Atlassian Corp (TEAM) 2026 Q1 法說會逐字稿

Good afternoon, and thank you for joining at Atlassian Earnings conference call for the first quarter of fiscal year 2026. 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，感謝各位參加 Atlassian 2026 財年第一季財報電話會議。再次提醒，本次電話會議正在錄音，會議結束後，您可以在 Atlassian 網站的投資者關係版塊收聽錄音回放。

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 的投資者關係主管 Martin Lam。

Welcome to Atlassian's first quarter fiscal year 2026 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. Earlier today, we published a shareholder letter and press release with our financial results and commentary for our first quarter of fiscal year 2026. The shareholder letter is available on the Investor Relations section of our website where you will also find other earnings-related materials, including the earnings press release and supplemental investor data sheet.

歡迎參加 Atlassian 2026 財年第一季財報電話會議。感謝您今天蒞臨。今天和我一起通話的是 Atlassian 的執行長兼聯合創始人 Mike Cannon-Brookes 和財務長 Joe Binz。今天早些時候，我們發布了一封致股東信和新聞稿，其中包含了我們 2026 財年第一季的財務表現和評論。股東信可在我們網站的投資者關係部分查閱，您也可以在該部分找到其他與收益相關的資料，包括收益新聞稿和補充投資者資料表。

As always, our shareholder letter contains management's insight and commentary for the quarter. So during the call today, we'll have brief opening remarks, and then focus our time on Q&A. 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.

與往常一樣，我們的股東信中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，我們將先進行簡短的開場白，然後集中時間進行問答環節。本次電話會議將包含前瞻性陳述。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，或任何假設被證明是錯誤的，我們的結果可能與我們所作的前瞻性聲明中明示或暗示的結果有重大差異。

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

您不應將前瞻性陳述作為對未來事件的預測。前瞻性陳述僅代表我們管理階層截至該等陳述作出之日的信念和假設，我們不承擔因該等陳述而變更或不再適用而更新或修訂該等陳述的義務。有關這些因素以及其他可能影響我們業務表現和財務業績的因素的更多信息，請參閱我們不時向美國證券交易委員會提交的文件，包括我們最新提交的年度和季度報告中題為“風險因素”的部分。

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

在今天的電話會議中，我們還將討論非GAAP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，而非替代或優於GAAP財務績效指標。GAAP 和非 GAAP 財務指標之間的調整表可在我們網站的「投資者關係」部分的股東信、獲利發布和投資者資料表中找到。我們希望盡可能多的人能夠參與問答環節。出於對其他與會者的尊重，我們將一次只回答一個問題。

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

接下來，我將把電話交給麥克，請他致開幕詞。

Thank you all for joining us today. As you've already read in our shareholder letter, we're off to an incredible start to FY26 with total revenue in Q1 growing 21% year-over-year to $1.4 billion. Our strong execution fueled cloud revenue growth of 26% year-over-year to $998 million and accelerated growth in RPO to 42% year-over-year to $3.3 billion. We continue to make great strides across our strategic priorities of enterprise, AI and the system of work. Not only do our results reflect this, but our customers are taking notice.

感謝各位今天蒞臨。正如您在我們致股東的信中所讀到的，2026 財年開局非常出色，第一季總營收年增 21%，達到 14 億美元。我們強勁的執行力推動雲端營收年增 26% 至 9.98 億美元，RPO 營收年增 42% 至 33 億美元。我們在企業、人工智慧和工作系統等策略重點領域持續取得長足進展。我們的業績不僅反映了這一點，我們的客戶也注意到了這一點。

All up over 300,000 customers, including Databricks, Expedia, Ford, and Wells Fargo rely on Atlassian's AI-enabled cloud platform to power their business processes and mission-critical workflows. We're proud of our ability to continue to deliver AI into the hands of those customers to use today.

包括 Databricks、Expedia、福特和富國銀行在內的超過 30 萬客戶依靠 Atlassian 的 AI 賦能雲端平台來支援其業務流程和關鍵任務工作流程。我們為能夠繼續將人工智慧技術交付到客戶手中供其使用而感到自豪。

We've amassed over 3.5 million monthly active users of our AI capabilities across the platform, once again, up over 50% since last quarter. This usage is widespread across both business teams as well as technical teams. I'll repeat what you've heard me say in the past, AI is one of the best things that's ever happened to Atlassian.

我們平台上的 AI 功能月活躍用戶已超過 350 萬，比上一季成長超過 50%。這種用法在業務團隊和技術團隊中都很常見。我會重複我以前說過的話，人工智慧是 Atlassian 遇到的最好的事情之一。

They need to track, plan and manage work while harnessing your organizational knowledge are things that don't change in this era. And I'd argue those things become even more important as more software is created and more people have the ability to create amazing technology that changes our lives. AI is also directly driving demand for our cloud offerings.

他們需要追蹤、規劃和管理工作，同時利用你的組織知識，這些都是這個時代不會改變的事情。而且我認為，隨著越來越多的軟體被創造出來，越來越多的人有能力創造出改變我們生活的驚人技術，這些事情會變得更加重要。人工智慧也直接推動了對我們雲端產品的需求。

Customers are choosing to migrate to the cloud and they're upgrading to the Teamwork collection to take advantage of our AI-powered cloud platform. In fact, in less than two quarters since we launched Teamwork collection, we've seen it drive a double-digit percentage increase in users as well as upgrades to higher value additions and the consolidation of competitive tools as our customers standardize on Atlassian.

客戶選擇遷移到雲端，並升級到 Teamwork 系列產品，以利用我們人工智慧驅動的雲端平台。事實上，自從我們推出 Teamwork 套件以來，不到兩個季度，我們就看到用戶數量實現了兩位數的百分比增長，同時也促使用戶升級到更高價值的附加功能，並整合了競爭對手的工具，因為我們的客戶正在將 Atlassian 作為標準。

We're putting world-class AI at the center of our platform and throughout our entire set of collections and apps. We've showcased our relentless pace of innovation just a few weeks back at our sold out Team '25 Europe event in Barcelona with AI still in the show. Of course, you can read more about all these announcements in our shareholder letter.

我們將世界一流的人工智慧置於我們平台的核心，並貫穿我們所有的產品系列和應用程式。就在幾週前，我們在巴塞隆納舉辦的 Team '25 歐洲活動上展示了我們不懈的創新步伐，該活動門票售罄，人工智慧仍然是本次活動的重點。當然，您可以在我們的股東信中閱讀更多關於這些公告的資訊。

I want to take a moment to thank Atlassians for their tremendous execution and dedication this quarter. Without them, none of these exciting opportunities would be possible. I've talked to hundreds of customers this past quarter from all over the world, small to the biggest enterprises on the planet. And what I'm most proud of is how they're turning to us as a strategic partner to help them transform how work gets done, during a time when AI is changing their world.

我想藉此機會感謝 Atlassian 在本季度展現出的卓越執行力和敬業精神。如果沒有他們，所有這些令人興奮的機會都不可能實現。上個季度，我與來自世界各地的數百位客戶進行了交流，從小型企業到全球最大的企業都有。最令我感到自豪的是，在人工智慧改變世界的時代，他們正將我們視為策略夥伴，幫助他們轉變工作方式。

Collaboration becomes even more important as more creation is enabled, as work evolves and as new opportunities are created for their businesses. And our customers are looking for our help. I feel incredibly bullish about how we're partnering with them and helping their businesses thrive.

隨著更多創意湧現、工作方式不斷演變以及企業迎來新的機遇，協作變得更加重要。我們的客戶正在尋求我們的幫助。我對我們與他們的合作方式以及幫助他們的業務蓬勃發展感到非常樂觀。

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

接下來，我將把電話轉接給接線生進行問答環節。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作說明）基斯‧韋斯，摩根士丹利。

Congratulations on a really strong start to Q1. A lot of really impressive product innovation, a lot of impressive numbers. I was hoping we could drill into the total revenue guide for the full year. And just to better understand the moving parts in this, and I'm looking at the chart that you guys put forward in terms of total revenue guidance going from 18% to 20.8%, but 3.2% of that coming from data center end of life, which means you're effectively lowering the non sort of end-of-life impact by 50 basis points. So given all of the strength that you're talking about in the letter, the product momentum, why is the full year absent the data center end of life coming down by 50 bps?

恭喜你們第一季開局非常強勁。很多令人印象深刻的產品創新，很多令人印象深刻的數據。我原本希望我們能深入探討全年的總收入預期。為了更好地理解其中的各個環節，我看了你們提出的圖表，總收入預期從 18% 增長到 20.8%，但其中 3.2% 來自數據中心報廢，這意味著你們實際上將非報廢影響降低了 50 個基點。鑑於您在信中提到的所有優勢和產品發展勢頭，為什麼要除去資料中心生命週期結束的影響，全年成長率會下降 50 個基點呢？

Keith, this is Joe. I'll go first, and Mike will follow on with additional context. I'd say the key development that we saw in Q1 was that we had significantly stronger-than-expected cloud migrations from data center, which is a great thing for our business. As you know, this has been a big area of investment for us. It's a key strategic priority.

基思，我是喬。我先說，麥克隨後會補充一些背景資訊。我認為第一季最關鍵的發展是，資料中心向雲端的遷移遠超預期，這對我們的業務來說是一件好事。如您所知，這一直是我們重點投資的領域。這是一項關鍵的策略重點。

It allows us the opportunity to provide more value to customers in ways that we simply can't on data center, and we can offer capabilities such as automation, analytics and AI, and so basically, it's definitely the most valuable and secure experience we can offer to our customers. So it's a great thing for the business.

它讓我們有機會以資料中心無法實現的方式為客戶提供更多價值，我們可以提供自動化、分析和人工智慧等功能，因此，這絕對是我們能夠為客戶提供的最有價值、最安全的體驗。所以這對企業來說是件好事。

Cloud migrations also, however, have an impact on the timing of revenue recognition because cloud revenue is recognized ratably and data center has a combination of upfront recognition and some ratable. And then lastly, the move to cloud also impacts marketplace revenue because we have a lower take rate on cloud app sales than we do on data center apps. All other organic growth drivers in our business in Q1 were either slightly better or in line with our expectations.

然而，雲端遷移也會對收入確認的時間產生影響，因為雲端收入是按比例確認的，而資料中心收入則是預先確認和按比例確認相結合。最後，遷移到雲端也會影響市場收入，因為雲端應用銷售的佣金率低於資料中心應用的佣金率。第一季我們業務的其他所有有機成長驅動因素都略好於預期或符合預期。

And we've maintained that same guidance approach on those factors that we held three months ago. So we continue to hold a very conservative and risk-adjusted outlook for all the other variables in the growth equation outside of migrations.

對於這些因素，我們仍然堅持三個月前所採取的指導方針。因此，對於除移民之外的所有其他成長方程式變量，我們仍然保持非常保守和風險調整後的展望。

So with that Q1 performance and momentum, we've adjusted our full year outlook for a greater cloud migration forecast. And we've left all other organic driver assumptions in place. And because of those revenue recognition timing differences between cloud and data center and the impact to Marketplace, this drives the 0.5 point decline in our organic revenue growth outlook for the rest of the year.

鑑於第一季的業績和勢頭，我們調整了全年展望，對雲端遷移的預測更為樂觀。我們保留了所有其他自然驅動因素的假設。由於雲端和資料中心在收入確認時間上的差異以及對 Marketplace 的影響，導致我們對今年剩餘時間的有機收入成長預期下降了 0.5 個百分點。

And so that's the math underneath the guidance that we're giving for the full year on the organic part of the business. Mike?

這就是我們對全年業務有機成長部分所作指導的計算基礎。麥克風？

Keith, I just wanted to follow on. Joe has laid out the math for you and how it pencils out. I just want to reiterate, this is a really good thing. Increased migrations is good for Atlassian, and it's great for our customers. And you can see that coming through in our results, 26% cloud growth rate this quarter, 42% RPO growth rate and an increase -- significant increase in cloud guidance, right?

基思，我只是想接著說。喬已經為你詳細計算過了，結果顯而易見。我只想再次強調，這真是一件好事。遷移次數的增加對 Atlassian 來說是好事，對我們的客戶來說也是好事。從我們的業績可以看出這一點，本季雲端業務成長率為 26%，RPO 成長率為 42%，雲端業務預期也大幅提高，對吧？

All while reiterating our long-term 20% CAGR growth rate that we gave out at the end of FY '24. We feel just incredible confidence in our ability to deliver against that. And I think all of the movements that Joe laid out are incredibly positive for Atlassian as a business.

同時，我們重申了我們在 2024 財年末給出的長期 20% 複合年增長率目標。我們對自己實現這目標的能力充滿信心。我認為喬提出的所有舉措對 Atlassian 這家公司來說都是極其積極的。

Kasthuri Rangan, Goldman Sachs.

卡斯圖裡·蘭甘，高盛。

I have to applaud you on your decision to do data center end of life. I think this is likely to accelerate the cloud transition, something that personally I have been waiting for, for a few years now. So kudos on that on pulling the plug there. So the strategic question is, given that we've got line of sight into cloud migration, we're not fighting multiple good battles. I wonder if, Mike, you can talk about the playbook -- the clean playbook for cloud migration in the years ahead.

我必須讚揚你們決定對資料中心進行報廢處理。我認為這很可能會加速雲端運算轉型，而這正是我個人幾年來一直期待的。所以，幹得好，果斷終止了這個計畫。所以，戰略問題是，既然我們已經看到了雲端遷移的前景，我們就​​不必同時打多場有意義的仗了。麥克，我想知道你是否可以談談未來幾年雲端遷移的清晰藍圖。

What are the things that you have learned from the last quarter or so in terms of tactics, especially with the new CRO coming on board? How are you tackling the field engagements and partnerships with the systems integrators to take this full on because I do think it's pretty exciting what you're on to.

在過去一個季度左右的時間裡，您在策略方面學到了哪些東西，尤其是在新任首席營收長加入之後？您是如何著手處理與系統整合商的現場合作和夥伴關係，從而全力以赴推進這項工作的呢？因為我認為您正在做的事情非常令人興奮。

Thanks, Kash. Look, I always appreciate the applause, I guess. Let me say a few things about Ascend and cloud migrations. Firstly, the partner and customer reaction has been fantastic. I think that's because we have well telegraphed to our customers, our partners, the entire community, that cloud is the future.

謝謝你，卡什。說實話，我總是很感激大家的掌聲。關於 Ascend 和雲端遷移，我想說幾點。首先，合作夥伴和客戶的反應都非常棒。我認為這是因為我們已經向我們的客戶、合作夥伴以及整個社區充分傳達了這樣一個訊息：雲端運算是未來。

It's the best experience for our customers. So we had very little surprise. We're very thoughtful and long term about how we've managed the transition, I think, and the reaction has been very positive as a result. I think the removal of technical barriers and the delivery of innovation in the cloud has been a combination of effects that's really bringing that through. You see that in the number of customers that mentioned to me, for example, AI is one of the big reasons that they are moving to the cloud.

這是為我們的客戶提供的最佳體驗。所以，我們並沒有感到太意外。我認為，我們在管理過渡方面考慮得非常周全，並著眼於長遠，因此也得到了非常正面的回饋。我認為，技術壁壘的消除和雲端創新的實現，是多種因素共同作用的結果，真正推動了這個趨勢。例如，在許多向我提及的客戶中，人工智慧是他們遷移到雲端的主要原因之一。

We've learned an awful lot about how to help those customers manage that upgrade through the fast shift program, through our amazing partner network, through a lot of different things over the last 5-plus years. And you see that in doubling the number of migrations -- seats that were upgraded in the last quarter that doubled year-on-year. That's a huge achievement for us. And it is thanks to those partners that you talked about and everybody else, and you see it in us raising the cloud revenue outlook. So I think cloud is ready for our customers.

在過去的 5 年多時間裡，我們透過快速升級計畫、我們優秀的合作夥伴網路以及許多其他方式，學到了很多關於如何幫助客戶管理升級的知識。這一點可以從遷移數量的翻倍中看出——上個季度升級的席位數量比去年同期增長了一倍。這對我們來說是一項巨大的成就。正是由於你提到的那些合作夥伴以及其他所有人的努力，我們才提高了雲端收入預期，這足以證明這一點。所以我認為雲端服務已經為我們的客戶準備好了。

You see that in FedRAMP Moderate in government cloud, isolated cloud, multi-cloud strategy. So we feel incredibly bullish that we have the experience to do this. We feel that it's the right experience for our customers, and we are thoughtfully managing that migration as you pointed out. So I don't think the playbook has necessarily changed as much as every year and every quarter that goes by, we get better at it. We did lots and lots of large migrations last quarter across different geographies, different industries, pretty much any country that I go to, any city, I can point to a large customer in that geography in their industry that has already moved.

您可以看到，在 FedRAMP Moderate 中，政府雲端、隔離雲端、多雲策略都採用了這種策略。因此，我們非常有信心，我們有能力做到這一點。我們認為這對我們的客戶來說是合適的體驗，正如您所指出的，我們正在認真管理這項遷移過程。所以我認為戰術手冊並沒有太大變化，只是每年每季我們都在不斷進步。上個季度，我們在不同的地區、不同的行業進行了大量的遷移，幾乎我去過的任何國家、任何城市，我都能指出該地區、其所在行業的某個大客戶已經完成了遷移。

So that's what gives us a lot of that confidence going forward, and allows us to reiterate those long-term targets that we laid out.

正是這一點給了我們很大的信心，也讓我們能夠重申我們所訂定的長期目標。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Yeah. Perfect. I'll add my congrats on a great quarter here. Mike, maybe I'm curious just -- obviously, we kind of knew the end-of-life on data center was coming at some point. I'm curious kind of what made you decide to do that now?

是的。完美的。我在此祝賀你們取得了出色的季度成績。麥克，也許我只是好奇──顯然，我們早就知道資料中心的生命週期終將結束。我很好奇是什麼原因促使你現在決定這麼做？

Or is it just the technical advancements in cloud that you've talked about comfortable -- more comfortable customers with cloud. And then just -- you're seeing the -- maybe the second part of this question, you're seeing the migration impact already, but I'm curious how you think it impacts cloud migrations for the rest of this year and through 2027. When do you think we start to see the next step of acceleration in data center to cloud migration? Is it still going to take some time? Or is that more immediate?

或者，您所說的話讓客戶感到舒適，僅僅是雲端運算的技術進步——讓客戶對雲端運算更加適應？然後——您可能已經看到了——這個問題的第二部分，您已經看到了遷移的影響，但我很好奇您認為這會對今年剩餘時間和 2027 年的雲端遷移產生怎樣的影響。您認為資料中心向雲端遷移加速的下一個階段何時開始到來？還需要一些時間嗎？或者，這是更直接的途徑嗎？

Look, thanks. Look, I would say that we've -- it's a continuum. So we've been investing in building an enterprise-grade cloud platform with AI and all the compliance and governance and scalability and data residency and government cloud. All of the amazing technical achievements that we've invested in over the last 5-plus years are a continuum. We will continue to invest in those.

謝謝。你看，我認為我們──這是一個連續的過程。因此，我們一直在投資建構一個企業級雲端平台，該平台具備人工智慧、合規性、治理、可擴展性、資料駐留和政府雲端等所有功能。過去五年多來，我們投入大量資金所取得的所有驚人技術成就都是一個連續的過程。我們將繼續對這些領域進行投資。

But we feel like good about the ability we have right now to accommodate the vast majority of remaining data center customers in the cloud that we have today. We feel great about our execution of the cloud road map that we've laid out in front of us in things like isolated cloud. And we fundamentally spend a lot of time with our customers. We feel like now is the right time for that, that we have prepared. They are ready, that our partners are ready.

但我們對目前有能力滿足絕大多數剩餘資料中心客戶在雲端的需求感到滿意。我們對已製定的雲端路線圖的執行情況感到非常滿意，例如在獨立雲端方面。我們確實花了很多時間與客戶相處。我們覺得現在是時候了，我們已經準備好了。他們已經準備好了，我們的合作夥伴也已經準備好了。

We've said many times on calls, we no longer get the -- if we're moving to cloud. It's a when conversation with every single customer that I deal with. So I would say we just feel very good about the delivery we've had, and so now is a good time for that. In terms of the expectation of migration, look, I would say that's all -- obviously, we've -- open company, bulls*** is a core customer value. So we've laid out what we see in front of us for those customers.

我們已經在電話會議上多次說過，如果我們遷移到雲端，我們就不再需要這種服務了。這是我與每位客戶都會進行的對話。所以我覺得我們對目前的交付情況非常滿意，現在正是時候。就遷移預期而言，你看，我想說的是——顯然，我們——開放的公司，胡說八道是核心客戶價值。所以我們已經把眼前所看到的情況展示給了這些客戶。

The multiyear period of that EOL giving them time to migrate, giving them the partnerships and everything else that we need. And we have included that into our guidance and into our results. So the confidence that we feel is included in the guidance that we've given out.

長達數年的生命週期結束期，給了他們時間進行遷移，給了他們建立合作關係以及我們需要的其他一切。我們已將此納入我們的指導方針和結果中。因此，我們所擁有的信心已經體現在我們發布的指導方針中。

And then Arjun, I'd just ask -- I'd add one other point that while we expect more momentum on migrations in the short term, there is going to be variability in the pace of these migrations quarter-to-quarter, and they will take time to move, and we expect most customers will migrate as we get closer to the data center end-of-life date in March 2029. So we expect migrations to accelerate in the '28, '29 time frame.

然後，Arjun，我只想問——我還要補充一點，雖然我們預計短期內遷移勢頭會更強勁，但這些遷移的速度會因季度而異，而且遷移需要時間，我們預計大多數客戶會在 2029 年 3 月資料中心生命週期結束日期臨近時進行遷移。因此我們預計在 2028 年、2029 年期間，移民速度將會加快。

Ryan MacWilliams, Wells Fargo.

瑞安‧麥克威廉斯，富國銀行。

Mike, this is kind of like a high-level question, but there's been a lot of investor conversation around like a super app world where AI interacts with multiple different parts of your software stack from one pane of glass. But Atlassian has always made it easy to integrate Jira with some of the other software solutions. And I thought the browser company acquisition was interesting that it also makes it easier to use Atlassian and some other tools. So how do you think about a future where you try to use AI across a bunch of different software solutions and how Atlassian fits in that world?

麥克，這個問題比較宏觀，但投資人一直在討論超級應用的世界，在這個世界裡，人工智慧可以透過一個統一的介面與你的軟體堆疊中的多個不同部分進行互動。但 Atlassian 一直以來都讓 Jira 與其他一些軟體解決方案的整合變得非常簡單。我覺得收購這家瀏覽器公司很有意思，因為它也讓使用 Atlassian 和其他一些工具變得更容易。那麼，您如何看待未來將人工智慧應用於各種不同的軟體解決方案，以及 Atlassian 在這種環境下的定位？

Thanks, Ryan. Great question. Firstly, I would say we are making amazing progress in our AI capabilities and delivery to customers. I think the company broadly should be incredibly proud of shipping AI to our customers. It turns up as one of the reasons that they are migrating to the cloud when you talk to them.

謝謝你，瑞恩。問得好。首先，我想說我們在人工智慧能力和客戶交付方面取得了驚人的進步。我認為公司整體上應該為能夠向客戶提供人工智慧產品而感到無比自豪。當你和他們交談時，你會發現這是他們遷移到雲端的原因之一。

It shows up as one of the reasons that they're moving to the Teamwork collection. It shows up as one of the reasons they are deepening their relationship as a strategic partner with Atlassian is our core investment in AI, which is world-class. We are doing an incredibly good job at delivering AI to customers to give them the benefits today and giving the confidence that we will continue to deliver that into the future. Jira has always been an incredibly integrated tool. We're very proud of that.

這也是他們轉向 Teamwork 系列的原因之一。他們加深與 Atlassian 建立策略合作夥伴關係的原因之一是，我們在人工智慧領域進行了世界一流的核心投資。我們在為客戶提供人工智慧方面做得非常出色，不僅讓他們今天就能享受人工智慧帶來的好處，也讓他們相信我們將來會繼續提供這些好處。Jira一直是一款功能高度整合的工具。我們為此感到非常自豪。

The Atlassian platform is incredibly integrated. You can see that there are a number of partnerships that we've signed up in the last quarter, a lot of which are listed in the letter to integrate our platform with other offerings that customers have. It's a core part of our customer value proposition is we believe that your best technology world, your best software world, is a deeply integrated and deeply connected world. You can see that in the ability to use Atlassian's AI off Atlassian from within other tools. and vice versa to use other tools from within the Atlassian world.

Atlassian平台整合度極高。您可以看到，我們在上個季度簽署了許多合作協議，其中許多協議都在信中列出，目的是將我們的平台與客戶擁有的其他產品整合起來。我們相信，您最好的科技世界、您最好的軟體世界，是一個深度整合和深度連結的世界，這是我們客戶價值主張的核心部分。這一點可以從以下方面體現出來：既可以從其他工具中使用 Atlassian 的 AI，也可以從 Atlassian 生態系統中使用其他工具。

And I think that will depend on where the customer workflows are and where they are working. Most prominently, recently, you can see that in Jira's ability to assign work items to agents. Whether those are technical agents from GitHub or Cursor or whether those are nontechnical agents from Canva or Box or someone else. This is about taking your Jira workflows and business processes, assigning parts of them off to AI or agents as that world evolves and then bringing it back in for collaboration with further users. So I think we will continue to be integrated.

我認為這取決於客戶的工作流程以及他們的工作地點。最顯著的是，最近 Jira 能夠將工作項目分配給代理，這充分體現了這一點。無論是來自 GitHub 或 Cursor 的技術代理，還是來自 Canva 或 Box 或其他公司的非技術代理。這是指將您的 Jira 工作流程和業務流程的一部分分配給 AI 或代理，隨著世界的發展，然後再將其重新引入以與其他用戶合作。所以我認為我們將繼續保持一體化狀態。

I think that's the best outcome for our customers. And I think that our -- everything from the Teamwork graph to the design expertise that we're putting into our AI offerings to just a world-class set of capabilities that come with Rovo is showing up in our customers, and it is a reason that they are more deeply partnering with us. So incredibly proud of the delivery we've had there and a lot of work to do every single quarter as we go forward. We're rolling.

我認為這對我們的客戶來說是最好的結果。我認為，從團隊協作圖到我們人工智慧產品中融入的設計專業知識，再到 Rovo 所具備的世界一流的功能，我們的一切努力都體現在我們的客戶身上，這也是他們與我們建立更深入合作關係的原因。對我們所取得的成果感到無比自豪，但未來每季我們都還有很多工作要做。一切順利。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Sorry about that. I was just having some voice issues. Maybe guys, just -- some of the most interesting commentary from the letter, I think, was your commentary about looking at your cohort of customers that are also using some of these AI coding tools and how they're up. Those customers are adding seats to the tune of 5%. What other anecdotes do you have to share in terms of other product attainment and adoption trends that you're seeing from that kind of super user cohort?

抱歉。我剛才嗓子有點問題。或許各位，我認為信中最有趣的評論之一是你們對正在使用這些人工智慧編碼工具的客戶群以及他們的使用情況的評論。這些客戶增加了 5% 的座位。關於這類超級用戶群在其他產品取得和採用趨勢方面，您還有哪些軼事可以分享？

And then maybe just a quick one on DX, specifically, how you maybe see that accelerating some of the uptake in expansion with respect to the cloud portfolio.

然後，或許可以簡單談談數位轉型（DX），特別是您認為它如何加速雲端產品組合的擴展和普及。

Thanks, Alex. Look, I'm well on record at this point as saying, I firmly believe there will be more developers in five years' time. There'll be far more people creating software and a far greater amount of technology in the world, which is great for all of us. And that significantly expands Atlassian's opportunities. Why do I have such conviction?

謝謝你，亞歷克斯。你看，我之前已經明確表示過，我堅信五年後會有更多開發商。未來會有更多的人從事軟體開發，世界上也會有更多的技術產品，這對我們所有人來說都是好事。這將大大拓展 Atlassian 的發展機會。我為何如此確信？

Maybe important to note. We have the best data. We have amazing visibility right now, 300,000 customers, 80% of the Fortune 500, 60% of the Forbes AI 50 Atlassian customers, right? We're mission-critical and central to their business processes. We have tens of millions of developers, engineers, product managers, designers that use our applications across millions of teams.

或許這一點很重要。我們擁有最準確的數據。我們現在擁有驚人的知名度，30萬客戶，財富500強企業中有80%，福布斯AI 50強企業中有60%都是Atlassian的客戶，對吧？我們對他們的業務流程至關重要，是其核心組成部分。我們擁有數千萬名開發人員、工程師、產品經理和設計師，他們在數百萬個團隊中使用我們的應用程式。

So we have some pretty phenomenal insights into how customers get work done, how they build software and how they build technology. And as we said in the shareholder letter, we continue to see really healthy user growth. The statistic you gave. We look at a cohort of our customers that were using co-generation tools, GitHub Copilot, [Sword Code], Cursor. We excluded Rovo Dev on purpose, so as to remove bias of our own sort of customer base.

因此，我們對客戶如何完成工作、如何建立軟體以及如何建立技術有了一些非常深刻的見解。正如我們在致股東信中所說，我們持續看到用戶數量健康成長。你提供的統計數據。我們觀察了使用聯合生成工具的客戶群，包括 GitHub Copilot、[Sword Code] 和 Cursor。我們特意將 Rovo Dev 排除在外，以便消除我們自身客戶群的偏見。

And those customers using those cogeneration tools were expanding their paid seats on Jira at a rate 5% faster than those who didn't. They were managing more than 20% more projects than those that didn't. And importantly, all of those three and others are working with us in partnership to bring their agents into Jira, into the business processes and workflows that they are using because that's where customers are doing work. The other anecdotes that we might have. Look, we've given a lot of statistics here, right?

使用這些共同開發工具的客戶在 Jira 上增加付費席位的速度比未使用這些工具的客戶快 5%。他們管理的專案數量比沒有這樣做的人多出 20% 以上。更重要的是，這三家公司以及其他公司都在與我們合作，將他們的代理商引入 Jira，融入他們正在使用的業務流程和工作流程中，因為客戶就是在那裡開展工作的。我們可能還有其他一些軼事。你看，我們這裡列舉了很多統計數據，對吧？

The Teamwork graph is phenomenal. It's up over 100 billion objects in connections and continuing to grow at a really incredible clip. Our AI interactions are up. I think it's almost 150% in the last 6 months. We've tripled the number of tokens we processed quarter-on-quarter.

團隊協作圖表非常出色。連線數已超過 1000 億，並且還在以驚人的速度持續增長。我們的AI互動量增加了。我認為過去六個月增長了近 150%。我們處理的代幣數量比上一季增加了兩倍。

So millions of workflows, which involve automation and agents. We are doing a really good job in AI. AI is a fantastic thing for Atlassian's business. And for our customers. It creates lots of great opportunities for us.

因此，數百萬個工作流程都涉及自動化和代理。我們在人工智慧領域做得非常出色。人工智慧對 Atlassian 的業務來說是一件非常棒的事情。也為了我們的客戶。這為我們創造了許多絕佳的機會。

You mentioned DX. I think as customers are changing the way they build technology and software, they want to make sure that they are getting the right amount of productivity, where their investment is going and where they're getting back from this increasing engineering force that they have. Every business is becoming a software company at some point. And hence, DX doing a fantastic job at explaining the customers their developer productivity, where they can improve and how they can take actions on that. And especially when it comes to bringing in all of the AI coding tools we have today and the ones that are coming tomorrow and to show those customers how that is working.

你提到了DX。我認為，隨著客戶改變建構技術和軟體的方式，他們希望確保獲得適當的生產力，了解他們的投資去向以及他們從不斷壯大的工程團隊中獲得的回報。所有企業在某個階段都會轉型為軟體公司。因此，DX 在向客戶解釋其開發人員生產力、可以改進的地方以及如何採取措施方面做得非常出色。尤其是在引入我們目前擁有的所有 AI 編碼工具以及未來即​​將推出的工具，並向客戶展示這些工具是如何運作的時候。

I think it will be a really great part of our portfolio. It's a fantastic team. So we're incredibly bullish about that when the deal closes, and we can move forward.

我認為它將成為我們投資組合中非常重要的一部分。這是一個非常棒的團隊。所以，我們對交易完成並可以繼續推進這件事非常樂觀。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，瑞穗銀行。

Congratulations on a really good performance. Mike, I also, like Alex, was pretty fascinated by the data you provided that you just spoke to a moment ago. And I'm wondering if it's possible to give us a rough sense of the size of this cohort that might shed some light on if these data would, in fact, be a fair representation of what your customers may be doing, again, particularly the ones who are utilizing vibe coding. And then secondly, for Joe, just to clarify, because the guidance puts and takes are a bit confusing. Is your fundamental growth outlook stronger, weaker or unchanged as compared with 90 days ago?

恭喜你表現出色。麥克，我和亞歷克斯一樣，對你剛才提到的那些數據非常感興趣。我想知道是否有可能大致了解一下這個群體的規模，以便了解這些數據是否真的能夠公平地代表您的客戶的行為，特別是那些使用氛圍編碼的客戶。其次，給喬澄清一下，因為指導意見中的買入和賣出有點令人困惑。與 90 天前相比，您的基本成長前景是更強、更弱還是保持不變？

Thanks, Gregg. Look, we wouldn't give out any statistics that we didn't feel were statistically relevant in terms of the size of the cohort that we are going through. Obviously, we are very invested in making sure that this is the case. And I think it's a fair representation of what the best companies in the world are doing, and we believe there will be many more companies that following those parts over the years ahead. As do we believe that AI will continue to improve those abilities and processes.

謝謝你，格雷格。你看，對於我們正在研究的樣本規模而言，我們不會公佈任何我們認為不具有統計意義的統計數據。顯然，我們非常重視確保這一點。我認為這公平地反映了世界上最好的公司正在做的事情，我們相信在未來幾年裡會有更多的公司效仿這些做法。我們也相信人工智慧將持續提升這些能力和流程。

We saw that in our Rovo Dev going GA this quarter, which is doing a fantastic job at a lot of different things, right? I believe, over half of the security incidents that occur at Atlassian, the findings are coming from Rovo Dev, right? So there are a lot of abilities for AI to continue to improve technical business processes in building software, but also in the service collection, and in AI Ops and the ability to run and operate software. There is a lot of work to be done, a lot of amazing things to be built. But we do think it's going to be great for Atlassian's business.

我們從本季即將正式發布的 Rovo Dev 中就看到了這一點，它在很多方面都表現出色，對吧？我相信，Atlassian 發生的超過一半的安全事件的調查結果都來自 Rovo Dev，對嗎？因此，人工智慧有許多能力可以繼續改進技術業務流程，包括軟體建置、服務收集、人工智慧運維以及運行和操作軟體的能力。有很多工作要做，有很多了不起的東西要建造。但我們認為這對 Atlassian 的業務發展大有裨益。

And we think that human-AI collaboration, whether that's in a software team, whether it's in a business team, whether it's in a service team, is right at the heart of what we do for our customers. And at the same time, I will point out there's a lot of enterprise concerns when I talk to customers around governance, controls, auditability, traceability, permissions. There's a lot of new issues coming up with a lot of this AI technology. And we're right at the forefront of giving enterprises as we've shown in Rovo and in our AI cloud platform, the ability to have the right level of controls and governance that they need and the right level of those change and movement.

我們認為，無論是在軟體團隊、業務團隊或服務團隊中，人機協作都是我們為客戶所做工作的核心。同時，我還要指出，當我與客戶談論治理、控制、可審計性、可追溯性、權限等問題時，企業有很多顧慮。人工智慧技術的發展帶來了許多新問題。正如我們在 Rovo 和我們的 AI 雲端平台中所展示的那樣，我們始終走在最前沿，致力於為企業提供他們所需的適當層級的控制和治理，以及適當層級的變革和發展。

So incredibly bullish from my point of view on what AI is doing for Atlassian's business, as I've said, and how our three big transformations, AI, enterprise and the system of work are delivering today in the cloud growth rates that you see, in our RPO growth rates and our commitment to our long-term targets.

因此，從我的角度來看，我對人工智慧為 Atlassian 的業務帶來的改變非常看好，正如我所說，我們三大轉型——人工智慧、企業和工作系統——如今在雲端成長率、RPO 成長率以及我們對長期目標的承諾方面都取得了顯著成效。

So I'll let Joe answer on the financial question.

那麼，關於財務問題，就讓喬來回答吧。

Yeah. Thanks, Mike, and thanks, Gregg. Gregg, we fundamentally believe our business in FY '26 will be stronger today than we did 90 days ago. That will show up in better bookings. That will show up in better CRPO, and it's driven by the Q1 outperformance and the fact we expect greater volume of cloud migrations through the rest of the year. Hope that helps.

是的。謝謝麥克，也謝謝格雷格。格雷格，我們從根本上相信，到 2026 財年，我們的業務會比 90 天前更強勁。這將體現在更好的預訂量上。這將體現在更好的 CRPO 上，這是由於第一季業績超出預期，以及我們預計今年剩餘時間內雲端遷移量將會增加。希望對您有幫助。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Mike, you have A/B tested effectively this concept of consumption pricing. There was some of that introduced last year under the confines of JSM. I'm wondering if you can share an update on how pervasive that modality is in terms of monetizing some of your innovation that's come down the pike in the last 12 to 18 months. And maybe more specifically, how does vibe coding and coding assistant related code generation that is poised to absolutely load software code generation. How do you get to capitalize on that as all of that gets shipped inside Jira environment and is held captive and worked out of a Jira environment.

麥克，你已經有效地對消費定價這一概念進行了A/B測試。去年，在 JSM 的框架下，已經引入了一些此類內容。我想知道您能否分享一下，在過去 12 到 18 個月裡，這種模式在將您的一些創新成果貨幣化方面有多普及。更具體地說，Vibe 編碼和編碼助手相關的程式碼產生是如何實現絕對載入軟體程式碼產生的。如何利用這一點呢？因為所有這些都被部署在 Jira 環境中，並且被限制在 Jira 環境中進行處理。

I'd love to get your perspective on how you can capitalize on that trend by way of consumption pricing. And again, how pervasive that is generally within the base today?

我很想聽聽您對如何透過消費定價來利用這一趨勢的看法。那麼，這種現像在當今基層民眾中究竟有多普遍呢？

Thanks Fatima. Look, we have a series of different consumption-based pricing offerings as we have announced and shown from the Rovo and AI credit world to the service collection world of agents and assets to Bitbucket pipelines to Rovo Dev to Forge, CDP, that is certainly something that we have as an option set for our customers. It's one of our elements of monetization. I think it is certainly, something customers are interested in. It's certainly something that they're also cautious about.

謝謝你，法蒂瑪。你看，我們已經宣布並展示了一系列不同的基於消費的定價方案，從 Rovo 和 AI 信用領域到代理商和資產的服務收款領域，再到 Bitbucket 管道、Rovo Dev 和 Forge、CDP，這當然是我們為客戶提供的一系列選擇。這是我們獲利模式的一部分。我認為這肯定是顧客感興趣的內容。他們對此當然也十分謹慎。

I think the most important thing for us when it comes to your question about AI monetization, I would say we are already seeing it, our three strategic priorities, right? We reiterate them because they are so important to us, delivering a world-class AI platform, continuing to grow our enterprise capabilities and the system of work across our customers' teams and enterprise. We're making amazing progress in all three, and I will say that it's directly driving the results we see in Q1. It's directly driving the cloud growth rate of 26%. It's behind accelerating our RPO to over 40%.

關於您提出的人工智慧貨幣化問題，我認為對我們來說最重要的是，我們已經看到了這一點，我們的三大策略重點，對吧？我們重申這些原則，是因為它們對我們至關重要，它們能夠提供世界一流的人工智慧平台，不斷提升我們的企業能力，並改善我們客戶團隊和企業的工作體系。我們在所有這三個方面都取得了驚人的進展，而且我可以說，這直接推動了我們在第一季看到的業績。它直接推動了雲端運算26%的成長率。它推動我們的 RPO 加速至 40% 以上。

So we are already seeing that in everything from cloud migrations to the AI stats we have to the addition upgrades. So this question of monetization -- Teamwork collection, right? Customers that move there, talk about AI. Every customer I talk to mentions AI is one of the reasons that they're moving to the Teamwork collection to the cloud, et cetera.

所以我們已經在各個方面看到了這一點，從雲端遷移到人工智慧統計數據，再到新增的升級。所以，關於獲利模式的問題——團隊合作作品集，對吧？搬到那裡的顧客都會談論人工智慧。我接觸過的每個客戶都提到，人工智慧是他們遷移到雲端等 Teamwork 套件的原因之一。

And we have a huge number of customers that presented at Team '25 a couple of weeks ago in Barcelona from Mercedes Benz to Sonos to FanDuel to 24-hour Fitness, all giving amazing feedback on our AI capabilities across business teams and technical teams and our ability to connect both of these is at the core of the system of work.

幾週前在巴塞隆納舉行的 Team '25 大會上，我們有很多客戶進行了展示，從梅賽德斯-奔馳到 Sonos，再到 FanDuel 和 24-hour Fitness，他們都對我們的人工智能能力給予了極好的反饋，無論是在業務團隊還是技術團隊中，而我們連接這兩者的能力正是我們工作系統的核心。

I think this question of cogen and capitalizing, we've a lot of stats on how it improves Jira. And I think the fundamentals there are about human and AI collaboration you will still need and you will have work items that are assigned to various AI agents that come from probably a lot of different platforms, ours and others. We solve human problems. We always have. And at the core of those human problems is collaboration and that's why we're putting that at the core of our AI platform and making sure we deliver world-class capabilities in all of these ways.

我認為關於協同開發和資本化的問題，我們有很多統計數據表明它如何改進 Jira。我認為其中的基本要素是關於人與人工智慧的協作，你仍然需要這些協作，並且你會有分配給各種人工智慧代理的工作項，這些代理可能來自許多不同的平台，包括我們自己的平台和其他平台。我們解決人類問題。我們一直都是。而這些人類問題的核心在於協作，因此我們將協作置於我們人工智慧平台的核心，並確保我們在所有這些方面提供世界一流的能力。

And I think we're already seeing that flow through in our monetization and bullishness as we head into the future on our ability to continue to build the R&D to do the world-class work and hence, have greater customer partnership is very strong right now.

我認為我們已經從我們的盈利能力和對未來的樂觀態度中看到了這種趨勢，我們有能力繼續加強研發，做出世界一流的工作，從而與客戶建立更緊密的合作關係，目前這種信心非常強勁。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Congrats from me as well. Mike, one question as we kind of evolve in this new AI world, how do you think about M&A or build versus buy in this for you. I'm thinking about the browser company. I got a lot of questions of people how that would fit into the new world, et cetera. Can you just speak to that, please?

我也要向你表示祝賀。麥克，隨著我們逐漸邁入人工智慧的新世界，我有一個問題：你如何看待併購，或者說是自主研發還是收購？我在想那家瀏覽器公司。很多人問我，這會如何融入新世界等等。您能就此談談嗎？

Raimo, sure. I can talk to that question. Let me say firstly, I would say that there's no change in our M&A philosophy when it comes to AI or anything else. That's a really important point. We've had the same philosophy for well over a decade now.

雷莫，當然。我可以回答這個問題。首先我想說的是，無論在人工智慧領域或其他任何領域，我們的併購理念都沒有改變。這一點非常重要。十多年來，我們的理念一直如此。

We look for companies with a great strategic fit to Atlassian. We look for great teams that feel like they belong in our tribe, an opportunity that fits both sides. We have to have the capital to execute. And the timing has to be right. That philosophy hasn't changed.

我們尋找與 Atlassian 策略高度契合的公司。我們尋找優秀的團隊，希望他們能融入我們的團隊，這是對雙方都有利的機會。我們必須有足夠的資金才能執行。時機也必須合適。這種理念沒有改變。

We don't believe all the innovations outside of Atlassian. We don't believe all the innovations inside Atlassian, we take a very pragmatic and long-term view. I think you can see in some of the stats we gave in the shareholder letter from the Loom acquisition, it's just lapsed two years, and it's built a fantastic business north of $100 million ARR already. That's stand-alone. That's with no contribution from Teamwork collection, driven by AI, and the AI SKU, right, which is growing over 100% year-on-year.

我們並不相信Atlassian以外的所有創新。我們不相信 Atlassian 內部的所有創新，我們採取的是非常務實和長遠的看法。我認為從我們在致股東信中提供的 Loom 收購數據可以看出，收購僅僅過去了兩年，就已經建立了一個年經常性收入超過 1 億美元的出色業務。這是獨立存在的。這還不包括由人工智慧驅動的 Teamwork 系列產品以及 AI SKU 的貢獻，而 AI SKU 的年增長率超過 100%。

Why is that well? If you go back two years ago and have a look at what we said at the time of that acquisition, younger people joining your workforce, video becoming a bigger part of how they want to communicate and collaborate, remote work, distributed companies and AI changing the nature of how video collaboration can work for both consumption and creation. I think we've done a pretty good job of paying out all of those trends and movements as we've navigated through the last couple of years. And Loom is a fantastic part. It's a huge reason why customers are also talking about moving to the Teamwork collection in terms of media reportings and the team has done an amazing job to continue to deliver on innovation.

為什麼說它好呢？如果你回顧兩年前，看看我們在收購時所說的話，年輕人加入你的員工隊伍，視訊成為他們溝通和協作方式中越來越重要的組成部分，遠端辦公，分散式公司以及人工智慧正在改變視訊協作在消費和創作方面的性質。我認為，在過去幾年裡，我們在把握所有這些趨勢和變化方面做得相當不錯。而 Loom 則是一個非常棒的角色。這也是為什麼客戶在媒體報導方面紛紛轉向 Teamwork 系列產品的重要原因，而團隊在持續創新方面做得非常好。

So we continue to think about that when it comes to our acquisitions. The browser company and DX, look two very different acquisitions with different strategic rationales as we've tried to communicate. On the browser company specifically that you mentioned, I think our belief is that AI is going to continue to reshape how and where knowledge workers get their work done, that technical disruptions and changes if you look back at history, have tended to change and shift the interface layers, the points of interaction.

所以，在進行收購時，我們會繼續考慮這一點。正如我們一直試圖傳達的訊息，瀏覽器公司和 DX 看起來是兩家截然不同的收購公司，有著不同的策略理由。關於您提到的瀏覽器公司，我認為我們相信人工智慧將繼續重塑知識工作者完成工作的方式和地點，回顧歷史，技術顛覆和變革往往會改變和轉移介面層、互動點。

And today's browsers were built before we had this explosion of SaaS apps and well before we had any of this AI era, and they weren't really built for knowledge workers. And we think that by optimizing for knowledge workers and the SaaS apps they use and building an amazing product that fits into today's world and the enterprise world, packing it with AI skills and agents and the Teamwork graph and all the things that we have as well as enterprise-grade security, compliance, governance, especially when it comes to AI, there is a fantastic opportunity for us and that browser company fits all of those criteria I gave earlier in terms of M&A.

如今的瀏覽器是在 SaaS 應用程式爆炸式增長之前，也是在人工智慧時代到來之前開發的，它們並非真正為知識工作者而設計的。我們認為，透過針對知識工作者及其使用的 SaaS 應用程式進行最佳化，並打造一款適合當今世界和企業世界的出色產品，將其與 AI 技能、代理、團隊協作圖譜以及我們擁有的所有功能以及企業級安全、合規性和治理（尤其是在 AI 方面）相結合，我們就能獲得絕佳的機會。而這家瀏覽器公司完全符合我之前提到的所有併購標準。

They're doing an amazing job. And we think between the two companies, we can really make an impact here. So just closed, we'll get cracking on doing some amazing work and hope to have some similar results to report to you in two years' time.

他們做得非常出色。我們認為，兩家公司攜手合作，一定能在這裡產生巨大的影響。交易剛結束，我們將全力以赴進行一些出色的工作，並希望在兩年後能向大家報告類似的成果。

Robert Oliver, Baird.

Robert Oliver，貝爾德。

Great. Mike, you guys have done a lot of preparation for this cloud move. And it seems like projects like Ascend are working really well, fast shift team. When you think about your extended partner network, how well developed is the cloud motion with them currently? From our checks, a lot of them have been out kind of early on that.

偉大的。麥克，你們為這次雲端遷移做了很多準備。像 Ascend 這樣的專案似乎運作得非常好，團隊轉換速度很快。當您考慮您的擴展合作夥伴網路時，您認為目前與他們合作的雲端轉型發展程度如何？根據我們的調查，很多公司都比較早就開始這麼做了。

But as you guys really accelerate in end of life on D.C., how prepared is your extended partner network to help you guys manage this transition?

但是，隨著你們在華盛頓特區加速走向生命週期的終結，你們的合作夥伴網絡是否已做好充分準備，幫助你們管理這一過渡？

Thanks, Rob. Yes. Look, I would say we continue to be a long-term thinking company that makes these changes over the multiyear period. I think we've seen that play out over the last five years in this cloud migration and I expect it to play out over the next five years. The partner program and our channel broadly play a critical role in that transition.

謝謝你，羅伯。是的。我認為，我們始終是一家著眼長遠的公司，這些變革是在多年周期內逐步實現的。我認為過去五年我們在雲端遷移過程中已經看到了這一點，我預計未來五年也將繼續如此。合作夥伴計劃和我們的管道在這轉型過程中發揮著至關重要的作用。

I spend a lot of time with lots of different partners all over the world. We have continued to communicate openly with that partner network. It's been well telegraphed to them. and they have continued to evolve their businesses to understand both how to help customers migrate to the cloud. Fast Shift is an additive element to those partners, and how to explain to customers the benefits of AI, for example, in their business, which is a positivity of moving to the cloud, but again, one of the areas where our partners can really excel and are starting to hit some real wins in terms of delivering those workflow improvements to customers on our cloud platform, which further incentivizes other parts of those large customers to move to the cloud.

我花了很多時間和世界各地的許多不同合作夥伴在一起。我們一直與該合作夥伴網路保持公開透明的溝通。這一點已經明確告知了他們。他們也一直在發展自己的業務，以了解如何幫助客戶遷移到雲端。快速遷移是合作夥伴的增值服務，它可以幫助合作夥伴向客戶解釋人工智慧在其業務中的優勢，例如，這是遷移到雲端的一個積極因素。同樣，這也是我們的合作夥伴能夠真正脫穎而出，並開始在我們的雲端平台上為客戶提供工作流程改進方面取得一些真正的成功，這進一步激勵了這些大型客戶的其他部門遷移到雲端。

So a very thoughtful and measured approach, long-term thinking from Atlassian at the same time with execution. I think the channel touching about 50% of our revenues, you can look at it that way are well mature in how to handle this over the last few years. And I believe that as I said, we are at the right point for the Ascend program to help continue that momentum in the channel.

因此，Atlassian採取了一種深思熟慮、穩健的方法，既有長遠的眼光，又能切實執行。我認為，這個管道貢獻了我們大約 50% 的收入，你可以這樣理解，過去幾年我們在處理這個問題上已經相當成熟了。正如我所說，我相信現在正是 Ascend 計劃幫助頻道保持這種發展勢頭的最佳時機。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

I know Brian Duffy is about 10 months in, but I think everyone's curious just to get an update on the go-to-market, some of the changes he's making, what's starting to resonate well and what's ahead. And Joe, if I can sneak one in for you, it's been a great couple of decades working with you. Just maybe the question of why now?

我知道布萊恩達菲上任大約 10 個月了，但我認為大家都很想知道最新的市場推廣情況、他正在進行的一些改變、哪些方面開始引起共鳴以及未來的發展方向。喬，如果我能偷偷地替你說一句，和你一起工作的這二十多年真是太棒了。或許我們該問的是：為什麼是現在？

Brent, sure. Let me talk a few things about maybe go-to-market and the movement we have there. Brian, it's amazing to think he only arrived nine months ago. I have to remind myself of that quite often. He obviously brings vast experience and to say he's hit the ground running is an understatement.

布倫特，當然可以。讓我談談市場推廣以及我們在這方面的進展。布萊恩，難以置信他才來九個月而已。我必須經常提醒自己這一點。他顯然擁有豐富的經驗，說他一上任就迅速進入狀態都算是保守的說法。

Huge impact in continuing to evolve our go-to-market motions. It's not revolutionary, as I said. We've been on an enterprise journey for a decade. We continue to strive to be a better and better strategic partner to the largest organizations on the planet. And this is a part of our continued evolution.

對持續改進我們的市場推廣策略產生了巨大影響。正如我所說，這並非革命性的。我們已經走過了十年的企業發展歷程。我們將繼續努力，成為全球最大組織越來越好的策略夥伴。這是我們持續發展的一部分。

We obviously have a massive serviceable -- addressable market, as we've talked to, right, a $14 billion opportunity in our existing customer base along with our existing products, 80% of the Fortune 500, representing just sort of 10% of our business between DC to cloud migrations with Ascend and the Teamwork collection, service collection, software collection, we have a lot of opportunities in our base.

顯然，我們擁有一個巨大的可服務市場——正如我們之前所談論的，在我們現有的客戶群中，以及我們現有的產品中，蘊藏著 140 億美元的機會。財富 500 強企業中有 80% 是我們的潛在客戶，這僅占我們業務的 10% 左右，包括透過 Ascend 和 Teamwork 系列產品、服務系列產品、軟體系列產品實現的從資料中心到雲端的遷移，我們擁有大量的業務機會。

And I think Brian has done a fantastic job, along with all of the sales and marketing teams and go-to-market motions on continuing to execute this quarter, right? We've made great progress with large enterprises. We have signed some of our largest deals in the quarter in almost every sector, industry vertical and geography, right? Some of the world's largest technology companies, huge global financial institutions, large telecommunications companies have all come on board this quarter, multiples in each category.

我認為布萊恩做得非常出色，銷售和行銷團隊以及所有市場推廣活動也都為本季的持續成功做出了貢獻，對吧？我們在與大型企業的合作中取得了巨大進展。本季我們在幾乎所有行業、垂直領域和地區都簽署了一些規模最大的交易，對吧？本季度，全球一些最大的科技公司、大型全球金融機構、大型電信公司紛紛加入，每個類別都有多家公司參與。

Moving to the cloud, moving to the Atlassian platform, consolidating on multiple tools into the Atlassian world and at the same time, excited by AI opportunities. And that's up to Brian and team to continue to explain to our customers and help them on that journey over a multiyear period. So I'd say the entire go-to-market team is executing extremely well this quarter, and we should be incredibly happy, and our customers are the beneficiaries of that. I'll pass to Joe for the second half.

遷移到雲端，遷移到 Atlassian 平台，將多種工具整合到 Atlassian 世界中，同時，對人工智慧帶來的機會感到興奮。而布萊恩和他的團隊則需要繼續向我們的客戶解釋這一點，並在多年的時間內幫助他們完成這個過程。所以我覺得整個市場推廣團隊本季的執行力都非常強，我們應該感到非常高興，我們的客戶也能從中受益。下半場我把球傳給喬。

Great. Thanks, Mike. And thanks, Brent. It's been great working with you as well. I would make one clarification, as Mike reminds me, it's announced now but transition later.

偉大的。謝謝你，麥克。謝謝你，布倫特。和你一起工作也很愉快。正如麥克提醒我的那樣，我需要澄清一點，現在只是宣布，過渡期稍後再進行。

So I wouldn't say the timing is now. In terms of why the announcement now and the transition timing, Just -- I've got a lot of big life events coming up, and I really want to be fully present for those. And I'd say this is something my wife and I have been discussing pretty intensely over the last year. And from a work perspective, I feel like the finance team is in good shape. I'm a big believer in new energy and new ideas and those being a good thing.

所以我認為現在還不是合適的時機。至於為什麼現在宣布以及過渡時間的選擇，原因很簡單——我即將面臨很多人生大事，我真的想全心投入其中。我想說，在過去一年裡，我和妻子一直熱烈地討論這個問題。從工作角度來看，我覺得財務團隊狀況良好。我堅信新的活力和新想法是好事。

And I think that applies to me as it applies to just about anybody else. So that's sort of the logic behind it. And right now, I'm really focused on making sure there's a clean transition and a lot of work to do around that. And I'll be able to update you on what's going to happen next after that when we get down the road and I get a little bit closer to the transition date.

我認為這不僅適用於我，也適用於其他幾乎所有人。這就是背後的邏輯。而現在，我正全力以赴確保平穩過渡，圍繞這一點還有很多工作要做。之後，等到過渡日期臨近時，我會向大家報告接下來的發展。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Joe, one of the questions I've been getting is whether you're raising the cloud revenue guide only on the back of better than forecast data center to cloud migration. Can you just talk about what you're seeing with the non-migration cloud business? How you're feeling there? And what's actually contributing to the increased cloud outlook?

Joe，我最近收到的一個問題是，你是否僅僅因為從資料中心到雲端的遷移情況好於預期才提高了雲端收入預期。您能談談您在非遷移雲業務方面觀察到的情況嗎？你那邊感覺怎麼樣？那麼，究竟是什麼因素促成了人們對雲端運算前景的樂觀預期呢？

Yeah. Great question. Thanks. And I'll try and clarify. So we are raising our cloud revenue outlook by 1.5 points to 22.5% year-over-year.

是的。問得好。謝謝。我會盡量解釋清楚。因此，我們將雲端收入預期年增 1.5 個百分點至 22.5%。

That is only to reflect the stronger migrations performance and the outperformance in Q1. So we now expect migrations to make a mid- to high single-digit contribution to cloud revenue growth in FY '26. And for that migration upside to land in the back half of the year, just given the data center expiration base. And to your question directly, it's important to note we haven't made any changes to our other organic drivers of cloud revenue growth in our guidance. So we continue to maintain a conservative and risk-adjusted approach on all those other variables in the cloud and from a cloud revenue growth driver perspective for the rest of the year.

這只是為了反映更強勁的遷移性能和第一季的優異表現。因此，我們現在預計，在 2026 財年，遷移將對雲端收入成長做出中高個位數的貢獻。考慮到資料中心的到期基數，這種遷移帶來的好處可能會在今年下半年顯現。至於你提出的問題，需要指出的是，我們在績效指引中並未對其他推動雲端營收成長的自然因素做出任何調整。因此，在今年剩餘的時間裡，我們將繼續對雲端領域的所有其他變數以及雲端收入成長驅動因素保持保守和風險調整的方法。

Thank you.

謝謝。

I can probably jump on DJ, just to say one or two things, if I might. Firstly, it's worth reiterating that our expansion rates 120% NER, et cetera, aren't changing. So when Joe says, we are continuing with our cloud, the guidance in other areas I think those are really strong numbers, and we should reiterate that. We feel great strength in the cloud, right? Teamwork collection going very, very well, only two quarters in.

如果可以的話，我大概可以上DJ節目說一兩句話。首先值得重申的是，我們的擴張率 120% NER 等並沒有改變。所以當喬說，我們將繼續推進雲端運算業務，以及其他領域的指導意見時，我認為這些數字非常強勁，我們應該重申這一點。我們感覺雲層蘊藏著巨大的力量，對嗎？團隊合作成果收集進展非常順利，目前只進行了兩個季度。

Our AI delivering our enterprise platform. All of these things lead to a very strong cloud business in and of itself that continues to grow. And the Ascend program and migrations are additive to that, which is really great. When I talk to our customers that are already in the cloud at scale, they are bullish about their continued adoption of more apps and collections of more areas that they will move to Atlassian. And you can see that showing up in both our paid seat expansion rates, our cloud growth rate in and of itself, our RPO growth rate and our recommitment to our three-year 20% CAGR that we gave out.

我們的人工智慧正在為企業平台提供支援。所有這些因素共同造就了非常強大的雲端運算業務，而且該業務仍在持續成長。Ascend 計劃和遷移功能是錦上添花，這真是太棒了。當我與那些已經大規模使用雲端服務的客戶交談時，他們對繼續採用更多應用程式和更多領域的集合遷移到 Atlassian 持樂觀態度。這一點體現在我們的付費席位擴張率、雲端成長率、RPO 成長率以及我們對先前承諾的三年 20% 複合年增長率的重申上。

So incredibly bullish about the cloud business as a whole as a result of AI enterprise and the system of work. All the things that we've been saying for a while now continue to come due with our customers. And I'll tell you, having spent a lot of time with them. they're all incredibly excited about what we are delivering to them every single day, and it's a credit to the entire Atlassian team.

由於人工智慧企業和工作系統的發展，我對整個雲端運算業務的前景非常看好。我們之前一直強調的那些事情，在我們的客戶身上都得到了印證。而且我可以告訴你，我和他們相處了很長時間，他們都對我們每天為他們提供的產品和服務感到無比興奮，這要歸功於整個 Atlassian 團隊。

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。今天我們只有時間來回答這些問題了。現在我將把電話交給麥克，請他作總結發言。

Thanks, everyone, for joining the call today. As always, thank you to all of the Atlassian team for an amazing quarter. To all of those on the call, we appreciate your thoughtful questions and continue to support and have a kick ass day, and let's go.

感謝各位今天參加電話會議。一如既往，感謝 Atlassian 團隊所有成員，這個季度你們做得非常出色。感謝所有參加電話會議的朋友們，感謝你們提出的深思熟慮的問題，也請繼續支持我們，祝大家今天過得精彩紛呈，加油！