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Dec 31, 2023
Atlassian Q2 2024 Earnings Report
Atlassian's Q2 2024 financial results were released, marking the first-ever $1 billion revenue quarter.
Key Takeaways
Atlassian reported a strong Q2 2024, achieving its first $1 billion revenue quarter. Revenue reached $1,060 million, a 21% increase year-over-year, driven by a 31% increase in subscription revenue. The company surpassed 300,000 customers and saw Jira Software cross $1 billion in Cloud ARR.
Total revenue reached $1,060 million, up 21% year-over-year.
Subscription revenue grew to $932 million, a 31% year-over-year increase.
GAAP operating margin was (5%), while non-GAAP operating margin was 24%.
Free cash flow was $284 million, representing a 27% free cash flow margin.
Atlassian
Atlassian
Atlassian Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comOther Revenue
CapyFin.comCloud Revenue
CapyFin.comData Center Revenue
CapyFin.com Forward Guidance
Atlassian provided financial targets for Q3 2024 and fiscal year 2024, including the impact of the Loom acquisition.
Positive Outlook
- Total revenue is expected to be in the range of $1,085 million to $1,105 million for Q3 2024.
- Cloud revenue growth year-over-year is expected to be in the range of 30.0% to 32.0% for Q3 2024.
- Data Center revenue growth year-over-year is expected to be approximately 35.0% for Q3 2024.
- Gross margin is expected to be approximately 81.0% on a GAAP basis and approximately 83.5% on a non-GAAP basis for Q3 2024.
- Operating margin is expected to be approximately (7.5%) on a GAAP basis and approximately 19.5% on a non-GAAP basis for Q3 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income