Company: TEAM
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0001650372-25-000009
Chunk: 16

Company: Atlassian Corp
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 1
Chunk 16
---
Property and equipment, net consisted of the following (in thousands):December 31, 2024June 30, 2024Equipment$13,010 $11,200 Computer hardware and software48,449 40,824 Furniture and fittings25,500 25,172 Leasehold improvements and other144,271 137,944 Property and equipment, gross231,230 215,140 Less: accumulated depreciation and impairment(145,787)(128,825)Property and equipment, net$85,443 $86,315 

Depreciation expense was $9.3 million and $7.2 million for the three months ended December 31, 2024 and 2023, respectively and $18.2 million and $14.0 million for the six months ended December 31, 2024 and 2023, respectively.

7. Goodwill and Intangible AssetsGoodwillGoodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill amounts are not amortized, but rather are tested for impairment at least annually during the fourth quarter, or when indicators of impairment exist.Goodwill consisted of the following (in thousands): GoodwillBalance as of June 30, 2024$1,288,756 Additions3,700 Effect of change in exchange rates(269)Balance as of December 31, 2024$1,292,187 During the first quarter of fiscal year 2025 the Company completed an acquisition to expand the Company’s product and service offerings. The transaction was accounted for as a business combination and was not significant to the condensed consolidated financial statements. On November 30, 2023, the Company acquired Loom, Inc. The fair values assigned to assets acquired and liabilities assumed have been finalized and there were no measurement period adjustments recorded during the six months ended December 31, 2024. Intangible AssetsIntangible assets consisted of the following (in thousands):December 31, 2024June 30, 2024Weighted-Average Remaining Useful Lives (Years)Acquired developed technology$466,932 $469,752 6Patents, trade names, and other rights70,928 70,928 7Customer relationships135,687 135,687 3Intangible assets, gross673,547 676,367 Less: accumulated amortization(400,969