GitLab Inc. (NASDAQ: GTLB), The DevSecOps Platform, today reported
financial results for its first quarter fiscal year 2025, ended
April 30, 2024.
“GitLab continues to differentiate our platform
with AI-driven software innovations that are streamlining how
customers build, test, secure, and deploy software,” said Sid
Sijbrandij, GitLab CEO and co-founder. “Our results show that
customers see the value of our end-to-end DevSecOps platform, which
enables them to leverage AI throughout the software development
lifecycle and enhance productivity while creating better and more
secure code.”
“We continue to deliver strong top-line growth
with first-quarter revenue growing 33% year-over-year,” said Brian
Robins, GitLab chief financial officer. “Operating margin expanded
significantly year-over-year and, for the first time, we generated
positive first quarter cash flow. With GitLab, customers
consolidate their spending and deliver outcomes to the business
more quickly, maximizing budgets, and increasing their
competitiveness.”
First Quarter Fiscal Year
2025 Financial Highlights (in
millions, except per share data and percentages):
|
Q1 FY 2025 |
|
Q1 FY 2024 |
|
Y/Y Change |
Revenue |
$ |
169.2 |
|
|
$ |
126.9 |
|
|
|
33 |
% |
GAAP Gross margin |
|
89 |
% |
|
|
89 |
% |
|
|
Non-GAAP Gross margin |
|
91 |
% |
|
|
91 |
% |
|
|
GAAP Operating margin |
|
(32 |
)% |
|
|
(46 |
)% |
|
|
Non-GAAP Operating margin |
|
(2 |
)% |
|
|
(12 |
)% |
|
|
GAAP Operating loss |
$ |
(53.6 |
) |
|
$ |
(58.2 |
) |
|
$ |
4.6 |
|
Non-GAAP Operating loss |
$ |
(3.8 |
) |
|
$ |
(15.0 |
) |
|
$ |
11.2 |
|
GAAP Net loss attributable to
GitLab |
$ |
(54.6 |
) |
|
$ |
(52.5 |
) |
|
$ |
(2.1 |
) |
Non-GAAP Net income (loss)
attributable to GitLab |
$ |
4.5 |
|
|
$ |
(8.8 |
) |
|
$ |
13.3 |
|
GAAP Net loss per share
attributable to GitLab |
$ |
(0.35 |
) |
|
$ |
(0.35 |
) |
|
$ |
— |
|
Non-GAAP Net income (loss) per
share attributable to GitLab |
$ |
0.03 |
|
|
$ |
(0.06 |
) |
|
$ |
0.09 |
|
GAAP net cash provided by
(used in) operating activities |
$ |
38.1 |
|
|
$ |
(11.0 |
) |
|
$ |
49.1 |
|
Non-GAAP adjusted free cash
flow |
$ |
37.4 |
|
|
$ |
(11.2 |
) |
|
$ |
48.6 |
|
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 of
ARR reached 8,976, an increase of 21% year-over-year.
- Customers with more than $100,000
of ARR reached 1,025, an increase of 35% year-over-year.
- Dollar-Based Net Retention Rate was
129%.
- Total RPO grew 48% year-over-year
to $681.2 million, while cRPO grew 34% to
$436.1 million.
Business Highlights:
- Announced an integration with
Google Console to help customers improve developer experience and
decrease context switching across GitLab and Google Cloud.
- Awarded the 2024 Google Cloud
Technology Partner of the Year Award in the Application Development
- DevOps category.
- Announced the general availability
of GitLab Duo Chat, which helps customers seamlessly integrate AI
throughout the software development lifecycle with a single natural
language chat interface.
- Released GitLab 17 featuring GitLab
Duo Enterprise, an end-to-end AI add-on to embed secure AI-driven
capabilities across every step of the software development
lifecycle.
- Acquired Oxeye, a cloud-native
application security and risk management solution provider, to
further streamline vulnerability management and remediation.
- Acquired the intellectual property
of Rezilion to enrich vulnerability risk data, add auto-remediation
capabilities, as well as runtime vulnerability reachability.
- Introduced a new AI privacy
controls feature to enable organizations to control sensitive data
at the project, group, and subgroup levels to help reduce the
security and compliance risks of AI adoption.
- Launched the AI Transparency Center
to help GitLab’s customers better understand the ways in which
GitLab upholds ethics and transparency in its AI-powered
features.
Second Quarter and
Fiscal Year 2025 Financial
Outlook
On March 4, 2024 we provided fiscal year 2025 revenue guidance
using our fiscal year 2024 stand alone selling price, or SSP,
allocation analysis as the analysis for fiscal year 2025 was in
progress. We have now completed that analysis which has resulted in
an estimated $4 million headwind to fiscal year 2025 revenue
guidance relative to the initial guidance.
Fiscal year 2025 revenue guidance provided below absorbs the $4
million SSP headwind and raises in-line with our first quarter
top-line outperformance.
For the second quarter and fiscal year 2025, GitLab Inc. expects
(in millions, except share and per share data):
|
Q2 FY 2025 Guidance |
|
FY 2025 Guidance |
Revenue |
$176.0 - $177.0 |
|
$733.0 - $737.0 |
Non-GAAP operating income |
$10.0 - $11.0 |
|
$34.0 - $38.0 |
Non-GAAP diluted net income per
share assuming approximately 167 million and 168 million weighted
average shares outstanding during Q2 FY 2025 and FY 2025,
respectively. |
$0.09 - $0.10 |
|
$0.34 - $0.37 |
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,
June 3, 2024, at 1:30 p.m. (PT) / 4:30 p.m. (ET) to discuss
its first quarter fiscal year 2025 financial results and its
guidance for the second quarter and fiscal year 2025. To access
this call, dial 1-800-225-9448 (US/Canada Toll-Free) or
1-203-518-9708 (Toll). The passcode is GITLAB. 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 DevSecOps
Platform that empowers organizations to maximize the overall return
on software development by delivering software faster and more
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 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 (used in)
operating activities less cash used for purchases of property and
equipment and 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;• 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) |
|
|
April 30, 2024(1) |
|
January 31, 2024(1) |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
420,322 |
|
|
$ |
287,996 |
|
Short-term investments |
|
641,173 |
|
|
|
748,289 |
|
Accounts receivable, net of
allowance for doubtful accounts of $582 and $673 as of
April 30, 2024 and January 31, 2024, respectively |
|
135,195 |
|
|
|
166,731 |
|
Deferred contract acquisition
costs, current |
|
31,034 |
|
|
|
32,300 |
|
Prepaid expenses and other
current assets |
|
35,319 |
|
|
|
45,601 |
|
Total current assets |
|
1,263,043 |
|
|
|
1,280,917 |
|
Property and equipment,
net |
|
2,820 |
|
|
|
2,954 |
|
Operating lease right-of-use
assets |
|
543 |
|
|
|
405 |
|
Goodwill |
|
16,070 |
|
|
|
8,145 |
|
Intangible assets, net |
|
16,637 |
|
|
|
1,733 |
|
Deferred contract acquisition
costs, non-current |
|
17,738 |
|
|
|
19,317 |
|
Other non-current assets |
|
4,776 |
|
|
|
4,390 |
|
TOTAL ASSETS |
$ |
1,321,627 |
|
|
$ |
1,317,861 |
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
$ |
3,230 |
|
|
$ |
1,738 |
|
Accrued expenses and other
current liabilities |
|
306,734 |
|
|
|
286,178 |
|
Accrued compensation and
benefits |
|
22,743 |
|
|
|
35,809 |
|
Deferred revenue, current |
|
341,830 |
|
|
|
338,348 |
|
Total current liabilities |
|
674,537 |
|
|
|
662,073 |
|
Deferred revenue,
non-current |
|
15,267 |
|
|
|
23,794 |
|
Other non-current
liabilities |
|
17,465 |
|
|
|
14,060 |
|
TOTAL LIABILITIES |
|
707,269 |
|
|
|
699,927 |
|
STOCKHOLDERS’ EQUITY: |
|
|
|
Preferred stock, $0.0000025
par value; 50,000 shares authorized as of April 30, 2024
and January 31, 2024; no shares issued and outstanding as of
April 30, 2024 and January 31, 2024 |
|
— |
|
|
|
— |
|
Class A Common stock,
$0.0000025 par value; 1,500,000 shares authorized as of
April 30, 2024 and January 31, 2024; 132,670 and 114,670
shares issued and outstanding as of April 30, 2024 and
January 31, 2024, respectively |
|
— |
|
|
|
— |
|
Class B Common stock,
$0.0000025 par value; 250,000 shares authorized as of
April 30, 2024 and January 31, 2024; 26,212 and 42,887
shares issued and outstanding as of April 30, 2024 and
January 31, 2024, respectively |
|
— |
|
|
|
— |
|
Additional paid-in
capital |
|
1,768,947 |
|
|
|
1,718,661 |
|
Accumulated deficit |
|
(1,204,466 |
) |
|
|
(1,149,822 |
) |
Accumulated other
comprehensive income |
|
3,360 |
|
|
|
2,335 |
|
Total GitLab stockholders’
equity |
|
567,841 |
|
|
|
571,174 |
|
Noncontrolling interests |
|
46,517 |
|
|
|
46,760 |
|
TOTAL STOCKHOLDERS’
EQUITY |
|
614,358 |
|
|
|
617,934 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
1,321,627 |
|
|
$ |
1,317,861 |
|
__________
(1) As of April 30, 2024 and
January 31, 2024, the consolidated balance sheet includes
assets of the consolidated variable interest entity, GitLab
Information Technology (Hubei) Co., LTD (“JiHu”), of $46.7 million
and $47.6 million, respectively, and liabilities of $6.1
million and $6.1 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 April 30, |
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
Subscription—self-managed and SaaS |
$ |
151,179 |
|
|
$ |
111,191 |
|
License—self-managed and other |
|
18,008 |
|
|
|
15,687 |
|
Total revenue |
|
169,187 |
|
|
|
126,878 |
|
Cost of revenue: |
|
|
|
Subscription—self-managed and SaaS |
|
13,839 |
|
|
|
10,891 |
|
License—self-managed and other |
|
4,937 |
|
|
|
3,048 |
|
Total cost of revenue |
|
18,776 |
|
|
|
13,939 |
|
Gross profit |
|
150,411 |
|
|
|
112,939 |
|
Operating expenses: |
|
|
|
Sales and marketing |
|
92,424 |
|
|
|
86,537 |
|
Research and development |
|
54,140 |
|
|
|
50,387 |
|
General and administrative |
|
57,487 |
|
|
|
34,248 |
|
Total operating expenses |
|
204,051 |
|
|
|
171,172 |
|
Loss from operations |
|
(53,640 |
) |
|
|
(58,233 |
) |
Interest income |
|
12,030 |
|
|
|
7,315 |
|
Other income (expense),
net |
|
(567 |
) |
|
|
253 |
|
Loss before income taxes and
loss from equity method investment |
|
(42,177 |
) |
|
|
(50,665 |
) |
Loss from equity method
investment, net of tax |
|
— |
|
|
|
(748 |
) |
Provision for income
taxes |
|
12,710 |
|
|
|
1,486 |
|
Net loss |
$ |
(54,887 |
) |
|
$ |
(52,899 |
) |
Net loss attributable to
noncontrolling interest |
|
(243 |
) |
|
|
(430 |
) |
Net loss attributable to
GitLab |
$ |
(54,644 |
) |
|
$ |
(52,469 |
) |
Net loss per share
attributable to GitLab Class A and Class B common stockholders,
basic and diluted |
$ |
(0.35 |
) |
|
$ |
(0.35 |
) |
Weighted-average shares used
to compute net loss per share attributable to GitLab Class A and
Class B common stockholders, basic and diluted |
|
158,157 |
|
|
|
151,692 |
|
|
GitLab Inc.Condensed Consolidated
Statements of Cash Flows(in
thousands)(unaudited) |
|
|
Three Months Ended April 30, |
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
Net loss, including amounts
attributable to noncontrolling interest |
$ |
(54,887 |
) |
|
$ |
(52,899 |
) |
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities: |
|
|
|
Stock-based compensation expense |
|
42,252 |
|
|
|
32,330 |
|
Charitable donation of common stock |
|
2,957 |
|
|
|
2,675 |
|
Amortization of intangible assets |
|
1,087 |
|
|
|
579 |
|
Depreciation expense |
|
937 |
|
|
|
1,092 |
|
Amortization of deferred contract acquisition costs |
|
11,109 |
|
|
|
10,549 |
|
Loss from equity method investment |
|
— |
|
|
|
947 |
|
Net amortization of premiums or discounts on short-term
investments |
|
(4,900 |
) |
|
|
(3,596 |
) |
Unrealized foreign exchange loss (gain), net |
|
545 |
|
|
|
(262 |
) |
Other non-cash expense (income), net |
|
412 |
|
|
|
(59 |
) |
Changes in assets and
liabilities: |
|
|
|
Accounts receivable |
|
31,072 |
|
|
|
4,840 |
|
Prepaid expenses and other current assets |
|
10,354 |
|
|
|
(2,087 |
) |
Deferred contract acquisition costs |
|
(8,540 |
) |
|
|
(8,497 |
) |
Other non-current assets |
|
(419 |
) |
|
|
(302 |
) |
Accounts payable |
|
1,336 |
|
|
|
(2,158 |
) |
Accrued expenses and other current liabilities |
|
19,617 |
|
|
|
2,789 |
|
Accrued compensation and benefits |
|
(13,152 |
) |
|
|
(5,121 |
) |
Deferred revenue |
|
(4,448 |
) |
|
|
8,383 |
|
Other non-current liabilities |
|
2,806 |
|
|
|
(164 |
) |
Net cash provided by (used in) operating
activities |
|
38,138 |
|
|
|
(10,961 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
Purchases of short-term
investments |
|
(144,392 |
) |
|
|
(58,864 |
) |
Proceeds from maturities of
short-term investments |
|
254,687 |
|
|
|
83,500 |
|
Purchases of property and
equipment |
|
(700 |
) |
|
|
(256 |
) |
Payments for business
combination, net of cash acquired |
|
(20,210 |
) |
|
|
— |
|
Net cash provided by investing activities |
|
89,385 |
|
|
|
24,380 |
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
Proceeds from the issuance of
common stock upon exercise of stock options, including early
exercises, net of repurchases |
|
5,093 |
|
|
|
7,513 |
|
Issuance of common stock under
employee stock purchase plan |
|
— |
|
|
|
— |
|
Net cash provided by financing activities |
|
5,093 |
|
|
|
7,513 |
|
Impact of foreign exchange on
cash and cash equivalents |
|
(290 |
) |
|
|
(401 |
) |
Net increase in cash and cash
equivalents |
|
132,326 |
|
|
|
20,531 |
|
Cash, cash equivalents, and
restricted cash at beginning of period |
|
287,996 |
|
|
|
297,902 |
|
Cash, cash equivalents, and
restricted cash at end of period |
$ |
420,322 |
|
|
$ |
318,433 |
|
Reconciliation of
cash, cash equivalents and restricted cash within the condensed
consolidated balance sheets to the amounts shown in the statements
of cash flows above: |
|
|
|
Cash and cash equivalents |
$ |
420,322 |
|
|
$ |
315,933 |
|
Restricted cash, included in
prepaid expenses and other current assets |
|
— |
|
|
|
2,500 |
|
Total cash, cash equivalents
and restricted cash |
$ |
420,322 |
|
|
$ |
318,433 |
|
|
GitLab Inc.Reconciliation of GAAP to
Non-GAAP(in thousands, except per share
data)(unaudited) |
|
|
Three Months Ended April 30, |
|
|
2024 |
|
|
|
2023 |
|
Gross profit on GAAP
basis |
$ |
150,411 |
|
|
$ |
112,939 |
|
Gross margin on GAAP basis |
|
89 |
% |
|
|
89 |
% |
Stock-based compensation expense |
|
1,855 |
|
|
|
1,414 |
|
Amortization of acquired intangibles |
|
1,087 |
|
|
|
504 |
|
Restructuring charges |
|
— |
|
|
|
417 |
|
Gross profit on non-GAAP
basis |
$ |
153,353 |
|
|
$ |
115,274 |
|
Gross margin on non-GAAP basis |
|
91 |
% |
|
|
91 |
% |
|
|
|
|
Sales and marketing on GAAP
basis |
$ |
92,424 |
|
|
$ |
86,537 |
|
Stock-based compensation expense |
|
(17,397 |
) |
|
|
(13,764 |
) |
Restructuring charges |
|
(730 |
) |
|
|
(3,559 |
) |
Sales and marketing on
non-GAAP basis |
$ |
74,297 |
|
|
$ |
69,214 |
|
|
|
|
|
Research and development on
GAAP basis |
$ |
54,140 |
|
|
$ |
50,387 |
|
Stock-based compensation expense |
|
(12,336 |
) |
|
|
(11,702 |
) |
Restructuring charges |
|
— |
|
|
|
(2,059 |
) |
Research and development on
non-GAAP basis |
$ |
41,804 |
|
|
$ |
36,626 |
|
|
|
|
|
General and administrative on
GAAP basis |
$ |
57,487 |
|
|
$ |
34,248 |
|
Stock-based compensation expense |
|
(10,664 |
) |
|
|
(5,450 |
) |
Amortization of acquired intangibles |
|
— |
|
|
|
(75 |
) |
Restructuring charges |
|
(276 |
) |
|
|
(1,618 |
) |
Charitable donation of common stock |
|
(2,957 |
) |
|
|
(2,675 |
) |
Acquisition related expenses |
|
(2,051 |
) |
|
|
— |
|
Other non-recurring charges |
|
(473 |
) |
|
|
— |
|
General and administrative on
non-GAAP basis |
$ |
41,066 |
|
|
$ |
24,430 |
|
|
|
|
|
Loss from operations on GAAP
basis |
$ |
(53,640 |
) |
|
$ |
(58,233 |
) |
Stock-based compensation expense |
|
42,252 |
|
|
|
32,330 |
|
Amortization of acquired intangibles |
|
1,087 |
|
|
|
579 |
|
Restructuring charges |
|
1,006 |
|
|
|
7,653 |
|
Charitable donation of common stock |
|
2,957 |
|
|
|
2,675 |
|
Acquisition related expenses |
|
2,051 |
|
|
|
— |
|
Other non-recurring charges |
|
473 |
|
|
|
— |
|
Loss from operations on
non-GAAP basis |
$ |
(3,814 |
) |
|
$ |
(14,996 |
) |
|
|
|
|
Other income (expense), net on
GAAP basis |
$ |
(567 |
) |
|
$ |
253 |
|
Foreign exchange gains (losses), net |
|
637 |
|
|
|
(274 |
) |
Other income (expense), net on
non-GAAP basis |
$ |
70 |
|
|
$ |
(21 |
) |
|
|
|
|
Net loss attributable to
GitLab common stockholders on GAAP basis |
$ |
(54,644 |
) |
|
$ |
(52,469 |
) |
Stock-based compensation expense |
|
42,252 |
|
|
|
32,330 |
|
Amortization of acquired intangibles |
|
1,087 |
|
|
|
579 |
|
Restructuring charges |
|
1,006 |
|
|
|
7,653 |
|
Charitable donation of common stock |
|
2,957 |
|
|
|
2,675 |
|
Acquisition related expenses |
|
2,051 |
|
|
|
— |
|
Loss from equity method investment, net of tax |
|
— |
|
|
|
748 |
|
Foreign exchange gains (losses), net |
|
637 |
|
|
|
(274 |
) |
Income tax adjustment |
|
8,655 |
|
|
|
— |
|
Other non-recurring charges |
|
473 |
|
|
|
— |
|
Net income (loss) attributable
to GitLab common stockholders on non-GAAP basis |
$ |
4,474 |
|
|
$ |
(8,758 |
) |
|
|
|
|
GAAP net loss per share, basic
and diluted |
$ |
(0.35 |
) |
|
$ |
(0.35 |
) |
Non-GAAP net income (loss) per
share, basic |
$ |
0.03 |
|
|
$ |
(0.06 |
) |
Non-GAAP net income (loss) per
share, diluted |
$ |
0.03 |
|
|
$ |
(0.06 |
) |
|
|
|
|
Shares used in per share
calculation - basic on GAAP basis |
|
158,157 |
|
|
|
151,692 |
|
Effect of dilutive securities |
|
8,767 |
|
|
|
— |
|
Shares used in per share
calculation - diluted on non-GAAP basis |
|
166,924 |
|
|
|
151,692 |
|
|
GitLab Inc.Reconciliation of GAAP Cash
Flow from Operating Activities to Adjusted Free Cash
Flow(in
thousands)(unaudited) |
|
|
Three Months Ended April 30, |
|
|
2024 |
|
|
|
2023 |
|
Computation of
adjusted free cash flow(1) |
|
|
|
GAAP net cash provided by
(used in) operating activities |
$ |
38,138 |
|
|
$ |
(10,961 |
) |
Less: Purchases of property and equipment |
|
(700 |
) |
|
|
(256 |
) |
Non-GAAP adjusted free cash flow |
$ |
37,438 |
|
|
$ |
(11,217 |
) |
(1) No income tax payments related to the BAPA were recorded
during the periods presented.
Media Contact: Lisa BoughnerVP,
Global Communications GitLab Inc.press@gitlab.com
Investor Contact: Kelsey
TurcotteVP, Investor RelationsGitLab Inc.ir@gitlab.com
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