All-Remote - GitLab Inc. (NASDAQ: GTLB), The
DevSecOps Platform, today reported financial results for its third
quarter fiscal year 2024, ended October 31, 2023.
“We delivered a strong quarter, which was driven
by the continued adoption of our DevSecOps Platform,” said Sid
Sijbrandij, GitLab CEO and co-founder. “GitLab is the only
DevSecOps company that integrates security, compliance, and AI into
one platform. With enterprises facing complexity from all
directions, they need a partner to help them realize business
value. GitLab helps improve developer productivity and reduces
software spend, which is why our customers report seeing 7x faster
cycle times with GitLab.”
“Revenue grew 32% year-over-year, which
demonstrates continued business momentum driven by our
market-leading platform approach,” said Brian Robins, GitLab chief
financial officer. We continue to grow responsibly and delivered
over 2,200 basis points of non-GAAP operating margin expansion. I
am pleased to share that we had our first quarter of non-GAAP
operating profit while continuing to invest in key product areas
including security, compliance, AI, and Enterprise Agile
Planning.”
Third Quarter Fiscal
Year 2024 Financial
Highlights (in millions, except per share data and
percentages):
|
Q3 FY 2024 |
|
Q3 FY 2023 |
|
Y/Y Change |
Revenue |
$ |
149.7 |
|
|
$ |
113.0 |
|
|
|
32 |
% |
GAAP Gross margin |
|
90 |
% |
|
|
87 |
% |
|
|
Non-GAAP Gross margin |
|
91 |
% |
|
|
89 |
% |
|
|
GAAP Operating loss |
$ |
(40.3 |
) |
|
$ |
(57.0 |
) |
|
$ |
16.7 |
|
Non-GAAP Operating income (loss) |
$ |
4.7 |
|
|
$ |
(21.6 |
) |
|
$ |
26.3 |
|
GAAP Net loss attributable to GitLab |
$ |
(285.2 |
) |
|
$ |
(48.5 |
) |
|
$ |
(236.7 |
) |
Non-GAAP Net income (loss) attributable to GitLab |
$ |
14.4 |
|
|
$ |
(15.2 |
) |
|
$ |
29.6 |
|
GAAP Net loss per share attributable to GitLab |
$ |
(1.84 |
) |
|
$ |
(0.33 |
) |
|
$ |
(1.51 |
) |
Non-GAAP Net income (loss) per share attributable to GitLab |
$ |
0.09 |
|
|
$ |
(0.10 |
) |
|
$ |
0.19 |
|
A reconciliation between GAAP and non-GAAP
financial measures is contained in this release under the section
titled “Non-GAAP Financial Measures.”
Business Highlights:
- Customers with more than $5,000 of
ARR increased to 8,175, up 26% from Q3 of fiscal year 2023.
- Customers with more than $100,000
of ARR increased to 874, up 37% from Q3 of fiscal year 2023.
- Dollar-Based Net Retention Rate was
128% in Q3 of fiscal year 2024.
- Announced updates to GitLab Duo,
the company’s suite of Artificial Intelligence (“AI”) capabilities,
including:
- The beta release of GitLab Duo
Chat, a natural-language AI assistant that provides users with
real-time guidance, insights, and suggestions to help analyze code,
assist with planning, understand and fix security issues, and
troubleshoot CI/CD pipeline failures.
- Code Suggestions, which helps
development, security, and operations teams create new code and
update existing code to reduce cognitive load, improve efficiency,
and enable them to build more secure software faster, will be
generally available in the GitLab 16.7 December 2023 product
release.
- The beta release of Vulnerability
Summary, which provides AI-generated explanations of security
vulnerabilities and suggestions for how to fix them.
- Launched a new self-serve portal
where customers can configure and maintain their GitLab Dedicated
instances to create a better onboarding experience for new
customers.
- Announced the 9th annual Global
DevSecOps Report: The State of AI in Software Development, which
found that since developers only spend 25% of their time writing
code, optimizing the entire software development lifecycle can lead
to 7x faster cycle times.
- Named the 2023 Google Cloud
Technology Partner of the Year for DevOps, Application
Development.
- In Q3 of fiscal year 2024, as a
step towards optimizing its long-term tax position, the Company
recorded an estimated non-recurring income tax adjustment based on
proactive discussions with the US and Dutch tax authorities for a
potential bilateral Advance Pricing Agreement. The proposed
agreements between the Company, the US and the Dutch tax
authorities are not yet final.
Fourth Quarter and Fiscal
Year 2024 Financial
Outlook
For the fourth quarter and fiscal year 2024, GitLab
Inc. expects (in millions, except share and per share data):
|
Q4 FY 2024 Guidance |
|
FY 2024 Guidance |
Revenue |
$157.0 - $158.0 |
|
$573.0 - $574.0 |
Non-GAAP operating income (loss) |
$5.0 - $6.0 |
|
$(10.0) - $(9.0) |
Non-GAAP net income per share assuming approximately 164 million
and 162 million weighted average shares outstanding during Q4
FY2024 and FY2024, respectively. |
$0.08 - $0.09 |
|
$0.12 - $0.13 |
These statements are forward-looking and actual
results may differ materially as a result of many factors. Refer to
the Forward-Looking Statements safe harbor below for information on
the factors that could cause our actual results to differ
materially from these forward-looking statements.
A reconciliation of GAAP to non-GAAP financial
measures has been provided in the financial statement tables
included in this press release. An explanation of these measures is
also included below in Non-GAAP Financial Measures. We have not
provided the most directly comparable GAAP financial guidance
measures because certain items are out of our control or cannot be
reasonably predicted. Accordingly, a reconciliation of non-GAAP
guidance for operating loss and net loss per share to the
corresponding GAAP measures is not available.
Conference Call Information
GitLab will host a conference call today,
December 4, 2023, at 1:30 p.m. (PT) / 4:30 p.m. (ET) to
discuss its third quarter of fiscal 2024 financial results.
Investors and analysts should register for the call in advance by
visiting
https://gitlab.zoom.us/webinar/register/WN_lvtHHkZkSuWcvPCUgF-Y6g#/registration.
A replay of the call will be available on GitLab’s investor
relations website (ir.gitlab.com).
About GitLab
GitLab is the most comprehensive DevSecOps
Platform that empowers organizations to maximize the overall return
on software development by delivering software faster and
efficiently, while strengthening security and compliance. GitLab’s
single application is easier to use, leads to faster cycle time and
allows visibility throughout and control over all stages of the
DevSecOps lifecycle. With GitLab, every team in your organization
can collaboratively plan, build, secure, and deploy software to
drive business outcomes faster with complete transparency,
consistency and traceability.
Non-GAAP Financial Measures
GitLab believes non-GAAP measures are useful in
evaluating its operating performance. GitLab uses this supplemental
information to evaluate its ongoing operations and for internal
planning and forecasting purposes. GitLab believes that non-GAAP
financial information, when taken collectively with its GAAP
financial information, may be helpful to investors because it
provides consistency and comparability with past financial
performance. However, non-GAAP financial information is presented
for supplemental informational purposes only, has limitations as an
analytical tool, and should not be considered in isolation or as a
substitute for financial information presented in accordance with
GAAP. Reconciliations of non-GAAP financial measures to the most
directly comparable financial results as determined in accordance
with GAAP are included at the end of this press release following
the accompanying financial data. We define non-GAAP financial
measures as GAAP measures, excluding certain items such as
stock-based compensation expense, amortization of acquired
intangible assets, foreign exchange (gain) loss, gain from a
deconsolidation of a subsidiary, equity method investment loss,
changes in the fair value of acquisition related contingent
consideration, charitable donation of common stock, restructuring
charges, a non-recurring income tax adjustment related to bilateral
advance pricing agreement (“BAPA”) negotiations, and other expenses
that the Company believes are not indicative of its ongoing
operations. A reconciliation of non-GAAP guidance measures to
corresponding GAAP measures is not available on a forward-looking
basis without unreasonable effort due to the uncertainty of
expenses that may be incurred in the future. Investors are
encouraged to review the related GAAP financial measures and the
reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measures and not rely on any
single financial measure to evaluate our business.
Forward-Looking Statements
This press release and the accompanying earnings
call contain “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934. Although we believe
that the expectations reflected in the forward-looking statements
contained in this release and the accompanying earnings call are
reasonable, they are subject to known and unknown risks,
uncertainties, assumptions and other factors that may cause actual
results or outcomes to be materially different from any future
results or outcomes expressed or implied by the forward-looking
statements. These risks, uncertainties, assumptions, and other
factors include, but are not limited to the following:
- our ability to effectively manage our growth;
- our revenue growth rate in the future;
- our ability to achieve and sustain profitability, our business,
financial condition, and operating results;
- intense competition in our markets and loss of market share to
our competitors;
- the market for our services may not grow;
- a decline in our customer renewals and expansions;
- fluctuations in our operating results;
- our incorporation of artificial intelligence features into our
products;
- our transparency;
- our publicly available company Handbook;
- security and privacy breaches;
- customers staying on our free self-managed or SaaS product
offering;
- our limited history operating as a public company;
- our ability to respond to rapid technological changes;
- our ability to accurately predict the long-term rate of
customer subscription renewals or adoption, or the impact of these
renewals and adoption;
- our hiring model;
- the effects of ongoing armed conflict in different regions of
the world on our business; and
- general economic conditions (including changes in interest
rates, inflation, uncertainty of the federal budget, increased
volatility in the capital markets and instability in the global
banking sector) and slow or negative growth of our markets.
Further information on these and additional
risks, uncertainties, and other factors that could cause actual
outcomes and results to differ materially from those included in or
contemplated by the forward-looking statements contained in this
release are included under the caption “Risk Factors” and elsewhere
in the filings and reports we make with the Securities and Exchange
Commission. We do not undertake any obligation to update or release
any revisions to any forward-looking statement or to report any
events or circumstances after the date of this press release or to
reflect the occurrence of unanticipated events, except as required
by law.
Operating Metrics
Annual Recurring Revenue (“ARR”): We define
annual recurring revenue as the annual run-rate revenue of
subscription agreements, including our self-managed and SaaS
offerings but excluding professional services, from all customers
as measured on the last day of a given month. We calculate ARR by
taking the monthly recurring revenue (“MRR”) and multiplying it by
12. MRR for each month is calculated by aggregating, for all
customers during that month, monthly revenue from committed
contractual amounts of subscriptions, including our self-managed
license, self-managed subscription, and SaaS subscription offerings
but excluding professional services.
Dollar-Based Net Retention Rate: We calculate
Dollar-Based Net Retention Rate as of a period end by starting with
our customers as of the 12 months prior to such period end (“Prior
Period ARR”). We then calculate the ARR from these customers as of
the current period end (“Current Period ARR”). The calculation of
Current Period ARR includes any upsells, price adjustments, user
growth within a customer, contraction, and attrition. We then
divide the total Current Period ARR by the total Prior Period ARR
to arrive at the Dollar-Based Net Retention Rate.
GitLab Inc.Condensed
Consolidated Balance Sheets(in thousands, except
per share data)(unaudited)
|
October 31, 2023(1) |
|
January 31, 2023(1) |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash
equivalents |
$ |
285,309 |
|
|
$ |
295,402 |
|
Short-term
investments |
|
704,325 |
|
|
|
641,249 |
|
Accounts receivable, net of allowance for doubtful accounts of $403
and $1,564 as of October 31, 2023 and January 31, 2023,
respectively |
|
135,614 |
|
|
|
130,479 |
|
Deferred contract acquisition costs,
current |
|
27,196 |
|
|
|
26,505 |
|
Prepaid expenses and other current
assets |
|
29,892 |
|
|
|
24,327 |
|
Total current
assets |
|
1,182,336 |
|
|
|
1,117,962 |
|
Property and equipment,
net |
|
3,690 |
|
|
|
5,797 |
|
Operating lease right-of-use
assets |
|
533 |
|
|
|
998 |
|
Equity method
investment |
|
9,634 |
|
|
|
12,682 |
|
Goodwill |
|
8,145 |
|
|
|
8,145 |
|
Intangible assets,
net |
|
2,254 |
|
|
|
3,901 |
|
Deferred contract acquisition costs,
non-current |
|
15,104 |
|
|
|
15,628 |
|
Other non-current
assets |
|
5,200 |
|
|
|
4,087 |
|
TOTAL ASSETS |
$ |
1,226,896 |
|
|
$ |
1,169,200 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts
payable |
$ |
5,023 |
|
|
$ |
5,184 |
|
Accrued expenses and other current
liabilities |
|
269,980 |
|
|
|
25,954 |
|
Accrued compensation and
benefits |
|
23,272 |
|
|
|
20,776 |
|
Deferred revenue,
current |
|
287,647 |
|
|
|
254,382 |
|
Total current
liabilities |
|
585,922 |
|
|
|
306,296 |
|
Deferred revenue,
non-current |
|
23,016 |
|
|
|
28,355 |
|
Other non-current
liabilities |
|
24,776 |
|
|
|
9,824 |
|
TOTAL
LIABILITIES |
|
633,714 |
|
|
|
344,475 |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
Preferred stock, $0.0000025 par value; 50,000 shares
authorized as of October 31, 2023 and January 31, 2023;
no shares issued and outstanding as of October 31, 2023 and
January 31,
2023 |
|
— |
|
|
|
— |
|
Class A Common stock, $0.0000025 par value; 1,500,000 shares
authorized as of October 31, 2023 and January 31, 2023;
107,732 and 94,655 shares issued and outstanding as of
October 31, 2023 and January 31, 2023,
respectively |
|
— |
|
|
|
— |
|
Class B Common stock, $0.0000025 par value; 250,000 shares
authorized as of October 31, 2023 and January 31, 2023;
47,964 and 56,489 shares issued and outstanding as of
October 31, 2023 and January 31, 2023,
respectively |
|
— |
|
|
|
— |
|
Additional paid-in
capital |
|
1,658,375 |
|
|
|
1,497,373 |
|
Accumulated
deficit |
|
(1,113,355 |
) |
|
|
(725,648 |
) |
Accumulated other comprehensive income
(loss) |
|
1,547 |
|
|
|
(705 |
) |
Total GitLab stockholders’
equity |
|
546,567 |
|
|
|
771,020 |
|
Noncontrolling
interests |
|
46,615 |
|
|
|
53,705 |
|
TOTAL STOCKHOLDERS’
EQUITY |
|
593,182 |
|
|
|
824,725 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY |
$ |
1,226,896 |
|
|
$ |
1,169,200 |
|
__________
(1) |
|
As of October 31, 2023 and
January 31, 2023, the consolidated balance sheet includes
assets of the consolidated variable interest entity, GitLab
Information Technology (Hubei) Co., LTD (“JiHu”), of $48.6 million
and $62.8 million, respectively, and liabilities of $5.9
million and $8.9 million, respectively. The assets of JiHu can
be used only to settle obligations of JiHu and creditors of JiHu do
not have recourse against the general credit of GitLab Inc. |
GitLab Inc.Condensed
Consolidated Statements of Operations(in
thousands, except per share
data)(unaudited)
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue: |
|
|
|
|
|
Subscription—self-managed and
SaaS |
$ |
130,993 |
|
|
$ |
98,435 |
|
|
$ |
364,280 |
|
|
$ |
264,294 |
|
License—self-managed and
other |
|
18,675 |
|
|
|
14,546 |
|
|
|
51,847 |
|
|
|
37,135 |
|
Total revenue |
|
149,668 |
|
|
|
112,981 |
|
|
|
416,127 |
|
|
|
301,429 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Subscription—self-managed and
SaaS |
|
11,559 |
|
|
|
11,113 |
|
|
|
33,321 |
|
|
|
29,717 |
|
License—self-managed and
other |
|
3,525 |
|
|
|
3,451 |
|
|
|
10,398 |
|
|
|
7,725 |
|
Total cost of
revenue |
|
15,084 |
|
|
|
14,564 |
|
|
|
43,719 |
|
|
|
37,442 |
|
Gross profit |
|
134,584 |
|
|
|
98,417 |
|
|
|
372,408 |
|
|
|
263,987 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and
marketing |
|
86,978 |
|
|
|
81,080 |
|
|
|
265,631 |
|
|
|
228,479 |
|
Research and
development |
|
49,058 |
|
|
|
41,113 |
|
|
|
148,452 |
|
|
|
112,463 |
|
General and
administrative |
|
38,815 |
|
|
|
33,186 |
|
|
|
110,882 |
|
|
|
88,182 |
|
Total operating
expenses |
|
174,851 |
|
|
|
155,379 |
|
|
|
524,965 |
|
|
|
429,124 |
|
Loss from
operations |
|
(40,267 |
) |
|
|
(56,962 |
) |
|
|
(152,557 |
) |
|
|
(165,137 |
) |
Interest
income |
|
10,874 |
|
|
|
4,657 |
|
|
|
27,301 |
|
|
|
8,247 |
|
Other income (expense),
net |
|
569 |
|
|
|
2,661 |
|
|
|
(508 |
) |
|
|
22,609 |
|
Loss before income taxes and loss from equity method
investment |
|
(28,824 |
) |
|
|
(49,644 |
) |
|
|
(125,764 |
) |
|
|
(134,281 |
) |
Loss from equity method investment, net of
tax |
|
(743 |
) |
|
|
(756 |
) |
|
|
(2,408 |
) |
|
|
(1,775 |
) |
Provision for income
taxes |
|
256,788 |
|
|
|
65 |
|
|
|
262,290 |
|
|
|
2,519 |
|
Net loss |
$ |
(286,355 |
) |
|
$ |
(50,465 |
) |
|
$ |
(390,462 |
) |
|
$ |
(138,575 |
) |
Net loss attributable to noncontrolling
interest |
|
(1,197 |
) |
|
|
(2,010 |
) |
|
|
(2,755 |
) |
|
|
(4,997 |
) |
Net loss attributable to
GitLab |
$ |
(285,158 |
) |
|
$ |
(48,455 |
) |
|
$ |
(387,707 |
) |
|
$ |
(133,578 |
) |
Net loss per share
attributable to GitLab Class A and Class B common stockholders,
basic and
diluted |
$ |
(1.84 |
) |
|
$ |
(0.33 |
) |
|
$ |
(2.53 |
) |
|
$ |
(0.90 |
) |
Weighted-average shares used
to compute net loss per share attributable to GitLab Class A and
Class B common stockholders, basic and
diluted |
|
155,123 |
|
|
|
148,883 |
|
|
|
153,504 |
|
|
|
147,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GitLab Inc.Condensed
Consolidated Statements of Cash Flows(in
thousands)(unaudited)
|
Nine Months Ended October 31, |
|
2023 |
|
2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net loss, including amounts attributable to noncontrolling
interest |
$ |
(390,462 |
) |
|
$ |
(138,575 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
Stock-based compensation
expense |
|
120,032 |
|
|
|
88,926 |
|
Charitable donation of common
stock |
|
8,025 |
|
|
|
— |
|
Amortization of intangible
assets |
|
1,646 |
|
|
|
1,767 |
|
Depreciation
expense |
|
3,329 |
|
|
|
2,198 |
|
Amortization of deferred contract acquisition
costs |
|
31,066 |
|
|
|
32,693 |
|
Gain from deconsolidation of Meltano
Inc. |
|
— |
|
|
|
(17,798 |
) |
Loss from equity method
investment |
|
3,048 |
|
|
|
2,247 |
|
Net amortization of premiums or discounts on short-term
investments |
|
(14,361 |
) |
|
|
(3,346 |
) |
Unrealized foreign exchange loss (gain),
net |
|
252 |
|
|
|
(4,081 |
) |
Other non-cash expense,
net |
|
317 |
|
|
|
439 |
|
Changes in assets and liabilities: |
|
|
|
Accounts
receivable |
|
(5,291 |
) |
|
|
(22,163 |
) |
Prepaid expenses and other current
assets |
|
(8,183 |
) |
|
|
(5,320 |
) |
Deferred contract acquisition
costs |
|
(31,760 |
) |
|
|
(33,145 |
) |
Other non-current
assets |
|
(1,174 |
) |
|
|
2,050 |
|
Accounts
payable |
|
(224 |
) |
|
|
1,393 |
|
Accrued expenses and other current
liabilities |
|
245,857 |
|
|
|
3,249 |
|
Accrued compensation and
benefits |
|
2,842 |
|
|
|
(15,150 |
) |
Deferred
revenue |
|
29,158 |
|
|
|
40,200 |
|
Other non-current
liabilities |
|
16,070 |
|
|
|
(1,272 |
) |
Net cash provided by (used in) operating
activities |
|
10,187 |
|
|
|
(65,688 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchases of short-term
investments |
|
(573,676 |
) |
|
|
(631,951 |
) |
Proceeds from maturities of short-term
investments |
|
526,979 |
|
|
|
122,701 |
|
Purchases of property and
equipment |
|
(1,269 |
) |
|
|
(5,018 |
) |
Deconsolidation of Meltano
Inc. |
|
— |
|
|
|
(9,620 |
) |
Escrow payment related to business combination, after acquisition
date |
|
(2,500 |
) |
|
|
— |
|
Net cash used in investing
activities |
|
(50,466 |
) |
|
|
(523,888 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Proceeds from the issuance of common stock upon exercise of stock
options, including early exercises, net of
repurchases |
|
22,492 |
|
|
|
17,454 |
|
Issuance of common stock under employee stock purchase plan |
|
7,751 |
|
|
|
9,554 |
|
Contributions received from noncontrolling interests, net of
issuance costs |
|
— |
|
|
|
61,726 |
|
Partial settlement of acquisition related contingent cash
consideration |
|
— |
|
|
|
(3,137 |
) |
Net cash provided by financing
activities |
|
30,243 |
|
|
|
85,597 |
|
Impact of foreign exchange on cash and cash
equivalents |
|
(2,557 |
) |
|
|
(8,524 |
) |
Net decrease in cash and cash
equivalents |
|
(12,593 |
) |
|
|
(512,503 |
) |
Cash, cash equivalents, and restricted cash at beginning of
period |
|
297,902 |
|
|
|
887,172 |
|
Cash, cash equivalents, and restricted cash at end of
period |
$ |
285,309 |
|
|
$ |
374,669 |
|
Reconciliation of cash, cash equivalents and restricted
cash within the condensed consolidated balance sheets to the
amounts shown in the condensed consolidated statements of cash
flows above: |
|
|
|
Cash and cash
equivalents |
$ |
285,309 |
|
|
$ |
372,169 |
|
Restricted cash, included in prepaid expenses and other current
assets |
|
— |
|
|
|
2,500 |
|
Total cash, cash equivalents and restricted
cash |
$ |
285,309 |
|
|
$ |
374,669 |
|
|
GitLab
Inc.Reconciliation of GAAP to
Non-GAAP(in thousands, except per share
data)(unaudited)
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Gross profit on GAAP basis
|
$ |
134,584 |
|
|
$ |
98,417 |
|
|
$ |
372,408 |
|
|
$ |
263,987 |
|
Gross margin on GAAP
basis |
|
90 |
% |
|
|
87 |
% |
|
|
89 |
% |
|
|
88 |
% |
Stock-based compensation
expense |
|
1,648 |
|
|
|
1,248 |
|
|
|
4,760 |
|
|
|
3,623 |
|
Amortization of acquired
intangibles |
|
521 |
|
|
|
521 |
|
|
|
1,546 |
|
|
|
1,546 |
|
Restructuring
charges |
|
— |
|
|
|
— |
|
|
|
463 |
|
|
|
— |
|
Gross profit on non-GAAP basis
|
$ |
136,753 |
|
|
$ |
100,186 |
|
|
$ |
379,177 |
|
|
$ |
269,156 |
|
Gross margin on non-GAAP
basis |
|
91 |
% |
|
|
89 |
% |
|
|
91 |
% |
|
|
89 |
% |
|
|
|
|
|
|
|
|
Sales and marketing on GAAP basis
|
$ |
86,978 |
|
|
$ |
81,080 |
|
|
$ |
265,631 |
|
|
$ |
228,479 |
|
Stock-based compensation
expense |
|
(16,523 |
) |
|
|
(12,905 |
) |
|
|
(51,582 |
) |
|
|
(34,807 |
) |
Restructuring
charges |
|
54 |
|
|
|
— |
|
|
|
(3,623 |
) |
|
$ |
— |
|
Sales and marketing on non-GAAP basis
|
$ |
70,509 |
|
|
$ |
68,175 |
|
|
$ |
210,426 |
|
|
$ |
193,672 |
|
|
|
|
|
|
|
|
|
Research and development on GAAP basis
|
$ |
49,058 |
|
|
$ |
41,113 |
|
|
$ |
148,452 |
|
|
$ |
112,463 |
|
Stock-based compensation
expense |
|
(12,738 |
) |
|
|
(10,030 |
) |
|
|
(36,917 |
) |
|
|
(26,405 |
) |
Restructuring
charges |
|
(72 |
) |
|
|
— |
|
|
|
(2,119 |
) |
|
|
— |
|
Research and development on non-GAAP basis
|
$ |
36,248 |
|
|
$ |
31,083 |
|
|
$ |
109,416 |
|
|
$ |
86,058 |
|
|
|
|
|
|
|
|
|
General and administrative on GAAP basis
|
$ |
38,815 |
|
|
$ |
33,186 |
|
|
$ |
110,882 |
|
|
$ |
88,182 |
|
Amortization of acquired
intangibles |
|
— |
|
|
|
(70 |
) |
|
|
(100 |
) |
|
|
(221 |
) |
Stock-based compensation
expense |
|
(10,425 |
) |
|
|
(9,525 |
) |
|
|
(26,773 |
) |
|
|
(24,091 |
) |
Restructuring
charges |
|
4 |
|
|
|
— |
|
|
|
(1,634 |
) |
|
|
— |
|
Charitable donation of common
stock |
|
(2,675 |
) |
|
|
— |
|
|
|
(8,025 |
) |
|
|
— |
|
Changes in the fair value of acquisition related contingent
consideration |
|
— |
|
|
|
(1,063 |
) |
|
|
— |
|
|
|
(1,063 |
) |
Other non-recurring
charges(1) |
|
(413 |
) |
|
|
— |
|
|
|
(413 |
) |
|
|
— |
|
General and administrative on non-GAAP basis
|
$ |
25,306 |
|
|
$ |
22,528 |
|
|
$ |
73,937 |
|
|
$ |
62,807 |
|
|
|
|
|
|
|
|
|
Loss from operations on GAAP basis
|
$ |
(40,267 |
) |
|
$ |
(56,962 |
) |
|
$ |
(152,557 |
) |
|
$ |
(165,137 |
) |
Stock-based compensation
expense |
|
41,334 |
|
|
|
33,708 |
|
|
|
120,032 |
|
|
|
88,926 |
|
Amortization of acquired
intangibles |
|
521 |
|
|
|
591 |
|
|
|
1,646 |
|
|
|
1,767 |
|
Restructuring
charges |
|
14 |
|
|
|
— |
|
|
|
7,839 |
|
|
|
— |
|
Charitable donation of common
stock |
|
2,675 |
|
|
|
— |
|
|
|
8,025 |
|
|
|
— |
|
Changes in the fair value of acquisition related contingent
consideration |
|
— |
|
|
|
1,063 |
|
|
|
— |
|
|
|
1,063 |
|
Other non-recurring
charges(1) |
|
413 |
|
|
|
— |
|
|
|
413 |
|
|
|
— |
|
Income (loss) from operations
on non-GAAP basis
|
$ |
4,690 |
|
|
$ |
(21,600 |
) |
|
$ |
(14,602 |
) |
|
$ |
(73,381 |
) |
|
|
|
|
|
|
|
|
Other income (expense), net on
GAAP basis |
$ |
569 |
|
|
$ |
2,661 |
|
|
$ |
(508 |
) |
|
$ |
22,609 |
|
Gain from deconsolidation of Meltano
Inc. |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,798 |
) |
Foreign exchange gains (losses),
net |
|
(488 |
) |
|
|
(2,855 |
) |
|
|
506 |
|
|
|
(5,361 |
) |
Other income (expense), net on
non-GAAP basis |
$ |
81 |
|
|
$ |
(194 |
) |
|
$ |
(2 |
) |
|
$ |
(550 |
) |
|
|
|
|
|
|
|
|
Net loss attributable to
GitLab common stockholders on GAAP
basis |
$ |
(285,158 |
) |
|
$ |
(48,455 |
) |
|
$ |
(387,707 |
) |
|
$ |
(133,578 |
) |
Stock-based compensation
expense |
|
41,334 |
|
|
|
33,708 |
|
|
|
120,032 |
|
|
|
88,926 |
|
Amortization of acquired
intangibles |
|
521 |
|
|
|
591 |
|
|
|
1,646 |
|
|
|
1,767 |
|
Restructuring
charges |
|
14 |
|
|
|
— |
|
|
|
7,839 |
|
|
|
— |
|
Charitable donation of common
stock |
|
2,675 |
|
|
|
— |
|
|
|
8,025 |
|
|
|
— |
|
Changes in the fair value of acquisition related contingent
consideration |
|
— |
|
|
|
1,063 |
|
|
|
— |
|
|
|
1,063 |
|
Gain from deconsolidation of Meltano
Inc. |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,798 |
) |
Loss from equity method investment, net of
tax |
|
743 |
|
|
|
756 |
|
|
|
2,408 |
|
|
|
1,775 |
|
Foreign exchange gains (losses),
net |
|
(488 |
) |
|
|
(2,855 |
) |
|
|
506 |
|
|
|
(5,361 |
) |
Other non-recurring
charges(1) |
|
413 |
|
|
|
— |
|
|
|
413 |
|
|
|
— |
|
Income tax
adjustment(1) |
|
254,392 |
|
|
|
— |
|
|
|
254,392 |
|
|
|
— |
|
Net income (loss) attributable
to GitLab common stockholders on non-GAAP
basis |
$ |
14,446 |
|
|
$ |
(15,192 |
) |
|
$ |
7,554 |
|
|
$ |
(63,206 |
) |
|
|
|
|
|
|
|
|
GAAP net loss per share, basic
and diluted |
$ |
(1.84 |
) |
|
$ |
(0.33 |
) |
|
$ |
(2.53 |
) |
|
$ |
(0.90 |
) |
Non-GAAP net income (loss) per
share, basic |
$ |
0.09 |
|
|
$ |
(0.10 |
) |
|
$ |
0.05 |
|
|
$ |
(0.43 |
) |
Non-GAAP net income (loss) per
share, diluted |
$ |
0.09 |
|
|
$ |
(0.10 |
) |
|
$ |
0.05 |
|
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
Shares used in per share
calculation - basic on GAAP
basis |
|
155,123 |
|
|
|
148,883 |
|
|
|
153,504 |
|
|
|
147,812 |
|
Effect of dilutive
securities(2) |
|
7,671 |
|
|
|
— |
|
|
|
7,774 |
|
|
|
— |
|
Shares used in per share
calculation - diluted on non-GAAP
basis |
|
162,794 |
|
|
|
148,883 |
|
|
|
161,278 |
|
|
|
147,812 |
|
(1) |
|
Other non-recurring charges and
income tax adjustment related to BAPA negotiations. |
(2) |
|
Shares used for net income per
share on non-GAAP basis include incremental dilutive shares related
to restricted stock units, options, and shares issuable under
GitLab Inc.’s 2021 Employee Stock Purchase Plan that are
anti-dilutive on a GAAP basis. |
Media Contact: Lisa BoughnerVP,
Global Communications GitLab Inc. press@gitlab.com
Investor Contact: James ShenSr.
Dir. FinanceGitLab Inc.ir@gitlab.com
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