Start Time: 14:30 January 1, 0000 3:11 PM ET

Atlassian Corporation Plc (NASDAQ:TEAM)

Goldman Sachs Communacopia + Technology Conference 2022

September 14, 2022, 14:30 PM ET

Company Participants

Anu Bharadwaj - Chief Operating Officer

Conference Call Participants

Kash Rangan - Goldman Sachs

Operator

This is a very special session. Not that many women in executive leadership positions in the software industry, so a real delight to have Anu Bharadwaj. I have a small story we were just discussing very briefly. She went to a really good school called R.V. College of Engineering. When I grew up in India, they used to be the show called Quiz Time. Her college rocked and I would be like, why do I not get a shot to participate in this thing? Why are these guys rock stars, right? But then I never knew that years later, we would find a real rock star from R.V. College of Engineering. So congratulations, Anu, on becoming COO of Atlassian. What was it like when you first got the call or meeting that you made COO? What was it like? Did you expect it?

Anu Bharadwaj

I have been at Atlassian for eight years now. I joined Atlassian in 2014 after having spent 10 years at Microsoft building products for technical teams under the Visual Studio franchise. So I joined as the head of product for Jira, lead the platformization of Jira for the first couple of years. Then I went off on a sabbatical to work with lions and cheetahs in Africa, chasing them across the desert and putting GPS collars on --

Kash Rangan

No, you did not chase them.

Anu Bharadwaj

I was with the safari guide. Yes, it was a lot of fun. So it was a year of something completely different. And then I came back to Atlassian and led our cloud shift, the shift of our business model from on-premise to SaaS, which was a multiyear journey. And just over a year ago, I took on the COO role. And just like the coolest damn story, my dad asked me, so you're now COO, what does a COO do? And he and I play a lot of Scrabble. It's a popular nerd game. So I explained to him, a COO is so unique to every company that think of it as a blank tile in Scrabble. You basically deploy the blank tile for maximum impact. So when you think about Atlassian as a company, we are a product company. We invest deeply in R&D. So the place where we have the most impact where we can multiply impact with a COO is really very much in R&D, which is quite non-traditional when you think of other companies.

Kash Rangan

Product companies, particular growth company so it makes all the sense.

Anu Bharadwaj

Exactly. So my aim basically continues to be -- I continue to be responsible for well over half of our R&D teams. I lead the enterprise business, the data center business, cloud platform, marketplace.

Kash Rangan

That's it.

Anu Bharadwaj

Yes. And along with that, I have what you would consider a traditional ops which is DevOps, [indiscernible]

Kash Rangan

You have enough in your portfolio. That's great.

Anu Bharadwaj

I love working at it.

Kash Rangan

That is absolutely amazing. How many times did you go to Sydney?

Anu Bharadwaj

So I learned out of Sydney. I moved to Sydney for the job when I moved to Atlassian. So I lived there for a couple of years. I have fond memories of Sydney. And when the cloud shift -- when I took on the cloud shift project, I moved to California in 2017.

Question-and-Answer Session

Kash Rangan

That's great. Well, glad to have you here. It's great. We talked about your background from the quiz genius college to where you are now. What would you like Atlassian to be in the next four to five years? Let's say you come back to the Goldman Conference 2027, then we're looking at a, I don't know, $10 billion plus revenue company. It doesn't have to be in revenue terms. But philosophically, in the next four to five -- I know you got iconic founders, two co-founders. What is the top process on? Where do you want to take this company in the next four to five years? And what are the strategies and tactics to help you get there?

Anu Bharadwaj

Sure. So one of the things I love about working at Atlassian is how long-term thinking we are as a company is very much embedded into the DNA of the company. So when we think about the future, we really want Atlassian to be a 100-year old company, something that outlives all of us. And so when we think about the future, we think about the farther future as well as over the next four to five years what's like the first step we take towards the long-term future? And when I reflect on what are some of the key initiatives that are going on in the company that over the next four, five years will shape the company, I'm pretty pleased with the progress on cloud shift, on the overall migration. So we are well on our track to be a cloud company with cloud being firmly positioned as the destination for all of our customers. We have three different markets that we play in; agile DevOps, ITSM and work management, and each of those three markets are continuing to expand and grow. So we are fortunate to be situated in a place where there's plenty of opportunity and we're spoilt for choice. Over the next four or five years, I see us continue to make inroads across all three of those markets, in agile DevOps with our philosophy of being the open tool chain that connects multiple [indiscernible] players in that space and in ITSM of being the player that can harmoniously bring together developer teams and IT teams and continue to serve a number of horizontal use cases. And in work management is really our biggest step to say graduating from technical teams to non-technical teams and being able to serve the needs of over 1 billion knowledge workers and really shape the way work happens. We believe that remote work, distributed work is a big trend that's here to stay. And Atlassian is situated really well as a company to help customers write that trend which brings us to internally when I look at it from a COO perspective, we have grown to nearly 8,800 people today. And we've hired 3,800 of them over the last two years in a fully distributed setting, which means most of these people have never set foot in an Atlassian physical office. And we announced a policy called TEAM Anywhere where we basically said you can work out of anywhere, you don't have any mandatory attendance required in an office. And that really helped us unlock talent in various different places. But also, it's fundamental to our philosophy as a company where we think over the long term we want to go is to say that work can be done out of anywhere. Work is not a place. And really, as a company focused on collaboration, we want to live the future of work, therefore, we will be a fully distributed company across more than 14 countries, multiple regions, and we're going to grow from where we were to where we are now and where we want to be over the next five years in a fully distributed setting. And so we will live the future of work and therefore invent it. And I'm really excited --

Kash Rangan

That's the future of work, right? Back during the pandemic, we thought everybody -- this conference would have been unimaginable. We'd be all sitting on Zoom, et cetera. But since you mentioned future of work, how do you envision the future of work? Is it hybrid the way it's now or --?

Anu Bharadwaj

Yes. So just in terms of the attributes of the future of work without trying to paint too clear of a picture of this is exactly what the future is going to look like, we think there's a few trends that will persist into the future. One is flexible work or fully distributed work. So we believe that asking people to come in to a physical office for x days a week is archaic. That's not required, especially in the modern world where productivity has been unlocked from various different places. We believe that flexible work is here to stay. We also think that human connection plays a very vital role in collaboration in just the well being of people and employees and therefore of companies. So we're also deeply curious as a company about what builds these human connections across people, and how can we retain them? How can we build, sustain and retain those connections in a flexible world? So in the future of work, I believe that that's going to be an important really crux of the problem to solve over the coming few years to make sure that flexible teams continue to thrive and be productive. And just in terms of the overall competitive market as a company, our philosophy has always been to offer customers choice and be the player that integrates well with as many third party products out there as possible. And we strongly believe that the future of software is going to continue seeing this [indiscernible] explosion of SaaS apps and people will want more and more choice and be able to compile product line that they want, rather than being forced fed a complete suite of products from one particular vendor and being told this is the tool you will use.

Kash Rangan

Got it, more openness. What I'd like to get your views on the cloud platform, quite a bit of R&D is going into your cloud platform development. When you're done replatforming, I think you used the expression replatforming a few years back, you described what you're doing at Jira, right, replatforming Jira. So when we're done this replatforming of a different magnitude, scope of what you're trying to do is massively different. So as you're doing -- what does the cloud platform look like when you're done replatforming? And I'm curious, in particular, any new functionality that you can offer on the cloud platform besides just the obligatory integration. And when we're done, what critical competitive advantage are you going to have that can manifest in business value as well value to the customer, value to Atlassian, value to investor?

Anu Bharadwaj

Sure. So more than the replatformizing, we think of this as just platformizing the company, right. So we are a company with over a dozen different products and we think of the cloud platform as really the foundation that powers all of these over a dozen different cloud products. The advantage of having a single cloud platform is that it really helps us leverage the overall investment we make by investing in one place once and being able to reap that benefit across over a dozen different products. The way we have been on our platform journey so far is that as we shifted to the cloud world, we built up a set of shared services across a single platform that Jira, Confluence, Trello, Bitbucket, a lot of our products use to help with, like you said, some of the fundamentals like scale, performance, security, we are able to build all of that into a single platform and our customers can be guaranteed that any product I choose from the Atlassian world will come with the benefits of scale, performance, security, enterprise readiness that I have come to expect from any given single product. Second, it makes it really easy for users to switch from one product to another in the Atlassian family. The familiarity of user interface and there's also just the ease of bringing all of your data along with you. So if you're using Jira software and you click on a Confluence page, we know who you are. We know your account. We're able to sign in directly in your account. We're able to associate the data across Confluence and Jira together, thanks to the power of the platform. And why that's interesting is building a single cloud platform is an expensive proposition. It's an expensive long-term proposition. But we've very intentional about this being a long-term strategic differentiator, because building things like data residency in a highly legislated world compliance, data protection, privacy, all of that takes a lot of time and effort. And we've put in years of that time and effort into the cloud platform such that any new product we start, we have a program called Point A, which is an incubator for new products, any new product we start from scratch automatically comes out of the door with all of these benefits. So Atlassian is a company that serves not just the Fortune 500, but Fortune 500,000. So our customer base is massive. The 250,000 customers that we serve go from SMBs to enterprises, and the cloud platform is built to scale across that spectrum of customers. So any new product we build, an Atlas or a Compass comes out of the gate being able to serve the very large end of enterprise customers, which typically most new startups that are on that journey takes several years to get there after finding product market fit. So the cloud platform is really a highly strategic investment for us through which any new products that we build come out of the door, being able to serve that set of customers and they get that for very little to no cost simply by virtue of having the platform. And lastly, in terms of business value to investors, it's a very evident set of proof points to see how we've been able to build different editions in cloud. So we've gone all the way from like free to standard, premium and the newly introduced enterprise edition, having a single cloud platform where we've invested in things like automation, analytics, being able to bring a lot of data together and unlock insights that we never could on non-platform world behind the firewall, unlock just brand new innovation and helps us set up more and more new additions and potential monetization paths for us across all of our products.

Kash Rangan

Got it. Gilly [ph] has been dying to ask you something related to -- apparently the macroeconomic conditions are not that cooperative and I don't know, I've not seen the news the last 36 hours, but do you want to ask what's on your mind?

Unidentified Analyst

[Indiscernible]

Kash Rangan

That was a long question. Okay. What are you seeing out there with the demand environment? Did I simplify it? Okay. All right. I did pretty good.

Anu Bharadwaj

Thank you. That's a good question. So I'll reply to that in two parts. One, just the overall macroeconomics condition, as a company, no company is immune to it. But some of the attributes of our product set give us a few advantages in Atlassian. One, our customers are on a digital transformation journey, which accelerated during the pandemic and has sustained momentum. So we continue to see customers go on their digital transformation journey, several of them do that and therefore often to continue on the migration journey. And our products are mission critical to those customers on that journey. Companies run on Jira. If Jira is not available for a few minutes, it impacts the company significantly. So having a mission critical product that support a very core business value proposition of digital transformation at the price point that we operate at which is highly, highly competitive, so it really doesn't end up in a situation where Atlassian is looked at as one of the places that's a substantial line item on the CIOs budget, because we tend to be super competitively priced. So in terms of budget cuts, we're kind of the last -- one of the last set of companies that CIOs tend to think of. So that gives us a few advantages in the overall macroeconomic climate. Having said that, we look at various different parts, cohorts of our funnel to think about, hey, what different parts of our business are seeing what impact? Just in the last shareholder letter, we talked about conversion of users from free to paid. We are seeing a bit of softness over the past couple of months. But it's important to illustrate that point in the overall picture as over 90% of our revenue comes from existing customers. So the conversion from free to paid is really a very small part of our business. And also the number of free users that are coming in to create new free instances continues to grow steadily. We're not seeing any trends there. So across the board, across existing and new, that's overall what we're seeing in different parts of the business.

Unidentified Analyst

Yes, that's super helpful. And just to follow up on that. One of the big thing for Atlassian is really that wide funnel of new users that you guys can bring in. You don't invest as much in sales and marketing as other software peers. So how important and how do you think about when thinking about R&D and the complexity and the broad range of products that you have, really targeting those users and the capabilities in which that they -- you can get and then which ones are on the pay wall, if you're seeing a slowdown in free users and the conversion potential you might need to catch up on that and later on when the demand environment is more stable, right? So how are you thinking from a product perspective on addressing that type of dynamic?

Anu Bharadwaj

Yes, so from a product perspective, again, I want to reiterate that we think of it as both new and existing and over 90% of the revenue comes from existing. So there's a corresponding weightage we think about when we think about which parts of the funnel should we look at and what to optimize from a product perspective. So for 90% bucket, which is where most of the revenue comes from, there are several different parts of the funnel we look at. So we look at migrations, which is currently on year two of a multiyear journey. That continues to go steadily. We are where we would expect to be at this point in the journey. So we monitor the rate of migration, what kinds of customers are migrating and we're pretty pleased with where we are there. There is the cross flow part of the funnel there that we monitor closely, which is a user that is starting to use Jira, are they also using Confluence? Did they are on a Trello? And how are users cross flowing across different parts of our product line? And we look at upsell or upgrades. So the people that started out with a free when they switch to standard, what happened? So to address your question, the way our pricing model works is the first 10 users are free, and then the 11th user onwards, it's paid. So in year one, you can imagine the impact is pretty low, going from 10th user to the 11th user is really just adding a paid user there. So the overall quantum looks pretty low in year one, but it builds up and compounds over time. So we think of upsell as really across free to standard, standard to premium, premium to enterprise. And we've seen some very encouraging progress there over the last four quarters. And I haven't really seen any discernible trend there in terms of the macroeconomic impact. And user expansion, which is unique to the Atlassian model of organic growth, user expansion is a place where we don't go off and try to influence that using a bunch of levers. We let that happen organically because that's how we believe we construct our long-term sustainable business model with low CAC. That's an area that we continue to monitor. That's not an area where we try to do a lot of product interventions. But that's going to be an important one to look at in the current climate. So those are different parts that we tend to think of.

Kash Rangan

I have a question on fractions. You're an engineer. I'm an engineer, not a computer engineer, but a mechanical engineer. But that was an overbuild up for a very simple question here. A bit more than a third of your installed base -- of your server install base has moved to the cloud, one third of your cloud migrations come from datacenter, presumably the remaining two thirds from server. But despite that, maintenance is still growing. It's about a -- just stopped growing modestly, started to decline but it took a while. It's a big number, 500 million. If you could wave the magic wand and convert that maintenance install base in one fell swoop to the cloud, if you could, or maybe it just takes a few years, what would that look like?

Anu Bharadwaj

Yes. So cloud migrations for us is a multiyear journey, right? So if you think of it back in FY '21 is when we said, hey, we are going to announce end of life for our server, which basically means we won't be putting out maintenance updates and customers had a three-year window to respond to that. It's kind of one of the longest windows that you've ever probably seen with enterprise software.

Kash Rangan

I wish I had a three-year window into the economy and the stock market.

Anu Bharadwaj

Yes. So the three-year heads up. So because it's such a long duration, we expect that the overall migration is going to take fairly long, right. And because the number of customers we have in server are also spread across SMBs, midmarket and enterprises, the rates of migration are also pretty different. And it's highly customized to the customer's data shape, the industry there and their appetite to migrate, plenty of factors play a decision in when they move to cloud and what level they move to, which edition they move to, et cetera. So the magic wand question I can't really tell you and pinpoint a number to say this is what's going to happen, because it's such a multivariate equation to think of.

Kash Rangan

I asked you a question with fractions and you came back with multivariate equation. You stepped it up. I got bamboozled.

Anu Bharadwaj

But, overall, it's helpful to think about this as, because it's a multiyear journey, we have certain waypoints along the journey. And now at this waypoint, we are pretty pleased with how it's gone so far. Like you said, the server to cloud migrations is pretty healthy. One third of that migration is coming from data center, which is actually a pretty strong product in off itself, which basically shows that there is significant demand for cloud. And why we think that is significant demand is because we've taken a multiyear path to building up cloud capability ourselves as well. So it's gotten significantly better over time with automation, with analytics and scale capability. So for example, we went from -- when we announced it, the decision to [indiscernible] server, we were supporting about 10,000 users for instance, which basically meant that not every server customer could move to cloud at 10,000. But since then, we've stepped it up from 10,000 to 20,000 to 35,000, and now to 40,000. And we introduced an enterprise edition, where we said unlimited number of instances using enterprise edition. So we've also been constantly sort of moving the window.

Kash Rangan

Got it. We're going from fractions to multiples. So you get different varying degrees of uplift when people move to the cloud, so your medium sized customers, about a 40% to 50% uplift over server maintenance. And for enterprise customers in year one, year two, year three, it goes up to 2x, 2.5x, 3x. That's like a big lift, lot of multiples. You go from percentages to multiple sets. That looks a little scary. I'm sure there's a lot of value in Atlassian. But how do you think customers will be able to justify this big lift coming up?

Anu Bharadwaj

Yes, so that's a great question and it's one that we've had experience over the last couple of years, and we've done various different things to help customers on that journey. One, if you just look at us relatively in terms of price point, despite those multiples that you talked about, we continue to still be very competitively priced. So when customers evaluate us in terms of overall total cost of ownership, it's pretty obvious to see that they get a substantial lift and total cost of ownership is actually pretty flat when they shift to cloud. And relatively compared to other competitors, we continue to really be the leader in terms of value pricing. Also, when customers make the choice to move from server to cloud, we have different options. You can arrive to our standard edition or premium edition or enterprise edition, or you can mix and match. You can basically say, I want Jira at a standard edition, but Confluence I want it at premium because I'm going to go wall to wall and this is how my organization deploys it. So we also help customers with things like loyalty discounts that are mind over multiple years. And we help customers in terms of understanding what sets of second party, third party applications they need as they move to the cloud and handhold them through the migration process. So they can see very clearly the value that they're getting on cloud and the cost that they're paying. And clearly the value comes out in the positive.

Kash Rangan

I'm getting the look from Gilly that she's saying enough of multiples and fractions and magic wands, and she has a real question for you.

Unidentified Analyst

I guess I'm just thinking a little bit around these migrations and what's driving the migrations in sense of timing, right? We're in this macroeconomic environment that's a little bit less uncertain and a lot of software companies are talking about deal elongation and sales cycle elongation. So how -- can you talk to us a little bit about the activity of these migrations that typically happen in 4Q? And then also I wanted to touch on a little bit more data center. That's an area where you -- there isn't the risk of end of life as of right now. What is driving those migrations from data center to cloud and when are you seeing those?

Anu Bharadwaj

Sure. So migrations from server to cloud depend on a variety of factors, like I was saying earlier. So we don't really think of it as, hey, do we see a quarter where there's a sudden glut of migrations that happen. There's regular seasonality, but there's nothing particular that I can point out and say, this is an established pattern, because remember, there's a huge base of server customers that are spread across a variety of different sizes of companies. Their different migration journeys look very different. For instance, Redfin, one of our larger customers that did the migration took longer, because the data set was more complex whereas I've personally been involved with several customers who have done the migration in a matter of a couple of days. So it's highly variant. But data center is a good data point to look at. It's a really good question to look at in terms of understanding the migration dynamics, because a third of our customers come from data center where like you said, it's actually an ongoing, successful, well supported product. So what's drawing them to cloud, what's pulling them to cloud and making them go through the migration journey? That's because we made no secret of the fact that we think cloud is the ultimate destination for customers. That's where we want them to be. So customers really think of data center as a stepping stone to get to cloud in terms of whether their migration journey is a bunch of years or a bunch of quarters, it depends on how long they want to go and whether they want DC as a stepping stone or not. People that are already on DC look at the innovation that's possible in cloud that's just not possible behind the firewall. So examples of those are things like we're invested in mobile applications on the cloud side, we've invested in automation across Atlassian products as well as third party products; smartlinks, deeplinking across our own products, in producing data analytics that connect Jira software, JSM and consoles, as well as third parties. And overall, you can do a number of different things in cloud, more innovative things that you just cannot accomplish in video [ph] because of the nature of deployment. And second, what we've done is we've taken the strategic investment in cloud platform and externalized that and made it available for developers outside Atlassian to consume. As a result, what happens is data center typically tends to have enterprise customers that care deeply about things like security, where is this application coming from, if they install any kind of marketplace apps, and we've introduced a hosted developer platform called Forge on the cloud side, through which marketplace developers can use Atlassian's hosted cloud and serve a long tail of use cases for customers. But give customers the guarantee that, hey, Atlassian is hosting your cloud. So you know that it comes with a certain guarantee of privacy and security and all of that. So DC customers, when they come to cloud, are able to enjoy the advantage of Forge apps and continue to serve a long list of their use cases as well as do custom development on Forge, which is just not possible behind the firewall. So a lot of those factors really drive DC customers typically.

Unidentified Analyst

Got it. I have one follow up, if I may, Kash, and then to switch it back. I think that that begs the question, you're talking a lot about the product innovation on cloud and the enhancements that you might have. How are customers aware of what they might be missing if they're on the data center? How are you guys more actively -- the customer success teams more actively engaging these conversations, pointing them to what the advantages are if they migrate, or is it -- are they hearing about this or are they naturally just gravitating towards cloud anyways and asking you about those questions?

Anu Bharadwaj

We typically tend to think about all of our marketing as focused on a bottoms up motion, right, because, like I said, Atlassian doesn't do the traditional let me make a call to the CIO and land a deal. So we tend to direct our marketing efforts, both at existing customers and new customers, and existing DC customers continue to hear about cloud and our user conferences that are once in a quarter event. So we recently went from having an annual user conference to four conferences a year, which illustrates the demand we're seeing for cloud products. And we have things like hybrid ELAs where we enable customers to buy licenses that they can use across data center and cloud. So that gives them a taste of cloud and what's possible on cloud compared to DC. And, of course, our existing technical account managers, our customer facing teams and much of our channel, which is actually super critical for us especially in the DC business, continue to be cloud evangelists which is a major way through which we reach those customers.

Unidentified Analyst

Got it. Perfect.

Kash Rangan

I had a question on how the industry evolves in the next few years. We had Judson, a former Microsoft colleague. He is the Chief Commercial Officer. He was here a couple of days back, talked about how TEAM is going to be the platform not just for collaboration, but also extending into developer productivity, Azure DevOps ties into TEAM through power. It sounded really good. It looked really good too. I'm sure there's a practicality of how you make that collaboration link up with development. But you guys come from that legacy. When you joined, you did a study and half of Jira instances were to do with collaboration and business users, right. So Microsoft clearly gets the joke. They call the TEAM's ticker symbol with S; surprise, surprise. At the same time, you guys have the same vision. You're going after billion knowledge workers. And then you have GitLab that is also coming out from the SDLC play. And not to confuse things, but Datadog now wants to get into the dev side from ops to dev. So dev guys are slightly moving into ops, ops into dev, and then you got Microsoft, and you guys think it's like an axis of incredible confrontation potentially, massive collision. Maybe that's too dramatic of a scenario. How do you look at this and say, how does Atlassian fit into this crisscross of competitive developments?

Anu Bharadwaj

Sure. So Atlassian actually was founded in Australia outside of the Silicon Valley sort of bubble. So we tend to be a maverick of a company. We've always had first principles thinking and we approach things from -- problems from a point of view that, hey, we can think about this problem very differently. We don't have to look at what competitors are doing and try creating a response to it. You can see the evidence of that. And much of what we do, the business model is a great example there. Every company decided to assemble a big enterprise sales force and go after a small sort of companies. And we said no, actually we'll sell this using credit cards on the Internet, which was way before people were using terms like PLG. So the way we think about the future, about how the market evolves is also very much from first principles. And like you pointed out, and for folks here that didn't hear me earlier, I was explaining to Kash how when I joined Atlassian as the head of product for Jira, the first week I looked at our analytics, user analytics expecting to find -- well, Jira is a project management tool, so mostly software developers are using this, right? And I was wrong. Well over half of our usage was coming from non-technical users; people on HR teams, on finance teams. They were using Jira to do their tax process or recruiting process, hiring, all of that. And that was fascinating because customers were really drawing us in the direction of platformization. And similarly, if you look at across all three of our markets, the single set of steel threads that cut across all three of these markets is Atlassian foundational belief that all work is really centered on how effective collaboration is, right, that every great innovation is powered by teams, not just by individuals. So when we think about productivity, we don't think about individual productivity only. We think about team productivity. We think about team collaboration. So from that aspect, we think about, hey, what is that common set of multiplayer collaboration services that we can build, and then permeate across our products such that every team -- there are millions of teams in the world, right, every team, whether you're building a piece of software or whether you're building a phone, a physical device or you're building a house, we want to be able to provide collaborative services that help these things. And add to it the trend of distributed work and remote work and one thing that's really clear that we have a fundamental belief in is asynchronous work is going to become more important than synchronous work. Because when you're fully distributed as a team, it's not that we are always sitting opposite to each other and we're able to have in-person conversations across time zones, it becomes more and more important that I'm able to communicate to you what I'm trying to do. And then you're able to communicate in a time zone that's relevant to you, that's natural to you. So we think deeply about multiplayer collaboration in an asynchronous world, what does that look like, which is very different than the meeting software or the chat software where you're trying to do this in real time. That's why you see this across Confluence and Jira and all of our products where we think about, okay, for a fully distributed setting, how does this workflow pan out? How does the scenario pan out? What can we do to help our customers get more done in a fully distributed world? The cloud platform, again, is really the way we concretize that philosophy in the world. So we've built several initiatives -- we feed that with several initial services around multiplayer editing, using our editor, which happens to be across all of our products. We have deeplinks and smartlinks through which you can basically do async work across a variety of different products and not have to ditch all of them together in one central place necessarily. So when we think about how the market evolves, we think about collaboration, about asynchronous work, and how we can tie this all together for teams, no matter what kinds of teams there, whether technical or non-technical.

Kash Rangan

Got it. I think we may have time for maybe one or two questions, if anybody has, please raise your hand. Any good question, drinks on me again today at 6 o'clock at the reception. But we won't have a performer? Okay, I'll buy you a drink.

Unidentified Analyst

I'll ask one if nobody is brave enough to raise their hand. Just to kind of wrap up the conversation, what products are you most excited about? Where do you still see areas where you might need to invest more in? And lastly, with your Point A program, like if you can just talk to us about how you see that? Is that an area where you expect to have more instead of maybe tuck-in acquisitions, or more just expansion of functionalities that you already have in your portfolio?

Anu Bharadwaj

Yes, sure. I love talking about products I am excited about. So thanks for that question. Across our three markets in agile DevOps, you see us continue to push in and make more progress on the open tool chain [ph] philosophy. One of our new Point A products called Compass there, it's a product that I'm really excited about. It really helps teams that are working on services to collaborate and track dependency management and componentize their world. In JSM, we have this unique philosophy that says bringing dev teams and IT teams together is really the best way for companies to work and not just create silos and vertical use cases for specific use cases. So there we continue to see a lot of uptake and excitement for JSM, which is our marker there, and we will continue to invest in that heavily. And there's a lot of opportunity in that space. In work management, very excited about, again having a very different approach to the rest of the market. We're super disciplined about not burning cash to acquire a bunch of users there because it's a huge market. So acquiring users by burning cash is an easy thing to do. But that's not the Atlassian way. So we tend to think about that as, hey, what are products we can build which continue to use the Atlassian flywheel where you can organically attract a lot of users, and then go through the discipline progression of monetization. And there products around Trello, Confluence on the unstructured side and due to work management on the structured side, and the latest Point A product we announced called Atlas which really helps connect all of those by answering questions of what are you working on, how is it going, why are you working on what you're working on? It really helps bind the entire company together, especially in an asynchronous world where teams are really working in different time zones. But they're all connected to the company strategy in one place where you can track. This is my company goals. And from there, it cascades down all the way to what we're deploying to customers. That's a product that I'm really excited about. And binding all these three markets together is our economy or ecosystem, which has second party applications built by marketplace developers. We have thousands of developers there. And as I talked about Forge, we're seeing substantial uptake in Forge over the coming years. I expect that momentum to continue. So I'm very excited about the potential of the ecosystem and the ability to build apps across each of our markets, which will really unlock use cases that we've never been able to solve before. And so I believe there's a lot of potential there.

Kash Rangan

I think the clock reached zero. Thank you so much for, Anu, for your insightful perspectives, brilliant view into the future.

Anu Bharadwaj

Thank you so much.