Gitlab Inc - Class A
Q3 2024 Earnings
Did GTLB Beat Earnings? Q3 2024 Results
GitLab posted a decisive beat across the board in its third quarter of fiscal 2024, with non-GAAP earnings of $0.09 per share swinging well past the consensus estimate of negative $0.01, while revenue climbed 32.5% year over year to $149.67 million, topping analyst expectations of $141.49 million by 5.78%. The quarter's standout story was a sharp profitability turn, as the company swung from a non-GAAP operating loss of $21.60 million a year ago to non-GAAP operating income of $4.70 million, fueled by accelerating adoption of its DevSecOps platform and disciplined cost management. Customer expansion reinforced the top-line momentum, with clients spending more than $100,000 in ARR growing 37% year over year to 874, while a Dollar-Based Net Retention Rate of 128% signaled healthy upsell activity. Looking ahead, GitLab guided Q4 revenue of $157.00 million to $158.00 million and full-year fiscal 2024 revenue of $573.00 million to $574.00 million, with non-GAAP EPS of $0.08 to $0.09 for the coming quarter.
- Continued adoption of DevSecOps Platform driving 32% year-over-year revenue growth
- Dollar-Based Net Retention Rate of 128%
- Customers with more than $100,000 ARR grew 37% year-over-year to 874
- Customers with more than $5,000 ARR grew 26% year-over-year to 8,175
- Non-GAAP operating margin expansion of over 2,200 basis points year-over-year
“We delivered a strong quarter, which was driven by the continued adoption of our DevSecOps Platform. GitLab is the only DevSecOps company that integrates security, compliance, and AI into one platform. With enterprises facing complexity from all directions, they need a partner to help them realize business value. GitLab helps improve developer productivity and reduces software spend, which is why our customers report seeing 7x faster cycle times with GitLab.”
GitLab CEO, on the earnings call
Forward Guidance & Outlook
For Q4 FY2024, GitLab expects revenue of $157.0–$158.0 million, non-GAAP operating income of $5.0–$6.0 million, and non-GAAP net income per share of $0.08–$0.09 (assuming approximately 164 million weighted average shares outstanding). For full fiscal year 2024, the company expects revenue of $573.0–$574.0 million, non-GAAP operating loss of $(10.0)–$(9.0) million, and non-GAAP net income per share of $0.12–$0.13 (assuming approximately 162 million weighted average shares outstanding).
GTLB YoY Financials
GTLB Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.