Quarterly revenue of $430.5 million, up 29%
year-over-year
Quarterly IFRS operating margin of (1)% and
non-IFRS operating margin of 19%
Quarterly cash flow from operations of $123.3
million and free cash flow of $95.7 million
Atlassian Corporation Plc (NASDAQ: TEAM), a leading provider of
team collaboration and productivity software, today announced
financial results for its fourth quarter and fiscal year ended June
30, 2020 and released a shareholder letter on the Investor
Relations section of its website at
https://investors.atlassian.com.
“We drove strong results in fiscal year 2020, generating $1.6
billion in revenue, up 33% from the prior year,” said Scott
Farquhar, Atlassian’s co-founder and co-CEO. “We now serve over
174,000 customers, including more than 150,000 using our cloud
products, and made significant progress in transforming Atlassian
into a cloud-first global software leader.”
“Today, we are thrilled to announce the acquisition of
Mindville, strengthening our IT market position,” said Mike
Cannon-Brookes, Atlassian’s co-founder and co-CEO. “Mindville and
our recent acquisition of Halp bolster our growing ITSM portfolio
and work management offerings for non-technical teams.”
Fourth Quarter Fiscal Year 2020 Financial Highlights:
On an IFRS basis, Atlassian reported:
- Revenue: Total revenue was $430.5 million for the fourth
quarter of fiscal 2020, up 29% from $334.6 million for the fourth
quarter of fiscal 2019.
- Operating Loss and Operating Margin: Operating loss was
$3.3 million for the fourth quarter of fiscal 2020, compared with
an operating loss of $32.4 million for the fourth quarter of fiscal
2019. Operating margin was (1)% for the fourth quarter of fiscal
2020, compared with (10)% for the fourth quarter of fiscal
2019.
- Net Loss and Net Loss Per Diluted Share: Net loss was
$385.2 million for the fourth quarter of fiscal 2020, compared with
a net loss of $237.5 million for the fourth quarter of fiscal 2019.
Net loss per diluted share was $1.56 for the fourth quarter of
fiscal 2020, compared with a net loss per diluted share of $0.99
for the fourth quarter of fiscal 2019.
Net loss for the fourth quarter of fiscal 2020 included a
non-cash charge recorded in “other non-operating expense, net” of
$382.7 million, compared with a non-cash charge of $156.3 million
in the fourth quarter of fiscal 2019, as a result of marking to
fair value the exchange feature of Atlassian’s exchangeable senior
notes and related capped calls.
- Balance Sheet: Cash and cash equivalents, and short-term
investments at the end of the fourth quarter of fiscal 2020 totaled
$2.2 billion.
On a non-IFRS basis, Atlassian reported:
- Operating Income and Operating Margin: Operating income
was $82.5 million for the fourth quarter of fiscal 2020, compared
with operating income of $55.9 million for the fourth quarter of
fiscal 2019. Operating margin was 19% for the fourth quarter of
fiscal 2020, compared with 17% for the fourth quarter of fiscal
2019.
- Net Income and Net Income Per Diluted Share: Net income
was $63.0 million for the fourth quarter of fiscal 2020, compared
with net income of $51.2 million for the fourth quarter of fiscal
2019. Net income per diluted share was $0.25 for the fourth quarter
of fiscal 2020, compared with net income per diluted share of $0.20
for the fourth quarter of fiscal 2019.
- Free Cash Flow: Cash flow from operations was $123.3
million and free cash flow was $95.7 million for the fourth quarter
of fiscal 2020. Free cash flow margin for the fourth quarter of
fiscal 2020 was 22%.
Fiscal Year 2020 Financial Highlights
On an IFRS basis, Atlassian reported:
- Revenue: Total revenue was $1.6 billion for fiscal year
2020, up 33% from $1.2 billion for fiscal year 2019.
- Operating Income (Loss) and Operating Margin: Operating
income was $14.1 million for fiscal year 2020, compared with an
operating loss of $63.4 million for fiscal year 2019. Operating
margin was 1% for fiscal year 2020, compared with (5)% for fiscal
year 2019.
- Net Loss and Net Loss Per Diluted Share: Net loss was
$350.7 million for fiscal year 2020, compared with a net loss of
$637.6 million for fiscal year 2019. Net loss per diluted share was
$1.43 for fiscal year 2020, compared with a net loss per diluted
share of $2.67 for fiscal year 2019.
Net loss for fiscal year 2020 included a non-cash charge
recorded in “other non-operating expense, net” of $336.0 million,
compared with a non-cash charge of $533.9 million in fiscal year
2019, as a result of marking to fair value the exchange feature of
Atlassian’s exchangeable senior notes and related capped calls.
On a non-IFRS basis, Atlassian reported:
- Operating Income and Operating Margin: Operating income
was $370.0 million for fiscal year 2020, compared with operating
income of $251.2 million for fiscal year 2019. Operating margin was
23% for fiscal year 2020, compared with 21% for fiscal year
2019.
- Net Income and Net Income Per Diluted Share: Net income
was $288.8 million for fiscal year 2020, compared with net income
of $214.5 million for fiscal year 2019. Net income per diluted
share was $1.15 for fiscal year 2020, compared with net income per
diluted share of $0.86 for fiscal year 2019.
- Free Cash Flow: Cash flow from operations was $574.2
million and free cash flow was $500.4 million for fiscal year 2020,
an increase of 19% year-over-year. Free cash flow margin for fiscal
year 2020 was 31%.
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:
- Customer Growth: Atlassian ended the fourth quarter of
fiscal 2020 with a total customer count, on an active subscription
or maintenance agreement basis, of 174,097. Atlassian added 3,046
net new customers during the quarter.
- Halp Acquisition: In May, Atlassian closed its
acquisition of Halp, which uses messaging to turn Slack into an
internal help desk solution for any team, including marketing,
security, legal, finance, support, and IT. Halp seamlessly extends
Jira Service Desk into Slack, and offers two-way integration with
Confluence, as well as Zendesk. Internal teams at Adobe, Home
Depot, GitHub, Slack, ClassPass, and thousands more already use
Halp every day. For more information, visit halp.com.
- Mindville Acquisition: Today, Atlassian announced its
acquisition of Mindville, an asset and configuration management
company based in Sweden with over 1,700 customers worldwide
including NASA, Spotify, and Samsung. With its acquisition of
Mindville, Atlassian brings critical configuration management
database (CMDB) capability to Jira Service Desk to better meet the
needs of its IT customers. The lines between software development
and IT continue to break down, and Mindville furthers Atlassian’s
ability to create a single platform for developer and IT workflows.
For more information, visit mindville.com.
Financial Targets:
Atlassian is providing its financial targets for the first
quarter of fiscal year 2021. The company’s financial targets are as
follows:
- First Quarter Fiscal Year 2021:
- Total revenue is expected to be in the range of $430 million to
$445 million.
- Gross margin is expected to be approximately 84% on an IFRS
basis and approximately 86% on a non-IFRS basis.
- Operating margin is expected to be approximately 0% on an IFRS
basis and approximately 21% on a non-IFRS basis.
- Net loss per diluted share is expected to be in the range of
($0.06) to ($0.05) on an IFRS basis, and net income per diluted
share is expected to be in the range of $0.26 to $0.27 on a
non-IFRS basis.
- Weighted average share count is expected to be in the range of
247 million to 249 million shares when calculating diluted IFRS net
loss per share and in the range of 253 million to 255 million
shares when calculating diluted non-IFRS net income per share.
For additional commentary regarding financial targets, please
see Atlassian’s Q4 fiscal 2020 shareholder letter dated July 30,
2020.
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/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:
- When: Thursday, July 30, 2020 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:
https://investors.atlassian.com. Following the call, a replay will
be available on the same website.
- Dial in: To access the call via telephone in North
America, please dial 1-833-714-0871. For international callers,
please dial 1-778-560-2676. 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
1-800-585-8367 (access code 4859305). International callers, please
dial 1-416-621-4642 (access code 4859305).
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 174,000
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, Opsgenie, Jira Service Desk, 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, acquisitions, 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:
- Non-IFRS gross profit. Excludes expenses related to share-based
compensation and amortization of acquired intangible assets.
- Non-IFRS operating income. Excludes expenses related to
share-based compensation and amortization of acquired intangible
assets.
- Non-IFRS net income and non-IFRS net income per diluted share.
Excludes 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.
- Free cash flow. Free cash flow is defined as net cash provided
by operating activities less capital expenditures, which consists
of purchases of property and equipment, and from fiscal year 2020,
with the adoption of IFRS 16, Leases (“IFRS 16”), payments of lease
obligations are also deducted.
Our non-IFRS financial measures reflect adjustments based on the
items below:
- Share-based compensation.
- Amortization of acquired intangible assets.
- Non-coupon impact related to exchangeable senior notes and
capped calls:
- Amortization of notes discount and issuance costs.
- Mark to fair value of the exchangeable senior notes exchange
feature.
- Mark to fair value of the related capped call
transactions.
- The related income tax effects on these items, and changes in
our assessment regarding the realizability of our deferred tax
assets.
- Capital expenditures and payments of lease obligations.
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 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:
- As measures 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.
- In communications with our Board of Directors concerning our
financial performance.
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 June
30,
Fiscal Year Ended June
30,
2020
2019
2020
2019
Revenues:
Subscription
$
257,521
$
180,917
$
931,455
$
633,950
Maintenance
122,774
105,767
469,350
394,526
Perpetual license
20,365
22,824
95,162
93,593
Other
29,816
25,078
118,206
88,058
Total revenues
430,476
334,586
1,614,173
1,210,127
Cost of revenues (1) (2)
70,112
61,129
268,807
210,285
Gross profit
360,364
273,457
1,345,366
999,842
Operating expenses:
Research and development (1) (2)
210,738
170,321
763,188
579,134
Marketing and sales (1) (2)
77,892
76,600
299,683
268,356
General and administrative (1)
75,014
58,980
268,409
215,714
Total operating expenses
363,644
305,901
1,331,280
1,063,204
Operating income (loss)
(3,280
)
(32,444
)
14,086
(63,362
)
Other non-operating expense, net
(383,234
)
(157,473
)
(338,486
)
(535,453
)
Finance income
3,390
9,272
27,801
33,500
Finance costs
(12,484
)
(10,217
)
(49,610
)
(40,241
)
Loss before income tax benefit
(expense)
(395,608
)
(190,862
)
(346,209
)
(605,556
)
Income tax benefit (expense)
10,385
(46,655
)
(4,445
)
(32,065
)
Net loss
$
(385,223
)
$
(237,517
)
$
(350,654
)
$
(637,621
)
Net loss per share attributable to
ordinary shareholders:
Basic
$
(1.56
)
$
(0.99
)
$
(1.43
)
$
(2.67
)
Diluted
$
(1.56
)
$
(0.99
)
$
(1.43
)
$
(2.67
)
Weighted-average shares outstanding used
to compute net loss per share attributable to ordinary
shareholders:
Basic
246,909
241,121
244,844
238,611
Diluted
246,909
241,121
244,844
238,611
(1) Amounts include share-based payment expense, as follows:
Three Months Ended June
30,
Fiscal Year Ended June
30,
2020
2019
2020
2019
Cost of revenues
$
5,133
$
5,294
$
19,787
$
17,450
Research and development
52,162
47,005
204,150
149,049
Marketing and sales
9,058
10,713
41,960
39,303
General and administrative
11,786
13,120
47,498
51,960
(2) Amounts include amortization of acquired intangible assets,
as follows:
Three Months Ended June
30,
Fiscal Year Ended June
30,
2020
2019
2020
2019
Cost of revenues
$
5,203
$
8,518
$
29,509
$
27,997
Research and development
42
20
166
60
Marketing and sales
2,349
3,672
12,860
28,744
Atlassian Corporation
Plc
Consolidated Statements of
Financial Position
(U.S. $ in thousands)
June 30, 2020
June 30, 2019
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
1,479,969
$
1,268,441
Short-term investments
676,072
445,046
Trade receivables
112,019
82,525
Tax receivables
1,509
707
Derivative assets
327,487
215,156
Prepaid expenses and other current
assets
46,730
30,236
Total current assets
2,643,786
2,042,111
Non-current assets:
Property and equipment, net
97,648
81,459
Deferred tax assets
35,351
17,084
Goodwill
645,140
608,907
Intangible assets, net
129,690
150,975
Right-of-use assets, net
217,683
—
Other non-current assets
124,774
76,722
Total non-current assets
1,250,286
935,147
Total assets
$
3,894,072
$
2,977,258
Liabilities
Current liabilities:
Trade and other payables
$
202,570
$
159,487
Tax liabilities
19,583
11,703
Provisions
14,291
8,983
Deferred revenue
573,813
440,954
Lease obligations
34,743
—
Derivative liabilities
1,284,596
855,005
Current portion of exchangeable senior
notes, net
889,183
853,576
Total current liabilities
3,018,779
2,329,708
Non-current liabilities:
Deferred tax liabilities
31,304
13,872
Provisions
9,493
6,082
Deferred revenue
27,192
27,866
Lease obligations
229,825
—
Other non-current liabilities
2,173
34,263
Total non-current liabilities
299,987
82,083
Total liabilities
3,318,766
2,411,791
Equity
Share capital
24,744
24,199
Share premium
459,892
458,166
Other capital reserves
1,130,918
816,660
Other components of equity
76,144
32,079
Accumulated deficit
(1,116,392
)
(765,637
)
Total equity
575,306
565,467
Total liabilities and equity
$
3,894,072
$
2,977,258
Atlassian Corporation
Plc
Consolidated Statements of
Cash Flows
(U.S. $ in thousands)
(unaudited)
Three Months Ended June
30,
Fiscal Year Ended June
30,
2020
2019
2020
2019
Operating activities
Loss before income tax benefit
(expense)
$
(395,608
)
$
(190,862
)
$
(346,209
)
$
(605,556
)
Adjustments to reconcile loss before
income tax benefit (expense) to net cash provided by operating
activities:
Depreciation and amortization
13,123
15,845
62,271
70,248
Depreciation of right-of-use assets
8,955
—
35,127
—
Gain on sale of investments, disposal of
assets and other
(138
)
(12
)
(993
)
(2,357
)
Net unrealized foreign currency loss
(gain)
1,670
(136
)
(1,503
)
(770
)
Share-based payment expense
78,139
76,132
313,395
257,762
Net unrealized loss on exchange derivative
and capped call transactions
382,696
156,321
335,953
533,908
Amortization of debt discount and issuance
cost
9,063
8,638
35,608
33,939
Interest income
(3,390
)
(9,272
)
(27,801
)
(33,500
)
Interest expense
3,421
1,579
14,002
6,302
Changes in assets and liabilities:
Trade receivables
(18,229
)
(14,584
)
(29,440
)
(30,211
)
Prepaid expenses and other assets
(3,014
)
14,292
(10,608
)
1,085
Trade and other payables, provisions and
other non-current liabilities
26,080
19,419
51,532
75,624
Deferred revenue
17,798
33,556
131,535
122,502
Interest received
4,801
8,372
29,217
30,328
Tax refunds received (income tax paid),
net
(2,026
)
(1,562
)
(17,876
)
7,038
Net cash provided by operating
activities
123,341
117,726
574,210
466,342
Investing activities
Business combinations, net of cash
acquired
(15,229
)
(155,041
)
(53,212
)
(418,595
)
Purchases of intangible assets
—
(1,260
)
—
(2,110
)
Purchases of property and equipment
(15,844
)
(19,563
)
(35,709
)
(44,192
)
Proceeds from sales of property, equipment
and intangible assets
—
—
—
3,721
Purchases of investments
(34,450
)
(295,389
)
(985,931
)
(648,036
)
Proceeds from maturities of
investments
88,011
167,438
513,268
485,021
Proceeds from sales of investments
7,857
11,803
245,498
20,545
Increase in restricted cash
(2,085
)
—
(2,085
)
(552
)
Payment of deferred consideration
(760
)
—
(760
)
—
Net cash provided by (used in) investing
activities
27,500
(292,012
)
(318,931
)
(604,198
)
Financing activities
Proceeds from exercise of share
options
317
713
1,802
3,542
Payment of exchangeable senior notes
issuance costs
—
—
—
(410
)
Payments of lease obligations
(11,790
)
—
(38,125
)
—
Interest paid
(3,125
)
(3,125
)
(6,250
)
(6,319
)
Repayment of exchangeable senior notes
—
—
(2
)
—
Net cash used in financing activities
(14,598
)
(2,412
)
(42,575
)
(3,187
)
Effect of exchange rate changes on cash
and cash equivalents
5,533
(145
)
(1,176
)
(855
)
Net increase (decrease) in cash and
cash equivalents
141,776
(176,843
)
211,528
(141,898
)
Cash and cash equivalents at beginning
of period
1,338,193
1,445,284
1,268,441
1,410,339
Cash and cash equivalents at end of
period
$
1,479,969
$
1,268,441
$
1,479,969
$
1,268,441
Atlassian Corporation
Plc
Reconciliation of IFRS to
Non-IFRS Results
(U.S. $ and shares in
thousands, except per share data)
(unaudited)
Three Months Ended June
30,
Fiscal Year Ended June
30,
2020
2019
2020
2019
Gross profit
IFRS gross profit
$
360,364
$
273,457
$
1,345,366
$
999,842
Plus: Share-based payment expense
5,133
5,294
19,787
17,450
Plus: Amortization of acquired intangible
assets
5,203
8,518
29,509
27,997
Non-IFRS gross profit
$
370,700
$
287,269
$
1,394,662
$
1,045,289
Operating income
IFRS operating income (loss)
$
(3,280
)
$
(32,444
)
$
14,086
$
(63,362
)
Plus: Share-based payment expense
78,139
76,132
313,395
257,762
Plus: Amortization of acquired intangible
assets
7,594
12,210
42,535
56,801
Non-IFRS operating income
$
82,453
$
55,898
$
370,016
$
251,201
Net income
IFRS net loss
$
(385,223
)
$
(237,517
)
$
(350,654
)
$
(637,621
)
Plus: Share-based payment expense
78,139
76,132
313,395
257,762
Plus: Amortization of acquired intangible
assets
7,594
12,210
42,535
56,801
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
391,759
164,959
371,561
567,847
Less: Income tax effects and
adjustments
(29,256
)
35,429
(88,030
)
(30,243
)
Non-IFRS net income
$
63,013
$
51,213
$
288,807
$
214,546
Net income per share
IFRS net loss per share - diluted
$
(1.56
)
$
(0.99
)
$
(1.43
)
$
(2.67
)
Plus: Share-based payment expense
0.33
0.32
1.27
1.05
Plus: Amortization of acquired intangible
assets
0.03
0.05
0.17
0.23
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
1.57
0.68
1.49
2.37
Less: Income tax effects and
adjustments
(0.12
)
0.14
(0.35
)
(0.12
)
Non-IFRS net income per share -
diluted
$
0.25
$
0.20
$
1.15
$
0.86
Weighted-average diluted shares
outstanding
Weighted-average shares used in computing
diluted IFRS net loss per share
246,909
241,121
244,844
238,611
Plus: Dilution from share options and RSUs
(1)
6,000
8,860
6,811
9,609
Weighted-average shares used in computing
diluted non-IFRS net income per share
252,909
249,981
251,655
248,220
Free cash flow
IFRS net cash provided by operating
activities
$
123,341
$
117,726
$
574,210
$
466,342
Less: Capital expenditures
(15,844
)
(19,563
)
(35,709
)
(44,192
)
Less: Payments of lease obligations
(11,790
)
—
(38,125
)
—
Free cash flow (2)
$
95,707
$
98,163
$
500,376
$
422,150
(1) The effects of these dilutive securities were not included
in the IFRS calculation of diluted net loss per share for the three
months and fiscal years ended June 30, 2020 and 2019 because the
effect would have been anti-dilutive.
(2) As a result of our adoption of IFRS 16 on July 1, 2019, we
have updated our definition of free cash flow to subtract payments
of lease obligations under IFRS 16. These payments were previously,
but no longer, reported in cash provided by operating activities.
As a result, free cash flow is not affected by this change.
Atlassian Corporation
Plc
Reconciliation of IFRS to
Non-IFRS Financial Targets
(U.S. $)
Three Months Ending
September 30, 2020
Revenue
$430 million to $445
million
IFRS gross margin
84%
Plus: Share-based payment expense
1
Plus: Amortization of acquired intangible
assets
1
Non-IFRS gross margin
86%
IFRS operating margin
0%
Plus: Share-based payment expense
19
Plus: Amortization of acquired intangible
assets
2
Non-IFRS operating margin
21%
IFRS net loss per share -
diluted
($0.06) to ($0.05)
Plus: Share-based payment expense
0.33
Plus: Amortization of acquired intangible
assets
0.03
Plus: Non-coupon impact related to
exchangeable senior notes and capped calls
0.04
Less: Income tax effects and
adjustments
(0.08)
Non-IFRS net income per share -
diluted
$0.26 to $0.27
Weighted-average shares used in
computing diluted IFRS net loss per share
247 million to 249
million
Dilution from share options and RSUs
(1)
6 million
Weighted-average shares used in
computing diluted non-IFRS net income per share
253 million to 255
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 September 30, 2020.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200730006029/en/
Investor Relations Contact Martin Lam & Matt
Sonefeldt IR@atlassian.com
Media Contact Jake Standish press@atlassian.com
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