GitLab Releases Financial Report

By Tamara Parker • Tuesday, June 04 11:37 • Permanent Link

GitLab has recently released its 10-Q report, providing insights into the company's financial performance and operations. GitLab Inc., known for developing software for the software development lifecycle, offers a DevOps platform that enables faster cycle time and visibility throughout various stages of the DevOps lifecycle. The company's services include training and professional services, and it caters to a broad market, including the United States, Europe, and the Asia Pacific. GitLab Inc. was founded in 2011 and is headquartered in San Francisco, California.

In the recently released 10-Q report, GitLab discussed various aspects of its financial condition and results of operations. The report highlighted the company's unique position in the market, emphasizing its focus on software development and delivery. GitLab's "The DevSecOps Platform" is a single application with native AI-assisted workflows, offering a unified data model for all stakeholders in the software delivery lifecycle. The company's platform aims to help organizations build better, more secure software faster, addressing the market's need for digital transformation and expertise in software development.

In terms of financial performance, GitLab reported its Dollar-Based Net Retention Rate as of April 30, 2024, at 129%, indicating the percentage change in its Annual Recurring Revenue (ARR) derived from its customer base. Additionally, the number of customers with ARR of $100,000 or more increased to 1,025 as of April 30, 2024, from 760 in the previous year, showcasing growth in GitLab's market penetration and strategic demand for its DevSecOps Platform.

The report also discussed the components of GitLab's results of operations, focusing on its revenue streams. The company generates revenue from subscription services, including self-managed and Software-as-a-Service (SaaS) offerings. Revenue from self-managed subscriptions is recognized ratably over the contract period, while SaaS subscriptions provide access to the latest managed version of GitLab's product hosted in a public or private cloud.

GitLab's 10-Q report emphasized its commitment to sustaining innovation and technology leadership, acquiring new customers, retaining and expanding existing customer relationships, and building successful partnerships, alliances, channels, and integrations. The company's strategic focus on these areas reflects its dedication to driving long-term growth and maintaining its position as a leader in the software development and delivery space. Today the company's shares have moved -2.4% to a price of $45.93. For the full picture, make sure to review GitLab's 10-Q report.

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