以Mike Cikos为首的Needham分析师团队表示："GitLab公布了有史以来超出预期的幅度最小的财报，仅比营收指引的高端高出0.7%(过去4个季度的平 均水平为3.2%)。" Cikos补充道："管理层提到了SaaS产品组合规模扩大和线性化带来的不利影响。我们认为，颠覆的速度以及Cursor和Windsurf等竞争产品的涌现，正 在市场上制造噪音。" 尽管存在这些问题，Cikos仍然看好这家软件开发平台提供商。Cikos仍将GitLab与微软(MSFT.US)的Github视为两大领先的 DevSecOps平台。 CFRA维持对GitLab的"买入"评级，但将目标价从69美元下调至49美元。 CFRA分析师Janice Quek表示："虽然我们注意到该季度客户增长的放缓幅度超过预期，但我们也看到了一些积极因素，比如剩余履约价值(RPO)强 劲，反映出良好的交易势头和订单积压。GTLB提到了部分低端市场客户的成本敏感性，我们认为这可能是一个短期问题，与2025年4月的宏观经济 波动有关。" 智通财经APP获悉，软件开发商GitLab(GTLB.US)在公布略好于市场预期的第一季度业绩后，股价大幅下跌， ...

Financial Data and Key Metrics Changes - First quarter revenue increased by 27% year over year to $215 million, with a non-GAAP operating margin of 12% [5][24] - Non-GAAP gross margin was 90% for the quarter, with non-GAAP operating income of $26.1 million compared to a loss of $3.8 million in the same quarter last year [28][29] - Adjusted free cash flow reached $104.1 million, representing a record adjusted free cash flow margin of 49% [31] Business Line Data and Key Metrics Changes - The SaaS segment accounted for 30% of total revenue, growing 35% year over year [28] - The number of customers with ARR of at least $5,000 reached 10,104, contributing over 95% of total ARR [25] - The dollar-based net retention rate (DBNRR) was 122%, driven by seat expansion (80%), increased customer yield (5%), and tier upgrades (15%) [26][27] Market Data and Key Metrics Changes - Total remaining performance obligations (RPO) grew by 40% year over year to $955.1 million, while current RPO (CRPO) grew by 34% year over year to $584.8 million [27] - The larger customer cohort of $100,000+ in ARR increased by 26% year over year, reaching 1,288 [25] Company Strategy and Development Direction - The company positions itself as the only AI-native, cloud-agnostic, model-neutral DevSecOps platform, emphasizing its unique capabilities in the software development lifecycle [6][7] - GitLab aims to enhance its AI capabilities and integrate them throughout the platform, focusing on security and compliance as key drivers for adoption [10][22] - The company is expanding its market presence through partnerships, such as with AWS, to enhance customer engagement and showcase its solutions [13][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate sustainable growth and enhance profitability despite evolving market conditions [24][30] - The outlook for the second quarter expects total revenue of $226 million to $227 million, representing a growth rate of approximately 24% year over year [30] - Management noted that the macroeconomic environment remains cautious, but demand for the platform continues to be strong [104] Other Important Information - GitLab achieved FedRAMP moderate authorization for its dedicated SaaS solution, which is expected to boost its public sector business [19] - The company is on track to launch GitLab Duo Workflow, an AI solution, in the upcoming months [13][33] Q&A Session Summary Question: Customer Conversations on AI - Management noted that AI is a central topic in customer discussions, with teams looking to leverage AI for productivity and innovation [38] Question: Growth Metrics and Deal Linearity - Management confirmed that the quarter's performance was consistent with expectations, with a mix favoring SaaS and back-end weighted linearity [44][45] Question: Customer Additions and Pricing Changes - Management indicated that while there was a deceleration in new customer additions, it did not impact financials significantly [49][51] Question: AI's Impact on Developer Job Growth - Management believes that AI will increase the number of code creators and overall code volume, benefiting GitLab's business model [60][61] Question: Enhancements with GitLab 18 - Management highlighted the focus on creating value through AI integration and enhancing collaboration between humans and agents [68][70]