Business
GitLab Reports Third Quarter Fiscal 2022 Financial Results
Quarterly revenue of $66.8 million, up 58% year-over-yearStrong Dollar-Based Net Retention Rate at over 130% SAN FRANCISCO, Dec. 06, 2021 (GLOBE NEWSWIRE) --
About this update from Gitlab Inc.
[{"type":"text","content":"Quarterly revenue of $66.8 million, up 58% year-over-yearStrong Dollar-Based Net Retention Rate at over 130% SAN FRANCISCO, Dec. 06, 2021 (GLOBE NEWSWIRE) -- ALL REMOTE -- GitLab Inc. (NASDAQ: GTLB), The DevOps Platform, today reported financial results for its third quarter of fiscal 2022, ended October 31, 2021. “We are seeing viral adoption and expanded use of The DevOps Platform, growing our revenue by 58% year-over-year this quarter,” said Sid Sijbrandij, GitLab CEO. “Customers use GitLab for their most immediate needs and then expand usage over time. This enables them to quickly modernize their software development to meet the demands of digital acceleration. As we look to the fourth quarter and fiscal 2023, we see continued strong momentum toward our large addressable market.” “We performed well during the quarter and believe our business is set up for continued strength,” said Brian Robins, GitLab CFO. “We are pleased with our Dollar-Based Net Retention of over 130% and the positive business outcomes we continue to drive for our customers across all verticals around the world. The market for DevOps platforms is underpenetrated, and as a pioneer of The DevOps Platform, GitLab is well positioned to make the most of the substantial market opportunity before us.” Third Quarter Fiscal 2022 Financial Highlights (in millions, except per share data and percentages): Q3 FY 2022 Q3 FY 2021 Y/Y ChangeRevenue$66.8 $42.2 58%GAAP Gross margin89% 89% Non-GAAP Gross margin90% 89% GAAP Operating loss$(32.5) $(24.5) $(8.0)Non-GAAP Operating loss$(23.9) $(22.3) $(1.6)GAAP Net loss attributable to GitLab$(41.2) $(28.6) $(12.6)Non-GAAP Net loss attributable to GitLab$(22.7) $(22.3) $(0.4)GAAP Net loss per share attributable to GitLab$(0.62) $(0.57) $(0.05)Non-GAAP Net loss per share attributable to GitLab$(0.34) $(0.44) $0.10 A reconciliation between GAAP and non-GAAP financial measures is contained in this release under the section titled “Non-GAAP Financial Measures.” Recent Business Highlights: Customers with more than $5,000 of ARR increased to 4,057, up 66% from Q3 of fiscal 2021.Customers with more than $100,000 of ARR increased to 427, up 73% from Q3 of fiscal 2021.Dollar-Based Net Retention Rate, which we report on a threshold basis, remained above 130%.New and expansion customers included Suzuki Motor Corporation, Smartsheet, and Lo...