Atlassian Corporation - Ordinary Shares - Class A

Q4 performance strength (what investors should take away) - Revenue grew 28% YoY to $1.8B. - Cloud revenue: +31% YoY to $1.2B, with management emphasizing that DC-to-cloud migrations were in line with expectations (not a driver of the outperformance beat). - RPO: +44% YoY to $4.8B (signals continued enterprise deal momentum and pipeline strength). - GAAP operating margin: 12% (durable profitability; also consistent with their long-term “durable profitable growth” posture).

Guidance / outlook (and how “prudent” changes the message) - Management will issue full-year FY27 subscription ARR guidance for the first time, and guided to ~18% FY27 sub-ARR growth (down from 23% FY26). - CFO framed this as prudence, not a demand collapse: - Macro/geopolitical uncertainty + fiscal policy uncertainty. - FY27 is “early in the year,” so they are taking a more cautious stance in the second half. - FY26’s growth included about ~1 percentage point benefit from DX acquisition (lapped in FY27), which partly explains the YoY deceleration in the growth rate.

AI + Teamwork Graph monetization mechanics (the “why” behind results) - CEO argued AI value creation is compounding due to “context” from Atlassian’s Teamwork Graph (spanning 200B+ objects/connections). - Claimed efficiency/cost improvements for customers: - Up to 44% more accurate answers while consuming 48% fewer tokens (helps address customer token cost concerns). - Enterprise buying behaviors: - Customers cite AI + Teamwork Graph as top reasons to upgrade to cloud / expand their Atlassian footprint. - Rovo adoption: used by 80% of Fortune 500; Rovo assisted actions +50% QoQ. - Engagement/expansion linkage: customers using Rovo/graph show higher ARR expansion than non-adopters (evidence cited by management; details not fully quantified in the transcript).