Atlassian (NASDAQ:TEAM) today announced financial results for the first quarter of fiscal year 2024 ended April 30, 2023. * Revenue of $801.8 million, up 30% year-over-year * Operating income of $199.2 million, up 36% year-over-year * Net income of $154.4 million, up 38% year-over-year * Diluted earnings per share of $1.12, up 40% year-over-year Atlassian also announced that it has repurchased 1.9 million shares of its common stock for $265.5 million during the first quarter.

**Atlassian Corporation (NASDAQ: TEAM) today announced financial results for its first quarter ended September 30, 2023.**

**Financial Highlights**

* **Total revenue of $977.8 million, up 21% year-over-year**
* **Cloud revenue of $852.0 million, up 31% year-over-year**
* **GAAP operating loss of (2)% and non-GAAP operating margin of 23%**
* **Cash flow from operations of $167.0 million and free cash flow of $163.3 million**

**Recent Business Highlights**

* **Loom Acquisition**
* **AirTrack Acquisition**
* **AI for Jira Service Management**
* **Compass**
* **Sustainability Report and ESG Forum**
* **Customers with >$10,000 in Cloud ARR**

**Financial Targets**

* **Second Quarter Fiscal Year 2024**
* Total revenue is expected to be in the range of $1,010 million to $1,030 million.
* Cloud revenue growth year-over-year is expected to be in the range of 25.5% to 27.5%.
* Data Center revenue growth year-over-year is expected to be approximately 33%.
* 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 (7.5%) on a GAAP basis and approximately 21.0% on a non-GAAP basis.
* **Fiscal Year 2024**
* Cloud revenue growth year-over-year is expected to be in the range of 25% to 30%.
* Data Center revenue growth year-over-year is expected to be approximately 31%.
* 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 (5.5%) on a GAAP basis and approximately 20.0% on a non-GAAP basis.

**Reconciliation of GAAP to Non-GAAP Results**

| **GAAP** | **Non-GAAP** |
|—|—|
| Revenue | $977.8 million | $977.8 million |
| Cost of revenues | $178.0 million | $178.0 million |
| Gross profit | $799.8 million | $799.8 million |
| Operating expenses | $818.6 million | $765.2 million |
| Operating loss | (18.8 million) | $34.6 million |
| Other income (expense), net | (8.3 million) | 29.3 million |
| Interest income | 25.2 million | 25.2 million |
| Interest expense | (8.9 million) | (8.9 million) |
| Loss before provision for income taxes | (10.9 million) | $42.6 million |
| Provision for income taxes | (20.9 million) | (20.9 million) |
| Net loss | (31.8 million) | $21.7 million |
| Net loss per share attributable to Class A and Class B common stockholders: | |
| Basic | $ (0.12) | $ 0.09 |
| Diluted | $ (0.12) | $ 0.09 |
| Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders: | |
| Basic | 257.9 million | 257.9 million |
| Diluted | 257.9 million | 257.9 million |

**Reconciliation of GAAP to Non-GAAP Financial Targets**

| **GAAP** | **Non-GAAP** |
|—|—|
| Total revenue | $1,010 million to $1,030 million | $1,010 million to $1,030 million |
| Cloud revenue growth year-over-year | 25.5% to 27.5% | 25.5% to 27.5% |
| Data Center revenue growth year-over-year | Approximately 33% | Approximately 33

Link to the original story: https://www.ibtimes.com.au/press-release/20231103/atlassian-announces-first-quarter-fiscal-year-2024-results