We can go ahead and get started since we're starting a little late. Most of you know me. My name's Jason Celino. I'm one of the software analysts here at KeyBanc. Great pleasure welcoming back Martin Lam, Head of IR for Atlassian. First, big congrats on the quarter. Excellent Q4 full-year results. There seems to be some significant momentum in the business right now. It's great to see the numbers reflect that. On the cloud side, specifically, you've seen five straight quarters of acceleration. You're consistently pointing to paid seat expansion and cross-sells, the primary drivers of the growth. Maybe can you just unpack those elements and explain what's driving this consistency? Yeah. No, thanks for having me, Jason. Yeah, we're really pleased with the strong Q4 results to end our fiscal 2026. I think what you're seeing is customers really value and understand the value of the overall Atlassian platform with the Teamwork Graph, which is a living contextual layer underlying the platform, as well as our overall system of work, a basically living system of record and system of work to actually drive those workflows with four organizations. To Jason's point, we had a really strong quarter on the cloud side of things, and that outperformance was really driven by two things. It's actually consistent with what we saw in Q3, so it's good to see that consistency carry through, but it's driven by strong upgrades in cross-sell to our Teamwork Collection, which is basically customers being able to purchase the entire Atlassian platform. Primarily for additional Rovo credits. You get 10x the amount of Rovo credits with the Teamwork Collection, so customers are upgrading for that additional AI capability, as well as cross-sell motion into our Service Collection. So that was really great to see. All the while, we're starting to continue to see strong seat expansion across our core products of Jira and Confluence, which I think highlights the importance of collaboration and teamwork and coordination in this AI era. We've talked about, for quite some time, in the AI era, the need to track, manage, plan, and all your work across your organization. That doesn't change, and I think you're starting to see that continue to play out with the strong cross-sell momentum, AI purchasing on Teamwork Collection, with that strong seat expansion on our core products of Jira and Confluence. I think it's notable that the strong seat expansion was across both software development and knowledge workers. So at our investor forum, we recently shared about two-thirds of users on Jira and over two-thirds, more like 70%, on Confluence, are knowledge workers and non-software developers. That trend continued across this quarter where that net new seat expansion happened across both those vectors, so that continues to be really healthy across both segments. Okay. Excellent. I do want to touch on that, but maybe just falling out on some of the numbers stuff first. Margins for the coming year, you are modeling a little bit of contraction. There are some moving pieces here. Maybe can you just talk about some of the headwinds and some of the views on hiring? Sure. Actually, I would point you to probably GAAP operating margins. I think that is where we are increasingly focused. We have talked about one of our strategic priorities along with enterprise AI in our system of work is to drive durable, profitable growth. Part of that is to accelerate our path to GAAP profitability and expand on GAAP operating margins over time. I think you actually saw that in this past quarter, where we delivered GAAP profitability in Q4 and had strong GAAP operating margins. For next fiscal year, we are guiding to 4.5% GAAP operating margins, which is an expansion relative to how we ended fiscal 2026, which was basically flat or 0% operating margin. That is great to see that progress and reflective of the discipline that we are having on that side as we charge and accelerate that path towards GAAP profitability and margin expansion. I think you are quoting non-GAAP operating margins, and there are a couple different dynamics for you to consider on the non-GAAP side of things. Earlier in fiscal 2026, we announced the end of life of our data center product. With that comes pretty significant ASC 606 changes where we are recognizing more upfront revenue on the sales of our data center subscriptions, and that drove approximately four points of margin benefit in fiscal 2026. So we are recognizing significantly more upfront. That basically fell to the bottom line immediately. It is just all timing of revenue recognition, and so that was a tailwind to fiscal 2026 non-GAAP operating margin by about four points. I think if you compare that to fiscal 2027 and kind of normalize for those effects, plus I spoke earlier about trying to be more disciplined, not only from a headcount perspective, but also how we think and issue equity to our employees. So we are changing the compensation mix between cash and equity for certain employees, and certain roles, and that presents a three-point headwind on fiscal 2027 non-GAAP operating margins. Again, it is just moving compensation mix between cash and equity. So normalizing for those two effects, you actually see non-GAAP operating margins increase. Again, it is a lot of moving pieces, so I actually would probably steer you more towards the GAAP operating margin expansion that I pointed to because that is simpler. It just helps you kind of cut through the noise, and GAAP is frankly where we are focused now as a company. Yeah, that's a good reminder. As a software analyst, GAAP's new to me. New concept. Maybe if we go back to kind of your explanation on the paid seat expansion. One thing that investors have been focusing a lot with a lot of the AI worries has been developer growth and developer headcount and knowledge worker growth and knowledge worker headcount. If we look at different data sources like Indeed's job data, we do a CIO survey and hiring intentions are up. There's a number of other data sources that are also pointing to near-term positive indicators for developers and knowledge workers. What do you think is really catalyzing this? Do you think AI is catalyzing near-term activity, and that this is maybe just a flash in the pan before we eventually see some contraction? We have some members of our KeyBanc IT organization here, and they talked about labor arbitrage with offshore and AI potentially. Help me understand maybe what you think around this. Yeah. I think it's important to note, as I mentioned earlier, that that strong seat expansion or strong seat growth that we saw endure in Confluence is actually across both software development and importantly, non-software development or the knowledge workers. Teams like HR, marketing, legal, finance, saw really good traction there, and that continues to be an area of focus as we focus on penetrating more of the enterprise customers that we have and reaching and serving more of those users. On the software development side, I think it's an indication of ability to create software now with AI is becoming greater than ever, and you're seeing that ability for companies to become software companies. Whether you're a traditional non-tech company, now all of these companies have to drive more digital transformation, create more software, create more digital services as part of their overall strategy, and AI's lowering that cost. You're able to drive a lot more software development. Now, the next part of that challenge is how do you actually make all this increased software move in the direction for value for your customers or for the enterprise's customers? That requires a different level of coordination, right? A lot of the AI capabilities we've seen to date have been focused on personal productivity or individual productivity. Our ticker symbol is TEAM. We've always been focused on teamwork. How do you, again, mentioned earlier, coordinate across your organization? How do you manage, track, and plan work to make sure that we're all moving in unison towards the organization's strategic goals and delivering value to your customers? Because that's actually what ultimately matters as opposed to, again, all these disparate individual tracks happening. I think that highlights what you're seeing play out. Okay. Interesting. Yeah. It's like the narrative changes every quarter. It's like every conversation I have, I feel good or I feel bad, but at the end of the day, the numbers have been pretty good. One thing that you introduced this year is subscription ARR to hopefully smooth out how to view growth at the business, given the model changes with the data center. Maybe just how often do you plan on providing the metric? Do you plan on guiding to it? Just philosophy around some of the forward-leading indicators. Yeah. We introduced subscription ARR back in May at our investor forum for the first time to help investors understand the underlying health and strength of the business and our subscription base. We are, as I mentioned earlier, going through a cloud transition as we sunset our data center offering and migrate customers to the cloud in the coming years. To help normalize for some of the ASC 606 noise that I mentioned earlier, because we now have greater upfront term license revenue recognition on the sale of data center subscriptions and cut through all that accounting noise and timing noise, we've introduced subscription ARR, which again, smooths things out and helps give you a better read on the underlying strength and momentum in the business. That continues to track incredibly well. We are guiding to that for the first time. We came off a quarter where we grew subscription ARR 23% year-over-year. We're guiding initially for fiscal 2027 to end fiscal 2027 of 18% growth year-over-year. That's our initial guide. Obviously, we want to take a prudent approach with that guide. It is a new muscle for us. Again, I think it helps investors understand the entire subscription base, so both data center and cloud, cut through the ASC 606 noise and help you identify or, I guess, cut through the noise of the migrations of people going from data center to cloud. Because I think historically, investors have had outsized focus on, okay, how much of the cloud revenue growth is coming from migrations? Subscription ARR helps normalize for that because if someone moves from data center to cloud, you kind of just see that all within the overall ARR result. Okay. I will take some questions at some point. I do want to keep this interactive. I am not that great of a mathematician, but some other people have noticed that your ARR growth, again, new motion, new muscle memory, but it decelerated a little bit versus the prior quarter, but your cloud revenue accelerated. Anything specific on why that might have happened? Yeah. I would say two things. There is quarter-to-quarter variability in ARR. We are going through an enterprise go-to-market evolution as we continue to scale up our enterprise sales motion. Today, we only have about 400 quota-carrying enterprise sales reps, which is an incredibly low number and I think highlights the opportunity ahead of us as we continue to grow that team. Alongside, we have the cloud migration. With these two dynamics, we are always intentionally or thoughtfully introducing changes into how do you align partners or how do you incentivize those salespeople? When you introduce sales compensation changes and/or motions associated with our cloud transition, that can influence customer purchasing quarter- to- quarter. So there is quarter-to-quarter variability, so I encourage you to look at the full year dynamics. A perfect example of this was Q3. We spoke about this on our Q3 earnings call. We saw some pull-forward activity from customer purchasing behavior from Q4 into Q3 as a result of us changing pricing on data center. So we do things like data center pricing changes or stop selling data center subscriptions to new customers. All these things are in the vein of moving customers to the cloud and accelerating the cloud migration, but those motions also can shift customer purchasing behavior from quarter- to- quarter. So again, I think what you are actually pointing to is some of that pull-forward behavior that we pointed out on our Q3 call coming from Q4 into Q3, and again, creating some variability in the Q3 growth rate- Okay. Versus Q4. Okay. Yeah, no, that makes sense. Any questions from the audience? Anyone? Sure. Just a couple out there. I work at KeyBanc Enterprise. We talk a lot about labor arbitrage and maybe some of that moving to AI engineering. When we think about that, we're thinking about the quality of requirements and the quality of some things that are sitting in your system today. Are there opportunities there for you to expand that as AI engineering moves forward, quality requirements, relationships with other, I don't know, AI engineering companies? Yeah. Can you paraphrase the question before you answer that? Yeah. The question, I think, is around really the context and data that lives within our systems. I think earlier I talked about a lot of the AI tools out there today are geared towards personal productivity. What our advantage, I think is in the Teamwork Graph and the context that lives within all the different workflows and our system of work. We have the data. You are talking specifically about engineering, and in that, people document the requirements of what you are trying to build or what you are trying to accomplish. Did the team actually build and accomplish that? What is the customer feedback? How do you iterate on that development? All that context lives within our products like Jira, like Confluence, and I think that is an incredibly important asset for us, especially as an organization like KeyBanc tries to deliver for your customers or your employees internally. I think that is a very valuable asset. That is a very important value proposition of the overall Atlassian platform. We have talked more recently about the Teamwork Graph. It is a living contextual layer that understands relationships and what tools and what people are working on, and again, what they are trying to accomplish as an organization. More importantly, with that context, it delivers better results for people as they utilize AI tools. We have talked about the Teamwork Graph delivers 48% more efficient token usage because then you are not having to have AI kind of blindly search across your organization. You have to understand the contextual relationships across KeyBanc. Secondly, it delivers better results. So 44% better results because you have that understanding of what are your different teams working on, what is the context within Jira, context within Confluence, the decisions made that were previously made, what steps we are trying to drive as an organization. Understanding all that delivers the better, more efficient token results. Maybe that is a good segue. Maybe can you just highlight how you plan on monetizing AI? I know there is Rovo, MCP, CLI, maybe just go into that. Yeah. The primary AI monetization motion or the primary purchasing motion for customers today is upgrading to Teamwork Collection, where you get 10x the amount of Rovo credits. We made the strategic decision about two years ago to thread Rovo, our AI capabilities, throughout the entire platform. With each base subscription, you get a certain allotted number of Rovo credits. As you approach those limits, then you upgrade to the Teamwork Collection, where you get 10x the amount. That is much more customer friendly in this moment in time, where I think customers want that predictability or value that predictability of I get 10x the amount of credits across my entire user base at a higher price point, so we realize higher ARPU as a result. Instead of worrying about Jason's going to chew through X amount of credits, and I have to worry about this power user. It is a fungible pool of Rovo credits spread across my entire organization at 10x the amount. So it is much more predictable and customer friendly, and we are just meeting customers where they are at today. I think over time, consumption-based pricing or usage-based pricing becomes a bigger part of the story. We will actually begin to enforce Rovo credit limits this year. Again, I think the primary motion you are going to see is customers choosing to adopt Teamwork Collection. So I would continue to pay attention to that because that is probably the primary AI monetization motion today. Customers are also, when they adopt Rovo, they of course realize significantly more value. We are seeing Rovo customers grow their ARR at 2x the rate of those that don't adopt Rovo. So back to the concept of delivering value first and foremost to customers, then we will recoup that value back over time. That is via increased stickiness, faster seat expansion, and higher uptiering to higher value additions. Actually, what is also really interesting is we shared a bunch of MCP stats. Even if customers are using third-party agents and tapping into the Atlassian platform via MCP, we are seeing significant growth there. So we have over 1 million monthly active users of our MCP server and Teamwork Graph CLI. Again, wanting to tap into the value of the Teamwork Graph, even if you are using a third-party agent. That is delivering significantly more value to the customer. You are seeing that in their output. So they are driving 4x the amount of Jira issued or Jira work items created via MCP server and Confluence pages created 4x the amount via MCP server. They are driving significantly more workflows through the Atlassian platform, which is what we want to see. Ultimately, that increased value to customers comes back to us. So exact same number. Those customers utilizing the MCP server are growing their ARR at 2x the rate of those that don't utilize MCP. So I think it highlights the mission criticality of the Atlassian platform, and it shows that it is complementary too, even if you are using a third-party agent like a Claude agent. Okay. Yeah. Sure. As you think about making the switch over to more consumption revenue, how flexible are you going to be if customers like KeyBanc say, "My bill's gone way up, and I'm not sure if I love this consumption model? Yeah, I think that's where we try to meet customers where they're at, and that's why I think something like Teamwork Collection and that model of bundling 10x the amount of Rovo credits per user gives customers like that you're pointing out a much more predictable model. You're paying a higher RPU on a per-seat basis, and then I get a much more predictable kind of load balance across my user base. Okay. Interesting. I did want to bring up Service Collection a little bit. It is growing really nicely. I think in the third quarter, I think it surpassed $1 billion in ARR. I think in Q4, you noted that it accelerated. Really impressive. Maybe can you just talk about what's driving all the momentum there? Yeah. You're right. In Q3, we disclosed or shared that Service Collection had crossed $1 billion of ARR, growing north of 30% year-over-year. In Q4, we actually saw that accelerate as people continue to consolidate, continue to adopt Service Collection across not only their IT workflows, but also their non-IT workflows. What's interesting, I think, is over 60% of the Service Collection use cases are outside of IT. That's marketing teams or HR teams taking in service requests from the employees and helping drive outcomes for their employees. At the same time, we're seeing 3x increase in Rovo agentic automations in Service Collection, specifically over a six-month period. All the while you're seeing customers increasingly adopt Service Collection across their organization, they're deploying Rovo agents to help triage those service requests. When you think about an HR team getting a ton of inbound requests for their employees asking questions about X, Y, or Z, you're able to deploy a Rovo agent to be that first line of defense and triage and cut out that noise, respond to employees, giving them faster customer service, if you will. Then also for the more critical items that require human judgment, route those to the right expert to be able to address those questions. Whether that's in customer service or employee service, I think we're seeing really strong Rovo adoption across those workflows. Okay. I did want to touch on some of the go-to-market changes. Brian Duffy's been there for 18 months. He's up-leveled the organization. He's adding quota-carrying reps. What's another sales catalyst or something that he was working on this year that we should be thinking about? Yeah, Brian and team have done an incredible job over the past year. He's only been here a little over 18 months, as you noted. We only have 400 quota-carrying sales reps today. We're going to continue to scale that. We shared a couple of different stats at Q4 earnings that highlight the momentum his team have been building over the past year. One is RPO growth grew 44% year-over-year. Incredible to see that kind of strong growth. That's indicative of the customer demand of the Atlassian platform and realizing the criticality of the Atlassian platform in this moment in time, especially for our system of work and the Teamwork Graph. That also speaks to the sales execution that his team is driving in terms of helping customers understand the value of the overall Atlassian platform. At the same time, we're seeing really strong growth in customers spending north of $3 million, north of $5 million. The cohort of customers that spends over $3 million with us annually grew over 50% year-over-year. Customers spending $3 million with us annually grew over 70% year-over-year. Really strong traction with those larger enterprises. I mentioned earlier a couple of different times, we'll continue to scale up our enterprise sales team, especially as we try to drive more of that platform sale into our customer base and try to reach more of these non-software teams within these enterprises because we have 350,000 customers already today. We have a significant opportunity to expand that Atlassian footprint in the same manner that you just saw happen in Q4 of people upgrading to that overall adoption of the Teamwork Collection and the overall adoption of the Atlassian platform, and all the while driving more user expansion across our key products. Okay, perfect. I have one more question, but we'll take this one. What is the high end of your land? What do you land? If the largest customer you are ever going to land, what is the high end? We actually typically land quite small. Our land, we have a very differentiated go-to-market motion where we land with a relatively small team. Sometimes it is 20 or 50-person teams within an organization and then expand from there. I would say actually our lands tend to be quite small. It is a department choosing Jira, choosing Confluence on their own. The opportunity is really via expansion. I mentioned we have 350,000 customers already today. The opportunity is really expanding within those organizations and helping them realize the value of, again, the Atlassian platform that they may not realize today. Okay. I do like to end it with a fun question. Last night at dinner, we did tomato carving station. That was a big hit. It made me think, what is Martin Lam's favorite food? I like Mexican food. I am partial to Mexican food. Okay. Good thing we're having Mexican for lunch. Anyway, perfect. Thanks everyone. Thanks, Martin Lam, and have a good rest of the conference.