Company: TEAM
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0001650372-25-000009
Chunk: 275

Company: Atlassian Corp
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 8
Chunk 275
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 tax position only if we conclude it is more likely than not that the position is sustainable upon examination by the taxing authority, based on the technical merits. The tax benefit recognized is measured as the largest amount of benefit which is greater than 50 percent likely to be realized upon settlement with the taxing authority. We believe we have provided adequate reserves for income tax uncertainties in all open tax years. Based on the information currently available, we do not anticipate a material change in unrecognized tax benefits in the next 12 months.

The Organization for Economic Co-operation and Development introduced a framework for a global minimum corporate income tax of 15% known as the Global Anti-Base Erosion rules. This legislation has been enacted in certain jurisdictions where we operate and is effective for our fiscal year 2025. As of December 31, 2024, the global minimum tax does not have a significant impact on our financial statements. As additional jurisdictions enact legislation, transitional rules lapse, and other provisions of the global minimum tax legislation become effective, our effective tax rate and cash tax payments may increase in future years.

32

Six Months Ended December 31, 2024 and 2023

Revenues Six Months Ended December 31,(in thousands, except percentage data)20242023$ Change% ChangeSubscription$2,345,196 $1,784,163 $561,033 31 %Other129,048 253,722 (124,674)(49)Total revenues$2,474,244 $2,037,885 $436,359 21 %

Total revenues increased $436.4 million, or 21%, in the six months ended December 31, 2024 compared to the six months ended December 31, 2023. Growth in total revenues was primarily attributable to increased demand for our products from existing customers. Of total revenues recognized in the six months ended December 31, 2024, over 90% was attributable to sales to customer accounts existing on or before June 30, 2024.

Subscription revenues increased $561.0 million, or 31%, in the six months ended December 31, 2024 compared to the six months ended December 31, 2023. The increase in subscription revenues was primarily attributable to paid seat expansion from our existing customers, migrations, and price increases.

Other revenues decreased $124.7 million, or 49%, in the six months ended December 31, 2024 compared to the six months ended