• GitLab Reports Fourth Quarter and Full Year 2024 Financial Results

    来源: Nasdaq GlobeNewswire / 04 3月 2024 16:05:01   America/New_York

    Quarterly revenue of $163.8 million, up 33% year-over-year

    Fiscal Fourth Quarter Highlights:

    • Total revenue of $163.8 million
    • GAAP operating margin of (21)%; Non-GAAP operating margin of 8%
    • GAAP net loss per share of $(0.23); Non-GAAP net income per share of $0.15

    Fiscal Year 2024 Highlights:

    • Total revenue of $579.9 million
    • GAAP operating margin of (32)%; Non-GAAP operating margin of (0.2)%
    • GAAP net loss per share of $(2.75); Non-GAAP net income per share of $0.20

    SAN FRANCISCO, March 04, 2024 (GLOBE NEWSWIRE) --  All-Remote - GitLab Inc. (NASDAQ: GTLB), The DevSecOps Platform, today reported financial results for its fourth quarter and full fiscal year of 2024, ended January 31, 2024.

    “We delivered a strong fourth quarter and continue to see large enterprise customers standardize on GitLab to realize business value,” said Sid Sijbrandij, GitLab CEO and co-founder. “By integrating AI throughout the software development lifecycle, our DevSecOps platform allows our customers to plan, build, manage, and deliver software more efficiently, ultimately scaling the impact their software investments have on business outcomes. We believe this puts us in a strong position to continue to win the large market opportunity in front of us.”

    “In Q4, revenue grew 33% year-over-year, and we delivered over 1,900 basis points of non-GAAP operating margin expansion year-over-year, demonstrating continued business momentum driven by our commitment to deliver value to customers with our market-leading DevSecOps platform,” said Brian Robins, GitLab chief financial officer. “I’m pleased to share that with consistent execution across the business in FY24 we delivered breakeven cash flow a year ahead of our commitment and recorded our second consecutive quarter of non-GAAP operating profit while continuing to invest in key product areas. These milestones are a testament to our approach to responsible growth.”

    Fourth Quarter Fiscal Year 2024 Financial Highlights (in millions, except per share data and percentages):

     Q4 FY 2024 Q4 FY 2023 Y/Y Change
    Revenue$163.8  $122.9   33%
    GAAP Gross margin 90%  88%  
    Non-GAAP Gross margin 92%  90%  
    GAAP Operating loss$(34.9) $(46.3) $11.4 
    Non-GAAP Operating income (loss)$13.2  $(13.8) $27.0 
    GAAP Net loss attributable to GitLab$(36.5) $(38.7) $2.2 
    Non-GAAP Net income (loss) attributable to GitLab$25.0  $(4.5) $29.5 
    GAAP Net loss per share attributable to GitLab$(0.23) $(0.26) $0.03 
    Non-GAAP Net income (loss) per share attributable to GitLab$0.15  $(0.03) $0.18 
    GAAP net cash provided by (used in) operating activities$24.9  $(11.7) $36.6 
    Non-GAAP Free cash flow$24.5  $(12.8) $37.3 
                

    Fiscal Year 2024 Financial Highlights (in millions, except per share data and percentages):

     FY 2024 FY 2023 Y/Y Change
    Revenue$579.9  $424.3   37%
    GAAP Gross margin 90%  88%  
    Non-GAAP Gross margin 91%  90%  
    GAAP Operating loss$(187.4) $(211.4) $24.0 
    Non-GAAP Operating loss$(1.4) $(87.1) $85.7 
    GAAP Net loss attributable to GitLab$(424.2) $(172.3) $(251.9)
    Non-GAAP Net income (loss) attributable to GitLab$32.6  $(67.7) $100.3 
    GAAP Net loss per share attributable to GitLab$(2.75) $(1.16) $(1.59)
    Non-GAAP Net income (loss) per share attributable to GitLab$0.20  $(0.46) $0.66 
    GAAP net cash provided by (used in) operating activities$35.0  $(77.4) $112.4 
    Non-GAAP Free cash flow$33.4  $(83.5) $116.9 

    A reconciliation between GAAP and non-GAAP financial measures is contained in this release under the section titled “Non-GAAP Financial Measures.”

    Business Highlights:

    • Announced GitLab Duo Pro, a paid add-on for GitLab Premium and Ultimate customers that includes Code Suggestions, Chat, and organizational control capabilities for $19 per user per month.
    • Launched a new Enterprise Agile Planning SKU that makes it easy for GitLab Ultimate customers to bring everyone into a single, secure platform and helps customers get even more value out of their GitLab investment.
    • Released Remote Development workspaces into general availability, which allows customers to create consistent, reproducible environments to help developers get started faster.
    • Appointed Sabrina Farmer as chief technology officer (CTO). The former Google VP of Engineering leads GitLab’s software engineering, operations, and customer support teams to execute the company's technical vision and strategy and oversees the development and delivery of GitLab's products.
    • Named the Best AI/ML solution in the 2024 DeveloperWeek DEVIES awards for GitLab Duo.
    • Named the Best DevSecOps Solution winner by DevOps Dozen.

    Financial Highlights

    • Customers with more than $5,000 of ARR increased to 8,602, up 23% from Q4 of fiscal year 2023.
    • Customers with more than $100,000 of ARR increased to 955, up 37% from Q4 of fiscal year 2023.
    • Customers with more than $1M of ARR increased to 96, up 52% from Q4 of fiscal year 2023.
    • Dollar-Based Net Retention Rate was 130% in Q4 of fiscal year 2024.
    • Total RPO grew 55% year over year to $674 million. cRPO grew 40% to $430 million for the same time frame.

    First Quarter and Fiscal Year 2025 Financial Outlook

    For the first quarter and fiscal year 2025, GitLab Inc. expects (in millions, except share and per share data):

     Q1 FY 2025 Guidance FY 2025 Guidance
    Revenue$165.0 - $166.0 $725.0 - $731.0
    Non-GAAP operating income (loss)$(13.0) - $(12.0) $5.0 - $10.0
    Non-GAAP diluted net income (loss) per share assuming approximately 158 million and 168 million weighted average shares outstanding during Q1 FY2025 and FY2025, respectively.$(0.05) - $(0.04) $0.19 - $0.23

    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, March 4, 2024, at 1:30 p.m. (PT) / 4:30 p.m. (ET) to discuss its fourth quarter and full year fiscal 2024 financial results. Investors and analysts should register for the call in advance by visiting https://gitlab.zoom.us/webinar/register/WN_ZHG1dzEdTSG_dNGnPWmWOw#/registration. A replay of the call will be available on GitLab’s investor relations website (ir.gitlab.com).

    About GitLab

    GitLab is the most comprehensive DevSecOps Platform that empowers organizations to maximize the overall return on software development by delivering software faster and efficiently, while strengthening security and compliance. GitLab’s single application is easier to use, leads to faster cycle time and allows visibility throughout and control over all stages of the DevSecOps lifecycle. With GitLab, every team in your organization can collaboratively plan, build, secure, and deploy software to drive business outcomes faster with complete transparency, consistency and traceability.

    Non-GAAP Financial Measures

    GitLab believes non-GAAP measures are useful in evaluating its operating performance. GitLab uses this supplemental information to evaluate its ongoing operations and for internal planning and forecasting purposes. GitLab believes that non-GAAP financial information, when taken collectively with its GAAP financial information, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We define non-GAAP financial measures as GAAP measures, excluding certain items such as stock-based compensation expense, amortization of acquired intangible assets, foreign exchange (gain) loss, gain from a deconsolidation of a subsidiary, equity method investment loss and impairment, 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.

    Free Cash Flow

    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 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 free cash flow is that it does not reflect our future contractual commitments. Additionally, 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)
     
     January 31, 2024(1) January 31, 2023(1)
    ASSETS   
    CURRENT ASSETS:   
    Cash and cash equivalents$287,996  $295,402 
    Short-term investments 748,289   641,249 
    Accounts receivable, net of allowance for doubtful accounts of $673 and $1,564 as of January 31, 2024 and January 31, 2023, respectively 166,731   130,479 
    Deferred contract acquisition costs, current 32,300   26,505 
    Prepaid expenses and other current assets 45,601   24,327 
    Total current assets 1,280,917   1,117,962 
    Property and equipment, net 2,954   5,797 
    Operating lease right-of-use assets 405   998 
    Equity method investment, net of impairment of $8,858 and $0 as of January 31, 2024 and January 31, 2023, respectively —   12,682 
    Goodwill 8,145   8,145 
    Intangible assets, net 1,733   3,901 
    Deferred contract acquisition costs, non-current 19,317   15,628 
    Other non-current assets 4,390   4,087 
    TOTAL ASSETS$1,317,861  $1,169,200 
    LIABILITIES AND STOCKHOLDERS’ EQUITY   
    CURRENT LIABILITIES:   
    Accounts payable$1,738  $5,184 
    Accrued expenses and other current liabilities 286,178   25,954 
    Accrued compensation and benefits 35,809   20,776 
    Deferred revenue, current 338,348   254,382 
    Total current liabilities 662,073   306,296 
    Deferred revenue, non-current 23,794   28,355 
    Other non-current liabilities 14,060   9,824 
    TOTAL LIABILITIES 699,927   344,475 
    STOCKHOLDERS’ EQUITY:   
    Preferred stock, $0.0000025 par value; 50,000 shares authorized as of January 31, 2024 and January 31, 2023; no shares issued and outstanding as of January 31, 2024 and January 31, 2023 —   — 
    Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of January 31, 2024 and January 31, 2023; 114,672 and 94,655 shares issued and outstanding as of January 31, 2024 and January 31, 2023, respectively —   — 
    Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of January 31, 2024 and January 31, 2023; 42,887 and 56,489 shares issued and outstanding as of January 31, 2024 and January 31, 2023, respectively —   — 
    Additional paid-in capital 1,718,661   1,497,373 
    Accumulated deficit (1,149,822)  (725,648)
    Accumulated other comprehensive income (loss) 2,335   (705)
    Total GitLab stockholders’ equity 571,174   771,020 
    Noncontrolling interests 46,760   53,705 
    TOTAL STOCKHOLDERS’ EQUITY 617,934   824,725 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,317,861  $1,169,200 

    __________
    (1) As of January 31, 2024 and January 31, 2023, the consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $47.6 million and $62.8 million, respectively, and liabilities of $6.1 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 January 31, Fiscal Year Ended January 31,
      2024   2023   2024   2023 
    Revenue:     
    Subscription—self-managed and SaaS$142,026  $105,055  $506,306  $369,349 
    License—self-managed and other 21,753   17,852   73,600   54,987 
    Total revenue 163,779   122,907   579,906   424,336 
    Cost of revenue:       
    Subscription—self-managed and SaaS 12,165   11,124   45,486   40,841 
    License—self-managed and other 3,824   3,114   14,222   10,839 
    Total cost of revenue 15,989   14,238   59,708   51,680 
    Gross profit 147,790   108,669   520,198   372,656 
    Operating expenses:       
    Sales and marketing 90,762   81,513   356,393   309,992 
    Research and development 52,388   43,680   200,840   156,143 
    General and administrative 39,523   29,750   150,405   117,932 
    Total operating expenses 182,673   154,943   707,638   584,067 
    Loss from operations (34,883)  (46,274)  (187,440)  (211,411)
    Interest income 11,813   6,249   39,114   14,496 
    Other income (expense), net (11,318)  (1,024)  (11,826)  21,585 
    Loss before income taxes and loss from equity method investment (34,388)  (41,049)  (160,152)  (175,330)
    Loss from equity method investment, net of tax (1,416)  (693)  (3,824)  (2,468)
    Provision for income taxes 1,767   379   264,057   2,898 
    Net loss$(37,571) $(42,121) $(428,033) $(180,696)
    Net loss attributable to noncontrolling interest (1,104)  (3,388)  (3,859)  (8,385)
    Net loss attributable to GitLab$(36,467) $(38,733) $(424,174) $(172,311)
    Net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted$(0.23) $(0.26) $(2.75) $(1.16)
    Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted 156,601   150,133   154,283   148,407 


    GitLab Inc.
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
     Three Months Ended January 31, Fiscal Year Ended January 31,
      2024   2023   2024   2023 
    CASH FLOWS FROM OPERATING ACTIVITIES:       
    Net loss, including amounts attributable to noncontrolling interest$(37,571) $(42,121) $(428,033) $(180,696)
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:       
    Stock-based compensation expense 43,017   33,641   163,049   122,567 
    Gain from the fair value change of acquisition related contingent consideration —   (1,722)  —   (1,722)
    Charitable donation of common stock 2,675   —   10,700   — 
    Amortization of intangible assets 521   595   2,167   2,362 
    Depreciation expense 1,039   1,033   4,368   3,231 
    Amortization of deferred contract acquisition costs 12,397   12,265   43,463   44,958 
    Gain from deconsolidation of Arch, formerly Meltano —   —   —   (17,798)
    Loss from equity method investment 776   942   3,824   3,189 
    Impairment of equity method investment 8,858   —   8,858   — 
    Net amortization of premiums or discounts on short-term investments (5,988)  (2,731)  (20,349)  (6,077)
    Unrealized foreign exchange loss (gain), net 4,396   354   4,648   (3,727)
    Other non-cash expense, net 1,013   717   1,330   1,156 
    Changes in assets and liabilities:       
    Accounts receivable (31,050)  (32,006)  (36,341)  (54,169)
    Prepaid expenses and other current assets (15,671)  (3,589)  (23,854)  (8,909)
    Deferred contract acquisition costs (21,340)  (15,410)  (53,100)  (48,555)
    Other non-current assets 865   962   (309)  3,012 
    Accounts payable (3,219)  (1,106)  (3,443)  287 
    Accrued expenses and other current liabilities 12,436   1,370   258,293   4,619 
    Accrued compensation and benefits 12,331   3,457   15,173   (11,693)
    Deferred revenue 50,189   32,803   79,347   73,003 
    Other non-current liabilities (10,821)  (1,174)  5,249   (2,446)
    Net cash provided by (used in) operating activities 24,853   (11,720)  35,040   (77,408)
    CASH FLOWS FROM INVESTING ACTIVITIES:       
    Purchases of short-term investments (242,021)  (189,671)  (815,697)  (821,622)
    Proceeds from maturities of short-term investments 207,028   108,925   734,007   231,626 
    Purchases of property and equipment (329)  (1,052)  (1,598)  (6,070)
    Deconsolidation of Arch, formerly Meltano —   —   —   (9,620)
    Escrow payment related to business combination, after acquisition date —   —   (2,500)  — 
    Other investing activities (450)  —   (450)  — 
    Net cash used in investing activities (35,772)  (81,798)  (86,238)  (605,686)
    CASH FLOWS FROM FINANCING ACTIVITIES:       
    Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases 9,810   7,061   32,302   24,515 
    Issuance of common stock under employee stock purchase plan 5,182   4,824   12,933   14,378 
    Contributions received from noncontrolling interests, net of issuance costs —   —   —   61,726 
    Partial settlement of acquisition related contingent cash consideration —   —   —   (3,137)
    Net cash provided by financing activities 14,992   11,885   45,235   97,482 
    Impact of foreign exchange on cash and cash equivalents (1,386)  4,866   (3,943)  (3,658)
    Net increase (decrease) in cash and cash equivalents 2,687   (76,767)  (9,906)  (589,270)
    Cash, cash equivalents, and restricted cash at beginning of period 285,309   374,669   297,902   887,172 
    Cash, cash equivalents, and restricted cash at end of period$287,996  $297,902  $287,996  $297,902 
    Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed statements of cash flows above:       
    Cash and cash equivalents$287,996  $295,402  $287,996  $295,402 
    Restricted cash, included in prepaid expenses and other current assets —   2,500   —   2,500 
    Total cash, cash equivalents and restricted cash$287,996  $297,902  $287,996  $297,902 


    GitLab Inc.
    Reconciliation of GAAP to Non-GAAP
    (in thousands, except per share data)
    (unaudited)
     
     Three Months Ended January 31, Fiscal Year Ended January 31,
      2024   2023   2024   2023 
    Gross profit on GAAP basis$147,790  $108,669  $520,198  $372,656 
    Gross margin on GAAP basis 90%  88%  90%  88%
    Stock-based compensation expense 1,640   1,455   6,400   5,078 
    Amortization of acquired intangibles 521   521   2,067   2,067 
    Restructuring charges —   —   463   — 
    Gross profit on non-GAAP basis$149,951  $110,645  $529,128  $379,801 
    Gross margin on non-GAAP basis 92%  90%  91%  90%
            
    Sales and marketing on GAAP basis$90,762  $81,513  $356,393  $309,992 
    Stock-based compensation expense (17,184)  (13,194)  (68,766)  (48,001)
    Restructuring charges (188)  —   (3,811) $— 
    Sales and marketing on non-GAAP basis$73,390  $68,319  $283,816  $261,991 
            
    Research and development on GAAP basis$52,388  $43,680  $200,840  $156,143 
    Stock-based compensation expense (13,887)  (9,920)  (50,804)  (36,325)
    Restructuring charges —   —   (2,119)  — 
    Research and development on non-GAAP basis$38,501  $33,760  $147,917  $119,818 
            
    General and administrative on GAAP basis$39,523  $29,750  $150,405  $117,932 
    Amortization of acquired intangibles —   (74)  (100)  (295)
    Stock-based compensation expense (10,306)  (9,072)  (37,079)  (33,163)
    Restructuring charges —   —   (1,634)  — 
    Charitable donation of common stock (2,675)  —   (10,700)  — 
    Changes in the fair value of acquisition related contingent consideration —   1,722   —   659 
    Other non-recurring charges (1,718)  —   (2,131)  — 
    General and administrative on non-GAAP basis$24,824  $22,326  $98,761  $85,133 
            
    Loss from operations on GAAP basis$(34,883) $(46,274) $(187,440) $(211,411)
    Stock-based compensation expense 43,017   33,641   163,049   122,567 
    Amortization of acquired intangibles 521   595   2,167   2,362 
    Restructuring charges 188   —   8,027   — 
    Charitable donation of common stock 2,675   —   10,700   — 
    Changes in the fair value of acquisition related contingent consideration —   (1,722)  —   (659)
    Other non-recurring charges 1,718   —   2,131   — 
    Income (loss) from operations on non-GAAP basis$13,236  $(13,760) $(1,366) $(87,141)
            
    Other income (expense), net on GAAP basis$(11,318) $(1,024) $(11,826) $21,585 
    Gain from deconsolidation of Arch, formerly Meltano —   —   —   (17,798)
    Impairment of equity method investment 8,858   —   8,858   — 
    Foreign exchange gains (losses), net 2,651   997   3,157   (4,364)
    Other income (expense), net on non-GAAP basis$191  $(27) $189  $(577)
            
    Net loss attributable to GitLab common stockholders on GAAP basis$(36,467) $(38,733) $(424,174) $(172,311)
    Stock-based compensation expense 43,017   33,641   163,049   122,567 
    Amortization of acquired intangibles 521   595   2,167   2,362 
    Restructuring charges 188   —   8,027   — 
    Charitable donation of common stock 2,675   —   10,700   — 
    Changes in the fair value of acquisition related contingent consideration —   (1,722)  —   (659)
    Gain from deconsolidation of Arch, formerly Meltano —   —   —   (17,798)
    Impairment of equity method investment 8,858   —   8,858   — 
    Loss from equity method investment, net of tax 1,416   693   3,824   2,468 
    Foreign exchange gains (losses), net 2,651   997   3,157   (4,364)
    Other non-recurring charges 1,718   —   2,131   — 
    Income tax adjustment(1) 467   —   254,859   — 
    Net income (loss) attributable to GitLab common stockholders on non-GAAP basis$25,044  $(4,529) $32,598  $(67,735)
            
    GAAP net loss per share, basic and diluted$(0.23) $(0.26) $(2.75) $(1.16)
    Non-GAAP net income (loss) per share, basic$0.16  $(0.03) $0.21  $(0.46)
    Non-GAAP net income (loss) per share, diluted$0.15  $(0.03) $0.20  $(0.46)
            
    Shares used in per share calculation - basic on GAAP basis 156,601   150,133   154,283   148,407 
    Effect of dilutive securities 8,820   —   8,182   — 
    Shares used in per share calculation - diluted on non-GAAP basis 165,421   150,133   162,465   148,407 

    (1) Income tax adjustment related to BAPA negotiations.

    GitLab Inc.
    Reconciliation of GAAP Cash Flow from Operating Activities to Free Cash Flow
    (in thousands)
    (unaudited)
     
     Three Months Ended January 31, Fiscal Year Ended January 31,
      2024   2023   2024   2023 
    Computation of free cash flow(1)       
    GAAP net cash provided by (used in) operating activities$24,853  $(11,720) $35,040  $(77,408)
    Less: Purchases of property and equipment (329)  (1,052)  (1,598)  (6,070)
    Non-GAAP free cash flow$24,524  $(12,772) $33,442  $(83,478)

    (1) No income tax payments related to BAPA were recorded during the periods presented.

    Media Contact:
    Lisa Boughner
    VP, Global Communications
    GitLab Inc.
    press@gitlab.com 

    Investor Contact:
    James Shen
    VP Finance
    GitLab Inc.
    ir@gitlab.com 


    Primary Logo

分享