PixelsEffect/E+ via Getty Images Life after a stock price speed bump There is a famous song-famous to me, anyway, with lyrics by Dorothy Fields and composed by Jimmy McHugh and which was the hit of a show, Blackbirds, first performed in 1928. The song is “I Can’t Give You Anything But Love.” It has become an American Standard and it has a certain timeless quality-it was recently performed by Lady Gaga. Why do I bring this up at the start of an article about GitLab? (NASDAQ:GTLB) Part of the lyrics go, “ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) (Address of Principal Executive Offices) Zip Code Not Applicable (Mark One) (Registrant's telephone number, including area code) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2024 Not Applicable or [ ] TRANSITION REPORT PURSUANT ...

Exhibit 99.1 GitLab Reports Fourth Quarter and Full Year 2024 Financial Results Quarterly revenue of $163.8 million, up 33% year-over-year Fiscal Fourth Quarter Highlights: Fiscal Year 2024 Highlights: San Francisco (March 4, 2024) - All-Remote - GitLab Inc. (NASDAQ: GTLB), The DevSecOps Platform, today reported financial results for its fourth quarter and full fiscal year of 2024, ended January 31, 2024. "We delivered a strong fourth quarter and continue to see large enterprise customers standardize on Git ...

PART I. Financial Information [Financial Statements (Unaudited)](index=7&type=section&id=ITEM%201.%20Financial%20Statements%20(Unaudited)) GitLab's unaudited condensed consolidated financial statements for the period ended October 31, 2023, show a **32%** year-over-year revenue increase to **$149.7 million**, a **$286.4 million** net loss primarily due to a **$256.8 million** tax provision, and strong liquidity with **$1.23 billion** in total assets [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of October 31, 2023, GitLab reported total assets of **$1.23 billion**, an increase from **$1.17 billion** at January 31, 2023, while total liabilities significantly increased to **$633.7 million** from **$344.5 million**, and total stockholders' equity decreased to **$593.2 million** from **$824.7 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Oct 31, 2023 | Jan 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $1,182,336 | $1,117,962 | | Cash and cash equivalents | $285,309 | $295,402 | | Short-term investments | $704,325 | $641,249 | | **Total Assets** | **$1,226,896** | **$1,169,200** | | **Total Current Liabilities** | $585,922 | $306,296 | | Deferred revenue, current | $287,647 | $254,382 | | **Total Liabilities** | **$633,714** | **$344,475** | | **Total Stockholders' Equity** | **$593,182** | **$824,725** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended October 31, 2023, GitLab's total revenue grew **32%** year-over-year to **$149.7 million**, with gross profit increasing **37%** to **$134.6 million**, yet a **$286.4 million** net loss resulted primarily from a **$256.8 million** income tax provision, despite an improved operating loss of **$40.3 million** Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 FY2024 (ended Oct 31, 2023) | Q3 FY2023 (ended Oct 31, 2022) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$149,668** | **$112,981** | **+32%** | | Gross Profit | $134,584 | $98,417 | +37% | | Loss from Operations | ($40,267) | ($56,962) | +29% (Improvement) | | Provision for Income Taxes | $256,788 | $65 | N/A | | **Net Loss** | **($286,355)** | **($50,465)** | **-467%** | | Net Loss per Share | ($1.84) | ($0.33) | -458% | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended October 31, 2023, net cash provided by operating activities significantly improved to **$10.2 million** from **$65.7 million** used in the prior year, while net cash used in investing activities was **$50.5 million**, and net cash provided by financing activities totaled **$30.2 million** Cash Flow Summary for the Nine Months Ended October 31 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $10,187 | ($65,688) | | Net cash used in investing activities | ($50,466) | ($523,888) | | Net cash provided by financing activities | $30,243 | $85,597 | | **Net decrease in cash and cash equivalents** | **($12,593)** | **($512,503)** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of GitLab's accounting policies and financial results, disclosing **88%** of revenue from subscriptions, a significant increase in income tax expense due to a pending BAPA, details on stock-based compensation, and information on the JiHu joint venture in China - Subscription revenue (self-managed and SaaS) constituted **88%** of total revenue for both the three and nine months ended October 31, 2023, consistent with the prior year[45](index=45&type=chunk) - The company recorded a tax expense of **$254.4 million** in Q3 2024 related to a proposed bilateral advance pricing agreement (BAPA) with the IRS and Dutch Tax Authority, covering tax years 2018 through 2027[131](index=131&type=chunk)[222](index=222&type=chunk) - Total stock-based compensation expense for the nine months ended October 31, 2023 was **$120.0 million**, a **35%** increase from **$88.9 million** in the prior-year period[104](index=104&type=chunk)[212](index=212&type=chunk) - The company's joint venture in China, JiHu, generated revenue of **$4.8 million** and had a net loss of **$6.2 million** for the nine months ended October 31, 2023[118](index=118&type=chunk)[194](index=194&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses GitLab's financial performance, highlighting **38%** revenue growth driven by customer acquisition and expansion, with a **128%** Dollar-Based Net Retention Rate and a **37%** increase in customers with ARR over **$100,000**, while noting increased operating expenses and a significant tax provision impacting net loss, yet maintaining sufficient liquidity [Key Business Metrics](index=41&type=section&id=Key%20Business%20Metrics) GitLab's key performance indicators show continued growth, with a **128%** Dollar-Based Net Retention Rate and a **37%** year-over-year increase to **874** customers with Annual Recurring Revenue (ARR) of **$100,000** or more, noting a recent methodology change for retention rate calculation Key Performance Indicators as of October 31 | Metric | 2023 | 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Dollar-Based Net Retention Rate | 128% | >130% | N/A | | Customers with ARR > $100,000 | 874 | 638 | +37% | - The company implemented **operational changes** to its account hierarchy process, which **updated the methodology** for calculating the Dollar-Based Net Retention Rate in Q3 2024[167](index=167&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) For the three months ended October 31, 2023, revenue increased **32%** year-over-year to **$149.7 million** with gross margin improving to **90%**, while operating expenses grew slower than revenue, narrowing the operating loss to **$40.3 million**, though a **$256.8 million** tax provision led to a **$286.4 million** net loss Revenue Comparison (in thousands) | Period | Q3 FY2024 | Q3 FY2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $149,668 | $112,981 | $36,687 | 32% | Operating Expense Comparison (in thousands) | Expense Category | Q3 FY2024 | Q3 FY2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Sales and marketing | $86,978 | $81,080 | $5,898 | 7% | | Research and development | $49,058 | $41,113 | $7,945 | 19% | | General and administrative | $38,815 | $33,186 | $5,629 | 17% | - The increase in operating expenses was primarily driven by higher personnel-related costs due to increased headcount and a **$7.6 million** increase in stock-based compensation expense for the quarter[199](index=199&type=chunk)[202](index=202&type=chunk)[205](index=205&type=chunk)[211](index=211&type=chunk) - The provision for income taxes increased by **$256.7 million** in Q3 2024 compared to the prior year, primarily due to an unrecognized tax benefit related to ongoing BAPA negotiations with the IRS and Dutch Tax Authority[217](index=217&type=chunk)[222](index=222&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) As of October 31, 2023, GitLab's principal liquidity source was **$989.6 million** in cash, cash equivalents, and short-term investments, deemed sufficient for the next 12 months, with **$10.2 million** generated from operations for the first nine months of fiscal 2024, a significant improvement from the **$65.7 million** used in the prior year Cash Flow Summary for the Nine Months Ended October 31 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $10,187 | ($65,688) | | Net cash used in investing activities | ($50,466) | ($523,888) | | Net cash provided by financing activities | $30,243 | $85,597 | - The company's principal source of liquidity as of October 31, 2023, was **$989.6 million** in cash, cash equivalents, and short-term investments[227](index=227&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=56&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) GitLab is primarily exposed to interest rate risk, where a hypothetical **1%** rate change could impact its investment portfolio's fair value by approximately **$3.8 million**, and foreign currency exchange risk, as operating expenses are in local currencies while most revenue is in USD, making a **10%** exchange rate change materially impactful - A hypothetical **1%** (100 basis points) change in interest rates would result in an approximate **$3.8 million** change in the fair value of the company's investment portfolio[243](index=243&type=chunk) - The company is exposed to foreign currency risk as operating expenses are incurred in local currencies while most revenue is in USD. As of October 31, 2023, **$47.2 million** of cash and cash equivalents were held in non-USD currencies[244](index=244&type=chunk)[245](index=245&type=chunk) [Controls and Procedures](index=57&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that as of October 31, 2023, the company's disclosure controls and procedures were **not effective** due to identified **material weaknesses** in internal control over financial reporting, including **ineffective IT general controls**, **insufficient documentation** for manual journal entries, and **inadequate review procedures** for non-routine transactions, with **remediation efforts** underway but **not yet fully effective** - Management concluded that as of October 31, 2023, the company's disclosure controls and procedures were **not effective** at a reasonable assurance level[247](index=247&type=chunk) - **Material weaknesses** exist in internal controls, including **ineffective IT general controls** (program change management and user access), **insufficient documentation** for manual journal entries and stock-based compensation reviews, and **inadequate review procedures** for non-routine transactions[249](index=249&type=chunk) - The company is implementing **remediation efforts**, including strengthening IT governance, enhancing review processes for journal entries and equity transactions, and deploying training programs. These weaknesses will **not be considered remediated** until controls operate effectively over time[251](index=251&type=chunk) PART II. Other Information [Legal Proceedings](index=59&type=section&id=ITEM%201.%20Legal%20Proceedings) GitLab is **not presently a party** to any legal proceedings that management believes would have a **material adverse effect** on the company's business, financial condition, or operating results, while acknowledging the inherent costs and unpredictability of litigation - GitLab is **not presently a party** to any legal proceedings that would have a **material adverse effect** on the company[255](index=255&type=chunk) [Risk Factors](index=60&type=section&id=ITEM%201A.%20Risk%20Factors) This section details numerous risks that could adversely affect GitLab's business, including challenges in managing rapid growth, a **history of losses**, the need to achieve profitability, **intense competition**, reliance on customer renewals, risks from its remote-only model, intellectual property protection, security breaches, international operations, and identified **material weaknesses** in internal controls, alongside ownership risks from its **dual-class stock structure** - The company has a **history of losses**, including a net loss of **$387.7 million** for the nine months ended October 31, 2023, and may **not achieve or sustain profitability**[266](index=266&type=chunk) - The company faces **intense competition** from well-established providers like Atlassian and Microsoft, which have greater resources[269](index=269&type=chunk)[270](index=270&type=chunk) - **Material weaknesses** have been identified in internal controls over financial reporting, which could **impair the ability to produce timely and accurate financial statements**[403](index=403&type=chunk)[406](index=406&type=chunk)[407](index=407&type=chunk) - The **dual-class stock structure** **concentrates significant voting control** with holders of Class B stock, including the CEO, limiting the influence of Class A stockholders[437](index=437&type=chunk)[438](index=438&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=101&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities,%20Use%20of%20Proceeds,%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company reported **no sales of unregistered equity securities** during the quarter ended October 31, 2023 - There were **no sales of unregistered securities** by the company in the quarter ended October 31, 2023[454](index=454&type=chunk) [Other Information](index=102&type=section&id=ITEM%205.%20Other%20Information) This section discloses the adoption of a Rule 10b5-1 trading plan by director Mark Porter on September 15, 2023, and the modification of a Rule 10b5-1 plan by Chief Legal Officer Robin Schulman on September 29, 2023, both for the pre-arranged sale of company stock - On September 15, 2023, director Mark Porter entered into a Rule 10b5-1 plan for the potential sale of approximately **6,376 shares** of Class A common stock[458](index=458&type=chunk) - On September 29, 2023, Chief Legal Officer Robin Schulman modified her Rule 10b5-1 plan, which covers the potential sale of approximately **501,909 shares** of Class A common stock[460](index=460&type=chunk)[461](index=461&type=chunk)

Current Period ARR: includes any upsells, price adjustments, user growth within a customer, contraction, and attrition. ♥ GitLab For further information with respect to GitLab, we refer you to our most recent Quarterly Report on Form 10-Q filed with the SEC. In addition, we are subject to the information and reporting requirements of the Securities Exchange Act of 1934 and, accordingly file periodic reports, current reports, proxy statements and other information with the SEC. These periodic reports, curren ...

Table of Contents GITLAB INC. (Exact name of registrant as specified in its charter) 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 (State or other jurisdiction of i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2023 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40895 GITLAB INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 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) (State or other jurisdiction of incorp ...

Financial Data and Key Metrics Changes - In Q4 FY 2023, the company generated revenue of $122.9 million, representing a year-over-year growth of 58% [40] - The total remaining performance obligations (RPO) grew 39% year-over-year to $436 million, while current RPO (cRPO) grew 51% to $308 million [35] - The dollar-based net retention rate was 133% at the end of Q4 FY 2023 [35] Business Line Data and Key Metrics Changes - The Ultimate tier continues to be the fastest-growing segment, accounting for 40% of ARR in Q4 FY 2023, up from 37% in the same quarter of the previous year [76] - The company had 63 customers with annual recurring revenue (ARR) of at least $1 million, a 62% increase from the previous year [35] - Customers with ARR of at least $100,000 increased to 697, representing a year-over-year growth rate of approximately 42% [75] Market Data and Key Metrics Changes - The company noted that the technology vertical accounts for about 20% of ARR, and it has not seen disproportionate weakness in this vertical despite recent layoffs [74][114] - The company is positioned in a $40 billion estimated total addressable market (TAM) and is in the early phases of capturing this market [41][84] Company Strategy and Development Direction - The company is focusing on integrating advanced security and compliance features to strengthen its Ultimate offering [22] - The strategy includes expanding AI and machine learning capabilities throughout the DevSecOps lifecycle [30] - The company has updated its pricing, increasing the list price of GitLab Premium from $19 to $29 per user per month, reflecting the evolution of its platform [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment, which has led to budget reductions and longer deal cycles [13][41] - The company remains confident in its value proposition and believes it is well-positioned to capture a significant portion of the market [37][48] - Management expects total revenue for Q1 FY 2024 to be between $117 million and $118 million, representing a growth rate of 34% to 35% year-over-year [77] Other Important Information - The company plans to implement user limits on the GitLab SaaS Free tier to encourage conversion to paid tiers [31] - Management is undergoing a restructuring process, including a 7% reduction in force, to align with the current economic conditions [41] Q&A Session Summary Question: What are the early indicators for the price increases and their impact on guidance? - Management indicated that the price increases were factored into the guidance and that they conducted market studies to determine appropriate pricing [62][83] Question: How is the sales pipeline performing in the current macro environment? - The sales pipeline is being scrubbed frequently, and while there is strong interest in the DevSecOps platform, the company is seeing longer deal cycles and smaller deal sizes [84][110] Question: What are the drivers of profitability going forward? - Management highlighted improvements in operating margins and emphasized the importance of responsible growth while seeking greater efficiency [64][66] Question: How is the company addressing the impact of layoffs on customer spending? - Management noted that while some customers are experiencing hiring slowdowns, the overall impact on the business model remains manageable due to a diversified customer base [46][92]

2 Non-GAAP operating loss $(27.0) - $(26.0) $(64.0) - $(59.0) FY 2022 FY 2023 Q4 FY22 Q4 FY23 Non-GAAP Gross Profit $224,302 $379,801 $69,535 $110,645 I Less: Stock-based Compensation Expense $(10,550) $(48,001) $(4,862) $(13,194) Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes. GAAP to Non-GAAP Reconciliation General & Administrative Expense $63,654 $117,932 $23,378 $29,750 Less: Change in Fair Value of Acquisition Related Contingent As % of Revenue 21% 20% 25% 18% Less: St ...