GitLab Inc (GTLB) 2026 Q2 法說會逐字稿

Good day everyone, and welcome to today's GitLab second quarter fiscal year 2026 conference call. (Operator Instructions) It is now my pleasure to turn the conference over to Cassidy Fuller-Patterson.

大家好，歡迎參加今天的 GitLab 2026 財年第二季電話會議。（操作員指示）現在我很高興將會議交給卡西迪·富勒·帕特森。

Good afternoon. We appreciate you joining us for GitLab's second 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 second quarter results, and guidance for the third quarter and fiscal year 2026.

午安.感謝您參加 GitLab 2026 財年第二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、評論第二季的業績以及對第三季和 2026 財年的指導。

Before we begin, I'll cover the Safe Harbor statement. I'd 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」部分找到。

The presentation and earnings release include a discussion of certain risks and 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和不確定性、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 non-recurring items that management believes impact the comparability of the periods referenced.

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。

Please refer to the earnings release and presentation materials for additional information regarding these non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measure.

有關這些非 GAAP 財務指標以及與最直接可比較的 GAAP 指標的調節的更多信息，請參閱收益報告和演示材料。

I will now turn the call over to Bill. Bill?

現在我將把電話轉給比爾。帳單？

Thank you, Cassidy, and hello, everyone. Thank you for joining us today. I'm pleased to report strong second quarter results, with revenue that increased 29% year-over-year to $236 million, and non-GAAP operating margin reaching 17%.

謝謝你，卡西迪，大家好。感謝您今天加入我們。我很高興地報告第二季業績強勁，營收年增 29% 至 2.36 億美元，非 GAAP 營業利潤率達到 17%。

Before we get into the broader business update, I want to call out that we're maintaining this year's revenue outlook while raising non-GAAP operating profit, demonstrating our commitment to responsible growth and operating discipline. This is to account for the ongoing go-to-market evolution under new leadership and an updated view on small business. We'll go into more detail shortly.

在我們了解更廣泛的業務更新之前，我想指出的是，我們維持今年的收入預期，同時提高非公認會計準則營業利潤，這表明我們對負責任的成長和經營紀律的承諾。這是為了解釋新領導層下正在進行的市場走向演變以及對小型企業的最新看法。我們很快就會進行更詳細的介紹。

As a reminder, we started our fiscal year with three objectives to help us focus on the things that we believe will help us drive our next leg of growth with improved operational efficiency, to continue to scale and become a generational company in our category.

提醒一下，我們在財政年度開始時就設定了三個目標，以幫助我們專注於那些我們認為有助於我們透過提高營運效率來推動下一階段成長的事情，繼續擴大規模並成為我們所在類別中的一代公司。

Here's an update. Our first objective is to add more new paying customers, especially in the mid-market and enterprise segments. To be a multibillion-dollar growth business, we need to add new customers every quarter who can grow with us.

以下是更新內容。我們的首要目標是增加更多新的付費客戶，特別是在中階市場和企業領域。為了成為一家價值數十億美元的成長型企業，我們需要每季增加能夠與我們共同成長的新客戶。

All cohorts since the inception of the company continued to expand with us at about the same rate, but new business cohort member sizes have been getting smaller. It's time to balance our expansion efforts with discrete motions focused on new customer acquisition.

自公司成立以來，所有群組都以大致相同的速度與我們一起擴張，但新業務群組成員規模卻越來越小。現在是時候平衡我們的擴張努力和專注於獲取新客戶的離散行動了。

To achieve this, we're establishing two parallel tracks, sales-led growth and product-led growth. On the sales-led side, Ian Steward, our CRO, just completed his first quarter and delivered strong results. He is leading several strategic initiatives to help set us up for continued scale as we grow beyond the $1 billion revenue mark, including establishing a global new business team focused on first orders and a post sales motion to support rapid module adoption and value realization.

為了實現這一目標，我們建立了兩個平行的軌道，即銷售主導的成長和產品主導的成長。在銷售主導方面，我們的首席風險長 Ian Steward 剛剛完成了他的第一季並取得了強勁的業績。他正在領導多項戰略舉措，幫助我們在收入突破 10 億美元大關時繼續擴大規模，包括建立專注於首批訂單的全球新業務團隊和售後動議，以支持快速模組採用和價值實現。

We'll ramp this initiative over H2 with the goal of starting to provide benefits for FY27. Our startup program has contributed to new customer growth this quarter, with a 72% quarter-over-quarter increase in the number of new startups joining the program, of which 56% were AI companies.

我們將在下半年加大這項措施的力度，目標是在 2027 財年開始提供效益。我們的新創公司計劃為本季度的新客戶成長做出了貢獻，加入該計劃的新初創企業數量環比增長了 72%，其中 56% 是人工智慧公司。

A powerful example of a new customer win is our Q2 deal with chaos, a provider of world-class visualization and design solutions used across multiple industries, including architecture and design, media and entertainment and product e-commerce.

贏得新客戶的一個有力例子是我們在第二季度與 Chaos 達成的交易，Chaos 是一家世界一流的可視化和設計解決方案提供商，其產品廣泛應用於多個行業，包括建築和設計、媒體和娛樂以及產品電子商務。

In a highly competitive evaluation, chaos selected GitLab Ultimate for our end-to-end DevSecOps capabilities, including built-in security scanning and SOC 2 readiness which are essential to chaos' growth strategy following several recent acquisitions and mergers.

在競爭激烈的評估中，Chaos 選擇了 GitLab Ultimate 作為我們的端到端 DevSecOps 功能，包括內建安全掃描和 SOC 2 準備，這對於 Chaos 在最近幾次收購和合併之後的成長策略至關重要。

On the product-led side, we will begin a growth motion focused on customer acquisition through self-service experience. I'm pleased to share that I've hired Manav Khurana as our new Chief Product and Marketing Officer.

在產品主導方面，我們將開始專注於透過自助服務體驗來獲取客戶的成長動力。我很高興地告訴大家，我已聘請 Manav Khurana 擔任我們的新首席產品和行銷長。

Manav and I worked together for four years at New Relic. He has held executive roles in product-led growth, marketing and product management, and he's an expert in product-led growth. At New Relic, he built a large high-growth self-service business from scratch, that contributed nearly 50% of customers to the overall base in three years.

Manav 和我在 New Relic 一起工作了四年。他曾擔任產品主導成長、行銷和產品管理的高階主管職務，是產品主導成長的專家。在 New Relic，他白手起家建立了一個大型高成長自助服務業務，三年內為整體客戶群貢獻了近 50% 的客戶。

I have confidence in Manav's ability to drive results at GitLab and expect this to gradually ramp over multiple quarters. Our second objective is to help customers realize the value of our platform faster, helping to drive revenue expansion. Here again, we're pursuing a dual sales-led growth and product-led growth strategy.

我對 Manav 推動 GitLab 取得成果的能力充滿信心，並預計這項能力將在多個季度內逐步提升。我們的第二個目標是幫助客戶更快實現我們平台的價值，並幫助推動收入成長。在這裡，我們再次推行銷售主導型成長和產品主導型成長的雙重策略。

On the sales-led side, we've strengthened our bench and are implementing multiple programs to reinforce sales and post sales excellence. This includes better processes, sophistication around pipeline generation and price control.

在銷售主導方面，我們加強了我們的隊伍，並正在實施多項計劃來加強銷售和售後卓越性。這包括更好的流程、管道生成的複雜性和價格控制。

We're also improving our training enablement efforts, particularly around AI. And we're developing new sales plays that will provide more focused outbound activities based on actions where we've previously seen results. This is all complemented by enhanced customer success and post sales playbook designed to accelerate customer value realization and platform adoption.

我們也在改進我們的培訓支援工作，特別是在人工智慧方面。我們正在開發新的銷售策略，根據我們之前看到的結果，提供更有針對性的外向活動。所有這些都透過增強的客戶成功和售後策略來補充，旨在加速客戶價值實現和平台採用。

On the product-led side, our product-led growth motion will increasingly trigger qualified lead signals to our sales force. This will help them understand moments when our field can engage customers and better support their journey towards more value.

在產品主導方面，我們以產品為主導的成長動力將越來越多地向我們的銷售團隊發出合格的領先訊號。這將有助於他們了解我們的領域何時可以吸引客戶並更好地支持他們實現更多價值的旅程。

We had good success with expansions in Q2 with customers like adesso, Clario and Virgin Media O2. For example, Virgin Media O2, one of the largest mobile network operators in the United Kingdom, has increased their ultimate investment by more than 5 times since 2022, as they've embraced our comprehensive platform approach. Virgin Media O2 has become one of the most prolific adopters across source code management, CICD and security scanning, and also recently enabled GitLab Ultimate with Duo.

我們在第二季與 adesso、Clario 和 Virgin Media O2 等客戶的擴張取得了成功。例如，英國最大的行動網路營運商之一 Virgin Media O2 自 2022 年以來已將最終投資增加了 5 倍以上，因為他們採用了我們的綜合平台方法。Virgin Media O2 已成為原始碼管理、CICD 和安全掃描領域最活躍的採用者之一，並且最近還透過 Duo 啟用了 GitLab Ultimate。

Our GitLab Ultimate and dedicated products represent the highest value offers for purchase. GitLab Ultimate now represents 53% of our total ARR, with 8 of our 10 largest deals in the quarter, including Ultimate. Customers are increasingly recognizing our abilities in security and requiring that security be embedded with code development.

我們的 GitLab Ultimate 和專用產品代表了最高價值的購買優惠。GitLab Ultimate 目前占我們總 ARR 的 53%，本季我們 10 筆最大交易中有 8 筆（包括 Ultimate）均來自 GitLab Ultimate。客戶越來越認可我們在安全方面的能力，並要求將安全性嵌入到程式碼開發中。

The compelling security capabilities of the GitLab platform continue to be a strong driver of ultimate adoption. Our new customer win with the major European fintech company is a great example, with Ultimate, they expect to reduce mean time to recovery from two to four days to two to four hours and achieve 100% security scanning across all projects.

GitLab 平台強大的安全功能持續成為最終採用的強大驅動力。我們與歐洲主要金融科技公司的新客戶合作就是一個很好的例子，透過 Ultimate，他們希望將平均恢復時間從兩到四天縮短到兩到四小時，並在所有專案中實現 100% 的安全掃描。

We also continue to see strong adoption of GitLab Dedicated, now contributing approximately $50 million in ARR, growing 92% year-over-year. Let me provide a couple of additional examples from the quarter of major customers and how they're realizing platform value.

我們也持續看到 GitLab Dedicated 的強勁採用，目前其 ARR 貢獻約為 5,000 萬美元，較去年同期成長 92%。讓我從主要客戶的季度中提供幾個額外的例子，以及他們如何實現平台價值。

This quarter, we expanded our relationship with a top US bank that upgraded to GitLab Dedicated after seeing success with GitLab Premium. They are also deploying 1,000 new seats of GitLab Duo Enterprise, enabling them to automate compliance enforcement and giving the power back to developers to innovate at the speed they need.

本季度，我們擴大了與一家美國頂級銀行的合作關係，該銀行在看到 GitLab Premium 的成功後升級到了 GitLab Dedicated。他們還部署了 1,000 個新的 GitLab Duo Enterprise 席位，使他們能夠自動執行合規性，並將權力交還給開發人員，讓他們以所需的速度進行創新。

Another example is the government technology agency of Singapore, which uses GitLab Dedicated for its [Singpass] platform that support Singapore's digital government services. In Q2, GovTech Singapore expanded its deployment to include GitLab-managed hosted runners fully integrated with its dedicated instance. This will allow GovTech Singapore through its Singpass platform to redirect technical expertise towards improving developer experience rather than maintaining infrastructure.

另一個例子是新加坡的政府技術機構，該機構將 GitLab Dedicated 用於其支援新加坡數位政府服務的 [Singpass] 平台。在第二季度，新加坡政府科技局擴大了其部署範圍，將 GitLab 管理的託管運行器與其專用實例完全整合。這將允許新加坡政府科技局透過其 Singpass 平台將技術專長轉向改善開發人員體驗而不是維護基礎設施。

Finally, our third objective is to accelerate customer-focused innovation by focusing in our core DevOps, security and AI areas, with an aim to provide higher quality, more complete market-leading solutions in all three areas.

最後，我們的第三個目標是透過專注於我們的核心 DevOps、安全性和 AI 領域來加速以客戶為中心的創新，旨在在這三個領域提供更高品質、更完整的市場領先解決方案。

I'm excited at the accelerating pace of innovation that our teams are delivering. Some highlights of what we've delivered over the last few months include 28 new features in GitLab Premium, 33 new features in GitLab Ultimate, and 11 new features in GitLab Duo Pro and Enterprise. That's a total of 72 new features across our paid tiers and offerings.

我對我們的團隊不斷加快的創新步伐感到興奮。我們在過去幾個月中交付的一些亮點包括 GitLab Premium 中的 28 個新功能、GitLab Ultimate 中的 33 個新功能以及 GitLab Duo Pro 和 Enterprise 中的 11 個新功能。我們的付費等級和產品總共有 72 個新功能。

For example, in core DevOps, we're simplifying dependency management with our Maven virtual registry now in beta for GitLab Premium and Ultimate customers. We also released GitLab Runner 18.1, a cornerstone feature of GitLab CICD pipelines which we continue to enhance and invest in, and we've added immutable container tags, a new merger quest homepage, and custom workflow statuses for issues and tasks. These features extend GitLab's competitive advantage over the best-of-breed solutions.

例如，在核心 DevOps 中，我們正在使用 Maven 虛擬註冊表簡化依賴關係管理，目前已為 GitLab Premium 和 Ultimate 客戶推出測試版。我們還發布了 GitLab Runner 18.1，這是 GitLab CICD 管道的基石功能，我們將繼續增強和投資該功能，並且我們添加了不可變的容器標籤、新的合併任務主頁以及問題和任務的自訂工作流程狀態。這些功能增強了 GitLab 相對於同類最佳解決方案的競爭優勢。

In security and compliance, we continue to strengthen our capabilities. Today, customers can now use GitLab's new CICD components to support SLSA Level 1 compliance. We've also added PHP support for advanced SaaS, increased SaaS coverage for GitLab Dual vulnerability resolution, a new group overview compliance dashboard and the beta of centralized security policy management.

在安全和合規方面，我們不斷加強我們的能力。今天，客戶現在可以使用 GitLab 的新 CICD 元件來支援 SLSA 1 級合規性。我們還增加了對高級 SaaS 的 PHP 支援、增加了對 GitLab Dual 漏洞解決的 SaaS 覆蓋範圍、新的群組概覽合規性儀表板以及集中安全策略管理的測試版。

And we rolled out compromised password protection to 100% of GitLab.com users which helps protect all user accounts from credential-based attacks. Our innovation to embed security seamlessly within development is a key driver for why large customers continue to expand with us.

我們向 100% 的 GitLab.com 用戶推出了洩漏密碼保護，這有助於保護所有使用者帳戶免受基於憑證的攻擊。我們將安全性無縫嵌入開發中的創新是大型客戶繼續與我們一起擴張的關鍵驅動力。

For example, one of the largest wireless operators in the US is using the security policies and GitLab Ultimate to implement comprehensive shift left practices that automate security scanning, enforced guardrails across their CICD pipelines, and require merge approvals tied to scan results, all without slowing down innovation.

例如，美國最大的無線營運商之一正在使用安全策略和 GitLab Ultimate 來實施全面的左移實踐，以自動化安全掃描、在其 CICD 管道中強制實施護欄，並要求與掃描結果相關的合併批准，所有這些都不會減緩創新速度。

In Q2, they expanded their GitLab Ultimate deployment by adding 4,000 new users as part of their initiative to standardize on GitLab as the organization's primary software development platform for all engineering teams.

在第二季度，他們擴大了 GitLab Ultimate 的部署，增加了 4,000 名新用戶，這是他們將 GitLab 標準化為該組織所有工程團隊的主要軟體開發平台的計劃的一部分。

Customers are really excited by the rapid development and promise of AI tools. GitLab customers are actively testing multiple tools and developing their internal use strategies. GitLab Duo Agent Platform is resonating with customers who see immediate value in our agentic AI capabilities as one senior software architect at the leading communications industry supplier put it. I've been impressed watching GitLab's agentic AI capabilities evolve with the new Duo Agent Platform.

客戶對於人工智慧工具的快速發展和前景感到非常興奮。GitLab 客戶正在積極測試多種工具並制定內部使用策略。正如領先通訊行業供應商的一位高級軟體架構師所說，GitLab Duo Agent Platform 引起了客戶的共鳴，他們看到了我們代理 AI 功能的直接價值。看到 GitLab 的代理 AI 功能隨著新的 Duo Agent 平台而不斷發展，我印象深刻。

The autonomous task delegation and rent tools functionality are genuinely useful additions to our workflow. Our expansion with Emirates, the world's largest international airline demonstrates the competitive advantage of our integrated AI approach with GitLab Duo Enterprise.

自主任務委派和租賃工具功能對我們的工作流程確實很有用。我們與全球最大的國際航空公司阿聯酋航空的合作擴展彰顯了我們與 GitLab Duo Enterprise 整合的 AI 方法的競爭優勢。

After comparing Duo with other solutions, including GitHub CoPilot, Emirates decided to go all in with GitLab, renewing their investment and upgrading to Duo Enterprise. We're also seeing traction with our GitLab Duo with Amazon Q offering. Our AWS partnership delivered a significant milestone this quarter with HFM, a global retail broker serving over 2.5 million client accounts.

在將 Duo 與包括 GitHub CoPilot 在內的其他解決方案進行比較後，阿聯酋航空決定全力投入 GitLab，重新進行投資並升級到 Duo Enterprise。我們也看到 GitLab Duo 與 Amazon Q 產品的結合越來越受歡迎。本季度，我們與 HFM 的 AWS 合作取得了重要的里程碑，HFM 是一家為超過 250 萬個客戶帳戶提供服務的全球零售經紀商。

Originally, at GitLab, a Community Edition user, HFM, was looking to replace point solutions such as Jenkins with GitLab. At the same time, they were actively evaluating AI cogeneration tools such as Amazon Q developer, Gemini and GitHub CoPilot. Our GitLab Duo with Amazon Q offering was a natural choice since it allows HFM to leverage Amazon agents where their developers are already working in GitLab's DevSecOps platform.

最初，在 GitLab，社群版用戶 HFM 希望用 GitLab 取代 Jenkins 等點解決方案。同時，他們正在積極評估 Amazon Q Developer、Gemini 和 GitHub CoPilot 等 AI 聯產工具。我們的 GitLab Duo 與 Amazon Q 產品是一個自然的選擇，因為它允許 HFM 利用 Amazon 代理，而他們的開發人員已經在 GitLab 的 DevSecOps 平台上工作。

Now I want to address three common questions I've been hearing from investors recently regarding the impacts of AI and our strategy. First, we've received questions about the balance of our growth between pricing and seat growth. I'm pleased to share that seat growth has accounted for more than 70% of our revenue growth. And in fact, we've seen accelerating double-digit paid seat growth rates over the past year.

現在我想回答最近投資者提出的關於人工智慧和我們策略的影響的三個常見問題。首先，我們收到了有關定價和座位成長之間的平衡的問題。我很高興地告訴大家，座位數成長已占我們收入成長的 70% 以上。事實上，過去一年來，我們看到付費座位的成長率持續保持兩位數。

Every customer cohort since inception continues to expand with us. We've shared this one-time metric to help you understand the trends that we're seeing in the business. The second question is how AI will impact seat growth in monetization.

自成立以來，每個客戶群都與我們一起不斷擴大。我們分享這個一次性指標是為了幫助您了解我們在業務中看到的趨勢。第二個問題是人工智慧將如何影響貨幣化的座位成長。

There are some who assume that AI will reduce engineering head count and impact our seat growth. During the quarter, we conducted a third-party survey of nearly 400 customers to better understand the impact of AI on their use of GitLab.

有些人認為人工智慧將減少工程人員數量並影響我們的座位成長。本季度，我們對近 400 名客戶進行了第三方調查，以便更好地了解 AI 對他們使用 GitLab 的影響。

91% of customers we surveyed believe AI-native dev tools will increase their use of GitLab within the next 24 months, 88% expect their developer headcount to increase or stay the same within the next 12 months and 78% of those expected to increase.

在我們調查的客戶中，91% 認為 AI 原生開發工具將在未來 24 個月內增加他們對 GitLab 的使用，88% 的客戶預計未來 12 個月內他們的開發人員數量將增加或保持不變，其中 78% 的客戶預計會增加。

GitLab's monetization opportunity doesn't end with seat growth. With the Duo Agent Platform, we are enabling engineers to collaborate with AI agents, and do many tasks automatically and in parallel instead of manually or one at a time as they do today.

GitLab 的獲利機會並不會隨著席位的成長而結束。借助 Duo Agent 平台，我們讓工程師能夠與 AI 代理程式協作，自動並行地執行多項任務，而不是像現在這樣手動或一次執行一項任務。

We plan to charge for all of this work done via usage charges, whether that work is done by our agents or our partners' agents hosted and integrated into our platform. This means our business model will evolve from a purely seat-based model to a hybrid seat plus usage-based model.

我們計劃透過使用費來對所有這些工作收取費用，無論這項工作是由我們的代理商完成的，還是由我們的合作夥伴的代理商託管並整合到我們的平台中完成的。這意味著我們的商業模式將從純粹的基於座位的模式演變為基於座位加使用情況的混合模式。

When launched customers will receive some included usage with their base subscriptions so they can easily begin to adopt Duo Agent Platform, pay as they go beyond the included amount, and commit in advance to additional usage to receive the very best pricing.

當推出時，客戶將在其基本訂閱中獲得一些附加使用權，因此他們可以輕鬆地開始採用 Duo Agent Platform，在超出附加金額時付費，並提前承諾額外使用以獲得最優惠的價格。

Finally, I'd like to expand on the competitive environment. It seems with each passing month, there's a new start-up or large new vendor shipping AI cogeneration tools. With GitLab Duo Agent Platform, we're positioning ourselves differently from code generation-focused AI tools.

最後，我想進一步談談競爭環境。似乎每個月都會有新的新創公司或大型新供應商推出 AI 熱電聯產工具。借助 GitLab Duo Agent Platform，我們將自己定位為與專注於程式碼生成的 AI 工具不同的工具。

Multiple independent studies have highlighted significant issues related to the current generation of coding assistance. This quarter, there were multiple reports that show the code these tools generate isn't always high quality or secured.

多項獨立研究強調了與當前一代編碼輔助相關的重大問題。本季度，有多份報告顯示這些工具產生的程式碼並不總是高品質或安全的。

And research has shown that almost right code isn't having the positive effect on developer productivity that organizations had hoped for. These are the same challenges human engineers already have and the mission GitLab was built around.

研究表明，幾乎正確的程式碼並沒有對開發人員的生產力產生組織所希望的正面影響。這些都是人類工程師已經面臨的相同挑戰，也是 GitLab 建立的使命。

As an AI-native DevSecOps orchestration platform, we welcome engineers, and AI cogeneration tools with open arms. Our platform helps engineers and AI agents and tools they choose to build, verify, secure and deploy enterprise-grade software that meets the world's toughest privacy, security and compliance standards. If you're running a business and you want to embrace AI as part of your engineering process, we believe you need GitLab.

作為AI原生的DevSecOps編排平台，我們張開雙臂歡迎工程師和AI共生工具。我們的平台可協助工程師和他們選擇的人工智慧代理和工具建置、驗證、保護和部署符合世界上最嚴格的隱私、安全和合規標準的企業級軟體。如果您正在經營一家企業，並且希望將人工智慧作為工程流程的一部分，我們相信您需要 GitLab。

This is why just a few weeks ago with GitLab 18.3, we announced agentic partnerships with Anthropic, OpenAI, Google, Amazon and Cursor and shipped native integrations with Claude Code, Codex, Amazon Q, Gemini CLI and open source agents.

這就是為什麼就在幾週前，我們在 GitLab 18.3 中宣布與 Anthropic、OpenAI、Google、Amazon 和 Cursor 建立代理合作夥伴關係，並與 Claude Code、Codex、Amazon Q、Gemini CLI 和開源代理實現原生整合。

We also delivered our first model context protocol server with partnership support from Cursor. We see these strategic partnerships as a strong affirmation of the value of our platform. True to our roots, we are the only vendor to provide this level of interoperability.

我們也在 Cursor 的合作支援下交付了我們的第一個模型上下文協定伺服器。我們認為這些策略夥伴關係是對我們平台價值的有力肯定。秉承我們的根基，我們是唯一提供這種等級互通性的供應商。

GitLab Duo weekly active usage has increased nearly 6x so far this year, albeit off a small base. One quarter of this usage are new Duo users on the capabilities included in premium and Ultimate, enhanced with 18.0, and these users now have access to Duo Agent Platform in beta.

儘管基數較小，但今年迄今為止，GitLab Duo 的每週活躍使用量已增加了近 6 倍。其中四分之一的用戶是 Duo 新用戶，他們使用了高級版和旗艦版中包含的功能，並在 18.0 版中進行了增強，這些用戶現在可以訪問測試版的 Duo Agent Platform。

We are on track for Duo Agent Platform GA by the end of this year. This is a very bold and ambitious target, and I want to set proper expectations. We'll ship when we reach our quality bar and customers are ready to pay for the service.

我們計劃在今年年底前推出 Duo Agent Platform GA。這是一個非常大膽和雄心勃勃的目標，我希望設定適當的期望。當我們達到品質標準並且客戶準備支付服務費用時，我們就會發貨。

In addition, it is important to remember that adoption of an on-premises software like GitLab can take time. Approximately 70% of our revenue is from self-managed deployments and customers often take many quarters, sometimes years to upgrade. Our flexible deployment options and vibrant partner ecosystem is part of what makes GitLab unique.

此外，重要的是要記住，採用像 GitLab 這樣的內部部署軟體可能需要時間。我們約 70% 的收入來自自我管理部署，客戶通常需要多個季度，有時甚至數年的時間才能升級。我們靈活的部署選項和充滿活力的合作夥伴生態系統是 GitLab 獨特之處的一部分。

As a public company, not controlled by a single cloud hyperscaler, GitLab stands for independence, the independence of our customers to build software in the cloud of choice and with their choice of AI providers and using their choice of AI cogeneration tools.

GitLab 作為一家不受單一雲端超大規模廠商控制的上市公司，代表著獨立性，即我們的客戶可以獨立地在他們選擇的雲端中建立軟體，並使用他們選擇的 AI 供應商和他們選擇的 AI 聯產工具。

We stand alone in that promise. The world needs GitLab today more than ever. To close, I want to address the leadership news we announced this afternoon. By now, you all should have seen the news that Brian Robins will step down as Chief Financial Officer to pursue another opportunity.

我們獨自堅守這項承諾。當今世界比以往任何時候都更需要 GitLab。最後，我想談談我們今天下午宣布的領導新聞。現在，大家應該已經看到了布萊恩羅賓斯 (Brian Robins) 將辭去財務長一職以尋求其他機會的消息。

They'll stay with us until September 19 to help ensure a smooth transition. On behalf of the entire company, I want to thank you, Brian, for your many contributions and wish you all the best. We've initiated a search for a successor and are fortunate to have a deep bench of talent throughout our finance organization during this period.

他們將與我們一起待到 9 月 19 日，以幫助確保順利過渡。我謹代表整個公司感謝 Brian 的諸多貢獻，並祝福您一切順利。我們已經開始尋找繼任者，並且很幸運在此期間我們的財務部門擁有大量人才。

We expect to name James Chen, Vice President of Finance as Interim CFO; and to promote Controller, Simon Mundy, as Chief Accounting Officer. James has been with us since 2021 and has played an integral role in shaping our business, strategy and financial principles.

我們預計將任命財務副總裁 James Chen 為臨時財務長；並提拔財務總監 Simon Mundy 為財務長。詹姆斯自 2021 年起就加入我們，在塑造我們的業務、策略和財務原則方面發揮了不可或缺的作用。

We're confident this will be a seamless handoff. I'm really excited by the fresh energy and new perspectives from new team members, which will complement the experience and strength of our existing team. I feel confident in the health of the business, our competitive position in the market, and the increasing strength of our AI strategy. I'll keep you updated as we progress each quarter.

我們相信這將是一次無縫交接。我對新團隊成員帶來的新鮮活力和新視角感到非常興奮，這將補充我們現有團隊的經驗和實力。我對業務的健康狀況、我們在市場上的競爭地位以及我們人工智慧策略的不斷增強充滿信心。我會在每季向您通報進度。

With that, I'll turn it over to Brian.

說完這些，我就把麥克風交給 Brian。

Thank you, Bill. It's been a life-changing opportunity and a real privilege to be able to contribute to GitLab's success and growth in this chapter of my career. I want to thank the entire GitLab team and the Board for their partnership throughout my tenure, and let me be part of this journey.

謝謝你，比爾。在我職業生涯的這一章中，能夠為 GitLab 的成功和成長做出貢獻，這是一個改變人生的機會，也是我的榮幸。我要感謝整個 GitLab 團隊和董事會在我任職期間的合作，並讓我成為這趟旅程的一部分。

Sid and Bill, thank you for your support and trust you place in me as a partner. We built a category-defining leader and architected the company for global scale, with improving margins and free cash flow generation. The world needs GitLab today more than ever. I'm confident in GitLab's future and look forward to tracking our continued success for decades to come.

席德和比爾，感謝你們對我作為合作夥伴的支持和信任。我們打造了一位定義類別的領導者，並設計了一家面向全球規模的公司，提高了利潤率並產生了自由現金流。當今世界比以往任何時候都更需要 GitLab。我對 GitLab 的未來充滿信心，並期待在未來幾十年繼續取得成功。

Now let's turn to the results. I'm pleased with our second quarter results, which resulted in 29% revenue growth and significant year-over-year operating margin expansion. Our continued growth underscores the incredible value customer realized with our AI native DevSecOps platform.

現在讓我們來看看結果。我對我們的第二季業績感到滿意，營收成長了 29%，營業利潤率也較去年同期大幅擴大。我們的持續成長凸顯了客戶透過我們的 AI 原生 DevSecOps 平台實現的巨大價值。

Second quarter revenue reached $236 million, an increase of 29% from Q2 of the prior year. We now have 10,338 customers with ARR of at least $5,000, which contributed over 95% of total ARR in Q2. Our larger customer cohort of $100,000 plus an ARR increased 25% year-over-year and reached 1,344. We continue to have a diversified customer base both by industry and geography and new single customer accounts for more than 2% of ARR.

第二季營收達 2.36 億美元，較去年同期成長 29%。我們目前擁有 10,338 名 ARR 至少為 5,000 美元的客戶，佔第二季 ARR 總值的 95% 以上。我們的大型客戶群為 100,000 美元加上 ARR，年成長 25%，達到 1,344 人。我們繼續擁有按行業和地理劃分的多元化客戶群，新單一客戶佔 ARR 的 2% 以上。

On the expansion front, we ended the quarter with a dollar-based net retention rate, or DBNRR of 121%. Q2 DBNRR was driven by a combination of seat expansion at approximately 80%, increased customer yield at approximately 5%, and the balance due to tier upgrades.

在擴張方面，本季結束時，我們以美元淨留存率（DBNRR）達到 121%。第二季 DBNRR 的成長動力來自座位數增加約 80%、客戶收益率增加約 5% 以及等級升級帶來的平衡。

I'd like to reiterate some of the onetime disclosures on seats that Bill discussed. Over 70% of our revenue growth in FY26 is due to paid seat growth. And over the last four quarters, we've seen an accelerating double-digit rate of paid seat year-over-year growth. Less than 10% of the FY26 revenue growth was derived from the premium price increase.

我想重申比爾討論過的一些有關席位的一次性披露。我們 26 財年營收成長的 70% 以上來自於付費座位的成長。在過去四個季度中，我們看到付費座位數量年增率達到兩位數。26財年營收成長中不到10%來自保費上漲。

I'd like to take a moment to discuss the power of our business model. Our customer retention metrics continue to reflect the strength and durability of our platform value proposition. We maintain consistently strong net dollar retention rates across our customer cohorts.

我想花點時間討論一下我們的商業模式的力量。我們的客戶保留指標持續反映我們平台價值主張的強度和持久性。我們在客戶群中始終保持強勁的淨美元保留率。

Most importantly, our historical customer cohorts continue to expand, speaking to the value of the proposition of our platform even in challenging environments. Our 2016 cohort, now nearly a decade old showcases this trend, growing 103.6 times in ARR since its inception.

最重要的是，我們的歷史客戶群不斷擴大，即使在充滿挑戰的環境中也證明了我們平台的價值。我們的 2016 年隊列，現在已經有近十年的歷史，展示了這一趨勢，自成立以來 ARR 增長了 103.6 倍。

This continued expansion from one of our oldest cohorts demonstrates the power of our land and expand model, validating that our customers continue to drive value from our AI native platform long after initial deployment.

我們最老的客戶群之一的持續擴張證明了我們的土地和擴張模式的強大力量，證實了我們的客戶在首次部署後很長一段時間內仍能繼續從我們的 AI 原生平台中獲得價值。

Total RPO grew 32% year-over-year to $988.2 million, while CRPO grew 31% year-over-year to $621.6 million. We encourage investors to look at these numbers over a multi-quarter period. Non-GAAP gross margin was 90% for the quarter.

RPO總額較去年同期成長32%至9.882億美元，而CRPO較去年同期成長31%至6.216億美元。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%。

The team continues to do a good job of driving operating efficiencies to maintain our best-in-class gross margin even as our SaaS business is quickly scaled, driven in part by the strength of the GitLab Dedicated. SaaS now represents approximately 30% of the total revenue and grew 39% year-over-year. Once again, we saw a significant increase in operating leverage.

即使我們的 SaaS 業務迅速擴大，團隊仍繼續出色地提高營運效率，以維持我們一流的毛利率，這部分得益於 GitLab Dedicated 的強大推動力。SaaS 目前約佔總營收的 30%，年增 39%。我們再次看到經營槓桿顯著上升。

Q2 non-GAAP operating income was $39.6 million compared to $18.2 million in Q2 of last year. Non-GAAP operating margin was 16.8% compared to 10% in Q2 of last year, an increase of approximately 682 basis points year-over-year.

第二季非公認會計準則營業收入為 3,960 萬美元，而去年同期為 1,820 萬美元。非公認會計準則營業利潤率為 16.8%，而去年第二季為 10%，較去年同期成長約 682 個基點。

We believe we have a very strong business model that gives us the flexibility to continue to invest in the business and expand operating margins. Q2 FY26 adjusted free cash flow was $46 million, with adjusted free cash flow margins of 20% compared to $10.8 million in the prior year.

我們相信，我們擁有非常強大的商業模式，這使我們能夠靈活地繼續投資業務並擴大營業利潤率。26 財年第二季調整後自由現金流為 4,600 萬美元，調整後自由現金流利潤率為 20%，而去年同期為 1,080 萬美元。

We ended the quarter with $1.2 billion in cash and investments, providing us with a significant flexibility to navigate market fluctuations while continuing to invest in both our AI capabilities platform enhancements and go-to-market organization.

本季末，我們擁有 12 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，同時繼續投資於我們的 AI 能力平台增強和市場進入組織。

Separately, I'd like to provide an update on JiHu, our China joint venture. In Q2 FY26, non-GAAP expenses related to JiHu were $3.3 million compared to $3.3 million in Q2 of last year. Our goal remains to deconsolidate JiHu.

另外，我想介紹一下我們在中國的合資企業奇虎的最新情況。2026 財年第二季度，與奇虎相關的非 GAAP 費用為 330 萬美元，去年第二季為 330 萬美元。我們的目標仍然是拆分奇虎。

However, we cannot predict the likelihood or timing of when this may potentially occur. Thus, for FY26 modeling purposes, we forecast approximately $18 million of expenses related to JiHu compared with $13 million from last year.

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，我們預測與奇虎相關的支出約為 1,800 萬美元，而去年同期為 1,300 萬美元。

Now turning to guidance. For the third quarter of FY26, we expect total revenue of $238 million to $239 million, representing a growth rate of approximately 23% year-over-year. We expect non-GAAP operating income of $31 million to $32 million, and we expect a non-GAAP net income per share of $0.19 to $0.20, assuming 171 million weighted average diluted shares outstanding.

現在轉向指導。對於26財年第三季度，我們預計總營收為2.38億美元至2.39億美元，年增約23%。我們預期非 GAAP 營業收入為 3,100 萬美元至 3,200 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 0.19 美元至 0.20 美元。

For the full year of 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 $133 million to $136 million, and we expected non-GAAP net income per share of $0.82 to $0.83, assuming 171 million weighted average diluted shares outstanding.

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 1.33 億美元至 1.36 億美元，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 0.82 美元至 0.83 美元。

We're maintaining our full year revenue guidance at the present time to account for the go-to-market organizational changes we are implementing that Bill discussed earlier. We see these changes as foundational for the company and expect they will position us for strong future performance.

我們目前維持全年收入預期，以考慮到比爾之前討論過的我們正在實施的市場組織變革。我們認為這些變化是公司的基礎，並期望它們將為我們未來的強勁表現奠定基礎。

Additionally, we are seeing incremental softness in SMB that we expect will persist through the rest of this year. While GitLab continues to benefit from consolidation versus point solutions, budget pressures as a whole are weighing on this segment. Against this, we have raised our full year profit outlook, reflecting strong operating leverage in the business and a commitment to responsible, sustainable growth.

此外，我們看到中小企業的疲軟趨勢逐漸加劇，我們預計這種疲軟態勢將持續到今年剩餘時間。儘管 GitLab 繼續受益於整合而非點解決方案，但整體預算壓力正對此領域造成壓力。在此背景下，我們上調了全年利潤預期，反映出公司強勁的營運槓桿以及對負責任、永續成長的承諾。

In summary, I'm pleased with our second quarter results. GitLab stands uniquely positioned as the only cloud-agnostic model neutral DevSecOps platform with comprehensive contextual AI capabilities that span planning through deployment, capable of running anywhere, including air gap environments.

總而言之，我對我們第二季的業績感到滿意。GitLab 具有獨特的優勢，是唯一一個與雲無關的模型中立的 DevSecOps 平台，它具有全面的上下文 AI 功能，涵蓋從規劃到部署，能夠在任何地方運行，包括氣隙環境。

Our TAM continues to grow, and we are investing strategically against opportunities that we expect will drive long-term value. We are delivering sustainable growth while enhancing profitability and free cash flow. We're positioning GitLab for long-term success regardless of market conditions.

我們的 TAM 持續成長，我們正在針對預期將帶來長期價值的機會進行策略性投資。我們在提高獲利能力和自由現金流的同時實現永續成長。無論市場狀況如何，我們都致力於讓 GitLab 長期成功。

With that, I'll turn the call over to Cassidy, who will moderate the Q&A.

說完這些，我將把電話轉給卡西迪，她將主持問答環節。

(Event Instructions) Rob Owens, Piper Sandler. Our following question will be from Matt Hedberg with RBC.

（活動說明） Rob Owens、Piper Sandler。我們的下一個問題來自 RBC 的 Matt Hedberg。

Great. Thank you for taking the question. I guess given I only have one, I will annoy Brian with a two-parter here and congrats, Brian. Bill, on the first part of the question, obviously, since you joined about nine months ago, a lot of executive turnover.

偉大的。感謝您回答這個問題。我想，鑑於我只有一個，我會用兩部分來惹惱布萊恩，並祝賀你，布萊恩。比爾，關於問題的第一部分，顯然，自從你大約九個月前加入以來，高階主管人員流動率很高。

Maybe just help us get comfort directionally with what's changing, what's not changing in your view because from a product development, go-to-market standpoint and a financial standpoint now, I guess you have new chiefs across all those different divisions.

也許只是幫助我們對正在改變的、沒有改變的事物獲得方向性的安慰，因為從產品開發、上市的角度和財務的角度來看，我想所有這些不同的部門都有新的主管。

And then Brian, for you, I appreciate some of the conservatism relative to the go-to-market organizational changes and incremental softness in SMB. But if I look at the first half versus the second half, just from a growth perspective. You saw about 28% growth in the first half and only 21% forecast in the second half.

然後，布萊恩，對你來說，我欣賞與進入市場的組織變革和中小企業的漸進式軟化相關的一些保守主義。但如果我從成長的角度來看上半年與下半年的對比。您看到上半年的成長約為 28%，但預計下半年的成長僅為 21%。

So is there incremental conservatism that we should think that's built into the second half around these factors or that the same amount of conservatism with, I guess, the reality of what you're seeing in SMB? Thanks for taking those guys.

那麼，我們是否應該認為下半年將圍繞這些因素形成漸進式保守主義，或者與您在中小企業看到的現實情況相同程度的保守主義？謝謝你帶走這些傢伙。

Thanks, Rob, for the question. I'll take the first part around the management changes. I'm really grateful for the many team members who've helped make GitLab the company it is today, including Brian. I'm here to bring stability and scale to GitLab and the combination of new executives that we've brought in and the experienced team members that are here creates a really exciting and dynamic environment that I believe will help us scale.

謝謝 Rob 提出這個問題。第一部分我將討論管理層的變動。我非常感謝許多團隊成員，他們幫助 GitLab 成為今天的樣子，包括 Brian。我來這裡是為了給 GitLab 帶來穩定性和規模，我們引入的新高管和經驗豐富的團隊成員的結合創造了一個真正令人興奮和充滿活力的環境，我相信這將有助於我們擴大規模。

The AI cycle represents both a tremendous opportunity and a risk if we don't capitalize it. So as we see our first $1 billion in revenue coming into site, scaling to our second $1 billion and beyond is really our focus. And I'm excited about the road ahead.

人工智慧週期既是一個巨大的機遇，但如果我們不加以利用，也會面臨風險。因此，當我們看到第一個 10 億美元的收入時，擴大到第二個 10 億美元及以上才是我們真正的重點。我對未來的道路充滿期待。

Yeah, thanks, Bill, and Rob, I'll -- let me just touch on guidance a little bit. For Q2, we're pleased with the execution on the financial results and the metrics across the board. We did have some outperformance related to linearity, and so we had the strongest first month of bookings than we had in the last two years in this quarter, over 20% was booked in month one.

是的，謝謝比爾和羅布，我——讓我稍微談談指導。對於第二季度，我們對財務業績和各項指標的執行情況感到滿意。我們確實在線性方面取得了一些優異的成績，因此本季第一個月的預訂量比過去兩年都要高，超過 20% 的預訂量是在第一個月完成的。

And then we also -- the mix of SaaS versus self-managed was opposite of 1Q. So we got more recognition in the quarter for that as well. We raised profitability for the year. In Bill's prepared remarks, he talked about some of the changes that Ian's making and go to market after he's been here one quarter.

然後我們也——SaaS 與自我管理的組合與第一季相反。因此我們在本季也獲得了更多的認可。我們提高了今年的獲利能力。在比爾準備好的發言中，他談到了伊恩上任一個季度後做出的一些改變以及進入市場的舉措。

So just to be prudent as we source the foundation up for next year, we held guidance at the same for the full year. And so mechanically, I took a little from 3Q and the rest from 4Q, and that's where the number shaped out that you alluded to in your question.

因此，為了謹慎起見，我們在為明年奠定基礎時，對全年的指導保持不變。因此，從機械角度來說，我從 3Q 中取出一點，從 4Q 中取出其餘部分，這就是您在問題中提到的數字。

Thanks.

謝謝。

Matt Hedberg, RBC. And our following question will be from Kash Rangan at Goldman Sachs.

馬特·赫德伯格（Matt Hedberg），RBC。下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Great, thanks for taking my question guys. And Brian, congrats on everything you've done here and best of luck at Snowflake. A lot of great commentary this quarter. Thanks for the one-time disclosures on seat-based growth. That's great to hear. And obviously, a lot of exciting things around Duo Agent Platform.

太好了，謝謝大家回答我的問題。布萊恩，祝賀你在這裡所做的一切，並祝你在 Snowflake 一切順利。本季有很多精彩的評論。感謝您對基於席位的成長的一次性披露。聽到這個消息真是太好了。顯然，Duo Agent 平台周圍有很多令人興奮的事情。

And I think we're all excited to hear about what the consumption element may add to that as we go, understanding it's going to take time to roll into the model. But I guess my question is, there's a lot of go-to-market changes that were announced here and kind of rethinking how to accelerate new customer lands. I guess how long should we expect some of those changes to take place and ultimately drive sort of the positive implications that Bill, you noted on the call.

我認為我們都很興奮地聽到消費因素可能會對此產生的影響，但我們知道將其納入模型需要時間。但我想我的問題是，這裡宣布了許多上市變化，並重新思考如何加速新客戶登陸。我想我們應該期待這些變化多久才會發生並最終帶來比爾你在電話中提到的正面影響。

Yeah, great question, Matt. Thank you. I'm really excited to have Ian join the team. He hit the ground running, really happy with how the team handled the transition. It went really smoothly, and we're pleased with what the team did this quarter.

是的，問得好，馬特。謝謝。我很高興伊恩加入團隊。他立即開始行動，對團隊處理過渡的方式感到非常滿意。一切進展順利，我們對團隊本季的表現感到滿意。

Ian is a really thoughtful, strategic and data-driven leader that's optimizing for both the mid- to long term as we look past the $1 billion revenue mark. And setting up the organization to be able to scale to multibillions in revenue while making the best of every quarter.

伊恩是一位真正深思熟慮、具有戰略眼光和數據驅動力的領導者，在我們著眼於 10 億美元收入目標之際，他正在為中長期發展進行優化。並建立能夠擴大到數十億美元的收入的組織，同時充分利用每季的收入。

So the changes that he's envisioning and kind of the time lines that we have in mind are really about ramping kind of three things over H2 as we look to FY27 and beyond. Specifically, first, as I shared, we're focusing on a new -- ramping a new business division.

因此，他所設想的變化和我們心中的時間表實際上是為了在展望 2027 財年及以後時，在下半年推進三件事。具體來說，首先，正如我所說，我們正專注於一個新的業務部門的拓展。

This is really focused on the first order acquisition and post sales motion to accelerate value realization and module adoption by enterprise customers, that will ramp across H2, and then we hope to see some results early in FY27.

這實際上側重於首單獲取和售後動議，以加速企業客戶的價值實現和模組採用，這將在下半年逐漸顯現，然後我們希望在 2027 財年年初看到一些成果。

Second, he's also evolving our enterprise sales motion with more sophistication. That means increasing our pipeline coverage, and improving sales playbooks to account for the AI opportunity and stronger coverage of our entire product portfolio. It was only a few years ago, we kind of had two SKUs, Premium, Ultimate. Now we've got a lot more in the bag and a customer journey to help our customers navigate and those are all really needed.

其次，他也讓我們的企業銷售活動變得更加複雜。這意味著擴大我們的通路覆蓋範圍，改善銷售策略以適應人工智慧機會並增強我們整個產品組合的覆蓋範圍。就在幾年前，我們還有兩種 SKU：Premium 和 Ultimate。現在我們已經準備好了更多的東西，還有客戶旅程來幫助我們的客戶導航，這些都是真正需要的。

The third, he's also looking at sales capacity, and we're good on capacity this year, everything is in the guidance. But we're starting again to look ahead and make adjustments to help us scale beyond that $1 billion mark.

第三，他也在關注銷售能力，今年我們的產能很好，一切都在預期之內。但我們又開始展望未來並做出調整，以幫助我們超越 10 億美元的大關。

That means things like deeper coverage in established markets and installed base, stronger investment in growth markets and more verticalization and specialization as part of our coverage model. So those are all, I think, really meaningful and strategic changes that we're managing in -- across the H2 time frame as we start to ramp up and prepare for FY27.

這意味著我們的覆蓋模式將更深入地涵蓋成熟市場和已安裝客戶群，增加對成長市場的投入，並實現更垂直化和專業化。因此，我認為，這些都是我們在下半年管理的真正有意義和策略性的變化，因為我們開始加快步伐並為 2027 財年做準備。

And Matt, the only thing I'll add on to that, 100% correct is that we stuck to the full year guidance, right? So in the second quarter, we had some one-time events that elevated second quarter by the beat. And so we're going to deliver those changes and still deliver the full year revenue number that we committed to last quarter.

馬特，我唯一要補充的是，100％正確的是，我們堅持了全年指導，對嗎？因此，在第二季度，我們經歷了一些一次性事件，導致第二季度的業績大幅提升。因此，我們將實現這些變化，並仍然實現我們上個季度承諾的全年收入數字。

Perfect. Thank you. Kash Rangan, Goldman Sachs. And our following question will be from Koji Ikeda with Bank of America.

完美的。謝謝。高盛的卡什·蘭根（Kash Rangan）。接下來的問題來自美國銀行的 Koji Ikeda。

Hello, can you hear me okay?

你好，你聽得到我說話嗎？

Yes, I think.

是的，我認為。

All right, great. Thank you so much. Sorry about the confusion for earnings conference call, it's happening at the same time. So Brian, sorry to see you go to another opportunity. Bill, can you talk a little bit more about the go-to-market transition, a little bit more color on what exactly you're trying to accomplish?

好的，太好了。太感謝了。很抱歉，這對收益電話會議造成了混淆，因為它是同時發生的。所以布萊恩，很遺憾看到你失去了另一個機會。比爾，你能否再多談市場轉型，再詳細說明你到底想要實現什麼目標？

What does success look like the transition time to achieve the desired results from a go-to-market perspective? And it's good to see the reacceleration of the business. So congrats on that. Thank you.

從市場進入的角度來看，成功達成預期結果的過渡時期是什麼樣的？我很高興看到業務再次加速發展。對此我表示祝賀。謝謝。

Kash, the previous question I covered some of those changes already, just to recap them quickly, new business division focused on first order motion and accelerating module adoption for value realization. Second around our enterprise sales motion, increasing pipeline coverage, sales playbooks across our product portfolio.

Kash，在上一個問題中我已經談到了其中的一些變化，現在來快速回顧一下，新的業務部門專注於一階運動和加速模組採用以實現價值。第二，圍繞我們的企業銷售動議，增加通路覆蓋範圍，以及整個產品組合的銷售策略。

And then third, looking at more sophistication in how we look at sales capacity. We've got everything we need for this year, but looking ahead, how do we evolve for deeper coverage in established markets, but also investment in growth markets as well as verticalization and specialization. Those are all changes that, again, will be ramping on H2 as we look towards FY27, and scaling beyond the $1 billion mark.

第三，我們要更精細地看待銷售能力。我們已經擁有了今年所需的一切，但展望未來，我們如何發展以進一步深入覆蓋成熟市場，同時又能投資於成長市場以及實現垂直化和專業化。展望 2027 財年，這些變化將在下半年進一步加劇，規模將超過 10 億美元大關。

Perfect, thank you. Koji Ikeda, Bank of America. And our following question will be from Derrick Wood with TD Cowen.

非常好，謝謝。美國銀行的 Koji Ikeda。下一個問題來自 TD Cowen 的 Derrick Wood。

Yeah, can you hear me okay? Is it better?

是的，你聽得到我說話嗎？好些了嗎？

Yeah.

是的。

Sorry about that. So I wanted to ask a question on the SMB. In the prepared remarks you talked about SMB softness potentially persisting for the rest of the year. And a little part of me can't help but think that maybe cogeneration tools or other hype dev tools out there are potentially creating some budget shifting with the SMBs out there as they're trying to look for the most efficient -- efficiency gaining tools right now.

很抱歉。所以我想問一個關於 SMB 的問題。在準備好的發言中，您談到中小企業的疲軟可能會持續到今年年底。我內心深處不禁想到，也許熱電聯產工具或其他炒作的開發工具可能會對中小企業造成一些預算的轉變，因為他們現在正試圖尋找最有效的——提高效率的工具。

And so what are you seeing out there from the SMB side specifically that is driving that softness kind of statement out there, how long could this softness persist? And what needs to happen out there outside of the macro for maybe the SMB segment to get bigger? And maybe last question on the SMB is how big is the SMB as a percentage of revenue today? Thank you.

那麼，您從中小企業方面看到了什麼，具體是什麼導致了這種疲軟的局面，這種疲軟還能持續多久？那麼，除了宏觀因素之外，中小企業領域還需要發生什麼才能變得更大呢？關於 SMB 的最後一個問題是，SMB 目前佔收入的百分比是多少？謝謝。

Yeah, Koji, thanks for the question. I was going to touch on the size of it. And so it's only roughly about 8% of the total business. And so the size itself is relatively small. Since we did the price increase, we talked about the SMB being a little bit more price sensitive.

是的，Koji，謝謝你的提問。我正要談論它的大小。所以它只佔總業務的大約8%。因此其尺寸本身相對較小。自從我們提高價格以來，我們發現中小企業對價格更加敏感。

And we've run a number of promos and promotions, and we've played around with pricing and packaging a little. And so it came in lighter than expected. It's sort of a no topic onto the web store. And so we don't have a big team on it, trying to push it, but we're continuing to play with pricing and packaging and so forth. And so -- we just wanted to call it out. It was something that we've seen prior quarters. It is a smaller piece of our business, and it's something that we're continuing to pay attention to.

我們進行了許多促銷和推廣活動，並對定價和包裝進行了一些調整。因此它比預期的要輕。這有點像是網路商店的一個無主題話題。因此，我們沒有組建龐大的團隊來推動它，但我們會繼續進行定價和包裝等方面的嘗試。所以——我們只是想說出來。這是我們在前幾季就看到的情況。這是我們業務中較小的一個部分，我們會持續關注它。

Thank you.

謝謝。

Derrick Wood, TD Cowen. And our following question will come from Sanjit Singh from Morgan Stanley.

德里克伍德 (Derrick Wood)，TD 考恩。我們的下一個問題來自摩根士丹利的 Sanjit Singh。

Okay, I'm here. Brian, congrats on the next chapter. And my question is for Bill here. And Bill, you mentioned a lot of questions around competitive conditions and really interested to hear some of the findings you had from your survey.

好的，我來了。布萊恩，恭喜你進入下一章。我的問題是針對比爾的。比爾，你提到了很多有關競爭條件的問題，並且非常有興趣聽聽你從調查中得出的一些發現。

One question we get, I'd love to hear your answer on is some worry that these new AI coding vendors will move from the IDE to more parts of the life cycle that you guys play in. So could you just -- could you talk about the defensibility of your platform and how you feel about the risk of those vendors ultimately competing with your core offering or the defensibility that you guys have?

我們收到的一個問題是，有人擔心這些新的 AI 編碼供應商將從 IDE 轉移到你們所參與的生命週期的更多部分，我很想聽聽你們的回答。那麼，您能否—您能談談您平台的防禦性，以及您對這些供應商最終與您的核心產品或您的防禦性進行競爭的風險有何看法？

Yeah. Thanks, Derrick. GitLab really does something different than the cogeneration tools. And they generate code. And as we've shared previously, that accounts for about 20% of the developers' time, while 80% of the time is really managing change of that code across the software life cycle to the conserve customers' needs.

是的。謝謝，德里克。GitLab 確實做了一些與熱電聯產工具不同的事情。並且它們生成代碼。正如我們之前所分享的，這大約佔了開發人員時間的 20%，而 80% 的時間實際上用於管理軟體生命週期內程式碼的變更以滿足客戶的需求。

So we really pick up where those cogeneration tools leave off. And it's sort of like a great ideas, they're pretty easy, but executing them and delivering results is where all the hard work comes in. You can think of GitLab as basically change management for source code that's generated either by humans, or by AI tools.

因此，我們真正地從那些熱電聯產工具停止的地方繼續前進。這有點像是一個偉大的想法，它們很容易實現，但執行它們並取得成果才是艱苦努力的關鍵。您可以將 GitLab 視為由人類或 AI 工具產生的原始程式碼的變更管理。

Our embracing of those tools is really part of the Duo Agent Platform strategy. So as you saw in 18.3 released last month, we've got a great partnership going now with Cursor so that there's seamless integration between Cursor and GitLab, so that code can flow and developers can have a great experience across GitLab and Cursor.

我們對這些工具的採用其實是 Duo Agent Platform 策略的一部分。正如您在上個月發布的 18.3 中看到的那樣，我們現在與 Cursor 建立了良好的合作夥伴關係，以便 Cursor 和 GitLab 之間實現無縫集成，從而使程式碼可以流動，開發人員可以在 GitLab 和 Cursor 之間獲得良好的體驗。

But also, we've taken the CLI-based cogeneration tools that are really popular right now like Claude Code, like Gemini CLI, like Amazon Q, and we're bringing those into GitLab natively. So those engineering teams are building incredible AI-based dev tools.

而且，我們也採用了目前非常流行的 CLI 為基礎的聯產工具，例如 Claude Code、Gemini CLI 和 Amazon Q，並將它們原生地引入到 GitLab 中。因此，這些工程團隊正在建立令人難以置信的基於人工智慧的開發工具。

Now those are embedded within GitLab. Customers can choose to use them or our own agents seamlessly within GitLab and take advantage of all of the data and workflows that are already in our platform. So we really think of it as additive and creating more opportunity for us, not a competitive threat.

現在它們都嵌入在 GitLab 中。客戶可以選擇在 GitLab 內無縫使用它們或我們自己的代理，並利用我們平台中已有的所有資料和工作流程。因此，我們確實認為它是一種附加物，可以為我們創造更多的機會，而不是競爭威脅。

Understood, thank you.

明白了，謝謝。

Thank you. Sanjit Singh, Morgan Stanley. And our following question will be from Brian Essex with JPMorgan.

謝謝。摩根士丹利的 Sanjit Singh。下一個問題來自摩根大通的 Brian Essex。

Thank you for taking the questions and congrats, Brian. It was great working with you and all the best in your future role. I had a question for you, Bill. On sort of new logo, new business side of the house. So when you look at the absolute level of growth in terms of how fast your base customers are growing, it's in double digits, which I would say is not bad, probably average or slightly above average for the rest of software.

感謝您回答問題，恭喜您，布萊恩。與您合作非常愉快，祝福您未來一切順利。我有個問題想問你，比爾。關於新標誌，新業務方面。因此，當你從基礎客戶成長速度的角度來看絕對成長水平時，它是兩位數的，我認為這還不錯，對於其他軟體來說可能處於平均水平或略高於平均水平。

But when you look at the trend line over the last several years, we've seen, I think, a string double-digit quarters of year-over-year deceleration in terms of customer adds and net new adds. And so I wanted to get your prognosis for why that was the case. And as we look forward and as you bring on the new leadership team, how do you -- what do you think the timeline is for turning that back around?

但當你觀察過去幾年的趨勢線時，我認為我們已經看到，客戶增加量和淨新增量連續幾個季度同比下降兩位數。所以我想聽聽你對出現這種情況的原因的預測。當我們展望未來，當您帶領新的領導團隊時，您認為扭轉這種情況的時間表是什麼？

Yeah. That's very great question, Sanjit. It's why our number one objective as a company is to focus on that first order and new customer and acquisition because of that trend line you mentioned. It's really important that we do that because if you look at the cohort data that we shared, our 2016 cohort has grown at 100x. And every quarter, we build new cohorts of future growth.

是的。這是一個非常好的問題，Sanjit。這就是為什麼我們作為一家公司的首要目標是專注於第一個訂單、新客戶和收購，因為您提到了那條趨勢線。我們這樣做非常重要，因為如果你查看我們分享的群組數據，你會發現我們 2016 年的群組增加了 100 倍。每個季度，我們都會打造新的未來成長團隊。

And it has been decelerating. I would say that probably the primary cause of it is we have not incentivized or created a specialized sales force focused on first order. And we've let our reps bring in net ARR growth, the way that they're able to do that each quarter. And over time, as our revenue base has grown. Obviously, that has come in more and more through expansion as opposed to first order.

而這一成長速度一直在減緩。我想說，主要原因可能是我們沒有激勵或創建專注於第一訂單的專業銷售團隊。我們讓我們的銷售代表實現淨 ARR 成長，他們每個季度都能做到這一點。隨著時間的推移，我們的收入基礎不斷增長。顯然，與最初的訂單相比，這一數字越來越多地透過擴張而實現。

That's why I mentioned in the prepared remarks, it's time to balance our investments there and have more specialized sellers focused on first order as well as a new product-led growth approach to bring in customers through a self-service experience, both of those in terms of timeline will begin ramping now throughout H2. And we hope to see early returns on that in FY27.

這就是為什麼我在準備好的發言中提到，現在是時候平衡我們的投資了，讓更多專業的賣家專注於第一筆訂單，以及採用新的產品主導的增長方式，透過自助服務體驗吸引客戶，從時間表上看，這兩項都將在整個下半年開始加速。我們希望在 2027 財年儘早看到回報。

Appreciate the thoughts.

感謝您的想法。

Thank you. Brian Essex, JPMorgan. And our following question will be from Gray Powell with BTIG.

謝謝。摩根大通的布萊恩艾塞克斯。下一個問題來自 BTIG 的 Gray Powell。

Hi. Good afternoon, and thank you for taking the question. Brian, congrats for me as well. Bill, I was wondering if you could maybe expand on maybe the last question a little bit in terms of the hiring of Manav or appointment of Manav to Chief Product and Marketing Officer.

你好。下午好，感謝您回答這個問題。布萊恩，我也恭喜你。比爾，我想知道您是否可以稍微詳細地解釋最後一個問題，關於聘用馬納夫或任命馬納夫為首席產品和營銷官。

Any commonalities or analogies that you saw with New Relic with respect to the way that you anticipate similar efforts to benefit GitLab with planned go-to-market changes? Just love to get your take on college initiatives might affect the growth trajectory of the business as well as the expense associated with incremental investment? Thank you.

就您預期 GitLab 會透過計畫中的上市變革而獲得類似利益而言，您認為 New Relic 和 GitLab 有何共同點或相似之處？只是想了解您對大學計劃的看法，這可能會影響企業的成長軌跡以及與增量投資相關的費用？謝謝。

Yeah. I've been building developer tools and platforms for about 30 years, and it represents a really unique challenge because you've got a community of engineers who are very passionate about the tools they use, and they don't have budget, and therefore, you've got to work with both a top-down selling motion where you can talk to economic buyers, have a relationship with those who do have the budgets and lead those engineers.

是的。我已經建立開發人員工具和平台大約 30 年了，這代表著一個真正獨特的挑戰，因為你有一個工程師社區，他們對他們使用的工具非常熱衷，但他們沒有預算，因此，你必須採用自上而下的銷售方式，你可以與經濟買家交談，與那些有預算的人建立關係並領導這些工程師。

But also have a continual effort to reach them with your new technology and innovation and win their hearts in mind so that they're passionate about your products and advocate for that internally. So there's a commonality there between New Relic and GitLab, but also most developer tools.

但也要不斷努力，用你的新技術和創新來吸引他們，贏得他們的心，這樣他們就會對你的產品充滿熱情，並在內心推崇它。因此，New Relic 和 GitLab 之間存在著共同點，而且大多數開發工具也存在著共同點。

That's why as you look at the explosive growth of new AI tools like Claude Code and Cursor, you see that kind of rapid adoption and revenue growth but a product line growth approach can bring, which then drives more enterprise adoption over time.

這就是為什麼當你看到 Claude Code 和 Cursor 等新 AI 工具的爆炸式增長時，你會看到這種快速的採用和收入增長，但產品線增長方法可以帶來這種增長，從而隨著時間的推移推動更多企業採用。

This explains in part some of the delta between what you see with those new modern tools that have taken largely a product line growth approach and GitLab with Duo, which in its first few years, has taken more of a sales-led approach, where we've had a multi-quarter sales cycle, full year contractual commitments, upfront payment required, platform adoption.

這在一定程度上解釋了那些主要採用產品線成長方式的新現代工具與 GitLab 和 Duo 之間的差異，GitLab 在最初幾年採取了更多的銷售主導方式，我們有多個季度的銷售週期、全年的合約承諾、需要預付款和平台採用。

Those are all gating factors right now with our dual strategy which in turn slows product feedback and iteration. So by moving to this product line growth and sales line growth approach, which Manav and I both have years of experience with, we're really confident that we can have the best of both worlds.

這些都是我們雙重策略目前的限制因素，進而減緩了產品回饋與迭代。因此，透過採用這種產品線成長和銷售線成長的方法（Manav 和我都有多年的經驗），我們非常有信心可以實現兩全其美。

We'll continue to service the large Fortune 100 customers that we have today with a high cash sales approach but then also increase customer acquisition, adoption and innovation velocity with a more direct feedback channel from customers with our product-led growth approach.

我們將繼續以高現金銷售方式為現有的財富 100 強客戶提供服務，同時透過以產品為主導的成長方式，透過更直接的客戶回饋管道，提高客戶獲取率、採用率和創新速度。

That's super helpful color. Thank you.

這是非常有用的顏色。謝謝。

Thank you. Gray Powell, BTIG. And our following question will come from Mike Cikos with Needham.

謝謝。格雷·鮑威爾（Gray Powell），BTIG。接下來的問題來自 Needham 的 Mike Cikos。

Alright, great, thanks, just want to make sure you can hear me okay. I know some others have had some issues there. Alright, awesome thank you. Thanks for taking the question. Okay. I know you've gotten a lot of the changes to the go-to-market sales motion. I'm a little bit confused, so I apologize in advance, but I'm going to ask another one.

好的，太好了，謝謝，我只是想確保你能聽到我說話。我知道其他人也遇到了一些問題。好的，非常感謝。感謝您回答這個問題。好的。我知道你已經了解了很多關於上市銷售動議的改變。我有點困惑，所以我提前道歉，但我要問另一個問題。

I'm just trying to get a sense as to like the potential disruption in the second half of the year. And specifically, like how dramatically are your reps having their account packages changed? And then it is just the middle of the year, like are you changing sales incentives for fiscal '26? I'm just trying to like think through the mechanics of how this works.

我只是想了解今年下半年可能出現的混亂情況。具體來說，您的銷售代表的帳戶套餐變化有多大？現在正是年中，您是否會改變 26 財年的銷售獎勵措施？我只是想思考一下它的工作原理。

Yeah. No changes to the compensation plan. No changes to the territories and customer assignments. This is really about beginning to ramp up and hire new teams and adjustments to the enablement and training and the sales place that they go execute every quarter.

是的。補償計劃沒有變化。區域和客戶分配沒有變化。這實際上是開始加強並僱用新團隊，並調整他們每季執行的支援、培訓和銷售地點。

So I don't expect them to be disruptive. We've included all of that factored into our guidance for the remainder of the year. And yeah, we're looking forward to really setting up for a stronger FY27.

所以我不希望他們造成破壞。我們已將所有這些因素納入了今年剩餘時間的預測中。是的，我們期待為更強勁的 2027 財年做好準備。

Okay. And then just to be clear, is it going to a hunter-farmer model? Or like -- I just want to make sure that I start to keep pressing, but I just want to --

好的。然後要先明確的是，這是要採用獵人-農民模式嗎？或者像——我只是想確保我開始繼續按壓，但我只是想--

Yeah. Sometimes people use that terminology. Hunter is being sort of focused on new customer acquisition and farmers focusing on more customer value realization and expansion. You can think of that as not purely -- it's not going to let purely that way or not kind of the vision.

是的。有時人們會使用該術語。Hunter 專注於獲取新客戶，而農民則專注於實現和擴大更多客戶價值。你可以認為這不是純粹的——它不會純粹地以那種方式實現，或者不是那種願景。

But the new team will definitely be focused on customer acquisition as the only focus that they have. And then our existing team members with existing customers are largely focused on expansion as well as opportunistic new customer acquisition as the opportunity allows.

但新團隊肯定會把客戶獲取作為他們唯一的關注點。然後，我們現有的團隊成員和現有客戶主要專注於擴張以及在機會允許的情況下尋找新客戶。

Understood. Okay, thank you very much.

明白了。好的，非常感謝。

Thank you. Mike Cikos, Needham. And our following question will be from Jonathan Ruykhaver from Cantor Fitzgerald.

謝謝。麥克·西科斯，尼德姆。接下來的問題來自 Cantor Fitzgerald 的 Jonathan Ruykhaver。

Hey, you have Mike Cikos here. Thanks for taking the questions, guys. And I'm going to circle around on the go-to-market as well here since it seems like we're touching on it with Sanjit and Gray's questioning. But for that go-to-market dynamic, can you help us think about where you're -- how you're incentivizing the proper behavior by using comp as a tool?

嘿，這是 Mike Cikos。謝謝大家回答這些問題。我在這裡也將圍繞市場進入問題進行討論，因為看起來我們在與 Sanjit 和 Gray 的提問中涉及了這個問題。但是對於進入市場的動態，您能否幫助我們思考一下您處於什麼位置—您如何透過使用公司作為工具來激勵正確的行為？

I would argue that GitLab's historical choice of letting the reps go after bookings or ARR is probably would that led us to over index towards the expansion with existing customers at the risk of the new logo. So how are you looking to use comp as a tool in that endeavor on these new initiatives? And then I have a follow-up.

我認為，GitLab 的歷史選擇是讓銷售代表在預訂量或 ARR 之後離開，這可能導致我們過度依賴現有客戶的擴張，而冒著新標誌的風險。那麼，您打算如何在這些新舉措的努力中使用電腦作為工具呢？然後我有一個後續問題。

Yeah, a really good question. It's a line compensation is an important factor in terms of driving the right behaviors and motivations. And while we've done some light touches to incentivize new customer growth this quarter, it's largely the same compensation model that we've had for years. And it works for a company that's, I'd say, sub billion in scale. And obviously, GitLab has enjoyed lots of rapid growth.

是的，這是一個非常好的問題。線路補償是推動正確行為和動機的重要因素。雖然本季我們採取了一些輕微的措施來激勵新客戶的成長，但這與我們多年來一直採用的薪酬模式基本相同。我認為，這種方法對於一家規模不到 10 億美元的公司來說非常有效。顯然，GitLab 已經實現了快速成長。

But now that we're reaching that $1 billion scale mark, and we aspire to go to the second $1 billion and beyond, more specialization is just a natural evolution of the enterprise go-to-market motion. We've got to invest in new customer acquisition as a dedicated motion while continuing to service existing customers and drive expansion.

但現在我們已經達到了 10 億美元的規模，我們渴望達到第二個 10 億美元甚至更高，而更多的專業化只是企業進入市場行動的自然演變。我們必須將投資新客戶獲取作為一項專門的舉措，同時繼續服務現有客戶並推動擴張。

We've also got to drive more specialization in terms of verticals. We've got a great public sector business. We've now got a nice financial services vertical as well, and we'll continue to build those businesses out as large customer bases with discrete go-to-market motion. So I'd characterize really what we're doing is a pretty natural evolution for enterprise sales, and it's going to help set us up for that second $1 billion and beyond.

我們還必須在垂直領域推動更多的專業化。我們擁有出色的公共部門業務。我們現在也擁有良好的金融服務垂直領域，我們將繼續透過離散的市場進入行動將這些業務打造為龐大的客戶群。因此，我認為我們所做的實際上是企業銷售的一個非常自然的演變，它將幫助我們為第二個 10 億美元及以後的目標做好準備。

That's great. And just a quick follow-up. I know you guys are going through the hiring and putting these initiatives in place in the back half of the year. But can you just remind us what is typical timeline for a new hire on that go-to-market side to ramp? Just so we can make sure that we're thinking about the contribution next year accordingly. Thank you.

那太棒了。這只是一次快速的跟進。我知道你們正在進行招聘，並將在今年下半年實施這些措施。但是您能否提醒我們，新員工在進入市場方面的典型時間表是怎樣的？這樣我們就可以確保我們明年會相應地考慮貢獻。謝謝。

Yeah. Our ramp-up period for enterprise sales rep is between six and nine months.

是的。我們的企業銷售代表的成長期為六至九個月。

Perfect, thank you. Jonathan Ruykhaver, Cantor Fitzgerald. And our following question from Raimo Lenschow with Barclays.

非常好，謝謝。喬納森·魯伊克哈弗，坎托·菲茨杰拉德。接下來的問題來自巴克萊銀行的 Raimo Lenschow。

Yeah, thank you. And then Brian, congratulations, and it was great getting to know you and working with you. So looking at GitLab 18 and to be the Duo Agent Platform, I think what stands out to me is just how pervasive AI is becoming across the platform. And it's not just the code suggestion and review, it's around project management and orchestration.

是的，謝謝。然後，布萊恩，恭喜你，很高興認識你並和你共事。因此，縱觀 GitLab 18 和 Duo Agent 平台，我認為最引人注目的是人工智慧在整個平台上的普及程度。它不僅僅是程式碼建議和審查，還涉及專案管理和編排。

And to me, it really seems like it's shifting the value proposition or has the potential to shift that value proposition away from these code suggestion tools to a more platform approach. And so I realize it's early with Duo Agent, but any telltale signs that indicate this recognition might be coming to the surface.

對我來說，這確實看起來像是在轉變價值主張，或者有可能將價值主張從這些程式碼建議工具轉變為更平台化的方法。因此，我意識到 Duo Agent 還處於早期階段，但任何表明這種認可的跡像都可能浮出水面。

And then you also mentioned quarterly updates to the product or I read that somewhere. Any color on where that innovation is heading would Duo Agent Platform would be appreciated.

然後您還提到了產品的季度更新，或者我在某處讀到過。任何有關 Duo Agent Platform 創新發展方向的資訊都將受到歡迎。

Yeah. Thank you for the question. It's really exciting to see Duo Agent Platform shape up. We release every single month, and we launched Duo Agent Platform in 18.2. And then last month, with 18.3 provided an additional set of new features and capabilities, including the partnerships that I mentioned with Cursor, with Anthropic, with OpenAI, with Amazon.

是的。謝謝你的提問。看到 Duo Agent Platform 逐漸成型真是令人興奮。我們每個月都會發布新版本，我們在 18.2 中推出了 Duo Agent Platform。上個月，18.3 又提供了一系列新功能和新能力，包括我提到的與 Cursor、Anthropic、OpenAI 和亞馬遜的合作。

And we're just going to continue each month to expand the scope and the quality of Duo Agent Platform. Each month, we continue to engage customers as well and get their feedback. And feedback has been really positive, personally involved in customer conversations pretty much every single week to get their feedback and also to make sure they're aware of the innovation direction we're going.

我們將每個月繼續擴大 Duo Agent 平台的範圍和品質。每個月，我們都會繼續與客戶接觸並獲得他們的回饋。回饋非常積極，我們幾乎每週都會親自參與客戶對話，以獲得他們的回饋，並確保他們了解我們正在進行的創新方向。

And there's really multiple things they're excited by. Number one, our platform approach makes us ideal for AI-based collaboration. What we bring with unified data platform is rich context. And with AI, context is king. So we bring all that context and can drive higher quality agentic outcomes and lower inference costs.

確實有很多事情讓他們興奮不已。首先，我們的平台方法使我們成為基於人工智慧的協作的理想選擇。統一資料平台帶給我們的是豐富的內容。對人工智慧來說，背景就是王道。因此，我們引入所有這些背景，可以推動更高品質的代理結果並降低推理成本。

Second thing that they're really excited about is our open ecosystem approach. We ability for them to continue to use GitLab, but have native integrations with the leading AI dev tools integrated directly with GitLab gives them the best choice. Not only can they run their own cloud choice use their own AI providers of choice, but they can also access and use the best AI tools on the market.

他們真正興奮的第二件事是我們的開放生態系統方法。我們讓他們能夠繼續使用 GitLab，但與領先的 AI 開發工具進行本機整合並直接與 GitLab 集成為他們提供了最佳選擇。他們不僅可以運行自己選擇的雲，使用自己選擇的 AI 供應商，還可以存取和使用市場上最好的 AI 工具。

And then third, the other value proposition to get -- Duo Agent platform is exciting for them is we're providing more than just purpose-built agents, we're providing an ability to create custom agents and custom agent flows that can solve specific engineering challenges that they have, challenges that are unique to their business and their software processes.

第三，另一個價值主張——Duo Agent 平台對他們來說令人興奮的是，我們提供的不僅僅是專用代理，我們還提供創建自訂代理和自訂代理流程的能力，以解決他們所面臨的特定工程挑戰，即他們業務和軟體流程所特有的挑戰。

And that's really something -- again, I haven't seen any other vendor do -- and having built software for 30 years, I can tell you every engineering team has their set of challenges, but no general purpose LLM can solve.

這確實是一件大事 — — 再說一次，我還沒有看到任何其他供應商這樣做 — — 並且我已經構建了 30 年的軟體，我可以​​告訴你，每個工程團隊都有自己的一系列挑戰，但沒有通用的 LLM 可以解決。

So by providing the platform that allows for that level of customization and extensibility customers are going to have an incredible AI-based approach to solving their toughest challenges. Really excited by the beta feedback so far. Again, we're aiming for GA at the end of this year and can't wait to see what customers do with it.

因此，透過提供允許這種程度的客製化和可擴展性的平台，客戶將擁有一種基於人工智慧的令人難以置信的方法來解決他們最棘手的挑戰。到目前為止，我對測試版的回饋感到非常興奮。再次強調，我們的目標是在今年年底推出 GA，並且迫不及待想看看客戶會如何使用它。

Yeah, helpful. Thanks, Bill.

是的，很有幫助。謝謝，比爾。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hey guys, this is [Damon Coggin] on for Raimo. Thanks for the question and congrats on the new role, Brian. I'd like to see the acceleration in subscription SaaS business in 2Q to 39%. Can you help us understand the drivers of this performance? Is this driven by some of the newer AI coding tools or maybe execution from the GitLab sales team?

大家好，我是 [Damon Coggin]，為 Raimo 主持。感謝您的提問，並祝賀布萊恩獲得新職位。我希望看到第二季訂閱 SaaS 業務加速成長至 39%。您能幫助我們了解這種表現的驅動因素嗎？這是由一些較新的 AI 編碼工具推動的，還是由 GitLab 銷售團隊執行的？

And if I can squeeze maybe one more. Were there any one-time items in the quarter that we should keep in mind? And then should we use the implied 4Q growth rate as a proxy for growth for next year? Thanks, guys.

如果我可以再擠一個的話。本季中是否存在任何我們應該牢記的一次性項目？那麼，我們是否應該使用隱含的第四季成長率作為明年成長的代表？謝謝大家。

This is Brian. Thank you. Yeah, three questions in the one, so I'll answer part A,B, and C. And so the implied growth rate for 4Q, we talked about due to the go-to-market changes that are going to set up for success in FY27 and beyond.

這是布萊恩。謝謝。是的，一個問題有三個，所以我將回答 A、B 和 C 部分。因此，我們討論了第四季度的隱含成長率，這是由於進入市場的改變將為 2027 財年及以後的成功奠定基礎。

We held full year revenue guidance flat, and so we took the beat in 2Q and spread across 3Q and 4Q. And so I hope that gives you some insight on how the guidance is put together. What was -- there was -- I didn't know you're going to ask three questions. There was --

我們維持全年收入預期不變，因此我們在第二季取得了超出預期的成績，並擴展到第三季和第四季。我希望這能讓您對指南的製定方式有所了解。我不知道你會問三個問題。有--

Any one-time items for the second quarter?

第二季有任何一次性項目嗎？

Yeah. So in the second quarter, there was two things that impacted the quarter was a linearity. We had the strongest month on bookings in the last two years, booked over 20% in the quarter in month one. Typically, month three is more heavily weighted towards month three. And then also, we had a greater SaaS mix than we did self-manage it reverted back to historical norms.

是的。因此，在第二季度，有兩件事對本季產生了線性影響。我們迎來了過去兩年來預訂量最高的一個月，第一個月的季度預訂量就超過了 20%。通常情況下，第三個月的權重較大。而且，我們的 SaaS 組合比我們自我管理的更大，它恢復到了歷史常態。

Actually, the other way around self-managed versus SaaS. And so self-managed, we get to recognize some upfront and so they're one-time in the quarter. And then you talked about are we doing anything different on SaaS to push SaaS versus self-managed.

實際上，自我管理與 SaaS 正好相反。因此，透過自我管理，我們可以提前識別一些，因此它們在本季是一次性的。然後您談到我們在 SaaS 上做了什麼不同的事情來推動 SaaS 與自我管理。

We're agnostic to how the customer actually buys the product. We want to meet the customer where they want us to meet them. SaaS is so much easier for them to get up and running and has a lower total cost of ownership for them.

我們不清楚客戶實際上是如何購買產品的。我們希望在客戶希望我們與他們會面的地方與他們會面。對他們來說，SaaS 的啟動和運作要容易得多，而且整體擁有成本也更低。

And so we see SAS and dedicated on dedicated. It was 92% year-over-year growth. We see both of them really being a great motivation for customers. They don't have to have the infrastructure. They get up running faster, they can realize their ROI quicker and so forth.

因此我們看到 SAS 和專用的。較去年同期成長92%。我們發現這兩者確實對顧客產生了巨大的激勵作用。他們不需要擁有基礎設施。他們能夠更快起步，更快實現投資回報等等。

Thanks, guys.

謝謝大家。

Thank you. That concludes our Q&A. I would now like to turn the call over to Bill for closing remarks. Bill?

謝謝。我們的問答到此結束。現在我想把電話交給比爾，請他做最後發言。帳單？

Thank you. As we wrap up today, there's really three things that I hope you take away from the call that I'm genuinely excited about. First, our opportunity is enormous and only getting bigger. Our financials are strong and demonstrate a strong combination of free cash flow, margin and revenue growth. Seats are growing. And Duo Agent Platform, we're adding a new growth vector beyond sea-growth by monetizing autonomous work done.

謝謝。今天結束時，我希望大家能從這通電話中了解到三件讓我真正興奮的事情。首先，我們的機會是巨大的，而且只會越來越大。我們的財務狀況良好，展現出自由現金流、利潤率和收入成長的強勁組合。席位不斷增加。透過 Duo Agent Platform，我們透過將自主完成的工作貨幣化，增加了超越海上成長的新成長載體。

Second, we have a really unique value proposition with our unified DevSecOps platform that only gets stronger because of AI, context is king, and our unified platform provides that full life cycle context. As the only pure-play cloud and model neutral independent public company delivering DevSecOps, we offer the world independence. Build your software in your cloud of choice using your choice of AI vendors and tools and get the very best experience for your engineers.

其次，我們統一的 DevSecOps 平台具有真正獨特的價值主張，這個平台只會因為人工智慧而變得更加強大，環境為王，我們的統一平台提供了全生命週期環境。作為唯一一家提供 DevSecOps 的純雲端和模型中立的獨立上市公司，我們為世界提供獨立性。使用您選擇的 AI 供應商和工具在您選擇的雲端中建立您的軟體，並為您的工程師獲得最佳體驗。

And third and finally, we're building a fantastic team with a combination of new executives and experienced team members that are excited to aim past the first $1 billion in revenue and scale toward our second and beyond. Thanks for joining the call today. I look forward to seeing you all in follow-up conversations throughout the quarter.

第三，也是最後一點，我們正在組建一支出色的團隊，由新任高管和經驗豐富的團隊成員組成，他們熱衷於實現第一個 10 億美元的收入目標，並朝著第二個及以後的目標邁進。感謝您今天參加電話會議。我期待在整個季度的後續對話中見到大家。