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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 $501 million, up 23% year-over-year
Quarterly subscription revenue of $311 million, up 36% year-over-year
Quarterly IFRS operating margin of 6% and non-IFRS operating margin of 29%
Quarterly cash flow from operations of $200 million and free cash flow of $180 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 year 2021 ended December 31, 2020 and released a shareholder letter available on Atlassian’s Work Life blog at http://atlassian.com/blog/announcements/shareholder-letter-q2fy21. The shareholder letter will also be posted to the Investor Relations section of Atlassian’s website at https://investors.atlassian.com.
“Our Q2 results reflect steady progress towards our long-term goals as we crossed $500 million in quarterly revenue for the first time, up 23% year-over-year, and drove subscription revenue growth of 36% year-over-year,” said Scott Farquhar, Atlassian’s co-founder and co-CEO. “Total customers rose to 194,000, an increase of over 11,600 during the quarter. This increase is a new record illustrating our progress and commitment to continuous customer innovation in the cloud.”
“Through the strength of our cloud platform, we’re delivering customers powerful new products like Jira Service Management, which unleashes the potential of technical teams in the ITSM market,“ said Mike Cannon-Brookes, Atlassian’s co-founder and co-CEO. “This is one example of the value we deliver to organizations large and small across the Fortune 500,000 to power their most mission-critical workflows. We’re excited to continue that momentum in the second half of fiscal year 2021.”
Second Quarter Fiscal Year 2021 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 of fiscal year 2021. The company’s financial targets are as follows:
Third Quarter Fiscal Year 2021:
For additional commentary regarding financial targets, please see Atlassian’s second quarter fiscal year 2021 shareholder letter dated January 28, 2021.
With respect to Atlassian’s expectations under “Financial Targets” above, a reconciliation of IFRS to non-IFRS gross margin, operating margin, and net income (loss) per diluted share, has been provided in the financial statement tables included in this press release.
Shareholder Letter and Webcast Details:
A detailed shareholder letter is available on Atlassian’s Work Life blog at http://atlassian.com/blog/announcements/shareholder-letter-q2fy21, and the Investor Relations section of Atlassian’s website at: https://investors.atlassian.com. Atlassian will host a webcast 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 194,000 customers, across large and small organizations - including Bank of America, Redfin, NASA, Verizon, and Dropbox - 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, Jira Service Management, Trello, Bitbucket, and Jira Align 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, go-to-market model, environmental goals, outlook, 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, and net income (loss) per diluted share.
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 results of operations. 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 discrete tax impact resulting from a non-recurring transaction 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 discrete tax impact resulting from a non-recurring transaction allow for more meaningful comparisons between our results of operations 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,
2020
2019
2020
2019
Revenues:
Subscription
$
310,675
$
228,684
$
588,639
$
429,779
Maintenance
131,276
116,877
258,970
226,948
Perpetual license
22,124
29,051
44,261
53,795
Other
37,284
34,113
68,995
61,593
Total revenues
501,359
408,725
960,865
772,115
Cost of revenues (1) (2)
79,482
65,761
153,166
128,040
Gross profit
421,877
342,964
807,699
644,075
Operating expenses:
Research and development (1) (2)
241,064
172,420
473,299
348,302
Marketing and sales (1) (2)
77,151
69,263
147,437
137,306
General and administrative (1)
75,949
59,440
147,318
121,181
Total operating expenses
394,164
301,123
768,054
606,789
Operating income
27,713
41,841
39,645
37,286
Other non-operating income (expense), net
(545,749
)
104,214
(572,020
)
186,449
Finance income
2,112
8,100
4,702
17,212
Finance costs
(91,448
)
(12,364
)
(104,023
)
(24,691
)
Income (loss) before income tax expense
(607,372
)
141,791
(631,696
)
216,256
Income tax expense
(14,156
)
(17,717
)
(11,386
)
(22,862
)
Net income (loss)
$
(621,528
)
$
124,074
$
(643,082
)
$
193,394
Net income (loss) per share attributable to ordinary shareholders:
Basic
$
(2.49
)
$
0.51
$
(2.59
)
$
0.79
Diluted
$
(2.49
)
$
0.49
$
(2.59
)
$
0.77
Weighted-average shares outstanding used to compute net income (loss) per share attributable to ordinary shareholders:
Basic
249,188
244,203
248,601
243,497
Diluted
249,188
250,960
248,601
250,950
(1) Amounts include share-based payment expense, as follows:
Three Months Ended December 31,
Six Months Ended December 31,
2020
2019
2020
2019
Cost of revenues
$
6,801
$
4,407
$
12,057
$
9,119
Research and development
73,085
45,978
134,536
94,917
Marketing and sales
11,666
10,874
18,450
21,505
General and administrative
16,140
9,179
28,380
22,193
(2) Amounts include amortization of acquired intangible assets, as follows:
Three Months Ended December 31,
Six Months Ended December 31,
2020
2019
2020
2019
Cost of revenues
$
5,413
$
9,173
$
10,832
$
17,661
Research and development
42
42
83
83
Marketing and sales
2,317
3,925
4,616
7,611
Atlassian Corporation Plc
Consolidated Statements of Financial Position
(U.S. $ in thousands)
December 31, 2020
June 30, 2020
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
1,251,715
$
1,479,969
Short-term investments
534,498
676,072
Trade receivables
157,543
112,019
Tax receivables
2,582
1,509
Derivative assets
263,622
327,487
Prepaid expenses and other current assets
54,653
46,730
Total current assets
2,264,613
2,643,786
Non-current assets:
Property and equipment, net
103,861
97,648
Deferred tax assets
50,024
35,351
Goodwill
686,858
645,140
Intangible assets, net
123,759
129,690
Right-of-use assets, net
204,004
217,683
Other non-current assets
128,071
124,774
Total non-current assets
1,296,577
1,250,286
Total assets
$
3,561,190
$
3,894,072
Liabilities
Current liabilities:
Trade and other payables
$
189,345
$
202,570
Tax liabilities
27,727
19,583
Provisions
22,986
14,291
Deferred revenue
652,330
573,813
Lease obligations
39,297
34,743
Derivative liabilities
1,418,559
1,284,596
Exchangeable senior notes, net
735,660
889,183
Total current liabilities
3,085,904
3,018,779
Non-current liabilities:
Deferred tax liabilities
43,652
31,304
Provisions
10,631
9,493
Deferred revenue
33,951
27,192
Lease obligations
215,566
229,825
Other non-current liabilities
2,346
2,173
Total non-current liabilities
306,146
299,987
Total liabilities
3,392,050
3,318,766
Equity
Share capital
24,963
24,744
Share premium
461,002
459,892
Other capital reserves
1,324,489
1,130,918
Other components of equity
118,160
76,144
Accumulated deficit
(1,759,474
)
(1,116,392
)
Total equity
169,140
575,306
Total liabilities and equity
$
3,561,190
$
3,894,072
Atlassian Corporation Plc
Consolidated Statements of Cash Flows
(U.S. $ in thousands)
(unaudited)
Three Months Ended December 31,
Six Months Ended December 31,
2020
2019
2020
2019
Operating activities
Income (loss) before income tax expense
$
(607,372
)
$
141,791
$
(631,696
)
$
216,256
Adjustments to reconcile income (loss) before income tax expense to net cash provided by operating activities:
Depreciation and amortization
13,807
17,753
27,218
34,410
Depreciation of right-of-use assets
9,378
8,869
18,592
17,227
Loss (gain) on sale of investments, disposal of assets and other
51
(217
)
299
(264
)
Net unrealized loss on investments
750
—
750
—
Interest expense
3,594
3,516
6,996
7,099
Net unrealized foreign currency loss
4,874
3,183
10,441
946
Share-based payment expense
107,692
70,438
193,423
147,734
Net loss (gain) on exchange derivative and capped call transactions
539,102
(106,423
)
566,598
(188,526
)
Amortization of debt discount and issuance cost
87,854
8,848
97,027
17,590
Interest income
(2,112
)
(8,099
)
(4,702
)
(17,211
)
Changes in assets and liabilities:
Trade receivables
(37,145
)
(24,276
)
(45,523
)
(41,113
)
Prepaid expenses and other assets
4,057
2,227
(7,361
)
(6,370
)
Trade and other payables, provisions and other non-current liabilities
32,823
26,320
(14,561
)
(5,509
)
Deferred revenue
61,297
77,223
83,933
108,779
Interest received
3,298
7,591
7,454
16,270
Income tax paid, net
(21,486
)
(10,379
)
(28,961
)
(12,762
)
Net cash provided by operating activities
200,462
218,365
279,927
294,556
Investing activities
Business combinations, net of cash acquired
(9,700
)
(37,168
)
(42,164
)
(37,983
)
Purchases of property and equipment
(9,548
)
(7,010
)
(17,365
)
(13,123
)
Purchases of investments
(36,013
)
(263,122
)
(69,265
)
(586,878
)
Proceeds from maturities of investments
120,627
70,569
195,304
193,018
Proceeds from sales of investments
40,607
82,942
47,694
141,961
Increase in restricted cash
(2,162
)
—
(2,162
)
—
Payment of deferred consideration
—
—
(185
)
—
Net cash provided by (used in) investing activities
103,811
(153,789
)
111,857
(303,005
)
Financing activities
Proceeds from exercise of share options
225
331
1,147
986
Payments of lease obligations
(11,139
)
(9,357
)
(22,235
)
(17,027
)
Payment of issuance costs for credit facility
(4,445
)
—
(4,445
)
—
Interest paid
(3,294
)
(3,125
)
(3,294
)
(3,125
)
Repayment of exchangeable senior notes
(671,489
)
—
(671,497
)
—
Proceeds from settlement of capped call transactions
72,776
—
72,776
—
Net cash used in financing activities
(617,366
)
(12,151
)
(627,548
)
(19,166
)
Effect of exchange rate changes on cash and cash equivalents
4,546
109
7,510
(1,101
)
Net increase (decrease) in cash and cash equivalents
(308,547
)
52,534
(228,254
)
(28,716
)
Cash and cash equivalents at beginning of period
1,560,262
1,187,191
1,479,969
1,268,441
Cash and cash equivalents at end of period
$
1,251,715
$
1,239,725
$
1,251,715
$
1,239,725
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,
2020
2019
2020
2019
Gross profit
IFRS gross profit
$
421,877
$
342,964
$
807,699
$
644,075
Plus: Share-based payment expense
6,801
4,407
12,057
9,119
Plus: Amortization of acquired intangible assets
5,413
9,173
10,832
17,661
Non-IFRS gross profit
$
434,091
$
356,544
$
830,588
$
670,855
Operating income
IFRS operating income
$
27,713
$
41,841
$
39,645
$
37,286
Plus: Share-based payment expense
107,692
70,438
193,423
147,734
Plus: Amortization of acquired intangible assets
7,772
13,140
15,531
25,355
Non-IFRS operating income
$
143,177
$
125,419
$
248,599
$
210,375
Net income
IFRS net income (loss)
$
(621,528
)
$
124,074
$
(643,082
)
$
193,394
Plus: Share-based payment expense
107,692
70,438
193,423
147,734
Plus: Amortization of acquired intangible assets
7,772
13,140
15,531
25,355
Plus: Non-coupon impact related to exchangeable senior notes and capped calls
626,956
(97,575
)
663,625
(170,936
)
Less: Income tax effects and adjustments
(25,581
)
(16,182
)
(57,415
)
(31,645
)
Non-IFRS net income
$
95,311
$
93,895
$
172,082
$
163,902
Net income per share
IFRS net income (loss) per share - diluted
$
(2.49
)
$
0.49
$
(2.59
)
$
0.77
Plus: Share-based payment expense
0.44
0.28
0.78
0.59
Plus: Amortization of acquired intangible assets
0.04
0.05
0.07
0.10
Plus: Non-coupon impact related to exchangeable senior notes and capped calls
2.48
(0.39
)
2.63
(0.68
)
Less: Income tax effects and adjustments
(0.10
)
(0.06
)
(0.21
)
(0.13
)
Non-IFRS net income per share - diluted
$
0.37
$
0.37
$
0.68
$
0.65
Weighted-average diluted shares outstanding
Weighted-average shares used in computing diluted IFRS net loss per share
249,188
250,960
248,601
250,950
Plus: Dilution from share options and RSUs (1)
5,357
—
5,457
—
Weighted-average shares used in computing diluted non-IFRS net income per share
254,545
250,960
254,058
250,950
Free cash flow
IFRS net cash provided by operating activities
$
200,462
$
218,365
$
279,927
$
294,556
Less: Capital expenditures
(9,548
)
(7,010
)
(17,365
)
(13,123
)
Less: Payments of lease obligations
(11,139
)
(9,357
)
(22,235
)
(17,027
)
Free cash flow
$
179,775
$
201,998
$
240,327
$
264,406
(1) The effects of these dilutive securities were not included in the IFRS calculation of diluted net loss per share for the three and six months ended December 31, 2020 because the effect would have been anti-dilutive.
Atlassian Corporation Plc
Reconciliation of IFRS to Non-IFRS Financial Targets
(U.S. $)
Three Months Ending March 31, 2021
Revenue
$475 million to $490 million
IFRS gross margin
82%
Plus: Share-based payment expense
1
Plus: Amortization of acquired intangible assets
1
Non-IFRS gross margin
84%
IFRS operating margin
(7%)
Plus: Share-based payment expense
21
Plus: Amortization of acquired intangible assets
2
Non-IFRS operating margin
16%
IFRS net loss per share - diluted
($0.15) to ($0.14)
Plus: Share-based payment expense
0.39
Plus: Amortization of acquired intangible assets
0.03
Plus: Non-coupon impact related to exchangeable senior notes and capped calls
0.03
Less: Income tax effects and adjustments
(0.10)
Non-IFRS net income per share - diluted
$0.20 to $0.21
Weighted-average shares used in computing diluted IFRS net loss per share
250 million to 252 million
Dilution from share options and RSUs (1)
5 million
Weighted-average shares used in computing diluted non-IFRS net income per share
255 million to 257 million
(1) The effects of these dilutive securities are not included in the IFRS calculation of diluted net loss per share for the three months ending March 31, 2021 because the effect would be anti-dilutive.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210128006034/en/
Investor Relations Contact Martin Lam & Matt Sonefeldt IR@atlassian.com
Media Contact Jake Standish press@atlassian.com
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