Cover
Cover - shares shares in Millions | 6 Months Ended | |
Jul. 31, 2023 | Aug. 25, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-40895 | |
Entity Registrant Name | GITLAB INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1861035 | |
Title of 12(b) Security | Class A common stock, par value $0.0000025per share | |
Trading Symbol | GTLB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Address, Address Line One | 251 Little Falls Drive | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19808 | |
Entity Central Index Key | 0001653482 | |
Current Fiscal Year End Date | --01-31 | |
Current Fiscal Year Focus | 2024 | |
Current Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 104.1 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 50.6 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | ||
CURRENT ASSETS: | ||||
Cash and cash equivalents | [1] | $ 273,225 | $ 295,402 | |
Short-term investments | [1] | 713,058 | 641,249 | |
Accounts receivable, net of allowance for doubtful accounts of $180 and $1,564 as of July 31, 2023 and January 31, 2023, respectively | [1] | 105,815 | 130,479 | |
Deferred contract acquisition costs, current | [1] | 25,069 | 26,505 | |
Prepaid expenses and other current assets | [1] | 26,053 | 24,327 | |
Total current assets | [1] | 1,143,220 | 1,117,962 | |
Property and equipment, net | [1] | 4,080 | 5,797 | |
Operating lease right-of-use assets | 673 | [1] | 998 | |
Equity method investment | [1] | 10,574 | 12,682 | |
Goodwill | [1] | 8,145 | 8,145 | |
Intangible assets, net | [1] | 2,774 | 3,901 | |
Deferred contract acquisition costs, non-current | [1] | 14,743 | 15,628 | |
Other long-term assets | [1] | 4,860 | 4,087 | |
TOTAL ASSETS | [1] | 1,189,069 | 1,169,200 | |
CURRENT LIABILITIES: | ||||
Accounts payable | [1] | 4,165 | 5,184 | |
Accrued expenses and other current liabilities | [1] | 24,643 | 25,954 | |
Accrued compensation and benefits | [1] | 23,504 | 20,776 | |
Deferred revenue, current | [1] | 268,883 | 254,382 | |
Total current liabilities | [1] | 321,195 | 306,296 | |
Deferred revenue, non-current | [1] | 25,860 | 28,355 | |
Other non-current liabilities | [1] | 10,774 | 9,824 | |
TOTAL LIABILITIES | [1] | 357,829 | 344,475 | |
Commitments and contingencies (Note 15) | [1] | |||
STOCKHOLDERS’ EQUITY: | ||||
Preferred stock, $0.0000025 par value; 50,000 shares authorized as of July 31, 2023 and January 31, 2023; no shares issued and outstanding as of July 31, 2023 and January 31, 2023 | [1] | 0 | 0 | |
Additional paid-in capital | [1] | 1,610,072 | 1,497,373 | |
Accumulated deficit | [1] | (828,197) | (725,648) | |
Accumulated other comprehensive income (loss) | [1] | 1,782 | (705) | |
Total GitLab stockholders’ equity | [1] | 783,657 | 771,020 | |
Noncontrolling interests | [1] | 47,583 | 53,705 | |
TOTAL STOCKHOLDERS’ EQUITY | [1] | 831,240 | 824,725 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | [1] | 1,189,069 | 1,169,200 | |
Class A Common Stock | ||||
STOCKHOLDERS’ EQUITY: | ||||
Common stock, value, issued | [1] | 0 | 0 | |
Class B Common Stock | ||||
STOCKHOLDERS’ EQUITY: | ||||
Common stock, value, issued | [1] | $ 0 | $ 0 | |
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Allowance for doubtful accounts | $ 180 | $ 1,564 | |
STOCKHOLDERS’ EQUITY: | |||
Preferred stock, par value (in USD per share) | $ 0.0000025 | $ 0.0000025 | |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Assets of consolidated variable interest entity | [1] | $ 1,189,069 | $ 1,169,200 |
Liabilities of consolidated variable interest entity | [1] | 357,829 | 344,475 |
Variable Interest Entity, Primary Beneficiary | |||
STOCKHOLDERS’ EQUITY: | |||
Assets of consolidated variable interest entity | 52,465 | 62,827 | |
Liabilities of consolidated variable interest entity | $ 7,277 | $ 8,871 | |
Class A Common Stock | |||
STOCKHOLDERS’ EQUITY: | |||
Common stock, par value (in USD per share) | $ 0.0000025 | $ 0.0000025 | |
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 | |
Common stock, shares issued (in shares) | 103,432,000 | 94,655,000 | |
Common stock, shares outstanding (in shares) | 103,432,000 | 94,655,000 | |
Class B Common Stock | |||
STOCKHOLDERS’ EQUITY: | |||
Common stock, par value (in USD per share) | $ 0.0000025 | $ 0.0000025 | |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | |
Common stock, shares issued (in shares) | 51,178,000 | 56,489,000 | |
Common stock, shares outstanding (in shares) | 51,178,000 | 56,489,000 | |
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Revenue | $ 139,581 | $ 101,041 | $ 266,459 | $ 188,448 |
Cost of revenue | 14,696 | 13,030 | 28,635 | 22,878 |
Gross profit | 124,885 | 88,011 | 237,824 | 165,570 |
Operating expenses: | ||||
Sales and marketing | 92,116 | 80,689 | 178,653 | 147,399 |
Research and development | 49,007 | 39,520 | 99,394 | 71,350 |
General and administrative | 37,819 | 33,104 | 72,067 | 54,996 |
Total operating expenses | 178,942 | 153,313 | 350,114 | 273,745 |
Loss from operations | (54,057) | (65,302) | (112,290) | (108,175) |
Interest income | 9,112 | 3,064 | 16,427 | 3,590 |
Other income (expense), net | (1,330) | 1,500 | (1,077) | 19,948 |
Loss before income taxes and loss from equity method investment | (46,275) | (60,738) | (96,940) | (84,637) |
Loss from equity method investment, net of tax | (917) | (816) | (1,665) | (1,019) |
Provision for (benefit from) income taxes | 4,016 | (57) | 5,502 | 2,454 |
Net loss | (51,208) | (61,497) | (104,107) | (88,110) |
Net loss attributable to noncontrolling interest | (1,128) | (2,473) | (1,558) | (2,987) |
Net loss attributable to GitLab | $ (50,080) | $ (59,024) | $ (102,549) | $ (85,123) |
Net loss per share attributable to GitLab Class A and Class B common stockholders, basic (in USD per share) | $ (0.33) | $ (0.40) | $ (0.67) | $ (0.58) |
Net loss per share attributable to GitLab Class A and Class B common stockholders, diluted (in USD per share) | $ (0.33) | $ (0.40) | $ (0.67) | $ (0.58) |
Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, basic (in shares) | 153,644,000 | 147,797,000 | 152,683,000 | 147,248,000 |
Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, diluted (in shares) | 153,644,000 | 147,797,000 | 152,683,000 | 147,248,000 |
Subscription—self-managed and SaaS | ||||
Revenue | $ 122,096 | $ 88,936 | $ 233,287 | $ 165,859 |
Cost of revenue | 10,871 | 10,671 | 21,762 | 18,604 |
License—self-managed and other | ||||
Revenue | 17,485 | 12,105 | 33,172 | 22,589 |
Cost of revenue | $ 3,825 | $ 2,359 | $ 6,873 | $ 4,274 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (51,208) | $ (61,497) | $ (104,107) | $ (88,110) |
Foreign currency translation adjustments | (365) | (1,128) | (1,222) | (3,792) |
Net change in unrealized gains (losses) on available-for-sale securities | (194) | (2,454) | 1,303 | (2,523) |
Comprehensive loss including noncontrolling interest | (51,767) | (65,079) | (104,026) | (94,425) |
Net loss attributable to noncontrolling interest | (1,128) | (2,473) | (1,558) | (2,987) |
Foreign currency translation adjustments attributable to noncontrolling interest | (1,338) | (732) | (2,406) | (2,047) |
Comprehensive loss attributable to noncontrolling interest | (2,466) | (3,205) | (3,964) | (5,034) |
Comprehensive loss attributable to GitLab | $ (49,301) | $ (61,874) | $ (100,062) | $ (89,391) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Class A Common Stock | Common stock | Common stock Class A Common Stock | Common stock Class B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Noncontrolling Interests | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, beginning balance | $ 799,269 | $ 0 | $ 0 | $ 1,320,479 | $ (553,337) | $ 7,724 | $ 24,403 | |||
Stockholders' Equity, beginning balance (in shares) at Jan. 31, 2022 | 27,141,000 | 119,747,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of Class B common stock to Class A common stock (in shares) | 55,368,000 | (55,368,000) | ||||||||
Issuance of common stock related to vested exercised stock options (in shares) | 1,386,000 | |||||||||
Issuance of common stock related to vested exercised stock options | 11,413 | 11,413 | ||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 289,000 | |||||||||
Issuance of common stock under employee stock purchase plan | 9,554 | 9,554 | ||||||||
Repurchases, net of early exercised stock options (in shares) | (19,000) | |||||||||
Issuance of common stock related to RSUs vested, net of tax withholdings (in shares) | 227,000 | |||||||||
Vesting of early exercised stock options | 2,960 | 2,960 | ||||||||
Stock-based compensation expense | 55,218 | 52,246 | 2,972 | |||||||
Change in noncontrolling interest ownership due to capital contributions from noncontrolling interest holders, net of issuance costs | 57,673 | 16,839 | 40,834 | |||||||
Deconsolidation of Meltano Inc. | (11,342) | (11,342) | ||||||||
Other comprehensive income (loss) | (6,315) | (4,268) | (2,047) | |||||||
Net loss | (88,110) | (85,123) | (2,987) | |||||||
Stockholders' Equity, ending balance (in shares) at Jul. 31, 2022 | 83,025,000 | 65,746,000 | ||||||||
Stockholders' Equity, ending balance at Jul. 31, 2022 | 830,320 | $ 0 | $ 0 | 1,413,491 | (638,460) | 3,456 | 51,833 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, beginning balance | 818,202 | $ 0 | $ 0 | 1,355,224 | (579,436) | 6,306 | 36,108 | |||
Stockholders' Equity, beginning balance (in shares) at Apr. 30, 2022 | 74,049,000 | 73,583,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of Class B common stock to Class A common stock (in shares) | 8,461,000 | (8,461,000) | ||||||||
Issuance of common stock related to vested exercised stock options (in shares) | 652,000 | |||||||||
Issuance of common stock related to vested exercised stock options | 6,193 | 6,193 | ||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 289,000 | |||||||||
Issuance of common stock under employee stock purchase plan | 9,554 | 9,554 | ||||||||
Repurchases, net of early exercised stock options (in shares) | (28,000) | |||||||||
Issuance of common stock related to RSUs vested, net of tax withholdings (in shares) | 226,000 | |||||||||
Vesting of early exercised stock options | 814 | 814 | ||||||||
Stock-based compensation expense | 37,747 | 34,992 | 2,755 | |||||||
Change in noncontrolling interest ownership due to capital contributions from noncontrolling interest holders, net of issuance costs | 22,889 | 6,714 | 16,175 | |||||||
Other comprehensive income (loss) | (3,582) | (2,850) | (732) | |||||||
Net loss | (61,497) | (59,024) | (2,473) | |||||||
Stockholders' Equity, ending balance (in shares) at Jul. 31, 2022 | 83,025,000 | 65,746,000 | ||||||||
Stockholders' Equity, ending balance at Jul. 31, 2022 | 830,320 | $ 0 | $ 0 | 1,413,491 | (638,460) | 3,456 | 51,833 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, beginning balance | 830,320 | 0 | 0 | 1,413,491 | (638,460) | 3,456 | 51,833 | |||
Stockholders' Equity, beginning balance | $ 824,725 | [1] | $ 0 | $ 0 | 1,497,373 | (725,648) | (705) | 53,705 | ||
Stockholders' Equity, beginning balance (in shares) at Jan. 31, 2023 | 94,655,000 | 56,489,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of Class B common stock to Class A common stock (in shares) | 7,358,000 | (7,358,000) | ||||||||
Issuance of common stock related to vested exercised stock options (in shares) | 2,062,000 | 2,060,000 | ||||||||
Issuance of common stock related to vested exercised stock options | $ 17,933 | 17,933 | ||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 247,000 | |||||||||
Issuance of common stock under employee stock purchase plan | 7,751 | 7,751 | ||||||||
Repurchases, net of early exercised stock options (in shares) | (13,000) | |||||||||
Issuance of common stock related to RSUs vested, net of tax withholdings (in shares) | 1,038,000 | |||||||||
Charitable donation of common stock (in shares) | 133,389 | 134,000 | ||||||||
Charitable donation of common stock | 5,350 | $ 5,300 | 5,350 | |||||||
Vesting of early exercised stock options | 809 | 809 | ||||||||
Stock-based compensation expense | 78,698 | 81,359 | (2,661) | |||||||
Change in noncontrolling interest ownership due to capital contributions from noncontrolling interest holders, net of issuance costs | (503) | 503 | ||||||||
Other comprehensive income (loss) | 81 | 2,487 | (2,406) | |||||||
Net loss | (104,107) | (102,549) | (1,558) | |||||||
Stockholders' Equity, ending balance (in shares) at Jul. 31, 2023 | 103,432,000 | 51,178,000 | ||||||||
Stockholders' Equity, ending balance at Jul. 31, 2023 | 831,240 | [1] | $ 0 | $ 0 | 1,610,072 | (828,197) | 1,782 | 47,583 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, beginning balance | 815,601 | $ 0 | $ 0 | 1,542,603 | (778,117) | 1,003 | 50,112 | |||
Stockholders' Equity, beginning balance (in shares) at Apr. 30, 2023 | 96,240,000 | 56,453,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of Class B common stock to Class A common stock (in shares) | 6,213,000 | (6,213,000) | ||||||||
Issuance of common stock related to vested exercised stock options (in shares) | 940,000 | |||||||||
Issuance of common stock related to vested exercised stock options | 10,320 | 10,320 | ||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 247,000 | |||||||||
Issuance of common stock under employee stock purchase plan | 7,751 | 7,751 | ||||||||
Repurchases, net of early exercised stock options (in shares) | (2,000) | |||||||||
Issuance of common stock related to RSUs vested, net of tax withholdings (in shares) | 679,000 | |||||||||
Charitable donation of common stock (in shares) | 52,647 | 53,000 | ||||||||
Charitable donation of common stock | 2,675 | $ 2,700 | 2,675 | |||||||
Vesting of early exercised stock options | 292 | 292 | ||||||||
Stock-based compensation expense | 46,368 | 46,555 | (187) | |||||||
Change in noncontrolling interest ownership due to capital contributions from noncontrolling interest holders, net of issuance costs | (124) | 124 | ||||||||
Other comprehensive income (loss) | (559) | 779 | (1,338) | |||||||
Net loss | (51,208) | (50,080) | (1,128) | |||||||
Stockholders' Equity, ending balance (in shares) at Jul. 31, 2023 | 103,432,000 | 51,178,000 | ||||||||
Stockholders' Equity, ending balance at Jul. 31, 2023 | 831,240 | [1] | $ 0 | $ 0 | 1,610,072 | (828,197) | 1,782 | 47,583 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, beginning balance | $ 831,240 | [1] | $ 0 | $ 0 | $ 1,610,072 | $ (828,197) | $ 1,782 | $ 47,583 | ||
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss, including amounts attributable to noncontrolling interest | $ (104,107) | $ (88,110) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation expense | 78,698 | 55,218 | |
Charitable donation of common stock | 5,350 | 0 | |
Amortization of intangible assets | 1,125 | 1,176 | |
Depreciation expense | 2,206 | 1,286 | |
Amortization of deferred contract acquisition costs | 20,619 | 21,618 | |
Gain from deconsolidation of Meltano Inc. | 0 | (17,798) | |
Loss from equity method investment | 2,108 | 1,290 | |
Net amortization of premiums or discounts on short-term investments | (8,494) | (1,293) | |
Unrealized foreign exchange loss (gain), net | 825 | (1,572) | |
Other non-cash (income) expense, net | (103) | 469 | |
Changes in assets and liabilities: | |||
Accounts receivable | 25,281 | (13,568) | |
Prepaid expenses and other current assets | (4,248) | (5,488) | |
Deferred contract acquisition costs | (18,137) | (21,210) | |
Other long-term assets | (721) | 2,700 | |
Accounts payable | (1,023) | 528 | |
Accrued expenses and other current liabilities | 1,183 | 90 | |
Accrued compensation and benefits | 2,611 | (16,680) | |
Deferred revenue | 11,175 | 17,549 | |
Other non-current liabilities | 1,800 | (696) | |
Net cash provided by (used in) operating activities | 16,148 | (64,491) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of short-term investments | (334,996) | (520,664) | |
Proceeds from maturities of short-term investments | 272,984 | 50,031 | |
Purchases of property and equipment | (533) | (3,234) | |
Deconsolidation of Meltano Inc. | 0 | (9,620) | |
Escrow payment related to business combination, after acquisition date | 2,500 | 0 | |
Net cash used in investing activities | (65,045) | (483,487) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases | 17,777 | 11,311 | |
Issuance of common stock under employee stock purchase plan | 7,751 | 9,554 | |
Contributions received from noncontrolling interests, net of issuance costs | 0 | 57,673 | |
Net cash provided by financing activities | 25,528 | 78,538 | |
Impact of foreign exchange on cash and cash equivalents | (1,308) | (4,475) | |
Net decrease in cash and cash equivalents | (24,677) | (473,915) | |
Cash, cash equivalents, and restricted cash at beginning of period | 297,902 | 887,172 | |
Cash, cash equivalents, and restricted cash at end of period | 273,225 | 413,257 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 4,187 | 309 | |
Supplemental disclosure of non-cash investing and financing activities: | |||
Vesting of early exercised stock options | 809 | 2,960 | |
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above: | |||
Cash and cash equivalents | 273,225 | [1] | 410,757 |
Restricted cash, included in prepaid expenses and other current assets | 0 | 2,500 | |
Total cash, cash equivalents and restricted cash | $ 273,225 | $ 413,257 | |
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business GitLab Inc. (the “Company”) began as an open source project in 2011 and was incorporated in Delaware on September 12, 2014. While the Company is headquartered in San Francisco, California, it operates on an all-remote model. The Company is a technology company and its primary offering is “GitLab”, a complete DevSecOps platform delivered as a single application. GitLab is used by a wide range of organizations. The Company also provides related training and professional services. GitLab is offered on both self-managed and software-as-a-service ("SaaS") models. The principal markets for GitLab are currently located in the United States, Europe, and Asia Pacific. The Company is focused on accelerating innovation and broadening the distribution of its platform to companies across the world to help them become better software-led businesses. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Fiscal Year The Company's fiscal year ends on January 31. For example, references to fiscal 2024 and 2023 refer to the fiscal year ending January 31, 2024 and the fiscal year ended January 31, 2023, respectively. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, allocation of revenue to the license element in the Company's self-managed subscriptions, estimating the amortization period for capitalized costs to obtain a contract, allowance for doubtful accounts, stock-based compensa tion expense, fair value of contingent consideration, fair valuation of retained interest in an investee on loss of control, valuation allowance for deferred income taxes, reserves for unrealized income tax benefits, valuation of intangibles assets and impairment of goodwill and equity method investments. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. Principles of Consolidation The condensed consolidated financial statements include 100% of the accounts of wholly owned and majority owned subsidiaries as well as a variable interest entity for which the Company is the primary beneficiary. The ownership interest of other investors is recorded as noncontrolling interest. All intercompany accounts and transactions have been eliminated in consolidation. Summary of Significant Accounting Policies There were no significant changes to the Company’s significant accounting policies disclosed in “Note 2” of the Company’s Annual Report on Form 10-K f or the fiscal year ended January 31, 2023. |
Revenues
Revenues | 6 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 3. Revenues Disaggregation of Revenue The following table shows the components of revenues and their respective percentages of total revenue for the periods indicated (in thousands, except percentages): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Subscription—self-managed and SaaS $ 122,096 87 % $ 88,936 88 % $ 233,287 87 % $ 165,859 88 % Subscription—self-managed 86,659 62 66,896 66 166,246 62 126,615 67 SaaS 35,437 25 22,040 22 67,041 25 39,244 21 License—self-managed and other $ 17,485 13 % $ 12,105 12 % $ 33,172 13 % $ 22,589 12 % License—self-managed 14,624 11 10,009 10 27,979 11 18,786 10 Professional services and other 2,861 2 2,096 2 5,193 2 3,803 2 Total revenue $ 139,581 100 % $ 101,041 100 % $ 266,459 100 % $ 188,448 100 % Total Revenue by Geographic Location The following table summarizes the Company’s total revenue by geographic location based on the region of the Company’s contracting entity, which may be different than the region of the customer (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 United States $ 114,054 $ 84,123 $ 217,016 $ 156,397 Europe 22,245 14,750 43,202 27,738 Asia Pacific 3,282 2,168 6,241 4,313 Total revenue $ 139,581 $ 101,041 $ 266,459 $ 188,448 During the three and six months ended July 31, 2023, the United States accounted for 82% and 81% of total revenue, respectively. During each of the three and six months ended July 31, 2022, the United States accounted for 83% of total revenue for each period presented. No other individual country exceeded 10% of total revenue for any of the periods presented. The Company operates its business as a single reportable segment. Deferred Revenue During the three and six months ended July 31, 2023 , $101.6 million and $157.5 million, respectively, of revenue was recognized, which was included in the corresponding deferred revenue bala nce at the beginning of the periods presented. During the three and six months ended July 31, 2022, $67.0 million and $105.8 million, respectively, of revenue was recognized, which was included in the corresponding deferred revenue balance at the beginning of the periods presented. Remaining Performance Obligations As of July 31, 2023 and January 31, 2023, the aggregate amount of the transaction price allocated to billed and unbilled remaining performance obligations for which revenue has not yet been recognized was approximately $495.8 million and $435.9 million, respectively. As of July 31, 2023, the Company expects to recognize approximately 68% of the transaction price as product or services revenue over the next 12 months and 88% over the next 24 months. Concentration of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, and accounts receivable. At times, cash deposits may be in excess of insured limits. The Company believes that the financial institutions or corporations that hold its cash, cash equivalents, and short-term investments are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company maintains allowances for potential credit losses on accounts receivable when deemed necessary. The Company uses various distribution channels. As of July 31, 2023, one of these channel partners represented 16% of the accounts receivable balance, respectively, while as of January 31, 2023 one of these channel partners represented 12% of the accounts receivable balance. There were no individual customers whose balance represented more than 10% of accounts receivable as of July 31, 2023 and January 31, 2023 . There were no customers whose revenue represented more than 10% of total revenue during the three and six months ended July 31, 2023 and 2022. |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments | 6 Months Ended |
Jul. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Short-Term Investments | 4. Cash, Cash Equivalents and Short-Term Investments The following table summarizes the Company’s cash, cash equivalents and short-term investments by category (in thousands): As of July 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 126,196 $ — $ — $ 126,196 Money market funds 117,628 — — 117,628 U.S. Treasury securities 18,485 — — 18,485 Commercial paper 10,919 — (3) 10,916 Total cash and cash equivalents $ 273,228 $ — $ (3) $ 273,225 Short-term investments: Commercial paper 83,957 — (77) 83,880 Corporate debt securities 177,000 2 (1,148) 175,854 Foreign government bonds 2,235 — (19) 2,216 U.S. Agency securities 67,567 — (445) 67,122 U.S. Treasury securities 385,848 1 (1,863) 383,986 Total short-term investments $ 716,607 $ 3 $ (3,552) $ 713,058 As of January 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 232,332 $ — $ — $ 232,332 Money market funds 60,073 — — 60,073 U.S. Agency securities 2,997 — — 2,997 Total cash and cash equivalents $ 295,402 $ — $ — $ 295,402 Short-term investments: Commercial paper 88,703 18 (112) 88,609 Corporate debt securities 95,805 33 (572) 95,266 Municipal bonds 1,989 — (19) 1,970 Foreign government bonds 2,211 — (41) 2,170 U.S. Agency securities 74,158 2 (435) 73,725 U.S. Treasury securities 383,238 — (3,729) 379,509 Total short-term investments $ 646,104 $ 53 $ (4,908) $ 641,249 The Company uses the specific-identification method to determine an y realized gains or losses from the sale of the Company’s short-term investments classified as available-for-sale. For the three and six months ended July 31, 2023 and 2022, the Company did not have any material realized gains or losses as a result of maturities or sale of short-term investments. During the three and six months ended July 31, 2023, the Company record ed $9.1 million and $16.4 million of interest income on cash equivalents and short-term investments, respectively, which includes $4.9 million and $8.5 million of net amortization of premiums or discounts on short-term investments during the three and six months ended July 31, 2023, respectively. During the three and six months ended July 31, 2022, the Company recorded $3.1 million and $3.6 million of interest income on cash equivalents and short-term investments, respectively, which included $1.3 million of net a mortization of premiums or discounts on short-term investments for each period presented during the three and six months ended July 31, 2022. The following table summarizes unrealized losses on the Company’s cash equivalents and short-term investments aggregated by category and the length of time such aggregated investments have been in a continuous unrealized loss position as of the periods presented (in thousands): Less Than 12 Months More Than 12 Months or Greater Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Fair Value Gross Unrealized Losses July 31, 2023 U.S. Agency securities $ 63,223 $ (444) $ 3,899 $ (1) $ 67,122 $ (445) Commercial paper 86,797 (80) — — 86,797 (80) Corporate debt securities 153,562 (969) 18,869 (179) 172,431 (1,148) Foreign government bonds — — 2,216 (19) 2,216 (19) U.S. Treasury securities 263,148 (906) 92,567 (957) 355,715 (1,863) Total cash equivalents and short-term investments $ 566,730 $ (2,399) $ 117,551 $ (1,156) $ 684,281 $ (3,555) Less Than 12 Months More Than 12 Months or Greater Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Fair Value Gross Unrealized Losses January 31, 2023 U.S. Agency securities $ 73,724 $ (435) $ — $ — $ 73,724 $ (435) Commercial paper 45,015 (112) — — $ 45,015 $ (112) Corporate debt securities 75,203 (572) — — $ 75,203 $ (572) Municipal bonds 1,970 (19) — — $ 1,970 $ (19) Foreign government bonds 2,170 (41) — — $ 2,170 $ (41) U.S. Treasury securities 379,509 (3,729) — — $ 379,509 $ (3,729) Total cash equivalents and short-term investments $ 577,591 $ (4,908) $ — $ — $ 577,591 $ (4,908) The following table classifies the Company’s short-term investments by contractual maturities (in thousands): July 31, 2023 January 31, 2023 Amortized cost Fair Value Amortized cost Fair Value Due within 1 year $ 587,035 $ 584,491 $ 480,943 $ 477,520 Due between 1 year to 2 years 129,572 128,567 165,161 163,729 Total $ 716,607 $ 713,058 $ 646,104 $ 641,249 All available-for-sale securities have been classified as current, based on management’s ability to use the funds in current operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The Company determines fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Inputs are unobservable based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. The fair value of the Company’s Level 1 financial instruments, such as money market funds which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of the Company’s Level 2 financial instrumen ts such as commercial paper, corporate debt and U.S. government securities are obtained from an independent pricing service, which may use inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. The Company’s marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. Financial assets measured at fair value on a recurring basis are summarized below (in thousands): Level 1 Level 2 Level 3 Fair Value July 31, 2023 (1) Cash equivalents: Money market funds $ 117,628 $ — $ — $ 117,628 U.S. Treasury securities — 18,485 — 18,485 Commercial paper — 10,916 — 10,916 Short-term investments: Commercial paper — 83,880 — 83,880 Corporate debt securities — 175,854 — 175,854 Foreign government bonds — 2,216 — 2,216 U.S. Agency securities — 67,122 — 67,122 U.S. Treasury securities — 383,986 — 383,986 Total $ 117,628 $ 742,459 $ — $ 860,087 (1) Excludes $126.2 million in cash on the condensed consolidated balance sheet as of July 31, 2023. Level 1 Level 2 Level 3 Fair Value January 31, 2023 (1) Cash equivalents: Money market funds $ 60,073 $ — $ — $ 60,073 U.S. Agency securities — 2,997 — 2,997 Short-term investments: Commercial paper — 88,609 — 88,609 Corporate debt securities — 95,266 — 95,266 Municipal bonds — 1,970 — 1,970 Foreign government bonds — 2,170 — 2,170 U.S. Agency securities — 73,725 — 73,725 U.S. Treasury securities — 379,509 — 379,509 Total $ 60,073 $ 644,246 $ — $ 704,319 (1) Exclu des $232.3 million in cash on the condensed consolidated balance sheet as of January 31, 2023. The Company had $3.5 million |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Statement Information | 6. Supplemental Financial Statement Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): July 31, 2023 January 31, 2023 Prepaid software subscriptions $ 6,748 $ 7,771 Prepaid taxes 3,955 592 Prepaid expenses for the Company’s events 1,030 1,885 Prepaid insurance 1,003 3,199 Prepaid advertising costs 532 367 Other prepaid expenses 3,459 1,915 Restricted cash (1) — 2,500 Interest receivable 2,913 2,310 Revenue contract asset 2,473 1,532 Security and other deposits 1,290 510 Other current assets 2,650 1,746 Total prepaid expense and other current assets $ 26,053 $ 24,327 (1) Refer to “Note 7. Business Combination”. Property and Equipment, Net Property and equipment, net of the following (in thousands): July 31, 2023 January 31, 2023 Computer and office equipment $ 9,140 $ 8,581 Leasehold improvements 1,148 1,208 10,288 9,789 Less: Accumulated depreciation (1) (6,208) (3,992) Total property and equipment, net (1) $ 4,080 $ 5,797 (1) The amounts in the table above include cumulative foreign currency translation adjustments, reflecting movement in the currencies of the underlying property and equipment. Depreciation expense of property and equipment was $1.1 million and $2.2 million for the three and six months ended July 31, 2023, respectively. Depreciation expense of property and equipment was $0.7 million and $1.3 million for the three and six months ended July 31, 2022, respectively. Other Long-Term Assets Other long-term assets consisted of the following (in thousands): July 31, 2023 January 31, 2023 Security and other deposits $ 3,377 $ 3,172 Deferred software implementation costs 395 594 Vendor receivables 1,026 132 Other long-term assets 62 189 Total other long-term assets $ 4,860 $ 4,087 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): July 31, 2023 January 31, 2023 Accrued expenses $ 11,547 $ 10,686 Customer refunds payable 3,471 3,465 Income taxes payable 3,455 859 Indirect taxes payable 2,487 4,498 ESPP employee contributions 2,176 2,967 Operating lease liabilities, current 617 716 Acquisition related consideration withheld in escrow (1) — 2,500 Other current liabilities 890 263 Total accrued expenses and other current liabilities $ 24,643 $ 25,954 (1) Refer to “Note 7. Business Combination”. Accrued Com pensation and Benefits Accrued compensation and benefits consisted of the following (in thousands): July 31, 2023 January 31, 2023 Payroll taxes payable $ 5,778 $ 3,013 Accrued commissions 5,067 8,512 Restructuring accrual and related charges (1) 155 — Other accrued team member related payables 12,504 9,251 Total accrued compensation and benefits $ 23,504 $ 20,776 (1) Refer to “Note 11. Restructuring and Other Related Charges”. Other Non-Current Liabilities Other non-current liabilities consisted of the following (in thousands): July 31, 2023 January 31, 2023 Acquisition related contingent cash consideration (1) $ 3,525 $ 3,443 Provision towards labor matters (2) 2,586 2,504 Deferred tax liabilities 758 849 Long term taxes payable 2,792 647 Early exercised options liability 835 1,800 Operating lease liabilities, non-current 138 413 Other non-current liabilities 140 168 Total other non-current liabilities $ 10,774 $ 9,824 (1) Refer to “Note 7. Business Combination”. (2) Refer to “Note 15. Commitments and Contingencies ”. Other Inc ome (Expense), Net Other income, net consisted of the following (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Gain from deconsolidation of Meltano Inc. (1) $ — $ — $ — $ 17,798 Foreign exchange gains (losses), net (1,268) 1,646 (994) 2,506 Other expenses, net (62) (146) (83) (356) Total other income (expense), net $ (1,330) $ 1,500 $ (1,077) $ 19,948 (1) Refer to “Note 12. Joint Venture and Equity Method Investment”. |
Business Combination
Business Combination | 6 Months Ended |
Jul. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | 7. Business Combination On December 3, 2021, th e Company completed the acquisition of Opstrace, Inc., a technology company based in San Francisco, California. The transaction was accounted for as a business combination. The acquisition date fair value of the consideration transferred was $13.5 million, which included contingent cash consideration. As of January 31, 2023, t he Company held $2.5 million in an escrow as partial security for post-closing indemnification claims made within 18 months of the closing da te. The Company fully paid this acquisition-related holdback during the three months ended July 31, 2023. In September 2022, one of the operational milestones was achieved and the Company paid $4.2 million of contingent cash consideration. The remaining contingent cash consideration is determined based upon the satisfaction of certain defined operational milestones and remeasured at fair value at each reporting period through earnings. During the three and six months ended July 31, 2023 and 2022, the Company did not record any changes to the fair value of the contingent cash consideration. As the fair value is based on unobservable inputs, the liability is included in Level 3 of the fair value measurement hierarchy. As of July 31, 2023 and January 31, 2023, the Company had recorde d $3.5 million of remaining contingent cash consideration which is included in other long term liabilities on the respective condensed consolidated balance sheets. Accretion expense was immaterial and $0.1 million for the three and six months ended July 31, 2023, respectively, and $0.1 million and $0.2 million for the three and six months ended July 31, 2022, respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 6 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | 8. Goodwill and Intangible Assets, Net Goodwill The carrying amount of goodwill was as follows (in thousands): Carrying Amount Balance as of July 31, 2023 and January 31, 2023 $ 8,145 There was no goodwill impairment for any periods presented. Intangible Assets Intangible assets, net consisted of the following (in thousands): July 31, 2023 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average remaining amortization period (years) Developed technology from business combination $ 6,200 $ (3,426) $ 2,774 1.3 Developed technology from asset acquisitions (1) (2) 932 (932) — 0.0 Total $ 7,132 $ (4,358) $ 2,774 January 31, 2023 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average remaining amortization period (years) Developed technology from business combination $ 6,200 $ (2,401) $ 3,799 1.8 Developed technology from asset acquisitions (1) 1,359 (1,257) 102 0.3 Total $ 7,559 $ (3,658) $ 3,901 (1) The amounts in the tables above include cumulative foreign currency translation adjustments, reflecting movement in the currencies of the underlying intangibles. (2) During the three months ended July 31, 2023 , t he Company wrote off $0.5 million of fully amortized intangible assets as the technology had become obsolete. Amortization expense was $0.5 million and $1.1 million for the three and six months ended July 31, 2023, respectively, and $0.6 million and $1.2 million for the three and six months ended July 31, 2022, respectively. As of July 31, 2023, future a mortization expense related to the intangibles assets is expected to be as follows (in thousands): Fiscal Years 2024 $ 1,039 2025 1,735 Total future amortization $ 2,774 |
Team Member Benefit Plans
Team Member Benefit Plans | 6 Months Ended |
Jul. 31, 2023 | |
Retirement Benefits [Abstract] | |
Team Member Benefit Plans | 9. Team Member Benefit Plans The Company contributes to defined c ontribution plans in a number of countries including a 401(k) savings plan for U.S. based team members and defined contribution arrangements in the United Kingdom, Australia, New Zealand and select other countries based on the legislative and tax requirements of the respective countries. Total contributions to these plans were $1.0 million and |
Equity
Equity | 6 Months Ended |
Jul. 31, 2023 | |
Equity [Abstract] | |
Equity | 10. Equity In connection with the Company’s initial public offering (the “IPO”), on October 18, 2021, the Company filed a restated certificate of incorporation that authorized the issuance of 1,500,000,000 shares of Class A common stock, 250,000,000 shares of Class B common stock, and 50,000,000 shares of preferred stock at $0.0000025 par value for each class of shares. Common stockholders are entitled to dividends when and if declared by the board of directors. No dividends have been declared to date. The holder of each share of Class A common stock is entitled to one vote and the holder of each share of Class B common stock is entitled to ten votes. Common Stock The Company had shares of common stock reserved for future issuance as follows (in thousands): July 31, 2023 January 31, 2023 Class A and Class B common stock Options issued and outstanding 9,933 12,686 Shares available for issuance under Equity Incentive Plans 25,669 21,483 RSUs and PSUs issued and outstanding 11,376 8,336 Shares reserved for issuance to charitable organizations 1,502 1,636 ESPP 5,567 4,303 Total 54,047 48,444 Early Exercised Options (subject to a repurchase right) Certain stock option holders have the right to exercise unvested options, subject to a repurchase right held by the Company at the original exercise price, in the event of voluntary or involuntary termination of employment of the holder. As of July 31, 2023 and January 31, 2023 , there were 62,712 and 194,304 shares, respectively, of unvested options that had been early exercised and were subject to repurchase for a total liability of $0.8 million and $1.8 million, respectively. The liability as sociated with early exercised options is included in other non-current liabilities in the condensed consolidated balance sheets. For accounting purposes, issuance of shares will be recognized only on vesting. However, shares issued for the early exercise of options are included in issued and outstanding shares as they are legally issued and outstanding. Equity Incentive Plans In 2015, the Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”), in which shares of common stock of the Company are reserved for issuance of stock options to team members, directors, or consultants. The options generally vest 25% upon completion of one year and then ratably over 36 months. Options generally expire ten years from the date of grant. All these options qualify as equity settled awards and contain no performance conditions. In September 2021, in connection with the IPO, the board of directors and stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”) as a successor to the Company’s 2015 Plan (together the “Plans”). The 2021 Plan authorizes the award of both stock options, which are intended to qualify for tax treatment under Section 422 of the Internal Revenue Code, and nonqualified stock options, as well for the award of restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance stock units (“PSUs”) and stock bonus awards. Pursuant to the 2021 Plan, incentive stock options may be granted only to the Company’s team members. The Company may grant all other types of awards to its team members, directors, and consultants. The Company initially reserved 13,032,289 shares of its Class A common stock, plus any reserved shares of Class B common stock not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2021 Plan, for issuance as Class A common stock pursuant to awards granted under the 2021 Plan. The number of shares reserved for issuance under the 2021 Plan increases automatically on February 1 of each of the years from 2022 through 2031. The awards available for grant under the above Plans for the pe riods presented were as follows (in thousands): July 31, 2023 January 31, 2023 Available at beginning of period 21,483 18,248 Awards authorized 7,557 7,673 RSUs and PSUs granted (4,843) (6,651) RSUs and PSUs canceled and forfeited 766 657 Options canceled and forfeited 691 1,496 Options repurchased 15 60 Available at end of period 25,669 21,483 In the event that shares previously issued u nder the above Plans are reacquire d by the Company, such shares shall be added to the number of shares then available for issuance under the 2021 Plan. In the event that an outstanding stock option for any reason expires or is canceled, the shares allocable to the unexercised portion of su ch stock option will be added to the number of shares then available for issuance under the 2021 Plan. Both Plans allow the grantees to early exercise stock options. Stock Options, RSUs and PSUs The following table summarizes options activity under the Plans, and related information: Number of Stock Options Outstanding (in thousands) Weighted Average Exercise Price Weighted Average Remaining Years Aggregate Intrinsic value (in millions) Balances at January 31, 2023 12,686 $ 12.30 7.00 $ 470.8 Options granted — — Options exercised (2,062) 8.74 Options canceled (198) 9.76 Options forfeited (493) 16.96 Balances at July 31, 2023 9,933 $ 12.80 6.56 $ 372.3 Options vested at July 31, 2023 6,528 $ 10.66 6.17 $ 254.4 Options vested and expected to vest at July 31, 2023 9,933 $ 12.80 6.56 $ 372.3 No options were granted during each of the three months ended July 31, 2023 and 2022. The aggregate intrinsic value of options exercised during the three months ended July 31, 2023 and 2022 was $33.3 million and $25.8 million, respectively. The aggregate intrinsic value represents the difference between the exercise price and the fair value of the underlying common stock on the date of exercise. No options were granted during each of the six months ended July 31, 2023 and 2022. The aggregate intrinsic value of options exercised during the six months ended July 31, 2023 and 2022 was $65.9 million and $59.8 million, respectively. The aggregate intrinsic value represents the difference between the exercise price and the fair value of the underlying common stock on the date of exercise. As of July 31, 2023 and January 31, 2023, approximately $32.0 million and $46.2 million, respectively, of total unrecognized compensation cost was related to stock options granted, that is expected to be recognized over a weighted-average period of 1.8 a nd 2.1 years, respectively. The expected stock compensation expense remaining to be recognized reflects only outstanding stock awards as of the periods presented, and assumes no forfeitures. The following table summarizes the Company’s RSU activity (in thousands): Number of Shares (1) Weighted- Balances at January 31, 2023 5,018 $ 53.33 Granted 4,843 39.91 Vested (1,037) 49.97 Canceled/forfeited (677) 52.08 Balances at July 31, 2023 8,147 $ 45.90 (1) The table above does not include 3 million RSUs issued to the Company’s founder and the Chief Executive Officer (“CEO”) described below. These RSUs are grants of shares of the Company’s common stock, the vesting of which is based on the requisite service requirement. Generally, the Company’s RSUs are subject to forfeiture and are expected to vest over two As of July 31, 2023 and January 31, 2023, approximately $362.0 million and $254.8 million, respectively, of total unrecognized compensation cost was related to RSUs granted to team members other than the CEO, that is expected to be recognized over a weighted-average period of 3.3 and 3.2 years, respectively. The expected stock compensation expense remaining to be recognized reflects only outstanding stock awards as of the periods presented, and assumes no forfeitures. In June 2022, the Company granted 0.4 million PSUs to senior members of its management team subject to revenue performance condition and service conditions. The number of awards granted represents 100% of the target goal; under the terms of the awards, the recipient may earn between 0% and 200% of the original grant. The performance condition is set to be achieved in fiscal 2025 and the service condition in the calendar year 2025. As a result of forfeitures triggered by the departure of a key executive during the three and six months ended July 31, 2023, the Company reversed stock-based compensation previously recorded for that key executive. The Company recorded a $0.1 million gain and $0.3 million of stock-based compensation expense related to PSUs during the three and six months ended July 31, 2023, respectively. As of July 31, 2023, unrecognized stock-based compensation expense related to these PSUs w as $6.3 million to be recognized over a period of 2.4 years. CEO Performance Award In May 2021, the Company granted 3 million RSUs tied to its Class B common stock to Sytse Sijbrandij, the Company’s co-founder and CEO, with an estimated aggregate grant date fair value of $8.8 million. During the three and six months ended July 31, 2023, the Company record ed $0.4 million and $0.8 million of stock-based compensation expense related to the CEO RSUs, respectively. During the three and six months ended July 31, 2022, the Company recorded $0.4 million and $0.8 million of stock-based compensation expense related to the CEO RSUs, respectively. As measured from the grant date, the derived service period of the respective tranches ranges from 2 to 7 years. As of July 31, 2023, unrecognized stock-based compensation expense related to these RSUs was $5.1 million which will be recognized over 5.3 years. 2021 Employee Stock Purchase Plan (“ESPP”) In September 2021, the Company’s board of directors and its stockholders approved the ESPP and participation of eligible team members. During the quarter ended July 31, 2023, the Company’s stock price on the purchase date, May 31, 2023, was lower than the Company’s stock price on the previously applicable offering date. As a result, the offering in effect was reset with the lower stock price becoming the new offering price and rolled over to a new 24-month offering period. The reset was treated as a modification resulting in incremental expense totaling $9.4 million, which is being recognized over the remaining requisite service period as of the date of reset. During the quarter ended July 31, 2022, the Company’s stock price on the purchase date, May 31, 2022, was lower than the Company’s stock price on the previously applicable offering date. As a result, the offering in effect was reset with the lower stock price becoming the new offering price and rolled over to a new 24-month offering period. The reset was treated as a modification resulting in incremental expense totaling $9.9 million , which is being recognized over the remaining requisite service period as of the date of reset. The following table summarizes assumptions used in estimating the fair value of the ESPP for the offering period in effect using the Black-Scholes option-pricing model: Six Months Ended July 31, 2023 2022 Risk-free interest rate 4.22% - 5.30% 1.62% - 2.63% Volatility 40.95% - 51.00% 44.95% - 52.76% Expected term (in years) 0.50 - 2.00 0.50 - 2.00 Dividend yield —% —% The Company record ed $6.7 million and $11.2 million of stock-based compensation expense related to the ESPP during the three and six months ended July 31, 2023 , respectively. The Company record ed $9.7 million and $14.1 million of stock-based compensation expense related to the ESPP during the three and six months ended July 31, 2022, respectively. As of July 31, 2023, approximate ly $19.8 million of total unrecognized compensation cost was related to the ESPP that is expected to be recognized over 1.8 years. Stock-Based Compensation Expense The Company recognized stock-based compensation expense as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Cost of revenue $ 1,698 $ 1,585 $ 3,112 $ 2,375 Research and development 12,477 11,339 24,179 16,375 Sales and marketing 21,295 14,851 35,059 21,902 General and administrative 10,898 9,972 16,348 14,566 Total stock-based compensation expense (1) $ 46,368 $ 37,747 $ 78,698 $ 55,218 (1) The table above includes stock-based compensation of JiHu. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. The corporate income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation expense w as $3.6 million and $6.4 million for the three and six months ended July 31, 2023 , respectively. The corporate income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation expense was $2.2 million and $3.1 million for the three and six months ended July 31, 2022, respectively. Charitable Donation of Common Stock In September 2021, the Company’s board of directors approved the reservation of up to 1,635,545 shares of Class A common stock for issuance to charitable organizations. In March 2023, the Company’s board of directors approved the donation of $10.7 million aggregate principal amount of shares of Class A common stock to GitLab Foundation (the “Foundation”), a California nonprofit public benefit corporation. The Foundation is also a related party as certain of the Company’s officers serve as directors of the Foundation. This donation shall occur in equal quarterly distributions throughout fiscal 2024. During the three and six months ended July 31, 2023, the Company donated 52,647 shares and 133,389 shares of Class A common stock at fair value to the Foundation, respectively. The fair value of the common stock was determined based on the quoted market price on the grant date. The donation expense of $2.7 million and $5.3 million was re corded in general and administrative expense in the condensed consolidated statements of operations for the three and six months ended July 31, 2023, respectively. |
Restructuring and Other Related
Restructuring and Other Related Charges | 6 Months Ended |
Jul. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Related Charges | 11. Restructuring and Other Related Charges During the three months ended April 30, 2023, the Company reduced its total global headcount by approximately 7% . As a result, the Company recognized total restructuring charges of approximately $9.1 million in the six months ended July 31, 2023, which consisted primarily of one-time severance and other termination benefit costs of $7.8 million, as well as accelerated stock-based compensation of $1.3 million. The Company recognized one-time severance and other termination benefit costs as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2023 Cost of revenue $ 46 $ 463 Research and development (12) 2,047 Sales and marketing 118 3,677 General and administrative 20 1,638 Total (1) $ 172 $ 7,825 (1) Excludes stock-based compensation of $1.3 million. The changes in liabilities resulting from the restructuring charges and related accruals were as follows (in thousands) : Balance as of January 31, 2023 $ — Charges (1) 7,825 Cash payments (7,670) Balance as of July 31, 2023 (2) $ 155 (1) Excludes stock-based compensation of $1.3 million. (2) $0.2 million is included in accrued compensation and benefits on the condensed consolidated balance sheet as of July 31, 2023. |
Joint Venture and Equity Method
Joint Venture and Equity Method Investment | 6 Months Ended |
Jul. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Joint Venture and Equity Method Investment | 12. Joint Venture and Equity Method Investment Joint Venture In February 2021, the Company along with Sequoia CBC Junyuan (Hubei) Equity Investment Partnership (Limited Partnership) and Suzhou Gaocheng Xinjian Equity Investment Fund Partnership (Limited Partnership) executed an investment agreement (the “Investment Agreement”) to establish GitLab Information Technology (Hubei) Co., LTD (“JiHu”), a legal entity in the People’s Republic of China. The Company accounted for JiHu as a variable interest entity and consolidated the entity in accordance with ASC Topic 810, Consolidation . During fiscal year 2023, JiHu closed its Series A-1 through A-3 rounds of common stock financings where investors contributed a total of $54.6 million, net of issuance costs. In March 2022, one of the potential investors who could not participate in the Series A-1 financing round provided a $2.9 million loan to JiHu as an advance pending a capital contribution. The loan was repayable within ten business days of receipt of capital contribution from the investor. JiHu received an equity contribution from this investor during the Series A-2 round and repaid the loan in full in July 2022. Subsequent to the closing of the financing rounds d uring fiscal year 2023 , the Company retained control over JiHu with its equity stake reduced from 72% to 55% . As of July 31, 2023, the Company still retains control over JiHu with its equity stake at approximatel y 55%. In April 2022, the board of directors of JiHu approved an employee stock option plan (“JiHu ESOP”) for its employees. As a result of forfeitures triggered by the departure of certain executives during the three and six months ended July 31, 2023, the Company reversed stock-based compensation previously recorded for such executives. The Company recorded a $0.2 million and $2.7 million gain for the three and six months ended July 31, 2023, respectively. For the three and six months ended July 31, 2022, the Company recorded $2.8 million and $3.0 million of stock-based compensation expense, respectively. As of July 31, 2023, approximately $4.3 million of total unrecognized compensation cost was related to the JiHu ESOP that is expected to be recognized over 2.7 years. The Company considers the RSAs and stock option awards granted pursuant to the JiHu ESOP as potentially dilutive equity instruments that will result in dilution of the Company’s stake in JiHu upon vesting of such award (or, in the case of option awards granted pursuant to the JiHu ESOP, upon vesting and subsequent exercise into shares of JiHu common stock). Any such dilution will be accounted for as an equity transaction. Until such awards granted pursuant to the JiHu ESOP are vested (or, in the case of option awards, vested and ultimately exercised into shares of JiHu common stock), the Company will continue to record the recognized stock-compensation expense of JiHu as part of the noncontrolling interest. Operating Leases The Company recognized $0.1 million and $0.3 million of operating lease expense during the three and six months ended July 31, 2023, respectively, and $0.2 million and $0.3 million of operating lease expense during the three and six months ended July 31, 2022, respectively. JiHu has non-cancelable operating leases maturing over the next two years with total lease payments of $0.7 million and total present value of lease liabilities of $0.7 million. Lease expense for the one short-term lease was immaterial during each of the three and six months ended July 31, 2023 and 2022. The table below presents supplemental information related to operating leases for the six months ended July 31, 2023 (in thousands, except weighted-average information): Weighted-average remaining lease term (in years) 1.06 Weighted-average discount rate 3.7 % Cash paid for amounts included in the measurement of lease liabilities $ 316 Selected Financial Information Selected financial information of JiHu, post intercompany eliminations, is as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Revenue $ 1,609 $ 1,020 $ 3,073 $ 2,113 Cost of revenue 560 413 1,051 712 Gross profit 1,049 607 2,022 1,401 Operating expenses: Sales and marketing 1,960 1,865 4,044 3,252 Research and development 727 1,909 2,683 2,837 General and administrative 1,407 3,539 (37) 4,293 Total operating expenses 4,094 7,313 6,690 10,382 Loss from operations (3,045) (6,706) (4,668) (8,981) Interest income 240 142 555 210 Other income, net 293 339 562 1,012 Net loss before income taxes (2,512) (6,225) (3,551) (7,759) Net loss $ (2,512) $ (6,225) $ (3,551) $ (7,759) Net loss attributable to noncontrolling interest $ (1,128) $ (2,473) $ (1,558) $ (2.987) July 31, 2023 January 31, 2023 Cash and cash equivalents $ 47,671 $ 56,744 Property and equipment, net 848 1,135 Operating lease right-of-use assets 673 998 Other assets 3,273 3,950 Total assets $ 52,465 $ 62,827 Total liabilities $ 7,277 $ 8,871 Equity Method Investment In April 2021, the Company reorganized Meltano Inc. (“Meltano”), which started as an internal project within the Company in July 2018, into a separate legal entity. The entity was funded by the Company’s contribution of intellectual property with the fair value of approximately $0.4 million and a preferred stock financing from third parties of $4.2 million, representing 12% ownership on a fully diluted basis. On April 4, 2022, Meltano closed its Series Seed-2 round of preferred stock financing and raised $7.2 million. Pursuant to this transaction, the board composition of Meltano changed and the Company no longer has the power to appoint the majority of the board of directors of Meltano. Consequently, despite having majority voting rights at the stockholder level, the Company no longer has control over Meltano. The loss of control of a majority owned subsidiary resulted in the deconsolidation of net assets of $9.4 million and non-controlling interest of Meltano of $11.3 million, recognition of retained interest at fair value of $15.9 million , and a gain of $17.8 million recorded in other income (expense), net in April 2022 . The fair value of retained interest was determined using the Option Pricing Model (“OPM”) Backsolve approach based on the most recent funding round of preferred stock. As of the date of the loss of control, the basis difference between the fair value of investment in Meltano and the Company’s share in the net assets of Meltano was attributed to equity method goodwill. Effective April 4, 2022, the Company accounts for this investment under the equity method and has recorded $10.6 million in “equity method investment” on its condensed consolidated balance sheet as of July 31, 2023. During the three and six months ended July 31, 2023, the Company recognized a loss from equity method investment of $0.9 million and $1.7 million, net of tax on the condensed consolidated statements of operations, respectively. During the three and six months ended July 31, 2022, the Company recognized a loss from equity method investment of $0.8 million and $1.0 million, net of tax on the condensed consolidated statements of operations, respectively. As of July 31, 2023, the Company owns 93% of the common stock in Meltano. As of July 31, 2023, Meltano has 3.3 million employee stock options and 3.1 million shares of preferred stock outstanding that are potentially dilutive equity instruments and will result in dilution to 46% in the Company’s stake in Meltano once all these instruments get converted into common stock of Meltano. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes For the three and six months ended July 31, 2023, the Company recorded income tax expense of $4.0 million and $5.5 million on pretax loss of $46.3 million and $96.9 million , respectively. The income tax expense for the three and six months ended July 31, 2023 was primarily related to an increase in tax expense for unrecognized tax benefits and the Company's foreign and domestic operations as compared to the same periods last year. For the three and six months ended July 31, 2022, the Company recorded income tax benefit of $0.1 million and income tax expense of $2.5 million on pretax loss of $60.7 million and $84.6 million, respectively. The income tax benefit for the three months ended July 31, 2022 was primarily related to an increase in domestic losses from operations as compared to the same period last year. The income tax expense for the six months ended July 31, 2022 related primarily to the Company's foreign and domestic operations and the establishment of a deferred tax liability relating to the deconsolidation of a majority-owned entity, Meltano, and simultaneous establishment of the Company's equity method investment. The Company's provision for income taxes is based on its worldwide estimated annualized effective tax rate, except for jurisdictions for which a loss is expected for the year and no benefit can be realized for those losses, jurisdictions for which forecasted pre-tax income or loss cannot be estimated, and the tax effect of discrete items occurring during the period. The tax provision for jurisdictions for which a forecast cannot be estimated is based on actual taxes and tax reserves for the quarter. Under the provisions of ASC 740, Income Taxes , the determination of the Company’s ability to recognize its deferred tax asset requires an assessment of both negative and positive evidence when determining the Company’s ability to recognize its deferred tax assets. The Company determined that it was not more likely than not that the Company could recognize certain deferred tax assets. The evidence evaluated by the Company included operating results during the most recent three-year period and future projections, with more weight given to historical results than expectations of future profitability, which are inherently uncertain. Certain entities’ net losses in recent periods represented sufficient negative evidence to require a valuation allowance against its net deferred tax assets. This valuation allowance will be evaluated periodically and could be reversed partially or totally if business results have sufficiently improved to support realization of deferred tax assets. As of July 31, 2023, unrecognized tax benefits approxim ated $8.1 million, of which $2.6 million would affect the Company’s effective tax rate if recognized. As of January 31, 2023, unrecognized tax benefits approximated $7.5 million, of which $0.5 million would affect the Company’s effective tax rate if recognized. The Company anticipates an immaterial amount of unrecognized tax benefits to reverse in the next 12 months. It is the Company’s policy to classify accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. Accrued interest and penalties were $0.2 million as of July 31, 2023 and $0.2 million as of January 31, 2023, respectively. At July 31, 2023, the Company’s U.S. federal 2019 through 2022 tax years were open and subject to potential examination in one or more jurisdictions. In addition, in the United States, any net operating losses or credits that were generated in prior years but not yet fully utilized in a year that is closed under the statute of limitations may also be subject to examination. The Company is currently under examination in the Netherlands for tax years 2015 and 2016. The Company is currently unable to estimate the financial outcome of this examination due to its preliminary status. The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. The Company continues to monitor the progress of ongoing discussions with tax authorities and the effect, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 14. Net Loss per Share The following table sets forth basic and diluted loss per share for each of the periods presented (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net loss attributable to GitLab $ (50,080) $ (59,024) $ (102,549) $ (85,123) Denominator: Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted 153,644 147,797 152,683 147,248 Net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted $ (0.33) $ (0.40) $ (0.67) $ (0.58) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands): As of July 31, 2023 January 31, 2023 Shares subject to outstanding common stock options 9,933 12,686 Unvested restricted stock in connection with business combination 3 8 Unvested early exercised stock options 63 194 Unvested RSUs and PSUs 11,465 8,336 Shares subject to the ESPP 71 81 Total 21,535 21,305 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Contractual Obligations and Commitments The Company’s purchase obligations of $169.4 million as of July 31, 2023, represent third-party non-cancelable hosting infrastructure agreements, subscription arrangements and other commitments used in the ordinary course of business to meet operational requirements. Loss Contingencies In accordance with ASC 450, Loss Contingencies, the Company accrues for contingencies when losses become probable and reasonably estimable. Accordingly, the Company has recorded an estimated liability related to certain labor matters regarding its use o f contractors in certain foreign countries. As of July 31, 2023 and January 31, 2023 , the estimated liability relating to these matters w as $2.6 million and $2.5 million recorded in other non-current liabilities on the condensed consolidated balance sheets, respectively. Warranties and Indemnifications The Company enters into service level agreements with customers which warrant defined levels of uptime and support response times and permit those customers to receive credits for prepaid amounts in the event that those performance and response levels are not met. To date, the Company has not experienced any significant failures to meet defined levels of performance and response. In connection with the service level agreements, the Company has not incurred any significant costs and has not accrued any liabilities in the condensed consolidated financial statements. In the ordinary course of business, the Company enters into contractual arrangements under which the Company agrees to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, intellectual property infringement claims made by third parties, and other liabilities relating to or arising from the Company’s platform or the Company’s acts or omissions. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. Further, the Company’s obligations under these agreements may be limited in terms of time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has agreed to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines, and settlement amounts incurred by any of these persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by the Company, arising out of that person’s services as the Company’s director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that may enable the Company to recover a portion of any future amounts paid. Legal Proceedings The Company is, and from time to time, may become involved in legal proceedings or be subject to claims arising in the ordinary course of its business. The Company is not presently a party to any legal proceedings that in the opinion of management, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, financial condition or operating results. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (50,080) | $ (59,024) | $ (102,549) | $ (85,123) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jul. 31, 2023 shares | Jul. 31, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 26, 2023, Erin Mannix, the Company’s Principal Accounting Officer and Chief Accounting Officer, entered into a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Mannix Rule 10b5-1 Plan”) under the Exchange Act for the sale of shares of the Company’s Class A common stock. The Mannix Rule 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s policies regarding transactions in the Company’s securities and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Mannix Rule 10b5-1 Plan provides for the potential sale of shares of the Company’s Class A common stock, including upon the vesting and settlement of restricted stock units, so long as the market price of the Company’s common stock is higher than certain minimum threshold prices specified in the Mannix Rule 10b5-1 Plan, between December 20, 2023 and June 28, 2024. The aggregate number of shares of Class A common stock that will be available for sale under the Mannix Rule 10b5-1 Plan is not yet determinable because the shares available will be net of shares sold to satisfy tax withholding obligations that arise in connection with the vesting and settlement of such restricted stock unit awards. As such, for purposes of this disclosure, the aggregate number of shares of Class A common stock available for sale is approximately 9,152, which reflects the aggregate maximum number of shares underlying Ms. Mannix’s restricted stock units which may be sold, without excluding the shares that will be sold to satisfy the tax withholding obligations. The Mannix Rule 10b5-1 Plan includes a representation from Ms. Mannix to the broker administering the plan that she was not in possession of any material nonpublic information regarding the Company or the securities subject to the Mannix Rule 10b5-1 Plan at the time it was entered into. A similar representation was made to the Company in connection with the adoption of the Mannix Rule 10b5-1 Plan under the Company’s policies regarding transactions in the Company’s securities. Those representations were made as of the date of adoption of the Mannix Rule 10b5-1 Plan, and speak only as of such date. In making those representations, there is no assurance with respect to any material nonpublic information of which Ms. Mannix was unaware, or with respect to any material nonpublic information acquired by Ms. Mannix or the Company after the date of the representation. | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Erin Mannix [Member] | ||
Trading Arrangements, by Individual | ||
Name | Erin Mannix | |
Title | Principal Accounting Officer and Chief Accounting Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 26, 2023 | |
Aggregate Available | 9,152 | 9,152 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. |
Fiscal Year | Fiscal Year The Company's fiscal year ends on January 31. For example, references to fiscal 2024 and 2023 refer to the fiscal year ending January 31, 2024 and the fiscal year ended January 31, 2023, respectively. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, allocation of revenue to the license element in the Company's self-managed subscriptions, estimating the amortization period for capitalized costs to obtain a contract, allowance for doubtful accounts, stock-based compensa tion expense, fair value of contingent consideration, fair valuation of retained interest in an investee on loss of control, valuation allowance for deferred income taxes, reserves for unrealized income tax benefits, valuation of intangibles assets and impairment of goodwill and equity method investments. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include 100% of the accounts of wholly owned and majority owned subsidiaries as well as a variable interest entity for which the Company is the primary beneficiary. The ownership interest of other investors is recorded as noncontrolling interest. All intercompany accounts and transactions have been eliminated in consolidation. |
Fair Value of Financial Instruments | The Company determines fair value based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Inputs are unobservable based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. The fair value of the Company’s Level 1 financial instruments, such as money market funds which are traded in active markets, is based on quoted market prices for identical instruments. The fair value of the Company’s Level 2 financial instrumen ts such as commercial paper, corporate debt and U.S. government securities are obtained from an independent pricing service, which may use inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security that may not be actively traded. The Company’s marketable securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table shows the components of revenues and their respective percentages of total revenue for the periods indicated (in thousands, except percentages): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Subscription—self-managed and SaaS $ 122,096 87 % $ 88,936 88 % $ 233,287 87 % $ 165,859 88 % Subscription—self-managed 86,659 62 66,896 66 166,246 62 126,615 67 SaaS 35,437 25 22,040 22 67,041 25 39,244 21 License—self-managed and other $ 17,485 13 % $ 12,105 12 % $ 33,172 13 % $ 22,589 12 % License—self-managed 14,624 11 10,009 10 27,979 11 18,786 10 Professional services and other 2,861 2 2,096 2 5,193 2 3,803 2 Total revenue $ 139,581 100 % $ 101,041 100 % $ 266,459 100 % $ 188,448 100 % |
Revenue by Geographic Location | The following table summarizes the Company’s total revenue by geographic location based on the region of the Company’s contracting entity, which may be different than the region of the customer (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 United States $ 114,054 $ 84,123 $ 217,016 $ 156,397 Europe 22,245 14,750 43,202 27,738 Asia Pacific 3,282 2,168 6,241 4,313 Total revenue $ 139,581 $ 101,041 $ 266,459 $ 188,448 |
Cash, Cash Equivalents and Sh_2
Cash, Cash Equivalents and Short-Term Investments (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Short Term Investments | The following table summarizes the Company’s cash, cash equivalents and short-term investments by category (in thousands): As of July 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 126,196 $ — $ — $ 126,196 Money market funds 117,628 — — 117,628 U.S. Treasury securities 18,485 — — 18,485 Commercial paper 10,919 — (3) 10,916 Total cash and cash equivalents $ 273,228 $ — $ (3) $ 273,225 Short-term investments: Commercial paper 83,957 — (77) 83,880 Corporate debt securities 177,000 2 (1,148) 175,854 Foreign government bonds 2,235 — (19) 2,216 U.S. Agency securities 67,567 — (445) 67,122 U.S. Treasury securities 385,848 1 (1,863) 383,986 Total short-term investments $ 716,607 $ 3 $ (3,552) $ 713,058 As of January 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 232,332 $ — $ — $ 232,332 Money market funds 60,073 — — 60,073 U.S. Agency securities 2,997 — — 2,997 Total cash and cash equivalents $ 295,402 $ — $ — $ 295,402 Short-term investments: Commercial paper 88,703 18 (112) 88,609 Corporate debt securities 95,805 33 (572) 95,266 Municipal bonds 1,989 — (19) 1,970 Foreign government bonds 2,211 — (41) 2,170 U.S. Agency securities 74,158 2 (435) 73,725 U.S. Treasury securities 383,238 — (3,729) 379,509 Total short-term investments $ 646,104 $ 53 $ (4,908) $ 641,249 |
Schedule of Unrealized Losses Cash Equivalents and Short Term Investment | The following table summarizes unrealized losses on the Company’s cash equivalents and short-term investments aggregated by category and the length of time such aggregated investments have been in a continuous unrealized loss position as of the periods presented (in thousands): Less Than 12 Months More Than 12 Months or Greater Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Fair Value Gross Unrealized Losses July 31, 2023 U.S. Agency securities $ 63,223 $ (444) $ 3,899 $ (1) $ 67,122 $ (445) Commercial paper 86,797 (80) — — 86,797 (80) Corporate debt securities 153,562 (969) 18,869 (179) 172,431 (1,148) Foreign government bonds — — 2,216 (19) 2,216 (19) U.S. Treasury securities 263,148 (906) 92,567 (957) 355,715 (1,863) Total cash equivalents and short-term investments $ 566,730 $ (2,399) $ 117,551 $ (1,156) $ 684,281 $ (3,555) Less Than 12 Months More Than 12 Months or Greater Total Carrying Value Gross Unrealized Losses Carrying Value Gross Unrealized Losses Fair Value Gross Unrealized Losses January 31, 2023 U.S. Agency securities $ 73,724 $ (435) $ — $ — $ 73,724 $ (435) Commercial paper 45,015 (112) — — $ 45,015 $ (112) Corporate debt securities 75,203 (572) — — $ 75,203 $ (572) Municipal bonds 1,970 (19) — — $ 1,970 $ (19) Foreign government bonds 2,170 (41) — — $ 2,170 $ (41) U.S. Treasury securities 379,509 (3,729) — — $ 379,509 $ (3,729) Total cash equivalents and short-term investments $ 577,591 $ (4,908) $ — $ — $ 577,591 $ (4,908) |
Schedule of Short Term Investments by Contractual Maturity | The following table classifies the Company’s short-term investments by contractual maturities (in thousands): July 31, 2023 January 31, 2023 Amortized cost Fair Value Amortized cost Fair Value Due within 1 year $ 587,035 $ 584,491 $ 480,943 $ 477,520 Due between 1 year to 2 years 129,572 128,567 165,161 163,729 Total $ 716,607 $ 713,058 $ 646,104 $ 641,249 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | Financial assets measured at fair value on a recurring basis are summarized below (in thousands): Level 1 Level 2 Level 3 Fair Value July 31, 2023 (1) Cash equivalents: Money market funds $ 117,628 $ — $ — $ 117,628 U.S. Treasury securities — 18,485 — 18,485 Commercial paper — 10,916 — 10,916 Short-term investments: Commercial paper — 83,880 — 83,880 Corporate debt securities — 175,854 — 175,854 Foreign government bonds — 2,216 — 2,216 U.S. Agency securities — 67,122 — 67,122 U.S. Treasury securities — 383,986 — 383,986 Total $ 117,628 $ 742,459 $ — $ 860,087 (1) Excludes $126.2 million in cash on the condensed consolidated balance sheet as of July 31, 2023. Level 1 Level 2 Level 3 Fair Value January 31, 2023 (1) Cash equivalents: Money market funds $ 60,073 $ — $ — $ 60,073 U.S. Agency securities — 2,997 — 2,997 Short-term investments: Commercial paper — 88,609 — 88,609 Corporate debt securities — 95,266 — 95,266 Municipal bonds — 1,970 — 1,970 Foreign government bonds — 2,170 — 2,170 U.S. Agency securities — 73,725 — 73,725 U.S. Treasury securities — 379,509 — 379,509 Total $ 60,073 $ 644,246 $ — $ 704,319 (1) Exclu des |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): July 31, 2023 January 31, 2023 Prepaid software subscriptions $ 6,748 $ 7,771 Prepaid taxes 3,955 592 Prepaid expenses for the Company’s events 1,030 1,885 Prepaid insurance 1,003 3,199 Prepaid advertising costs 532 367 Other prepaid expenses 3,459 1,915 Restricted cash (1) — 2,500 Interest receivable 2,913 2,310 Revenue contract asset 2,473 1,532 Security and other deposits 1,290 510 Other current assets 2,650 1,746 Total prepaid expense and other current assets $ 26,053 $ 24,327 (1) Refer to “Note 7. Business Combination”. |
Property, Plant and Equipment | Property and equipment, net of the following (in thousands): July 31, 2023 January 31, 2023 Computer and office equipment $ 9,140 $ 8,581 Leasehold improvements 1,148 1,208 10,288 9,789 Less: Accumulated depreciation (1) (6,208) (3,992) Total property and equipment, net (1) $ 4,080 $ 5,797 (1) The amounts in the table above include cumulative foreign currency translation adjustments, reflecting movement in the currencies of the underlying property and equipment. |
Schedule of Other Assets, Noncurrent | Other long-term assets consisted of the following (in thousands): July 31, 2023 January 31, 2023 Security and other deposits $ 3,377 $ 3,172 Deferred software implementation costs 395 594 Vendor receivables 1,026 132 Other long-term assets 62 189 Total other long-term assets $ 4,860 $ 4,087 |
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): July 31, 2023 January 31, 2023 Accrued expenses $ 11,547 $ 10,686 Customer refunds payable 3,471 3,465 Income taxes payable 3,455 859 Indirect taxes payable 2,487 4,498 ESPP employee contributions 2,176 2,967 Operating lease liabilities, current 617 716 Acquisition related consideration withheld in escrow (1) — 2,500 Other current liabilities 890 263 Total accrued expenses and other current liabilities $ 24,643 $ 25,954 (1) Refer to “Note 7. Business Combination”. |
Schedule of Accounts Payable and Accrued Liabilities | Accrued compensation and benefits consisted of the following (in thousands): July 31, 2023 January 31, 2023 Payroll taxes payable $ 5,778 $ 3,013 Accrued commissions 5,067 8,512 Restructuring accrual and related charges (1) 155 — Other accrued team member related payables 12,504 9,251 Total accrued compensation and benefits $ 23,504 $ 20,776 (1) Refer to “Note 11. Restructuring and Other Related Charges”. |
Schedule of Other Non-current Liabilities | Other non-current liabilities consisted of the following (in thousands): July 31, 2023 January 31, 2023 Acquisition related contingent cash consideration (1) $ 3,525 $ 3,443 Provision towards labor matters (2) 2,586 2,504 Deferred tax liabilities 758 849 Long term taxes payable 2,792 647 Early exercised options liability 835 1,800 Operating lease liabilities, non-current 138 413 Other non-current liabilities 140 168 Total other non-current liabilities $ 10,774 $ 9,824 (1) Refer to “Note 7. Business Combination”. (2) Refer to “Note 15. Commitments and Contingencies ”. |
Schedule of Other Income, Net | Other income, net consisted of the following (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Gain from deconsolidation of Meltano Inc. (1) $ — $ — $ — $ 17,798 Foreign exchange gains (losses), net (1,268) 1,646 (994) 2,506 Other expenses, net (62) (146) (83) (356) Total other income (expense), net $ (1,330) $ 1,500 $ (1,077) $ 19,948 (1) Refer to “Note 12. Joint Venture and Equity Method Investment”. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill was as follows (in thousands): Carrying Amount Balance as of July 31, 2023 and January 31, 2023 $ 8,145 |
Schedule of Finite-Lived Intangible Assets | Intangible assets, net consisted of the following (in thousands): July 31, 2023 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average remaining amortization period (years) Developed technology from business combination $ 6,200 $ (3,426) $ 2,774 1.3 Developed technology from asset acquisitions (1) (2) 932 (932) — 0.0 Total $ 7,132 $ (4,358) $ 2,774 January 31, 2023 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average remaining amortization period (years) Developed technology from business combination $ 6,200 $ (2,401) $ 3,799 1.8 Developed technology from asset acquisitions (1) 1,359 (1,257) 102 0.3 Total $ 7,559 $ (3,658) $ 3,901 (1) The amounts in the tables above include cumulative foreign currency translation adjustments, reflecting movement in the currencies of the underlying intangibles. (2) During the three months ended July 31, 2023 , t he Company wrote off $0.5 million of fully amortized intangible assets as the technology had become obsolete. |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | As of July 31, 2023, future a mortization expense related to the intangibles assets is expected to be as follows (in thousands): Fiscal Years 2024 $ 1,039 2025 1,735 Total future amortization $ 2,774 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock Reserved For Future Issuance | The Company had shares of common stock reserved for future issuance as follows (in thousands): July 31, 2023 January 31, 2023 Class A and Class B common stock Options issued and outstanding 9,933 12,686 Shares available for issuance under Equity Incentive Plans 25,669 21,483 RSUs and PSUs issued and outstanding 11,376 8,336 Shares reserved for issuance to charitable organizations 1,502 1,636 ESPP 5,567 4,303 Total 54,047 48,444 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The awards available for grant under the above Plans for the pe riods presented were as follows (in thousands): July 31, 2023 January 31, 2023 Available at beginning of period 21,483 18,248 Awards authorized 7,557 7,673 RSUs and PSUs granted (4,843) (6,651) RSUs and PSUs canceled and forfeited 766 657 Options canceled and forfeited 691 1,496 Options repurchased 15 60 Available at end of period 25,669 21,483 |
Share-based Payment Arrangement, Option, Activity | The following table summarizes options activity under the Plans, and related information: Number of Stock Options Outstanding (in thousands) Weighted Average Exercise Price Weighted Average Remaining Years Aggregate Intrinsic value (in millions) Balances at January 31, 2023 12,686 $ 12.30 7.00 $ 470.8 Options granted — — Options exercised (2,062) 8.74 Options canceled (198) 9.76 Options forfeited (493) 16.96 Balances at July 31, 2023 9,933 $ 12.80 6.56 $ 372.3 Options vested at July 31, 2023 6,528 $ 10.66 6.17 $ 254.4 Options vested and expected to vest at July 31, 2023 9,933 $ 12.80 6.56 $ 372.3 |
Schedule of Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity (in thousands): Number of Shares (1) Weighted- Balances at January 31, 2023 5,018 $ 53.33 Granted 4,843 39.91 Vested (1,037) 49.97 Canceled/forfeited (677) 52.08 Balances at July 31, 2023 8,147 $ 45.90 |
Schedule of Estimating the Fair Value of the ESPP | The following table summarizes assumptions used in estimating the fair value of the ESPP for the offering period in effect using the Black-Scholes option-pricing model: Six Months Ended July 31, 2023 2022 Risk-free interest rate 4.22% - 5.30% 1.62% - 2.63% Volatility 40.95% - 51.00% 44.95% - 52.76% Expected term (in years) 0.50 - 2.00 0.50 - 2.00 Dividend yield —% —% |
Schedule of Share Based Compensation Expense | The Company recognized stock-based compensation expense as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Cost of revenue $ 1,698 $ 1,585 $ 3,112 $ 2,375 Research and development 12,477 11,339 24,179 16,375 Sales and marketing 21,295 14,851 35,059 21,902 General and administrative 10,898 9,972 16,348 14,566 Total stock-based compensation expense (1) $ 46,368 $ 37,747 $ 78,698 $ 55,218 (1) The table above includes stock-based compensation of JiHu. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Restructuring and Other Relat_2
Restructuring and Other Related Charges (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges | The Company recognized one-time severance and other termination benefit costs as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2023 Cost of revenue $ 46 $ 463 Research and development (12) 2,047 Sales and marketing 118 3,677 General and administrative 20 1,638 Total (1) $ 172 $ 7,825 (1) Excludes stock-based compensation of $1.3 million. |
Schedule of Restructuring Reserve by Type of Cost | The changes in liabilities resulting from the restructuring charges and related accruals were as follows (in thousands) : Balance as of January 31, 2023 $ — Charges (1) 7,825 Cash payments (7,670) Balance as of July 31, 2023 (2) $ 155 (1) Excludes stock-based compensation of $1.3 million. (2) $0.2 million is included in accrued compensation and benefits on the condensed consolidated balance sheet as of July 31, 2023. |
Joint Venture and Equity Meth_2
Joint Venture and Equity Method Investment (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of Supplemental Information Related to Operating Leases | The table below presents supplemental information related to operating leases for the six months ended July 31, 2023 (in thousands, except weighted-average information): Weighted-average remaining lease term (in years) 1.06 Weighted-average discount rate 3.7 % Cash paid for amounts included in the measurement of lease liabilities $ 316 |
Schedule of Variable Interest Entities | Selected financial information of JiHu, post intercompany eliminations, is as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Revenue $ 1,609 $ 1,020 $ 3,073 $ 2,113 Cost of revenue 560 413 1,051 712 Gross profit 1,049 607 2,022 1,401 Operating expenses: Sales and marketing 1,960 1,865 4,044 3,252 Research and development 727 1,909 2,683 2,837 General and administrative 1,407 3,539 (37) 4,293 Total operating expenses 4,094 7,313 6,690 10,382 Loss from operations (3,045) (6,706) (4,668) (8,981) Interest income 240 142 555 210 Other income, net 293 339 562 1,012 Net loss before income taxes (2,512) (6,225) (3,551) (7,759) Net loss $ (2,512) $ (6,225) $ (3,551) $ (7,759) Net loss attributable to noncontrolling interest $ (1,128) $ (2,473) $ (1,558) $ (2.987) July 31, 2023 January 31, 2023 Cash and cash equivalents $ 47,671 $ 56,744 Property and equipment, net 848 1,135 Operating lease right-of-use assets 673 998 Other assets 3,273 3,950 Total assets $ 52,465 $ 62,827 Total liabilities $ 7,277 $ 8,871 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth basic and diluted loss per share for each of the periods presented (in thousands, except per share data): Three Months Ended July 31, Six Months Ended July 31, 2023 2022 2023 2022 Numerator: Net loss attributable to GitLab $ (50,080) $ (59,024) $ (102,549) $ (85,123) Denominator: Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted 153,644 147,797 152,683 147,248 Net loss per share attributable to GitLab Class A and Class B common stockholders, basic and diluted $ (0.33) $ (0.40) $ (0.67) $ (0.58) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows (in thousands): As of July 31, 2023 January 31, 2023 Shares subject to outstanding common stock options 9,933 12,686 Unvested restricted stock in connection with business combination 3 8 Unvested early exercised stock options 63 194 Unvested RSUs and PSUs 11,465 8,336 Shares subject to the ESPP 71 81 Total 21,535 21,305 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue by Product and Service (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 139,581 | $ 101,041 | $ 266,459 | $ 188,448 |
Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | 100% | 100% |
Subscription—self-managed and SaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 122,096 | $ 88,936 | $ 233,287 | $ 165,859 |
Subscription—self-managed and SaaS | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 87% | 88% | 87% | 88% |
Subscription—self-managed | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 86,659 | $ 66,896 | $ 166,246 | $ 126,615 |
Subscription—self-managed | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 62% | 66% | 62% | 67% |
SaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 35,437 | $ 22,040 | $ 67,041 | $ 39,244 |
SaaS | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 25% | 22% | 25% | 21% |
License—self-managed and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 17,485 | $ 12,105 | $ 33,172 | $ 22,589 |
License—self-managed and other | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 13% | 12% | 13% | 12% |
License—self-managed | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 14,624 | $ 10,009 | $ 27,979 | $ 18,786 |
License—self-managed | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 11% | 10% | 11% | 10% |
Professional services and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,861 | $ 2,096 | $ 5,193 | $ 3,803 |
Professional services and other | Revenue from Contract with Customer, Product and Service Benchmark | Product Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk, percentage | 2% | 2% | 2% | 2% |
Revenues - Disaggregation of _2
Revenues - Disaggregation of Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 139,581 | $ 101,041 | $ 266,459 | $ 188,448 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 114,054 | 84,123 | 217,016 | 156,397 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 22,245 | 14,750 | 43,202 | 27,738 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 3,282 | $ 2,168 | $ 6,241 | $ 4,313 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||||
Deferred revenue recognized | $ 101.6 | $ 67 | $ 157.5 | $ 105.8 | |
Remaining performance obligation | $ 495.8 | $ 495.8 | $ 435.9 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01 | |||||
Disaggregation of Revenue [Line Items] | |||||
Remaining performance obligation, next twelve months (as a percent) | 68% | 68% | |||
Remaining performance obligation, next twenty four months (as a percent) | 88% | 88% | |||
Accounts Receivable | Credit Concentration Risk | Distribution Channel One | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk, percentage | 16% | 12% | |||
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk, percentage | 82% | 83% | 81% | 83% |
Cash, Cash Equivalents and Sh_3
Cash, Cash Equivalents and Short-Term Investments - Schedule of Cash and Short Term Investments (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 716,607 | $ 646,104 |
Gross Unrealized Gains | 3 | 53 |
Gross Unrealized Losses | (3,552) | (4,908) |
Fair Value | 713,058 | 641,249 |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 273,228 | 295,402 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3) | 0 |
Fair Value | 273,225 | 295,402 |
Cash | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 126,196 | 232,332 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 126,196 | 232,332 |
Money market funds | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 117,628 | 60,073 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 117,628 | 60,073 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 385,848 | 383,238 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (1,863) | (3,729) |
Fair Value | 383,986 | 379,509 |
U.S. Treasury securities | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,485 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 18,485 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 83,957 | 88,703 |
Gross Unrealized Gains | 0 | 18 |
Gross Unrealized Losses | (77) | (112) |
Fair Value | 83,880 | 88,609 |
Commercial paper | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,919 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (3) | |
Fair Value | 10,916 | |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 177,000 | 95,805 |
Gross Unrealized Gains | 2 | 33 |
Gross Unrealized Losses | (1,148) | (572) |
Fair Value | 175,854 | 95,266 |
U.S. Agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 67,567 | 74,158 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (445) | (435) |
Fair Value | 67,122 | 73,725 |
U.S. Agency securities | Cash and Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,997 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 2,997 | |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,989 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (19) | |
Fair Value | 1,970 | |
Foreign government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,235 | 2,211 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (19) | (41) |
Fair Value | $ 2,216 | $ 2,170 |
Cash, Cash Equivalents and Sh_4
Cash, Cash Equivalents and Short-Term Investments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |||||
Interest and investment income | $ 9,100 | $ 3,100 | $ 16,400 | $ 3,600 | |
Net amortization of premiums or discounts on short-term investments | 4,900 | $ 1,300 | 8,494 | $ 1,293 | |
More than 12 months or greater, carrying value | $ 117,551 | $ 117,551 | $ 0 |
Cash, Cash Equivalents and Sh_5
Cash, Cash Equivalents and Short-Term Investments - Schedule of Unrealized Losses Cash Equivalents and Short Term Investment (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, carrying value | $ 566,730 | $ 577,591 |
Less than 12 months, gross unrealized losses | (2,399) | (4,908) |
More than 12 months or greater, carrying value | 117,551 | 0 |
More than 12 months or greater, gross unrealized losses | (1,156) | 0 |
Fair Value | 684,281 | 577,591 |
Gross Unrealized Losses | (3,555) | (4,908) |
U.S. Agency securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, carrying value | 63,223 | 73,724 |
Less than 12 months, gross unrealized losses | (444) | (435) |
More than 12 months or greater, carrying value | 3,899 | 0 |
More than 12 months or greater, gross unrealized losses | (1) | 0 |
Fair Value | 67,122 | 73,724 |
Gross Unrealized Losses | (445) | (435) |
Commercial paper | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, carrying value | 86,797 | 45,015 |
Less than 12 months, gross unrealized losses | (80) | (112) |
More than 12 months or greater, carrying value | 0 | 0 |
More than 12 months or greater, gross unrealized losses | 0 | 0 |
Fair Value | 86,797 | 45,015 |
Gross Unrealized Losses | (80) | (112) |
Corporate debt securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, carrying value | 153,562 | 75,203 |
Less than 12 months, gross unrealized losses | (969) | (572) |
More than 12 months or greater, carrying value | 18,869 | 0 |
More than 12 months or greater, gross unrealized losses | (179) | 0 |
Fair Value | 172,431 | 75,203 |
Gross Unrealized Losses | (1,148) | (572) |
Municipal bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, carrying value | 1,970 | |
Less than 12 months, gross unrealized losses | (19) | |
More than 12 months or greater, carrying value | 0 | |
More than 12 months or greater, gross unrealized losses | 0 | |
Fair Value | 1,970 | |
Gross Unrealized Losses | (19) | |
Foreign government bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, carrying value | 0 | 2,170 |
Less than 12 months, gross unrealized losses | 0 | (41) |
More than 12 months or greater, carrying value | 2,216 | 0 |
More than 12 months or greater, gross unrealized losses | (19) | 0 |
Fair Value | 2,216 | 2,170 |
Gross Unrealized Losses | (19) | (41) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, carrying value | 263,148 | 379,509 |
Less than 12 months, gross unrealized losses | (906) | (3,729) |
More than 12 months or greater, carrying value | 92,567 | 0 |
More than 12 months or greater, gross unrealized losses | (957) | 0 |
Fair Value | 355,715 | 379,509 |
Gross Unrealized Losses | $ (1,863) | $ (3,729) |
Cash, Cash Equivalents and Sh_6
Cash, Cash Equivalents and Short-Term Investments - Schedule of Short Term Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Amortized cost | ||
Due within 1 year | $ 587,035 | $ 480,943 |
Due between 1 year to 2 years | 129,572 | 165,161 |
Total | 716,607 | 646,104 |
Fair Value | ||
Due within 1 year | 584,491 | 477,520 |
Due between 1 year to 2 years | 128,567 | 163,729 |
Total | $ 713,058 | $ 641,249 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 713,058 | $ 641,249 |
Cash held in bank accounts | 716,607 | 646,104 |
Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 273,225 | 295,402 |
Cash held in bank accounts | 273,228 | 295,402 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 860,087 | 704,319 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 117,628 | 60,073 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 742,459 | 644,246 |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 83,880 | 88,609 |
Cash held in bank accounts | 83,957 | 88,703 |
Commercial paper | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 10,916 | |
Cash held in bank accounts | 10,919 | |
Commercial paper | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 83,880 | 88,609 |
Commercial paper | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Commercial paper | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 83,880 | 88,609 |
Commercial paper | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 175,854 | 95,266 |
Cash held in bank accounts | 177,000 | 95,805 |
Corporate debt securities | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 175,854 | 95,266 |
Corporate debt securities | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Corporate debt securities | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 175,854 | 95,266 |
Corporate debt securities | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,970 | |
Cash held in bank accounts | 1,989 | |
Municipal bonds | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,970 | |
Municipal bonds | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Municipal bonds | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,970 | |
Municipal bonds | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | |
Foreign government bonds | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 2,216 | 2,170 |
Foreign government bonds | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Foreign government bonds | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 2,216 | 2,170 |
Foreign government bonds | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. Agency securities | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 67,122 | 73,725 |
U.S. Agency securities | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. Agency securities | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 67,122 | 73,725 |
U.S. Agency securities | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 383,986 | 379,509 |
Cash held in bank accounts | 385,848 | 383,238 |
U.S. Treasury securities | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 18,485 | |
Cash held in bank accounts | 18,485 | |
U.S. Treasury securities | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 383,986 | 379,509 |
U.S. Treasury securities | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. Treasury securities | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 383,986 | 379,509 |
U.S. Treasury securities | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Cash | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 126,196 | 232,332 |
Cash held in bank accounts | 126,196 | 232,332 |
Money market funds | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 117,628 | 60,073 |
Money market funds | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 117,628 | 60,073 |
Money market funds | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Money market funds | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
U.S. Treasury securities | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 18,485 | |
U.S. Treasury securities | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
U.S. Treasury securities | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 18,485 | |
U.S. Treasury securities | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Commercial paper | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,916 | |
Commercial paper | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Commercial paper | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 10,916 | |
Commercial paper | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 | |
U.S. Agency securities | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,997 | |
U.S. Agency securities | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
U.S. Agency securities | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,997 | |
U.S. Agency securities | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | Jul. 31, 2023 | Jan. 31, 2023 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent cash consideration | $ 3.5 | $ 3.4 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Prepaid software subscriptions | $ 6,748 | $ 7,771 | ||
Prepaid taxes | 3,955 | 592 | ||
Prepaid expenses for the Company’s events | 1,030 | 1,885 | ||
Prepaid insurance | 1,003 | 3,199 | ||
Prepaid advertising costs | 532 | 367 | ||
Other prepaid expenses | 3,459 | 1,915 | ||
Restricted cash | 0 | 2,500 | $ 2,500 | |
Interest receivable | 2,913 | 2,310 | ||
Revenue contract asset | 2,473 | 1,532 | ||
Security and other deposits | 1,290 | 510 | ||
Other current assets | 2,650 | 1,746 | ||
Total prepaid expense and other current assets | [1] | $ 26,053 | $ 24,327 | |
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | ||
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, gross | $ 10,288 | $ 10,288 | $ 9,789 | |||
Less: Accumulated depreciation | (6,208) | (6,208) | (3,992) | |||
Property and equipment, net | [1] | 4,080 | 4,080 | 5,797 | ||
Depreciation expense | 1,100 | $ 700 | 2,200 | $ 1,300 | ||
Computer and office equipment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, gross | 9,140 | 9,140 | 8,581 | |||
Leasehold improvements | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property and equipment, gross | $ 1,148 | $ 1,148 | $ 1,208 | |||
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Schedule of Other Long-Term Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Security and other deposits | $ 3,377 | $ 3,172 | |
Deferred software implementation costs | 395 | 594 | |
Vendor receivables | 1,026 | 132 | |
Other long-term assets | 62 | 189 | |
Total other long-term assets | [1] | $ 4,860 | $ 4,087 |
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Supplemental Financial Statem_6
Supplemental Financial Statement Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accrued expenses | $ 11,547 | $ 10,686 | |
Customer refunds payable | 3,471 | 3,465 | |
Income taxes payable | 3,455 | 859 | |
Indirect taxes payable | 2,487 | 4,498 | |
ESPP employee contributions | 2,176 | 2,967 | |
Operating lease liabilities, current | $ 617 | $ 716 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total accrued expenses and other current liabilities | Total accrued expenses and other current liabilities | |
Acquisition related consideration withheld in escrow | $ 0 | $ 2,500 | |
Other current liabilities | 890 | 263 | |
Total accrued expenses and other current liabilities | [1] | $ 24,643 | $ 25,954 |
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Supplemental Financial Statem_7
Supplemental Financial Statement Information - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Payroll taxes payable | $ 5,778 | $ 3,013 |
Accrued commissions | 5,067 | 8,512 |
Restructuring accrual and related charges | 155 | 0 |
Other accrued team member related payables | 12,504 | 9,251 |
Total accrued compensation and benefits | $ 23,504 | $ 20,776 |
Supplemental Financial Statem_8
Supplemental Financial Statement Information - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Acquisition related contingent cash consideration | $ 3,525 | $ 3,443 | |
Provision towards labor matters | 2,586 | 2,504 | |
Deferred tax liabilities | 758 | 849 | |
Long term taxes payable | 2,792 | 647 | |
Early exercised options liability | 835 | 1,800 | |
Operating lease liabilities, non-current | $ 138 | $ 413 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total other non-current liabilities | Total other non-current liabilities | |
Other non-current liabilities | $ 140 | $ 168 | |
Total other non-current liabilities | [1] | $ 10,774 | $ 9,824 |
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Supplemental Financial Statem_9
Supplemental Financial Statement Information - Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Gain from deconsolidation of Meltano Inc. | $ 0 | $ 0 | $ 0 | $ 17,798 |
Foreign exchange gains (losses), net | (1,268) | 1,646 | (994) | 2,506 |
Other expenses, net | (62) | (146) | (83) | (356) |
Total other income (expense), net | $ (1,330) | $ 1,500 | $ (1,077) | $ 19,948 |
Business Combination - Narrativ
Business Combination - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 03, 2021 | Sep. 30, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Business Acquisition [Line Items] | |||||||
Acquisition related contingent cash consideration | $ 3,525 | $ 3,525 | $ 3,443 | ||||
Accretion expense | 0 | $ 100 | 100 | $ 200 | |||
Opstrace Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, consideration transferred | $ 13,500 | ||||||
Cash consideration held back | $ 2,500 | ||||||
Post-closing indemnification term | 18 months | ||||||
Partial settlement of acquisition related contingent cash consideration | $ 4,200 | ||||||
Acquisition related contingent cash consideration | $ 3,500 | $ 3,500 | $ 3,500 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Rollforward of Goodwill (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | |
Goodwill [Roll Forward] | |||
Goodwill | [1] | $ 8,145 | $ 8,145 |
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill impairment | $ 0 | $ 0 | |||
Amortization of intangible assets | $ 500,000 | $ 600,000 | $ 1,125,000 | $ 1,176,000 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2023 | Jan. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,132 | $ 7,559 |
Accumulated Amortization | (4,358) | (3,658) |
Net Book Value | 2,774 | 3,901 |
Write-off of fully amortized intangible assets | 500 | |
Developed technology from business combination | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6,200 | 6,200 |
Accumulated Amortization | (3,426) | (2,401) |
Net Book Value | $ 2,774 | $ 3,799 |
Weighted average remaining amortization period (years) | 1 year 3 months 18 days | 1 year 9 months 18 days |
Developed technology from asset acquisitions | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 932 | $ 1,359 |
Accumulated Amortization | (932) | (1,257) |
Net Book Value | $ 0 | $ 102 |
Weighted average remaining amortization period (years) | 0 years | 3 months 18 days |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Jan. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 1,039 | |
2025 | 1,735 | |
Total future amortization | $ 2,774 | $ 3,901 |
Team Member Benefit Plans (Deta
Team Member Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Retirement Benefits [Abstract] | ||||
Defined contribution plan, contribution amount | $ 1 | $ 0.8 | $ 2.7 | $ 2 |
Equity - Narrative (Details)
Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 shares | May 31, 2021 USD ($) shares | Jul. 31, 2023 USD ($) vote $ / shares shares | Jul. 31, 2022 USD ($) shares | Jul. 31, 2023 USD ($) vote $ / shares shares | Jul. 31, 2022 USD ($) shares | Jan. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | Oct. 18, 2021 $ / shares shares | Sep. 30, 2021 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||
Preferred stock, par value (in USD per share) | $ / shares | $ 0.0000025 | $ 0.0000025 | $ 0.0000025 | $ 0.0000025 | ||||||
Shares subject to repurchase obligation (in shares) | shares | 62,712 | 62,712 | 194,304 | |||||||
Deferred compensation liability, noncurrent | $ 800 | $ 800 | $ 1,800 | |||||||
Options granted (in shares) | shares | 0 | 0 | 0 | 0 | ||||||
Intrinsic value of options exercised | $ 33,300 | $ 25,800 | $ 65,900 | $ 59,800 | ||||||
Compensation expense not yet recognized | 32,000 | 32,000 | $ 46,200 | |||||||
Total stock-based compensation expense | 46,368 | 37,747 | $ 78,698 | $ 55,218 | ||||||
Grant date fair value of RSUs granted | $ 8,800 | |||||||||
Offering period | 24 months | 24 months | ||||||||
Tax benefit for stock-based compensation expense | 3,600 | 2,200 | $ 6,400 | $ 3,100 | ||||||
Charitable donation of common stock | 2,675 | $ 5,350 | ||||||||
Shares subject to outstanding common stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period for recognition (in years) | 1 year 9 months 18 days | 2 years 1 month 6 days | ||||||||
Shares subject to outstanding common stock options | 2015 Equity Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period (in years) | 10 years | |||||||||
Shares subject to outstanding common stock options | 2015 Equity Incentive Plan | Period one | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 25% | |||||||||
Award vesting period (in years) | 1 year | |||||||||
Shares subject to outstanding common stock options | 2015 Equity Incentive Plan | Period two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 36 months | |||||||||
RSUs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation expense not yet recognized | 362,000 | $ 362,000 | $ 254,800 | |||||||
Period for recognition (in years) | 3 years 3 months 18 days | 3 years 2 months 12 days | ||||||||
RSUs | Chief Executive Officer | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period for recognition (in years) | 5 years 3 months 18 days | |||||||||
Total stock-based compensation expense | 400 | 400 | $ 800 | 800 | ||||||
Compensation expense not yet recognized | 5,100 | $ 5,100 | ||||||||
RSUs | Minimum | Chief Executive Officer | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period for recognition (in years) | 2 years | |||||||||
RSUs | Maximum | Chief Executive Officer | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period for recognition (in years) | 7 years | |||||||||
RSUs | 2021 Equity Incentive Plan | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 2 years | |||||||||
RSUs | 2021 Equity Incentive Plan | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 4 years | |||||||||
PSUs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 100% | |||||||||
Period for recognition (in years) | 2 years 4 months 24 days | |||||||||
RSUs granted in period (in shares) | shares | 400,000 | |||||||||
Total stock-based compensation expense | (100) | $ 300 | ||||||||
Compensation expense not yet recognized | 6,300 | $ 6,300 | ||||||||
PSUs | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 0% | |||||||||
PSUs | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting percentage | 200% | |||||||||
ESPP | 2021 Employee Stock Purchase Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Period for recognition (in years) | 1 year 9 months 18 days | |||||||||
Total stock-based compensation expense | 6,700 | 9,700 | $ 11,200 | 14,100 | ||||||
Compensation expense not yet recognized | 19,800 | 19,800 | ||||||||
Plan modification, cost not yet recognized | $ 9,400 | $ 9,900 | $ 9,400 | $ 9,900 | ||||||
Class A Common Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock, shares authorized (in shares) | shares | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | ||||||
Common stock, par value (in USD per share) | $ / shares | $ 0.0000025 | $ 0.0000025 | $ 0.0000025 | $ 0.0000025 | ||||||
Voting rights, vote per share | vote | 1 | 1 | ||||||||
Common stock reserved for future issuance (in shares) | shares | 1,635,545 | |||||||||
Aggregate principal amount, donation | $ 10,700 | |||||||||
Charitable donation of common stock (in shares) | shares | 52,647 | 133,389 | ||||||||
Charitable donation of common stock | $ 2,700 | $ 5,300 | ||||||||
Class A Common Stock | 2021 Equity Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock reserved for future issuance (in shares) | shares | 13,032,289 | |||||||||
Class B Common Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock, shares authorized (in shares) | shares | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ||||||
Common stock, par value (in USD per share) | $ / shares | $ 0.0000025 | $ 0.0000025 | $ 0.0000025 | $ 0.0000025 | ||||||
Voting rights, vote per share | vote | 10 | 10 | ||||||||
Class B Common Stock | RSUs | Chief Executive Officer | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
RSUs granted in period (in shares) | shares | 3,000,000 |
Equity - Schedule of Stock Rese
Equity - Schedule of Stock Reserved For Future Issuance (Details) - shares shares in Thousands | Jul. 31, 2023 | Jan. 31, 2023 | Jan. 31, 2022 |
Class of Stock [Line Items] | |||
Options issued and outstanding (in shares) | 9,933 | 12,686 | |
Shares available for issuance under Equity Incentive Plans (in shares) | 25,669 | 21,483 | 18,248 |
Class A and Class B common stock | |||
Class of Stock [Line Items] | |||
Options issued and outstanding (in shares) | 9,933 | 12,686 | |
Shares available for issuance under Equity Incentive Plans (in shares) | 25,669 | 21,483 | |
Shares reserved for issuance to charitable organizations (in shares) | 1,502 | 1,636 | |
Common stock reserved for future issuance (in shares) | 54,047 | 48,444 | |
RSUs and PSUs | Class A and Class B common stock | |||
Class of Stock [Line Items] | |||
Share-based compensation awards other than options (in shares) | 11,376 | 8,336 | |
ESPP | Class A and Class B common stock | |||
Class of Stock [Line Items] | |||
Share-based compensation awards other than options (in shares) | 5,567 | 4,303 |
Equity - Awards Available for G
Equity - Awards Available for Grant (Details) - shares shares in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Jan. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Awards Available For Grant [Roll Forward] | ||
Balance, beginning of period (in shares) | 21,483 | 18,248 |
Awards authorized (in shares) | 7,557 | 7,673 |
Options cancelled and forfeited (in shares) | 691 | 1,496 |
Options repurchased (in shares) | 15 | 60 |
Balance, end of period (in shares) | 25,669 | 21,483 |
RSUs and PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award, Awards Available For Grant [Roll Forward] | ||
RSUs and PSUs granted (in shares) | (4,843) | (6,651) |
RSUs and PSUs cancelled and forfeited (in shares) | 766 | 657 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Number of Stock Options Outstanding (in thousands) | |||||
Balance, beginning of period (in shares) | 12,686,000 | ||||
Options granted (in shares) | 0 | 0 | 0 | 0 | |
Options exercised (in shares) | (2,062,000) | ||||
Options cancelled (in shares) | (198,000) | ||||
Options forfeited (in shares) | (493,000) | ||||
Balance, end of period (in shares) | 9,933,000 | 9,933,000 | 12,686,000 | ||
Options vested (in shares) | 6,528,000 | 6,528,000 | |||
Options expected to vest (in shares) | 9,933,000 | 9,933,000 | |||
Weighted Average Exercise Price | |||||
Balance, beginning of period (in USD per share) | $ 12.30 | ||||
Options granted (in USD per share) | 0 | ||||
Options exercised (in USD per share) | 8.74 | ||||
Options cancelled (in USD per share) | 9.76 | ||||
Options forfeited (in USD per share) | 16.96 | ||||
Balance, end of period (in USD per share) | $ 12.80 | 12.80 | $ 12.30 | ||
Options vested (in USD per share) | 10.66 | ||||
Options expected to vest (in USD per share) | $ 12.80 | ||||
Weighted Average Remaining Years | |||||
Outstanding (in years) | 6 years 6 months 21 days | 7 years | |||
Options vested (in years) | 6 years 2 months 1 day | ||||
Options expected to vest (in years) | 6 years 6 months 21 days | ||||
Aggregate Intrinsic value (in millions) | |||||
Outstanding value | $ 372.3 | $ 372.3 | $ 470.8 | ||
Options vested | 254.4 | 254.4 | |||
Options expected to vest | $ 372.3 | $ 372.3 |
Equity - Schedule of Restricted
Equity - Schedule of Restricted Stock Units Activity (Details) - RSUs shares in Thousands | 6 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Number of Shares | |
Balance, beginning of period (in shares) | 5,018 |
Granted (in shares) | 4,843 |
Vested (in shares) | (1,037) |
Canceled/forfeited (in shares) | (677) |
Balance, ending of period (in shares) | 8,147 |
Weighted- Average grant date fair value | |
Balance, beginning of period (in USD per share) | $ / shares | $ 53.33 |
Granted (in USD per share) | $ / shares | 39.91 |
Vested (in USD per share) | $ / shares | 49.97 |
Canceled/forfeited (in USD per share) | $ / shares | 52.08 |
Balance, ending of period (in USD per share) | $ / shares | $ 45.90 |
Chief Executive Officer | |
Number of Shares | |
Granted (in shares) | 3,000 |
Equity - Schedule of Weighted A
Equity - Schedule of Weighted Average Fair Value Assumptions (Details) - ESPP | 6 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield (as a percent) | 0% | 0% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate (as a percent) | 4.22% | 1.62% |
Volatility (as a percent) | 40.95% | 44.95% |
Expected term (in years) | 6 months | 6 months |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate (as a percent) | 5.30% | 2.63% |
Volatility (as a percent) | 51% | 52.76% |
Expected term (in years) | 2 years | 2 years |
Equity - Stock-Based Compensati
Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 46,368 | $ 37,747 | $ 78,698 | $ 55,218 |
Cost of revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,698 | 1,585 | 3,112 | 2,375 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 12,477 | 11,339 | 24,179 | 16,375 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 21,295 | 14,851 | 35,059 | 21,902 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 10,898 | $ 9,972 | $ 16,348 | $ 14,566 |
Restructuring and Other Relat_3
Restructuring and Other Related Charges - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2023 | Apr. 30, 2023 | Jul. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||
Positions eliminated, percent | 7% | ||
Restructuring charges | $ 9,100 | ||
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 172 | 7,825 | |
One-time Termination Benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,300 |
Restructuring and Other Relat_4
Restructuring and Other Related Charges - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 31, 2023 | Jul. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 9,100 | |
Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 172 | 7,825 |
One-time Termination Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,300 | |
Cost of revenue | Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 46 | 463 |
Research and development | Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | (12) | 2,047 |
Sales and marketing | Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 118 | 3,677 |
General and administrative | Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 20 | $ 1,638 |
Restructuring and Other Relat_5
Restructuring and Other Related Charges - Restructuring Accrual (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 0 | |
Charges | 9,100 | |
Ending balance | $ 155 | 155 |
Restructuring reserve | 200 | 200 |
One-time Termination Benefits | ||
Restructuring Reserve [Roll Forward] | ||
Charges | 1,300 | |
Employee Severance | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | |
Charges | 172 | 7,825 |
Cash payments | (7,670) | |
Ending balance | $ 155 | $ 155 |
Joint Venture and Equity Meth_3
Joint Venture and Equity Method Investment - Narrative (Details) $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Apr. 04, 2022 USD ($) | Apr. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) day | Apr. 30, 2021 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Jul. 31, 2023 USD ($) shares | Jul. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) | Jan. 31, 2022 | ||
Noncontrolling Interest [Line Items] | |||||||||||
Total stock-based compensation expense | $ 46,368 | $ 37,747 | $ 78,698 | $ 55,218 | |||||||
Operating lease expense | $ 100 | 200 | $ 300 | 300 | |||||||
Operating lease, remaining term (in years) | 2 years | 2 years | |||||||||
Operating lease, total lease payments | $ 700 | $ 700 | |||||||||
Operating lease liabilities | 700 | 700 | |||||||||
Contributions received from noncontrolling interests, net of issuance costs | 0 | 57,673 | |||||||||
Decrease from deconsolidation | 11,342 | ||||||||||
Gain from deconsolidation of Meltano Inc. | 0 | 0 | 0 | 17,798 | |||||||
Equity method investment | [1] | 10,574 | 10,574 | $ 12,682 | |||||||
Loss from equity method investment, net of tax | 917 | 816 | 1,665 | 1,019 | |||||||
Noncontrolling Interests | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Decrease from deconsolidation | 11,342 | ||||||||||
Meltano Inc. | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Gain from deconsolidation of Meltano Inc. | $ 17,800 | ||||||||||
Equity method investment | 10,600 | 10,600 | |||||||||
Loss from equity method investment, net of tax | $ 900 | 800 | $ 1,700 | 1,000 | |||||||
Stake in equity method investment (as a percent) | 93% | ||||||||||
Meltano Inc. | Employee stock options | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Potentially dilutive equity instruments (in shares) | shares | 3.3 | ||||||||||
Meltano Inc. | Preferred Stock | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Stake in equity method investment (as a percent) | 46% | ||||||||||
Potentially dilutive equity instruments (in shares) | shares | 3.1 | ||||||||||
Meltano Inc. | Noncontrolling Interests | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Decrease in net assets upon consolidation | $ 9,400 | ||||||||||
Decrease from deconsolidation | 11,300 | ||||||||||
Meltano Inc. | Accumulated Deficit | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Decrease from deconsolidation | 15,900 | ||||||||||
GitLab Information Technology (Hubei) Co., LTD ("JiHu") | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Ownership percentage | 55% | 55% | 55% | 72% | |||||||
Meltano Inc. | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Loan payable, period (in days) | $ 400 | ||||||||||
Ownership percentage by noncontrolling owners | 12% | ||||||||||
GitLab Information Technology (Hubei) Co., LTD ("JiHu") | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Consideration received on transaction, net | $ 54,600 | ||||||||||
Total stock-based compensation expense | $ (200) | $ 2,800 | $ (2,700) | $ 3,000 | |||||||
Compensation expense not yet recognized | $ 4,300 | $ 4,300 | |||||||||
Period for recognition (in years) | 2 years 8 months 12 days | ||||||||||
GitLab Information Technology (Hubei) Co., LTD ("JiHu") | Variable Interest Entity, Primary Beneficiary | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Loans payable | $ 2,900 | ||||||||||
Loan payable, period (in days) | day | 10 | ||||||||||
Meltano Inc. | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Consideration received on transaction, net | $ 7,200 | ||||||||||
Contributions received from noncontrolling interests, net of issuance costs | $ 4,200 | ||||||||||
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Joint Venture and Equity Meth_4
Joint Venture and Equity Method Investment - Supplemental Information Related to Operating Leases (Details) $ in Thousands | 6 Months Ended |
Jul. 31, 2023 USD ($) | |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 1 year 21 days |
Weighted-average discount rate | 3.70% |
Cash paid for amounts included in the measurement of lease liabilities | $ 316 |
Joint Venture and Equity Meth_5
Joint Venture and Equity Method Investment - Schedule of Intercompany Eliminations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |||||
Noncontrolling Interest [Line Items] | |||||||||
Revenue | $ 139,581,000 | $ 101,041,000 | $ 266,459,000 | $ 188,448,000 | |||||
Cost of revenue | 14,696,000 | 13,030,000 | 28,635,000 | 22,878,000 | |||||
Gross profit | 124,885,000 | 88,011,000 | 237,824,000 | 165,570,000 | |||||
Sales and marketing | 92,116,000 | 80,689,000 | 178,653,000 | 147,399,000 | |||||
Research and development | 49,007,000 | 39,520,000 | 99,394,000 | 71,350,000 | |||||
Total operating expenses | 178,942,000 | 153,313,000 | 350,114,000 | 273,745,000 | |||||
Loss from operations | (54,057,000) | (65,302,000) | (112,290,000) | (108,175,000) | |||||
Interest income | 9,112,000 | 3,064,000 | 16,427,000 | 3,590,000 | |||||
Total other income (expense), net | (1,330,000) | 1,500,000 | (1,077,000) | 19,948,000 | |||||
Net loss | (51,208,000) | (61,497,000) | (104,107,000) | (88,110,000) | |||||
Net loss attributable to noncontrolling interest | (1,128,000) | (2,473,000) | (1,558,000) | (2,987,000) | |||||
Cash and cash equivalents | 273,225,000 | [1] | 410,757,000 | 273,225,000 | [1] | 410,757,000 | $ 295,402,000 | [1] | |
Property and equipment, net | [1] | 4,080,000 | 4,080,000 | 5,797,000 | |||||
Operating lease right-of-use assets | 673,000 | [1] | 673,000 | [1] | 998,000 | ||||
TOTAL ASSETS | [1] | 1,189,069,000 | 1,189,069,000 | 1,169,200,000 | |||||
Total liabilities | [1] | 357,829,000 | 357,829,000 | 344,475,000 | |||||
Variable Interest Entity, Primary Beneficiary | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Revenue | 1,609,000 | 1,020,000 | 3,073,000 | 2,113,000 | |||||
Cost of revenue | 560,000 | 413,000 | 1,051,000 | 712,000 | |||||
Gross profit | 1,049,000 | 607,000 | 2,022,000 | 1,401,000 | |||||
Sales and marketing | 1,960,000 | 1,865,000 | 4,044,000 | 3,252,000 | |||||
Research and development | 727,000 | 1,909,000 | 2,683,000 | 2,837,000 | |||||
General and administrative | 1,407,000 | 3,539,000 | (37,000) | 4,293,000 | |||||
Total operating expenses | 4,094,000 | 7,313,000 | 6,690,000 | 10,382,000 | |||||
Loss from operations | (3,045,000) | (6,706,000) | (4,668,000) | (8,981,000) | |||||
Interest income | 240,000 | 142,000 | 555,000 | 210,000 | |||||
Total other income (expense), net | 293,000 | 339,000 | 562,000 | 1,012,000 | |||||
Net loss before income taxes | (2,512,000) | (6,225,000) | (3,551,000) | (7,759,000) | |||||
Net loss | (2,512,000) | (6,225,000) | (3,551,000) | (7,759,000) | |||||
Net loss attributable to noncontrolling interest | (1,128,000) | $ (2,473,000) | (1,558,000) | $ (2,987) | |||||
Cash and cash equivalents | 47,671,000 | 47,671,000 | 56,744,000 | ||||||
Property and equipment, net | 848,000 | 848,000 | 1,135,000 | ||||||
Operating lease right-of-use assets | 673,000 | 673,000 | 998,000 | ||||||
Other assets | 3,273,000 | 3,273,000 | 3,950,000 | ||||||
TOTAL ASSETS | 52,465,000 | 52,465,000 | 62,827,000 | ||||||
Total liabilities | $ 7,277,000 | $ 7,277,000 | $ 8,871,000 | ||||||
[1] (1) As of July 31, 2023 and January 31, 2023, the condensed consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $52.5 million and $62.8 million, respectively, and liabilities of $7.3 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the genera l credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 4,016 | $ (57) | $ 5,502 | $ 2,454 | |
Loss before income taxes and loss from equity method investment | 46,275 | $ 60,738 | 96,940 | $ 84,637 | |
Unrecognized tax benefits | 8,100 | 8,100 | $ 7,500 | ||
Unrecognized tax benefits that would effect tax rate | $ 2,600 | 2,600 | 500 | ||
Interest and penalties recognized | $ 200 | $ 200 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Earning Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Earnings Per Share [Abstract] | ||||
Net loss attributable to GitLab, basic | $ (50,080) | $ (59,024) | $ (102,549) | $ (85,123) |
Net loss attributable to GitLab, diluted | $ (50,080) | $ (59,024) | $ (102,549) | $ (85,123) |
Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, basic (in shares) | 153,644,000 | 147,797,000 | 152,683,000 | 147,248,000 |
Weighted-average shares used to compute net loss per share attributable to GitLab Class A and Class B common stockholders, diluted (in shares) | 153,644,000 | 147,797,000 | 152,683,000 | 147,248,000 |
Net loss per share attributable to GitLab Class A and Class B common stockholders, basic (in USD per share) | $ (0.33) | $ (0.40) | $ (0.67) | $ (0.58) |
Net loss per share attributable to GitLab Class A and Class B common stockholders, diluted (in USD per share) | $ (0.33) | $ (0.40) | $ (0.67) | $ (0.58) |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Jan. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 21,535 | 21,305 |
Shares subject to outstanding common stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 9,933 | 12,686 |
Unvested restricted stock in connection with business combination | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 3 | 8 |
Unvested early exercised stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 63 | 194 |
Unvested RSUs and PSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 11,465 | 8,336 |
Shares subject to the ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 71 | 81 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Jul. 31, 2023 | Jan. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Purchase obligation | $ 169.4 | |
Estimate of possible loss | $ 2.6 | $ 2.5 |