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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 July 31, 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)
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 August 25, 2023, the number of shares of the registrant’s Class A common stock outstanding was 104.1 million and the number of shares of the registrant’s Class B common stock outstanding was 50.6 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

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 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
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.
3
•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.
4

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
GitLab Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
July 31, 2023(1)
January 31, 2023(1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$273,225 $295,402 
Short-term investments713,058 641,249 
Accounts receivable, net of allowance for doubtful accounts of $180 and $1,564 as of July 31, 2023 and January 31, 2023, respectively
105,815 130,479 
Deferred contract acquisition costs, current25,069 26,505 
Prepaid expenses and other current assets26,053 24,327 
Total current assets1,143,220 1,117,962 
Property and equipment, net4,080 5,797 
Operating lease right-of-use assets673 998 
Equity method investment10,574 12,682 
Goodwill8,145 8,145 
Intangible assets, net2,774 3,901 
Deferred contract acquisition costs, non-current14,743 15,628 
Other long-term assets4,860 4,087 
TOTAL ASSETS$1,189,069 $1,169,200 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$4,165 $5,184 
Accrued expenses and other current liabilities24,643 25,954 
Accrued compensation and benefits23,504 20,776 
Deferred revenue, current268,883 254,382 
Total current liabilities321,195 306,296 
Deferred revenue, non-current25,860 28,355 
Other non-current liabilities10,774 9,824 
TOTAL LIABILITIES357,829 344,475 
Commitments and contingencies (Note 15)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0000025 par value; 50,000 shares authorized as of July 31, 2023 and January 31, 2023; no shares issued and outstanding as of July 31, 2023 and January 31, 2023
— — 
Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of July 31, 2023 and January 31, 2023; 103,432 and 94,655 shares issued and outstanding as of July 31, 2023 and January 31, 2023, respectively
— — 
Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of July 31, 2023 and January 31, 2023; 51,178 and 56,489 shares issued and outstanding as of July 31, 2023 and January 31, 2023, respectively
— — 
Additional paid-in capital1,610,072 1,497,373 
Accumulated deficit(828,197)(725,648)
Accumulated other comprehensive income (loss)1,782 (705)
Total GitLab stockholders’ equity783,657 771,020 
Noncontrolling interests47,583 53,705 
TOTAL STOCKHOLDERS’ EQUITY831,240 824,725 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,189,069 $1,169,200 
___________
(1) As of July 31, 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 $52.5 million and $62.8 million, respectively, and liabilities of $7.3 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.
5
GitLab Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended July 31,Six Months Ended July 31,
2023202220232022
Revenue:
Subscription—self-managed and SaaS$122,096 $88,936 $233,287 $165,859 
License—self-managed and other17,485 12,105 33,172 22,589 
Total revenue139,581 101,041 266,459 188,448 
Cost of revenue:
Subscription—self-managed and SaaS10,871 10,671 21,762 18,604 
License—self-managed and other3,825 2,359 6,873 4,274 
Total cost of revenue14,696 13,030 28,635 22,878 
Gross profit124,885 88,011 237,824 165,570 
Operating expenses:
Sales and marketing92,116 80,689 178,653 147,399 
Research and development49,007 39,520 99,394 71,350 
General and administrative37,819 33,104 72,067 54,996 
Total operating expenses178,942 153,313 350,114 273,745 
Loss from operations(54,057)(65,302)(112,290)(108,175)
Interest income9,112 3,064 16,427 3,590 
Other income (expense), net(1,330)1,500 (1,077)19,948 
Loss before income taxes and loss from equity method investment(46,275)(60,738)(96,940)(84,637)
Loss from equity method investment, net of tax(917)(816)(1,665)(1,019)
Provision for (benefit from) income taxes4,016 (57)5,502 2,454 
Net loss$(51,208)$(61,497)$(104,107)$(88,110)
Net loss attributable to noncontrolling interest(1,128)(2,473)(1,558)(2,987)
Net loss attributable to GitLab$(50,080)$(59,024)$(102,549)$(85,123)
Net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted$(0.33)$(0.40)$(0.67)$(0.58)
Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted153,644 147,797 152,683 147,248 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6
GitLab Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)
Three Months Ended July 31,Six Months Ended July 31,
2023202220232022
Net loss$(51,208)$(61,497)$(104,107)$(88,110)
Foreign currency translation adjustments(365)(1,128)(1,222)(3,792)
Net change in unrealized gains (losses) on available-for-sale securities(194)(2,454)1,303 (2,523)
Comprehensive loss including noncontrolling interest$(51,767)$(65,079)$(104,026)$(94,425)
Net loss attributable to noncontrolling interest(1,128)(2,473)(1,558)(2,987)
Foreign currency translation adjustments attributable to noncontrolling interest(1,338)(732)(2,406)(2,047)
Comprehensive loss attributable to noncontrolling interest(2,466)(3,205)(3,964)(5,034)
Comprehensive loss attributable to GitLab$(49,301)$(61,874)$(100,062)$(89,391)
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 July 31, 2022
Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive (Loss) IncomeNoncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at April 30, 202274,049 — $— 73,583 $— $1,355,224 $(579,436)$6,306 $36,108 $818,202 
Conversion of Class B common stock to Class A common stock8,461 — (8,461)— — — — — — 
Issuance of common stock related to vested exercised stock options— — 652 — 6,193 — — — 6,193 
Issuance of common stock under employee stock purchase plan289 — — — 9,554 — — — 9,554 
Repurchases, net of early exercised stock options— — (28)— — — — — — 
Issuance of common stock related to RSUs vested, net of tax withholdings226 — — — — — — — — 
Vesting of early exercised stock options— — — — 814 — — — 814 
Stock-based compensation expense— — — — 34,992 — — 2,755 37,747 
Other comprehensive loss— — — — — — (2,850)(732)(3,582)
Change in noncontrolling interest ownership due to capital contributions from noncontrolling interest holders, net of issuance costs— — — — 6,714 — — 16,175 22,889 
Net loss— — — — — (59,024)— (2,473)(61,497)
Balances at July 31, 202283,025 $— 65,746 $— $1,413,491 $(638,460)$3,456 $51,833 $830,320 

Three Months Ended July 31, 2023
Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeNoncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at April 30, 202396,240 $— 56,453 $— $1,542,603 $(778,117)$1,003 $50,112 815,601 
Conversion of Class B common stock to Class A common stock6,213 — (6,213)— — — — — — 
Issuance of common stock related to vested exercised stock options— — 940 — 10,320 — — — 10,320 
Issuance of common stock under employee stock purchase plan247 — — — 7,751 — — — 7,751 
Repurchases, net of early exercised stock options— — (2)— — — — — — 
Issuance of common stock related to RSUs vested, net of tax withholdings679 — — — — — — — — 
Charitable donation of common stock53 — — — 2,675 — — — 2,675 
Vesting of early exercised stock options— — — 292 — — — 292 
Stock-based compensation expense— — — — 46,555 — — (187)46,368 
Change in noncontrolling interest ownership— — — — (124)— — 124 — 
Other comprehensive income (loss)— — — — — — 779 (1,338)(559)
Net loss— — — — — (50,080)— (1,128)(51,208)
Balances at July 31, 2023
103,432 $— 51,178 $— $1,610,072 $(828,197)$1,782 $47,583 $831,240 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

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

Six Months Ended July 31, 2022
Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive (Loss) IncomeNoncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at January 31, 202227,141 — $— 119,747 $— $1,320,479 $(553,337)$7,724 $24,403 $799,269 
Conversion of Class B common stock to Class A common stock55,368 — (55,368)— — — — — — 
Issuance of common stock related to vested exercised stock options— — 1,386 — 11,413 — — — 11,413 
Issuance of common stock under employee stock purchase plan289 — — — 9,554 — — — 9,554 
Repurchases, net of early exercised stock options— — (19)— — — — — — 
Issuance of common stock related to RSUs vested, net of tax withholdings227 — — — — — — — — 
Vesting of early exercised stock options— — — — 2,960 — — — 2,960 
Stock-based compensation expense— — — — 52,246 — — 2,972 55,218 
Other comprehensive loss— — — — — — (4,268)(2,047)(6,315)
Change in noncontrolling interest ownership due to capital contributions from noncontrolling interest holders, net of issuance costs— — — — 16,839 — — 40,834 57,673 
Deconsolidation of Meltano Inc.— — — — — — — (11,342)(11,342)
Net loss— — — — — (85,123)— (2,987)(88,110)
Balances at July 31, 202283,025 $— 65,746 $— $1,413,491 $(638,460)$3,456 $51,833 $830,320 

Six Months Ended July 31, 2023
Class A Common StockClass B Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive (Loss) IncomeNoncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at January 31, 202394,655 $— 56,489 $— $1,497,373 $(725,648)$(705)$53,705 $824,725 
Conversion of Class B common stock to Class A common stock7,358 — (7,358)— — — — — — 
Issuance of common stock related to vested exercised stock options— — 2,060 — 17,933 — — — 17,933 
Issuance of common stock under employee stock purchase plan247 — — — 7,751 — — — 7,751 
Repurchases, net of early exercised stock options— — (13)— — — — — — 
Issuance of common stock related to RSUs vested, net of tax withholdings1,038 — — — — — — — — 
Charitable donation of common stock134 — — — 5,350 — — — 5,350 
Vesting of early exercised stock options— — — 809 — — — 809 
Stock-based compensation expense— — — — 81,359 — — (2,661)78,698 
Change in noncontrolling interest ownership— — — — (503)— — 503 — 
Other comprehensive income (loss)— — — — — — 2,487 (2,406)81 
Net loss— — — — — (102,549)— (1,558)(104,107)
Balances at July 31, 2023
103,432 $— 51,178 $— $1,610,072 $(828,197)$1,782 $47,583 $831,240 
The accompanying notes are an integral part of these condensed consolidated financial statements.
9
GitLab Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended July 31,
20232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss, including amounts attributable to noncontrolling interest$(104,107)$(88,110)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense78,698 55,218 
Charitable donation of common stock5,350 — 
Amortization of intangible assets1,125 1,176 
Depreciation expense2,206 1,286 
Amortization of deferred contract acquisition costs20,619 21,618 
Gain from deconsolidation of Meltano Inc.— (17,798)
Loss from equity method investment2,108 1,290 
Net amortization of premiums or discounts on short-term investments(8,494)(1,293)
Unrealized foreign exchange loss (gain), net825 (1,572)
Other non-cash (income) expense, net(103)469 
Changes in assets and liabilities:
Accounts receivable25,281 (13,568)
Prepaid expenses and other current assets(4,248)(5,488)
Deferred contract acquisition costs(18,137)(21,210)
Other long-term assets(721)2,700 
Accounts payable(1,023)528 
Accrued expenses and other current liabilities1,183 90 
Accrued compensation and benefits2,611 (16,680)
Deferred revenue11,175 17,549 
Other non-current liabilities1,800 (696)
Net cash provided by (used in) operating activities16,148 (64,491)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments(334,996)(520,664)
Proceeds from maturities of short-term investments272,984 50,031 
Purchases of property and equipment(533)(3,234)
Deconsolidation of Meltano Inc.— (9,620)
Escrow payment related to business combination, after acquisition date(2,500)— 
Net cash used in investing activities(65,045)(483,487)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases17,777 11,311 
Issuance of common stock under employee stock purchase plan7,751 9,554 
Contributions received from noncontrolling interests, net of issuance costs—