Gitlab Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>Gitlab Inc. has filed its annual 10-K report for the fiscal year ending January 31, 2024.</b>

AI Summary

Gitlab Inc. (GTLB) filed a Annual Report (10-K) with the SEC on March 26, 2024. Gitlab Inc. filed its 2024 Form 10-K on March 26, 2024, for the fiscal year ending January 31, 2024. The filing covers the period from February 1, 2023, to January 31, 2024. The company's principal business address is 268 Bush Street, #350, San Francisco, CA 94104. Gitlab Inc. is incorporated in Delaware. The Standard Industrial Classification code for the company is 7372 (SERVICES-PREPACKAGED SOFTWARE).

Why It Matters

For investors and stakeholders tracking Gitlab Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gitlab Inc.'s financial performance, business operations, and risk factors for the fiscal year 2024. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — Gitlab Inc. shows moderate risk based on this filing. The company operates in the competitive software industry, facing risks related to market dynamics, technological advancements, and customer acquisition.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Gitlab's performance and strategic positioning.

Key Numbers

• 2024-01-31 — Fiscal Year End (Reporting Period)
• 2024-03-26 — Filing Date (10-K Submission)
• 001-40895 — SEC File Number (Gitlab Inc.)
• 7372 — SIC Code (Services-Prepackaged Software)

Key Players & Entities

• Gitlab Inc. (company) — Filer
• 2024 (date) — Fiscal Year
• 2024-01-31 (date) — Fiscal Year End
• 2024-03-26 (date) — Filing Date
• 268 Bush Street, #350, San Francisco, CA 94104 (address) — Business Address
• DE (jurisdiction) — State of Incorporation
• 7372 (sic_code) — Standard Industrial Classification
• 001-40895 (filing_number) — SEC File Number

FAQ

Industry Context

Gitlab Inc. operates in the software industry, specifically focusing on DevOps and application security solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose financial and operational information.

What Investors Should Do

1. Analyze Gitlab's revenue streams and growth trends from the financial statements.
2. Evaluate the identified risk factors and management's mitigation strategies.
3. Compare key financial metrics with previous fiscal years to identify performance changes.

Key Dates

• 2024-01-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-26: Filing Date — Date Gitlab Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending January 31, 2024, following previous filings.

Key Financial Figures

• $0.0000025 — stered Class A common stock, par value $0.0000025 per share GTLB The Nasdaq Stock Market
• $49.63 — gistrant, based on the closing price of $49.63 per share on July 31, 2023 (the last bu
• $5,000 — we look at our customers with more than $5,000 of Annual Recurring Revenue, or ARR, in
• $1.0 million — 023. Our cohort of customers generating $1.0 million or more in ARR grew to 96 as of January
• $579.9 million — d rapid growth. We generated revenue of $579.9 million and $424.3 million in fiscal 2024 and 2
• $424.3 million — generated revenue of $579.9 million and $424.3 million in fiscal 2024 and 2023, respectively,
• $424.2 million — The net loss attributable to GitLab was $424.2 million and $172.3 million in fiscal 2024 and f
• $172.3 million — utable to GitLab was $424.2 million and $172.3 million in fiscal 2024 and fiscal 2023, respect

Filing Documents

• gtlb-20240131.htm (10-K) — 2756KB
• gitlab-20240131xexx103fy24.htm (EX-10.3) — 1026KB
• gitlab-20240131xexx211fy24.htm (EX-21.1) — 6KB
• gitlab-20240131xexx231fy24.htm (EX-23.1) — 2KB
• gitlab-20240131xexx311fy24.htm (EX-31.1) — 11KB
• gitlab-20240131xexx312fy24.htm (EX-31.2) — 10KB
• gitlab-20240131xexx321fy24.htm (EX-32.1) — 5KB
• gitlab-20240131xexx322fy24.htm (EX-32.2) — 5KB
• gitlab-20240131xexx971fy24.htm (EX-97.1) — 66KB
• gtlb-20240131_g1.jpg (GRAPHIC) — 113KB
• image_75.jpg (GRAPHIC) — 0KB
• 0001628280-24-012963.txt (&nbsp;) — 14807KB
• gtlb-20240131.xsd (EX-101.SCH) — 70KB
• gtlb-20240131_cal.xml (EX-101.CAL) — 141KB
• gtlb-20240131_def.xml (EX-101.DEF) — 441KB
• gtlb-20240131_lab.xml (EX-101.LAB) — 944KB
• gtlb-20240131_pre.xml (EX-101.PRE) — 704KB
• gtlb-20240131_htm.xml (XML) — 2237KB

Risk Factors

Item 1A. Risk Factors 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 61

Cybersecurity

Item 1C. Cybersecurity 62

Properties

Item 2. Properties 62

Legal Proceedings

Item 3. Legal Proceedings 62

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 63 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 64

[Reserved]

Item 6. [Reserved] 65

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 66

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 82

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 83

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 131

Controls and Procedures

Item 9A. Controls and Procedures 132

Other Information

Item 9B. Other Information 134

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 136 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 137

Executive Compensation

Item 11. Executive Compensation 137

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 137

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 137

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 137 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 138

Form 10-K Summary

Item 16. Form 10-K Summary 140

Signatures

Signatures 141 1 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, or this Annual Report, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements contained in this Form 10-K other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "target," "plan," "expect," and similar expressions are intended to identify forward-looking statements.

Forward-looking statements contained in this Annual Report include, but are not limited to, statements about

Forward-looking statements contained in this Annual Report include, but are not limited to, statements about: our future financial performance, including our expectations regarding our total revenue, cost of revenue, gross profit or gross margin, operating expenses, including changes in operating expenses and our ability to achieve and maintain future profitability; our business plan and our ability to effectively manage our growth; our total market opportunity; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; market acceptance of The DevSecOps Platform and our ability to increase adoption of The DevSecOps Platform; beliefs and objectives for future operations; our ability to further penetrate our existing customer base and attract, retain, and expand our customer base; our ability to timely and effectively scale and adapt The DevSecOps Platform; our ability to develop new features and bring them to market in a timely manner; our incorporation of artificial intelligence features into our products; our expectations to grow our partner network; our ability to maintain, protect, and enhance our intellectual property; our ability to continue to expand internationally; the effects of increased competition in our markets and our ability to compete effectively; future acquisitions or investments in complementary companies, products, services, or technologies; our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally; the impact of any data breaches, cyberattacks or other malicious activity on our technology systems; economic and industry trends, projected growth, or trend analysis; 2 Table of Contents the impact of macroeconomic conditions, including inflation, volatile interest rates, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related

BUSINESS

ITEM 1. BUSINESS Overview In today's world, software defines the speed of innovation. Every industry, business, and every function within a company is dependent on software. Nearly all companies must digitally transform and become experts at building, delivering, and securing software to remain competitive and survive. To meet these market needs, GitLab pioneered The DevSecOps Platform, a fundamentally new approach to software development and delivery. Our platform is uniquely built as a single application with native artificial intelligence, or AI, assisted workflows, and a single interface with a unified data model, enabling all stakeholders in the software delivery lifecycle – from development teams to operations teams to security teams – to work together in a single tool with a single workflow. With GitLab, they can build better, more secure software, faster. GitLab is the solution to significant business transformation needs. Across every industry – and across companies of every size – technology leaders want to make developers more productive so they can deliver better products faster; they want to measure productivity so they can increase operational efficiency; they want to secure the software supply chain so they can reduce security and compliance risk; and, they want to accelerate secure cloud migration, so they can unlock digital transformation results. These technology leaders need a platform that enables a value stream-driven mindset that shortens the time from idea to customer value and establishes a powerful flywheel for data collection and aggregation. And they are looking for a platform approach that unifies the entire development experience, so that customers can be faster than their competition in moving from idea to customer value. We believe GitLab is the shortest path to unlocking business and technology transformation results. Our DevSecOps platform accelerates our customers' ability to create business value and innovate by reducing their

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View this 10-K filing on SEC EDGAR