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Atlassian Announces Fourth Quarter and Fiscal Year 2022 Results

Quarterly revenue of $760 million, up 36% year-over-year

Quarterly subscription revenue of $597 million, up 55% year-over-year

Quarterly IFRS operating margin of (8)% and non-IFRS operating margin of 14%

Quarterly cash flow from operations of $230 million and free cash flow of $195 million

TEAM, Anywhere/SYDNEY--(BUSINESS WIRE)--Atlassian Corporation Plc (NASDAQ: TEAM), a leading provider of team collaboration and productivity software, today announced financial results for its fourth quarter and fiscal year ended June 30, 2022 and released a shareholder letter available on Atlassian’s Work Life blog at http://atlassian.com/blog/announcements/shareholder-letter-q4fy22. The shareholder letter was also posted to the Investor Relations section of Atlassian’s website at https://investors.atlassian.com.

“We capped off fiscal year 2022 with strong Q4 results, growing Cloud revenue 55 percent year-over-year,” said Mike Cannon-Brookes, Atlassian’s co-founder and co-CEO. “We believe that Atlassian is uniquely positioned, with great momentum and a differentiated business model. While we can’t predict what the future holds at a macro level, we’re forging ahead with conviction and vigilance as we look to deepen our strategic position.”

“Our strong competitive position provides us with the flexibility to invest purposefully and create value for our customers,” said Scott Farquhar, Atlassian’s co-founder and co-CEO. “We’re proud of how we continue to execute against our long-term plans, which includes bringing on top-tier talent from across the globe. We added over 2,300 new Atlassians in fiscal year 2022, and they will be instrumental to helping us achieve our mission to unleash the potential of every team.”

Fourth Quarter Fiscal Year 2022 Financial Highlights:

On an IFRS basis, Atlassian reported:

  • Revenue: Total revenue was $759.8 million for the fourth quarter of fiscal year 2022, up 36% from $559.5 million for the fourth quarter of fiscal year 2021.
  • Operating Loss and Operating Margin: Operating loss was $63.3 million for the fourth quarter of fiscal year 2022, compared with operating loss of $7.5 million for the fourth quarter of fiscal year 2021. Operating margin was (8)% for the fourth quarter of fiscal year 2022, compared with (1)% for the fourth quarter of fiscal year 2021.
  • Net Loss and Net Loss Per Diluted Share: Net loss was $105.5 million for the fourth quarter of fiscal year 2022, compared with net loss of $213.1 million for the fourth quarter of fiscal year 2021. Net loss per diluted share was $0.41 for the fourth quarter of fiscal year 2022, compared with net loss per diluted share of $0.85 for the fourth quarter of fiscal year 2021.
  • Balance Sheet: Cash and cash equivalents plus short-term investments at the end of the fourth quarter of fiscal year 2022 totaled $1.5 billion.

On a non-IFRS basis, Atlassian reported:

  • Operating Income and Operating Margin: Operating income was $108.9 million for the fourth quarter of fiscal year 2022, compared with operating income of $94.9 million for the fourth quarter of fiscal year 2021. Operating margin was 14% for the fourth quarter of fiscal year 2022, compared with 17% for the fourth quarter of fiscal year 2021.
  • Net Income and Net Income Per Diluted Share: Net income was $68.1 million for the fourth quarter of fiscal year 2022, compared with net income of $62.2 million for the fourth quarter of fiscal year 2021. Net income per diluted share was $0.27 for the fourth quarter of fiscal year 2022, compared with net income per diluted share of $0.24 for the fourth quarter of fiscal year 2021.
  • Free Cash Flow: Cash flow from operations was $230.4 million and free cash flow was $194.7 million for the fourth quarter of fiscal year 2022. Free cash flow margin for the fourth quarter of fiscal year 2022 was 26%.

Fiscal Year 2022 Financial Highlights

On an IFRS basis, Atlassian reported:

  • Revenue: Total revenue was $2.8 billion for fiscal year 2022, up 34% from $2.1 billion for fiscal year 2021.
  • Operating Income (Loss) and Operating Margin: Operating loss was $106.5 million for fiscal year 2022, compared with operating income of $101.6 million for fiscal year 2021. Operating margin was (4)% for fiscal year 2022, compared with 5% for fiscal year 2021.
  • Net Loss and Net Loss Per Diluted Share: Net loss was $614.1 million for fiscal year 2022, compared with net loss of $696.3 million for fiscal year 2021. Net loss per diluted share was $2.42 for fiscal year 2022, compared with net loss per diluted share of $2.79 for fiscal year 2021.

On a non-IFRS basis, Atlassian reported:

  • Operating Income and Operating Margin: Operating income was $633.0 million for fiscal year 2022, compared with operating income of $519.1 million for fiscal year 2021. Operating margin was 23% for fiscal year 2022, compared with 25% for fiscal year 2021.
  • Net Income and Net Income Per Diluted Share: Net income was $434.3 million for fiscal year 2022, compared with net income of $357.6 million for fiscal year 2021. Net income per diluted share was $1.69 for fiscal year 2022, compared with net income per diluted share of $1.40 for fiscal year 2021.
  • Free Cash Flow: Cash flow from operations was $883.5 million and free cash flow was $763.8 million for fiscal year 2022. Free cash flow margin for fiscal year 2022 was 27%.

A reconciliation of IFRS to non-IFRS financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below, under the heading “About Non-IFRS Financial Measures.”

Recent Business Highlights:

  • Team growth: Atlassian ended its fourth quarter of fiscal year 2022 with a total headcount of 8,813 employees, adding 634 net new Atlassians in the quarter and over 2,300 during the year. Most of the new hires were in R&D. Atlassian will build upon this momentum and continue to play offense in fiscal year 2023.
  • Atlassian Presents: Work Life: Atlassian will hold its first ever Work Management tailored event on September 29, 2022. Challenge conventional thinking and learn how working differently, together can enable teams to do their best work. Work Life will give attendees a unique opportunity to learn from project management leaders and teams across diverse industries. The event will also feature inspiring sessions and product deep-dives for Trello, Confluence and more. Work Life will be held in person at the Chase Center in San Francisco, as well as virtually. Learn more at https://events.atlassian.com/worklife.
  • Customer Growth: Atlassian ended its fourth quarter of fiscal year 2022 with a total customer count, on an active subscription or maintenance agreement basis, of 242,623 customers, adding 8,048 net new customers during the quarter.

New Chief Financial Officer:

Atlassian announced that Joe Binz will join the company as its new Chief Financial Officer (CFO) and Principal Financial Officer, effective September 6, 2022. Joe brings more than 25 years of finance leadership and experience in the technology industry. Since 2014, he has held the role of Corporate Vice President, Finance at Microsoft Corporation, where he was responsible for leading the company’s financial planning and analysis, investor relations, acquisition integration, and procurement functions. Over his twenty-year career with Microsoft, he was a pivotal finance leader where he most notably guided the company’s business transformation through its multi-billion dollar move to the cloud. Prior to his time at Microsoft, Joe spent eight years at Intel Corporation where he held a variety of finance roles supporting manufacturing operations, product groups, and Intel Capital. He holds a Bachelor of Science in Finance from the University of Illinois Urbana-Champaign, and a Master of Business Administration from the University of Michigan’s Ross School of Business.

Financial Targets:

Atlassian is providing its financial targets for the first quarter of fiscal year 2023 as follows:

First Quarter Fiscal Year 2023:

  • Total revenue is expected to be in the range of $795 million to $810 million.
  • Gross margin is expected to be in the range of 80% to 81% on an IFRS basis and in the range of 84% to 85% on a non-IFRS basis.
  • Operating margin is expected to be approximately (37%) on an IFRS basis and approximately 18% on a non-IFRS basis.
  • Net loss per diluted share is expected to be approximately $1.17 to $1.16 on an IFRS basis, and net income per diluted share is expected to be approximately $0.37 to $0.38 on a non-IFRS basis.
  • Weighted average share count is expected to be in the range of 256 million to 257 million shares when calculating diluted IFRS net loss per share and in the range of 259 million to 260 million shares when calculating diluted non-IFRS net income per share.

For additional commentary regarding financial targets, please see Atlassian’s fourth quarter fiscal year 2022 shareholder letter dated August 4, 2022.

With respect to Atlassian’s expectations under “Financial Targets” above, a reconciliation of IFRS to non-IFRS gross margin, operating margin, and net income (loss) per diluted share, has been provided in the financial statement tables included in this press release.

Shareholder Letter and Webcast Details:

A detailed shareholder letter is available on Atlassian’s Work Life blog at https://atlassian.com/blog/announcements/shareholder-letter-q4fy22, and the Investor Relations section of Atlassian’s website at: https://investors.atlassian.com. Atlassian will host a webcast to answer questions today:

  • When: Thursday, August 4, 2022 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
  • Webcast: A live webcast of the call can be accessed from the Investor Relations section of Atlassian’s website at: https://investors.atlassian.com. Following the call, a replay will be available on the same website.

Atlassian has used, and will continue to use, its Investor Relations website at https://investors.atlassian.com as a means of making material information public and for complying with its disclosure obligations.

About Atlassian

Atlassian unleashes the potential of every team. Our team collaboration and productivity software helps teams organize, discuss, and complete shared work. Teams at more than 240,000 customers, across large and small organizations - including Bank of America, Redfin, NASA, Verizon, and Dropbox - use Atlassian’s project tracking, content creation and sharing, and service management products to work better together and deliver quality results on time. Learn more about our products, including Jira Software, Confluence, Jira Service Management, Trello, Bitbucket, and Jira Align at https://atlassian.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward looking, including risks and uncertainties related to statements about our products, business model, customers, employees, anticipated growth, outlook, technology and other key strategic areas, and our financial targets such as revenue, share count, and IFRS and non-IFRS financial measures including gross margin, operating margin, and net income (loss) per diluted share.

We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

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.

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 20-F and 6-K (reporting our quarterly results). These documents are available on the SEC Filings section of the Investor Relations section of our website at: https://investors.atlassian.com/.

About Non-IFRS Financial Measures

Our reported results and financial targets include certain non-IFRS financial measures, including non-IFRS gross profit, non-IFRS operating income, non-IFRS net income, non-IFRS net income per diluted share, and free cash flow. Management believes that the use of these non-IFRS financial measures provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of our results of operations, and also facilitates comparisons with peer companies, many of which use similar non-IFRS or non-GAAP financial measures to supplement their IFRS or GAAP results. Non-IFRS results are presented for supplemental informational purposes only to aid in understanding our results of operations. The non-IFRS results should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from non-IFRS or non-GAAP measures used by other companies.

Our non-IFRS financial measures include:

  • Non-IFRS gross profit. Excludes expenses related to share-based compensation and amortization of acquired intangible assets.
  • Non-IFRS operating income. Excludes expenses related to share-based compensation and amortization of acquired intangible assets.
  • Non-IFRS net income and non-IFRS net income per diluted share. Excludes expenses related to share-based compensation, amortization of acquired intangible assets, non-coupon impact related to exchangeable senior notes and capped calls, the related income tax effects on these items, and discrete tax impact resulting from a non-recurring transaction.
  • 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, and payments of lease obligations.

Our non-IFRS financial measures reflect adjustments based on the items below:

  • Share-based compensation.
  • Amortization of acquired intangible assets.
  • Non-coupon impact related to exchangeable senior notes and capped calls:

    • Amortization of notes discount and issuance costs.
    • Mark to fair value of the exchangeable senior notes exchange feature.
    • Mark to fair value of the related capped call transactions.
    • Net loss on settlements of exchangeable senior notes and capped call transactions.
  • The related income tax effects on these items and discrete tax impact resulting from a non-recurring transaction.
  • Purchases of property and equipment and payments of lease obligations.

We exclude expenses related to share-based compensation, amortization of acquired intangible assets, non-coupon impact related to exchangeable senior notes and capped calls, the related income tax effects on these items, and discrete tax impact resulting from a non-recurring transaction from certain of our non-IFRS financial measures as we believe this helps investors understand our operational performance. In addition, share-based compensation expense can be difficult to predict and varies from period to period and company to company due to differing valuation methodologies, subjective assumptions, and the variety of equity instruments, as well as changes in stock price. Management believes that providing non-IFRS financial measures that exclude share-based compensation expense, amortization of acquired intangible assets, non-coupon impact related to exchangeable senior notes and capped calls, the related income tax effects on these items, and discrete tax impact resulting from a non-recurring transaction allow for more meaningful comparisons between our results of operations from period to period.

Management considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening our statement of financial position.

Management uses non-IFRS gross profit, non-IFRS operating income, non-IFRS net income, non-IFRS net income per diluted share, and free cash flow:

  • As measures of operating performance, because these financial measures do not include the impact of items not directly resulting from our core operations.
  • For planning purposes, including the preparation of our annual operating budget.
  • To allocate resources to enhance the financial performance of our business.
  • To evaluate the effectiveness of our business strategies.
  • In communications with our Board of Directors and investors concerning our financial performance.

The tables in this press release titled “Reconciliation of IFRS to Non-IFRS Results” and “Reconciliation of IFRS to Non-IFRS Financial Targets” provide reconciliations of non-IFRS financial measures to the most recent directly comparable financial measures calculated and presented in accordance with IFRS.

We understand that although non-IFRS gross profit, non-IFRS operating income, non-IFRS net income, non-IFRS net income per diluted share, and free cash flow are frequently used by investors and securities analysts in their evaluation of companies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations as reported under IFRS.

Atlassian Corporation Plc

Consolidated Statements of Operations

(U.S. $ and shares in thousands, except per share data)

(unaudited)

 

 

Three Months Ended June 30,

 

Fiscal Year Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

Subscription

$

597,297

 

 

$

385,510

 

 

$

2,096,706

 

 

$

1,324,064

 

Maintenance

 

117,095

 

 

 

131,080

 

 

 

495,077

 

 

 

522,971

 

Other

 

45,449

 

 

 

42,949

 

 

 

211,099

 

 

 

242,097

 

Total revenues

 

759,841

 

 

 

559,539

 

 

 

2,802,882

 

 

 

2,089,132

 

Cost of revenues (1) (2)

 

133,154

 

 

 

97,967

 

 

 

465,707

 

 

 

336,021

 

Gross profit

 

626,687

 

 

 

461,572

 

 

 

2,337,175

 

 

 

1,753,111

 

Operating expenses:

 

 

 

 

 

 

 

Research and development (1) (2)

 

379,000

 

 

 

245,929

 

 

 

1,397,568

 

 

 

963,326

 

Marketing and sales (1) (2)

 

179,308

 

 

 

133,429

 

 

 

567,691

 

 

 

372,909

 

General and administrative (1)

 

131,632

 

 

 

89,740

 

 

 

478,373

 

 

 

315,242

 

Total operating expenses

 

689,940

 

 

 

469,098

 

 

 

2,443,632

 

 

 

1,651,477

 

Operating income (loss)

 

(63,253

)

 

 

(7,526

)

 

 

(106,457

)

 

 

101,634

 

Other non-operating expense, net

 

(327

)

 

 

(199,401

)

 

 

(434,588

)

 

 

(620,759

)

Finance income

 

1,332

 

 

 

1,008

 

 

 

2,297

 

 

 

7,174

 

Finance costs

 

(6,611

)

 

 

(8,099

)

 

 

(25,824

)

 

 

(122,713

)

Loss before income tax benefit (expense)

 

(68,859

)

 

 

(214,018

)

 

 

(564,572

)

 

 

(634,664

)

Income tax benefit (expense)

 

(36,604

)

 

 

945

 

 

 

(49,552

)

 

 

(61,651

)

Net loss

$

(105,463

)

 

$

(213,073

)

 

$

(614,124

)

 

$

(696,315

)

Net loss per share attributable to ordinary shareholders:

 

 

 

 

 

 

 

Basic

$

(0.41

)

 

$

(0.85

)

 

$

(2.42

)

 

$

(2.79

)

Diluted

$

(0.41

)

 

$

(0.85

)

 

$

(2.42

)

 

$

(2.79

)

Weighted-average shares outstanding used to compute net loss per share attributable to ordinary shareholders:

 

 

 

 

 

 

 

Basic

 

254,482

 

 

 

251,264

 

 

 

253,312

 

 

 

249,679

 

Diluted

 

254,482

 

 

 

251,264

 

 

 

253,312

 

 

 

249,679

 

(1) Amounts include share-based payment expense, as follows:

 

 

Three Months Ended June 30,

 

Fiscal Year Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

Cost of revenues

$

11,641

 

$

6,187

 

$

44,848

 

$

24,739

Research and development

 

102,375

 

 

55,093

 

 

437,607

 

 

253,328

Marketing and sales

 

26,356

 

 

16,754

 

 

109,338

 

 

46,978

General and administrative

 

23,519

 

 

16,011

 

 

115,294

 

 

60,687

(2) Amounts include amortization of acquired intangible assets, as follows:

 

 

Three Months Ended June 30,

 

Fiscal Year Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

Cost of revenues

$

5,697

 

$

6,008

 

$

22,694

 

$

22,394

Research and development

 

93

 

 

44

 

 

374

 

 

168

Marketing and sales

 

2,491

 

 

2,298

 

 

9,330

 

 

9,192

Atlassian Corporation Plc

Consolidated Statements of Financial Position

(U.S. $ in thousands)

 

 

June 30, 2022

 

June 30, 2021

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,385,265

 

 

$

919,227

 

Short-term investments

 

73,294

 

 

 

313,001

 

Trade receivables

 

308,127

 

 

 

173,473

 

Tax receivables

 

541

 

 

 

2,332

 

Derivative assets

 

13,685

 

 

 

127,486

 

Prepaid expenses and other current assets

 

58,077

 

 

 

48,322

 

 

 

1,838,989

 

 

 

1,583,841

 

Assets held for sale

 

60,265

 

 

 

43,665

 

Total current assets

 

1,899,254

 

 

 

1,627,506

 

Non-current assets:

 

 

 

Property and equipment, net

 

98,554

 

 

 

66,221

 

Deferred tax assets

 

42,760

 

 

 

36,174

 

Goodwill

 

732,666

 

 

 

725,758

 

Intangible assets, net

 

100,840

 

 

 

124,590

 

Right-of-use assets, net

 

267,328

 

 

 

205,300

 

Strategic investments

 

159,064

 

 

 

122,159

 

Other non-current assets

 

60,740

 

 

 

37,636

 

Total non-current assets

 

1,461,952

 

 

 

1,317,838

 

Total assets

$

3,361,206

 

 

$

2,945,344

 

Liabilities

 

 

 

Current liabilities:

 

 

 

Trade and other payables

$

404,908

 

 

$

266,497

 

Tax liabilities

 

26,367

 

 

 

42,051

 

Provisions

 

32,796

 

 

 

25,148

 

Deferred revenue

 

1,066,059

 

 

 

812,943

 

Lease obligations

 

40,638

 

 

 

42,446

 

Derivative liabilities

 

23,288

 

 

 

772,127

 

Exchangeable senior notes, net

 

 

 

 

348,799

 

Total current liabilities

 

1,594,056

 

 

 

2,310,011

 

Non-current liabilities:

 

 

 

Deferred tax liabilities

 

26,457

 

 

 

26,625

 

Provisions

 

13,804

 

 

 

12,435

 

Deferred revenue

 

116,621

 

 

 

84,652

 

Term loan facility, net

 

999,419

 

 

 

 

Lease obligations

 

274,434

 

 

 

214,103

 

Other non-current liabilities

 

812

 

 

 

2,604

 

Total non-current liabilities

 

1,431,547

 

 

 

340,419

 

Total liabilities

 

3,025,603

 

 

 

2,650,430

 

Equity

 

 

 

Share capital

 

25,485

 

 

 

25,164

 

Share premium

 

461,044

 

 

 

461,016

 

Other capital reserves

 

2,223,820

 

 

 

1,516,609

 

Other components of equity

 

53,829

 

 

 

104,832

 

Accumulated deficit

 

(2,428,575

)

 

 

(1,812,707

)

Total equity

 

335,603

 

 

 

294,914

 

Total liabilities and equity

$

3,361,206

 

 

$

2,945,344

 

Atlassian Corporation Plc

Consolidated Statements of Cash Flows

(U.S. $ in thousands)

(unaudited)

 

 

Three Months Ended June 30,

 

Fiscal Year Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Operating activities

 

 

 

 

 

 

 

Loss before income tax benefit (expense)

$

(68,859

)

 

$

(214,018

)

 

$

(564,572

)

 

$

(634,664

)

Adjustments to reconcile loss before income tax benefit (expense) to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

13,753

 

 

 

14,172

 

 

 

51,163

 

 

 

55,296

 

Depreciation of right-of-use assets

 

10,857

 

 

 

9,542

 

 

 

42,795

 

 

 

37,552

 

Share-based payment expense

 

163,891

 

 

 

94,045

 

 

 

707,087

 

 

 

385,732

 

Net loss on exchange derivative and capped call transactions

 

 

 

 

200,513

 

 

 

424,482

 

 

 

616,446

 

Amortization of debt discount and issuance cost

 

118

 

 

 

5,246

 

 

 

4,075

 

 

 

109,548

 

Interest income

 

(1,332

)

 

 

(1,008

)

 

 

(2,297

)

 

 

(7,174

)

Interest expense

 

6,493

 

 

 

2,852

 

 

 

21,749

 

 

 

13,164

 

Net foreign currency loss (gain)

 

(4,032

)

 

 

(2,525

)

 

 

(12,065

)

 

 

7,650

 

Impairment of lease related assets

 

 

 

 

7,435

 

 

 

 

 

 

7,435

 

Net unrealized loss on investments

 

 

 

 

 

 

 

2,100

 

 

 

2,000

 

Net loss on sale of investments, disposal of assets and other

 

1,021

 

 

 

9

 

 

 

3,189

 

 

 

1,144

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Trade receivables

 

(51,581

)

 

 

19,687

 

 

 

(134,764

)

 

 

(61,256

)

Prepaid expenses and other assets

 

4,055

 

 

 

(2,002

)

 

 

(20,767

)

 

 

(13,054

)

Trade and other payables, provisions and other non-current liabilities

 

72,450

 

 

 

31,676

 

 

 

140,946

 

 

 

64,899

 

Deferred revenue

 

90,594

 

 

 

23,558

 

 

 

284,937

 

 

 

294,371

 

Interest received

 

367

 

 

 

2,041

 

 

 

2,086

 

 

 

12,513

 

Income tax paid, net

 

(7,398

)

 

 

(6,856

)

 

 

(66,648

)

 

 

(50,272

)

Net cash provided by operating activities

 

230,397

 

 

 

184,367

 

 

 

883,496

 

 

 

841,330

 

Investing activities

 

 

 

 

 

 

 

Business combinations, net of cash acquired

 

 

 

 

(7,960

)

 

 

(12,377

)

 

 

(91,584

)

Purchases of intangible assets

 

 

 

 

(1,800

)

 

 

(4,018

)

 

 

(1,800

)

Purchases of property and equipment

 

(24,648

)

 

 

(8,790

)

 

 

(70,583

)

 

 

(31,520

)

Purchases of investments

 

(8,750

)

 

 

(25,912

)

 

 

(132,671

)

 

 

(119,431

)

Proceeds from maturities of investments

 

12,850

 

 

 

124,447

 

 

 

76,937

 

 

 

454,996

 

Proceeds from sales of investments

 

 

 

 

 

 

 

186,262

 

 

 

48,786

 

Change in restricted cash

 

(783

)

 

 

(456

)

 

 

10,336

 

 

 

(2,618

)

Payment of deferred consideration

 

(2,550

)

 

 

 

 

 

(7,034

)

 

 

(185

)

Net cash provided by (used in) investing activities

 

(23,881

)

 

 

79,529

 

 

 

46,852

 

 

 

256,644

 

Financing activities

 

 

 

 

 

 

 

Proceeds from exercise of share options

 

17

 

 

 

5

 

 

 

32

 

 

 

1,163

 

Payments of lease obligations

 

(11,052

)

 

 

(11,336

)

 

 

(49,142

)

 

 

(44,874

)

Payment of issuance costs for debt

 

 

 

 

 

 

 

 

 

 

(4,445

)

Interest paid

 

(4,466

)

 

 

(2,282

)

 

 

(13,310

)

 

 

(6,498

)

Repayment of exchangeable senior notes

 

 

 

 

(540,197

)

 

 

(1,548,686

)

 

 

(1,803,244

)

Proceeds from settlement of capped call transactions

 

 

 

 

67,012

 

 

 

135,497

 

 

 

203,093

 

Proceeds from term loan facility

 

 

 

 

 

 

 

1,000,000

 

 

 

 

Proceeds from other financing arrangements

 

4,362

 

 

 

 

 

 

13,877

 

 

 

 

Net cash used in financing activities

 

(11,139

)

 

 

(486,798

)

 

 

(461,732

)

 

 

(1,654,805

)

Effect of exchange rate changes on cash and cash equivalents

 

(6,571

)

 

 

(4

)

 

 

(9,194

)

 

 

5,406

 

Net increase (decrease) in cash and cash equivalents

 

188,806

 

 

 

(222,906

)

 

 

459,422

 

 

 

(551,425

)

Cash and cash equivalents at beginning of period

 

1,194,803

 

 

 

1,151,450

 

 

 

919,227

 

 

 

1,479,969

 

Net decrease (increase) in cash and cash equivalents included in assets held for sale

 

1,656

 

 

 

(9,317

)

 

 

6,616

 

 

 

(9,317

)

Cash and cash equivalents at end of period

$

1,385,265

 

 

$

919,227

 

 

$

1,385,265

 

 

$

919,227

 

Contacts

Investor Relations Contact
Martin Lam

[email protected]

Media Contact
Marie-Claire Maple

[email protected]

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