Gitlab Inc
For the period ended Jan 31, 2024. Filed Mar 26, 2024.
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FY2024 · Filed Mar 26, 2024
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Consolidated Balance Sheets
(in thousands, except per share data)
| January 31, 2024(1) | January 31, 2023(1) | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $287,996 | $295,402 |
| Short-term investments | 748,289 | 641,249 |
| Accounts receivable, net of allowance for doubtful accounts of $673 and $1,564 as of January 31, 2024 and January 31, 2023, respectively | 166,731 | 130,479 |
| Deferred contract acquisition costs, current | 32,300 | 26,505 |
| Prepaid expenses and other current assets | 45,601 | 24,327 |
| Total current assets | 1,280,917 | 1,117,962 |
| Property and equipment, net | 2,954 | 5,797 |
| Operating lease right-of-use assets | 405 | 998 |
| Equity method investment, net of impairment of $8,858 and $0 as of January 31, 2024 and January 31, 2023, respectively | — | 12,682 |
| Goodwill | 8,145 | 8,145 |
| Intangible assets, net | 1,733 | 3,901 |
| Deferred contract acquisition costs, non-current | 19,317 | 15,628 |
| Other non-current assets | 4,390 | 4,087 |
| TOTAL ASSETS | $1,317,861 | $1,169,200 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $1,738 | $5,184 |
| Accrued expenses and other current liabilities | 286,178 | 25,954 |
| Accrued compensation and benefits | 35,809 | 20,776 |
| Deferred revenue, current | 338,348 | 254,382 |
| Total current liabilities | 662,073 | 306,296 |
| Deferred revenue, non-current | 23,794 | 28,355 |
| Other non-current liabilities | 14,060 | 9,824 |
| TOTAL LIABILITIES | 699,927 | 344,475 |
| Commitments and contingencies (Note 15) | ||
| STOCKHOLDERS’ EQUITY: | ||
| Preferred stock, $0.0000025 par value; 50,000 shares authorized as of January 31, 2024 and January 31, 2023; no shares issued and outstanding as of January 31, 2024 and January 31, 2023 | — | — |
| Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of January 31, 2024 and January 31, 2023; 114,670 and 94,655 shares issued and outstanding as of January 31, 2024 and January 31, 2023, respectively | — | — |
| Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of January 31, 2024 and January 31, 2023; 42,887 and 56,489 shares issued and outstanding as of January 31, 2024 and January 31, 2023, respectively | — | — |
| Additional paid-in capital | 1,718,661 | 1,497,373 |
| Accumulated deficit | (1,149,822) | (725,648) |
| Accumulated other comprehensive income (loss) | 2,335 | (705) |
| Total GitLab stockholders’ equity | 571,174 | 771,020 |
| Noncontrolling interests | 46,760 | 53,705 |
| TOTAL STOCKHOLDERS’ EQUITY | 617,934 | 824,725 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $1,317,861 | $1,169,200 |
(1) As of January 31, 2024 and January 31, 2023, the consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $47.6 million and $62.8 million, respectively, and liabilities of $6.1 million and $8.9 million, respectively. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the general credit of the Company. Refer to “Note 12. Joint Venture and Equity Method Investment” for further discussion.
The accompanying notes are an integral part of these consolidated finan cial statements.
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