Atlassian Corp TEAM reported fiscal first-quarter financial results after the bell on Thursday. Here’s a rundown of the report.

• Q1 Revenue: $1.19 billion, versus estimates of $1.16 billion

• Q1 EPS: 77 cents, versus estimates of 64 cents

Total revenue was up 21% year-over-year. Subscription revenue was up 33% year-over-year. Cash flow from operations came in at $80.5 million and free cash flow totaled $74.3 million in the first quarter.

Atlassian ended the quarter with $2.2 billion in cash, cash equivalents and marketable securities.

“Through the power of our R&D engine, we’re not just marketing AI, we’re shipping it. I’m thrilled our team was able to launch Rovo, our latest product built for the AI era, into general availability just five months since its announcement,” said Mike Cannon-Brookes, co-founder and CEO of Atlassian.

“We’re delivering differentiated value for customers through the power of Atlassian’s cloud platform and our Teamwork Graph — enabling teams to unlock organizational knowledge at scale across both first-party and third-party applications.”

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Atlassian announced that Brian Duffy will join the company as chief revenue officer, effective Jan. 1, 2025. Most recently, Duffy was the CEO of SoftwareOne.

Outlook: Atlassian expects second-quarter revenue to be in the range of $1.233 billion to $1.241 billion. The company anticipates fiscal year 2025 revenue growth of 16.5% to 17%.

Management will hold a conference call to further discuss these results at 5 p.m. ET.

TEAM Price Action: Atlassian shares were up 15.36% in after-hours, trading at $217.50 at the time of publication Thursday, according to Benzinga Pro.

Photo: courtesy of Atlassian.