Atlassian Corp (TEAM) 2026 Q3 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's earnings conference call for the third quarter of fiscal year 2026. This conference call is being recorded and will be available for replay on the Investor Relations section of the Atlassian website following this call.

各位下午好，感謝您參加 Atlassian 2026 會計年度第三季的財報電話會議。本次電話會議將被錄音，並將於會後在 Atlassian 官網「投資人關係」專區提供重播。

I will now hand the call over to Martin Lam, Atlassian's Head of Investor Relations.

接下來我將把電話交給 Atlassian 投資人關係主管 Martin Lam。

Welcome to Atlassian's third 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, James Chuong.

歡迎參加 Atlassian 2026 會計年度第三季財報電話會議。感謝各位今天與會。今天與我一同出席的有 Atlassian 執行長暨共同創辦人 Mike Cannon-Brookes，以及財務長 James Chuong。

Earlier today, we published a shareholder letter and press release with our financial results and commentary for our third 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. As always, our shareholder letter contains management's insight and commentary for the quarter.

今天稍早，我們已發布股東信與新聞稿，內容包含 2026 會計年度第三季的財務結果與評論。一如往常，我們的股東信包含管理團隊對本季的洞見與評論。

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.

因此，今天的電話會議我們將先做簡短開場，接著把時間重點放在問答。本次電話會議將包含前瞻性陳述。前瞻性陳述涉及已知與未知的風險、不確定性與假設。若任何此類風險或不確定性發生，或任何假設證明不正確，我們的實際結果可能與我們所做前瞻性陳述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 seek 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 and our most recently filed annual and quarterly reports.

您不應將前瞻性陳述視為對未來事件的預測。前瞻性陳述僅代表我們管理團隊截至該等陳述作出之日的信念與假設。且若該等陳述日後有所變動或為使其保持最新，我們不承擔更新或修訂之義務。有關上述及其他可能影響我們業務表現與財務結果之因素的進一步資訊，載於我們不時向美國證券交易委員會（SEC）提交的文件中，包括「風險因素」章節以及我們最近提交的年度與季度報告。

During today's call, we will also discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures is available in our shareholder letter, earnings release and investor data sheet on the Investor Relations section of our website. 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.

在今天的電話會議中，我們也將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標是對依 GAAP 編製之財務績效衡量指標的補充，並非替代或優於 GAAP 指標。GAAP 與非 GAAP 財務衡量指標之間的調節表，已載於我們的股東信、財報新聞稿與投資人資料表，皆可於官網「投資人關係」專區取得。我們希望讓盡可能多的與會者參與問答。因此，為尊重其他與會者，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.

接下來我把電話交給 Mike 進行開場致詞。

Thank you all for joining us today. As you've already read in our shareholder letter, we delivered some incredible Q3 results. Total revenue grew 32% year-over-year to $1.8 billion. Cloud revenue surpassed $1.1 billion and accelerated to 29% growth year-over-year, and RPO grew again 37% year-over-year to $4 billion.

感謝各位今天加入我們。如各位已在股東信中讀到的，我們第三季交出非常亮眼的成績。總營收年增 32%，達到 18 億美元。雲端營收突破 11 億美元，年增率加速至 29%；RPO 再度年增 37%，達到 40 億美元。

These are likely thanks to our team's excellent execution and clear momentum across our key strategic priorities: enterprise, AI and the system of work. This quarter, some of the world's largest enterprises, including Siemens Energy, Rheinmetall and Wayfair deepened and broadened their commitments to Atlassian. In AI, we continue to add millions of monthly active users to Rovo and our AI Rovo credit usage is growing more than 20% month-over-month. Customers using Rovo are also growing their ARR at roughly 2 times the rate of customers who are not using Rovo, contributing to our strong cloud outperformance and expansion in the quarter.

這些成果很可能要歸功於團隊出色的執行力，以及我們在幾項關鍵策略優先事項上的明確動能：企業客戶、AI，以及工作系統（system of work）。本季，包含 Siemens Energy、Rheinmetall 與 Wayfair 在內的一些全球最大型企業，進一步加深並擴大了對 Atlassian 的承諾。在 AI 方面，我們持續為 Rovo 增加數百萬名月活躍使用者，而我們的 AI Rovo 點數使用量月增超過 20%。使用 Rovo 的客戶，其 ARR 成長速度約為未使用 Rovo 客戶的 2 倍，進一步帶動本季雲端業務的強勁超預期表現與擴張。

And more and more enterprises are embracing our platform-wide vision using Atlassian system of work to see the full picture of their organization. This is because the Teamwork Graph connects knowledge, work, people and code, giving our customers one of the richest enterprise context graphs in the world. Context is a clear differentiator for us. And we're saying this is our competitive momentum built. This is our largest ever quarter for competitive displacements from a major ITSM provider. We're taking it from rivals as customers move away from legacy systems and choose Atlassian for a more modern AI native and much better value service platform.

同時，越來越多企業正採納我們的全平台願景，透過 Atlassian 的工作系統來掌握其組織的全貌。這是因為 Teamwork Graph 將知識、工作、人員與程式碼連結起來，為客戶提供全球最豐富的企業情境圖譜之一。情境（context）是我們明確的差異化優勢。而我們認為，這正是我們競爭動能的基礎。這是我們史上最大的一季，成功從一家主要 ITSM 供應商手中取得最多的競爭性替換（competitive displacements）。隨著客戶逐步遠離傳統舊系統，轉而選擇 Atlassian 作為更現代、AI 原生且性價比更高的服務平台，我們正從競爭對手手中贏得市占。

As I've said before, I believe AI is one of the best things that has ever happened to Atlassian. In a world where human will run teams of agents, context is the only anchor to avoid chaos. And we believe the companies that prioritizes context will come truly AI native. With Atlassian, our customers aren't just choosing software that choosing the kind of company that they want to become.

我之前也說過，我相信 AI 是 Atlassian 史上最好的事情之一。在一個人類將管理一群代理（agents）團隊的世界裡，情境是避免混亂的唯一錨點。我們相信，優先重視情境的公司，才能真正成為 AI 原生。選擇 Atlassian，我們的客戶不只是選擇軟體，而是在選擇他們想成為的那種公司。

This is a time of significant change in our industry, and we're moving forward with strong conviction and discipline. We're focused on executing, delivering customer value and driving, durable profitable growth.

這是我們產業劇烈變動的時期，而我們正以堅定的信念與紀律持續前進。我們專注於落實執行、交付客戶價值，並推動可持續、具韌性且獲利的成長。

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

接下來我把電話交給接線員，進入問答環節。

(Operator Instructions)

(接線員指示)

YYour first question comes from Arjun Bhatia from William Blair. Your first question comes from Keith Weiss from Morgan Stanley

您的第一個問題來自 William Blair 的 Arjun Bhatia。您的第一個問題來自 Morgan Stanley 的 Keith Weiss

Excellent. Thank you guys for taking the question and congratulations on a really solid Q3 print. It's great to see all these investments in all innovation really starting to come to fruition within the numbers. As it is important in getting investors more confident in the stock, I think another sort of important part of it, and I think Mike, you do a good job of this, is helping people better understand how the existing software that Atlassian brings to the equation plus AI brings a better result.

太好了。感謝各位讓我提問，也恭喜你們第三季交出非常扎實的成績。很高興看到你們在各項創新上的投資，真的開始在數字上開花結果。我認為，這對於讓投資人對股票更有信心很重要；另外一個同樣重要的部分——而且我覺得 Mike 你在這方面做得很好——是幫助大家更清楚理解：Atlassian 既有軟體再加上 AI，如何帶來更好的成果。

And then there's one line in the shareholder letter that I thought was really interesting. When you're talking about the Teamwork Graph and how it makes the AI investments not just smarter, I mean, we've been talking a lot about context and how it makes the AI better, but you're also talking about cheaper and more valuable. So one, I was hoping you could dig into that and how the Teamwork Graph and the broader system lowers the cost of these AI investments, particularly as we're hearing more and more pushback on these credit costs were really starting to rise and the token costs starting to get really big?

另外，股東信裡有一句話我覺得很有意思。當你談到 Teamwork Graph，以及它如何讓 AI 投資不只是更聰明——我的意思是，我們談了很多情境如何讓 AI 更好——但你也提到更便宜且更有價值。所以第一，我希望你能深入談談：Teamwork Graph 與更廣泛的系統如何降低這些 AI 投資的成本，特別是我們聽到越來越多對點數成本（credit costs）上升的反彈聲浪，以及 token 成本開始變得非常可觀？

And then maybe a follow-up for James. Again, in the shareholder letter, you mentioned data center outperformance driven by some pull forward of some of the -- some deals from future quarters. Any kind of view you can give us into what that means for FY '27 and what we should be expecting from data center in the year ahead? Thank you, guys.

然後也許給 James 一個追問。同樣在股東信中，你提到資料中心（data center）的優於預期表現，是由於部分交易從未來季度提前（pull forward）所帶動。你能否分享一下，這對 2027 會計年度意味著什麼，以及我們對未來一年資料中心業務應有何種預期？謝謝各位。

Keith, sure. Thanks for the question. Not what I expect from the start, but a great question, very, very savvy as I would expect from you. Look, the Teamwork Graph and the Atlassian platform is certainly delivering amazing results to customers. You can see that, that customers using Rovo are growing their ARR at twice the rate of non-Rovo customers. Their credit usage continues to grow strongly, with strong results of over 20% month-on-month. And they're upgrading the Teamwork Collection to get more of those credits included in the base offering, but also using many more agents, right?.

Keith，當然可以。謝謝你的提問。這不是我一開始預期會被問到的，但這是個很棒的問題，而且非常、非常精明——正如我對你一貫的期待。你看，Teamwork Graph 與 Atlassian 平台確實正在為客戶帶來驚人的成果。你可以看到，使用 Rovo 的客戶，其 ARR 成長速度是未使用 Rovo 客戶的兩倍。他們的點數（credit）使用量也持續強勁成長，月增率超過 20%，表現亮眼。而且他們正在升級到 Teamwork Collection，以便在基礎方案中納入更多點數，同時也在使用更多代理（agents），對吧？。

And that agent usage is, I think, what you're referring to, whether that agent usage are Rovo agents or whether they're other platforms' agents that are accessing Atlassian's context with Teamwork Graph, that usage is increasing markedly. And that's the compounding effect of intelligence for customers as models continue to get better. But to really accelerate a business, the intelligence compounding is only one aspect. What you also need is the context. That is your knowledge, your work and projects and goals, understanding of your people, so your org chart, their skills and everything else, as well as knowledge of the code.

而我想你指的就是代理使用量——不論這些代理使用的是 Rovo 代理，或是其他平台的代理透過 Teamwork Graph 存取 Atlassian 的情境（context），這樣的使用量都在顯著增加。這就是智慧（intelligence）對客戶的複利效應，因為模型持續變得更好。但要真正加速一門生意，智慧複利只是其中一個面向。你同時還需要情境。那就是你的知識、你的工作與專案與目標、對你的人員的理解——也就是你的組織架構、他們的技能與其他一切——以及對程式碼的知識。

We have a lot of huge announcements coming up next week at Team '26 around this area, but what you're seeing in the Teamwork Graph is the world's best context graph across all aspects of the business. So whether that's a service team, a marketing team, a technology team or a business team, bringing that context to bear in all of those AI surfaces is what's the most important.

我們下週在 Team '26 會在這個領域發布許多重大公告，但你在 Teamwork Graph 看到的是：涵蓋企業各個面向、全球最好的情境圖譜（context graph）。因此，不論是服務團隊、行銷團隊、技術團隊或業務團隊，把這些情境運用到所有 AI 介面（AI surfaces）上，才是最重要的。

Now when we say it makes better, faster and cheaper. Why is that? Well, we have a lot of statistics and proof points that not only do you get higher quality AI answers because of our search, the Teamwork Graph, everything put together in the knowledge that we have about your business, but you also get cheaper answers. Those are cheaper answers because you use far less tokens to get to an answer in the same amount of time and fundamentally using less tokens and reduces your cost of AI or allows you to do far more AI investment, whichever way you look at it. So customers are seeing that. You're seeing that in the usage and then showing up in and financial results.

現在，當我們說它能做到更好、更快、更便宜。為什麼？因為我們有大量統計數據與佐證，不僅能因為我們的搜尋、Teamwork Graph，以及我們對你企業的所有知識整合，讓 AI 回答品質更高，同時也能讓答案更便宜。之所以更便宜，是因為你用更少的 tokens 就能在相同時間內得到答案；從根本上說，使用更少 tokens 會降低你的 AI 成本，或讓你能投入更多 AI——不論你怎麼看。所以客戶正在看到這點。你也在使用量上看到，並且反映在財務結果中。

James, do you want to follow on with the second half?

James，你要不要接著回答後半段？

Yeah, Keith, thanks for the question. So on the data center side, the Q3 revenue beat, as we mentioned, was primarily driven by recognizing greater-than-expected upfront term license revenue within that quarter. Since our announcement of the data center end of life back in September, we've had a couple of quarters now to really better understand some of the signals that we're seeing from our customers in terms of their buying behaviors, especially Q3 being the largest expiry base for us.

好的，Keith，謝謝你的提問。在資料中心（data center）方面，我們提到的 Q3 營收優於預期，主要是因為在該季度認列了高於預期的一次性預收（upfront）定期授權（term license）收入。自從我們在 9 月宣布資料中心產品生命週期終止（end of life）以來，我們已經有幾個季度能更深入理解客戶在購買行為上的一些訊號，尤其是 Q3 對我們而言是到期基數（expiry base）最大的一季。

So let me unpack that a little bit more for us here. So first, I would say that the migration to the cloud is on track and continues as expected. We're pleased with what we're seeing there. We still expect that to contribute mid- to high single digits on cloud growth. And second is that the retention rates on our data center business remain incredibly robust, in fact, actually outperformed expectations in the quarter. And third, for some of our largest customers with more complex migration, they remain committed to transitioning to the cloud.

我再把這點多拆解說明一下。首先，我會說遷移到雲端的進度符合規劃，並且持續如預期推進。我們對目前看到的情況感到滿意。我們仍預期這將對雲端成長貢獻中到高個位數的增幅。第二，資料中心業務的留存率依然非常強勁，事實上本季還優於預期。第三，對於一些遷移更複雜的最大型客戶，他們仍然致力於轉向雲端。

But it's going to be a multiyear journey for them, right? They've got a lot of deep customizations, change management. It's going to take these customers time, right? Often many of these have tens of thousands of users, some with over 100,000 users. So this category of customers, we saw a pull forward of purchasing and expansion activity into Q3 from future periods. And we also had a pricing change in March. That further catalyzed this dynamic.

但這對他們而言會是一段跨多年的旅程，對吧？他們有很多深度客製化與變更管理。這需要時間。這些客戶很多都有數萬名使用者，有些甚至超過 10 萬名使用者。因此，對於這一類客戶，我們看到他們把原本未來期間的採購與擴張活動提前拉到 Q3。而且我們在 3 月也做了價格調整。這進一步催化了這個趨勢。

So as a result, that drove greater-than-expected upfront term license revenue recognized in the quarter. In fact, relative to our expectations for Q3, we recognized approximately $50 million more in upfront term license revenue. And that's some of the trends that we've been seeing since our announcement of end of life back in September, but more pronounced in Q3 given the size of the expiry base and the pricing catalysts that I mentioned.

因此，這帶動了本季認列高於預期的一次性預收定期授權收入。事實上，相較於我們對 Q3 的預期，我們多認列了約 5,000 萬美元的一次性預收定期授權收入。這些是我們自 9 月宣布終止生命週期以來一直觀察到的趨勢，只是在 Q3 因為到期基數規模更大，以及我提到的價格催化因素，而更為明顯。

And maybe lastly, the cohort of DC customers that are actively planning and transitioning to the cloud, we're seeing these customers moderate their seat expansion. versus historical trends we've seen. Again, I'll mention that retention rate remains incredibly high, but now expecting a more muted level of data center expansion from these customers going forward as they try to move to the cloud. We're still seeing really nice uplift when customers move from DC to cloud.

最後補充一下，對於那一批正在積極規劃並轉向雲端的資料中心（DC）客戶，我們看到他們的席位（seat）擴張相較於過去的歷史趨勢有所放緩。我再強調一次，留存率仍然非常高，但展望未來，隨著他們嘗試移轉到雲端，我們預期這些客戶的資料中心擴張幅度會更為溫和。當客戶從 DC 移到雲端時，我們仍看到非常不錯的提升（uplift）。

So net-net, what we're seeing is that our largest strategic customers continue to deepen their commitment at lasting, whether that's on DC or cloud, and we're working hard to meet them where they are and help them accelerate that transition so they can unlock all the AI and agent capabilities in the cloud.

總結來說，我們看到我們最大、最具策略性的客戶持續加深對 Atlassian 的承諾——不論是在 DC 或雲端——而我們也在努力在他們所在的位置支持他們，並協助他們加速轉型，以便在雲端解鎖所有 AI 與代理能力。

So hopefully that gives you a little bit of color there, Keith. And maybe I'll just share that with these dynamics sort of playing out across the year on data center, with Q4 yet to play out where revenue rec is being pulled into FY '26 from FY '27, we recognize that there's lumpiness in that pull-forward effect in data center and having the timing of -- and that does impact the timing of reported revenue RPO and CRPO.

希望這能讓你更了解一些，Keith。另外我也想分享，隨著這些動態在全年資料中心業務中逐步發酵，而 Q4 尚未發生；在營收認列方面，部分收入會從 FY '27 被提前拉到 FY '26。我們也意識到，資料中心這種提前拉貨（pull-forward）效應會造成波動性（lumpiness），而其時點——也會影響到已揭露的營收、RPO 與 CRPO 的時點。

So internally, of course, we look at a variety of metrics to performance manage our business, including a really healthy ARR. So next week, we're going to be holding that investor forum at our Team '26 Conference and to help guide investors through the revenue recognition timing dynamics on the data center side. We'll look to enhance our disclosures and share historical subscription ARR, which will help normalize some of those timing effects and help everyone better understand the underlying strength of the overall business.

因此在內部，當然我們會看多種指標來進行營運績效管理，包括非常健康的 ARR。所以下週我們會在 Team '26 大會舉辦投資人論壇，協助投資人理解資料中心端營收認列時點的動態。我們也會強化資訊揭露，並分享歷史訂閱 ARR，這將有助於把部分時點效應正常化，並幫助大家更好理解整體業務的基本面強度。

So all up, we feel really good about our execution, the runway that we still have ahead of us. So more to share next week at the TEAM event and the investor forum.

整體而言，我們對執行表現以及前方仍有的成長跑道感到非常有信心。下週在 TEAM 活動與投資人論壇上會分享更多。

Arjun Bhatia, William Blair

Arjun Bhatia，William Blair

Hey, guys. Sorry about that. But congrats on the strong quarter here. I was curious on just Rovo, how you're thinking about positioning that against some of the third-party agents. It seems like you're having a lot of success in your existing customer base I'm curious, are customers evaluating other agents against Rovo? Or is this sort of an easy add-on given how integrated it is into the rest of the platform with Jira and Confluence and JSM and the rest of the suite?

嗨，各位。抱歉剛剛那樣。不過恭喜這一季表現強勁。我想問一下關於 Rovo，你們如何思考把它定位在一些第三方代理（third-party agents）之中。看起來你們在既有客戶群中取得很大成功；我好奇的是，客戶會把其他代理拿來和 Rovo 做評估比較嗎？還是因為它與平台其他部分（Jira、Confluence、JSM 以及整個套件）整合得很深，所以這基本上是一個很容易加購的附加項？

Thanks, Arjun. I can take that one. Look, there are a lot of places that customers can access Rovo is maybe the simplest way to phrase it. Think of Rovo as the AI part of the Atlassian platform that shows up in all of our surfaces, whether those surfaces are on the Atlassian platform inside of Jira or Confluence, in our chat app from the mobile and the desktop or whether those surfaces are in other agent platforms, right, be that from Google, Salesforce or any of the foundation model vendors. Like we want to make sure that Atlassian's workflows, processes, the Teamwork Graph show up wherever is most relevant for the customer.

謝謝你，Arjun。這題我來回答。你看，客戶可以存取 Rovo 的地方很多，用最簡單的說法就是這樣。把 Rovo 想成 Atlassian 平台的 AI 部分，它會出現在我們所有的介面上，不論這些介面是在 Atlassian 平台內的 Jira 或 Confluence、我們的聊天應用程式（行動端與桌面端），或是在其他代理（agent）平台上，對吧，不管是 Google、Salesforce，或任何基礎模型供應商的平台。我們希望確保 Atlassian 的工作流程、流程，以及 Teamwork Graph 會在對客戶最相關的地方出現。

Now that has required us for a number of years to push past through a huge amount of R&D work, really hard R&D work to make sure that our context graph in the Teamwork Graph is the best out there. It has the most amount of context about the organization. It's the most deeply connected. We do the inference upfront to make sure that you get those better, cheaper and faster results that we talked about, better quality answers at lower cost with that run your agents faster is an amazing offering to customers, and they're realizing that.

而這也要求我們在過去幾年投入並推進大量的研發工作，真的是非常艱難的研發，來確保我們在 Teamwork Graph 裡的情境圖譜是市面上最好的。它擁有最多關於組織的情境資訊。它的連結最為深入。我們會先行做推論（inference），以確保你能得到我們談到的更好、更便宜、更快的結果——以更低成本獲得更高品質的答案，同時讓你的代理運行得更快——這對客戶而言是非常驚人的產品價值，而他們也正在意識到這一點。

Whether or not that happens on the Atlassian platform or off the Atlassian platform, what we want to make sure is that the customers see value in the platform overall. There is no doubt that agents existing in native context in our automation framework. If you have a huge amount of business processes running through Jira or the Service Collection, the agents that are natively integrated have the largest access to that platform and they're right in the sidebar. They appear in the Jira UI, that's a huge advantage.

不論這件事發生在 Atlassian 平台上或平台之外，我們想確保的是客戶能在整體平台上看到價值。毫無疑問，代理在我們自動化框架中的原生情境裡運作。如果你有大量業務流程是透過 Jira 或 Service Collection 來運行，原生整合的代理對該平台的存取權限最大，而且就在側邊欄。它們會出現在 Jira 的使用者介面中，這是很大的優勢。

At the same time, we've shipped a whole series of features that allow third-party agents from Gamma and Canva to Cursor and Claude Pro in each of our different types of teams. We want to make sure that third-party agents also surface in Atlassian's context, whether that's on a Confluence whiteboard, whether that's on a Jira work item, but they all use the Teamwork Graph at the core. So customers are really seeing that. We certainly get evaluated against other platforms. I'll tell you that customer reaction is amazing.

同時，我們也推出了一整系列功能，讓第三方代理——從 Gamma、Canva 到 Cursor、Claude Pro——能在我們各種不同類型的團隊中使用。我們希望確保第三方代理也能在 Atlassian 的情境中呈現，不論是在 Confluence 白板上，或是在 Jira 工作項目上，但它們的核心都會使用 Teamwork Graph。所以客戶確實看到了這一點。我們當然也會被拿來和其他平台比較評估。我可以告訴你，客戶的反應非常驚人。

We've done a phenomenal amount of R&D to give you great quality answers. We see that in the increasing usage of our Rovo platform on and off Atlassian, both of which benefit us. And then you can see that in the customer is increasing their they see an expansion rates as well as using our AI technology. So all AI is not built equal. We build fantastic AI, and we get it into the customers' hands. That's what's most important.

我們投入了非常大量的研發，來提供你高品質的答案。我們看到 Rovo 平台在 Atlassian 平台內外的使用量都在增加，兩者都對我們有利。你也可以看到，客戶在使用我們 AI 技術的同時，他們的擴張率也在提升。所以並不是所有 AI 都是同一個水準。我們打造的是非常出色的 AI，並把它交到客戶手上。這才是最重要的。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，Mizuho。

Thank you, James, welcome to Atlassian. Mike, you may recall my high level of frustration one quarter ago when after I thought it was a pretty good quarter of acceleration, your shares perceived to go materially lower -- continue to be materially lower. And I don't want to minimize that there's a lot more work to be done. But clearly, this is an impressive result.

謝謝你，James，歡迎加入 Atlassian。Mike，你可能還記得我在一個季度前的高度挫折感：當時我覺得那是一個相當不錯、加速成長的季度，但你們的股價卻被市場認為會大幅走低——而且確實持續大幅走低。我不想淡化還有很多工作要做這件事。但很明顯，這是一個令人印象深刻的成果。

My question relates to a comment in the shareholder letter that strong seat expansion in Jira was a key driver of the cloud revenue acceleration this quarter. And given that there is so much fear about meaningful seat compression at Atlassian being on the horizon, can you unpack the drivers of the seat growth for us? And secondly, is this a dynamic that you think can be durable?

我的問題是關於股東信中的一段評論：本季度 Jira 的強勁席位擴張是雲端營收加速的關鍵驅動因素。鑑於市場上對 Atlassian 即將出現顯著席位壓縮（seat compression）的擔憂非常多，你們能否為我們拆解一下席位成長的驅動因素？第二，你們認為這樣的動能能否持續？

Gregg, thanks for the question on that. Yes, on the cloud side, again, we saw strong performance reaccelerating to 29% year-on-year there. And maybe I'll start with the fact that DC migrations again to the cloud were in line with our expectations and not the realistic contributor to that $50 million beat on the print. It's progressing well, and we still expect that to contribute that mid- to single high-digit growth to cloud, like we mentioned. So the real two primary drivers that we talked about on the outperformance is really that cross-sell and seat expansion. .

Gregg，謝謝你問到這個問題。是的，在雲端方面，我們再次看到強勁表現，年增率重新加速到 29%。我先從這點開始：DC（Data Center）遷移到雲端的進展再次符合我們的預期，但它並不是本次財報數字超出預期 5,000 萬美元的實質貢獻來源。遷移進展良好，我們仍預期它會如我們所提到的，為雲端帶來中到高個位數的成長貢獻。因此，我們談到的超預期表現，真正的兩個主要驅動因素是交叉銷售與席位擴張。.

So on the cross-sell side, we saw outperformance in our collections business across Service Collection and in particular, Teamwork Collection. We have got Jira and Confluence, Loom and Rovo. And just keep in mind that right now, Teamwork Collection is really the best vehicle for our customers to buy and unlock AI and all the agent capabilities across the Atlassian platform, right? Customers are upgrading to TWC because of the increased AI credits. We're giving 10 times more credits on Rovo versus the stand-alone subscription. And I'm sure Mike can touch a little bit more on some of the progress that we're seeing there.

在交叉銷售方面，我們在 Collections 業務上表現超出預期，涵蓋 Service Collection，尤其是 Teamwork Collection。我們有 Jira 和 Confluence、Loom 和 Rovo。請記住，目前 Teamwork Collection 真的是客戶購買並解鎖 AI 與 Atlassian 平台上所有代理能力的最佳載體，對吧？客戶因為增加的 AI 點數（credits）而升級到 TWC。相較於單獨訂閱，我們在 Rovo 上提供 10 倍的點數。我相信 Mike 也可以再多談一些我們在這方面看到的進展。

But importantly, we're also -- the other driver here is that we're seeing that growth in TWC while also seeing continued seat expansion in our core Jira stand-alone offering, right? And I think that really speaks to how an AI-driven agentic world, Jira and the Atlassian platform really remain core to enabling customers to manage their workflows and collaboration to fully unlock that value of AI.

但更重要的是——另一個驅動因素是：我們在看到 TWC 成長的同時，也看到核心 Jira 單獨產品（stand-alone offering）持續出現席位擴張，對吧？我認為這充分說明，在一個由 AI 驅動、以代理為核心的世界裡，Jira 與 Atlassian 平台仍然是協助客戶管理工作流程與協作、以充分釋放 AI 價值的核心。

So whether it's TWC or standalone Jira offerings, we're launching a ton of new value that's really enabling our customers to deploy agents to do the work, to capture that agent activity alongside work history, full permissions and audit trails and admin governance. So a lot of great traction here, as you can see in our Q3 print.

所以不論是 TWC 或是單獨的 Jira 產品，我們都在推出大量新價值，真正讓客戶能部署代理來完成工作，並將代理活動與工作歷史一併記錄，具備完整權限與稽核軌跡，以及管理者治理（admin governance）。因此你可以看到，在我們的 Q3 財報中，這裡有很多很好的進展與動能。

Yeah, Gregg, thanks for that and for calling it out. I hope we've been very consistent on our views in that world. We are not seeing any signal of seat compression from customers. If anything, we are seeing the opposite. We are seeing strong expansion numbers, strong cross-sell numbers between collections, strong usage of AI and strong commitment to the Atlassian platform. Many, many competitive wins, a huge amount of consolidation happening into the Teamwork Collection. So we have a lot of green lights in a lot of different places.

是的，Gregg，謝謝你提到這點，也謝謝你點出來。我希望我們在那個世界觀上的看法一直都非常一致。我們沒有看到客戶出現任何席位壓縮的訊號。如果真要說，我們看到的是相反的情況。我們看到強勁的擴張數據、Collections 之間強勁的交叉銷售數據、AI 的強勁使用，以及對 Atlassian 平台的強烈承諾。有非常非常多的競爭性勝出案例，也有大量的整併正在導向 Teamwork Collection。所以我們在很多不同面向都看到很多綠燈訊號。

Similarly, you can see that NRR maintained north of 120% and even ticked up again for, I think, the third or fourth quarter in a row. We have a lot of reasons why that is. Firstly, I would go to high R&D investment in just great quality software, right? That does matter. It always gets ignored in a lot of context, wrong choice of words, in a lot of quarters. But we build amazing applications that deliver great value for our customers.

同樣地，你也可以看到 NRR 維持在 120% 以上，甚至我想已經連續第三或第四個季度再次上升。這背後有很多原因。首先，我會歸因於我們在研發上的高投入，打造真正高品質的軟體，對吧？這確實很重要。在很多情境下它總是被忽略——用詞不太精準——在很多季度都是如此。但我們打造出色的應用程式，為客戶帶來很大的價值。

Secondly, the context we have in the Teamwork Graph and the critical business processes continue with AI to blur the boundaries between teams and between roles. That means our platform and our offering between service teams on one side that connect to finance and HR, marketing and in through ops teams to technology teams with business teams and leadership teams.

其次，我們在 Teamwork Graph 與關鍵業務流程中的脈絡，正隨著 AI 持續推進而模糊團隊之間與角色之間的界線。這意味著，我們的平台與產品能在一端連結到財務與人資、行銷，並透過營運團隊延伸到技術團隊，再與業務團隊與領導團隊相互串聯。

The same context across all of those teams allows us to expand into those nontechnical roles at an increasing rate, right, which shows why we are getting that seat expansion in different collections, in different areas and just the continues in our business. Fundamentally, customers are opting for more and more workflows on the Atlassian platform.

所有這些團隊共享相同的脈絡，使我們能以愈來愈快的速度擴展到那些非技術角色，對吧，這也說明了為什麼我們在不同產品組合、不同領域看到席位擴張，而且這種趨勢在我們的業務中持續發生。從根本上說，客戶正在選擇在 Atlassian 平台上採用愈來愈多的工作流程。

Brent Thill, Jefferies.

Brent Thill，Jefferies。

Mike, you called out the largest competitive replacements. I think I don't know if you've seen or just you were mentioning that. What are you seeing? What's driving this now where you're seeing that increasing rate?

Mike，你提到了最大宗的競品替換。我想我不確定你是否已經看到，或只是你剛才提到。你看到了什麼？是什麼在推動現在你所看到的那個加速的成長率？

Thanks, Brent. Yes, we had a great quarter for competitive displacements, especially in the Service Collection, especially -- look, we continue to be incredibly strong in the mid-market area. As you can see from many years of investment in the enterprise pillars of our business, we are starting to go really, really strongly in the enterprise and strategic segments across service management in particular. That's not just in ITSM, although in ITSM, we are growing really strongly, it is in broader employee service management.

謝謝，Brent。是的，我們在競品替換方面交出了一個非常好的季度表現，尤其是在 Service Collection，尤其——你看，我們在中型市場（mid-market）領域依然非常強勁。從我們多年來在企業級支柱上的投資可以看出，我們開始在企業與策略型客戶區隔上非常、非常強勢地推進，特別是在服務管理方面。這不僅僅是在 ITSM；雖然在 ITSM 我們成長非常強勁，但也涵蓋更廣泛的員工服務管理。

We're seeing that -- we get the statistic of the 75% of the Fortune 500 uses Service Collection. 60% of Service Collection customers use us outside of IT on HR and marketing in other areas. This is just a fantastic example and why we're getting those competitive displacements. It was our largest quarter ever for those. And it's because, again, I would go to the quality of the software, the state with which you can get up and running on the Service Collection continues to be a strength. The high level of user experience quality continues to be a strength.

我們看到——我們有一項統計：財富 500 大企業中有 75% 使用 Service Collection。Service Collection 的客戶中有 60% 在 IT 之外的領域使用我們，例如人資與行銷等其他部門。這正是一個絕佳的例子，也說明了為什麼我們能取得這些競品替換。這是我們史上競品替換表現最強的一季。而原因同樣是，我會歸因於軟體品質，以及你能以多快的速度在 Service Collection 上線並開始運作，這一直是我們的強項。高水準的使用者體驗品質也一直是我們的強項。

The comprehensiveness of our data and the Teamwork Graph and bringing that to their Service Collection fundamentally allows you to operate those services cheaper, quicker, better answers because we have access to a better knowledge graph across your organization. And AI continues to win every which way. We're incredibly AI forward. It's one of the largest areas of usage of agents in automation and automated workflows because it allows the service teams to run more quickly. And we're only just getting started in customer service and had a great quarter in that area as well.

我們資料的完整性、Teamwork Graph，以及把這些帶入 Service Collection，從根本上讓你能以更低成本、更快速度來運作這些服務，並得到更好的答案，因為我們能存取跨整個組織更好的知識圖譜。而 AI 也在各方面持續勝出。我們在 AI 上非常超前。這是代理（agents）在自動化與自動化工作流程中使用量最大的領域之一，因為它讓服務團隊能更快速地運作。而我們在客服領域也才剛起步，該領域本季同樣表現非常好。

And our asset management platform, again, assets moving into the platform as a whole, part of that overall Teamwork Graph. It's just an incredibly strong customer story. And so we're really excited about how we keep taking share in that space. And $1 billion of ARR is a great milestone. We thought it was worth celebrating. That's just a fantastic milestone for that business while continuing to grow incredibly fast.

另外，我們的資產管理平台——同樣地，資產正逐步納入整體平台，成為整體 Teamwork Graph 的一部分。這是一個非常強而有力的客戶成功故事。因此，我們對於在這個市場持續擴大市占感到非常興奮。而 10 億美元的 ARR 是一個很棒的里程碑。我們認為值得慶祝。對這項業務而言，這是非常了不起的里程碑，同時也仍在以非常快的速度成長。

Allan Verkhovski, BTIG.

Allan Verkhovski，BTIG。

Hey, there. Thanks for taking the question. Mike, it's great to see the AI momentum here. I'd be curious if you could share what drove the decision to announce the data collection changes you're making? And what are you looking forward to from a product capability perspective on the other side of it?

嗨，你好。謝謝讓我提問。Mike，很高興看到這裡的 AI 動能。我想請你分享一下，是什麼驅動你們決定宣布正在進行的資料蒐集變更？以及從產品能力的角度來看，在完成這些變更之後，你最期待的是什麼？

Yeah, Thanks, Allan. Look, Atlassian continues to be incredibly driven by its values and its long-term philosophy. I say that because our data collection, the largest part of that is clarifying exactly how it is that we use customer data what the data is in the different segments, I think we have an absolutely world-class policy there. We are as clear as any vendor out there about what the different categories of data are, where they are used, what the benefit is to the customer for that, and what the customers' option sets and other things are.

好的，謝謝，Allan。你看，Atlassian 一直非常以價值觀與長期理念為驅動。我之所以這麼說，是因為我們資料蒐集變更中最大的一部分，是釐清我們如何使用客戶資料、不同區隔中的資料是什麼；我認為我們在這方面有一套絕對世界級的政策。在市場上，我們對於不同資料類別是什麼、用在何處、對客戶的好處是什麼，以及客戶有哪些選項與其他事項等，我們的說明清楚程度不輸任何供應商。

So think of it as broadly a large clarification of what it is that happens at different points and the value that's delivered to the customer from those. The increasing usage of AI allows us to build ever more powerful features. We are seeing a lot of customers. If you look at the DX business, for example, one of the greatest advantages is being able to see how my engineering organization compares to others in my industry, compares to others of my size, et cetera, and this requires a lot of those changes.

所以你可以把它視為：更廣泛地釐清在不同節點會發生什麼，以及由此為客戶帶來的價值。AI 使用量的提升，讓我們能打造更強大的功能。我們看到很多客戶。例如以 DX 業務來看，其中一個最大的優勢，是能夠看到我的工程組織與同產業其他公司、與相同規模的其他公司相比表現如何等等，而這需要進行不少這類變更。

Similarly, the usage of different types of SaaS tools is how we build the Teamwork Graph. So it's all about that open company, being very clear with customers what it is, what the advantage is and trades are. And we've had, I would say, a really positive customer relationship, customer response because we put trust and openness at the core of that relationship and explaining to them what they get from that. And those usage patterns of customers are incredibly important to building fantastic software, which is our highest overall.

同樣地，不同類型的 SaaS 工具使用方式，也是我們建構 Teamwork Graph 的方法。因此，這一切都關乎「開放的公司」：非常清楚地向客戶說明是什麼、優勢是什麼，以及取捨（trade-offs）是什麼。而我會說，我們與客戶之間的關係與回饋都非常正向，因為我們把信任與透明放在關係的核心，並向他們解釋他們能從中獲得什麼。而客戶的這些使用模式，對於打造卓越的軟體極其重要，這也是我們整體最優先的目標。

Raimo Lenschow, Barclays.

Raimo Lenschow，Barclays。

Thank you. Perfect. In your letter, you talked a lot about momentum in ITSM. Can you talk a little bit about what you're seeing there? What's driving it? And how skilled customers like how meaningful this is for you?

謝謝。很好。你在信中談到 ITSM 的動能很多。你能多談談你們在那裡看到了什麼嗎？是什麼在推動它？以及對你們而言，像這樣的客戶採用（skilled customers）有多重要、意義有多大？

Sure, Raimo. Yes, we are seeing great momentum in the Service Collection, again, as I mentioned earlier, celebrating the milestone of passing $1 billion in ARR. We try in the shareholder letter to put a different focus each quarter. So last quarter, you saw us talking about the Teamwork Collection. When we passed 1 million seats and 1,000 customers, less than 6 months into that offering, so showing some momentum in that area, that continues. This quarter, we've chosen to focus on the Service Collection because of the milestone that it passed, which is a great milestone.

當然可以，Raimo。是的，我們在 Service Collection 看到很強的動能；如我先前提到的，我們也在慶祝 ARR 突破 10 億美元的里程碑。我們在股東信中會嘗試每一季放不同的重點。所以在上一季，你看到我們談到 Teamwork Collection。當時在推出不到 6 個月內，我們就突破 100 萬席位與 1,000 家客戶，展現了那個領域的動能，而且這股動能仍在延續。這一季，我們選擇聚焦 Service Collection，因為它達成了這個里程碑，而這是一個很棒的里程碑。

The strength we're seeing is across the regions. So we had a great quarter in EMEA, the business, but also in the Service Collection a lot of large wins in Europe, Middle East and Asia region of increasing strategic customers and enterprise-level customers. We are seeing a big strength as we mentioned in non-IT use cases as well in the Service Collection. So that blurring of roles is really, really important to understand in the Atlassian platform and importance to business as having less -- one tool for the IT team, one tool for the employees, one tool for the HR team, our ability to connect the teams in an organization is really powerful as your organization becomes increasingly service driven.

我們看到的強勁表現遍及各個地區。因此，我們在 EMEA 的整體業務有一個很好的季度，而在 Service Collection 方面，也在歐洲、中東與亞洲地區拿下許多大型案子，策略型客戶與企業級客戶的數量持續增加。我們也看到如前所述，在 Service Collection 的非 IT 使用情境上同樣有很大的強勢。因此，角色的模糊化對理解 Atlassian 平台非常、非常重要；對企業也很重要，因為不再是——IT 團隊一套工具、員工一套工具、人資團隊一套工具；當你的組織愈來愈以服務驅動時，我們連結組織內各團隊的能力就非常強大。

And lastly, as I mentioned, we have a huge amount of AI features that are delivering real value from AI ops in the IT area to be able to diagnose and fix problems more quickly, all the way through to how you can use Rovo as a broad platform and our increasing adoption by customers of our MCP servers and our CLR Command Line Interfaces. We'll talk a lot more about this next week, but especially in the Service Collection, you're seeing that enabling customers to get access to the contact craft it's built in their service offerings, which lets them just get, again, a fantastic results, a better value proposition for the customer and the service part of the business execute more quickly and at a lower cost.

最後，如我先前提到的，我們有大量的 AI 功能正在帶來實質價值，從 IT 領域的 AIOps，讓我們能更快診斷並修復問題，一直到你如何將 Rovo 作為廣泛的平台使用，以及客戶對我們 MCP 伺服器與 CLR 命令列介面（Command Line Interfaces）的採用持續提升。我們下週會更深入談這些，但特別是在 Service Collection 方面，你會看到我們讓客戶能取得其服務供應中內建的聯絡中心能力，讓他們再次獲得極佳成果、為客戶帶來更好的價值主張，並使服務這一端的業務能以更快速度、較低成本執行。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

This is Arsenije on for Alex. So Mike, what is working best with customers when adopting service and Teamwork Collections that's kind of driving that stronger cross-sell growth contribution in cloud? And then a brief follow-up, James. I think you mentioned it earlier, but when we're thinking about next year and the DC revenue growth decel comment, do you think we could get more color on how DC ARR is trending? Or clarify whether we'll get any DC ARR figure exiting the year to better understand for growth when we kind of lap some of these tougher comparison periods next year?

我是代替 Alex 的 Arsenije。所以 Mike，客戶在採用 Service 與 Teamwork Collections 時，哪些做法最有效、進而推動雲端更強的交叉銷售成長貢獻？接著給 James 一個簡短追問。我想你先前有提到，但當我們思考明年以及你對 DC 營收成長放緩的評論時，我們是否能更了解 DC ARR 的趨勢？或者請澄清一下，我們是否會在年底提供任何 DC ARR 的數字，讓我們在明年遇到一些較艱難的比較基期時，能更好理解成長情況？

Thanks, Arsenije. What is working best? Good question. It's all working really well. Look, I think I've covered the Teamwork Graph as a whole and the data we have. The speed of adoption and user experience, again, we have customers that have 500-plus different service desks from a new organization, for example. The ability to get new service desks up and running with all of the data from your organization to create incredibly efficient offerings for your finance team, for your operations and workplace teams, for your HR teams, that is going really, really well. It's because of our investment in user experience overall.

謝謝你，Arsenije。哪些最有效？好問題。其實都運作得非常好。你看，我想我已經涵蓋了整體的 Teamwork Graph 以及我們掌握的數據。採用速度與使用者體驗方面，再次強調，我們有客戶例如在一個新組織中就有 500 個以上不同的服務台。能夠把新的服務台快速上線，並把你組織內的所有資料帶進來，為你的財務團隊、營運與職場團隊、HR 團隊打造極其高效率的服務，這進展非常、非常順利。這要歸功於我們對整體使用者體驗的投資。

We continue to do really strongly in the HRSM space. So in service management around HR and other business functions that continues to be a source of strength for the service question. And our traditional connectivity between the dev team and the IT team between your technology teams and your business teams has always been a source of strength for historically for Jira Service Management, we've seen that continue to deepen and improve with the Service Collection because both of those two teams are getting more and more AI driven.

我們在 HRSM 領域持續表現非常強勁。因此，在圍繞 HR 與其他業務職能的服務管理方面，這仍然是 Service 相關問題的一大強項來源。而我們在開發團隊與 IT 團隊之間、技術團隊與業務團隊之間的傳統連結，一直以來都是 Jira Service Management 的歷史優勢；隨著 Service Collection 的推出，我們看到這種連結持續加深並改善，因為這兩個團隊都越來越由 AI 驅動。

And that AI-driven nature of things and our ability to connect different teams across the organization with a single context graph with a single AI offering and take that offering out to all of the other products that a customer uses makes all of those service-driven parts of their business just quicker to operate and faster to run. So I would say we're seeing strength across the board.

而這種 AI 驅動的特性，加上我們能以單一情境圖譜（context graph）與單一 AI 方案把組織內不同團隊連結起來，並將該方案延伸到客戶使用的所有其他產品，讓他們業務中所有以服務驅動的部分都能更快運作、跑得更迅速。所以我會說，我們看到的是全面性的強勁表現。

And lastly, our newest addition to the service suction in customer service management, internally, we're having huge success there, right? Again, we got a statistic that more than 70% AI resolution rates are being hit internally across hundreds of thousands of conversations in our internal adoption of customer service management. So it lets us run our business more efficiently and customers are seeing that, too, as the customer service offering continues to roll out with fantastic set of features.

最後，我們在服務產品中最新加入的客戶服務管理（customer service management），在內部取得了巨大成功，對吧？同樣地，我們有一項統計顯示，在我們內部採用客戶服務管理、涵蓋數十萬段對話的情況下，AI 解決率達到 70% 以上。因此它讓我們能更有效率地經營業務，而隨著客戶服務方案持續推出一系列出色功能，客戶也同樣看到了這一點。

Arsenije, thanks for the question. As it relates to FY '27, right now, it's too early to discuss any guide at this point, we'll, of course, provide that guidance out in August, our Q4 earnings. But as it relates to ARR, as I mentioned a little bit earlier, right, we're seeing that lumpiness in the revenue recognition in the year on the data center side. And next week, we're going to be able to share some of the historical subscription ARR across the overall business to help really smooth out those timing effects that we talked about.

Arsenije，謝謝你的提問。關於 FY '27，目前還太早，暫時無法在此時討論任何指引；我們當然會在 8 月的 Q4 財報時提供指引。但就 ARR 而言，如我稍早提到的，我們在資料中心（data center）端看到年度內營收認列的波動性（lumpiness）。而下週我們將能分享整體業務的歷史訂閱 ARR，以協助真正平滑我們所談到的這些時間點影響。

And I think that will give folks a better understanding of the underlying strength in the business. But maybe just as a reminder, too, for the data center end of life announcement, right, we began to recognize great upfront term license revenue and that results in greater upfront revenue recognition in the period, but there's a corresponding drawdown in RPO and in particular, CRPO as well.

我認為這會讓大家更好理解業務的基本面強度。不過也提醒一下，關於資料中心終止支援（end of life）公告，我們開始認列較大額的前置期間授權收入（upfront term license revenue），因此在該期間會有較高的前置營收認列，但同時也會對 RPO，尤其是 CRPO，造成相應的下降（drawdown）。

So it's worth sharing then that when you normalize for the impact of ASC 606 here, our RPO would have been north of 40% in the quarter, in Q3. And our CRPO would have been north of 30% year-over-year in Q3, much more in line with some of the recent trends that we're seeing, and again, underscores the strength in the backlog that we're continuing to build.

因此也值得分享的是，若將 ASC 606 的影響正常化（normalize）後，我們本季（Q3）的 RPO 其實會超過 40%。而我們 Q3 的 CRPO 年增也會超過 30%，這與我們近期看到的一些趨勢更一致，同時也再次凸顯我們持續累積的在手訂單（backlog）實力。

Fatima Boolani, Citi.

Fatima Boolani，花旗（Citi）。

Good afternoon. Thank you for taking my questions. Mike, I wanted to ask you about diversifying some of your pricing strategy, collections has been a huge step in the direction of consolidating adjacent capabilities into more intuitive selling motion. But a lot of your peers in other enterprise software complex are sort of investigating or testing the path of usage-based pricing. So I'm curious what you think about that approach and particularly how pertinent it could be for the service collection, for instance, and to the extent you're A/B testing any of this with certain products, I'd love the perspective.

午安。謝謝你回答我的問題。Mike，我想問你們在定價策略多元化方面的看法。Collections 是把相鄰能力整合成更直覺銷售方式的一大步。但你們在其他企業軟體領域的許多同業，正在研究或測試以用量計價（usage-based pricing）的路徑。所以我很好奇你怎麼看這種做法，尤其是它對例如 Service Collection 的相關性；以及如果你們正在針對某些產品做 A/B 測試，我也很想聽聽你們的觀點。

And then a quick one for James. There has been a tremendous amount of focus on driving efficiencies in the business and is leveraging AI to help Atlassian become even more efficient. So I was curious about what type of qualitative learnings and quantifiable yields you're seeing as you more sort of move down the path of deploying AI internally? Thank you.

然後給 James 一個快問。市場非常關注推動企業效率，以及運用 AI 讓 Atlassian 變得更有效率。所以我想了解，當你們更深入推進內部部署 AI 的路徑時，你們看到哪些質性的學習，以及可量化的產出（yields）？謝謝。

Fatima, look, I'll take the first one on pricing and James can talk about efficiencies next so the efficiency is an incredibly important part. What does sound pricing broadly look? Our philosophy has always been to meet customers where they're at. Let me start there. Customers, in general, like the way we price our offerings and we wish to continue to be customer-led and meeting them where they are. The largest amount of value delivered today is through the seat-based pricing model. The collections have been a major transformation in how we do that, for sure. And in that, you are getting a broader amount of value that you can see there..

Fatima，我先回答定價的第一題，接著 James 可以談效率，因為效率確實非常重要。整體而言，健全的定價應該長什麼樣子？我們的理念一直是到客戶所在之處與他們相遇（meet customers where they're at）。我先從這裡說起。一般來說，客戶喜歡我們對產品的定價方式，我們也希望持續以客戶為導向，在他們所在的位置滿足他們。目前交付的最大價值，仍主要來自以席位（seat-based）為基礎的定價模式。Collections 確實是我們在這方面的一次重大轉型。而在這之中，你能看到你所獲得的價值範圍更廣。

So we talk about that when people move to the Teamwork Collection, which we're seeing great momentum in. We talked about the cross-sell and the expansion earlier. The Teamwork collection gives you an amazing amount of software value across Jira, Confluence and Loom and all of the platform assets, goals and projects, et cetera, gives you access to Rovo, but it gives you an increased Rovo credit allowance. And we see that in the Teamwork Collection customers using more than twice as many Rovo credits per user, right?

因此我們會談到，當客戶轉向 Teamwork Collection（我們看到非常好的動能）時，我們先前也談過交叉銷售與擴張。Teamwork Collection 讓你在 Jira、Confluence、Loom 以及所有平台資產（目標、專案等）上獲得驚人的軟體價值，也讓你能使用 Rovo，並且提供更高的 Rovo 點數額度。而我們看到 Teamwork Collection 的客戶，每位使用者使用的 Rovo 點數超過兩倍，對吧？

We want to make sure that we're building amazing features that use those Rovo credits, that the customers see value in using those credits. They also have more than twice as many active agents. So the Teamwork Collection comes with a larger pool credits, which customers are then using increasingly. And that's leading Rovo driving customers to have twice the ARR growth rate of non-Rovo customers, which is all a good set of long-term clients' direction and areas for us.

我們希望確保我們打造出能善用這些 Rovo 點數的精彩功能，讓客戶在使用這些點數時看見價值。他們的活躍代理數也超過兩倍。因此，Teamwork Collection 會提供更大的點數池，而客戶也正越來越多地使用這些點數。這也促使使用 Rovo 的客戶，其 ARR 成長率達到非 Rovo 客戶的兩倍；這一切都指向我們在長期客戶方向與重點領域上的良好態勢。

We have a series of consumption or usage-based pricing meters now. I think we're over 10 or 12 meters from assets to customer service, index subjects, extra Rovo credits. Forge has a series of different offerings for extensibility, Bitbucket Pipelines. So I would say that we continue to be customer-led in how we deal with that pricing as long as customers continue to consume our AI offerings and continue to grow, which I believe they will. We have a great track record of doing that, growing that token usage of 20% month-on-month. is an incredible achievement by our team, and it shows value of the offerings that we are delivering.

我們現在有一系列以消耗或使用量為基礎的定價計量器。我想我們已經有超過 10 或 12 個計量器，涵蓋從資產到客戶服務、索引主題、額外的 Rovo 點數。Forge 也有一系列不同的可擴充性產品，以及 Bitbucket Pipelines。所以我會說，只要客戶持續消耗我們的 AI 產品並持續成長（我相信他們會），我們就會持續以客戶為導向來處理這些定價。我們在這方面有很好的紀錄，每月 token 使用量月增 20%。這是我們團隊令人難以置信的成就，也顯示我們所交付產品的價值。

And fundamentally, it's about selling the outcome to the customer, then understanding the value that they're getting from our software. You've seen that in them broadly increasing the length of their commitment to the Atlassian platform and increasing their overall dollar-based commitment. You can see that in our strong RPO growth, as James pointed out, normalizing for the Ascend revenue recognition north of 40%, that is customers voting for the long term for the Atlassian platform with our pricing models continue to adapt to their needs underneath that. So I feel we're really strongly placed for that.

而從根本上說，這是把成果賣給客戶，然後理解他們從我們軟體中獲得的價值。你已經看到他們普遍延長對 Atlassian 平台的承諾期限，並提高其整體以美元計的承諾金額。你也可以從我們強勁的 RPO 成長看出來，正如 James 所指出的，若將 Ascend 的收入認列影響正規化後，成長率超過 40%；這代表客戶在為 Atlassian 平台的長期投票，而我們的定價模式也會在其下方持續調整以符合他們的需求。所以我覺得我們在這方面的布局非常扎實。

James, I'll leave it to you to talk about the second half of the question.

James，關於問題的後半段我就交給你來談。

Yes, Fatima, as it relates to margin expansion, I think we're just in this unique opportunity right now where we're seeing a lot of demand signals, and we're going to continue to reinvest I think on the AI side, on the enterprise sales side where we see a lot of opportunity. But at the same time, we're going to do that while balancing a very disciplined fiscal approach. You saw that in the shareholder letter where we elevated driving durable, profitable growth as a strategic priority for the company, alongside AI, enterprise and system of work. So again, that margin expansion is going to come twofold through those types of efficiencies as well as continue to drive value for our customers on that top line.

好的，Fatima，關於利潤率擴張，我認為我們現在正處於一個獨特的機會點：我們看到許多需求訊號，並且會持續再投資——我想是在 AI 端，以及在我們看到大量機會的企業銷售端。但同時，我們也會在非常嚴謹的財務紀律下取得平衡來推進這些投資。你在致股東信中也看到，我們把推動可持續、具獲利性的成長提升為公司的策略優先事項之一，並與 AI、企業與工作系統並列。因此，利潤率擴張將從兩個面向而來：一方面透過這類效率提升，另一方面也會在營收端持續為客戶創造價值。

Fatima, if I might just add on that. Look, we're seeing an amazing result of investments in the business, right? James talked about durable profitable growth. That's been a long-term Atlassian aim. We've run an incredibly capital-efficient business for our entire history. And I appreciate you calling out we've had some great quarters about as we look to continue the durable, profitable growth story as one of our strategic priorities.

Fatima，如果我可以再補充一下。你看，我們正看到對業務投資帶來的驚人成果，對吧？James 談到可持續、具獲利性的成長。那一直是 Atlassian 的長期目標。在我們整個歷史中，我們一直以極高的資本效率來經營業務。也謝謝你提到，當我們把「可持續、具獲利性的成長」作為策略優先事項之一並持續推進時，我們確實有幾個非常出色的季度表現。

At the same time, we've had a number of wins across the R&D investments that we've had in terms of the engineering at scale. You can see that in our continued strength in our COGS numbers, in the cost of operating our platform which is an incredible achievement because that platform is operating with the larger customers that are also expanding at larger and larger scale than ever before, and we are running the platform at a cheaper and cheaper rate without any reliability hiccups.

同時，我們在研發投資方面也取得了多項勝利，尤其是在大規模工程能力上。你可以從我們 COGS 數字的持續強勁表現看出來，也就是我們平台的營運成本；這是一項了不起的成就，因為平台正在服務更大型的客戶，而這些客戶也以前所未有的更大規模持續擴張，但我們卻能以越來越低的成本運行平台，且沒有任何可靠性上的差錯。

So that's a huge credit to our engineering team and the work that we've done across every level of the stack to continue to build that durable profitable business, every reason that we should do that in the future.and we're seeing that in the fantastic results that we have. So I just wanted to add on, there's an R&D story, there's a finance story, and we're feel really strong about that in terms of durable profitable future.

所以這要大大歸功於我們的工程團隊，以及我們在技術堆疊各個層面所做的工作，讓我們能持續打造這個可持續、具獲利性的業務；未來我們也完全有理由繼續這麼做，而且我們也在目前出色的成果中看到了這一點。所以我只是想補充：這裡有一個研發的故事，也有一個財務的故事，而就可持續、具獲利性的未來而言，我們對此感到非常有信心。

Thank you. That's all the questions we have time for today. I will now turn the call over to Mike for some closing remarks. Mike?

謝謝。今天我們能回答的問題就到這裡。我現在把電話會議交給 Mike 做結語。Mike？

Thank you all, everyone, for joining us on the call today. Thanks to the Atlassian team for a fantastic quarter. As always, to all of you, we appreciate the thoughtful questions. I believe one of our long-time friends, Keith Weiss, is retiring after this call. So Keith, thank you very much for all the questions over time in person and virtually. We appreciate your thoughtful questions, especially today.

謝謝各位今天加入我們的電話會議。也感謝 Atlassian 團隊帶來一個精彩的季度。一如既往，我們感謝各位提出深思熟慮的問題。我相信我們一位長期的朋友 Keith Weiss 會在這通電話會議後退休。所以 Keith，非常感謝你長期以來不論面對面或線上提出的所有問題。我們很感謝你深思熟慮的提問，尤其是今天。

And to everyone else, hopefully, Keith, hopefully you will join us next week in Anaheim for Team '26. We have a series of incredibly exciting announcements as well as an investor forum. So whether we see you online or in-person in Anaheim, we'll see you next week. And otherwise, hope you have a kickass weekend.

也對其他所有人——希望你會加入我們——Keith，希望你下週能在 Anaheim 與我們一起參加 Team '26。我們將有一系列令人非常興奮的公告，以及一場投資人論壇。無論我們是在網路上或在 Anaheim 現場見到你們，我們下週見。不然的話，祝大家週末過得超爽。