10-Q 1 gtlb-20241031.htm 10-Q gtlb-20241031
00016534821/312025Q3FALSEhttp://about.gitlab.com/20241031#AccruedLiabilitiesAndOtherLiabilitiesCurrenthttp://about.gitlab.com/20241031#AccruedLiabilitiesAndOtherLiabilitiesCurrentP2Y363xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puregtlb:co-foundergtlb:tranchegtlb:distributiongtlb:lease00016534822024-02-012024-10-310001653482us-gaap:CommonClassAMember2024-11-250001653482us-gaap:CommonClassBMember2024-11-2500016534822024-10-3100016534822024-01-310001653482us-gaap:CommonClassAMember2024-10-310001653482us-gaap:CommonClassAMember2024-01-310001653482us-gaap:CommonClassBMember2024-10-310001653482us-gaap:CommonClassBMember2024-01-310001653482us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-10-310001653482us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-01-310001653482gtlb:SubscriptionAndSoftwareMember2024-08-012024-10-310001653482gtlb:SubscriptionAndSoftwareMember2023-08-012023-10-310001653482gtlb:SubscriptionAndSoftwareMember2024-02-012024-10-310001653482gtlb:SubscriptionAndSoftwareMember2023-02-012023-10-310001653482gtlb:LicenseProfessionalServicesAndOtherMember2024-08-012024-10-310001653482gtlb:LicenseProfessionalServicesAndOtherMember2023-08-012023-10-310001653482gtlb:LicenseProfessionalServicesAndOtherMember2024-02-012024-10-310001653482gtlb:LicenseProfessionalServicesAndOtherMember2023-02-012023-10-3100016534822024-08-012024-10-3100016534822023-08-012023-10-3100016534822023-02-012023-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-07-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-07-310001653482us-gaap:AdditionalPaidInCapitalMember2024-07-310001653482us-gaap:RetainedEarningsMember2024-07-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-310001653482us-gaap:NoncontrollingInterestMember2024-07-3100016534822024-07-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-08-012024-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-08-012024-10-310001653482us-gaap:AdditionalPaidInCapitalMember2024-08-012024-10-310001653482us-gaap:NoncontrollingInterestMember2024-08-012024-10-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-08-012024-10-310001653482us-gaap:RetainedEarningsMember2024-08-012024-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-10-310001653482us-gaap:AdditionalPaidInCapitalMember2024-10-310001653482us-gaap:RetainedEarningsMember2024-10-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-10-310001653482us-gaap:NoncontrollingInterestMember2024-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-07-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-07-310001653482us-gaap:AdditionalPaidInCapitalMember2023-07-310001653482us-gaap:RetainedEarningsMember2023-07-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-310001653482us-gaap:NoncontrollingInterestMember2023-07-3100016534822023-07-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-08-012023-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-08-012023-10-310001653482us-gaap:AdditionalPaidInCapitalMember2023-08-012023-10-310001653482us-gaap:NoncontrollingInterestMember2023-08-012023-10-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-08-012023-10-310001653482us-gaap:RetainedEarningsMember2023-08-012023-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-10-310001653482us-gaap:AdditionalPaidInCapitalMember2023-10-310001653482us-gaap:RetainedEarningsMember2023-10-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-10-310001653482us-gaap:NoncontrollingInterestMember2023-10-3100016534822023-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-01-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-01-310001653482us-gaap:AdditionalPaidInCapitalMember2024-01-310001653482us-gaap:RetainedEarningsMember2024-01-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-310001653482us-gaap:NoncontrollingInterestMember2024-01-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-02-012024-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-02-012024-10-310001653482us-gaap:AdditionalPaidInCapitalMember2024-02-012024-10-310001653482us-gaap:NoncontrollingInterestMember2024-02-012024-10-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-02-012024-10-310001653482us-gaap:RetainedEarningsMember2024-02-012024-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-01-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-01-310001653482us-gaap:AdditionalPaidInCapitalMember2023-01-310001653482us-gaap:RetainedEarningsMember2023-01-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-310001653482us-gaap:NoncontrollingInterestMember2023-01-3100016534822023-01-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-02-012023-10-310001653482us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-02-012023-10-310001653482us-gaap:AdditionalPaidInCapitalMember2023-02-012023-10-310001653482us-gaap:CommonStockMember2023-02-012023-10-310001653482us-gaap:NoncontrollingInterestMember2023-02-012023-10-310001653482us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-02-012023-10-310001653482us-gaap:RetainedEarningsMember2023-02-012023-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:SubscriptionAndSoftwareMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-08-012024-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:SubscriptionAndSoftwareMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-08-012023-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:SubscriptionAndSoftwareMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-02-012024-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:SubscriptionAndSoftwareMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-02-012023-10-310001653482us-gaap:SubscriptionAndCirculationMember2024-08-012024-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:SubscriptionAndCirculationMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-08-012024-10-310001653482us-gaap:SubscriptionAndCirculationMember2023-08-012023-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:SubscriptionAndCirculationMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-08-012023-10-310001653482us-gaap:SubscriptionAndCirculationMember2024-02-012024-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:SubscriptionAndCirculationMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-02-012024-10-310001653482us-gaap:SubscriptionAndCirculationMember2023-02-012023-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:SubscriptionAndCirculationMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-02-012023-10-310001653482gtlb:SubscriptionSoftwareAsAServiceMember2024-08-012024-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:SubscriptionSoftwareAsAServiceMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-08-012024-10-310001653482gtlb:SubscriptionSoftwareAsAServiceMember2023-08-012023-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:SubscriptionSoftwareAsAServiceMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-08-012023-10-310001653482gtlb:SubscriptionSoftwareAsAServiceMember2024-02-012024-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:SubscriptionSoftwareAsAServiceMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-02-012024-10-310001653482gtlb:SubscriptionSoftwareAsAServiceMember2023-02-012023-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:SubscriptionSoftwareAsAServiceMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-02-012023-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:LicenseProfessionalServicesAndOtherMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-08-012024-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:LicenseProfessionalServicesAndOtherMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-08-012023-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:LicenseProfessionalServicesAndOtherMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-02-012024-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:LicenseProfessionalServicesAndOtherMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-02-012023-10-310001653482us-gaap:LicenseMember2024-08-012024-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:LicenseMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-08-012024-10-310001653482us-gaap:LicenseMember2023-08-012023-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:LicenseMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-08-012023-10-310001653482us-gaap:LicenseMember2024-02-012024-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:LicenseMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-02-012024-10-310001653482us-gaap:LicenseMember2023-02-012023-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:LicenseMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-02-012023-10-310001653482gtlb:ProfessionalServicesAndOtherMember2024-08-012024-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:ProfessionalServicesAndOtherMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-08-012024-10-310001653482gtlb:ProfessionalServicesAndOtherMember2023-08-012023-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:ProfessionalServicesAndOtherMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-08-012023-10-310001653482gtlb:ProfessionalServicesAndOtherMember2024-02-012024-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:ProfessionalServicesAndOtherMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-02-012024-10-310001653482gtlb:ProfessionalServicesAndOtherMember2023-02-012023-10-310001653482us-gaap:ProductConcentrationRiskMembergtlb:ProfessionalServicesAndOtherMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-02-012023-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-08-012024-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-08-012023-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2024-02-012024-10-310001653482us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerProductAndServiceBenchmarkMember2023-02-012023-10-310001653482country:US2024-08-012024-10-310001653482country:US2023-08-012023-10-310001653482country:US2024-02-012024-10-310001653482country:US2023-02-012023-10-310001653482srt:EuropeMember2024-08-012024-10-310001653482srt:EuropeMember2023-08-012023-10-310001653482srt:EuropeMember2024-02-012024-10-310001653482srt:EuropeMember2023-02-012023-10-310001653482srt:AsiaPacificMember2024-08-012024-10-310001653482srt:AsiaPacificMember2023-08-012023-10-310001653482srt:AsiaPacificMember2024-02-012024-10-310001653482srt:AsiaPacificMember2023-02-012023-10-310001653482country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-02-012024-10-310001653482country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2024-08-012024-10-310001653482country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2023-08-012023-10-310001653482country:USus-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2023-02-012023-10-3100016534822024-11-012024-10-310001653482gtlb:DistributionChannelOneMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-02-012024-10-310001653482gtlb:DistributionChannelTwoMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-02-012024-10-310001653482gtlb:DistributionChannelThreeMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2024-02-012024-10-310001653482gtlb:DistributionChannelOneMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2023-02-012024-01-310001653482gtlb:DistributionChannelTwoMemberus-gaap:CreditConcentrationRiskMemberus-gaap:AccountsReceivableMember2023-02-012024-01-310001653482us-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2024-10-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-10-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:USTreasurySecuritiesMember2024-10-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:CommercialPaperMember2024-10-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMember2024-10-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:CommercialPaperMember2024-10-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:CorporateDebtSecuritiesMember2024-10-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-10-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:USTreasurySecuritiesMember2024-10-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2024-10-310001653482us-gaap:FairValueInputsLevel2Member2024-10-310001653482us-gaap:CashAndCashEquivalentsMemberus-gaap:CashMember2024-10-310001653482us-gaap:FairValueInputsLevel1Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:MoneyMarketFundsMember2024-01-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:USTreasurySecuritiesMember2024-01-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:CommercialPaperMember2024-01-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMember2024-01-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:CommercialPaperMember2024-01-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:CorporateDebtSecuritiesMember2024-01-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-01-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMemberus-gaap:USTreasurySecuritiesMember2024-01-310001653482us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2024-01-310001653482us-gaap:FairValueInputsLevel2Member2024-01-310001653482us-gaap:CashAndCashEquivalentsMemberus-gaap:CashMember2024-01-310001653482gtlb:USAgencySecuritiesMember2024-10-310001653482us-gaap:CommercialPaperMember2024-10-310001653482us-gaap:CorporateDebtSecuritiesMember2024-10-310001653482us-gaap:USTreasurySecuritiesMember2024-10-310001653482gtlb:USAgencySecuritiesMember2024-01-310001653482us-gaap:CommercialPaperMember2024-01-310001653482us-gaap:CorporateDebtSecuritiesMember2024-01-310001653482us-gaap:USTreasurySecuritiesMember2024-01-310001653482gtlb:OpstraceIncMember2024-08-012024-10-310001653482gtlb:OpstraceIncMember2024-02-012024-10-310001653482gtlb:OpstraceIncMember2023-08-012023-10-310001653482gtlb:OpstraceIncMember2023-02-012023-10-310001653482gtlb:OpstraceIncMemberus-gaap:FairValueInputsLevel3Member2024-10-310001653482gtlb:OpstraceIncMemberus-gaap:FairValueInputsLevel3Member2024-01-310001653482gtlb:RezilionAssetAcquisitionMember2024-05-232024-05-230001653482gtlb:OxeyeSecurityLimitedMember2024-03-202024-03-200001653482gtlb:OxeyeSecurityLimitedMembergtlb:FounderHoldbackMember2024-03-2000016534822024-03-200001653482gtlb:ContingentConsiderationTrancheThreeMembergtlb:OxeyeSecurityLimitedMembergtlb:FounderHoldbackMember2024-03-200001653482gtlb:ContingentConsiderationTrancheOneMembergtlb:OxeyeSecurityLimitedMembergtlb:FounderHoldbackMember2024-03-200001653482gtlb:ContingentConsiderationTrancheTwoMembergtlb:OxeyeSecurityLimitedMembergtlb:FounderHoldbackMember2024-03-200001653482gtlb:OxeyeSecurityLimitedMembergtlb:FounderHoldbackMember2024-08-012024-10-310001653482gtlb:OxeyeSecurityLimitedMembergtlb:FounderHoldbackMember2024-02-012024-10-310001653482gtlb:OxeyeSecurityLimitedMember2024-02-012024-10-310001653482gtlb:OxeyeSecurityLimitedMember2024-03-200001653482gtlb:OxeyeSecurityLimitedMemberus-gaap:DevelopedTechnologyRightsMember2024-03-200001653482gtlb:OxeyeSecurityLimitedMemberus-gaap:DevelopedTechnologyRightsMember2024-03-202024-03-200001653482gtlb:DevelopedTechnologyRightsBusinessCombinationMember2024-10-310001653482gtlb:DevelopedTechnologyRightsAssetAcquisitionMember2024-10-310001653482gtlb:DevelopedTechnologyRightsBusinessCombinationMember2024-01-310001653482gtlb:DevelopedTechnologyRightsAssetAcquisitionMember2024-01-310001653482gtlb:CommonClassAAndClassBMember2024-10-310001653482gtlb:CommonClassAAndClassBMember2024-01-310001653482gtlb:RestrictedStockUnitsAndPerformanceStockUnitsMembergtlb:CommonClassAAndClassBMember2024-10-310001653482gtlb:RestrictedStockUnitsAndPerformanceStockUnitsMembergtlb:CommonClassAAndClassBMember2024-01-310001653482us-gaap:EmployeeStockMembergtlb:CommonClassAAndClassBMember2024-10-310001653482us-gaap:EmployeeStockMembergtlb:CommonClassAAndClassBMember2024-01-3100016534822023-02-012024-01-310001653482gtlb:RestrictedStockUnitsAndPerformanceStockUnitsMember2024-02-012024-10-310001653482gtlb:RestrictedStockUnitsAndPerformanceStockUnitsMember2023-02-012024-01-310001653482us-gaap:EmployeeStockOptionMember2024-08-012024-10-310001653482us-gaap:EmployeeStockOptionMember2024-02-012024-10-310001653482us-gaap:EmployeeStockOptionMember2023-08-012023-10-310001653482us-gaap:EmployeeStockOptionMember2023-02-012023-10-310001653482us-gaap:RestrictedStockUnitsRSUMember2024-01-310001653482us-gaap:RestrictedStockUnitsRSUMember2024-02-012024-10-310001653482us-gaap:RestrictedStockUnitsRSUMember2024-10-310001653482us-gaap:RestrictedStockUnitsRSUMembersrt:ChiefExecutiveOfficerMember2024-02-012024-10-310001653482gtlb:A2021EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMembersrt:MinimumMember2024-02-012024-10-310001653482gtlb:A2021EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMembersrt:MaximumMember2024-02-012024-10-310001653482us-gaap:RestrictedStockUnitsRSUMember2024-08-012024-10-310001653482us-gaap:RestrictedStockUnitsRSUMember2023-08-012023-10-310001653482us-gaap:RestrictedStockUnitsRSUMember2023-02-012023-10-310001653482us-gaap:PerformanceSharesMember2022-06-012022-06-300001653482us-gaap:PerformanceSharesMembersrt:MinimumMember2022-06-012022-06-300001653482us-gaap:PerformanceSharesMembersrt:MaximumMember2022-06-012022-06-300001653482us-gaap:PerformanceSharesMember2024-08-012024-10-310001653482us-gaap:PerformanceSharesMember2024-02-012024-10-310001653482us-gaap:PerformanceSharesMember2023-08-012023-10-310001653482us-gaap:PerformanceSharesMember2023-02-012023-10-310001653482us-gaap:PerformanceSharesMember2024-10-310001653482us-gaap:RestrictedStockUnitsRSUMembersrt:ChiefExecutiveOfficerMemberus-gaap:CommonClassBMember2021-05-012021-05-3100016534822021-05-310001653482us-gaap:RestrictedStockUnitsRSUMembersrt:ChiefExecutiveOfficerMember2024-08-012024-10-310001653482us-gaap:RestrictedStockUnitsRSUMembersrt:ChiefExecutiveOfficerMember2023-08-012023-10-310001653482us-gaap:RestrictedStockUnitsRSUMembersrt:ChiefExecutiveOfficerMember2023-02-012023-10-310001653482us-gaap:RestrictedStockUnitsRSUMembersrt:ChiefExecutiveOfficerMembersrt:MinimumMember2024-02-012024-10-310001653482us-gaap:RestrictedStockUnitsRSUMembersrt:ChiefExecutiveOfficerMembersrt:MaximumMember2024-02-012024-10-310001653482us-gaap:RestrictedStockUnitsRSUMembersrt:ChiefExecutiveOfficerMember2024-10-310001653482us-gaap:EmployeeStockMembergtlb:A2021EmployeeStockPurchasePlanMember2024-08-012024-10-310001653482us-gaap:EmployeeStockMembergtlb:A2021EmployeeStockPurchasePlanMember2024-02-012024-10-310001653482us-gaap:EmployeeStockMembergtlb:A2021EmployeeStockPurchasePlanMember2023-08-012023-10-310001653482us-gaap:EmployeeStockMembergtlb:A2021EmployeeStockPurchasePlanMember2023-02-012023-10-310001653482us-gaap:EmployeeStockMembergtlb:A2021EmployeeStockPurchasePlanMember2024-10-310001653482us-gaap:CostOfSalesMember2024-08-012024-10-310001653482us-gaap:CostOfSalesMember2023-08-012023-10-310001653482us-gaap:CostOfSalesMember2024-02-012024-10-310001653482us-gaap:CostOfSalesMember2023-02-012023-10-310001653482us-gaap:SellingAndMarketingExpenseMember2024-08-012024-10-310001653482us-gaap:SellingAndMarketingExpenseMember2023-08-012023-10-310001653482us-gaap:SellingAndMarketingExpenseMember2024-02-012024-10-310001653482us-gaap:SellingAndMarketingExpenseMember2023-02-012023-10-310001653482us-gaap:ResearchAndDevelopmentExpenseMember2024-08-012024-10-310001653482us-gaap:ResearchAndDevelopmentExpenseMember2023-08-012023-10-310001653482us-gaap:ResearchAndDevelopmentExpenseMember2024-02-012024-10-310001653482us-gaap:ResearchAndDevelopmentExpenseMember2023-02-012023-10-310001653482us-gaap:GeneralAndAdministrativeExpenseMember2024-08-012024-10-310001653482us-gaap:GeneralAndAdministrativeExpenseMember2023-08-012023-10-310001653482us-gaap:GeneralAndAdministrativeExpenseMember2024-02-012024-10-310001653482us-gaap:GeneralAndAdministrativeExpenseMember2023-02-012023-10-310001653482us-gaap:CommonClassAMember2021-09-300001653482us-gaap:CommonClassAMember2024-03-310001653482us-gaap:CommonClassAMember2023-03-310001653482us-gaap:CommonClassAMember2024-08-012024-10-310001653482us-gaap:CommonClassAMember2024-02-012024-10-310001653482us-gaap:CommonClassAMember2023-08-012023-10-310001653482us-gaap:CommonClassAMember2023-02-012023-10-310001653482us-gaap:EmployeeSeveranceMember2024-08-012024-10-310001653482us-gaap:EmployeeSeveranceMember2024-02-012024-10-310001653482us-gaap:CostOfSalesMemberus-gaap:EmployeeSeveranceMember2024-08-012024-10-310001653482us-gaap:CostOfSalesMemberus-gaap:EmployeeSeveranceMember2023-08-012023-10-310001653482us-gaap:CostOfSalesMemberus-gaap:EmployeeSeveranceMember2024-02-012024-10-310001653482us-gaap:CostOfSalesMemberus-gaap:EmployeeSeveranceMember2023-02-012023-10-310001653482us-gaap:ResearchAndDevelopmentExpenseMemberus-gaap:EmployeeSeveranceMember2024-08-012024-10-310001653482us-gaap:ResearchAndDevelopmentExpenseMemberus-gaap:EmployeeSeveranceMember2023-08-012023-10-310001653482us-gaap:ResearchAndDevelopmentExpenseMemberus-gaap:EmployeeSeveranceMember2024-02-012024-10-310001653482us-gaap:ResearchAndDevelopmentExpenseMemberus-gaap:EmployeeSeveranceMember2023-02-012023-10-310001653482us-gaap:SellingAndMarketingExpenseMemberus-gaap:EmployeeSeveranceMember2024-08-012024-10-310001653482us-gaap:SellingAndMarketingExpenseMemberus-gaap:EmployeeSeveranceMember2023-08-012023-10-310001653482us-gaap:SellingAndMarketingExpenseMemberus-gaap:EmployeeSeveranceMember2024-02-012024-10-310001653482us-gaap:SellingAndMarketingExpenseMemberus-gaap:EmployeeSeveranceMember2023-02-012023-10-310001653482us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:EmployeeSeveranceMember2024-08-012024-10-310001653482us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:EmployeeSeveranceMember2023-08-012023-10-310001653482us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:EmployeeSeveranceMember2024-02-012024-10-310001653482us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:EmployeeSeveranceMember2023-02-012023-10-310001653482us-gaap:EmployeeSeveranceMember2023-08-012023-10-310001653482us-gaap:EmployeeSeveranceMember2023-02-012023-10-310001653482us-gaap:OneTimeTerminationBenefitsMember2023-02-012023-10-310001653482us-gaap:EmployeeSeveranceMember2024-01-310001653482us-gaap:EmployeeSeveranceMember2024-10-310001653482gtlb:GitLabInformationTechnologyHubeiCoLTDJiHuMember2024-10-310001653482gtlb:GitLabInformationTechnologyHubeiCoLTDJiHuMember2024-08-012024-10-310001653482gtlb:GitLabInformationTechnologyHubeiCoLTDJiHuMember2024-02-012024-10-310001653482gtlb:GitLabInformationTechnologyHubeiCoLTDJiHuMember2023-08-012023-10-310001653482gtlb:GitLabInformationTechnologyHubeiCoLTDJiHuMember2023-02-012023-10-310001653482gtlb:GitLabInformationTechnologyHubeiCoLTDJiHuMember2024-10-310001653482us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-08-012024-10-310001653482us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-08-012023-10-310001653482us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-02-012024-10-310001653482us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-02-012023-10-310001653482gtlb:ArchMeltanoInc.Member2024-08-012024-10-310001653482gtlb:ArchMeltanoInc.Member2024-02-012024-10-310001653482gtlb:ArchMeltanoInc.Member2023-08-012023-10-310001653482gtlb:ArchMeltanoInc.Member2023-02-012023-10-310001653482gtlb:DutchTaxAuthorityMember2024-10-282024-10-280001653482us-gaap:EmployeeStockMember2024-08-012024-10-310001653482us-gaap:EmployeeStockMember2023-08-012023-10-310001653482us-gaap:EmployeeStockMember2024-02-012024-10-310001653482us-gaap:EmployeeStockMember2023-02-012023-10-310001653482us-gaap:EmployeeStockOptionMember2024-02-012024-10-310001653482us-gaap:EmployeeStockOptionMember2023-02-012023-10-310001653482gtlb:UnvestedRestrictedStockUnitsMember2024-02-012024-10-310001653482gtlb:UnvestedRestrictedStockUnitsMember2023-02-012023-10-310001653482gtlb:UnvestedEarlyExercisedStockOptionsMember2024-02-012024-10-310001653482gtlb:UnvestedEarlyExercisedStockOptionsMember2023-02-012023-10-310001653482gtlb:RestrictedStockUnitsAndPerformanceStockUnitsMember2024-02-012024-10-310001653482gtlb:RestrictedStockUnitsAndPerformanceStockUnitsMember2023-02-012023-10-310001653482us-gaap:EmployeeStockMember2024-02-012024-10-310001653482us-gaap:EmployeeStockMember2023-02-012023-10-310001653482gtlb:RobinSchulmanMember2024-02-012024-10-310001653482gtlb:RobinSchulmanMember2024-08-012024-10-310001653482gtlb:RobinSchulmanMember2024-10-31
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 October 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)
Delaware47-1861035
(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 ClassTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0000025
per share
GTLBThe 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 November 25, 2024, the number of shares of the registrant’s Class A common stock outstanding was 141.2 million and the number of shares of the registrant’s Class B common stock outstanding was 21.1 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.


TABLE OF CONTENTS
Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
1

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;
2

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.
3

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.
4


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
GitLab Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
October 31, 2024(1)
January 31, 2024(1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$176,632 $287,996 
Short-term investments740,340 748,289 
Accounts receivable, net of allowance for doubtful accounts of $891 and $673 as of October 31, 2024 and January 31, 2024, respectively
197,555 166,731 
Deferred contract acquisition costs, current34,518 32,300 
Prepaid expenses and other current assets43,120 45,601 
Total current assets1,192,165 1,280,917 
Property and equipment, net3,563 2,954 
Operating lease right-of-use assets444 405 
Goodwill16,131 8,145 
Intangible assets, net19,536 1,733 
Deferred contract acquisition costs, non-current17,248 19,317 
Other non-current assets3,552 4,390 
TOTAL ASSETS$1,252,639 $1,317,861 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$2,224 $1,738 
Accrued expenses and other current liabilities51,821 286,178 
Accrued compensation and benefits27,274 35,809 
Deferred revenue, current383,183 338,348 
Total current liabilities464,502 662,073 
Deferred revenue, non-current14,138 23,794 
Other non-current liabilities3,776 14,060 
TOTAL LIABILITIES482,416 699,927 
Commitments and contingencies (Note 14)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0000025 par value; 50,000 shares authorized as of October 31, 2024 and January 31, 2024; no shares issued and outstanding as of October 31, 2024 and January 31, 2024
  
Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of October 31, 2024 and January 31, 2024; 140,528 and 114,670 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively
  
Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of October 31, 2024 and January 31, 2024; 21,555 and 42,887 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively
  
Additional paid-in capital1,891,653 1,718,661 
Accumulated deficit(1,161,952)(1,149,822)
Accumulated other comprehensive income (loss)(4,996)2,335 
Total GitLab stockholders’ equity724,705 571,174 
Noncontrolling interests45,518 46,760 
TOTAL STOCKHOLDERS’ EQUITY770,223 617,934 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,252,639 $1,317,861 
___________
(1) As of October 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 $43.4 million and $47.6 million, respectively, and liabilities of $6.1 million for each period presented. 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.
5

GitLab Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
Revenue:
Subscription—self-managed and SaaS$175,257 $130,993 $489,617 $364,280 
License—self-managed and other20,790 18,675 58,201 51,847 
Total revenue196,047 149,668 547,818 416,127 
Cost of revenue:
Subscription—self-managed and SaaS17,170 11,559 47,639 33,321 
License—self-managed and other4,955 3,525 14,632 10,398 
Total cost of revenue22,125 15,084 62,271 43,719 
Gross profit173,922 134,584 485,547 372,408 
Operating expenses:
Sales and marketing95,340 86,978 285,542 265,631 
Research and development61,354 49,058 176,767 148,452 
General and administrative45,960 38,815 146,615 110,882 
Total operating expenses202,654 174,851 608,924 524,965 
Loss from operations(28,732)(40,267)(123,377)(152,557)
Interest income12,586 10,874 37,443 27,301 
Other income (expense), net4,992 569 5,457 (508)
Loss before income taxes and loss from equity method investment
(11,154)(28,824)(80,477)(125,764)
Loss from equity method investment, net of tax (743) (2,408)
Provision for (benefit from) income taxes(39,421)256,788 (66,131)262,290 
Net income (loss)$28,267 $(286,355)$(14,346)$(390,462)
Net loss attributable to noncontrolling interest(1,298)(1,197)(2,216)(2,755)
Net income (loss) attributable to GitLab$29,565 $(285,158)$(12,130)$(387,707)
Net income (loss) per share attributable to GitLab Class A and Class B common stockholders:
Basic$0.18 $(1.84)$(0.08)$(2.53)
Diluted$0.18 $(1.84)$(0.08)$(2.53)
Weighted-average shares used to compute net income (loss) per share attributable to GitLab Class A and Class B common stockholders:
Basic161,317 155,123 159,756 153,504 
Diluted167,436 155,123 159,756 153,504 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

GitLab Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
(unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
Net income (loss)$28,267 $(286,355)$(14,346)$(390,462)
Foreign currency translation adjustments(5,637)(1,354)(8,183)(2,576)
Net change in unrealized gains on available-for-sale securities682 715 581 2,018 
Comprehensive income (loss) including noncontrolling interest$23,312 $(286,994)$(21,948)$(391,020)
Net loss attributable to noncontrolling interest(1,298)(1,197)(2,216)(2,755)
Foreign currency translation adjustments attributable to noncontrolling interest611 (404)(271)(2,810)
Comprehensive loss attributable to noncontrolling interest(687)(1,601)(2,487)(5,565)
Comprehensive income (loss) attributable to GitLab$23,999 $(285,393)$(19,461)$(385,455)
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

GitLab Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(unaudited)

Three Months Ended October 31, 2024
Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at July 31, 2024136,462 $ 23,963 $ $1,833,786 $(1,191,517)$570 $45,165 $688,004 
Conversion of Class B common stock to Class A common stock3,255 — (3,255)— — — — — — 
Issuance of common stock related to vested exercised stock options— — 847 — 7,830 — — — 7,830 
Issuance of common stock related to RSUs vested758 — — — — — — — — 
Charitable donation of common stock53 — — — 2,957 — — — 2,957 
Vesting of early exercised stock options— — — — 78 — — — 78 
Stock-based compensation expense— — — — 47,002 — — 1,040 48,042 
Other comprehensive income (loss)— — — — — — (5,566)611 (4,955)
Net income (loss)— — — — — 29,565 — (1,298)28,267 
Balances at October 31, 2024
140,528 $ 21,555 $ $1,891,653 $(1,161,952)$(4,996)$45,518 $770,223 

Three Months Ended October 31, 2023
Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at July 31, 2023103,432 $ 51,178 $ $1,610,072 $(828,197)$1,782 $47,583 $831,240 
Conversion of Class B common stock to Class A common stock3,621 — (3,621)— — — — — — 
Issuance of common stock related to vested exercised stock options— — 407 — 4,706 — — — 4,706 
Issuance of common stock related to RSUs vested625 — — — — — — — — 
Charitable donation of common stock54 — — — 2,675 — — — 2,675 
Vesting of early exercised stock options— — — — 221 — — — 221 
Stock-based compensation expense— — — — 40,740 — — 594 41,334 
Change in noncontrolling interest ownership— — — — (39)— — 39 — 
Other comprehensive loss— — — — — — (235)(404)(639)
Net loss— — — — — (285,158)— (1,197)(286,355)
Balances at October 31, 2023
107,732 $ 47,964 $ $1,658,375 $(1,113,355)$1,547 $46,615 $593,182 


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



8

GitLab Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(unaudited)

Nine Months Ended October 31, 2024
Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
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 stock23,110 — (23,110)— — — — — — 
Issuance of common stock related to vested exercised stock options— — 1,778 — 17,904 — — — 17,904 
Issuance of common stock under employee stock purchase plan252 — — — 7,932 — — — 7,932 
Issuance of common stock related to RSUs vested2,323 — — — — — — — — 
Charitable donation of common stock173 — — — 8,871 — — — 8,871 
Vesting of early exercised stock options— — — — 267 — — — 267 
Stock-based compensation expense— — — — 138,427 — — 836 139,263 
Change in noncontrolling interest ownership— — — — (409)— — 409 — 
Other comprehensive loss— — — — — — (7,331)(271)(7,602)
Net loss— — — — — (12,130)— (2,216)(14,346)
Balances at October 31, 2024
140,528 $ 21,555 $ $1,891,653 $(1,161,952)$(4,996)$45,518 $770,223 

Nine Months Ended October 31, 2023
Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (loss)Noncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
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 stock10,979 — (10,979)— — — — — — 
Issuance of common stock related to vested exercised stock options— — 2,467 — 22,639 — — — 22,639 
Issuance of common stock under employee stock purchase plan247 — — — 7,751 — — — 7,751 
Repurchases, net of early exercised stock options— — (13)— — — — — — 
Issuance of common stock related to RSUs vested1,663 — — — — — — — — 
Charitable donation of common stock188 — — — 8,025 — — — 8,025 
Vesting of early exercised stock options— — — — 1,030 — — — 1,030 
Stock-based compensation expense— — — — 122,099 — — (2,067)120,032 
Change in noncontrolling interest ownership— — — — (542)— — 542 — 
Other comprehensive income (loss)— — — — — — 2,252 (2,810)(558)
Net loss— — — — — (387,707)— (2,755)(390,462)
Balances at October 31, 2023
107,732 $ 47,964 $ $1,658,375 $(1,113,355)$1,547 $46,615 $593,182 


The accompanying notes are an integral part of these condensed consolidated financial statements.
9

GitLab Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended October 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss, including amounts attributable to noncontrolling interest$(14,346)$(390,462)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation expense139,263 120,032 
Change in fair value of acquisition related contingent consideration3,750  
Charitable donation of common stock8,871 8,025 
Amortization of intangible assets5,931 1,646 
Depreciation expense2,361 3,329 
Amortization of deferred contract acquisition costs35,650 31,066 
Loss from equity method investment 3,048 
Net amortization of premiums or discounts on short-term investments(12,933)(14,361)
Unrealized foreign exchange loss (gain), net(5,442)252 
Other non-cash expense, net768 317 
Changes in assets and liabilities:
Accounts receivable(31,658)(5,291)
Prepaid expenses and other current assets2,498 (8,183)
Deferred contract acquisition costs(35,706)(31,760)
Other non-current assets851 (1,174)
Accounts payable33 (224)
Accrued expenses and other current liabilities(241,704)245,857 
Accrued compensation and benefits(8,815)2,842 
Deferred revenue34,503 29,158 
Other non-current liabilities(11,068)16,070 
Net cash provided by (used in) operating activities(127,193)10,187 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments(503,394)(573,676)
Proceeds from maturities of short-term investments524,862 526,979 
Purchases of property and equipment(2,608)(1,269)
Payments for business combination, net of cash acquired(20,210) 
Payments for asset acquisition(7,660) 
Escrow payment related to business combination, after acquisition date (2,500)
Other investing activities457  
Net cash used in investing activities(8,553)(50,466)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases17,895 22,492 
Issuance of common stock under employee stock purchase plan7,932 7,751 
Settlement of acquisition related contingent cash consideration(4,900) 
Net cash provided by financing activities20,927 30,243 
Impact of foreign exchange on cash and cash equivalents3,455 (2,557)
Net decrease in cash and cash equivalents(111,364)(12,593)
Cash and cash equivalents at beginning of period287,996 297,902 
Cash and cash equivalents at end of period$176,632 $285,309 
Supplemental disclosure of cash flow information:
 Cash paid for income taxes related to the bilateral advance pricing agreement$187,735 $ 
10

Other cash paid for income taxes$2,585 $6,015 
Supplemental disclosure of non-cash investing and financing activities:
Vesting of early exercised stock options$267 $1,030 
Unpaid property and equipment in accounts payable$377 $68 
The accompanying notes are an integral part of these condensed consolidated financial statements.
11

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, estimation of income tax liabilities related to the bilateral advance pricing agreement (“BAPA”), 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.
12

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.
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 October 31,Nine Months Ended October 31,
2024202320242023
Subscription—self-managed and SaaS$175,257 89 %$130,993 88 %$489,617 89 %$364,280 88 %
Subscription—self-managed118,525 60 91,716 62 333,744 61 257,962 62 
SaaS56,732 29 39,277 26 155,873 28 106,318 26 
License—self-managed and other$20,790 11 %$18,675 12 %$58,201 11 %$51,847 12 %
License—self-managed16,655 9 16,037 10 47,294 9 44,016 10 
Professional services and other4,135 2 2,638 2 10,907 2 7,831 2 
Total revenue$196,047 100 %$149,668 100 %$547,818 100 %$416,127 100 %
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 October 31,Nine Months Ended October 31,
2024202320242023
United States$159,013 $122,415 $445,896 $339,431 
Europe32,397 23,731 88,938 66,933 
Asia Pacific4,637 3,522 12,984 9,763 
Total revenue$196,047 $149,668 $547,818 $416,127 
During the three and nine months ended October 31, 2024, the United States accounted for 81% of total revenue for each period presented. During the three and nine months ended October 31, 2023, the United States accounted for 82% of total revenue for each period presented. 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.
13

Deferred Revenue
During the three and nine months ended October 31, 2024, $145.0 million and $276.6 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 nine months ended October 31, 2023, $102.1 million and $200.8 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 October 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 $811.8 million and $673.8 million, respectively. As of October 31, 2024, the Company expects to recognize approximately 63% of the transaction price as product or services revenue over the next 12 months and 88% 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 October 31, 2024, three channel partners represented 10%, 11% and 14% of the accounts receivable balance, respectively; 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 October 31, 2024 and January 31, 2024.
There were no individual customers whose revenue represented more than 10% of total revenue during the three and nine months ended October 31, 2024 and 2023.
14

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 October 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Cash equivalents (1)
    Money market funds$79,161 $— $— $79,161 
Level 2:
Cash equivalents (1)
    U.S. Agency securities1,983   1,983 
    U.S. Treasury securities10,429  (1)10,428 
    Commercial paper2,999  (1)2,998 
Total cash equivalents94,572  (2)94,570 
Short-term investments
    Commercial paper16,725 10 (13)16,722 
    Corporate debt securities225,000 444 (146)225,298 
    U.S. Agency securities57,290 27 (59)57,258 
 U.S. Treasury securities440,597 692 (227)441,062 
Total short-term investments739,612 1,173 (445)740,340 
Level 2 total755,023 1,173 (447)755,749 
Total cash equivalents and short-term investments$834,184 $1,173 $(447)$834,910 
(1) Included in “cash and cash equivalents” in our condensed consolidated balance sheet as of October 31, 2024, in addition to cash of $82.1 million.
15

As of January 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Level 1:
Cash equivalents (1)
    Money market funds$187,175 $— $— $187,175 
Level 2:
Cash equivalents (1)
    U.S. Treasury securities15,909