Atlassian Corp (TEAM) 2025 Q3 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's earnings conference call for the third quarter of fiscal year 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 財年第三季財報電話會議。提醒一下，本次電話會議正在錄製，會議結束後可在 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 third quarter of fiscal year 2025 earnings call. Thank you for joining us today. On the call with me today, we have Atlassian's CEO and Co-Founder, Mike Cannon-Brookes; and Chief Financial Officer, Joe Binz.

歡迎參加 Atlassian 2025 財年第三季財報電話會議。感謝您今天加入我們。今天與我一起參加電話會議的還有 Atlassian 的執行長兼聯合創始人 Mike Cannon-Brookes 和財務長 Joe Binz。

Earlier today, we published a shareholder letter and press release with our financial results and commentary for our third quarter of fiscal year 2025. The shareholder letter is available at Atlassian's Work Life blog and the Investor Relations section of our website, where you will also find our other earnings-related materials, including the earnings press release and supplemental investor data sheet.

今天早些時候，我們發布了一封股東信和新聞稿，其中包含我們 2025 財年第三季的財務表現和評論。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，您也可以在那裡找到我們的其他收益相關資料，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，然後集中進行問答。

This call will include forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions. 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.

本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所表達或暗示的結果有重大差異。

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

您不應依賴前瞻性陳述來預測未來事件。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。如果這些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 and financial results is included in filings we make with the Securities and Exchange Commission from time to time, including the section titled Risk Factors in our most recently filed annual and quarterly reports.

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

During today's call, we may 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，我們也可能會討論非公認會計準則財務指標。這些非 GAAP 財務指標是依照 GAAP 編製的財務績效指標的補充，並非取代或優於依照 GAAP 編製的財務績效指標。您可以在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找到 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 out of time. With that, I'll turn the call over to Mike for opening remarks.

我們希望盡可能多的人能夠參與問答。出於對電話中其他人的尊重，我們將在規定時間內回答一個問題。說完這些，我將把電話交給麥克來致開場白。

Thank you all for joining us today. As you've already read in our shareholder letter, we delivered total revenue of $1.4 billion in Q3, driven by cloud revenue growth of 25% year over year and a free cash flow margin of 47% for the quarter. We continue to make great progress in our strategic priorities of serving the enterprise, making rapid advancements in AI and connecting technology and business teams through the Atlassian system work.

感謝大家今天的參與。正如您在我們的股東信中已經讀到的那樣，我們在第三季度實現了 14 億美元的總收入，這得益於雲端收入同比增長 25% 以及本季度 47% 的自由現金流利潤率。我們在服務企業、快速推進人工智慧以及透過 Atlassian 系統工作連接技術和業務團隊的策略重點上繼續取得長足進展。

Earlier this month, we held our annual user conference, Team '25. Over 5,000 customers, partners, and Atlassians gathered in Anaheim as we ushered in the next evolution of the system of work. Rovo's incredible AI capability to the center of the Atlassian platform, introduced two new cloud offerings and much more.

本月初，我們舉辦了年度使用者大會 Team '25。當我們迎來工作系統的新一輪變革時，超過 5,000 名客戶、合作夥伴和 Atlassian 齊聚阿納海姆。Rovo 將令人難以置信的 AI 功能融入 Atlassian 平台的核心，推出了兩款新的雲端產品等等。

Team is always such an energizing moment for me and all Atlassians as we get to see the reaction from our customers and partners to the incredible innovation that we're delivering and hear firsthand how they're using our solutions to transform the way they work.

團隊對我和所有 Atlassians 來說始終是一個令人振奮的時刻，因為我們可以看到客戶和合作夥伴對我們所提供的令人難以置信的創新的反應，並親耳聽到他們如何使用我們的解決方案來改變他們的工作方式。

The next evolution of the Atlassian system work is officially here as we've started making a shift from stand-alone products to a vision of apps and agents with Rovo at the center of everything. By making Rovo included in all premium enterprise subscriptions of Jira, Confluence, and Jira Service Management with the standard addition soon to follow, with democratizing the power of AI and accelerating human AI collaboration.

Atlassian 系統工作的下一個發展階段已經正式到來，我們已經開始從獨立產品轉向以 Rovo 為中心的應用程式和代理商的願景。透過將 Rovo 納入 Jira、Confluence 和 Jira Service Management 的所有高級企業訂閱中，並很快添加標準附加功能，實現 AI 力量的民主化並加速人類 AI 協作。

We already have over 1.5 million monthly active users of AI across our platform, and we expect this number to continue to grow strongly week-on-week as we roll out and as more customers realize the power of Rovo capabilities. If you'd like to hear more about how this sets us up to win in the AI era, check out the loom that I just posted to our IR website.

我們的平台每月已有超過 150 萬活躍 AI 用戶，並且隨著我們推出這項服務以及越來越多的客戶意識到 Rovo 功能的強大，我們預計這個數字將繼續逐週強勁增長。如果您想了解更多關於如何讓我們在人工智慧時代獲勝的信息，請查看我剛剛發佈到我們的 IR 網站上的織機。

We continue to also make steady progress towards unlocking the Atlassian Cloud platform for even more of our largest and most complex customers as we achieved FedRAMP moderate authorization for our US federal government customers and their industry partners. We expanded our cloud platform with the Atlassian Government Cloud and also announced our Atlassian isolated cloud, a single-tenant cloud solution for enterprises with highly sensitive data.

隨著我們為美國聯邦政府客戶及其產業合作夥伴獲得 FedRAMP 中等授權，我們也繼續穩步推進為更多最大、最複雜的客戶解鎖 Atlassian Cloud 平台。我們透過 Atlassian Government Cloud 擴展了我們的雲端平台，並發布了 Atlassian 隔離雲，這是一種針對擁有高度敏感資料的企業的單一租戶雲解決方案。

All up more than 300,000 customers, including SAP, Workday -- rely on Atlassian to help their teams work better together and unleash enterprise knowledge across their organizations. We believe the progress we're making on our key strategic priorities will continue to fuel durable long-term growth and help us scale to $10 billion in revenue and beyond.

包括 SAP、Workday 在內的超過 30 萬名客戶依靠 Atlassian 幫助他們的團隊更好地協同工作並在整個組織內釋放企業知識。我們相信，我們在關鍵策略重點上的進展將繼續推動長期持久成長，並幫助我們將收入擴大到 100 億美元甚至更多。

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

說完，我會將電話轉接給接線生進行問答。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指示） 摩根士丹利的 Keith Weiss。

This is Sanjit Singh for Keith Weiss. Congrats on the 1.5 million in AI monthly active users. I wanted to talk about some of the decisions on the business Mike, that you're making, one being sort of embedding Rovo into the core products and that being potentially a trade-off in sort of near-term revenue growth.

我是 Keith Weiss 的 Sanjit Singh。恭喜 AI 月活躍用戶達到 150 萬。麥克，我想談談你在業務上做出的一些決定，其中之一就是將 Rovo 嵌入到核心產品中，這可能會對短期收入成長產生影響。

When we think about that maybe in relation to the midterm outlook of sort of a 20% CAGR, does that sort of move the needle from that perspective? And then when you think about some of the uncertainty in the macro, does that also sort of cause the team to reassess that 20% growth outlook?

當我們考慮與 20% 複合年增長率的中期前景相關時，從這個角度來看，這是否會有所改變？然後，當您考慮宏觀中的一些不確定性時，這是否也會導致團隊重新評估 20% 的成長前景？

Sure, I can take that one, Joe. I might want to add on at the end there. Look, the decision to embed Rovo in the core products I would say, look, we are seeing continued growth and adoption of Rovo and our AR capabilities, right? We -- as you called out, past 1.5 million monthly active users continues to grow really strongly. Sales of premium enterprise additions are up over 40% year on year.

當然，喬，我可以接受。我可能想在最後補充一下。看看，將 Rovo 嵌入核心產品的決定，我想說，看看，我們看到 Rovo 和我們的 AR 功能的持續增長和採用，對嗎？正如您所說，每月活躍用戶已超過 150 萬，並且持續強勁成長。高端企業附加產品的銷量年增超過40％。

And the cloud customers who have deployed Rovo agents to now tens of thousands of you need workflows connected to automation are seeing great value. So I would say that from that position of strength, we feel very good about the capabilities that we've built and we want to get them into as many hands as possible and as fast as we can amongst our user base, right? We believe that by maximizing usage and adoption.

已經將 Rovo 代理部署到現在數以萬計需要與自動化連接的工作流程的雲端客戶看到了巨大的價值。所以我想說，從實力上來說，我們對已經建立的功能感到非常滿意，並且我們希望盡可能快地將它們提供給盡可能多的用戶群，對嗎？我們相信，透過最大限度地提高使用率和採用率。

Yes, we've always been patient with monetization, but we think we have a massive user expansion opportunity, both in terms of additions and also growing wall-to-ball with more knowledge workers in those organizations. So that fits really well with the way that we think about building software in general.

是的，我們在貨幣化方面一直很有耐心，但我們認為我們有一個巨大的用戶擴展機會，無論是在增加用戶方面，還是在隨著這些組織中知識工作者的增加而不斷增長方面。所以這與我們一般思考建構軟體的方式非常吻合。

Again, we're always very thoughtful about balancing growth and capital usage. As we mentioned at the Investor Day, we've done some amazing work in R&D to make those capabilities able to be deployed at a reasonable cost, which is obviously a gateway in order to be able to make this sort of a move.

再次強調，我們始終非常重視平衡成長和資本運用。正如我們在投資者日提到的那樣，我們在研發方面做了一些了不起的工作，使得這些功能能夠以合理的成本部署，這顯然是實現此類舉措的門戶。

The mindset you asked for with the decisions -- behind the decisions, look, we do think that the future of Teamwork is going to be about this sort of iterative human agent collaboration. We are, I think, very forward thinking in how we are doing that and implementing that. At the moment, we have a great offering. So we want to get that out to as many users as possible. We do see that it enhances our stickiness and promotes the wall-to-wall adoption of the Atlassian Cloud platform when this works.

您在做決定時所要求的思維方式——在決定的背後，看，我們確實認為團隊合作的未來將是關於這種迭代的人類代理協作。我認為，我們在如何做和實施這一點上非常具有前瞻性。目前，我們有一個很棒的產品。因此我們希望將其推廣給盡可能多的用戶。我們確實看到，當它發揮作用時，它增強了我們的黏性並促進了 Atlassian Cloud 平台的全面採用。

Again, we have a huge amount of organizational knowledge that we have access to and giving them back to our customers in unique and interesting ways naturally makes them come back to our platform, which is a great advantage. And this really removes the friction to get more customers started on that journey, which is really important that they can do that really quickly.

再次，我們擁有大量的組織知識，我們可以以獨特而有趣的方式將這些知識回饋給我們的客戶，這自然會讓他們回到我們的平台，這是一個巨大的優勢。這確實消除了讓更多客戶開始這趟旅程的摩擦，這對於他們能夠快速做到這一點非常重要。

So there can become a continued accelerant for Atlassian's continued growth in additions and more knowledge workers. And as I mentioned at the top, look, we have a really world-class R&D team has built some amazing features in Rovo and all the capabilities, and we have to want to make sure that they come through to as many customers as possible. We have a pretty good history, I think, of making these sorts of old business decisions, you might say, everything from PLG to free additions to moving to the cloud.

因此，這可以成為 Atlassian 在增加員工和培養更多知識型員工方面的持續成長的加速器。正如我在開頭提到的，我們擁有一支真正世界一流的研發團隊，在 Rovo 中建立了一些令人驚嘆的功能和所有功能，我們必須確保盡可能多的客戶能夠使用它們。我認為，我們在製定這類舊商業決策方面有著相當不錯的歷史，你可以說，從 PLG 到免費附加功能，再到遷移到雲端，無所不包。

So I feel really comfortable where we are coming from a position of strength and that we have the team that can follow through and execute against this to deliver the maximum amount of user value we can. Maybe I'll let Joe follow on the CAGR and the long-term nature from a financial perspective.

因此，我感到非常放心，因為我們擁有強大的實力，而且我們的團隊能夠堅持到底並執行這一目標，從而為用戶提供最大的價值。也許我會讓喬從財務角度關注複合年增長率和長期性。

Yeah. Thanks, Mike. There's nothing in the macro that changes our thinking on our commitments that we made at the Investor Day. In general, I would say, we remain confident and on track to the plans we laid out at that time. From a revenue perspective, we do expect to tap into large market opportunities to drive healthy revenue growth across cloud and data center through our strategies that Mike talked about earlier around enterprise AI and system of work.

是的。謝謝，麥克。宏觀層面上沒有任何因素能夠改變我們對投資者日所做承諾的想法。總的來說，我想說，我們仍然充滿信心，並且正在按照當時制定的計劃前進。從收入角度來看，我們確實希望透過 Mike 之前談到的有關企業 AI 和工作系統的策略，挖掘巨大的市場機會，推動雲端和資料中心的健康收入成長。

All of that culminates in our ability to drive revenue growth in excess of a 20% CAGR through FY27. Rovo net helps that, and we don't see anything in the macro right now that would prevent us from accomplishing that.

所有這些最終使我們有能力推動 2027 財年收入成長超過 20% 的複合年增長率。Rovo net 對此有所幫助，而且我們現在在宏觀上沒有看到任何可以阻止我們實現這一目標的東西。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Two related revenue questions, if I may. Just first on cloud. The shareholder letter mentions that enterprise deals landed later than expected in the quarter. Joe was at back in linearity enough to impact the Q3 cloud revenue growth. And then secondly, on data center. So [happy and congratulation] on one year clearly should provide longer-term benefits is, however, causing some investor confusion right now.

請問一下，有兩個與收入相關的問題。只是先在雲端。股東信中提到，本季企業交易的達成時間晚於預期。Joe 的回歸足以影響第三季雲端營收的成長。其次，關於資料中心。因此，一年的[高興和祝賀]顯然應該帶來長期利益，然而現在卻引起了一些投資者的困惑。

Just given that data center has meaningful upfront revenue -- are you able to provide some context on what impact the duration change had to data center revenue growth for Q3 as well as what's being assumed for Q4?

鑑於數據中心具有可觀的前期收入——您能否提供一些背景信息，說明持續時間變化對第三季度數據中心收入增長有何影響，以及對第四季度的假設是什麼？

Yeah. Let me start with the cloud question. So we definitely did see deals fall more back-end loaded in the quarter than we expected, that did have impact on the cloud revenue growth rate that we delivered in the quarter. As you know, from a billings perspective, that still is healthy, and we expect that revenue to be recognized in Q4. We just recognized less in Q3 than we expected.

是的。我先從雲端問題開始。因此，我們確實看到本季交易的後端負載下降幅度超出我們的預期，這確實對我們在本季實現的雲端收入成長率產生了影響。如您所知，從帳單角度來看，這仍然是健康的，我們預計收入將在第四季度得到確認。我們只是確認第三季的業績低於預期。

From a data center perspective, I would just say growth in the quarter was primarily driven by pricing, and it was partially offset by strong migrations to cloud and as you mentioned, fewer multiyear agreements. I would just highlight that other drivers for data centers such as customer retention, renewal rates, and expansion were healthy.

從資料中心的角度來看，我只想說本季的成長主要是由定價推動的，而強勁的雲端遷移和您所提到的多年期協議減少則部分抵消了這一增長。我只想強調，資料中心的其他驅動因素，如客戶保留率、續約率和擴展都是健康的。

So overall, we felt it was a good quarter of fundamental underlying data center performance. I would say if you think about the impact of multiyear agreements, we do recognize revenue in the period that we signed those agreements based on the total contract value. So when the duration of those agreements is shorter on average, we do recognize less revenue in the quarter and that was definitely an impact on the data center revenue performance that we had in Q3.

因此整體而言，我們認為這是基礎資料中心效能表現良好的季度。我想說，如果你考慮多年協議的影響，我們確實會根據合約總價值在簽署這些協議的期間確認收入。因此，當這些協議的平均期限較短時，我們在本季確認的收入就會減少，這肯定會對我們在第三季的資料中心收入表現產生影響。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. Joe, actually, if I could follow up on that question about deals landing later in the quarter on file. Is that just kind of idiosyncratic customer timing? Is that migrations? Or is there something else at play that we should think about?

完美的。喬，實際上，如果我可以繼續回答有關本季度後期達成的交易的問題。這是否只是一種特殊的客戶時機？那是遷移嗎？還是有其他因素值得我們思考？

And then maybe a broader question, just as we're thinking about the cloud platform parity relative to DC. It seems like we're there yet, but I'm curious if there's still kind of hang-ups that customers have on migrating and those that are sticking around on DC. I'm curious what they're still waiting for outside of internal processes and change management, if anything at all?

然後，也許還有一個更廣泛的問題，就像我們正在思考雲端平台相對於資料中心的平價一樣。看起來我們已經到了這一步，但我很好奇客戶在遷移以及那些仍然使用資料中心的客戶方面是否還存在一些問題。我很好奇，除了內部流程和變更管理之外，他們還在等待什麼？

Yeah. Thanks for the question. I'll go first. In terms of the deal timing and the linearity in the quarter on the enterprise side, I think it's really a function of the fact that we're doing larger, more complex deals. They're taking longer to close than we expected. This is a muscle on capability we're building in the company. And so especially when you have the level of innovation and announcements and change that we're driving, customers are very interested in that.

是的。謝謝你的提問。我先走了。就企業方面的交易時機和季度線性而言，我認為這實際上取決於我們正在進行更大、更複雜的交易。他們關閉的時間比我們預期的要長。這是我們公司正在打造的能力。因此，尤其是當我們推動創新、公告和變革的水平時，客戶對此非常感興趣。

So we're spending more time with them, walking them through those options, helping them understand the value that we deliver and the value that we have to offer. So as a result of that, we are seeing some elongated deal cycles. We don't attribute it to macro. It's strictly a function of the nature of the deals that we're trying to drive with our customers. Do you want to chime in on the back half of the question in terms of customers from data center to cloud.

因此，我們花更多的時間與他們在一起，向他們介紹這些選擇，幫助他們了解我們提供的價值和我們所能提供的價值。因此，我們看到一些交易週期延長。我們不將其歸因於宏觀。這完全取決於我們試圖與客戶達成的交易的性質。您是否想就從資料中心到雲端的客戶問題後半部發表意見？

Sorry, I can chime in on the back half of the question, of course. Look, the cloud platform parity with DC, I think we feel really great about where we sit. We, every quarter, continue to help customers to upgrade from DC to the cloud. We had major wins during the last quarter with the federal authorization and the announcement of Atlassian Government Cloud, and we have a number of customers already in that early access program.

抱歉，我當然可以補充問題的後半部。看看與 DC 的雲端平台對等，我認為我們對自己的處境感到非常滿意。我們每季都會繼續幫助客戶從 DC 升級到雲端。上個季度，我們憑藉聯邦政府的授權和 Atlassian Government Cloud 的發布取得了重大勝利，並且已經有許多客戶參與了這個早期訪問計劃。

So for obviously, federal government customers in the United States, or their partners, anyone who works with them, that's a big step for that particular group of customers. We also announced the isolated cloud, which helps for a different group of customers that want isolated compute storage networking and all of the services. We continue to work really hard on a lot of our other standardization. For example, Rovos now ISO-27001 compliant, Rovos now SOC2 compliant. So a whole series of continued compliance work the team has done a really great job beside scale and performance.

因此，對於美國聯邦政府客戶或他們的合作夥伴以及與他們合作的任何人來說，這顯然是一個重大的進步。我們也宣布了獨立雲，它可以幫助需要獨立運算儲存網路和所有服務的不同客戶群。我們將繼續努力實現許多其他標準化。例如，Rovos 現在符合 ISO-27001 標準，Rovos 現在符合 SOC2 標準。因此，除了規模和性能之外，團隊在一系列持續的合規工作中都做得非常出色。

So I would say we feel really great about where our customers are. Again, cloud is a fundamentally better experience for Atlassian customers than data center is. And my experience from Team '25 talking to a whole series of different companies, is that -- it's, again, not a -- not an if they move or upgrade, it is a win.

所以我想說，我們對客戶的現狀感到非常滿意。再次強調，對於 Atlassian 客戶來說，雲端從根本上來說比資料中心提供了更好的體驗。我從 Team 25 與一系列不同公司的對話中得到的經驗是——再次強調，這並不是說他們只要搬遷或升級就是勝利。

During the quarter, we closed a deal in cloud with one of the largest investment banks in the world. One of the global leaders in memory and chips and huge US -- UK sorry, financial services company. So we had some massive cloud deals during the quarter as well. So we feel really good that, that's showing up in customer traction as well.

本季度，我們與世界上最大的投資銀行之一達成了雲端運算交易。該公司是全球領先的記憶體和晶片公司之一，同時也是美國（抱歉，是英國）的大型金融服務公司。因此我們在本季也達成了一些大規模的雲端運算交易。因此，我們感到非常高興，這也反映在客戶吸引力上。

Mark Cash, Raymond James.

馬克卡許、雷蒙詹姆斯。

This is Mark on for Adam. I just want to go back to the cloud migrations and data center moving to annualized only. Does this potentially increase the amount of cloud growth migrations in fiscal '26 maybe beyond the mid-single-digit level and just confirming that you anticipate data center to grow next year with the adjustment and the other (inaudible)?

這是馬克為亞當所做的。我只是想回到雲端遷移和資料中心遷移到年度化階段。這是否有可能增加 26 財年的雲端成長遷移量，甚至可能超過中等個位數水平，並且只是確認您預計明年資料中心將隨著調整和其他因素而成長（聽不清楚）？

Yeah, I'd say, to answer your first question, we definitely do believe that we're going to see better migration contribution to cloud revenue growth in FY26 and FY27. Consistent with what our guidance was at Investor Day last year, we said that those contributions would be in the mid-to-high single-digit range over a three-year period and that we would see less contribution in FY25 simply as a result of the roll-off of the server and to support. So that's how we're thinking about the migration piece.

是的，我想回答你的第一個問題，我們確實相信，在 2026 財年和 2027 財年，遷移將對雲端收入成長做出更好的貢獻。與我們去年在投資者日的指導一致，我們表示這些貢獻將在三年內保持在中高個位數範圍內，並且由於伺服器的減少和支持，我們在 2025 財年的貢獻將會減少。這就是我們對遷移問題的看法。

And the second part of the question. Yeah, tphe question around data center in FY26. It's really too early at this point to talk about FY26 guidance. What I can tell you is from that perspective, we will -- we do expect to continue to have data center growth driven by pricing and expansion at the customers that will be offset, though, however, by increasing data center to cloud migrations.

問題的第二部分。是的，關於 26 財政年度資料中心的問題。現在談論 FY26 指導還為時過早。我可以告訴你的是，從這個角度來看，我們確實預期資料中心的成長將繼續受到客戶定價和擴張的推動，但這種成長將被資料中心向雲端遷移的增加所抵消。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Joe, the gross margin and the free cash flow margin stand out this quarter. I'm just curious if you can speak a bit to what you're seeing in terms of the overall efficiency gains, how you're thinking about your ability to continue to drive margin, particularly if the growth environment at all turns? I know Atlassian has taken a countercyclical approach previously, but just curious how you're assessing those trade-offs currently and just more commentary on margin as well as helpful?

喬，本季的毛利率和自由現金流利潤率非常突出。我只是好奇，您是否可以談談您在整體效率提升方面看到的情況，您如何看待您繼續提高利潤的能力，特別是在成長環境轉變的情況下？我知道 Atlassian 之前採取了逆週期方法，但我只是好奇您目前如何評估這些權衡，以及對利潤的更多評論以及是否有幫助？

Yes. Thanks for the question. It was another great quarter on the gross margin front. As you can see, we posted gross margins of 86%. That was solidly better than what we guided coming into the quarter.

是的。謝謝你的提問。從毛利率來看，這又是一個出色的季度。如您所見，我們的毛利率為 86%。這比我們本季預期的要好得多。

In cloud, the story remains the same, just more of it. We continue to benefit from price increases, upsell to premium addition and importantly, engineering-driven investments we're making to optimize cloud infrastructure and support costs.

在雲端中，故事依然相同，只是內容更多。我們繼續受益於價格上漲、追加銷售和增值服務，更重要的是，我們正在進行工程驅動的投資，以優化雲端基礎設施和支援成本。

And as I've said in the past, focusing on and managing cloud COGS efficiently right now is particularly important given the expected growth in that part of the business and the opportunity and strategy we have with Rovo in the AI space. I'd also reiterate that this highlights one of the big advantages of the engineering investment model we have at Atlassian that we've talked about in the past, which is investing in world-class engineering talent that can work on unlocking efficiency improvements and cost to serve.

正如我過去所說的那樣，考慮到該部分業務的預期成長以及我們與 Rovo 在人工智慧領域擁有的機會和策略，現在關注並有效管理雲端 COGS 尤為重要。我還要重申，這凸顯了我們過去談到的 Atlassian 工程投資模式的一大優勢，即投資於能夠致力於提高效率並降低服務成本的世界級工程人才。

And as I mentioned last quarter, some of the very best work in the company is happening in the space. So we believe there's more to come. So overall, we feel very good about the gross margin picture and trends and how trends are shaping up. And we do believe those efficiency gains will be structural in nature, and we'll be able to maintain them going forward.

正如我上個季度提到的，公司一些最出色的工作都發生在該領域。因此我們相信未來還會有更多。因此總體而言，我們對毛利率狀況和趨勢以及趨勢的形成感到非常滿意。我們確實相信這些效率的提高將是結構性的，並且我們將能夠在未來保持這種提高。

Okay. I just wanted to add on top of that. Look, we've always been incredibly prudent stewards of capital, I'd like to think, and balancing our approach to growth and profitability across our whole history. We've given some pretty clear long-term targets. We're executing really well, I would say, on our journey to those targets, both top line and bottom line targets that we've given out beforehand.

好的。我只是想補充一點。看，我想，我們一直是極其謹慎的資本管理者，並且在整個歷史中平衡了我們的成長和獲利方式。我們給了一些非常明確的長期目標。我想說，我們在實現這些目標的過程中執行得非常好，包括我們之前給出的頂線目標和底線目標。

The R&D team has done a fantastic job as Joe mentioned, getting efficiency out of cloud at scale and continuing to do so quarter on quarter. It's this sort of work that allows us to do things like including Rovo in our operations, right? It's not just about taking AI cost and some fantastic new features and making them significantly attributed to run.

正如喬所提到的，研發團隊做得非常出色，大規模地提高了雲端的效率，並且每個季度都在繼續這樣做。正是這種工作使我們能夠將 Rovo 納入我們的營運中，對嗎？這不僅僅是花費 AI 成本和一些出色的新功能並使其在運行中發揮重要作用。

It's also about the other savings we've been able to make in other areas of the cloud. So a great example maybe of how we're constantly trying to balance that growth and value delivery to customers along with the profitability and margin and doing that alongside each other. So really proud of how the team's executed here in the last few quarters.

這也與我們在雲端的其他領域所能實現的其他節省有關。這也許是一個很好的例子，說明我們如何不斷努力平衡成長和向客戶的價值以及獲利能力和利潤率，並同時做到這一點。我對球隊在過去幾個季度的表現感到非常自豪。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

This is Verkhovski on for Alex. How has the outlook on cloud revenue change given the back half weighted enterprise dynamic you saw this quarter was expectation being below impacted more by better hybrid deal momentum than expected?

這是 Verkhovski 為 Alex 表演的。考慮到本季後半段加權企業動態，雲端運算收入前景如何變化？預期是否低於預期，是否受到混合交易動能優於預期的影響？

And also in the shareholder letter, cross-sell adoption of higher-value deals, top and retention was in line with expectations versus last quarter being in line to slightly ahead. Is there any clarification you can provide on where you outperformed expectations last quarter versus this quarter outside of deals just landing later than expected?

此外，在致股東的信中，交叉銷售採用的高價值交易、頂級交易和保留率均符合預期，而上一季則略為領先。除了交易達成時間晚於預期之外，您能否解釋一下上季度與本季相比，你們在哪些方面表現超出預期？

Yeah. Thanks for the question. From a cloud perspective, we did deliver 25% year-over-year revenue growth. That was better than we expected coming into the quarter. The core underlying performance in our cloud business was very similar to Q2 with trends from Q2 continuing into Q3.

是的。謝謝你的提問。從雲端運算的角度來看，我們的收入確實實現了年增 25%。這比我們預期的本季表現要好。我們的雲端業務的核心基礎表現與第二季非常相似，第二季的趨勢延續到了第三季。

The variance to our expectations was driven by two factors. It was better-than-expected paid seat expansion and data center migrations. All the other drivers in this part of our business, whether it's cross-sell of additional products or adoption of higher value additions or top of funnel performance or customer retention. Those were all in line with our expectations going into the quarter.

與我們的預期不同的是兩個因素。付費席位擴展和資料中心遷移好於預期。我們業務這一部分的所有其他驅動因素，無論是附加產品的交叉銷售、更高價值的附加產品的採用、漏斗頂部的性能還是客戶保留。這些都符合我們對本季的預期。

In terms of looking at the level of beat relative to the guidance in Q3 versus first half, I would just start by saying that in both Q1 and Q2, those were exceptionally strong quarters where we executed really well against a very robust set of opportunities in pipeline. Then I think fundamentally, Q3 is simply a seasonally slower quarter for us. So there was less opportunity for the level of outperformance you saw in the first half of the year.

就第三季度與上半年相比超出預期的水平而言，我首先要說的是，第一季和第二季都是異常強勁的季度，我們針對一系列非常強勁的機會執行得非常好。那麼我認為從根本上來說，第三季對我們來說只是一個季節性較慢的季度。因此，實現上半年優異表現的機會較少。

And then I know not specific to cloud, but more generally, there were some mechanical dynamics, particularly in data center and marketplace that negatively impacted revenue growth on the margin. And I think taking all of this into account helps explain most of the difference between our H1 performance to guidance in Q3.

然後我知道這不僅針對雲端運算，更普遍的是，存在一些機械動力，特別是在資料中心和市場中，對利潤收入成長產生了負面影響。我認為將所有這些都考慮在內有助於解釋我們的上半年業績與第三季預期之間的大部分差異。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

I'm on a plane. So I'll try to keep this quite brief. Just curious if you can talk about the sector of tariffs on your customers' businesses maybe it's a little premature, but what are you hearing from your best customers as to how they're prioritizing at less during these times?

我在飛機上。因此我會盡量簡短地講一下。我只是好奇，您是否可以談談關稅對您客戶業務的影響，也許現在談論這個有點為時過早，但您從您最好的客戶那裡聽說了什麼，他們是如何在這些時期優先考慮關稅的？

And also, if you could talk about the transition. I know you had a new CRO joined at the start of this quarter. Could there have been some settling in and redirection of the go-to-market effort action have resulted in the back-end of the business, all the tear shattering. Just curious to get your more thoughts?

另外，如果您能談談過渡的話。我知道本季初你們有一位新的 CRO 加入。是否有可能對進入市場的努力行動進行一些適應和重新定向，從而導致業務後端的所有撕裂。只是好奇想知道您的更多想法？

Sure. Kash, let me take the first part, and I hope you have a great flight. I'm impressed by dialing in from a plane there. The effect of tariffs on the business. First thing I would call out is, I think that we're in a currently healthy position today.

當然。卡什，讓我來負責第一部分，祝你旅途愉快。我對從飛機上撥打電話印象深刻。關稅對業務的影響。我首先要說的是，我認為我們目前處於健康狀態。

We feel the business remains really healthy. So nothing to call out on a sort of macro impacts at this point. Pipeline looks strong. Customers continue to want to upgrade to the cloud. They're expanding their usage of Atlassian. Team '25 had everybody in the business on a high in terms of the customer reaction to what we have done.

我們覺得業務仍然非常健康。因此，目前還沒有什麼可以指出的宏觀影響。管道看起來很強。客戶繼續希望升級到雲端。他們正在擴大 Atlassian 的使用範圍。從客戶對我們所做工作的反應來看，25 號團隊讓公司裡的每個人都感到非常高興。

So we feel we're in a really healthy and strong position as a business. It doesn't mean we're unaware that there is a complex environment out there, and we continue to remain vigilant about where that flows. I guess, is probably the easiest way to say it. We are obviously -- well, I say, I'm now quite experienced in leading Atlassian for 23-plus years through various different cycles and periods of uncertainty, right? We had this in 2008, we had in 2020.

因此，我們認為我們的企業處於真正健康和強大的地位。這並不意味著我們沒有意識到外面的環境很複雜，我們將繼續對其方向保持警惕。我想，這可能是最簡單的說法了。我們顯然——好吧，我說，我已經非常有經驗了，領導 Atlassian 23 多年，經歷過各種不同的周期和不確定時期，對吧？我們在 2008 年就有過這種情況，2020 年也是如此。

So we have a really strong exec team with a broad experience. And obviously, we've done this before every time of these is different, but you can learn a lot from that experience. From a resilience point of view, look, I think we have more than 300,000 customers, pretty diverse in terms of the industries and the countries that they come from. Our go-to-market evolution and our customer base has changed since, for example, that 2020 period. We're a lot more balanced, I would say, now, right.

因此，我們擁有一支非常強大且經驗豐富的執行團隊。顯然，我們以前也做過這樣的事情，每次都不一樣，但你可以從中學到很多。從彈性的角度來看，我認為我們擁有超過 30 萬名客戶，他們的行業和國家分佈非常多樣化。例如，自 2020 年起，我們的市場發展歷程和客戶群發生了變化。我想說，現在我們的平衡性強多了，對吧。

As we shared at Investor Day, in 2020, our enterprise customers represented 15% of sales, and today, that's more than 40% of sales in 2025. So a big change in the last five years, which I think gives us a lot more balance. And that's where we are there.

正如我們在投資者日所分享的那樣，2020 年，我們的企業客戶佔銷售額的 15%，而到 2025 年，這一比例將超過 40%。所以過去五年發生了巨大的變化，我認為這讓我們更加平衡。這就是我們所處的位置。

I think, look, our focus has to maintain through any of these environments on the customers, right, getting closer to the customers, understanding their challenges, understanding opportunities we have, right? Whatever that environment is will probably affect our customers much more than it affects us. But that doesn't mean we are not aware of that, and we aren't careful of that and stay close to those customers.

我認為，看，我們的重點必須透過任何環境保持在客戶身上，對吧，更貼近客戶，了解他們的挑戰，了解我們擁有的機會，對吧？無論環境如何，它對我們客戶的影響可能遠大於對我們的影響。但這並不意味著我們沒有意識到這一點，我們也不會對此保持警惕並與這些客戶保持密切聯繫。

At the same time, we've historically done a good job in a thoughtful way, I would say, about gaining market share in those difficult times. We see a lot of customers consolidating onto the Atlassian platform from many, many vendors. We have an example of Breville but from 10 different tools to the Atlassian platform, et cetera.

同時，我想說，我們歷來都以深思熟慮的方式做得很好，在困難時期贏得了市場份額。我們看到許多客戶從眾多供應商整合到 Atlassian 平台上。我們有 Breville 的一個例子，但從 10 種不同的工具到 Atlassian 平台等等。

So there are potentially very good opportunities for us in that in terms of our competitive prices and gaining share or however you want to phrase it during those periods of time. So feel really healthy about where we are now, really confident in the strategy and priorities we have. So we're feeling very good.

因此，就我們的競爭性價格和獲得市場份額而言，或者無論你想在那些時期怎麼說，這對我們來說都是一個非常好的機會。因此，我們對目前的狀況感到非常滿意，對我們的策略和優先事項充滿信心。所以我們感覺非常好。

On the CRO transition, look, Brian is doing an excellent job. He's been in the building, what three months now. There's no doubt he has a huge amount of experience. He's bringing that to be already. There's still a lot of learning to do, obviously, about Atlassian and we're a large and complex business with a lot of history.

在 CRO 轉型方面，Brian 做得非常好。他已經在這個建築裡待了三個月了。毫無疑問他擁有豐富的經驗。他已經實現了這個目標。顯然，關於 Atlassian，我們還有很多東西需要學習，我們是一家擁有悠久歷史的大型複雜企業。

I will say we have, again, a fantastic executive team that are leaning to help every which way we can. And a really excellent sales and success team that is already coming from a position of strength. So feel good about those transitions we have. Again, our focus areas in sales continue to be largely the same, and we continue to work on the high-velocity parts of our model all the way up to the strategic customers and making it an integrated process of how we go to market across all of our 300,000 customers.

我想說的是，我們擁有一支出色的執行團隊，他們願意盡一切努力提供協助。並且擁有一支真正優秀的銷售和成功團隊，並且已經具備實力。因此，對於我們所經歷的這些轉變，我們應該感到高興。再次強調，我們在銷售方面的重點領域基本上保持不變，我們將繼續致力於我們模型的高速部分，直至戰略客戶，並使其成為我們面向所有 300,000 名客戶進入市場的綜合流程。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

I also wanted to focus on the question of growth. And Joe, part A is when I read the shareholder letter, you called out a few things that caused you to risk adjust the guidance and there are more macro this time than past are you implying that there's more conservative conservatism in the Q4 guide than you might otherwise bring to bear?

我還想關注成長問題。喬，A 部分是，當我閱讀股東信時，您指出了一些導致您調整指導風險的事情，而且這次的宏觀因素比過去更多，您是否暗示第四季度指南中的保守主義比您可能帶來的更多？

And the second question is, candidly, probably more important is attending the event a month ago, there was a number of questions about the impact of collections. And more specifically, that the bundled pricing, if you will, of collections was -- it's a pretty significant discount to the adding of the individual pieces.

第二個問題，坦白說，可能更重要的是參加一個月前的活動時，提出了許多關於收藏影響的問題。更具體地說，如果你願意的話，集合的捆綁定價是 - 它比添加單個部件有相當大的折扣。

And so just wondering if you wanted to offer any thoughts on how we as investors should be tuning our model on how that price versus seats, how the collections may impact the growth as we look out over the horizon, given the pretty significant discount implied by the bundling. That's it for me.

所以我只是想知道您是否想提出一些想法，即我們作為投資者應該如何調整我們的模型，以了解價格與座位的關係，以及考慮到捆綁銷售所暗示的相當大的折扣，從長遠來看，這些收藏品將如何影響增長。對我來說就是這樣。

Yes. Great question, Keith. So from a Q4 guidance approach, overall, there's no change, and we've taken the same approach to our guide for Q4 that we've taken all year, which is we are accounting for potential impacts of macroeconomic uncertainty and execution risk related to our enterprise go-to-market sales motion. I'd highlight that data center and marketplace, there is greater variability just given revenue recognition and the underlying dynamics in that part of the business around cloud migrations, multiyear deal mix, and the transactional nature of marketplace revenue.

是的。很好的問題，基斯。因此，從第四季度的指導方法來看，總體而言，沒有變化，我們對第四季度的指導採取了與全年相同的方法，即考慮宏觀經濟不確定性和與企業上市銷售動議相關的執行風險的潛在影響。我想強調的是，資料中心和市場存在更大的可變性，因為收入確認以及圍繞雲端遷移、多年交易組合和市場收入的交易性質的業務部分的潛在動態。

I'd also highlight that as you think about our FY26 outlook, keep in mind, we will continue to take a conservative risk-adjusted approach to our guidance for FY26 just as we have throughout FY25. In terms of the teamwork collection, while the teamwork collection is not a driver to our Q4 guidance, and it will have a limited impact on FY26, we think it is a powerful part of our strategy in transforming Atlassian.

我還要強調的是，當您考慮我們的 26 財年展望時，請記住，我們將繼續採取保守的風險調整方法來製定 26 財年的指導方針，就像我們在整個 25 財年所做的那樣。就團隊合作系列而言，雖然團隊合作系列不是我們第四季度指引的驅動因素，並且對 26 財年的影響有限，但我們認為這是我們轉型 Atlassian 策略的重要組成部分。

And the reason we think it makes sense is because there's an untapped attach opportunity to over 10 million Jira users. And we think we have a real opportunity to drive long-term revenue growth with this through additional attach of Confluence in Loom to Jira, additional attach of premium and enterprise versions since all users must be on the same version. Incremental new seats because we have an opportunity to drive wall-to-wall and displace alternative tools.

我們認為這是有意義的，因為對於超過 1000 萬 Jira 用戶來說，這是一個尚未開發的附加機會。我們認為，透過將 Loom 中的 Confluence 附加到 Jira，以及附加高級版和企業版（因為所有用戶必須使用相同版本），我們有一個真正的機會來推動長期收入成長。增加新座位是因為我們有機會全面推進並取代替代工具。

And then lastly, AI credits will drive AI usage, and that's going to strategically strengthen our structural competitive position broadly and that will provide an uplift to our overall business. So overall, we're very bullish on the opportunity for TWC, teamwork collection to drive growth over the long term.

最後，人工智慧積分將推動人工智慧的使用，這將從策略上加強我們的結構性競爭地位，並將提升我們的整體業務。因此，總體而言，我們非常看好 TWC 和團隊合作系列在長期推動成長的機會。

I just wanted to add, Keith, from my point of view, maybe slightly more philosophical than Joe. Look, collections are about being as customer first as we can. And we always try to do that at Atlassian. It simplifies how our customers can buy and grow with our offerings.

我只是想補充一下，基思，從我的角度來看，我可能比喬更有哲理。你看，系列產品就是盡可能以顧客為中心。我們在 Atlassian 一直努力做到這一點。它簡化了我們的客戶購買和利用我們的產品的方式。

That simplicity, that reduction in friction does result in our experience, a long-term growth driver that appears over time as customers increasingly want to buy larger amounts of software from Atlassian that they want to not buy it in smaller and smaller pieces, if that makes any sense. They want to buy it in large amounts. That enables us to create quite some significant simplicity in the purchasing behavior, but also simplicity in the deployment and the rollout behavior.

根據我們的經驗，這種簡單性、這種摩擦的減少確實會帶來一種長期的成長動力，隨著時間的推移，這種動力就會出現，因為客戶越來越想從 Atlassian 購買大量的軟體，而不想以越來越小的部分購買，如果這有任何意義的話。他們想大量購買。這使我們能夠在購買行為中創造相當顯著的簡化，同時也簡化了部署和推出行為。

As Joe mentioned, that simplicity comes from having a single addition, having a single seat count and any new offerings that are introduced like Rovo, for example, into the two collection will just appear for those users, which is a much easier experience for the customer. I believe, over time, that will lead to continued growth. That's part of the reason, but also lead to customer stickiness and customer happiness as more of our functions are exposed to more people within that organization and it gives us a larger opportunity to go after the knowledge workers that we don't have access to in many of our customers at the moment who don't have access to our products.

正如喬所提到的，這種簡單性來自於單一的添加，單一的座位數，以及引入的任何新產品，例如 Rovo，在兩個系列中只會向那些用戶顯示，這對客戶來說是更輕鬆的體驗。我相信，隨著時間的推移，這將帶來持續的成長。這是部分原因，但也帶來了客戶黏性和客戶滿意度，因為我們的更多功能向組織內的更多人開放，並且它為我們提供了更大的機會去爭取目前我們在許多無法使用我們產品的客戶中無法接觸到的知識工作者。

So philosophically, I think it's about simplifying things for our customers in terms of their purchasing behavior.

因此從哲學角度來說，我認為這是為了簡化顧客的購買行為。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. Mike, for you and then Joe, a quick follow-up for you. Just on the three cloud strategy, which seems fairly straightforward around commercial and government cloud be curious on the isolated cloud, just to hear a little bit more from you, Mike, on what the strategy is there? Is that a new type of customer? Is it a customer that otherwise might not have been as willing to move to an Atlassian managed cloud that's currently in DC?

偉大的。麥克，請問您一下，然後是喬，請問您一個簡短的後續問題。僅就三雲戰略而言，這似乎相當簡單，圍繞著商業和政府雲，對孤立雲感到好奇，只是想聽聽你多一點，麥克，那裡的戰略是什麼？這是一個新類型的客戶嗎？是客戶本來可能不願意遷移到目前位於華盛頓特區的 Atlassian 託管雲端？

And then, Joe, relative to your comments earlier on cloud COGS and cost to serve, how should we think about as that ramps in '26 and certainly not asking for guidance there. But as we think about that ramp, how a single-tenant solution option in cloud could potentially impact cost to serve?

然後，喬，相對於您之前對雲端 COGS 和服務成本的評論，我們應該如何看待 26 年的成長，當然不是在那裡尋求指導。但是，當我們考慮這個坡道時，雲端中的單一租戶解決方案選項可能會如何影響服務成本？

Sure, Rob. Let me take the first part of that. The strategy around isolated cloud is about continuing to make sure that we're serving the entire breadth of our customer base. As we scale in the enterprise, as we scale in ever larger and more complex customers, some of those customers have, some very small amount of them have particular needs. And so isolated cloud with its own sort of dedicated storage, dedicated compute and dedicated networking for the customer certainly appeals to some amount of the largest and most complex organizations and also those that have particular needs and choices.

當然，羅布。讓我先談第一部分。圍繞獨立雲端的策略是為了繼續確保我們為整個客戶群提供服務。隨著我們企業規模的擴大，隨著我們客戶規模越來越大、越來越複雜，其中一些客戶，特別是極少數客戶有特殊需求。因此，為客戶提供專用儲存、專用運算和專用網路的獨立雲端無疑會吸引一些最大、最複雜的組織以及那些有特殊需求和選擇的組織。

We want to make sure we're offering a set of services to all of our customers that meet their particular needs. A lot of the architectural changes and improvements we've made over the last three years in cloud and in a cloud platform, allow us to do this, things like data residency, which you can think about deploying our cloud in different regions of the world. And then FedRAMP, which has led to Atlassian Government Cloud, allowing us to meet various conditions that are required for those federal customers and their partners.

我們希望確保向所有客戶提供一套滿足其特定需求的服務。過去三年我們在雲端和雲端平台方面所做的許多架構變化和改進使我們能夠做到這一點，例如資料駐留，您可以考慮在世界不同地區部署我們的雲端。然後是 FedRAMP，它催生了 Atlassian Government Cloud，使我們能夠滿足聯邦客戶及其合作夥伴所需的各種條件。

You can think about isolated cloud as kind of the next stage in that journey architecturally to be able to deploy, think of it as conceptually an entire Atlassian Cloud, all of the services for a single customer and to be able to do that both at an effective R&D speed perspective so that we can get the features out to those customers in the same way. They are getting the cloud software.

您可以將獨立雲端視為該旅程在架構上的下一個階段，以便能夠部署，從概念上將其視為整個 Atlassian Cloud，為單一客戶提供所有服務，並能夠以有效的研發速度視角做到這一點，以便我們能夠以相同的方式將功能提供給這些客戶。他們正在獲取雲端軟體。

And secondly, being able to do that from a cost management perspective, both that the customer is willing to pay and its value in. And secondly, that Atlassian can deliver it at the right margin and price.

其次，從成本管理的角度來做到這一點，既要考慮客戶願意支付的費用，也要考慮其價值。其次，Atlassian 可以以合適的利潤和價格提供該產品。

And then I'll take the second part of that, and thanks for the question. I'll start by talking a little bit about the long-term structural view of gross margins, and then I'll dive into your specific question around Rovo and the impact that's going to have. I'd say the savings and efficiencies to the question we answered earlier that you see this quarter, they are structural and sustainable.

然後我將討論第二部分，感謝您的提問。我將首先談談毛利率的長期結構性觀點，然後我將深入探討您關於 Rovo 的具體問題及其將產生的影響。我想說，對於我們之前回答的問題，本季的節約和效率是結構性的和可持續的。

But as Mike mentioned, keep in mind, we'll continue to add more and more value and related costs to our cloud products to strengthen our structural competitive position. And the strategy with Rovo is a great example of that. So while we create capacity with savings and efficiency, we also backfill with additional costs over time. So in terms of our longer-term guidance, company gross margins are going to be primarily impacted by the factors we've talked about in the past.

但正如麥克所提到的，請記住，我們將繼續為我們的雲端產品增加越來越多的價值和相關成本，以加強我們的結構性競爭地位。Rovo 的戰略就是一個很好的例子。因此，雖然我們透過節省和提高效率來創造產能，但隨著時間的推移，我們也會增加額外的成本。因此，就我們的長期指導而言，公司毛利率將主要受到我們過去談到的因素的影響。

So that's things like our revenue mix, which will increasingly skew towards the cloud and progress on our cloud gross margin improvements. And just from our perspective, our goal is to drive year over year cloud gross margin improvements as we scale such that we can mitigate as much of the impact from that revenue mix shift to cloud as possible.

這就是我們的收入結構，它將越來越傾向於雲端運算，並推動我們的雲端運算毛利率不斷提高。從我們的角度來看，我們的目標是隨著規模的擴大，推動雲端運算毛利率逐年提高，以便盡可能減輕收入結構轉變為雲端運算帶來的影響。

And as you've seen over the last few quarters, we've been very successful at doing that. So that's the overall mindset we have as we look to shaping future gross margin trends. And when you net all that out, we do continue to expect blended gross margins to decline over the next two years, consistent with what we shared with you at Investor Day last May.

正如您在過去幾個季度所看到的，我們在這方面非常成功。這就是我們在塑造未來毛利率趨勢時的整體思路。當你把所有這些因素都考慮進去時，我們確實預計未來兩年混合毛利率將會下降，這與去年 5 月投資者日上我們與大家分享的情況一致。

In terms of AI COGS, in the near term, it is early days and the impact from Rovo and AI-related COGS is pretty small, and we're managing it well. Obviously, with the change in our Rovo pricing and packaging strategy, there will be a significant investment in COGS. But as you read in our shareholder letter, we believe that decision is absolutely the right thing to do to strengthen our structural competitive position and drive long-term growth.

就 AI COGS 而言，短期內還處於早期階段，Rovo 和 AI 相關的 COGS 的影響非常小，我們正在妥善管理它。顯然，隨著我們的 Rovo 定價和包裝策略的改變，我們將對 COGS 進行大量投資。但正如您在我們的股東信中所讀到的，我們相信這項決定絕對是正確的，可以加強我們的結構性競爭地位並推動長期成長。

Over the long term, we do believe AI related costs will come down the curve as multiple vendors compete in that space, and we'll continue to optimize our AI infrastructure and support requirements just as we're doing on the other aspects of our cloud platform. And as you can see from the results this quarter on cloud gross margin, we are driving savings in cloud COGS that creates that capacity. And so in the future, we feel we are really well positioned to be able to manage this change in strategy from a margin perspective.

從長遠來看，我們確實相信，隨著多家供應​​商在該領域的競爭，人工智慧相關成本將會下降，而且我們將繼續優化我們的人工智慧基礎設施和支援需求，就像我們在雲端平台的其他方面所做的那樣。從本季雲毛利率結果可以看出，我們正在推動雲端 COGS 的節省，從而創造這種容量。因此，在未來，我們認為我們確實有能力從利潤率的角度來管理這項策略變革。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

I wanted to go back to Kash's question on Brian earlier. Obviously, you're kind of planning for the new financial year that is coming up. How should we think about changes to the go-to-market because Brian coming from SAP, he's bringing like an enterprise focus that might complement what you had before. But do we need to think about like changes to your go-to-market in that respect? And then I had none follow-on.

我想回到卡什之前關於布萊恩的問題。顯然，您正在為即將到來的新財政年度做計劃。我們應該如何看待市場進入方式的變化，因為 Brian 來自 SAP，他帶來的企業焦點可能會補充您之前所擁有的東西。但是，我們是否需要考慮在這方面改變您的行銷策略？然後我就沒有任何後續行動了。

Thanks, Raimo. I think we're always changing our go-to-market is probably what I would say. We're evolving every quarter, certainly every year. How we go to market is our customer mix changes and our needs change. We've seen this many times in the past.

謝謝，雷莫。我想說的是，我們一直在改變我們的行銷方式。我們每季都在進步，當然每年也是。我們進入市場的方式是我們的客戶結構發生變化，我們的需求也會改變。過去我們已經多次見過這種情況。

We've moved from how we sold to adding data center, for example. We've moved to selling cloud and subscriptions. We've adapted to selling to the largest enterprises in the world. Again, well more than 500 customers now spend more than $1 million a year with the last year, and we've grown an enterprise business, as we mentioned to over from 15% of the business to over 40% of the business in sales. And obviously, cloud additions in free but also in premium and enterprise.

例如，我們已經從銷售方式轉向增加資料中心。我們已轉向銷售雲和訂閱。我們已經適應向世界上最大的企業銷售產品。再次，現在有超過 500 名客戶，去年每年的支出超過 100 萬美元，而且我們已經發展了企業業務，正如我們提到的，從業務的 15％ 到銷售額的 40％ 以上。顯然，雲端附加功能是免費的，但也提供付費版和企業版。

What I would say is we're continuing to evolve our go-to-market motion, almost every quarter, but certainly, every year as we look forward and see what the customers need and what the customer base needs and where we think the biggest opportunities are -- the -- there's continued experience, obviously, that comes with Brian from a large global enterprise customer base to some of our largest customers and how we can continue to serve them very well.

我想說的是，我們幾乎每個季度都在不斷發展我們的市場進入方式，但當然，每年我們都會展望未來，看看客戶需要什麼，客戶群需要什麼，以及我們認為最大的機會在哪裡——顯然，布萊恩從大型全球企業客戶群到我們的一些最大客戶，都積累了持續的經驗，以及我們如何繼續為他們提供良好的服務。

At the same time, we continue to learn both Brian, myself and everybody and the team about the large-scale frictionless end of the model that we're running, right, with 300,000-plus customers nowadays and many, many offerings, new offerings like Loom and Trello have very different sales dynamics to some of our traditional offerings.

同時，我們繼續向 Brian、我自己以及團隊中的每個人學習我們正在運行的模型的大規模無摩擦端，對吧，現在有超過 300,000 名客戶和許多產品，像 Loom 和 Trello 這樣的新產品與我們的一些傳統產品的銷售動態非常不同。

So I would say we keep learning about everything from a marketing point of view, all the way through sales and customer success. We want to be a continual learning organization. But there's no doubt, Brian brings a huge amount of experience, and we're super happy to have him on board. Really excited about the future and as well as we continue to evolve.

所以我想說，我們一直在從行銷的角度學習一切，一直到銷售和客戶成功。我們希望成為一個持續學習的組織。但毫無疑問，布萊恩擁有豐富的經驗，我們非常高興他能加入我們。我對未來以及我們將繼續發展感到非常興奮。

Jason Celino, KeyBanc.

傑森·塞利諾（Jason Celino），KeyBanc。

This is Billy on for Jason Celino. Mike, it sounds like feedback and demand for Rovo has certainly been very positive, but of course, you're still in early days. I just wanted to get a pulse check on where you think we are in enterprise agenetic AI adoption? And maybe what some of the barriers out there still are to that adoption curve?

這是 Billy 代替 Jason Celino 上場。麥克，聽起來對 Rovo 的回饋和需求確實非常積極，但當然，你們還處於早期階段。我只是想了解一下您認為我們在企業遺傳 AI 應用方面處於什麼位置？也許在採用曲線的過程中仍存在一些障礙？

Thanks, Billy. Great question. Look, I think. There we're very early days. There's no doubt that the easy answer is they're extremely early days in terms of agetic adoption in enterprises.

謝謝，比利。好問題。瞧，我認為。我們目前還處於早期階段。毫無疑問，簡單的答案是，就企業採用 Agetic 而言，它們還處於非常早期的階段。

I would say that a lot of them are experimenting, a lot of them are trying to learn, and trying to understand fundamentally what the technology can do. They are understandably cautious with enterprise knowledge. We get a lot of questions about Rovos commissioning and structure and how it works, who can access what content, how it all sort of strings together architecturally.

我想說的是，他們中的許多人都在進行實驗，很多人都在努力學習，並試圖從根本上了解這項技術能做什麼。他們對企業知識持謹慎態度，這是可以理解的。我們收到了很多關於 Rovos 的調試和結構以及它如何運作、誰可以訪問什麼內容以及它在架構上如何串聯在一起的問題。

I will say customers very happy with how thoughtful we've been on all of those areas, but it's natural that this is a new area of technology, but they see clearly the upsides, the possibilities but they're trying to be very careful and cautious about deployment and also working out where it actually adds ROI to their business. And that's a lot of what we spend time with customers is helping them to understand that.

我想說的是，客戶對於我們在所有這些領域的周到考慮感到非常滿意，但這自然是一個新的技術領域，但他們清楚地看到了優勢和可能性，但他們在部署時非常小心謹慎，同時也在研究它實際上如何為他們的業務增加投資回報率。我們花了很多時間與客戶交流，幫助他們理解這一點。

There is certainly a gap, I would say, between the awareness of AI and the usage of AI at the moment, part of where we're trying to make sure we get across that gap is certainly with the Rovo inclusion with the various offerings that allows them to try Rovo, to connect data and to learn and as we mentioned, we have various ways to deliver that value, but also for Atlassian to gain from that value in time from higher additions, but also consumption-based pricing and credits and various things like that. So it's an evolving area, I suppose, I would say.

我想說，目前人們對人工智慧的認識和人工智慧的使用之間肯定存在差距，我們試圖確保跨越這一差距的部分原因肯定是將 Rovo 納入各種產品中，讓他們可以嘗試 Rovo、連接數據和學習，正如我們所提到的，我們有各種方法來提供這種價值，而且 Atlassian 也可以通過更高的附加價值及時從中獲益，還有基於此類定價的東西。所以我想說，這是一個不斷發展的領域。

Where I would say customers are most excited is the breadth of agents that we supply and also the familiarity of those agents in their interaction. So what's very different about Rovo is the way that an agent interacts inside the software. As another colleague in your company would, that makes it much more familiar to the usage pattern than some of the other approaches to AI which has gone pretty great reactions from customers.

我想說，最讓客戶興奮的是我們所提供的代理商的廣度以及這些代理商在互動中的熟悉程度。Rovo 的獨特之處在於軟體內部代理的互動方式。正如貴公司的另一位同事所說，這使得它比其他一些人工智慧方法更熟悉使用模式，並且得到了客戶的熱烈反響。

And the ability to iterate, as I said, between humans and agents and back and forth and obviously, multiple times, two, three, four loops to get a task done. That also resonates really strongly with our approach. It feels more like adding extra people to your team as we would phrase it, that it does someone sort of replacing what you're doing, which creates huge positivity in our customer base, generally, super early in our journey here, but a huge level of customer excitement, and our goal is to get that into as many hands as possible.

正如我所說，在人類和代理之間來回迭代的能力，顯然需要多次，兩、三、四次循環才能完成任務。這也與我們的方法產生了強烈的共鳴。正如我們所說的那樣，這更像是為你的團隊增加了額外的人，就像有人在替代你正在做的事情一樣，這通常會在我們旅程的早期就給我們的客戶群帶來巨大的積極性，但客戶的興奮程度卻非常高，我們的目標是讓盡可能多的人參與其中。

I think we're making pretty good traction. As we said, we've gone from 1 million AI out to over 1.5 million AI in a quarter, and we'll continue to see that number rise. I think it's growing really strongly.

我認為我們取得了相當不錯的進展。正如我們所說，我們在一個季度內從 100 萬個 AI 成長到了 150 多萬個 AI，而且我們將繼續看到這個數字上升。我認為它的成長確實非常強勁。

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。這就是我們今天所討論的所有問題。現在我將把電話交給麥克，請他做最後發言。

Thanks, everyone, for joining our call today. As always, appreciate the thoughtful questions and continued support. It's great to see a whole lot of you on the call, at Team '25 just a couple of weeks ago in Anaheim. Have a kickout day, and we'll talk to you in a quarter.

感謝大家今天參加我們的電話會議。一如既往，感謝您的深思熟慮的問題和持續的支持。很高興在幾週前於阿納海姆舉行的 Team '25 會議上見到你們。有一個踢出日，我們將在一個季度內與您交談。

Good bye.

再見。