0001653482FALSE00016534822024-06-032024-06-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________ 
FORM 8-K
______________________________  
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 3, 2024
______________________________
GITLAB INC.
(Exact name of Registrant as Specified in Its Charter)
____________________________________ 
Delaware001-4089547-1861035
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)
Address Not Applicable1
 
Zip Code Not Applicable1
(Address of Principal Executive Offices) (Zip Code)
 Registrant’s Telephone Number, Including Area Code: Not Applicable
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
☐
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.
☐
__________________________
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 and Securities Exchange Act of 1934, as amended, 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.


Item 2.02 Results of Operations and Financial Condition.
On June 3, 2024, GitLab Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended April 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is furnished herewith as Exhibit 99.1. The Company also announced that it would hold a conference call to discuss its financial results for the fiscal first quarter ended April 30, 2024.
The Company makes reference to non-GAAP financial information in the Company’s press release and the webcast call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.
The information contained herein, including the accompanying Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On June 3, 2024, the Company posted supplemental investor materials on the Investors Relations section of its website, available at gitlab.gcs-web.com. The Company announces material information to the public through filings with the Securities and Exchange Commission, the investor relations page on the Company’s website, press releases, public conference calls, webcasts, the Company’s Twitter account (@gitlab), the Company’s Facebook page, the Company’s LinkedIn page, the Company’s news site, available at https://about.gitlab.com/press/ and blog posts on the Company’s corporate blog at https://about.gitlab.com/blog/ in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.
The information disclosed by the foregoing channels could be deemed to be material information. As such, the Company encourages investors, the media and others to follow the channels listed above and to review the information disclosed through such channels.
Any updates to the list of disclosure channels through which the Company announces information will be posted on the investor relations page on the Company’s website.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
104Cover Page Interactive Data File (formatted as Inline XBRL).




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GitLab Inc.
Dated: June 3, 2024
By: /s/ Brian Robins
  
Brian Robins
Chief Financial Officer

gitlablogoa.jpg
Exhibit 99.1
GitLab Reports First Quarter Fiscal Year 2025 Financial Results


First Quarter Fiscal Year 2025 Highlights:
•Total revenue of $169.2 million, up 33% year-over-year
•Significant year-over-year GAAP and Non-GAAP operating margin expansion
•Operating cash flow of $38.1 million and Non-GAAP adjusted free cash flow of $37.4 million

San Francisco (June 3, 2024) - All-Remote - GitLab Inc. (NASDAQ: GTLB), The DevSecOps Platform, today reported financial results for its first quarter fiscal year 2025, ended April 30, 2024.

“GitLab continues to differentiate our platform with AI-driven software innovations that are streamlining how customers build, test, secure, and deploy software,” said Sid Sijbrandij, GitLab CEO and co-founder. “Our results show that customers see the value of our end-to-end DevSecOps platform, which enables them to leverage AI throughout the software development lifecycle and enhance productivity while creating better and more secure code.”

“We continue to deliver strong top-line growth with first-quarter revenue growing 33% year-over-year,” said Brian Robins, GitLab chief financial officer. “Operating margin expanded significantly year-over-year and, for the first time, we generated positive first quarter cash flow. With GitLab, customers consolidate their spending and deliver outcomes to the business more quickly, maximizing budgets, and increasing their competitiveness.”

First Quarter Fiscal Year 2025 Financial Highlights (in millions, except per share data and percentages):

Q1 FY 2025Q1 FY 2024Y/Y Change
Revenue$169.2 $126.9 33 %
GAAP Gross margin89 %89 %
Non-GAAP Gross margin91 %91 %
GAAP Operating margin(32)%(46)%
Non-GAAP Operating margin(2)%(12)%
GAAP Operating loss$(53.6)$(58.2)$4.6 
Non-GAAP Operating loss$(3.8)$(15.0)$11.2 
GAAP Net loss attributable to GitLab$(54.6)$(52.5)$(2.1)
Non-GAAP Net income (loss) attributable to GitLab$4.5 $(8.8)$13.3 
GAAP Net loss per share attributable to GitLab$(0.35)$(0.35)$— 
Non-GAAP Net income (loss) per share attributable to GitLab$0.03 $(0.06)$0.09 
GAAP net cash provided by (used in) operating activities$38.1 $(11.0)$49.1 
Non-GAAP adjusted free cash flow$37.4 $(11.2)$48.6 

A reconciliation between GAAP and non-GAAP financial measures is contained in this release under the section titled “Non-GAAP Financial Measures.”

Additional Financial Highlights:

•Customers with more than $5,000 of ARR reached 8,976, an increase of 21% year-over-year.
•Customers with more than $100,000 of ARR reached 1,025, an increase of 35% year-over-year.

•Dollar-Based Net Retention Rate was 129%.
•Total RPO grew 48% year-over-year to $681.2 million, while cRPO grew 34% to $436.1 million.

Business Highlights:

•Announced an integration with Google Console to help customers improve developer experience and decrease context switching across GitLab and Google Cloud.
•Awarded the 2024 Google Cloud Technology Partner of the Year Award in the Application Development - DevOps category.
•Announced the general availability of GitLab Duo Chat, which helps customers seamlessly integrate AI throughout the software development lifecycle with a single natural language chat interface.
•Released GitLab 17 featuring GitLab Duo Enterprise, an end-to-end AI add-on to embed secure AI-driven capabilities across every step of the software development lifecycle.
•Acquired Oxeye, a cloud-native application security and risk management solution provider, to further streamline vulnerability management and remediation.
•Acquired the intellectual property of Rezilion to enrich vulnerability risk data, add auto-remediation capabilities, as well as runtime vulnerability reachability.
•Introduced a new AI privacy controls feature to enable organizations to control sensitive data at the project, group, and subgroup levels to help reduce the security and compliance risks of AI adoption.
•Launched the AI Transparency Center to help GitLab’s customers better understand the ways in which GitLab upholds ethics and transparency in its AI-powered features.

Second Quarter and Fiscal Year 2025 Financial Outlook

On March 4, 2024 we provided fiscal year 2025 revenue guidance using our fiscal year 2024 stand alone selling price, or SSP, allocation analysis as the analysis for fiscal year 2025 was in progress. We have now completed that analysis which has resulted in an estimated $4 million headwind to fiscal year 2025 revenue guidance relative to the initial guidance.

Fiscal year 2025 revenue guidance provided below absorbs the $4 million SSP headwind and raises in-line with our first quarter top-line outperformance.

For the second quarter and fiscal year 2025, GitLab Inc. expects (in millions, except share and per share data):
Q2 FY 2025 GuidanceFY 2025 Guidance
Revenue$176.0 - $177.0$733.0 - $737.0
Non-GAAP operating income$10.0 - $11.0$34.0 - $38.0
Non-GAAP diluted net income per share assuming approximately 167 million and 168 million weighted average shares outstanding during Q2 FY 2025 and FY 2025, respectively.$0.09 - $0.10$0.34 - $0.37

These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below in Non-GAAP Financial Measures. We have not provided the most directly comparable GAAP financial guidance measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, a

reconciliation of non-GAAP guidance for operating income (loss) and net income (loss) per share to the corresponding GAAP measures is not available.

Conference Call Information

GitLab will host a conference call today, June 3, 2024, at 1:30 p.m. (PT) / 4:30 p.m. (ET) to discuss its first quarter fiscal year 2025 financial results and its guidance for the second quarter and fiscal year 2025. To access this call, dial 1-800-225-9448 (US/Canada Toll-Free) or 1-203-518-9708 (Toll). The passcode is GITLAB. A live webcast of this conference call will be available on GitLab’s investor relations website (ir.gitlab.com), and a replay will also be archived on the website for one year.

About GitLab

GitLab is the most comprehensive DevSecOps Platform that empowers organizations to maximize the overall return on software development by delivering software faster and more efficiently, while strengthening security and compliance. GitLab’s single application is easier to use, leads to faster cycle time and allows visibility throughout and control over all stages of the DevSecOps lifecycle. With GitLab, every team in your organization can collaboratively plan, build, secure, and deploy software to drive business outcomes faster with complete transparency, consistency and traceability.

Non-GAAP Financial Measures

GitLab believes non-GAAP measures are useful in evaluating its operating performance. GitLab uses this supplemental information to evaluate its ongoing operations and for internal planning and forecasting purposes. GitLab believes that non-GAAP financial information, when taken collectively with its GAAP financial information, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We define non-GAAP financial measures as GAAP measures, excluding certain items such as stock-based compensation expense, amortization of acquired intangible assets, foreign exchange (gain) loss, gain from a deconsolidation of a subsidiary, equity method investment loss and impairment, acquisition related expenses, changes in the fair value of acquisition related contingent consideration, charitable donation of common stock, restructuring charges, a non-recurring income tax adjustment related to bilateral advance pricing agreement (“BAPA”) negotiations, and other expenses that the Company believes are not indicative of its ongoing operations. Shares used for net income per share on a non-GAAP basis include incremental dilutive shares related to restricted stock units, options, and shares issuable under GitLab Inc.’s 2021 Employee Stock Purchase Plan that are anti-dilutive on a GAAP basis. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.

Adjusted Free Cash Flow

Adjusted free cash flow is a non-GAAP financial measure that we calculate as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and any non-recurring income tax payments related to BAPA. We believe that adjusted free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and any non-recurring income tax

payments related to BAPA, can be used for strategic initiatives, including investing in our business, and strengthening our financial position. One limitation of adjusted free cash flow is that it does not reflect our future contractual commitments. Additionally, adjusted free cash flow does not represent the total increase or decrease in our cash balance for a given period.

Forward-Looking Statements

This press release and the accompanying earnings call contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although we believe that the expectations reflected in the forward-looking statements contained in this release and the accompanying earnings call are reasonable, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to the following:

• our ability to effectively manage our growth;
• our revenue growth rate in the future;
• our ability to achieve and sustain profitability, our business, financial condition, and operating results;
• intense competition in our markets and loss of market share to our competitors;
• the market for our services may not grow;
• a decline in our customer renewals and expansions;
• fluctuations in our operating results;
• our incorporation of artificial intelligence features into our products;
• our transparency;
• our publicly available company Handbook;
• security and privacy breaches;
• customers staying on our free self-managed or SaaS product offering;
• our limited history operating as a public company;
• our ability to respond to rapid technological changes;
• our ability to accurately predict the long-term rate of customer subscription renewals or adoption, or the impact of these renewals and adoption;
• our hiring model;
• the effects of ongoing armed conflict in different regions of the world on our business; and
• general economic conditions (including changes in interest rates, inflation, uncertainty of the federal budget, increased volatility in the capital markets and instability in the global banking sector) and slow or negative growth of our markets.

Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in the filings and reports we make with the Securities and Exchange Commission. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Operating Metrics

Annual Recurring Revenue (“ARR”): We define annual recurring revenue as the annual run-rate revenue of subscription agreements, including our self-managed and SaaS offerings but excluding professional services, from all customers as measured on the last day of a given month. We calculate ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR for each month is calculated by aggregating, for all customers during that month, monthly revenue from committed contractual amounts of

subscriptions, including our self-managed license, self-managed subscription, and SaaS subscription offerings but excluding professional services.

Dollar-Based Net Retention Rate: We calculate Dollar-Based Net Retention Rate as of a period end by starting with our customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current Period ARR”). The calculation of Current Period ARR includes any upsells, price adjustments, user growth within a customer, contraction, and attrition. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the Dollar-Based Net Retention Rate.



GitLab Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
April 30, 2024(1)
January 31, 2024(1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$420,322 $287,996 
Short-term investments641,173 748,289 
Accounts receivable, net of allowance for doubtful accounts of $582 and $673 as of April 30, 2024 and January 31, 2024, respectively135,195 166,731 
Deferred contract acquisition costs, current31,034 32,300 
Prepaid expenses and other current assets35,319 45,601 
Total current assets1,263,043 1,280,917 
Property and equipment, net2,820 2,954 
Operating lease right-of-use assets543 405 
Goodwill16,070 8,145 
Intangible assets, net16,637 1,733 
Deferred contract acquisition costs, non-current17,738 19,317 
Other non-current assets4,776 4,390 
TOTAL ASSETS$1,321,627 $1,317,861 
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$3,230 $1,738 
Accrued expenses and other current liabilities306,734 286,178 
Accrued compensation and benefits22,743 35,809 
Deferred revenue, current341,830 338,348 
Total current liabilities674,537 662,073 
Deferred revenue, non-current15,267 23,794 
Other non-current liabilities17,465 14,060 
TOTAL LIABILITIES707,269 699,927 
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0000025 par value; 50,000 shares authorized as of April 30, 2024 and January 31, 2024; no shares issued and outstanding as of April 30, 2024 and January 31, 2024— — 
Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of April 30, 2024 and January 31, 2024; 132,670 and 114,670 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively— — 
Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of April 30, 2024 and January 31, 2024; 26,212 and 42,887 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively— — 
Additional paid-in capital1,768,947 1,718,661 
Accumulated deficit(1,204,466)(1,149,822)
Accumulated other comprehensive income3,360 2,335 
Total GitLab stockholders’ equity567,841 571,174 
Noncontrolling interests46,517 46,760 
TOTAL STOCKHOLDERS’ EQUITY614,358 617,934 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,321,627 $1,317,861 
__________
(1) As of April 30, 2024 and January 31, 2024, the consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $46.7 million and $47.6 million, respectively, and liabilities of $6.1 million and $6.1 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the general credit of GitLab Inc.

GitLab Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

Three Months Ended April 30,
20242023
Revenue:
Subscription—self-managed and SaaS$151,179 $111,191 
License—self-managed and other18,008 15,687 
Total revenue169,187 126,878 
Cost of revenue:
Subscription—self-managed and SaaS13,839 10,891 
License—self-managed and other4,937 3,048 
Total cost of revenue18,776 13,939 
Gross profit150,411 112,939 
Operating expenses:
Sales and marketing92,424 86,537 
Research and development54,140 50,387 
General and administrative57,487 34,248 
Total operating expenses204,051 171,172 
Loss from operations(53,640)(58,233)
Interest income12,030 7,315 
Other income (expense), net(567)253 
Loss before income taxes and loss from equity method investment(42,177)(50,665)
Loss from equity method investment, net of tax— (748)
Provision for income taxes12,710 1,486 
Net loss$(54,887)$(52,899)
Net loss attributable to noncontrolling interest(243)(430)
Net loss attributable to GitLab$(54,644)$(52,469)
Net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted$(0.35)$(0.35)
Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted158,157 151,692 

GitLab Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended April 30,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss, including amounts attributable to noncontrolling interest$(54,887)$(52,899)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation expense42,252 32,330 
Charitable donation of common stock2,957 2,675 
Amortization of intangible assets1,087 579 
Depreciation expense937 1,092 
Amortization of deferred contract acquisition costs11,109 10,549 
Loss from equity method investment— 947 
Net amortization of premiums or discounts on short-term investments(4,900)(3,596)
Unrealized foreign exchange loss (gain), net545 (262)
Other non-cash expense (income), net412 (59)
Changes in assets and liabilities:
Accounts receivable31,072 4,840 
Prepaid expenses and other current assets10,354 (2,087)
Deferred contract acquisition costs(8,540)(8,497)
Other non-current assets(419)(302)
Accounts payable1,336 (2,158)
Accrued expenses and other current liabilities19,617 2,789 
Accrued compensation and benefits(13,152)(5,121)
Deferred revenue(4,448)8,383 
Other non-current liabilities2,806 (164)
Net cash provided by (used in) operating activities38,138 (10,961)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments(144,392)(58,864)
Proceeds from maturities of short-term investments254,687 83,500 
Purchases of property and equipment(700)(256)
Payments for business combination, net of cash acquired(20,210)— 
Net cash provided by investing activities89,385 24,380 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases5,093 7,513 
Issuance of common stock under employee stock purchase plan— — 
Net cash provided by financing activities5,093 7,513 
Impact of foreign exchange on cash and cash equivalents(290)(401)
Net increase in cash and cash equivalents132,326 20,531 
Cash, cash equivalents, and restricted cash at beginning of period287,996 297,902 
Cash, cash equivalents, and restricted cash at end of period$420,322 $318,433 
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets to the amounts shown in the statements of cash flows above:
Cash and cash equivalents$420,322 $315,933 
Restricted cash, included in prepaid expenses and other current assets— 2,500 
Total cash, cash equivalents and restricted cash$420,322 $318,433 

GitLab Inc.
Reconciliation of GAAP to Non-GAAP
(in thousands, except per share data)
(unaudited)

Three Months Ended April 30,
20242023
 Gross profit on GAAP basis $150,411 $112,939 
 Gross margin on GAAP basis89 %89 %
Stock-based compensation expense1,855 1,414 
Amortization of acquired intangibles1,087 504 
Restructuring charges— 417 
 Gross profit on non-GAAP basis $153,353 $115,274 
 Gross margin on non-GAAP basis91 %91 %
 Sales and marketing on GAAP basis $92,424 $86,537 
Stock-based compensation expense(17,397)(13,764)
Restructuring charges(730)(3,559)
 Sales and marketing on non-GAAP basis $74,297 $69,214 
 Research and development on GAAP basis $54,140 $50,387 
Stock-based compensation expense(12,336)(11,702)
Restructuring charges— (2,059)
 Research and development on non-GAAP basis $41,804 $36,626 
 General and administrative on GAAP basis $57,487 $34,248 
Stock-based compensation expense(10,664)(5,450)
Amortization of acquired intangibles— (75)
Restructuring charges(276)(1,618)
Charitable donation of common stock(2,957)(2,675)
Acquisition related expenses(2,051)— 
           Other non-recurring charges(473)— 
 General and administrative on non-GAAP basis $41,066 $24,430 
Loss from operations on GAAP basis $(53,640)$(58,233)
Stock-based compensation expense42,252 32,330 
Amortization of acquired intangibles1,087 579 
Restructuring charges1,006 7,653 
Charitable donation of common stock2,957 2,675 
Acquisition related expenses2,051 — 
           Other non-recurring charges473 — 
Loss from operations on non-GAAP basis $(3,814)$(14,996)
Other income (expense), net on GAAP basis
$(567)$253 
Foreign exchange gains (losses), net
637 (274)
Other income (expense), net on non-GAAP basis$70 $(21)
Net loss attributable to GitLab common stockholders on GAAP basis$(54,644)$(52,469)
Stock-based compensation expense42,252 32,330 
Amortization of acquired intangibles1,087 579 
Restructuring charges1,006 7,653 
Charitable donation of common stock2,957 2,675 
Acquisition related expenses2,051 — 
Loss from equity method investment, net of tax— 748 
Foreign exchange gains (losses), net637 (274)
           Income tax adjustment8,655 — 

Other non-recurring charges473 — 
Net income (loss) attributable to GitLab common stockholders on non-GAAP basis$4,474 $(8,758)
GAAP net loss per share, basic and diluted$(0.35)$(0.35)
Non-GAAP net income (loss) per share, basic$0.03 $(0.06)
Non-GAAP net income (loss) per share, diluted$0.03 $(0.06)
Shares used in per share calculation - basic on GAAP basis158,157 151,692 
             Effect of dilutive securities8,767 — 
Shares used in per share calculation - diluted on non-GAAP basis166,924 151,692 



GitLab Inc.
Reconciliation of GAAP Cash Flow from Operating Activities to Adjusted Free Cash Flow
(in thousands)
(unaudited)

Three Months Ended April 30,
20242023
Computation of adjusted free cash flow(1)
GAAP net cash provided by (used in) operating activities$38,138 $(10,961)
Less: Purchases of property and equipment(700)(256)
Non-GAAP adjusted free cash flow$37,438 $(11,217)

(1) No income tax payments related to the BAPA were recorded during the periods presented.

Media Contact:
Lisa Boughner
VP, Global Communications
GitLab Inc.
press@gitlab.com

Investor Contact:
Kelsey Turcotte
VP, Investor Relations
GitLab Inc.
ir@gitlab.com


v3.24.1.1.u2
Cover
Jun. 03, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jun. 03, 2024
Entity Registrant Name GITLAB INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40895
Entity Tax Identification Number 47-1861035
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value $0.0000025 per share
Trading Symbol GTLB
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001653482
Amendment Flag false
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