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Gitlab (GTLB) - 2025 Q3 - Quarterly Results
GTLBGitlab (GTLB)2024-12-05 21:09

Revenue and Financial Performance - Total revenue for Q3 FY 2025 reached 196.0million,a31196.0 million, a 31% year-over-year increase[2][4] - Total revenue for the three months ended October 31, 2024, increased to 196.0 million, up from 149.7millioninthesameperiodlastyear,representinga31149.7 million in the same period last year, representing a 31% growth[23] - Subscription revenue for the three months ended October 31, 2024, reached 175.3 million, a 34% increase compared to 131.0millionintheprioryearperiod[23]−Q4FY2025revenueguidanceisprojectedbetween131.0 million in the prior year period[23] - Q4 FY 2025 revenue guidance is projected between 205.0 million and 206.0million,withfull−yearFY2025revenueexpectedtobebetween206.0 million, with full-year FY 2025 revenue expected to be between 753 million and 754million[9]−NetincomeattributabletoGitLabforthethreemonthsendedOctober31,2024,was754 million[9] - Net income attributable to GitLab for the three months ended October 31, 2024, was 29.6 million, compared to a net loss of 285.2millionintheprioryearperiod[23]−NetincomeforthethreemonthsendedOctober31,2023was285.2 million in the prior year period[23] - Net income for the three months ended October 31, 2023 was 28,267, compared to a net loss of (286,355)inthesameperiodlastyear[25]−NetincomeattributabletoGitLabcommonstockholdersonaGAAPbasisforQ32024was(286,355) in the same period last year[25] - Net income attributable to GitLab common stockholders on a GAAP basis for Q3 2024 was 29.6 million, compared to a loss of 285.2millioninQ32023[27]−Non−GAAPnetincomeforQ32024was285.2 million in Q3 2023[27] - Non-GAAP net income for Q3 2024 was 39.1 million, up from 14.4millioninQ32023[28]−GAAPnetincomepershare,diluted,forQ32024was14.4 million in Q3 2023[28] - GAAP net income per share, diluted, for Q3 2024 was 0.18, compared to a loss of 1.84pershareinQ32023[28]−Non−GAAPnetincomepershare,diluted,forQ32024was1.84 per share in Q3 2023[28] - Non-GAAP net income per share, diluted, for Q3 2024 was 0.23, up from 0.09inQ32023[28]OperatingMarginsandProfitability−GAAPoperatingmarginimprovedto(15)0.09 in Q3 2023[28] Operating Margins and Profitability - GAAP operating margin improved to (15)% from (27)% year-over-year, while Non-GAAP operating margin expanded to 13% from 3%[4] - Non-GAAP operating income for Q4 FY 2025 is forecasted to be between 28.0 million and 29.0million,withfull−yearguidanceof29.0 million, with full-year guidance of 69 million to 70million[9]−GrossprofitforthethreemonthsendedOctober31,2024,was70 million[9] - Gross profit for the three months ended October 31, 2024, was 173.9 million, up 29% from 134.6millioninthesameperiodlastyear[23]−GrossprofitonGAAPbasisforQ32024was134.6 million in the same period last year[23] - Gross profit on GAAP basis for Q3 2024 was 173.9 million, compared to 134.6millioninQ32023,withagrossmarginof89134.6 million in Q3 2023, with a gross margin of 89% for both periods[27] - Non-GAAP gross profit for Q3 2024 was 178.4 million, with a gross margin of 91%, consistent with Q3 2023[27] Customer Growth and Retention - Customers with more than 100,000ofARRgrew31100,000 of ARR grew 31% year-over-year to 1,144[6] - Dollar-Based Net Retention Rate stood at 124%[6] - Total RPO increased 48% year-over-year to 811.8 million, with cRPO growing 39% to 515.2million[6]ExpensesandInvestments−SalesandmarketingexpensesforthethreemonthsendedOctober31,2024,were515.2 million[6] Expenses and Investments - Sales and marketing expenses for the three months ended October 31, 2024, were 95.3 million, up 10% from 87.0millionintheprioryearperiod[23]−ResearchanddevelopmentexpensesforthethreemonthsendedOctober31,2024,were87.0 million in the prior year period[23] - Research and development expenses for the three months ended October 31, 2024, were 61.4 million, up 25% from 49.1millionintheprioryearperiod[23]−ResearchanddevelopmentexpensesonaGAAPbasisforQ32024were49.1 million in the prior year period[23] - Research and development expenses on a GAAP basis for Q3 2024 were 61.4 million, up from 49.1millioninQ32023[27]−SalesandmarketingexpensesonaGAAPbasisforQ32024were49.1 million in Q3 2023[27] - Sales and marketing expenses on a GAAP basis for Q3 2024 were 95.3 million, compared to 87.0millioninQ32023[27]−Stock−basedcompensationexpenseforthethreemonthsendedOctober31,2023was87.0 million in Q3 2023[27] - Stock-based compensation expense for the three months ended October 31, 2023 was 48,042, up from 41,334intheprioryearperiod[25]−Stock−basedcompensationexpenseforQ32024was41,334 in the prior year period[25] - Stock-based compensation expense for Q3 2024 was 48.0 million, up from 41.3millioninQ32023[27]CashFlowandFinancialPosition−Cashandcashequivalentsdecreasedto41.3 million in Q3 2023[27] Cash Flow and Financial Position - Cash and cash equivalents decreased to 176.6 million as of October 31, 2024, from 288.0millionasofJanuary31,2024[21]−Totalcurrentassetsdecreasedto288.0 million as of January 31, 2024[21] - Total current assets decreased to 1,192.2 million as of October 31, 2024, from 1,280.9millionasofJanuary31,2024[21]−Totalliabilitiesdecreasedto1,280.9 million as of January 31, 2024[21] - Total liabilities decreased to 482.4 million as of October 31, 2024, from 699.9millionasofJanuary31,2024[21]−Totalstockholders′equityincreasedto699.9 million as of January 31, 2024[21] - Total stockholders' equity increased to 770.2 million as of October 31, 2024, from 617.9millionasofJanuary31,2024[21]−NetcashusedinoperatingactivitiesforthethreemonthsendedOctober31,2023was617.9 million as of January 31, 2024[21] - Net cash used in operating activities for the three months ended October 31, 2023 was (177,028), compared to (5,961)inthesameperiodlastyear[25]−Purchasesofshort−terminvestmentsforthethreemonthsendedOctober31,2023totaled(5,961) in the same period last year[25] - Purchases of short-term investments for the three months ended October 31, 2023 totaled (240,136), compared to (238,680)intheprioryearperiod[25]−Proceedsfrommaturitiesofshort−terminvestmentsforthethreemonthsendedOctober31,2023were(238,680) in the prior year period[25] - Proceeds from maturities of short-term investments for the three months ended October 31, 2023 were 148,763, down from 253,995inthesameperiodlastyear[25]−NetcashprovidedbyfinancingactivitiesforthethreemonthsendedOctober31,2023was253,995 in the same period last year[25] - Net cash provided by financing activities for the three months ended October 31, 2023 was 2,922, compared to 4,715intheprioryearperiod[25]−CashandcashequivalentsatendofperiodOctober31,2023were4,715 in the prior year period[25] - Cash and cash equivalents at end of period October 31, 2023 were 176,632, down from 285,309attheendofthesameperiodlastyear[25]−AdjustedfreecashflowforQ32024was285,309 at the end of the same period last year[25] - Adjusted free cash flow for Q3 2024 was 9.7 million, compared to a negative 6.7millioninQ32023[29]ProductandMarketRecognition−GitLabannouncedthegeneralavailabilityofAdvancedSASTforGitLabUltimatecustomers,leveragingtechnologyacquiredwithOxeye[7]−GitLabwasrecognizedasaLeaderintheGartner®MagicQuadrant™forDevOpsPlatformsforthesecondconsecutiveyear[7]DeferredRevenueandAccountsReceivable−DeferredrevenueforthethreemonthsendedOctober31,2023was6.7 million in Q3 2023[29] Product and Market Recognition - GitLab announced the general availability of Advanced SAST for GitLab Ultimate customers, leveraging technology acquired with Oxeye[7] - GitLab was recognized as a Leader in the Gartner® Magic Quadrant™ for DevOps Platforms for the second consecutive year[7] Deferred Revenue and Accounts Receivable - Deferred revenue for the three months ended October 31, 2023 was 19,665, up from 14,270intheprioryearperiod[25]−AccountsreceivableforthethreemonthsendedOctober31,2023was14,270 in the prior year period[25] - Accounts receivable for the three months ended October 31, 2023 was (32,883), compared to (30,572)inthesameperiodlastyear[25]−AccruedexpensesandothercurrentliabilitiesforthethreemonthsendedOctober31,2023was(30,572) in the same period last year[25] - Accrued expenses and other current liabilities for the three months ended October 31, 2023 was (220,071), compared to $244,674 in the prior year period[25]