SCHEDULE 13G/A: Atlassian Co-Founder Scott Farquhar Amends Significant Stake Disclosure

Scott Farquhar, co-founder of Atlassian Corporation, has filed an amended Schedule 13G, reaffirming his beneficial ownership of 49.49 million Class B shares, representing 23.3% of Class A common stock on an as-converted basis and 42.9% of combined voting power.

Summary

• Scott Farquhar, a co-founder of Atlassian Corporation, has filed an Amendment No. 10 to Schedule 13G, disclosing his beneficial ownership as of December 31, 2024.
• Mr. Farquhar beneficially owns 49,488,852 shares of Class B Common Stock, held by Skip Enterprises Pty Limited as trustee of the Farquhar Family Trust.
• These Class B shares represent approximately 23.3% of the Class A Common Stock, assuming conversion of Class B shares into Class A shares for the purpose of this calculation.
• Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the holder's option or upon certain events.
• The percentage of Class A Common Stock was calculated based on 163,081,602 shares of Class A Common Stock and 98,977,705 shares of Class B Common Stock outstanding as of December 31, 2024.
• Despite the 23.3% economic interest on an as-converted Class A basis, the 49,488,852 Class B shares held by Mr. Farquhar represent approximately 42.9% of the aggregate combined voting power of the outstanding Class A and Class B Common Stock, due to Class B shares carrying ten votes per share compared to Class A's one vote.

Sentiment

Score: 5

Explanation: A Schedule 13G filing is a routine disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding company performance or outlook. It is a factual update on a significant shareholder's stake.

Positives

• The filing reaffirms the significant and stable ownership stake of co-founder Scott Farquhar, indicating continued commitment to Atlassian's long-term vision.
• The concentrated voting power held by the co-founder through Class B shares provides strong leadership stability and potentially allows for long-term strategic decision-making without undue pressure from short-term market fluctuations.

Future Outlook

This document is a beneficial ownership filing and does not contain forward-looking statements or guidance regarding the company's future financial performance or strategic outlook.

Industry Context

This filing is a routine disclosure of a significant shareholder's ownership stake in a publicly traded company. Dual-class share structures, like Atlassian's, are common among technology companies, particularly those with strong founder leadership, as they allow founders to retain control and pursue long-term strategies.

Corporate Governance

Related Party Transactions

• 49,488,852 shares of Class B Common Stock are held by Skip Enterprises Pty Limited as trustee of the Farquhar Family Trust, which is a related entity to the reporting person, Scott Farquhar.

Stakeholder Impact

• Shareholders: The dual-class share structure concentrates significant voting power (approximately 42.9% of combined voting power) with the co-founder, Scott Farquhar, through his Class B shares. This provides stability in leadership but limits the voting influence of Class A shareholders on certain corporate matters.
• Management: The concentrated voting power provides management stability and long-term strategic focus, aligning with the vision of the co-founder and potentially insulating the company from short-term activist pressures.

Key Dates

Keywords

Atlassian, Scott Farquhar, Schedule 13G, beneficial ownership, Class A Common Stock, Class B Common Stock, voting power, SEC filing, corporate governance, founder control