Atlassian Corp (TEAM) 2025 Q4 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's earnings conference call for the fourth 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 財年第四季財報電話會議。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 fourth-quarter and fiscal year 2025 earnings call. Thank you for joining us today. On the call today, we have Atlassian's CEO and Co-Founder, Mike Cannon-Brookes; and Chief Financial Officer, Joe Binz.

歡迎參加 Atlassian 2025 財年第四季和財報電話會議。感謝您今天加入我們。參加今天電話會議的有 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 fourth-quarter and fiscal-year 2025. The shareholder letter is available on 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. As always, our shareholder letter contains management's insights and commentary for the quarter. So during the call today, we'll have brief opening remarks and then focus our time on Q&A.

今天早些時候，我們發布了一封股東信和新聞稿，其中包含我們 2025 年第四季和財年的財務表現和評論。股東信函可在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。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. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. 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.

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。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截至作出該等陳述之日的信念和假設，如果這些陳述發生變化或不再有效，我們不承擔更新或修改這些陳述的義務。

Further information on these and other factors that could affect our business performance and financial results is included in filings we make with the Securities and Exchange Commission from time to time, including the section titled Risk Factors in our most recently filed annual and quarterly reports.

有關這些因素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 will also discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures is available in our shareholder letter, earnings release, and investor data sheet on the Investor Relations section of our website. (Operator Instructions)

在今天的電話會議中，我們還將討論非公認會計準則財務指標。這些非 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。（操作員指示）

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

說完這些，我將把電話交給麥克來致開場白。

Thanks, Martin, and thank you all for joining us today. As you've already read in our shareholder letter, we closed out FY25 with stellar execution from our enterprise sales teams and partner teams.

謝謝，馬丁，也謝謝大家今天加入我們。正如您在我們的股東信中所讀到的，我們的企業銷售團隊和合作夥伴團隊以出色的表現結束了 25 財年。

In FY25, we generated over $5.2 billion in revenue and over $1.4 billion in free cash flow, delivering another year of balanced Rule of 40 plus performance. All up, our Teamwork platform powers workflows at over 300,000 customers like Infosys, IAG, Woolworths, Globant, and Honeywell.

在 25 財年，我們創造了超過 52 億美元的收入和超過 14 億美元的自由現金流，再次實現了 40 規則以上的平衡表現。總而言之，我們的團隊合作平台為 Infosys、IAG、Woolworths、Globant 和 Honeywell 等 30 萬多家客戶提供工作流程支援。

We see a real sense of momentum coming out of Q4 as we signed a record number of deals greater than $1 million in ACV in the quarter, up over 2x year on year. We reached 2.3 million AI now, up 50% from last quarter. And in less than a full quarter since its launch of Team '25, the Teamwork Collection has seen incredibly strong momentum and is exceeding our expectations.

我們看到第四季度出現了真正的成長勢頭，因為我們在本季度簽署了創紀錄的超過 100 萬美元 ACV 的交易數量，同比增長了 2 倍多。目前我們的 AI 數量已達 230 萬，較上一季成長 50%。自 Team '25 推出以來不到一個季度的時間裡，Teamwork Collection 的發展勢頭強勁，超出了我們的預期。

We are making significant progress on our key strategic priorities of serving the enterprise, delivering game hedging innovation in AI to our customers, and connecting all teams through the Atlassian system of work. These big bets are paying off, resulting in a cloud net revenue retention rate of 120%.

我們在服務企業、為客戶提供人工智慧領域的遊戲對沖創新以及透過 Atlassian 工作系統連接所有團隊等關鍵策略重點上取得了重大進展。這些大賭注正在獲得回報，雲端淨收入保留率達到了 120%。

To further accelerate our progress, we are partnering with Google Cloud to bring our AI-powered Teamwork platform together with Google Cloud's AI optimized infrastructure. This partnership marks a major milestone in Atlassian's multi-cloud strategy, accelerating our cloud transformation, and delivering advanced AI solutions to millions more users worldwide.

為了進一步加快我們的進步，我們正在與 Google Cloud 合作，將我們由 AI 驅動的 Teamwork 平台與 Google Cloud 的 AI 優化基礎架構結合在一起。此次合作標誌著 Atlassian 多雲策略的一個重要里程碑，加速了我們的雲端轉型，並為全球數百萬用戶提供先進的人工智慧解決方案。

In the AI era, we believe the need for collaboration increases significantly as more people are able to create and more ideas can be brought to life. This creates a huge opportunity for Atlassian. Our platform powers teamwork, business processes, and workflows across all types of teams, but now 50% of users of our core apps being business users, reinforcing the mission-critical role that our platform plays and helping both businesses and technology teams collaborate. If you'd like to hear more about how this sets us up to win in the AI era, tick out the loan that I just posted to our IR website.

在人工智慧時代，我們相信，隨著越來越多的人擁有創造能力，越來越多的想法得以實現，協作的需求將會顯著增加。這為 Atlassian 創造了巨大的機會。我們的平台為所有類型團隊的團隊合作、業務流程和工作流程提供支持，但現在我們核心應用程式的 50% 用戶是業務用戶，這強化了我們平台發揮的關鍵任務作用，並幫助企業和技術團隊進行協作。如果您想了解更多關於如何幫助我們在人工智慧時代取得成功的信息，請勾選我剛剛發佈到我們的 IR 網站上的貸款。

This quarter, we saw more enterprises realize the power of going wall to wall with the Atlassian system of work, with many of them consolidating from a variety of other tools onto the Atlassian Cloud platform. The result with continued revenue growth across our core apps of JIRA, Confluence, JIRA Service Management and Loom, all of which are growing in line or faster than total company revenue with significant runway ahead of all.

本季度，我們看到越來越多的企業意識到 Atlassian 工作系統帶來的強大功能，其中許多企業將各種其他工具整合到 Atlassian Cloud 平台上。結果是，我們的核心應用程式 JIRA、Confluence、JIRA Service Management 和 Loom 的收入持續成長，所有這些應用程式的成長速度都與公司總收入持平或更快，並且前途光明。

As we forge ahead into FY26, we're bringing a new level of intensity to our pursuit of the massive market opportunities in front of us. We're playing offense and relentlessly innovating in order to further strengthen our competitive position, delivering differentiated customer experiences and value, and making Atlassian system work for the Fortune 500,000 and beyond.

隨著我們邁入 26 財年，我們將以新的力度追求眼前的巨大市場機會。我們正在積極進攻並不斷創新，以進一步加強我們的競爭地位，提供差異化的客戶體驗和價值，並使 Atlassian 系統為財富 500,000 強及其他企業服務。

Also this quarter, we're announcing that Anu has decided to transition away from her role as Atlassian President at the end of December after almost 12 years. While we're very sad to see her leave, we're incredibly grateful for all of our impact. Like everything we do, we're long term in our thinking and are thoughtful always in our plans. The news greatest legacy is the talented team of leaders that she has built and developed and we'll have more updates on leadership transitions soon.

本季度，我們也宣布，在擔任 Atlassian 總裁近 12 年後，Anu 決定在 12 月底卸任。雖然我們很難過看到她離開，但我們對我們產生的影響深表感激。就像我們所做的一切一樣，我們的思考是長遠的，我們的計劃也是經過深思熟慮的。新聞最大的遺產是她建立和培養的才華橫溢的領導團隊，我們很快就會發布更多有關領導層過渡的最新消息。

And before anyone on the call asks, I'm not going anywhere, so you're going to have to put up with me for many more years. I love my job and this is the most exciting time to be at Atlassian. We're creating amazing products and capabilities, which are delighting our customers like never before. We have a fantastic tailwind from new AI technologies, and it's incredible to see our vision resonating with our three major transformations of AI, enterprise, and system of work, all bearing fruit and multiplying together.

在電話裡有人詢問之前，我哪裡也不去，所以你們還得忍受我很多年。我熱愛我的工作，這是我在 Atlassian 最激動人心的時刻。我們正在創造令人驚嘆的產品和功能，它們讓客戶感到前所未有的滿足。我們擁有來自新人工智慧技術的巨大推動力，令人難以置信的是，我們的願景與人工智慧、企業和工作系統這三大轉型產生了共鳴，並結出了累累碩果，相輔相成。

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。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent, thank you, guys for taking the question, and congratulations on a really strong end to the year. Mike, reading the shareholder letter and kind of listening to what you've been describing going on Atlassian, is a little bit of an odd that we hear in the marketplace, frankly. There's a lot of concern around cogeneration tools and the changing role of a developer, which you seem to as a positive versus the market seeing as more of a negative.

非常好，謝謝大家回答這個問題，並祝賀你們今年取得了圓滿的成績。麥克，坦白說，閱讀股東信並聽取您對 Atlassian 的描述，我們在市場上聽到的有些奇怪。人們對熱電聯產工具和開發商角色的變化有很多擔憂，您認為這是積極的，而市場則認為這是消極的。

Maybe you can walk us through what you guys are seeing in the business today in terms of seed expansion with developers or more broadly? And what do you think is going to transpire on a go-forward basis in terms of how these innovations are going to affect that core business from Atlassian going forward?

也許您可以向我們介紹一下您目前在與開發商進行種子擴張或更廣泛方面的業務情況？您認為這些創新將如何影響 Atlassian 未來的核心業務？

Sure, Keith. Good to hear from you. Let me just start by saying we're not seeing any impact from this on any numbers that we have. So expansion rates, growth rates, adoption rates of our technical products. And again, the technology teams and the software business is a part of our business alongside service strategy and broad collaboration. But we're not seeing any impact from it. So we're being very clear about that.

當然，基斯。很高興收到你的來信。首先我要說的是，我們沒有看到此事對我們掌握的任何數字產生任何影響。因此我們的技術產品的擴張率、成長率和採用率。再次強調，技術團隊和軟體業務是我們業務的一部分，與服務策略和廣泛的合作並列。但我們並未看到它的任何影響。所以我們對此非常清楚。

When customers integrate code-generating AI tools, there's no change in their usage of our products and we continue to see really healthy user growth. In fact, we even have some early data that shows that when people do connect cogeneration tools, the business users in those geo instances is actually growing faster than they are for the customers that don't have those connected, right, demonstrating, we think, JIRA continue to be the center gravity in how work gets done.

當客戶整合程式碼產生 AI 工具時，他們對我們產品的使用不會改變，而且我們繼續看到真正健康的用戶成長。事實上，我們甚至有一些早期數據表明，當人們連接熱電聯產工具時，這些地理實例中的業務用戶實際上比沒有連接這些工具的客戶成長得更快，對吧，我們認為，這表明 JIRA 仍然是工作完成方式的中心。

I think you kind of have to look at a high level. Let me give you some assumptions that I have or some beliefs. Do I think there will be far less developers in the world five years from now? No, I don't think so. I think there'll be far more and far more people creating software in other functions, right, whether they're in finance or HR or marketing, there's going to be a lot more people creating software. Do I think developers roles change and augment with these tools? Yes. Develops as use of that. This is a big change. It's super productive. We see that internally, but there's still a lot of -- awful lot of work to do, right?

我認為你必須從高層次來看問題。讓我告訴你我的一些假設或信念。我是否認為五年後世界上的開發人員數量會大大減少？不，我不這麼認為。我認為將會有越來越多的人在其他職能部門開發軟體，無論是在財務、人力資源或行銷部門，都會有更多的人開發軟體。我是否認為開發人員的角色會隨著這些工具而改變和增強？是的。隨著用途的開發。這是一個很大的改變。效率極高。我們在內部看到了這一點，但仍然有很多——很多工作要做，對吧？

Do I think more people will be creating software? Yes. Do I think more software will be made in the world? Yes, I think there'll be far more software and technology made that they need to be managed. Far more people creating software and far more technology significantly expands our opportunity. Software creation is becoming more efficient. Cost of software building going down. This is all really good for Atlassian and our workflow tools. Again, in that software teams and technology teams world that we sit in. It also shows at the moment here is criticality to a lot of those workflows and processes.

我是否認為會有更多的人創建軟體？是的。我是否認為世界上將會生產出更多的軟體？是的，我認為將會有更多的軟體和技術需要管理。越來越多的人開發軟體和使用越來越多的技術大大擴展了我們的機會。軟體創建變得越來越有效率。軟體建置成本下降。這對於 Atlassian 和我們的工作流程工具來說確實非常好。再說一遍，在我們所處的軟體團隊和技術團隊的世界中。這也顯示目前許多工作流程和流程都至關重要。

If you look internally, for example, we're pretty world-class at using AI co-generating tools, right? We have Rovo Dev, our own, which sits on top of SWE-bench's full benchmark time at the moment. We use a whole series of other cogeneration tools. We have three or four in operation with over 1,000 now each work. Lets us create software faster. Let's just create better software and let's just create more software.

例如，如果你從內部來看，我們在使用人工智慧共同生成工具方面已經達到了世界級水平，對嗎？我們有自己的 Rovo Dev，目前在 SWE-bench 的完整基準測試時間中名列前茅。我們使用一系列其他熱電聯產工具。我們有三到四個工廠在運營，每個工廠的工人人數超過 1,000 人。讓我們更快地創建軟體。讓我們創造更好的軟體，讓我們創造更多的軟體。

And yes, we're still hiring a lot of engineers and developers with the growth of the business. So I just want to be clear that we are not seeing that in our numbers. We don't believe in that in terms of our collaboration things -- collaboration products. Again, Atlassian is here to solve people problems, not technology problems. There will be collaboration, there will be projects, there will be teamwork and we see AI as a huge tailwind for the business. And I think we're putting up a lot of numbers that show that very strongly.

是的，隨著業務的成長，我們仍在招募大量工程師和開發人員。所以我只是想明確表示，我們沒有從我們的數字中看到這一點。就我們的合作事物—合作產品而言，我們不相信這一點。再次強調，Atlassian 的目的是解決人的問題，而不是技術問題。將會有協作，將會有項目，將會有團隊合作，我們認為人工智慧將是業務的巨大推動力。我認為我們提供的大量數據有力地證明了這一點。

[Alex Newland], Jefferies.

[亞歷克斯紐蘭]，傑富瑞。

This is Alex from Jefferies for Brent Thill. I want to touch on the free cash flow number. So this year, the number came in broadly flat is his last year around $1.5 billion. How should we think about the trajectory for free cash flow in 2025? And then I have a follow-up.

我是 Jefferies 的 Alex，代表 Brent Thill 演講。我想談談自由現金流數字。因此，今年的數字與他去年的數字基本持平，約為 15 億美元。我們該如何看待2025年自由現金流的軌跡？然後我有一個後續問題。

Yeah, this is Joe. Thanks for the question. So free cash flow in the quarter was $360 million, that was down 13% year over year. And just a reminder for everyone, that was driven primarily by strong collections in the prior year related to the server and the support dynamics. Overall, free cash flow came in online with our expectations entering the quarter.

是的，我是喬。謝謝你的提問。因此本季的自由現金流為 3.6 億美元，年減 13%。需要提醒大家的是，這主要是由於前一年與伺服器和支援動態相關的強勁收集所致。整體而言，進入本季後，自由現金流符合我們的預期。

There are some temporal headwinds in the short term as we transition multiyear agreements from upfront to annual billing terms and we have more backloaded sales in the quarter as a natural result of growing our enterprise cloud business. Accounting for those two factors, cash flow in the quarter reflected the strong performance we delivered in the quarter.

短期內我們會遇到一些暫時的阻力，因為我們將多年期協議從預付轉變為年度結算，而且由於企業雲業務的成長，本季我們的積壓銷售額自然會增加。考慮到這兩個因素，本季的現金流反映了我們在本季的強勁業績。

In terms of modeling long term or over the future, we continue to expect our cash flow will correlate to our non-GAAP operating income trends. And any such differences in the short term are driven by timing differences between accounting and cash flow, such as what you typically see with the employee bonus payout we do in Q1.

就長期或未來建模而言，我們繼續預期我們的現金流量將與我們的非公認會計準則營業收入趨勢相關。短期內的任何差異都是由會計和現金流量之間的時間差異造成的，例如您通常會在第一季看到的員工獎金支付。

In relation to non-GAAP operating margin, we expect about a 500 basis point difference over time between non-GAAP operating margin and free cash flow margin. But again, that may vary plus or minus quarter to quarter and year to year for various timing reasons, but that remains our expectation for FY26 and moving forward. Hope that helps.

就非公認會計準則營業利潤率而言，我們預計非公認會計準則營業利潤率與自由現金流利潤率之間的差異將隨著時間的推移約為 500 個基點。但同樣，由於各種時間原因，每季和每年的增減幅度可能會有所不同，但這仍然是我們對 26 財年及未來的預期。希望有幫助。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

I will not ask you the AI taking away developer and support jobs question because I've asked and I think we all kind of know, but the answer is, it's not happening, but that's what's happening in the market, at least Wall Street. I think any reasonable individual will look at these tech cycles and so every time there is a change in the tech cycle on term, the cloud, cloud AI, whatever it is, number of software related jobs just keeps growing exponentially. So maybe you'll keep reinforcing the message at some point, the market will believe it. So we're on the same page with you.

我不會問你人工智慧是否會搶走開發人員和支援工作崗位的問題，因為我已經問過了，而且我想我們都知道，但答案是，這並沒有發生，但這就是市場上正在發生的事情，至少是華爾街正在發生的事情。我認為任何理性的人都會關注這些技術週期，因此每當技術週期發生變化時，無論是雲端、雲端 AI 或其他什麼，與軟體相關的工作數量都會呈指數級增長。所以也許你會在某個時候不斷強化這個訊息，市場就會相信它。所以我們和你的想法一致。

But my question is more to do with the progression of numbers. We really came off a big transition year tough comparisons since admirable that growth rate that you put up is very solid. But going into fiscal '26 and looking at '27, it does look like if you are to maintain your longer-term growth guidance, there's a sort of implied acceleration setup in fiscal '27.

但我的問題更多的與數字的進展有關。我們確實度過了一個重大的轉型年，儘管比較艱難，但令人欽佩的是，您提出的成長率非常穩健。但進入 26 財年並展望 27 財年，如果要維持長期成長指引，那麼 27 財年確實存在某種隱含的加速設定。

So Mike and Jim, just wanted to have you talk through what are the things that are potential inflection points in the business? How do you go about achieving them? Is it more of a go-to-market tweak, more enterprise flex, more of a transition from the server and data center based to -- what are the levers that you think you have at your hand that you could help to put forth that accelerating revenue growth that the numbers seem to imply in fiscal '27 from fiscal '26? Thank you so much.

那麼 Mike 和 Jim，我只是想讓你們談談哪些事情可能是業務中的潛在轉捩點？您如何實現這些目標？這是否更多是一種市場調整，更多的是企業靈活性，更多的是從基於伺服器和資料中心的過渡——您認為您手中有哪些槓桿可以幫助推動 27 財年的收入加速增長，正如數據所暗示的那樣，從 26 財年開始？太感謝了。

Yeah. Thanks, Kash. This is Joe. Great question, and I'll start and then pass it to Mike for more detail. So the first point I'd make is we have not changed our approach from last year with respect to our guidance for Q1 and FY26.

是的。謝謝，卡什。我是喬。好問題，我先回答，然後再交給麥克，他會詳細介紹。因此，我要說的第一點是，就第一季和 26 財年的指導而言，我們沒有改變去年的做法。

As we discussed last quarter, our guidance approach for FY26 is consistent with the approach we took in FY25, which is we are taking what I believe to be a conservative and risk-adjusted approach to account for macroeconomic uncertainty and potential business disruption from the evolution of our enterprise go-to-market sales motion because we believe those risks are still very relevant to the current operating environment. In addition, I'd say there's no change to our outlook that we will be able to deliver 20% compounded annual growth from FY24 through FY27. And we believe with 20% growth in FY25, we have laid a strong foundation for achieving that and are on track to that goal.

正如我們在上個季度所討論的那樣，我們對 26 財年的指導方針與我們在 25 財年採取的方針一致，即我們採取我認為是保守和風險調整的方法來應對宏觀經濟的不確定性和企業上市銷售動議演變可能造成的業務中斷，因為我們認為這些風險與當前的運營環境仍然非常相關。此外，我想說，我們的前景沒有改變，我們將能夠從 24 財年到 27 財年實現 20% 的複合年增長率。我們相信，憑藉 2025 財年 20% 的成長率，我們為實現這一目標奠定了堅實的基礎，並且正在朝著這一目標前進。

Our confidence in that remains rooted in the significant market opportunities we have in front of us. Our strategy to capture them through our investments in enterprise AI and system of work. And the strong momentum we've built around those strategies, as Mike laid out in the shareholder letter and in his opening comments. We have multiple levers of growth from paid seat expansion to cross-sell, upsell, pricing, and new customer growth. And AI opens the aperture for even more opportunity given the structural position we have with our cloud platform and Teamwork Graph and deep investment in R&D.

我們對此的信心仍然植根於我們面前的巨大市場機會。我們的策略是透過對企業人工智慧和工作系統的投資來吸引他們。正如麥克在致股東的信和開場白中所述，我們圍繞著這些策略建立了強勁勢頭。我們擁有多種成長槓桿，從付費席位擴展到交叉銷售、追加銷售、定價和新客戶成長。鑑於我們在雲端平台和團隊合作圖表中的結構性地位以及在研發方面的大量投資，人工智慧為我們帶來了更多的機會。

So taken together, the guidance approach and the opportunity for growth that we have, there's no change to the three-year outlook we provided at our Investor Day last year. And we remain very optimistic about our ability to grow at a very healthy rate over a sustained period of time.

因此，綜合考慮我們的指導方針和成長機會，我們去年在投資者日提供的三年展望沒有改變。我們對於公司在一段持續的時間內保持非常健康的成長速度的能力仍然非常樂觀。

Yeah, Kash, just to follow on from what Joe said. Firstly, I agree with you on the first part of your comment. Thank you for saying that. Look, I just want to reiterate from my point of view, firstly, the commitment to those long-term targets, double down on what Joe said. We feel incredibly confident in them. Hopefully, our FY25 gives credibility to the fact that we can achieve those and we feel increasingly confident in our ability to deliver on what we've laid out, both on the revenue growth side and on the margins side.

是的，卡什，我只是想接著喬說的繼續。首先，我同意您評論的第一部分。謝謝你這麼說。聽著，我只是想從我的觀點重申，首先，對這些長期目標的承諾，加倍兌現喬所說的。我們對他們充滿信心。希望我們的 FY25 能夠證明我們能夠實現這些目標，並且我們對實現既定目標的能力越來越有信心，無論是在收入成長方面還是在利潤率方面。

I will say one of the things I want to point out, Teamwork Collection was very strong. So as Joe pointed out, we have a whole multitude of different growth vectors that are going strongly. We've long had a portfolio of different growth happening. One of the new elements there is obviously, Teamwork Collection. It's been in the market for three months, and we had a very strong first three months given where we landed. We feel incredibly strongly about that, that it's almost at the apex of our three different transformations.

我想指出的一點是，Teamwork Collection 非常強大。正如喬指出的那樣，我們擁有眾多發展強勁的不同成長載體。我們長期以來一直擁有不同成長的投資組合。其中一個新元素顯然是「團隊合作系列」。它已經上市三個月了，從我們的定位來看，前三個月我們的表現非常強烈。我們對此有非常強烈的感受，這幾乎是我們三次不同轉變的頂點。

So both the enterprise AI and that system of work shows great strength, right? We had one of the world's largest automotive manufacturers, bought Teamwork Collection in the quarter, high tens of thousands of users in combination with strategy collection and going wall-to-wall and Teamwork Collection to standardize on Atlassian for all Teamwork delivery goals. And they mentioned AI being deeply integrated as one of their core reasons for moving. So it's showing all three of those working together.

所以企業 AI 和工作系統都展現出強大的實力，對嗎？我們擁有世界上最大的汽車製造商之一，該製造商在本季度購買了 Teamwork Collection，結合戰略收集和全面實施，擁有數萬名用戶，並且 Teamwork Collection 可以在 Atlassian 上實現所有 Teamwork 交付目標的標準化。他們提到人工智慧的深度融合是他們搬遷的核心原因之一。所以它展示了這三個人共同努力。

We had another in the world's -- one of the world's leading chip companies, the companies that are powering the AI revolution that we're all benefiting for, again, in the tens of thousands of users migrating to improve scalability, collaboration and governance from on-prem in that case to -- from data centers to the cloud. That was a big consolidation story for us moving off a bunch of different tools onto the Atlassian Cloud platform. Lots of work needed to be done there.

我們還有另一家全球領先的晶片公司，這家公司正在推動人工智慧革命，我們都將從中受益，成千上萬的用戶正在從本地遷移到資料中心到雲端，以提高可擴展性、協作和治理。對我們來說，這是一個重大的整合故事，我們將一系列不同的工具轉移到 Atlassian Cloud 平台。那裡還有很多工作要做。

But again, mentioning AI and integrations with all of the third parties and Rovo Search and Rovo Chat specifically as large-scale reasons for moving. So we have endless customer examples of this in the first quarter already. and a real deep belief at all three of the transformations that we're investing deeply and are really driving that durable growth that we can deliver on.

但再次提到人工智慧和與所有第三方的整合以及 Rovo Search 和 Rovo Chat 是遷移的大規模原因。因此，我們在第一季就已經擁有無數這樣的客戶案例。並且我們對所有這三種轉型都深信不疑，我們正在進行深入投資，並真正推動我們能夠實現的持久成長。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey, great, thanks. I appreciate you taking the question and congrats on the end of the fiscal year. Joe, just building on some of those prior comments. I was hoping you could expand a bit more around the framework you're using in fiscal '26 in the enterprise go-to-market language. And really what I'm wondering is maybe you could compare and contrast how fiscal '25 closed for us relative to some of the execution risk you're embedding?

嘿，太好了，謝謝。感謝您回答這個問題，並祝賀本財政年度結束。喬，我只是基於之前的一些評論。我希望您能夠進一步擴展您在 26 財年使用的企業上市語言框架。我真正想知道的是，您是否可以比較一下 25 財年我們的收盤情況與您所嵌入的一些執行風險？

It looks like the RPO and bookings numbers we're looking at are certainly supportive of some of the large deal commentary throughout the letter, but it would be just useful to get your perspective there just in how the year closed maybe relative to what you're forecasting and compare that with the initial guide for '26? Thanks very much.

看起來，我們正在查看的 RPO 和預訂數字肯定支持整封信中的一些大型交易評論，但是，僅就今年的收盤情況與您的預測進行比較，並將其與 26 年的初始指南進行比較，以了解您的觀點會很有幫助嗎？非常感謝。

Yeah. Great question. Thanks for the question. So overall, we had great execution from our sales team and partners, which drove a very strong underlying bookings and billings results this quarter, as you pointed out. Mike highlighted a lot of these things in his opening remarks from the record number of deals with over $1 million to data center to cloud migrations being up 60% year over year to the strong momentum we had in Teamwork Collection.

是的。好問題。謝謝你的提問。因此，總體而言，正如您所指出的，我們的銷售團隊和合作夥伴表現出色，推動了本季非常強勁的訂單和帳單業績。麥克在開場白中強調了很多事情，從創紀錄的超過 100 萬美元的交易數量到數據中心到雲端遷移的交易數量同比增長 60%，再到我們在 Teamwork Collection 中取得的強勁發展勢頭。

All of that culminated in the RPO balance increasing to $3.3 billion. That's up 38% year over year. roughly 74% of that balance will be recognized in revenue in the next 12 months, and that's up 29% year over year. And the remaining portion is increased 71%, and that's on the strength of large cloud multiyear agreements signed in the quarter, which is a great sign of customer commitment and confidence in our platform and our road map. So overall, a very strong quarter of progress and execution in the enterprise portion of our business, which drove the bookings and billings performance you see in the results.

所有這些最終導致 RPO 餘額增加至 33 億美元。這比去年同期增長了 38%。其中約 74% 的餘額將在未來 12 個月內確認為收入，這比去年同期增長了 29%。剩餘部分成長了 71%，這得益於本季簽署的大型雲端多年期協議，這是客戶對我們的平台和路線圖的承諾和信心的良好標誌。總體而言，本季我們企業業務部分的進展和執行非常強勁，推動了您在業績中看到的預訂量和帳單表現。

Now if you go down to revenue, that was also better than our expectations. As you saw in the numbers, we had outperformance on cloud and marketplace and in-line performance on data center. On Cloud revenue guidance coming into the quarter, we'd assume some negative impact on paid seat expansion rates and cloud migrations from macro uncertainty and our enterprise go-to-market evolution. And to your point, neither one of those were fully materialized.

現在，如果看一下收入，那也比我們的預期要好。正如您在數據中看到的那樣，我們在雲端運算和市場上表現出色，在數據中心方面也表現出色。對於本季的雲端收入指引，我們假設宏觀不確定性和企業上市演變將對付費席次擴張率和雲端遷移產生一些負面影響。正如您所說，這兩者都沒有完全實現。

We continue to benefit from relatively stable macro and business trends from the quarter. In terms of our cloud performance in Q4, paid seat expansion, cross-sell and migrations were the primary drivers of the better-than-expected results with in-line performance across the other cloud drivers.

我們繼續受益於本季相對穩定的宏觀和商業趨勢。就我們第四季的雲端運算表現而言，付費席位擴展、交叉銷售和遷移是業績好於預期的主要驅動力，其他雲端驅動因素的表現也與預期一致。

Notably, the rate of paid seat expansion in SMB and enterprise continued to demonstrate quarter-to-quarter stability. In data center revenue was in line with our guidance with growth driven by pricing and that was partially offset by strong migrations to cloud. Data center growth also benefited from the renewal of several large customer agreements in the quarter.

值得注意的是，中小型企業和企業的付費席次擴張率持續呈現逐季穩定。資料中心的收入符合我們的預期，成長由定價推動，但被向雲端的強勁遷移部分抵消。資料中心的成長也受惠於本季幾項大客戶協議的續約。

And then in marketplace, just to wrap it up. The outperformance was driven primarily by third-party app sales from data center. And then finally, I'd also highlight that we saw steady performance broadly across products, customer segments and regions. So all in all, Michael, a really solid quarter overall, and we feel really good about how we ended the fiscal year.

然後在市場上，就將其包裝起來。這一優異表現主要得益於資料中心的第三方應用程式銷售。最後，我還要強調的是，我們在各個產品、客戶群和地區都看到了穩定的表現。總而言之，邁克爾，這是一個非常穩健的季度，我們對本財年的結束感到非常滿意。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

This is Arsenije on for Alex Zukin. Mike, it's great to see the strong early traction with the Teamwork Collection. Given that momentum and the increased velocity shown this year in continued R&D focus next year, can we expect to see more AI capabilities or new feature launches within the collection this year to further kind of drive that momentum there?

這是 Arsenije 代替 Alex Zukin 上場的。麥克，很高興看到團隊合作系列早期就獲得如此強勁的吸引力。鑑於這種勢頭以及今年在明年繼續關注研發方面所表現出的速度加快，我們是否可以期待今年在該系列中看到更多人工智慧功能或新功能的推出，以進一步推動這種勢頭？

And then, Joe, could you just help us understand the mid-single-digit migration contribution in the cloud guidance? You had the same expectation set last year despite the go-to-market transition starting into the year. How did that migration growth contribution to the full-year cloud growth this year pan out? And just help us understand the conservatism on the mid-single-digit migration contribution and guidance for FY26?

然後，喬，您能否幫助我們了解雲端指導中的中位數遷移貢獻？儘管今年開始進入市場轉型期，但您去年的預期是一樣的。遷移成長對今年全年雲端成長的貢獻如何？並幫助我們理解對 2026 財年中等個位數移民貢獻和指導的保守態度？

I can take the first half of that. Look, I'll say very clearly, I think AI is one of the best things that ever happened to Atlassian, right? We're in the knowledge work business, we're in the teamwork business. the system work is all about connecting business and technology teams, helping our customers achieve their missions, and it cuts a huge tailwind for Atlassian, right? It's really, really fantastic.

我可以接受前半部。聽著，我會非常清楚地說，我認為人工智慧是 Atlassian 有史以來最好的事情之一，對吧？我們從事知識工作業務，我們從事團隊合作業務。系統工作旨在連接業務和技術團隊，幫助我們的客戶實現他們的使命，這對 Atlassian 來說是一個巨大的順風，對嗎？這真的非常棒。

You asked if you'll see new capabilities? I hope if you look over the last 12 and 24 months, you've seen us continuing to innovate and ship new capabilities. So I think you can probably take that one to the bank, that there will be new capability shipping in the year ahead. I can tell you that those new capabilities are going to be pretty fantastic, right? We're building some really amazing stuff, and it's generating results for us.

您問是否會看到新的功能？我希望，如果您回顧過去的 12 到 24 個月，您會看到我們不斷創新並推出新功能。所以我認為你可以相信這一點，未來一年將會有新的功能推出。我可以告訴你，這些新功能將會非常棒，對吧？我們正在建立一些真正令人驚嘆的東西，並且它正在為我們帶來成果。

So you can hopefully see that in everything from our net expansion rate of 120%. Teamwork Collection continue to exceed expectations in many of the customers purchasing it, mentioning AI is one of the reasons. And not just having AI features, but fundamentally putting them into the core of our cloud platform, right? Our platform investment over the last 10 years has enabled us to have that Teamwork graph at the core, the AI at the core, which is giving really differentiated capabilities that people are noticing.

因此，您可以從我們的 120% 淨擴張率中看到這一點。Teamwork Collection 持續超越許多購買客戶的預期，其中提到 AI 是原因之一。而且不僅擁有人工智慧功能，而是從根本上將它們融入我們的雲端平台的核心，對嗎？我們過去 10 年對平台的投資使我們能夠以團隊合作圖表和人工智慧為核心，這提供了人們所注意到的真正差異化能力。

As I said, we've reached 2.3 million AI now. I think we were 1.5 million last quarter. So strong quarter-on-quarter growth there. So you can certainly see that we are continuing to ship new improvements. You saw everything from the Rovo Dev CLI in the last quarter. MCP servers in beta and We continue to work with OpenAI on GPT 5 and other things that just launched. So we have some really, really fantastic capabilities continuing to come through that are being demonstrated in our results.

正如我所說，我們現在已經達到了 230 萬個人工智慧。我認為上個季度我們的銷量是 150 萬。因此，季度環比增長強勁。所以您肯定可以看到我們正在繼續推出新的改進。您在上個季度看到了 Rovo Dev CLI 的所有內容。MCP 伺服器處於測試階段，我們將繼續與 OpenAI 合作開發 GPT 5 和剛推出的其他產品。因此，我們擁有一些真正令人驚嘆的能力，這些能力正在不斷顯現，並已在我們的成果中得到證明。

We have a lot of stats that show that this makes a difference. So for example, in Confluence, users who use our editor AI creates 15% more pages and make 33% more edits than before. So it's showing that AI capabilities drive further collaboration, further creation, and further growth, right? And some of those stats are up significantly.

我們有大量統計數據表明這會產生影響。例如，在 Confluence 中，使用我們的編輯器 AI 的使用者比以前建立的頁面多 15%，編輯次數多 33%。所以這顯示人工智慧能力可以推動進一步的協作、進一步的創造和進一步的成長，對嗎？其中一些統計數據大幅上升。

Similarly, you'll know that we always focus on usage. Now it's very important to us. We want our software to be used to deliver its value. One of the ways to look at usage in terms of AI is things like token usage, right? And our token usage is up 5x quarter on quarter. So we are really getting customers to use our AI technologies. We talk about not marketing AI but shipping it. I believe it's a huge tailwind to us. Obviously, when we invest a lot in R&D. We have a fantastic world-class engineering team. We have a fantastic platform.

同樣，您會知道我們始終關注使用情況。現在這對我們來說非常重要。我們希望我們的軟體能夠發揮其價值。從人工智慧的角度來看使用情況的方法之一是令牌使用情況之類的東西，對嗎？我們的代幣使用量較上季成長了 5 倍。所以我們確實讓客戶使用我們的人工智慧技術。我們談論的不是行銷人工智慧而是運送人工智慧。我相信這對我們來說是一個巨大的順風。顯然，當我們在研發上投入大量資金時。我們擁有一支出色的世界級工程團隊。我們有一個很棒的平台。

Teamwork Graph continues to grow in size as well as breadth and depth. So we feel like we have a real tailwind from AI, and we're really starting to deliver those results. We will certainly have more exciting things ahead. I do want to reiterate that it is about AI, the system of work and the enterprise transformation multiplying together, right, which gives us that confidence in the long-term sustained growth and targets that we've given out.

團隊合作圖表的規模、廣度和深度都在不斷成長。因此，我們感覺人工智慧為我們帶來了真正的推動力，而且我們確實開始取得這些成果。我們未來肯定會有更多令人興奮的事情。我確實想重申，這是關於人工智慧、工作系統和企業轉型共同作用的結果，這讓我們對我們提出的長期持續成長和目標充滿信心。

Joe, you can answer the second question there.

喬，你可以回答第二個問題。

You bet. Thanks, Mike. So really no change in terms of our outlook for migrations. We had a great Q4 on the migration front. Thanks to the excellent execution from our sales team that I talked about earlier. Capped off a great year. I mentioned the very strong data center to cloud migrations that we saw. So FY25, a really excellent outcome. We believe there are two primary drivers behind these results.

當然。謝謝，麥克。因此，就我們的移民前景而言，實際上並沒有改變。我們在遷移方面取得了出色的第四季度成績。感謝我之前提到的我們銷售團隊的出色執行力。為偉大的一年畫上了圓滿的句點。我提到了我們所看到的非常強大的資料中心到雲端的遷移。因此，25 財年的結果確實非常出色。我們認為，這些結果背後有兩個主要驅動因素。

First are the investments we've been making to drive deployment and usage such as in our customer success team and in forward deployed engineering programs like Fast Shift. And second, investments in R&D that continue to add differentiated value to our cloud platform and apps through things like automation, analytics and AI, which makes the move to cloud more and more compelling over time. Altogether, that resulted in a contribution to cloud revenue growth for FY25 in the mid- to high-single-digit range, which was also driven in part by the benefit of migrations related to server and to support in the prior year.

首先是我們為推動部署和使用而進行的投資，例如我們的客戶成功團隊和前沿部署的工程項目（如 Fast Shift）。其次，對研發的投資透過自動化、分析和人工智慧等方式繼續為我們的雲端平台和應用程式增加差異化價值，這使得向雲端運算的轉變隨著時間的推移越來越引人注目。整體而言，這為 2025 財年的雲端收入成長貢獻了中高個位數的收益，這也部分得益於上一年與伺服器和支援相關的遷移帶來的好處。

Now going forward, we continue to believe the remaining customers on data center will take time to migrate to cloud and so that's some of the conservatism in our estimate. And the reason for that is the complexity of these migrations. Our remaining data center customers are some of our largest customers with the most complex environments to migrate, very different from the one- to two-day migrations for our smaller customers.

展望未來，我們仍然相信資料中心的剩餘客戶將需要時間遷移到雲端，因此這是我們估計中的一些保守之處。原因在於這些遷移的複雜性。我們剩餘的資料中心客戶是我們最大的客戶之一，他們的遷移環境最為複雜，與我們較小客戶一到兩天的遷移時間非常不同。

Further, many of these customers when they do migrate do so taking a hybrid approach over time. So there's going to be variability in the pace of these migrations quarter to quarter, and they will take time to move. Overall, however, our customers have been clear that their ultimate destination is in the cloud because it is the best and most secure experience, and it's where all of our R&D and product innovation is pointed.

此外，許多客戶在遷移時都會隨著時間的推移採取混合方法。因此，這些遷移的速度每季都會有所不同，而且需要時間。但總體而言，我們的客戶已經明確表示，他們的最終目的地是在雲端，因為這是最好、最安全的體驗，也是我們所有研發和產品創新的方向。

So as I mentioned, for FY25, migrations made a mid- to high single-digit contribution to cloud revenue growth. You mentioned appropriately our guidance for FY26 assumes a sequentially lower contribution to cloud revenue growth from migrations in the mid- to single-digit range. Some of that is the overall macro and go-to-market evolution risk that I highlighted in my first answer. Some of that is the dynamics that I just walked through in terms of migration -- the complexity around data center migrations.

正如我所提到的，對於 25 財年，遷移對雲端收入成長做出了中高個位數的貢獻。您恰當地提到，我們對 26 財年的指導假設遷移對雲端收入成長的貢獻將持續下降，介於中等至個位數之間。其中一些是我在第一個回答中強調的整體宏觀和上市演變風險。其中有些是我剛剛在遷移方面討論過的動態——資料中心遷移的複雜性。

I would point out longer term, given the size of the data center installed base, the growing value of our cloud offering and customer intentions to migrate to the cloud. We continue to expect migrations to make a mid- to high-single-digit contribution to cloud revenue growth over the next two to three years. So I hope that guidance helps.

我想指出的是，從長期來看，考慮到資料中心安裝基數的規模、我們雲端產品不斷增長的價值以及客戶遷移到雲端的意願。我們仍然預計，未來兩到三年內，遷移將對雲端收入成長做出中高個位數的貢獻。所以我希望指導能有所幫助。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Yes, perfect. Thank you. I have a question on enterprise. Obviously, it seems like Q4 was very strong. You called out a $1 million-plus ACV deals. As you look at 2026, I know you have Brian on board, but I'm curious how you are thinking about go-to-market and what you're changing discontinued in enterprise acceleration? Is that something that we should expect to be sort of in '26? Or is this more of a year journey that maybe leads into fiscal '27 as well? Thank you.

是的，完美。謝謝。我有一個關於企業的問題。顯然，Q4 表現似乎非常強勁。您宣布了一項價值超過 100 萬美元的 ACV 交易。當您展望 2026 年時，我知道 Brian 已經加入您了，但我很好奇您是如何考慮上市的，以及您在企業加速方面將做出哪些改變？這是我們預計在 26 年會發生的事嗎？或者這更像是一年的旅程，也許會延續到 27 財年？謝謝。

Arjun, I can take that one. Look, we have a really great enterprise business already. I'd like to start there. Enterprise is a little bit one of those things that we're always going to do next year. We have hundreds of customers north of $1 million in run rate. As you saw, we had a fantastic quarter for million-dollar deals. So we have a really robust enterprise business already, and I think it will continue to improve as we go ahead. It is a big part, and again, one of our three major transmissions.

阿瓊，我可以接受這個。瞧，我們已經擁有了非常棒的企業業務。我想從那裡開始。企業有點像是我們明年要做的事情之一。我們擁有數百名年營業額超過 100 萬美元的客戶。如您所見，本季我們的百萬美元交易量十分可觀。因此，我們已經擁有了非常強勁的企業業務，而且我認為隨著我們的發展，它將繼續改善。它是一個重要組成部分，也是我們三大傳輸之一。

There's no doubt, Brian has been on board 6 months. It's better than the last year we had at the end of last calendar year. No fancy does a better job than I do, and we're really, really excited to have him here. He's bringing like a huge amount of experience across all manner of the history of his to our sales transformation and continue to improve things.

毫無疑問，Brian 加入公司 6 個月了。這比去年年底的情況好。沒有人能比我做得更好，我們真的非常高興他能來這裡。他將其各個方面豐富的歷史經驗帶入我們的銷售轉型並不斷改進。

It's worth explaining, we still have like a $14 billion addressable market revenue opportunity within our existing customer base alone without any pricing changes, et cetera. Over 80% of the Fortune 500 are our customers today. but they represent around 10% of our business. So again, lots of growth that you've seen on the back of as well, Joe mentioning data center to cloud migration is up 60%. They tend to be oriented in the largest segment of the customers, year on year that is.

值得解釋的是，在不進行任何價格調整等情況下，僅在我們現有的客戶群中，我們仍然擁有 140 億美元的潛在市場收入機會。如今，財富 500 強企業中超過 80% 都是我們的客戶，但他們只占我們業務的 10% 左右。所以，您再次看到了大量的成長，Joe 提到資料中心到雲端的遷移成長了 60%。他們往往逐年瞄準最大的客戶群。

And our Google Cloud partnership that we announced today, which is a really great milestone in terms of our multi-cloud strategy, gives us resilience gives us a lot of different advantages there. And I would say, in the quarter also, we had some fantastic Teamwork Collection wins that were ahead of our expectation for the speed of those types of deals happening in this size of customer base. So it shows a lot of the faith that our customers have and the desire and like they have for our products.

我們今天宣布與 Google Cloud 建立合作關係，這對我們的多雲策略是一個非常重要的里程碑，它賦予了我們彈性，並為我們帶來了許多不同的優勢。我想說的是，在本季度，我們取得了一些出色的 Teamwork Collection 勝利，這些勝利超出了我們對此類交易在如此規模的客戶群中發生的速度的預期。這充分體現了客戶對我們的信任以及對我們產品的渴望和喜愛。

There are a series of areas that Brian and the sales and success teams continue to work on improving and I would expect them to keep improving over the next year, two years, three years, right? Every quarter, these are not things that are done. We continue to try to get more customer-centric in our processes, build deeper and stronger partnerships with our customers, the biggest. Brian and myself have both been all over the world in the last three and six months, meeting customers from all manner of geographies that we have and helping them on that partnership journey.

Brian 和銷售及成功團隊正在繼續努力改進一系列領域，我希望他們在未來一年、兩年、三年內繼續進步，對嗎？每個季度，這些事情都不是可以完成的。我們將繼續努力在流程中更加以客戶為中心，與我們最大的客戶建立更深層、更牢固的合作關係。在過去的三到六個月裡，布萊恩和我都走遍了世界各地，會見了來自各個地區的客戶，並幫助他們建立合作關係。

We continue to work on improving our customer success operation. There's a lot of things that we can keep doing there. Again, it's going from good to great kind of progress movement. We did a great job on sales execution and sales operations in the last quarter. That is something that we keep working on, building better systems as we're doing at ever increasing scale to be able to deliver that deal velocity.

我們將繼續致力於改善我們的客戶成功營運。我們可以在那裡繼續做很多事情。再次，這是一種從優秀到卓越的進步運動。我們在上個季度的銷售執行和銷售營運方面做得非常出色。這是我們一直致力於的事情，我們正在不斷擴大規模，建立更好的系統，以便能夠實現交易速度。

Plenty of changes in the partner ecosystem and strengthening that to make sure that we have the win-win-win triangle between ourselves, the partners and the customers. Larger numbers of GSIs coming on board and really building big practices around Atlassian. And fundamentally improving our -- the culture in sales is really important, right?

合作夥伴生態系統發生了許多變化並不斷加強，以確保我們與合作夥伴和客戶之間實現三贏。越來越多的 GSI 加入並真正圍繞 Atlassian 建立大型實踐。從根本上改善我們的銷售文化真的很重要，對吧？

There's a talent equation about people? Yes, but it's really about the culture, right, making people feel like we are a place that they can do fantastic work and build those partnerships with customers. So we're pretty bullish on our enterprise transformation as it continues to pick up speed and a lot of work ahead, but we believe we can do it all.

是否存在關於人的天賦方程式？是的，但這實際上與文化有關，對吧，讓人們覺得我們是一個可以做出出色工作並與客戶建立合作關係的地方。因此，我們對企業轉型非常樂觀，因為它正在繼續加速，而且還有很多工作要做，但我們相信我們可以做到一切。

Karl Keirstead, UBS.

瑞銀的卡爾·基爾斯特德（Karl Keirstead）。

Okay, great. This one is for Joe. Joe, a couple of questions ago. You mentioned that you will get quarterly variability in the data center segment growth, but maybe you could just unpack the Q1 guide. It's a reasonably large step down in growth. Is there anything unique about the September quarter that might be in your head where you're being a little more cautious? Thanks so much.

好的，太好了。這是問喬的。喬，幾個問題之前。您提到您將獲得資料中心部分成長的季度變化，但也許您可以解讀第一季的指南。這是一次相當大的成長放緩。您是否認為 9 月季度有什麼特殊之處，讓您需要更加謹慎？非常感謝。

Yeah, thanks, Karl. Thanks for the question. As you mentioned, our Q1 data center guidance is approximately 8%. That's quite a step down from what we delivered in Q4. Part of that is related to Q4 and that we benefited from several large renewals that happened in the quarter. We have a much bigger expiration base in Q4 than we do have in Q1. That's a seasonally weaker quarter. So we're going to have less opportunity for expansion and price increases off of that.

是的，謝謝，卡爾。謝謝你的提問。正如您所提到的，我們第一季資料中心的預期約為 8%。這與我們第四季的交付成果相比有了很大的下降。部分原因與第四季有關，我們受益於本季發生的幾次大型續約。與第一季相比，我們第四季的到期基數要大得多。這是一個季節性較弱的季度。因此，我們擴張和漲價的機會將會減少。

In the quarter, Q4 growth was driven primarily by pricing and partially offset by cloud migrations as we continue to deliver significant improvements in the enterprise-grade capabilities and value to our cloud platform. And we are helping data center customers migrate to the cloud, as I mentioned earlier.

本季度，第四季度的成長主要受到定價的推動，並被雲端遷移部分抵消，因為我們繼續為我們的雲端平台提供企業級功能和價值的顯著改進。正如我之前提到的，我們正在幫助資料中心客戶遷移到雲端。

The guidance for Q1 reflects not only the smaller expiration base, but also the fact that we have some headwinds related to the one-year deal terms from a programmatic change that we made a year ago. And we're finally starting to slowly lap the benefit of the migration from server into support. So there's some modest incremental headwinds there in Q1 that are part of this as well. So that's basically the drivers. I think the primary one is it comes down to we just have a smaller expiration base in Q1 and therefore, less opportunity to drive growth off of it.

第一季的指引不僅反映了較小的到期基數，還反映了我們一年前進行的程序性變更導致的與一年期交易條款相關的一些阻力。我們最終開始慢慢享受從伺服器遷移到支援帶來的好處。因此，第一季也存在一些適度增量的阻力，這也是其中的一部分。這就是基本驅動因素。我認為主要原因是我們第一季的到期基數較小，因此推動成長的機會較少。

Greg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Okay. Thank you very much for taking the question. So Mike, you're actually not the first software company reporting earnings today to articulate a goal to drive more wall-to-wall deployments going forward. It is easier to have than done though. In Atlassian's case, I know that about half of your licensees are in nontechnical roles, and that's great. But your penetration rate of nontechnical employees at a typical enterprise surely must be a lot lower than it is for technical employees. And so I guess -- the question is, how do you convince a lot more Global 2000 organizations to equip every salesperson in every finance, HR, marketing, and legal professional with an Atlassian license?

好的。非常感謝您回答這個問題。所以麥克，實際上你並不是第一家在今天公佈收益報告並明確提出未來推動更多全面部署目標的軟體公司。但說來容易做來難。就 Atlassian 而言，我知道大約有一半的許可證持有者從事非技術職務，這很好。但典型企業中非技術員工的滲透率肯定比技術員工的滲透率低很多。所以我想，問題是，你如何說服更多的全球 2000 強企業為每個財務、人力資源、行銷和法律專業的每位銷售人員配備 Atlassian 授權？

Thanks, Gregg. It's a really fair and interesting question. I would say, firstly, we are doing it on a daily basis. We have had significant momentum in consolidation over the last year that's only picked up in the last quarter, only continued to grow in the last quarter. When we look at the other applications that customers are using, consolidation has become a real weapon for us and we're really happy with where that's going.

謝謝，格雷格。這是一個非常公平且有趣的問題。我想說，首先，我們每天都在做這件事。去年，我們的整合勢頭強勁，直到上個季度才有所回升，並且持續成長。當我們查看客戶正在使用的其他應用程式時，整合已成為我們的真正武器，我們對目前的進展感到非常滿意。

Secondly, we see continued progress in the business user segment. You're right at calling out there are many more business users out there. We see that as a huge opportunity for us. We've grown that almost every quarter for the last few years, but it's certainly accelerating.

其次，我們看到商業用戶領域持續取得進展。您說得對，還有很多商業用戶。我們認為這對我們來說是一個巨大的機會。在過去幾年裡，我們幾乎每季都在成長，而且成長速度肯定在加快。

Why is that? Lots of things. So for example, the Teamwork Collection is a broader offering separating out our software pieces from our broad collaboration pieces really helps with that. Secondly, we spent a lot of time investing in design, speed, performance, all sorts of things that really make a difference as well as usability of things like JIRA for broad business teams, and we're seeing some really great take-up with that.

這是為什麼？很多事情。例如，團隊合作系列是一種更廣泛的產品，將我們的軟體部分與廣泛的協作部分分開，確實有助於實現這一點。其次，我們投入了大量時間在設計、速度、效能等各種真正發揮作用的方面，以及 JIRA 等產品對廣大業務團隊的可用性，而且我們看到了這些產品的實際應用效果。

Thirdly, Loom makes a huge difference in business teams. Again, Loom does very well in sales teams and other areas, especially with outbound customer communication. It gets the Atlassian Stack used and understood by broader swats of customer population. Obviously, we have Trello, which has long done extremely well in the broad set of users. So I would say collectively, when it looks at the products and the apps that we have as well as the platform, we continue to make great progress in those areas.

第三，Loom對商業團隊的影響力巨大。再次，Loom 在銷售團隊和其他領域表現非常出色，尤其是在對外客戶溝通方面。它使 Atlassian Stack 被更廣泛的客戶群所使用和理解。顯然，我們有 Trello，它在廣大用戶中長期以來表現非常出色。因此我想說，總的來說，當我們審視我們的產品、應用程式和平台時，我們在這些領域繼續取得巨大進步。

And of course, Rovo continues that momentum in a big way. The connectors we have in Rovo Search enabling sales teams to connect, enabling marketing teams to connect and to chat, connect and build agents that run across all their data and those business workflows. Whether that's in service management, whether that's in broad business workflows in JIRA or whether that's coming Confluence and a wholesale of our applications together with all of these third-party tools. We just see that we have great momentum in continuing to attack that market. The business team usage continues to grow for Atlassian.

當然，Rovo 將繼續大力延續這一勢頭。Rovo Search 中的連接器使銷售團隊能夠連接，使行銷團隊能夠連接和聊天，連接和建立跨所有資料和業務工作流程運行的代理。無論是在服務管理中，還是在 JIRA 中的廣泛業務工作流程中，還是即將推出的 Confluence 以及我們的應用程式與所有這些第三方工具的批發中。我們只是看到我們在繼續進入該市場方面擁有強大的動力。Atlassian 的業務團隊使用量持續成長。

I will say that the technology team usage always continues to grow as well. So it's not one at the expense of the other, which is really important because that's where you often get this proportionality problem right. Our software business is doing really well. And so it's not necessarily one for the other, but we're trying to do about simultaneously.

我想說的是，技術團隊的使用率也一直持續成長。所以，這不是以犧牲一方為代價來換取另一方利益，這點非常重要，因為這通常就是正確解決比例問題的地方。我們的軟體業務做得很好。因此，我們不一定要採取其中一種方式，而是嘗試同時進行。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Hey, guys. Thanks for taking the question. So Joe, how should we think about the bridge from MAU growth in Rovo to eventual more robust monetization? Like how do you think about that time line? And do you think it shows up first in consumption and usage or more effective cross-sell?

嘿，大家好。感謝您回答這個問題。那麼喬，我們該如何看待 Rovo 從 MAU 成長到最終更強勁的貨幣化這一過程呢？那麼您如何看待這個時間軸呢？您認為它首先體現在消費和使用上還是更有效的交叉銷售上？

Yeah. Thanks, DJ, for the question. I'll start, and then Mike, feel free to chime in on top. As Mike articulated in the shareholder letter and in his comments, we are very excited about the strategic opportunity AI and Rovo present for us. In terms of the revenue impact, you asked about, we've mentioned in the past that the big focus for Rovo from the very beginning was around deployment, usage and engagement, and that revenue and monetization were secondary, longer-term considerations.

是的。謝謝 DJ 提出這個問題。我先開始，然後是麥克，請隨意加入發言。正如麥克在股東信和他的評論中所表達的那樣，我們對 AI 和 Rovo 為我們帶來的策略機會感到非常興奮。至於您所問的收入影響，我們過去曾提到，Rovo 從一開始的重點就是部署、使用和參與度，而收入和貨幣化是次要的、長期的考慮因素。

While we have some consumption-based revenue from Rovo in our FY26 plan, our guidance assumes very nominal amounts just given the limits we set to incent adoption and usage of our AI services. From there, we do believe some of the broader benefits from Rovo to our overall apps and collection portfolio, such as seed expansion, upgrade to higher additions, and migrations will play out over time. So -- and in addition to that, we are seeing, as Mike pointed out, very strong uptake on premium and enterprise addition already. And some of that is a function of the AI and Rovo value that we put in the product.

雖然我們的 2026 財年計劃中有一些來自 Rovo 的基於消費的收入，但考慮到我們為激勵採用和使用我們的 AI 服務而設定的限制，我們的指導假設的金額非常小。從那時起，我們確實相信 Rovo 會為我們的整體應用程式和收藏品組合帶來一些更廣泛的好處，例如種子擴展、升級到更高級別的附加功能以及遷移，這些好處將隨著時間的推移而顯現出來。所以 — — 除此之外，正如麥克指出的那樣，我們已經看到高端和企業附加服務的強勁增長。其中一些是我們在產品中融入的 AI 和 Rovo 價值的功能。

So we're super pleased with the reception of Rovo's launch. It's been exciting to see the reaction from customers and the increasing usage and adoption. And our big focus continues to be around deployment, usage and engagement, and monetization later. And since the launch, all three of those things are tracking along really nicely.

因此，我們對 Rovo 的發布所受到的歡迎感到非常高興。看到客戶的反應以及使用量和採用率的不斷提高，我感到非常興奮。我們的重點仍然是部署、使用和參與，以及之後的貨幣化。自推出以來，這三件事進展得非常順利。

Mike, anything else you want to add on that one?

麥克，你還有什麼要補充的嗎？

Yeah. I can add a few things, DJ. Firstly, Look, we should talk about the Teamwork Collection. Again, I've mentioned a series of customer examples. We could keep going on with customer examples, to be honest. We had a very large gaming company -- iconic gaming company choosing Teamwork Collection, again for AI and the things that come with it.

是的。我可以補充幾點，DJ。首先，看，我們應該談論團隊合作系列。我再次提到了一系列客戶案例。說實話，我們可以繼續舉出客戶的例子。我們有一家非常大的遊戲公司——標誌性的遊戲公司選擇 Teamwork Collection，同樣是為了人工智慧及其附帶的東西。

So the Teamwork Collection uplift for customers moving to that across their seats is partially AI-driven for sure, right? We're seeing that. We're putting it at the core of the platform. So that's one really important vector to make sure to understand.

那麼，對於在座位間移動的客戶來說，Teamwork Collection 的提升肯定部分是由人工智慧驅動的，對嗎？我們看到了這一點。我們將其置於平台的核心。所以這是一個需要確保理解的重要向量。

Secondly, on the Rovo specifically, we do have skew for non-Atlassian users to get access to Rovo in terms of search and chat and other things. But we think in the medium term, that will be another growth vector possible. We'd rather those users to be on the Teamwork Collection to be actually collaborating, but it's a good stepping stone point to actually get to that.

其次，具體到 Rovo，我們確實傾向於讓非 Atlassian 用戶在搜尋、聊天和其他方面存取 Rovo。但我們認為從中期來看，這將是另一個可能的成長載體。我們更希望那些用戶能夠加入 Teamwork Collection 並真正地進行協作，但這實際上是實現這一目標的一個很好的墊腳石。

We are increasingly seeing and deploying consumption-based pricing aspects in a whole series of different places. You can see that with Forge and Forge usage for extensibility. We've done a lot in Bitbucket pipelines and JSM virtual service agents and assets and then in AI itself and AI credits.

我們越來越多地在一系列不同的地方看到並部署基於消費的定價方式。您可以透過 Forge 和 Forge 的使用來看到其可擴充性。我們在 Bitbucket 管道和 JSM 虛擬服務代理和資產方面做了很多工作，然後在 AI 本身和 AI 信用方面也做了很多工作。

One of the built-in pricing and packaging things that I know a few people have commented on is when you buy the Teamwork Collection, you get a much larger set of AI credits on purpose. So again, it drives that usage, and we are doing a very good job, I think, at managing margin while investing heavily in AI and doing those things simultaneously.

我知道有些人對內建定價和包裝的事情發表了評論，那就是當您購買 Teamwork Collection 時，您會特意獲得更大一組 AI 積分。所以，它再次推動了這種使用，我認為我們在管理利潤率方面做得非常好，同時大力投資人工智慧並同時做這些事情。

We do have a lot of different growth vectors that also are driven by AI that leads to monetization in the long term. I mentioned also virtual service agents with JIRA Service Management. The service management business is doing very well. It had a great quarter, and we had a lot of great wins and migrations off some legacy vendors at large scale. So that is really driving it.

我們確實有很多不同的成長向量，這些向量也由人工智慧驅動，從而實現長期貨幣化。我還提到了使用 JIRA 服務管理的虛擬服務代理。服務管理業務做得很好。這是一個很棒的季度，我們取得了許多重大勝利，並大規模地從一些傳統供應商那裡進行了遷移。所以這才是真正的推手。

And then, of course, in software, we have Rovo Dev -- Rovo Dev CLI. It's unmonetized at this point because, again, to Joe's point, we want to drive usage first and then understand we're early in the AI wave. But I think we can see a lot of examples of where it's already working for us in terms of usage, in terms of driving adoption. Again, I mentioned that we had 5x token usage growth quarter on quarter. We have a 50%-ish now growth rate of AI tools. So that's all really heading in that direction of usage first, and we will -- we're very good at monetizing in the long term.

當然，在軟體方面，我們有 Rovo Dev——Rovo Dev CLI。目前它尚未實現貨幣化，因為正如喬所說，我們希望首先推動使用，然後才明白我們正處於人工智慧浪潮的早期階段。但我認為，我們可以看到很多例子，顯示它在使用方面、在推動採用方面已經為我們發揮了作用。我再次提到，我們的代幣使用量較上季成長了 5 倍。我們現在的人工智慧工具成長率約為50%。所以這一切都是朝著使用率優先的方向發展的，而且我們非常擅長長期獲利。

I will say that premium and enterprise additions again, had a growth rate of about 40% year on year for those core offerings. So that's another reason where you're seeing AI monetization. So we are thinking about it. We're spending time on it. It's coming in a lot different places.

我想說的是，這些核心產品的高級版和企業版的成長率年增了約 40%。這就是人工智慧貨幣化的另一個原因。所以我們正在考慮這個問題。我們正在花時間研究它。它出現在許多不同的地方。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jason Celino。

Hey, great. Thanks for the question. Maybe just one for Joe. When I look at the operating margin guidance, it looks like it's 24%, very modest compression over 2025. I know you're awfully close to your mid-20s -- 2027 number, so you're not too far. But when we think about some of the investment priorities this year, maybe can you just outline a few of them?

嘿，太棒了。謝謝你的提問。也許對喬來說只有一個。當我查看營業利潤率指引時，它看起來是24%，比2025年壓縮得非常小。我知道你已經非常接近 20 多歲——2027 年這個數字了，所以距離目標不遠了。但是當我們考慮今年的一些投資重點時，您能否概述其中的一些？

I know want to Brian up these priorities with the sand sales count for the service management side. Curious if that's one, how that might ramp and if there's anything else. Thanks.

我知道 Brian 想要透過服務管理方面的沙子銷售數量來提高這些優先事項。好奇如果是其中之一，它會如何增加以及是否還有其他什麼。謝謝。

Yeah. Thanks for the question, Jason. I'll start with the big investment areas and I'll talk about operating margin specifically. So in terms of operating expenses, we expect to maintain largely consistent growth rates FY25 to FY26 on operating expenses. Within that, we'll continue to invest primarily in sales and marketing and R&D, against the core strategic priorities Mike laid out earlier around enterprise cloud, AI and our system of work, where we have tremendous opportunity. And we have great signal and momentum coming out of fiscal year '25 across all of these. And we believe these investments have compelling return profiles and lay the foundation for sustained healthy revenue growth in FY27 and beyond.

是的。謝謝你的提問，傑森。我將從大的投資領域開始，具體談談營業利益率。因此，就營運費用而言，我們預計 2025 財年至 2026 財年的營運費用成長率將基本保持穩定。在此範圍內，我們將繼續主要投資於銷售、行銷和研發，以實現麥克先前提出的企業雲端、人工智慧和我們的工作系統的核心策略重點，我們在這些領域擁有巨大的機會。我們在 25 財年看到了所有這些方面的良好訊號和勢頭。我們相信這些投資具有令人矚目的回報，並為27財年及以後持續健康的營收成長奠定了基礎。

In terms of operating margin, you're right, our operating margin guide for next year is 24%. That's slightly lower than FY25. In terms of the drivers of that, I'd start by saying we took what I believe to be the same conservative risk-adjusted approach to our revenue guidance for FY26 that we took last year for FY25. From there, we expect gross margins to be relatively stable year to year as we expect the work done to optimize our cloud infrastructure and support costs will offset the impact of greater cloud revenue mix and expected costs related to increasing AI usage.

就營業利益率而言，您說得對，我們明年的營業利潤率指引值為 24%。這比 FY25 略低。就其驅動因素而言，我首先要說的是，我們對 2026 財年的收入預測採取了與去年 2025 財年相同的保守風險調整方法。從那時起，我們預計毛利率將逐年相對穩定，因為我們預計優化雲端基礎設施和支援成本的工作將抵消更大的雲端收入組合和與增加人工智慧使用相關的預期成本的影響。

I talked about the investments that we're making. So given all these factors, you land at a 24% operating margin guide to start the year in FY26. And just to reiterate, you made the point, we remain confident in our ability to achieve the FY27 non-GAAP operating target in excess of 25%.

我談到了我們正在進行的投資。因此，考慮到所有這些因素，您將在 2026 財年年初獲得 24% 的營業利潤率指導。再次重申一下，正如您所說，我們仍然有信心實現 2027 財年非 GAAP 營運目標超過 25%。

And then just one final comment in terms of how we think about margin and managing it. I would expect us to do what we've done over the last two years, which is to manage costs carefully, to invest in a super disciplined way around the highest return opportunities we have and to ensure we meet our profitability commitments.

最後再說一下我們如何看待利潤並管理利潤。我希望我們能夠像過去兩年一樣，謹慎管理成本，以極其嚴謹的方式圍繞我們擁有的最高回報機會進行投資，並確保我們履行盈利承諾。

And at times, that will mean taking upside from outperformance on revenue and investing it to accelerate progress or go after new things. And at other times, as you've seen us do in the past, it will be blending revenue and gross margin outperformance dropped to the bottom line. That's the framework we use to make those decisions going forward, and we'll continue to maintain a focus, as I mentioned earlier, on meeting our profitability commitments.

有時，這意味著從收入的優異表現中獲取收益並將其投資於加速進步或追求新事物。而在其他時候，正如您過去看到我們所做的那樣，它將混合收入和毛利率，直到達到底線。這是我們未來做出這些決策的框架，正如我之前提到的，我們將繼續專注於履行我們的獲利承諾。

Anything I wanted to follow on just briefly, Jason, to Joe's comment. He covered most things. Firstly, a small one. Again, we were ahead of target for sales hiring in the quarter shows our talent-acquisition pipeline continue to be very strong and also have execution. But those are the types of opportunities that we want to take. We believe in the strength of the enterprise opportunity, and the momentum we're seeing across all the three transformations, but specifically in the enterprise. So sales hiring being ahead of forecast is a good thing for us in the medium term.

傑森，我想簡單跟進一下喬的評論。他涵蓋了大部分內容。首先，規模小一點。再次，我們本季的銷售招募人數超出了目標，這表明我們的人才招募管道繼續保持強勁，並且具有執行力。但這些都是我們想要抓住的機會。我們相信企業機會的力量，以及我們在所有三個轉型中看到的勢頭，特別是在企業領域。因此，從中期來看，銷售人員招募超出預期對我們來說是件好事。

I do want to reiterate the commitments that we've made. The 25% margin target for FY27 is very important to all of us. We are spending a lot of time making sure that we target those numbers, while at the same time, doing all the investing that you can see. It's important that we are investing in AI. We are investing to win in that space, and we're trying to balance this on a continual basis. And I think we've shown a really good job in FY25, and we expect that to continue in FY26.

我確實想重申我們所做的承諾。27 財年的 25% 利潤率目標對我們所有人來說都非常重要。我們花了大量時間來確保實現這些數字，同時進行所有您能看到的投資。我們對人工智慧的投資非常重要。我們正在投資以在該領域取得勝利，並且我們正在努力持續保持平衡。我認為我們在 25 財年表現非常出色，我們預計這種表現將在 26 財年繼續保持下去。

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。

Thank you, everyone, for listening. I just want to extend my thanks to all of the Atlassians that worked incredibly hard over the last quarter to deliver some fantastic results across the board, and we maintain incredible bullishness on the future. Thank you all for listening, and I hope you have a kick-ass weekend.

謝謝大家的聆聽。我只想向所有 Atlassians 員工表示感謝，他們在上個季度付出了巨大的努力，取得了全面的出色成果，我們對未來保持著令人難以置信的樂觀。感謝大家的收聽，希望大家有個愉快的週末。