Atlassian Corp (TEAM) 2026 Q2 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's earnings conference call for the second quarter of fiscal year 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 財年第二季財報電話會議。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 second 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 second quarter of fiscal year 2026. 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.

歡迎參加 Atlassian 2026 財年第二季財報電話會議。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 財年第二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，您也可以在那裡找到我們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.

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。

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. 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.

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，包括我們最近提交的年度和季度報告中題為“風險因素”的部分。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。

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

GAAP 和非 GAAP 財務指標的調整表可在我們網站的「投資者關係」部分的股東信、獲利報告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 closed out Q2 with very strong enterprise sales execution and incredible momentum across our business. We surpassed $6 billion in annual run rate revenue, delivered our first ever $1 billion cloud revenue quarter, up 26% year over year and grew our RPO 44% year over year to $3.8 billion. We have strong momentum across our enterprise, AI and system of work transformations, and you can see this in our numbers. Customers are choosing us for their future in bigger ways and bigger numbers than ever before.

感謝各位今天蒞臨。正如您在我們致股東的信中所讀到的，我們第二季末的企業銷售業績非常強勁，業務發展勢頭也十分強勁。我們的年度運行收入超過 60 億美元，實現了有史以來第一個 10 億美元的雲端收入季度，年增 26%，RPO 同比增長 44%，達到 38 億美元。我們在企業、人工智慧和工作系統轉型方面都取得了強勁的進展，這可以從我們的數據中看出。客戶選擇我們來規劃他們的未來，而且選擇我們的規模和數量都比以往任何時候都要大。

Enterprises like Cisco, Expedia, Reddit and Synchrony Financial rely on Atlassian to power their most critical business processes and workflows. Rovo surpassed 5 million monthly active users of our AI capabilities. We're seeing firsthand every day how AI is transforming the way that work gets done, and we are directly benefiting as a business. When we look at the thousands of customers in our software teams using AI code generation tools, we found that they create 5% more tasks with Jira, have 5% higher monthly active users and expand their Jira seats 5% faster than those who don't use these AI coding tools. As I've said before, AI is the best thing to happen to Atlassian and the results we're seeing today are no accident.

思科、Expedia、Reddit 和 Synchrony Financial 等企業都依賴 Atlassian 來支援其最關鍵的業務流程和工作流程。Rovo 的人工智慧功能月活躍用戶突破 500 萬人。我們每天都在親眼目睹人工智慧如何改變工作方式，而我們作為企業也從中直接受益。當我們觀察軟體團隊中數千名使用 AI 程式碼產生工具的客戶時，我們發現，與未使用這些 AI 編碼工具的客戶相比，他們使用 Jira 創建的任務數量增加了 5%，月活躍用戶數量增加了 5%，並且 Jira 席位擴展速度也快了 5%。正如我之前所說，人工智慧是 Atlassian 遇到的最好的事情，我們今天看到的成果絕非偶然。

As a long-term focused company, we're now benefiting from years of thoughtful investment across product, R&D and GTM, which have positioned us to capture this moment. These investments are creating what we believe is a truly differentiated customer experience. First, the data and domain expertise living inside our Teamwork Graph, which is now well more than 100 billion objects and connections across first and third-party tools, enables Rovo to deliver real business value that's context aware and actionable for customers across their search, chat and agentic experiences.

作為一家著眼長遠的公司，我們現在正受益於多年來在產品、研發和市場推廣方面的深思熟慮的投資，這使我們能夠抓住這個機會。這些投資正在創造我們認為真正差異化的客戶體驗。首先，我們團隊協作圖譜中蘊含的數據和領域專業知識（目前已超過 1000 億個物件和連接，涵蓋第一方和第三方工具）使 Rovo 能夠為客戶提供真正的、具有上下文感知和可操作性的業務價值，涵蓋他們的搜尋、聊天和代理體驗。

Second, our decade-long investments in enterprise-grade security, data governance, permissioning capabilities and compliance enable every organization to securely move work forward at scale while deploying these fantastic new AI capabilities with the trust that they need. We provide a system of work built on deep integration into customer workflows with that compliance, security and support that enterprises trust built in.

其次，我們十年來在企業級安全、資料治理、權限控制能力和合規性方面的投入，使每個組織都能安全地大規模推進工作，同時部署這些出色的全新人工智慧功能，並獲得他們所需的信任。我們提供的工作系統是基於與客戶工作流程的深度集成，並內建了企業信賴的合規性、安全性和支援。

Lastly, our unique distribution engine enables us to seamlessly deliver those incredible experiences to over 350,000 customers, including more than 80% of the Fortune 500 and 60% of the Forbes AI 50. Customers are realizing the value of our unified system of work and want to continue to partner more closely with us than ever before. And all of this is driving our results. We closed a record number of deals greater than $1 million ACV in Q2, nearly doubling year over year again as enterprises are choosing to standardize on the Atlassian system of work. In less than three quarters, more than 1,000 customers have upgraded to our main AI monetization driver, the Teamwork Collection, purchasing more than 1 million seats to get the best AI platform and many more AI credits for their agents.

最後，我們獨特的分銷引擎使我們能夠無縫地將這些令人難以置信的體驗帶給超過 35 萬名客戶，其中包括超過 80% 的財富 500 強企業和 60% 的福布斯 AI 50 強企業。客戶逐漸意識到我們統一工作系統的價值，並希望與我們建立比以往任何時候都更加緊密的合作關係。所有這些都促成了我們的業績。第二季度，我們達成了超過 100 萬美元年度合約價值的交易數量創下紀錄，與去年同期相比幾乎翻了一番，因為企業正在選擇採用 Atlassian 工作系統作為標準。不到三個季度，已有超過 1000 位客戶升級到我們主要的 AI 貨幣化驅動工具 Teamwork Collection，購買了超過 100 萬個席位，以獲得最佳的 AI 平台和更多 AI 積分供其代理使用。

As I look across our business, two things are clear. We've never been more of a strategic partner to the biggest businesses in the world, empowering their AI and future of work transformations and our momentum is continuing to grow. This gives us confidence in our road ahead and our long-term opportunity. We are truly transforming how work gets done and solving the toughest human AI collaboration challenges for our customers, and we're doing it every day. We're pushing ahead with strong conviction, and I could not be more bullish about the massive opportunities in front of us as we advance our mission to unleash the potential of every team.

縱觀我們公司，有兩件事很明確。我們從未像現在這樣成為全球最大企業的策略合作夥伴，助力他們實現人工智慧和未來工作轉型，而我們的發展勢頭還在不斷增強。這讓我們對未來的道路和長遠發展機會充滿信心。我們正在切實改變工作方式，並為客戶解決最棘手的人機協作難題，我們每天都在這樣做。我們正滿懷信心地向前邁進，對於我們面前的巨大機遇，我感到無比樂觀，因為我們將繼續推進我們的使命，釋放每個團隊的潛力。

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

接下來，我將把問答環節交給接線員。

(Operator Instructions)

（操作說明）

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Mike, I appreciate the clarity and conviction in the letter. Obviously, a ton of fear in the market right now on software. So I thought I'd address it by asking you about some of the conversations you're having with your buyers right now. Clearly, the numbers show, whether it be cloud NRR, $1 million deals, Rovo adoption that existing customers are expanding with you. And in the letter, you called out some of those reasons, Cisco around data, Expedia around customer familiarity. But can you talk about how those conversations have changed, if at all, recently with your customers? And what's driving this motion towards Atlassian right now and if AI is at all changing those conversations?

麥克，我很欣賞信中清晰的思路和堅定的信念。顯然，目前軟體市場存在著很大的恐慌情緒。所以我決定透過詢問您目前與買家進行的一些對話來探討這個問題。顯然，無論是雲端業務淨經常性收入 (NRR)、百萬美元交易或 Rovo 採用情況，數據都顯示現有客戶正在與您共同成長。在信中，你提到了其中的一些原因，例如思科的數據優勢，Expedia 的客戶熟悉度優勢。但您能否談談最近您與客戶之間的這些對話是否有所改變？是什麼因素推動了目前向 Atlassian 的轉變？人工智慧是否正在改變這些討論？

Thanks, Rob. I appreciate the kind words in there. The -- look, customer conversations have changed a lot over the last year. There's no doubt about that, right? And I would say all of those changes have been incredibly positive for us.

謝謝你，羅伯。感謝您在郵件裡給予的鼓勵與讚揚。你看，過去一年來，客戶對話發生了很大的變化。這點毋庸置疑，對吧？而且我認為所有這些變化對我們來說都是非常積極的。

The customer conversations we're having are at a higher level than we've ever been having them before. And those customers are looking for strategic partners to help them through AI. They continue to appreciate our delivery of that AI value to them inside their processes and workflows. They will call this out directly. We get called out directly that AI capabilities are the reasons people are moving to the Teamwork Collection.

我們現在與客戶的對話水平比以往任何時候都高。這些客戶正在尋找策略合作夥伴，以幫助他們利用人工智慧。他們一直很欣賞我們為他們在其流程和工作流程中提供的 AI 價值。他們會直接指出這一點。我們經常被直接指出，人工智慧功能是人們轉向 Teamwork Collection 的原因。

They're the reasons that people are upgrading to the cloud. They're the reasons they see our R&D investments. They use our chat capabilities, our agents in millions of workflows now per month. They're able to deploy them, get them up and running and get value from them quicker. We have so many customer quotes and examples where they see this, right?

這就是人們升級到雲端的原因。這就是他們看到我們進行研發投資的原因。他們現在每月在數百萬個工作流程中使用我們的聊天功能和我們的客服人員。他們能夠更快地部署、啟動並運行這些設備，並從中獲得價值。我們有很多客戶的評價和案例，他們都看到了這一點，對吧？

We've long put software in our customers' hands for them to use and deliver on. That, in return, makes those customer conversations about longer-term commitments, right? As you pointed out, you see that in our numbers, right? Our RPO at 44%, growing -- accelerating for the third quarter in a row is a really fantastic vote of confidence, I believe, from those customers, right? Those are tens of thousands of seats signing multiyear deals, that are voting on not the platform for 2026 for them in AI, but the platform in '27, '28 and '29. And those customers are seeing what we're doing, seeing our progress and voting with their feet.

我們一直以來都為客戶交付軟體，讓他們能夠使用並交付成果。這樣一來，就能促使客戶與你進行更長期的溝通，對吧？正如你所指出的，從我們的數據中也可以看出這一點，對吧？我們的 RPO 達到 44%，而且還在成長——連續第三個季度加速成長，我認為這是客戶對我們投下的絕佳信任票，對吧？這些席位代表著數萬個簽署多年協議的席位，他們投票決定的不是 2026 年人工智慧領域的平台，而是 2027 年、2028 年和 2029 年的平台。這些客戶看到了我們正在做的事情，看到了我們的進步，並用實際行動表達了他們的選擇。

There's a lot, obviously, of noise out there in the market, right? As I said in my shareholder letter, there's no doubt about that. But when I talk to customers, they believe that we're helping them through a lot of that noise. We're delivering for their software teams, their business teams and their business process, and they're able to get efficiencies and improvements today. And I would say they want all the same things they've wanted in the past.

很顯然，市場上有很多噪音，對吧？正如我在致股東信中所說，這一點毋庸置疑。但當我與客戶交談時，他們認為我們正在幫助他們過濾掉很多幹擾訊息。我們為他們的軟體團隊、業務團隊和業務流程提供服務，他們現在就能獲得效率提升和業務改善。我認為他們想要的東西和過去想要的一樣。

Sometimes in these type of times when there's a lot of noise, right, we can forget the fundamentals, right? Enterprise customers want a platform they can trust. They need it to be compliant and secure and all the things they've always needed. They want great ROI. They want efficiency in their business. AI enables us to do that better than we ever have before in our domain of helping their teams to collaborate and be better. I think we're seeing it in all of our numbers across the Board. So again, that's where you hear us feeling incredibly bullish, right, about what we're doing each quarter and seeing that real acceleration.

在如今這種吵雜的時代，我們有時會忘記基本原則，對吧？企業客戶需要一個值得信賴的平台。他們需要它符合規範、安全可靠，以及滿足他們一直以來的所有需求。他們想要高投資報酬率。他們希望提高業務效率。人工智慧使我們能夠比以往任何時候都更好地幫助團隊協作並變得更好。我認為我們從所有數據中都看到了這一點。所以，這就是為什麼你會聽到我們對每個季度所做的事情以及所看到的真正加速成長感到無比樂觀的原因。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Yeah. This is Sanjit Singh for Keith Weiss. Congrats on the $1 billion quarter in Cloud and the progress with Teamwork Collection. Really nice to see. I want to follow up on Rob's question in terms of kind of the reality on the ground in terms of what the market is sort of asking and calling for versus what customers want and this is specifically around pricing.

是的。這是桑吉特·辛格為基斯·韋斯所做的報導。恭喜雲端業務季度營收突破10億美元，以及團隊協作產品系列的進展。真好。我想就羅布提出的問題做進一步探討，即市場實際需求與客戶期望之間的差距，尤其是在定價方面。

And I'd love to hear your take on where does pricing go to and evolve over the next 1 to 3 years. Market seems concerned on seat-based model, seat-based pricing. Customers probably like seat-based pricing. And so what -- where do you think this all shakes out in terms of where we're headed in terms of the pricing monetization story for Atlassian?

我很想聽聽您對未來 1 到 3 年價格走向和演變的看法。市場似乎對按座位計費模式和按座位計費方式感到擔憂。顧客可能喜歡以座位計價的方式。那麼，你認為這一切最終會如何影響 Atlassian 的定價變現策略呢？

Sure. Thanks, Sanjit. Look, a totally valid and important question. Let me start with the numbers that you can see it, and then I'll talk to our philosophy. You can see in everything from the RPO to our NRR number, again, 120% ticking up for the third quarter and 120% plus, north of 120% and ticking up for the third quarter in a row. The pricing we currently have is delivering, right, for the customers. They are opting for more of what we are doing. And price is not a huge part of any of these conversations that we're having with our customers. It always is, they want to get good value. They want to understand, but we're a very good value option.

當然。謝謝你，桑吉特。你看，這是一個完全合理且重要的問題。讓我先從你們所能看到的數字開始，然後再談談我們的理念。從 RPO 到 NRR 數據，所有指標都再次顯示，第三季成長了 120%，並且連續三個季度超過 120%，持續成長。我們目前的定價策略對客戶來說確實很划算。他們選擇更多地採用我們正在做的事情。價格並不是我們與客戶進行的任何對話的主要部分。一直都是這樣，他們想要物有所值。他們想了解，但我們是一個非常划算的選擇。

We always have been and we continue to be so. The conversations around consumption-based pricing and pricing models changing, again, our philosophy has always been to deliver the best value we can in the overall ROI sense to our customers. It is our job, I believe, as an application vendor, not an infrastructure vendor, but an application vendor, a platform vendor to manage the costs of everything that we have in the envelope of what the customers pay. We've done that in storage. We've done that in network costs.

我們一直都是，而且將來也會繼續如此。關於基於消費的定價和定價模式的改變的討論仍在繼續，但我們的理念始終是，從整體投資回報率的角度，為客戶提供盡可能最大的價值。我認為，作為應用供應商（而不是基礎設施供應商），作為應用供應商、平台供應商，我們的職責是管理客戶支付的所有費用。我們在倉庫裡已經這麼做了。我們已經在網路成本方面做到了這一點。

We're now doing it in AI costs. And the customers' preferred method of payment is still an understandable, predictable pricing pattern, which tends to be a seat-based model in our category of software in terms of delivering collaboration tools for teams of people, how many people are collaborating is a best proxy at the moment for value, and I believe continues to be so. You could worry about our AI costs. Again, you can see in our gross margin improvements for, I think, probably the third or fourth quarter, don't quote me on that, continuing to improve our gross margin that we're able to deliver those 5 million Rovo seats and continue to improve gross margin. That's a huge achievement on behalf of our engineering teams, but it shows that we can manage those AI costs inside for the vast majority of customers.

我們現在正在用人工智慧成本來衡量這一點。客戶的首選付款方式仍然是可理解、可預測的定價模式，在我們這類軟體中，為團隊提供協作工具時，往往採用按席位計費的模式。目前，協作人數是衡量價值的最佳指標，我相信這種情況還會持續下去。您可以擔心我們的人工智慧成本。再次強調，從我們第三季或第四季的毛利率改善可以看出（我不敢肯定），我們毛利率持續改善，從而能夠交付 500 萬個 Rovo 座位並繼續提高毛利率。這對我們的工程團隊來說是一項巨大的成就，但也顯示我們可以為絕大多數客戶控制這些人工智慧成本。

Now we do have consumption-based offerings, as you can see, everything from Forge to extra AI credits if you go over the limits to a Bitbucket pipelines, like there are consumption-based offerings. So we are very clearly in a hybrid model of that, but we do try to make our pricing philosophy what is best for those customers, right? They want to buy their applications, not on a consumption basis, but on a familiar predictable basis. It goes into the total cost of ownership that they look at for that equation. So we feel really good about where we're seeing it.

現在我們確實有基於消費的產品，正如你所看到的，從 Forge 到超出限制的額外 AI 積分，再到 Bitbucket 流水線，都有基於消費的產品。所以很明顯，我們採用的是混合模式，但我們確實努力使我們的定價理念對客戶最有利，對吧？他們希望購買應用程序，不是按使用量付費，而是按熟悉的、可預測的方式付費。它被計入他們計算總擁有成本的公式中。所以我們對目前的情況感到非常滿意。

Lastly, you would see the 1 million seats we've passed in Teamwork Collection in under 9 months is a huge achievement on behalf of a lot of teams at Atlassian that has a predictable pricing pattern that is there. That's gone from 0 to 1 million seats in under 9 months on this pricing pattern. And those are customers who are upgrading. Why? Because of the pricing philosophy, but also because of what the Teamwork Collection gives them as an AI platform, and it gives them significantly more AI credits, right?

最後，您可以看到，我們在不到 9 個月的時間裡，Teamwork Collection 的席位數量突破了 100 萬，這對於 Atlassian 的許多團隊來說都是一個巨大的成就，而且其定價模式是可預測的。依照這種定價模式，不到9個月的時間，座位數就從0增加到了100萬。這些都是升級用戶。為什麼？因為定價理念，也因為團隊協作合輯作為人工智慧平台為他們提供的功能，以及它能為他們提供更多的人工智慧積分，對吧？

So when they look at that upgrade, AI is less is one of the reasons, but it's baked into the pricing plan that we have on Teamwork Collection. And I think at 1 million seats, we'd argue it's working really well. It's still early in that business.

所以當他們考慮升級時，人工智慧功能減少是其中一個原因，但這已經體現在我們團隊協作合集的定價方案中了。我認為，如果能容納 100 萬名觀眾，那就表示它運作得非常好了。這個行業還處於起步階段。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，瑞穗銀行。

Well, we are in a software twilight zone of sorts. So when a company whose stock is down almost 40% in five weeks, no company-specific news just reports a strong quarter, raises guidance and makes a significant commitment to accelerate the buyback. And yet the shares are right now indicated down a lower or an additional 10%. So I really do sympathize with how frustrated you all must be. Now as to my question, it's for you, Mike.

嗯，我們現在正處於某種軟體發展的過渡階段。因此，當一家公司股價在五週內下跌近 40%，沒有任何公司特定新聞，只是公佈了強勁的季度業績，提高了業績預期，並做出了加速股票回購的重大承諾時。然而，目前股價卻下跌了10%甚至更多。所以，我非常理解你們現在的沮喪心情。現在我的問題，是問你的，麥克。

And what are your thoughts on the medium- to longer-term prospects of Anthropic Cowork as a competitive alternative to Jira. Also, I think it's important to get your perspective on Cowork new plug-ins. And so if we were to compare this to the most common Jira use cases, what could something like a Cowork plug-in automate for Jira, but also where would it fall short?

您認為 Anthropic Cowork 作為 Jira 的競爭替代方案，在中長期前景如何？另外，我認為了解您對 Cowork 新插件的看法也很重要。因此，如果我們將其與最常見的 Jira 使用案例進行比較，像 Cowork 外掛程式這樣的工具可以為 Jira 自動執行哪些操作，以及它在哪些方面存在不足？

Thanks, Gregg. Again, I appreciate the sound the kind words. You seem as frustrated as we are. So that's great. Look, firstly, I would say Anthropic is a great partner of Atlassian. We use a lot of their models. We use a lot of their coding tools and working tools. We've just both become partners of Atlassian Williams Racing, which is wonderful. We're both helping that team to get to the front of the grid with a combination of all of our software and tools. And I think that's a great example, right?

謝謝你，格雷格。再次感謝您的鼓勵與讚揚。看來你和我們一樣感到沮喪。那太好了。首先，我認為 Anthropic 是 Atlassian 的一個很棒的合作夥伴。我們大量使用了他們的模型。我們大量使用了他們的編碼工具和工作工具。我們倆剛剛都成為了 Atlassian Williams Racing 的合夥人，這真是太棒了。我們雙方都在利用我們所有的軟體和工具，幫助車隊在賽道上取得領先地位。我覺得這是一個很好的例子，對吧？

There are going to be new tools that arrive with AI, and those new tools are going to deliver new capabilities. We're seeing that every week, every month, and that is great for our customers. Those tools continue to require data. They continue to require places to exchange. One of the greatest users of our MCP server, as an example, is a way to get to Atlassian's offering and the teamwork graph and the context we have in those other tools is through things like Cowork and use of Atlassian's MCP server.

人工智慧將會帶來新的工具，而這些新工具將提供新的功能。我們每週、每月都能看到這種情況，這對我們的客戶來說是件好事。這些工具仍然需要數據。他們仍然需要進行交流的場所。例如，我們 MCP 伺服器的最大使用者之一，就是透過 Cowork 等工具和使用 Atlassian 的 MCP 伺服器，來存取 Atlassian 的產品、團隊協作圖以及我們在其他工具中擁有的上下文。

That is really good for us, right? Because it enables you to see how you can utilize and contribute back to the Teamwork Graph from lots of different tools used in lots of different contexts. There is no doubt some of these tools are going to exist in different places with some overlaps. There is significant value, I think, between our offerings and those offerings. So we don't see that as being perhaps the challenge that others do out there.

這對我們來說真的很有好處，對吧？因為它能讓你看到如何利用各種不同工具在各種不同環境下為團隊協作圖做出貢獻。毫無疑問，這些工具中的某些工具會在不同的地方出現，並且會有一些重疊之處。我認為，我們的產品和服務與他們提供的產品和服務之間存在著顯著的價值差異。所以，我們並不認為這是其他人所面臨的挑戰。

There's a great partnership opportunity there, and we continue to explore that. We continue to use their offerings really strongly internally. There are always going to be a lot of differentiations out there. Teamwork Graph is very differentiated. The context we have across our applications and other applications is very useful for any of those agentic type tools.

那裡存在著巨大的合作機會，我們將繼續探索這種可能性。我們內部仍然大量使用他們的產品。市場上總是會存在著許多差異化現象。團隊協作圖譜差異化程度很高。我們應用程式和其他應用程式之間的上下文對於任何代理類型的工具都非常有用。

At the same time, you're still going to need human beings in the process in lots of different places. Approval workflows, business processes, they can be accelerated in lots of spots. That's exactly what we see customers doing with Rovo agents and with all of the other agents that can now operate inside of Jira. Those agents are accelerating business processes in lots of different ways. They're not eliminating the human impact, right?

同時，在這個過程中，你仍然需要在許多不同的地方用到人。審核流程、業務流程，很多環節都可以加快。我們看到客戶正是這樣使用 Rovo 代理以及所有其他現在可以在 Jira 中運行的代理的。這些代理商正在以多種不同的方式加速業務流程。他們並沒有消除人類活動的影響，對吧？

The human AI collaboration is incredibly important, and I think it continues to be so. Lastly, I would just say that that's not new for us. Our philosophy of integration goes to listening to customers. The history of enterprise technology is about integrating with various different offerings, right? We work with lots of different products to make sure that our data and our workflows are integrated with what the customers are using.

人機協作極為重要，而且我認為這種重要性還會持續下去。最後，我想說，這對我們來說並不新鮮。我們的整合理念是傾聽客戶的聲音。企業技術的歷史就是與各種不同產品和服務整合的歷史，對吧？我們與許多不同的產品合作，以確保我們的資料和工作流程與客戶正在使用的產品和流程整合。

We'll continue to do that. That is a very strong part of our philosophy, and I believe what customers really resonate with that we're integrated, we're deeply meshed in their processes and workflows, and we'll continue to help those workflows get more efficient.

我們會繼續這樣做。這是我們理念中非常重要的一部分，我相信客戶真正認同的是，我們已經融入他們的流程和工作流程中，我們將繼續幫助這些工作流程變得更有效率。

Karl Keirstead, UBS.

卡爾‧基爾斯蒂德，瑞銀集團。

Maybe I'll direct this one to Joe. I noticed in the shareholder letter, you talked about next year, just warning the street that the DC segment, obviously, on the back of a tough comp would be down meaningfully. I guess the spirit of my question is if we go back to the medium-term guide that you offered 1.5 years or so ago, I think we would get to sort of an implied total revenue growth, if my math is right, of 19%, 20% next year. If DC is meaningfully down, I guess I just wanted to test your confidence that the Cloud revenue can be up enough such that you still feel comfortable with hitting that previous guide through fiscal '27?

或許我應該把這件事轉給喬。我注意到你在致股東信中提到了明年，提醒市場注意，由於去年同期基數較高，華盛頓特區業務板塊的業績顯然會大幅下滑。我想問的是，如果我們回到您大約 1.5 年前提供的中期指導方針，我認為，如果我的計算沒錯的話，明年我們隱含的總收入增長率將達到 19% 到 20%。如果資料中心業務大幅下滑，我只是想試探一下您對雲端業務收入能否成長到足以讓您仍然有信心實現之前2027財年業績指引的信心吧？

Yeah. Thanks, Karl. We do continue to have confidence in the long-term Cloud guide. If you think about the short-term guidance, we've taken the same approach in Q3 and FY26 that we followed last year. The growth drivers for the Cloud business going forward continue to be very consistent with what we shared at the last Investor Day.

是的。謝謝你，卡爾。我們仍然對長期雲端發展指南充滿信心。如果考慮短期業績指引，我們在第三季和 2026 財年採取了與去年相同的策略。未來雲端業務的成長動力與我們在上次投資者日上分享的內容非常一致。

We expect to tap into large market opportunities to drive healthy revenue growth through our strategies around enterprise AI and system of work. All of that drives a great number of users, a higher ARPU and more opportunity for cross-sell and upsell to higher value additions. And with AI, we believe we have a unique and differentiated position at this critical pivot point in the market with our Teamwork Graph around high-value mission-critical workloads, combined with our Cloud platform, and there's a lot of long-term opportunity in that space as well. So overall, those are the big drivers, and we continue to expect to drive healthy revenue growth over the next two years in Cloud.

我們期望透過圍繞企業人工智慧和工作系統的策略，抓住巨大的市場機遇，推動健康的營收成長。所有這些都帶來了大量的用戶、更高的每用戶平均收入 (ARPU) 以及更多的交叉銷售和向上銷售更高價值附加產品的機會。我們相信，憑藉人工智慧，我們在市場這一關鍵轉折點上擁有獨特且差異化的地位。我們的團隊協作圖譜圍繞著高價值的關鍵任務工作負載展開，並結合我們的雲端平台，而該領域也蘊藏著許多長期機會。總的來說，這些是主要驅動因素，我們預計未來兩年雲端運算業務的收入將繼續保持健康成長。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

I guess in the spirit of the first two questions. Mike, it feels like you guys are continuing to see really solid growth and really solid progress on all the initiatives you've laid out. But I guess my question would be, given the fact that you're probably already both benefiting from within Teamwork's Collection, a number of AI consumptative drivers, you're seeing Rovo and you're starting presumably to see your customers use Agentic interactions even from other systems to enhance the value that both Jira and Confluence provide to Teams. At what point do you -- would you, at some point, expect to see monetization increase, improve and that greater value proposition to result in acceleration in stability of the Cloud numbers specifically? And when do you think that will actually happen?

我想，這應該符合前兩個問題的精神。麥克，感覺你們在製定的所有計劃上都持續取得了非常穩健的成長和進展。但我想問的是，鑑於你們可能已經從 Teamwork 的集合中受益，並且你們看到了 Rovo，而且你們可能也開始看到你們的客戶甚至從其他系統中使用 Agentic 互動來增強 Jira 和 Confluence 為團隊提供的價值。您認為在哪個階段——或者說在某個階段——盈利能力會提高、改善，並且更大的價值主張會加速雲端業務資料的穩定性？你認為這件事什麼時候才會真正發生？

Alex, I can definitely talk to that. Look, I want to reiterate, firstly, what Joe just said in the last answer, we have our long-term guide. We firmly believe in reiterating our confidence in that guide. And hopefully, you can see in things like our RPO numbers and our NRR numbers, so our retention and our remaining performance obligations that there is a confidence in that long-term future that comes across. And both of those RPO and NRR numbers are across both Cloud and DC competitive.

Alex，我一定能跟你談談這件事。首先，我想重申一下喬在上一個回答中提到的內容，我們有長期指導方針。我們堅信該指南的有效性，並再次重申這一點。希望您能從我們的 RPO 數據、NRR 數據、客戶留存率以及剩餘履約義務等指標中看出，我們對長遠未來充滿信心。而且，RPO 和 NRR 這兩個指標在雲端和資料中心都具有競爭力。

So that's important. I think you're seeing it today. So we run into this tricky bind. You are seeing that acceleration today. Our RPO number has ticked up for the third quarter in a row and is growing significantly faster than our Cloud revenue growth and the Cloud revenue growth also accelerated this quarter.

所以這一點很重要。我想你今天就看到了。所以我們遇到了這個棘手的難題。你今天已經看到了這種加速發展。我們的 RPO 指標連續第三個季度上升，並且增速明顯高於我們的雲端收入增速，而雲端收入增速在本季度也加快了。

So I believe you're actually seeing that today, and it will flow through. These customers are signing multiyear -- three year large-scale deals. So in terms of at what point do we expect to see monetization, we're already seeing it and we'll continue to see it, right? It's one of the number one reasons to move to the Cloud and to upgrade to our Cloud platform. AI is one of the number one reasons to choose the Teamwork Collection as a higher offering, and that is a great economic equation for our customers and for us.

所以我相信你今天確實看到了這一點，而且這種趨勢還會持續下去。這些客戶簽訂的是多年期（三年）的大規模合約。所以，就我們預計何時能看到獲利而言，我們已經看到了，而且我們還會繼續看到，對吧？這是遷移到雲端並升級到我們雲端平台的首要原因之一。人工智慧是選擇 Teamwork Collection 作為更高級產品的主要原因之一，這對我們的客戶和我們來說都是一個巨大的經濟效益。

You're seeing more than 5 million AI now, as you pointed out, and millions of Agentic workflows now running every single month. All of that is leading to our customers continue to expand their commitment to the Atlassian platform. AI is a huge part of that platform. Look, we should not mistake that. It's one of our three big transformations. We're heavily invested in delivering that AI to our customers.

正如你所指出的，現在人工智慧的數量已經超過 500 萬，每個月都有數百萬個 Agentic 工作流程在運作。所有這些都促使我們的客戶繼續增加對 Atlassian 平台的投資。人工智慧是該平台的重要組成部分。這一點我們不該搞錯。這是我們三大轉型之一。我們投入巨資，致力於將人工智慧技術交付給我們的客戶。

That monetization is coming through in the Teamwork Collection numbers we're seeing in those long-term customer commitments. They understand what we're building today. They see the road map of what we're building tomorrow. Customers have faith in our delivery. Again, the things we announced at our conferences, we ship.

從團隊合作系列產品的長期客戶承諾中，我們可以看到這種獲利模式正在發揮作用。他們了解我們今天正在建造的是什麼。他們看到了我們未來建設的藍圖。客戶對我們的配送服務充滿信心。再次強調，我們在會議上宣布的產品，我們都會兌現。

We ship those very, very quickly now, increasingly quickly after those conferences. What that does is build this long-term customer trust. We invest heavily in R&D, as you all know, and we build great AI solutions. Our agents often in customers are the quickest thing they can get deployed with the highest value. And so I think we're actually -- we're seeing that today. It won't be a singular moment like a step change or a single thing. We'll continue improvement, right, continued improvement every quarter, but we are seeing that today.

現在我們出貨速度非常快，會議結束後出貨速度更是越來越快。這樣做可以建立起長期的客戶信任。如大家所知，我們對研發投入巨大，並致力於打造卓越的人工智慧解決方案。我們的代理商經常會為客戶快速部署最有價值的產品。所以我覺得我們今天實際上就看到了這一點。這不會是像階躍式變革或單一事件那樣的單一時刻。我們將繼續改進，每個季度都持續改進，但我們今天已經看到了這一點。

Ryan MacWilliams, Wells Fargo.

瑞安‧麥克威廉斯，富國銀行。

For Mike, as new models get released, we're hearing examples of developers switching between different models and different coding agents as they see better model improvements. How do you view your position outside of the large AI labs working to Atlassian's advantage as customers can use Jira across their organization for the long term and then while still enabling their developers to use their favorite coding tool.

對於 Mike 來說，隨著新模型的發布，我們聽到一些開發者在看到更好的模型改進後，會在不同的模型和不同的編碼代理之間切換的例子。您如何看待自己身處大型人工智慧實驗室之外，為 Atlassian 帶來優勢，因為客戶可以在整個組織內長期使用 Jira，同時也能讓他們的開發人員使用他們最喜歡的程式設計工具。

Thanks, Ryan. Look, there's a lot of answers to that question. Firstly, we are big fans of model delivery. Every time new models come out, we take those capabilities. We've long said our strength is in adapting and delivering those models to our customers through the value.

謝謝你，瑞恩。你看，這個問題有很多答案。首先，我們非常喜歡這種模式的交付方式。每當有新車型推出，我們都會採用這些功能。我們一直認為，我們的優勢在於能夠根據客戶的需求調整和交付這些模式，並透過價值創造來滿足客戶的需求。

Again, our customers don't use models, they use applications, right? We don't sell chips, we sell apps. And those apps have to deliver value and those models let us deliver better value. We have a very good AI team, world-class in adopting new models, working out where they're stronger, where they're cheaper, where they're faster, where they deliver better quality results and getting those into our products really quickly. That is our job to do.

再說一遍，我們的客戶不使用模型，他們使用應用程序，對吧？我們不賣晶片，我們賣的是應用程式。這些應用必須提供價值，而這些模型使我們能夠提供更好的價值。我們擁有一支非常優秀的 AI 團隊，在採用新模型方面處於世界一流水平，能夠找出哪些模型更強大、哪些模型更便宜、哪些模型速度更快、哪些模型能夠提供更高質量的結果，並能非常迅速地將這些模型應用到我們的產品中。那是我們的工作。

The customers may not even notice that. They probably don't. They may notice that chat got a little better today than yesterday. We continue to do that with continue to improve chat quality, agentic answer quality, et cetera. And we are able to use all the models again. We use models from multiple foundation labs within the customers' preferences and choices. And our ability to do that, if we can pick the best model for the best purpose across multiple labs, that is a good thing. And that's a good thing for our customers like fundamentally, right, in terms of their ability.

顧客可能根本不會注意到這一點。他們可能沒有。他們可能會注意到，今天的聊天情況比昨天好了一些。我們將繼續努力，不斷提升聊天品質、客服回覆品質等等。我們可以再次使用所有模型。我們根據客戶的偏好和選擇，使用多個基礎實驗室的模型。如果我們能夠從多個實驗室中挑選出最適合特定用途的模型，那將是一件好事。從根本上來說，這對我們的客戶來說是件好事，對他們的能力而言，沒錯。

We take the same position when it comes to agents. Again, we are shifting a whole set of capabilities for Jira directly that includes Jira Service Management, Jira Product Discovery and Jira itself to assign work to agents inside of any existing workflow or business process. Now you can assign work to a Rovo agent out of the box, you can build your own agents, but you're also able to assign work to agents from all of the other big Agentic platforms.

我們對經紀人也持同樣的立場。再次強調，我們正在直接調整 Jira 的一系列功能，包括 Jira 服務管理、Jira 產品發現以及 Jira 本身，以便將工作分配給任何現有工作流程或業務流程中的代理商。現在，您可以直接將工作指派給 Rovo 代理，也可以建立自己的代理，也可以將工作指派給所有其他大型 Agentic 平台的代理。

And I think that's a real strength of ours because you can model your business process in Jira, you can model your workflow in Jira, and you can involve other agents from your agent platform of choice or as most enterprises will probably end up with multiple agent platforms, and we have an out-of-the-box offering that works for you for a simple quick cases. This is a real strength for our customers because it means that they have one workflow and they can take the best of the best that makes sense.

我認為這是我們的一大優勢，因為您可以在 Jira 中對您的業務流程進行建模，您可以在 Jira 中對工作流程進行建模，您還可以讓來自您選擇的代理平台的其他代理參與進來，或者像大多數企業最終可能會擁有多個代理平台一樣，我們有一個開箱即用的產品，可以滿足您處理簡單案例的需求。這對我們的客戶來說是一項真正的優勢，因為這意味著他們只需要一個工作流程，就可以從中選擇最適合他們的部分。

Maybe they have one set of agents in finance and a different set in sales, fine. We're able to help them across the Board, again, to our view of helping integrate with the tools they have. Now lastly, you mentioned some of the software capabilities of those agents. I just wanted to stress, as we've said for 20 years, we solve human problems. We don't solve technology problems.

也許他們在財務部門有一套代理人，在銷售部門有另一套代理人，這沒問題。我們能夠全方位地幫助他們，再次強調，我們的目標是幫助他們整合到他們現有的工具中。最後，您提到了這些代理商的一些軟體功能。我只想強調一點，正如我們20年來一直所說的那樣，我們解決的是人類的問題。我們不解決技術問題。

We've never solved technology problems. And when we solve human problems, Jira is about the human reference to work. It is a piece of work that is going through a workflow, a set of changes. We use our own Rovo dev tool, sure. We use old school coding where you just type the characters in, and we use many of the new AI code generation tools.

我們從未解決過技術問題。當我們解決人類問題時，Jira 指的是人類對工作的理解。這是一項正在經歷工作流程和一系列變更的工作。當然，我們使用了自己的 Rovo 開發工具。我們既使用傳統的直接輸入字元的程式設計方式，也使用許多新的AI程式碼產生工具。

In our engineering team, which is very large and very world-class, we use all of these things. We still use a lot of Jira. Again, the statistics we're showing is that the more people use those tools, they create more issues. They have more workflows. They actually have more MAU in Jira, 5% more MAU at least, and they expand their seats at a faster rate because those are the most cutting-edge companies.

我們擁有一支規模龐大、世界一流的工程團隊，我們運用所有這些技術。我們仍然大量使用 Jira。再次強調，我們展示的統計數據表明，使用這些工具的人越多，他們造成的問題就越多。他們的工作流程更多。實際上，他們在 Jira 中的每月活躍用戶 (MAU) 更高，至少高出 5%，而且他們的席位成長速度也更快，因為這些都是最前沿的公司。

Those are growing the fastest, right? And I think that shows that the world of collaboration and human challenge of teams getting together to decide what to do is still really important even among all of those technologies. So I think we have a unique position to take all those models into our customers as they need the value from them.

這些產品成長速度最快，對吧？我認為這表明，即使在所有這些技術面前，團隊協作和人類共同決定要做什麼的挑戰仍然非常重要。所以我認為我們擁有獨特的優勢，可以根據客戶的需求，將所有這些模型提供給他們，讓他們從中獲得價值。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Maybe switching topics a little bit, more of a simpleton kind of question, but curious to hear how migration activity is going, DC to cloud and if you're able to quantify how much that benefit was for the quarter?

或許可以稍微換個話題，問個比較簡單的問題，但我很好奇遷移活動進展如何，從資料中心到雲端，以及你們能否量化一下本季這項活動帶來的收益？

Yeah. Thanks for the question. We saw very healthy cloud migrations in Q2. It contributed a mid-to-high single-digit impact to Cloud revenue growth rates. So given this, we continue to expect migrations to drive a mid-to-high single-digit contribution to cloud revenue growth for the full year. So happy with the progress, and it continues to go very well.

是的。謝謝你的提問。第二季我們看到了非常健康的雲端遷移情況。它對雲端收入成長率產生了中高個位數的影響。因此，有鑑於此，我們仍然預期遷移將在全年為雲端收入成長貢獻中高個位數百分比。我對目前的進展非常滿意，而且一切都很順利。

Ittai Kidron, Oppenheimer.

伊泰·基德隆，奧本海默。

Thanks, Joe, for resetting there on '27 data center. I wanted to dig in into the seat expansion. It clearly was an upside driver. It came exceeded your expectations in the quarter. But Joe, I was wondering if you could break down the seat expansion, if there's a way that internally you look at this in the context of new customer additions, expansion with existing customers, whether it's developers or other corporate functions.

謝謝喬，幫我們重置了 '27 資料中心。我想深入研究一下座椅擴展問題。這顯然是一個利好因素。本季業績超出預期。但喬，我想知道你是否可以詳細分析一下席位擴張，你們公司內部是否有一種方法，可以從新增客戶、現有客戶擴張（無論是開發人員還是其他公司職能部門）的角度來看待這個問題。

I mean, every day, we're hearing about companies laying off more and more and more people, you're getting more and more seats. I would love to get any insights as to the flavors. Where is it that you're gaining seats? Where are you still seeing kind of good momentum over there and your confidence level about your ability to sustain the seat growth?

我的意思是，我們每天都能聽到公司裁員的消息，而你卻只能眼睜睜地看著越來越多的人失業。我很想了解這些口味方面的資訊。你們在哪些方面獲得了席次？您認為目前哪些方面仍保持著良好的發展動能？您對維持席次成長的能力有多大信心？

Yeah. Thanks for the question, Ittai. In terms of where we see the expansion, I'd say it's broad-based. It's across both tech and non-tech users. We are making a lot of progress on what we call non-tech or business users, particularly with the TWC product. Those seat expansion rates, both across the enterprise and SMB remain stable. That's been the case for four to six quarters now. So we feel really good about the continued progress on that. And that's the way I would describe from a paid seat expansion perspective, sort of the color in terms of what we're seeing on that front.

是的。謝謝你的提問，伊泰。就擴張範圍而言，我認為是廣泛的。無論技術用戶或非技術用戶，都存在這種情況。我們在非技術或商業用戶方面取得了很大進展，尤其是在 TWC 產品方面。企業和中小企業的席次擴張速度均保持穩定。這種情況已經持續了四到六個季度。所以我們對這方面取得的持續進展感到非常滿意。從付費席次擴張的角度來看，這就是我對目前這方面情勢的描述。

Ittai, if I can just chime in at sort of a nonfinancial and high level. Look, we're very clear that the system of work is about a continued growth of Atlassian into the knowledge worker population, right? When we talk about unleashing the potential of every team, our mission for over two decades, I would stress the every team part. We've got the software collection, which does very, very well. The DX and a lot of other things encompass and a bit like a pipeline, like there's a lot of great areas of that software collection.

Ittai，如果我能從非財務和宏觀層面發表一些看法的話。你看，我們非常清楚，這套工作系統的目標是讓 Atlassian 不斷壯大，融入知識工作者群體，對吧？當我們談到釋放每個團隊的潛力時——這是我們二十多年來的使命——我想強調「每個團隊」這一點。我們擁有一套軟體合集，它的表現非常非常出色。DX 和許多其他方面都包含在其中，有點像一條管道，就像這個軟體集合中有很多很棒的領域。

We've also got the Service Collection. So we're seeing great growth in Service Collection across HR teams, Finance teams, other areas outside of its traditional market in IT and Operations teams, but that's certainly an area of growth for us. So there's HR and Finance teams, we're seeing a lot in the Service Collection, for example, and you've seen us ship a lot of features. We also launched Customer Service this quarter as an application within that to go after a new set of teams we haven't been able to get to as well, you would say. In the Core Teamwork Collection, look, as we said in our letter, we were seeing double-digit seat expansion, more than double-digit seat expansion compared to people who buy the stand-alone applications.

我們還有服務合集。因此，我們看到服務收集在人力資源團隊、財務團隊以及IT和營運團隊等傳統市場以外的其他領域都取得了巨大成長，這無疑是我們的一個成長領域。例如，我們在服務集合中看到了許多人力資源和財務團隊，你們也看到我們發布了許多功能。本季我們也推出了客戶服務應用程序，旨在拓展我們之前未能觸及的新團隊。正如我們在信中所說，在核心團隊協作套件中，我們看到席位增長了兩位數，比購買獨立應用程式的用戶席位增長了兩位數以上。

And that's baked into the Teamwork Collection packaging, but it's also because of the AI offering and how it works, right, in terms of getting -- you get -- you equate your Loom Confluence and Jira seats along with your additions, which often gains expansion. But given the nature of our applications and our continued growth in business teams across an Enterprise sales, Marketing, HR, Finance, et cetera, what that licensing structure allows those teams to do is to collaborate more. And collaboration is a very sticky and kind of viral activity. So that's where you're seeing that expansion coming through in our MAU and in our AI MAU and also ultimately ending up in our NRR and RPO numbers in terms of long-term commitments from customers that, that is where they're seeing expansion across business teams of all struts.

這已經融入團隊協作套裝的包裝中，但這也是因為人工智慧產品及其工作方式，對吧，就獲取而言——你會獲得——你將你的 Loom Confluence 和 Jira 席位與你的添加內容等同起來，而這些添加內容通常會得到擴展。但鑑於我們應用程式的性質以及我們在企業銷售、行銷、人力資源、財務等各個業務團隊的持續成長，這種授權結構允許這些團隊進行更多協作。合作是一種非常容易產生黏性且具有病毒式傳播特性的活動。因此，您可以看到我們的每月活躍用戶數 (MAU) 和人工智慧月活躍用戶數 (AI MAU) 都在增長，最終也會體現在我們的淨經常性收入 (NRR) 和恢復點目標 (RPO) 數據中，這反映了客戶的長期承諾，而這正是各個業務團隊都在擴張的地方。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

I wanted to follow up on the point about customers that are using AI cogen tools are increasing Jira uses by 5%, 5% on the tasks on the MAU and expanding faster. And so what I'm trying to get at is understanding how this squares with the productivity gains that we're hearing from the cogen tools, like 30% more developer efficiency driven by cogen, does that equate to 5% more Jira usage? Maybe I have that completely wrong, but what I'm trying to understand is how one helps catalyze use of the other and how we can maybe use that plus 5% increase of Atlassian usage when Gen AI is being used as a good read for other parts of the Atlassian growth opportunity?

我想進一步說明，使用 AI 協同工具的客戶，其 Jira 使用量增加了 5%，MAU 中的任務量增加了 5%，並且成長速度更快。所以我想問的是，這與我們聽到的 cogen 工具帶來的生產力提升（例如 cogen 帶來的 30% 的開發人員效率提升）是否相符，這是否相當於 Jira 使用量增加 5%？也許我的理解完全錯誤，但我想了解的是，一個如何促進另一個的使用，以及當 Gen AI 被用作 Atlassian 其他增長機會的良好參考時，我們如何利用這一點，再加上 Atlassian 使用量增加 5%？

Koji, great question. I'll get into some specifics here. Firstly, that's obviously within sort of the Software Team and Software Collection. So the first thing I would say is to Ittai's question previously, that is a subset of our user base, right, in terms of software teams. And those are generally broad technology teams as well, right? So not just developers, but security folk and network analysts and operations teams and product managers and designers. There's a lot of different roles involved in Software team well beyond just the coding itself.

Koji，問得好。接下來我將詳細說明。首先，這顯然屬於軟體團隊和軟體集合的範疇。所以，對於 Ittai 之前提出的問題，我想說的第一點是，就軟體團隊而言，這只是我們用戶群的子集，對吧。而這些通常也是規模較大的技術團隊，對吧？所以不僅是開發人員，還有安全人員、網路分析師、營運團隊、產品經理和設計師。軟體團隊中涉及的角色遠不止於編碼本身。

But it is a subset of our total audience. And again, Service Collection had an amazing quarter in a totally non-software sense. I think what we're saying there is it's 5% higher or at least 5% higher than non-AI code generation-based companies. It doesn't mean it's a 5% expansion rate. It means they're expanding 5% higher than the rate of expansion of the other groups.

但這只是我們全部受眾的一部分。再次強調，服務收集業務在完全非軟體領域也取得了令人矚目的季度業績。我認為我們想表達的是，它比非人工智慧程式碼生成公司高出 5%，或至少高出 5%。這並不意味著成長率是 5%。這意味著他們的擴張速度比其他群體高出 5%。

So that's where you see that it's not necessarily a 5% total expand rate. You can see in our NRR and other stats, it's higher than that, right. Secondly, there's a lot of reasons for that, I believe. Firstly, these are the cutting-edge companies. These are the companies that are pushing the boundaries the most.

所以，由此可見，總擴張率不一定是 5%。從我們的淨收益率和其他統計數據可以看出，實際收益率比這要高，對吧。其次，我認為這其中有許多原因。首先，這些都是尖端企業。這些公司最勇於突破界限。

They tend to be growth-oriented companies. So they tend to be companies that are growing, which is great. But guess who those largest companies are going to be in the future is those ones that are pushing the boundaries and driving forward in a generalized economic sense. So that's really good. Those are the leading companies for us.

它們往往是追求成長的公司。所以它們往往都是正在成長的公司，這很好。但你猜猜看，未來最大的公司會是那些不斷突破界線、在整體經濟層面推動進步的公司。那真是太好了。這些是我們重點關注的公司。

Secondly, yes, they're getting more efficiency. If you look at the actual delivery efficiency, coding speed is, again, 20% to 30% of the developer's job. And so you may be getting 10%, 15%, 20% improvement in the overall productivity of your organization if you have 1,000 people in R&D, something like that. But that innovation moving quicker, it doesn't mean you're finishing your road map. You're coming up with more things to do.

其次，是的，他們的效率正在提高。如果從實際交付效率來看，程式設計速度只佔開發人員工作的 20% 到 30%。因此，如果你的研發部門有 1000 人，那麼你的組織的整體生產力可能會提高 10%、15%、20% 左右。但是，創新步伐加快並不代表你的路線圖已經完成。你又想出了更多要做的事情。

So you're adding more tasks. You're also creating a lot more technology, a lot more software and services, which makes your architecture more complicated. It gives you more things to manage with something like Compass in terms of the different software code bases and models and pipelines and all the different data structures that you have to deliver your technology products and services as an organization as a customer of ours. And lastly, you create more complexity, right, the security and compliance of a bank, the governance functions that have to happen, the structuring and the downtime, the operating of that software. All of these things create Jira issues at large volumes, right?

所以你要增加更多任務。你也在創造更多的技術、更多的軟體和服務，這讓你的架構更加複雜。使用 Compass 之類的工具，您可以管理更多內容，例如不同的軟體程式碼庫、模型、管道以及所有不同的資料結構，以便作為我們的客戶，組織能夠交付您的技術產品和服務。最後，你還增加了複雜性，對吧？銀行的安全性和合規性、必須進行的治理職能、結構和停機時間、軟體的運作。所有這些都會導致 Jira 出現大量問題，對吧？

So if you create more software, you're going to have more management, more overhead, more collaboration. Some version of that is what we believe is happening underneath, right? You have more collaboration to do because you end up with more technology, and that's a good thing. More software in the world is a good thing for Atlassian. I think we've said that for a couple of years now.

所以，如果你開發更多軟體，就會有更多的管理工作、更多的開銷和更多的協作。我們相信，某種程度上，這就是事情的本質，對嗎？因為技術的普及，需要進行的協作也更多，這是一件好事。世界上軟體越多，對 Atlassian 就越有利。我想我們已經這樣說過好幾年了。

That is our belief that AI is unlocking sort of human creativity at the highest level, right? It's allowing them to create more. That means those humans have to interact and collaborate more and those created objects need to be managed, operated, maintained and that's generalized a good thing for Atlassian across software and non-software teams.

我們相信人工智慧正在釋放人類最高水準的創造力，對嗎？這讓他們能夠創造更多作品。這意味著這些人需要更多互動和協作，而這些創建的物件需要被管理、操作和維護，這對 Atlassian 的軟體和非軟體團隊來說都是一件好事。

Keith Bachman, BMO.

Keith Bachman，BMO。

Mike, I wanted to direct this to you, if I could. And I wanted to get your perspective and update on JSM specifically, and I'll break that into a few parts. If any kind of metrics you could give us on growth and what the trajectory is, there's a lot of consternation about workflow, broadly speaking. Moskowitz mentioned your stock going down, it's not the only one. ServiceNow goes down almost every day, given concerns around the underlying fundamentals of JSM.

麥克，如果可以的話，我想把這件事告訴你。我想了解您對 JSM 的看法和最新進展，我會分成幾個部分來講解。如果您能提供一些關於成長和發展軌蹟的指標，那就太好了。總的來說，大家對工作流程有很多擔憂。莫斯科維茨提到你的股票下跌了，但這並不是唯一一家。由於對 JSM 底層基本面的擔憂，ServiceNow 幾乎每天都會宕機。

The second part is just anything on the competitive dynamics. And then the third is really, I wanted to focus on seats for a second within the context of JSM. And is there any update you can give us on like-for-like? What I mean by that is you have a JSM workload, a customer has, is that -- is there seat degradation within the confines of a given workload? I understand you're still grabbing customers, so seats are probably going. But really on a like-for-like basis, just want to understand some context on seats.

第二部分內容涵蓋競爭動態的各個面向。第三點是，我想在 JSM 的背景下，重點談談座位問題。關於同類產品，您能否提供一些最新資訊？我的意思是，對於客戶而言，如果有一個 JSM 工作負載，那麼在給定的工作負載範圍內，是否存在座位性能下降的情況？我知道你們還在招攬顧客，所以座位可能很快就會被佔滿。但實際上，在同等條件下，我只是想了解座位方面的一些情況。

Sure. Thanks, Keith. Great question. Love questions about Service Collection doing fantastically. Look, we gave some stats in our shareholder letter, right? We passed 65,000 customers, which is a big milestone, 50% of the Fortune 500 as a business in and out itself and the enterprise side of that world growing over 60% year-on-year. So hopefully, from those sort of high-level statistics, Service collection is doing very, very well. It is definitely our fastest-growing product at significant scale. And that's a really important milestone for that business. As I said earlier, yes, that growth is happening on a like-for-like customer base like your sort of same-store sale analogy, I get what you're asking there.

當然。謝謝你，基斯。問得好。非常喜歡服務收款方面的問題，做得非常出色。你看，我們在致股東信中提供了一些統計數據，對吧？我們擁有超過 65,000 名客戶，這是一個重要的里程碑，其中 50% 是財富 500 強企業，無論從業務本身還是企業層面來看，我們的業務都實現了超過 60% 的年增長率。所以，從這些高層次的統計數據來看，服務收款情況應該會非常好。它絕對是我們成長速度最快、規模最大的產品。這對該公司來說是一個非常重要的里程碑。正如我之前所說，是的，這種成長發生在與你所說的同店銷售類似的同類客戶群上，我明白你的意思了。

We're certainly seeing efficiencies coming in some of those customers. At the same time, as a challenger brand, we are seeing great growth in HR. We shipped to 12 months ago, a whole series of HR service management blueprints and other areas. We're growing really well in that sort of part of helping operate a business. Same in finance, same in other areas of operations, often like workplace management, these types of things.

我們確實看到部分客戶的效率有所提升。同時，作為挑戰者品牌，我們在人力資源領域取得了巨大的成長。12 個月前，我們交付了一整套人力資源服務管理藍圖和其他領域的資料。我們在協助企業營運這一領域發展得非常順利。金融領域也是如此，其他營運領域也是如此，例如工作場所管理等等。

Service collection is doing very, very well in. And we feel very confident that we have a lot more growth to go get there. Secondly, on the asset management side, you've seen us take assets out of the service collection and put them into the core platform. That continues to be a big growth driver for us as we have a far more modern CMDB-like system as a graph compared to a lot of the legacy competitors. And as we connect the assets graph that you have of physical objects often to the Teamwork Graph, we're seeing our agents and our AI capabilities get significantly more powerful, and we're seeing great growth there.

服務收款狀況非常好。我們非常有信心，我們還有很大的成長空間來實現目標。其次，在資產管理方面，您已經看到我們將資產從服務集合中取出並放入核心平台。這仍然是我們重要的成長動力，因為與許多傳統競爭對手相比，我們擁有一個更現代化的、類似 CMDB 的圖形系統。當我們將您擁有的實體物件的資產圖與團隊協作圖連接起來時，我們看到我們的代理和人工智慧能力變得更加強大，並且我們看到了巨大的成長。

As such, in the last 6 months, more than 40% of the Agentic workflows that have been built are actually in Service Collection customers and Service Workflows. It's a very natural area to deploy agents -- AI agents into your service workflows to help improve the human agentic experience or the human agent experience of delivering value to the customer or the customer just getting the value directly themselves. So that is going very, very well. More than two-third of our service collection customers are using it for non-IT use cases at the moment, which is a great sign that, that is happening. Two other things maybe, one, you see we're a leader in our enterprise service management wave.

因此，在過去的 6 個月中，已建置的 Agentic 工作流程中有超過 40% 實際上位於服務收集客戶和服務工作流程中。在服務工作流程中部署人工智慧代理是一個非常自然的領域，可以幫助改善人工代理的體驗，或改善人工代理向客戶交付價值的體驗，或讓客戶直接獲得價值。一切進展得非常順利。目前，超過三分之二的服務收集客戶正在將其用於非 IT 用例，這是一個很好的跡象，表明這種情況正在發生。還有兩件事，第一，你看，我們在企業服務管理領域處於領先地位。

The analyst community continues to recognize us as a leader and a visionary, but also a significant challenger and growth brand. And we continue to see a lot of migration from legacy service management platforms on to service collection for much higher ROI, much better cost equation with a much more modern stack and user experience, and that's really great for us. Lastly, and it shouldn't be last, it's definitely not the most minor. We only GA our customer service management app inside the last quarter. So that's delivering great efficiency results for us in running parts of our customer service, as we've said, and very early in that journey, but really excited about how that can continue to grow the Service Collection as it continues to power a large part of the license growth.

分析師們繼續將我們視為領導者和遠見者，同時也認為我們是一個重要的挑戰者和成長品牌。我們不斷看到許多企業從傳統服務管理平台遷移到服務集合平台，以獲得更高的投資報酬率、更好的成本效益，以及更現代化的技術堆疊和使用者體驗，這對我們來說真的很好。最後，雖然不應該放在最後，但這絕對不是最次要的。我們的客戶服務管理應用程式直到上個季度才正式上線。正如我們所說，這為我們部分客戶服務的營運帶來了極大的效率提升，雖然目前還處於起步階段，但我們非常興奮地看到，隨著服務集合繼續推動許可證增長，它將如何繼續發展壯大服務集合。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

I have a question on the DC price increases and the gap we have to Jira Cloud now. Like how do you think about that in terms of as a server incentive to move? Do you think there's further action that can help you there to kind of accelerate that journey? And then I had one quick follow-up.

我有一個關於資料中心價格上漲以及我們目前與 Jira Cloud 之間的差距的問題。你覺得這能成為伺服器遷移的激勵措施嗎？你認為還有什麼進一步的行動可以幫助你加速這一進程嗎？然後我還有一個簡短的後續問題。

Yeah. Thanks, Raimo. From a pricing perspective, on the Cloud, we invest quite a bit in R&D, and we're consistently delivering a lot of innovation and value to our customers. And that fundamentally allows us the opportunity to increase prices over time commensurate with that value delivery. We may do that through pricing or packaging of premium SKUs or through list prices. In either case, our prices today remain significantly below many of our software peers and competitors across our portfolio.

是的。謝謝你，雷莫。從定價角度來看，在雲端領域，我們投入了大量研發資金，並且持續為客戶帶來創新和價值。從根本上說，這使我們有機會隨著時間的推移，根據所提供的價值逐步提高價格。我們可以透過對優質 SKU 進行定價或包裝，或透過標價來實現這一點。無論哪種情況，我們目前的價格仍然遠低於我們產品組合中的許多軟體同行和競爭對手。

And because of that and the pace of innovation and value delivery on mission-critical workflows, we still feel we have plenty of headroom for further pricing. In terms of data center, we will ensure that any price changes on data center going forward fit into the deliberate and planful approach we're taking in providing the right incentives at the right time to help customers upgrade to the cloud. Overall, however, we believe we remain competitively priced just relative to the value we deliver and competitive alternatives in that space as well. So that's how we think about the pricing perspectives in terms of the interplay between Cloud and Data Center.

正因為如此，再加上關鍵任務工作流程的創新和價值交付速度，我們仍然認為我們還有很大的定價空間。在資料中心方面，我們將確保未來資料中心價格的任何變化都符合我們正在採取的深思熟慮和周密計劃的方法，即在合適的時間提供合適的激勵措施，以幫助客戶升級到雲端。但總體而言，我們相信，就我們提供的價值以及該領域其他競爭產品而言，我們的價格仍然具有競爭力。所以，這就是我們從雲端運算和資料中心相互作用的角度來考慮定價問題的方式。

Yeah. Okay. Perfect. And then I had one question. I might have missed it, but did you talk to the 20% revenue growth CAGR? Or did you -- could you clarify that? Because I had a couple of questions from the other audience, if you kind of reiterated it or not?

是的。好的。完美的。然後我還有一個問題。我可能錯過了，但你談到20%的年複合成長率（CAGR）了嗎？或者你……？你能解釋一下嗎？因為其他觀眾有幾個問題，請問您是否重申了先前的內容？

Yeah. Sure, Raimo. There's no change to our midterm outlook calling for 20% plus compounded annual revenue growth through FY27. I'd say the same thing for our 25% plus non-GAAP operating margin commitment in FY27. We remain confident in our ability to deliver healthy and accelerating Cloud revenue growth as we expand operating margin over time. And I'd also highlight that with respect to our short-term guidance for FY26, we do continue to take a conservative and risk-adjusted approach. So that's the way to think about that.

是的。當然，雷莫。我們對中期業績的展望沒有改變，預計到 2027 財年，年複合收入成長率將超過 20%。對於我們在 2027 財年實現 25% 以上的非 GAAP 營業利潤率目標，我也持相同的看法。我們仍然有信心，隨著營運利潤率的逐步提高，我們將實現健康且加速成長的雲端收入。此外，我也想強調，對於 2026 財年的短期業績指引，我們將繼續採取保守且風險調整的方法。所以，可以這樣思考這個問題。

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。

Thank you, everyone, for joining our call today. Thanks to all of the Atlassian teams for delivering a truly fantastic quarter. And as always, we appreciate all your thoughtful questions and continued support from the investor and shareholder community. Have a kickass weekend, everybody.

感謝各位今天參加我們的電話會議。感謝 Atlassian 所有團隊，他們出色地完成了本季的工作。一如既往，我們感謝各位投資者和股東提出的所有深思熟慮的問題，以及你們的持續支持。祝大家週末愉快！