On this page of StockholderLetter.com we present the 4/30/2024 shareholder letter from Gitlab Inc. — ticker symbol GTLB. Reading current and past GTLB letters to shareholders can bring important insights into the investment thesis.

GitLab Inc. Letter from our Co-Founder, Chair of the Board of Directors, and Chief Executive Officer Dear Fellow Shareholders, Fiscal year 2024 was a revolutionary year within the software industry. The power of AI continues to enhance the value that GitLab s comprehensive DevSecOps platform delivers for our customers. I m pleased with how GitLab team members have embraced the opportunity AI presents and focused on helping customers realize the potential of this quickly evolving technology landscape. Fiscal year 2024 results underscore our momentum as total revenue grew 37% year-over-year to $579.9 million. This was driven, in part, by significant growth in customers with ARR over $1 million, which reached 96 in the fourth quarter of fiscal year 2024, up 52% from 63 from the fourth quarter of fiscal year 2023. We also delivered positive free cash flow of $33 million in fiscal year 2024, a year ahead of our commitment. The company reached an important milestone, we became Non-GAAP operating income positive in the third quarter of fiscal year 2024. During the year we released GitLab Duo, a suite of AI capabilities to increase efficiency throughout the entire software development lifecycle. With GitLab Duo, GitLab customers are realizing the value of AI, not just with code suggestions but also with suggested reviewers, vulnerability explanation, vulnerability remediation, code review summary, merge request summary, root cause analysis, and other powerful features. We also introduced a number of additional offerings. GitLab Enterprise Agile Planning enables customers to plan, standardize processes, and drive visibility across the software delivery lifecycle all within GitLab. GitLab Dedicated, our generally available, single tenant SaaS offering gives customers the flexibility and efficiency of a software as a service (SaaS) solution while also having the compliance and necessary controls of a self-hosted solution. And, we continued to enhance our security and compliance capabilities. At GitLab, we ve measured ourselves by the value that we drive for our customers. In fiscal year 2024, we made this even clearer. We changed the top value in our values hierarchy, results , to results for customers. GitLab has the most comprehensive DevSecOps platform powered by AI. In fiscal year 2025, we ll continue to support customers in realizing the entire value of the platform across multiple use cases and stages. We ll enhance our platform in core DevSecOps
areas, such as source code management, CI/CD, enterprise agile planning, security and compliance, and we ll continue to innovate in AI across this platform. This means that GitLab customers will be even better positioned to develop and deploy secure software faster and more efficiently. While results for customers is at the top of our values hierarchy, the way that we work continues to be guided by all of our CREDIT values (i.e., Collaboration; Results for Customers; Efficiency; Diversity, Inclusion & Belonging (DIB); Iteration; and Transparency). These shared values enable us to work effectively as a company of over 2,100 many team members operating in 65 countries. They have also enabled us to successfully operate all-remote, a way that we ve been working since before GitLab was officially incorporated in 2014. I ve been particularly pleased by how these values have guided our approach to environmental, social, and governance ( ESG ). In the last fiscal year, we conducted our first greenhouse gas inventory, purchased carbon removals for 8,580 tonnes of CO2e, launched GitLab for Nonprofits, a program to provide in-kind products to nonprofit organizations, and continued to focus on our internal DIB initiatives. In fiscal year 2024, we plan to build upon these and other existing ESG programs and report on our progress in our annual ESG report. I m excited about the year ahead. I want to thank our customers, wider-community, investors, shareholders, Board of Directors, and of course our team members and their families. There is no GitLab without you. Sincerely, Sytse 'Sid' Sijbrandij Co-Founder, Chair of the Board of Directors, and Chief Executive Officer
 • shareholder letter icon 4/30/2024 Letter Continued (Full PDF)
 • stockholder letter icon 5/15/2023 GTLB Stockholder Letter
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GTLB 4/30/2024 Shareholder/Stockholder Letter Transcript:


GitLab Inc.
Letter from our Co-Founder, Chair of the Board of Directors, and Chief Executive Officer
Dear Fellow Shareholders,
Fiscal year 2024 was a revolutionary year within the software industry. The power of AI
continues to enhance the value that GitLab   s comprehensive DevSecOps platform delivers for
our customers. I   m pleased with how GitLab team members have embraced the opportunity AI
presents and focused on helping customers realize the potential of this quickly evolving
technology landscape. Fiscal year 2024 results underscore our momentum as total revenue
grew 37% year-over-year to $579.9 million. This was driven, in part, by significant growth in
customers with ARR over $1 million, which reached 96 in the fourth quarter of fiscal year 2024,
up 52% from 63 from the fourth quarter of fiscal year 2023. We also delivered positive free cash
flow of $33 million in fiscal year 2024, a year ahead of our commitment. The company reached
an important milestone, we became Non-GAAP operating income positive in the third quarter of
fiscal year 2024.
During the year we released GitLab Duo, a suite of AI capabilities to increase efficiency
throughout the entire software development lifecycle. With GitLab Duo, GitLab customers are
realizing the value of AI, not just with code suggestions but also with suggested reviewers,
vulnerability explanation, vulnerability remediation, code review summary, merge request
summary, root cause analysis, and other powerful features. We also introduced a number of
additional offerings. GitLab Enterprise Agile Planning enables customers to plan, standardize
processes, and drive visibility across the software delivery lifecycle all within GitLab. GitLab
Dedicated, our generally available, single tenant SaaS offering gives customers the flexibility
and efficiency of a software as a service (SaaS) solution while also having the compliance and
necessary controls of a self-hosted solution. And, we continued to enhance our security and
compliance capabilities.
At GitLab, we   ve measured ourselves by the value that we drive for our customers. In fiscal year
2024, we made this even clearer. We changed the top value in our values hierarchy,    results   , to
   results for customers.    GitLab has the most comprehensive DevSecOps platform powered by
AI. In fiscal year 2025, we   ll continue to support customers in realizing the entire value of the
platform across multiple use cases and stages. We   ll enhance our platform in core DevSecOps

areas, such as source code management, CI/CD, enterprise agile planning, security and
compliance, and we   ll continue to innovate in AI across this platform. This means that GitLab
customers will be even better positioned to develop and deploy secure software faster and more
efficiently.
While    results for customers    is at the top of our values hierarchy, the way that we work
continues to be guided by all of our CREDIT values (i.e., Collaboration; Results for Customers;
Efficiency; Diversity, Inclusion & Belonging (DIB); Iteration; and Transparency). These shared
values enable us to work effectively as a company of over 2,100 many team members operating
in 65 countries. They have also enabled us to successfully operate all-remote, a way that we   ve
been working since before GitLab was officially incorporated in 2014. I   ve been particularly
pleased by how these values have guided our approach to environmental, social, and
governance (   ESG   ). In the last fiscal year, we conducted our first greenhouse gas inventory,
purchased carbon removals for 8,580 tonnes of CO2e, launched GitLab for Nonprofits, a
program to provide in-kind products to nonprofit organizations, and continued to focus on our
internal DIB initiatives. In fiscal year 2024, we plan to build upon these and other existing ESG
programs and report on our progress in our annual ESG report.
I   m excited about the year ahead. I want to thank our customers, wider-community, investors,
shareholders, Board of Directors, and of course our team members and their families. There is
no GitLab without you.
Sincerely,
Sytse 'Sid' Sijbrandij
Co-Founder, Chair of the Board of Directors, and Chief Executive Officer



shareholder letter icon 4/30/2024 Letter Continued (Full PDF)
 

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