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Mar 31, 2024
Atlassian Q3 2024 Earnings Report
Atlassian's Q3 2024 earnings were announced, revealing a CEO transition and strong financial performance.
Key Takeaways
Atlassian reported Q3 2024 revenue of $1,189 million, a 30% increase year-over-year, driven by a 41% increase in subscription revenue. The company's free cash flow reached a record $555 million, up 59% year-over-year. Co-founder Scott Farquhar will step down as co-CEO effective August 31, 2024.
Total revenue reached $1,189 million, up 30% year-over-year.
Subscription revenue grew by 41% year-over-year, reaching $1,071 million.
Free cash flow hit a record $555 million, a 59% increase year-over-year.
Atlassian Marketplace surpassed $4 billion in lifetime sales.
Forward Guidance
Atlassian is providing financial targets for the fourth quarter of fiscal year 2024.
Positive Outlook
- Total revenue is expected to be in the range of $1,120 million to $1,135 million.
- Cloud revenue growth year-over-year is expected to be approximately 32%.
- Data Center revenue growth year-over-year is expected to be in the range of 40% to 42%.
- 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 (7.0%) on a GAAP basis and approximately 18.5% on a non-GAAP basis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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