Atlassian's land-and-expand model converts initial small-footprint adoptions into durable, expanding revenue streams. The combination of 27% subscription revenue growth driven primarily by existing customer expansion, plus over 90% of revenue from pre-existing accounts, indicates that once teams adopt Atlassian tools, they deepen usage over time. This creates compounding revenue growth with lower incremental customer acquisition costs. The thesis depends on expansion economics remaining favorable relative to acquisition costs.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s