Gitlab isn’t covered much on this board but I think it deserves following.
Results for the quarter showed accelerated revenue (75% growth vs 69%), meaningful progress on Operating Margin was achieved (improving 1700 basis points) and they delivered a beat and raise. RPO growth was outstanding at 92% and GM sits at 90% (up from 87% YoY). Customer #s grew nicely as well. Only issue was NRR dropping from 152% to “above 130%”.
Q1 Non-GAAP EPS of -$0.18 beats by $0.08.
Revenue of $87.41M (+75.1% Y/Y) beats by $9.28M.
GAAP operating margin of (49)%; Non-GAAP operating margin of (28)%.
“Metrics in the first quarter were strong: 75% year-over-year revenue growth, dollar-based net retention above 130%, 92% year-over-year RPO growth, 90% non-GAAP gross margins, non-GAAP operating margin improvement of 1,700 basis points year-over-year and we saw great growth in all the customer segments despite the macro-environment. We remain committed to responsible growth.” said Brian Robins, GitLab CFO.
Wall St seems to like the results - SP is up 10% AH.
Having previously been a follower and holder of GitHub until the Microsoft buy out I am pretty interested in GitLab as it seeks to become the de facto dev-ops software development platform. It managed to attract a lot of defection from Microsoft once it got its hands on GitHub. It remains to be seen whether GitLab can become stickier than GitHub and whether it can fight off the competition which come in different forms.