In Search of the Case for 30% LT Growth and Steady Margin Expansion
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- Ezra Dawson
- 5 years ago
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1 October 25, :02 AM GMT Atlassian Corporation PLC In Search of the Case for 30% LT Growth and Steady Margin Expansion Stock Rating Equal-weight Industry View Attractive Price Target $32.00 With shares trading at 9x CY17 sales and 36x FCF we think upside in Q1 is likely priced in. Partner checks do show success in penetrating customer accounts and given clear metrics that point to a sustainable 30% LT growth profile with margin expansion, we would look to get more constructive. Looking for a 30%+ Sustainable Growth Profile. Having closed FY16 with 43% growth (32% ex-pricing benefits) with an operating margin of 16.8%, management is targeting 30-32% top line growth and an operating margin of 15% in FY17. After attending the Atlassian Summit and conducting checks with implementation partners, we see evidence that Atlassian is making progress penetrating the customer base with new products and expanding with new teams, particularly among middle market customers. With the stock trading ~9x 2017 sales and ~36x 2017 FCF, we think investors need further confidence on the following for the stock to move higher off of current levels: 1) a long term organic growth profile in excess of 30% which would place Atlassian among the select few in software delivering 30%+ growth and positive FCF and, 2) a trajectory of improving margins from current levels. Heading into 1Q17, we see modest upside to revenue and EPS as well as to FY17 guidance. While we think upside is factored in at current valuation levels, clearer metrics that speak to a sustainable underlying growth profile such as growth in MAUs, growth rates in key product areas, and the degree of expansion outside of software would get us more constructive. Expect Modest Upside to Q1 Estimates. In the seasonally weak Q1, our revenue estimate of $133.5M (+31% YoY) is in line with consensus and near the high end of guidance of $ M. Our estimate calls for 4.6% QoQ growth, well below 3-year average seasonality of 10.6%. Further, our revenue estimate assumes 2,590 net-new accounts and annualized revenue per customer of ~$8.6K (+6% YoY). We forecast operating margin of 14.0% (down ~800 bps YoY), which is slightly ahead of consensus of 13.7%. The fall in operating margin reflects fading benefits from price increases, accelerated depreciation impacting gross margin and some impact from currency. For EPS, we look for $0.07, in line with consensus. Finally, we forecast FCF of $22M representing 14% FCF margin. We expect FY17 guidance to also move higher reflecting solid Q1 results. FY17 MSe/cons. revenue estimates of $597M/$598M represent 31% growth (inclusive MORGAN STANLEY & CO. LLC Sanjit K Singh EQUITY ANALYST Sanjit.Singh@morganstanley.com Keith Weiss, CFA EQUITY ANALYST Keith.Weiss@morganstanley.com Josh Baer, CFA RESEARCH ASSOCIATE Josh.Baer@morganstanley.com Software / United States of America Atlassian Corporation PLC ( TEAM.O, TEAM US ) Stock Rating Equal-weight Industry View Attractive Price target $32.00 Shr price, close (Oct 24, 2016) $29.25 Mkt cap, curr (mm) $6, Week Range $ Fiscal Year Ending 06/16 06/17e 06/18e 06/19e ModelWare EPS ($) 0.01 (0.13) Prior ModelWare EPS ($) P/E 2,161.5 NM 2, Consensus EPS ($) Div yld (%) Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework = Consensus data is provided by Thomson Reuters Estimates e = Morgan Stanley Research estimates QUARTERLY MODELWARE EPS ($) 2017e 2017e 2018e 2018e Quarter 2016 Prior Current Prior Current Q (0.04) - (0.01) Q (0.03) Q3 (0.01) - (0.03) Q4 (0.04) - (0.04) e = Morgan Stanley Research estimates Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. 1
2 of Q1 pricing benefits) and falls near the upper range of FY17 guidance of $ M. We model operating margins down YoY in FY17 to 15% in line with guidance and with consensus. This yields EPS of $0.33 which is in line with consensus and guidance of $ Finally, we expect FCF of $152M near the high end of guidance of $ M. Growth Vector #1: Don't Forget Tech Teams! Much of the debate on Atlassian is focused on whether the company will be successful getting its products adopted by business teams. While this is an important part of Atlassian's long term growth story, there remains a significant opportunity to win the rest of the IT department with products such Jira Service Desk, BitBucket, Confluence and Hip Chat. Along with ~20M global software developers, IDC estimates an additional 18M in IT operations which excludes roles such as QA testers, product managers and service desk agents significant users of the Atlassian portfolio. At the Atlassian Summit, management made several announcements that suggest that the tech team remains a significant focus going forward including: 1) the introduction of boards, live planning and an Android version for Jira Software, 2) large file support for the cloud-based version of BitBucket which now has over 5M users, 3) ITIL certification, customer service desk use cases and automated approvals for Jira Service Desk, 4) the launch of StatusPage, which provides end customers and internal constituents real-time status of mission critical services and 5) group video conferencing, screen sharing, and rebuilt integrations with Jira, Service Desk, and Confluence for HipChat. Through robust integration across the product suite, fully featured mobile and datacenter editions of each SKU and a consistent user interface across the portfolio, Atlassian seeks to displace point solutions with a platform approach that offers attractive price points. Growth Vector #2: Business Teams Start to Get on Board. We spoke with a number of partners both during and after the Atlassian Summit and came away incrementally more positive about Atlassian's efforts outside of software teams. Partners most often mention Jira Service Desk, which now has over 20K customers (vs. 17K at the end of FY16) as one of key landing products outside the software team but note that many use cases they are implementing for customers are outside of the IT Help Desk in areas including purchasing, finance and marketing. The same applies to Jira which is seeing traction with legal, HR and sales departments. Some partners note that over 50% of their practice is derived from projects outside of software. While other note a smaller contribution, they did indicate that this segment is fastest growing part of their practice and that the long term opportunity to penetrate teams across the customer footprint is the key reason why they are investing aggressively in the Atlassian relationship. Explaining Adoption Without a Direct Sales Force. A consistent question for investors is how do marketing, HR, legal and finance teams come to know that Atlassian's is a potential solution for automating workflows, improving collaboration and enhancing productivity without a direct sales force on site? Management's answer has been that awareness across the organization occurs organically over time. We posed this same question to several partners who provided substantial support for management's assertion. While noting a significant amount of in-product promotion, the key, according to partners, is that software has increasingly become a strategic channel for the business or in many cases the business itself. As a result, many non-technical personnel now have experience entering a Jira ticket or interacting with the Atlassian product suite in 2
3 other ways (via HipChat or Confluence knowledge document). Through that experience, many teams are recognizing that Jira can help modernize manual processes and workflows (often done in Excel or ) and are engaging partners to build out configurations for their desired use case. The velocity of adoption within a customer is largely determined by the customer itself and not necessarily by the Atlassian sales process. This helps to explain the steady growth trajectory that Atlassian has delivered over the last several years (no year was revenue growth above 50% or below 30% in the last seven years). What are the Risks? - Pace of Margin Expansion and Organic Growth Rate. With shares trading ~9x CY17 revenue and ~36x CY17 FCF, we believe investors will need to be convinced of a 30%+ long term growth trajectory with a path towards steady margin expansion from current levels for the stock to move materially higher. Comparing FY16 growth of 32% (excluding the impact of pricing benefits) to current FY17 guidance of 30-32% (which includes a modest pricing benefit in Q1) implies some deceleration and raising concerns about sub 30% growth in FY18 and beyond. Secondly, operating margin guidance calls for 180 bps deceleration in FY17 compared to FY16 performance of 16.8% which reflects the fading benefits of price increases, accelerated depreciation stemming from the shift to 3rd party data center services, currency impacts from the AUS dollar, and continued investments in the product portfolio. However, without some degree of margin expansion going forward, FCF growth will begin to slow as capex investments normalize limiting expansion of Atlassian's FCF multiple. 3
4 Risk Reward Unique Asset With Sizeable Opportunity, But Strong Fundamentals Look Priced In $ 45 Investment Thesis $41.00 (+40%) 40 A unique approach to software 35 distribution letting strong products, $29.25 $32.00 (+9%) 30 targeted marketing, and word of mouth drive adoption amongst customers makes 25 Atlassian a unique asset in software, both in 20 terms of business model (10 year history of 15 $15.00 (-49%) profitability) and in being a scale business 10 (sustained rev growth with positive FCF). 5 Atlassian's goal of becoming a broader 0 team collaboration platform opens up a large Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 market our bottom-up analysis suggests Price Target (Oct-17) Historical Stock Performance Current Stock Price WARNINGDONOTEDIT_RRS4RL~TEAM.O~ almost $40B, but also opens the company to Source: Thomson Reuters, Morgan Stanley Research greater competition from incumbent platform vendors such as Microsoft, Salesforce and ServiceNow as well as innovative upstarts such as Slack. Strong fundamentals may already be priced in. While our 36x multiple is toward the high-end of peers, our 0.6x growth adjusted EV/FCF multiple is in-line with comps like NOW (0.6x) and VEEV (0.5x). Price Target $32 Derived from base case scenario Bull $41 46x EV/ CY17e FCF of $189M Significant Progress in Penetrating Business User & Service Desk Market. Atlassian's efforts to win over business users with Jira shows major signs of progress boosting sales of Confluence and HipChat as well, while Jira Service Desk gains significant share in the service management market. Rev/customer grows at a 10% CAGR thru CY17e. With a 24% CAGR in the customer base revenue grows at a 37% CAGR to $728M by CY17e. A better than expected competitive environment keeps the go-to market model intact resulting in 20%+ operating margin and $189M in FCF in CY17e (>26% FCF margin, 61% FCF CAGR). Stock trades to 46x CY17e FCF, or $41/share. Base $32 36x EV/ CY17e FCF of $180M Share Gains Continue With Moderate Progress With Non-Technical Teams. Atlassian solidifies its position as the leading collaboration suite for technical teams including Jira Service Desk. Traction with business users proceeds at a moderate pace resulting in 8% CAGR in rev/customer thru CY17e while the customer base grows at 22% CAGR. As a result, revenue grows at a 32% CAGR thru CY17e. Margins rebound to 17% in CY17e after falling to 14% in CY16e yielding $180M in FCF in CY17e, representing a 57% CAGR. Stock trades to 36x EV/CY17e FCF, or $32 per share. Our $32 PT is supported by our 10-year DCF analysis which assumes beta of 1.5, equity risk premium of 6.1%, WACC of 11.7%, and terminal FCF growth of 4% Bear $15 16x EV/ CY17e FCF of $162M Growth Engines Begin to Falter. Atlassian's traction outside of development teams proves disappointing while the software development market shows signs of saturation. Revenue grows at a 29% thru CY17e while margins rebound to just 15% in CY17e after falling to 13% in CY16e. This results in $162M in FCF in CY17e representing a 48% CAGR. Stock trades to 16x CY17e FCF, or $15/share. Key Value Drivers Key drivers include net customer additions, growth in revenue per customer, percentage of Jira users outside software development teams, and adoption of new products, including BitBucket, Jira Service Desk and HipChat. Potential Catalysts Jira product refresh 1Q17 earnings Risks to Achieving Price Target Customer pause ahead of major product update to Atlassian's core Jira offering Potential need to build an Enterprise Sales force to penetrate large accounts Lack of traction with business users while Core Software Market shows signs of saturation Potential competition from collaboration incumbents, like Microsoft, and other emerging technologies 4
5 Exhibit 1: TEAM: Income Statement ($ millions, Except Per-Share Data) E FY14 FY15 9/15 12/15 3/16 6/16 FY16 9/16E 12/16E 3/17E 6/17E FY17E FY18E FY19E Total Revenue Year over year % change 44.8% 48.5% 49.9% 44.7% 40.5% 39.0% 43.0% 31.1% 30.7% 30.9% 29.9% 30.6% 29.4% 28.0% Quarter over quarter % change 10.9% 7.7% 7.5% 8.2% 4.6% 7.4% 7.7% 7.3% Cost of Revenue Cost of Revenue Gross Profit Gross Margin 86.2% 86.3% 86.8% 86.0% 85.9% 86.2% 86.2% 84.0% 84.0% 84.0% 84.0% 84.0% 84.0% 84.0% Operating Expenses Sales & Marketing Research & Development General & Administration Other Charges Total Operating Expenses Year over year % change 46.2% 57.1% 41.7% 45.7% 33.8% 38.8% 39.6% 41.8% 31.6% 26.3% 22.9% 29.7% 24.3% 24.5% Total Expenses Year over year % change 40.6% 55.3% 41.0% 46.8% 36.0% 38.9% 40.3% 44.6% 34.6% 30.1% 27.3% 33.4% 25.3% 25.2% Operating Income Operating Margin 18.9% 15.2% 22.1% 18.5% 15.5% 12.2% 16.8% 14.0% 16.0% 16.0% 14.0% 15.0% 17.7% 19.5% Depreciation Net Interest and Other Income (Expense) 0.7 (1.2) (0.1) (0.1) Income Before Taxes % of revenues 19.2% 14.8% 22.0% 18.4% 16.1% 12.9% 17.1% 14.1% 16.1% 16.1% 14.1% 15.1% 17.9% 19.8% Provision (Benefit) for Income Taxes (0.4) % Tax Rate 13.6% 3.6% 17.9% 5.2% 10.8% -2.2% 8.6% 15.0% 15.0% 15.0% 15.0% 15.0% 25.0% 27.5% Net income Net margin 16.6% 14.2% 18.1% 17.4% 14.4% 13.2% 15.6% 12.0% 13.7% 13.7% 12.0% 12.8% 13.4% 14.3% Pro Forma EPS - Operating (1) $0.25 $0.31 $0.13 $0.11 $0.07 $0.07 $0.36 $0.07 $0.08 $0.09 $0.08 $0.33 $0.43 $0.57 Year over year % change 56% 26% 65.3% 8.4% 13.6% -1.3% 16% -45.4% -21.2% 21.6% 14.3% -10% 32% 32% ESOs Expense, net of tax EPS, net of ESOs, after tax (Modelware) $0.18 $0.04 $0.05 $0.03 ($0.01) ($0.04) $0.01 ($0.04) ($0.03) ($0.03) ($0.04) ($0.13) $0.01 $0.16 Weighted avg. common shares (Basic) Diluted Shares Outstanding (Operating) Source: Company data, Morgan Stanley Research 5
6 Exhibit 2: TEAM: Revenue Model Atlassian Revenue Breakdown and Metrics ($ in millions, except EPS) E FY12 FY13 FY14 FY15 9/15 12/15 3/16 6/16 FY16 9/16E 12/16E 3/17E 6/17E FY17E FY18E FY19E Revenue Model Perpetual License Year over year % change 34.8% 29.8% 20.0% 9.2% 10.8% 17.0% 14.1% 8.7% 10.0% 10.4% 3.8% 8.1% 8.0% 8.5% Quarter over quarter % change 1.2% 0.9% 5.0% 9.0% -5.9% 2.1% 5.3% 2.5% Maintenance Year over year % change 33.5% 43.0% 44.9% 39.2% 36.1% 28.1% 36.5% 24.2% 23.1% 21.4% 20.4% 22.2% 18.5% 16.2% Quarter over quarter % change 9.7% 6.3% 5.0% 4.7% 6.3% 5.3% 3.5% 3.8% Subscription Year over year % change 77.2% 68.4% 77.4% 68.9% 71.1% 67.5% 70.8% 54.0% 55.0% 54.5% 55.0% 54.7% 50.5% 44.9% Quarter over quarter % change 17.1% 11.3% 14.1% 12.7% 7.6% 12.0% 13.7% 13.0% Other Year over year % change 162.5% 104.1% 78.7% 123.6% 26.4% 58.9% 64.1% 29.9% 15.7% 24.7% 20.1% 22.2% 18.5% 12.9% Quarter over quarter % change 20.1% 20.8% 0.0% 9.6% -1.9% 7.6% 7.8% 5.6% Total Revenue Year over year % change 35.0% 44.8% 48.5% 49.9% 44.7% 40.5% 39.0% 43.0% 31.1% 30.7% 30.9% 29.9% 30.6% 29.4% 28.0% Quarter over quarter % change 10.9% 7.7% 7.5% 8.2% 4.6% 7.4% 7.7% 7.3% Customer Data Customers 27,676 37,250 48,622 51,636 54,262 57,431 60,950 60,950 63,540 66,781 70,147 73,673 73,673 87,477 99,412 YoY Growth 34.6% 30.5% 28.9% 26.8% 25.8% 25.4% 25.4% 23.1% 23.1% 22.1% 20.9% 20.9% 18.7% 13.6% QoQ Growth 6.2% 5.1% 5.8% 6.1% 4.3% 5.1% 5.0% 5.0% Net Customer Adds 9,574 11,372 3,014 2,626 3,169 3,519 12,328 2,590 3,241 3,366 3,527 12,723 13,803 11,935 YoY Growth 18.8% 6.9% -3.1% 10.8% 18.0% 8.4% -14.1% 23.4% 6.2% 0.2% 3.2% 8.5% -13.5% QoQ Growth 1.1% -12.9% 20.7% 11.0% -26.4% 25.1% 3.9% 4.8% Revenue per Customer YoY Growth 12.9% 15.6% 13.2% 11.2% 10.7% 13.0% 5.6% 6.2% 6.8% 6.9% 6.8% 7.6% 10.9% QoQ Growth 4.3% 2.0% 1.9% 2.1% -0.5% 2.6% 2.5% 2.2% Total Billings per Paid Account ('000s) YoY Growth 16.2% 8.7% 8.8% 5.5% 7.4% 8.0% 6.0% 6.5% 6.8% 6.3% 6.8% 6.4% 5.5% QoQ Growth -3.5% 2.3% 7.7% 1.0% -4.7% 2.8% 8.0% 0.5% Estimated Balance Sheet Model Total Billings (Revenue + Deferred) ,021.1 Year over year % change 41.5% 43.7% 52.9% 41.0% 39.1% 33.3% 34.9% 36.7% 31.6% 31.1% 30.9% 29.1% 30.6% 28.0% 21.8% Quarter over quarter % change 2.7% 8.0% 13.6% 7.0% 0.2% 7.6% 13.4% 5.6% Source: Company data, Morgan Stanley Research 6
7 Exhibit 3: TEAM: Balance Sheet ($ in millions, except EPS) E FY14 FY15 9/15 12/15 3/16 6/16 FY16 9/16E 12/16E 3/17E 6/17E FY17E FY18E FY19E Assets Cash and Cash Equivalents Short Term Investments Accounts Receivables, net Tax Receivables Prepaids and Other Current Assets Total Current Assets , ,380 Property and Equipment, net Deferred Tax Asset Goodwill Intangible Assets Other Assets Total Assets , , , , , , ,688 Liabilities Accounts Payable Accruals and Provisions Deferred Revenue Other Current Liabilities Total Current Liabilities Deferred Tax Liabilities Accruals and Provisions Deferred Revenue, Non-current Other Liabilities Total Liabilities Total Stockholders' Equity ,144 Total Liabilities and Stockholders' Equity , , , , , , ,688.2 Source: Company data, Morgan Stanley Research 7
8 Exhibit 4: TEAM: Cash Flow Statement ($ in millions, except EPS) E FY14 FY15 9/15 12/15 3/16 6/16 FY16 9/16E 12/16E 3/17E 6/17E FY17E FY18E FY19E Income Before Taxes 22.2 (0.7) (4.2) (10.5) (4.9) (12.1) (10.3) (9.5) (10.8) (42.7) Cash Taxes & Interest Taxes Paid (1.9) (5.1) (4.5) (2.5) (1.0) (3.3) (11.2) (9.3) (23.1) (13.4) (2.5) (48.2) (28.9) (38.4) Cash Interest Received Non- Cash Adjustments Depreciation and Amortization Stock Compensation Expenses Other Non-Cash Charge (0.9) (0.1) (1.1) 0.1 (0.6) Changes in Working Capital (6.9) Accounts Receivable (3.0) (8.6) 0.2 (4.6) 1.0 (1.1) (4.4) (2.6) 0.3 (3.1) 3.1 (2.3) 0.8 (0.0) Prepaid Expenses and Other Assets (4.1) (9.3) (3.1) 1.9 (0.8) (2.5) (4.5) (4.7) (8.5) 2.3 (11.6) (4.2) Accounts Payable (10.7) Accrued Compensation and Other Expenses (1.3) Deferred Revenue Net Cash Provided by (used in) Operating Activities YoY % change % -8% 45% 68% % -18% 24% 69% 29% 40% 12% Capital Expenditures (10.3) (32.7) (6.2) (3.1) (7.5) (17.4) (34.2) (3.4) (3.7) (3.9) (4.2) (15.2) (25.3) (32.5) Maturities/(Purchases) of Investments (33.9) (97.2) (299.2) (73.0) (454.3) Net Cash Paid for Acquisitions, Other Assets (2.4) (10.6) (1.0) - - (1.0) Down Payment for PP&E Capitalized Software Development Costs Increased in Restricted Cash Net Cash Provided by (used in) Investing Activities (46.6) (28.6) 8.0 (100.3) (306.8) (90.4) (489.5) (3.4) (3.7) (3.9) (4.2) (15.2) (25.3) (32.5) Proceeds from Exercise of Preferred Shares Net Borrowing Proceeds from Issuance of Common Shares Dividends (10.0) Other (1.7) (5.4) - - (7.1) Net Cash Provided by (used in) Financing Activities (2.6) 2.3 (0.5) Exchange Rate Impact 0.4 (1.7) (0.6) (0.2) (0.2) Change in Cash and Cash Equivalents (257.4) (53.2) Cash, Beginning of Period Cash, end of Period Free Cash Flow YoY Growth 38% 1% 131% 12% 39% 150% 45% 126% -22% 38% 212% 60% 37% 10% Margin 30.2% 20.5% 8% 26% 35% 14% 20.9% 14% 16% 36% 33% 25.5% 27.0% 23.3% Source: Company Data, Morgan Stanley Equity Research 8
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