Posted on Tuesday, Oct 24th 2017
In December 2015, legitimate Billion Dollar Unicorn and collaboration software maker Atlassian (NASDAQ: TEAM) had a successful IPO that valued it at $5.8 billion, and today its stock is trading in the public market at almost double that valuation.
In its most recent first quarter results, Atlassian had a strong quarter beating analyst estimates. It reported revenue of $193.8 million, up 42%. Net loss widened to $14 million or $0.06 per share from $2.6 million or $0.01 per share a year ago. Non IFRS net income increased to $29.9 million or $0.12 per share from $22.7 million or $0.10 per share last year. Analysts expected adjusted earnings of $0.09 per share on revenue of $185.8 million.
By segment, revenues from subscription rose 69% to $84.4 million, maintenance grew 24% to $76.3 million, perpetual license increased 14% to $19.9 million, and other revenues 74% grew to $13.2 million.
Atlassian ended the first quarter of fiscal 2018 with a total customer count of 107,746, up 64%. It added 4,246 net new customers in the quarter. The customer count benefited from a one-time increase of 14,263 customers primarily due to Bitbucket Cloud pricing changes made in May 2017, as Atlassian moved from a tiered pricing model to per-user pricing. It ended the quarter with cash and short-term investments of $613.5 million.
For the second quarter, Atlassian expects revenue to be in the range of $203 million to $205 million. Net loss per diluted share is expected to be approximately ($0.08) on an IFRS basis, and net income per diluted share is expected to be approximately of $0.12 on a non-IFRS basis. Analysts expect earnings of $0.42 to $0.44 per share on revenue of $831 million.
For the fiscal year 2017, Atlassian had reported annual revenues of $619.9 million, up 36%. Net loss was $42.5 million or $0.19 per share compared with net income of $4.3 million or $0.02 per share in 2016.
For fiscal year 2018, total revenue is expected to be in the range of $841 million to $847 million. Net loss per diluted share is expected to be in the range of ($0.35) to ($0.34) on an IFRS basis, and net income per diluted share is expected to be in the range of $0.46 to $0.47 on a non-IFRS basis.
Atlassian’s New Offerings
Atlassian introduced its newest team communication solution called Stride. Stride is a cloud-based offering that brings together team messaging, audio and video conferencing, and collaboration tools. With this offering, it takes on rivals Slack and Microsoft in workplace collaboration that are also competitors for its workplace chat platform HipChat.
In February this year, Atlassian acquired cloud-based team collaboration software maker Trello for $425 million. Trello is expected to have strengthened Atlassian’s capabilities in handling clients across business teams in legal, HR, Finance, marketing and sales. Trello had over 19 million users and is expected to bring in 13,000 paid customers on a net basis. With this acquisition, Atlassian takes on Microsoft and Cisco.
Its stock is currently trading at $50.17 with a market cap of $11.46 billion. It hit a 52-week low of $23.8 in December last year and hit a 52-week high of $50.88 following its recent first quarter results.
This is a rock solid company, always focused on fundamentals!
More investigation and analysis of Unicorn companies can be found in my latest Entrepreneur Journeys book, Billion Dollar Unicorns. The term Unicorn was coined in a TechCrunch article by Aileen Lee of Cowboy Ventures.
Photo Credit: Dmitry Baranovskiy/Flickr.com
This segment is a part in the series : Billion Dollar Unicorns
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