All Remote - GitLab Inc., the most comprehensive AI-powered
DevSecOps platform, announced the appointment of Chris Weber as its
chief revenue officer effective today.
Weber will be responsible for the planning and execution of
global revenue operations at GitLab as the company scales toward
its next phase of growth. He will oversee all field operations,
including sales, customer success and strategic partnerships.
Weber has held senior management roles for more than 20 years,
leading enterprise sales strategy, building high performing teams,
and managing global customer relationships across industries.
He previously served as the first-ever chief business officer at
UiPath and held numerous leadership positions at Microsoft, most
recently as corporate vice president, worldwide commercial
business, where he played a key role in driving enterprise sales
growth across four solution areas - Modern Workplace, Business
Applications, Apps & Infrastructure, and Data & AI. In his
time at Microsoft, he also built one of the world’s largest cloud
ecosystems of channel partners.
Weber succeeds Michael McBride, who will remain with the company
until August 1, 2023 to help with a smooth transition. Over the
past five years, McBride was instrumental in scaling GitLab from a
private company to a successful public company and the most
comprehensive AI-powered DevSecOps platform globally.
GitLab Confirms Second Quarter and Annual Guidance and
Announces Second Quarter Earnings Date
The Company confirms its second quarter and fiscal year 2024
guidance previously provided in the Company’s first quarter fiscal
year 2024 earnings release issued on June 5, 2023, as follows:
For the second quarter and fiscal year
2024, GitLab Inc. expects (in millions, except share and per share
data):
|
Q2 FY 2024 Guidance |
|
FY 2024 Guidance |
Revenue |
$129.0 - $130.0 |
|
$541.0 - $543.0 |
Non-GAAP operating loss |
$(11.0) - $(10.0) |
|
$(47.0) - $(43.0) |
Non-GAAP net loss per share
assuming approximately 153 million and 153 million weighted average
shares outstanding as of Q2 FY2024 and FY24, respectively |
$(0.03) - $(0.02) |
|
$(0.18) - $(0.14) |
|
|
|
|
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.
An explanation of these measures is
also included below in Non-GAAP Financial Measures.
Earnings Conference Call
InformationAdditionally, GitLab will report its financial
results for the second quarter of fiscal year 2024, which ends July
31, 2023, after U.S. markets close on Tuesday, September 5,
2023.
GitLab will host a Zoom video conference and earnings webcast
beginning at 4:30 p.m. EDT / 1:30 p.m. PDT on the same
day to discuss the company’s financial results. Interested parties
may register for the conference call here or at ir.gitlab.com.
An archived replay of the webcast and a transcript of the
prepared remarks will be available on the GitLab Investor
Relations’ website at ir.gitlab.com.
GitLab uses its Investor Relations website ir.gitlab.com and its
Twitter feed (@gitlab), among other channels, as a means of
disclosing material nonpublic information and for complying with
its disclosure obligations under Regulation FD.
Supporting Quotes
“As GitLab enters its next stage of growth, it is critical that
we have the right people, processes, and organizational structure
in place to scale. Chris’ proven track record and his dedication to
customers and his internal teams makes him a strong addition to
lead our revenue and field organizations,” said Sid Sijbrandij,
co-founder and CEO, GitLab. “I would also like to thank Michael for
his leadership over the past five years. His many contributions
have positioned GitLab to deliver on our key priorities and we wish
him all the best.”
“GitLab's differentiated approach to delivering the most
comprehensive AI-powered DevSecOps platform is revolutionizing how
companies develop, secure, and operate software,” said Chris Weber,
chief revenue officer. “Now more than ever, the company has the
opportunity to capitalize on organizations’ need to consolidate
tools, reduce integration costs, increase productivity, and
accelerate revenue by helping them build more secure software
faster. I am excited to contribute to accelerating global growth
and customer success at GitLab.”
About GitLab
GitLab is the most comprehensive, scalable enterprise 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 30 million registered users and more than
50% of the Fortune 100 trust GitLab to ship better, more secure
software faster.
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 stock-based compensation
expense, amortization of acquired intangible assets, foreign
exchange (gain) loss, (gain) loss from a deconsolidation of a
subsidiary, equity method investment (gain) loss, changes in the
fair value of acquisition related contingent consideration,
charitable donation of common stock, and restructuring charges. 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 contains
“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 future growth;
- our revenue growth rate in the future;
- our ability to achieve and sustain profitability, our business,
financial condition, and operating results;
- our intense competition 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 ability to manage our growth effectively;
- our transparency;
- our publicly available company Handbook;
- security and privacy breaches;
- customers staying on our free self-managed or SaaS product
offering;
- our limited operating history;
- 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 regional and global conflict, including armed
conflict in Ukraine, on our business; and
- general economic conditions
(including changes in interest rates, inflation, 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.
Contacts:
Media
Contact: Lisa BoughnerVP, Global Communications GitLab
Inc. press@gitlab.com
Investor
Contact: Jack AndrewsVP, Investor RelationsGitLab
Inc.ir@gitlab.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7299aab1-bcfc-4df9-93ea-ee22b1a8e54b
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