Company: TEAM
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0001650372-25-000009
Chunk: 351

Company: Atlassian Corp
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 2
Chunk 351
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 with greater than $10,000 in Cloud ARR represent the majority of our Cloud revenue.

The following table sets forth our number of customers with greater than $10,000 in Cloud ARR as of the dates presented:

 As of December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024Number of customers with greater than $10,000 in Cloud ARR42,864*44,336 45,842 46,844 49,449 

* Includes an increase of 326 customers as a result of our acquisition of Loom.

Free Cash Flow

Free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less net cash used in investing activities for capital expenditures. Management considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used to fund our commitments, repay our debt, and for strategic opportunities, such as reinvesting in our business, making strategic acquisitions, and strengthening our financial position. Free cash flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP, such as GAAP net cash provided by operating activities. In addition, free cash flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation. The following table presents a reconciliation of net cash provided by operating activities to free cash flow for the periods presented (in thousands):

 Three Months Ended December 31,Six Months Ended December 31, 2024202320242023Net cash provided by operating activities$351,905 $289,594 $432,397 $456,550 Less: Capital expenditures(9,336)(5,333)(15,487)(9,002)Free cash flow$342,569 $284,261 $416,910 $447,548 

Free cash flow increased by $58.3 million during the three months ended December 31, 2024 as compared to the three months ended December 31, 2023. The increase in free cash flow was primarily attributable to an increase in net cash provided by operating activities. The increase in net cash provided by operating activities was primarily attributable to an increase in cash received from customers, partially offset by an increase in cash paid to employees.