull us in front, the CIOs and CEOs I speak to continue to form a deeper strategic relationship with Atlassian, not because of any single product we have, but because of our R&D speed, the innovation we're delivering, AI was just the latest example of that, but also the breadth of the platform.

隨著客戶不斷將我們推向前沿，與我交流過的資訊長和執行長們也不斷與Atlassian 建立更深層的策略關係，這並不是因為我們擁有任何單一產品，而是因為我們的研發速度、我們提供的創新、AI只是最新的一個例子，也反映了這個平台的廣度。

The amount of things I can see improving their goals, all the way down to the day-to-day work they do.

我能看到很多事情在幫助他們實現目標，甚至包括他們日常的工作。

And that's it's really positive for us.

這對我們來說確實是一件正面的事情。

It's really giving us a good sense of momentum.

這確實給了我們一種好的動力。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Thanks for taking the question.

感謝您回答這個問題。

One for Mike.

給麥克一個。

It was great to see Rovo at the Team Barcelona conference.

很高興在巴塞隆納會議上見到 Rovo。

I'd love to hear about how Rovo adoption and progress has been so far.

我很想聽聽 Rovo 的採用情況和進展。

How you think features of Rovo like autos dev can change the daily workflow process for developers?

您認為 Rovo 的 autos dev 等功能如何改變開發人員的日常工作流程？

Thanks, Ryan.

謝謝，瑞安。

Look, Rovo, as all of AI world, it's pretty early days.

你看，Rovo，就像整個人工智慧世界一樣，現在還處於早期階段。

There is no doubt about that.

這是毫無疑問的。

In what's a massive change in the technology industry, which is a very positive trend.

在科技產業發生巨大變化的情況下，這是一個非常積極的趨勢。

I would say right now, we are very pleased with the feedback we're getting from customers about what we are trying to build, and the reception from customers, those who have proof of concepts running, those who have deployed, and those who have purchased continues to be incredibly positive.

我想說的是，現在我們對客戶對我們正在建立的產品的反饋感到非常滿意，也對客戶、那些正在運行概念驗證的人、那些已經部署的人和那些購買量仍然保持著令人難以置信的正面勢頭。

Interest evaluations are all really high levels as customers are realizing the value and also playing with these technologies in their own businesses and seeing how they can adapt.

由於客戶意識到了這些技術的價值，並且在自己的業務中運用這些技術並了解它們如何適應，因此興趣評估都達到了很高的水平。

And look, we obviously at the broader level, as we've talked about with Atlassian Intelligence, passing 1 million now is a major milestone for us right across all of the Atlassian Intelligence features, which includes Rovo.

而且，我們顯然在更廣泛的層面上，正如我們在討論 Atlassian Intelligence 時所說，現在超過 100 萬是我們所有 Atlassian Intelligence 功能（包括 Rovo）的一個重要里程碑。

A huge milestone in the rest of the usage that we have, which is always our number one thing that we tried to do with Atlassian as a result of R&D, 25 times improvement in the number of features used over the last year.

這是我們其餘用途的一個巨大里程碑，這始終是我們在研發過程中嘗試對 Atlassian 的首要任務，在過去一年中，使用的功能數量提高了 25 倍。

And it is driving monetization of those premium in enterprise editions, as we talked about, with growth over 40% in those additions.

正如我們所討論的，它正在推動企業版高級功能的貨幣化，這些附加功能的成長率超過 40%。

And in terms of Rovo inhouse trending in auto dev, we continue to invest heavily, I would say, in the R&D around all things to AI.

就 Rovo 內部汽車開發趨勢而言，我想說，我們將繼續在人工智慧領域的研發上投入大量資金。

We continue to believe in our strategic advantages that we have there.

我們仍然相信我們在那裡擁有的戰略優勢。

With Rovo specifically that surround the quality of search, the depth and density of the teamwork graft to enable better answers for customers that are unique and differentiated, and the amount of data that we connect to.

Rovo 尤其註重搜尋品質、團隊合作的深度和密度，以便為獨特且差異化的客戶提供更好的答案，以及我們連結的資料量。

We shipped a whole lot of new connect as this quarter, and there's even more coming in the quarter ahead to allow customers to really unlock all of the value in the knowledge that they have and enable them with agents to automate a series of different tasks.

本季度我們交付了大量新連接，並且下一季將交付更多，以使客戶真正釋放他們所擁有的知識的所有價值，並使他們能夠與代理商一起自動執行一系列不同的任務。

As you've mentioned, that saves that uses hours per week.

正如您所提到的，這可以節省每週使用的時間。

In terms of auto dev and the development features, continues to be an area of work on.

在自動開發和開發功能方面，仍然是一個需要努力的領域。

It's right on the cutting edge.

它正處於最前沿。

We are delivering a great number of completed pieces of software to customers and to ourselves, and an area that we will continue to invest in.

我們正在向客戶和我們自己交付大量完整的軟體，我們也將繼續在該領域進行投資。

But, obviously, it's still incredibly bullish building on the Atlassian Intelligence stack and then the Rovo agent platform.

但顯然，在 Atlassian Intelligence 堆疊和 Rovo 代理平台上進行建置仍然非常樂觀。

So it's all stack that continues to go there.

因此所有堆疊都會繼續存在。

But great progress made so far.

但目前已經取得了巨大進展。

A lot of work still to do continue to go and chase that customer value we're excited to get after each quarter.

我們還有很多工作要做，繼續追求每季後我們很高興獲得的客戶價值。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Okay, great.

好的，太好了。

Appreciate you taking the question.

感謝您回答這個問題。

Impressive fiscal Q2 results.

第二季財務表現令人印象深刻。

Joe, I think, given its mid-year, just an update to the risk-adjusted framing at the start of the year, any commentary you can add on how things like expansion are tracking relative to what you're expecting.

喬，我認為，考慮到現在是年中，只是對年初風險調整框架進行更新，您可以添加任何評論，說明擴張等方面相對於您的預期如何發展。

And how to think about things like transition risk with [Brian] now starting alongside.

以及如何在與 [Brian] 一起開始思考轉型風險等問題。

Just any commentary on the second half guide, assuming assumptions are still somewhat similar, but your update on the pulse of everything is certainly useful.

只是對下半部指南的任何評論，假設假設仍然有些相似，但您對一切脈搏的更新肯定是有用的。

Thanks.

謝謝。

Yes, thanks for the question.

是的，謝謝你的提問。

It's a good one.

這是個很好的主意。

So I'll start with the Q2 trends that we see and I'll put in the context of the guide for second half.

因此，我將從我們看到的第二季趨勢開始，並將其納入下半年的指南背景中。

As we mentioned, we really benefited this quarter from a stable macro environment.

正如我們所提到的，本季我們確實受益於穩定的宏觀環境。

And trends in the business were very consistent in Q2 to Q1.

第二季與第一季的業務趨勢非常一致。

We saw continued signs of stabilization in our SMB customer segment and low-touch sales channel.

我們看到中小企業客戶群和低接觸銷售管道持續呈現穩定跡象。

Paid seat expansion rates in SMB were stable to Q1, and top of funnel health remains healthy.

中小企業的付費席次擴張率與第一季持穩定，且漏斗頂部的健康狀況依然良好。

So both of those feel like they're in a very good place, having been stable for two plus quarters now.

因此，這兩家公司目前都處於非常好的狀態，並且已經穩定了兩個多季度。

And then Mike talked a lot about the enterprise trends.

然後 Mike 談了很多關於企業趨勢的事情。

Overall, very healthy and consistent with Q1 and excellent results on annual and multi-year deals, migrations, and upsell to premium and enterprise editions of our SKUs.

整體而言，業績非常健康，與第一季一致，在年度和多年期交易、遷移以及 SKU 高級版和企業版追加銷售方面均取得了優異的成績。

In terms of the guidance philosophy for H2, we highlighted at the start of the year that we had taken a different approach to our guidance this year.

就下半年的指導理念而言，我們在年初就強調，今年我們對指導採取了不同的方法。

In that it was more conservative and risk-adjusted than in the past, and we reiterated that approach on the call in October.

它比過去更保守、風險調整得也更好，我們在十月的電話會議上重申了這種做法。

We continue to believe this is the prudent approach given the two factors we have previously discussed.

考慮到我們之前討論過的兩個因素，我們仍然相信這是謹慎的做法。

The first is the uncertainty in the macro environment, and the second is execution risk related to the evolution and transformation of our enterprise go-to-market motion.

第一是宏觀環境的不確定性，第二是與我們企業上市計畫的演變和轉變相關的執行風險。

Nothing has changed with respect to that approach in our updated guidance for Q3 and the rest of FY25.

在我們對第三季和 2025 財年剩餘時間的最新指引中，這種方法並沒有任何改變。

And we believe the risks we've previously highlighted are still relevant the operating environment we face in the second half of the year.

我們認為，我們先前強調的風險仍與我們今年下半年面臨的經營環境有關。

So I hope that helps give you a sense of how we're thinking about the H2 guide relative to where we are in Q2.

所以我希望這有助於讓您了解我們如何看待下半年指南相對於第二季的情況。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent.

出色的。

Thank you for taking the question and congratulations on a really fantastic quarter.

感謝您回答這個問題，並祝賀您度過了一個非常出色的季度。

I want to go back to Rovo, more broadly [agenda] computing and, Mike, you're talking about this being a really exciting and important transformation for the industry on a go-forward basis.

我想回到 Rovo，更廣泛地討論[議程]計算，Mike，你說這是行業向前發展的真正令人興奮且重要的轉變。

Something that we just went through it.

我們剛剛經歷過的事。

But we're also hearing about agents from a lot of companies are application companies and productivity companies.

但我們也聽說很多公司的代理商都是應用程式公司和生產力公司。

And it seems like we're getting bombarded with agents from every direction.

我們好像正遭到四面八方特工的轟炸。

I'd love to hear your perspective on how agents are going to proliferate into organizations, what the competitive dynamic, if you will, like who is going to be well-positioned for that.

我很想聽聽您對代理商將如何擴散到組織中的看法，以及競爭動態如何，例如誰將處於有利地位。

And what's the Atlassian right to win on this ever increasingly crowded field for agents?

那麼，在這個競爭日益激烈的代理商市場中，Atlassian 有什麼理由獲勝呢？

Sorry, Keith, I can [degrees] from you.

抱歉，基思，我可以從你這裡得到 [度]。

There's no doubt where we've been through these technology transformation before and when we go through them, you run through the hub cycle up and down.

毫無疑問，我們以前經歷過這些技術轉型，並且在經歷這些轉型時，我們會經歷整個樞紐週期。

And there are certain words that means something and then nothing and then end up needing something.

有些字詞起初有意義，後來卻毫無意義，最後卻需要某種東西。

I think agents just probably squarely in that camp.

我認為經紀人很可能就屬於這一陣營。

We, but at the word is used everywhere suddenly for all sorts of things that I would argue and agents,r but you can't control how the world uses the word.

我們，但這個詞突然被廣泛用於各種各樣的事物，我會爭論和代理，但你無法控制世界如何使用這個詞。

At Atlassian, we take a pretty pure approach to things, and we tend to be pretty clear.

在 Atlassian，我們對待事物採取非常純粹的方式，我們傾向於非常清晰。

We've been very good clarity on what we feel is and isn't an agent, and how we feel that we are building those agents.

我們非常清楚什麼是代理，什麼不是代理，以及我們如何建立這些代理。

To me that have to have goals.

對我來說必須有目標。

They have to be any at outcomes.

他們必須有任何結果。

They generally have some personality and character.

他們普遍都具有一定的個性和性格。

That sets of knowledge that they can do and sets of actions that they can take.

這些是他們可以掌握的知識集以及他們可以採取的行動集合。

And some sort of control parameters in terms of commissioning and everything else.

以及與調試和其他所有方面有關的一些控制參數。

Which ends up making them look extremely lock virtual teammate and represented in the software as such.

這最終使他們看起來非常鎖定虛擬隊友並在軟體中如此表示。

Again, Atlassian agents are unique in that they can basically anywhere that a human being can be used in our software, an agent can do the same sorts of things.

再次強調，Atlassian 代理的獨特之處在於，它們基本上可以在我們軟體中任何可以使用人類的地方，代理都可以做同樣的事情。

You can assign them issues.

您可以向他們分配問題。

You can give them certain technology and given permission to certain actions and not other actions, et cetera.

您可以賦予他們某些技術，並允許他們執行某些操作，而不允許執行其他操作，等等。

So that's pretty differentiated on the people who are building either some sort of a chat bot or fundamentally just not something I call it an agent.

因此，對於那些正在建立某種聊天機器人或從根本上來說不是我所說的代理的人來說，這是非常有區別的。

What differentiates us, we've been pretty clear on this, but it's really well worth reiterating.

我們的不同之處，我們已經非常清楚了這一點，但確實值得重申。

Firstly, we do have a significant R&D investment and an advantage in our ability to deploy that R&D.

首先，我們確實在研發方面投入了大量資金，並且在部署研發方面具有優勢。

Why is that important Internet GenTek or AI world?

為什麼 Internet GenTek 或 AI 世界如此重要？

Firstly, it's moving very quickly.

首先，它進展非常快。

So our ability to build, deploy, get customer feedback and learn in a loop is really, really important in order to navigate these transitions.

因此，為了引導這些轉變，我們建置、部署、獲取客戶回饋和循環學習的能力非常非常重要。

Anyone who tells you they know what this is going to be three years now is a fool.

任何人告訴你他們知道三年後會發生什麼事都是傻瓜。

What I can tell you is that we have to be able to learn really soft and move really fast and take the latest and greatest innovations and deploy them and get them to customers quickly.

我可以告訴你們的是，我們必須具備學習新知識、快速行動的能力，能夠採用最新、最偉大的創新技術，並迅速部署它們，並將它們提供給客戶。

That is the best strategic path to gain that value over time.

這是隨著時間的推移獲得該價值的最佳策略路徑。

And we are obviously doing that, and I think doing really well in the R&D team and how we do that.

我們顯然正在這樣做，而且我認為研發團隊做得很好，我們也是這麼做的。

Second, any agent is going to be qualified by the quality of models for sure.

第二，任何一個經紀人肯定都是要透過模特兒的品質來考核的。

So what is underlying these agents is a series of different AI models.

因此，這些代理的底層是一系列不同的 AI 模型。

We have a very comprehensive multi modal strategy.

我們有一個非常全面的多式聯運策略。

So we believe that models will continue to get faster and cheaper and quicker to deploy and more capable.

因此，我們相信模型將會變得更快、更便宜、部署更快、更強大。

Therefore, our Atlassian Intelligence needs to be able to keep adapting modern models as far as possible, again, we're running more than 30 models for more than seven different vendors today, we continue to evaluate new models.

因此，我們的 Atlassian Intelligence 需要能夠盡可能地不斷適應現代模型，同樣，我們今天正在為 7 多個不同的供應商運行 30 多個模型，我們會繼續評估新模型。

Obviously, you had a lot of movement in that space.

顯然，你在那個空間裡有很多動作。

Thirdly, it's all about the data you have, the data you have access to the quality of that data, the ability to search across that data, and the ability to connected.

第三，一切都與您擁有的數據、您可以存取的數據、數據的品質、搜尋數據的能力以及連接能力有關。

That's where our investments in enterprise search, very big investment in the last few years.

這就是我們在企業搜尋方面的投資，過去幾年的投資非常大。

And in the team graph over a longer period of time.

並且可在更長時期內查看團隊圖表。

Our graph has made major strides even in the last quarter about the speed of access the density of the graph, the number of connections which can support, et cetera.

我們的圖表在上個季度在訪問速度、圖表密度、可支援的連接數等方面都取得了重大進展。

That all is the fundamental knowledge that gives those agents capability to actually deliver something to a user in whatever form of outcome.

這些都是基本知識，使這些代理能夠以任何形式的結果實際向用戶提供某些東西。

And we feel we're very uniquely positioned on the data side at the moment and continue invest there.

我們覺得我們目前在數據方面處於非常獨特的地位，並將繼續在該領域進行投資。

And lastly, it's about the interfaces.

最後，是關於介面。

So the surface level is really important, both from a design perspective, but all also from the ability to have access to those customers.

因此，表面層次確實非常重要，不僅從設計角度而言，而且從接觸這些客戶的能力而言。

That where more than $1 million of Atlassian Intelligence now we're obviously continuing to grow that number as fast as we can with great features that let us learn in the interface layers, right.

現在 Atlassian Intelligence 的價值已超過 100 萬美元，我們顯然會繼續盡快增加這一數字，並提供讓我們在介面層學習的強大功能，對吧。

Ultimately customers and users don't use an AI model that use a piece of software.

最終，客戶和使用者不會使用利用軟體的人工智慧模型。

They use some high-level technology to interact with an agent, how that interaction works.

他們使用一些高級技術與代理商進行交互，並了解這種交互是如何進行的。

Everything below that is up to us to do in terms of the data of the models and the R&D.

以下所有事情都由我們根據模型資料和研發來完成。

But we feel really confident in our unique positioning.

但我們對自己獨特的定位非常有信心。

And I'm going to continue investing behind that trend.

我將繼續投資於這一趨勢。

Fatima Boolani from Citi.

花旗銀行的 Fatima Boolani。

Good afternoon.

午安.

Thanks for taking my question.

感謝您回答我的問題。

Mike, you extolled the virtues of the Loom capability that's been a homerun to really getting really strong adoption. (inaudible) some remarkable statistics on engagement and adoption of the day.

Mike，你讚揚了 Loom 的功能優點，這項功能對於真正獲得廣泛採用起到了很大的作用。 （聽不清楚）當天參與度和採用度方面有一些值得注意的統計數據。

I was hoping you could spend a little bit of time quantifying the monetization and the uplift that you're potentially seeing to your cloud performing as Loom is being used in some of your strongest and largest flagship products.

我希望您能花一點時間量化您在一些最強大、最大的旗艦產品中使用 Loom 所帶來的貨幣化和雲端效能提升。

And I don't believe Loom is included in your premium editions.

我不相信 Loom 包含在你們的高級版本中。

But I would like some clarification in how that's actually moving the needle for you on the cloud side.

但我希望澄清一下，這對雲端而言究竟有何影響。

Thank you.

謝謝。

Hi, Fatima, this is Joe. I'll pass it over to Mike for color on this.

你好，法蒂瑪，我是喬。我將把它交給 Mike 來對其進行闡述。

We don't provide the specifics on Loom's revenue or growth rate on a quarterly basis.

我們沒有提供 Loom 的季度收入或成長率的具體資訊。

You're right that we are pleased with the growth we're seeing, and we're excited by the customer reaction to the recent AI innovations we've been introducing into the product line.

您說得對，我們對所看到的成長感到滿意，並且我們對客戶對我們最近引入產品線的人工智慧創新的反應感到非常興奮。

In terms of performance in the quarter, revenue in Q2 was in line to slightly better than our expectations.

從季度表現來看，第二季的營收符合或略優於我們的預期。

And you may recall, we did give some guidance on the size of the Loom business when we provided FY25 guidance.

您可能還記得，我們​​在提供 FY25 指導時確實對 Loom 業務規模給出了一些指導。

And that we said there would be about 1.5 points of impact to FY25 cloud revenue growth for the year.

我們說過，這將對 2025 財年的雲端收入成長產生約 1.5 個百分點的影響。

And so you should be able to use that to back into a rough size of the magnitude of that business.

因此，您應該能夠使用它來大致了解該業務的規模。

Mike.

麥克風。

Sure, Fatima.

當然，法蒂瑪。

Look, Loom is doing very well.

看看，Loom 做得很好。

There's no doubt about that.

毫無疑問。

And we continue to invest in the opportunity that we see.

我們將繼續對所看到的機會進行投資。

I would probably break the answer into three parts from me.

我可能會把答案分成三個部分。

Firstly, the observations at the acquisition and the reason that we, as a company, fell in love with Loom and use it so heavily and then brought it into the Atlassian family.

首先，在收購時觀察到的情況以及我們作為一家公司愛上 Loom 並大量使用它並將其納入 Atlassian 家族的原因。

The ability to communicate and collaborate through video in a rapid form, bringing a really human element to the workplace is certainly resonating with customers in a more distributed work environment, in lots of different areas that's a really powerful device.

透過視訊快速進行交流和協作的能力為工作場所帶來了真正人性化的元素，這無疑引起了分散式工作環境中客戶的共鳴，在許多不同領域，這是一種非常強大的設備。

And it is a unique capabilities, very different to just quote unquote, video per se.

這是一種獨特的功能，與影片本身非常不同。

It's very collaborative, it's very rapid to create at most.

它非常具有協作性，最多可以創建非常快速的內容。

Secondly, AI is playing out well in the video space, both on the creation side, you see that in Loom AI.

其次，AI 在影片領域發揮著良好的作用，無論是在創作方面，你都可以在 Loom AI 中看到這一點。

We had more than 38 million videos last year using Loom AI features which is a huge number if you think about it in terms of the amount of communication and the density of the information contained in the video.

去年，我們使用 Loom AI 功能製作了超過 3800 萬個視頻，如果從通信量和視頻中包含的信息密度來考慮，這是一個巨大的數字。

AI's helping us on the creation side, lots of editing tweaks, titling, these sorts of things.

人工智慧在創作方面為我們提供了幫助，包括大量的編輯調整、標題添加等等。

Chaptering is doing really well, but also on increasingly natural modification of the video in terms of removal of stop words or allowing people to edit the video like they edit a text document.

章節製作做得很好，而且對影片的修改也越來越自然，例如刪除停用字或允許人們像編輯文字文件一樣編輯影片。

This is a really important innovation that we continue to invest in and, I think, are doing some really good work and practical application of our video in the workplace.

這是一項非常重要的創新，我們會繼續對其進行投資，而且我認為，我們在影片在工作場所的實際應用方面做得非常好。

On the consumption side also, AI obviously helps you to consume large amounts of video in various ways giving you summaries and chapters.

在消費方面，人工智慧顯然可以透過各種方式幫助您消費大量視頻，為您提供摘要和章節。

We're seeing that with the rewatch acquisition that's moving into meeting summaries and other areas and, generally, LOOM's ability to be a search archive for lots of types of video in the enterprise.

我們看到，隨著 rewatch 的收購，它正在進入會議摘要和其他領域，總體而言，LOOM 能夠成為企業中多種類型影片的搜尋檔案。

AI and the teamwork graph and integration at Atlassian is really bringing that to the full.

Atlassian 的 AI 和團隊合作圖表及整合真正實現了這一點。

So we feel really strongly about the Loom roadmap.

所以我們對 Loom 路線圖非常重視。

It's not included at the moment at the premium or enterprise editions.

目前它不包含在高級版或企業版中。

I think you mentioned conference.

我覺得你提到了會議。

It's a standalone skew in and of itself.

它本身就是一種獨立的偏差。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Hey, thank you, guys, congrats on nice quarter.

嘿，謝謝大家，恭喜這個季度取得良好的成績。

Joe, we obviously have your guidance for data center growth in Q3, but can you just unpack a bit of what underpins the assumptions that there are a number of moving parts here in Q3 with the pricing changes, the potential for early renewals to lock in pricing?

Joe，我們顯然對第三季的資料中心成長有指導意見，但您能否解釋一下第三季存在許多變動因素的假設，包括價格變動、提前續約的可能性等？

I think you've made changes to partner commissions.

我認為您已經對合作夥伴佣金做出了更改。

Just help us kind of wrap our arms around that and what you're factoring into the growth rate for Q3?

請幫助我們理解這一點，以及您將哪些因素考慮在第三季的成長率中？

Yes.

是的。

Great question.

好問題。

Thanks for asking.

謝謝你的提問。

Our Q3 data center guidance for revenue is approximately 7% year-over-year growth.

我們對第三季資料中心營收的預期是年增約 7%。

That reflects growth driven by pricing, seat expansion and cross-sell, which we believe will remain healthy, but and execute high-touch sales channel that I mentioned earlier, as well as continued momentum in migrations to cloud as we continue to deliver significant improvements in the enterprise grade capabilities and the value to our cloud platform and as we continue to help our data center customers migrate.

這反映了定價、席位擴展和交叉銷售推動的成長，我們認為這些成長將保持健康，但並執行我之前提到的高接觸銷售管道，以及隨著我們繼續提供重大改進，向雲端遷移的持續勢頭在企業級功能和我們雲端平台的價值方面，我們將繼續幫助我們的資料中心客戶進行遷移。

And then lastly, recall that we had significant growth in the prior year Q3 related to server end of support and pricing changes.

最後，回想一下，我們在去年第三季實現了與伺服器支援結束和價格變化相關的顯著成長。

And that creates a very challenging growth comparable this year.

這使得今年的成長前景十分艱難。

In terms of the pricing change, we haven't seen any significant or unexpected change in customer behavior from the recently announced data center price changes.

就價格變化而言，我們並沒有看到最近宣布的資料中心價格變化為客戶行為帶來任何重大或意外的變化。

Historically, there have always been fairly predictable changes in customer purchasing patterns with whenever we implement those price changes.

從歷史上看，每當我們實施這些價格調整時，客戶的購買模式總是會發生相當可預測的變化。

And so when we have those in the plans, we model out the expected impact and we incorporate that into our revenue guidance, which is what we've done this year for the February data center price increases.

因此，當我們將這些納入計劃時，我們會模擬出預期的影響，並將其納入我們的收入指導中，這就是我們今年 2 月資料中心價格上漲所做的。

The increases this year are slightly higher than in the past, and we've tried to take a prudent and conservative approach of incorporating that into our guidance.

今年的增幅比過去略高，我們試圖採取審慎和保守的方式將其納入我們的指導範圍。

And with respect to those price increases, we haven't seen anything unusual to date relative to historical experience or our expectations in terms of the whole forward.

就這些價格上漲而言，相對於歷史經驗或我們對整個前景的預期，迄今為止我們還沒有看到任何不尋常的情況。

So we feel like we've captured that in the guidance.

因此，我們覺得我們已經在指導中捕捉到了這一點。

Brent Thill, Jefferies.

傑富瑞的布倫特‧蒂爾 (Brent Thill)。

Thanks, Joe. Good upside on margin relative to the street.

謝謝，喬。相對於街道而言，利潤率有較大的上升空間。

I guess for that the guidance you're not really flowing that magnitude of margin forward into the guide.

我猜想對於該指導而言，您實際上並沒有將那麼大的幅度的利潤流入到指南中。

And maybe if you can just discuss what those investments are going.

也許您可以討論一下這些投資的去向。

Is there some one-time investment you still need to clean up?

您是否仍需要清理一些一次性投資？

Just give us a sense of what's happening in the back half of the fiscal year?

可以向我們介紹一下本財年下半年的情況嗎？

Yes.

是的。

Thanks for the question, Brent.

謝謝你的提問，布倫特。

It's a good one.

這是個很好的主意。

In terms of the rest of the year, we are expecting operating margins in H2 to be slightly lower than H1.

就今年剩餘時間而言，我們預計下半年的營業利潤率將略低於上半年。

This is driven primarily by two factors on the cost side, as you point out.

正如您所指出的，這主要是由成本方面的兩個因素造成的。

The first is spending we expected to occur in Q2, but actually push H2.

首先，我們預計支出將發生在第二季度，但實際上卻推遲到了下半年。

So that's a timing issue.

所以這是一個時間問題。

And the second release, something Mike talked about earlier on the call it that we are going to slightly increase sales and marketing and R&D investments in the enterprise space and H.2, and that's given the strong positive signal we're getting there on the progress and the momentum and the returns on our existing investments.

第二個版本，Mike 早些時候在電話會議上談到了這一點，我們將略微增加企業領域和 H.2 的銷售、行銷和研發投資，這給了我們強烈的積極信號。有投資的回報。

We believe we can accelerate progress in that strategically important areas of our business.

我們相信，我們能夠加快在具有策略重要性的業務領域的進展。

So we're going to invest against that.

因此我們將針對此進行投資。

And so when you add all that together for the full year, we expect our non-GAAP operating margin to be roughly flat year over year at 23.5%, and that's despite the challenging prior year comps related server and support.

因此，當您將全年的所有這些加在一起時，我們預計我們的非 GAAP 營業利潤率將與去年同期大致持平，為 23.5%，儘管去年與伺服器和支援相關的同比業績具有挑戰性。

So overall, I feel very good about the expected trajectory of operating margins through FY25 and how that lays a good foundation heading into FY26.

因此總體而言，我對 25 財年的預期營業利潤率走勢感到非常滿意，這也為 26 財年奠定了良好的基礎。

And then lastly, I would just add, continue to expect we will deliver greater than 25% non-GAAP operating margins in FY27, consistent with our guidance at Investor Day in May.

最後，我想補充一點，我們繼續預期 2027 財年非 GAAP 營業利潤率將超過 25%，與我們 5 月份投資者日的指引一致。

Just wanted to add on one thing.

只是想補充一點。

We from a broader color perspective, we're incredibly excited about those go-to-market investments that Joe talked about.

從更廣泛的色彩角度來看，我們對喬談到的那些進入市場的投資感到非常興奮。

There will be more, in a little bit of time, as we drive that part of the business further forward.

隨著我們進一步推動該部分業務的發展，不久之後還會有更多。

And to reiterate that the long-term targets we gave at the Analyst Day last year, probably nine months ago, in terms of the general moderated and increasing go-to-market and investments as a proportion of total revenue and a moderate decrease in R&D.

重申我們在去年分析師日（大概是九個月前）提出的長期目標，即總體上緩和增加上市和投資佔總收入的比例，適度減少研發支出。

While those are still maintaining sort of historical levels, those long-term targets is still applicable in all of the guidance suggested throughout.

雖然這些仍保持某種歷史水平，但這些長期目標仍然適用於整個過程中建議的所有指導。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Sure.

當然。

Thank you very much.

非常感謝。

There's been a lot of discussion of consumption models that are interrelated with subscription.

關於與訂閱相關的消費模式已經有許多討論。

Curious to get your thoughts, Mike.

我很想知道你的想法，麥克。

And also with respect to the price increase, are you going to be offering certain things that will justify that price increase because you've had a one series of price increases that we went through a couple of years ago.

另外關於價格上漲，您是否會提供某些東西來證明這次價格上漲是合理的，因為幾年前我們已經經歷過一系列價格上漲。

And I'm curious what is for the customer feedback?

我很好奇客戶回饋是什麼？

Is it because the trade off is that okay, we're going to get something more by way of features, maybe this consumption overlay on top of the future product road map.

是因為權衡之下，好吧，我們將透過功能獲得更多的東西，也許這種消費覆蓋在未來的產品路線圖之上。

How do we rationalize the price increase in return for the VAT levy ehe customer is getting from that leasing?

我們如何合理化價格上漲以補償客戶從租賃中獲得的增值稅？

Thank you so much.

太感謝了。

Thanks, Kash.

謝謝，卡什。

Let me take those in reverse order.

讓我按相反的順序來做。

Firstly, on the price increases, look, we have a long history of continuing to optimize products across our portfolio and in line with the value that customers are getting.

首先，關於價格上漲，我們長期以來一直持續優化我們產品組合中的產品，並與客戶獲得的價值保持一致。

Whenever I talk to customers, I remind them of the heavy R&D investment we have, which ultimately results in a product improvement.

每當我與客戶交談時，我都會提醒他們我們在研發方面投入了大量資金，這最終會帶來產品的改進。

And we have a great history and track record of delivering continued product improvement.

我們在持續改進產品方面擁有良好的歷史和業績記錄。

If our product gets 25%, 30% better every year as we continue to build out the feature set, our customers do realize that is why it's worth a moderately increasing price.

如果我們的產品隨著我們不斷擴充功能集而每年都有 25% 到 30% 的改進，那麼我們的客戶就會意識到這就是為什麼它值得適度提高價格的原因。

And as always, philosophically, we keep the value delivered vastly ahead of any pricing, as a philosophy.

像往常一樣，從哲學上來說，我們始終將所提供的價值遠遠置於任何定價之上，這是一種哲學。

So that tends to resonate really well with customers and is very clear to them.

因此，這往往會引起客戶的共鳴，而且他們也非常清楚。

They see our investments, they see the results of those investments and generally happy with it broadly.

他們看到了我們的投資，看到了這些投資的成果，並且普遍對此感到滿意。

On the consumption side.

在消費方面。

Looking very hot topic, it seems, suddenly.

看起來很熱門的話題，似乎突然就出現了。

We have quite a good history in this area, I would say.

我想說，我們在這個領域有著相當豐富的歷史。

Obviously, we have a lot of elements and consumption-based pricing already across the portfolio.

顯然，我們的投資組合中已經包含了許多元素和基於消費的定價。

That's already in our results that you see today from a bit for pipelines through Jira Service Management with both virtual agents and assets in Rovo and Atlassian Intelligence spaces, automation, storage, and now with Forge.

您今天透過 Jira Service Management 從管道中看到的成果已經體現出來，其中包括 Rovo 和 Atlassian Intelligence 空間中的虛擬代理和資產、自動化、儲存以及現在的 Forge。

So consumption-based pricing is something we are very familiar with.

因此，基於消費的定價是我們非常熟悉的。

I think over time, it probably will further into the broader piece of the overall mix.

我認為隨著時間的推移，它可能會進一步融入整體組合的更廣泛部分。

But again, we continue to learn and adapt as that grows up something we are quite familiar with over time in terms of pricing.

但是，隨著時間的推移，我們會不斷學習和適應，對定價方面的事情越來越熟悉。

There are definitely areas of in a process broadly or in our business where within some sort of subscription offering, you get a certain amount of usage of a given facility, let's say.

在廣泛的流程中或在我們的業務中肯定存在某種訂閱服務，比如說，您可以獲得一定數量的特定設施的使用權。

And then at some point, you'd pay for more of that facility, which is orthogonal to your usage by users or whatever the core billing unit is.

然後在某個時候，您需要為該設施支付更多的費用，這與用戶的使用情況或核心計費單位無關。

That's very familiar.

這很熟悉。

Bitbucket pipelines is a great example.

Bitbucket 管道就是一個很好的例子。

You might have 50 developers on Bitbucket.

Bitbucket 上可能有 50 名開發人員。

How many builds you run and how much CPU time you use is kind of up to you.

運行多少個建置以及使用多少 CPU 時間都取決於您。

You can use millions of minutes, or you can use tens of minutes because of the scalable nature.

您可以使用數百萬分鐘，也可以使用數十分鐘，因為它具有可擴展性。

Computing customers tend to understand if they use more minutes so path for those pipelines.

計算客戶往往會了解他們是否使用了更多的時間，從而為這些管道提供路徑。

And again, as long as we keep that value delivery rideshare right, it's a good deal for everybody concerned.

再說一次，只要我們保持這種價值交付的共乘服務，這對所有相關人員來說都是一筆好交易。

So I don't think it's particularly different to the broader consumption-base philosophies we have.

所以我認為它與我們更廣泛的消費基礎概念並沒有什麼特別的不同。

Something that we continue to, but on the data and again, it's all about us learning and adapting with customers and making sure that they see the value they're getting before that price comes in or the bill comes in.

我們會繼續這樣做，但從數據上看，這一切都是為了讓我們不斷學習，適應客戶，確保他們在價格或帳單到來之前就能看到他們獲得的價值。

And they feel comfortable about what they paid for.

他們對於自己支付的費用感到滿意。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great.

偉大的。

Thank you very much for taking my question.

非常感謝您回答我的問題。

And just wanted to drill down on the gross margin performance and you did speak to in the letter higher gross margins on the cloud side.

我只是想深入研究一下毛利率的表現，你確實在信中提到了雲端的毛利率更高。

So just how sustainable is that moving forward?

那麼，這種發展模式的可持續性如何呢？

Is that a moving target as some of this new subscription services get rolled out?

隨著一些新訂閱服務的推出，這是一個不斷變化的目標嗎？

And as you look at achieving that target operating margin, where she gross margins be in that timeframe?

當您考慮實現目標營業利潤率時，她在這段時間內的毛利率是多少？

Thanks.

謝謝。

Yes, thanks for the question, Rob.

是的，謝謝你的提問，羅布。

Gross margins were 85% this quarter.

本季毛利率為85%。

That was solidly better than our guided range of 84%, and that was driven by two things.

這比我們指導的 84% 的範圍要好得多，這是由兩件事推動的。

One is the revenue outperformance, and then lower than expected cloud COGS in the quarter.

一是營收表現出色，二是本季雲端運算 COGS 低於預期。

It was also up about 100 basis points year over year, and that's because of higher cloud gross margins are partially offset by the revenue mix shift to cloud.

它還比去年同期上漲了約 100 個基點，這是因為雲毛利率的提高被收入結構向雲端的轉變部分抵消了。

In cloud specifically, we continue to benefit from price increases, upsell the premium editions, and engineering investments we're making to optimize cloud infrastructure and customer support costs.

具體來說，在雲端運算領域，我們繼續受益於價格上漲、高級版本的追加銷售以及為優化雲端基礎設施和客戶支援成本而進行的工程投資。

So focusing on and managing cloud COGS efficiently now is particularly important given the expected growth we expect in that part of the business.

因此，考慮到我們預計該部分業務將實現成長，現在關注並有效管理雲端運算 COGS 尤其重要。

I'd also say this highlights one of the many benefits of the engineering investment model that Mike talked about earlier that we have here at Atlassian.

我還想說，這凸顯了 Mike 之前談到的 Atlassian 工程投資模式的眾多優勢之一。

In that we can invest in engineering talent that can be deployed to many things, including solving tough technical challenges that unlock these cost savings and efficiency improvements in serving our cloud customers in addition to product innovation.

我們可以投資於可以部署到許多事情的工程人才，包括解決棘手的技術挑戰，除了產品創新之外，還可以節省成本並提高為我們的雲端客戶提供服務的效率。

And I would just say that been really great work by our engineering and support teams in this area, and there is more to come on that.

我只想說我們的工程和支援團隊在這個領域做了非常出色的工作，接下來還會做得更好。

So overall, we feel really good about the performance there and the overall performance on gross margins.

因此總體而言，我們對那裡的表現以及整體毛利率表現感到非常滿意。

In terms of long-term operating margin guidance, at the Investor Day, we mentioned that we expected gross margins to be lower over the next three years, just given the mix shift in revenue to cloud.

在長期營業利潤率指引方面，在投資者日，我們提到，考慮到收入結構向雲端運算的轉變，預計未來三年的毛利率將會下降。

We're obviously going to continue to work really hard to reduce those cloud COGS and to optimize cloud gross margins.

我們顯然將繼續努力降低雲端運算的銷貨成本並優化雲端運算的毛利率。

But that is still the way we think about the long term, and that with the shift in revenue to cloud, which have structurally lower gross margins, that will offset, more than offset, the improvements that we think we can drive on the cloud, gross margin side.

但這仍然是我們長期考慮的方式，隨著收入轉向雲端運算，雲端運算的毛利率在結構上較低，這將抵消我們認為可以在雲端運算上推動的改進，毛利率方面。

So that guidance from the Investor Day last May still holds.

因此，去年五月投資者日的指導仍然有效。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Okay, thanks.

好的，謝謝。

Good afternoon.

午安.

I wanted to start on cloud growth.

我想要開始研究雲端成長。

Maybe with Joe, Paid seat expansion was above your expectation again this quarter.

也許對於喬來說，本季付費席位擴展再次超出了您的預期。

Just maybe level set and remind us where we are on seats.

也許只是設定水平並提醒我們在座位上的位置。

I know it's been kind of stable along the bottom sequentially, but not really growing.

我知道它在底部一直保持穩定，但並沒有真正增長。

Has that metric returned to growth yet.

該指標是否已恢復成長？

And if not, maybe the timing or expectation on when that might return to growth?

如果不是，那麼何時或預期會恢復成長呢？

And Mike, on this topic, it's relevant because investors are paying attention to the potential for AI and all these innovation to cannibalize seats.

麥克，這個話題很重要，因為投資者正在關注人工智慧和所有這些創新蠶食座位的潛力。

I think you understand kind of that fear or structural fear now that you're deploying AI yourself and see it in practice, I wonder if you might revisit that structural fear of AI eating seats.

我想你現在自己正在部署人工智慧並在實踐中看到它，你已經理解了那種恐懼或結構性恐懼，我想知道你是否會重新審視對人工智慧搶佔席位的結構性恐懼。

Thanks.

謝謝。

Yes, thanks for the question.

是的，謝謝你的提問。

On the paid seat expansion, in the cloud specifically, we are seeing absolute growth in the expansion, but the rate has been stable quarter to quarter, Q2 versus Q1.

在付費席位擴展方面，特別是在雲端，我們看到擴展的絕對成長，但與第一季相比，第二季的成長率一直保持穩定。

That has been stable for several quarters.

這一狀況已連續幾季保持穩定。

Within that overall paid seat expansion rate, we've discussed weakness in SMB.

在整體付費席位擴張率中，我們討論了中小企業的弱點。

The good news that we see is that paid seat expansion rate in SMB has stabilized over the last two quarters.

我們看到的好消息是，中小企業的付費席次擴張率在過去兩季已經趨於穩定。

So from our perspective, we feel like we've stabilized there on.

因此從我們的角度來看，我們覺得我們已經穩定下來了。

We don't have a timeline on when to expect that to turnaround.

我們還沒有預計何時會出現好轉的時間表。

A lot of that is driven by macroeconomics.

其中很大一部分是由宏觀經濟驅動的。

We talked about the approach to guidance.

我們討論了指導的方法。

We continue to assume that macroeconomic uncertainty will have an impact in future quarters on that paid seat expansion rate, and that's baked into the guidance.

我們繼續假設宏觀經濟的不確定性將在未來幾季對付費席次擴張率產生影響，這已經包含在指引中。

But beyond that, we don't have a very specific view on when to expect that to turn around and start to expand again.

但除此之外，我們對於何時能預期這種趨勢會好轉並再次開始擴張並沒有非常明確的看法。

And, Adam, I can you talk to the second one on cannibalization.

亞當，我可以跟你談談第二個關於同類相食的問題嗎？

We take a pragmatic view on this, I would say.

我想說，我們對此持務實態度。

I understand the concerns that people have that float around.

我了解人們心中的擔憂。

I don't think we're seeing any signs of that at the moment.

我認為目前我們還沒有看到任何這樣的跡象。

We're going to continue to be watchful.

我們將繼續保持警惕。

The reason I believe we're not seeing those signs is [Geron's] paradox is floated around a lot in the last week or two, drove some of that from the energy space.

我認為我們之所以沒有看到這些跡象，是因為[Geron]悖論在過去一兩週被廣泛傳播，其中一些是來自能源領域的。

But fundamentally, it does apply here, right?

但從根本上來說，它確實適用於此，對嗎？

We don't have a shortage of ideas of things that we want to bring into reality that software help us with.

我們並不缺乏想要透過軟體來實現的想法。

Technology has greater turning IDs into actual services or products.

科技能夠更好地將身分證轉化為實際的服務或產品。

We are not constrained by supply of ideas and human trade activity.

我們不受思想供應和人類貿易活動的限制。

So anything that [Gamesys] efficiencies, with all the short-term bumps that we can have, generally we will be filled with conservation and profits and other things in the longer term, right.

因此，Gamesys 提高的任何效率，以及我們可能遇到的所有短期障礙，通常會在長期內帶來節省、利潤和其他好處，對吧。

Most of the tasks that we are moving are generally not things that people want to do that, not the creative part of the job.

我們正在轉移的大部分任務一般都不是人們想做的事情，不是工作中創造性的部分。

And so we're allowing people to have higher fundamental efficiency in doing that job.

如此一來，我們就能讓人們以更高的基本效率完成工作。

Whether that means lots of parts of the economy will suddenly be done with magically smaller numbers of people.

這是否意味著經濟的許多部分將突然神奇地只需要更少的人力就能完成。

I'm not sure I believe that I think they'll come up with many more things to do it, right, but it does make users far more productive.

我不確定他們是否會想出更多的方法來做到這一點，對吧，但它確實使用戶的工作效率更高。

And that's generally a broadly good thing for us, all, we are seeing customers increased productivity in the one, two, three hours a week per person broadly across a set of knowledge workers.

對我們來說這總體來說是一件好事，我們看到客戶的知識型員工每週人均生產力提高了一到三個小時。

This is fantastic.

這太棒了。

I don't know if those people are going three hours early.

我不知道那些人是否提前三小時出發。

I think they're probably taking off the next things on their tasks left to do.

我認為他們可能正在著手處理剩下要做的事情。

So as an example of sort of -- most people don't end the week in a knowledge where job with an empty list of tasks.

舉個例子來說——大多數人不會在一周結束時發現工作任務清單為空。

This just helps them get through more stuff more quickly and helps those firms survive and thrive in more competitive industry wherever they are.

這只是幫助他們更快地處理更多事情並幫助這些公司在任何地方的競爭更激烈的行業中生存和發展。

They're competing and someone else is also trying to gain those efficiencies.

他們之間在競爭，而其他人也在試圖獲得這些效率。

From a thoughtful point of view, again, as we mentioned, we do have consumption-based pricing kind of make sure that that's there at lots of different areas of the business.

從深思熟慮的角度來看，正如我們所提到的，我們確實有基於消費的定價，以確保這種定價存在於業務的許多不同領域。

Certainly, in the Atlassian Intelligence area, and we'll continue to learn and evolve.

當然，在 Atlassian Intelligence 領域，我們將繼續學習和發展。

Whether that turns into task-based pricing or job-base pricing, we would be ready to adapt to that.

無論是基於任務的定價還是基於工作的定價，我們都已準備好適應。

If that seems like an area that's growing that way.

如果那看起來像是一個正在以這種方式增長的區域。

We don't have a lot of customer signals if that's what's desired yet.

如果這是目前所期望的，那麼我們還沒有收到很多客戶訊號。

But from Atlassian last point of view, we maintain that flexibility to be able to capture that value as we as we get.

但從 Atlassian 的最後一個觀點來看，我們保持這種靈活性，以便隨時獲得這種價值。

The first thing for us to do is to build fantastic products that people really want and will consume in volume.

我們要做的第一件事就是打造人們真正想要、並且願意大量消費的優質產品。

And secondly, we have a still a relatively small state penetration within most of our largest enterprise customers.

其次，在我們大多數最大的企業客戶中，政府的滲透率仍然相對較小。

So the upside there, it's very hard for us.

因此，從好的方面來說，這對我們來說非常困難。

We feel that that's what we continue to stress.

我們覺得這就是我們繼續強調的。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Great.

偉大的。

Thank you.

謝謝。

I'd like to follow-up on Bachman's question from earlier, because it is fascinating that you have 85% of the Fortune 500 and yet they only make up 10% of your revenue.

我想跟進巴赫曼之前提出的問題，因為令人著迷的是，貴公司擁有 85% 的財富 500 強企業，但它們僅佔貴公司收入的 10%。

Mike, can you touch on how challenging do you think the path is or maybe for Atlassian to get in front of C-level executives a lot more frequently?

麥克，您能否談談您認為這條道路有多難？

And how does Brian and the rest of the team plan to add materially to go after this?

那麼 Brian 和團隊的其他成員計劃如何增加實質內容以實現這一目標？

Hi, Greg.

你好，格雷格。

Not challenging in trying to look at how to answer this question.

嘗試尋找如何回答這個問題並不困難。

Is it hard for me to get in front of C-level executives or Brian or the Atlassian sales team or Atlassian broadly?

我是否很難與 C 級主管、Brian、Atlassian 銷售團隊或 Atlassian 廣泛接觸？

No, I would say it's not hard for us to do that.

不，我想說這對我們來說並不難。

I've met with tens, probably almost into hundreds now in the last 12 months of C-level executives across massive organizations all over the world.

在過去的 12 個月裡，我見過來自世界各地大型組織的數十名、甚至數百名 C 級主管。

They're all Atlassian customers.

他們都是 Atlassian 的客戶。

They are all looking to increase their Atlassian spend.

他們都希望增加在 Atlassian 上的支出。

They have very high demands of Atlassian.

他們對 Atlassian 的要求非常高。

That's great.

那太棒了。

We love customers that are demanding rather than have high requirements and high needs and it's up to us to deliver those.

我們喜歡要求嚴格的客戶，而不是有高要求、高需求的客戶，而滿足這些要求和需求的責任就落在了我們的身上。

They see our continued delivery of value, whether that's scale in performance in compliance and cloud.

他們看到我們持續提供的價值，無論是合規性和雲端運算方面的效能規模。

They'd ramp all the facilities that Joe talked about in terms of enterprise requirements is a long list and it's going to continue to get longer as we get to lots more global regulation and different rules.

他們會提升喬談到的所有設施，就企業需求而言，這是一個很長的清單，而且隨著我們接觸到越來越多的全球法規和不同規則，這個清單還會變得越來越長。

Were all up for delivering that to customers and at the same time delivering them fantastic products that actually make a big impact on their business.

我們致力於將這些傳遞給客戶，同時向他們提供能夠對他們的業務產生重大影響的優質產品。

Getting in front of them is not the problem, continue to be pulled in as they want to have us be a larger strategic partner.

走在他們前面不是問題，繼續被拉攏是因為他們想讓我們成為更大的策略夥伴。

I love customers.

我愛顧客。

I met with a large telco in Europe that explain to me, they wanted us to be one of their top four strategic vendors.

我曾與歐洲的一家大型電信公司會面，他們向我解釋說，他們希望我們成為他們的四大策略供應商之一。

The other three are dauntingly large technology companies that we are increasingly putting less leverages, is very humbling.

其餘三家都是規模龐大、令人望而生畏的科技公司，我們對它們的槓桿越來越小，讓人感到很慚愧。

And then they presented us with a list of things that we need to get there.

然後他們向我們提供了到達那裡所需物品的清單。

And we're probably in that top 20 vendors, top 10 maybe today, and they wanted us to be in the top four.

我們可能已經躋身前 20 名供應商之列，甚至可能是前 10 名，而他們希望我們進入前 4 名。

I was like, give me the list.

我當時就想，把清單給我。

Let's go.

我們走吧。

We're working on a lot of things on that list already.

我們已經在著手處理清單上的許多事項。

We're delivering for that particular vendor.

我們正在為該特定供應商進行送貨。

What they saw was the power of the Atlassian platform, the very insightful CIO that saw the breadth of what we're doing across what we call the system of work.

他們看到了 Atlassian 平台的強大功能，非常有洞察力的 CIO 看到了我們在所謂的工作系統中所做工作的廣度。

So connecting technical and business teams together as one of their biggest problems.

因此，將技術和業務團隊連接在一起是他們面臨的最大問題之一。

Strategy and Planning, AI, the depth and breadth of the team we're crafting a truly unique data assets for them that they don't have a big problems connecting all the data together from.

策略和規劃、人工智慧、團隊的深度和廣度，我們正在為他們打造真正獨特的數據資產，使他們能夠輕鬆地將所有數據連接在一起。

So we love those most complex and demanding businesses.

所以我們熱愛那些最複雜、要求最高的業務。

We don't have problems getting in touch with them or getting it to talk to them.

我們在與他們取得聯繫或與他們交談時沒有遇到任何問題。

We are continuing to improve the way that we tell the Atlassian story, to explain to them how we can help and continuing to help them get that value faster, right.

我們正在繼續改進講述 Atlassian 故事的方式，向他們解釋我們如何提供幫助並繼續幫助他們更快地獲得價值，對吧。

What are the things we pride ourselves on is on speed of deployment, speed of getting access to that.

我們引以為傲的是部署速度和取得存取權限的速度。

Again, in enterprise search, it's no different you can get our enterprise search engine stood up very, very quickly.

再說一次，在企業搜尋中，情況也沒有什麼不同，您可以讓我們的企業搜尋引擎非常非常快速地站起來。

We can connect to lots of enterprise data very, very fast and get results.

我們可以非常快速地連接大量企業數據並獲得結果。

And if we keep that possibly in my mind and deliver on all their requirements in terms of compliance regulations, scale performance, et cetera, I think we stand in a really good stead.

如果我們牢記這一點，並滿足他們在合規法規、規模績效等方面的所有要求，我認為我們將處於非常有利的地位。

I think Brian, and myself and success team just continue to deepen our capabilities in those areas.

我認為布萊恩、我自己和成功團隊將繼續深化我們在這些領域的能力。

So we feel very bullish about the better part of the business.

因此，我們對業務的良好發展前景非常樂觀。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jason Celino。

Great.

偉大的。

Thank you for being in the shareholder letter.

感謝您閱讀我致股東的信。

It looks like data center, strong large deal activity.

它看起來像數據中心，交易活動強勁。

I don't know if this is referring to renewals or net new lands, but I know it's going to be a multi-year journey migration.

我不知道這是指更新還是淨新增土地，但我知道這將是一場多年的遷徙之旅。

But for this cohort of customers that are renewing these multi-year data center and contracts today, what is holding them back from the cloud at the moment.

但是對於今天正在續簽這些多年期資料中心和合約的這群客戶來說，目前是什麼阻礙了他們使用雲端運算呢？

Thank you.

謝謝。

Jason, I can take the first part of that and Joe might want to follow on from a financial perspective.

傑森，我可以講第一部分，喬可能想從財務角度來講。

Look, I think the first thing I would say is I don't run into any data center customers nowadays if they're moving to cloud.

看，我想我要說的第一件事是，如果資料中心客戶正在轉向雲端，我現在不會遇到任何資料中心客戶。

They're all when -- they're all making plans to move on.

他們都在製定繼續前進的計劃。

They are not questioning our abilities.

他們沒有質疑我們的能力。

And that's credit to the engineering teams broadly over the last few years, delivering on a lot of those compliance and regulation and needs of those businesses that we talked about.

這要歸功於過去幾年來工程團隊的努力，他們滿足了我們所談論的許多合規性和監管要求，滿足了這些企業的需求。

That, for a lot of these very large and complicated enterprises, so they might have and 30, 50, even 100 data center instances around their enterprise.

對於許多非常龐大且複雜的企業來說，他們可能在企業周圍擁有 30、50 甚至 100 個資料中心實例。

They are often smartly looking to do some cleanup on the way through about workflows they're using or the data.

他們通常會聰明地尋求對他們正在使用的工作流程或資料進行一些清理。

Some of those instances are 20 years old plus and have a lot of a legacy content in them that they may not need, et cetera.

其中一些實例已有 20 多年的歷史，其中包含許多可能不需要的遺留內容等等。

So that's a process.

這是一個過程。

Fundamentally, it can take some of those businesses some time to most.

從根本上來說，其中一些企業可能需要一些時間才能實現盈利。

Certainly off and a lot of time multiple years to move holistically.

當然，需要很多時間，並且需要數年的時間才能全面行動。

Maybe all of those 50 or 100 instances around, that doesn't mean they're not moving into hybrid states.

也許所有這 50 或 100 個實例都存在，但這並不意味著它們不會進入混合狀態。

We're increasingly to the holiday offering as a powerful things for those customers to learn about cloud, test cloud, use cloud, and maybe forward-thinking parts of the business or are they more fast moving parts of the business.

我們越來越多地將節日產品作為一項強大的東西，讓客戶了解雲、測試雲、使用雲，以及業務中具有前瞻性的部分，或者它們是業務中更快速發展的部分。

A lot of people are moving their AI initiatives, for example, to the cloud.

例如，許多人正在將他們的人工智慧計劃轉移到雲端。

It's something I've talked to a number of customers about and some of the slow moving more and more legacy parts of the business may move later on.

我已經與許多客戶討論過這個問題，一些發展緩慢、遺留較多的業務部分以後可能會轉移。

So we want to make sure that we gave the customers that flexibility to be customer-led in how they manage that migration journey for themselves.

因此，我們希望確保為客戶提供足夠的靈活性，讓他們能夠自行決定如何管理遷移過程。

It's very unique for a lot of those bigger customers at the same time, making clear to them about when we are headed as a business, demonstrating the value of cloud.

對於許多大客戶來說，它非常獨特，讓他們清楚地了解我們的業務發展方向，並展示雲端的價值。

And again, we continue to have large customers.

而且，我們繼續擁有大客戶。

We had the financial institution that we talked about last quarter and the shareholder letter that assigned a very large cloud deal on the basis of Atlassian Intelligence and Analytics to fundamental capabilities that they saw as powerful in the cloud and was moving their migration front.

我們與上個季度討論過的金融機構和股東信函達成了一項非常大的雲端運算交易，該交易以Atlassian Intelligence and Analytics 為基礎，賦予了它們在雲端運算中非常強大的基本功能，並推動了他們的遷移前線。

So thousand success in doing a fantastic job across the customer base, especially a lot of these area to explain to customers what that value is and help them on those movements.

因此，我們在整個客戶群中做出了巨大的成功，特別是在許多領域向客戶解釋了價值是什麼，並幫助他們實現這些行動。

So herein we feel pretty bullish.

因此我們對此感到十分樂觀。

And Joe, do you want to follow-up on the finance part?

喬，你想跟進一下財務部分嗎？

Yes, Mike.

是的，麥克。

Jason, the only point I'd make is to reinforce Mike's point that the vast majority of these deals and data center where hybrid ELAs, which give the customer rights to the cloud, and we continue to see really strong interest in these hybrid deals, given the value in the flexibility they provide, specifically to our largest customers.

Jason，我唯一想說的是重申 Mike 的觀點，即這些交易和資料中心中的絕大多數都是混合 ELA，它們賦予客戶使用雲端的權利，我們繼續看到人們對這些混合交易的濃厚興趣，考慮到它們所提供的靈活性的價值，特別是對我們最大的客戶而言。

And Mike talked about all the benefits that brings in our ability to migrate them in a way that makes the most sense for them.

麥克談到了我們以對他們最合理的方式進行遷移的能力所帶來的所有好處。

And these deals were a significant driver of the billings outperformance in the quarter that you see that even though the robust of a driver of revenue performance just given the revenue recognition on these deals.

這些交易是本季帳單表現優異的重要推動力，儘管營收表現的強勁推動力僅僅是基於這些交易的收入確認。

So hopefully that color helps as well on the big deals and the data center space.

所以希望這種顏色也能對大交易和資料中心空間有所幫助。

Thank you.

謝謝。

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

這就是我們今天能回答的所有問題。

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

現在我將把電話轉回給麥克，請他作結束語。

Thank you, everyone, for attending today.

謝謝大家今天的出席。

And thanks to all of the Atlassian team for a fantastic quarter and huge progress across R&D and customer delivery, cross-marketing and cross-selling success and all of the G&A functions that support us all.

感謝 Atlassian 團隊的全體同仁，感謝他們在本季度的出色表現以及在研發和客戶交付、交叉營銷和交叉銷售成功以及支持我們所有人的所有 G&A 職能方面取得的巨大進步。

So another quarter in the books.

又過了四分之一。

Thank you, everyone, for attending and we look forward to talking to you all in three months and also seeing you in Anaheim.

感謝大家的參加，我們期待三個月後與你們交談並在阿納海姆見到你們。

Hopefully, a lot of you attend '25 in Anaheim in April.

希望你們中的許多人能夠參加 4 月在阿納海姆舉行的 '25 活動。

Thank you very much.

非常感謝。