FY24 INVESTOR DAY 6-PAGERS
OUR PLATFORM-POWERED BIG BETS
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FY24 Investor Day
Summarize
Q3 FY24
We have a strong track record of successful, long-term strategic bets over the past
two decades which has led to us scaling to over $4 billion in revenue today.
At each step of our journey, we've been explicit about our big bets and then backed
them up by executing against those initiatives. As an R&D-led company, these bets are
longer-term in nature, so in this section, we’ll cover our progress and the growing
opportunity ahead of us, all powered by our world-class platform.
These include: doubling down on ITSM, accelerating cloud migrations, supporting
enterprises, and now, AI.
Building a world-class platform
We chose to do the hard thing and invest in building a best-in-class cloud platform
from the ground up. Dividing up our R&D muscle between individual product
capabilities and building a platform as the foundation of our entire cloud portfolio was
a significant investment, but we knew it was the right decision for the long term.
Today, we have a unified cloud platform that supports our portfolio of products. We’re
able to accelerate innovation by building capabilities at the platform level and
surfacing them in multiple products. You’ve seen us flex this muscle. For example, we
built core AI capabilities centrally and implemented those capabilities across our
product portfolio. This mirrors our work with other key collaboration capabilities our
customers are seeking like analytics and automation.
Our data and insights help drive cross-sell and up-sell when customers see what’s
possible to achieve across our entire platform. From a customer experience
perspective, our platform creates a sleek, smooth experience with opportunities to tap
into capabilities only a platform can provide. We’ve built out a ladder of editions of our
Cloud products with Free, Standard, Premium, and Enterprise for our customers,
allowing them to either take it step-by-step as their needs evolve or skip to more
powerful versions straightaway.
FY2002
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FY2024E
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JIRA BORN
CLOUD
Cloud Premium
& Enterprise
$1B
REVENUE
$
DIVEST
STRIDE
Enter
ITSM
50,000
CUSTOMERS
+
DATA
CENTER
Marketplace
$10 starter
Channel
Enterprise
Support
CONFLUENCE
5,000
CUSTOMERS
+
~$4B
REVENUE
$
$100M
REVENUE
$
ACQUIRED
LOOM
$2B
REVENUE
$
Strong Track Record
of Successful Big Bets
ACQUIRED
TRELLO
$3B
REVENUE
$
Free
14
The legal disclaimer and information about our non-GAAP financial measures including a reconciliation of GAAP to non-GAAP measures can be found at the end of this document.
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FY24 Investor Day
Summarize
Q3 FY24
We’re seeing customers respond incredibly well to the innovation we’re delivering in
our higher-level editions:
Atlassian’s cloud platform also makes building new products easier. Out of our new
product incubator program, Point A, we’ve launched Jira Work Management, Jira
Product Discovery, Compass, and Atlas – all only available in the cloud. Jira Work
Management’s ARR is growing 50% year-over-year, and we’ll carry this momentum
forward with Jira. Jira Product Discovery and Compass are off to a flying start with
less than a year in market. We have over 6,500 customers using Jira Product
Discovery since GA last May, and Compass has seen monthly active instances grow
2.5x since GA in October.
We’ve built our platform to make it easier to integrate acquired products. Since
acquiring Loom at the end of 2023, we’ve been quickly integrating its' capabilities
across the Atlassian platform, to extend the value of async video to help our
customers collaborate in richer, more human ways. Now, team members can provide
more context by seamlessly embedding a Loom within Confluence when writing a
strategy document or by creating an action item within Loom that exports to Jira in a
single click.
While competitors are determined to position themselves as a one-stop shop for the
software development lifecycle, we've never aspired to be the end-to-end toolchain
for developers. Instead, we’ve leaned into being the central nervous system for
software teams, integrating with the best 3rd-party tools, and bridging technical users
with their business teammates via our powerful platform.
And integrate they will! With over 5,700 3rd party apps and integrations, we empower
teams to use an open toolchain. In turn, this drives faster expansion and stickier
customers, both big and small. Enterprise customers with 3rd party apps grow with us
roughly 20% faster than those without an app. And for SMB customers, those with 3rd
party apps have a 1/3 lower churn rate.
Our platform strategy accelerates innovation and serves as the springboard for our
other big bets. Through the platform, we’re able to deliver a significantly better
experience for customers in the cloud and open up additional expansion vectors. It is
the base we use to build for enterprise customers, create exceptional service
management experiences for teams of all types, and now, it’s what gives us the
competitive edge in the AI space.
All roads lead to platform, as they say.
32%
23%
Premium
Standard
Enterprise
98%
2%
Data as of March 31, 2024.
Premium
Standard
Cloud Edition Paid
Seat Mix
15
FY20
Q3 FY24
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FY24 Investor Day
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Q3 FY24
Doubling down on Service Management
Jira Service Management (previously Jira Service Desk) emerged from Shipit, our quarterly
24-hour hackathon. It was built in response to customers who were adapting Jira to handle
service requests.
Four years ago, as the lines continued to blur between software development and IT, we
declared we would double down on the ITSM market. Atlassian is uniquely positioned to
bring dev and IT together onto a single platform. And we’re able to unlock high-velocity
service for customers at a price point that’s more accessible and quicker to deploy than
the competition. To accelerate our strategic vision and ITSM capabilities, we’ve
complemented our internal innovation with M&A, acquiring Statuspage, Opsgenie, Halp,
Mindville, ThinkTilt, Percept.AI, and, more recently, Airtrack.
Underpinned by our platform, we’ve been able to create a holistic, service management
solution that empowers development, IT, operations, and business teams to deliver
exceptional service experiences. As of Q3’24, Jira Service Management is now an
approximately $600 million annual revenue business and is the fastest-growing of our at-
scale products.
Today, over 50,000 customers rely on Jira Service Management to deliver legendary
service. But we’re still in the early days. Large companies are recognizing Jira Service
Management as an enterprise-grade service management offering. What’s more, Jira
Service Management was recognized as a Leader in the Forrester Wave™: Enterprise
Service Management, Q4 2023, achieving the highest possible score in the strategy
category. We’re also seeing more and more use cases outside of IT, as customers bring Jira
Service Management to service teams like HR, legal, facilities, and even customer support.
In fact, over 60% of Jira Service Management customers are now using it outside of IT.
The power we harness with all the knowledge stored in Confluence, plus the potential for
generative AI to unleash it, adds up to an enviable position. Atlassian is poised to do big
things in the service management market across both IT and business teams.
Our multi-year cloud journey
To help our customers realize their full potential, we knew we needed to accelerate their
journey to the cloud. Since announcing Server end of support (EOS) three-and-a-half years
ago, we’ve been laser-focused on migrating Server customers to our Cloud and Data
Center products, as well as driving Data Center-to-Cloud migrations.
For our customers, Cloud is the obvious final destination. Not only does it facilitate the best
experience and all the latest innovations like automation, analytics, and now AI, but it also
has a lower total cost of ownership and is exclusively home to new products like Loom, Jira
Product Discovery, and Compass.
Cloud now represents 61% of total revenue, up from 43% when we announced Server EOS
in October 2020.
$4,166
$3,535
$2,803
$2,089
$1,614
FY20
FY21
FY22
FY23
TTM Q3'24
$264
$401
$525
$608
$565
$264
$229
$202
$177
$139
$1,114
$819
$560
$336
$214
$2,524
$2,085
$1,515
$968
$697
Revenue by deployment
By fiscal year, U.S. $ in millions
CLOUD
DATA CENTER
MARKETPLACE & OTHER
SERVER
By fiscal year, U.S. $ in millions
16
Note: revenue totals may not foot due to rounding
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FY24 Investor Day
Summarize
Q3 FY24
We’ve increased the number of paid seats in the Cloud by over 3x during that time –
well exceeding our initial cloud migration projections, driven by strong Data Center-to-
Cloud migrations. We also saw less churn than we initially expected.
We’ve consistently said that migrations would be a multi-year effort, and Server EOS
was just one milestone on this journey. Today, we have more paid seats in the cloud
than on-premises. Plus, the overall opportunity to migrate our massive Data Center
installed base to Cloud in the coming years is bigger than we anticipated.
Data Center is a stepping stone for our customers to ultimately get to Cloud. The vast
majority of customers who have migrated from Data Center to Cloud began their
Atlassian journey on Server. We’ve seen Data Center-to-Cloud migrations building
each year, demonstrating customers' desire to move to the Cloud. All of this adds to
our confidence in the migration journey as these customers ultimately shift to Cloud in
future years.
Beginning
Ending
Future
Notes:
Ending balance includes an estimate of active Server seats post-end of support date.
Future is illustrative of the paid seat composition at an unspecified future date.
Cloud
Data center
Server
(10/31/20)
(3/31/24)
Paid Seats by Deployment
FY21
FY22
FY23
FY24E
Data Center to Cloud Migrations
Migrated seats
17
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FY24 Investor Day
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Q3 FY24
When we look at our remaining base of Data Center customers, they’re composed of
larger, more complex enterprises, including many of our largest customers. 94% of
Data Center migrators are choosing Premium or Enterprise editions in the Cloud,
driven by the enterprise-grade capabilities we’ve built and the innovation we’re
delivering in these higher-value editions, including analytics, automation, and now
Atlassian Intelligence.
The strong uptake of Premium and Enterprise editions upon migration yields
attractive economics:
What’s more, when we look at the customers that have migrated to Cloud, we’ve seen
great returns. The cohorts of customers that have migrated to the cloud expand their
number of seats by over 25% on average, one year post-migration. Cross-sell also
improves, for example, customers are twice as likely to own Jira Service Management
after migrating to Cloud.
Our platform investments have equipped us with building blocks for the future,
and we will leverage these to drive new product growth (both organic and inorganic).
Because of our common data model and deep understanding of teamwork, we’ve
built an in-product recommendation engine that helps customers adopt the next best
product for them.
All this results in a win-win situation for our customers and Atlassian. Our customers
get a significantly better experience in the cloud and solve more of their collaboration
challenges. This drives greater customer lifetime value in Cloud. When we look at the
cohorts of customers that had completed their migrations from Server or Data Center
to Cloud, their total annual spend in the Cloud was, on average, more than 2x higher
than their spend on-premises. You can understand why we’re excited about the
larger-than-expected opportunity to migrate our Data Center customers to Cloud
over the coming years.
Cloud
Standard
Cloud
Premium
Cloud
Enterprise
$227,000
$281,000
$343,000
$515,000
Data Center
DATA CENTER
5,000 user tier
CLOUD EQUIVALENT
4,250 users - Cloud Standard, Premium,
and Enterprise editions
ILLUSTRATIVE EXAMPLES OF CUSTOMER PRICING
DATA CENTER VS. CLOUD ANNUAL
Note: this represents annual Data Center and Cloud list prices as of March 31, 2024.
94% of Data Center migrators are choosing Premium or Enterprise editions in the Cloud.
CY20
CY21
CY22
CY23
20K users
Premium uptime SLAs
Data Residency in
Germany
35K users
Atlassian Analytics
& data lake
Data Residency in
Singapore and Canada
20K agents in JSM
Data residency for
United States,
European Union,
AU
SOC 2
Mobile app
management
Encryption at rest
Compliance for
regulated industries:
HIPAA, BaFIN, EBA
External user security
Privacy & security tab
in Marketplace
BYOK encryption
Compliance for
regulated industries:
TISAX compliance
10K users
GDPR,
ISO 27001
SAML SSO
policies
CY24
CY25+
Data Residency for India,
Japan, South Korea,
Switzerland, United Kingdom
Atlassian Guard Premium
Granular data opt out controls
50K users in JSW
150K users in Confluence
App access rule
BYOK: Customer-initiated keys
FedRAMP
Expanded compliance for
regulated industries:
StateRAMP, IL5, ITAR, C5,
IRAP
SHIPPED
Data Residency for Forge
SHIPPED
COMING SOON
94%
Atlassian Guard
18
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FY24 Investor Day
Summarize
Q3 FY24
Serving Enterprises
Over the past few years, we’ve increased our investment across product and go-to-
market in order to better serve our enterprise customers. This strategy has meant
strong growth in the segment and an even stickier customer base, as these larger
customers have a logo retention rate of 98%+.
We’re executing well against our strategy, with enterprise continuing to grow as a
proportion of our overall business:
$500K+
Customers
FY20
FY21
FY22
FY23
Q3'24
1,188
882
611
412
267
FY20
FY21
FY22
FY23
Q3'24
493
353
232
178
104
Total Sales
Data as of March 31, 2024.
Enterprise
Large Customer Growth
98%+ RETENTION RATE
Total SMB/ENT Mix
19
55% Y/Y
64% Y/Y
SMB
FY20
TTM Q3’24
61%
83%
39%
17%
39%
17%
$1M+
Customers
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FY24 Investor Day
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Q3 FY24
As well as in our cloud business:
And in a world increasingly focused on data compliance and regulation, our platform
becomes a huge advantage for our customers at the big end of town. We can build
these requirements into our platform from day one, so all products benefit. We believe
this will become an advantage as more data compliance and regulations roll out in the
different geographies and jurisdictions where our customers operate.
Looking ahead, we see a $14 billion opportunity within our existing enterprise
customer base alone. In the cloud, enterprise customers have a Net Expansion Rate
(NER) 10 points higher than the NER of our total Cloud customer base. We already
have a firm foothold within the largest enterprises in the world. 84% of the Fortune
500 and 61% of the Global 2000 are already Atlassian customers. Yet these two
cohorts only represent 9% and 23% of our business, respectively.
Looking forward, we have a runway to reach more technical users, and a significant
opportunity to address the collaboration needs of their business teammates. And we
know the bigger the customer, the more products they purchase - with customers
spending $500k+ and $1M+ annually, purchasing 7+ products on average.
10% 30%
FinTech Company
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
Clothing Retailer
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
Media Company
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
20
Enterprise
Cloud SMB/ENT Mix
SMB
Cloud Platform Sales
Data as of March 31, 2024.
FY20
TTM Q3’24
70%
90%
30%
10%
30%
10%
Annual spend
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FY24 Investor Day
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Q3 FY24
Accelerating AI
AI presents a game-changing opportunity for Atlassian. We believe there’s an infinite
appetite for software in this world, and software development is supply-constrained.
As AI increases the speed at which software is shipped, more software and more value
will be created. This is a great thing for Atlassian as it means a greater number of
people will be involved in building and operating software.
Thinking beyond just the software teams opportunity, we have been incredibly
thoughtful in how we can create a differentiated experience for customers with
Atlassian Intelligence. Being an R&D-led company gives us a disproportionate
advantage over many of our competitors as we have the talent and resources to
develop powerful capabilities that harness the unique teamwork data and knowledge
we have across our platform.
This product-led approach means creating high-value features that unleash the
potential of teams and drive sustained adoption.
A year ago, we launched Atlassian Intelligence at Team `23 to help teams boost
productivity with AI. The first wave of Atlassian Intelligence capabilities allows teams
to create pages of business-critical content in seconds, automate routine tasks by
asking in natural language, instantly summarize long-winded content, and easily
access context-specific help. We made these capabilities, along with Virtual Service
Agents, available exclusively in the Premium and Enterprise editions of our products.
To date, over 30,000 customers are using Atlassian Intelligence, with monthly active
users increasing 3x since launching to general availability in December 2023. Nearly
80% of users report saving time using AI search functions, and weekly users of
Atlassian Intelligence in Confluence tell us they’re saving over 45 minutes on average.
Beyond these capabilities, at Team `24 we have announced another 30 Atlassian
Intelligence features and capabilities deeply infusing AI ineveryAtlassian product and
platform experience.Loom AI furthers our commitment, with its AI capabilities
boosting viewer engagement by 18%, with 23 million videos enhanced by Loom AI,
and counting.
Introducing Atlassian Rovo
We’re now turning our attention to solving the highly complex problem of enterprise
search and knowledge discovery. We have over 20 years of data on how teams go
about planning and tracking work, setting goals, and unleashing knowledge. This,
paired with our cloud platform and open approach to integrations, means we’ve built
an extensive “teamwork graph” using first-party and third-party data. Our platform
investments in areas like Smart Links are used by millions of people each week,
meaning we have tons of information on how customers pull work together across all
their tools.
This has culminated in a brand-new product: Rovo. Although powered by Atlassian
Intelligence, Rovo will be sold separately. Rovo takes human-AI collaboration to the
next level by integrating contextual information, conversational AI, and agents into
workflows. It accelerates finding, learning, and acting on information dispersed across
a range of internal tools.
21
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FY24 Investor Day
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Q3 FY24
22
Enterprise search:
Search across data, tools, and platforms (yes, even third-party and home-grown
systems) to get contextual results within the Atlassian experience.
While central search is already part of the existing cloud experience, Rovo also takes
third-party data into account, leveraging the teamwork graph to improve the results
and rank content. Enterprise search not only works across third party tools, but
customers can bring in data from home-grown systems by connecting them to Rovo.
Chat and learn:
Provide a comprehensive understanding of companies' data through AI-driven
insights, knowledge cards, and AI chat for deeper data exploration.
Our always-available AI assistant leverages enterprise search and the teamwork graph
to enhance users' productivity in their daily use of Atlassian products. Our AI assistant
is unique because it exists within the workflow of our apps, optimizing for team over
individual productivity, which other AI assistants focus on.
Agents:
Partner with specialized agents to delegate tasks, organize work and help solve
complex problems.
Agents are AI-powered “teammates” that simplify specific tasks or rituals for
individuals and their teams. These agents can be tailored to the different needs of
each organization, and customers can even create their own. Rovo’s agents are
unique; they pair quality customer data and the teamwork graph, empowering every
team to build their own agents.
Rovo allows teams to @mention agents and bring them into the conversation across
workflows, or assign them work in Jira. Agents can create code and complete specific
tasks per the team’s instruction, and can also help write content on tailored company
knowledge.
Atlassian Rovo is the result of a continued and thoughtful investment in our AI future.
We know that with our breadth of users and team-centric data, we are in a unique
position to realize the huge opportunities that open up with AI.
We look forward to providing you updates about our progress and the big bets we’re
making with AI in the years to come.
Out-of-the-box
Build yourself
Marketplace
Rovo Agents
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FY24 Investor Day
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Q3 FY24
LEGAL DISCLAIMER
These FY24 Investor Day materials contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact could be deemed forward looking. In some cases, you can identify these statements by forward-looking words such
as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “should,” “estimate,” or “continue,” and similar expressions or variations, but
these words are not the exclusive means for identifying such statements.
Atlassian undertakes no obligation to update any forward-looking statements made in these FY24 Investor Day materials to reflect events or
circumstances after the date of this event or to reflect new information or the occurrence of unanticipated events.
The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties, and
assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the
results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of
future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made.
These FY24 Investor Day materials include certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a
substitute for or superior to, measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to
the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP
financial measures differently or may use other measures to evaluate their performance, any of which could reduce the usefulness of our non-
GAAP financial measures as tools for comparison. We have provided a reconciliation of these measures to the most directly comparable GAAP
measures on an Investor Relations data sheet on our Investor Relations website.
Further information on these and other factors that could affect our financial results is included in filings we make with the Securities and
Exchange Commission from time to time, including the section titled “Risk Factors” in our most recent Forms 10-K and 10-Q. These documents are
available on the SEC Filings section of the Investor Relations section of our website at: https://investors.atlassian.com.
ABOUT NON-GAAP FINANCIAL MEASURES
In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures that are not
presented in accordance with GAAP, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance,
identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP gross profit and non-GAAP
gross margin, non-GAAP operating income and non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share and
free cash flow (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures, which may be different from similarly titled
nonGAAP measures used by other companies, provide supplemental information regarding our operating performance on a non-GAAP basis that
excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be
unrelated to our core operations. Management believes that tracking and presenting these Non-GAAP Financial Measures provides management,
our board of directors, investors and the analyst community with the ability to better evaluate matters such as: our ongoing core operations,
including comparisons between periods and against other companies in our industry; our ability to generate cash to service our debt and fund our
operations; and the underlying business trends that are affecting our performance.
Our Non-GAAP Financial Measures include:
•
Non-GAAP gross profit and Non-GAAP gross margin. Excludes expenses related to stock-based compensation, amortization of acquired
intangible assets, and restructuring charges.
•
Non-GAAP operating income and non-GAAP operating margin. Excludes expenses related to stock-based compensation, amortization of
acquired intangible assets, and restructuring charges.
•
Non-GAAP net income and non-GAAP net income per diluted share. Excludes expenses related to stock-based compensation, amortization of
acquired intangible assets, restructuring charges, gain on a non-cash sale of a controlling interest of a subsidiary, and the related income tax
adjustments.
•
Free cash flow. Free cash flow is defined as net cash provided by operating activities less capital expenditures, which consists of purchases of
property and equipment.
We understand that although these Non-GAAP Financial Measures are frequently used by investors and the analyst community in their
evaluation of our financial performance, these measures have limitations as analytical tools, and you should not consider them in isolation or as
substitutes for analysis of our results as reported under GAAP. We compensate for such limitations by reconciling these Non-GAAP Financial
Measures to the most comparable GAAP financial measures. We encourage you to review the tables in this shareholder letter titled
“Reconciliation of GAAP to Non-GAAP Results” and “Reconciliation of GAAP to Non-GAAP Financial Targets” that present such reconciliations.
We define the number of customers with Cloud ARR greater than $10,000 at the end of any particular period as the number of organizations with
unique domains with an active Cloud subscription and greater than $10,000 in Cloud ARR.
We define annual recurring revenue (“ARR”) as the annualized recurring run-rate revenue of subscription agreements to our Cloud and Data Canter
offerings at a point in time. We calculate ARR by taking the monthly recurring revenue (“MRR”) run-rate for Cloud and Data Center subscriptions
and multiplying it by 12. Cloud MRR for each month is calculated by aggregating monthly recurring revenue from committed contractual amounts
at a point in time. Data Center MRR for each month is calculated based on the annual contract value from committed contractual amounts at a
point in time. Cloud ARR on a single product basis is defined as Cloud ARR from subscriptions for that specific product. ARR and MRR should be
viewed independently of revenue and do not represent our revenue under GAAP, as they are operational metrics that can be affected by contract
start and end dates and renewal rates.
We calculate net expansion rate at a point in time by dividing MRR at the end of a reporting period (“Current Period MRR”) by the MRR for the
same group of customers at the end of the prior 12-month period. Current Period MRR includes existing customer expansion net of existing
customer contraction and attrition but excludes MRR from new customers in the current period.
23
Q3 FY24
ATLASSIAN CORPORATION
Reconciliation of GAAP to non-GAAP results
(U.S. $ and shares in thousands, except percentages)
(unaudited)
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C8GCC1--5GC4C1--508878EGF
7E3CGF
2(%%)
1--5ECFFA8E ,%
:2:.-4.5:15
:41151.-15501.::.:
4C1--5ECFFA8E ,(
1--5CE8GA8E %
:2:.-4.5:15
:41151.-15501.::.:
4C1--5CE8GA8E ,
7J3CGF
2(%%)
1--5CE8GA8E (%
:2:.-4.5:15
:41151.-15501.::.:
4C1--5CE8GA8E (%
24
2
14FGFA
$$ $( ,,) )) $)(, )$ ), , ,,) )(( ,(
4CL-7F:FGAF
$)$) $,, $( $)$ $(( $, $$)) ))( $)$ $,$ $
4CL-FAQAFFLAAA:C
,(, , ), (), (), (),) () ( ( () $(
4CL 2-6LLA %
, (( ,$,
3F14FGFA
$,() $,,((( )$ $, , ,$,) ,,)(( , ,$ $(,,
02
14FA
,( ,( ,( , , , , , , , ,
4CL-7F:FGAF
% % % %
4CL-FAQAFFLAAA:C
% % % % % R R % R R %
4CL 2-6LLA %
R R R R R % R R R R R
3F14FA
, , , ,) ,) ,) ,( ,) ,( ,( ,)
14
14CFGG
,,, $,$ ,,) )) ( (( $),$ $ (), (),
2-7:GPG
$))( , , $$$, $), $)$, $($) (,( $() $$, $,
2-FAQAFFLAAA:C
$))
$)
,
,
,
,
,
,
,
4CL 2-6LLA %
$ $ $,
3F14CFGG
()$( $( ,)(( $ $),$ $,$ $, $$, ) )
3204
14ACG
,( $) (($( $)$ $)$,$ ,$ )$ ),)$ $,() ($ $
2-7:GPG
), ( ), $,( $() )) ,$$ $,, $ $)
2-FAQAFFLAAA:C
$) ,$, , (( () )( ( ,, )( $ ))
4CL 2-6LLA %
$) $ )
3F14ACG
(, $), () $ $((, $(, $))( ))$), $(,$ $,) $)(
4222
14CAAAG
)() $$ ($, $, $()$$ $)($ $( ))) $$ $( $((,(
2-7:GPG
((, ( ,), , ( )( $( ) )( ,
4CL 2-6LLA %
$, , )(
3F14CAAAG
$( (( ),( $$$,, $$), $( $($, ,, $ $$),, $$))$
202
14FGAAF CF
( $$) ,,, $)$() (, ( $), ,) $
4CL-7F:FGAF
)(( $ ( $)$ )(( () ($ ,$ (($ ,( ($,
4CL-FAQAFFLAAA:C
(( $( , ,) ,) $(( $ $ ,)$ $)$,
4CL 2-6LLA %
, ,( ,),
3F14FGAAF
)) ($, ) $, $ $,$$ (( )$$ , () $)($
2002
14FGAA
( ( %% %, ) % ) %
4CL-7F:FGAF
% % %, % , ( , )
4CL-FAQAFFLAAA:C
% % % % % % % % %
4CL 2-6LLA %
%% R R R R
3F14FGAA
) %, (
14
14GFA:PFGAAAA
(,( ,,) $ , $((( (), ( )$$$ $)),() ,(, ()(,
2-GACGAL
(, $( ( $),) ),$ ( ()( )), ( $(
0CFN
,) ( ()$ (,) $)( ,) ( (, $) )$ ((
%6LLAACLF:FGAFGCF:CAFFLF5085(0808
%
Reconciliation of GAAP to non-GAAP financial targets
