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    Atlassian Announces Second Quarter Fiscal Year 2025 Results

    1/30/25 4:05:00 PM ET
    $TEAM
    Computer Software: Prepackaged Software
    Technology
    Get the next $TEAM alert in real time by email

    Revenue of $1,286 million, up 21% year-over-year

    Subscription revenue of $1,213 million, up 30% year-over-year

    GAAP operating margin of (4)% and non-GAAP operating margin of 26%

    Cash flow from operations of $352 million and free cash flow of $343 million

    Atlassian Corporation (NASDAQ:TEAM), a leading provider of team collaboration and productivity software, today announced financial results for its second quarter ended December 31, 2024. A shareholder letter was posted on Atlassian's Work Life blog at http://atlassian.com/blog/announcements/shareholder-letter-q2fy25 and in the Investor Relations section of Atlassian's website at https://investors.atlassian.com.

    Second Quarter Fiscal Year 2025 Earnings Results

    "The Atlassian System of Work is resonating with enterprises all over the globe, as business leaders increasingly turn to the Atlassian platform to help teams across their organization collaborate on the opportunities and challenges they face," said Mike Cannon-Brookes, Atlassian's CEO and co-Founder. "By infusing AI throughout our world-class cloud platform, we're empowering all teams to accelerate collaboration and unlock organizational knowledge, further enabling them to unleash their full potential."

    "Strong enterprise sales execution drove better-than-expected revenue across both our Cloud and Data Center offerings, as we delivered 30% year-over-year growth in subscription revenue in the second quarter," said Joe Binz, Atlassian's CFO. "The momentum we're seeing across the business reinforces our conviction around investments we are making in our key strategic priorities of serving enterprise customers, AI, and the System of Work to deliver durable, long-term growth."

    Second Quarter Fiscal Year 2025 Financial Highlights:

    On a GAAP basis, Atlassian reported:

    • Revenue: Total revenue was $1,286.5 million for the second quarter of fiscal year 2025, up 21% from $1,060.1 million for the second quarter of fiscal year 2024.
    • Operating Loss and Operating Margin: Operating loss was $57.5 million for the second quarter of fiscal year 2025, compared with operating loss of $49.1 million for the second quarter of fiscal year 2024. Operating margin was (4%) for the second quarter of fiscal year 2025, compared with (5%) for the second quarter of fiscal year 2024.
    • Net Loss and Net Loss Per Diluted Share: Net loss was $38.2 million for the second quarter of fiscal year 2025, compared with net loss of $84.5 million for the second quarter of fiscal year 2024. Net loss per diluted share was $0.15 for the second quarter of fiscal year 2025, compared with net loss per diluted share of $0.33 for the second quarter of fiscal year 2024.
    • Balance Sheet: Cash and cash equivalents plus marketable securities at the end of the second quarter of fiscal year 2025 totaled $2.5 billion.

    On a non-GAAP basis, Atlassian reported:

    • Operating Income and Operating Margin: Operating income was $335.1 million for the second quarter of fiscal year 2025, compared with operating income of $250.6 million for the second quarter of fiscal year 2024. Operating margin was 26% for the second quarter of fiscal year 2025, compared with 24% for the second quarter of fiscal year 2024.
    • Net Income and Net Income Per Diluted Share: Net income was $255.6 million for the second quarter of fiscal year 2025, compared with net income of $189.5 million for the second quarter of fiscal year 2024. Net income per diluted share was $0.96 for the second quarter of fiscal year 2025, compared with net income per diluted share of $0.73 for the second quarter of fiscal year 2024.
    • Free Cash Flow: Cash flow from operations was $351.9 million and free cash flow was $342.6 million for the second quarter of fiscal year 2025. Free cash flow margin for the second quarter of fiscal year 2025 was 27%.

    A reconciliation of GAAP to non-GAAP 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-GAAP Financial Measures."

    Recent Business Highlights:

    • A Leader in The Forrester Wave™: Knowledge Management Solutions, Q4 2024: Atlassian was named a Leader in The Forrester Wave for Knowledge Management Solutions, Q4 20241, the first-ever Wave for this market. Atlassian offers products like Confluence, Loom, and Rovo which allow all teams to unlock knowledge across their organization and transform traditional silos into enterprise-wide collaboration with an AI-first strategy.
    • A Leader in the 2024 Gartner® Magic Quadrant™ for Marketing Work Management Platforms: Atlassian was named a Leader in the 2024 Gartner Magic Quadrant for Marketing Work Management Platforms2. Atlassian tools like Jira and Rovo, along with deep integrations across a broad network of third-party applications enable marketing teams to plan and track work, align on goals, and reduce costs and context switching.
    • A Leader in the IDC MarketScape: Worldwide IT Service Management Software 2024 Vendor Assessment: Atlassian was named a Leader in the IDC MarketScape: Worldwide IT Service Management Software 2024 Vendor Assessment. Jira Service Management bridges the gap between software development and IT teams allowing customers to align service delivery with product delivery and overall goals through powerful AI-enabled features like automation and virtual agents.
    • Increased Scale in Confluence Cloud: Atlassian announced the general availability of support for up to 150,000 users on a single site for Confluence Cloud, representing a 3x increase in scale. This achievement unlocks many opportunities for customers, such as further enabling migrations from Data Center to Cloud, expanding greater usage across a customer's organization, and bringing technical and business teams together to accelerate centralized knowledge sharing and seamless collaboration.
    • Expanded Strategic Partnership with Amazon Web Services: Atlassian and Amazon Web Services (AWS) announced a multi-year strategic collaboration agreement to further provide Atlassian customers access to the latest cloud-enabled services, including generative AI, underpinned by world-class security, privacy, compliance, and reliability. As part of the expanded partnership, Atlassian and AWS will establish a Cloud Center of Excellence to help streamline complex migrations for large enterprises and equip solutions partners with Cloud and AI skills, further enabling cloud migrations for millions of users.
    • Customers with >$10,000 in Cloud ARR: Atlassian ended its second quarter of fiscal year 2025 with 49,449 customers with greater than $10,000 in Cloud annualized recurring revenue (Cloud ARR), an increase of 15% year-over-year.
    • Ranked #1 on Fortune's The Future 50 List: Atlassian was ranked first on Fortune's The Future 50 List for 2024, which recognizes the companies most likely to adapt, thrive, and grow amid technological and economic change. This achievement underscores Atlassian's commitment to fostering an innovative, collaborative, and flexible culture that enables technological advancement and incredible value delivery for customers, partners, employees, and shareholders.
    • Board of Directors Update: Atlassian appointed Christian Smith to its Board of Directors. Christian is the Chief Revenue Officer at Splunk, a leader in cybersecurity and observability. Prior to this, Christian served as the Chief Revenue Officer at Nintex. Christian has more than 30 years of enterprise experience driving global sales and digital transformation which will be valuable in supporting Atlassian in its key strategic priorities of enterprise, AI, and the System of Work.

    Financial Targets:

    Atlassian is providing its financial targets as follows:

    Third Quarter Fiscal Year 2025:

    • Total revenue is expected to be in the range of $1,345 million to $1,353 million.
    • Cloud revenue growth year-over-year is expected to be approximately 23.5%.
    • Data Center revenue growth year-over-year is expected to be approximately 7.0%.
    • Marketplace and other revenue growth year-over-year is expected to be approximately flat.
    • Gross margin is expected to be approximately 82.0% on a GAAP basis and approximately 84.5% on a non-GAAP basis.
    • Operating margin is expected to be approximately (3.0%) on a GAAP basis and approximately 23.5% on a non-GAAP basis.

    Fiscal Year 2025:

    • Total revenue growth year-over-year is expected to be in the range of 18.5% to 19.0%.
    • Cloud revenue growth year-over-year is expected to be approximately 26.5%.
    • Data Center revenue growth year-over-year is expected to be approximately 21.5%.
    • Marketplace and other revenue growth year-over-year is expected to be approximately 8.5%.
    • Gross margin is expected to be in the range of 81.5% to 82.0% on a GAAP basis and in the range of 84.0% to 84.5% on a non-GAAP basis.
    • Operating margin is expected to be approximately (4.0%) on a GAAP basis and approximately 23.5% on a non-GAAP basis.

    For additional commentary regarding financial targets, please see Atlassian's second quarter fiscal year 2025 shareholder letter dated January 30, 2025.

    With respect to Atlassian's expectations under "Financial Targets" above, a reconciliation of GAAP to non-GAAP gross margin and operating margin has been provided in the financial statement tables included in this press release.

    Shareholder Letter and Webcast Details:

    A detailed shareholder letter is available on Atlassian's Work Life blog at https://atlassian.com/blog/announcements/shareholder-letter-q2fy25, and the Investor Relations section of Atlassian's website at https://investors.atlassian.com. Atlassian will host a webcast to answer questions today:

    • When: Thursday, January 30, 2025 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.

    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 software development, service management and work management software helps teams organize, discuss, and complete shared work. The majority of the Fortune 500 and over 300,000 companies of all sizes worldwide - including NASA, BMW, Kiva, Deutsche Bank and Dropbox - rely on our solutions to help their teams work better together and deliver quality results on time. Learn more about our products, including Jira, Confluence and Jira Service Management at https://atlassian.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. In some cases, you can identify these statements by forward-looking words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "should," "estimate," "further," or "continue," and similar expressions or variations, but these words are not the exclusive means for identifying such statements. All statements other than statements of historical fact could be deemed forward looking, including but not limited to risks and uncertainties related to statements about our platform, products, product features, System of Work, AI capabilities, enterprise sales, customers, strategic partnerships, leadership transitions, strategic priorities, anticipated growth, outlook and results, and our financial targets such as total revenue, Cloud, Data Center, and Marketplace and other revenue, and GAAP and non-GAAP financial measures including gross margin and operating margin.

    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 (the "SEC") from time to time, including the section titled "Risk Factors" in our most recently filed Forms 10-K and 10-Q. These documents are available on the SEC Filings section of the Investor Relations section of our website at https://investors.atlassian.com.

    About Non-GAAP Financial Measures

    In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"), defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share and free cash flow (collectively, the "Non-GAAP Financial Measures"). These Non-GAAP Financial Measures, which may be different from similarly titled non-GAAP measures used by other companies, provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations. Management believes that tracking and presenting these Non-GAAP Financial Measures provides management, our board of directors, investors and the analyst community with the ability to better evaluate matters such as: our ongoing core operations, including comparisons between periods and against other companies in our industry; our ability to generate cash to service our debt and fund our operations; and the underlying business trends that are affecting our performance.

    Our Non-GAAP Financial Measures include:

    • Non-GAAP gross profit and non-GAAP gross margin. Excludes expenses related to stock-based compensation and amortization of acquired intangible assets.
    • Non-GAAP operating income and non-GAAP operating margin. Excludes expenses related to stock-based compensation and amortization of acquired intangible assets.
    • Non-GAAP net income and non-GAAP net income per diluted share. Excludes expenses related to stock-based compensation, amortization of acquired intangible assets, gain on a non-cash sale of a controlling interest of a subsidiary and the related income tax adjustments.
    • 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.

    We understand that although these Non-GAAP Financial Measures are frequently used by investors and the analyst community in their evaluation of our financial performance, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. We compensate for such limitations by reconciling these Non-GAAP Financial Measures to the most comparable GAAP financial measures. We encourage you to review the tables in this press release titled "Reconciliation of GAAP to Non-GAAP Results" and "Reconciliation of GAAP to Non-GAAP Financial Targets" that present such reconciliations.

    Customers with >$10,000 in Cloud ARR

    We define the number of customers with Cloud ARR greater than $10,000 at the end of any particular period as the number of organizations with unique domains with an active Cloud subscription for two or more seats and greater than $10,000 in Cloud ARR.

    We define Cloud ARR as the annualized recurring revenue run-rate of Cloud subscription agreements at a point in time. We calculate Cloud ARR by taking the Cloud monthly recurring revenue ("Cloud MRR") run-rate and multiplying it by 12. Cloud MRR for each month is calculated by aggregating monthly recurring revenue from committed contractual amounts at a point in time. Cloud ARR and Cloud MRR should be viewed independently of revenue and do not represent our revenue under GAAP, as they are operational metrics that can be affected by contract start and end dates and renewal rates.

    __________________________
     
    1 Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester's objectivity at https://www.forrester.com/about-us/objectivity/.
     
    2 Gartner, Magic Quadrant for Marketing Work Management Platforms, Michael McCune, Lacretia Marsh, et al., 17 December 2024. Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. The Gartner content described herein (the "Gartner Content") represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this Press Release), and the opinions expressed in the Gartner Content are subject to change without notice. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

    Atlassian Corporation

    Condensed Consolidated Statements of Operations

    (U.S. $ and shares in thousands, except per share data)

    (unaudited)

     

    Three Months Ended December 31,

     

    Six Months Ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenues:

     

     

     

     

     

     

     

    Subscription

    $

    1,213,248

     

     

    $

    932,181

     

     

    $

    2,345,196

     

     

    $

    1,784,163

     

    Other

     

    73,215

     

     

     

    127,929

     

     

     

    129,048

     

     

     

    253,722

     

    Total revenues

     

    1,286,463

     

     

     

    1,060,110

     

     

     

    2,474,244

     

     

     

    2,037,885

     

    Cost of revenues (1) (2)

     

    223,127

     

     

     

    194,536

     

     

     

    440,751

     

     

     

    372,565

     

    Gross profit

     

    1,063,336

     

     

     

    865,574

     

     

     

    2,033,493

     

     

     

    1,665,320

     

    Operating expenses:

     

     

     

     

     

     

     

    Research and development (1) (2)

     

    680,213

     

     

     

    536,779

     

     

     

    1,283,314

     

     

     

    1,018,517

     

    Marketing and sales (1) (2)

     

    271,894

     

     

     

    220,513

     

     

     

    524,287

     

     

     

    414,080

     

    General and administrative (1)

     

    168,708

     

     

     

    157,344

     

     

     

    315,349

     

     

     

    300,654

     

    Total operating expenses

     

    1,120,815

     

     

     

    914,636

     

     

     

    2,122,950

     

     

     

    1,733,251

     

    Operating loss

     

    (57,479

    )

     

     

    (49,062

    )

     

     

    (89,457

    )

     

     

    (67,931

    )

    Other expense, net

     

    (7,999

    )

     

     

    (4,639

    )

     

     

    (27,431

    )

     

     

    (12,974

    )

    Interest income

     

    25,586

     

     

     

    22,593

     

     

     

    54,150

     

     

     

    47,819

     

    Interest expense

     

    (7,291

    )

     

     

    (9,001

    )

     

     

    (14,609

    )

     

     

    (17,977

    )

    Loss before income taxes

     

    (47,183

    )

     

     

    (40,109

    )

     

     

    (77,347

    )

     

     

    (51,063

    )

    Provision for (benefit from) income taxes

     

    (8,975

    )

     

     

    44,360

     

     

     

    84,630

     

     

     

    65,289

     

    Net loss

    $

    (38,208

    )

     

    $

    (84,469

    )

     

    $

    (161,977

    )

     

    $

    (116,352

    )

    Net loss per share attributable to Class A and Class B common stockholders:

     

     

     

     

     

     

     

    Basic

    $

    (0.15

    )

     

    $

    (0.33

    )

     

    $

    (0.62

    )

     

    $

    (0.45

    )

    Diluted

    $

    (0.15

    )

     

    $

    (0.33

    )

     

    $

    (0.62

    )

     

    $

    (0.45

    )

    Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders:

     

     

     

     

     

     

     

    Basic

     

    261,147

     

     

     

    258,601

     

     

     

    260,812

     

     

     

    258,254

     

    Diluted

     

    261,147

     

     

     

    258,601

     

     

     

    260,812

     

     

     

    258,254

     

    (1) Amounts include stock-based compensation as follows:

     

    Three Months Ended December 31,

     

    Six Months Ended December 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Cost of revenues

    $

    23,031

     

    $

    19,213

     

    $

    41,245

     

    $

    36,034

    Research and development

     

    260,278

     

     

    187,819

     

     

    453,723

     

     

    338,265

    Marketing and sales

     

    43,260

     

     

    38,168

     

     

    79,252

     

     

    70,449

    General and administrative

     

    52,161

     

     

    44,645

     

     

    90,656

     

     

    80,678

    (2) Amounts include amortization of acquired intangible assets, as follows:

     

    Three Months Ended December 31,

     

    Six Months Ended December 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Cost of revenues

    $

    10,130

     

    $

    7,056

     

    $

    20,246

     

    $

    12,828

    Research and development

     

    93

     

     

    93

     

     

    187

     

     

    187

    Marketing and sales

     

    3,673

     

     

    2,712

     

     

    7,345

     

     

    5,077

    Atlassian Corporation

    Condensed Consolidated Balance Sheets

    (U.S. $ in thousands)

    (unaudited)

     

    December 31, 2024

     

    June 30, 2024

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    2,217,604

     

     

    $

    2,176,930

     

    Marketable securities

     

    251,629

     

     

     

    161,973

     

    Accounts receivable, net

     

    695,661

     

     

     

    628,049

     

    Prepaid expenses and other current assets

     

    156,806

     

     

     

    109,312

     

    Total current assets

     

    3,321,700

     

     

     

    3,076,264

     

    Non-current assets:

     

     

     

    Property and equipment, net

     

    85,443

     

     

     

    86,315

     

    Operating lease right-of-use assets

     

    172,905

     

     

     

    172,468

     

    Strategic investments

     

    222,299

     

     

     

    223,221

     

    Intangible assets, net

     

    272,578

     

     

     

    299,057

     

    Goodwill

     

    1,292,187

     

     

     

    1,288,756

     

    Deferred tax assets

     

    6,881

     

     

     

    3,934

     

    Other non-current assets

     

    72,312

     

     

     

    62,118

     

    Total assets

    $

    5,446,305

     

     

    $

    5,212,133

     

    Liabilities and Stockholders' Equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    190,550

     

     

    $

    177,545

     

    Accrued expenses and other current liabilities

     

    531,283

     

     

     

    577,359

     

    Deferred revenue, current portion

     

    1,914,090

     

     

     

    1,806,269

     

    Operating lease liabilities, current portion

     

    48,644

     

     

     

    48,953

     

    Total current liabilities

     

    2,684,567

     

     

     

    2,610,126

     

    Non-current liabilities:

     

     

     

    Deferred revenue, net of current portion

     

    282,155

     

     

     

    308,467

     

    Operating lease liabilities, net of current portion

     

    209,097

     

     

     

    214,474

     

    Long-term debt

     

    986,785

     

     

     

    985,911

     

    Deferred tax liabilities

     

    20,054

     

     

     

    20,387

     

    Other non-current liabilities

     

    44,092

     

     

     

    39,917

     

    Total liabilities

     

    4,226,750

     

     

     

    4,179,282

     

    Stockholders' equity

     

     

     

    Common stock

     

    3

     

     

     

    3

     

    Additional paid-in capital

     

    4,876,944

     

     

     

    4,212,064

     

    Accumulated other comprehensive income (loss)

     

    (38,617

    )

     

     

    25,300

     

    Accumulated deficit

     

    (3,618,775

    )

     

     

    (3,204,516

    )

    Total stockholders' equity

     

    1,219,555

     

     

     

    1,032,851

     

    Total liabilities and stockholders' equity

    $

    5,446,305

     

     

    $

    5,212,133

     

    Atlassian Corporation

    Condensed Consolidated Statements of Cash Flows

    (U.S. $ in thousands)

    (unaudited)

     

    Three Months Ended December 31,

     

    Six Months Ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

    Net loss

    $

    (38,208

    )

     

    $

    (84,469

    )

     

    $

    (161,977

    )

     

    $

    (116,352

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

     

     

     

     

     

    Depreciation and amortization

     

    23,149

     

     

     

    17,012

     

     

     

    45,976

     

     

     

    32,096

     

    Stock-based compensation

     

    378,730

     

     

     

    289,845

     

     

     

    664,876

     

     

     

    525,426

     

    Deferred income taxes

     

    (2,161

    )

     

     

    (8,618

    )

     

     

    (2,929

    )

     

     

    (3,305

    )

    Amortization of interest rate swap contracts

     

    (6,865

    )

     

     

    —

     

     

     

    (14,020

    )

     

     

    —

     

    Net loss on strategic investments

     

    2,611

     

     

     

    1,442

     

     

     

    17,903

     

     

     

    7,690

     

    Net foreign currency loss (gain)

     

    (5,621

    )

     

     

    2,237

     

     

     

    (2,581

    )

     

     

    2,418

     

    Other

     

    (968

    )

     

     

    154

     

     

     

    23

     

     

     

    (1,092

    )

    Changes in operating assets and liabilities, net of business combinations:

     

     

     

     

     

     

     

    Accounts receivable, net

     

    (211,755

    )

     

     

    (156,163

    )

     

     

    (67,725

    )

     

     

    (46,675

    )

    Prepaid expenses and other assets

     

    (25,759

    )

     

     

    (486

    )

     

     

    (65,673

    )

     

     

    (23,542

    )

    Accounts payable

     

    24,863

     

     

     

    33,648

     

     

     

    14,719

     

     

     

    623

     

    Accrued expenses and other liabilities

     

    30,464

     

     

     

    59,140

     

     

     

    (77,704

    )

     

     

    (12,191

    )

    Deferred revenue

     

    183,425

     

     

     

    135,852

     

     

     

    81,509

     

     

     

    91,454

     

    Net cash provided by operating activities

     

    351,905

     

     

     

    289,594

     

     

     

    432,397

     

     

     

    456,550

     

    Cash flows from investing activities:

     

     

     

     

     

     

     

    Business combinations, net of cash acquired

     

    —

     

     

     

    (844,727

    )

     

     

    (4,975

    )

     

     

    (844,727

    )

    Purchases of property and equipment

     

    (9,336

    )

     

     

    (5,333

    )

     

     

    (15,487

    )

     

     

    (9,002

    )

    Purchases of strategic investments

     

    (11,500

    )

     

     

    (250

    )

     

     

    (25,550

    )

     

     

    (4,000

    )

    Purchases of marketable securities and other investments

     

    (116,619

    )

     

     

    (69,783

    )

     

     

    (160,323

    )

     

     

    (139,146

    )

    Proceeds from maturities of marketable securities

     

    25,480

     

     

     

    16,150

     

     

     

    71,628

     

     

     

    16,150

     

    Proceeds from sales of marketable securities and strategic investments

     

    271

     

     

     

    41,513

     

     

     

    4,313

     

     

     

    61,392

     

    Net cash used in investing activities

     

    (111,704

    )

     

     

    (862,430

    )

     

     

    (130,394

    )

     

     

    (919,333

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

    Principal payments of term loan facility

     

    —

     

     

     

    (12,500

    )

     

     

    —

     

     

     

    (12,500

    )

    Repurchases of Class A Common Stock

     

    (69,241

    )

     

     

    (101,773

    )

     

     

    (252,851

    )

     

     

    (167,652

    )

    Other

     

    —

     

     

     

    —

     

     

     

    (3,143

    )

     

     

    —

     

    Net cash used in financing activities

     

    (69,241

    )

     

     

    (114,273

    )

     

     

    (255,994

    )

     

     

    (180,152

    )

    Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

     

    (9,056

    )

     

     

    4,063

     

     

     

    (5,492

    )

     

     

    783

     

    Net increase (decrease) in cash, cash equivalents, and restricted cash

     

    161,904

     

     

     

    (683,046

    )

     

     

    40,517

     

     

     

    (642,152

    )

    Cash, cash equivalents, and restricted cash at beginning of period

     

    2,056,735

     

     

     

    2,144,809

     

     

     

    2,178,122

     

     

     

    2,103,915

     

    Cash, cash equivalents, and restricted cash at end of period

    $

    2,218,639

     

     

    $

    1,461,763

     

     

    $

    2,218,639

     

     

    $

    1,461,763

     

    Atlassian Corporation

    Revenues by Deployment Options

    (U.S. $ in thousands)

    (unaudited)

     

    Three Months Ended December 31,

     

    Six Months Ended December 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Cloud

    $

    846,962

     

    $

    653,210

     

    $

    1,639,268

     

    $

    1,257,857

    Data Center

     

    362,281

     

     

    274,758

     

     

    697,875

     

     

    517,701

    Server

     

    —

     

     

    69,173

     

     

    —

     

     

    147,925

    Marketplace and other (1)

     

    77,220

     

     

    62,969

     

     

    137,101

     

     

    114,402

    Total revenues

    $

    1,286,463

     

    $

    1,060,110

     

    $

    2,474,244

     

    $

    2,037,885

    (1) Included in Marketplace and other is premier support revenue. Premier support consists of subscription-based arrangements for a higher level of support across different deployment options. Premier support is recognized as subscription revenue on the Condensed Consolidated Statements of Operations as the services are delivered over the term of the arrangement.

    Atlassian Corporation

    Reconciliation of GAAP to Non-GAAP Results

    (U.S. $ and shares in thousands, except percentage and per share data)

    (unaudited)

     

    Three Months Ended December 31,

     

    Six Months Ended December 31,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Gross profit

     

     

     

     

     

     

     

    GAAP gross profit

    $

    1,063,336

     

     

    $

    865,574

     

     

    $

    2,033,493

     

     

    $

    1,665,320

     

    Plus: Stock-based compensation

     

    23,031

     

     

     

    19,213

     

     

     

    41,245

     

     

     

    36,034

     

    Plus: Amortization of acquired intangible assets

     

    10,130

     

     

     

    7,056

     

     

     

    20,246

     

     

     

    12,828

     

    Non-GAAP gross profit

    $

    1,096,497

     

     

    $

    891,843

     

     

    $

    2,094,984

     

     

    $

    1,714,182

     

    Gross margin

     

     

     

     

     

     

     

    GAAP gross margin

     

    83

    %

     

     

    82

    %

     

     

    82

    %

     

     

    82

    %

    Plus: Stock-based compensation

     

    1

     

     

     

    2

     

     

     

    2

     

     

     

    2

     

    Plus: Amortization of acquired intangible assets

     

    1

     

     

     

    —

     

     

     

    1

     

     

     

    —

     

    Non-GAAP gross margin

     

    85

    %

     

     

    84

    %

     

     

    85

    %

     

     

    84

    %

    Operating income

     

     

     

     

     

     

     

    GAAP operating loss

    $

    (57,479

    )

     

    $

    (49,062

    )

     

    $

    (89,457

    )

     

    $

    (67,931

    )

    Plus: Stock-based compensation

     

    378,730

     

     

     

    289,845

     

     

     

    664,876

     

     

     

    525,426

     

    Plus: Amortization of acquired intangible assets

     

    13,896

     

     

     

    9,861

     

     

     

    27,778

     

     

     

    18,092

     

    Non-GAAP operating income

    $

    335,147

     

     

    $

    250,644

     

     

    $

    603,197

     

     

    $

    475,587

     

    Operating margin

     

     

     

     

     

     

     

    GAAP operating margin

     

    (4

    %)

     

     

    (5

    %)

     

     

    (4

    %)

     

     

    (3

    %)

    Plus: Stock-based compensation

     

    29

     

     

     

    28

     

     

     

    27

     

     

     

    25

     

    Plus: Amortization of acquired intangible assets

     

    1

     

     

     

    1

     

     

     

    1

     

     

     

    1

     

    Non-GAAP operating margin

     

    26

    %

     

     

    24

    %

     

     

    24

    %

     

     

    23

    %

    Net income

     

     

     

     

     

     

     

    GAAP net loss

    $

    (38,208

    )

     

    $

    (84,469

    )

     

    $

    (161,977

    )

     

    $

    (116,352

    )

    Plus: Stock-based compensation

     

    378,730

     

     

     

    289,845

     

     

     

    664,876

     

     

     

    525,426

     

    Plus: Amortization of acquired intangible assets

     

    13,896

     

     

     

    9,861

     

     

     

    27,778

     

     

     

    18,092

     

    Less: Gain on a non-cash sale of a controlling interest of a subsidiary

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,378

    )

    Less: Income tax adjustments (1)

     

    (98,791

    )

     

     

    (25,731

    )

     

     

    (75,350

    )

     

     

    (67,302

    )

    Non-GAAP net income

    $

    255,627

     

     

    $

    189,506

     

     

    $

    455,327

     

     

    $

    358,486

     

    Net income per share

     

     

     

     

     

     

     

    GAAP net loss per share - diluted

    $

    (0.15

    )

     

    $

    (0.33

    )

     

    $

    (0.62

    )

     

    $

    (0.45

    )

    Plus: Stock-based compensation

     

    1.43

     

     

     

    1.12

     

     

     

    2.53

     

     

     

    2.03

     

    Plus: Amortization of acquired intangible assets

     

    0.05

     

     

     

    0.04

     

     

     

    0.11

     

     

     

    0.07

     

    Less: Gain on a non-cash sale of a controlling interest of a subsidiary

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (0.01

    )

    Less: Income tax adjustments (1)

     

    (0.37

    )

     

     

    (0.10

    )

     

     

    (0.29

    )

     

     

    (0.26

    )

    Non-GAAP net income per share - diluted

    $

    0.96

     

     

    $

    0.73

     

     

    $

    1.73

     

     

    $

    1.38

     

    Weighted-average diluted shares outstanding

     

     

     

     

     

     

     

    Weighted-average shares used in computing diluted GAAP net loss per share

     

    261,147

     

     

     

    258,601

     

     

     

    260,812

     

     

     

    258,254

     

    Plus: Dilution from dilutive securities (2)

     

    4,546

     

     

     

    1,051

     

     

     

    2,422

     

     

     

    1,030

     

    Weighted-average shares used in computing diluted non-GAAP net income per share

     

    265,693

     

     

     

    259,652

     

     

     

    263,234

     

     

     

    259,284

     

    Free cash flow

     

     

     

     

     

     

     

    GAAP net cash provided by operating activities

    $

    351,905

     

     

    $

    289,594

     

     

    $

    432,397

     

     

    $

    456,550

     

    Less: Capital expenditures

     

    (9,336

    )

     

     

    (5,333

    )

     

     

    (15,487

    )

     

     

    (9,002

    )

    Free cash flow

    $

    342,569

     

     

    $

    284,261

     

     

    $

    416,910

     

     

    $

    447,548

     

    (1) We utilize a fixed long-term projected non-GAAP tax rate in our computation of the non-GAAP income tax adjustments in order to provide better consistency across interim reporting periods. In projecting this long-term non-GAAP tax rate, we utilized a three-year financial projection that excludes the direct and indirect income tax effects of the other non-GAAP adjustments reflected above. Additionally, we considered our current operating structure and other factors such as our existing tax positions in various jurisdictions and key legislation in major jurisdictions where we operate. For fiscal years 2025 and 2024, we determined the projected non-GAAP tax rate to be 26% and 27%, respectively. This fixed long-term projected non-GAAP tax rate eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Examples of the non-recurring and period specific items include but are not limited to changes in the valuation allowance related to deferred tax assets, effects resulting from acquisitions, and unusual or infrequently occurring items. We will periodically re-evaluate this long-term rate, as necessary, for significant events. The rate could be subject to change for a variety of reasons, for example, significant changes in the geographic earnings mix or fundamental tax law changes in major jurisdictions where we operate.

    (2) The effects of these dilutive securities were not included in the GAAP calculation of diluted net loss per share for the three and six months ended December 31, 2024 and 2023, because the effect would have been anti-dilutive.

    Atlassian Corporation

    Reconciliation of GAAP to Non-GAAP Financial Targets

     

    Three Months Ending

    March 31, 2025

    GAAP gross margin

    82.0%

    Plus: Stock-based compensation

    1.5

    Plus: Amortization of acquired intangible assets

    1.0

    Non-GAAP gross margin

    84.5%

     

     

    GAAP operating margin

    (3.0%)

    Plus: Stock-based compensation

    25.5

    Plus: Amortization of acquired intangible assets

    1.0

    Non-GAAP operating margin

    23.5%

     

    Fiscal Year Ending

    June 30, 2025

    GAAP gross margin

    81.5% to 82.0%

    Plus: Stock-based compensation

    1.5

    Plus: Amortization of acquired intangible assets

    1.0

    Non-GAAP gross margin

    84.0% to 84.5%

     

     

    GAAP operating margin

    (4.0%)

    Plus: Stock-based compensation

    26.5

    Plus: Amortization of acquired intangible assets

    1.0

    Non-GAAP operating margin

    23.5%

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250130093810/en/

    Investor Relations Contact

    Martin Lam

    [email protected]

    Media Contact

    Marie-Claire Maple

    [email protected]

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      Atlassian Corporation (NASDAQ:TEAM), a leading provider of team collaboration and productivity software, today announced it is appointing Christian Smith to its Board of Directors, effective January 1, 2025. Christian is the Chief Revenue Officer at Splunk, a leader in cybersecurity and observability. "Having Christian on the Board is a big win for Atlassian as we accelerate our enterprise focus. Alongside his sales expertise, he brings deep enterprise experience and broader operational muscle. Christian's superpower is breaking down complex concepts into simple solutions that customers love. He's customer first, a strong communicator, and passionate about culture. I know he'll be a real

      12/19/24 4:00:00 AM ET
      $TEAM
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    • Atlassian Announces Third Quarter Fiscal Year 2025 Results

      Revenue of $1,357 million, up 14% year-over-year Subscription revenue of $1,273 million, up 19% year-over-year GAAP operating margin of (1)% and non-GAAP operating margin of 26% Cash flow from operations of $653 million and free cash flow of $638 million Atlassian Corporation (NASDAQ:TEAM), a leading provider of team collaboration and productivity software, today announced financial results for its third quarter ended March 31, 2025. A shareholder letter was posted on Atlassian's Work Life blog at http://atlassian.com/blog/announcements/shareholder-letter-q3fy25 and in the Investor Relations section of Atlassian's website at https://investors.atlassian.com. Third Quarter Fiscal Year 20

      5/1/25 4:05:00 PM ET
      $TEAM
      Computer Software: Prepackaged Software
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    • Veho Adds Veteran Finance Leader Alex Estevez to its Board

      Technology Company Disrupting the U.S. Parcel Delivery Industry To Benefit from Mr. Estevez's Decades of Financial Expertise NEW YORK, April 15, 2025 /PRNewswire/ -- Veho, the logistics and technology company that operates one of the largest parcel delivery platforms in the U.S., today announced that veteran finance executive Alex Estevez has joined its Board. The news follows technology leader Lydia Jett joining Veho's Board in February. Mr. Estevez has held key financial leadership and advisory roles at numerous leading technology companies, including as Chief Financial Offi

      4/15/25 11:30:00 AM ET
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    • Atlassian Appoints Karen Dykstra, Former VMware & AOL Chief Financial Officer, to Board of Directors

      Atlassian Corporation (NASDAQ:TEAM), a leading provider of team collaboration and productivity software, today announced it has appointed Karen Dykstra to its Board of Directors, effective today. Karen is the former Chief Financial Officer at VMware, Inc. and AOL Inc., and sits on the board of directors at Gartner Inc. and Arm Holdings Plc. "It's great to welcome Karen Dykstra to Atlassian's board of directors. Karen has served in financial leadership positions at major technology companies and led through major change. She's an expert in financial strategy, operational efficiency and scaling businesses. Her experience and acumen will be a big asset to Atlassian, particularly as we continu

      4/14/25 8:30:00 AM ET
      $TEAM
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    • CEO, Co-Founder Cannon-Brookes Michael sold $1,637,050 worth of shares (7,948 units at $205.97) (SEC Form 4)

      4 - Atlassian Corp (0001650372) (Issuer)

      5/8/25 6:52:29 PM ET
      $TEAM
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    • Director Farquhar Scott sold $1,637,050 worth of shares (7,948 units at $205.97) (SEC Form 4)

      4 - Atlassian Corp (0001650372) (Issuer)

      5/8/25 6:52:21 PM ET
      $TEAM
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    • Director Farquhar Scott sold $1,643,655 worth of shares (7,948 units at $206.80) (SEC Form 4)

      4 - Atlassian Corp (0001650372) (Issuer)

      5/7/25 4:10:08 PM ET
      $TEAM
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    • BMO Capital Markets reiterated coverage on Atlassian with a new price target

      BMO Capital Markets reiterated coverage of Atlassian with a rating of Outperform and set a new price target of $245.00 from $295.00 previously

      5/2/25 8:28:19 AM ET
      $TEAM
      Computer Software: Prepackaged Software
      Technology
    • Atlassian upgraded by Robert W. Baird with a new price target

      Robert W. Baird upgraded Atlassian from Neutral to Outperform and set a new price target of $255.00

      4/14/25 8:03:20 AM ET
      $TEAM
      Computer Software: Prepackaged Software
      Technology
    • Atlassian upgraded by Macquarie with a new price target

      Macquarie upgraded Atlassian from Neutral to Outperform and set a new price target of $270.00

      4/10/25 11:44:35 AM ET
      $TEAM
      Computer Software: Prepackaged Software
      Technology