GitLab Inc (GTLB) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to today's GitLab first quarter fiscal year 2026 conference call. (Operator Instructions) Please note, this call is being recorded. It is now my pleasure to turn the conference over to Kelsey Turcotte.

大家好，歡迎參加今天的 GitLab 2026 財年第一季電話會議。（操作員指示）請注意，此通話正在錄音。現在我很高興將會議交給凱爾西·特科特 (Kelsey Turcotte)。

Good afternoon. We appreciate you joining us for GitLabs first quarter fiscal year 2026 financial results conference call. With me are Bill Staples, our CEO; and Brian Robins, our CFO. During this afternoon's call, we will provide an overview of the business, commentary on our first quarter results and guidance for the second quarter and fiscal year 2026.

午安.感謝您參加 GitLabs 2026 財年第一季財務業績電話會議。和我一起的還有我們的執行長比爾‧史台普斯 (Bill Staples) 和我們的財務長布萊恩‧羅賓斯 (Brian Robins)。在今天下午的電話會議上，我們將概述業務，評論第一季的業績以及對第二季和 2026 財年的指導。

Before we begin, I'll cover the safe harbor statement. I would like to direct you to the cautionary statement regarding forward-looking statements on page 2 of our presentation and in our earnings release issued earlier today, both of which are available under the Investor Relations section of our website.

在我們開始之前，我將介紹安全港聲明。我想請您參閱我們簡報第 2 頁和今天稍早發布的收益報告中有關前瞻性陳述的警示聲明，這兩份聲明均可在我們網站的「投資者關係」部分查閱。

The presentation and earnings release include a discussion of certain risks, uncertainties, assumptions and other factors that could cause our results to differ from those expressed in any forward-looking statements within the meaning of the Private Securities Litigation Reform Act. As is customary, the content of today's call and presentation will be governed by this language.

本示範和收益報告討論了某些風險、不確定性、假設和其他因素，這些因素可能導致我們的結果與《私人證券訴訟改革法案》含義內的任何前瞻性陳述中表達的結果不同。按照慣例，今天的電話會議和演講內容將遵循這一語言。

In addition, during today's call, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures exclude certain unusual or nonrecurring items that management believes impact the comparability of the periods referenced. Please refer to our earnings release and presentation materials for additional information regarding these non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measures.

此外，在今天的電話會議中，我們將討論某些非公認會計準則財務指標。這些非公認會計準則財務指標不包括管理階層認為會影響參考期間可比較性的某些不尋常或非經常性項目。有關這些非 GAAP 財務指標以及與最直接可比的 GAAP 指標的對帳的更多信息，請參閱我們的收益發布和演示材料。

I'll now turn the call over to Bill. Bill?

我現在將電話轉給比爾。帳單？

Thank you, Kelsey, and good afternoon, everyone. Thank you for joining us today. First quarter revenue increased 27% year-over-year to $215 million, with non-GAAP operating margin reaching 12%. I want to thank our team for your focus on execution and our customers. Our continued growth underscores the demonstratable value customers realize with our AI native DevSecOps platform.

謝謝你，凱爾西，大家下午好。感謝您今天加入我們。第一季營收年增27%至2.15億美元，非公認會計準則營業利益率達12%。我要感謝我們的團隊對執行和客戶的關注。我們的持續成長凸顯了客戶透過我們的 AI 原生 DevSecOps 平台實現的可證明價值。

Unlike competitors, we are the only AI native cloud agnostic model neutral DevSecOps platform capable of running anywhere, including air gap environments. We offer comprehensive solutions across the software development life cycle with built-in contextual AI that's really only possible on a platform with a unified data store. Every day, organizations face pressure to maximize efficiency and software is an essential lever they have to create business agility and competitive advantage.

與競爭對手不同，我們是唯一能夠在任何地方運作（包括氣隙環境）的 AI 原生雲不可知模式中立 DevSecOps 平台。我們提供涵蓋整個軟體開發生命週期的綜合解決方案，並內建情境 AI，這實際上只有在具有統一資料儲存的平台上才有可能實現。每天，組織都面臨著最大限度提高效率的壓力，而軟體是他們創造業務敏捷性和競爭優勢的重要槓桿。

Our DevSecOps platform stands at the core of enabling customers to build that mission-critical software. I view our strategic differentiators as an opportunity for GitLab to advance conversations about AI's strategic role in software development. As enterprises embrace AI and transform development practices, our unified platform uniquely enables them to maintain enterprise security and compliance.

我們的 DevSecOps 平台是幫助客戶建立關鍵任務軟體的核心。我認為我們的策略差異化因素為 GitLab 提供了一個機會，可以推動有關 AI 在軟體開發中的策略角色的討論。隨著企業擁抱人工智慧並轉變開發實踐，我們的統一平台以獨特的方式幫助他們維護企業安全性和合規性。

We believe our market is moving rapidly in a direction that's inherently advantageous for platform solutions. I expect AI co-creation tools to empower more code creators than ever. The result is that the volume of code being created will expand and all of those users and agents still require a platform in order to test, validate, secure package and deploy their code to production environments. This is what GitLab does today.

我們相信，我們的市場正在朝著對平台解決方案有利的方向快速發展。我希望人工智慧共同創作工具能夠為更多的程式碼創作者提供支援。結果是，創建的程式碼量將會增加，並且所有這些使用者和代理程式仍然需要一個平台來測試、驗證、安全打包並將他們的程式碼部署到生產環境中。這就是 GitLab 今天所做的事情。

Super Micro, and AI solutions provider recently doubled the size of their software team and upgraded from our free tier in Q1. They selected GitLab Premium and DuoPro to build an internal software acceleration program, targeting 2x faster feature development for their end-to-end AI infrastructure solutions.

Super Micro 和 AI 解決方案提供商最近將其軟體團隊規模擴大了一倍，並在第一季從我們的免費套餐升級。他們選擇 GitLab Premium 和 DuoPro 來建立內部軟體加速程序，目標是將其端到端 AI 基礎設施解決方案的功能開發速度提高 2 倍。

It was a big quarter for our R&D team with the annual launch of new product capabilities across the platform in GitLab 18. This may introduction and product road map, build upon the essential capabilities of successful software development, core DevOps, security and AI.

對於我們的研發團隊來說，這是一個重要的季度，我們每年都會在 GitLab 18 平台上推出新的產品功能。這可能是介紹和產品路線圖，建立在成功的軟體開發、核心 DevOps、安全性和 AI 的基本能力之上。

In core DevOps, we are centralizing artifact management optimizing CICD pipelines for speed and security and making it easier for users to find, filter and embed content from anywhere in the platform. We want to ensure customers can easily collaborate and drive maximum ROI from their GitLab investment.

在核心 DevOps 中，我們集中工件管理，優化 CICD 管道以提高速度和安全性，並使使用者更輕鬆地從平台中的任何位置尋找、過濾和嵌入內容。我們希望確保客戶能夠輕鬆協作並從 GitLab 投資中獲得最大的投資回報。

We're also deepening our security capabilities to help customers achieve comprehensive visibility and control. This includes custom frameworks to design, implement and enforce compliance vulnerability dashboards to pinpoint critical findings and innovation to improve detection accuracy, reduce faults positives and help customers focus on the code that threat actors can exploit. Security is a key driver of GitLab Ultimate adoption, and we want to deliver market-leading solutions that are even more effective because they're embedded in our DevSecOps platform.

我們也正在深化我們的安全能力，以幫助客戶實現全面的可視性和控制力。這包括設計、實施和執行合規性漏洞儀表板的自訂框架，以找出關鍵發現和創新，從而提高偵測準確性、減少故障率並幫助客戶專注於威脅行為者可以利用的程式碼。安全性是 GitLab Ultimate 採用的關鍵驅動因素，我們希望提供市場領先的解決方案，這些解決方案由於嵌入在我們的 DevSecOps 平台中而更加有效。

And finally, we are natively integrating AI throughout the platform. Customers who use our Premium and Ultimate tiers now have access to both Duo Chat and code suggestions. In addition, GitLab Duo Enterprise is now available for GitLab Premium customers.

最後，我們在整個平台上原生整合了人工智慧。使用我們的 Premium 和 Ultimate 等級的客戶現在可以存取 Duo Chat 和代碼建議。此外，GitLab Duo Enterprise 現已可供 GitLab Premium 客戶使用。

We now include chat and coat suggestions with Premium and Ultimate because we see every engineer is experimenting with AI and we want Duo to be an obvious solution for them with no barriers to adoption. This integrated approach offers an ideal starting point for both new and existing customers, allowing them to leverage chat and code suggestions with limited usage limits and providing them a smooth upgrade path to our offerings with higher usage limits and more comprehensive capabilities, including GitLab Duo Pro, Duo Enterprise and WGA, GitLab Dueo workflow.

我們現在在 Premium 和 Ultimate 中添加了聊天和外套建議，因為我們看到每個工程師都在嘗試人工智慧，我們希望 Duo 成為他們顯而易見的解決方案，並且沒有任何採用障礙。這種整合方法為新舊客戶提供了一個理想的起點，使他們能夠在有限的使用限制下利用聊天和程式碼建議，並為他們提供更平穩的升級途徑，以獲得更高的使用限制和更全面的功能，包括 GitLab Duo Pro、Duo Enterprise 和 WGA、GitLab Dueo 工作流程。

We also made Duo Enterprise available to Premium customers for the first time in response to customer demand for self-hosted models and its ability to inject AI in planning, collaboration and deployment. By lowering barriers to adoption and expanding the serviceable market with more flexible packaging, we believe we will be able to unlock more dual adoption in coming quarters.

我們也首次向高階客戶提供 Duo Enterprise，以滿足客戶對自架模式的需求以及其在規劃、協作和部署中註入 AI 的能力。透過降低採用門檻並透過更靈活的包裝擴大可服務市場，我們相信我們將能夠在未來幾季解鎖更多的雙重採用。

New and existing customers are increasingly finding Duo a compelling solution versus competitors. For example, our NV insurance, a top five German insurer is expanding their GitLab deployment by implementing Duo Enterprise in their regulated environment. After adopting GitLab Ultimate in 2023 to integrate their full DevSecOps life cycle, RNZ's recent dual enterprise evaluation demonstrated significant improvements with a more than 35% acceleration in AI assisted test generation and 25% acceleration in both root cause analysis and code explanation.

越來越多的新舊客戶發現 Duo 相對於競爭對手而言是一個更具吸引力的解決方案。例如，我們的 NV 保險公司（德國五大保險公司之一）正在透過在其受監管的環境中實施 Duo Enterprise 來擴展其 GitLab 部署。在 2023 年採用 GitLab Ultimate 來整合其完整的 DevSecOps 生命週期之後，RNZ 最近的雙重企業評估顯示出顯著的改進，其中 AI 輔助測試生成速度加快了 35% 以上，根本原因分析和程式碼解釋速度加快了 25%。

In April, we launched GitLab Duo with Amazon Q, a strategic integration that embeds Amazon Q's autonomous software development agents directly within the GitLab DevSecOps platform. Early access participant Volkswagen Digital Solutions reported significant productivity gains noting the joint capabilities dramatically reduce contact switching and accelerate their entire pipeline from code commit to production deployment.

今年 4 月，我們與 Amazon Q 合作推出了 GitLab Duo，這是一項策略整合，將 Amazon Q 的自主軟體開發代理直接嵌入 GitLab DevSecOps 平台中。早期參與者大眾數位解決方案報告了顯著的生產力提升，指出聯合能力大大減少了聯絡人切換，並加速了從程式碼提交到生產部署的整個流程。

Our partnership with AWS extends beyond technical integration to coordinated go-to-market initiatives, including GitLabs position among the select AWS Global Summit sponsors. This alliance amplifies our market presence and drives higher quality customer engagement. Over the coming months, we'll showcase this powerful combination at AWS Global Summit events, further expanding our enterprise reach.

我們與 AWS 的合作不僅限於技術集成，還涵蓋協調的市場進入計劃，包括 GitLabs 在 AWS 全球高峰會贊助商中的地位。這項聯盟擴大了我們的市場影響力並推動了更高品質的客戶參與。在接下來的幾個月裡，我們將在 AWS 全球高峰會上展示這項強大的組合，進一步擴大我們的企業影響力。

Finally, we remain on schedule to launch GitLab Dual Workflow, our Agentic-AI solution this winter. We're getting great feedback from our workflow private beta participants. What began as a private beta with six major customers has now expanded to dozens.

最後，我們將按計劃於今年冬季推出我們的 Agentic-AI 解決方案 GitLab Dual Workflow。我們從工作流程私人測試版參與者那裡得到了很好的回饋。最初作為六個主要客戶的私人測試版，現在已擴展到數十個。

Developers report that workflow is beginning to transform their daily productivity. Engineers describe confidently delegating complex multi-step refactoring tasks to workflow and then watching as it methodically outlines a transparent execution plan resulting in clean properly committed code.

開發人員報告稱，工作流程開始改變他們的日常工作效率。工程師們自信地將複雜的多步驟重構任務委託給工作流程，然後觀察它如何有條不紊地概述透明的執行計劃，從而產生乾淨、正確提交的程式碼。

Our private beta satisfaction metrics are really compelling. 82% of surveyed users already classify themselves as either satisfied or very satisfied with workflows capabilities, validating our strategic investment in a Agentic software development. Momentum with -- good Lab Duo continues to grow, particularly with Duo Enterprise.

我們的私人測試版滿意度指標確實引人注目。 82% 的受訪使用者已經將自己歸類為對工作流程功能滿意或非常滿意，這驗證了我們對 Agentic 軟體開發的策略性投資。Good Lab Duo 的勢頭持續增長，尤其是 Duo Enterprise。

In Q1, the number of customers who purchased GitLab Duo for the first time, increased 35% quarter-over-quarter. We also closed some great expansion deals with existing customers. For example, Highmark Health and Engen, a HealthTech subsidiary of Highmark Health, AdegatLab-Duo Enterprise to their existing GitLab Ultimate deployment.

第一季度，首次購買 GitLab Duo 的客戶數量較上季成長 35%。我們也與現有客戶達成了一些重要的擴展交易。例如，Highmark Health 和 Highmark Health 的 HealthTech 子公司 Engen 將 AdegatLab-Duo Enterprise 加入其現有的 GitLab Ultimate 部署中。

Multiple strategic objectives drove this decision. This includes enhanced developer productivity, and a comprehensive enterprise-wide AI solution that strengthens both code quality and security while simultaneously extending generative AI benefits beyond developers to their broader technical teams.

多重戰略目標推動了這個決定。這包括提高開發人員的工作效率，以及全面的企業範圍的 AI 解決方案，可增強程式碼品質和安全性，同時將產生 AI 的優勢從開發人員擴展到更廣泛的技術團隊。

Ultimate now represents 52% of total ARR with 8 of our 10 largest deals in the quarter, purchasing Ultimate. We're also seeing Ultimate continue to increase as a percentage of total new customer lands. This quarter's new Ultimate customers include [Ethicon] Technosilda, Premise Health and SGK. We also had significant expansions at American Family Mutual Insurance Company and the FBI.

Ultimate 目前佔總 ARR 的 52%，本季我們的 10 筆最大交易中有 8 筆是收購 Ultimate。我們也看到 Ultimate 在新增客戶總數中所佔的百分比持續增加。本季新的 Ultimate 客戶包括 [Ethicon] Technosilda、Premise Health 和 SGK。我們也在美國家庭互助保險公司和聯邦調查局進行了大規模擴張。

In Q1, a leading AI-powered market intelligence and search platform chose GitLab in a competitive evaluation that included GitHub. Their goal is to unify their growing development team under a single solution to manage what has become a very complex environment.

第一季度，一家領先的人工智慧市場情報和搜尋平台在與 GitHub 在內的競爭評估中選擇了 GitLab。他們的目標是將不斷成長的開發團隊統一到一個解決方案下，以管理已經變得非常複雜的環境。

In addition to GitLab Ultimate, they chose Duo enterprise to powered AI development capabilities and streamlined workflows. These large-scale adoptions validate our comprehensive platform strategy and demonstrate growing market recognition of the value delivered by Duo Enterprise.

除了 GitLab Ultimate，他們還選擇了 Duo Enterprise 來增強 AI 開發能力並簡化工作流程。這些大規模的採用驗證了我們全面的平台策略，並表明市場對 Duo Enterprise 所提供的價值的認可度不斷提高。

Turning to Dedicated our single-tenant SaaS solution. We continue to see broad adoption across industries, and I'm pleased to announce that we achieved FedRAMP Moderate authorization. We expect this will create a nice tailwind in our public sector business with dedicated for government. The rapid adoption we're seeing validates our strategic investment in providing enterprise-grade isolation with cloud-native convenience. Particularly among security-conscious sectors where compliance requirements traditionally slowed digital transformation efforts.

轉向專用的單一租戶 SaaS 解決方案。我們繼續看到各個行業廣泛採用，我很高興地宣布我們獲得了 FedRAMP 中等授權。我們預計這將為我們的公共部門業務以及政府業務創造良好的順風。我們看到的快速採用驗證了我們在提供企業級隔離和雲端原生便利方面的策略投資。特別是在註重安全的行業中，合規性要求傳統上會減緩數位轉型的努力。

In Q1, German-based FORVIA HELLA, one of the world's oldest automotive suppliers, purchase GitLab Dedicated and Duo Enterprise. Dedicated will enable them to streamline their highly complex environment and reduce R&D overhead costs.

第一季度，全球歷史最悠久的汽車供應商之一、德國 FORVIA HELLA 購買了 GitLab Dedicated 和 Duo Enterprise。Dedicated 將使他們能夠簡化高度複雜的環境並降低研發間接成本。

Additionally, Ignite by FORVIA HELLA, the organization software factory shared with us that GitLab Duo's intelligent code suggestions have become a daily asset for their developers. Combined with the chat feature, Duo allows for immediate feedback and iteration, resulting in faster development cycles and a more secure code base. According to Ignite, GitLab Duo is a seamless and powerful addition to their workflows.

此外，組織軟體工廠 FORVIA HELLA 的 Ignite 與我們分享了 GitLab Duo 的智慧程式碼建議已成為其開發人員的日常資產。結合聊天功能，Duo 可以實現即時回饋和迭代，從而縮短開發週期並提供更安全的程式碼庫。據 Ignite 稱，GitLab Duo 是其工作流程中無縫且強大的補充。

Also in Q1, NatWest expanded their investment with us. Since NatWest became a dedicated customer in 2022, we've partnered closely with them to drive results that include 20% improvements in deployment frequency over the last 12 months which have increased the pace of outcomes to colleagues and customers utilizing AI cogeneration and governance simplification.

此外，在第一季度，NatWest 也擴大了對我們的投資。自 2022 年 NatWest 成為忠實客戶以來，我們一直與他們密切合作，取得了顯著成果，包括過去 12 個月內部署頻率提高了 20%，這加快了利用 AI 熱電聯產和治理簡化為同事和客戶帶來成果的速度。

Based on the success they've seen over the past several years, NatWest increased their GitLab footprint to 17,000 users on dedicated and 6,000 Duo enterprise seats. One of the things that distinguishes GitLab is our vibrant co-creation ecosystem with April setting an all-time record for customer contributions to our platform. This represents customer-driven innovation with industry leaders like Tales, Scania and Siemens, recent submissions include package registry capabilities and expanded logging functionality for our AI gateway.

基於過去幾年所取得的成功，NatWest 將其 GitLab 覆蓋範圍擴大到 17,000 個專用用戶和 6,000 個 Duo 企業席位。GitLab 的與眾不同之處之一是我們充滿活力的共同創造生態系統，四月創下了客戶對我們平台貢獻的歷史最高紀錄。這代表了與 Tales、Scania 和 Siemens 等行業領導者合作的客戶驅動型創新，最近提交的內容包括套件註冊功能和我們 AI 網關的擴展日誌記錄功能。

This collaborative model delivers real-world value across multiple dimensions. It accelerates our feature velocity, ensures innovations, match enterprise requirements and fosters deeper partnerships with our customers. I believe our mission to help customers deliver secure software faster is of critical importance to every business in the world, and our technology holds transformational power.

這種協作模式在多個維度上提供了現實世界的價值。它加快了我們的功能速度，確保了創新，滿足了企業需求並與我們的客戶建立了更深的合作關係。我相信，我們的使命是幫助客戶更快地交付安全軟體，這對世界上的每一家企業都至關重要，而我們的技術具有變革的力量。

We aspire to be the world's best AI-native DevSecOps platform, unlocking step function productivity improvements, by redefining the software engineering experience through human and agent collaboration. I shared this new vision for GitLab with our team members a few weeks ago, and I will introduce it along with the innovation we're building today and the road map ahead at our GitLab 18 launch event later this month.

我們渴望成為世界上最好的 AI 原生 DevSecOps 平台，透過人機協作重新定義軟體工程體驗，實現階梯式生產力的提升。幾週前，我與我們的團隊成員分享了 GitLab 的這個新願景，我將在本月稍後的 GitLab 18 發布會上介紹它以及我們今天正在建立的創新和未來的路線圖。

And with that, I'll turn it over to Brian.

現在，我將把發言權交給 Brian。

Thank you, Bill, and thanks again to everyone for joining us today. I'm pleased with our team's focus on execution in the first quarter, which resulted in 27% revenue growth significant year-over-year operating margin expansion and record adjusted free cash flow.

謝謝你，比爾，再次感謝大家今天的到來。我很高興看到我們團隊在第一季專注於執行，這使得收入增長了 27%，營業利潤率同比大幅擴大，調整後的自由現金流也創下了歷史新高。

These results highlight the effectiveness of our intelligent DevSecOps platform and demonstrates our ability to generate sustainable growth while enhancing profitability. We believe all of this positions us for long-term success even amid evolving market conditions.

這些結果凸顯了我們智慧 DevSecOps 平台的有效性，並證明了我們在提高獲利能力的同時實現永續成長的能力。我們相信，即使在不斷變化的市場條件下，所有這些都將使我們獲得長期成功。

Turning to the numbers. First quarter revenue reached $214.5 million, an increase of 27% from Q1 of the prior year. We now have 10,104 customers with ARR of at least 5,000 hours, which contributed over 95% of total ARR in Q1. Our larger customer cohort of $100,000 plus in ARR increased 26% year-over-year and reached 1,288.

轉向數字。第一季營收達 2.145 億美元，較去年同期成長 27%。我們目前擁有 10,104 名 ARR 至少為 5,000 小時的客戶，佔第一季總 ARR 的 95% 以上。我們的大型客戶群年平均收入 (ARR) 超過 10 萬美元，年增 26%，達到 1,288 人。

We have a diversified customer base, both by industry and geography a new single customer accounts for more than 2% of ARR. On the expansion front, we ended the quarter with a dollar-based net retention rate or DBNRR of 122%. Q1 DBNRR was driven by a combination of seat expansion at approximately 80%, increased customer yield at approximately 5% and tier upgrades at approximately 15%.

我們擁有多元化的客戶群，無論按行業或按地理劃分，新單一客戶佔 ARR 的 2% 以上。在擴張方面，我們在本季結束時的美元淨留存率或 DBNRR 為 122%。第一季 DBNRR 的成長得益於座位數增加約 80%，客戶收益率增加約 5%，以及等級升級約 15%。

Q1 seat growth was driven in part by strength in Ultimate and GitLab Duo as customers started on their AI journey and continue to expand deployments. We also continue to see a tailwind on mix of seats from the large deal we signed in Q4, which will continue through Q3 of this year. As we have mentioned, we expect these ratios to fluctuate quarter-to-quarter based on the composition of the underlying renewable portfolio.

隨著客戶開始踏上人工智慧之旅並繼續擴大部署，第一季席位的成長部分得益於 Ultimate 和 GitLab Duo 的強勁表​​現。我們也看到，第四季簽署的大宗交易對混合席位產生了順風作用，這種順風將持續到今年第三季。正如我們所提到的，我們預計這些比率將根據基礎再生能源組合的組成逐季度波動。

Total ARPU grew 40% year-over-year to $955.1 million, while CRPO grew 34% year-over-year to $584.8 million. We encourage investors to look at these numbers over a multi-quarter period. Non-GAAP gross margin was 90% for the quarter. The team has maintained a best-in-class gross margin even as our SaaS business has quickly scaled driven in part by the strength in GitLab Dedicated. SaaS is 30% total revenue and grew 35% year-over-year. Once again, we saw a significant increase in operating leverage. Q1 non-GAAP operating income was $26.1 million compared to a loss of $3.8 million in Q1 of last year.

總 ARPU 年增 40% 至 9.551 億美元，而 CRPO 年增 34% 至 5.848 億美元。我們鼓勵投資者從多個季度的角度來觀察這些數字。本季非公認會計準則毛利率為 90%。儘管我們的 SaaS 業務在 GitLab Dedicated 的推動下迅速擴大，但團隊仍保持著一流的毛利率。SaaS 佔總營收的 30%，年增 35%。我們再次看到經營槓桿顯著上升。第一季非公認會計準則營業收入為 2,610 萬美元，而去年第一季虧損 380 萬美元。

As a reminder, we hosted Summit, a global gathering of our team in Q1 FY25, which was a nonrecurring expense of $15 million, non-GAAP operating margin was 12.2% compared to negative 2.3% in Q1 of last year, an increase of approximately 1,400 basis points year-over-year. We have a very strong business model with minimal fixed expenses given our remote work environment. This gives us the flexibility to continue to invest in the business and expand operating margins.

提醒一下，我們在 2025 財年第一季舉辦了峰會，這是我們團隊的全球聚會，非經常性支出為 1500 萬美元，非 GAAP 營業利潤率為 12.2%，而去年第一季為負 2.3%，同比增長約 1,400 個基點。考慮到我們的遠距工作環境，我們擁有非常強大的商業模式，且固定支出極少。這使我們能夠靈活地繼續投資業務並擴大營業利潤率。

Now turning to guidance. Our guidance philosophy has not changed and assumes that the macroeconomic environment we have been operating in since April continues. For the second quarter of FY26, we expect total revenue of $226 million to $227 million, representing a growth rate of approximately 24% year-over-year. We expect a non-GAAP operating income of $23 million to $24 million, and we expect a non-GAAP net income per share of $0.16 to $0.17, assuming 171 million weighted average diluted shares outstanding.

現在轉向指導。我們的指導理念沒有改變，並假設我們自四月以來運營的宏觀經濟環境將繼續下去。對於 2026 財年第二季度，我們預計總營收為 2.26 億美元至 2.27 億美元，年增約 24%。我們預期非 GAAP 營業收入為 2,300 萬美元至 2,400 萬美元，假設加權平均稀釋流通股數為 1.71 億股，我們預期非 GAAP 每股淨收入為 0.16 美元至 0.17 美元。

For the full year FY26, we expect total revenue of $936 million to $942 million, representing a growth rate of approximately 24% year-over-year. We expect a non-GAAP operating income of $117 million to $121 million, and we expect non-GAAP net income per share of $0.74 to $0.75, assuming 172 million weighted average diluted shares outstanding. The fundamentals of our business are very strong.

對於 26 財年全年，我們預計總營收為 9.36 億美元至 9.42 億美元，年增約 24%。我們預期非 GAAP 營業收入為 1.17 億美元至 1.21 億美元，假設加權平均稀釋流通股數為 1.72 億股，我們預期非 GAAP 每股淨收入為 0.74 美元至 0.75 美元。我們的業務基礎非常強勁。

We generated $104.1 million in adjusted free cash flow in Q1, a record adjusted free cash flow margin of 49%. Free cash flow was driven by ongoing improvements in operating leverage and Q4 to Q1 seasonality and collections. We ended the quarter with $1.1 billion in cash and investments, providing us with significant flexibility to navigate market fluctuations while continuing to invest in both our AI capabilities, platform enhancements and go-to-market organization.

我們在第一季產生了 1.041 億美元的調整後自由現金流，調整後自由現金流利潤率達到創紀錄的 49%。自由現金流受到經營槓桿的持續改善以及第四季度至第一季的季節性和收款的推動。本季末，我們擁有 11 億美元的現金和投資，這為我們應對市場波動提供了極大的靈活性，同時我們繼續投資於我們的人工智慧能力、平台增強和市場進入組織。

Separately, I'd like to provide an update on [Gao Hua], our China joint venture. In Q1 FY26, non-GAAP expenses related to Gao Hua were $3.1 million compared to $3 million in Q1 of last year. Our goal remains to deconsolidate Gao Hua. However, we cannot predict the likelihood or timing when that may potentially occur. Thus, for FY26 modeling purposes, we forecast approximately $18 million of expenses related to Gao Hua compared with $13 million from last year.

另外，我想介紹一下我們在中國的合資企業[高華]的最新情況。2026 財年第一季，與高華相關的非 GAAP 費用為 310 萬美元，去年第一季為 300 萬美元。我們的目標仍然是拆分高華。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 2026 財年的建模目的，我們預測與高華相關的費用約為 1800 萬美元，而去年為 1300 萬美元。

In closing, I'm pleased with our team's focus on execution in Q1, which resulted in another strong quarter of top line growth, increasing operating leverage and growing momentum in AI adoption. We also continue to meaningfully enhance our platform. I'm very excited about all of the new secure, scalable AI native capabilities we're delivering in GitLab 18 and what that can mean for customers. We invite you to join our GitLab 18 launch event on June [24] to learn more about it. To register, please visit our Investor Relations website. Thank you for joining today.

最後，我很高興看到我們團隊在第一季的執行情況，這使得本季的營收再次強勁成長，營運槓桿不斷增加，而且人工智慧的採用勢頭也不斷增強。我們也將繼續大力增強我們的平台。我對我們在 GitLab 18 中提供的所有新的安全性、可擴展的 AI 原生功能以及這些功能對客戶的意義感到非常興奮。我們邀請您參加 6 月 [24] 舉行的 GitLab 18 發布活動，以了解更多資訊。如需註冊，請造訪我們的投資者關係網站。感謝您今天的加入。

With that, I'll now turn it over to Kelsey, who will moderate the Q&A.

現在，我將把時間交給凱爾西 (Kelsey)，她將主持問答環節。

(Operator Instructions)

（操作員指示）

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great. Thank you very much. Hopefully, you guys can hear me on the other end, and I will stick to Kelsey's one question just to try and stay on her goods side. Bill, in a high level, obviously, a lot of noise around what AI is doing with coding, especially with code suggestion and code completion. And I think you did a good job in your prepared remarks kind of laying out the value that you add beyond that, right, in terms of packaging, testing CICD. So help us understand just where customer conversations are strategically right now with things just moving so fast in this space.

偉大的。非常感謝。希望你們能聽到我的聲音，我會堅持凱爾西的一個問題，只是為了盡力站在她好的一邊。比爾，從高層次來看，顯然，關於人工智慧在編碼方面所起的作用，尤其是在程式碼建議和程式碼完成方面，存在著許多爭議。我認為您在準備好的發言中很好地闡述了您在包裝、測試 CICD 方面所增加的價值。因此，請幫助我們了解，在這個領域事情發展如此之快的情況下，客戶對話的策略地位目前如何。

(technical difficulty) Engineers and every single customer conversation I have at one point or another lands on AI. I think our customers see that and every team leader is looking for ways to use AI to make their teams more productive, accelerate innovation, improve quality, everything. It is evolving very rapidly. Every day, it seems like there's new tools, new techniques, new innovation, and we're right there along with that.

（技術難題）工程師和我與每個客戶的對話都會涉及人工智慧。我認為我們的客戶看到了這一點，並且每個團隊領導者都在尋找利用人工智慧的方法來提高團隊的工作效率、加速創新、提高品質等等。它正在迅速發展。每天似乎都會出現新的工具、新的技術、新的創新，而我們也緊跟著出現。

In fact, this quarter, I had a chance to really dive in with our product and engineering organization, understand more deeply what we're building is my second quarter here and get really excited about the level of focus and the accelerated innovation that I'm seeing coming out of the engineering team with our new vision.

事實上，本季度，我有機會真正深入了解我們的產品和工程組織，更深入地了解我們正在構建的內容，這是我在這裡的第二個季度，並且對於我看到的工程團隊在我們新的願景下所展現出的專注程度和加速創新感到非常興奮。

So I think it's a time where there's going to be a lot of fluctuation. For example, when I go talk to customers right now, it's very common that they'll say, hey, I'm using Duo. I'm testing it side by side. other competitive tools, whether that's CoPilot or cursor or Windsor or others. They're truly open to experimenting with multiple tools, in fact, buying multiple tools, to compare them side by side and make sure they're giving their engineers the best. I think that's likely to continue.

所以我認為這是一個將會出現很多波動的時期。例如，當我現在與客戶交談時，他們通常會說，嘿，我在使用 Duo。我正在對其他競爭工具進行平行測試，無論是 CoPilot 還是 Cursor 還是 Windsor 或其他工具。他們確實願意嘗試多種工具，事實上，他們購買多種工具，並進行並排比較，以確保為工程師提供最好的工具。我認為這種情況可能會持續下去。

And the great thing about that is all of those tools that are really focusing on code creation are creating more code and more code creators that end up needing GitLab for all the things that we do after the code gets created, all the testing, all the validation of the security, packaging, publishing and the rest. So we believe long term, this is an exciting time for engineers, and it only helps get lab further our mission as well.

最棒的是，所有這些真正專注於程式碼創建的工具都在創建更多的程式碼，更多的程式碼創建者最終需要 GitLab 來完成我們在程式碼創建後所做的所有事情，所有的測試，所有的安全驗證，打包，發布等等。因此，我們相信，從長遠來看，這對工程師來說是一個令人興奮的時刻，而且它只會幫助實驗室進一步完成我們的使命。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yes, hey, guys. Thanks so much for taking the questions. I wanted to ask maybe a question on the growth. And so when I look at the business and the financial metrics, it's almost like a tale of two growth stories here. And so -- when we look at the fiscal Q1 beat, probably one of the skinniest beats that we've seen since the IPO, and you're keeping the revenue guide for the full year. But when I dig a little bit deeper, RPO, CRPO billings, all look pretty good. And so help us understand the puts and takes there. And maybe any commentary on deal linearity in the quarter? And if you could, may demand versus April demand? Thank you.

是的，嘿，夥計們。非常感謝您回答這些問題。我想問一個關於成長的問題。因此，當我查看業務和財務指標時，這幾乎就像是兩個成長故事。因此，當我們查看第一季的財務表現時，這可能是自 IPO 以來我們看到的最糟糕的業績之一，而且您還保留了全年的收入指南。但當我深入挖掘時，RPO、CRPO 帳單看起來都相當不錯。從而幫助我們理解其中的利弊。也許對本季的交易線性有什麼評論？如果可以的話，5 月的需求與 4 月的需求相比如何？謝謝。

Thanks, Koji. This is Brian. For the quarter, there wasn't any surprises. I'm happy with how the team executed in the quarter. There were two things that we observed in the quarter. One is the mix favored more SaaS -- and then two, the linearity was back-end weighted in the quarter. As a reminder, also, 1Q had a few less days in 1Q of last year. There's been no change in guidance [last year] and we're assuming the same macroeconomic conditions that we've seen this year in the guidance.

謝謝，Koji。這是布萊恩。就本季而言，並沒有什麼意外。我對團隊在本季的表現感到滿意。我們在本季觀察到了兩件事。一是該組合更傾向於 SaaS；二是該季度的線性是後端加權的。另外提醒一下，去年第一季的天數比現在少了幾天。（去年）指導方針沒有變化，我們假設的宏觀經濟條件與今年指導方針中看到的相同。

Thank you.

謝謝。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Congratulations on the improving profit, really nice to see. I guess my question, I guess, for Brian, when we look at the sequential customer adds this quarter, when we look at like net new adds, on both the 100,000 side and on the customers above 5,000. They looked like they decelerated a little bit. And I was wondering if there's any theme there with some of the pricing changes you announced in the quarter with respect to new customers signing up for Premium and just any sort of color behind the net new customer additions this quarter. Appreciate. Thanks.

恭喜利潤提高，真的很高興看到。我想問一下，對於 Brian 來說，當我們查看本季連續增加的客戶數量時，當我們查看淨新增客戶數量時，包括 100,000 名客戶和 5,000 名以上的客戶。他們看起來好像稍微減速了一點。我想知道，您在本季宣布的與新客戶註冊 Premium 相關的一些價格變化是否有任何主題，以及本季度淨新增客戶數量背後的任何特徵。欣賞。謝謝。

Yes, absolutely. Great question. Let me break the answer down and hitting two things. One, let me hit on first orders and then also break down the composition of the numbers and less than greater than 5,000 -- so first, one of the companies or objectives that we announced in the last earnings call was to increase the volume of new first orders. On a logo basis, we performed better this quarter than last year for enterprise and mid-market segment, and we also performed a lot better on dollars added within the quarter. And so that initiative that we put into place is starting to pay dividends.

是的，絕對是。好問題。讓我把答案分解開來並指出兩點。首先，讓我來談談首筆訂單，然後分解一下數字的組成，少於 5,000 大於 5,000 — 首先，我們在上次財報電話會議上宣布的公司或目標之一是增加新的首筆訂單量。從品牌角度來看，本季我們在企業和中階市場的表現優於去年，本季新增資金的表現也好得多。因此，我們實施的措施開始產生效益。

When you look at the components of new customer adds greater than 5,000, there's a number of different things that go into that. First is new customers. Second is lost customers and churn. Third is customers who expanded into the 5,000 bucket, and then fourth is customers who contracted into the 5,000 bucket.

當您查看新增客戶數量超過 5,000 的組成部分時，您會發現其中涉及許多不同的因素。首先是新客戶。第二是客戶流失和客戶流失。第三類是擴展到 5,000 個桶內的客戶，第四類是收縮到 5,000 個桶內的客戶。

When I look at the breakdown of all those -- the biggest change that we had was customers expanding into the 5,000 bucket and customers contracting into the 5,000 bucket. And that basically comprised of 160 logos different year-over-year.

當我查看所有這些的細目時，我們發現的最大變化是客戶數量擴大到 5,000 個桶，而客戶數量則縮減到 5,000 個桶。這基本上包括了 160 個每年都不同的標誌。

And so at the low end of the market, SMB and low end of mid-market is where we're seeing some price sensitivity, but it's not impacting the financials. It's impacting the new customer adds. And as a reminder, we don't compensate on new customer adds. We compensate on bookings within the quarter. So I hope that's helpful. The new customer adds this quarter greater than 5,000, didn't concern me.

因此，在低端市場、中小企業和中端市場的低端，我們看到了一些價格敏感性，但這並沒有影響財務狀況。它正在影響新客戶的增加。需要提醒的是，我們不會對新客戶進行補償。我們會對本季內的預訂進行補償。我希望這會有所幫助。本季新增客戶超過 5,000 名，與我無關。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

(technical difficulty)

（技術難度）

Hey, Kash. The train is -- we're actually having some trouble hearing you. You want to drop for a minute and then we'll put you back in the queue. Okay. So we'll take the next question from Derrick Wood, with TD Cowen.

嘿，卡什。火車－我們其實聽不清楚你的聲音。如果你想休息一會兒，然後我們會把你放回隊伍中。好的。那麼我們將回答 TD Cowen 的 Derrick Wood 提出的下一個問題。

Great. Thanks, guys. I guess either for Bill or Brian, we got investor questions around because adoption of AI is so strong inside of developer use cases and there's just such good proven productivity gains. Is there a reason to be worried about job growth in the software developer market? So I guess, how are you guys seeing secret trend during renewals and what's your kind of broader view on how AI impacts demand for developers in the enterprise looking out over the next couple of years?

偉大的。謝謝大家。我想，無論是比爾還是布萊恩，我們都收到了投資者的詢問，因為人工智慧在開發人員使用案例中的應用非常強大，並且已經證明了其對生產力的良好提升。是否有理由擔心軟體開發市場的就業成長？所以我想，你們如何看待續約期間的秘密趨勢，以及您對未來幾年人工智慧如何影響企業對開發人員的需求有何更廣泛的看法？

Yes. Thanks, Derrick. I'll talk a little bit about how I see the outlook and Brian, feel free to add any commentary on the seat trends in the quarter. I think I know there's a raging debate about this, and I think a lot of it is borne out of anxiety about the future by engineers, frankly, as they see how powerful AI can be at helping to do software engineering.

是的。謝謝，德里克。我將稍微談談我對前景的看法，布萊恩，請隨意對本季的座位趨勢發表任何評論。我知道對此存在著激烈的爭論，坦白說，我認為很大程度上是出於工程師對未來的焦慮，因為他們看到了人工智慧在幫助軟體工程方面有多強大。

Frankly, I've seen this trend throughout my career, building developer tools in around this space for about 30 years. Every time we create advances in productivity and higher levels of abstraction where price engineering skills become maybe less required and sometimes no longer required this same kind of phenomenon occurs.

坦白說，在我的整個職業生涯中，我都看到了這種趨勢，在這個領域建立開發人員工具已有大約 30 年了。每當我們在生產力和更高抽象層次上取得進步時，價格工程技能就變得不再需要，有時甚至不再需要，就會發生這種現象。

And I'd say this one is definitely stronger than other times because of the power of AI. But every time I've also seen that higher level of abstraction and more productivity actually yield more opportunity. And I believe the same is true here with AI.

我想說，由於人工智慧的力量，這次肯定比其他時候更強大。但每次我也看到，更高層次的抽象和更高的生產力實際上會帶來更多的機會。我相信人工智慧也是如此。

I see the number of engineers continuing to be sustained and even grow. I think the number of people who are able to create code is only going to increase with some of the power of AI and ability to create code without having necessarily the deep technical skills at times required.

我看到工程師的數量持續保持穩定甚至成長。我認為，隨著人工智慧的強大功能和創建程式碼的能力的提高，能夠創建程式碼的人數只會增加，而有時他們並不一定具備深厚的技術技能。

And then I also believe the volumes of code will also increase. And both of those are really important for GitLab. As you know, we price today based on users, but also a large part of our business is taking that code and helping users manage it throughout the software life cycle. And so more code and more users means good business for GitLab. Brian, do you want to talk about any of that?

然後我也相信程式碼量也會增加。這兩者對於 GitLab 來說都非常重要。如您所知，我們今天的定價是基於用戶的，但我們業務的很大一部分是獲取程式碼並幫助用戶在整個軟體生命週期內管理它。因此，更多的程式碼和更多的用戶意味著 GitLab 的業務良好。布萊恩，你想談談這些嗎？

Yes, I'll just comment a little bit on seats and developer hiring in general. And so from a seat perspective in our dollar-based net retention rate, 80% of the contribution came from seats. And it's really a combination of a couple of different things. One, the large deal that we had in 3Q -- I'm sorry, in 4Q, but also the additional seats that we're selling for Duo in the add-on SKUs that we have. And so happy with the number of additional seats that we're selling into our customer base.

是的，我只想對席位和開發人員招聘情況發表一點評論。因此，從我們基於美元的淨保留率的座位角度來看，80％的貢獻來自座位。它實際上是幾種不同事物的結合。首先，我們在第三季（抱歉，是在第四季度）達成了一筆大交易，而且我們還在為 Duo 銷售附加 SKU 中的額外席位。我們對於向客戶群銷售的額外座位數量感到非常高興。

From a developer hiring perspective, we aren't correlated directly with the market. It's a very large TAM. We're barely penetrating the TAM. There's a big market in front of us. With that said, some of the recent reports I've read is developer hiring has turned positive, and we've seen an uptick over the last quarter or two.

從開發人員招募的角度來看，我們與市場沒有直接關聯。這是一個非常大的TAM。我們幾乎還沒有突破 TAM。我們面前有一個巨大的市場。話雖如此，我最近讀到的一些報告顯示，開發人員的招募情況已經轉為積極態勢，而且我們在過去一兩個季度看到了回升。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. Bill, it seems like the bottleneck has kind of shifted right from kind of AI-driven code generation and GitLab is obviously poised to break that bottleneck for a lot of your customers as you infuse AI, but how do you make sure that GitLab extracts the value that is aligned with that unlock that customers might enjoy beyond quoting since your pricing is kind of more on a set basis, right? How are you thinking about that?

偉大的。比爾，看起來瓶頸已經從人工智慧驅動的代碼生成轉移了，隨著人工智慧的注入，GitLab 顯然準備為許多客戶打破這一瓶頸，但是你如何確保 GitLab 提取與客戶可能享受的解鎖相一致的價值，而不僅僅是報價，因為你的定價更多的是基於固定基礎的，對嗎？您對此有何看法？

Yes, Pinjalim, really good question. And that's something we've been studying quite intensely for some time, and especially my last quarter as I had a chance to dive in with product and engineering and help really refining our vision with greater aspiration and focus in the coming quarters. And as I mentioned in the recorded remarks, I'm really excited to talk more about that vision in our June 24 GitLab 18 launch event.

是的，Pinjalim，這個問題問得真好。這是我們一段時間以來一直在深入研究的事情，尤其是在上個季度，我有機會深入研究產品和工程，並幫助我們在未來幾季以更大的抱負和重點真正完善我們的願景。正如我在錄音演講中提到的那樣，我很高興在 6 月 24 日的 GitLab 18 發布會上進一步談論這個願景。

But let me maybe share five ways that we are focusing on creating value and differentiation with our AI approach. GitLab today is really known as a place where engineers collaborate and teams come together to build software across the software life cycle and when we think about AI, we think about building on that core strength, unlock a really unique collaborative experience with many to many interactions between humans and agents.

但讓我來分享我們專注於利用人工智慧方法創造價值和差異化的五種方式。如今，GitLab 真正被稱為是工程師協作和團隊聚集在一起構建整個軟體生命週期軟體的地方，當我們考慮人工智慧時，我們會考慮在這一核心優勢的基礎上，透過人與代理之間的多對多互動來解鎖真正獨特的協作體驗。

We also are building on our reputation for open source and co-creation. And so we're pursuing a strategy that allows for that to extend into Agentic AI as well. And we're going to provide pervasive extensibility and flexibility with an open community approach for catalog and catalog for agent discovery and development.

我們也在鞏固我們在開源和共同創造方面的聲譽。因此，我們正在推行一項允許其擴展到 Agentic AI 的策略。我們將透過開放社群的方式為目錄和代理商發現與開發目錄提供普遍的可擴展性和靈活性。

Third, we're also building our reputation for security and privacy. We already provide cloud neutrality, LLM neutrality and the support for self-hosted models and our Agentic approach, which will provide agents that span the software life cycle continues to support the best-in-class standards for security and privacy.

第三，我們也正在建立我們的安全和隱私聲譽。我們已經提供了雲端中立性、LLM 中立性和對自託管模型的支援以及我們的 Agentic 方法，它將為跨軟體生命週期的代理提供持續支援一流的安全和隱私標準。

Four, we're also in a unique position given our single database platform approach. And we're taking advantage of that by building what we call a knowledge graph that stitches together all of the context for a given task whether the human is executing that task or an agent's executing the task, to give really high-quality context that allows for better outcomes.

第四，由於我們採用單一資料庫平台方法，因此我們也處於獨特的地位。我們利用這一點，建立了所謂的知識圖譜，將給定任務的所有上下文拼接在一起，無論是人類執行該任務還是代理執行該任務，以提供真正高品質的上下文，從而獲得更好的結果。

So for example, one of the things that we're looking at, the team is actually implementing right now is a deep research feature that allows an agent to crawl the entire hierarchy of all of the context that we understand about a given project, all of the issues, all of the work items, all of the code, obviously, the people working on that code, the security scans, the test case is everything related, so they can create a summary and help an engineer or engineering leader understand exactly where the state of that project is. That's something that really is not possible without a platform built the way GitLab is.

舉個例子，我們正在研究的事情之一，團隊現在實際上正在實施的是一項深度研究功能，它允許代理抓取我們了解的有關給定項目的所有上下文的整個層次結構，所有問題，所有工作項，所有代碼，顯然，處理該代碼的人員、安全掃描、測試用例都是相關的，因此他們可以創建摘要並幫助工程師或工程負責人準確了解該項目的狀態。如果沒有像 GitLab 那樣建構的平台，這實際上是不可能的。

Finally, the fifth thing that we're really looking deeply at is integrating software life cycle agents natively into GitLab. So that every Premium and Ultimate customer can automatically start collaborating with them, friction-free out of the box. That's one of the reasons that we introduced Duo Chat and Duo code suggestions into Premium and Ultimate of this last quarter. so that we can lay the groundwork for that kind of human to agent collaboration in the quarters to come.

最後，我們真正深入研究的第五件事是將軟體生命週期代理原生整合到 GitLab 中。這樣，每個 Premium 和 Ultimate 客戶都可以自動開始與他們合作，開箱即用，沒有任何摩擦。這就是我們在上個季度建議將 Duo Chat 和 Duo 代碼引入 Premium 和 Ultimate 的原因之一，以便我們能夠為未來幾季的人機協作奠定基礎。

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼。

Awesome. Thank you. Bill, you mentioned seeing a higher mix of customers land and Ultimate. Can you just give us a sense for how much that has changed over the last couple of quarters? And whether we should expect expansion rates to come up down a bit just given you're seeing kind of more customers land in the Ultimate tier. And then the follow-up is just any implications on how we should consider the new pricing and packaging model with dual enterprise being available to Premium customers? And whether you expect that to impact the cadence of customers landing and Ultimate? Thanks.

驚人的。謝謝。比爾，你提到看到 Land 和 Ultimate 的客戶組合有所增加。您能否告訴我們過去幾季發生了多大的變化？鑑於您看到越來越多的客戶進入 Ultimate 層級，我們是否應該預期擴張率會略有下降。那麼後續問題是，我們應該如何考慮新的定價和包裝模式，以及為高階客戶提供雙重企業服務？您是否預期這會影響客戶登陸和 Ultimate 的節奏？謝謝。

Yes. First part of your question around more customers choosing Ultimate, it's awesome to see. Obviously, when a customer adopts Ultimate, they're getting the very best in capabilities from GitLab from the start, and we love seeing that. And I think it speaks to the strength of our security offerings as part of Ultimate and the real market trend to shift left and really focus on security as part of the DevOps life cycle. And so happy to see that.

是的。您問題的第一部分是關於更多客戶選擇 Ultimate，很高興看到這一點。顯然，當客戶採用 Ultimate 時，他們從一開始就獲得了 GitLab 的最佳功能，我們很高興看到這一點。我認為這說明了我們作為 Ultimate 一部分的安全產品的實力，以及向左轉並真正關注安全作為 DevOps 生命週期一部分的真正市場趨勢。我很高興看到這一點。

The reality is most customers still do start with Premium and Premium and Ultimate, are kind of the Ultimate [12] punch, right? Premium is a great skew, low-cost, affordable most capable product, I think, in the market at its price point and very attractive for customers to start with, and that is where the majority of customers do start today and then they mature and scale both the number of engineers and teams using GitLab as well as the level of capability they buy into with that Ultimate upgrade providing a great expansion path for us.

現實情況是，大多數客戶仍然從 Premium 和 Ultimate 開始，這算是 Ultimate [12] 的衝擊，對嗎？我認為，Premium 是一款出色的產品，價格低廉，價格實惠，功能最強大，在市場上具有很高的吸引力，對於客戶來說非常具有吸引力，這也是當今大多數客戶開始使用的產品，然後他們逐漸成熟並擴大使用 GitLab 的工程師和團隊的數量，以及他們購買的 Ultimate 升級的功能水平，這為我們提供了一條很好的擴展途徑。

I don't see that changing, honestly. It's great to see more customers landing in Ultimate, but I believe the one to land and expand strategy we have is working and will continue. With regard to the second part of your question around the shift to make enterprise available with Premium or two Premium customers, that's really a change that we've done for a couple of reasons. First, we do see demand from Premium customers for that enterprise product. There are a number of capabilities there that make a lot of sense for them including self-hosted models as well as AI capabilities across the software life cycle.

說實話，我不認為這種情況會改變。很高興看到越來越多的客戶選擇 Ultimate，但我相信我們的落地和擴張策略正在發揮作用，並將繼續下去。關於您問題的第二部分，關於向 Premium 或兩個 Premium 客戶提供企業服務的轉變，這實際上是我們出於幾個原因而做出的改變。首先，我們確實看到高階客戶對該企業產品的需求。那裡有許多對他們來說很有意義的功能，包括自架模型以及整個軟體生命週期的人工智慧功能。

I don't have the security capabilities there as part of Ultimate, but majority of the features that we have in Duo Enterprise do apply to those Premium customers, and we're happy to unlock that for them. As we studied that change, we also saw that while many customers do buy both Ultimate and enterprise together, the Duo enterprise SKU was not a driver of the upgrade to Ultimate and so therefore, not a significant risk in terms of expanding the service addressable market by more flexible packaging.

我沒有 Ultimate 中的安全功能，但 Duo Enterprise 中的大多數功能確實適用於 Premium 客戶，我們很樂意為他們解鎖這些功能。在研究這項變更時，我們還發現，雖然許多客戶確實會同時購買 Ultimate 版和企業版，但 Duo 企業版 SKU 並不是升級到 Ultimate 版的驅動因素，因此，在透過更靈活的包裝擴大服務可尋址市場方面不存在重大風險。

Great. Thank you.

偉大的。謝謝。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Okay. Great. Thank you. Can you hear me okay?

好的。偉大的。謝謝。你聽見我說話嗎？

Okay.

好的。

Awesome. Look, I know like a lot of the questions are focused on top line momentum. But I just kind of -- I got to ask. You posted a huge free cash flow number in Q1. Well, was there anything that was onetime in nature that helped the results? And then if I just look at past seasonality, Q4 actually tends to be the biggest quarter for free cash flow.

驚人的。聽著，我知道很多問題都集中在營收成長動能。但我只是有點——我得問一下。您在第一季公佈了龐大的自由現金流數字。那麼，自然界中是否存在某些一次性的事物對結果有幫助呢？然後，如果我只看過去的季節性，第四季度實際上往往是自由現金流最大的季度。

So if that's correct, and it seems like you all can potentially post 20%-plus margins this year, again, on the free cash flow side. So I guess, is there anything you'd say that or anything you'd highlight to talk me down because feels like something that broader market seems to be missing.

因此，如果這是正確的，那麼看起來你們今年都有可能在自由現金流方面實現 20% 以上的利潤率。所以我想，您有什麼想說的或想強調的來說服我嗎，因為感覺更廣泛的市場似乎缺少了什麼。

Yes. Thanks for the question. Q4 is seasonally our strongest quarter, and so we collect that cash in Q1 and we generated over $100 million in free cash flow. So happy with that. But there's nothing anomalistic within the quarter that led to the higher free cash flow collections. It was just normal business operations.

是的。謝謝你的提問。第四季度是我們季節性表現最強勁的季度，因此我們在第一季就收回了現金，並產生了超過 1 億美元的自由現金流。我對此非常高興。但本季並沒有任何異常情況導致自由現金流增加。這只是正常的商業運作。

Okay. Fair enough.

好的。很公平。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey, thanks for taking my questions, guys. I just wanted to come back to the earliest comments. It might have been in response to Rob over at Piper. But Bill, when you were talking about the AI experimentation that's going on out there, you'd ride life people are testing multiple vendors, whether it's GitLab with dual versus cursor, windsurf.

嘿，謝謝大家回答我的問題。我只是想回到最早的評論。這可能是對 Piper 的 Rob 的回應。但比爾，當你談論正在進行的人工智慧實驗時，你會發現人們正在測試多個供應商，無論是具有雙重與遊標的 GitLab，還是風帆衝浪。

And I just wanted to see how was it you guys gain confidence that you're winning in this market, right? We've tiptoe around the new logo growth this quarter, the Skinny beat. I just wanted to see like with the strength of the offering here, how do you ensure your coming both from the marketing pub that's out there or ensure that we're continuing to gain?

我只是想看看你們是如何獲得在這個市場上獲勝的信心的，對嗎？本季度，我們小心翼翼地應對新標誌的成長，即 Skinny beat。我只是想看看，憑藉這裡的產品實力，您如何確保您能夠從現有的行銷管道獲得成功，或確保我們能夠繼續獲利？

Yes. I mean, we actually engage with those customers who are testing multiple vendors the typical bake-off. And frankly, we see GitLab Duo win out against other leading competitors and some of our largest customers. So I don't have a lot of concern about our ability to compete in the market. I think there's lots of opportunity still ahead of us.

是的。我的意思是，我們實際上與那些正在測試多個供應商的客戶進行典型的烘焙比賽。坦白說，我們看到 GitLab Duo 戰勝了其他主要競爭對手和一些最大的客戶。所以我並不太擔心我們在市場上的競爭力。我認為我們面前仍有很多機會。

As I said earlier, I think we're building on a really strong strategy and some clear differentiation. GitLab Duo do a workflow product. As been in private beta has been getting really strong feedback as well, and we're on track to make that public beta available later this summer as well as GA to come later in the winter. So I think that will only strengthen our competitive position and put us in a really good spot with customers.

正如我之前所說，我認為我們正在建立一個非常強大的策略和一些明顯的差異化。GitLab Duo 做一個工作流程產品。由於處於私人測試階段，我們也收到了非常強烈的回饋，我們計劃在今年夏天晚些時候推出公開測試版，並在冬季晚些時候推出 GA。所以我認為這只會增強我們的競爭地位，並使我們在客戶面前處於非常有利的地位。

Thank you.

謝謝。

Jonathan Ruykhave, Cantor Fitzgerald.

喬納森·魯伊卡夫，坎托·菲茨杰拉德。

Yes. Thank you. Can you just talk about the enhancements with GitLab 18? Just specifically, what are the features that you see differentiating the most? And then just as a quick follow-up. What are the factors that played into the decision not to charge for those features, especially in light of the comments you've made today, the innovation you're driving around AI, the high-quality contacts, improve outcomes. How do you expect to capture that value?

是的。謝謝。能談談 GitLab 18 的增強功能嗎？具體來說，您認為最顯著的差異是什麼？然後只是進行快速跟進。哪些因素促使您決定不對這些功能收費，特別是考慮到您今天所發表的評論、您在人工智慧領域推動的創新、高品質的聯繫以及改善結果。您希望如何取得該價值？

Yes, it's a good question. I have heard some questions about our unlock of the Duo chat and dual code suggestions as part of Premium and Ultimate and why we're doing that. It's a really important strategy point to understand. First, the reality is every engineer is looking for AI tools today to help them with their job.

是的，這是個好問題。我聽到了一些關於我們作為 Premium 和 Ultimate 的一部分解鎖 Duo 聊天和雙代碼建議的問題，以及我們為什麼這樣做。這是一個需要理解的非常重要的策略要點。首先，現實情況是，現今每位工程師都在尋找人工智慧工具來幫助他們完成工作。

And we want GitLab Premium or Ultimate both to be an obvious no friction, no barrier approach to AI. And so by including it, we eliminate all the friction for adoption. Now we do have usage limits on it, so you can't use it unlimited but developers can use it. They can get started. They can get a really good feel for its usability and its capability.

我們希望 GitLab Premium 或 Ultimate 都能成為一種明顯無摩擦、無障礙的 AI 方法。因此，透過將其納入，我們消除了採用過程中的所有摩擦。現在我們確實對它有使用限制，所以你不能無限制地使用它，但開發人員可以使用它。他們可以開始了。他們可以真正感受到它的可用性和功能。

And then we offer a very smooth ramp up to Pro and to enterprise now for all customers. So we think it's a natural part of a ramp to value. That's going to just lower the barrier to adoption and expand the market that's available to the full AI capabilities from GitLab.

然後，我們現在為所有客戶提供非常平穩的 Pro 和企業升級服務。因此我們認為這是價值提升的自然組成部分。這將降低採用的門檻，並擴大 GitLab 全部 AI 功能可用的市場。

With regard to your first -- the first part of your question around AI -- or around broader capabilities of the platform with the GitLab 18 launch, I shared a few of those in the prepared remarks. But I'd really just encourage everyone to tune into the June 24 event.

關於您的第一個問題（有關人工智慧的問題的第一部分）或有關 GitLab 18 發布平台的更廣泛功能的問題，我在準備好的發言中分享了其中的一些。但我真的只是鼓勵大家關注 6 月 24 日的活動。

We've got some incredible demos in that event as well as we talk through the big releases. As I looked across the innovation, there's just some amazing things. Just in the last year alone, we launched more than 100 new innovations and capabilities for our Premium customers and even more than that for our Ultimate customers.

在該活動中，我們進行了一些令人難以置信的演示，並討論了重大發布。當我審視這些創新時，我發現了一些令人驚訝的事情。光是去年，我們就為高級客戶推出了 100 多項新創新和功能，為終極客戶推出的創新和功能則更多。

So the volume of innovation is really powerful. For core DevOps, in particular, with 18, we are centralizing Artifact management. That's been a very strong request that I've personally gotten from many customers. We're using more legacy vendors for that. We're improving our world-class CICD pipelines for speed and security.

因此創新的數量確實非常強大。特別是對於核心 DevOps，我們有 18 個，我們正在集中進行 Artifact 管理。這是我個人從許多客戶那裡得到的非常強烈的要求。為此，我們正在使用更多的傳統供應商。我們正在改進我們世界一流的 CICD 管道，以提高速度和安全性。

And when it comes to security as well, a lot of customers, as we've mentioned, upgrading to Ultimate for those tools, they've been asking for better vulnerability dashboards, improved detection accuracy, reduction of false positives, they're fairly common for these security tools who are on the side of conservatism, and we're delivering on those promises.

說到安全性，正如我們所提到的，許多客戶將這些工具升級到 Ultimate 版本，他們一直要求更好的漏洞儀表板、提高檢測準確性、減少誤報，對於這些安全工具來說，他們普遍持保守態度，而我們正在兌現這些承諾。

And then finally, with AI, I mentioned the bold new vision that we're sharing and some really incredible innovation including our Agentic chats and the ability to do asynchronous work and many to many collaborations between humans and agents, all of that to come in the days ahead, building on the Duo chat and Duo code suggestions that we unlock now for every customer. So hopefully, that gives you a flavor, Jonathan.

最後，關於人工智慧，我提到了我們正在分享的大膽新願景和一些真正令人難以置信的創新，包括我們的 Agentic 聊天、非同步工作的能力以及人與代理之間的多對多協作，所有這些都將在未來幾天實現，建立在我們現在為每個客戶解鎖的 Duo 聊天和 Duo 代碼建議的基礎上。希望這能給你帶來一些啟發，喬納森。

Yes. Thank you.

是的。謝謝。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

Okay. Thank you. I just wanted to start, Brian, on Q1, the results versus guidance, I know it was kind of mentioned earlier, the Skinny B sort of the tightest we can recall in a little while. Just the rationale for that. You mentioned the days in Q1. I don't think you had mentioned that on the Q4 call.

好的。謝謝。布萊恩，我只是想從第一季的結果與指導開始，我知道這之前已經提到過，Skinny B 是我們近期能回憶起的最嚴格的標準。這只是其中的理由。您提到了第一季的日子。我認為您在第四季度電話會議上沒有提到這一點。

So I wonder if that was maybe part of the reason or what would be the rationale for sort of that skinnier beat. And as you thought about guidance for Q2, you noted that you're assuming the macro since April continues, which is a fair assumption.

所以我想知道這是否是部分原因，或者這種更瘦弱的節拍的原理是什麼。當您考慮第二季的指導時，您指出您假設自 4 月以來的宏觀經濟將繼續，這是一個合理的假設。

But I just wonder you might reflect on how May and this early part of June have been similar or different from April because we've heard from a lot of vendors that things have sort of bounced back. I just wonder what you might be seeing. Thank you.

但我只是想知道您是否會思考一下 5 月份和 6 月初與 4 月份有何相似或不同之處，因為我們從許多供應商那裡聽說情況有所回升。我只是想知道你會看到什麼。謝謝。

Yes. So let me first hit on days. So going into the quarter, we knew how many days there was. That was just as a reminder that there were fewer days in the quarter. So that didn't really have much to do with guidance. From a guidance perspective, there's been no change in guidance velocity. The two things that happened in the quarter that I mentioned was the mix favored SaaS from a rev rec self-managed suite recognized more upfront on size, it's 100% ratable. And the linearity was a little bit more back-end weighted.

是的。因此，讓我先談談日子。因此進入這個季度，我們就知道有多少天。這只是提醒我們本季的天數減少了。所以這其實與指導沒有太大關係。從導引角度來看，導引速度沒有改變。我提到的本季發生的兩件事是，混合型 SaaS 從 rev rec 自我管理套件中獲得了更大的優勢，在規模上得到了更多的預先認可，它是 100% 可評估的。且線性度稍微偏向後端加權。

From a sort of an environment perspective, it remains cautious, but people are still buying. We haven't really seen too much difference from a macroeconomic perspective. One also hit a little bit on federal as well. I know that's been out there a lot. We had a really great quarter in first quarter in federal. We over exceeded our expectations and we had good growth year-over-year. And so the federal business continues to do well as well.

從某種環境角度來看，它仍然保持謹慎，但人們仍在購買。從宏觀經濟角度來看，我們並沒有看到太大的差異。其中一個也對聯邦造成了一些打擊。我知道這種事已經發生過多次了。聯邦第一季的表現確實非常出色。我們超出了預期，並且同比增長良好。因此聯邦業務也繼續表現良好。

Steve Koenig, Macquarie.

麥格理銀行的史蒂夫·科尼格。

Great. Great. Okay. Thanks, Kelsey. Hi, GitLab. I wanted to just dig in maybe a follow-up on that last question a little bit more. So Brian, in your comment about in the quarter, there was a bit more SaaS than usual, and linearity was back-end weighted. Was that a function of kind of a little bit more on the macro and/or execution related or both? And you're not the first company that has come -- especially in the DevOps area that has seen that phenomenon. So more color about why you think that was.

偉大的。偉大的。好的。謝謝，凱爾西。你好，GitLab。我只是想更深入地探討最後一個問題。所以 Brian，在你關於本季的評論中，SaaS 比平常多一點，並且線性是後端加權的。這是否是一種與宏觀和/或執行相關的功能，或者兩者兼而有之？而且你們並不是第一家出現這種情況的公司——尤其是在 DevOps 領域出現這種現象的公司。所以請更詳細地解釋為什麼你會這麼想。

And then secondly, as you're looking at the macro and you're seeing impacts, like what metrics are you all tracking internally to understand the macro? And lastly, in your Q2, will you make will you make any execution adjustments or tactical adjustments in your go-to-market to try to improve the linearity. That's all I got. Thanks for taking the questions.

其次，當您查看宏觀並看到影響時，例如，您都在內部追蹤哪些指標來了解宏觀？最後，在第二季度，您是否會對進入市場的執行情況或策略進行調整，以嘗試提高線性？這就是我所得到的全部。感謝您回答這些問題。

That was a packed question with multiple questions in it. So from a macro -- I sit in -- I tried to set in all of our forecast calls that we have. And only on a couple of occasions, has it come up that tariffs, people were contemplating delaying. And it was really from the procurement department, not actually the owner, the buyer itself. And so not sure if that was a negotiation tactic or something that, that company was seriously contemplating.

這是一個包含多個問題的複雜問題。因此，從宏觀角度來看——我坐在那裡——我試圖設定我們所有的預測電話。只有在少數情況下，人們才會考慮延後徵收關稅。它實際上來自採購部門，而不是業主，而是買家本身。所以不確定這是否是一種談判策略，或者是該公司正在認真考慮的事情。

From a macro perspective, the GitLab platform, Ultimate has less than a 6-month payback and over 480% ROI in 3 years. And so people are buying our platform to consolidate and save money. And so we haven't really seen much overall from a macro perspective.

從宏觀角度來看，GitLab 平台 Ultimate 的投資回報期不到 6 個月，3 年的投資報酬率超過 480%。因此人們購買我們的平台來鞏固和節省金錢。因此，從宏觀角度來看，我們總體上並沒有看到太多變化。

Some of the metrics that we look at internally is all around the linearity within a quarter. And so we have that tracked over the last several years. We have a plan that we track to see how we're doing against that. We look at pipeline creation, we look at pipeline movement and so forth. Within the quarter itself, you asked about execution -- every quarter, there's deals that you think are going to close in the quarter. And there's approvals that you need to get that may or may not happen.

我們內部關注的一些指標都與一個季度內的線性有關。過去幾年我們一直在追蹤這一情況。我們有一個計劃，我們會追蹤並了解我們的進展。我們關注管道的創建、管道的移動等等。在本季度內，您詢問了執行情況——每個季度，您認為都會有一些交易將在本季度完成。您需要獲得一些批准，但這可能會發生，也可能不會發生。

And so that was a normal sort of end of quarter phenomenon, not something specifically that we saw this quarter versus some of the previous quarters. So as CFO, I think you can always improve on execution. Ian is focusing on that. And we're driving better execution across the entire organization, but there was nothing specific to call out within the quarter.

因此，這是一種正常的季度末現象，並不是本季與前幾季相比所特有的現象。因此，作為首席財務官，我認為你總是可以提高執行力。伊恩正專注於此。我們正在推動整個組織的更好執行，但本季內沒有什麼特別值得關注的事情。

Jason Ader. William Blair.

傑森·阿德。威廉·布萊爾。

Alright. Awesome. Bill, where do you see the biggest risk of disruption to the current DevOps tool chain. Obviously, this tool chain has been in place for a while. You guys play across the entire tool chain. But with the emergence of these AI coding assistants that are taking off like wildfire, especially some of the start-up players, where does that -- how does that ripple impact other parts of the tool chain?

好吧。驚人的。Bill，您認為目前 DevOps 工具鏈中斷的最大風險是什麼。顯然，這個工具鏈已經存在了一段時間。你們玩遍了整個工具鏈。但是，隨著這些人工智慧編碼助理的出現，特別是一些新創企業，它們像野火一樣迅速蔓延，這種連鎖反應將如何影響工具鏈的其他部分？

I know you kind of said earlier you thought it was good for you, but I imagine there are some parts of the tool chain that could be more impacted than others. And then just secondly, would it make sense for you guys to partner with a cursor, a wind surf because maybe that actually could be a channel for you to bring in new customers.

我知道您之前說過您認為這對您有好處，但我想工具鏈中的某些部分可能會比其他部分受到更大的影響。其次，你們與遊標、風帆衝浪合作是否有意義，因為這實際上可以成為你們吸引新客戶的管道。

Yes. Hey, great question. I know there's a lot of market excitement about those tools. And frankly, we're really excited about them as well. I know it's also sometimes confusing about where one tool begins and another tool ends, but the way I think about this is cursor and wind search since you mentioned those two, they're helping engineers create applications and new code, in particular.

是的。嘿，好問題。我知道市場對這些工具非常感興趣。坦白說，我們也對它們感到非常興奮。我知道有時一個工具從哪裡開始，另一個工具從哪裡結束，這也會令人困惑，但我對此的看法是，既然您提到了遊標和風向搜索，它們正在幫助工程師創建應用程式和新程式碼。

And GitLab actually picks up where those code assistants leave off. All of the code that they generate does need all of the things that GitLab does so well, testing, securing, analyzing, packaging, building, deploying, right? And so they already actually work great with GitLab. Cursor works great, Windsor works great, and they already are driving code into GitLab.

而 GitLab 其實是從那些程式碼助手停止的地方繼續工作的。他們產生的所有程式碼確實需要 GitLab 所擅長的所有事情，測試、保護、分析、打包、建置、部署，對嗎？因此他們實際上已經與 GitLab 合作得很好了。Cursor 運作良好，Windsor 運作良好，而且他們已經將程式碼驅動到 GitLab。

And so that's why a lot of our customers do test those tools in addition to do them. And we do offer co-creation capabilities as well. As I mentioned, the Duo code suggestions capability that's now part of every Premium and Ultimate license has the same ability as a cursor or wind serve in multiple IDEs development tools to create code and create applications, and our capability there is only going to get stronger over time.

這就是為什麼我們的許多客戶除了使用這些工具之外，還會對其進行測試。我們也提供共同創造能力。正如我所提到的，Duo 程式碼建議功能現在是每個 Premium 和 Ultimate 許可證的一部分，它具有與遊標或風在多個 IDE 開發工具中創建程式碼和創建應用程式相同的能力，而且我們在這方面的能力只會隨著時間的推移而變得更強大。

But we really believe in interoperability and being an open platform. And so we embrace those tools. We're excited by the innovation of brand developers and we don't see them challenging the domain, the parts of the DevSecOps life cycle that we are world-class at today.

但我們確實相信互通性和開放平台。因此我們採用這些工具。我們對品牌開發商的創新感到興奮，我們並沒有看到他們挑戰我們今天在 DevSecOps 生命週期領域和部分世界一流的領域。

So I guess I'll just finalize this by saying, we also -- as we think about our AI strategy, we're just thinking much broader from the start. It's a multipronged strategy that looks across the software life cycle, and we're really excited about the approach we've brought to the market already with agentic AI with Amazon Q and our partnership there as well as the Duo workflow product and the beta that's now playing out with [GA] to come. So as I think about the broader picture of what we're doing versus what the startups are doing, I think they're really complementary and really exciting for customers down the road.

所以我想我最後要說的是，當我們思考我們的人工智慧策略時，我們從一開始就考慮得更廣泛。這是一項著眼於整個軟體生命週期的多管齊下的策略，我們對已經透過與 Amazon Q 合作推出的 agentic AI 以及我們在那裡的合作夥伴關係以及 Duo 工作流程產品和目前正在進行的測試版以及即將推出的 [GA] 感到非常興奮。因此，當我從更廣泛的角度思考我們所做的事情與新創公司所做的事情時，我認為它們確實是互補的，並且對未來的客戶來說確實是令人興奮的。

I hope that answers your question.

我希望這能回答你的問題。

Thank you.

謝謝。

Great. Thank you very much to everyone who's participated. This concludes our Q1 FY26 earnings presentation. Have a great day. And if you have any questions, just follow up with the IR team.

偉大的。非常感謝所有參與者。這就是我們 26 財年第一季財報的結束。祝你有美好的一天。如果您有任何疑問，請與 IR 團隊聯繫。

Take care. Bye-bye.

小心。再見。