Overview: Atlassian delivered a Q4 FY2024 revenue of $1.13159 billion, up 20.5% year over year, with a gross margin of approximately 80.5% and a GAAP/net loss of $196.9 million driven by heavy investment in cloud expansion, enterprise GTM transformation, and product adjacencies. Cloud revenue grew 31% year over year in the quarter, signaling meaningful progress toward Atlassian’s long-term cloud migration and multi-product expansion ambition. Management highlighted progress in enterprise adoption, data residency, and regulatory compliance (FedRAMP In Process), while also signaling a multiyear path to migrate large data-center customers to cloud. The company reaffirmed a longer-term growth trajectory of 20%+ CAGR in revenue, despite a nearer-term FY25 guide of mid-teens revenue growth (about 16%), reflecting macro uncertainty and go-to-market execution risk during the transition to a more enterprise-centric GTM model. Free cash flow remained strong, with $1.4B in free cash flow reported in FY24 and TTM operating cash flow of roughly $422M in Q4 alone, underscoring a robust balance sheet and upside optionality from AI-enabled product offerings and cross-sell opportunities.