Gitlab Inc.

Previous wording

In today’s world, software defines the speed of innovation. Every industry, business, and every function within a company is dependent on software. Nearly all companies must digitally transform and become experts at building, delivering, and securing software to remain competitive and survive.

Current wording

In today’s world, software defines the speed of innovation. Every industry, business, and function within a company is dependent on software. To remain competitive and survive, nearly all companies must digitally transform and become experts at developing, delivering, and securing software.

Previous wording

To meet these market needs, GitLab pioneered The DevSecOps Platform, a fundamentally new approach to software development and delivery. Our platform is uniquely built as a single application with native artificial intelligence, or AI, assisted workflows, and a single interface with a unified data model, enabling all stakeholders in the software delivery lifecycle – from development teams to operations teams to security teams – to work together in a single tool with a single workflow. With GitLab, they can build better, more secure software, faster.

Current wording

To meet these market needs, GitLab created The DevSecOps platform, a fundamentally new approach to software development and delivery. Built with a unified data model, our platform brings together all stakeholders in the software delivery lifecycle – from development teams to operations teams to security teams. With GitLab, all stakeholders can build better, more secure software, faster.

Previous wording

GitLab is the solution to significant business transformation needs. Across every industry – and across companies of every size – technology leaders want to make developers more productive so they can deliver better products faster; they want to measure productivity so they can increase operational efficiency; they want to secure the software supply chain so they can reduce security and compliance risk; and, they want to accelerate secure cloud migration, so they can unlock digital transformation results. These technology leaders need a platform that enables a value stream-driven mindset that shortens the time from idea to customer value and establishes a powerful flywheel for data collection and aggregation. And they are looking for a platform approach that unifies the entire development experience, so that customers can be faster than their competition in moving from idea to customer value.

Current wording

GitLab is the solution for significant business transformation needs. Across every industry – and across companies of every size – technology leaders want to make developers more productive so they can deliver better products faster; they want to measure productivity so they can increase operational efficiency; they want to secure the software supply chain so they can reduce security and compliance risk; and, they want to accelerate secure cloud migration, so they can unlock digital transformation results. These technology leaders need a platform that enables a value stream-driven mindset that shortens the time from idea to customer value and establishes a powerful flywheel for data collection and aggregation. They are looking for a platform approach that unifies the entire development experience, so that customers can outpace and out-innovate their competition.

Previous wording

We believe GitLab is the shortest path to unlocking business and technology transformation results. Our DevSecOps platform accelerates our customers’ ability to create business value and innovate by reducing their software development cycle times from weeks to minutes – achieving up to 7x faster cycle time. It removes the need for point tools and delivers enhanced operational efficiency by eliminating manual work, increasing productivity, and creating a culture of innovation and velocity. GitLab also embeds security earlier into the development process, improving our customers’ software security, quality, and overall compliance.

Current wording

We believe GitLab offers the shortest path to unlock technology transformation and business value. GitLab accelerates our customers’ ability to innovate by accelerating their software development cycles from weeks to minutes. It removes the need for point tools and delivers enhanced operational efficiency by eliminating manual work, increasing productivity, and creating a culture of innovation and velocity. Embedding security earlier in the development process, GitLab enables customers to improve software security, quality, and overall compliance.

Previous wording

GitLab is available to any team, regardless of the size, scope, and complexity of their deployment. As a result, we have more than 40 million registered users, and more than 50% of the Fortune 100 companies are GitLab customers. For purposes of determining the number of our active customers, we look at our customers with more than $5,000 of Annual Recurring Revenue, or ARR, in a given period, who we refer to as our Base Customers. For purposes of determining our Base Customers, a single organization with separate subsidiaries, segments, or divisions that use The DevSecOps Platform is considered a single customer.

Current wording

GitLab is available to any team, regardless of the size, scope, and complexity of their deployment. As a result, we have more than 50 million registered users, and more than 50% of the Fortune 100 companies are GitLab customers. For purposes of determining the number of our active customers, we look at our customers with more than $5,000 of Annual Recurring Revenue, or ARR, in a given period, who we refer to as our Base Customers. For purposes of determining our Base Customers, a single organization with separate subsidiaries, segments, or divisions that use The DevSecOps platform is considered a single customer for determining each organization’s ARR.

Previous wording

GitLab is the only DevSecOps platform built on an open-core business model. We enable any customer and contributor to add functionality to our platform. In calendar year 2023, nearly 700 people contributed more than 2,100 merge requests back to the core product, extending GitLab’s in-house R&D efforts and empowering our most passionate users to make improvements to the DevOps tool they use every day. Our open-core approach has enabled us to build trust with our customers and maintain our high velocity of innovation so that we can rapidly create the most comprehensive DevSecOps platform.

Current wording

GitLab is the only DevSecOps platform built on an open-core business model. We enable any customer and contributor to add functionality to our platform. In calendar year 2024, nearly 900 people contributed more than 3,000 merge requests back to the core product, extending GitLab’s in-house R&D efforts and empowering our most passionate users to make improvements to the DevSecOps solution they use every day. Our open-core approach engenders trust with our customers and enables us to maintain our high velocity of innovation.

Previous wording

GitLab largely exists today thanks to the vast and growing community of open source contributors worldwide. We actively work to grow open source community engagement by operating with transparency. We make our strategy, direction, and product roadmap available to the wider community, where we encourage and solicit their feedback. By making non-sensitive information public, we create a deeper level of trust with our customers and make it easier to solicit contributions and collaboration from our users and customers. See the section entitled “Key Business Metrics—Dollar-Based Net Retention Rate and ARR” below for additional information about how we define ARR.

Current wording

Our transparent business value also helps us grow the open source community. We make our strategy, direction, and product roadmap available to the wider community in order to encourage and solicit their feedback. Through responsible transparency, we create a deeper level of trust with our customers and make it easier to solicit contributions and collaboration from our users and customers.

Previous wording

We make our plans available through our self-managed and software-as-a-service, or SaaS, offering. For our self-managed offering, the customer installs GitLab in their own on-premise or hybrid cloud environment. For our SaaS offering, the platform is managed by GitLab and hosted either in our public cloud or in our private cloud based on the customer’s preference.

Current wording

GitLab offers a flexible deployment model for our customers. For our self-managed offering, the customer installs GitLab in their own on-premise or hybrid cloud environment. For our SaaS offering, the platform is managed by GitLab and hosted either in our public cloud or in our private cloud based on the customer’s preference. We also offer GitLab Dedicated, our single tenant SaaS solution, well suited for organizations with complex security and compliance requirements. See the section entitled “Key Business Metrics—Dollar-Based Net Retention Rate and ARR” below for additional information about how we define ARR.

Previous wording

We believe we have built a highly differentiated platform that gives us an advantage over our competitors by empowering business, development, security, operations, and IT teams to collaborate in a single application across the entire DevSecOps lifecycle. Our technology leadership is an outcome of various factors, including our strong community, network of contributors, and continued enhancement of The DevSecOps Platform by developing new features and expanding the functionality of existing features with speed and consistency. We have had a history of releasing enhanc ements to The DevSecOps Platform every month and, as of October 31, 2024, had done so for the last 157 months. We intend to continue releasing new software on a monthly cadence.

Current wording

We believe we have built a highly differentiated platform that gives us an advantage over our competitors by empowering business, development, security, operations, and IT teams to collaborate in a single application across the entire DevSecOps lifecycle. Our technology leadership is an outcome of various factors, including our strong community, network of contributors, and continued enhancement of The DevSecOps platform by developing new features and expanding the functionality of existing features with speed and consistency. We have had a history of releasing enhanc ements to The DevSecOps platform every month and, as of April 30, 2025, had done so for the last 163 months. We intend to continue releasing new software on a monthly cadence.

Previous wording

Our future growth depends in large part on our ability to acquire new customers. This, in turn, relies on our ability to reach teams and organizations through our marketing and sales efforts. To this end, we are making investments in our sales and marketing efforts to expand our reach and differentiate The DevSecOps Platform from competitive products and services. We believe that eventually the vast majority of organizations will switch to a DevSecOps platform and embrace a single application approach, creating a substantial opportunity to continue to grow our customer base. As a result, our Base Customers increased to 9,519 as of October 31, 2024 from 8,175 as of October 31, 2023, an increase of 16%, our $100,000 ARR customers increased to 1,144 as of October 31, 2024 from 874 as of October 31, 2023, an increase of 31%. See the section entitled “—Key Business Metrics—Dollar-Based Net Retention Rate and ARR” below for information about how we define ARR.

Current wording

Our future growth depends in large part on our ability to acquire new customers. This, in turn, relies on our ability to reach teams and organizations through our marketing and sales efforts. To this end, we are making investments in our sales and marketing efforts to expand our reach and differentiate The DevSecOps platform from competitive products and services. We believe that eventually the vast majority of organizations will switch to a DevSecOps platform and embrace a single application approach, creating a substantial opportunity to continue to grow our customer base. As a result, our Base Customers increased to 10,104 as of April 30, 2025 from 8,976 as of April 30, 2024, an increase of 13% and our $100,000 ARR customers increased to 1,288 as of April 30, 2025 from 1,025 as of April 30, 2024, an increase of 26%. See the section entitled “—Key Business Metrics—Dollar-Based Net Retention Rate and ARR” below for information about how we define ARR.

Previous wording

Our operating results and growth prospects will depend in part on our ability to attract new customers. While we believe we have a significant market opportunity that The DevSecOps Platform addresses, we will need to continue to invest in sales and marketing, research and development, and customer support to further grow our customer base, both in the United States and internationally. We believe that we have more than 40 million registered users, which includes users of our free tier offering, providing a base of potential new customers. We intend to continue to add headcount to our global sales and marketing team to acquire new customers and to increase sales to existing customers.

Current wording

Our operating results and growth prospects will depend in part on our ability to attract new customers. While we believe we have a significant market opportunity that The DevSecOps platform addresses, we will need to continue to invest in sales and marketing, research and development, and customer support to further grow our customer base, both in the United States and internationally. We believe that we have more than 50 million registered users, which includes users of our free tier offering, providing a base of potential new customers. We intend to continue to add headcount to our global sales and marketing team to acquire new customers and to increase sales to existing customers.

Previous wording

We employ a “land and expand” business strategy that focuses on efficiently acquiring new customers and growing our relationships with existing customers over time. We believe that as our customers realize the benefits of a single application approach, they will increase the use of The DevSecOps Platform, enhancing our ability to expand revenue generation within our existing customers over time. As a result of our approach, as of October 31, 2024 and 2023, our Dollar-Based Net Retention Rate was 124% and 128%, respectively. See the section entitled “—Key Business Metrics—Dollar-Based Net Retention Rateand ARR” below for information about how we define Dollar-Based Net Retention Rate.

Current wording

We employ a “land and expand” business strategy that focuses on efficiently acquiring new customers and growing our relationships with existing customers over time. We believe that as our customers realize the benefits of a single application approach, they will increase the use of The DevSecOps platform, enhancing our ability to expand revenue generation within our existing customers over time. As a result of our approach, as of April 30, 2025 and 2024, our Dollar-Based Net Retention Rate was 122% and 129%, respectively. See the section entitled “—Key Business Metrics—Dollar-Based Net Retention Rate and ARR” below for information about how we define Dollar-Based Net Retention Rate.

Previous wording

Our SaaS subscriptions provide access to our latest managed version of our product hosted in a public or private cloud based on the customer’s preference. Revenue from our SaaS offerings is recognized ratably over the contract period when the performance obligation is satisfied.

Current wording

Subscription revenue primarily consists of support, maintenance, upgrades, and updates on a when-and-if-available basis for our self-managed customers and the right to access our product in a cloud-based-infrastructure that we host for our SaaS customers. Subscription revenue is recognized ratably over the contract period as the performance obligation is satisfied.

Previous wording

The typical term of a subscription contract for SaaS offerings is one to three years.

Current wording

The typical term of a subscription contract is one to three years.

Previous wording

Other revenue consists of professional services revenue which is derived from fixed fee and time and materials offerings, subject to customer acceptance for fixed fee offerings. Uncertainty exists about customer acceptance and therefore, control is presumed to transfer upon confirmation from the customer, as defined in each professional services contract. Accordingly, revenue is recognized upon satisfaction of all requirements per the applicable contract. Revenue from professional services provided on a time and material basis is recognized over the periods services are delivered.

Current wording

Other revenue consists of professional services revenue which is derived from fixed fee and time and materials engagements. Revenue from professional services is recognized as the services are performed and control is transferred. For fixed fee engagements that include acceptance clauses, control is deemed to transfer upon customer confirmation, as defined in the respective contract. Accordingly, revenue is recognized upon satisfaction of all contractual requirements.

Previous wording

Cost of self-managed license and other revenue consists primarily of contractor and personnel-related costs, including stock-based compensation expense, associated with the professional services team and customer support team, and allocated overhead. We expect our cost of revenue for self-managed license and other to increase in absolute dollars as our self-managed and other revenue increases.

Current wording

Cost of self-managed license and other revenue consists primarily of contractor and personnel-related costs, including stock-based compensation expense, associated with the professional services team, third-party payment processing fees, and allocated overhead. We expect our cost of revenue for self-managed license and other to increase in absolute dollars as our self-managed and other revenue increases.

Previous wording

We incur expenses as a result of operating as a public company, including costs to comply with the rules and regulations applicable to companies listed on a national securities exchange, costs related to compliance and reporting obligations, costs related to Sarbanes-Oxley compliance, costs related to Environmental, Social, and Governance (ESG) compliance and expenses for insurance, investor relations, and related professional services. We expect that our general and administrative expenses will increase in absolute dollars as our business grows but will decrease as a percentage of our total revenue over time, although our general and administrative expenses may fluctuate as a percentage of our total revenue from period-to-period depending on the timing of these expenses.

Current wording

We incur expenses as a result of operating as a public company, including costs to comply with the rules and regulations applicable to companies listed on a national securities exchange, costs related to compliance and reporting obligations, costs related to Sarbanes-Oxley compliance, and expenses for insurance, investor relations, and related professional services. We expect that our general and administrative expenses will increase in absolute dollars as our business grows but will decrease as a percentage of our total revenue over time, although our general and administrative expenses may fluctuate as a percentage of our total revenue from period-to-period depending on the timing of these expenses.

Previous wording

Interest Income, and Other Income (Expense), Net

Current wording

Interest Income, and Other Expense, Net

Previous wording

Other income (expense), net consists primarily of the foreign currency transaction gains and losses.

Current wording

Other expense, net consists primarily of foreign currency transaction gains and losses.

Previous wording

Provision for (benefit from) income taxes consists primarily of income taxes in the foreign and state jurisdictions in which we conduct business. We maintain a full valuation allowance against our deferred tax assets in certain jurisdictions because we have concluded that it is not more likely than not that the deferred tax assets will be realized.

Current wording

Provision for income taxes consists primarily of income taxes in the foreign and state jurisdictions in which we conduct business. We maintain a full valuation allowance against our deferred tax assets in certain jurisdictions because we have concluded that it is not more likely than not that the deferred tax assets will be realized.

Previous wording

(2)Our results of operations include our variable interest entity, JiHu. The ownership interest of other investors is recorded as a noncontrolling interest. See “Note 11. Joint Venture and Equity Method Investment” to ourcondensed consolidated financial statements for additional details.

Current wording

(2)Our results of operations include our variable interest entity, JiHu. The ownership interest of other investors is recorded as a noncontrolling interest. See “Note 10. Joint Venture” to our condensed consolidated financial statements for additional details.

Previous wording

The following table sets forth the components of ourcondensed consolidated statements of operations as a percentage of total revenue for each of the periods presented:

Current wording

The following table sets forth the components of our condensed consolidated statements of operations as a percentage of total revenue for each of the periods presented:

Previous wording

Comparison of the Three and Nine Months Ended October 31, 2024 and 2023

Current wording

Comparison of the Three Months Ended April 30, 2025 and 2024

Previous wording

Revenue increased $46.4 million, or 31%, to $196.0 million for the three months ended October 31, 2024 from $149.7 million for the three months ended October 31, 2023. Revenue increased $131.7 million, or 32%, to $547.8 million for the nine months ended October 31, 2024 from $416.1 million for the nine months ended October 31, 2023. The increase in both thethree and nine months ended October 31, 2024 was primarily due to the ongoing demand for The DevSecOps Platform, including adding new customers, the expansion within our existing paid customers, and an increase in our number of customers with $100,000 or greater in ARR. As of October 31, 2024 and 2023, our expansion is reflected by our Dollar-Based Net Retention Rate being 124% and 128%, respectively. We had 1,144 customers with ARR over $100,000 as of October 31, 2024, increasing from 874 customers with ARR over $100,000 as of October 31, 2023.

Current wording

Revenue increased $45.3 million, or 27%, to $214.5 million for the three months ended April 30, 2025 from $169.2 million for the three months ended April 30, 2024. The increasewas primarily due to the ongoing demand for The DevSecOps platform, including adding new customers, the expansion within our existing paid customers, and an increase in our number of customers with $100,000 or greater in ARR. As of April 30, 2025 and 2024, our expansion is reflected by our Dollar-Based Net Retention Rate being

Previous wording

Revenue attributed to our variable interest entity, JiHu, was $1.9 million and $1.7 million for the three months ended October 31, 2024 and 2023, respectively, and $5.3 million and $4.8 million for the nine months ended October 31, 2024 and 2023, respectively. See “Note 11. Joint Venture and Equity Method Investment” to our condensed consolidated financial statements for additional details.

Current wording

Revenue attributed to our variable interest entity, JiHu, was $1.9 million and $1.6 millionfor the three months ended April 30, 2025 and 2024, respectively. See “Note 10. Joint Venture” to our condensed consolidated financial statements for additional details.

Previous wording

Cost of revenue increased by $7.0 million, to $22.1 million for the three months ended October 31, 2024 from $15.1 million for the three months ended October 31, 2023, primarily due to an increase of $2.0 million in third party hosting costs for increased SaaS and cloud usage, an increase of $2.0 million in the amortization of intangible assets and $1.7 million increase in personnel-related expenses, driven by an increase in our average customer support and professional services headcount and an increase of $0.3 million in stock-based compensation expenses (as discussed in the section titled“Stock-Based Compensation Expense”below). Gross margin decreased by 1% to 89% for the three months ended October 31, 2024 from 90% for the three months ended October 31, 2023.

Current wording

Cost of revenue increased by $6.3 million, to $25.0 million for the three months ended April 30, 2025 from $18.8 million for the three months ended April 30, 2024, primarily due to an increase of $2.8 million in hosting expenses for increased SaaS and cloud usage. The remaining change was primarily attributable to an increase of $1.0 million in personnel-related expenses, driven by an increase in our average customer support and professional services headcount and an increase of $0.1 million in stock-based compensation expenses (as discussed in the section titled“Stock-Based Compensation Expense”below), an increase of $0.9 million in the amortization of intangible assets, an increase of $0.7 million of third-party payment processing fees, and $0.5 million in consulting expenses. Gross margin decreased 1% to 88% for the three months ended April 30, 2025 compared to 89% for the three months ended April 30, 2024.

Previous wording

Cost of revenue attributed to our variable interest entity, JiHu, was $0.5 million and $0.8 million for the three months ended October 31, 2024 and 2023, respectively, and $1.5 million and $1.8 million for the nine months ended October 31, 2024 and 2023, respectively. See “Note 11. Joint Venture and Equity Method Investment” to our condensed consolidated financial statements for additional details.

Current wording

Cost of revenue attributed to our variable interest entity, JiHu, was$0.5 million for each of the three months ended April 30, 2025 and 2024. See “Note 10. Joint Venture” to our condensed consolidated financial statements for additional details.

Previous wording

Sales and marketing expenses increased by $8.4 million, to $95.3 millionfor the three months ended October 31, 2024 from $87.0 millionfor the three months ended October 31, 2023, primarily due to an increase of $8.2 million in personnel-related expenses, driven by an increase in our average sales and marketing headcount and an increase of $0.5 million in stock-based compensation expenses (as discussed in the section titled“Stock-Based Compensation Expense”below).

Current wording

Sales and marketing expenses increased by $15.2 million, to $107.6 million for the three months ended April 30, 2025 from $92.4 million for the three months ended April 30, 2024, primarily due to an increase of $13.9 million in personnel-related expenses, driven by an increase in our average sales and marketing headcount and an increase of $4.7 million in stock-based compensation expenses (as discussed in the section titled“Stock-Based Compensation Expense”below) and an increase of $1.1 million in hosting expenses.

Previous wording

Research and development expenses increased by $12.3 million, to$61.4 million for the three months ended October 31, 2024 from$49.1 million for the three months ended October 31, 2023, primarily due to an increase of $10.5 million in personnel-related expenses, driven by an increase in our average research and development headcount and an increase of$1.6 million in stock-based compensation expenses (as discussed in the section titled“Stock-Based Compensation Expense” below). The remaining change was mainly due to an increase of $1.2 million in hosting costs for internal usage.

Current wording

Research and development expenses increased by$11.3 million, to $65.4 million for the three months ended April 30, 2025 from $54.1 million for the three months ended April 30, 2024, primarily due to an increase of $9.3 million in personnel-related expenses, driven by an increase in our average research and development headcount and an increase of $1.9 million in stock-based compensation expenses (as discussed in the section titled“Stock-Based Compensation Expense” below). The remaining change was mainly due to an increase of $1.9 million in hosting costs.

Previous wording

General and administrative expenses increased by $7.1 million, to $46.0 million for the three months ended October 31, 2024 from $38.8 million for the three months ended October 31, 2023, primarily driven by an increase of $3.7 million in personnel-related expenses, mainly attributable to an increase in our average general and administrative headcount and an increase of $4.2 million in stock-based compensation expenses (as discussed in the section titled“Stock-Based Compensation Expense” below), an increase of $1.4 million in consulting expenses, an increase of $0.3 million in charitable donation of common stock, an increase of $0.2 million in finance and insurance expenses and an increase of $0.2 million in privilege tax and franchise tax.

Current wording

General and administrative expenses decreased by$6.4 million, to$51.1 million for the three months ended April 30, 2025 from$57.5 million for the three months ended April 30, 2024, primarily driven by $15.4 million expense related to our in-person company-wide event that took place in the three months ended April 30, 2024 and a $1.2 million decrease in charitable donation of common stock. These decreases were partially offset by an increase of $8.2 million in personnel-related expenses, mainly attributable to an increase in our average general and administrative headcount and an increase of$6.9 million in stock-based compensation expenses (as discussed in the section titled“Stock-Based Compensation Expense” below), and an increase of $2.0 million in consulting, audit, and event expenses.

Previous wording

Stock-based compensation expense increased by $6.7 million, to $48.0 million for the three months ended October 31, 2024 from $41.3 million for the three months ended October 31, 2023, primarily due to an increase of $8.6 million of expense from RSUs, offset by a decrease of $1.1 million related to our ESPP and $1.2 million related to stock options.

Current wording

Stock-based compensation expense increased by $13.6 million, to $55.8 millionfor the three months ended April 30, 2025 from $42.3 million for the three months ended April 30, 2024, primarily due to an increase of $9.6 million of expense from RSUs, $2.6 million from PSUs, and $1.3 million related to stock options.

Previous wording

Interest Income and Other Income (Expense), Net

Current wording

Interest Income and Other Expense, Net

Previous wording

For the three and nine months ended October 31, 2024 compared to the three and nine months ended October 31, 2023, interest income increased primarily due to income earned from our cash equivalents and short-term investments as a result of investing the proceeds from our initial public offering, or IPO, into marketable securities as well as higher interest rates during the three and nine months ended October 31, 2024 compared to the three and nine months ended October 31, 2023.

Current wording

For the three months ended April 30, 2025 compared to the three months ended April 30, 2024, interest income decreased primarily due to income earned from our cash, cash equivalents and short-term investments as a result of lower interest rates during the three months ended April 30, 2025 compared to the three months ended April 30, 2024.

Previous wording

Our effective tax rate increased by approximately 290.8% for the nine months ended October 31, 2024 as compared tothe nine months ended October 31, 2023, representing an increased tax benefit. The increase in tax benefit was primarily due to the tax effects of the BAPA negotiations between the United States and Dutch taxing authorities.

Current wording

Our effective tax rate increased by approximately 22.9% for the three months ended April 30, 2025 as compared to thethree months ended April 30, 2024. A tax expense is expressed as a negative rate because of our pretax loss. The decrease in tax expense was primarily due to the tax effects recorded in thethree months ended April 30, 2024 related to the BAPA negotiations between the United States and Dutch tax authorities.

Previous wording

Our effective tax rate for the three and nine months ended October 31, 2024 was higher than the U.S. federal statutory tax rate of 21%, primarily due to the tax effects of the BAPA negotiations between the United States and Dutch tax authorities, and the Company’s foreign and domestic operations.

Current wording

Our effective tax rate for the three months ended April 30, 2025 was lower than the U.S. federal statutory tax rate of 21%, primarily due to the Company’s foreign and domestic operations and losses not benefited.

Previous wording

We executed the BAPA agreements with the U.S. and Dutch tax authorities on October 10, 2024, and October 22, 2024, respectively. On October 28, 2024, we paid the tax assessment issued by the Dutch Tax Authority, or the DTA, which reflected the BAPA negotiations.

Current wording

We executed the BAPA agreements with the U.S. IRS and the Netherlands DTA on October 10, 2024, and October 22, 2024, respectively. On October 28, 2024, we paid $187.7 million to satisfy the tax assessment issued by the DTA, including accrued interest, which reflected the BAPA negotiations and the agreement to reduce the rate of tax on the gain from the transfer of economic IP rights. As a result of the BAPA and DTA assessment, the 2015 through 2017 tax years are closed for GitLab B.V. Pursuant to the terms in the BAPA, we will file amended returns for the 2018 through 2023 fiscal years; the tax returns for the fiscal year ended January 31, 2024 were filed. All U.S. federal and state tax net operating losses (“NOLs”) and credits, as well as Netherlands NOLs, are not yet recognized due to the determination that they are not more likely than not to be realized.

Previous wording

As of October 31, 2024 and January 31, 2024, our principal source of liquidity was cash, cash equivalents, and short-term investments aggregating to $0.9 billion and $1.0 billion, respectively, which were held for working capital and strategic investment purposes. As of October 31, 2024, cash and cash equivalents consist of cash in banks, money markets funds, treasuries, and commercial paper, while short-term investments mainly consist of treasuries, corporate debt securities, agency securities, and commercial paper.

Current wording

As of April 30, 2025 and January 31, 2025, our principal source of liquidity was cash, cash equivalents, and short-term investments aggregating to $1.1 billion and $992.4 million, respectively, which were held for working capital and strategic investment purposes. As of April 30, 2025, cash and cash equivalents consist of cash in banks, money markets funds, treasuries, and commercial paper, while short-term investments mainly consist of treasuries, corporate debt securities, agency securities, and commercial paper.

Previous wording

Our largest source of operating cash is payments received from our customers. Our primary uses of cash from operating activities are for personnel-related expenses, sales and marketing expenses, third-party cloud infrastructure expenses, and overhead expenses. We have generated positive cash flows from operating activities and have supplemented working capital through net proceeds from the issuance of equity securities.

Current wording

Our largest source of operating cash is payments received from our customers. Our primary uses of cash from operating activities are for personnel-related expenses, sales and marketing expenses, third-party cloud infrastructure expenses, and overhead expenses. We have generated positive cash flows for each of the three months ended April 30, 2025 and 2024 from operating activities.

Previous wording

Cash provided by operating activities during the nine months ended October 31, 2023 was $10.2 million, primarily consisting of our net loss of $390.5 million, adjusted for non-cash items of $153.4 million (mainly attributable to stock-based compensation expense of $120.0 million), and net cash outflows of $247.3 million provided by changes in our operating assets and liabilities. The main drivers of the changes in operating assets and liabilities were the increase in deferred revenue of $29.2 million and the increase in accrued compensation and related expenses of $2.8 million, partially offset by the increase in deferred contract acquisition costs of $31.8 million and the increase in accounts receivable of $5.3 million.

Current wording

Cash provided by operating activities during the three months ended April 30, 2025 was $106.3 million, primarily consisting of our net loss of $36.3 million, adjusted for non-cash items of $81.2 million (mainly attributable to stock-based compensation expense of $55.8 million and amortization of deferred contract acquisition costs, net of $13.9 million), and net cash inflows of $61.4 million used in changes of our operating assets and liabilities. The main drivers of the changes in operating assets and liabilities were the decrease of accounts receivable of $65.9 million, the increase in accrued expenses and other liabilities of $10.0 million and the increase in accounts payable of $3.6 million, partially offset by the decrease in accrued compensation and related expenses of $13.1 million and the decrease in deferred contract acquisition costs of $8.1 million. These changes primarily reflect our successful collections driving lower accounts receivable and the decrease in accrued compensation is largely due to the payment of prior period commissions and bonuses, while the increase in accrued expenses primarily relates to ESPP contributions and accrued marketing and research and development spending.

Previous wording

Cash used in operating activities during the nine months ended October 31, 2024 was $127.2 million, primarily consisting of our net loss of $14.3 million, adjusted for non-cash items of $178.2 million (mainly attributable to stock-based compensation expense of $139.3 million and amortization of deferred contract acquisition costs, net of $35.7 million), and net cash outflows of $291.1 million provided by changes in our operating assets and liabilities. The main drivers of the changes in operating assets and liabilities were the increase of accounts receivable of $31.7 million, the increase in deferred contract acquisition costs of $35.7 million, the decrease in accrued expenses and other liabilities of $241.7 million (mainly attributable to $187.7 million for the BAPA payment), the decrease in accrued compensation and related expenses of $8.8 million, and the decrease in other non-current liabilities of $11.1 million, partially offset by the decrease in prepaid expenses and other current assets of $2.5 million, and the increase in deferred revenue of $34.5 million.

Current wording

Cash provided by operating activities during thethree months ended April 30, 2024 was $38.1 million, primarily consisting of our net loss of $55.5 million, adjusted for non-cash items of $54.6 million (mainly attributable to stock-based compensation expense of $42.3 million and amortization of deferred contract acquisition costs, net of $11.1 million), and net cash inflows of $39.0 million provided by changes in our operating assets and liabilities. The main drivers of the changes in operating assets and liabilities were the decrease in accounts receivable of $31.1 million, the decrease in prepaid expenses and other current assets of $10.4 million and the increase in accrued expenses and other liabilities of $20.0 million, partially offset by the increase in deferred contract acquisition costs of $8.5 million, the decrease in deferred revenue of $4.4 million and the decrease in accrued compensation and related expenses of $13.2 million.