Atlassian Q1 2024 Earnings Report
Key Takeaways
Atlassian reported a solid start to fiscal year 2024, with revenue reaching $978 million, a 21% increase year-over-year. Subscription revenue was a key driver, growing by 31% year-over-year. The company is focused on innovation, including AI-powered features and the acquisition of Loom, to enhance team collaboration.
Total revenue was $978 million, up 21% year-over-year.
Subscription revenue increased by 31% year-over-year, reaching $852 million.
GAAP operating margin was (2)%, while non-GAAP operating margin was 23%.
Cash flow from operations was $167 million, and free cash flow was $163 million.
Atlassian
Atlassian
Atlassian Revenue by Segment
Forward Guidance
Atlassian is providing the following financial targets that do not include any impact from the Loom acquisition, which is expected to close in the third quarter of its fiscal year 2024, subject to customary closing conditions and required regulatory approval
Positive Outlook
- Total revenue is expected to be in the range of $1,010 million to $1,030 million.
- Cloud revenue growth year-over-year is expected to be in the range of 25.5% to 27.5%.
- Data Center revenue growth year-over-year is expected to be approximately 33%.
- Gross margin is expected to be approximately 81.0% on a GAAP basis and approximately 83.5% on a non-GAAP basis.
- Operating margin is expected to be approximately (7.5%) on a GAAP basis and approximately 21.0% on a non-GAAP basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income