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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2024

or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40895

GITLAB INC.

(Exact name of registrant as specified in its charter)

Delaware

47-1861035

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

Address Not Applicable1

Zip Code Not Applicable1

(Address of Principal Executive Offices)

Zip Code

Not Applicable

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of each exchange on which registered
Class A common stock, par value $0.0000025 per share			GTLB			The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

x

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

o

Emerging growth company

o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes x No

As of August 19, 2024, the number of shares of the registrant’s Class A common stock outstanding was 136.5 million and the number of shares of the registrant’s Class B common stock outstanding was 24.0 million.

_____________________________

1 We are a remote-only company. Accordingly, we do not maintain a headquarters. For purposes of compliance with applicable requirements of the Securities Act of 1933, as amended, or the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, any stockholder communication required to be sent to our principal executive offices may be directed to the agent for service of process at Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808, or to the email address: reach.gitlab@gitlab.com.

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Table of Contents

TABLE OF CONTENTS

						Page
			Special Note Regarding Forward-Looking Statements
PART I.			Financial Information			5
Item 1.			Financial Statements (Unaudited)			5
			Condensed Consolidated Balance Sheets			5
			Condensed Consolidated Statements of Operations			6
			Condensed Consolidated Statements of Comprehensive Income (Loss)			7
			Condensed Consolidated Statements of Stockholders’ Equity			8
			Condensed Consolidated Statements of Cash Flows			10
			Notes to Condensed Consolidated Financial Statements			12
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			33
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			50
Item 4.			Controls and Procedures			51
PART II.			Other Information			53
Item 1.			Legal Proceedings			53
Item 1A.			Risk Factors			54
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			95
Item 3.			Defaults Upon Senior Securities			96
Item 4.			Mine Safety Disclosures			96
Item 5.			Other Information			96
Item 6.			Exhibits			97
			Signatures			98

1

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Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or this Quarterly Report, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements contained in this Quarterly Report other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about:

•our future financial performance, including our expectations regarding our total revenue, cost of revenue, gross profit or gross margin, operating expenses, including changes in operating expenses and our ability to achieve and maintain future profitability;

•our business plan and our ability to effectively manage our growth;

•our total market opportunity;

•anticipated trends, growth rates, and challenges in our business and in the markets in which we operate;

•market acceptance of The DevSecOps Platform and our ability to increase adoption of The DevSecOps Platform;

•beliefs and objectives for future operations;

•our ability to further penetrate our existing customer base and attract, retain, and expand our customer base;

•our ability to timely and effectively scale and adapt The DevSecOps Platform;

•our ability to develop new features and bring them to market in a timely manner;

•our incorporation of artificial intelligence features into our products;

•our expectations to grow our partner network;

•our ability to maintain, protect, and enhance our intellectual property;

•our ability to continue to expand internationally;

•the effects of increased competition in our markets and our ability to compete effectively;

•future acquisitions or investments in complementary companies, products, services, or technologies;

•our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally;

•the impact of any data breaches, cyberattacks or other malicious activity on our technology systems;

•economic and industry trends, projected growth, or trend analysis;

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•the impact of macroeconomic conditions, including inflation, volatile interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto, increased volatility in the capital markets, and actual or perceived instability in the global banking sector, and regional and other global events, including ongoing armed conflicts in different regions of the world, on our operations, financial results, and liquidity and capital resources, including on customers, sales, expenses, and team members; and

•other statements regarding our future operations, financial condition, and prospects and business strategies.

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this Quarterly Report or to conform these statements to actual results or to changes in our expectations, except as required by law.

You should read this Quarterly Report and the documents that we reference in this Quarterly Report and have filed with the Securities and Exchange Commission, or the SEC, as exhibits to this Quarterly Report with the understanding that our actual future results, performance, and events and circumstances may be materially different from what we expect.

Summary Risk Factors

Our business is subject to numerous risks and uncertainties, including those risks more fully described below in the section titled “Risk Factors.” These risks include, among others, the following, which we consider our most material risks:

•Our business and operations have experienced rapid growth, and if we do not appropriately and effectively manage future growth, if any, or are unable to improve our systems, processes and controls, our business, financial condition, results of operations, and prospects will be adversely affected.

•Our recent growth may not be indicative of our future growth, and we may not be able to sustain our revenue growth rate in the future. Our growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.

•We have a history of losses, anticipate increases in our operating expenses in the future, and may not achieve or sustain profitability on a consistent basis. If we cannot achieve and sustain profitability, our business, financial condition, and operating results may be adversely affected.

•Security and privacy breaches may hurt our business.

•We face heightened risk of security breaches because we use third-party open source technologies and incorporate a substantial amount of open source code in our products.

•We face intense competition and could lose market share to our competitors, which would adversely affect our business, operating results, and financial condition.

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•We may not be able to respond to rapid technological changes with new solutions, which could have a material adverse effect on our operating results.

•If our services fail to perform properly, whether due to material defects with the software or external issues, our reputation could be adversely affected, our market share could decline, and we could be subject to liability claims.

•The market for our services is relatively new and unproven and may not grow, which would adversely affect our future results and the trading price of our Class A common stock.

•We are dependent on sales and marketing strategies to drive our growth in our revenue. These sales and marketing strategies may not be successful in continuing to generate sufficient sales opportunities. Any decline in our customer renewals and expansions could harm our future operating results.

•Our operating results may fluctuate significantly, which could make our future results difficult to predict and could adversely affect the trading price of our Class A common stock.

•As our product offerings mature and expand, our pricing and packaging for new products may result in existing customers purchasing new products on less favorable terms to us to replace the existing products they purchase or subscribe for from us.

•    The implementation of AI and machine learning technologies in our services may result in reputational harm, liability, increased expenditures, or other adverse consequences to our business operations.

•Transparency is one of our core values. While we will continue to prioritize transparency, we must also promote "responsible" transparency as transparency can have unintended negative consequences.

•The Handbook may not be up to date or accurate, which may result in negative third-party scrutiny or be used in ways that adversely affects our business.

•Customers may choose to stay on our free self-managed or SaaS product offerings instead of converting into a paying customer.

•Failure to effectively expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our services.

•We rely on our management team and other key team members and will need additional personnel to grow our business, and the loss of one or more key team members or our inability to hire, integrate, train and retain qualified personnel, could harm our business.

•Our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity, and teamwork fostered by our culture, and our business may be harmed.

•We engage our team members in various ways, including direct hires, through PEOs and as independent contractors. As a result of these methods of engagement, we face certain challenges and risks that can affect our business, operating results, and financial condition.

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

GitLab Inc.

Condensed Consolidated Balance Sheets

(in thousands, except per share data)

(unaudited)

									July 31, 2024(1)						January 31, 2024(1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents									$	438,616					$	287,996
Short-term investments									644,488						748,289
Accounts receivable, net of allowance for doubtful accounts of $679 and $673 as of July 31, 2024 and January 31, 2024, respectively									165,001						166,731
Deferred contract acquisition costs, current									33,841						32,300
Prepaid expenses and other current assets									32,410						45,601
Total current assets									1,314,356						1,280,917
Property and equipment, net									2,899						2,954
Operating lease right-of-use assets									482						405
Goodwill									16,017						8,145
Intangible assets, net									21,867						1,733
Deferred contract acquisition costs, non-current									15,753						19,317
Other non-current assets									4,888						4,390
TOTAL ASSETS									$	1,376,262					$	1,317,861
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable									$	3,219					$	1,738
Accrued expenses and other current liabilities									272,164						286,178
Accrued compensation and benefits									29,117						35,809
Deferred revenue, current									362,348						338,348
Total current liabilities									666,848						662,073
Deferred revenue, non-current									14,732						23,794
Other non-current liabilities									6,678						14,060
TOTAL LIABILITIES									688,258						699,927
Commitments and contingencies (Note 14)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0000025 par value; 50,000 shares authorized as of July 31, 2024 and January 31, 2024; no shares issued and outstanding as of July 31, 2024 and January 31, 2024									—						—
Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of July 31, 2024 and January 31, 2024; 136,462 and 114,670 shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively									—						—
Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of July 31, 2024 and January 31, 2024; 23,963 and 42,887 shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively									—						—
Additional paid-in capital									1,833,786						1,718,661
Accumulated deficit									(1,191,517)						(1,149,822)
Accumulated other comprehensive income									570						2,335
Total GitLab stockholders’ equity									642,839						571,174
Noncontrolling interests									45,165						46,760
TOTAL STOCKHOLDERS’ EQUITY									688,004						617,934
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY									$	1,376,262					$	1,317,861

___________

(1) As of July 31, 2024 and January 31, 2024, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $45.0 million and $47.6 million, respectively, and liabilities of $6.5 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 the Company. Refer to “Note 11. Joint Venture and Equity Method Investment” for further discussion.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GitLab Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

			Three Months Ended July 31,												Six Months Ended July 31,
			2024						2023						2024						2023
Revenue:
Subscription—self-managed and SaaS			$	163,181					$	122,096					$	314,360					$	233,287
License—self-managed and other			19,403						17,485						37,411						33,172
Total revenue			182,584						139,581						351,771						266,459
Cost of revenue:
Subscription—self-managed and SaaS			16,630						10,871						30,469						21,762
License—self-managed and other			4,740						3,825						9,677						6,873
Total cost of revenue			21,370						14,696						40,146						28,635
Gross profit			161,214						124,885						311,625						237,824
Operating expenses:
Sales and marketing			97,778						92,116						190,202						178,653
Research and development			61,273						49,007						115,413						99,394
General and administrative			43,168						37,819						100,655						72,067
Total operating expenses			202,219						178,942						406,270						350,114
Loss from operations			(41,005)						(54,057)						(94,645)						(112,290)
Interest income			12,827						9,112						24,857						16,427
Other income (expense), net			1,032						(1,330)						465						(1,077)
Loss before income taxes and loss from equity method investment			(27,146)						(46,275)						(69,323)						(96,940)
Loss from equity method investment, net of tax			—						(917)						—						(1,665)
Provision for (benefit from) income taxes			(39,420)						4,016						(26,710)						5,502
Net income (loss)			$	12,274					$	(51,208)					$	(42,613)					$	(104,107)
Net loss attributable to noncontrolling interest			(675)						(1,128)						(918)						(1,558)
Net income (loss) attributable to GitLab			$	12,949					$	(50,080)					$	(41,695)					$	(102,549)
Net income (loss) per share attributable to GitLab Class A and Class B common stockholders:
Basic			$	0.08					$	(0.33)					$	(0.26)					$	(0.67)
Diluted			$	0.08					$	(0.33)					$	(0.26)					$	(0.67)
Weighted-average shares used to compute net income (loss) per share attributable to GitLab Class A and Class B common stockholders:
Basic			159,677						153,644						158,973						152,683
Diluted			166,346						153,644						158,973						152,683

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GitLab Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(unaudited)

			Three Months Ended July 31,												Six Months Ended July 31,
			2024						2023						2024						2023
Net income (loss)			$	12,274					$	(51,208)					$	(42,613)					$	(104,107)
Foreign currency translation adjustments			(5,178)						(365)						(2,546)						(1,222)
Net change in unrealized gains (losses) on available-for-sale securities			1,620						(194)						(101)						1,303
Comprehensive income (loss) including noncontrolling interest			$	8,716					$	(51,767)					$	(45,260)					$	(104,026)
Net loss attributable to noncontrolling interest			(675)						(1,128)						(918)						(1,558)
Foreign currency translation adjustments attributable to noncontrolling interest			(768)						(1,338)						(882)						(2,406)
Comprehensive loss attributable to noncontrolling interest			(1,443)						(2,466)						(1,800)						(3,964)
Comprehensive income (loss) attributable to GitLab			$	10,159					$	(49,301)					$	(43,460)					$	(100,062)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GitLab Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

(unaudited)

																														Three Months Ended July 31, 2024
																		Class A Common Stock												Class B Common Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests						Total Stockholders’ Equity
																														Shares						Amount									Shares												Amount
Balances at April 30, 2024																														132,670						$	—					26,212						$	—					$	1,768,947					$	(1,204,466)					$	3,360					$	46,517					$	614,358
Conversion of Class B common stock to Class A common stock																														2,619						—						(2,619)						—						—						—						—						—						—
Issuance of common stock related to vested exercised stock options																														—						—						370						—						4,981						—						—						—						4,981
Issuance of common stock under employee stock purchase plan																														252						—						—						—						7,932						—						—						—						7,932
Issuance of common stock related to RSUs vested																														854						—						—						—						—						—						—						—						—
Charitable donation of common stock																														67						—						—						—						2,957						—						—						—						2,957
Vesting of early exercised stock options																														—						—						—						—						91						—						—						—						91
Stock-based compensation expense																														—						—						—						—						48,877						—						—						92						48,969
Change in noncontrolling interest ownership																														—						—						—						—						1						—						—						(1)						—
Other comprehensive loss																														—						—						—						—						—						—						(2,790)						(768)						(3,558)
Net income (loss)																														—						—						—						—						—						12,949						—						(675)						12,274
Balances at July 31, 2024																														136,462						$	—					23,963						$	—					$	1,833,786					$	(1,191,517)					$	570					$	45,165					$	688,004

																														Three Months Ended July 31, 2023
																		Class A Common Stock												Class B Common Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income						Noncontrolling Interests						Total Stockholders’ Equity
																														Shares						Amount									Shares												Amount
Balances at April 30, 2023																														96,240						$	—					56,453						$	—					$	1,542,603					$	(778,117)					$	1,003					$	50,112					$	815,601
Conversion of Class B common stock to Class A common stock																														6,213						—						(6,213)						—						—						—						—						—						—
Issuance of common stock related to vested exercised stock options																														—						—						940						—						10,320						—						—						—						10,320
Issuance of common stock under employee stock purchase plan																														247						—						—						—						7,751						—						—						—						7,751
Repurchases, net of early exercised stock options																														—						—						(2)						—						—						—						—						—						—
Issuance of common stock related to RSUs vested																														679						—						—						—						—						—						—						—						—
Charitable donation of common stock																														53						—						—						—						2,675						—						—						—						2,675
Vesting of early exercised stock options																														—						—						—						—						292						—						—						—						292
Stock-based compensation expense																														—						—						—						—						46,555						—						—						(187)						46,368
Change in noncontrolling interest ownership																														—						—						—						—						(124)						—						—						124						—
Other comprehensive income (loss)																														—						—						—						—						—						—						779						(1,338)						(559)
Net loss																														—						—						—						—						—						(50,080)						—						(1,128)						(51,208)
Balances at July 31, 2023																														103,432						$	—					51,178						$	—					$	1,610,072					$	(828,197)					$	1,782					$	47,583					$	831,240

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GitLab Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

(unaudited)

																														Six Months Ended July 31, 2024
																		Class A Common Stock												Class B Common Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income (Loss)						Noncontrolling Interests						Total Stockholders’ Equity
																														Shares						Amount									Shares												Amount
Balances at January 31, 2024																														114,670						$	—					42,887						$	—					$	1,718,661					$	(1,149,822)					$	2,335					$	46,760					$	617,934
Conversion of Class B common stock to Class A common stock																														19,855						—						(19,855)						—						—						—						—						—						—
Issuance of common stock related to vested exercised stock options																														—						—						931						—						10,074						—						—						—						10,074
Issuance of common stock under employee stock purchase plan																														252						—						—						—						7,932						—						—						—						7,932
Issuance of common stock related to RSUs vested																														1,565						—						—						—						—						—						—						—						—
Charitable donation of common stock																														120						—						—						—						5,914						—						—						—						5,914
Vesting of early exercised stock options																														—						—						—						—						189						—						—						—						189
Stock-based compensation expense																														—						—						—						—						91,425						—						—						(204)						91,221
Change in noncontrolling interest ownership																														—						—						—						—						(409)						—						—						409						—
Other comprehensive loss																														—						—						—						—						—						—						(1,765)						(882)						(2,647)
Net loss																														—						—						—						—						—						(41,695)						—						(918)						(42,613)
Balances at July 31, 2024																														136,462						$	—					23,963						$	—					$	1,833,786					$	(1,191,517)					$	570					$	45,165					$	688,004

																														Six Months Ended July 31, 2023
																		Class A Common Stock												Class B Common Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income (loss)						Noncontrolling Interests						Total Stockholders’ Equity
																														Shares						Amount									Shares												Amount
Balances at January 31, 2023																														94,655						$	—					56,489						$	—					$	1,497,373					$	(725,648)					$	(705)					$	53,705					$	824,725
Conversion of Class B common stock to Class A common stock																														7,358						—						(7,358)						—						—						—						—						—						—
Issuance of common stock related to vested exercised stock options																														—						—						2,060						—						17,933						—						—						—						17,933
Issuance of common stock under employee stock purchase plan																														247						—						—						—						7,751						—						—						—						7,751
Repurchases, net of early exercised stock options																														—						—						(13)						—						—						—						—						—						—
Issuance of common stock related to RSUs vested																														1,038						—						—						—						—						—						—						—						—
Charitable donation of common stock																														134						—						—						—						5,350						—						—						—						5,350
Vesting of early exercised stock options																														—						—						—						—						809						—						—						—						809
Stock-based compensation expense																														—						—						—						—						81,359						—						—						(2,661)						78,698
Change in noncontrolling interest ownership																														—						—						—						—						(503)						—						—						503						—
Other comprehensive income (loss)																														—						—						—						—						—						—						2,487						(2,406)						81
Net loss																														—						—						—						—						—						(102,549)						—						(1,558)						(104,107)
Balances at July 31, 2023																														103,432						$	—					51,178						$	—					$	1,610,072					$	(828,197)					$	1,782					$	47,583					$	831,240

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GitLab Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

			Six Months Ended July 31,
			2024						2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss, including amounts attributable to noncontrolling interest			$	(42,613)					$	(104,107)
Adjustments to reconcile net loss to net cash provided by operating activities:
Stock-based compensation expense			91,221						78,698
Change in fair value of acquisition related contingent consideration			3,750						—
Charitable donation of common stock			5,914						5,350
Amortization of intangible assets			3,420						1,125
Depreciation expense			1,681						2,206
Amortization of deferred contract acquisition costs			22,946						20,619
Loss from equity method investment			—						2,108
Net amortization of premiums or discounts on short-term investments			(9,141)						(8,494)
Unrealized foreign exchange loss (gain), net			(258)						825
Other non-cash expense (income), net			301						(103)
Changes in assets and liabilities:
Accounts receivable			1,225						25,281
Prepaid expenses and other current assets			13,271						(4,248)
Deferred contract acquisition costs			(20,955)						(18,137)
Other non-current assets			(497)						(721)
Accounts payable			1,350						(1,023)
Accrued expenses and other current liabilities			(21,633)						1,183
Accrued compensation and benefits			(6,902)						2,611
Deferred revenue			14,838						11,175
Other non-current liabilities			(8,083)						1,800
Net cash provided by operating activities			49,835						16,148
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments			(263,258)						(334,996)
Proceeds from maturities of short-term investments			376,099						272,984
Purchases of property and equipment			(1,551)						(533)
Payments for business combination, net of cash acquired			(20,210)						—
Payments for asset acquisition			(7,314)						—
Escrow payment related to business combination, after acquisition date			—						(2,500)
Other investing activities			457						—
Net cash provided by (used in) investing activities			84,223						(65,045)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases			10,073						17,777
Issuance of common stock under employee stock purchase plan			7,932						7,751
Net cash provided by financing activities			18,005						25,528
Impact of foreign exchange on cash and cash equivalents			(1,443)						(1,308)
Net increase (decrease) in cash and cash equivalents			150,620						(24,677)
Cash and cash equivalents at beginning of period			287,996						297,902
Cash and cash equivalents at end of period			$	438,616					$	273,225
Supplemental disclosure of cash flow information:
Cash paid for income taxes			$	1,803					$	4,187
Supplemental disclosure of non-cash investing and financing activities:

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Vesting of early exercised stock options			$	189					$	809
Unpaid property and equipment in accrued expenses			$	87					$	—
Unpaid direct transaction costs related to the asset acquisition in accrued expenses			$	346					$	—

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GitLab Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Organization and Description of Business

GitLab Inc. (the “Company”) began as an open source project in 2011 and was incorporated in Delaware on September 12, 2014. The Company operates on an all-remote model. The Company is a technology company and its primary offering is “GitLab”, a complete DevSecOps platform delivered as a single application. GitLab is used by a wide range of organizations. The Company also provides related training and professional services. GitLab is offered on both self-managed and software-as-a-service ("SaaS") models. The principal markets for GitLab are currently located in the United States, Europe, and Asia Pacific. The Company is focused on accelerating innovation and broadening the distribution of its platform to companies across the world to help them become better software-led businesses.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP.

Fiscal Year

The Company's fiscal year ends on January 31. For example, references to fiscal year 2025 and 2024 refer to the fiscal year ending January 31, 2025 and the fiscal year ended January 31, 2024, respectively.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, allocation of revenue to the license element in the Company's self-managed subscriptions, estimating the amortization period for capitalized costs to obtain a contract, allowance for doubtful accounts, stock-based compensation expense, fair value of contingent consideration, fair valuation of retained interest in an investee on loss of control, valuation allowance for deferred income taxes, reserves for unrecognized income tax benefits, valuation of acquired intangibles assets and impairment of goodwill and equity method investments. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.

Principles of Consolidation

The condensed consolidated financial statements include 100% of the accounts of wholly owned and majority owned subsidiaries as well as a variable interest entity for which the Company is the primary beneficiary. The ownership interest of other investors is recorded as noncontrolling interest. All intercompany accounts and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies

There were no significant changes to the Company’s significant accounting policies disclosed in “Note 2” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024.

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Recently Issued Accounting Pronouncements

Aside from the new accounting pronouncements already discussed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2024, there were no additional pronouncements issued or effective during the period that would materially affect our condensed consolidated financial statements.

3. Revenues

Disaggregation of Revenue

The following table shows the components of revenues and their respective percentages of total revenue for the periods indicated (in thousands, except percentages):

			Three Months Ended July 31,																								Six Months Ended July 31,
			2024												2023												2024												2023
Subscription—self-managed and SaaS			$	163,181					89		%				$	122,096					87		%				$	314,360					89		%				$	233,287					87		%
Subscription—self-managed			111,546						61						86,659						62						215,219						61						166,246						62
SaaS			51,635						28						35,437						25						99,141						28						67,041						25
License—self-managed and other			$	19,403					11		%				$	17,485					13		%				$	37,411					11		%				$	33,172					13		%
License—self-managed			15,802						9						14,624						11						30,639						9						27,979						11
Professional services and other			3,601						2						2,861						2						6,772						2						5,193						2
Total revenue			$	182,584					100		%				$	139,581					100		%				$	351,771					100		%				$	266,459					100		%

Total Revenue by Geographic Location

The following table summarizes the Company’s total revenue by geographic location based on the region of the Company’s contracting entity, which may be different than the region of the customer (in thousands):

			Three Months Ended July 31,												Six Months Ended July 31,
			2024						2023						2024						2023
United States			$	149,357					$	114,054					$	286,883					$	217,016
Europe			28,889						22,245						56,541						43,202
Asia Pacific			4,338						3,282						8,347						6,241
Total revenue			$	182,584					$	139,581					$	351,771					$	266,459

During the three and six months ended July 31, 2024, the United States accounted for 82% of total revenue for each period presented. During the three and six months ended July 31, 2023, the United States accounted for 82% and 81% of total revenue, respectively. No other individual country exceeded 10% of total revenue for any of the periods presented.

The Company operates its business as a single operating segment.

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Deferred Revenue

During the three and six months ended July 31, 2024, $133.9 million and $218.5 million, respectively, of revenue was recognized, which was included in the corresponding deferred revenue balance at the beginning of the periods presented. During the three and six months ended July 31, 2023, $101.6 million and $157.5 million, respectively, of revenue was recognized, which was included in the corresponding deferred revenue balance at the beginning of the periods presented.

Remaining Performance Obligations

As of July 31, 2024 and January 31, 2024, the aggregate amount of the transaction price allocated to billed and unbilled remaining performance obligations for which revenue has not yet been recognized was approximately $747.9 million and $673.8 million, respectively. As of July 31, 2024, the Company expects to recognize approximately 64% of the transaction price as product or services revenue over the next 12 months and 87% over the next 24 months.

Concentration of Credit Risk and Significant Customers

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, and accounts receivable. At times, cash deposits may be in excess of insured limits. The Company believes that the financial institutions or corporations that hold its cash, cash equivalents, and short-term investments are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company maintains allowances for potential credit losses on accounts receivable when deemed necessary.

The Company uses various distribution channels. As of July 31, 2024, one partner represented 15% of the accounts receivable balance; while as of January 31, 2024, two channel partners represented 12% and 13% of the accounts receivable balance, respectively. There were no individual customers whose balance represented more than 10% of accounts receivable as of July 31, 2024 and January 31, 2024.

There were no individual customers whose revenue represented more than 10% of total revenue during the three and six months ended July 31, 2024 and 2023.

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4. Cash Equivalents and Short-Term Investments

The following table summarizes the Company’s cash equivalents and short-term investments by category (in thousands):

															As of July 31, 2024
															Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Level 1:
Cash equivalents (1)
Money market funds															$	350,712					$	—					$	—					$	350,712
Level 2:
Cash equivalents (1)
U.S. Treasury securities															8,946						—						—						8,946
Commercial paper															2,984						—						(1)						2,983
Total cash equivalents															362,642						—						(1)						362,641
Short-term investments
Commercial paper															19,208						—						(7)						19,201
Corporate debt securities															196,403						193						(249)						196,347
U.S. Agency securities															51,420						14						(53)						51,381
U.S. Treasury securities															377,412						359						(212)						377,559
Total short-term investments															644,443						566						(521)						644,488
Level 2 total															656,373						566						(522)						656,417
Total cash equivalents and short-term investments															$	1,007,085					$	566					$	(522)					$	1,007,129

(1) Included in “cash and cash equivalents” in our condensed consolidated balance sheet as of July 31, 2024, in addition to cash of $76.0 million.

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															As of January 31, 2024
															Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Level 1:
Cash equivalents (1)
Money market funds															$	187,175					$	—					$	—					$	187,175
Level 2:
Cash equivalents (1)
U.S. Treasury securities															15,909						—						(2)