Atlassian Corporation

As a reminder, this conference call is being recorded and will be available for replay on the investor relations section of Atlassian's website following this call. I will now hand the call over to Martin Lam, Atlassian's head of investor relations.

Welcome to Atlassian's third quarter of fiscal year 2024 earnings call. Thank you for joining us today. Joining me on the call today, we have Atlassian's co-founders and co-CEOs, Scott Farquhar and Mike Cannon-Brooks, and Chief Financial Officer Joe Binz. Earlier today, we published a shareholder letter and press release with our financial results and commentary for our third quarter of fiscal year 2024. Shareholder letter is available on Atlassian's work-life blog and the investor relations section of our website, where you will also find other earnings-related materials, including the earnings press release and supplemental investor data sheet. As always, our shareholder letter contains management's insight and commentary for the quarter. So during the call today, we'll have brief opening remarks and then focus our time on Q&A. This call will include forward-looking statements. Forward-looking statements involve 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, and we undertake no obligations to update or revise such statements should they change or cease to be current. Further information on these and other factors that could affect our business performance and financial results is included in filings we make with the Securities and Exchange Commission from time to time, including the section titled Risk Factors in our most recently filed annual and quarterly reports. During today's call, we will also discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. The reconciliation between GAAP and non-GAAP financial measures is available in our shareholder letter, earnings release, and investor data sheet on the investor relations section of our website. I'd like to allow as many of you to participate in Q&A as possible. Out of respect for others on the call, we'll take one question at a time. With that, I'll turn the call over to Scott for opening remarks.

Thank you for joining us today. As you've already read in our shareholder letter, Q3 was truly a milestone quarter for Atlassian. Today, Atlassian is a cloud majority company. We have over 300,000 customers using our cloud products and have seen a three times increase in paid seats in the cloud since we announced the winding down of support for server three and a half years ago. And while this is just one significant moment among many across our multi-year cloud journey, we are thrilled with what we've achieved to date. We migrated more paid seats to cloud than we initially projected, and our churn has been consistently lower than expected from our server base. This speaks volumes about the mission-critical role our products play, the value they deliver, and our customers' desire to realize the innovation in our cloud products. We now have an even larger opportunity in cloud than originally believed. You'll see us continue to execute it against our roadmap and do with more innovation to pave the path for the startup and the customers to move to cloud in the coming years to drive durable future growth. We're also announcing that I'll be stepping down as co-CEO of Atlassian on the 31st of August this year. It's been a difficult decision, but after 23 years, it's time to pursue some other passions I have, particularly philanthropy, investing, and to help grow and build the global technology industry. And while there is never a perfect time to step away, I'm supremely confident of where Atlassian is at. We've got one of the best cloud platforms in the industry. Our point A new products are gaining real traction with customers and revenue. AI is providing new and exciting opportunities, and our customers are increasingly choosing to consolidate around Atlassian. And I'm proud to say we have the most experienced leadership team in our history. I will remain an active board member and assume a special advisor role with Mike continuing on as CEO. I have complete trust in Mike leading the way to harness the incredible opportunities that we at Atlassian have ahead of us. I'll turn it over to you, Mike.