GitLab Reports Third Quarter Fiscal Year 2025 Financial Results
GitLab Inc. (NASDAQ: GTLB) reported strong financial results for Q3 FY2025, with revenue reaching $196.0 million, up 31% year-over-year. The company demonstrated significant improvements in operating margins, with non-GAAP operating margin reaching 13% compared to 3% in the previous year.
Key metrics showed robust growth with customers having >$100,000 ARR increasing 31% to 1,144, and a Dollar-Based Net Retention Rate of 124%. Total RPO grew 48% to $811.8 million. The company announced a leadership transition, with Bill Staples appointed as CEO, succeeding co-founder Sid Sijbrandij who will become Executive Chair.
For Q4 FY2025, GitLab projects revenue of $205.0-$206.0 million and non-GAAP operating income of $28.0-$29.0 million.
GitLab Inc. (NASDAQ: GTLB) ha riportato risultati finanziari solidi per il terzo trimestre dell'anno fiscale 2025, con entrate pari a 196,0 milioni di dollari, in aumento del 31% rispetto all'anno precedente. L'azienda ha dimostrato miglioramenti significativi nei margini operativi, con un margine operativo non-GAAP che ha raggiunto il 13% rispetto al 3% dell'anno scorso.
Le metriche chiave hanno mostrato una crescita robusta, con il numero di clienti che superano i 100.000 dollari di ARR in aumento del 31%, arrivando a 1.144, e un tasso di retention netta basato sui dollari del 124%. Il totale RPO è cresciuto del 48% fino a 811,8 milioni di dollari. L'azienda ha annunciato un passaggio di leadership, con Bill Staples nominato CEO, subentrando al co-fondatore Sid Sijbrandij, che assumerà il ruolo di Presidente Esecutivo.
Per il quarto trimestre dell'anno fiscale 2025, GitLab prevede entrate tra 205,0 e 206,0 milioni di dollari e un reddito operativo non-GAAP tra 28,0 e 29,0 milioni di dollari.
GitLab Inc. (NASDAQ: GTLB) informó sobre resultados financieros sólidos para el tercer trimestre del año fiscal 2025, con ingresos que alcanzan 196,0 millones de dólares, un aumento del 31% interanual. La compañía mostró mejoras significativas en los márgenes operativos, con un margen operativo no-GAAP que alcanzó el 13% en comparación con el 3% del año anterior.
Las métricas clave mostraron un crecimiento robusto, con el número de clientes con más de 100,000 dólares de ARR aumentando un 31% hasta 1,144, y una Tasa de Retención Neta Basada en Dólares del 124%. El Total RPO creció un 48% hasta 811,8 millones de dólares. La compañía anunció una transición en la dirección, con Bill Staples nombrado CEO, sucediendo al cofundador Sid Sijbrandij, quien se convertirá en Presidente Ejecutivo.
Para el cuarto trimestre del año fiscal 2025, GitLab proyecta ingresos de entre 205,0 y 206,0 millones de dólares y un ingreso operativo no-GAAP de entre 28,0 y 29,0 millones de dólares.
GitLab Inc. (NASDAQ: GTLB)는 2025 회계연도 3분기 강력한 재무 결과를 발표하였으며, 수익이 1억 9,600만 달러에 달하여 전년 대비 31% 증가했습니다. 회사는 운영 마진에서 상당한 개선을 보여주었으며, 비-GAAP 운영 마진이 전년의 3%에 비해 13%에 도달했습니다.
주요 지표는 고객 수가 10만 달러 이상 연간 반복 수익(ARR)을 기록한 고객이 31% 증가하여 1,144명에 달했으며, 달러 기반 순 유지율이 124%에 도달하여 강한 성장을 보여주었습니다. 총 RPO는 48% 증가하여 8억 1,180만 달러에 도달했습니다. 회사는 리더십 전환을 발표했으며, Bill Staples가 CEO로 임명되었고, 공동 창립자인 Sid Sijbrandij는 집행 의장으로 역할을 변경할 것입니다.
2025 회계연도 4분기에 대해 GitLab은 2억 5천만 달러에서 2억 6천만 달러의 수익과 비-GAAP 운영 소득 2천8백만 달러에서 2천9백만 달러를 예상합니다.
GitLab Inc. (NASDAQ: GTLB) a annoncé des résultats financiers solides pour le troisième trimestre de l'exercice 2025, avec un chiffre d'affaires atteignant 196,0 millions de dollars, soit une augmentation de 31 % par rapport à l'année précédente. L'entreprise a montré des améliorations significatives de ses marges opérationnelles, avec une marge opérationnelle non-GAAP atteignant 13 % contre 3 % l'année dernière.
Les indicateurs clés ont montré une solide croissance, avec le nombre de clients ayant plus de 100 000 dollars de revenus récurrents annuels (ARR) augmentant de 31 % pour atteindre 1 144, et un taux de rétention nette basé sur le dollar de 124 %. Le total RPO a augmenté de 48 % pour atteindre 811,8 millions de dollars. L'entreprise a annoncé une transition de direction, avec Bill Staples nommé PDG, succédant au cofondateur Sid Sijbrandij qui deviendra président exécutif.
Pour le quatrième trimestre de l'exercice 2025, GitLab prévoit un chiffre d'affaires de 205,0 à 206,0 millions de dollars et un résultat opérationnel non-GAAP compris entre 28,0 et 29,0 millions de dollars.
GitLab Inc. (NASDAQ: GTLB) hat für das 3. Quartal des Geschäftsjahres 2025 starke Finanzergebnisse gemeldet, mit Einnahmen von 196,0 Millionen US-Dollar, was einem Anstieg von 31 % im Vergleich zum Vorjahr entspricht. Das Unternehmen zeigte wesentliche Verbesserungen bei den Betriebsmargen, wobei die nicht-GAAP-Betriebsmarge 13 % erreichte, im Vergleich zu 3 % im Vorjahr.
Wichtige Kennzahlen zeigten ein robustes Wachstum, da die Anzahl der Kunden mit über 100.000 US-Dollar ARR um 31 % auf 1.144 stieg und die Dollar-basierte Netto-Retention-Rate 124 % betrug. Der Gesamt-RPO wuchs um 48 % auf 811,8 Millionen US-Dollar. Das Unternehmen gab einen Führungswechsel bekannt, wobei Bill Staples zum CEO ernannt wurde und den Mitgründer Sid Sijbrandij ersetzt, der zum Executive Chair wird.
Für das 4. Quartal des Geschäftsjahres 2025 prognostiziert GitLab Einnahmen von 205,0 bis 206,0 Millionen US-Dollar und einen nicht-GAAP-Betriebsgewinn von 28,0 bis 29,0 Millionen US-Dollar.
- Revenue grew 31% YoY to $196.0 million
- Non-GAAP operating margin improved to 13% from 3% YoY
- Non-GAAP operating income increased to $25.9 million from $4.7 million
- Customers with >$100,000 ARR grew 31% to 1,144
- Total RPO increased 48% to $811.8 million
- Strong Dollar-Based Net Retention Rate of 124%
- GAAP Operating loss of $28.7 million
- GAAP net cash used in operating activities increased to $177.0 million from $6.0 million
Insights
GitLab's Q3 FY2025 results showcase impressive financial performance with
Key performance indicators are robust, with high-value customers (>$100k ARR) growing
The strategic partnership with AWS, integrating GitLab Duo with Amazon Q, positions GitLab strongly in the AI-powered DevSecOps space. This collaboration enhances their competitive edge in automated development workflows and security features. The general availability of Advanced SAST, incorporating Oxeye's technology, demonstrates GitLab's commitment to strengthening their security offerings.
Being recognized as a Leader in Gartner's Magic Quadrant for DevOps Platforms for the second consecutive year validates their platform strategy and market position. The leadership transition to Bill Staples, while maintaining founder involvement through the executive chair role, should provide stability while bringing fresh perspectives to drive continued innovation and growth.
Third Quarter Fiscal Year 2025 Highlights:
-
Total revenue of
$196.0 million 31% year-over-year - Significant year-over-year GAAP and Non-GAAP operating margin expansion
- Announced the appointment of Bill Staples as CEO and Board Member; GitLab Co-Founder Sid Sijbrandij to transition to Executive Chair of the GitLab Board of Directors
“GitLab’s growth at scale is a testament to the demand for a platform approach to software development,” said Sid Sijbrandij, co-founder and executive chair of the board of directors, GitLab Inc. “Our end-to-end DevSecOps platform addresses our customers’ need to accelerate the pace of software development to remain competitive, innovate faster, and ship software more securely.”
In a separate press release issued today, December 5, 2024, the company announced Bill Staples was named CEO and a member of the board of directors effective today. Staples succeeds co-founder and CEO Sid Sijbrandij, who is stepping down from his day-to-day role to focus on his health. Sijbrandij will transition to executive chair of the GitLab board of directors. The announcement can be found at https://ir.gitlab.com/.
“We delivered record non-GAAP operating margins as our third quarter fiscal year 2025 revenue reached
Third Quarter Fiscal Year 2025 Financial Highlights (in millions, except per share data and percentages): |
||||||||||||
|
Q3 FY 2025 |
|
Q3 FY 2024 |
|
Y/Y Change |
|||||||
Revenue |
$ |
196.0 |
|
$ |
149.7 |
|
|
31 |
% |
|||
GAAP Gross margin |
|
89 |
% |
|
90 |
% |
|
|||||
Non-GAAP Gross margin |
|
91 |
% |
|
91 |
% |
|
|||||
GAAP Operating margin |
|
(15 |
)% |
|
(27 |
)% |
|
|||||
Non-GAAP Operating margin |
|
13 |
% |
|
3 |
% |
|
|||||
GAAP Operating loss |
$ |
(28.7 |
) |
$ |
(40.3 |
) |
$ |
11.6 |
|
|||
Non-GAAP Operating income |
$ |
25.9 |
|
$ |
4.7 |
|
$ |
21.2 |
|
|||
GAAP Net Income (loss) attributable to GitLab |
$ |
29.6 |
|
$ |
(285.2 |
) |
$ |
314.8 |
|
|||
Non-GAAP Net income attributable to GitLab |
$ |
39.1 |
|
$ |
14.4 |
|
$ |
24.7 |
|
|||
GAAP Net income (loss) per share attributable to GitLab, basic |
$ |
0.18 |
|
$ |
(1.84 |
) |
$ |
2.02 |
|
|||
GAAP Net income (loss) per share attributable to GitLab, diluted |
$ |
0.18 |
|
$ |
(1.84 |
) |
$ |
2.02 |
|
|||
Non-GAAP Net income per share attributable to GitLab, basic |
$ |
0.24 |
|
$ |
0.09 |
|
$ |
0.15 |
|
|||
Non-GAAP Net income per share attributable to GitLab, diluted |
$ |
0.23 |
|
$ |
0.09 |
|
$ |
0.14 |
|
|||
GAAP net cash used in operating activities |
$ |
(177.0 |
) |
$ |
(6.0 |
) |
$ |
(171.0 |
) |
|||
Non-GAAP adjusted free cash flow |
$ |
9.7 |
|
$ |
(6.7 |
) |
$ |
16.4 |
|
|||
A reconciliation between GAAP and non-GAAP financial measures is contained in this release under the section titled “Non-GAAP Financial Measures.”
Additional Financial Highlights:
-
Customers with more than
$5,000 16% year-over-year. -
Customers with more than
$100,000 31% year-over-year. -
Dollar-Based Net Retention Rate was
124% . -
Total RPO grew
48% year-over-year to$811.8 million 39% to$515.2 million
Business Highlights:
- Recognized as a Leader in the Gartner® Magic Quadrant™ for DevOps Platforms for the second consecutive year.
- Announced an integrated offering with AWS that brings together GitLab Duo and Amazon Q. Together, GitLab Duo and Amazon Q provide a seamless AI-powered developer experience that combines DevSecOps workflows and AWS environments to help organizations ship secure software faster.
- Announced the general availability of Advanced SAST for GitLab Ultimate customers, leveraging technology acquired with Oxeye, for more accurate vulnerability detections in first-party code.
Fourth Quarter and Fiscal Year 2025 Financial Outlook
For the fourth quarter and fiscal year 2025, GitLab Inc. expects (in millions, except share and per share data):
|
Q4 FY 2025 Guidance |
|
FY 2025 Guidance |
|
Revenue |
|
|
|
|
Non-GAAP operating income |
|
|
|
|
Non-GAAP diluted net income per share assuming approximately 170 million and 168 million weighted average shares outstanding during Q4 FY 2025 and FY 2025, respectively. |
|
|
|
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 income (loss) and net income (loss) per share to the corresponding GAAP measures is not available.
Conference Call Information
GitLab will host a conference call today, December 5, 2024, at 1:30 p.m. (PT) / 4:30 p.m. (ET) to discuss its third quarter fiscal year 2025 financial results and its guidance for the fourth quarter and fiscal year 2025. Interested parties may register for the call in advance by visiting https://bit.ly/3Ul8cwM. A live webcast of this conference call will be available on GitLab’s investor relations website (ir.gitlab.com), and a replay will also be archived on the website for one year.
About GitLab
GitLab is the most comprehensive AI-powered DevSecOps platform for software innovation. GitLab enables organizations to increase developer productivity, improve operational efficiency, reduce security and compliance risk, and accelerate digital transformation. More than 40 million registered users and more than
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, equity method investment loss and impairment, acquisition related expenses, 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. Shares used for net income per share on a 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. 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.
Adjusted Free Cash Flow
Adjusted free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used for purchases of property and equipment, plus any non-recurring income tax payments related to BAPA. We believe that adjusted free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and any non-recurring income tax payments related to BAPA, can be used for strategic initiatives, including investing in our business, and strengthening our financial position. One limitation of adjusted free cash flow is that it does not reflect our future contractual commitments. Additionally, adjusted free cash flow does not represent the total increase or decrease in our cash balance for a given period.
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;
- security and privacy breaches;
- intense competition in our markets and loss of market share to our competitors;
- our ability to respond to rapid technological changes;
- 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;
- customers staying on our free self-managed or SaaS product offering;
- 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, 2024(1) |
|
January 31, 2024(1) |
||||
ASSETS |
|
|
||||||
CURRENT ASSETS: |
|
|
||||||
Cash and cash equivalents |
$ |
176,632 |
|
$ |
287,996 |
|
||
Short-term investments |
|
740,340 |
|
|
748,289 |
|
||
Accounts receivable, net of allowance for doubtful accounts of |
|
197,555 |
|
|
166,731 |
|
||
Deferred contract acquisition costs, current |
|
34,518 |
|
|
32,300 |
|
||
Prepaid expenses and other current assets |
|
43,120 |
|
|
45,601 |
|
||
Total current assets |
|
1,192,165 |
|
|
1,280,917 |
|
||
Property and equipment, net |
|
3,563 |
|
|
2,954 |
|
||
Operating lease right-of-use assets |
|
444 |
|
|
405 |
|
||
Goodwill |
|
16,131 |
|
|
8,145 |
|
||
Intangible assets, net |
|
19,536 |
|
|
1,733 |
|
||
Deferred contract acquisition costs, non-current |
|
17,248 |
|
|
19,317 |
|
||
Other non-current assets |
|
3,552 |
|
|
4,390 |
|
||
TOTAL ASSETS |
$ |
1,252,639 |
|
$ |
1,317,861 |
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
||||||
CURRENT LIABILITIES: |
|
|
||||||
Accounts payable |
$ |
2,224 |
|
$ |
1,738 |
|
||
Accrued expenses and other current liabilities |
|
51,821 |
|
|
286,178 |
|
||
Accrued compensation and benefits |
|
27,274 |
|
|
35,809 |
|
||
Deferred revenue, current |
|
383,183 |
|
|
338,348 |
|
||
Total current liabilities |
|
464,502 |
|
|
662,073 |
|
||
Deferred revenue, non-current |
|
14,138 |
|
|
23,794 |
|
||
Other non-current liabilities |
|
3,776 |
|
|
14,060 |
|
||
TOTAL LIABILITIES |
|
482,416 |
|
|
699,927 |
|
||
STOCKHOLDERS’ EQUITY: |
|
|
||||||
Preferred stock, |
|
— |
|
|
— |
|
||
Class A Common stock, |
|
— |
|
|
— |
|
||
Class B Common stock, |
|
— |
|
|
— |
|
||
Additional paid-in capital |
|
1,891,653 |
|
|
1,718,661 |
|
||
Accumulated deficit |
|
(1,161,952 |
) |
|
(1,149,822 |
) |
||
Accumulated other comprehensive income (loss) |
|
(4,996 |
) |
|
2,335 |
|
||
Total GitLab stockholders’ equity |
|
724,705 |
|
|
571,174 |
|
||
Noncontrolling interests |
|
45,518 |
|
|
46,760 |
|
||
TOTAL STOCKHOLDERS’ EQUITY |
|
770,223 |
|
|
617,934 |
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
1,252,639 |
|
$ |
1,317,861 |
|
||
| __________ | ||
(1) |
As of October 31, 2024 and January 31, 2024, the consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology ( |
|
GitLab Inc. |
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Revenue: |
|
|
|
|
|
|
|
|||||||||
Subscription—self-managed and SaaS |
$ |
175,257 |
|
|
$ |
130,993 |
|
|
$ |
489,617 |
|
|
$ |
364,280 |
|
|
License—self-managed and other |
|
20,790 |
|
|
|
18,675 |
|
|
|
58,201 |
|
|
|
51,847 |
|
|
Total revenue |
|
196,047 |
|
|
|
149,668 |
|
|
|
547,818 |
|
|
|
416,127 |
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|||||||||
Subscription—self-managed and SaaS |
|
17,170 |
|
|
|
11,559 |
|
|
|
47,639 |
|
|
|
33,321 |
|
|
License—self-managed and other |
|
4,955 |
|
|
|
3,525 |
|
|
|
14,632 |
|
|
|
10,398 |
|
|
Total cost of revenue |
|
22,125 |
|
|
|
15,084 |
|
|
|
62,271 |
|
|
|
43,719 |
|
|
Gross profit |
|
173,922 |
|
|
|
134,584 |
|
|
|
485,547 |
|
|
|
372,408 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Sales and marketing |
|
95,340 |
|
|
|
86,978 |
|
|
|
285,542 |
|
|
|
265,631 |
|
|
Research and development |
|
61,354 |
|
|
|
49,058 |
|
|
|
176,767 |
|
|
|
148,452 |
|
|
General and administrative |
|
45,960 |
|
|
|
38,815 |
|
|
|
146,615 |
|
|
|
110,882 |
|
|
Total operating expenses |
|
202,654 |
|
|
|
174,851 |
|
|
|
608,924 |
|
|
|
524,965 |
|
|
Loss from operations |
|
(28,732 |
) |
|
|
(40,267 |
) |
|
|
(123,377 |
) |
|
|
(152,557 |
) |
|
Interest income |
|
12,586 |
|
|
|
10,874 |
|
|
|
37,443 |
|
|
|
27,301 |
|
|
Other income (expense), net |
|
4,992 |
|
|
|
569 |
|
|
|
5,457 |
|
|
|
(508 |
) |
|
Loss before income taxes and loss from equity method investment |
|
(11,154 |
) |
|
|
(28,824 |
) |
|
|
(80,477 |
) |
|
|
(125,764 |
) |
|
Loss from equity method investment, net of tax |
|
— |
|
|
|
(743 |
) |
|
|
— |
|
|
|
(2,408 |
) |
|
Provision for (benefit from) income taxes |
|
(39,421 |
) |
|
|
256,788 |
|
|
|
(66,131 |
) |
|
|
262,290 |
|
|
Net income (loss) |
$ |
28,267 |
|
|
$ |
(286,355 |
) |
|
$ |
(14,346 |
) |
|
$ |
(390,462 |
) |
|
Net loss attributable to noncontrolling interest |
|
(1,298 |
) |
|
|
(1,197 |
) |
|
|
(2,216 |
) |
|
|
(2,755 |
) |
|
Net income (loss) attributable to GitLab |
$ |
29,565 |
|
|
$ |
(285,158 |
) |
|
$ |
(12,130 |
) |
|
$ |
(387,707 |
) |
|
Net income (loss) per share attributable to GitLab Class A and Class B common stockholders: |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
0.18 |
|
|
$ |
(1.84 |
) |
|
$ |
(0.08 |
) |
|
$ |
(2.53 |
) |
|
Diluted |
$ |
0.18 |
|
|
$ |
(1.84 |
) |
|
$ |
(0.08 |
) |
|
$ |
(2.53 |
) |
|
Weighted-average shares used to compute net income (loss) per share attributable to GitLab Class A and Class B common stockholders: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
161,317 |
|
|
|
155,123 |
|
|
|
159,756 |
|
|
|
153,504 |
|
|
Diluted |
|
167,436 |
|
|
|
155,123 |
|
|
|
159,756 |
|
|
|
153,504 |
|
|
GitLab Inc. |
||||||||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||||||||
(in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||||||||||
Net income (loss), including amounts attributable to noncontrolling interest |
$ |
28,267 |
|
$ |
(286,355 |
) |
$ |
(14,346 |
) |
$ |
(390,462 |
) |
||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
||||||||||||
Stock-based compensation expense |
|
48,042 |
|
|
41,334 |
|
|
139,263 |
|
|
120,032 |
|
||||
Change in fair value of acquisition related contingent consideration |
|
— |
|
|
— |
|
|
3,750 |
|
|
— |
|
||||
Charitable donation of common stock |
|
2,957 |
|
|
2,675 |
|
|
8,871 |
|
|
8,025 |
|
||||
Amortization of intangible assets |
|
2,511 |
|
|
521 |
|
|
5,931 |
|
|
1,646 |
|
||||
Depreciation expense |
|
680 |
|
|
1,123 |
|
|
2,361 |
|
|
3,329 |
|
||||
Amortization of deferred contract acquisition costs |
|
12,704 |
|
|
10,447 |
|
|
35,650 |
|
|
31,066 |
|
||||
Loss from equity method investment |
|
— |
|
|
940 |
|
|
— |
|
|
3,048 |
|
||||
Net amortization of premiums or discounts on short-term investments |
|
(3,792 |
) |
|
(5,867 |
) |
|
(12,933 |
) |
|
(14,361 |
) |
||||
Unrealized foreign exchange loss (gain), net |
|
(5,184 |
) |
|
(573 |
) |
|
(5,442 |
) |
|
252 |
|
||||
Other non-cash expense, net |
|
467 |
|
|
420 |
|
|
768 |
|
|
317 |
|
||||
Changes in assets and liabilities: |
|
|
|
|
||||||||||||
Accounts receivable |
|
(32,883 |
) |
|
(30,572 |
) |
|
(31,658 |
) |
|
(5,291 |
) |
||||
Prepaid expenses and other current assets |
|
(10,773 |
) |
|
(3,935 |
) |
|
2,498 |
|
|
(8,183 |
) |
||||
Deferred contract acquisition costs |
|
(14,751 |
) |
|
(13,623 |
) |
|
(35,706 |
) |
|
(31,760 |
) |
||||
Other non-current assets |
|
1,348 |
|
|
(453 |
) |
|
851 |
|
|
(1,174 |
) |
||||
Accounts payable |
|
(1,317 |
) |
|
799 |
|
|
33 |
|
|
(224 |
) |
||||
Accrued expenses and other current liabilities |
|
(220,071 |
) |
|
244,674 |
|
|
(241,704 |
) |
|
245,857 |
|
||||
Accrued compensation and benefits |
|
(1,913 |
) |
|
231 |
|
|
(8,815 |
) |
|
2,842 |
|
||||
Deferred revenue |
|
19,665 |
|
|
14,270 |
|
|
34,503 |
|
|
29,158 |
|
||||
Other non-current liabilities |
|
(2,985 |
) |
|
17,983 |
|
|
(11,068 |
) |
|
16,070 |
|
||||
Net cash provided by (used in) operating activities |
|
(177,028 |
) |
|
(5,961 |
) |
|
(127,193 |
) |
|
10,187 |
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||||||||||
Purchases of short-term investments |
|
(240,136 |
) |
|
(238,680 |
) |
|
(503,394 |
) |
|
(573,676 |
) |
||||
Proceeds from maturities of short-term investments |
|
148,763 |
|
|
253,995 |
|
|
524,862 |
|
|
526,979 |
|
||||
Purchases of property and equipment |
|
(1,057 |
) |
|
(736 |
) |
|
(2,608 |
) |
|
(1,269 |
) |
||||
Payments for business combination, net of cash acquired |
|
— |
|
|
— |
|
|
(20,210 |
) |
|
— |
|
||||
Payments for asset acquisition |
|
(346 |
) |
|
— |
|
|
(7,660 |
) |
|
— |
|
||||
Escrow payment related to business combination, after acquisition date |
|
— |
|
|
— |
|
|
— |
|
|
(2,500 |
) |
||||
Other investing activities |
|
— |
|
|
— |
|
|
457 |
|
|
— |
|
||||
Net cash provided by (used in) investing activities |
|
(92,776 |
) |
|
14,579 |
|
|
(8,553 |
) |
|
(50,466 |
) |
||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||||||||||
Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases |
|
7,822 |
|
|
4,715 |
|
|
17,895 |
|
|
22,492 |
|
||||
Issuance of common stock under employee stock purchase plan |
|
— |
|
|
— |
|
|
7,932 |
|
|
7,751 |
|
||||
Settlement of acquisition related contingent cash consideration |
|
(4,900 |
) |
|
— |
|
|
(4,900 |
) |
|
— |
|
||||
Net cash provided by financing activities |
|
2,922 |
|
|
4,715 |
|
|
20,927 |
|
|
30,243 |
|
||||
Impact of foreign exchange on cash and cash equivalents |
|
4,898 |
|
|
(1,249 |
) |
|
3,455 |
|
|
(2,557 |
) |
||||
Net decrease in cash and cash equivalents |
|
(261,984 |
) |
|
12,084 |
|
|
(111,364 |
) |
|
(12,593 |
) |
||||
Cash and cash equivalents at beginning of period |
|
438,616 |
|
|
273,225 |
|
|
287,996 |
|
|
297,902 |
|
||||
Cash and cash equivalents at end of period |
$ |
176,632 |
|
$ |
285,309 |
|
$ |
176,632 |
|
$ |
285,309 |
|
||||
GitLab Inc. |
||||||||||||||||
Reconciliation of GAAP to Non-GAAP |
||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||
Gross profit on GAAP basis |
$ |
173,922 |
|
$ |
134,584 |
|
$ |
485,547 |
|
$ |
372,408 |
|
||||
Gross margin on GAAP basis |
|
89 |
% |
|
90 |
% |
|
89 |
% |
|
89 |
% |
||||
Stock-based compensation expense |
|
1,993 |
|
|
1,648 |
|
|
5,924 |
|
|
4,760 |
|
||||
Amortization of acquired intangibles |
|
2,511 |
|
|
521 |
|
|
5,931 |
|
|
1,546 |
|
||||
Restructuring charges |
|
— |
|
|
— |
|
|
— |
|
|
463 |
|
||||
Gross profit on non-GAAP basis |
$ |
178,426 |
|
$ |
136,753 |
|
$ |
497,402 |
|
$ |
379,177 |
|
||||
Gross margin on non-GAAP basis |
|
91 |
% |
|
91 |
% |
|
91 |
% |
|
91 |
% |
||||
|
|
|
|
|
||||||||||||
Sales and marketing on GAAP basis |
$ |
95,340 |
|
$ |
86,978 |
|
$ |
285,542 |
|
$ |
265,631 |
|
||||
Stock-based compensation expense |
|
(17,012 |
) |
|
(16,523 |
) |
|
(54,290 |
) |
|
(51,582 |
) |
||||
Restructuring charges |
|
(130 |
) |
|
54 |
|
|
(1,126 |
) |
|
(3,623 |
) |
||||
Sales and marketing on non-GAAP basis |
$ |
78,198 |
|
$ |
70,509 |
|
$ |
230,126 |
|
$ |
210,426 |
|
||||
|
|
|
|
|
||||||||||||
Research and development on GAAP basis |
$ |
61,354 |
|
$ |
49,058 |
|
$ |
176,767 |
|
$ |
148,452 |
|
||||
Stock-based compensation expense |
|
(14,384 |
) |
|
(12,738 |
) |
|
(42,834 |
) |
|
(36,917 |
) |
||||
Restructuring charges |
|
— |
|
|
(72 |
) |
|
(393 |
) |
|
(2,119 |
) |
||||
Research and development on non-GAAP basis |
$ |
46,970 |
|
$ |
36,248 |
|
$ |
133,540 |
|
$ |
109,416 |
|
||||
|
|
|
|
|
||||||||||||
General and administrative on GAAP basis |
$ |
45,960 |
|
$ |
38,815 |
|
$ |
146,615 |
|
$ |
110,882 |
|
||||
Stock-based compensation expense |
|
(14,653 |
) |
|
(10,425 |
) |
|
(36,215 |
) |
|
(26,773 |
) |
||||
Amortization of acquired intangibles |
|
— |
|
|
— |
|
|
— |
|
|
(100 |
) |
||||
Restructuring charges |
|
11 |
|
|
4 |
|
|
(377 |
) |
|
(1,634 |
) |
||||
Charitable donation of common stock |
|
(2,957 |
) |
|
(2,675 |
) |
|
(8,871 |
) |
|
(8,025 |
) |
||||
Changes in the fair value of acquisition related contingent consideration |
|
— |
|
|
— |
|
|
(3,750 |
) |
|
— |
|
||||
Acquisition related expenses |
|
(140 |
) |
|
— |
|
|
(2,849 |
) |
|
— |
|
||||
Other non-recurring charges |
|
(872 |
) |
|
(413 |
) |
|
(1,084 |
) |
|
(413 |
) |
||||
General and administrative on non-GAAP basis |
$ |
27,349 |
|
$ |
25,306 |
|
$ |
93,469 |
|
$ |
73,937 |
|
||||
|
|
|
|
|
||||||||||||
Loss from operations on GAAP basis |
$ |
(28,732 |
) |
$ |
(40,267 |
) |
$ |
(123,377 |
) |
$ |
(152,557 |
) |
||||
Stock-based compensation expense |
|
48,042 |
|
|
41,334 |
|
|
139,263 |
|
|
120,032 |
|
||||
Amortization of acquired intangibles |
|
2,511 |
|
|
521 |
|
|
5,931 |
|
|
1,646 |
|
||||
Restructuring charges |
|
119 |
|
|
14 |
|
|
1,896 |
|
|
7,839 |
|
||||
Charitable donation of common stock |
|
2,957 |
|
|
2,675 |
|
|
8,871 |
|
|
8,025 |
|
||||
Changes in the fair value of acquisition related contingent consideration |
|
— |
|
|
— |
|
|
3,750 |
|
|
— |
|
||||
Acquisition related expenses |
|
140 |
|
|
— |
|
|
2,849 |
|
|
— |
|
||||
Other non-recurring charges |
|
872 |
|
|
413 |
|
|
1,084 |
|
|
413 |
|
||||
Income (loss) from operations on non-GAAP basis |
$ |
25,909 |
|
$ |
4,690 |
|
$ |
40,267 |
|
$ |
(14,602 |
) |
||||
|
|
|
|
|
||||||||||||
Other income (expense), net on GAAP basis |
$ |
4,992 |
|
$ |
569 |
|
$ |
5,457 |
|
$ |
(508 |
) |
||||
Foreign exchange gains (losses), net |
|
(5,096 |
) |
|
(488 |
) |
|
(5,326 |
) |
|
506 |
|
||||
Other income (expense), net on non-GAAP basis |
$ |
(104 |
) |
$ |
81 |
|
$ |
131 |
|
$ |
(2 |
) |
||||
|
|
|
|
|
||||||||||||
Net income (loss) attributable to GitLab common stockholders on GAAP basis |
$ |
29,565 |
|
$ |
(285,158 |
) |
$ |
(12,130 |
) |
$ |
(387,707 |
) |
||||
Stock-based compensation expense |
|
48,042 |
|
|
41,334 |
|
|
139,263 |
|
|
120,032 |
|
||||
Amortization of acquired intangibles |
|
2,511 |
|
|
521 |
|
|
5,931 |
|
|
1,646 |
|
||||
Restructuring charges |
|
119 |
|
|
14 |
|
|
1,896 |
|
|
7,839 |
|
||||
Charitable donation of common stock |
|
2,957 |
|
|
2,675 |
|
|
8,871 |
|
|
8,025 |
|
||||
Changes in the fair value of acquisition related contingent consideration |
|
— |
|
|
— |
|
|
3,750 |
|
|
— |
|
||||
Acquisition related expenses |
|
140 |
|
|
— |
|
|
2,849 |
|
|
— |
|
||||
Loss from equity method investment, net of tax |
|
— |
|
|
743 |
|
|
— |
|
|
2,408 |
|
||||
Foreign exchange gains (losses), net |
|
(5,096 |
) |
|
(488 |
) |
|
(5,326 |
) |
|
506 |
|
||||
Income tax adjustment |
|
(39,965 |
) |
|
254,392 |
|
|
(78,047 |
) |
|
254,392 |
|
||||
Other non-recurring charges |
|
872 |
|
|
413 |
|
|
1,084 |
|
|
413 |
|
||||
Net income attributable to GitLab common stockholders on non-GAAP basis |
$ |
39,145 |
|
$ |
14,446 |
|
$ |
68,141 |
|
$ |
7,554 |
|
||||
|
|
|
|
|
||||||||||||
GAAP net income (loss) per share, basic |
$ |
0.18 |
|
$ |
(1.84 |
) |
$ |
(0.08 |
) |
$ |
(2.53 |
) |
||||
GAAP net income (loss) per share, diluted |
$ |
0.18 |
|
$ |
(1.84 |
) |
$ |
(0.08 |
) |
$ |
(2.53 |
) |
||||
|
|
|
|
|
||||||||||||
Non-GAAP net income per share, basic |
$ |
0.24 |
|
$ |
0.09 |
|
$ |
0.43 |
|
$ |
0.05 |
|
||||
Non-GAAP net income per share, diluted |
$ |
0.23 |
|
$ |
0.09 |
|
$ |
0.41 |
|
$ |
0.05 |
|
||||
|
|
|
|
|
||||||||||||
Shares used in per share calculation - basic on GAAP basis |
|
161,317 |
|
|
155,123 |
|
|
159,756 |
|
|
153,504 |
|
||||
Effect of dilutive securities |
|
6,119 |
|
|
7,671 |
|
|
7,637 |
|
|
7,774 |
|
||||
Shares used in per share calculation - diluted on non-GAAP basis |
|
167,436 |
|
|
162,794 |
|
|
167,393 |
|
|
161,278 |
|
||||
GitLab Inc. |
||||||||||||||||
Reconciliation of GAAP Cash Flow from Operating Activities to Adjusted Free Cash Flow |
||||||||||||||||
(in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Computation of adjusted free cash flow |
|
|
|
|
|
|
|
|||||||||
GAAP net cash provided by (used in) operating activities |
$ |
(177,028 |
) |
|
$ |
(5,961 |
) |
|
$ |
(127,193 |
) |
|
$ |
10,187 |
|
|
Less: Purchases of property and equipment |
|
(1,057 |
) |
|
|
(736 |
) |
|
|
(2,608 |
) |
|
|
(1,269 |
) |
|
Add: Income tax payments related to BAPA |
|
187,735 |
|
|
|
— |
|
|
|
187,735 |
|
|
|
— |
|
|
Non-GAAP adjusted free cash flow |
$ |
9,650 |
|
|
$ |
(6,697 |
) |
|
$ |
57,934 |
|
|
$ |
8,918 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241205686308/en/
Media Contact:
Lisa Boughner
VP, Global Communications
GitLab Inc.
press@gitlab.com
Investor Contact:
Kelsey Turcotte
VP, Investor Relations
GitLab Inc.
ir@gitlab.com
Source: GitLab Inc.
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