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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 April 30, 2023

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 May 26, 2023, the number of shares of the registrant’s Class A common stock outstanding was 96.4 million and the number of shares of the registrant’s Class B common stock outstanding was 56.4 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

			Page
Special Note Regarding Forward-Looking Statements
PART I. Financial Information			5
ITEM 1. Financial Statements (Unaudited)			5
Condensed Consolidated Balance Sheets as of April 30, 2023 and January 31, 2023			5
Condensed Consolidated Statements of Operations for the Three Months Ended April 30, 2023 and 2022			6
Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended April 30, 2023 and 2022			7
Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended April 30, 2023 and 2022			8
Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2023 and 2022			9
Notes to Condensed Consolidated Financial Statements			11
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			32
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk			47
ITEM 4. Controls and Procedures			48
PART II. Other Information			50
ITEM 1. Legal Proceedings			50
ITEM 1A. Risk Factors			51
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			92
ITEM 3. Defaults Upon Senior Securities			93
ITEM 4. Mine Safety Disclosures			93
ITEM 5. Other Information			93
ITEM 6. Exhibits			93
Signatures			95

1

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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 plans to incorporate 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;

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

•the impact of macroeconomic conditions and global events, including inflation, rising interest rates, increased volatility in the capital markets, instability in the global banking sector and regional and global conflict, including the armed conflict in Ukraine, on our operations, financial

2

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results, and liquidity and capital resources, including on customers, sales, expenses, and team members;

•increased expenses associated with being a public company; 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 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.

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

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

•Our business depends on our customers purchasing and renewing subscriptions and purchasing additional subscriptions and services from us. Any decline in our customer renewals and expansions could harm our future operating results.

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•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.

•We have a publicly available company Handbook that may not be up to date or accurate which at times may result in negative third-party scrutiny or be used in ways that adversely affects our business.

•Security and privacy breaches may hurt our business.

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

•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.

•We have a limited operating history which makes it difficult to evaluate our current business and future prospects and may increase the risks associated with your investment.

•We have experienced rapid growth in recent periods. If we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service or adequately address competitive challenges.

•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.

•We do not have an adequate history with our subscription or pricing models to accurately predict the long-term rate of customer subscription renewals or adoption, or the impact these renewals and adoption will have on our revenues or operating results.

•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.

•We contract with our team members in various ways, including hiring directly, through professional employer organizations, or 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)

									April 30, 2023(1)						January 31, 2023(1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents									$	315,933					$	295,402
Short-term investments									621,706						641,249
Accounts receivable, net of allowance for doubtful accounts of $593 and $1,564 as of April 30, 2023 and January 31, 2023, respectively									126,079						130,479
Deferred contract acquisition costs, current									25,093						26,505
Prepaid expenses and other current assets									26,409						24,327
Total current assets									1,115,220						1,117,962
Property and equipment, net									4,936						5,797
Operating lease right-of-use assets									1,300						998
Equity method investment									11,735						12,682
Goodwill									8,145						8,145
Intangible assets, net									3,321						3,901
Deferred contract acquisition costs, non-current									15,014						15,628
Other long-term assets									4,437						4,087
TOTAL ASSETS									$	1,164,108					$	1,169,200
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable									$	3,029					$	5,184
Accrued expenses and other current liabilities									28,885						25,954
Accrued compensation and benefits									15,716						20,776
Deferred revenue, current									263,423						254,382
Total current liabilities									311,053						306,296
Deferred revenue, non-current									28,043						28,355
Other non-current liabilities									9,411						9,824
TOTAL LIABILITIES									348,507						344,475
Commitments and contingencies (Note 15)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0000025 par value; 50,000 shares authorized as of April 30, 2023 and January 31, 2023; no shares issued and outstanding as of April 30, 2023 and January 31, 2023									—						—
Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of April 30, 2023 and January 31, 2023; 96,240 and 94,655 shares issued and outstanding as of April 30, 2023 and January 31, 2023, respectively									—						—
Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of April 30, 2023 and January 31, 2023; 56,453 and 56,489 shares issued and outstanding as of April 30, 2023 and January 31, 2023, respectively									—						—
Additional paid-in capital									1,542,603						1,497,373
Accumulated deficit									(778,117)						(725,648)
Accumulated other comprehensive income (loss)									1,003						(705)
Total GitLab stockholders’ equity									765,489						771,020
Noncontrolling interests									50,112						53,705
TOTAL STOCKHOLDERS’ EQUITY									815,601						824,725
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY									$	1,164,108					$	1,169,200

___________

(1) As of April 30, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $57.0 million and $62.8 million, respectively, and liabilities of $7.7 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 the Company. Refer to “Note 12. 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 April 30,
			2023						2022
Revenue:
Subscription—self-managed and SaaS			$	111,191					$	76,923
License—self-managed and other			15,687						10,484
Total revenue			126,878						87,407
Cost of revenue:
Subscription—self-managed and SaaS			10,891						7,933
License—self-managed and other			3,048						1,915
Total cost of revenue			13,939						9,848
Gross profit			112,939						77,559
Operating expenses:
Sales and marketing			86,537						66,710
Research and development			50,387						31,830
General and administrative			34,248						21,892
Total operating expenses			171,172						120,432
Loss from operations			(58,233)						(42,873)
Interest income			7,315						526
Other income, net			253						18,448
Loss before income taxes and loss from equity method investment			(50,665)						(23,899)
Loss from equity method investment, net of tax			(748)						(203)
Provision for income taxes			1,486						2,511
Net loss			$	(52,899)					$	(26,613)
Net loss attributable to noncontrolling interest			(430)						(514)
Net loss attributable to GitLab			$	(52,469)					$	(26,099)
Net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted			$	(0.35)					$	(0.18)
Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted			151,692						146,643

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

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GitLab Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(unaudited)

			Three Months Ended April 30,
			2023						2022
Net loss			$	(52,899)					$	(26,613)
Foreign currency translation adjustments			(857)						(2,664)
Net change in unrealized gains (losses) on available-for-sale securities			1,497						(69)
Comprehensive loss including noncontrolling interest			$	(52,259)					$	(29,346)
Net loss attributable to noncontrolling interest			(430)						(514)
Foreign currency translation adjustments attributable to noncontrolling interest			(1,068)						(1,315)
Comprehensive loss attributable to noncontrolling interest			(1,498)						(1,829)
Comprehensive loss attributable to GitLab			$	(50,761)					$	(27,517)

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 April 30, 2022
																		Class A Common Stock												Class B Common Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive (Loss) Income						Noncontrolling Interests						Total Stockholders’ Equity
																														Shares						Amount									Shares												Amount
Balance at January 31, 2022																														27,141			—			$	—					119,747						$	—					$	1,320,479					$	(553,337)					$	7,724					$	24,403					$	799,269
Conversion of Class B common stock to Class A common stock																														46,908						—						(46,908)						—						—						—						—						—						—
Issuance of common stock related to vested exercised stock options																														—						—						734						—						5,220						—						—						—						5,220
Issuance of common stock related to early exercised stock options, net of repurchases																														—						—						9						—						—						—						—						—						—
Issuance of common stock related to RSUs vested, net of tax withholdings																														—						—						1						—						—						—						—						—						—
Vesting of early exercised stock options																														—						—						—						—						2,146						—						—						—						2,146
Stock-based compensation expense																														—						—						—						—						17,254						—						—						217						17,471
Other comprehensive loss																														—						—						—						—						—						—						(1,418)						(1,315)						(2,733)
Change in noncontrolling interest ownership due to capital contributions from noncontrolling interest holders, net of issuance costs																														—						—						—						—						10,125						—						—						24,659						34,784
Deconsolidation of Meltano Inc.																														—						—						—						—						—						—						—						(11,342)						(11,342)
Net loss																														—						—						—						—						—						(26,099)						—						(514)						(26,613)
Balances at April 30, 2022																														74,049						$	—					73,583						$	—					$	1,355,224					$	(579,436)					$	6,306					$	36,108					$	818,202

																														Three Months Ended April 30, 2023
																		Class A Common Stock												Class B Common Stock												Additional Paid-in Capital						Accumulated Deficit						Accumulated Other Comprehensive (Loss) Income						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																														1,145						—						(1,145)						—						—						—						—						—						—
Issuance of common stock related to vested exercised stock options																														—						—						1,120						—						7,613						—						—						—						7,613
Repurchases, net of early exercised stock options																														—						—						(11)						—						—						—						—						—						—
Issuance of common stock related to RSUs vested, net of tax withholdings																														359						—						—						—						—						—						—						—						—
Charitable donation of common stock																														81						—						—						—						2,675						—						—						—						2,675
Vesting of early exercised stock options																														—						—												—						517						—						—						—						517
Stock-based compensation expense																														—						—						—						—						34,804						—						—						(2,474)						32,330
Change in noncontrolling interest ownership																														—						—						—						—						(379)						—						—						379						—
Other comprehensive income (loss)																														—						—						—						—						—						—						1,708						(1,068)						640
Net loss																														—						—						—						—						—						(52,469)						—						(430)						(52,899)
Balances at April 30, 2023																														96,240						$	—					56,453						$	—					$	1,542,603					$	(778,117)					$	1,003					$	50,112					$	815,601

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)

			Three Months Ended April 30,
			2023						2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss, including amounts attributable to noncontrolling interest			$	(52,899)					$	(26,613)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense			32,330						17,471
Charitable donation of common stock			2,675						—
Amortization of intangible assets			579						581
Depreciation expense			1,092						558
Amortization of deferred contract acquisition costs			10,549						10,813
Gain from deconsolidation of Meltano Inc.			—						(17,798)
Loss from equity method investment			947						256
Net amortization of premiums or discounts on short-term investments			(3,596)						—
Unrealized foreign exchange gain, net			(262)						(231)
Other non-cash income, net			(59)						(268)
Changes in assets and liabilities:
Accounts receivable			4,840						8,674
Prepaid expenses and other current assets			(2,087)						(2,158)
Deferred contract acquisition costs			(8,497)						(10,249)
Other long-term assets			(302)						(61)
Accounts payable			(2,158)						800
Accrued expenses and other current liabilities			2,789						1,569
Accrued compensation and benefits			(5,121)						(20,606)
Deferred revenue			8,383						6,687
Other long-term liabilities			(164)						2,419
Net cash used in operating activities			(10,961)						(28,156)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments			(58,864)						(47,361)
Proceeds from maturities of short-term investments			83,500						50,031
Purchases of property and equipment			(256)						(1,874)
Deconsolidation of Meltano Inc.			—						(9,620)
Net cash provided by (used in) investing activities			24,380						(8,824)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases			7,513						5,317
Proceeds from short-term borrowings from an investor in JiHu			—						2,878
Contributions received from noncontrolling interests, net of issuance costs			—						35,528
Net cash provided by financing activities			7,513						43,723
Impact of foreign exchange on cash and cash equivalents			(401)						(3,926)
Net increase in cash and cash equivalents			20,531						2,817
Cash, cash equivalents, and restricted cash at beginning of period			297,902						887,172
Cash, cash equivalents, and restricted cash at end of period			$	318,433					$	889,989
Supplemental disclosure of cash flow information:
Cash paid for income taxes			$	1,066					$	173
Supplemental disclosure of non-cash investing and financing activities:
Vesting of early exercised stock options			$	517					$	2,146
Unpaid property and equipment in accrued expenses			$	—					$	33

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Unpaid issuance costs related to capital contributions from noncontrolling interest holders			$	—					$	744
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			$	315,933					$	887,489
Restricted cash, included in prepaid expenses and other current assets			2,500						—
Restricted cash, included in other long-term assets			—						2,500
Total cash, cash equivalents and restricted cash			$	318,433					$	889,989

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. While the Company is headquartered in San Francisco, California, it 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 2024 and 2023 refer to the fiscal year ending January 31, 2024 and the fiscal year ended January 31, 2023, 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, valuation of 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.

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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, 2023.

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 April 30,
			2023												2022
Subscription—self-managed and SaaS			$	111,191					88		%				$	76,923					88		%
Subscription—self-managed			79,587						63						59,719						68
SaaS			31,604						25						17,204						20
License—self-managed and other			$	15,687					12		%				$	10,484					12		%
License—self-managed			13,355						10						8,777						10
Professional services and other			2,332						2						1,707						2
Total revenue			$	126,878					100		%				$	87,407					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 April 30,
			2023						2022
United States			$	102,962					$	72,274
Europe			20,957						12,988
Asia Pacific			2,959						2,145
Total revenue			$	126,878					$	87,407

During the three months ended April 30, 2023 and 2022, the United States accounted for 81% and 83% 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 reportable segment.

Deferred Revenue

During the three months ended April 30, 2023 and 2022, $90.6 million and $59.8 million, respectively, of revenue was recognized, which was included in the corresponding deferred revenue balance at the beginning of the reporting periods presented.

Remaining Performance Obligations

As of April 30, 2023 and January 31, 2023, the aggregate amount of the transaction price allocated to billed and unbilled remaining performance obligations for which revenue has not yet been recognized was

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approximately $460.3 million and $435.9 million, respectively. As of April 30, 2023, the Company expects to recognize approximately 70% of the transaction price as product or services revenue over the next 12 months and 92% 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, restricted cash, 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, restricted cash, 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 April 30, 2023, two of these channel partners represented 12% and 13% of the accounts receivable balance, respectively, while as of January 31, 2023 one of these channel partners represented 12% of the accounts receivable balance. There were no individual customers whose balance represented more than 10% of accounts receivable as of April 30, 2023 and January 31, 2023.

There were no customers whose revenue represented more than 10% of total revenue during the three months ended April 30, 2023 and 2022.

4. Cash, Cash Equivalents and Short-Term Investments

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

															As of April 30, 2023
															Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Cash and cash equivalents:
Cash															$	225,794					$	—					$	—					$	225,794
Money market funds															86,665						—						—						86,665
Commercial paper															3,476						—						(2)						3,474
Total cash and cash equivalents															$	315,935					$	—					$	(2)					$	315,933
Short-term investments:
Commercial paper															107,285						—						(147)						107,138
Corporate debt securities															122,903						92						(583)						122,412
Municipal bonds															1,995						—						(9)						1,986
Foreign government bonds															2,222						—						(30)