Company: TEAM
Filing Date: 2025-08-15
Form Type: 10-K
Source: 0001650372-25-000036
Chunk: 152

Company: Atlassian Corp
Filing Date: 2025-08-15
Form: 10-K
Item: Item 8
Chunk 152
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,398)Stock-based compensation94,305 123,719 80,471 Non-deductible executive compensation10,462 6,721 6,022 Australian R&D deductions forgone in lieu of R&D credit29,169 29,502 30,303 Foreign taxes1,159 (131)2,457 Basis difference in investments(34,562)14,615 (43,564)Change in reserves29,886 32,505 132,528 Change in valuation allowance239,975 174,994 98,613 Other6,683 1,247 5,327 Provision for income taxes$157,792 $215,112 $175,625 Effective Tax Rate (%)(160)%(252)%(56)%Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below (in thousands). Where necessary, a valuation allowance has been recognized to offset the Company’s deferred tax assets by the amount of any tax benefits that are not expected to be realized.

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 As of June 30, 20252024Deferred tax assets:Property and equipment$11,028 $7,748 Loss carryforwards615,687 779,554 Credit carryforwards401,629 252,444 Operating lease liabilities56,962 62,300 Basis differences in investments2,040,203 1,811,999 Provisions, accruals, and prepayments66,735 58,820 Deferred revenue317,761 306,629 Capitalized research and development113,489 81,503 Other, net571 717 Total deferred tax assets3,624,065 3,361,714 Less valuation allowance(3,549,451)(3,268,643)Total deferred tax assets, net of valuation allowance74,614 93,071 Deferred tax liabilities:Unrealized foreign currency exchange losses1,522 2,705 Unrealized investment gains4,163 1,007 Operating right of use assets46,348 47,825 Stock-based compensation7,205 5,526 Intangible assets35,495 52,461 Total deferred tax liabilities94,733 109,524 Net deferred tax liabilities$(20,119)$(16,453)The Company recorded a valuation allowance of $3.5 billion, $3.3 billion