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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-1.65 | -0.90% | 181.87 | 181.50 | 184.00 | 186.32 | 180.78 | 184.50 | 1,468,454 | 23:53:58 |
99.1 | Press release dated February 4, 2016 |
Dated: | February 4, 2016 | Atlassian Corporation Plc | |
/S/ MURRAY DEMO | |||
Murray Demo Chief Financial Officer (Principal Financial Officer) |
Exhibit Number | Exhibit Title |
99.1 | Press Release dated February 4, 2016 |
• | Revenue: Total revenue was $109.7 million for the second quarter of fiscal 2016, up 45% from $75.8 million for the second quarter of fiscal 2015. |
• | Operating Income: Operating Income was $3.4 million for the second quarter of fiscal 2016, compared with $4.1 million for the second quarter of fiscal 2015. |
• | Net Income and Net Income Per Diluted Share: Net income was $5.1 million for the second quarter of fiscal 2016, compared with $5.0 million for the second quarter of fiscal 2015. Net income per diluted share was $0.03 for the second quarter of fiscal 2016, compared with net income per diluted share of $0.03 for the second quarter of fiscal 2015. |
• | Balance Sheet: Cash and cash equivalents and short-term investments at the end of the second quarter of fiscal 2016 totaled $682.0 million, compared with $217.3 million at the end of the fourth quarter of fiscal 2015. |
• | Operating Income: Operating income was $20.3 million for the second quarter of fiscal 2016, compared with $15.3 million for the second quarter of fiscal 2015. |
• | Net Income and Net Income Per Diluted Share: Net income was $19.1 million for the second quarter of fiscal 2016, compared with $14.3 million for the second quarter of fiscal 2015. Net income per diluted share was $0.11 for the second quarter of fiscal 2016, compared with $0.09 per diluted share for the second quarter of fiscal 2015. |
• | Free Cash Flow: Cash flow from operations was $31.9 million for the second quarter of fiscal 2016, resulting in free cash flow of $28.8 million after taking into consideration $3.1 million of capital expenditures. |
• | Customers: Atlassian ended its second quarter of fiscal 2016 with a total customer count on an active subscription or maintenance agreement basis of 54,262, a 27% increase over the comparable prior year period. Atlassian added more than 2,600 net new customers during the second quarter. |
• | JIRA: Atlassian transformed its flagship JIRA product, one of the leading software development tools for agile software teams worldwide, into three standalone offerings that expand the markets it serves: JIRA Software for agile development teams, JIRA Service Desk for IT and service teams, and JIRA Core for non-technical business teams such as HR, Finance, Legal and Marketing. |
• | Atlassian Marketplace: Atlassian launched HipChat Connect, which allows third-party developers to create full-featured apps for HipChat available through the Atlassian Marketplace. With over 2,000 add-ons designed to enhance Atlassian products, the Atlassian Marketplace is one of the largest enterprise software marketplaces. |
• | New CTO: Atlassian announced the hiring of a Chief Technology Officer (CTO), Sri Viswanath. Sri was previously CTO and SVP of Engineering & Operations at Groupon. Sri brings significant experience developing large-scale technology platforms to Atlassian, and commenced his new role in January 2016. |
• | IPO: Atlassian completed its initial public offering in December 2015, raising net proceeds to the company, after expenses, of $431.4 million. |
• | Third Quarter Fiscal Year 2016: |
• | Total revenue is expected to be in the range of $113 million to $115 million. |
• | Gross profit margin is expected to be approximately 82% on an IFRS basis and approximately 86% on a non-IFRS basis. |
• | Operating income margin is expected to be -9% to -8% on an IFRS basis and 11% to 12% on a non-IFRS basis. |
• | Weighted average share count is expected to be in the range of 231 million to 233 million shares on a fully diluted basis. |
• | Net loss per diluted share is expected to be approximately ($0.05) on an IFRS basis, and net income per diluted share is expected to be in the range of $0.05 to $0.06 on a non-IFRS basis. |
• | Fiscal Year 2016: |
• | Total revenue is expected to be in the range of $443 million to $447 million. |
• | Gross profit margin is expected to be approximately 83% on an IFRS basis and approximately 86% on a non-IFRS basis. |
• | Operating income margin is expected to be approximately -4% on an IFRS basis and approximately 15% on a non-IFRS basis. |
• | Weighted average share count is expected to be in the range of 202 million to 204 million shares on a fully diluted basis. |
• | Net loss per diluted share is expected to be in the range of ($0.11) to ($0.10) on an IFRS basis, and net income per diluted share is expected to be in the range of $0.30 to $0.31 on a non-IFRS basis. |
• | Free cash flow is expected to be in the range of $80 million to $83 million. |
• | When: February 4, 2016 at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time). |
• | Webcast: A live webcast of the call can be accessed from the Investor Relations section of Atlassian’s website at: http://investors.atlassian.com. Following the call, a replay will be available on the same website. Atlassian uses the http://investors.atlassian.com website as a means of disclosing material non-public information and for complying with disclosure obligations. |
• | Dial in: To access the call via telephone in North America, please dial 1-866-270-1533. For international callers, please dial 1-412-317-0797. Participants should request the “Atlassian call” after dialing in. |
• | Audio replay: An audio replay of the call will be available via telephone for seven days, beginning two hours after the call. To listen to the replay in North America, please dial 1-877-344-7529 (access code 10079274). International callers, please dial 1-412-317-0088 (access code 10079274). |
• | as a measure of operating performance, because these financial measures do not include the impact of items not directly resulting from our core operations; |
• | for planning purposes, including the preparation of our annual operating budget; |
• | to allocate resources to enhance the financial performance of our business; |
• | to evaluate the effectiveness of our business strategies; and |
• | in communications with our board of directors concerning our financial performance. |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | |||||||||||||||
Subscription | $ | 33,911 | $ | 20,083 | $ | 64,378 | $ | 37,259 | |||||||
Maintenance | 53,508 | 38,451 | 103,862 | 73,203 | |||||||||||
Perpetual license | 15,645 | 14,321 | 31,146 | 27,238 | |||||||||||
Other | 6,642 | 2,971 | 12,142 | 6,048 | |||||||||||
Total revenues | 109,706 | 75,826 | 211,528 | 143,748 | |||||||||||
Cost of revenues (1) (2) | 18,473 | 12,354 | 34,893 | 24,200 | |||||||||||
Gross profit | 91,233 | 63,472 | 176,635 | 119,548 | |||||||||||
Operating expenses | |||||||||||||||
Research and development (1) | 47,846 | 31,543 | 93,306 | 60,768 | |||||||||||
Marketing and sales (1) (2) | 21,713 | 16,988 | 37,975 | 28,985 | |||||||||||
General and administrative (1) | 18,307 | 10,821 | 34,909 | 23,241 | |||||||||||
Total operating expenses | 87,866 | 59,352 | 166,190 | 112,994 | |||||||||||
Operating income | 3,367 | 4,120 | 10,445 | 6,554 | |||||||||||
Other non-operating income (expense), net | (181 | ) | (908 | ) | (784 | ) | (2,127 | ) | |||||||
Finance income | 123 | 81 | 169 | 154 | |||||||||||
Finance costs | (49 | ) | (16 | ) | (57 | ) | (32 | ) | |||||||
Income before income tax benefit | 3,260 | 3,277 | 9,773 | 4,549 | |||||||||||
Income tax benefit | 1,805 | 1,734 | 374 | 4,045 | |||||||||||
Net income | $ | 5,065 | $ | 5,011 | $ | 10,147 | $ | 8,594 | |||||||
Net income per share attributable to ordinary shareholders: | |||||||||||||||
Basic | $ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.05 | |||||||
Diluted | $ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.05 | |||||||
Weighted-average shares outstanding used to compute net income per share attributable to ordinary shareholders: | |||||||||||||||
Basic | 160,328 | 144,008 | 152,168 | 144,008 | |||||||||||
Diluted | 165,730 | 145,493 | 155,576 | 145,493 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cost of revenues | $ | 1,301 | $ | 739 | $ | 2,507 | $ | 1,191 | |||||||
Research and development | 7,777 | 6,181 | 13,698 | 10,813 | |||||||||||
Marketing and sales | 3,064 | 1,784 | 5,806 | 2,926 | |||||||||||
General and administrative | 2,910 | 953 | 7,137 | 2,653 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Cost of revenues | $ | 1,830 | $ | 1,529 | $ | 3,575 | $ | 3,151 | |||||||
Marketing and sales | 22 | 8 | 43 | 16 |
December 31, 2015 | June 30, 2015 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 570,268 | $ | 187,094 | |||
Short-term investments | 111,718 | 30,251 | |||||
Trade and other receivables | 18,273 | 13,371 | |||||
Current tax receivables | 6,857 | 939 | |||||
Prepaid expenses and other current assets | 6,792 | 6,976 | |||||
Total current assets | 713,908 | 238,631 | |||||
Non-current assets: | |||||||
Property and equipment, net | 41,202 | 41,948 | |||||
Deferred tax assets | 130,297 | 81,519 | |||||
Goodwill | 7,110 | 7,152 | |||||
Intangible assets, net | 17,402 | 21,099 | |||||
Other non-current assets | 5,812 | 6,812 | |||||
Total non-current assets | 201,823 | 158,530 | |||||
Total assets | $ | 915,731 | $ | 397,161 | |||
Liabilities | |||||||
Current liabilities: | |||||||
Trade and other payables | $ | 41,999 | $ | 52,636 | |||
Current tax liabilities | 69 | 973 | |||||
Provisions | 3,571 | 3,314 | |||||
Deferred revenue | 145,217 | 131,231 | |||||
Total current liabilities | 190,856 | 188,154 | |||||
Non-current liabilities: | |||||||
Deferred tax liabilities | 5,515 | 4,919 | |||||
Provisions | 1,898 | 1,873 | |||||
Deferred revenue | 5,600 | 5,334 | |||||
Other non-current liabilities | 7,228 | 6,827 | |||||
Total non-current liabilities | 20,241 | 18,953 | |||||
Total liabilities | $ | 211,097 | $ | 207,107 | |||
Equity | |||||||
Share capital | $ | 21,213 | $ | 18,461 | |||
Share premium | 438,487 | 5,744 | |||||
Other components of equity | 38,952 | 39,194 | |||||
Share-based payments reserve | 180,933 | 111,753 | |||||
Retained earnings | 25,049 | 14,902 | |||||
Total equity | $ | 704,634 | $ | 190,054 | |||
Total liabilities and equity | $ | 915,731 | $ | 397,161 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating activities | |||||||||||||||
Income before income tax | $ | 3,260 | $ | 3,277 | $ | 9,773 | $ | 4,549 | |||||||
Adjustments to reconcile income before income tax to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 5,372 | 3,551 | 9,906 | 7,139 | |||||||||||
Net loss on disposal of property and equipment | 137 | 7 | 137 | 7 | |||||||||||
Net unrealized foreign currency (gain) loss | (130 | ) | 541 | 434 | 1,451 | ||||||||||
Share-based payment expense | 15,052 | 9,657 | 29,148 | 17,583 | |||||||||||
Change in fair value of contingent consideration | — | — | — | (155 | ) | ||||||||||
Interest income | (123 | ) | (81 | ) | (169 | ) | (154 | ) | |||||||
Changes in assets and liabilities: | |||||||||||||||
Trade and other receivables | (4,552 | ) | 2,303 | (4,314 | ) | (724 | ) | ||||||||
Prepaid expenses and other current assets and other non-current assets | 1,850 | 212 | (28 | ) | (88 | ) | |||||||||
Trade and other payables, provisions and other non-current liabilities | 5,962 | 7,705 | (4,742 | ) | (1,834 | ) | |||||||||
Deferred revenue | 7,551 | 8,466 | 14,252 | 17,509 | |||||||||||
Interest received | 23 | 52 | 106 | 107 | |||||||||||
Income tax paid, net of refunds | (2,503 | ) | (1,203 | ) | (8,200 | ) | (1,249 | ) | |||||||
Net cash provided by operating activities | 31,899 | 34,487 | 46,303 | 44,141 | |||||||||||
Investing activities | |||||||||||||||
Business combinations, net of cash acquired | — | (135 | ) | — | (3,335 | ) | |||||||||
Purchases of property and equipment | (3,133 | ) | (8,760 | ) | (9,288 | ) | (13,938 | ) | |||||||
Purchases of intangible assets | — | — | — | (900 | ) | ||||||||||
Purchases of short-term investments and deposits | (112,243 | ) | (82 | ) | (116,643 | ) | (19,318 | ) | |||||||
Proceeds from maturities of short-term investments and deposits | 15,040 | 159 | 34,622 | 19,527 | |||||||||||
Payment of deferred consideration | — | — | (1,025 | ) | — | ||||||||||
Net cash used in investing activities | (100,336 | ) | (8,818 | ) | (92,334 | ) | (17,964 | ) | |||||||
Financing activities | |||||||||||||||
Proceeds from issuance of ordinary shares upon initial public offering, net of offering costs | 433,192 | — | 431,447 | — | |||||||||||
Proceeds from exercise of share options, including early exercised options | 2,291 | 286 | 3,502 | 740 | |||||||||||
Employee payroll taxes paid related to net share settlement of equity awards | (5,395 | ) | — | (5,395 | ) | — | |||||||||
Net cash provided by financing activities | 430,088 | 286 | 429,554 | 740 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | 285 | (415 | ) | (349 | ) | (1,111 | ) | ||||||||
Net increase in cash and cash equivalents | 361,936 | 25,540 | 383,174 | 25,806 | |||||||||||
Cash and cash equivalents at beginning of period | 208,332 | 117,032 | 187,094 | 116,766 | |||||||||||
Cash and cash equivalents at end of period | $ | 570,268 | $ | 142,572 | $ | 570,268 | $ | 142,572 |
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Gross profit: | |||||||||||||||
IFRS gross profit | $ | 91,233 | $ | 63,472 | $ | 176,635 | $ | 119,548 | |||||||
Plus: Share-based payment expense | 1,301 | 739 | 2,507 | 1,191 | |||||||||||
Plus: Amortization of acquired intangibles | 1,830 | 1,529 | 3,575 | 3,151 | |||||||||||
Non-IFRS gross profit | $ | 94,364 | $ | 65,740 | $ | 182,717 | $ | 123,890 | |||||||
Operating income: | |||||||||||||||
IFRS operating income | $ | 3,367 | $ | 4,120 | $ | 10,445 | $ | 6,554 | |||||||
Plus: Share-based payment expense | 15,052 | 9,657 | 29,148 | 17,583 | |||||||||||
Plus: Amortization of acquired intangibles | 1,852 | 1,537 | 3,618 | 3,167 | |||||||||||
Non-IFRS operating income | $ | 20,271 | $ | 15,314 | $ | 43,211 | $ | 27,304 | |||||||
Net income: | |||||||||||||||
IFRS net income | $ | 5,065 | $ | 5,011 | $ | 10,147 | $ | 8,594 | |||||||
Plus: Share-based payment expense | 15,052 | 9,657 | 29,148 | 17,583 | |||||||||||
Plus: Amortization of acquired intangibles | 1,852 | 1,537 | 3,618 | 3,167 | |||||||||||
Less: Income tax effects and adjustments | (2,859 | ) | (1,936 | ) | (5,424 | ) | (3,956 | ) | |||||||
Non-IFRS net income | $ | 19,110 | $ | 14,269 | $ | 37,489 | $ | 25,388 | |||||||
Net income per share: | |||||||||||||||
IFRS net income per share - basic | $ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.05 | |||||||
Plus: Share-based payment expense | 0.10 | 0.07 | 0.20 | 0.13 | |||||||||||
Plus: Amortization of acquired intangibles | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||
Less: Income tax effects and adjustments | (0.02 | ) | (0.01 | ) | (0.03 | ) | (0.02 | ) | |||||||
Non-IFRS net income per share - basic | $ | 0.12 | $ | 0.10 | $ | 0.25 | $ | 0.18 | |||||||
Weighted-average shares used in computing basic IFRS and Non-IFRS net income per share: | 160,328 | 144,008 | 152,168 | 144,008 | |||||||||||
IFRS net income per share - diluted | $ | 0.03 | $ | 0.03 | $ | 0.06 | $ | 0.05 | |||||||
Plus: Share-based payment expense | 0.09 | 0.06 | 0.17 | 0.11 | |||||||||||
Plus: Amortization of acquired intangibles | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||
Less: Income tax effects and adjustments | (0.02 | ) | (0.01 | ) | (0.03 | ) | (0.02 | ) | |||||||
Non-IFRS net income per share - diluted | $ | 0.11 | $ | 0.09 | $ | 0.22 | $ | 0.16 | |||||||
Weighted-average shares used in computing diluted Non-IFRS net income per share: | 179,776 | 162,370 | 172,147 | 162,661 | |||||||||||
Weighted-average diluted shares outstanding: | |||||||||||||||
Weighted-average shares used in computing diluted IFRS net income per share: | 165,730 | 145,493 | 155,576 | 145,493 | |||||||||||
Plus: Additional dilution from share options and RSUs granted in periods prior to IPO | 14,046 | 16,877 | 16,571 | 17,168 | |||||||||||
Weighted-average shares used in computing diluted non-IFRS net income per share: | 179,776 | 162,370 | 172,147 | 162,661 | |||||||||||
Free cash flow: | |||||||||||||||
IFRS net cash provided by operating activities | $ | 31,899 | $ | 34,487 | $ | 46,303 | $ | 44,141 | |||||||
Less: Capital expenditures | (3,133 | ) | (8,760 | ) | (9,288 | ) | (14,838 | ) | |||||||
Free cash flow | $ | 28,766 | $ | 25,727 | $ | 37,015 | $ | 29,303 |
Three months ended March 30, 2016 | Twelve months ended June 30, 2016 | ||||
Revenue | $113 million to $115 million | $443 million to $447 million | |||
IFRS gross profit | 82% | 83% | |||
Share-based payment expense | 2 | 1 | |||
Amortization of acquired intangibles | 2 | 2 | |||
Non-IFRS gross profit | 86% | 86% | |||
IFRS operating income | (9%) to (8%) | (4%) | |||
Share-based payment expense | 18 | 17 | |||
Amortization of acquired intangibles | 2 | 2 | |||
Non-IFRS operating income | 11% to 12% | 15% | |||
IFRS net loss per share - diluted | ($0.05) | ($0.11) to ($0.10) | |||
Share-based payment expense | 0.09 | 0.37 | |||
Amortization of acquired intangibles | 0.01 | 0.04 | |||
Income tax effects and adjustments | 0.01 | 0.00 | |||
Non-IFRS net income per share - diluted | $0.05 to $0.06 | $0.30 to $0.31 | |||
Weighted-averages shares used in computing diluted non-IFRS net income per share | 231 million to 233 million | 202 million to 204 million |
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