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Atlassian Revenue Beats - Surges Up 36%

August 4, 2022

Atlassian reported results for its fourth quarter and fiscal year ended June 30, 2022. The firm had earnings of 27 cents per share, adjusted with 27 cents per share expected. The Australian firm, had revenue of $760 million which was up 36% year over year in the quarter. Wall Street was looking for revenue of $724 million.

“We capped off fiscal year 2022 with strong Q4 results, growing Cloud revenue 55 percent year-over-year,” said Mike Cannon-Brookes, Atlassian’s co-founder and co-CEO. “We believe that Atlassian is uniquely positioned, with great momentum and a differentiated business model. While we can’t predict what the future holds at a macro level, we’re forging ahead with conviction and vigilance as we look to deepen our strategic position.”

“Our strong competitive position provides us with the flexibility to invest purposefully and create value for our customers,” said Scott Farquhar, Atlassian’s co-founder and co-CEO. “We’re proud of how we continue to execute against our long-term plans, which includes bringing on top-tier talent from across the globe. We added over 2,300 new Atlassians in fiscal year 2022, and they will be instrumental to helping us achieve our mission to unleash the potential of every team.”

Fourth Quarter Fiscal Year 2022 Financial Highlights:

On an IFRS basis, Atlassian reported:

  • Revenue: Total revenue was $759.8 million for the fourth quarter of fiscal year 2022, up 36% from $559.5 million for the fourth quarter of fiscal year 2021.
  • Operating Loss and Operating Margin: Operating loss was $63.3 million for the fourth quarter of fiscal year 2022, compared with operating loss of $7.5 million for the fourth quarter of fiscal year 2021. Operating margin was (8)% for the fourth quarter of fiscal year 2022, compared with (1)% for the fourth quarter of fiscal year 2021.
  • Net Loss and Net Loss Per Diluted Share: Net loss was $105.5 million for the fourth quarter of fiscal year 2022, compared with net loss of $213.1 million for the fourth quarter of fiscal year 2021. Net loss per diluted share was $0.41 for the fourth quarter of fiscal year 2022, compared with net loss per diluted share of $0.85 for the fourth quarter of fiscal year 2021.
  • Balance Sheet: Cash and cash equivalents plus short-term investments at the end of the fourth quarter of fiscal year 2022 totaled $1.5 billion.

On a non-IFRS basis, Atlassian reported:

  • Operating Income and Operating Margin: Operating income was $108.9 million for the fourth quarter of fiscal year 2022, compared with operating income of $94.9 million for the fourth quarter of fiscal year 2021. Operating margin was 14% for the fourth quarter of fiscal year 2022, compared with 17% for the fourth quarter of fiscal year 2021.
  • Net Income and Net Income Per Diluted Share: Net income was $68.1 million for the fourth quarter of fiscal year 2022, compared with net income of $62.2 million for the fourth quarter of fiscal year 2021. Net income per diluted share was $0.27 for the fourth quarter of fiscal year 2022, compared with net income per diluted share of $0.24 for the fourth quarter of fiscal year 2021.
  • Free Cash Flow: Cash flow from operations was $230.4 million and free cash flow was $194.7 million for the fourth quarter of fiscal year 2022. Free cash flow margin for the fourth quarter of fiscal year 2022 was 26%.

Fiscal Year 2022 Financial Highlights

On an IFRS basis, Atlassian reported:

  • Revenue: Total revenue was $2.8 billion for fiscal year 2022, up 34% from $2.1 billion for fiscal year 2021.
  • Operating Income (Loss) and Operating Margin: Operating loss was $106.5 million for fiscal year 2022, compared with operating income of $101.6 million for fiscal year 2021. Operating margin was (4)% for fiscal year 2022, compared with 5% for fiscal year 2021.
  • Net Loss and Net Loss Per Diluted Share: Net loss was $614.1 million for fiscal year 2022, compared with net loss of $696.3 million for fiscal year 2021. Net loss per diluted share was $2.42 for fiscal year 2022, compared with net loss per diluted share of $2.79 for fiscal year 2021.

On a non-IFRS basis, Atlassian reported:

  • Operating Income and Operating Margin: Operating income was $633.0 million for fiscal year 2022, compared with operating income of $519.1 million for fiscal year 2021. Operating margin was 23% for fiscal year 2022, compared with 25% for fiscal year 2021.
  • Net Income and Net Income Per Diluted Share: Net income was $434.3 million for fiscal year 2022, compared with net income of $357.6 million for fiscal year 2021. Net income per diluted share was $1.69 for fiscal year 2022, compared with net income per diluted share of $1.40 for fiscal year 2021.
  • Free Cash Flow: Cash flow from operations was $883.5 million and free cash flow was $763.8 million for fiscal year 2022. Free cash flow margin for fiscal year 2022 was 27%.

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