GitLab Inc (GTLB) 2024 Q2 法說會逐字稿

Thank you for joining us today for GitLab's Second Quarter of Fiscal Year 2024 financial results presentation. GitLab's Co-Founder and CEO, Sid Sijbrandij; and GitLab's Chief Financial Officer, Brian Robbins will provide commentary on the quarter and fiscal year. Please note, we will be opening up the call for panelist questions. (Operator Instructions)

感謝您今天參加我們的 GitLab 2024 財年第二季度財務業績演示。 GitLab 聯合創始人兼首席執行官 Sid Sijbrandij； GitLab 首席財務官 Brian Robbins 將對該季度和財年發表評論。請注意，我們將開放小組成員提問徵集。 （操作員說明）

Before we begin, I'll cover the safe harbor statement. During this conference call, we may make forward-looking statements within the meaning of the federal securities laws. These statements involve assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated. For a complete discussion of risk associated with these forward-looking statements in our business, please refer to our earnings release distributed today in our SEC filings, including our most recent quarterly report on Form 10-Q and our most recent annual report on Form 10-K.

在我們開始之前，我將介紹安全港聲明。在本次電話會議期間，我們可能會做出聯邦證券法含義內的前瞻性聲明。這些陳述涉及假設，並受到已知和未知的風險和不確定性的影響，可能導致實際結果與討論或預期的結果存在重大差異。有關我們業務中這些前瞻性陳述相關風險的完整討論，請參閱今天在 SEC 文件中發布的收益報告，包括我們最新的 10-Q 表格季度報告和 10 表格最新年度報告-K。

Our forward-looking statements are based upon information currently available to us. We caution you to not place undue reliance on forward-looking statements and we undertake no duty or obligation to update or revise any forward-looking statement or to report any future events or circumstances or to reflect the occurrence of unanticipated events.

我們的前瞻性陳述基於我們目前掌握的信息。我們提醒您不要過度依賴前瞻性陳述，我們不承擔更新或修改任何前瞻性陳述或報告任何未來事件或情況或反映意外事件發生的責任或義務。

We may also discuss financial performance measures that differ from comparable measures contained in our financial statements prepared in accordance with U.S. GAAP. These non-GAAP measures are not intended to be a substitute for our GAAP results. A reconciliation of these non-GAAP measures to the most comparable GAAP financial measures is included in our earnings press release, which, along with these reconciliations and additional supplemental information are available at ir.gitlab.com. A replay of today's call will also be posted on ir.gitlab.com.

我們還可能討論與我們根據美國公認會計原則編制的財務報表中包含的可比較指標不同的財務績效指標。這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。我們的收益新聞稿中包含了這些非 GAAP 指標與最具可比性 GAAP 財務指標的調節表，該新聞稿以及這些調節表和其他補充信息可在 ir.gitlab.com 上獲取。今天電話會議的重播也將發佈在 ir.gitlab.com 上。

I will now turn the call over to GitLab's Co-Founder and Chief Executive Officer, Sid Sijbrandij.

我現在將把電話轉給 GitLab 聯合創始人兼首席執行官 Sid Sijbrandij。

Thank you for joining us today. We delivered a strong quarter. Revenue grew 38% year-over-year, and we continue to demonstrate significant operating leverage in our model. We also reached a major milestone. Gartner and Forrester issued reports officially recognizing DevOps platforms. This is the category we created. And these reports validate the category's significance and importance. We also proved that the market is moving from point solutions to platforms. I'm thrilled with where these industry analysts place GitLab within the category. We were named a leader in the Gartner Magic Quadrant for DevOps platforms, and we scored the highest in our ability to execute of all the participants. And we were the only leader in the Forrester Wave integrated software delivery platforms. These reports show significant momentum for GitLab. It also reinforced a consistent team right here. Customers want to develop better, faster and more secure software, and we want to do more with less.

感謝您今天加入我們。我們交付了一個強勁的季度。收入同比增長 38%，我們繼續在我們的模型中展示出巨大的運營槓桿。我們還達到了一個重要的里程碑。 Gartner 和 Forrester 發布報告正式認可 DevOps 平台。這是我們創建的類別。這些報告驗證了該類別的意義和重要性。我們還證明，市場正在從單點解決方案轉向平台。我對這些行業分析師將 GitLab 置於該類別中的位置感到非常興奮。我們被評為 Gartner DevOps 平台魔力像限的領導者，並且我們在所有參與者的執行能力方面得分最高。我們是 Forrester Wave 集成軟件交付平台的唯一領導者。這些報告顯示了 GitLab 的強勁勢頭。它還加強了這裡一支穩定的團隊。客戶希望開發更好、更快、更安全的軟件，而我們希望用更少的資源做更多的事情。

I'd like to discuss key topics today. First, how we're innovating to create further differentiation for our DevSecOps platform. Second, how we're capturing the large DevSecOps opportunity with a strong go-to-market motion. And third, how we are continuing to drive responsible growth in the business, and Brian will cover this topic in even more detail.

今天我想討論一些關鍵話題。首先，我們如何進行創新，為我們的 DevSecOps 平台創造進一步的差異化。其次，我們如何通過強有力的上市行動來抓住 DevSecOps 的巨大機會。第三，我們如何繼續推動負責任的業務增長，布萊恩將更詳細地討論這個主題。

We held our GitLab 16 product launch event last quarter. We share new features and capabilities of our AI-powered DevSecOps platform and we also discussed the road map for the coming year.

上季度我們舉辦了 GitLab 16 產品發布會。我們分享了人工智能驅動的 DevSecOps 平台的新特性和功能，並討論了來年的路線圖。

GitLab is uniquely able to help companies overcome the complexity of developing software. One area on which we focused was compliance. Our DevSecOps platform helps compliance leaders set the right controls and governance frameworks. We shared several new compliance capabilities. These include centralized policy management, expanded reports and controls and compliance dashboards.

GitLab 能夠幫助公司克服軟件開發的複雜性，這是獨一無二的。我們關注的一個領域是合規性。我們的 DevSecOps 平台可幫助合規領導者設置正確的控制和治理框架。我們分享了一些新的合規功能。其中包括集中策略管理、擴展報告和控制以及合規儀表板。

Another focus area was security, GitLab enables companies to strengthen their software supply chain security. Point solutions make it difficult for teams to ship software faster while maintaining strong security. In contrast, our DevSecOps platform enables companies to shift their security practices left and do it earlier in the life cycle. It helps developers catch vulnerabilities earlier in the development process.

另一個重點領域是安全性，GitLab 使公司能夠加強其軟件供應鏈的安全性。單點解決方案使團隊很難在保持強大安全性的同時更快地交付軟件。相比之下，我們的 DevSecOps 平台使公司能夠將其安全實踐左移並在生命週期的早期進行。它可以幫助開發人員在開發過程的早期發現漏洞。

Please let me provide a customer example. BetterCloud is a market-leading SaaS workflow automation platform. They turn to GitLab to secure their software supply chain. In Q2, they renewed their business with GitLab to consolidate their fragmented tool chain. And as a result, BetterCloud deprecated multiple security point solution providers. This strengthened data security posture while also enhancing automation and increasing developer satisfaction.

請讓我提供一個客戶示例。 BetterCloud 是市場領先的 SaaS 工作流程自動化平台。他們求助於 GitLab 來確保其軟件供應鏈的安全。第二季度，他們與 GitLab 續簽了業務，以整合分散的工具鏈。因此，BetterCloud 棄用了多個安全點解決方案提供商。這加強了數據安全狀況，同時還增強了自動化並提高了開發人員的滿意度。

GitLab enables customers to make their software more secure without sacrificing speed. This differentiated value proposition resonates across all verticals. One particular example is the public sector. Speed to mission is imperative in this vertical.

GitLab 使客戶能夠在不犧牲速度的情況下提高軟件的安全性。這種差異化的價值主張在所有垂直領域引起共鳴。一個具體的例子是公共部門。在這個垂直領域，加快完成任務的速度至關重要。

GitLab customer, Navy Black Pearl demonstrates this value proposition well. Navy Black Pearl is a DevSecOps service developed and managed by (inaudible) This service creates mission applications for the U.S. Department of Navy. Black Pearl uses GitLab to quickly create new applications and continuously modify code in response to evolving requirements and priorities. Using GitLab, Navy Black Pearls' teams have designed and created custom operational software environments within days rather than months. Many of our customers have complex security, compliance and regulatory requirements. We address these needs with GitLab Dedicated. This is a single-tenant SaaS offering that became generally available in Q2.

GitLab 客戶 Navy Black Pearl 很好地展示了這一價值主張。 Navy Black Pearl 是由（聽不清）開發和管理的 DevSecOps 服務。該服務為美國海軍部創建任務應用程序。 Black Pearl 使用 GitLab 快速創建新應用程序並不斷修改代碼，以響應不斷變化的需求和優先級。使用 GitLab，Navy Black Pearls 團隊在幾天而不是幾個月內設計和創建了自定義操作軟件環境。我們的許多客戶都有復雜的安全、合規和監管要求。我們通過 GitLab Dedicated 來滿足這些需求。這是一款單租戶 SaaS 產品，於第二季度全面推出。

With GitLab Dedicated, we fully managed and deploy the DevSecOps platform, and this enables customers to save on operational costs. It also provides the control and compliance of a self-hosted solution. GitLab Dedicated offers full data and source code isolation, data residency and private networking.

借助 GitLab Dedicated，我們全面管理和部署 DevSecOps 平台，這使客戶能夠節省運營成本。它還提供自託管解決方案的控制和合規性。 GitLab Dedicated 提供完整的數據和源代碼隔離、數據駐留和專用網絡。

Let me provide another customer example. One of the world's leading advisory and asset management firms choose GitLab Dedicated over GitHub in Q2. They had a SaaS-first initiative. Their security teams would not allow a multi-tenant SaaS solution. They choose us because GitLab Dedicated met their security and compliance requirements. GitLab Dedicated also enabled this customer to accomplish other objectives. These include eliminating duplicate tools, increasing operational efficiency and accelerating their move to the cloud.

讓我提供另一個客戶的例子。全球領先的諮詢和資產管理公司之一在第二季度選擇了 GitLab Dedicated 而不是 GitHub。他們有一個 SaaS 優先的計劃。他們的安全團隊不允許使用多租戶 SaaS 解決方案。他們選擇我們是因為 GitLab Dedicated 滿足了他們的安全性和合規性要求。 GitLab Dedicated 還幫助該客戶實現了其他目標。其中包括消除重複的工具、提高運營效率以及加速向雲的遷移。

GitLab integrates all aspects of software development into the same platform. Customers can improve their productivity and efficiency across the entire life cycle. This includes enterprise agile planning and value stream management.

GitLab 將軟件開發的各個方面集成到同一個平台中。客戶可以提高整個生命週期的生產力和效率。這包括企業敏捷規劃和價值流管理。

In Q2, we expanded business with a multinational financial services company. The customer wanted to drive greater efficiency by integrating an enterprise agile planning solution with the rest of their software development practices. We moved thousands of business users from Jira to GitLab.

第二季度，我們擴大了與一家跨國金融服務公司的業務。客戶希望通過將企業敏捷規劃解決方案與其他軟件開發實踐集成來提高效率。我們將數千名業務用戶從 Jira 遷移到了 GitLab。

AI continues to be a key area of product innovation. We are developing AI-powered capabilities across the entire software development life cycle. Let me share just a few of these capabilities. Code suggestions uses generative AI to suggest code to developers. Suggested reviewers leverages AI to identify the most appropriate reviewers of code. Explaining this vulnerability provides details about potential security vulnerabilities in code. And code suggestions remains on track to be generally available later this year. We differentiate our approach to AI in several ways. We have a commitment to privacy and transparency in our use of AI, and we also deliver AI throughout the entire software development life cycle.

人工智能仍然是產品創新的關鍵領域。我們正在整個軟件開發生命週期中開發人工智能驅動的功能。讓我分享其中的一些功能。代碼建議使用生成式人工智能向開發人員建議代碼。建議的審閱者利用人工智能來識別最合適的代碼審閱者。解釋此漏洞提供了有關代碼中潛在安全漏洞的詳細信息。代碼建議仍有望在今年晚些時候普遍提供。我們通過多種方式區分我們的人工智能方法。我們致力於在人工智能的使用過程中保護隱私和透明度，並且我們還在整個軟件開發生命週期中提供人工智能。

Today, we released the findings of our state of DevSecOps study. This study illustrates the importance of our AI differentiation even further. In June 2023, we surveyed more than 1,000 respondents. These include in-video contributors and leaders in software development, IT operations and security. We found that 79% of respondents are concerned about AI tools accessing private information or intellectual property. We also found that developers only spend 25% of their time writing code. And that's why we believe delivering AI beyond just code suggestions is essential.

今天，我們發布了 DevSecOps 研究的結果。這項研究進一步說明了我們人工智能差異化的重要性。 2023 年 6 月，我們對 1,000 多名受訪者進行了調查。其中包括視頻內貢獻者以及軟件開發、IT 運營和安全領域的領導者。我們發現 79% 的受訪者擔心人工智能工具會訪問私人信息或知識產權。我們還發現開發人員只花 25% 的時間編寫代碼。這就是為什麼我們相信提供人工智能而不僅僅是代碼建議是至關重要的。

The second topic I want to discuss is how we intend to capture the large DevSecOps market opportunity with a strong go-to-market motion. Strategic partnerships are an important part of our go-to-market execution and I would like to highlight Google Cloud and AWS as 2 of the most significant.

我想討論的第二個主題是我們打算如何通過強有力的上市行動來抓住大型 DevSecOps 市場機會。戰略合作夥伴關係是我們進入市場執行的重要組成部分，我想強調谷歌云和 AWS 是其中最重要的兩個。

GitLab and Google Cloud are strongly committed to delivering secure enterprise AI offerings across the software development life cycle. We are thrilled to be working with Google Cloud on delivering our vision of AI-powered workflows. We are leveraging [PON2] foundational models, including the new coding model family to deliver new AI-powered experiences to all users involved in creating secure software.

GitLab 和 Google Cloud 堅定致力於在整個軟件開發生命週期提供安全的企業 AI 產品。我們很高興能夠與 Google Cloud 合作，實現我們對人工智能驅動的工作流程的願景。我們正在利用 [PON2] 基礎模型，包括新的編碼模型系列，為參與創建安全軟件的所有用戶提供新的人工智能體驗。

Our partnership with Google extends even further. At this year's Google Cloud Next, we announced our plans to integrate GitLab into the Google Cloud console. GitLab also received the 2023 Google Cloud Partner of the Year Award for the third consecutive year. Google recognized GitLab for our achievements in application development within the Google Cloud ecosystem.

我們與 Google 的合作夥伴關係進一步擴展。在今年的 Google Cloud Next 大會上，我們宣布了將 GitLab 集成到 Google Cloud 控制台的計劃。亞搏體育appGitLab還連續第三年榮獲2023年谷歌云年度合作夥伴獎。 Google 認可 GitLab 在 Google Cloud 生態系統中應用程序開發方面取得的成就。

Another key partner is AWS. In Q2, AWS introduced support for GitLab in AWS code pipeline. This is a fully managed continuous integration and continuous delivery service. This new AWS capability allows developers to leverage their gitlab.com source code repository to build, test and deploy co-changes with AWS code pipeline.

另一個重要合作夥伴是AWS。在第二季度，AWS 在 AWS 代碼管道中引入了對 GitLab 的支持。這是一項完全託管的持續集成和持續交付服務。這項新的 AWS 功能允許開發人員利用其 gitlab.com 源代碼存儲庫來構建、測試和部署與 AWS 代碼管道的協同更改。

Last quarter, we also embarked on our DevSecOps world tour. We're taking GitLab on the road to 14 cities in 4 countries. These events bring together developers, security and operations technology leaders. They can learn how organizations use GitLab to build more secure software, faster. We're happy to feature many partner and customer speakers. Examples include Delta Airlines, Lendlease and Cisco.

上個季度，我們還開始了 DevSecOps 世界之旅。我們正在將 GitLab 帶到 4 個國家的 14 個城市。這些活動匯集了開發人員、安全和運營技術領導者。他們可以了解組織如何使用 GitLab 更快地構建更安全的軟件。我們很高興邀請到許多合作夥伴和客戶的演講者。例子包括達美航空、Lendlease 和思科。

In Q2, we announced the appointment of Chris Weber as our Chief Revenue Officer. Chris brings more than 20 years of sales leadership experience from Microsoft. This includes building multibillion-dollar sales organizations. Chris's customer-first approach will be instrumental as GitLab scales in our next phase of growth.

在第二季度，我們宣布任命 Chris Weber 為我們的首席營收官。 Chris 帶來了 Microsoft 20 多年的銷售領導經驗。這包括建立數十億美元的銷售組織。隨著 GitLab 在下一階段的增長中不斷擴展，Chris 的客戶至上方法將發揮重要作用。

In closing, I'm pleased with our second quarter results. They demonstrate continued momentum and solidify our category leadership. With our recent analyst and customer validation, we are well positioned to win in the estimated $40 billion market opportunity. I'd like to thank our customers for trusting GitLab. And I'd also like to thank our team members, partners and the wider GitLab community for their contributions this quarter.

最後，我對我們第二季度的業績感到滿意。它們展示了持續的動力並鞏固了我們的類別領導地位。根據我們最近的分析師和客戶驗證，我們處於有利地位，可以贏得估計 400 億美元的市場機會。我要感謝我們的客戶對 GitLab 的信任。我還要感謝我們的團隊成員、合作夥伴和更廣泛的 GitLab 社區在本季度做出的貢獻。

I'll now turn it over to Brian Robbins, GitLab's Chief Financial Officer.

現在我將把它交給 GitLab 首席財務官 Brian Robbins。

Thank you, Sid, and thank you again for everyone joining us today. I'm very happy with our key metrics in Q2 and that our revenue grew 38% year-over-year. I'd like to emphasize it's point about driving responsible growth as we achieved over 2,300 basis points of non-GAAP operating margin expansion. We continue to find ways to become more efficient while scaling the business to address our large market opportunity. .

謝謝你，Sid，並再次感謝今天加入我們的所有人。我對第二季度的關鍵指標非常滿意，我們的收入同比增長了 38%。我想強調的是，隨著我們實現了超過 2,300 個基點的非 GAAP 營業利潤率擴張，我們必須推動負責任的增長。我們不斷尋找提高效率的方法，同時擴大業務規模，以抓住我們巨大的市場機會。 。

We also continue to make target investments in key product areas. These include security, compliance, AI and agile planning. Part of our responsible growth strategy is to continue to optimize our pricing and packaging. In April of this year, we raised the price of our premium SKU for the first time in 5 years. Over that time frame, we added over 400 new features. We believe this better aligns price with value for our customers and the investment we made over the past 5 years.

我們還繼續在關鍵產品領域進行有針對性的投資。其中包括安全性、合規性、人工智能和敏捷規劃。我們負責任的增長戰略的一部分是繼續優化我們的定價和包裝。今年 4 月，我們五年來首次提高了優質 SKU 的價格。在此期間，我們添加了 400 多個新功能。我們相信，這可以更好地將價格與我們的客戶價值以及我們過去 5 年所做的投資結合起來。

In the first 4 months post launch, customer behavior was in line with our expectations. As a reminder, we anticipate minimal impact to our financials from this change in the current year. We expect the price increase to have a much larger impact in FY '25 and beyond.

在推出後的前 4 個月內，客戶行為符合我們的預期。提醒一下，我們預計今年的這一變化對我們的財務影響最小。我們預計價格上漲將在 25 財年及以後產生更大的影響。

Looking back at the quarter. I want to touch on customer buying patterns, contraction and ultimate trends. First, customer purchasing behavior in Q2 was consistent with Q1 of FY '24. We believe buying patterns appear to have stabilized. Second, contraction was lower than Q1 of FY '24 and appears to be stabilizing. Third, Ultimate, our top tier continues to see strong adoption driven by customer wins for security and compliance use cases.

回顧本季度。我想談談客戶的購買模式、收縮和最終趨勢。首先，第二季度的客戶購買行為與 24 財年第一季度一致。我們認為購買模式似乎已經穩定。其次，收縮低於 24 財年第一季度，並且似乎趨於穩定。第三，終極，我們的頂級繼續看到客戶在安全性和合規性用例方面獲勝所推動的強勁採用。

Now turning to the numbers. Revenue of $139.6 million this quarter represents an increase of 38% organically from Q2 of the prior year. We ended Q2 with over 7,800 customers with ARR of at least $5,000 compared to over 7,400 customers in the first quarter of FY '24. This compares to over 5,800 customers in Q2 of the prior year. This represents a year-over-year growth rate of approximately 33%. Currently, customers with greater than $5,000 in ARR represent approximately 95% of our total ARR.

現在轉向數字。本季度收入為 1.396 億美元，較去年第二季度有機增長 38%。截至第二季度末，我們有超過 7,800 名客戶的 ARR 至少為 5,000 美元，而 24 財年第一季度的客戶數量超過 7,400 名。相比之下，去年第二季度有超過 5,800 名客戶。這意味著同比增長率約為 33%。目前，ARR 超過 5,000 美元的客戶約占我們總 ARR 的 95%。

We also measure the performance and growth of our larger customers, who we define as spending more than $100,000 in ARR with us. At the end of the second quarter of FY '24, we had 810 customers with ARR of at least $100,000 compared to 760 customers in Q1 of FY '24. This compares to 593 customers in the second quarter of FY '23. This represents a year-over-year growth rate of approximately 37%.

我們還衡量大客戶的績效和增長，我們將其定義為在我們這里花費超過 100,000 美元的 ARR。截至 24 財年第二季度末，我們有 810 名客戶的 ARR 至少為 100,000 美元，而 24 財年第一季度的客戶數量為 760 名。相比之下，2023 財年第二季度有 593 名客戶。這意味著同比增長率約為 37%。

As many of you know, we do not believe calculated billings to be a good indicator of our business given that our prior period comparisons can be impacted by a number of factors, most notably our history of large prepaid multiyear deals.

正如你們許多人所知，我們不認為計算的賬單是我們業務的良好指標，因為我們前期的比較可能受到許多因素的影響，最明顯的是我們的大型預付費多年交易的歷史。

This quarter, total RPO grew 37% year-over-year to $496 million. cRPO grew 34% to $335 million for the same time frame.

本季度，RPO 總額同比增長 37%，達到 4.96 億美元。同期 cRPO 增長了 34%，達到 3.35 億美元。

We ended our second quarter with a net dollar-based retention rate of 124%. As a reminder, this is a trailing 12-month metric that compares the expansion activity of customers over the last 12 months with that same cohort of customers during the prior 12-month period. The Ultimate tier continues to be our fastest-growing tier, representing 42% of ARR for the second quarter of FY '24, compared with 39% of ARR in the second quarter of FY '23. Non-GAAP gross margins were 91% in the quarter, which is consistent with the preceding quarter. This is a slight improvement from second quarter of FY '23. SaaS represents over 25% of ARR.

我們第二季度末的按美元計算的淨留存率為 124%。提醒一下，這是一個跟踪 12 個月的指標，用於將過去 12 個月內客戶的擴張活動與之前 12 個月內同一客戶群體的擴張活動進行比較。終極層仍然是我們增長最快的層，佔 24 財年第二季度 ARR 的 42%，而 23 財年第二季度的 ARR 為 39%。該季度非 GAAP 毛利率為 91%，與上一季度一致。這比 23 財年第二季度略有改善。 SaaS 佔 ARR 的 25% 以上。

We have been able to maintain best-in-class non-GAAP gross margins despite the higher cost of SaaS delivery. This is another example of how we continue to drive efficiencies in the business.

儘管 SaaS 交付成本較高，但我們仍能夠保持一流的非 GAAP 毛利率。這是我們如何繼續提高業務效率的另一個例子。

We saw improved operating leverage this quarter, largely driven by realizing greater efficiencies as we continue to scale the business. Non-GAAP operating loss of $4.3 million or negative 3% of revenue compared to a loss of $27 million or negative 27% of revenue in 2Q of last year. This includes an operating loss of $3.2 million for JiHu, our JV and majority-owned subsidiary. On a stand-alone GitLab basis, the operating loss was $1.1 million.

本季度我們的運營槓桿有所改善，這主要是由於我們不斷擴大業務規模而實現了更高的效率。非 GAAP 運營虧損為 430 萬美元，即收入的負 3%，而去年第二季度的虧損為 2700 萬美元，即收入的負 27%。其中包括我們的合資公司兼控股子公司極狐 320 萬美元的運營虧損。以獨立的 GitLab 計算，運營虧損為 110 萬美元。

We generated positive operating cash flow of $27.1 million in the second quarter of FY '24, compared to a $36.3 million use of cash in operating activities in the same quarter of last year.

我們在 2024 財年第二季度產生了 2710 萬美元的正運營現金流，而去年同期運營活動中的現金使用量為 3630 萬美元。

Now let's turn to guidance. We're assuming that the trends in the business we have seen over the last few quarters continue. There has been no change to our overall guidance philosophy. For the third quarter of FY '24, we expect total revenue of $140 million to $141 million, representing a growth rate of 24% to 25% year-over-year. We expect a non-GAAP operating loss of $6 million to $5 million and we expect a non-GAAP net loss per share of $0.02 to $0.01, assuming 155 million weighted average shares outstanding.

現在讓我們轉向指導。我們假設過去幾個季度我們看到的業務趨勢將持續下去。我們的總體指導理念沒有改變。對於 24 財年第三季度，我們預計總收入為 1.4 億至 1.41 億美元，同比增長率為 24% 至 25%。假設加權平均流通股數量為 1.55 億股，我們預計非 GAAP 運營虧損為 600 萬至 500 萬美元，非 GAAP 每股淨虧損為 0.02 至 0.01 美元。

For the full year FY '24, we now expect total revenue of $555 million to $557 million, representing a growth rate of approximately 31% year-over-year. We expect a non-GAAP operating loss of $33 million to $30 million and we expect non-GAAP net loss per share of $0.08 to $0.05, assuming 154 million weighted average shares outstanding.

對於 24 財年全年，我們目前預計總收入為 5.55 億美元至 5.57 億美元，同比增長率約為 31%。假設加權平均流通股數量為 1.54 億股，我們預計非 GAAP 運營虧損為 3300 萬至 3000 萬美元，非 GAAP 每股淨虧損為 0.08 至 0.05 美元。

Excluding the impact of JiHu, it's likely that GitLab will reach breakeven on a non-GAAP operating income basis in third quarter of FY '24. On a percentage basis, our new annual FY '24 guidance implies a non-GAAP operating improvement of approximately 1,500 basis points year-over-year at the midpoint of our guidance. We believe that our continued focus on responsible growth will yield further improvements in our unit economics.

排除 JiHu 的影響，GitLab 很可能會在 24 財年第三季度實現非 GAAP 營業收入的盈虧平衡。按百分比計算，我們新的 24 財年年度指引意味著，按我們指引的中值計算，非 GAAP 運營狀況將同比提高約 1,500 個基點。我們相信，我們對負責任增長的持續關注將進一步改善我們的單位經濟效益。

We remain on track to achieve free cash flow breakeven for FY '25. There are a number of drivers we are introducing that we believe should help fuel our business in FY '25. I touched on the first one earlier, which is the price increase in our premium tier. Additionally, in Q2, we started enforcing user limits on our free SaaS tier. It's early, but we have seen additional free users upgrade to premium. The third driver is the launch of Dedicated. This allows us to address new opportunity for companies with complex security and compliance requirements. Finally, we plan to monetize our AI capabilities by launching an add-on that will include code suggestions functionality later this year.

我們仍有望在 25 財年實現自由現金流盈虧平衡。我們正在推出許多驅動因素，我們相信這些驅動因素將有助於推動我們 25 財年的業務。我之前談到了第一個，那就是我們的高級價格上漲。此外，在第二季度，我們開始對免費 SaaS 層實施用戶限制。現在還為時過早，但我們已經看到更多的免費用戶升級到高級版。第三個驅動因素是 Dedicated 的推出。這使我們能夠為具有復雜安全和合規要求的公司提供新的機遇。最後，我們計劃通過在今年晚些時候推出包含代碼建議功能的附加組件來貨幣化我們的人工智能功能。

Separately, I would like to provide an update on JiHu, our China joint venture. Our goal remains to deconsolidate JiHu. However, we cannot predict the likelihood or timing of when this may potentially occur. Thus, for modeling purposes for FY '24, we now forecast approximately $25 million of expenses related to JiHu compared with $19 million in FY '23.

另外，我想介紹一下我們在中國的合資企業極虎的最新情況。我們的目標仍然是拆分吉虎。然而，我們無法預測這種情況發生的可能性或時間。因此，出於對 24 財年建模的目的，我們現在預測與奇虎相關的費用約為 2500 萬美元，而 23 財年為 1900 萬美元。

In closing, I'm pleased with our continued business momentum. We believe the value proposition of our market-leading DevSecOps platform is resonating in the market. Looking forward, we continue to prioritize driving revenue growth in a responsible manner.

最後，我對我們持續的業務勢頭感到滿意。我們相信我們市場領先的 DevSecOps 平台的價值主張正在市場中引起共鳴。展望未來，我們將繼續優先以負責任的方式推動收入增長。

With that, we'll now move to Q&A. (Operator Instructions).

現在，我們將進入問答環節。 （操作員說明）。

Our first question comes from Sterling at MoffettNathanson.

我們的第一個問題來自 MoffettNathanson 的 Sterling。

This is actually Billy Fitzsimmons on for Sterling Auty. I kind of say you look great, and I hope you're doing well. In terms of the question, Sid for you. Obviously, a few months ago, the firm held discussion with investors to talk through the generative AI-based products and then you gave us an update on Duo in AI in the prepared remarks. But maybe double-clicking and going a little deeper, and I can't imagine we're still in the early innings here. But curious if you could talk through kind of early customer feedback on these products' adoption trends, what you're hearing and seeing?

這實際上是比利·菲茨西蒙斯 (Billy Fitzsimmons) 為斯特林·奧蒂 (Sterling Auty) 配音。我想說你看起來很棒，我希望你一切都好。就問題而言，Sid 適合你。顯然，幾個月前，該公司與投資者進行了討論，討論基於人工智能的生成產品，然後您在準備好的發言中向我們介紹了人工智能領域 Duo 的最新情況。但也許雙擊並深入一點，我無法想像我們仍然處於早期階段。但好奇您能否談談早期客戶對這些產品採用趨勢的反饋以及您所聽到和看到的內容？

And then if I could sneak another one in, maybe for you, Brian. Obviously, earlier this year, you announced a price increase in the way that's structured a lot of that won't be felt until fiscal 2025 and 2026. But now that it's been several months, can you maybe give us an update on kind of what you're seeing and hearing from customers on the price increase, retention trends and stuff like that?

然後如果我能再偷偷放進去一份，也許是給你的，布萊恩。顯然，今年早些時候，你們宣布了價格上漲，其中很多要到 2025 財年和 2026 財年才能感受到。但現在已經過去幾個月了，您能否給我們介紹一下最新情況？您是否看到並聽到了客戶關於價格上漲、保留趨勢等方面的信息？

Yes. Thanks for the question. And the early feedback to Duo has been very positive. Customers get that they need AI features, not just for example, coding, but they need them throughout the DevOps life cycle. And we've just published a report actually, we're publishing it today, the state of DevOps. And even for developers, which is only kind of 1/3 of a DevSecOps platform, only 25% of their time is spent coding, 75% of their time is elsewhere. So it's really important to have a set of features throughout the life cycle. We're really happy that we have 10 features out there already. And some of the oldest feature we have suggested reviewers has over 100,000 users today. So we're excited about progressing that further. And it's great to see that customers recognize that they need a suite of AI features, and therefore, we're excited about Duo.

是的。謝謝你的提問。 Duo 的早期反饋非常積極。客戶意識到他們需要人工智能功能，不僅僅是編碼，而是在整個 DevOps 生命週期中都需要它們。事實上，我們剛剛發布了一份關於 DevOps 狀態的報告，我們今天將發布它。即使對於開發人員來說，這只是 DevSecOps 平台的 1/3，他們也只有 25% 的時間花在編碼上，75% 的時間花在其他地方。因此，在整個生命週期中擁有一組功能非常重要。我們非常高興我們已經擁有 10 個功能。我們向審閱者建議的一些最古老的功能如今已擁有超過 100,000 名用戶。因此，我們對進一步取得進展感到興奮。很高興看到客戶認識到他們需要一套人工智能功能，因此，我們對 Duo 感到興奮。

And on the price increase, last quarter when we had our call, we only had a month of data. So happy to say we have 3 months of data this quarter. And I'm happy with the results. It's been in line to slightly above our expectations. As a reminder, we implemented the price increase because we put 400 new features in the platform, and we wanted that to match the value that we are providing to our customer. And so the guidance that we provided for this quarter as well as the full year includes that impact. When we went -- when we announced the price increase, we talked about just due to the ratable nature of the revenue and renewals coming up through the year. There would be very little impact in FY 2024 and the majority of the impact would come in FY 2025 with all the impact realized in the year of FY 2026.

關於價格上漲，上個季度我們接到電話時，我們只有一個月的數據。很高興地說我們有本季度 3 個月的數據。我對結果很滿意。它略高於我們的預期。提醒一下，我們實施了價格上漲，因為我們在平台中添加了 400 項新功能，我們希望它與我們為客戶提供的價值相匹配。因此，我們為本季度以及全年提供的指導包括這種影響。當我們宣布提價時，我們談論的只是由於全年收入和續訂的可評級性質。 2024 財年的影響非常小，大部分影響將在 2025 財年產生，所有影響將在 2026 財年實現。

Our next question comes from Michael at KeyBanc.

我們的下一個問題來自 KeyBanc 的 Michael。

From a macro perspective, perhaps you can talk about where we are in terms of a couple of factors. One, the pace of new application development, especially with cloud optimization seeming to slow, but still there the application development and then also developer seats and your perception where we are relative to that as a driver for you.

從宏觀的角度來看，也許你可以從幾個因素來談談我們現在的情況。第一，新應用程序開發的步伐，尤其是雲優化似乎很慢，但應用程序開發仍然存在，然後還有開發人員席位以及您對我們相對於您的驅動力的看法。

Yes. I'm happy to go through the seats and then Sid, if you want to go through application development, that would be great. Just on the seats in general, I would say that we've seen more stabilization in Q2 over Q1. With that said, though, the buying patterns of customers has changed, right? And we talked about this a number of different quarters. And people are buying for what they have currently hired today. And they're only buying for products that they have funded in the plan. And so we factor that into our guidance, the overall macro. And so that's included in our third quarter guidance as well the full year guidance. Maybe you can just repeat your question on the application development for Sid, that would be great.

是的。我很高興能介紹一下席位，然後 Sid，如果您想進行應用程序開發，那就太好了。就總體而言，我想說的是，我們在第二季度看到了比第一季度更加穩定的情況。儘管如此，客戶的購買模式已經發生了變化，對嗎？我們在多個不同的方面都討論過這個問題。人們正在為他們目前僱用的員工購買產品。他們只購買他們在計劃中資助的產品。因此，我們將這一點納入我們的指導，即整體宏觀。因此，這包含在我們的第三季度指導以及全年指導中。也許你可以重複你關於 Sid 應用程序開發的問題，那就太好了。

Sure. Sid, so the question was to the extent that we've seen cloud optimization slowing, I think, but maybe not done. Where do you think we are in terms of the pace of application development in the cloud and how that is or isn't helping to drive your business?

當然。 Sid，我認為問題在於我們已經看到雲優化放緩，但可能還沒有完成。您認為我們在雲中應用程序開發的速度方面處於什麼位置？這是否有助於推動您的業務？

Yes. I think that cloud optimization has been a lot of kind of consumption patterns that were hit. I think we were less -- much less impacted by that. We do have seen the decline of kind of the expansion of kind of hiring more developers and things like that. I think that's been a headwind for us. And I think as far as moving application development to the cloud, I think we still have a long way to go. We regularly partner with big companies, and they still have a lot of things that need to move to modern practices. A lot of things are still not DevOps. They're still not cloud native. So there's still a big shift ahead of us.

是的。我認為雲優化已經受到了很多消費模式的打擊。我認為我們受到的影響要小得多。我們確實看到了僱傭更多開發人員等擴張方式的衰退。我認為這對我們來說是一個阻力。我認為就將應用程序開發轉移到雲端而言，我認為我們還有很長的路要走。我們經常與大公司合作，他們仍然有很多東西需要轉向現代實踐。很多事情仍然不是 DevOps。它們仍然不是雲原生的。因此，我們面前仍然有一個巨大的轉變。

Next, we have Joel from Truist.

接下來是來自 Truist 的喬爾。

Brian, one for you. Just a great job on the operating leverage side. Just wanted to understand puts and takes in 3Q and the rest of the year on that operating margin line, notwithstanding JiHu, which I know is going to hopefully be deconsolidated at some point.

布萊恩，給你一個。在運營槓桿方面做得很好。只是想了解第三季度和今年剩餘時間的營業利潤率線的投入和投入，儘管吉虎，我知道它有望在某個時候被取消合併。

Yes, absolutely. Thanks, Joel, for the question. Sid and I have been very consistent in our messaging before we went public in every quarter since going public, that our #1 goal is to grow, but we'll do that responsibly. And I'm super happy with the increased operating leverage that we continue to get in the business. This was a big milestone for GitLab this quarter. We achieved a non-GAAP EPS of positive $0.01. And so every other quarter, we've actually lost money. In Q2, just to show the operating leverage, we delivered approximately $39 million of incremental revenue over 2Q of last year. And we did that with $16 million of additional expense. If you look at first half of this year versus first half of last year, we've delivered approximately $130 million of revenue with only $70 million of additional expense, and both of those were adjusted for JiHu. In my prepared remarks, I did say it's likely that we'll reach non-GAAP operating income positive in 3Q. And then we also reconfirm and committed to being free cash flow positive in FY '25.

是的，一點沒錯。謝謝喬爾提出的問題。自從上市以來，Sid 和我在每個季度的上市前所傳達的信息都非常一致，即我們的第一目標是增長，但我們會負責任地做到這一點。我對我們在該業務中不斷增加的運營槓桿感到非常滿意。這是 GitLab 本季度的一個重要里程碑。我們實現了非 GAAP 每股收益 0.01 美元。因此，每隔一個季度，我們實際上都會虧損。在第二季度，為了顯示運營槓桿，我們比去年第二季度增加了約 3900 萬美元的收入。我們為此花費了 1600 萬美元的額外費用。如果你對比一下今年上半年和去年上半年，我們已經實現了大約 1.3 億美元的收入，只有 7000 萬美元的額外費用，而且這兩項費用都針對奇虎進行了調整。在我準備好的講話中，我確實說過，我們很可能在第三季度實現非公認會計原則營業收入為正。然後我們還再次確認並承諾在 25 財年實現自由現金流為正。

We'll now move to Rob from Piper Sandler.

現在我們將由派珀·桑德勒 (Piper Sandler) 介紹給羅布 (Rob)。

Brian, I just wanted to touch on the macro a little bit more. I appreciate the commentary and noting that NRR contracted again a little bit sequentially. So any guideposts you can put or rails around where that might go? I think you gave us a lot of indications around stabilization with behavior being consistent, some of the other metrics that you threw out. So just want to understand maybe where that NRR might bottom? And then for Sid, as you talk a little bit about the SaaS offering, noting it's still only 25% of your ARR, maybe help us understand what some of those key features might be that will drive more incremental SaaS demand.

布萊恩，我只是想多談一點宏觀問題。我很欣賞評論，並註意到 NRR 再次連續收縮。那麼你可以在可能去的地方放置任何路標或欄杆嗎？我認為你給了我們很多關於穩定行為一致的指示，以及你拋棄的一些其他指標。所以只是想了解 NRR 的底部在哪裡？然後，對於 Sid，當您稍微談論一下 SaaS 產品時，指出它仍然只佔您的 ARR 的 25%，也許可以幫助我們了解其中哪些關鍵功能可能會推動更多增量 SaaS 需求。

I'll answer the NRR question first and turn it over to Sid to answer your second question. So as I mentioned earlier, we did see some stabilization in Q2 over Q1. Customers are still buying what they need. And so the fact that last year, they're buying a lot more. In this year, they're just buying what they need is why you're seeing a slight drop in the net dollar retention rate. I am happy to say that every year since we've launched is still expanding. And so customers are still buying more year-over-year than what they've bought historically. When you look at sort of -- I've talked about historically that the watch point in the business was around contraction, and that was primarily contraction expansion primarily in our premium seats. I'm happy this quarter, we actually had a very good expansion quarter. Contraction has leveled out, and churn has always been much smaller. But both of those are reflected in the guidance going forward.

我先回答 NRR 問題，然後交給 Sid 來回答你的第二個問題。正如我之前提到的，我們確實看到第二季度比第一季度有所穩定。顧客仍在購買他們需要的東西。事實上，去年他們購買了更多。今年，他們只是購買他們需要的東西，這就是為什麼你會看到淨美元保留率略有下降。我很高興地說，自我們推出以來，每年都在不斷擴大。因此，客戶每年購買的商品數量仍然多於他們歷史上購買的商品數量。當你看的時候——我在歷史上談到過，業務的觀察點是圍繞收縮，而這主要是我們的高級席位的收縮擴張。我很高興這個季度，我們實際上有一個非常好的擴張季度。收縮已經趨於平穩，流失率也一直小得多。但這兩者都反映在未來的指導中。

We didn't give out sort of what a target number is or where we think it will bottom out. If you look in the business, though, contraction started late in fourth quarter of last year. And so we're about 3 quarters into this. Average contract length is a little over 14 months. So I expect we have another quarter, 1.5 quarters to go until we work through the cycle of the new buying patterns.

我們沒有給出目標數字是什麼，也沒有給出我們認為它會觸底的數字。不過，如果你觀察一下業務，就會發現收縮是從去年第四季度末開始的。我們已經進行了大約 3 個季度了。平均合同期限略多於 14 個月。因此，我預計我們還有一個季度，即 1.5 個季度，直到我們完成新購買模式的周期。

Thanks for that question. Rob, I understood it as like what's going to drive self-managed revenue to SaaS revenue. And I see 2 big things. I see Dedicated, our new offering, which is single-tenant SaaS. We have gitlab.com, which is multiple-tenant SaaS but to address the most complex compliance requirements. We're super excited about this new offering, and it's a great way to get our biggest customers with the most complex requirements up to the SaaS platform, where we maintain it for them. Another driver of the move to SaaS can be additional functionality for self-managed. We call this GitLab Plus and for example, some of the AI features will require a connection to GitLab SaaS in order to consume them. So there's more features that we've thought about, but not yet launched, but additional features to kind of get kind of a hybrid installation. Some of it is on-prem. Some of the new features are SaaS provided in the cloud and kind of gradually move those customers over.

謝謝你提出這個問題。 Rob，我將其理解為將自我管理收入推向 SaaS 收入。我看到了兩件大事。我看到我們的新產品 Dedicated，它是單租戶 SaaS。我們有 gitlab.com，它是多租戶 SaaS，但可以滿足最複雜的合規性要求。我們對這一新產品感到非常興奮，這是讓我們最大的客戶使用最複雜需求的 SaaS 平台的好方法，我們在該平台上為他們維護該平台。轉向 SaaS 的另一個驅動因素是自我管理的附加功能。我們稱之為 GitLab Plus，例如，一些 AI 功能需要連接到 GitLab SaaS 才能使用它們。因此，我們考慮了更多功能，但尚未推出，但還有一些附加功能可以實現混合安裝。其中一些是本地的。一些新功能是在雲中提供的 SaaS，並逐漸轉移這些客戶。

Next, we have Koji from Bank of America.

接下來是美國銀行的 Koji。

I wanted to ask about the analyzed category. When I looked at the investor presentation, it looks like this is a new category on the product page in the investor deck, and I really wanted to focus on the metrics, logging and tracing. And I guess could you categorize what type or maybe category of vendor would you be competing with this product? And why would a customer go with GitLab for metrics, logging and traces versus maybe some of the other traditional vendors in that category?

我想問一下分析的類別。當我查看投資者演示時，看起來這是投資者平台產品頁面上的一個新類別，我真的很想專注於指標、日誌記錄和跟踪。我想您能否對您將與該產品競爭的供應商類型或類別進行分類？為什麼客戶會選擇 GitLab 來獲取指標、日誌記錄和跟踪，而不是選擇該類別中的其他一些傳統供應商？

Yes. Thanks for the question. So specifically the metrics, logging and tracing, I think that's called the APM category, application performance management and popular vendors there are vendors like Datadog and New Relic. So over time, we'll be competing with them. But in the beginning, we'll start -- the features really basic with just very early functionality. So we're not as much competing with the big vendors, we're competing with nonconsumption. The alternative to GitLab would be just not setting up logging and metrics and things like that because the features we offer in the beginning is really -- are really basic. But because of our open core model where our customers can contribute, over time, they will start contributing. Our last monthly release, GitLab 16.3 in August, it had 237 contributions from our customers across the platform. So over time, over many years, the functionality will improve, and the goal is to become best-in-class over time and compete with those best-in-class solutions.

是的。謝謝你的提問。因此，特別是指標、日誌記錄和跟踪，我認為這被稱為 APM 類別、應用程序性能管理和流行的供應商，其中包括 Datadog 和 New Relic 等供應商。所以隨著時間的推移，我們將與他們競爭。但在一開始，我們將開始——這些功能非常基本，只有非常早期的功能。因此，我們不是在與大供應商競爭，而是在與非消費競爭。 GitLab 的替代方案就是不設置日誌記錄和指標之類的東西，因為我們一開始提供的功能確實非常基礎。但由於我們的開放核心模型，我們的客戶可以做出貢獻，隨著時間的推移，他們將開始做出貢獻。我們上個月發布的版本是 8 月份的 GitLab 16.3，整個平台上有 237 名客戶做出了貢獻。因此，隨著時間的推移，多年來，功能將會改進，目標是隨著時間的推移成為一流的解決方案，並與那些一流的解決方案競爭。

Just one follow-up, if I may there. You mentioned APM just thinking a little bit further out, would there be any plans to maybe go into infrastructure monitoring or log analytics too?

如果可以的話，我只想做一個後續行動。您提到 APM 只是想得更遠一些，是否有計劃也涉足基礎設施監控或日誌分析？

Yes, if we do logging, log analytics makes sense to me as a category. If you look at infrastructure, we already have infrastructure scope functionality. For example, our TerraForm support. And so certainly something that has our attention.

是的，如果我們進行日誌記錄，日誌分析作為一個類別對我來說很有意義。如果你看看基礎設施，我們已經擁有基礎設施範圍的功能。例如，我們的 TerraForm 支持。所以肯定有一些事情引起了我們的注意。

Next, we move on to Derrick from Cowen.

接下來，我們從考恩轉向德里克。

Great. You've talked about vendor consolidation as a key opportunity for GitLab for some time. That theme has definitely popped up more across the software landscape since the macro hit over the last few quarters. Just wondering if that kind of cadence of business for you guys just picked up, if you have any metrics to share at all in terms of like a percentage of expansion business growing in terms of vendor displacement? And then I have a quick follow-up.

偉大的。一段時間以來，您一直在談論供應商整合是 GitLab 的一個關鍵機遇。自過去幾個季度的宏觀衝擊以來，這個主題在軟件領域肯定越來越多地出現。只是想知道你們的這種業務節奏是否剛剛開始，你們是否有任何指標可以分享，比如擴張業務在供應商替代方面增長的百分比？然後我會進行快速跟進。

Yes. Thanks for that. I'll let Brian add to my answer. But I think what we're seeing is that the market is starting to get it. And I think the introduction by Gartner and Forrester of this category of DevOps platform is going to be a real tailwind for us because it signifies to customers like this is the future. If you look at our 2022 state of DevOps report, 69% of organizations said they wanted to consolidate toolchains, but they don't want to compromise on functionality. So as GitLab gets more complete and is able to take on more point solutions, that is an amazing trend that the customers want to consolidate. Now the analysts are saying it, and we hope to go from kind of the early adopters to the early majority in that. Brian?

是的。感謝那。我會讓布萊恩補充我的答案。但我認為我們看到的是市場已經開始理解這一點。我認為 Gartner 和 Forrester 推出的此類 DevOps 平台對我們來說將是真正的順風車，因為它向客戶表明這就是未來。如果您查看我們的 2022 年 DevOps 狀態報告，就會發現 69% 的組織表示他們希望整合工具鏈，但他們不想在功能上妥協。因此，隨著 GitLab 變得更加完整併能夠採用更多單點解決方案，這是客戶希望鞏固的驚人趨勢。現在分析師們都這麼說了，我們希望從早期採用者變成早期多數。布萊恩？

Yes. And just to say a couple of extra words to what Sid said is absolutely. I think we're seeing this sort of in the customer journey, if you will. And so they're landing on premium. They're landing relatively small. They're actually then expanding to division departments within the company then ultimately upgrading Ultimate. And so the customer journey continues to show. Despite the macro when you think that people wouldn't be selecting a new technology or a new platform, this has really caused people to evaluate how they're developing software and exploring ways to make software better, faster, cheaper and more secure. And so I think what Sid said as well as what we're seeing just from a customer perspective, is we're continuing to see the vendor consolidation.

是的。對於 Sid 所說的話，我要多說幾句，這絕對是。如果你願意的話，我認為我們在客戶旅程中看到了這種情況。因此，他們的目標是溢價。他們著陸的規模相對較小。他們實際上正在擴展到公司內的部門，然後最終升級 Ultimate。因此，客戶旅程繼續呈現。儘管宏觀上你認為人們不會選擇新技術或新平台，但這確實促使人們評估他們如何開發軟件並探索如何使軟件更好、更快、更便宜和更安全。因此，我認為 Sid 所說的以及我們從客戶角度看到的情況是，我們將繼續看到供應商整合。

Great. And just a follow-up is last quarter, you guys talked about more C-level involvement in purchase decision-making. Just curious how you've maybe tweak the go-to-market to adopt to that environment, especially in light of kind of a new leadership in place and maybe what kind of tweaks you'd be looking in the second half of this year.

偉大的。上個季度的後續行動，你們談到了更多的 C 級參與購買決策。只是好奇你可能會如何調整進入市場以適應這種環境，特別是考慮到新領導層的到位，以及你可能會在今年下半年進行什麼樣的調整。

Yes. We don't have any major disruptions plan. It's been a very seamless transition in our go-to-market. But we are focused on those C-level buyers. And one thing we do is a value stream assessment where we go into the customer, map all their existing tools and kind of how we can gradually replace that, so that it's not a big bank, but they get it as renewals come up as they -- as we solve their biggest problems. And their biggest problems can be like my Jenkins installation can be upgraded, and it's a problem. Or I'm behind on security, so I need to integrate a set of security tools. Where I have the security tools, the compliance is it there? I can prove that. I've doing things. So depending on what their needs are, we make a plan with them, and that frequently goes up to the highest level in the organization. Typically, middle management is engaged with kind of keeping their DIY solution up in the kind of up and running. So it's important for us to talk to those decision makers in the top.

是的。我們沒有任何重大中斷計劃。我們的市場推廣過程非常順利。但我們關注的是那些 C 級買家。我們做的一件事是價值流評估，我們進入客戶，映射他們所有現有的工具，以及我們如何逐步替換它，這樣它就不是一家大銀行，但他們會在更新時得到它——當我們解決他們最大的問題時。他們最大的問題可能是像我的 Jenkins 安裝可以升級，這是一個問題。或者我在安全方面落後了，所以我需要集成一套安全工具。如果我有安全工具，那麼合規性就在那裡嗎？我可以證明這一點。我有事情做。因此，根據他們的需求，我們與他們一起制定計劃，並且該計劃通常會上升到組織的最高層。通常，中層管理人員致力於保持他們的 DIY 解決方案正常運行。因此，與高層決策者交談對我們來說很重要。

Next, we'll move on to karl at UBS.

接下來，我們將轉向瑞銀的卡爾。

Okay. Great. Maybe I'll ask one for Brian and one for Sid. So Brian, on the 3Q revenue guide of $141 million at the high end, that's only up the smidge from your actual in 2Q. It's typically up double digit on a percentage basis. So I wanted to ask, was there anything that felt a little onetime-ish in 2Q? Or that's on your mind in 3Q that you'd like to call out? And then I'll -- maybe I'll follow up with Sid.

好的。偉大的。也許我會為布萊恩要一張，為希德要一張。因此，Brian，根據第三季度高端收入指南 1.41 億美元，這僅比第二季度的實際收入高出一點點。按百分比計算，它通常會上漲兩位數。所以我想問一下，第二季度有沒有什麼感覺有點一次性的事情？或者你想在第三季度提出這個想法？然後我會——也許我會跟進 Sid。

Yes. Thanks, Karl. There was nothing. There was -- if you look at 2Q revenue and go through, there was nothing that was anomalous in the revenue. I would just say 2Q is an actual and 3Q is guidance.

是的。謝謝，卡爾。什麼都沒有。如果你仔細觀察第二季度的收入，就會發現收入沒有任何異常。我只想說 2Q 是實際值，3Q 是指導值。

Yes. Okay. Makes sense. Sid, you called out a Jira displacement in a large multinational bank. You don't often hear that and I think you and Brian have often said over the last couple of years that it's very early stage for GitLab to be displacing Jira software. Is there a change in that cadence?

是的。好的。說得通。 Sid，您在一家大型跨國銀行中指出了 Jira 的流失。你不常聽到這樣的說法，我想你和 Brian 在過去幾年裡經常說，GitLab 取代 Jira 軟件還處於早期階段。這個節奏有變化嗎？

We're getting closer now. This was a proof point for us. The customer, as far as I know, is very happy with the change. So we've gone from this just being something we hoped for to something that's happening. And what's happening is that people are moving from point solutions to a platform because you can get the cycle time up. And our enterprise portfolio management is good enough to replace Jira in many instances. Companies are also going from having like very complex work streams in Jira that needs lots of human sign-offs to automating more, for example, all those security scans or compliance management that, for example, you're going to force that every piece of code is reviewed by 2 people. Instead of signing off and check boxing in Jira with people, you can all automate that, and that's what also enabling us to do that.

我們現在越來越近了。這對我們來說是一個證明。據我所知，客戶對這一變化非常滿意。所以我們已經從這只是我們所希望的事情變成了正在發生的事情。正在發生的事情是，人們正在從單點解決方案轉向平台，因為這樣可以延長周期時間。我們的企業組合管理在許多情況下足以取代 Jira。公司也從 Jira 中需要大量人工簽核的非常複雜的工作流轉向更多的自動化，例如，所有這些安全掃描或合規性管理，例如，您將強制執行每一項工作代碼由 2 人審核。您無需與人一起在 Jira 中籤字和檢查，而是可以將其自動化，這也使我們能夠做到這一點。

Ok. Congrats on the good results.

好的。恭喜取得好成績。

Next, we have Matt from RBC.

接下來有來自加拿大皇家銀行的馬特。

Sid, you look great, too. So it's really good to see that as well. I wanted to ask about -- I think, Brian, your comment was customer behavior and the premium price increases in line with expectations. I just wanted to double click on that a bit. What does that mean? Does that mean that they're just -- they're effectively taking the price increase? Are you seeing any -- I know it's not a factor, but typically that you've talked about, but are any moving to Ultimate? Just maybe a little bit more color on what in line with your expectations means?

席德，你看起來也很棒。所以很高興看到這一點。我想問的是——我想，布萊恩，你的評論是客戶行為以及溢價上漲符合預期。我只是想雙擊一下。這意味著什麼？這是否意味著他們只是——他們實際上正在接受價格上漲？你是否看到任何——我知道這不是一個因素，但通常是你談論過的，但有轉向終極版的嗎？也許只是對符合您的期望意味著什麼進行更多的描述？

Yes. Absolutely, Matt. When we did the price increase, we did an internal model that looked at bookings, churn, and we came up with what we thought our forecast would be on the overall net bookings. And so I would say overall bookings is more positive than our internal forecast and churn is less. And so we're seeing positive signs on every element of how we modeled it from a bookings and churn perspective.

是的。當然，馬特。當我們進行價格上漲時，我們建立了一個內部模型來考察預訂量、客戶流失率，然後我們得出了我們對整體淨預訂量的預測。因此，我想說，總體預訂量比我們的內部預測更為積極，而且流失率也更少。因此，從預訂和客戶流失的角度來看，我們在建模的每個要素上都看到了積極的跡象。

Got it. And maybe just a quick follow-up on Dedicated. I believe last quarter, did you have -- I think you had 2 customers, 2 large customers on Dedicated. I think, Sid, maybe you mentioned that -- maybe just a little bit more color on number of customers there if you're giving that? And then I know there's a hosting layer to that. But sort of like what are you seeing from a customer spend perspective when they take Dedicated?

知道了。也許只是 Dedicated 的快速跟進。我相信上個季度，您是否有——我認為您有 2 個客戶，2 個 Dedicated 大客戶。我想，Sid，也許你提到過——如果你要提供的話，也許只是對那裡的顧客數量多一點色彩？然後我知道有一個託管層。但是，有點像當客戶選擇 Dedicated 時，從客戶支出的角度來看，您會看到什麼？

Yes, I think we're happy with the pipeline for Dedicated. Right now, you can only get Dedicated if you go for GitLab Ultimate and there is a minimum number of seats. So the list has it that you need 1,000 seats to move to Dedicated. And that's an attractive offering for like the bigger organizations. We're happy with the pipeline. There's been demand, and that demand is coming for the people currently on self-managed. And what they like about this offering, it has the same kind of security of self-managed and that they're the only customer. They're completely separated. They can set it up in their VPC, but they don't have the operational burden. We make sure they're on the latest version and that everything runs and with the experts at GitLab and they don't -- no longer need those people internally dedicated to that.

是的，我認為我們對 Dedicated 的管道感到滿意。目前，只有使用 GitLab Ultimate 並且有最低席位數才能獲得 Dedicated。因此列表顯示您需要 1,000 個席位才能轉移到專用席位。對於大型組織來說，這是一個有吸引力的產品。我們對管道感到滿意。需求一直存在，而這種需求正是針對目前自我管理的人們。他們喜歡這個產品的地方在於，它具有同樣的自我管理安全性，而且他們是唯一的客戶。他們完全分開了。他們可以在自己的 VPC 中設置它，但沒有運營負擔。我們確保它們使用的是最新版本，並且一切都可以在 GitLab 的專家的幫助下運行，但他們不再需要那些內部致力於此的人員。

Now we will move to Ryan from Barclays.

現在我們將從巴克萊銀行轉到瑞安。

For Sid, for those customers who are evaluating adding large language model features to their DevOps platform today, are they still mostly focused on code suggestions? Or is there increasingly other considerations at play as these customers get smarter and more in the leads on AI?

對於 Sid 來說，對於那些今天正在評估向其 DevOps 平台添加大型語言模型功能的客戶來說，他們仍然主要關注代碼建議嗎？或者，隨著這些客戶變得更加聰明並且在人工智能方面處於領先地位，是否還有越來越多的其他考慮因素在起作用？

Yes. I think as customers get more sophisticated, they're seeing that AI should be throughout the life cycle. As mentioned earlier in this call, like it's DevSec and Ops, like you need those AI features too to make security more efficient. If you just produce more co, that's not going to do it. And of those developers producing more co, that's not the only thing they need.

是的。我認為，隨著客戶變得更加成熟，他們會看到人工智能應該貫穿整個生命週期。正如本次電話會議前面提到的，就像 DevSec 和 Ops 一樣，您也需要這些 AI 功能來提高安全性。如果你只是生產更多的二氧化碳，那是不行的。對於那些生產更多二氧化碳的開發商來說，這並不是他們唯一需要的。

So as customers get more sophisticated, they want more AI features, and we're really happy that we have 10 features out already. The second thing they want is good guarantees of privacy that their intellectual property is never going to be used to enhance other people their platform, their intellectual property. So I think in both, we have a really compelling story.

因此，隨著客戶變得更加成熟，他們需要更多的 AI 功能，我們很高興我們已經推出了 10 個功能。他們想要的第二件事是良好的隱私保證，他們的知識產權永遠不會被用來增強其他人的平台和知識產權。所以我認為在這兩個方面，我們都有一個非常引人注目的故事。

Excellent. And then one for Brian. Brian, I know billings and cRPO are not the perfect gauge of your business on a quarterly basis, just given the lumpiness in longer-term contracts. But anything to think about on those 2 metrics in the quarter just coming off a strong first quarter?

出色的。然後是布萊恩的一份。 Brian，我知道，考慮到長期合同的波動性，賬單和 cRPO 並不是按季度衡量您的業務的完美指標。但是，在第一季度表現強勁之後，本季度的這兩個指標有什麼值得考慮的嗎？

In 2Q, when large enterprise clients want to adopt the DevSecOps platform, they typically want to do multiyear deals. We talked about historically where we don't compensate for that because we didn't want to drive that behavior with such a high gross retention rate. But we did see a number of multiyear deals in 2Q. I think it was said earlier, we had the largest deal in company history in 2Q. Once again, big multinational company, just a demonstration of wanting to go to a DevSecOps platform and making a long-term commitment to GitLab.

在第二季度，當大型企業客戶想要採用 DevSecOps 平台時，他們通常希望進行多年期交易。我們討論過歷史上我們不對此進行補償的情況，因為我們不想以如此高的毛保留率推動這種行為。但我們確實在第二季度看到了一些多年期交易。我想前面說過，我們在第二季度完成了公司歷史上最大的一筆交易。大型跨國公司再次表明想要進入 DevSecOps 平台並對 GitLab 做出長期承諾。

Now we'll move on to Mike from Needham.

現在我們轉向尼達姆的邁克。

I had 2 questions, and I'll take them separately. But if I could first go to Brian. I just wanted to make sure I'm kicking the tires here. I know you're talking in some of your comments to Matt that, hey, net bookings are slightly more positive. Churn is slightly below what you guys had forecast, which is great. But to be clear, like has there been any change as far as your assumption from this price increase to the guide? And can you remind us again, what is the benefit that you are including for this year's guidance when we think about the benefit from that price increase? And then I just have one follow-up for Sid.

我有兩個問題，我會分別回答。但如果我能先去找布萊恩就好了。我只是想確保我在這裡踢輪胎。我知道您在對馬特的一些評論中說，嘿，網絡預訂稍微積極一些。客戶流失率略低於你們的預測，這很好。但需要明確的是，您對此次價格上漲的假設與指南有何變化？您能否再次提醒我們，當我們考慮價格上漲帶來的好處時，您在今年的指導中包含的好處是什麼？然後我只為 Sid 做一篇後續報導。

No, absolutely. Thanks, Mike. There's been -- it's included in our guidance. And when you walk through the ratable nature of the revenue, it's very little impact this year. So where we are doing better than expected on the way that we modeled it internally from a bookings and churn perspective. it doesn't have really any meaningful financial impact this year. We'll get the majority of the impact next year and then a little the following year.

不，絕對是。謝謝，邁克。我們的指南中已經包含了這一點。當你了解收入的可評定性質時，你會發現今年的影響很小。因此，我們從預訂和客戶流失的角度進行內部建模，結果比預期的要好。今年它並沒有真正產生任何有意義的財務影響。我們將在明年受到大部分影響，然後在下一年受到一些影響。

And then for Sid, I just wanted to hash out. I know that we're all excited for the AI SKU launching later this year. A couple of questions here, but can you help us think about what's the expected timing? Is it more of a 3Q or 4Q event as well as I think when we've spoken about it today and last quarter as well, the main focus that we've heard externally is really around code suggestions. And I'm hoping if you could elaborate a little bit more on maybe some of the additional features or functionality that will be added to that SKU as well? Or is there a potential actually to have multiple AI SKUs, almost like a good, better, best or separate AI SKUs that you are thinking about rolling out to the market.

然後對於 Sid，我只是想討論一下。我知道我們都對今年晚些時候推出的 AI SKU 感到興奮。這裡有幾個問題，但您能幫助我們考慮一下預計的時間嗎？它更像是第三季度還是第四季度的事件？我認為當我們今天和上季度談論它時，我們從外部聽到的主要焦點實際上是圍繞代碼建議。我希望您能詳細說明一下可能也會添加到該 SKU 中的一些附加特性或功能嗎？或者實際上是否有可能擁有多個 AI SKU，幾乎就像您正在考慮將其推向市場的好、更好、最好或單獨的 AI SKU。

Yes. Thanks for that. So it's projected to be generally available later this year. We haven't made a decision between Q3 or Q4 yet. And it just -- the SKU just contains code suggestions. It's likely will also end up coming with a different Q that includes more of the AI features although some of the AI features might be included in the existing alternate package, for example, suggested reviewers is already available to people without paying separately for it. So it's probably going to be a mix of those things.

是的。感謝那。因此預計將於今年晚些時候全面上市。我們還沒有在第三季度或第四季度做出決定。它只是 - SKU 僅包含代碼建議。它最終可能還會推出一個不同的Q，其中包含更多的人工智能功能，儘管某些人工智能功能可能包含在現有的替代包中，例如，建議的審閱者已經可供人們使用，而無需單獨付費。所以它可能會是這些東西的混合。

We'll now move to Jason at William Blair.

我們現在請來威廉·布萊爾的傑森。

I wanted to ask about the user limits on the free tier. Sid, I think you mentioned that -- or maybe Brian, you mentioned that. I'm not super familiar with what you did there. Could you just remind us what happened and what the impact has been and what it could be?

我想詢問免費套餐的用戶限制。 Sid，我想你提到過這一點——或者布萊恩，你也提到過這一點。我不太熟悉你在那裡做了什麼。您能否提醒我們發生了什麼以及產生了什麼影響以及可能產生什麼影響？

Sid, do you want that? Do you want me to take it?

席德，你想要那個嗎？你想讓我拿走嗎？

I'll start off, and you can add to my answer. But the user limits, they don't apply to self-managed installations. But for people on getlab.com using our free tier, we said, "Hey, if you have more than 5 users, you got to switch to a [PT]." And the reason for that is we have significant costs kind of hosting gitlab.com. So we wanted to be long term sustainable. It is leading to good conversion, although the majority of those conversions are below the $5,000 base customer cutoff. Brian, anything you want to add?

我將開始，您可以添加到我的答案中。但用戶限制，它們不適用於自我管理安裝。但對於 getlab.com 上使用我們免費套餐的用戶，我們說：“嘿，如果您的用戶超過 5 個，您就必須切換到 [PT]。”原因是我們託管 gitlab.com 的成本很高。所以我們希望能夠長期可持續發展。它帶來了良好的轉化，儘管其中大部分轉化都低於 5,000 美元的基本客戶門檻。布萊恩，你還有什麼要補充的嗎？

Yes. The only thing I'll add on top of that, I think you covered most of it was that the free-to-pay conversion is also built into our guidance. And once again, with the ratable nature of revenue recognition, the impact this year will be minimal.

是的。除此之外，我唯一要補充的是，我認為您已經涵蓋了大部分內容，即免費到付費的轉換也已納入我們的指南中。而且，由於收入確認的可評級性質，今年的影響將很小。

Great. And then a quick follow-up. Just Brian, for you, on the large deal, largest in company history. Can you give us an idea of that size? And then also how big is your largest customer? How much are they're spending annually on ARR just so we can kind of gauge what the opportunity would be with a lot of those 810, $100,000 customers, $100,000-plus customers where they could potentially get to?

偉大的。然後快速跟進。布萊恩，為您服務，處理公司歷史上最大的一筆交易。您能給我們大概的尺寸嗎？還有你最大的客戶有多大？他們每年在 ARR 上花費多少，這樣我們就可以衡量這 810 名、價值 100,000 美元的客戶、價值 100,000 美元以上的客戶中有哪些機會，他們可能會接觸到哪些機會？

Yes. So the largest deal that we signed this past quarter was over $30 million. It was a multiyear deal. And then we have several customers approaching $10 million a year.

是的。因此，我們上個季度簽署的最大一筆交易超過 3000 萬美元。這是一項多年協議。我們還有幾個年收入接近 1000 萬美元的客戶。

We now move to Pinjalim at JPMorgan.

我們現在搬到摩根大通的 Pinjalim。

Great. Congrats on the quarter. I wanted to ask you on Ultimate. As existing premium customers kind of look to pay the higher price, are you seeing some of the conversations lead to kind of upgrading to Ultimate, especially as you have to get people and flow in some of the AI capabilities as well like suggested reviewers. Are those conversations from premium customers looking to upgrade starting to happen more?

偉大的。恭喜本季度。我想問你關於終極版的問題。由於現有的高級客戶希望支付更高的價格，您是否看到一些對話會導致升級到 Ultimate，特別是當您必須像建議的審閱者一樣吸引人員並流入某些 AI 功能時。來自希望升級的高級客戶的對話是否開始發生更多？

Yes, whatever we expect is baked into our guidance, but we're seeing that it is a reason for people to reevaluate which tier am I going to be on. And we're seeing Ultimate being more and more top of mind for people. We haven't decided on the packaging of the AI features yet. So although AI is a significant part of the conversation, it's not driving Ultimate per se because we're still working on our packaging for the AI features.

是的，無論我們期望什麼，都會納入我們的指導中，但我們看到，這是人們重新評估我將處於哪一層的原因。我們看到終極版越來越成為人們的首要考慮因素。我們還沒有決定人工智能功能的封裝。因此，儘管人工智能是對話的重要組成部分，但它本身並沒有推動 Ultimate 的發展，因為我們仍在研究人工智能功能的包裝。

Got it. One for Brian. Brian, anything to call out on the DR side. It seems like the sequential build, I think, in Q2 was below that of Q1, which typically seems like does not happen, but wondering if there's anything to call out.

知道了。一張是給布萊恩的。 Brian，DR 方面有什麼需要注意的地方。我認為，第二季度的順序構建似乎低於第一季度，這通常看起來不會發生，但想知道是否有什麼需要注意的。

Nothing specific. I mean the Q2 total deferred revenue growth was 31% year-over-year. Our RPO growth was 37%, and our cRPO growth was about 34%. cRPO makes up approximately 68% of our total RPO. And so really pleased overall with the quarter.

沒什麼具體的。我的意思是第二季度遞延收入總額同比增長 31%。我們的 RPO 增長率為 37%，cRPO 增長率約為 34%。 cRPO 約占我們總 RPO 的 68%。總體而言，我對本季度感到非常滿意。

Our final question comes from Allan from Wolfe Research.

我們的最後一個問題來自沃爾夫研究中心的艾倫。

So following the appointment of Chris Weber, CRO, can you guys just talk about what he's been focused on? What's he working to implement to help the company scale the next phase of growth? And how are you thinking about potential sales disruption for the year?

那麼，在任命克里斯·韋伯（Chris Weber）為首席風險官之後，你們能談談他一直關注的事情嗎？他正在努力實施什麼來幫助公司擴大下一階段的增長？您如何看待今年潛在的銷售中斷？

Thanks for the question. So we're really excited to have Chris Weber on board. He's a very experienced sales executive. He's been responsible for multibillion-dollar sales organizations, and that's where we, as a company, want to go to, hit the transition has been very seamless from our side. We spent a lot of time listening to our customers, listening to our sales team. There's no big changes in our go-to-market, so very smooth and setting us up for success in the future.

謝謝你的提問。因此，我們非常高興克里斯·韋伯 (Chris Weber) 加入。他是一位非常有經驗的銷售主管。他一直負責價值數十億美元的銷售組織，這就是我們作為一家公司想要去的地方，從我們這邊來看，過渡非常順利。我們花了很多時間傾聽客戶和銷售團隊的意見。我們的市場推廣沒有發生大的變化，所以非常順利，為我們未來的成功做好了準備。

Understood. And just one quick follow-up. I noticed that you guys on your release page had a target of about 1 million code suggestions users. And now it looks like it's kind of generally growing your base of code suggestions, users as a goal. Can you guys just maybe talk about the change there and kind of the background, are you guys looking to push more on the R&D side behind it before the launch? Any kind of incremental color would be helpful.

明白了。只需一個快速跟進。我注意到你們發布頁面上的目標是大約 100 萬代碼建議用戶。現在看起來，你的代碼建議基礎正在普遍增長，以用戶為目標。你們能否談談那裡的變化和背景，你們是否希望在發布之前在其背後的研發方面推動更多？任何類型的增量顏色都會有幫助。

So we're an extremely transparent company that publishes our OKRs, our [year lease], and we generally push people at GitLab to be extremely ambitious. For example, for our OKRs, we expect only 70% of our goals to be met. So especially in the beginning of [whole] project, we set an ambitious goal. That's not something that was part of our investor communications or things like that. There's over -- there's a couple of thousand pages in the handbook. We appreciate people going through them, but they're not part of our official investor communication. I wouldn't add any weight to that. And this is a long game, and we're taking a long-term view of this.

因此，我們是一家極其透明的公司，會發布我們的 OKR、我們的[年租約]，並且我們通常會推動 GitLab 的員工雄心勃勃。例如，對於 OKR，我們預計只能實現 70% 的目標。因此，特別是在[整個]項目開始時，我們設定了一個雄心勃勃的目標。這不是我們投資者溝通或類似內容的一部分。結束了——手冊有幾千頁了。我們感謝人們閱讀這些內容，但它們不屬於我們官方投資者溝通的一部分。我不會為此增加任何重量。這是一場漫長的遊戲，我們對此有長遠的看法。

That concludes our 2Q FY '24 earnings presentation. Thanks again once more for joining us, and have a great day.

我們的 2024 財年第二季度收益報告到此結束。再次感謝您加入我們，祝您有美好的一天。