GitLab Inc.

GTLB

Current Price: $34.65

IPO: 2021-10-14

GitLab Inc., through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle. It helps organizations to plan, build, secure, and deploy software to drive business outcomes. The company also provides related training and professional services. The company was formerly known as GitLab B.V. and changed its name to GitLab Inc. in July 2015. The company was founded in 2011 and is headquartered in San Francisco, California.

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Income Statement

Revenue

Year Q1 Q2 Q3 Q4
2021 $29.52m $34.36m $42.15m $46.15m
2022 $49.93m $58.13m $66.8m $77.8m
2023 $87.41m $101m $113m $122.9m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 69.17% 69.16% 58.47% 68.58%
2023 75.06% 73.83% 69.13% 57.99%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 20.42m 23.77m 24.65m 31.65m
2023 37.48m 42.91m 46.18m 45.11m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 16.42% 22.67% 9.48%
2022 8.2% 16.42% 14.92% 16.46%
2023 12.35% 15.6% 11.82% 8.79%

Cost Of Revenue

Year Q1 Q2 Q3 Q4
2021 $3.789m $3.812m $4.637m $6.225m
2022 $6.425m $7.192m $7.195m $9.173m
2023 $9.848m $13.03m $14.56m $14.24m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 69.57% 88.67% 55.16% 47.36%
2023 53.28% 81.17% 102.42% 55.22%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 2.636m 3.38m 2.558m 2.948m
2023 3.423m 5.838m 7.369m 5.065m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 0.61% 21.64% 34.25%
2022 3.21% 11.94% 0.04% 27.49%
2023 7.36% 32.31% 11.77% -2.24%

Gross Profit

Year Q1 Q2 Q3 Q4
2021 $25.73m $30.55m $37.52m $39.92m
2022 $43.51m $50.94m $59.61m $68.62m
2023 $77.56m $88.01m $98.42m $108.7m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 69.11% 66.73% 58.88% 71.89%
2023 78.28% 72.79% 65.12% 58.36%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 17.78m 20.39m 22.09m 28.7m
2023 34.05m 37.08m 38.81m 40.05m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 18.75% 22.8% 6.42%
2022 8.98% 17.08% 17.02% 15.13%
2023 13.02% 13.48% 11.82% 10.42%

Gross Profit Ratio

Year Q1 Q2 Q3 Q4
2021 87.16% 88.91% 89.00% 86.51%
2022 87.13% 87.63% 89.23% 88.21%
2023 88.73% 87.10% 87.11% 88.42%

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -0.03% -1.44% 0.26% 1.96%
2023 1.84% -0.6% -2.38% 0.23%

Research & Development Expenses

Year Q1 Q2 Q3 Q4
2021 $19.1m $19.8m $19.04m $48.7m
2022 $21.34m $22.6m $24.66m $28.61m
2023 $31.83m $39.52m $41.11m $43.68m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 11.71% 14.17% 29.52% -41.25%
2023 49.16% 74.84% 66.69% 52.67%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 2.237m 2.806m 5.622m -20.09m
2023 10.49m 16.92m 16.45m 15.07m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 3.63% -3.81% 155.76%
2022 -56.18% 5.92% 9.12% 16.0%
2023 11.25% 24.16% 4.03% 6.24%

General & Administrative Expenses

Year Q1 Q2 Q3 Q4
2021 $6.852m $7.171m $8.09m $64.76m
2022 $9.339m $14m $16.94m $23.38m
2023 $21.89m $33.1m $33.19m $29.75m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 36.3% 95.2% 109.38% -63.9%
2023 134.41% 136.49% 95.91% 27.26%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 2.487m 6.827m 8.849m -41.38m
2023 12.55m 19.11m 16.25m 6.372m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 4.66% 12.82% 700.43%
2022 -85.58% 49.89% 21.01% 38.01%
2023 -6.36% 51.22% 0.25% -10.35%

Selling & Marketing Expenses

Year Q1 Q2 Q3 Q4
2021 $31.85m $32.47m $34.84m $54.92m
2022 $38.85m $44.17m $50.54m $57.19m
2023 $66.71m $80.69m $81.08m $81.51m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 21.98% 36.0% 45.08% 4.13%
2023 71.69% 82.7% 60.42% 42.53%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 7.001m 11.69m 15.71m 2.27m
2023 27.86m 36.52m 30.54m 24.32m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 1.95% 7.28% 57.65%
2022 -29.26% 13.67% 14.44% 13.16%
2023 16.64% 20.95% 0.48% 0.53%

Selling General & Administrative Expenses

Year Q1 Q2 Q3 Q4
2021 $38.71m $39.65m $42.93m $119.7m
2022 $48.19m $58.16m $67.48m $80.57m
2023 $88.6m $113.8m $114.3m $111.3m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 24.51% 46.71% 57.2% -32.68%
2023 83.85% 95.64% 69.33% 38.09%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 9.488m 18.52m 24.56m -39.11m
2023 40.41m 55.63m 46.78m 30.69m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 2.43% 8.28% 178.79%
2022 -59.73% 20.69% 16.02% 19.39%
2023 9.97% 28.43% 0.42% -2.63%

Other Expenses

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 - - - -
2023 - - - -

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 - - - -
2023 - - - -

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 - - - -
2023 - - - -

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 - - - -
2023 - - - -

Operating Expenses

Year Q1 Q2 Q3 Q4
2021 $57.81m $59.44m $61.97m $168.4m
2022 $69.53m $80.77m $92.15m $109.2m
2023 $120.4m $153.3m $155.4m $154.9m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 20.28% 35.87% 48.7% -35.16%
2023 73.2% 89.82% 68.62% 41.92%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 11.73m 21.32m 30.18m -59.2m
2023 50.9m 72.55m 63.23m 45.76m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 2.83% 4.25% 171.71%
2022 -58.7% 16.15% 14.09% 18.49%
2023 10.31% 27.3% 1.35% -0.28%

Cost & Expenses

Year Q1 Q2 Q3 Q4
2021 $61.6m $63.25m $66.61m $174.6m
2022 $75.96m $87.96m $99.34m $118.4m
2023 $130.3m $166.3m $169.9m $169.2m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 23.31% 39.06% 49.15% -32.22%
2023 71.52% 89.12% 71.07% 42.95%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 14.36m 24.7m 32.74m -56.25m
2023 54.32m 78.39m 70.6m 50.83m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 2.69% 5.3% 162.14%
2022 -56.5% 15.8% 12.94% 19.14%
2023 10.08% 27.68% 2.16% -0.45%

Interest Expense

Year Q1 Q2 Q3 Q4
2021 $773k $137k - -
2022 $54k $45k - $510k
2023 $-19.29m $3.064m $4.657m $7.122m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -93.01% -67.15% - -
2023 -35812.96% 6708.89% - 1296.47%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -719k -92k - 510k
2023 -19.34m 3.019m 4.657m 6.612m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - -82.28% - -
2022 - -16.67% - -
2023 -3881.37% -115.89% 51.99% 52.93%

Depreciation & Amortization

Year Q1 Q2 Q3 Q4
2021 - - $83k $85k
2022 $84k $85k $82k $-6.642m
2023 $1.139m $1.323m $1.503m $1.628m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 - - -1.2% -7914.12%
2023 1255.95% 1456.47% 1732.93% -124.51%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 84k 85k -1k -6.727m
2023 1.055m 1.238m 1.421m 8.27m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - - - 2.41%
2022 -1.18% 1.19% -3.53% -8200.0%
2023 -117.15% 16.15% 13.61% 8.32%

Ebitda

Year Q1 Q2 Q3 Q4
2021 $-33m $-8.699m $-28.28m $-118.3m
2022 $-26.54m $-39.07m $-42.02m $-47.2m
2023 $-41.73m $-63.98m $-55.46m $-44.65m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -19.57% 349.13% 48.59% -60.1%
2023 57.23% 63.75% 31.98% -5.41%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 6.46m -30.37m -13.74m 71.1m
2023 -15.19m -24.91m -13.44m 2.553m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - -73.64% 225.08% 318.34%
2022 -77.56% 47.2% 7.55% 12.33%
2023 -11.58% 53.3% -13.32% -19.5%

Operating Income

Year Q1 Q2 Q3 Q4
2021 $-32.08m $-28.89m $-24.45m $-128.5m
2022 $-26.03m $-29.83m $-42.1m $-40.56m
2023 $-42.87m $-65.3m $-56.96m $-46.27m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -18.87% 3.25% 72.17% -68.43%
2023 64.72% 118.91% 35.3% 14.1%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 6.054m -939k -17.65m 87.9m
2023 -16.85m -35.47m -14.86m -5.717m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - -9.94% -15.36% 425.3%
2022 -79.74% 14.61% 41.14% -3.67%
2023 5.71% 52.31% -12.77% -18.76%

Operating Income Ratio

Year Q1 Q2 Q3 Q4
2021 $-1.087 $-0.8408 $-0.5801 $-2.784
2022 $-0.5213 $-0.5132 $-0.6303 $-0.5213
2023 $-0.4905 $-0.6463 $-0.5042 $-0.3765

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -52.04% -38.96% 8.64% -81.27%
2023 -5.91% 25.93% -20.01% -27.78%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 0.5657 0.3276 -0.05013 2.262
2023 0.03079 -0.1331 0.1261 0.1448

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - -22.65% -31.0% 379.82%
2022 -81.27% -1.55% 22.81% -17.29%
2023 -5.91% 31.76% -21.99% -25.32%

Total Other Income Expenses Net

Year Q1 Q2 Q3 Q4
2021 $-1.694m $20.06m $-3.908m $10.07m
2022 $-998k $-9.946m $-521k $-9.088m
2023 $18.77m $3.748m $6.562m $4.532m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -41.09% -149.59% -86.67% -190.27%
2023 -1980.86% -137.68% -1359.5% -149.87%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 696k -30m 3.387m -19.16m
2023 19.77m 13.69m 7.083m 13.62m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - -1283.94% -119.49% -357.63%
2022 -109.91% 896.59% -94.76% 1644.34%
2023 -306.55% -80.03% 75.08% -30.94%

Income Before Tax

Year Q1 Q2 Q3 Q4
2021 $-33.78m $-8.836m $-28.36m $-118.4m
2022 $-27.03m $-39.78m $-42.62m $-49.65m
2023 $-24.1m $-61.55m $-50.4m $-41.74m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -19.98% 350.17% 50.28% -58.07%
2023 -10.82% 54.75% 18.25% -15.92%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 6.75m -30.94m -14.26m 68.74m
2023 2.924m -21.78m -7.777m 7.903m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - -73.84% 220.98% 317.42%
2022 -77.17% 47.18% 7.15% 16.47%
2023 -51.45% 155.39% -18.12% -17.18%

Income Tax Expense

Year Q1 Q2 Q3 Q4
2021 $381k $555k $246k $1.65m
2022 $1.256m $989k $-875k $-2.881m
2023 $2.511m $-57k $65k $379k

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 229.66% 78.2% -455.69% -274.61%
2023 99.92% -105.76% -107.43% -113.16%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 875k 434k -1.121m -4.531m
2023 1.255m -1.046m 940k 3.26m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - 45.67% -55.68% 570.73%
2022 -23.88% -21.26% -188.47% 229.26%
2023 -187.16% -102.27% -214.04% 483.08%

Net Income

Year Q1 Q2 Q3 Q4
2021 $-34.16m $-9.391m $-28.61m $-120m
2022 $-27.94m $-40.19m $-41.75m $-46.76m
2023 $-26.61m $-61.5m $-50.47m $-42.12m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -18.21% 327.95% 45.93% -61.04%
2023 -4.74% 53.02% 20.88% -9.93%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 6.22m -30.8m -13.14m 73.27m
2023 1.324m -21.31m -8.717m 4.643m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - -72.51% 204.63% 319.6%
2022 -76.73% 43.86% 3.88% 12.01%
2023 -43.09% 131.08% -17.94% -16.53%

Balance Sheet

Deferred Revenue

Year Q1 Q2 Q3 Q4
2021 - - - $103.5m
2022 - $126m $147.4m $179.2m
2023 $188.1m $201.3m $217.8m $254.4m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 - - 73.09% -
2023 - 59.78% 47.75% 41.94%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 126m 147.4m 75.68m -
2023 188.1m 75.33m 70.38m 75.16m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 - - 16.97% 21.59%
2023 4.93% 7.06% 8.16% 16.81%

Cash Flow

Operating Cash Flow

Year Q1 Q2 Q3 Q4
2021 - - $-14.14m $-7.36m
2022 $-21.52m $-17.12m $-10.08m $-1.094m
2023 $-28.16m $-36.34m $-1.197m $-11.72m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -Infinity% -Infinity% -28.7% -85.14%
2023 30.83% 112.24% -88.12% 971.3%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -21.52m -17.12m 4.057m 6.266m
2023 -6.635m -19.22m 8.882m -10.63m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - - -Infinity% -47.93%
2022 192.4% -20.45% -41.13% -89.15%
2023 2473.67% 29.05% -96.71% 879.11%

Free Cash Flow

Year Q1 Q2 Q3 Q4
2021 - - $-14.14m $-7.36m
2022 $-21.52m $-17.12m $-10.08m $-1.094m
2023 $-30.03m $-37.7m $-2.981m $-12.77m

YoY % Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -Infinity% -Infinity% -28.7% -85.14%
2023 39.54% 120.18% -70.42% 1067.46%

YoY Change

Year Q1 Q2 Q3 Q4
2021 - - - -
2022 -21.52m -17.12m 4.057m 6.266m
2023 -8.509m -20.58m 7.098m -11.68m

QoQ % Change

Year Q1 Q2 Q3 Q4
2021 - - -Infinity% -47.93%
2022 192.4% -20.45% -41.13% -89.15%
2023 2644.97% 25.52% -92.09% 328.45%