Gitlab (US:GTLB)2024-09-03 20:09Financial Performance - Total revenue for Q2 FY 2025 reached $182.6 million, representing a 31% year-over-year increase[1][2] - Total revenue for the three months ended July 31, 2024, was $182.6 million, a 30.7% increase from $139.6 million in the same period last year[21] - Subscription revenue (self-managed and SaaS) reached $163.2 million, up 33.8% from $122.1 million year-over-year[21] - Gross profit for the six months ended July 31, 2024, was $311.6 million, compared to $237.8 million for the same period in 2023, reflecting a 31.0% increase[21] - Net income attributable to GitLab for the three months ended July 31, 2024, was $12.9 million, compared to a net loss of $50.1 million in the same period last year[21] - GAAP net income attributable to GitLab common stockholders was $12,949 thousand for the three months ended July 31, 2024, compared to a loss of $50,080 thousand in the prior year[24] - Non-GAAP diluted net income per share for FY 2025 is projected to be between $0.45 and $0.47[7] Customer Metrics - Customers with more than $5,000 of Annual Recurring Revenue (ARR) increased by 19% year-over-year to 9,314[3] - Dollar-Based Net Retention Rate was reported at 126%[4] Obligations and Liabilities - Total Remaining Performance Obligations (RPO) grew 51% year-over-year to $747.9 million, with current RPO (cRPO) increasing 42% to $475.0 million[4] - The total liabilities decreased to $688.3 million as of July 31, 2024, from $699.9 million at the end of the previous period[20] - GitLab's total current liabilities were $666.8 million as of July 31, 2024, slightly up from $662.1 million in the previous period[20] Cash Flow and Investments - Cash and cash equivalents increased to $438.6 million as of July 31, 2024, up from $288.0 million at the beginning of the fiscal year[18] - Net cash provided by operating activities was $11,697 for the three months ended July 31, 2024, down from $27,109 in the same period last year[22] - Net cash provided by financing activities was $12,912 for the three months ended July 31, 2024, down from $18,015 in the same period last year[22] - Purchases of short-term investments decreased to $118,866 for the three months ended July 31, 2024, compared to $276,132 in the same period last year[22] Operating Expenses - Total operating expenses increased to $406.3 million for the six months ended July 31, 2024, from $350.1 million in the prior year, representing a 16.1% rise[21] - Research and development expenses rose to $61.3 million for the three months ended July 31, 2024, up from $49.0 million in the prior year, indicating a focus on innovation[21] - Sales and marketing expenses on a GAAP basis were $97,778 thousand for the three months ended July 31, 2024, up from $92,116 thousand in the same period last year[23] Profitability Metrics - Non-GAAP gross profit for the same period was $165,623 thousand, up from $127,150 thousand, indicating a 30% increase year-over-year[23] - The adjusted free cash flow for the three months ended July 31, 2024, was $10,846 thousand, compared to $26,832 thousand for the same period in 2023[25] - GitLab's GAAP loss from operations improved to $(41,005) thousand for the three months ended July 31, 2024, from $(54,057) thousand in the same period last year[23] Future Projections - For Q3 FY 2025, GitLab expects revenue between $187.0 million and $188.0 million[7]