Company: TEAM
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001650372-25-000022
Chunk: 17

Company: Atlassian Corp
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 technology$466,932 $469,752 5Patents, trade names, and other rights70,928 70,928 6Customer relationships135,687 135,687 3Intangible assets, gross673,547 676,367 Less: accumulated amortization(414,865)(377,310)Intangible assets, net$258,682 $299,057 Amortization expense for intangible assets was approximately $13.9 million and $16.2 million for the three months ended March 31, 2025 and 2024, respectively and $41.7 million and $34.3 million for the nine months ended March 31, 2025 and 2024, respectively.The following table presents the estimated future amortization expense related to intangible assets held as of March 31, 2025 (in thousands):Fiscal Years:Remainder of 2025$13,842 202653,030 202747,861 202845,634 202940,128 Thereafter58,187 Total future amortization expense$258,682 

8. Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consist of the following (in thousands): March 31, 2025June 30, 2024Accrued expenses$194,581 $149,046 Employee benefits311,599 332,518 Tax liabilities91,489 55,203 Customer deposits15,427 19,279 Derivative liabilities23,302 1,694 Other payables24,638 19,619 Total accrued expenses and other current liabilities$661,036 $577,359 

9. DebtCredit FacilityIn August 2024, the Company’s principal U.S. operating subsidiary, Atlassian US, Inc., entered into an amended and restated credit agreement (the "2024 Credit Agreement") which eliminated a term loan facility and provides for a $750 million senior unsecured revolving credit facility (the “2024 Credit Facility”). The 2024 Credit Agreement replaced the Company's prior credit agreement entered into in October 2020 (“2020 Credit Agreement”) which provided for a $1 billion senior unsecured delayed-draw term loan facility and a $500 million senior unsecured revolving credit facility.

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The 2024 Credit Facility bears interest, at the Company’s option, at a base rate or the Sec