(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||
Address Not Applicable1 | Zip Code Not Applicable1 | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
GitLab Inc. | ||||||||||||||
Dated: September 5, 2023 | By: | /s/ Brian Robins | ||||||||||||
Brian Robins | ||||||||||||||
Chief Financial Officer |
![]() | Exhibit 99.1 |
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 |
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) | |||||||||
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 |
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 |
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 |
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 |
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Cover |
Sep. 05, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Sep. 05, 2023 |
Entity Registrant Name | GITLAB INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40895 |
Entity Tax Identification Number | 47-1861035 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.0000025 per share |
Trading Symbol | GTLB |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001653482 |
Amendment Flag | false |
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