All-Remote - GitLab Inc. (NASDAQ: GTLB), The
DevSecOps Platform, today reported financial results for its second
quarter fiscal year 2024, ended July 31, 2023.
“GitLab’s strong quarter is a result of our
focus on creating a differentiated and innovative DevSecOps
platform and executing on a strong go-to-market motion,” said Sid
Sijbrandij, GitLab CEO and co-founder. “In addition, Gartner and
Forrester recognized GitLab as a category leader, which is an
important milestone for the company and signals the shift from
point solutions to platforms. We believe that our rapid pace of
product innovation and strong customer demand position us to
capture a greater share of the estimated $40 billion total
addressable market opportunity.”
“We are pleased with our continued business
momentum as it shows the value proposition of our market-leading
DevSecOps platform is resonating in the market,” said Brian Robins,
GitLab chief financial officer. “Our revenue of $139.6 million this
quarter represents an increase of 38% organically from the prior
year, which shows that we continue to execute while driving
responsible growth.”
Second Quarter Fiscal Year
2024 Financial Highlights (in
millions, except per share data and percentages):
|
Q2 FY 2024 |
|
Q2 FY 2023 |
|
Y/Y Change |
Revenue |
$ |
139.6 |
|
|
$ |
101.0 |
|
|
|
38 |
% |
GAAP Gross margin |
|
89 |
% |
|
|
87 |
% |
|
|
Non-GAAP Gross margin |
|
91 |
% |
|
|
89 |
% |
|
|
GAAP Operating loss |
$ |
(54.1 |
) |
|
$ |
(65.3 |
) |
|
$ |
11.2 |
|
Non-GAAP Operating loss |
$ |
(4.3 |
) |
|
$ |
(27.0 |
) |
|
$ |
22.7 |
|
GAAP Net loss attributable to
GitLab |
$ |
(50.1 |
) |
|
$ |
(59.0 |
) |
|
$ |
8.9 |
|
Non-GAAP Net income (loss)
attributable to GitLab |
$ |
1.9 |
|
|
$ |
(21.5 |
) |
|
$ |
23.4 |
|
GAAP Net loss per share
attributable to GitLab |
$ |
(0.33 |
) |
|
$ |
(0.40 |
) |
|
$ |
0.07 |
|
Non-GAAP Net income (loss) per
share attributable to GitLab |
$ |
0.01 |
|
|
$ |
(0.15 |
) |
|
$ |
0.16 |
|
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 7,815, up 33% from Q2 of fiscal year 2023.
- Customers with more than $100,000
of ARR increased to 810, up 37% from Q2 of fiscal year 2023.
- Dollar-Based Net Retention Rate was
124% in Q2 of fiscal year 2024.
- Named as a leader in the inaugural
Gartner® Magic Quadrant™ for DevOps Platforms.
- Recognized as the only Leader in
The Forrester Wave™: Integrated Software Delivery Platforms, Q2
2023 Report.
- Appointed Chris Weber as Chief
Revenue Officer. A long-time Microsoft executive, Weber will
oversee all field operations, including sales, customer success,
and strategic partnerships.
- Released inaugural reports for
environmental, social, and governance (ESG) and diversity,
inclusion, and belonging (DIB). These reports highlight GitLab’s
progress and performance across key ESG & DIB priorities.
- Announced the release of GitLab
16.0 to deliver AI-powered workflows, strengthen software supply
chain security, and help customers meet complex compliance and
regulatory needs.
- Launched the DevSecOps World Tour
in Q2 of fiscal year 2024, which includes in-person customer events
in 14 global cities.
Third Quarter and Fiscal Year
2024 Financial Outlook
For the third quarter and fiscal year 2024, GitLab Inc. expects
(in millions, except share and per share data):
|
Q3 FY 2024 Guidance |
|
FY 2024 Guidance |
Revenue |
$140.0 - $141.0 |
|
$555.0 - $557.0 |
Non-GAAP operating loss |
$(6.0) - $(5.0) |
|
$(33.0) - $(30.0) |
Non-GAAP net loss per share
assuming approximately 155 million and 154 million weighted average
shares outstanding as of Q3 FY2024 and FY24, respectively |
$(0.02) - $(0.01) |
|
$(0.08) - $(0.05) |
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,
September 5, 2023, at 1:30 p.m. (PT) / 4:30 p.m. (ET) to
discuss its second 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_v_NmrHleRDeFXh4MyaoN1g#/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 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 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 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 plans to incorporate 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 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.
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)
|
July 31, 2023(1) |
|
January 31, 2023(1) |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash
equivalents |
$ |
273,225 |
|
|
$ |
295,402 |
|
Short-term
investments |
|
713,058 |
|
|
|
641,249 |
|
Accounts receivable, net of
allowance for doubtful accounts of $180 and $1,564 as of
July 31, 2023 and January 31, 2023,
respectively |
|
105,815 |
|
|
|
130,479 |
|
Deferred contract acquisition
costs, current |
|
25,069 |
|
|
|
26,505 |
|
Prepaid expenses and other
current assets |
|
26,053 |
|
|
|
24,327 |
|
Total current
assets |
|
1,143,220 |
|
|
|
1,117,962 |
|
Property and equipment,
net |
|
4,080 |
|
|
|
5,797 |
|
Operating lease right-of-use
assets |
|
673 |
|
|
|
998 |
|
Equity method
investment |
|
10,574 |
|
|
|
12,682 |
|
Goodwill |
|
8,145 |
|
|
|
8,145 |
|
Intangible assets,
net |
|
2,774 |
|
|
|
3,901 |
|
Deferred contract acquisition
costs,
non-current |
|
14,743 |
|
|
|
15,628 |
|
Other long-term
assets |
|
4,860 |
|
|
|
4,087 |
|
TOTAL
ASSETS |
$ |
1,189,069 |
|
|
$ |
1,169,200 |
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts
payable |
$ |
4,165 |
|
|
$ |
5,184 |
|
Accrued expenses and other
current
liabilities |
|
24,643 |
|
|
|
25,954 |
|
Accrued compensation and
benefits |
|
23,504 |
|
|
|
20,776 |
|
Deferred revenue,
current |
|
268,883 |
|
|
|
254,382 |
|
Total current
liabilities |
|
321,195 |
|
|
|
306,296 |
|
Deferred revenue,
non-current |
|
25,860 |
|
|
|
28,355 |
|
Other non-current
liabilities |
|
10,774 |
|
|
|
9,824 |
|
TOTAL
LIABILITIES |
|
357,829 |
|
|
|
344,475 |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
Preferred stock, $0.0000025
par value; 50,000 shares authorized as of July 31, 2023
and January 31, 2023; no shares issued and outstanding as of
July 31, 2023 and January 31,
2023 |
|
— |
|
|
|
— |
|
Class A Common stock,
$0.0000025 par value; 1,500,000 shares authorized as of
July 31, 2023 and January 31, 2023; 103,432 and 94,655
shares issued and outstanding as of July 31, 2023 and
January 31, 2023,
respectively |
|
— |
|
|
|
— |
|
Class B Common stock,
$0.0000025 par value; 250,000 shares authorized as of July 31,
2023 and January 31, 2023; 51,178 and 56,489 shares issued and
outstanding as of July 31, 2023 and January 31, 2023,
respectively |
|
— |
|
|
|
— |
|
Additional paid-in
capital |
|
1,610,072 |
|
|
|
1,497,373 |
|
Accumulated
deficit |
|
(828,197 |
) |
|
|
(725,648 |
) |
Accumulated other
comprehensive income
(loss) |
|
1,782 |
|
|
|
(705 |
) |
Total GitLab stockholders’
equity |
|
783,657 |
|
|
|
771,020 |
|
Noncontrolling
interests |
|
47,583 |
|
|
|
53,705 |
|
TOTAL STOCKHOLDERS’
EQUITY |
|
831,240 |
|
|
|
824,725 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’
EQUITY |
$ |
1,189,069 |
|
|
$ |
1,169,200 |
|
__________(1) As of July 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 $52.5 million
and $62.8 million, respectively, and liabilities of $7.3
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 July 31, |
|
Six Months Ended July 31, 2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue: |
|
|
|
|
|
Subscription—self-managed and
SaaS |
$ |
122,096 |
|
|
$ |
88,936 |
|
|
$ |
233,287 |
|
|
$ |
165,859 |
|
License—self-managed and
other |
|
17,485 |
|
|
|
12,105 |
|
|
|
33,172 |
|
|
|
22,589 |
|
Total revenue |
|
139,581 |
|
|
|
101,041 |
|
|
|
266,459 |
|
|
|
188,448 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Subscription—self-managed and
SaaS |
|
10,871 |
|
|
|
10,671 |
|
|
|
21,762 |
|
|
|
18,604 |
|
License—self-managed and
other |
|
3,825 |
|
|
|
2,359 |
|
|
|
6,873 |
|
|
|
4,274 |
|
Total cost of
revenue |
|
14,696 |
|
|
|
13,030 |
|
|
|
28,635 |
|
|
|
22,878 |
|
Gross
profit |
|
124,885 |
|
|
|
88,011 |
|
|
|
237,824 |
|
|
|
165,570 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and
marketing |
|
92,116 |
|
|
|
80,689 |
|
|
|
178,653 |
|
|
|
147,399 |
|
Research and
development |
|
49,007 |
|
|
|
39,520 |
|
|
|
99,394 |
|
|
|
71,350 |
|
General and
administrative |
|
37,819 |
|
|
|
33,104 |
|
|
|
72,067 |
|
|
|
54,996 |
|
Total operating
expenses |
|
178,942 |
|
|
|
153,313 |
|
|
|
350,114 |
|
|
|
273,745 |
|
Loss from
operations |
|
(54,057 |
) |
|
|
(65,302 |
) |
|
|
(112,290 |
) |
|
|
(108,175 |
) |
Interest
income |
|
9,112 |
|
|
|
3,064 |
|
|
|
16,427 |
|
|
|
3,590 |
|
Other income (expense),
net |
|
(1,330 |
) |
|
|
1,500 |
|
|
|
(1,077 |
) |
|
|
19,948 |
|
Loss before income taxes and
loss from equity method
investment |
|
(46,275 |
) |
|
|
(60,738 |
) |
|
|
(96,940 |
) |
|
|
(84,637 |
) |
Loss from equity method
investment, net of
tax |
|
(917 |
) |
|
|
(816 |
) |
|
|
(1,665 |
) |
|
|
(1,019 |
) |
Provision for (benefit from)
income taxes |
|
4,016 |
|
|
|
(57 |
) |
|
|
5,502 |
|
|
|
2,454 |
|
Net
loss |
$ |
(51,208 |
) |
|
$ |
(61,497 |
) |
|
$ |
(104,107 |
) |
|
$ |
(88,110 |
) |
Net loss attributable to
noncontrolling
interest |
|
(1,128 |
) |
|
|
(2,473 |
) |
|
|
(1,558 |
) |
|
|
(2,987 |
) |
Net loss attributable to
GitLab |
$ |
(50,080 |
) |
|
$ |
(59,024 |
) |
|
$ |
(102,549 |
) |
|
$ |
(85,123 |
) |
Net loss per share
attributable to GitLab Class A and Class B common stockholders,
basic and
diluted |
$ |
(0.33 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.67 |
) |
|
$ |
(0.58 |
) |
Weighted-average shares used
to compute net loss per share attributable to GitLab Class A and
Class B common stockholders, basic and
diluted |
|
153,644 |
|
|
|
147,797 |
|
|
|
152,683 |
|
|
|
147,248 |
|
|
GitLab Inc.Condensed
Consolidated Statements of Cash Flows(in
thousands)(unaudited)
|
Six Months Ended July 31, |
|
2023 |
|
2022 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
Net loss, including amounts attributable to noncontrolling
interest |
$ |
(104,107 |
) |
|
$ |
(88,110 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
Stock-based compensation
expense |
|
78,698 |
|
|
|
55,218 |
|
Charitable donation of common
stock |
|
5,350 |
|
|
|
— |
|
Amortization of intangible
assets |
|
1,125 |
|
|
|
1,176 |
|
Depreciation
expense |
|
2,206 |
|
|
|
1,286 |
|
Amortization of deferred contract acquisition
costs |
|
20,619 |
|
|
|
21,618 |
|
Gain from deconsolidation of Meltano
Inc. |
|
— |
|
|
|
(17,798 |
) |
Loss from equity method
investment |
|
2,108 |
|
|
|
1,290 |
|
Net amortization of premiums or discounts on short-term
investments |
|
(8,494 |
) |
|
|
(1,293 |
) |
Unrealized foreign exchange loss (gain),
net |
|
825 |
|
|
|
(1,572 |
) |
Other non-cash (income) expense,
net |
|
(103 |
) |
|
|
469 |
|
Changes in assets and
liabilities: |
|
|
|
Accounts
receivable |
|
25,281 |
|
|
|
(13,568 |
) |
Prepaid expenses and other current
assets |
|
(4,248 |
) |
|
|
(5,488 |
) |
Deferred contract acquisition
costs |
|
(18,137 |
) |
|
|
(21,210 |
) |
Other long-term
assets |
|
(721 |
) |
|
|
2,700 |
|
Accounts
payable |
|
(1,023 |
) |
|
|
528 |
|
Accrued expenses and other current
liabilities |
|
1,183 |
|
|
|
90 |
|
Accrued compensation and
benefits |
|
2,611 |
|
|
|
(16,680 |
) |
Deferred
revenue |
|
11,175 |
|
|
|
17,549 |
|
Other non-current
liabilities |
|
1,800 |
|
|
|
(696 |
) |
Net cash provided by (used in) operating
activities |
|
16,148 |
|
|
|
(64,491 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
Purchases of short-term
investments |
|
(334,996 |
) |
|
|
(520,664 |
) |
Proceeds from maturities of
short-term
investments |
|
272,984 |
|
|
|
50,031 |
|
Purchases of property and
equipment |
|
(533 |
) |
|
|
(3,234 |
) |
Deconsolidation of Meltano
Inc. |
|
— |
|
|
|
(9,620 |
) |
Escrow payment related to
business combination, after acquisition
date |
|
(2,500 |
) |
|
|
— |
|
Net cash used in investing
activities |
|
(65,045 |
) |
|
|
(483,487 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
Proceeds from the issuance of
common stock upon exercise of stock options, including early
exercises, net of
repurchases |
|
17,777 |
|
|
|
11,311 |
|
Issuance of common stock under
employee stock purchase plan |
|
7,751 |
|
|
|
9,554 |
|
Contributions received from
noncontrolling interests, net of issuance
costs |
|
— |
|
|
|
57,673 |
|
Net cash provided by financing
activities |
|
25,528 |
|
|
|
78,538 |
|
Impact of foreign exchange on
cash and cash
equivalents |
|
(1,308 |
) |
|
|
(4,475 |
) |
Net decrease in cash and cash
equivalents |
|
(24,677 |
) |
|
|
(473,915 |
) |
Cash, cash equivalents, and
restricted cash at beginning of
period |
|
297,902 |
|
|
|
887,172 |
|
Cash, cash equivalents, and
restricted cash at end of
period |
$ |
273,225 |
|
|
$ |
413,257 |
|
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 |
$ |
273,225 |
|
|
$ |
410,757 |
|
Restricted cash, included in
prepaid expenses and other current
assets |
|
— |
|
|
|
2,500 |
|
Total cash, cash equivalents
and restricted
cash |
$ |
273,225 |
|
|
$ |
413,257 |
|
|
GitLab
Inc.Reconciliation of GAAP to
Non-GAAP(in thousands, except per share
data)(unaudited)
|
Three Months Ended July 31, |
|
Six Months Ended July 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Gross profit on GAAP basis
|
$ |
124,885 |
|
|
$ |
88,011 |
|
|
$ |
237,824 |
|
|
$ |
165,570 |
|
Gross margin on GAAP
basis |
|
89 |
% |
|
|
87 |
% |
|
|
89 |
% |
|
|
88 |
% |
Stock-based compensation
expense |
|
1,698 |
|
|
|
1,585 |
|
|
|
3,112 |
|
|
|
2,375 |
|
Amortization of acquired
intangibles |
|
521 |
|
|
|
521 |
|
|
|
1,025 |
|
|
|
1,025 |
|
Restructuring
charges |
|
46 |
|
|
|
— |
|
|
|
463 |
|
|
|
— |
|
Gross profit on non-GAAP basis
|
$ |
127,150 |
|
|
$ |
90,117 |
|
|
$ |
242,424 |
|
|
$ |
168,970 |
|
Gross margin on non-GAAP
basis |
|
91 |
% |
|
|
89 |
% |
|
|
91 |
% |
|
|
90 |
% |
|
|
|
|
|
|
|
|
Sales and marketing on GAAP
basis |
$ |
92,116 |
|
|
$ |
80,689 |
|
|
$ |
178,653 |
|
|
$ |
147,399 |
|
Stock-based compensation
expense |
|
(21,295 |
) |
|
|
(14,851 |
) |
|
|
(35,059 |
) |
|
|
(21,902 |
) |
Restructuring
charges |
|
(118 |
) |
|
|
— |
|
|
|
(3,677 |
) |
|
$ |
— |
|
Sales and marketing on
non-GAAP basis
|
$ |
70,703 |
|
|
$ |
65,838 |
|
|
$ |
139,917 |
|
|
$ |
125,497 |
|
|
|
|
|
|
|
|
|
Research and development on
GAAP basis |
$ |
49,007 |
|
|
$ |
39,520 |
|
|
$ |
99,394 |
|
|
$ |
71,350 |
|
Stock-based compensation
expense |
|
(12,477 |
) |
|
|
(11,339 |
) |
|
|
(24,179 |
) |
|
|
(16,375 |
) |
Restructuring
charges |
|
12 |
|
|
|
— |
|
|
|
(2,047 |
) |
|
|
— |
|
Research and development on
non-GAAP basis
|
$ |
36,542 |
|
|
$ |
28,181 |
|
|
$ |
73,168 |
|
|
$ |
54,975 |
|
|
|
|
|
|
|
|
|
General and administrative on
GAAP basis |
$ |
37,819 |
|
|
$ |
33,104 |
|
|
$ |
72,067 |
|
|
$ |
54,996 |
|
Amortization of acquired
intangibles |
|
(25 |
) |
|
|
(74 |
) |
|
|
(100 |
) |
|
|
(151 |
) |
Stock-based compensation
expense |
|
(10,898 |
) |
|
|
(9,972 |
) |
|
|
(16,348 |
) |
|
|
(14,566 |
) |
Restructuring
charges |
|
(20 |
) |
|
|
— |
|
|
|
(1,638 |
) |
|
|
— |
|
Charitable donation of common
stock |
|
(2,675 |
) |
|
|
— |
|
|
|
(5,350 |
) |
|
|
— |
|
General and administrative on
non-GAAP basis
|
$ |
24,201 |
|
|
$ |
23,058 |
|
|
$ |
48,631 |
|
|
$ |
40,279 |
|
|
|
|
|
|
|
|
|
Loss from operations on GAAP
basis |
$ |
(54,057 |
) |
|
$ |
(65,302 |
) |
|
$ |
(112,290 |
) |
|
$ |
(108,175 |
) |
Stock-based compensation
expense |
|
46,368 |
|
|
|
37,747 |
|
|
|
78,698 |
|
|
|
55,218 |
|
Amortization of acquired
intangibles |
|
546 |
|
|
|
595 |
|
|
|
1,125 |
|
|
|
1,176 |
|
Restructuring
charges |
|
172 |
|
|
|
— |
|
|
|
7,825 |
|
|
|
— |
|
Charitable donation of common
stock |
|
2,675 |
|
|
|
— |
|
|
|
5,350 |
|
|
|
— |
|
Loss from operations on non-GAAP basis
|
$ |
(4,296 |
) |
|
$ |
(26,960 |
) |
|
$ |
(19,292 |
) |
|
$ |
(51,781 |
) |
|
|
|
|
|
|
|
|
Other income (expense), net on GAAP
basis |
$ |
(1,330 |
) |
|
$ |
1,500 |
|
|
$ |
(1,077 |
) |
|
$ |
19,948 |
|
Gain from deconsolidation of Meltano
Inc. |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,798 |
) |
Foreign exchange gains (losses),
net |
|
1,268 |
|
|
|
(1,646 |
) |
|
|
994 |
|
|
|
(2,506 |
) |
Other income, net on non-GAAP
basis |
$ |
(62 |
) |
|
$ |
(146 |
) |
|
$ |
(83 |
) |
|
$ |
(356 |
) |
|
|
|
|
|
|
|
|
Net loss attributable to GitLab common stockholders on GAAP
basis |
$ |
(50,080 |
) |
|
$ |
(59,024 |
) |
|
$ |
(102,549 |
) |
|
$ |
(85,123 |
) |
Stock-based compensation
expense |
|
46,368 |
|
|
|
37,747 |
|
|
|
78,698 |
|
|
|
55,218 |
|
Amortization of acquired
intangibles |
|
546 |
|
|
|
595 |
|
|
|
1,125 |
|
|
|
1,176 |
|
Restructuring
charges |
|
172 |
|
|
|
— |
|
|
|
7,825 |
|
|
|
— |
|
Charitable donation of common
stock |
|
2,675 |
|
|
|
— |
|
|
|
5,350 |
|
|
|
— |
|
Gain from deconsolidation of Meltano
Inc. |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,798 |
) |
Loss from equity method investment, net of
tax |
|
917 |
|
|
|
816 |
|
|
|
1,665 |
|
|
|
1,019 |
|
Foreign exchange gains (losses),
net |
|
1,268 |
|
|
|
(1,646 |
) |
|
|
994 |
|
|
|
(2,506 |
) |
Net income (loss) attributable to GitLab common stockholders on
non-GAAP basis |
$ |
1,866 |
|
|
$ |
(21,512 |
) |
|
$ |
(6,892 |
) |
|
$ |
(48,014 |
) |
|
|
|
|
|
|
|
|
GAAP net loss per share, basic and
diluted |
$ |
(0.33 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.67 |
) |
|
$ |
(0.58 |
) |
Non-GAAP net income (loss) per share,
basic |
$ |
0.01 |
|
|
$ |
(0.15 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.33 |
) |
Non-GAAP net income (loss) per share,
diluted |
$ |
0.01 |
|
|
$ |
(0.15 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.33 |
) |
|
|
|
|
|
|
|
|
Shares used in per share calculation - basic on GAAP
basis |
|
153,644 |
|
|
|
147,797 |
|
|
|
152,683 |
|
|
|
147,248 |
|
Effect of dilutive securities
(1) |
|
7,473 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares used in per share calculation - diluted on non-GAAP
basis |
|
161,117 |
|
|
|
147,797 |
|
|
|
152,683 |
|
|
|
147,248 |
|
(1) 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: Jack
AndrewsVP, Investor RelationsGitLab Inc.ir@gitlab.com
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