Atlassian Corp (TEAM) 2027 Q1 法說會逐字稿

Good afternoon, and thank you for joining Atlassian's earnings conference call for the first quarter of fiscal year 2027. 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.

各位下午好，感謝您參加 Atlassian 2027 會計年度第一季財報電話會議。提醒您，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 first-quarter fiscal year 2027 earnings call. Thank you for joining us today.

歡迎參加 Atlassian 2027 會計年度第一季財報電話會議。感謝各位今天與會。

On the call with me today, we have Atlassian's CEO and Co-Founder, Mike Cannon-Brookes; and James Chuong.

今天與我一同出席電話會議的有 Atlassian 執行長暨共同創辦人 Mike Cannon-Brookes，以及 James Chuong。

Earlier today, we published a shareholder letter and press release with our financial results and commentary for the first quarter of fiscal year 2027. 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. So during the call today, we'll have brief opening remarks and then focus our time on Q&A.

今天稍早，我們已發布股東信與新聞稿，內容包含 2027 會計年度第一季的財務結果與評論。股東信可於我們官網「投資人關係」專區取得，您也可在該處找到其他與財報相關的資料，包括財報新聞稿與補充投資人資料表。一如既往，我們的股東信包含管理層對本季的洞見與評論。因此在今天的電話會議中，我們將先做簡短開場說明，接著把時間重點放在問答環節。

This call will include forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made and we undertake no obligation to update or revise such statements should they change or cease to be current.

本次電話會議將包含前瞻性陳述。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，或任何假設被證明不正確，我們的結果可能與我們所做前瞻性陳述中明示或暗示的結果存在重大差異。您不應將前瞻性陳述視為對未來事件的預測。前瞻性陳述僅代表截至陳述作出之日管理層的信念與假設；若其後發生變更或不再適用，我們不承擔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.

關於這些及其他可能影響我們業務表現與財務結果的因素之進一步資訊，載於我們不時向美國證券交易委員會（SEC）提交的文件中，包括我們最近提交的年度與季度報告中「風險因素」章節。

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. Reconciliation between GAAP and non-GAAP financial measures is available in our shareholder letter and earnings release on the Investor Relations section of our website.

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 指標是對依 GAAP 編製之財務績效衡量的補充，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，已載於我們官網「投資人關係」專區的股東信與財報新聞稿中。

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.

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. Now, as you've already read in our shareholder letter, we had a great start to fiscal 2027.

感謝各位今天加入我們。正如各位已在股東信中讀到的，我們在 2027 會計年度有個非常好的開局。

Total revenue grew 24% to $1.8 billion, cloud revenue grew 31% to $1.3 billion, and subscription ARR grew 23% to $6.8 billion. We also delivered GAAP operating margin of 11% and free cash flow of $463 million, an increase of 304% year on year, representing a free cash flow margin of 26%. These results reflect strong customer demand and execution across our big strategic priorities of enterprise, AI, and the System of Work, and our continued focus on driving durable, profitable growth.

總營收成長 24% 至 18 億美元，雲端營收成長 31% 至 13 億美元，訂閱 ARR 成長 23% 至 68 億美元。我們也實現 GAAP 營業利益率 11%，自由現金流 4.63 億美元，年增 304%，相當於 26% 的自由現金流利潤率。這些成果反映了客戶需求強勁，以及我們在企業、AI 與「工作系統（System of Work）」等重大策略優先事項上的執行力，並持續聚焦於推動可持續且具獲利性的成長。

Customers are bringing more people, more agents, and more workflows onto the Atlassian platform and then making larger and longer-term commitments. This quarter, Infosys, SAP, Workday, and Westpac are just a few examples of global enterprises that expanded greatly with us, standardizing how their teams collaborate, operate, and execute business processes on the Atlassian platform.

客戶正把更多人員、更多代理（agents）與更多工作流程帶到 Atlassian 平台上，並做出更大且更長期的承諾。本季，Infosys、SAP、Workday 與 Westpac 等全球企業只是其中幾個例子；他們大幅擴大與我們的合作，在 Atlassian 平台上標準化其團隊的協作、營運與業務流程執行方式。

You can see that in our RPO, which grew 44% year over year to $4.7 billion and customers spending more than $1 million a year grew well north of 30% year over year.

這也反映在我們的 RPO 上：RPO 年增 44% 至 47 億美元；而每年支出超過 100 萬美元的客戶數年增遠超過 30%。

In the cloud, we saw continued strong seat expansion in Jira and Confluence along with strong cross-sell into our collections. More than 3,000 customers have now upgraded to the Teamwork Collection for expanded Rovo credits and platform capabilities. That's a 7x increase year over year.

在雲端方面，我們看到 Jira 與 Confluence 的席位（seat）持續強勁擴張，同時在我們的產品組合（collections）中也有強勁的交叉銷售表現。目前已有超過 3,000 家客戶升級至 Teamwork Collection，以獲得更多 Rovo 點數與平台能力，年增達 7 倍。

The Service Collection has now surpassed 70,000 customers, with ARR continuing to grow over 30% as we continue to take market share.

Service Collection 的客戶數現已超過 70,000 家；在我們持續取得市占的同時，其 ARR 仍持續成長超過 30%。

What makes our system of work valuable in the AI era is a unique combination of context, collaboration, and confidence.

在 AI 時代，我們的工作系統之所以有價值，來自於「情境（context）」、「協作（collaboration）」與「信心（confidence）」的獨特組合。

With context, yes, models are getting smarter, but to be effective at work, they need to understand an organization's goals, knowledge, people, decisions, and history. The teamwork graph now connects more than 250 billion objects and relationships and extends across customers' third-party tools to more than 80 out-of-the-box connectors. That context translates into real value for our customers.

先談情境：沒錯，模型正變得更聰明，但要在工作中有效，它們需要理解組織的目標、知識、人員、決策與歷史。Teamwork graph 現在連結了超過 2,500 億個物件與關係，並透過超過 80 個開箱即用的連接器延伸至客戶的第三方工具。這些情境能為客戶帶來實質價值。

Customers with a richer teamwork graph are twice as likely to become deep Rovo adopters, and deep adopters grow ARR more than twice as fast as customers with light Rovo usage.

擁有更豐富 teamwork graph 的客戶，成為 Rovo 深度採用者的機率是其他客戶的兩倍；而深度採用者的 ARR 成長速度，也比 Rovo 輕度使用的客戶快超過兩倍。

Teamwork Collection customers are running twice as many agents while expanding their Jira and Confluence seats much faster than standalone customers.

Teamwork Collection 客戶運行的代理數量是其他客戶的兩倍，同時其 Jira 與 Confluence 的席位擴張速度也明顯快於單一產品客戶。

Next, to collaboration. At Team '26 Europe, we introduced our Agentic Multiplayer Protocol, or AMP, as a collaboration layer built across the Atlassian platform, not as a separate product that customers have to buy. It helps people and agents work together with shared context, clear identity, attribution, and governed authority.

接著談協作。在 Team '26 Europe 上，我們推出了 Agentic Multiplayer Protocol（AMP），作為建構於 Atlassian 平台之上的協作層，而不是需要客戶另外購買的獨立產品。它能協助人與代理在共享情境下協同工作，並具備清晰的身分識別、歸因（attribution）以及受治理的授權（governed authority）。

More than 10 million human agent collaborations now happen on our platform every month, double the level of six months ago. To learn more about AMP, I just shared a Loom on our Investor Relations website.

目前每月在我們平台上發生的人類與代理協作已超過 1,000 萬次，較六個月前翻倍。若想進一步了解 AMP，我剛在我們的投資人關係網站分享了一段 Loom。

And finally, to customer confidence. As agents take on more work, enterprises need visibility, security and governance of where that work is happening. We continue to build those controls into our platform so customers can scale their AI responsibly.

最後談客戶信心。隨著代理承擔更多工作，企業需要能見度、安全性與治理能力，以掌握工作發生的位置。我們持續把這些控管機制建置到平台中，讓客戶能以負責任的方式擴大 AI 的使用規模。

More than 87% of our enterprise cloud customers are now using Rovo. And our larger, longer commitments show how deeply customers are investing in this foundation.

目前超過 87% 的企業級雲端客戶已在使用 Rovo。而我們更大、更長期的承諾也顯示客戶正深度投資於這個基礎。

Overall, we're executing extremely strongly our strategy from a position of strength. We're seeing this play out again in our results. I'm super excited about the year ahead. Connecting agents and humans on the Atlassian platform will continue to unlock huge value for our customers and we're extremely proud to be building for that future.

整體而言，我們正以優勢地位非常強勁地執行策略，並再次在業績中展現成果。我對接下來的一年感到非常興奮。在 Atlassian 平台上連結代理與人類，將持續為客戶釋放巨大價值；我們也非常自豪能為那樣的未來而打造。

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

接下來，我把電話交給會議主持人進行問答。

Ryan MacWilliams, Wells Fargo.

Wells Fargo 的 Ryan MacWilliams。

Hey, thanks for taking the question. Really strong result on the data center side, but then I guess like the full-year guide was pretty similar. We've talked to some of your customers, some of your largest customers and it seems like they're prioritizing the migration to cloud in the coming years due to de-coding and some of the new features that you're offering. So love to hear just kind of like what drove the strong data center result in the quarter and then maybe how your customers are thinking about migrations for the rest of this year at this point. Thanks.

嗨，謝謝讓我提問。資料中心（data center）端的表現非常強勁，但我想全年指引看起來相當類似。我們和一些客戶、尤其是你們最大的幾家客戶聊過，感覺他們因為去程式碼化（de-coding）以及你們提供的一些新功能，而在未來幾年會把遷移到雲端列為優先事項。所以想請教，本季資料中心表現強勁的驅動因素是什麼？以及就目前來看，你們的客戶對今年剩餘時間的遷移計畫是怎麼思考的？謝謝。

Thanks for the question, Ryan. Yeah, I think just starting on the overall performance. On the data center side, as we continue to see customers migrate over to the cloud right now, we're now sort of seeing some of the largest, most complex customers.

謝謝你的問題，Ryan。是的，我先從整體表現談起。在資料中心端，雖然我們持續看到客戶正在遷移到雲端，但我們現在也開始看到一些規模最大、最複雜的客戶。

And one of the things that we're seeing in the quarter right now is really strong retention. And a big part of that is obviously the cloud road map that we have, but also the commitments that we're making, for example, in areas like the public sector opportunity, right?

而我們本季看到的一件事是留存（retention）非常強勁。其中很大一部分當然來自我們的雲端產品路線圖，但也來自我們所做出的承諾，例如在公共部門機會等領域，對吧？

We talked about submitting for IL5 or Impact Level 5 authorization six months early, ahead of schedule for July 2028, FedRAMP high authorization submission in January 2029 to follow that, and then submitting for Rovo and AI on our Atlassian government cloud platform in June 2027.

我們曾提到，針對 IL5（Impact Level 5）授權，我們將在原定 2028 年 7 月時程之前提早六個月提交申請；接著在 2029 年 1 月提交 FedRAMP High 授權申請；並在 2027 年 6 月針對我們的 Atlassian 政府雲平台提交 Rovo 與 AI 的申請。

So I think what we're seeing is that in that commitment that we're making to our customers here, we're really being rewarded by some of the high retention rates that we're seeing, and that's outpacing even our expectations here. So really pleased with what we're seeing on that side of it.

所以我認為，我們看到的是：在我們對客戶做出這些承諾的同時，也確實因為我們看到的高留存率而獲得回報，而且這甚至超出我們的預期。因此我們對這一端的表現非常滿意。

And I'll also note that right now, data center migrations to cloud are contributing approximately mid- to high-single digits to cloud revenue growth. But in terms of one of the areas where we want to make sure we meet our customers where they are commercially is to make available for them, hybrid deployments, right? In particular, in Q2, there were a number of very, very large customers in the quarter who, as part of their migration journey, signed cloud migration commitments through these hybrid deployments that enabled them to migrate from data center to cloud over a multiyear period, so this is a great sign.

另外我也想補充，目前資料中心遷移到雲端，對雲端營收成長的貢獻約為中到高個位數百分比。不過，就商業模式而言，我們希望能在客戶所在的位置與其對接，其中一個重點就是提供混合式部署（hybrid deployments），對吧？特別是在第二季，本季有一些非常、非常大型的客戶，在其遷移旅程中，透過這些混合式部署簽署了雲端遷移承諾，使他們能在多年期間從資料中心遷移到雲端，因此這是一個非常好的訊號。

Customers are deepening their commitment to Atlassian. They see cloud as the final destination. And because we don't charge customers twice on these hybrid deals, hybrid deployments did split revenue between data center and cloud. And as a result, that meant slightly more revenue on data center and slightly less on cloud this quarter.

客戶正在加深對 Atlassian 的承諾。他們將雲端視為最終目的地。而且因為在這些混合型交易中我們不會向客戶重複收費，混合部署會在 Data Center 與雲端之間分攤營收。因此，本季 Data Center 的營收略多一些，而雲端的營收略少一些。

But if you zoom out, the key takeaway here is that the largest, most complex customers are moving ahead with their multiyear journeys to cloud where they can really unlock all the benefits of the Atlassian platform.

但如果把視角拉遠，這裡的關鍵重點是：規模最大、最複雜的客戶正持續推進其為期多年的上雲旅程，在那裡他們才能真正釋放 Atlassian 平台的所有效益。

Yeah, Ryan, I guess I'll just add on a little customer color from my point of view. We spent nigh on a decade now managing these migrations between server and then data center to the cloud, having had more than 100 customer conversations in the last quarter, well over 100, I would say.

是的，Ryan，我想我從我的角度再補充一些客戶面的觀察。我們管理這些從 Server、再到 Data Center、再到雲端的遷移，至今差不多已經將近十年了；在上一季我們與超過 100 位客戶進行了對話，我會說遠遠超過 100 次。

The customers are very excited about what we've built in the cloud. They continue to be so, they see the value of AI, it is a big catalyst beyond all the enterprise and compliance and infrastructural improvements that James talked about to driving that momentum forward. We landed some very big migrations during the quarter, and we continue to work on them for the quarters ahead.

客戶對我們在雲端打造的成果非常興奮。他們持續保持這樣的熱度，也看見 AI 的價值；除了 James 提到的各項企業級、合規與基礎架構改善之外，AI 是推動這股動能向前的一個重要催化劑。我們在本季落地了幾個非常大型的遷移案，並且會在接下來幾季持續推進。

So I would say the customer feeling and drive toward the cloud remains incredibly strong as they see how powerful, what a huge upgrade that the cloud platform is from where they are in data center.

所以我會說，當客戶看到雲端平台相較於他們目前在 Data Center 的狀態是多麼強大、是一個多麼巨大的升級時，客戶的感受與轉向雲端的驅動力依然非常強勁。

Fatima Boolani, Citi.

Fatima Boolani，花旗（Citi）。

Good afternoon. Thank you for taking my question. Mike, this one's for you. It's a little bit of a bigger picture question. As organizations shift to more of an AI software development life cycle away from the predecessor Agile movement, just based on agentic coding becoming the de facto standard on how software engineering is being done, can you talk about how Jira and Confluence benefit from what is essentially, I would argue, becoming a diminished coordination or collaboration task between human engineers and more presumably seamless collaboration between agents? And then just some of the commercial and monetization trajectory implications for these core products where the functional reason for their existence is to drive that collaboration, so we'd just love to hear your perspective on that. Thank you.

下午好。謝謝讓我提問。Mike，這題想請教你，屬於比較宏觀的問題。隨著組織從先前的敏捷（Agile）運動，轉向更偏 AI 的軟體開發生命週期，尤其在代理式（agentic）寫碼逐漸成為軟體工程實作的事實標準之下，你能否談談 Jira 與 Confluence 如何受益？我會主張，這本質上可能會讓人類工程師之間的協調或協作工作變少，取而代之的是代理之間更無縫的協作。再者，對於這些核心產品的商業化與變現路徑，你怎麼看？因為它們存在的功能性理由就是推動協作，所以很想聽聽你的觀點。謝謝。

Thanks, Fatima. A great question. We've often agreed on things in the past. I'd say we disagree on this question personally. The value of Jira and Confluence for coordination in the AI era is even stronger than it has been in the past. I think this is often mistaken, right?

謝謝你，Fatima。這是一個很好的問題。我們過去常常在一些事情上看法一致；但我得說，就這個問題我個人是不同意你的。Jira 與 Confluence 在 AI 時代用於協調的價值，反而比過去更強。我認為這點常常被誤解，對吧？

In fact, we shared an example at Team '26 Europe where Morgan Stanley. Somewhere on the call announced they're moving their Jira and Confluence to the cloud at large scale and rolling out Rovo to thousands of users. And the main reason to turn even more so to the Atlassian platform than they have been before as a long-time customer is for their software development and to get a better view of what's happening across their teams and to connect their technology teams with their business teams, which is almost exactly out of our system of work playbook, right?

事實上，我們在 Team '26 Europe 分享過一個例子：Morgan Stanley 在某次電話會議上宣布，他們將大規模把 Jira 與 Confluence 遷移到雲端，並把 Rovo 推廣給數千名使用者。作為長期客戶，他們之所以比以往更倚重 Atlassian 平台，主要原因是用於軟體開發，並更好地掌握各團隊正在發生的事情，以及把技術團隊與業務團隊連結起來——這幾乎完全符合我們的「工作系統（system of work）」作戰手冊，對吧？

I think there are multiple factors happening simultaneously when you talk about this. Firstly, it's about bringing all of that agentic work into a collaboration platform. The human role is incredibly important in intent in applying intuition and understanding, in guiding and handling exceptions, in initiating work. So we shipped a whole series of features about Agentic Sessions coming into Jira at Team '26 Europe and they were incredibly positively received.

我認為當你談到這件事時，有多個因素同時在發生。第一，是把所有這些代理式工作帶進協作平台。人類的角色在意圖（intent）上極其重要：運用直覺與理解、引導並處理例外狀況、發起工作。我們在 Team '26 Europe 發布了一整系列讓 Agentic Sessions 進入 Jira 的功能，反響非常正面。

There's no doubt the amount of work happening is going to go up, precipitously so. The coordination tax of that then becomes even more so. If you're trying to understand 10 times as much work, you need to understand more coordination, more connections than you have been beforehand.

毫無疑問，正在發生的工作量將會大幅上升，而且是陡增。隨之而來的協調成本（coordination tax）就會更高。如果你要理解多出 10 倍的工作，你就需要比以前更多的協調、更多的連結。

The context that Jira and Confluence provides of your history and your future are two of the most essential ingredients. We can see that, we know we're in the top handful of MCP servers of all of the major foundation labs and not just for reading but for writing as well as organizations continue to try to work out how to manage that across their systems.

Jira 與 Confluence 所提供的脈絡——你的歷史與你的未來——是兩個最關鍵的要素。我們看得到這點；我們也知道，在所有主要基礎模型實驗室（foundation labs）中，我們是 MCP 伺服器排名前幾名的其中之一，而且不只是用於讀取，也用於寫入，因為各組織持續在摸索如何跨其系統來管理這些事情。

And lastly, as I said, it's about connecting those technology teams to business teams. Increasingly that code writing, which is incredibly exciting, is being done by people in finance, by employees in marketing and HR and other areas. And so you have even more of a coordination challenge, a larger opportunity for us to connect technology and business teams than we've ever seen before.

最後，如我所說，這也關乎把技術團隊與業務團隊連結起來。越來越多的程式碼撰寫——這非常令人興奮——是由金融領域的人、行銷與人資等部門的員工，以及其他領域的人在做。因此你面臨更大的協調挑戰；對我們而言，把技術與業務團隊連結起來的機會也比以往任何時候都更大。

I believe you can see that showing up in our numbers today, our customers would say that. You can see that in our seat expansion numbers being incredibly strong this quarter. Our RPO number again accelerating to 44.5% this quarter, reflecting just increasing longer and larger commitments from customers are going out multiple years as they see the value of the Atlassian platform and the context we have in the teamwork graph and that collaboration happening across multiple teams, be that in the Service Collection or be that in the teamwork collection or the software collection. So we're incredibly bullish on our role in the AI future.

我相信你今天可以從我們的數字中看到這點，我們的客戶也會這麼說。你可以看到本季我們的席位擴張（seat expansion）數據非常強勁。我們的 RPO（剩餘履約義務）增速本季再次加快至 44.5%，反映客戶正做出更長期、更大規模的承諾，期限跨越多年，因為他們看見 Atlassian 平台的價值、我們在 Teamwork Graph 中所擁有的脈絡，以及跨多個團隊發生的協作——無論是在 Service Collection、Teamwork Collection，或是 Software Collection。因此，我們對自己在 AI 未來中的角色非常看多。

And that's before we even get to AMP, which we've talked about and I recommend watching the Team '26 keynote or the Loom that I just shipped today.

而這甚至還沒談到 AMP；我們已經討論過，我也建議去看 Team '26 的主題演講（keynote），或是我今天剛發布的 Loom。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，RBC Capital Markets。

Great. Hey, guys. Thanks for taking my question. One thing I noticed is you're expanding your forward-deployed engineer motion. It was interesting. ServiceNow noted something similar last week. I guess I'm wondering, can you expand upon that motion? Is this indicative kind of where customers are at in their kind of AI decision-making, just kind of trying to plan things out here just kind of given how quickly technology is moving? Just color on that would be helpful. Thanks, guys.

很好。嗨，各位，謝謝讓我提問。我注意到你們正在擴大前線駐點工程師（forward-deployed engineer）的推動模式。這很有意思，ServiceNow 上週也提到類似的事情。我想問的是，你們能否更詳細說明這種模式？這是否反映了客戶在 AI 決策上的所處階段——在技術快速演進的情況下，他們只是想把事情規劃清楚？如果能提供一些背景說明會很有幫助。謝謝各位。

Thanks, Matt. Look, I can talk to our FDE motion.

謝謝你，Matt。你看，我可以談談我們的 FDE 推動模式。

Firstly, I would encourage, as I encourage all customers and encourage all investors, all FDEs are not built the same. Our FDEs are fully qualified AI and ML engineers who are writing full production customer code and product code at the customer site. So they're trying to help customers to get their AI motions moving to get workflows moving onto the platform.

首先，我會鼓勵——就像我鼓勵所有客戶、也鼓勵所有投資人一樣——不是所有 FDE 都一樣。我們的 FDE 是完全合格的 AI 與 ML 工程師，他們會在客戶現場撰寫可直接上線的客戶程式碼與產品程式碼。因此他們是在協助客戶把 AI 的推進動作跑起來，讓工作流程在平台上運轉起來。

We have had -- that's different to some other places with their rebadged customer success staff, et cetera. It's extremely hard to scale that program fast as you can well appreciate those are very rare individuals.

這與某些公司把客戶成功人員重新貼標（rebadged）之類的做法不同。你也能理解，要快速擴大這個計畫非常困難，因為這類人才非常稀缺。

Our FDE program though is going extremely well, couple of quarters in now. We are working with many large customers on helping them get more value from AI. They bring processes and improvements that they want to see and our FDEs help them connect the teamwork graph, they help them explain to engineers and staff at the customer site how they can continue to roll the Atlassian platform out across more and more of their world, how they can continue to build out their ontology into the Teamwork Graph, and how that yields better results with Rovo, with coding agents, with service agents, et cetera.

不過，我們的 FDE 計畫進展非常順利，現在大概推行了幾季。我們正與許多大型客戶合作，協助他們從 AI 中獲得更多價值。客戶會帶來他們希望看到的流程與改善，而我們的 FDE 會協助他們串聯 Teamwork Graph，並向客戶現場的工程師與員工解釋：他們如何能持續把 Atlassian 平台推廣到其更大範圍的業務版圖；如何能持續把他們的本體（ontology）建構到 Teamwork Graph 中；以及這如何能在 Rovo、coding agents、service agents 等方面帶來更好的成果。

So still early in the program for us. The goal is delivering AI usage and leaving the customer with a trained group of people who can then continue that rollout by themselves to have confidence in Forge as an extensibility platform and the teamwork graph, in our connectors, in everything that exists in the Atlassian platform and it's been going very, very well.

所以對我們而言，這個計畫仍在早期階段。目標是推動 AI 使用，並在專案結束時，讓客戶擁有一群受過訓練的人才，之後能自行持續推廣；同時對 Forge 作為延展性平台、對 Teamwork Graph、對我們的連接器（connectors），以及 Atlassian 平台中所有既有能力建立信心。目前進展非常、非常順利。

Again, our goal is not building a service business, these aren't professional services folk, they are rarely ever charged for, so it's pretty different to what other people are doing in terms of professional services and customer success.

再次強調，我們的目標不是打造一門服務業務；這些人不是專業服務人員（professional services folk），而且幾乎從不收費，所以這與其他人在專業服務與客戶成功方面的做法相當不同。

Lastly, I will say that philosophically, we are seeing great speed-ups in our ability to build product with FDEs. So increasingly, we are doing more and more core software engineering at the customer side that is very unique. It's an ability of our platform and our really world-class R&D organization to be doing this. It helps speed up the customer request to delivery loop incredibly fast. It's something we're very bullish on. We'll probably talk more about that in the coming quarters as we keep accelerating that program.

最後我想說，從理念上來看，我們看到 FDE 讓我們打造產品的速度大幅提升。因此，我們越來越多在客戶端進行非常獨特的核心軟體工程工作。這展現了我們平台的能力，以及我們真正世界級的研發組織能做到這件事。它能把「客戶需求到交付」的迴圈加速得非常快。我們對此非常看多。隨著我們持續加速這個計畫，未來幾季我們可能會談更多。

Adam Wood, Morgan Stanley.

Adam Wood，Morgan Stanley。

Hi, thanks for taking the question, and also, congrats on the good start to the year and thanks for the shout out. Maybe I could ask about AMP. I think you're one of many companies that are claiming the right to execute against owning and managing agent identities, permissions, and audits. Could you just talk a little bit about why you think you have the right to win here?

嗨，謝謝讓我提問，也恭喜你們今年開局良好，謝謝你們的點名。也許我可以問一下 AMP。我想你們是眾多公司之一，都宣稱自己有能力去執行並擁有、管理代理身分（agent identities）、權限與稽核。你能否談談，為什麼你認為你們有資格在這裡勝出？

And I think you said you're not monetizing this directly. Do you always see it being that way? And if so, where do we see that drive the revenues for you coming into the business, please? Thank you.

而且我想你說過你並沒有直接將這個變現。你是否一直認為會維持這種方式？如果是的話，請問我們會在哪裡看到它為你們帶動營收、導入到業務中？謝謝。

Thanks, Adam. How would I answer that? Look, a couple of things. I think the, quote-unquote, right to sort of orchestrate, manage compliance agents, et cetera, that's a very broad term. So the reason you're seeing a lot of companies kind of say things like this is it means a lot of different things to a lot of different customers.

謝謝你，Adam。我該怎麼回答呢？你看，有幾點。首先，我認為所謂的「有權去編排、管理合規代理等」這個說法，是一個非常廣泛的概念。所以你會看到很多公司會說類似的話，是因為它對不同客戶而言代表很多不同的事情。

I can only talk about what it is that we are doing. If you talk about what, I don't know, an Okta or a Workday or someone else is doing, it's very, very different even though the words may sound the same and part of the problem is just everyone saying agents are lost.

我只能談我們正在做的事情。如果你談的是，呃，我不知道，Okta 或 Workday 或其他人在做什麼，那就非常、非常不同，即使用詞聽起來可能一樣；而問題的一部分就在於大家都在說代理（agents），結果反而讓人搞不清楚。

We're trying to show in two different places, I think, incredible differentiation uniqueness.

我想我們正試圖在兩個不同的面向，展現出令人驚豔的差異化與獨特性。

So the first I would point to is AMP. We are trying to bring agents into customers' workflows, structured or unstructured workflows into their collaboration. That collaboration happens an awful lot on the Atlassian platform inside Confluence or inside service management. It happens an awful lot off the Atlassian platform. That may be in a partner app like Figma. It may be in a command line tool like Codex. All of that is contributing to your collaboration and your workflows.

所以第一個我會指向 AMP。我們正嘗試把代理帶進客戶的工作流程中——不論是結構化或非結構化的工作流程——並融入他們的協作。這種協作有很大一部分發生在 Atlassian 平台上、在 Confluence 裡或在服務管理裡；也有很大一部分發生在 Atlassian 平台之外。可能是在像 Figma 這樣的合作夥伴應用程式裡；也可能是在像 Codex 這樣的命令列工具裡。所有這些都在促成你的協作與工作流程。

What we're doing in AMP is bringing you a set of experiences, really highly designed experiences, which are truly unique in the world today, as well as bringing all the technological standards, so your MCP, your A2A, all the technology standards that are underneath AMP and bringing them that in a very human-centric way so that you can quickly roll out the agentic use cases in ways that are understandable. And whether your staff are operating on or off the Atlassian platform, you have understanding about what is happening.

我們在 AMP 所做的，是帶來一組體驗——真正高度設計的體驗——在今天的世界裡確實是獨一無二的；同時也把所有技術標準帶進來，也就是你的 MCP、你的 A2A，以及 AMP 底層的所有技術標準，並以非常以人為本的方式呈現，讓你能夠快速推出代理式（agentic）的使用情境，而且是以可理解的方式推出。無論你的員工是在 Atlassian 平台上或平台外運作，你都能理解正在發生什麼。

So when we talk about traceability and accountability, it is saying that people can see where a human has done something, where an agent has done something on behalf of a human, and if so, who it was on behalf of, if it's just agents operating by themselves, which does happen quite a lot, and if you need to pull other SaaS applications or other agents in, no matter whether that's on or off the Atlassian platform, it's understandable.

因此當我們談到可追溯性與可問責性時，我們的意思是：人們可以看見哪些事情是人做的、哪些事情是代理代表某個人做的；如果是代表某個人做的，那是代表誰；如果只是代理自行運作——這其實相當常見——以及如果你需要拉進其他 SaaS 應用或其他代理，不管是在 Atlassian 平台上或平台外，都能被理解。

It was incredibly well received by customers at Team '26 Europe because they're trying to bring the humanity, the design and experience and the power of the agentic world together into understandable experiences across Jira, Confluence, Loom, et cetera. So we are super bullish about that, it's very, very unique and very different to what is happening elsewhere.

在 Team '26 Europe 上，客戶的反應非常好，因為他們正嘗試把人性、設計與體驗，以及代理式世界的力量，整合成跨 Jira、Confluence、Loom 等等的可理解體驗。所以我們對此非常看多；它非常、非常獨特，也與其他地方正在發生的事情非常不同。

We do have a lot of agentic governance features focused more on agents in the Atlassian platform. So when you're building Rovo agents, customers need to be very clear on the controls, the cost measures, the commissioning, and the compliance of those agents, we continue to improve that. We shipped non-human identities, for example, and where those agents can get to our world with MCP servers and the CLI. Again, there's a lot of controls, but that's not so much of a control at the orchestration layer overall.

我們確實有很多代理治理（governance）功能，更多是聚焦在 Atlassian 平台內的代理。因此當你在建置 Rovo 代理時，客戶需要非常清楚這些代理的控制項、成本衡量、啟用（commissioning）以及合規性，我們也持續在改進。我們例如推出了非人類身分（non-human identities），以及這些代理如何透過 MCP 伺服器與 CLI 進入我們的世界。再說一次，這裡有很多控制，但那並不是整體編排層（orchestration layer）的控制。

You can see that's going really well, I would say, more than 10 million human-agent interactions. MCP server past 2 million monthly active users now, 15 million tool calls a day. So all of the numbers are going an incredibly rapid pace in the right direction. But with our goal of helping you collaborate across those business processes everywhere that you speak to, and we really think it expands our opportunity as we continue to win more and more workflows and business processes across all the types of teams from leadership teams to service teams and everyone in between.

你可以看到進展非常好：我會說，人類與代理的互動已超過 1,000 萬次。MCP 伺服器現在每月活躍使用者已超過 200 萬，工具呼叫量每天 1,500 萬次。所以所有數字都以極快的速度朝正確方向前進。但我們的目標是幫助你在你所接觸的各種業務流程中、在任何地方都能協作；我們也真的認為，隨著我們持續在各類型團隊——從領導團隊到服務團隊以及中間的所有人——贏得更多工作流程與業務流程，這會擴大我們的機會。

How that shows up in the experiences for users is going to be incredibly important, I believe, and letting us harness the best of all of those models. So it's a pretty unique viewpoint, I think, but it's very customer-centric and customer-driven.

我認為，這將如何在使用者體驗中呈現會非常重要，並讓我們能夠整合並運用所有這些模型的最佳之處。所以我覺得這是一個相當獨特的觀點，但它非常以客戶為中心、由客戶需求所驅動。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，Mizuho。

Great. Thank you very much. Two related questions, if I may, because I think this is really affecting the share price right now with the investor concern being one of potentially slowing growth outlook at Atlassian.

很好。非常感謝。如果可以的話我有兩個相關問題，因為我認為這確實正在影響目前的股價，投資人擔心的是 Atlassian 的成長前景可能正在放緩。

First, the cloud revenue guide, James, for Q2 reflects about four points of deceleration. That is quite a bit more than the guidance from 90 days ago and it would just be helpful to understand why if we could.

第一，James，你們對第二季的雲端營收指引反映出大約 4 個百分點的減速。這比 90 天前的指引大得多；如果可以的話，了解原因會很有幫助。

And second, your Q1 subscription ARR growth was really strong, but you're forecasting a meaningful decline over the next three quarters. I know the compares get a little tougher certainly due to the data center pull-forward and to DX in the back half of the year. But beyond that, are there any other factors we should be aware of that could weigh on the growth rate?

第二，你們第一季訂閱 ARR 成長非常強勁，但你們預測接下來三個季度會出現明顯下滑。我知道比較基期會變得更具挑戰，當然是因為資料中心（data center）提前拉貨，以及下半年 DX 的影響。但除此之外，還有沒有其他我們應該注意、可能會拖累成長率的因素？

Yeah, thanks for the question, Gregg. Yeah, look, I think from the starting point of what we saw in Q1, we were really pleased with the performance that we saw across that cloud business. As I mentioned a little bit earlier, sustaining north 30% year-over-year growth and really strong NRR sort of once again here, right?

是的，謝謝你的問題，Gregg。你看，我認為從我們在第一季看到的起點來說，我們對雲端業務的表現非常滿意。如我稍早提到的，年增率維持在 30% 以上，而且 NRR 再次非常強勁，對吧？

So on what we're seeing here and what we're anticipating is the continued momentum on cross-sell. We saw that Service Collection in Q1 again cross 70,000 customers at $1 billion of ARR growing north of 30%. And in terms of seat growth from competitive displacements, that was up over 40% year over year. So I think we feel really good about what we're seeing there.

所以就我們目前看到的以及我們的預期而言，是交叉銷售動能的延續。我們看到 Service Collection 在第一季再次突破 70,000 名客戶、ARR 達到 10 億美元，成長仍在 30% 以上。至於因競品替換帶來的席位（seat）成長，年增超過 40%。所以我認為我們對那裡看到的狀況感覺非常好。

And as it relates to the Teamwork Collection, over 3,000 customers, 7x year over year now. And again, still remains the best way for us to help customers adopt and unleash AI across the entire Atlassian platform.

而就 Teamwork Collection 而言，客戶數超過 3,000 家，年增達到 7 倍。而且同樣地，它仍然是我們協助客戶在整個 Atlassian 平台上採用並釋放 AI 能力的最佳方式。

When it comes to the guide here, I think we're still early in the year, and we're going to continue to take a thoughtful and proven approach here, balancing the momentum that we're seeing in the business with RPO at 44%, CRPO at 28%. And balance that with the uncertainty around the evolving dynamics in the macro environment, the fiscal policy, geopolitical landscape. So again, going to continue to take a prudent approach here.

談到這次的指引，我認為我們今年仍在早期階段，我們會持續採取審慎且經過驗證的方法，在我們看到的業務動能與 RPO 44%、CRPO 28% 之間取得平衡；同時也要把宏觀環境演變中的不確定性、財政政策、地緣政治局勢等因素納入考量。所以我們會繼續採取謹慎的做法。

In Q2, we'll begin to lap the DX acquisition. And in the second half, we'll begin to face some tougher comps given the acceleration that we saw in the second half of fiscal '26. And of course, we're still scaling our enterprise go-to-market sales motion to unlock the massive opportunity that we have here. We're in 85% of the Fortune 500, and that represents really just about 10% of revenue. So a ton of opportunities still ahead of us. And for us to continue to invest and scale the capacity on the enterprise sales side.

在第二季，我們將開始進入 DX 收購案的比較基期（lap）。而在下半年，鑑於我們在 2026 財年下半年看到的加速成長，我們將面臨更具挑戰的比較基期。當然，我們仍在擴大企業級 go-to-market 的銷售動作，以解鎖我們在這裡擁有的巨大機會。我們已進入《財富》500 大企業的 85%，但那只約占營收的 10%。所以前方仍有大量機會。我們也會持續投資並擴充企業銷售端的產能。

If you look at our $1 million customer-plus cohorts, it's continued to grow north of 30% year over year. And at the same time, as the business continues to mature, especially on the enterprise side, I do expect to see a little bit more predictability in the business and the forecast, and that's just a natural evolution as we mix shift toward more annual and multiyear deals.

如果你看我們年支出 100 萬美元以上客戶的分群（cohorts），年增仍持續在 30% 以上。同時，隨著業務持續成熟，特別是在企業端，我確實預期業務與預測會出現更多可預測性；這只是當我們的組合逐步轉向更多年度與多年期合約時的自然演進。

But all up, feel really good about the state of the business coming off the quarter where we posted really strong RPO subscription, ARR growth of 22.5%, and cloud revenue growth still north of 30%.

但整體而言，在這個季度我們繳出非常強勁的 RPO 訂閱表現、ARR 成長 22.5%，以及雲端營收成長仍在 30% 以上之後，我們對業務狀態感覺非常好。

Allan Verkhovski, US Bancorp BTIG.

Allan Verkhovski，US Bancorp BTIG。

Hey there. Thanks for taking the question. Mike, you said you don't want Atlassian to be a centralized control tower, but rather a highly connected subway station. So as enterprises work through their broader AI strategy, what feedback are you getting on Atlassian's approach? What is resonating most with customers? What parts of that vision are maybe taking longer to land, and how is all of that affecting sales cycles and deployment decisions?

嗨，謝謝讓我提問。Mike，你說你不希望 Atlassian 成為一個集中式的控制塔，而是高度連結的地鐵站。所以當企業在推進更廣泛的 AI 策略時，你們收到對 Atlassian 這種做法的哪些回饋？客戶最有共鳴的是什麼？這個願景中有哪些部分可能需要更久才能被接受？而這些又如何影響銷售週期與部署決策？

And then, James, just a quick follow-up for you because I think it's important. Can you quantify the downside impact to cloud revenue in the quarter from the hybrid deployments you mentioned relative to expectations?

然後，James，我再快速追問一個我認為很重要的問題：你能否量化你提到的混合式部署，相較於預期，對本季雲端營收造成的下行影響有多少？

Thanks, Allan. Great question. There are a lot of things I would say here. Let me try to put it into a concise answer for you.

謝謝你，Allan。問得很好。這裡我可以說的事情很多。我盡量用精簡的方式回答你。

Overall, the feedback we're getting from customers ranges from excited to queries about how we are doing so well, which is a great question to get from customers.

整體而言，我們從客戶那裡收到的回饋，從非常興奮到詢問我們為什麼能做得這麼好不等；而這其實是很棒、也很值得被問的問題。

Rovo continues to massively outperform other AI services and we hear from customers to credit to our engineering team. All the layers from the Teamwork Graph, through the search and capabilities, and the integration into our apps our agentic capabilities. So when you're building agents with Studio, these are truly, truly world-class and fantastic results. And we hear over and over again from customers.

Rovo 持續大幅領先其他 AI 服務；我們也常聽到客戶把這歸功於我們的工程團隊。從 Teamwork Graph 的各層，到搜尋與各項能力，再到整合進我們的應用程式與代理（agentic）能力。也就是說，當你用 Studio 建立代理時，成果確實是世界級、非常出色。我們一再從客戶那裡聽到這點。

When I say skepticism, the question is more like, how are you doing this when X can't or I tried Y and it doesn't work as well as Rovo, why is that? I love those sort of questions. The answer is we have a kick*** engineering team. We've invested very heavily in the fundamentals and the architecture. We have a great ability to use models and harness them, and we have amazing organizational context. We have the best enterprise context graph in the world, and it continues to grow and get stronger.

當我說「懷疑」時，問題更像是：為什麼你們能做到，而 X 做不到？或是我試了 Y，但效果不如 Rovo，為什麼？我很喜歡這類問題。答案是：我們有一支超強的工程團隊。我們在基礎能力與架構上投入非常多。我們很擅長使用並駕馭模型，而且我們擁有驚人的組織情境（context）。我們擁有全球最好的企業情境圖譜（enterprise context graph），而且它持續成長、持續變得更強。

As you saw, we just added assets and agentic sessions and more and more inference that we run on top of that graph to fundamentally give better answers to agents.

如你所見，我們剛加入了資產（assets）與代理會話（agentic sessions），以及更多我們在該圖譜之上執行的推論（inference），從根本上讓代理能得到更好的答案。

I think we're seeing that in the pull-through from customers, right? Our AI numbers are fantastic, right? Agentic automation is up 9x year on year, now more than 10 million a month. 15 million tool calls from MCP a day. We just shipped only a few weeks ago a V2 of our MCP server, which greatly reduces token usage, has hundreds more tools and availability.

我想我們也從客戶的帶動效應（pull-through）看到了這點，對吧？我們的 AI 指標非常亮眼，對吧？代理式自動化（agentic automation）年增 9 倍，現在每月超過 1,000 萬次。MCP 每天 1,500 萬次工具呼叫（tool calls）。我們幾週前才發布 MCP 伺服器 V2，大幅降低 token 使用量，新增數百個工具與可用性。

So the ability to create work, to manage work on the Atlassian platform, to handle business processes and workflows from incident management and service to HRSM, all the way through software teams and strategy, people managing their goals and processes, agents are able to use the Atlassian platform, and humans are able to understand the agents that are using the Atlassian platform and interact back and forth with them. And that's what we want to be, right?

因此，在 Atlassian 平台上建立工作、管理工作，處理從事件管理與服務到 HRSM 的業務流程與工作流程，一路延伸到軟體團隊與策略、以及人員管理其目標與流程——代理能使用 Atlassian 平台，而人類也能理解正在使用 Atlassian 平台的代理，並與它們來回互動。這就是我們想成為的樣子，對吧？

I totally think the subway station analogy or being part of the subway network, that's where Atlassian has philosophically done well in the past. It is where we build deep and meaningful customer relationships. Our goal is to help you get things done as a customer. It is not to be in control of your world. It's your world. And I think that's landing really well, and you can see that in overall customers using Atlassian's AI technologies.

我完全認同「地鐵站」的比喻，或是成為地鐵網路的一部分——這正是 Atlassian 在理念上過去做得很好的地方。這也是我們建立深厚且有意義的客戶關係之所在。我們的目標是幫助你作為客戶把事情做成；不是要掌控你的世界。那是你的世界。我認為這點被很好地接受了，你也能從整體客戶使用 Atlassian AI 技術的情況看出來。

The deep Rovo users are growing twice as fast as those that aren't. And obviously, we're adding to the pile of customers that are using AI heavily on a continued basis. So part of the reason we feel incredibly bullish about the future.

深度使用 Rovo 的用戶成長速度是未使用者的兩倍。而且很明顯地，我們也在持續累積那些長期、重度使用 AI 的客戶。因此，這也是我們對未來非常看多（bullish）的部分原因。

I will say it's very easy to claim these things about AI. So I tell every single customer, put us to the test. Take our Teamwork Graph, take our context graph, assess us against other people. I'll send you FDEs, I'll send you people to help. We will win that head-to-head battle. Test us.

我會說，對 AI 做出這些宣稱其實很容易。所以我對每一位客戶都說：請來測試我們。拿我們的 Teamwork Graph、拿我們的情境圖譜（context graph），拿去和其他人比較評估。我會派 FDE（現場部署工程師）給你，我會派人協助你。我們會在正面對決中勝出。測試我們。

Secondly, don't believe everything you read in marketing and from any vendor at the moment. Test it. There's a lot of claims being made about agents and this and that. And we are asking customers to prove to themselves that we can do what we say we can do, and we stand behind all the engineering and the deep architectural and R&D investments we've made.

第二，不要在此刻相信你在行銷內容或任何供應商那裡看到的所有說法。去測試它。現在關於代理、以及各種功能有很多宣稱。我們要求客戶親自證明：我們能做到我們說能做到的事；而我們也會為我們所做的一切工程投入、深層架構投入與研發（R&D）投入背書。

This stuff is really hard. This stuff is not simple to build, certainly not to scale to incredibly high levels of throughput when you add compliance and governance, hundreds of millions, if not billions of objects being processed simultaneously to try to give great answers. We have a truly unique AI platform, and it goes all the way up to the design and experience of how users use it.

這些事情真的很難。這些並不容易打造，更不用說在加入合規與治理後，還要擴展到極高的吞吐量（throughput）：同時處理數億、甚至數十億個物件，只為了提供優質答案。我們有一個真正獨特的 AI 平台，而且它一路延伸到使用者如何使用它的設計與體驗層面。

So I will say I feel incredibly bullish, and I would tell every customer, test us, we'll stand up against anybody.

所以我會說，我對未來非常看多；我也會告訴每一位客戶：測試我們，我們能和任何人一較高下。

And Allan, just to answer your question there, we haven't broken out that color, but I would just characterize it as modestly less than what we had expected in terms of impact. And I would just point you again to overall DC migrations to cloud contributed that mid- to single -- mid- to high-single digits to cloud revenue growth this quarter.

Allan，回到你剛才的問題，我們沒有把那個項目單獨拆分揭露，但我會把它描述為：就影響而言，略低於我們原先的預期。我也再次提醒你，本季整體 DC（Data Center）遷移到雲端，對雲端營收成長的貢獻約為中到高個位數百分比（mid- to high-single digits）。

Keith Bachman, BMO Capital Markets.

Keith Bachman，BMO Capital Markets。

Yes, thank you very much. I want to return to Gregg's question, James, to you actually had a reasonable beat on the quarter, maybe a little less cloud and a little more DC. But you're raising the full-year guide by less than the beat. That's unusual. And the message is you're less confident about the next three quarters.

是的，非常感謝。我想回到 Gregg 的問題，James，實際上你們本季表現合理地超預期（beat），可能雲端少一點、DC 多一點。但你們把全年指引上調的幅度小於超預期的幅度。這不常見。這傳達的訊息是：你們對接下來三個季度比較沒有信心。

Is there anything that you can respond to that? And in particular, was there any pull-forwards in the quarter? Or is there something on mix that we're not appreciating? But if you could just speak to why isn't the beat being passed into the year?

你能對此做任何回應嗎？特別是，本季是否有任何提前拉貨／提前認列（pull-forwards）？或者在組合（mix）上有什麼是我們沒有充分理解的？但如果你能談談，為什麼沒有把這次超預期反映到全年？

Yes. Thanks, Keith. So if you look at the Cloud revenue beat of $20 million, right, we're flowing through slightly more than that through the entire year there. And the mix that you're seeing, marketplace is also flowing through as well. It's really the data center side.

是的。謝謝你，Keith。所以如果你看雲端營收超預期 2,000 萬美元，對吧，我們在全年指引中反映的增量其實略高於這個數字。而你看到的組合變化中，Marketplace 也同樣有反映。真正的差異是在資料中心（data center）那一側。

So if you recall, the data center beat in Q1 is $33 million. But again, there's some timing effects related to the pull forwards of ASC 606 on the rev rec. So that's why you're not seeing the full total revenue sort of flow through from the Q1 beat through the year, right? So it's really sort of timing mechanics related to that.

所以如果你還記得，Q1 的資料中心超預期是 3,300 萬美元。但同樣地，這裡有一些與依 ASC 606（收入認列準則）提前認列（pull forwards）相關的時點效應（timing effects）。因此你才不會看到 Q1 的超預期在全年中把總營收完全等比例地「流過去」（flow through）。所以這主要是與那部分相關的時點機制（timing mechanics）。

Koji Ikeda, Bank of America.

Koji Ikeda，美國銀行（Bank of America）。

Yeah, hey, thanks, guys. Thanks for taking the question. With AMP, do you see the Teamwork Graph evolving from primarily a context layer into a broader coordination and interface layer for humans and agents? And how does that expand Atlassian's long-term opportunity? Thank you.

是的，嗨，謝謝各位。謝謝讓我提問。關於 AMP，你們是否看到 Teamwork Graph 從主要的情境層（context layer）演進成更廣泛的協調與介面層，供人類與代理使用？這會如何擴大 Atlassian 的長期機會？謝謝。

Hi, Koji. I'm going to guess that I'm taking that one. I don't -- I see them as sort of two layers. It gets a little nuanced and detailed here.

嗨，Koji。我猜這題由我來回答。我不——我把它們視為兩個層次。這裡會稍微細緻、也比較技術一點。

The Teamwork Graph is the fundamental context layer underneath AMP and the Atlassian platform, and increasingly a lot of customer usage off the Atlassian platform. So that is taking all of your knowledge, your work. We're now semantically indexing the entire code base if you want us to, to give all of your agents fantastic answers and help them get the right information, getting high-quality answers, significant token savings. And we are continuing the Teamwork Graph to do more and more inference on your knowledge to pull out objects that exist, so we can now infer things like projects and teams that aren't actually specified as objects, but we can see people working together.

Teamwork Graph 是 AMP 與 Atlassian 平台底層的基礎情境層（fundamental context layer），而且也越來越多被客戶用在 Atlassian 平台之外的使用情境。因此，它會把你的所有知識、你的工作都納入其中。現在如果你希望，我們也會對整個程式碼庫做語意索引（semantically indexing），讓你的所有代理都能得到非常棒的答案，協助它們取得正確資訊、得到高品質答案，並大幅節省 token。我們也持續讓 Teamwork Graph 在你的知識之上做更多推論（inference），把已存在的物件抽取出來；因此我們現在甚至能推斷出像是專案與團隊這類其實沒有被明確定義為物件的東西，但我們能看到人們正在一起協作。

We are looking increasingly at inferring other things. So for example, we showed demonstrations of taking any agentic session that is in the Teamwork Graph and pulling out learnings to contribute to the very next session. So that's all about helping any agentic use case, any search use case, whether that's human search or agent search, if you want to think about it that way.

我們也越來越多在推斷其他事情。舉例來說，我們展示過示範：把 Teamwork Graph 中的任何代理會話（agentic session）抽取出學習成果（learnings），並貢獻到下一次會話。這一切都是為了幫助任何代理使用案例、任何搜尋使用案例——不論是人類搜尋或代理搜尋，如果你想用這種方式來理解的話。

The Teamwork Graph is a large-scale knowledge graph, an ontology of everything your organization brings, highly customizable through Forge, through Assets, through lots of other technologies to get that data layer in a very AI-specific way with an incredible search engine and an incredible graph query engine, which are a little different, but both give great answers to agents, and agents are able to use them.

Teamwork Graph 是一個大規模的知識圖譜（knowledge graph），是一套涵蓋你組織所帶來一切的本體（ontology）；可透過 Forge、Assets 以及許多其他技術高度客製化，以非常 AI 導向的方式建立資料層，並搭配一個非常強的搜尋引擎與一個非常強的圖譜查詢引擎（graph query engine）。兩者略有不同，但都能為代理提供很好的答案，而且代理也能使用它們。

AMP, think about it as more at the interface level for humans. It's more about experiences and designs. How do we bring all the agents that you're using on and off the Atlassian platform into workflows in ways that humans can cooperate with?

AMP，你可以把它想成更偏向人類的介面層（interface level）。它更關於體驗與設計：我們要如何把你在 Atlassian 平台內外使用的所有代理，帶進工作流程中，並以人類能夠協作的方式來運作？

Now, underneath AMP are a lot of technologies. So the Teamwork Graph, yes, MCP, A2A, so agent protocols to other tools. We're trying to bring that all together into a package.

而在 AMP 之下有很多技術。所以，Teamwork Graph，是的；MCP、A2A——也就是與其他工具互通的代理協定（agent protocols）。我們正嘗試把這些整合成一個套件。

Again, maybe an interesting analogy, when you used the first iPhone, you didn't care about GPRS and GPS and 5G, third-generation Wi-Fi, 2.4 gigahertz. All the technology standards were hidden inside the phone and just make a simple experience for you to use between Safari, between your phone, between mail, et cetera. AMP is about bringing all those agentic experiences into our products and off our products, and dealing with the modalities of how agents and humans are going to come together.

再舉一個可能很有趣的類比：當你第一次使用 iPhone 時，你不會在意 GPRS、GPS、5G、第三代 Wi‑Fi、2.4GHz。所有技術標準都被藏在手機裡，只是讓你在 Safari、電話、郵件等之間獲得一個簡單的使用體驗。AMP 的重點，是把所有這些具代理能力（agentic）的體驗帶進我們的產品、也延伸到產品之外，並處理代理與人類將如何在各種模態（modalities）下協作與融合。

So think about it more as an experience layer that is across the Atlassian platform, but also helps inform third parties and how others will use our platform as well. So it's built on top of the Teamwork Graph.

所以你可以把它更多視為一個橫跨 Atlassian 平台的體驗層，同時也能幫助指引第三方以及其他人如何使用我們的平台。因此它是建立在 Teamwork Graph 之上的。

Long-term opportunity you asked about, I'm sorry about that. I think it continues to expand our long-term opportunity greatly. I think we are, again, durable, profitable growth is about continuing to deliver for customers in every single one of our teams, leadership teams, service teams, technology teams, business teams, product teams, showing how we can deliver incredible value across more workflows, more business processes, structured and unstructured across your organization, and between the Atlassian platform and all of the other technology tools that you use.

你問到的長期機會——抱歉剛剛漏了。我認為它會持續大幅擴大我們的長期機會。我們再次強調，具韌性且可獲利的成長，來自於持續為客戶交付價值：在我們每一個團隊——領導團隊、服務團隊、技術團隊、業務團隊、產品團隊——都能展現我們如何在更多工作流程、更多業務流程上交付驚人的價值，涵蓋組織內部的結構化與非結構化流程，以及 Atlassian 平台與你所使用的所有其他技術工具之間的串聯。

We are seeing that in customers as they understand how to utilize agents. Again, we have incredibly high AI usage on our platform because of things like AMP. Customers see that, and then they bring more workflows onto our platform.

我們也在客戶身上看到這點：當他們理解如何運用代理（agents）時就會發生。再次強調，因為像 AMP 這樣的能力，我們平台上的 AI 使用率非常高。客戶看到這些之後，就會把更多工作流程帶到我們的平台上。

Many of the customers I spoke to this quarter are massively increasing the number of workflows they run through the Atlassian platform, so in the Service Collection space, moving off legacy vendors onto the Service Collection because of our AI features, and not just sort of we'll run your service tickets cheaper, but the way your agents are going to interact with that platform, how it all flows through and how service is integrated into the broader Atlassian platform to connect to your technology business teams and others.

我這一季與許多客戶交流，他們正大幅增加透過 Atlassian 平台運行的工作流程數量。以 Service Collection 領域為例，他們因為我們的 AI 功能，從傳統供應商轉移到 Service Collection；而不只是「我們能更便宜地處理你的服務工單」，更在於你的代理將如何與該平台互動、整體流程如何貫通，以及服務如何整合進更廣泛的 Atlassian 平台，去連結你的技術、業務團隊與其他團隊。

So I think it's -- obviously, we're investing very heavily in it, both at Teamwork Graph and AMP, because I think it shows a large and multiyear expansion opportunity for us.

所以我認為——很明顯地——我們在這方面投入非常大，無論是 Teamwork Graph 還是 AMP，因為我認為這顯示了對我們而言一個龐大且跨多年的擴張機會。

Robbie Owens, Piper Sandler.

Robbie Owens，Piper Sandler。

Great. Thank you for taking my question here. I wanted to ask on Rovo pricing and some of the thought process with the changes that are coming in December. And if we look at current consumption rates, is there any way you can somehow quantify what could be incremental here?

很好，謝謝你回答我的問題。我想問一下 Rovo 的定價，以及 12 月即將到來的變更背後的一些思考。若看目前的消耗率（consumption rates），你們是否能以某種方式量化這可能帶來的增量？

Hi, Rob. Yeah. Let me talk to that. Look, the headline I would say is, as we've said repeatedly, and I hope it's coming through, the Teamwork Collection, and slightly less, the Service Collection, are the primary ways that we think about monetizing AI today.

嗨，Rob。好的，我來談談。先講重點：正如我們反覆提到的——也希望大家都能感受到——我們目前認為 AI 變現（monetizing AI）的主要方式是 Teamwork Collection，其次才是 Service Collection。

We are -- you get a largely increased token usage or credit usage. So you get 10x as many credits in the Teamwork Collection. It's now over 3,000 customers, up 7x year on year. And those customers are running twice as many agents. They're growing their seats significantly faster than non-Teamwork Collection and non-AI deep usage customers.

我們——你會看到 token 使用量或點數使用量大幅提升。也就是說，在 Teamwork Collection 裡你會拿到 10 倍的點數。現在客戶數已超過 3,000 家、年增 7 倍。而這些客戶運行的代理數量是原來的兩倍；他們的席位（seats）成長速度也明顯快於非 Teamwork Collection、以及非深度使用 AI 的客戶。

So that is our major motion, we believe, for delivering customer value, and then getting that value back for Atlassian in terms of monetization. That is really, really important that is understood. That continues to be our way.

因此我們相信，這是我們交付客戶價值、並讓 Atlassian 透過變現回收價值的主要推動力。這點真的非常、非常重要，需要被理解。這也會持續是我們的做法。

We are shipping a bunch of usage-based pricing or UBP features, with enforcement beginning in early December. We were talking to customers about that for a long time. That's about aligning value delivered, especially for extreme customer usage.

我們正在推出一系列按用量計費（usage-based pricing，UBP）功能，並將在 12 月初開始執行（enforcement）。我們已經和客戶溝通這件事很長一段時間了。其目的在於讓交付的價值與收費更一致，特別是針對用量極高的客戶。

It is not a near-term revenue driver. We've been very clear about that. That's in our guidance. We do not expect that to be a large revenue generation activity. We are focusing our monetization efforts on continuing to grow to -- the previous question to Koji's question, bringing -- growing your long-term opportunity of more and more workflows running on the Atlassian platform through Teamwork Collection and Service Collection.

這不是短期的營收驅動因素。我們對此一直說得很清楚，並已反映在我們的指引（guidance）中。我們不預期這會成為一項可觀的營收產生活動。我們的變現重點，是持續推動成長——回到前一題、Koji 的問題——透過 Teamwork Collection 與 Service Collection，讓越來越多工作流程在 Atlassian 平台上運行，從而擴大你們的長期機會。

UBP is about meeting customers where they're at. We're getting increasing questions around pricing and packaging, around controls, around understanding what that usage is, how they understand their credit usage, who's using it, which agents, which staff members, how that's flowing through and where they're getting value for that. And we continue to see that in lots of different places, in automation, in Rovo credits, in index objects, in Teamwork Graph queries. So there's a lot of different meters inside usage-based pricing. But again, we're not assuming any meaningful UBP revenue in FY27 at the moment. We're obviously continuing to work with customers, help them with their understanding. We've been very happy with the controls and offerings that we're showing today. And again, our goal is to have very generous credit usage.

UBP 的核心是貼近客戶當下的需求。我們收到越來越多關於定價與包裝（pricing and packaging）、控制（controls）、以及如何理解用量的問題：他們如何理解自己的點數使用、是誰在用、用的是哪些代理、哪些員工在用、整體如何流轉，以及他們從中獲得了哪些價值。我們也持續在許多不同領域看到這些需求：自動化（automation）、Rovo 點數、索引物件（index objects）、Teamwork Graph 查詢等。因此在按用量計費裡有很多不同的計量表（meters）。但再次強調，我們目前並未在 FY27 的假設中納入任何有意義的 UBP 營收。我們當然會持續與客戶合作，協助他們理解。我們對目前展示的控制與方案非常滿意。而且我們的目標仍是提供非常慷慨的點數使用額度。

Two other things I wanted to say on the back of that. I think I'd give huge credit to our finance and engineering teams. Our gross margin is continuing to grow despite massively increased AI usage.

另外兩點我想補充。我認為我們的財務與工程團隊值得高度肯定。即便 AI 使用量大幅增加，我們的毛利率仍在持續提升。

That's a no mean feat. That's an incredible achievement from those teams, up to 85.2%, 3% year on year, with AI usage greatly expanding. That is our platform investments paying off. That is very strong collaboration between our finance and engineering teams, our infrastructure teams, on how we are blending models, how we're helping improve the token efficiency of AI features that we are delivering to customers, improving quality and cost simultaneously.

這絕非易事。這是那些團隊非常了不起的成就：毛利率提升到 85.2%，年增 3%，同時 AI 使用量大幅擴張。這代表我們的平台投資正在回收成果。這也反映了財務與工程團隊、基礎設施團隊之間非常緊密的協作：我們如何混合使用模型（blending models）、如何提升我們交付給客戶的 AI 功能之 token 效率，同時改善品質與成本。

Our AI Gateway continues to be there. We continue to show incredibly high quality in Rovo Chat, despite cost per chat coming down on a continual and ongoing basis. So that's a huge credit to the team to do both of those things simultaneously, having the long-term opportunity to grow our customers in their workflows while expanding gross margins and delivering a significant AI value to customers in the core packages of Teamwork Collection, Service Collection, et cetera. And those customers continue to grow really strongly, as I've said.

我們的 AI Gateway 也持續發揮作用。即便每次聊天的成本（cost per chat）持續且不斷下降，我們在 Rovo Chat 仍能維持極高品質。因此，團隊能同時做到這兩件事，真的值得高度肯定：一方面把握長期機會，透過工作流程擴張來成長客戶；另一方面擴大毛利率，並在 Teamwork Collection、Service Collection 等核心方案中為客戶交付顯著的 AI 價值。而正如我所說，這些客戶仍在非常強勁地成長。

And Rob, I would just maybe add to that. As Mike mentioned a little bit earlier, from an AI monetization perspective, what we hear from our customers is that they're looking for predictability and they're looking for the ability to load balance those tokens. And I think we sort of see this in the customer journey, as they upgrade from standard to premium, premium to enterprise additions, they're receiving two to three times more Rovo credits at each turn. And ultimately, as they upgrade to Teamwork Collection, getting 10x more Rovo credits, right? So we're seeing that in our ARPU uplift.

Rob，我也想在此補充一點。正如 Mike 先前稍早提到的，從 AI 變現的角度，我們從客戶那裡聽到的是：他們在尋求可預測性（predictability），也希望能夠對這些 token 進行負載平衡（load balance）。我們在客戶旅程中也看到這點：當他們從 Standard 升級到 Premium、再從 Premium 升級到 Enterprise 版本時，每一次升級都會獲得 2 到 3 倍更多的 Rovo 點數。最終當他們升級到 Teamwork Collection 時，會獲得 10 倍的 Rovo 點數，對吧？因此我們也在 ARPU 的提升中看到這個效果。

We're seeing that in the seat expansions as well, as customers continue to consolidate on that platform. So again, important to meet customers where they are, but we really like the traction that we're seeing here.

我們也在席位擴張上看到同樣趨勢，因為客戶持續在該平台上進行整合與集中。因此，再次強調，重要的是在客戶所處的位置與他們對接，但我們非常喜歡目前看到的這些進展。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

Perfect. Thank you. Mike, I have a market structure question for you in terms of just how you think about growth going forward. Obviously, you've kind of delivered a lot of innovation on the platform. And I remember, I think, in the past in the enterprise, there used to be some maybe holdouts that wouldn't move to Jira that had custom-built systems. And I'm curious how you're seeing that evolve with how quickly AI is moving and how that's changing sort of the DevOps landscape? And just how do you think about the net new customer opportunity from here versus sort of expanding with the customers that you already have?

很好，謝謝。Mike，我有一個關於市場結構的問題，想請教你如何看待未來的成長。顯然你們在平台上已經帶來很多創新。我記得過去在企業端，曾經有一些客戶可能因為自建系統而遲遲不願意遷移到 Jira。我很好奇，隨著 AI 推進速度這麼快、以及它如何改變 DevOps 版圖，你們看到這種情況如何演變？另外，你如何看待從現在開始的淨新增客戶（net new customer）機會，相較於在既有客戶中持續擴張？

Thanks, Arjun. How would I think about that? Look, I would say at the headline, there's a lot of parts to that question. Let me talk to the headline.

謝謝你，Arjun。我會怎麼看？我想先說，這個問題包含很多部分。我先談最核心的部分。

I think the demand is extremely healthy. So we're seeing strong demand at the SMB level and at the enterprise level. We continue to see strong seat expansion that's very broad-based, business teams, software teams, service teams, which is, I think, excellent and reflects the -- maybe not the thinking about growth, as you asked, but the -- where that demand and growth is coming from.

我認為需求非常健康。我們在 SMB 與企業端都看到強勁需求。我們也持續看到非常廣泛的席位擴張，涵蓋業務團隊、軟體團隊、服務團隊；我認為這非常好，也反映了——也許不是你所問的「如何思考成長」，但反映了需求與成長的來源。

Again, we're a very, very patient and durable company in terms of building out real deep customer value over time. You could see that, subscription ARR at 22.5%, cloud growing north of 30%. As James mentioned, net retention, again, staying extremely strong, well over sort of the 120 mark and obviously, RPO at 44%. So very strong future growth indicators, I would say, and demand continues to be healthy.

再次強調，我們是一家非常有耐心、且在長期建立深度客戶價值方面非常具韌性的公司。你可以從數據看到：訂閱 ARR 為 22.5%，雲端成長超過 30%。如 James 提到的，淨留存（net retention）再次維持在極強水準，遠高於 120 的水平；而 RPO 為 44%。因此我會說，這些都是非常強的未來成長指標，而需求也持續保持健康。

I think we're seeing extremely strong -- I'm not sure whether we talk about net new customers. Again, we have an awful lot of customers that -- our 10,000 customer number and overall customer numbers continue to grow strongly. We're seeing very strong momentum, for example, in both collections. So we talked about Teamwork Collections, over 3,000 customers, up 7x.

我認為我們看到的是極其強勁的表現——我不確定我們是否要談淨新增客戶。再說一次，我們有非常多的客戶——我們的 10,000 客戶數以及整體客戶數仍在強勁成長。我們看到非常強的動能，例如在兩個 Collections 上都是如此。所以我們談到 Teamwork Collections，客戶超過 3,000 家，成長 7 倍。

And Service Collection now passed 70,000 customers with ARR growing north of 30% and strongly taking share. So not necessarily net new customer opportunities, but existing customers continuing to grow strongly.

而 Service Collection 現在已經超過 70,000 家客戶，ARR 成長超過 30%，並且強勢擴大市占。因此不一定是淨新增客戶的機會，而是既有客戶持續強勁成長。

There are many, many, many, workflows and processes within our existing customer base that are not currently on the Atlassian platform. And that's where those customers are expanding and bringing more workflows onto the platform. That continues to be an extremely healthy demand flywheel that we continue to deliver on features to bring in there.

在我們既有客戶群中，有非常非常多的工作流程與流程目前尚未在 Atlassian 平台上。而這正是這些客戶擴張、把更多工作流程帶到平台上的地方。這持續成為一個極其健康的需求飛輪，而我們也持續交付功能來把這些流程帶進來。

Customers north of 3 million growing at over 50% year-on-year rate, and those at 5 million level growing at 70% year-on-year rate. So certainly, at the enterprise end, I think you can see very strong, healthy customer growth resulting in monetization as they bring more and more workflows on. And we continue to improve, I will say, like how we do that. So you're seeing all of that in lots of different places.

年支出超過 300 萬美元的客戶以超過 50% 的年增率成長，而在 500 萬美元等級的客戶以 70% 的年增率成長。所以當然，在企業端，我認為你可以看到非常強勁、健康的客戶成長，並在他們把越來越多工作流程搬上來時帶來變現。我也要說，我們持續在改進——例如我們如何做到這一點。所以你會在很多不同地方看到這些表現。

I think Jira's role is incredibly important in that world going ahead. Structural workflows are very important. I think you're seeing more and more customers adopting the Teamwork Collection to get Loom and Confluence, to get projects and goals and some of the platform applications as those workflows increasingly become unstructured as well, as they bring agents into those workflows. So I'm incredibly bullish on our opportunity for growth going forward. I hope you can feel that and hear that.

我認為 Jira 在未來那個世界中的角色極其重要。結構化工作流程非常重要。我認為你會看到越來越多客戶採用 Teamwork Collection 來取得 Loom 和 Confluence，取得專案與目標，以及一些平台應用，因為這些工作流程也越來越變得非結構化，同時他們也把代理（agents）帶入這些工作流程中。所以我對我們未來的成長機會非常看多。我希望你能感受到、也能聽得出來。

Ittai Kidron, Oppenheimer.

Ittai Kidron，Oppenheimer。

Thanks. I appreciate the opportunity here. Guys, I wanted to ask about the data center. James, you kind of listed before early in your comments, a timeline for government certifications, Impact 5, FedRAMP, Rovo. And those kind of seem like carry into late '27, '28, even touching on '29. So I guess, it's obvious at this point that you're going to have an unsignificant part of your data center customer base remain in data center beyond the March '29 end-of-life notice.

謝謝。我很感謝有這個提問機會。各位，我想問一下關於資料中心（data center）。James，你在先前的發言一開始列了一個政府認證的時間表，Impact 5、FedRAMP、Rovo。這些看起來會延續到 2027 年底、2028 年，甚至觸及 2029 年。所以我想，到了這個時間點很明顯，你們的資料中心客戶群中會有相當一部分在 2029 年 3 月的終止支援（end-of-life）通知之後，仍會留在資料中心。

So I guess my question is, one, can you -- is there a way for you to roughly quantify what percent of your data center business right here right now do you expect will remain, quote-unquote, longer term beyond the deadline of March '29, number one?

所以我的問題是，第一，你們能否——有沒有辦法大致量化一下，就在此時此刻你們的資料中心業務中，你們預期有多少百分比會在 2029 年 3 月期限之後，所謂「長期」仍然保留？這是第一點。

And number two, is that figure greater than what you have potentially expected a year or two ago? I'm just trying to think if the conversion, the data center to cloud conversion opportunity, might be smaller insofar what's remaining here, given that a not insignificant part of your data center business is just likely to stay on that platform for longer beyond March '29?

第二，這個比例是否高於你們在一兩年前可能的預期？我只是想釐清，如果你們的資料中心業務中有相當一部分很可能會在 2029 年 3 月之後更長時間仍留在那個平台上，那麼資料中心轉雲端的轉換機會是否會因此變小？

Yeah. Thanks, Ittai. No, I would just say that and reiterate that our migrations continue to be on pace. Our customers are incredibly excited about the value they can unlock there, right?

是的。謝謝你，Ittai。不，我只想說並重申，我們的遷移（migrations）仍然按計畫推進。我們的客戶對於他們能在那裡解鎖的價值感到非常興奮，對吧？

We talked about it earlier, Rovo threaded throughout Teamwork Graph, all the collections. And we see that in customers that move from data center to cloud, right? Three years hence, they're increasing their spend 1.75x. And so we feel really good about the migration pace that we're seeing right now.

我們先前談到，Rovo 貫穿 Teamwork Graph、所有的 collections。我們也在從資料中心移轉到雲端的客戶身上看到這一點，對吧？三年之後，他們的支出提高到 1.75 倍。因此我們對目前看到的遷移速度感到非常有信心。

But again, important to make sure that we're meeting our customers where they are. And I also reiterated earlier that for the quarter, mid- to high-single digits in terms of contribution to that Cloud revenue.

但同樣地，重要的是要確保我們在客戶所在的位置與他們對接。我也在前面重申過，就本季度而言，對雲端營收的貢獻大約是中到高個位數百分比。

So all up, I think the announcements that we're making around the public sector side is just a recommitment to our customers and making sure that they have the visibility that we're going to be able to unlock all of that value for them as they continue to migrate.

總體來看，我認為我們在公部門（public sector）方面所做的這些公告，只是再次承諾我們的客戶，並確保他們能清楚看到：隨著他們持續遷移，我們將能為他們解鎖所有那些價值。

Ittai, if I might just add, and thank you to the amazing people at Atlassian who fed me the numbers, I've seen more than 100 customers in the last quarter in more than 11 different countries, in 4 different continents. So I have a lot of customer detail and knowledge about these types of questions, right?

Ittai，如果我可以補充一下，也感謝 Atlassian 那些很棒的人提供數字，我在上一季看過超過 100 位客戶，分布在 11 個以上不同國家、4 個不同大洲。所以我對這類問題有很多客戶細節與了解，對吧？

I think one of the things that give me the most strength on data center, we talk a lot about customers, talking about when and not if. I also think our history of delivery is incredibly impressive for those customers.

我認為讓我對資料中心最有信心的一點是，我們常談到客戶在談的是「何時」而不是「是否」。我也認為，我們對這些客戶的交付歷史（history of delivery）令人非常印象深刻。

Many customers who I saw a year ago or two years ago, see the progress we've made in isolated cloud, in government cloud, in European data residency in various ways. I've been in Singapore, I've been in India, I've been in America, lots of countries in Europe. And whether that's in financial organizations, IT, telecommunications, large-scale automotive, all of those customers see the progress we've made, our delivery on the platform. And it's great that they see that. It's great that they're heading in the right direction.

我看到許多一兩年前見過的客戶，看到了我們在隔離雲（isolated cloud）、政府雲（government cloud）、以及以各種方式實現歐洲資料駐留（European data residency）方面所取得的進展。我去過新加坡、印度、美國，以及歐洲許多國家。不論是在金融機構、IT、電信、大型汽車產業，所有這些客戶都看到了我們在平台上的進展與交付。我很高興他們看到了這些。我也很高興他們正朝著正確方向前進。

I think importantly, it's their faith in the delivery going forward that is important and the realization of how difficult that is to do, delivering large-scale AI solutions that are European data resident with amazing design and experience on top, connected to the best Teamwork Graph and doing that all with bring your own key encryption, for example, and meeting various different standards. That's incredibly hard. I think that's a big moat for us. It's a big challenge for others to build at that scale and delivering a set of workflows that we're delivering. That's why customers are adopting more and more of the platform as they move more and more workflows onto that. So that's all coming through.

我認為重要的是，他們對未來交付的信心很關鍵，也在於他們意識到要做到這件事有多困難——交付大規模的 AI 解決方案、具備歐洲資料駐留，並在其上提供出色的設計與體驗，連結到最好的 Teamwork Graph，而且還要同時做到例如自帶金鑰（bring your own key）加密，並符合各種不同標準。這非常困難。我認為這對我們而言是一道很深的護城河。對其他人來說，要在那樣的規模上建置並交付我們所交付的一整套工作流程，是很大的挑戰。這也是為什麼客戶在把越來越多工作流程搬到平台上時，會採用越來越多的平台能力。所以這些都反映出來了。

And fundamentally, you can see it. Look, the 44% RPO number is incredibly strong, continued to grow from last quarter, and we've had a series of strong quarters there, and 28% in current RPO as well. So that doesn't happen without recognizing that the value of that overall platform to continue to deliver for all of those customers around the globe. It's very exciting.

而且從根本上你可以看得出來。你看，44% 的 RPO 數字非常強勁，較上一季持續成長，而且我們已經連續好幾季表現強勁；當期 RPO 也有 28%。如果沒有認知到這個整體平台能持續為全球所有客戶交付價值，這是不可能發生的。這非常令人振奮。

Thank you, and that concludes our question-and-answer session. I will now turn the call over to Mike for closing remarks.

謝謝，問答環節到此結束。接下來我會把電話交給 Mike 做結語。

Thanks, everyone, for joining the call today. Thanks for those who came to Team '26 Europe a couple of weeks ago. I appreciate all the thoughtful questions and continued support. We'll continue, get cracking through fiscal 2027. So thanks to all the Atlassians out there and everyone else. Have a kick*** day and kick*** weekend.

謝謝大家今天加入電話會議。也謝謝幾週前來參加 Team '26 Europe 的各位。我很感謝大家深思熟慮的提問與持續支持。我們會繼續努力推進 2027 會計年度。所以也謝謝所有 Atlassian 的夥伴以及其他所有人。祝大家有個超棒的一天，以及超棒的週末。