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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Atlassian Corporation PLC | NASDAQ:TEAM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -0.02% | 183.52 | 183.05 | 185.50 | 189.48 | 182.03 | 186.30 | 1,526,434 | 05:00:02 |
Quarterly revenue of $299.0 million, up 39% year-over-year
Quarterly IFRS operating margin of (1%) and non-IFRS operating margin of 25%
Quarterly cash flow from operations of $130.4 million and free cash flow of $122.6 million
Atlassian Corporation Plc (NASDAQ: TEAM), a leading provider of team collaboration and productivity software, today announced financial results for its second quarter of fiscal 2019 ended December 31, 2018 and released a shareholder letter on the Investor Relations section of its website at https://investors.atlassian.com. All financial results and targets are based on the new revenue recognition standard IFRS 15, which the company adopted on July 1, 2018.
“The second quarter of fiscal 2019 capped off a fantastic 2018, as we eclipsed $1 billion in calendar year revenue for the first time,” said Scott Farquhar, Atlassian’s co-CEO and co-founder. “The quarter also highlighted the growing demand for Atlassian products to drive digital transformation in businesses large and small. Our flagship product, Jira Software, surpassed 65,000 customers, and we ended the quarter with more than 138,000 total customers, underscoring the growth opportunity for Jira just within our installed base.”
Second Quarter Fiscal Year 2019 Financial Highlights:
On an IFRS basis, Atlassian reported:
On a non-IFRS basis, Atlassian reported:
A reconciliation of IFRS to non-IFRS financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below, under the heading “About Non-IFRS Financial Measures.”
Recent Business Highlights:
Financial Targets:
Atlassian is providing its financial targets for the third quarter and full fiscal year 2019. The company’s financial targets are as follows:
With respect to Atlassian’s expectations under “Financial Targets” above, a reconciliation of IFRS to non-IFRS gross margin, operating margin, net income per diluted share, and free cash flow has been provided in the financial statement tables included in this press release.
Shareholder Letter and Webcast/Conference Call Details
A detailed shareholder letter is available on the Investor Relations section of Atlassian’s website at: https://investors.atlassian.com. Atlassian will host a webcast and conference call to answer questions today:
Atlassian has used, and will continue to use, its Investor Relations website at https://investors.atlassian.com as a means of making material information public and for complying with its disclosure obligations.
About Atlassian
Atlassian unleashes the potential of every team. Our team collaboration and productivity software helps teams organize, discuss and complete shared work. Teams at more than 138,000 customers, across large and small organizations - including General Motors, Walmart Labs, Bank of America Merrill Lynch, Lyft, Verizon, Spotify and NASA - use Atlassian’s project tracking, content creation and sharing, and service management products to work better together and deliver quality results on time. Learn more about our products, including Jira Software, Confluence, Trello, Bitbucket and Jira Service Desk, at https://atlassian.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward looking, including risks and uncertainties related to statements about our products, customers, anticipated growth, anticipated benefits of the Opsgenie and Butler for Trello acquisitions, market expansion, technology and other key strategic areas, and our financial targets such as revenue, share count and IFRS and non-IFRS financial measures including gross margin, operating margin, net income (loss) per diluted share, and free cash flow.
We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
The achievement or success of the matters covered by such forward-looking statements involves 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.
Further information on these and other factors that could affect our financial results is included in filings we make with the Securities and Exchange Commission from time to time, including the section titled “Risk Factors” in our most recent Forms 20-F and 6-K (reporting our quarterly results). These documents are available on the SEC Filings section of the Investor Relations section of our website at: https://investors.atlassian.com/.
About Non-IFRS Financial Measures
Our reported results and financial targets include certain non-IFRS financial measures, including non-IFRS gross profit, non-IFRS operating income, non-IFRS net income, non-IFRS net income per diluted share, and free cash flow. Management believes that the use of these non-IFRS financial measures provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of our results of operations, and also facilitates comparisons with peer companies, many of which use similar non-IFRS or non-GAAP financial measures to supplement their IFRS or GAAP results. Non-IFRS results are presented for supplemental informational purposes only to aid in understanding our operating results. The non-IFRS results should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from non-IFRS or non-GAAP measures used by other companies.
Our non-IFRS financial measures include:
Our non-IFRS financial measures reflect adjustments based on the items below:
We exclude expenses related to share-based compensation, amortization of acquired intangible assets, non-coupon impact related to exchangeable senior notes and capped calls, the related income tax effects on these items, and changes in our assessment regarding the realizability of our deferred tax assets from certain of our non-IFRS financial measures as we believe this helps investors understand our operational performance. In addition, share-based compensation expense can be difficult to predict and varies from period to period and company to company due to differing valuation methodologies, subjective assumptions, and the variety of equity instruments, as well as changes in stock price. Management believes that providing non-IFRS financial measures that exclude share-based compensation expense, amortization of acquired intangible assets, non-coupon impact related to exchangeable senior notes and capped calls, the related income tax effects on these items, and changes in our assessment regarding the realizability of our deferred tax assets allow for more meaningful comparisons between our operating results from period to period.
Management considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening our statement of financial position.
Management uses non-IFRS gross profit, non-IFRS operating income, non-IFRS net income, non-IFRS net income per diluted share, and free cash flow:
The tables in this press release titled “Reconciliation of IFRS to Non-IFRS Results” and “Reconciliation of IFRS to Non-IFRS Financial Targets” provide reconciliations of non-IFRS financial measures to the most recent directly comparable financial measures calculated and presented in accordance with IFRS.
We understand that although non-IFRS gross profit, non-IFRS operating income, non-IFRS net income, non-IFRS net income per diluted share, and free cash flow are frequently used by investors and securities analysts in their evaluation of companies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations as reported under IFRS.
Atlassian Corporation Plc
Consolidated Statements of Operations
(U.S. $ and shares in thousands, except per share data)
(unaudited)
Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 *As Adjusted *As Adjusted Revenues: Subscription $ 152,500 $ 97,704 $ 286,565 $ 184,095 Maintenance 97,161 80,489 189,897 156,708 Perpetual license 25,778 21,444 47,617 40,892 Other 23,540 14,941 42,192 28,363 Total revenues 298,979 214,578 566,271 410,058 Cost of revenues (1) (2) 49,782 43,164 94,967 83,254 Gross profit 249,197 171,414 471,304 326,804 Operating expenses: Research and development (1) (2) 131,364 101,324 255,744 196,186 Marketing and sales (1) (2) 68,950 44,519 121,212 89,611 General and administrative (1) 52,052 38,584 97,709 74,309 Total operating expenses 252,366 184,427 474,665 360,106 Operating loss (3,169 ) (13,013 ) (3,361 ) (33,302 ) Other non-operating income (expense), net 32,592 (493 ) (204,656 ) (1,158 ) Finance income 7,659 1,568 14,925 2,823 Finance costs (10,019 ) (7 ) (19,921 ) (16 ) Income (loss) before income tax benefit (expense) 27,063 (11,945 ) (213,013 ) (31,653 ) Income tax benefit (expense) 18,122 (52,264 ) 15,753 (44,026 ) Net income (loss) $ 45,185 $ (64,209 ) $ (197,260 ) $ (75,679 ) Net income (loss) per share attributable to ordinary shareholders: Basic $ 0.19 $ (0.28 ) $ (0.83 ) $ (0.33 ) Diluted $ 0.18 $ (0.28 ) $ (0.83 ) $ (0.33 ) Weighted-average shares outstanding used to compute net income (loss) per share attributable to ordinary shareholders: Basic 237,740 230,208 236,979 229,182 Diluted 247,255 230,208 236,979 229,182(1) Amounts include share-based payment expense, as follows:
Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Cost of revenues $ 3,766 $ 3,180 $ 7,285 $ 6,172 Research and development 32,976 27,020 59,822 52,991 Marketing and sales 9,850 6,136 17,611 12,345 General and administrative 13,912 9,015 24,166 17,968(2) Amounts include amortization of acquired intangible assets, as follows:
Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Cost of revenues $ 7,060 $ 5,294 $ 12,411 $ 10,587 Research and development 21 — 21 — Marketing and sales 10,368 9,023 19,356 18,045* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15.
Atlassian Corporation Plc
Consolidated Statements of Financial Position
(U.S. $ in thousands)
(unaudited)
December 31, 2018 June 30, 2018 *As Adjusted Assets Current assets: Cash and cash equivalents $ 1,340,589 $ 1,410,339 Short-term investments 303,772 323,134 Trade receivables 71,207 46,141 Current tax receivables 1,423 12,622 Prepaid expenses and other current assets 47,741 29,795 Total current assets 1,764,732 1,822,031 Non-current assets: Property and equipment, net 63,716 51,656 Deferred tax assets 81,055 59,220 Goodwill 506,121 311,943 Intangible assets, net 120,942 63,577 Other non-current assets 188,378 113,401 Total non-current assets 960,212 599,797 Total assets $ 2,724,944 $ 2,421,828 Liabilities Current liabilities: Trade and other payables $ 119,831 $ 113,105 Current tax liabilities 1,664 172 Provisions 7,504 7,215 Deferred revenue 383,776 324,394 Total current liabilities 512,775 444,886 Non-current liabilities: Deferred tax liabilities 32,976 12,160 Provisions 4,326 4,363 Deferred revenue 33,056 18,477 Exchangeable senior notes, net 836,403 819,637 Other non-current liabilities 485,660 214,985 Total non-current liabilities 1,392,421 1,069,622 Total liabilities 1,905,196 1,514,508 Equity Share capital 23,844 23,531 Share premium 456,404 454,766 Other capital reserves 665,934 557,100 Other components of equity (1,158 ) (61 ) Accumulated deficit (325,276 ) (128,016 ) Total equity 819,748 907,320 Total liabilities and equity $ 2,724,944 $ 2,421,828
* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15.
Atlassian Corporation Plc
Consolidated Statements of Cash Flows
(U.S. $ in thousands)
(unaudited)
Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 *As Adjusted *As Adjusted Operating activities Income (loss) before income tax benefit (expense) $ 27,063 $ (11,945 ) $ (213,013 ) $ (31,653 ) Adjustments to reconcile income (loss) before income tax benefit (expense) to net cash provided by operating activities: Depreciation and amortization 20,685 20,990 38,100 41,570 Gain on sale of investments and other assets (2,357 ) (16 ) (2,347 ) (32 ) Net unrealized gain on investments (47 ) — (47 ) — Net unrealized foreign currency loss (gain) 530 (142 ) 108 (162 ) Share-based payment expense 60,504 45,351 108,884 89,476 Net unrealized (gain) loss on exchange derivative and capped call transactions (31,348 ) — 205,005 — Amortization of debt discount and issuance cost 8,433 — 16,766 — Interest income (7,545 ) (1,568 ) (14,811 ) (2,823 ) Interest expense 1,585 — 3,155 — Changes in assets and liabilities: Trade receivables (17,769 ) (4,668 ) (23,140 ) (8,387 ) Prepaid expenses and other assets (18,885 ) (3,023 ) (17,207 ) (328 ) Trade and other payables, provisions and other non-current liabilities 32,252 5,105 17,974 6,258 Deferred revenue 51,097 21,653 72,745 42,894 Interest received 6,981 1,361 13,721 2,791 (Income tax paid) tax refunds received, net (743 ) (770 ) 9,472 (2,027 ) Net cash provided by operating activities 130,436 72,328 215,365 137,577 Investing activities Business combinations, net of cash acquired (263,554 ) — (263,554 ) — Purchases of intangible assets — — (850 ) — Purchases of property and equipment (7,807 ) (4,550 ) (18,523 ) (7,114 ) Proceeds from sales of property, equipment and intangible assets 3,000 — 3,721 — Purchases of investments (129,948 ) (124,787 ) (194,389 ) (227,128 ) Proceeds from maturities of investments 93,581 31,119 185,914 81,887 Proceeds from sales of investments 151 32,674 5,672 82,058 Increase in restricted cash (552 ) (3,009 ) (552 ) (3,141 ) Net cash used in investing activities (305,129 ) (68,553 ) (282,561 ) (73,438 ) Financing activities Proceeds from exercise of share options 707 1,278 1,704 2,155 Payment of exchangeable senior notes issuance costs — — (410 ) — Interest paid (3,194 ) — (3,194 ) — Net cash (used in) provided by financing activities (2,487 ) 1,278 (1,900 ) 2,155 Effect of exchange rate changes on cash and cash equivalents (11 ) (19 ) (654 ) 191 Net (decrease) increase in cash and cash equivalents (177,191 ) 5,034 (69,750 ) 66,485 Cash and cash equivalents at beginning of period 1,517,780 305,871 1,410,339 244,420 Cash and cash equivalents at end of period $ 1,340,589 $ 310,905 $ 1,340,589 $ 310,905
* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15.
Atlassian Corporation Plc
Reconciliation of IFRS to Non-IFRS Results
(U.S. $ and shares in thousands, except per share data)
(unaudited)
Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 *As Adjusted *As AdjustedGross profit
IFRS gross profit $ 249,197 $ 171,414 $ 471,304 $ 326,804 Plus: Share-based payment expense 3,766 3,180 7,285 6,172 Plus: Amortization of acquired intangible assets 7,060 5,294 12,411 10,587 Non-IFRS gross profit $ 260,023 $ 179,888 $ 491,000 $ 343,563Operating income
IFRS operating loss $ (3,169 ) $ (13,013 ) $ (3,361 ) $ (33,302 ) Plus: Share-based payment expense 60,504 45,351 108,884 89,476 Plus: Amortization of acquired intangible assets 17,449 14,317 31,788 28,632 Non-IFRS operating income $ 74,784 $ 46,655 $ 137,311 $ 84,806Net income
IFRS net income (loss) $ 45,185 $ (64,209 ) $ (197,260 ) $ (75,679 ) Plus: Share-based payment expense 60,504 45,351 108,884 89,476 Plus: Amortization of acquired intangible assets 17,449 14,317 31,788 28,632 Plus: Non-coupon impact related to exchangeable senior notes and capped calls (22,915 ) — 221,771 — Less: Income tax effects and adjustments (38,528 ) 36,564 (54,262 ) 22,062 Non-IFRS net income $ 61,695 $ 32,023 $ 110,921 $ 64,491Net income per share
IFRS net income (loss) per share - diluted $ 0.18 $ (0.28 ) $ (0.83 ) $ (0.33 ) Plus: Share-based payment expense 0.24 0.20 0.47 0.39 Plus: Amortization of acquired intangible assets 0.07 0.06 0.13 0.12 Plus: Non-coupon impact related to exchangeable senior notes and capped calls (0.08 ) — 0.90 — Less: Income tax effects and adjustments (0.16 ) 0.15 (0.22 ) 0.09 Non-IFRS net income per share - diluted $ 0.25 $ 0.13 $ 0.45 $ 0.27Weighted-average diluted shares outstanding
Weighted-average shares used in computing diluted IFRS net income (loss) per share 247,255 230,208 236,979 229,182 Plus: Dilution from share options and RSUs (1) — 13,170 10,066 13,124 Weighted-average shares used in computing diluted non-IFRS net income per share 247,255 243,378 247,045 242,306Free cash flow
IFRS net cash provided by operating activities $ 130,436 $ 72,328 $ 215,365 $ 137,577 Less: Capital expenditures (7,807 ) (4,550 ) (18,523 ) (7,114 ) Free cash flow $ 122,629 $ 67,778 $ 196,842 $ 130,463
* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15.
(1) The effects of these dilutive securities were not included in the IFRS calculation of diluted net loss per share for the three months ended December 31, 2017 and the six months ended December 31, 2018 and 2017 because the effect would have been anti-dilutive.Atlassian Corporation Plc
Reconciliation of IFRS to Non-IFRS Financial Targets
(U.S. $)
Three Months EndingMarch 31, 2019 Fiscal Year EndingJune 30, 2019 Revenue $303 million to $305 million $1,195 million to $1,199 million IFRS gross margin 82% 83% Plus: Share-based payment expense 2 1 Plus: Amortization of acquired intangible assets 2 2 Non-IFRS gross margin 86% 86% IFRS operating margin (10%) (6%) to (5.5%) Plus: Share-based payment expense 23 21 Plus: Amortization of acquired intangible assets 4 5 Non-IFRS operating margin 17% 20% to 20.5% IFRS net loss per share - diluted ($0.14) ($1.07) to ($1.06) Plus: Share-based payment expense 0.29 1.01 Plus: Amortization of acquired intangible assets 0.05 0.22 Plus: Non-coupon impact related to exchangeable senior notes and capped calls 0.03 0.97 Less: Income tax effects and adjustments (0.05) (0.32) Non-IFRS net income per share - diluted $0.18 $0.81 to $0.82 Weighted-average shares used in computing diluted IFRS net loss per share 238 million to 239 million 238 million to 240 million Dilution from share options and RSUs (1) 10 million to 11 million 10 million Weighted-average shares used in computing diluted non-IFRS net income per share 248 million to 250 million 248 million to 250 million IFRS net cash provided by operating activities $410 million to $420 million Less: Capital expenditures (40 million) Free cash flow $370 million to $380 million (1) The effects of these dilutive securities are not included in our IFRS calculation of diluted net loss per share for the three months ending March 31, 2019 and fiscal year ending June 30, 2019 because the effect would be anti-dilutive.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190117005779/en/
Investor Relations ContactIan LeeIR@atlassian.com
Media ContactGabe Madwaypress@atlassian.com
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