GitLab Inc (GTLB) 2026 Q3 法說會逐字稿

Good day everyone, and welcome to today's GitLab third quarter fiscal year 2026 conference call. (Operator Instructions)

大家好，歡迎參加今天的 GitLab 2026 財年第三季電話會議。（操作說明）

Please note this call is being recorded, and it is now my pleasure to turn the conference over to Yao Chew.

請注意，本次通話正在錄音，現在我很高興將會議交給姚秋。

Good afternoon. We appreciate you joining us for Git Lab's third quarter fiscal 2026 financial results conference call. With me are Bill Staples, our CEO; and James Shen, our Interim CFO. During this afternoon's call, we will provide an overview of the business, commentary on our third quarter results, and guidance for the fourth quarter and fiscal year 2026.

午安.感謝您參加 Git Lab 2026 財年第三季財務業績電話會議。和我一起的有我們的執行長比爾‧史台普斯；以及我們的臨時財務長詹姆斯‧申。在今天下午的電話會議上，我們將概述公司業務，評論第三季業績，並展望第四季和 2026 財年。

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. The presentation and earnings release include a discussion of certain risks, uncertainties, assumptions, and other factors that could cause the 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. 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.

在開始之前，我先介紹一下安全港聲明。我想請您參閱我們簡報第 2 頁以及今天早些時候發布的盈利報告中關於前瞻性陳述的警示性聲明，這兩份文件都可以在我們網站的投資者關係部分找到。簡報和收益發布中包含對某些風險、不確定性、假設和其他因素的討論，這些因素可能導致結果與《私人證券訴訟改革法案》意義上的任何前瞻性聲明中表達的結果有所不同。按照慣例，今天電話會議和報告的內容將遵循以下語言。此外，在今天的電話會議中，我們將討論一些非GAAP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所參考期間可比性的某些異常或非經常性項目。

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

有關這些非GAAP財務指標以及與最直接可比的GAAP指標的調節表的更多信息，請參閱我們的盈利報告和演示材料。現在我將把通話轉給比爾。帳單？

Thank you, (inaudible), and good afternoon, everyone. Thank you for joining us today. I'm pleased to report strong third quarter results. Revenue grew 25% year over year to $244 million, 2 points above our Q3 guidance. Non-GAAP operating margin reached 18%, a full 5 points above our Q3 guidance.

謝謝，（聽不清楚），大家下午好。感謝您今天蒞臨。我很高興地報告第三季業績表現強勁。營收年增 25% 至 2.44 億美元，比我們第三季的預期高出 2 個百分點。非GAAP營業利潤率達到18%，比我們第三季的預期高出整整5個百分點。

It's my first anniversary as GitLabs CEO, and I wake up every day feeling incredibly lucky to build upon the foundation that [GitLab] have created.

這是我擔任 GitLabs CEO 的第一個週年紀念日，我每天醒來都感到無比幸運，能夠在 GitLab 所奠定的基礎上繼續發展。

When I first got here, I said three things: there has never been a better time to serve developers; we're in the early stages of how software gets transformed through AI; and GitLab sits at the heart of the software development life cycle and has the best and most comprehensive platform to enable this transformation. My conviction in the company and our opportunity has only grown stronger.

我剛到這裡的時候，就說過三件事：現在是服務開發者的最佳時機；我們正處於人工智慧變革軟體的早期階段；GitLab 處於軟體開發生命週期的核心，擁有實現這種變革的最佳、最全面的平台。我對公司和我們機會的信心與日俱增。

A year into this journey and hundreds of customer conversations later, I can confidently say that we are stronger today than even one year ago. We've built the foundation to deliver more value through AI in the coming year architecting GitLab and Duo Agent platform to remain mission-critical and delivering increasing value as LLM and markets evolve.

經過一年的發展和與數百位客戶的交流，我可以自信地說，我們今天的實力比一年前更強大。我們已經為來年透過人工智慧創造更多價值奠定了基礎，建立了 GitLab 和 Duo Agent 平台，使其保持關鍵任務性，並隨著 LLM 和市場的演變而不斷創造更多價值。

I truly believe there has never been a more exciting time to be at GitLab. We're seeing the rise of AI expand our total addressable market. AI has drastically reduced barriers to entry of software creation and is driving the marginal cost of code generation towards zero.

我真心認為，現在是加入 GitLab 的最佳時機。我們看到人工智慧的興起正在擴大我們的潛在市場。人工智慧大幅降低了軟體創建的准入門檻，並將程式碼產生的邊際成本推向零。

However, software is more than just code. Software with all its embedded business processes and sensitive data is business critical. The global economy runs on software human lives rely on software. Businesses can't afford negligence in their quality assurance, security, compliance or governance of their software development and delivery practice.

然而，軟體不僅僅是程式碼。軟體及其嵌入的所有業務流程和敏感資料對業務至關重要。全球經濟依賴軟體運轉，人類生活也依賴軟體。企業在軟體開發和交付實務的品質保證、安全、合規性或治理方面都不能有絲毫疏忽。

I believe what we do becomes even more critical in a world where teams want to take advantage of agents to author code, given the nondeterministic nature of AI. For decades, I've watched my own teams and countless customer teams struggle to stay on top of bug backlogs, technical debt, and business requirements, all while innovating.

我認為，在團隊希望利用智能體來編寫程式碼的世界裡，考慮到人工智慧的非確定性，我們所做的事情變得更加重要。幾十年來，我親眼目睹了自己的團隊和無數客戶團隊在努力應對缺陷積壓、技術債和業務需求的同時，還要不斷進行創新。

The pattern is universal and longstanding. The tools for building software are technically pretty good, but things consistently break down wherever people and processes are required. GitLab has been solving this problem by providing teams an opinionated view with proven ROI.

這種模式普遍存在且由來已久。軟體開發工具的技術水準相當不錯，但凡涉及到人員和流程的地方，就總是會出現問題。GitLab 透過向團隊提供具有說服力的觀點和經證實的投資回報率來解決這個問題。

The key differentiator, we automate the end-to-end software delivery flow, including quality, security, compliance, and governance in a single process flow as part of our unified platform. Ironically, as we've studied teams using agents and new AI tools, we see the familiar pattern agents act early like humans.

我們的關鍵優勢在於，我們實現了端到端軟體交付流程的自動化，包括品質、安全性、合規性和治理，所有這些都整合在我們統一的平台中。諷刺的是，當我們研究使用智能體和新型人工智慧工具的團隊時，我們發現智能體早期表現得像人類一樣，這是一種熟悉的模式。

Sometimes they follow pros, but sometimes they don't. Sometimes they write secure code, but sometimes they don't. Why is this? Because LLMs will always be non-deterministic. It is the nature of the algorithms used to build them. And every business has unique requirements that LLM simply can't guess.

他們有時聽從專業人士的建議，有時則不聽。他們有時會編寫安全的程式碼，有時則不編寫。這是為什麼呢？因為LLM始終是非確定性的。這是用於構建它們的演算法的固有特性。每個企業都有其獨特的需求，這是法學碩士根本無法預料的。

Even if LLM become superior at code generation to humans, external validation of that code which will also be driven agentically with human oversight will be required to ensure they meet the complex human requirements of doing business. We believe LLMs will continue to improve in accuracy and cost but they will always require systems that can validate they are supporting complex business requirements.

即使LLM在程式碼產生方面比人類更勝一籌，也需要對這些程式碼進行外部驗證，並且還需要在人類監督下由智慧體驅動，以確保它們滿足複雜的商業需求。我們相信LLM的準確性和成本將會不斷提高，但它們始終需要能夠驗證它們是否支援複雜業務需求的系統。

Let's take a look at how that shows up today. ID tools like [cursor], CoPilot, and Cloud code have contributed to an explosion in cogeneration. The downstream effects are now clearly visible to us in our business. GitLab engagement has grown significantly across our gitlab.com SaaS customer base.

讓我們來看看這在今天是如何體現的。[cursor]、CoPilot 和 Cloud code 等 ID 工具促進了聯合發電的爆炸性增長。現在，這些下游影響在我們的業務中已經顯而易見。在我們的 gitlab.com SaaS 客戶群中，GitLab 的參與度顯著提高。

In the first 10 months of 2025, key activity metrics CI pipelines, deployments, and releases are up about 35% to 45% year-over-year, similar to what peers are seeing. For customers paying us more than $5,000 in ARR, usage proxies like deployments and CI pipelines on a per seat basis are up 20% to 40% annually. Simply put, more code means more of a need for GitLab.

2025 年前 10 個月，關鍵活動指標 CI 管線、部署和發布年增約 35% 至 45%，與同業的情況類似。對於每年向我們支付超過 5,000 美元 ARR 的客戶，按席位計算的部署和 CI 管道等使用代理每年增長 20% 至 40%。簡而言之，程式碼越多，對 GitLab 的需求就越大。

Our 2025 global DevSecOps report shows that while AI accelerates coding, more code doesn't necessarily mean better outcomes. We call this the AI paradox. We believe long-term winners are not the vendors who can generate code the fastest but those who can maximize the customers' ability to deliver high-quality, secure software to the consumers of their business and drive meaningful business outcomes through software. GitLab is in position to do that better than anyone else.

我們的 2025 年全球 DevSecOps 報告顯示，雖然人工智慧可以加速編碼，但更多的程式碼並不一定意味著更好的結果。我們稱之為人工智慧悖論。我們認為，長期的贏家不是那些能夠最快產生程式碼的供應商，而是那些能夠最大限度地提高客戶向其業務消費者交付高品質、安全軟體的能力，並透過軟體推動有意義的業務成果的供應商。GitLab 在這方面比其他任何公司都更有優勢。

How we've extended our end-to-end platform, which already powers full life cycle actions for more than 50% of the Fortune 100 and hundreds of thousands of organizations across 100 different countries around the world and now provide that same set of capabilities natively to agents along with shared context for both humans and agents. This not only facilitates greater trust and accuracy, but will help accelerate the end-to-end software delivery process required to win.

我們擴展了端到端平台，該平台已經為超過 50% 的財富 100 強企業和遍布全球 100 個不同國家的數十萬個組織提供全生命週期操作支持，現在又以原生方式向代理提供相同的功能集，並為人類和代理提供共享上下文。這不僅有助於提高信任度和準確性，而且還有助於加快贏得比賽所需的端到端軟體交付流程。

Instead of just building new systems tools and agents to solve specific use cases like our competition, we've extended our platform to provide intelligent orchestration across the software life cycle. Enabling our partners, customers, and ourselves to solve any engineering problem across the life cycle. GitLab Duo agent platform is our answer to the AI paradox most companies are experiencing today as they adopt new AI tools and will be a driver of new revenue stream beyond seats.

與競爭對手僅僅建立新的系統工具和代理來解決特定用例不同，我們擴展了我們的平台，以在整個軟體生命週期中提供智慧編排。使我們的合作夥伴、客戶以及我們自己能夠解決生命週期中的任何工程問題。GitLab Duo 代理平台是我們針對大多數公司在採用新的 AI 工具時所面臨的 AI 悖論而提出的解決方案，它將成為席位之外的新收入來源的驅動力。

The context we have is rich. It includes semantic understanding of the code and dependencies across repositories, granular changes to it over time, quality assurance tests, planning and issue tracking and collaboration on those plans, security and compliance checks, and build integration and deployment pipelines just to name a few.

我們所掌握的背景資訊非常豐富。它包括對程式碼及其跨儲存庫的依賴關係的語義理解、隨著時間的推移對其進行的細粒度更改、品質保證測試、計劃和問題追蹤以及對這些計劃的協作、安全性和合規性檢查，以及建立整合和部署管道等等。

Our underlying platform becomes more valuable as the volume of code explodes regardless of whether a human or agent may change. I believe the primitives of code collaboration will prove to be powerful moats. And with Duo Agent platform we are in a great position even as LLMs improve and the market evolves. I'm pleased to share that Duo Agent platform is on track for general availability in the coming weeks.

無論人或代理商發生變化，隨著程式碼量的爆炸式增長，我們的底層平台都會變得更有價值。我相信程式碼協作的基本要素將會成為強大的護城河。即使LLM（貸款管理軟體）不斷改進，市場不斷發展，憑藉Duo Agent平台，我們仍然處於非常有利的地位。我很高興地宣布，Duo Agent平台預計將在未來幾週內正式上線。

Turning to the quarter. The highlights this quarter were continued strength in GitLab Ultimate, which is now 54% of total ARR and was in 7 of our top 10 net ARR deals this quarter. Ultimate represents one of the best value propositions for companies who need a single DevSecOps platform ultimately drove expansions at customers like [Indeed], [SBI Securities], and [curries].

轉向四分之一。本季亮點是 GitLab Ultimate 的持續強勁表現，目前佔總 ARR 的 54%，並且在本季度我們前 10 大淨 ARR 交易中有 7 筆是 GitLab Ultimate 的交易。Ultimate 為需要單一 DevSecOps 平台的公司提供了最佳價值主張之一，最終推動了 [Indeed]、[SBI Securities] 等客戶的業務擴張。[咖哩]。

We executed well on the initiatives we discussed last quarter that serve to strengthen the foundation of the company. I'm pleased with the steady progress we're making on our first order build-out and rollout of GitLab Duo Agent platform.

我們很好地執行了上個季度討論過的、旨在加強公司基礎的各項舉措。我對我們在首批 GitLab Duo Agent 平台的建置和推廣方面取得的穩步進展感到滿意。

We also saw stronger international results. Overall, sales cycles and win rates remain consistent. However, softness in the US public sector offset part of that performance. GitLab continues to be viewed as the preferred software factory and trusted partner to leading US agencies, but slower decision-making related to the subsequent government shutdown created some new headwinds in the quarter.

我們也看到了更強勁的國際業績。整體而言，銷售週期和成交率保持穩定。然而，美國公共部門的疲軟抵消了部分成長。GitLab 仍然被視為美國領先機構的首選軟體工廠和值得信賴的合作夥伴，但隨後政府停擺導致的決策速度放緩，為本季帶來了一些新的不利因素。

Our differentiated platform approach is seeing strong third-party validation as GitLab was named a leader in the 2025 Gartner Magic Quadrant for DevOps platforms for the third consecutive year and a leader in the 2025 Gartner Magic Quadrant AI coding assistance for the second consecutive year.

我們差異化的平台方法得到了第三方的有力驗證，GitLab 連續第三年被評為 2025 年 Gartner DevOps 平台魔力像限的領導者，並連續第二年被評為 2025 年 Gartner AI 編碼輔助魔力像限的領導者。

Now let me turn to our key growth objectives. Our first objective is to add more new paying customers, especially in the mid-market and enterprise segments. We are starting to see some cases of AI mandates catalyzing enterprises to look for a future-proof solution.

現在讓我談談我們的關鍵成長目標。我們的首要目標是增加更多付費客戶，尤其是在中階市場和企業市場。我們開始看到一些案例，人工智慧強制性要求促使企業尋求面向未來的解決方案。

GitLab's approach to a cohesive workflow on a unified platform across developers, security, and operations teams has never been more relevant. Médiamétrie, France's leading media measurement company needed to accelerate their internal development processes and have an AI mandate to reduce maintenance costs.

GitLab 致力於在統一的平台上實現開發人員、安全人員和維運團隊之間的協作工作流程，這種做法從未像現在這樣具有現實意義。法國領先的媒體測量公司 Médiamétrie 需要加快內部開發流程，並制定人工智慧策略以降低維護成本。

While they were already using a free version of GitLab for source code management. This first order, Ultimate and GitLab Duo win saw us replace seven different other tools out of the gate while maintaining ISO 27001 compliance, Duo will enable secure AI power development, allowing Médiamétrie to deliver new measurement products and data analysis at a much faster pace.

雖然他們之前已經在使用免費版的 GitLab 進行原始碼管理。憑藉首筆訂單，Ultimate 和 GitLab Duo 的成功讓我們一舉取代了其他七種不同的工具，同時保持了 ISO 27001 合規性。 Duo 將實現安全的 AI 能力開發，使 Médiamétrie 能夠以更快的速度交付新的測量產品和數據分析。

We won a landmark deal with a global consumer tech platform this quarter, thanks to our dedicated offering. They had grown frustrated after experiencing critical reliability issues with their incumbent source code management provider.

本季度，憑藉我們專業的服務，我們與一家全球消費科技平台達成了一項具有里程碑意義的交易。由於他們現有的原始碼管理提供者出現了嚴重的可靠性問題，他們感到非常沮喪。

This customer has over 5,000 developers is well known for world-class engineering, and has exacting standards on reliability, responsiveness, and technical excellence. GitLab Dedicated was chosen to provide the environment for their most mission-critical code repositories ensuring business continuity and operational resilience.

該客戶擁有超過 5,000 名開發人員，以世界一流的工程技術而聞名，並且對可靠性、響應速度和技術卓越性有著嚴格的標準。他們選擇 GitLab Dedicated 來為其最關鍵的任務程式碼庫提供環境，以確保業務連續性和營運彈性。

While our mix of first order versus expansion improved slightly this quarter, it's still not where I'd like it to be. We are expanding our go-to-market capacity and have hired a new business leader to build out our global first order team with a focus on acquiring new logos.

雖然本季我們的首單訂單與擴張訂單的比例略有改善，但仍未達到我理想的水平。我們正在擴大市場拓展能力，並聘請了一位新的業務負責人來組建我們的全球首單團隊，重點是獲取新客戶。

It's important to note that resourcing and ramping up this team will take time, but I believe the payoff will be worth the investment. Every new customer we win today matters given their lifetime value. We are operating with urgency. We work every day to earn the trust of our customers, which is reflected in our best-in-class gross retention rates and demonstrated cohort growth across multiple cycles. We see a long runway for growth in our core DevSecOps opportunity as our TAM continues to expand, and our competitive position remains strong.

值得注意的是，組建和發展這個團隊需要時間，但我相信這項投資的回報是值得的。考慮到每位新客戶的終身價值，我們今天贏得的每位新客戶都至關重要。我們正在緊急行動。我們每天都在努力贏得客戶的信任，這體現在我們一流的客戶留存率和多個週期內實現的客戶群成長。隨著我們的潛在市場規模不斷擴大，以及我們競爭地位的持續增強，我們看到核心 DevSecOps 業務領域有著廣闊的成長空間。

We offer choice, neutrality, and openness in ways that others do not and that message is resonating. Our competitors are actively choosing to limit choices for their customers in the form of hyperscaler infrastructure or self-managed versus SaaS options.

我們以其他機構無法做到的方式提供選擇、中立和開放，而這種理念引起了共鳴。我們的競爭對手正在積極地限制客戶的選擇，例如超大規模基礎設施或自管理模式與 SaaS 模式之間的選擇。

In direct contrast, we recognize that every customer journey is different and make active efforts to meet our customers where they are. Our second objective is to help customers realize the value of our platform more quickly thereby driving revenue expansion. Our biggest expansion this quarter share a compelling pattern.

與此截然相反，我們認識到每個客戶的旅程都是不同的，並積極努力在客戶需要的地方滿足他們的需求。我們的第二個目標是幫助客戶更快地認識到我們平台的價值，從而推動收入成長。本季我們最大的擴張項目呈現出引人注目的模式。

They're all spending on some form of AI tooling in their engineering org, but they continue to use GitLab as the backbone of their SDLC. We continue to see strong potential for uptiering and attach within our existing customer base. which the following customer stories help illustrate a leading financial SaaS provider for small businesses has been a happy GitLab customer since 2017.

他們的工程組織都在投入資金使用某種形式的人工智慧工具，但他們仍然使用 GitLab 作為其軟體開發生命週期 (SDLC) 的支柱。我們持續看到現有客戶群中升級和增值的巨大潛力。以下客戶案例有助於說明這一點：一家領先的小型企業金融 SaaS 供應商自 2017 年以來一直是 GitLab 的滿意客戶。

This quarter, (inaudible) from Premium to Ultimate across almost 1,000 engineers. GitLabs approach to standing the code at the point of commit before it ever leaves developers' hands allows us to replace multiple fragmented security tools.

本季度，（聽不清楚）近 1000 名工程師從高級版升級到旗艦版。GitLabs 的方法是在程式碼提交之前就將其置於提交點，這使得我們可以取代多個分散的安全工具。

Key Lab will help this customer reduce false positives, but down manual overhead, and empower the developers with APAC results immediately a large European public sector organization expansion demonstrates the potential within our existing customer base.

Key Lab 將協助該客戶減少誤報，降低人力成本，並立即為開發人員提供亞太地區的結果。歐洲大型公共部門組織的擴張顯示了我們現有客戶群的潛力。

Like many large enterprises, they had multiple siloed deployments across different groups and 4,000 developers. This meant maintenance complexity and inconsistent developer experiences. After working closely with them for years across more than 120 stakeholders, they chose GitLab Dedicated and Duo this quarter as a foundation of a modern and secure SaaS-based software delivery platform. GitLab meets the highest customer standards in regulated industries and critical national infrastructure.

像許多大型企業一樣，他們在不同的團隊和 4000 名開發人員中進行了多次孤立的部署。這意味著維護的複雜性和開發者體驗的不一致性。在與 120 多個利益相關者密切合作多年後，他們本季選擇了 GitLab Dedicated 和 Duo 作為現代、安全的基於 SaaS 的軟體交付平台的基礎。GitLab 符合受監管產業和關鍵國家基礎設施的最高客戶標準。

Our third objective is to accelerate customer-focused innovation. We continue to invest across three pillars: Core DevOps, security, and AI. In core DevOps, we delivered a redesigned interface and a new intelligent pipeline repair flow that helps developers resolve issues faster, directly translating to increased development velocity, and reduce troubleshooting time.

我們的第三個目標是加速以客戶為中心的創新。我們將繼續在三大支柱領域進行投資：核心 DevOps、安全和人工智慧。在核心 DevOps 方面，我們提供了一個重新設計的介面和一個新的智慧管道修復流程，幫助開發人員更快地解決問題，直接提高開發速度，並減少故障排除時間。

Security and compliance are mission-critical, customer priorities as companies deploy AI toolkits and remain key drivers of ultimate adoption. We introduced new security capabilities, including static reachability analysis, secret validity checks, and diff-based scanning to bring security directly into the development process.

安全性和合規性是企業部署人工智慧工具包時的關鍵任務和客戶優先事項，也是最終採用人工智慧工具包的關鍵驅動因素。我們引入了新的安全功能，包括靜態可達性分析、金鑰有效性檢查和基於差異的掃描，將安全性直接引入開發過程中。

The new security analyst agent also introduced this quarter simplifies access to these sophisticated tools and can provide recommendations for engineers on where to focus. And with dual agent platform, we launched the AI catalog, a central place where teams can discover foundational GitLab DUO agents, best-in-class external agents like Cloud, OpenAI codecs, Google, Gemini, CLI, as well as create, share, and collaborate their own custom-built agents for any software engineering task.

本季度推出的新型安全分析代理簡化了對這些複雜工具的訪問，並可為工程師提供關於重點關注領域的建議。借助雙代理平台，我們推出了 AI 目錄，這是一個集中平台，團隊可以在這裡發現基礎的 GitLab DUO 代理、一流的外部代理（如 Cloud、OpenAI 編解碼器、Google、Gemini、CLI），以及創建、共享和協作他們自己的定制代理，以完成任何軟體工程任務。

Customer feedback has been strong. Many now tell us that GitLab is ahead of our peers in our vision and rapidly evolving capability. We closed our first few GitLab Duo agent platform-based expansions this quarter, even before general availability.

客戶反饋良好。現在許多人告訴我們，GitLab 在願景和快速發展的能力方面領先於同行。本季度，我們完成了首批基於 GitLab Duo 代理平台的擴展項目，甚至在正式發布之前就完成了。

While our progress is rapid and early results are promising, we're at the very start of our journey on this massive opportunity. Pricing and packaging will likely be an iterative process as the platform matures and we discover the most effective ways to deliver value to our customers and a reminder for any new investors, much of our customer base remains on self-managed solutions and may be slower to adopt some of these solutions. We'll be live streaming a product-specific event in February where more details will be made available.

雖然我們進展迅速，早期成果也令人鼓舞，但我們才剛開始這段充滿巨大機會的旅程。隨著平台日趨成熟，定價和包裝可能會是一個迭代過程，我們會不斷探索為客戶創造價值的最有效方法。同時提醒新投資者，我們的客戶大多仍使用自主管理的解決方案，而他們採用這些解決方案的速度可能會比較慢。我們將於二月進行一場產品專題活動的直播，屆時將公佈更多詳情。

As the only pure-play cloud and model neutral independent public company, delivering DevSecOps, we offer true independence bill in the cloud you choose with the vendors and tools that you like best while giving your engineers the very best possible experience. The world needs GitLab more than ever.

作為唯一一家純粹的雲端中立且獨立的上市公司，我們提供 DevSecOps 服務，讓您在選擇雲端服務時，能夠真正獨立地使用您最喜歡的供應商和工具，同時為您的工程師提供最佳體驗。世界比以往任何時候都更需要 GitLab。

I want to thank our team members for living our values and our mission and to our customers for their trust, our partners for their support, and the broader good lab community. Before I turn the call over, I also want to thank James Shen for his contributions during this period of transition in GitLab. He is one of the rock stars of this company and has done an amazing job rising to the occasion as interim CFO.

我要感謝我們的團隊成員實踐我們的價值觀和使命，感謝客戶的信任，感謝合作夥伴的支持，以及感謝更廣泛的優秀實驗室社群。在將電話交給對方之前，我還要感謝 James Shen 在 GitLab 過渡時期所做的貢獻。他是公司裡的明星員工之一，作為臨時財務官，他出色地完成了任務。

I'm excited to welcome our new Chief Financial Officer, Jessica Ross, who will be starting in January. Jessica was most recently CFO of front door and has more than 25 years of experience in finance, accounting, and operational leadership at companies like Salesforce and (inaudible), you will all have an opportunity to get to know her in the coming months.

我很高興地歡迎新任財務長傑西卡·羅斯，她將於一月份上任。傑西卡最近擔任 Front Door 的首席財務官，在 Salesforce 等公司擁有超過 25 年的財務、會計和營運領導經驗，（聽不清楚）在接下來的幾個月裡，你們都將有機會了解她。

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

接下來，我將把麥克風交給詹姆斯。

Thank you, Bill, and thanks again to everyone for joining us today. I'm happy to report that we beat our guidance across the board as the team executed through a dynamic environment. Third quarter revenue reached $244 million, an increase of 25% from Q3 of the prior year.

謝謝你，比爾，也再次感謝今天所有到場的各位。我很高興地報告，由於團隊在動態的環境中出色地完成了任務，我們各項指標都超出了預期。第三季營收達 2.44 億美元，比上年同期成長 25%。

We now have 10,475 customers with ARR of at least $5,000, which contributed over 95% of total ARR in Q3. Our larger customer cohort of $100,000 plus in ARR increased 23% year over year and reached 1,405. Our customer base is well diversified across industry and geography and no single customer accounts for more than 2% of ARR.

我們現在有 10,475 位客戶，其年度經常性收入 (ARR) 至少為 5,000 美元，這些客戶在第三季貢獻了超過 95% 的總 ARR。年經常性收入超過 10 萬美元的較大客戶群較去年同期成長 23%，達到 1,405 人。我們的客戶群在產業和地理上分佈廣泛，沒有一個客戶的年度經常性收入佔比超過 2%。

On the expansion front, we ended the quarter with a dollar-based net retention rate, or DBNRR of 119%. Total RPO grew 27% year over year to $1 billion while CRPO grew 28% year over year to $659 million. We remain pleased with this very healthy growth rate. Non-GAAP gross margin was 89% for the quarter.

在擴張方面，本季末的美元淨留存率（DBNRR）為 119%。RPO 總額年增 27% 至 10 億美元，而 CRPO 則年增 28% 至 6.59 億美元。我們對這一非常健康的成長率感到滿意。本季非GAAP毛利率為89%。

The team continues to do a good job of driving operating efficiencies even as our SaaS business has become a greater portion of our mix driven in part by the continued strength in GitLab Dedicated and Duo. SaaS now represents approximately 31% of total revenue and grew 36% year over year. Q3 non-GAAP operating income was $43.7 million compared to $25.9 million in Q3 of last year.

即使我們的 SaaS 業務在我們的業務組合中所佔比例越來越大（部分原因是 GitLab Dedicated 和 Duo 的持續強勁表現），團隊仍然在提高營運效率方面做得很好。SaaS 目前約佔總營收的 31%，年增 36%。第三季非GAAP營業收入為4,370萬美元，去年同期為2,590萬美元。

Non-GAAP operating margin was 17.9% compared to 13.2% in Q3 of last year, an increase of approximately 470 basis points year over year. We are making steady progress on building out a dedicated first order team and increasing our quota carrying capacity.

非GAAP營業利益率為17.9%，去年同期為13.2%，較去年同期成長約470個基點。我們在組建專門的首單團隊和提高配額承載能力方面取得了穩步進展。

Q3 FY26 adjusted free cash flow was $27.2 million, with adjusted free cash flow margin of 11.1% compared to $9.7 million in the prior year. We ended the quarter with $1.2 billion in cash and investments. Our strong balance sheet and predictable business model give us the flexibility to continue to invest in our AI capabilities, platform enhancements, and go-to-market organization as we deliver strong margins and cash flow for our shareholders.

2026 財年第三季調整後自由現金流為 2,720 萬美元，調整後自由現金流利潤率為 11.1%，而去年同期為 970 萬美元。本季末，我們擁有12億美元的現金和投資。我們強大的資產負債表和可預測的商業模式使我們能夠靈活地繼續投資於我們的人工智慧能力、平台改進和市場推廣組織，同時為我們的股東帶來強勁的利潤率和現金流。

Separately, I would like to provide an update on JiHu, our China joint venture. In Q3 FY26, non-GAAP expenses related to JiHu were $3.3 million compared to $3.5 million in Q3 of last year. Our goal remains to deconsolidate JiHu. However, we cannot predict the likelihood or timing of when that may potentially occur. Thus, for FY26 modeling purposes, we forecast approximately $16 million of expenses related to JiHu compared with $13 million from last year.

另外，我想就我們在中國的合資企業吉虎公司向大家報告最新情況。2026 財年第三季度，與 JiHu 相關的非 GAAP 費用為 330 萬美元，去年同期為 350 萬美元。我們的目標仍然是拆分 JiHu。然而，我們無法預測這種情況發生的可能性或時間。因此，就 2026 財年建模而言，我們預測與 JiHu 相關的支出約為 1,600 萬美元，而去年為 1,300 萬美元。

Now turning to guidance. While we're encouraged by our strong year-to-date performance, the SMB softness that we called out last quarter persists. Additionally, the lingering effects of the recent US government shutdown are likely to impact deal dynamics in our US federal business into Q4. These dynamics are factored into our guidance.

現在進入指導環節。儘管我們對今年迄今的強勁業績感到鼓舞，但我們上個季度指出的中小企業疲軟問題依然存在。此外，近期美國政府停擺的持續影響可能會影響我們美國聯邦業務在第四季的交易動態。這些因素都已納入我們的指導方針中。

For the fourth quarter of FY26, we expect total revenue of $251 million to $252 million, representing a year-over-year growth rate of approximately 19%. We expect a non-GAAP operating income of $38 million to $39 million, and we expect a non-GAAP net income per share of $0.22 to $0.23, assuming 172 million weighted average diluted shares outstanding.

預計 2026 財年第四季總營收為 2.51 億美元至 2.52 億美元，年增約 19%。我們預期非GAAP營業收入為3,800萬美元至3,900萬美元，假設加權平均稀釋後流通股數為1.72億股，我們預期非GAAP每股淨收入為0.22美元至0.23美元。

For the full year FY26, we expect total revenue of $946 million to $947 million, representing a growth rate of approximately 25% year over year. We expect a non-GAAP operating income of $147 million to $148 million, and we expect a non-GAAP net income per share of $0.95 to $0.96 and assuming 171 million weighted average diluted shares outstanding.

預計 2026 財年全年總營收為 9.46 億美元至 9.47 億美元，年增約 25%。我們預期非GAAP營業收入為1.47億美元至1.48億美元，非GAAP每股淨收入為0.95美元至0.96美元，假設加權平均稀釋後流通股數為1.71億股。

While we aren't providing guidance for FY27, I would remind you for modeling purposes that the April FY24 premium price increase has now been largely implemented and will not be a discrete tailwind in FY27.

雖然我們沒有提供 2027 財年的業績指引，但為了便於建模，我想提醒各位，2024 財年 4 月的保費上漲現在已經基本實施，不會對 2027 財年產生明顯的利好作用。

In summary, I am pleased with our third quarter results. We are building GitLab for healthy growth at scale, investing strategically against opportunities that drive long-term value, and enhancing profitability and delivering free cash flow.

總而言之，我對我們第三季的業績感到滿意。我們正在打造 GitLab，以實現規模化的健康成長，對能夠帶來長期價值的機會進行策略性投資，提高獲利能力並產生自由現金流。

GitLab is positioned for long-term success and to take advantage of a rapidly transforming market from a place of strength. Thank you for joining today. With that, I will turn the call over to Yao, who will moderate the Q&A.

GitLab 憑藉自身優勢，已做好長期成功的準備，並能從快速變化的市場中獲益。感謝您今天的參與。接下來，我將把電話交給姚先生，由他來主持問答環節。

(Operator Instructions) We'll take our first question from Koji Ikeda from Bank of America, following question will be from Matt Hedberg from RBC.

（操作員說明）我們首先回答來自美國銀行的池田浩二的問題，接下來是來自加拿大皇家銀行的馬特·赫德伯格的問題。

My one question here is on the guide, the fourth quarter guide and specifically on subscription revenue growth. You did grow subscription revenue in the third quarter, 27%. That is pretty darn good for primarily a seat-based model. But it is a deceleration from 30% last quarter. And I do hear you on the public sector ones, I get that.

我的問題是關於業績指南，特別是關於第四季度業績指南以及訂閱收入成長的問題。第三季訂閱收入成長了 27%。對於一款主要以座椅為基礎的車型來說，這已經相當不錯了。但與上季的30%相比，成長速度有所放緩。我也明白你說的公共部門的問題，我理解。

And so I wanted to ask on the implied fourth quarter total revenue guide. Can you help us walk us through a little bit more on the demand environment? Any sort of fed sector catch-up that's already happened and pipeline coverage into the fourth quarter? And any additional color on how to think about what the guide means for fourth quarter subscription revenue growth.

因此，我想詢問一下關於第四季總營收預期的隱含資訊。能再詳細解釋一下需求環境嗎？聯準會是否已經採取了任何部門追趕措施，以及這些措施是否會持續到第四季？此外，還需要補充說明指南對第四季訂閱營收成長的意義。

Thanks, Koji. Our guidance approach this quarter was fairly similar to the one we took last quarter. We developed independent roll-ups across the field, across CRO leadership teams, and across the finance team.

謝謝你，Koji。本季我們的業績指引與上季基本相同。我們在各個領域、各個 CRO 領導團隊和各個財務團隊中建立了獨立的總結機制。

And the prudence that we called out last quarter for both the SMB weakness, and the go-to-market disruption, we're well warranted, and some of that remains into Q4. Additionally, as you called that out, we will see some lingering effects from the recent US government shutdown. Guidance at the end of the day, reflects our best view of the business today with what we know, and we feel good about the guidance heading into Q4.

我們上個季度針對中小企業疲軟和市場准入中斷所提出的謹慎態度，現在看來完全合理，而且其中一些影響會延續到第四季度。此外，正如您所指出的，我們也會感受到近期美國政府停擺帶來的一些持續影響。最終的業績指引反映了我們根據目前所掌握的資訊對公司業務的最佳看法，我們對第四季度的業績指引感到樂觀。

Next question, Matt Hedberg, followed by Rob Owens from Piper Sandler.

下一個問題由 Matt Hedberg 提出，接下來是來自 Piper Sandler 的 Rob Owens。

Bill, in your prepared remarks, you noted progress on the first order business was better than last quarter. But I think you said it's still not where it needs to be yet. And understanding this is probably a multi-quarter trend. Could you provide a bit more color on -- from your perspective, what's left from the team? And perhaps how long should we think to see some of the full benefits from that?

比爾，你在事先準備好的發言稿中提到，第一季的業務進展比上個季度好。但我想你說過，它還沒有達到應有的水準。而理解這一點可能是需要幾個季度才能形成的趨勢。您能否再詳細介紹一下——從您的角度來看，球隊現在還剩下哪些人？那麼，我們需要多久才能看到其中一些全部的益處呢？

Yes. Thanks, Matt. As you had last quarter, we decided to hire a global leader focused just on acquiring new business reporting to the CRO. I'm happy to share that we closed that search and hired the individual exceptional executive that's now joined us is onboarding, and we're beginning the hiring ramp for that team, which, again, will be a global team reporting him directly into the CRO. We expect the hiring ramp to take a couple of quarters with results in the back half of FY27.

是的。謝謝你，馬特。就像上個季度一樣，我們決定聘請一位專注於獲取新業務的全球領導者，直接向首席營收長報告。我很高興地宣布，我們已經完成了招聘工作，並聘請了一位傑出的高管，他現在已經加入我們並正在入職。我們正在開始為該團隊招募新成員，該團隊將是一個全球團隊，直接向首席營收長報告。我們預計招募進度將持續數個季度，並在 2027 財年下半年取得成果。

In addition, I'll share on the product-led growth front, Manav, our Chief Product and Marketing Officer, has now been in seat for a quarter and has begun digging in there, looking really at two things with regard to product-led growth.

此外，關於產品驅動成長方面，我還要分享一下，我們的首席產品和行銷長 Manav 已經上任一個季度了，他已經開始深入研究，主要關注產品驅動成長方面的兩件事。

First, tightening the feedback loop with customers who are earlier in their journey with GitLab as well as removing friction in the customer journey to make it easier to go from a free into a paid product with GitLab. The early results there are really promising. It's exciting to the efficiency in the funnel improving and very early results.

首先，要加強與 GitLab 早期用戶的回饋循環，並消除用戶旅程中的摩擦，使用戶更容易從 GitLab 的免費產品過渡到付費產品。初步結果非常令人鼓舞。令人興奮的是，銷售漏斗的效率得到了提高，而且很快就取得了成效。

But here again, I would expect these kinds of incremental gains to aggregate (inaudible) and would expect to see that show up in terms of new customer acquisition acceleration in the later half of FY27.

但同樣地，我預期這些漸進式的收益會累積起來（聽不清楚），並預期在 2027 財年下半年，新客戶獲取速度的加快會反映出這一點。

Next question, Rob Owens from Piper (inaudible) followed by Sanjit Singh from Morgan Stanley

下一個問題，Piper公司的Rob Owens（聽不清楚）接著是摩根士丹利的Sanjit Singh。

I was hoping you could drill down a little bit more into the the Fed impact that you spoke about, Sensus that probably impacts the license line. Anything you can do to quantify that would be great. And then was that something that impacted your retention rate as well? Or are there other things at play in that metric ticking down a couple of points sequentially.

我希望您能更深入地探討一下您提到的聯準會的影響，以及Sensus可能對執照發放的影響。任何能量化這一點的方法都非常感謝。那麼，這是否也對你們的客戶留存率產生了影響呢？或者，是否還有其他因素導致該指標連續下降幾個百分點？

Rob, I think the important thing to keep in mind here is that our long-term public sector thesis remains very much intact. We are the preferred software factory to a lot of this country's leading federal agencies. PopSeq is about 12% of our ARR, and we haven't quantified specifically the headwind that we saw in Q3.

羅布，我認為這裡需要記住的重要一點是，我們關於公共部門長期發展的理論仍然完全成立。我們是全國許多主要聯邦機構的首選軟體工廠。PopSeq 約占我們 ARR 的 12%，我們還沒有具體量化我們在第三季遇到的不利因素。

What I would say is that we did see disruption from both the shutdown and the ongoing effects of Dodge that are rolling through the government, and we're very much partnered with our customers and these agencies in helping them overcome these challenges.

我想說的是，我們確實看到了政府停擺和道奇事件持續對政府造成的影響，我們與客戶和這些機構密切合作，幫助他們克服這些挑戰。

Next question from Sanjeet followed by (inaudible)

桑吉特接下來提問（聽不清楚）

Bill, I think we can all agree that no matter what the debate is around seat-based models, there's tons of software being developed and created particularly right now. And you pointed to some of the metrics around activity and usage of the platform, which is well above the revenue growth that you guys are delivering at least for right now.

比爾，我想我們都能同意，無論圍繞座位模式的爭論如何，現在都有大量的軟體正在開發和創建。您也指出了一些關於平台活躍度和使用情況的指標，這些指標遠高於您目前所實現的收入成長。

And so it's kind of a longer-term question, Bill. But what is the ultimate ultimate sort of answer on how to get activity in the platform to converge with the revenue growth that you would like to see. Is that -- is the answer there sort of dual agents? Or is there anything beyond that, that we should be thinking about over the medium term?

所以，比爾，這算是一個更長遠的問題。但是，如何才能使平台上的活動量與您希望看到的收入成長相匹配，這才是最終的答案呢？答案是不是──某種雙重代理人？或者，除了這些之外，還有什麼其他事情是我們應該在中期內考慮的嗎？

Good question, Sanjeet. (inaudible). Yes, I believe the medium- to long-term answer there does lie in our shift from a pure seat-based subscription business model to more of a hybrid seed plus usage-based business model as we introduced Duo agent platform.

問得好，桑吉特。（聽不清楚）是的，我認為中長期解決方案在於我們從純粹的基於席位的訂閱商業模式轉向更混合的種子加基於使用量的商業模式，就像我們推出 Duo 代理平台一樣。

And I mentioned in my prepared remarks that we are on the cusp of that in the coming weeks, declaring general availability and introducing pricing. So that will help monetize the activities downstream from AI cogeneration by bringing AI acceleration across the software life cycle and solving that AI paradox that we talked about in my prepared remarks.

我在事先準備好的演講稿中提到，我們將在未來幾週內迎來這一時刻，屆時我們將宣布全面上市並公佈價格。如此一來，透過在整個軟體生命週期中加速人工智慧，將有助於實現人工智慧協同產生下游活動的貨幣化，並解決我在準備好的發言稿中提到的人工智慧悖論。

In addition to that, we are looking at incremental innovation on top of our premium and ultimate SKUs, which provide customers an additive value at an incremental cost which would also be part of our FY27 road map and provide new monetization opportunities as well.

除此之外，我們也正在考慮在高端和頂級 SKU 的基礎上進行漸進式創新，以增加成本為客戶提供附加價值，這也將是我們 2027 財年路線圖的一部分，並帶來新的獲利機會。

Next question is (inaudible) from Baird, followed by (inaudible) from Barclays.

下一個問題是貝爾德提出的（聽不清楚），接下來是巴克萊銀行提出的（聽不清楚）。

This is Zack on for (inaudible). So one on Duo for me. You've consistently emphasized Duo's architectural importance and its mission-critical value. But how are you really tracking the monetization of Duo specific capabilities today versus just core DevSecOps or CICD functionality? And then maybe what percentage of new ACV includes Duo (inaudible) related features.

這是札克在為您報道。（聽不清楚）所以，我選了 Duo。您一直強調 Duo 的架構重要性及其關鍵任務價值。但您目前是如何追蹤 Duo 特定功能的貨幣化情況，以及與核心 DevSecOps 或 CICD 功能的貨幣化情況相比，您究竟是如何追蹤 Duo 特定功能的貨幣化的呢？然後，或許也要問，有多少百分比的新 ACV 包含 Duo（聽不清楚）相關功能。

Yes. Today, in our Duo Pro and Duo Enterprise products, they're monetized with seat-based add-ons. And we haven't shared the specifics of the revenue contribution of those products, but they've been in the early stages.

是的。目前，我們的 Duo Pro 和 Duo Enterprise 產品採用基於席位的附加組件進行獲利模式。我們尚未透露這些產品的具體營收貢獻，但它們仍處於早期階段。

What we did earlier this year is shift or pivot from a use case driven innovation agenda around AI to a platform-driven agenda meaning we've augmented our core platform with AI capabilities at every layer, unlocking an agentic approach to AI, which can help customers solve any number of challenges across the software life cycle.

今年早些時候，我們採取的措施是從以用例驅動的 AI 創新議程轉向以平台驅動的議程，這意味著我們已經在核心平台的每一層都增強了 AI 功能，從而解鎖了 AI 的智慧方法，這可以幫助客戶解決軟體生命週期中的任何挑戰。

It allows them to choose the best-in-class AI tools like those from Amazon, Google, OpenAI, and Anthropic as well as create their own agents using Duo technology to solve, again, any class of engineering problem across the software life cycle.

它允許他們選擇一流的 AI 工具，例如來自 Amazon、Google、OpenAI 和 Anthropic 的工具，並使用 Duo 技術創建自己的代理，以解決軟體生命週期中任何類型的工程問題。

That's been in beta now for a couple of quarters and is reaching general availability and we'll introduce usage-based pricing once we reach general availability. So the very early stages of both the innovation and introduction of that monetization stream but it's -- the tone and the conversation with customers, as I've engaged over the last year on the topic of AI just continues to grow stronger and more excited about the platform approach that we're going to have taking.

這項功能已經進行了幾個季度的測試，現在即將全面推出，一旦全面推出，我們將推出基於使用量的定價模式。因此，無論是創新還是引入這種盈利模式，目前都還處於非常早期的階段，但過去一年裡，我與客戶就人工智能這一話題進行的交流，以及我們即將採取的平台方法，都讓我感到越來越興奮，也越來越有活力。

So I'm really excited about the future opportunity. Do see that as expanding our TAM and bringing incredible new value to customers.

所以我對未來的機會感到非常興奮。請將此視為擴大我們的潛在市場規模，並為客戶帶來巨大的新價值。

Next question, (inaudible) Barclays, followed by Howard (inaudible) from Guggenheim

下一個問題，（聽不清楚）巴克萊銀行，接著是古根漢銀行的霍華德（聽不清楚）。

Bill, one for you, like the SMB weakness is obviously something that impacts everyone. And it's -- you can't control that. But is there anything you could do, for example, from a SKU perspective, et cetera, to kind of help kind of play better in that market. Anything is doable? Or do we just have to wait for the kind of improvement in the overall market sentiment there.

比爾，給你舉個例子，例如中小企業的弱點顯然會影響到每個人。而且──你無法控制這一點。但是，例如從 SKU 等方面來看，您能否做些什麼來幫助更好地在這個市場中競爭？一切皆有可能嗎？還是我們只能等待當地整體市場情緒的改善？

Yes. SMB is a very small share of our overall revenue and not something we optimize for from a business strategy and go-to-market perspective. However, it is in particular business startups and smaller companies that are on a growth path are important for us to drive awareness and early adoption on.

是的。中小企業在我們總收入中所佔比例很小，從商業策略和市場推廣的角度來看，我們並沒有將中小企業作為優化目標。然而，對我們來說，尤其重要的是要提高人們對正在成長中的新創公司和小公司的認知度，並促使他們儘早採用我們的產品和服務。

I'd say our primary approach there has been to deliver a really great free product in the form of our open source packages and free tier on gitlab.com, which we have seen healthy adoption of in a very, very broad community. I do think Duo Agent platform brings new opportunities for us to convert those free customers into a first paid engagement with GitLab as we deliver AI on top of those three products in the coming year.

我認為我們主要的做法是提供真正優秀的免費產品，即我們在 gitlab.com 上的開源軟體包和免費套餐，我們已經看到它在非常非常廣泛的社區中得到了良好的應用。我認為 Duo Agent 平台為我們帶來了新的機會，讓我們能夠將這些免費客戶轉化為 GitLab 的首批付費用戶，因為我們將在未來一年內在這三款產品之上提供 AI 服務。

Obviously, that's not been a path that we have pursued to date with the Duo Pro and Duo enterprise add-ons. But it's something that I think we'll look seriously at as Duo agent platform reaches GA. And I do think it plays into customers of all sizes who want to start their GitLab journey on a free DevSecOps platform that are willing and excited to pay for AI because they understand the incredible value and the costs associated with delivering that.

顯然，到目前為止，我們還沒有在 Duo Pro 和 Duo 企業版附加元件中採用這種做法。但我認為，隨著 Duo 代理平台正式發布，我們會認真考慮這個問題。我認為這符合各種規模的客戶的需求，他們希望在免費的 DevSecOps 平台上開始他們的 GitLab 之旅，並且願意為 AI 付費，因為他們了解 AI 的巨大價值以及與之相關的成本。

Great. Next question, Howard Ma from Guggenheim followed by (inaudible)

偉大的。下一個問題，古根漢美術館的馬浩華（Howard Ma）隨後提問。（聽不清楚）

Last quarter, you shared a stat that seat count is growing double digits year over year and has been accelerating. My question is, does that trend still hold? And what does see count growth look like if you exclude do seats?

上個季度，您分享了一項統計數據，即座位數量同比增長兩位數，並且增長還在加快。我的問題是，這種趨勢現在是否仍然成立？如果排除座位數，觀眾人數成長情況如何？

Howard, that was a onetime disclosure that we gave last quarter to help you think through and understand the dynamics in the business. We're happy with the growth this quarter, but we won't comment on the specifics that we gave last quarter.

霍華德，那是我們上個季度一次性披露的訊息，目的是幫助你思考和理解業務動態。我們對本季的成長感到滿意，但我們不會對上季公佈的具體數據發表評論。

Next question, (inaudible) followed by (inaudible)

下一個問題，（聽不清楚）（聽不清楚）

I just wanted to come back to the public sector element for a second, and I appreciate the disclosure and the headwinds from that shutdown. Can you help us put ourselves when we think about the 4Q guide that we have versus the 3Q results that you guys just posted, are you expecting the public sector headwind from the shutdown in dose to actually compound or increase in magnitude when we think about this January quarter. And again, I know we're getting to, I guess, fine tooth comb here, but just wanted to see how you guys are thinking about your assumptions here as we look at this forecast.

我只想再談談公共部門方面的問題，我很感謝你們揭露了政府停擺帶來的不利影響。能否請您幫我們分析一下，當我們考慮我們已有的第四季度業績指引與你們剛發布的第三季度業績相比時，您是否預期停擺對公共部門造成的不利影響會在今年一月季度進一步加劇或擴大？我知道我們現在有點吹毛求疵了，但我只是想看看大家在看待這個預測時是如何考慮你們的假設的。

Yes. Thanks, Mike, for the question. I won't comment on the specific magnitude and whether it's larger or smaller quarter over quarter. What I would say is that we are seeing lingering effects from the shutdown. The US federal government doesn't turn on overnight. And we are working with our customers through these deals and renewals that are pushed from Q3 into Q4

是的。謝謝你的提問，麥克。我不會評論具體幅度，也不會評論季度環比是增大還是減少。我想說的是，我們正在看到停工帶來的持續影響。美國聯邦政府不會一夜之間運作。我們正在與客戶合作，處理這些從第三季推遲到第四季的交易和續約事宜。

Next question, (inaudible) followed by Derek Wood from TD Cowen.

下一個問題，（聽不清楚）接下來是來自 TD Cowen 的 Derek Wood。

And it was nice to hear about the Duo agent expansions even pre-GA. I know investors are eager to see the impact of Duo Agent in the market. What are some of the product proof points that are signaling GA readiness? And then just how to think more about the adoption ramp in fiscal '27?

很高興在正式版發布前就聽到了 Duo 特工擴展的消息。我知道投資者都渴望看到 Duo Agent 在市場上的影響。哪些產品驗證點表示產品已準備上市？那麼，在 2027 財年，我們該如何進一步考慮推廣應用程式呢？

(inaudible) could you repeat your question, please? You've cut out on (inaudible). Can you hear us?

（聽不清楚）請您再說一次您的問題好嗎？你已經停止了（聽不清楚）你們聽得到我們說話嗎？

Yes. Can you hear me?

是的。你聽得到我嗎？

Yes. We lost your investors are excited and then you cut out (inaudible) repeat your question?

是的。我們失去了你的投資者，他們很興奮，然後你突然中斷（聽不清楚），請你再說一次你的問題？

Sure. So investors are excited about the impact of dual agent in the market, the eventual impact I just want to know more about the product proof points that you're evaluating to signal GA readiness and then how to think about the ramp in '27.

當然。所以投資人對雙重代理在市場上的影響感到興奮，最終的影響是什麼？我只是想更多地了解你們正在評估哪些產品驗證點來表明 GA 準備就緒，以及如何考慮 2027 年的量產計劃。

Yes. We've set a number of criteria to evaluate readiness. First and foremost, being the reliability, the performance, and the overall stability of the platform and meeting our customers' expectations. We're also measuring the quality of the responsiveness and the responses of the agents that we're building and our customers' ability to build their own custom agents and get quality responses.

是的。我們制定了一系列評估準備的標準。首先，也是最重要的，是平台的可靠性、效能和整體穩定性，以及滿足客戶的期望。我們也在衡量我們正在建立的代理商的反應速度和回應質量，以及我們的客戶建立自己的自訂代理商並獲得高品質回應的能力。

And then finally, we obviously must ensure that we meet our own high security standards and avoid shipping vulnerabilities or exposing our customers to any kind of vulnerability. So a number of quality-related criteria that we're measuring in addition to customer adoption and usage.

最後，我們顯然必須確保我們符合自身的高安全標準，避免交付漏洞或使我們的客戶面臨任何類型的漏洞。因此，除了客戶採納率和使用情況之外，我們還衡量了許多與品質相關的標準。

And we think we're reaching the point of meeting all of that criteria as I mentioned in the coming weeks. And once we do, we'll be declaring general availability. In terms of adoption and usage in the quarters ahead, it's hard to forecast exactly how fast that will go.

正如我在接下來的幾週內提到的，我們認為我們正在逐步滿足所有這些標準。一旦完成，我們將宣布全面上市。至於未來幾季的採用率和使用率，很難準確預測其成長速度。

I'll just repeat what I've shared previously, which is 70% of our revenue is based on self-managed customers who do require an upgrade to take advantage of dual-agent platform. And that does take off in multiple quarters to get a majority of the customer base onto a new version -- so we'll see some slowness there versus a pure cloud SaaS business.

我再重複我之前分享過的內容，那就是我們 70% 的收入來自那些需要升級才能利用雙代理平台的自助管理客戶。而且，要讓大部分客戶群升級到新版本，需要好幾個季度的時間——因此，與純粹的雲端 SaaS 業務相比，我們會看到這方面的進展會比較緩慢。

And I'll also share, I'm pretty excited about the opportunity to deliver the Duo agent platform into the public sector since that's been a topic of conversation today. Unlike many AI tools in the market today, which rely completely on cloud-hosted models, Duo agent platform delivers both cloud-hosted models, but also the ability to run a completely airgap environments against custom self-hosted models which many of our public sector customers have as a configuration today. So we look forward to delivering that into those environments as those customers are able to adopt.

另外，我還想分享一下，我很高興有機會將 Duo 代理平台引入公共部門，因為這正是今天大家討論的話題。與目前市場上許多完全依賴雲端託管模型的 AI 工具不同，Duo 代理平台不僅提供雲端託管模型，還能夠運行完全隔離的環境，以對抗我們許多公共部門客戶目前採用的自訂自託管模型。因此，我們期待在這些客戶能夠採用的環境中交付這些產品。

Next question, Derek Wood from TD Cowen, followed by (inaudible) from Wells Fargo.

下一個問題，來自 TD Cowen 的 Derek Wood，隨後是來自 Wells Fargo 的（聽不清楚）提問。

Sorry about that. Okay, can you hear me?

抱歉。好的，你聽得到我說話嗎？

We can.

我們可以。

James, can you give us the mix within the net revenue retention rate of seats versus tier upgrades versus price yield and I think last Q4, you guys had a very large seat expansion deal. Any color to provide on how to think about the impact on NRR as we anniversary this large deal in Q4 this year?

James，可以為我們介紹一下座位、艙位升等和價格收益在淨收入留存率中的組成嗎？我記得上個季度你們有一筆非常大的座位擴張交易。對於今年第四季我們即將迎來這筆巨額交易的周年紀念日，您能否就其對淨收入的影響提供一些見解？

Derek, I'm happy to share the mix of DBNRR this quarter. And I also want to talk about the specific disclosure more broadly. So Q3 was similar to Q2, where seats contributed slightly over 80% of the mix. The yield was about 10% and the remaining from up-tiering.

Derek，我很高興與大家分享本季的 DBNRR 組合。我還想更廣泛地談談具體的披露問題。因此，第三季與第二季類似，座位在組合中所佔比例略高於 80%。收益率約 10%，其餘部分來自升級。

As our business evolves, this disclosure will become less relevant, both because we've evolved from a two SKU company into multiple SKUs, but also because we are augmenting our seat-based business with usage-based business that Bill referred to.

隨著我們業務的發展，這種揭露將變得不那麼重要，這不僅是因為我們從一家只有兩個 SKU 的公司發展成為一家擁有多個 SKU 的公司，還因為我們正在用 Bill 提到的基於使用量的業務來增強我們基於席位的業務。

And so we'll look to share more in the quarters to come on this topic.

因此，我們將在接下來的幾季中就此主題分享更多內容。

Next question is (inaudible) from Wells Fargo, followed by Jason Celino from KeyBanc.

下一個問題是（聽不清楚）來自富國銀行，接下來是來自 KeyBanc 的 Jason Celino。

(inaudible) So now that you're past the price increase and you're adding more features onto your more premium plans and since you've seen competitors for their higher-end plans like cursor and (inaudible) come in at $200 a month for those plans. Do you think there's an opportunity to take price on GitLabs higher-end plans as AI becomes more integral to DevOps overall? Where do you think capturing that their usage is more likely.

（聽不清楚）所以現在你們已經度過了價格上漲的階段，並且正在為更高級的套餐添加更多功能，而且你們也看到了競爭對手的高端套餐，比如 Cursor 和（聽不清楚）的套餐，這些套餐每月收費 200 美元。隨著人工智慧在 DevOps 中扮演越來越重要的角色，你認為現在是否有機會以優惠價格買入 GitLabs 的高端套餐？你認為在哪裡更有可能捕捉到他們的使用情況？

Yes. Our plan is to capture through usage. I believe the right long-term approach to monetization is to have a pricing plan that is -- provides an equal exchange in value for cost. And when I see competitors doing with AI pricing is really all over the place and it's been rapidly evolving.

是的。我們的計劃是透過用戶使用情況來獲取收益。我認為，正確的長期獲利方式是製定一個定價方案，該方案能夠提供與成本相等的價值交換。當我看到競爭對手利用人工智慧進行定價時，發現定價策略五花八門，而且發展迅速。

I expect some evolution with regard to our price. But rather than introduce another seat-based price, as I shared earlier, we will be moving to a more usage-based pricing model where customers can pre-commit upfront for usage to earn the very best rates, but that commitment is a pool of usage that can be shared across all users.

我預計我們的價格會有一些變化。但正如我之前所說，我們不會再引入基於席位的定價模式，而是轉向基於使用量的定價模式，客戶可以預先承諾使用量以獲得最優惠的價格，但這種承諾的使用量是所有用戶共享的。

And we've tested that and introduced it to customers, they're very excited about that approach. And I believe, ultimately, when customers are excited and see the value they buy more over time.

我們已經測試過這種方法，並把它介紹給了客戶，他們對這種方法感到非常興奮。而且我相信，最終，當顧客感到興奮並看到價值時，他們會隨著時間的推移購買更多產品。

Next question, Jason Celino from KeyBanc followed by Steve Koenig from Macquarie.

下一個問題，由 KeyBanc 的 Jason Celino 提問，隨後是 Macquarie 的 Steve Koenig 提問。

Bill, in your prepared remarks, you talked about some interesting stats on the deployment activity we're seeing across the platform. I forget the exact percentages, but how much of this elevated activity you think is from customers of developing applications for AI like the underlying development activity? Or do you think it's for more better productivity from AI going tools? I hope you understand kind of the difference in the question, but curious what you're thinking.

比爾，你在事先準備好的演講稿中談到了一些關於我們在整個平台上看到的部署活動的有趣統計數據。我記不清具體的百分比了，但你認為這種活躍度的提升有多少是來自開發人工智慧應用程式的客戶，就像底層開發活動一樣？還是你認為人工智慧工具的出現是為了提高生產力？我希望你能理解這個問題的區別，但我很好奇你在想什麼。

Yes. It's exciting to see the downstream effects of AI and coding on the platform. And I think it's driven through a mix of things, probably both of the dynamics that you described. But ultimately, what a software team is doing is not just thinking about the code they're generating, they're thinking about the innovation they're delivering to customers. And that's really the full software life cycle that's required.

是的。看到人工智慧和程式設計對平台產生的後續影響，真是令人興奮。我認為這是多種因素共同作用的結果，可能包括你所描述的兩個動態因素。但歸根結底，軟體團隊所做的不僅僅是思考他們正在編寫的程式碼，他們還在思考他們為客戶帶來的創新。這就是軟體生命週期所需的全部。

Everything from planning those changes to testing them to integrating, deploying them, and making sure that they meet the security and compliance standards. And that's what GitLab does. And because the code volumes are increasing because engineers are able to take on more projects faster, we see that acceleration in the rest of the stages of the software life cycle.

從規劃這些變更，到測試它們，再到整合、部署它們，並確保它們符合安全和合規標準，所有環節都由我們負責。這就是 GitLab 的功能。由於工程師能夠更快地承擔更多項目，程式碼量也在不斷增加，因此我們在軟體生命週期的其他階段也看到了這種加速。

To date, none of those have been AI accelerated. That's what we're doing with dual agent platform. And once we bring that full life cycle acceleration, I believe we'll begin to see the monetization benefits that we've talked about on the call, because customers want to take advantage of those as well to accelerate not just the cogeneration but the entire software delivery process.

迄今為止，這些都還沒有借助人工智慧加速發展。這就是我們利用雙代理平台所做的事情。一旦我們實現了完整的生命週期加速，我相信我們將開始看到我們在電話會議上討論過的貨幣化收益，因為客戶也希望利用這些收益來加速不僅是聯合開發，而是整個軟體交付過程。

Next question is (inaudible) from Macquarie followed by Miller Jump from Truist.

下一個問題是（聽不清楚）來自麥考瑞銀行，接下來是 Truist 銀行的 Miller Jump 提出的問題。

Great. Okay. Yes. So maybe building on the last question, Bill, I understand like the platform, the value there is holistically throughout the software development life cycle. But I'm wondering, as you begin to deploy Duo agent platform necessarily available, and it starts to be adopted.

偉大的。好的。是的。所以，比爾，也許可以接著上一個問題繼續問下去，我理解這個平台的價值在於它在整個軟體開發生命週期中的整體性作用。但我很好奇，隨著 Duo 代理平台的部署，它是否真的可用，並且開始被採用。

What -- where do you think it's going to make the most immediate impact in terms of improving productivity of the various aspects of the life cycle. And then if I could just sneak in, I I'm wondering more color on the SMB softness. Is that more of a macro or execution on your part?

你認為它在提高生命週期各環節的生產力方面，會在哪些方面產生最直接的影響？然後，如果我能偷偷插一句，我想了解更多關於 SMB 柔和度的資訊。這更像是你的巨集指令還是執行指令？

Yes, I'll answer the first part on Duo and maybe, James, you can take the SMB one. So on [Duo agent platform], the important thing to understand about it versus other AI tools, is that it's really a platform approach to AI, meaning customers can take advantage of the capabilities of the platform that's now AI native to orchestrate actions with AI tools for any class of engineering problem.

是的，我會回答 Duo 的第一部分，至於 SMB 那部分，James，也許你可以做。因此，在 [Duo 代理平台] 上，與其他 AI 工具相比，需要了解的重要一點是，它實際上是一種平台式的 AI 方法，這意味著客戶可以利用該平台的原生 AI 功能，使用 AI 工具來協調任何類型工程問題的操作。

So we've seen customers take advantage of it, for example, in terms of helping them plan and document what they're going to go work on upfront before the code even gets generated to help analyze bugs and help triage and prioritize the work that needs to be done in code.

例如，我們看到客戶利用它來幫助他們規劃和記錄他們要在程式碼產生之前完成的工作，以幫助分析錯誤，並幫助對需要在程式碼中完成的工作進行分類和優先排序。

We've also seen them take advantage of Duo agent platform to offer and to review the code. We've seen them take advantage of agent platform to do security analysis, to do prioritization based on the advanced characteristics that we capture as part of our security scanning capabilities.

我們也看到他們利用 Duo 代理平台來提供和審查程式碼。我們看到他們利用代理平台進行安全分析，並根據我們作為安全掃描功能的一部分捕獲的高級特徵進行優先排序。

We've seen to take advantage of it in terms of troubleshooting pipelines that are failing when code isn't passing the quality standard, security standards or other compliance guardrails that the company has put in place. So it's really across the board.

我們已經看到，當代碼不符合公司製定的品質標準、安全標準或其他合規性要求時，可以利用它來排查管道故障。所以這種情況是普遍存在的。

And that's what's so exciting because having spent many decades now, in software engineering, the process of software engineering is very complex, and there's any number of ways that things can break down. And what customers will be able to do with your agent platform instead of waiting for a human to engage in a manual process to recover from any one of those failure classes or any of those work tasks they can now apply an agent that can automatically work on their behalf to triage, to analyze, to debug, and to recommend a fix or even automated fix. And we believe that's what's going to bring incredible value to our customers. James, on the SMB question?

而這正是令人興奮的地方，因為我在軟體工程領域工作了幾十年，軟體工程的過程非常複雜，而且有很多種方式會導致程式崩潰。客戶使用您的代理平台後，無需等待人工介入手動流程來從任何故障類別或任何工作任務中恢復，他們現在可以使用代理來自動代表他們進行分類、分析、調試，並推薦修復方案，甚至是自動修復方案。我們相信這將為我們的客戶帶來巨大的價值。James，關於中小企業的問題？

Yes, just quickly on SMB. This is segment-specific weakness that we've called out for a few quarters now. What I would say is a few things. One is we have a very strong free offering, as you heard Bill talk about. And we see price sensitivity in this segment.

是的，只需在 SMB 上快速操作。這是我們已經連續幾季指出的特定細分市場弱點。我想說幾點。第一點是，我們有非常強大的免費服務，正如你聽比爾談到的那樣。我們發現該細分市場對價格非常敏感。

So both price and overall spend sensitivity. And as these customers are coming up for renewal, there is a lot of scrutiny and auditing around licensed usage. SMB is a small part of our business, it's roughly about 8% of ARR, and we're assuming that this weakness continues into Q4 in our guidance.

所以價格敏感度和整體消費敏感度都很高。由於這些客戶的許可即將到期，因此對許可使用情況進行了大量審查和審計。中小企業在我們業務中所佔比例很小，約佔年度經常性收入的 8%，我們預計這種疲軟態勢將持續到第四季。

Next question from (inaudible)

下一個問題（聽不清楚）

You all mentioned in the prepared remarks that all of your largest expansions in the quarter were with customers using some form of AI tooling. I guess I'm wondering, are most of your customers using AI tooling at this point? Or is that indicative of a smaller subset of the group. And was there any difference in the growth drivers for those accounts between the seats, customer yield and uptiering that you talked about for the broader business?

你們在事先準備好的發言稿中都提到，本季所有最大的業務擴張都與使用某種形式的人工智慧工具的客戶有關。我想問的是，目前你們的大多數客戶都在使用人工智慧工具嗎？或者，這是否表明這只是該群體中較小的子集？您在談到更廣泛的業務時提到的座位數、客戶收益和升級策略，在這些帳戶的成長驅動因素方面是否存在任何差異？

Yes. I think I shared last quarter, we did a customer survey where we analyzed a few different questions around customer AI tool usage there forecast in terms of increased GitLab usage as well as seats. And we did see in that survey fairly pervasive use of AI tools along with GitLab. It's important to remember it's an and not an or. Many times, I've heard investors refer to some of these other AI tools as competitors.

是的。我想我上個季度分享過，我們做了一個客戶調查，分析了有關客戶 AI 工具使用情況的一些不同問題，並預測了 GitLab 使用量和席位數量的增長。我們在調查中確實看到人工智慧工具和 GitLab 的使用相當普遍。記住，這裡是“and”，而不是“or”。我曾多次聽到投資者將其他一些人工智慧工具稱為競爭對手。

And while it's clear, there's some overlap in terms of what we're doing and what they're doing. Ultimately, customers see them as complementary because we serve a variety of different use cases and support one another.

雖然很明顯，但我們所做的事情和他們所做的事情有一些重疊之處。最終，客戶認為它們是互補的，因為我們服務於各種不同的使用場景，並且互相支持。

So yes, I believe AI tool usage is pervasive across our customer base. Many of them implementing multiple AI tools as part of their current AI strategy. And I believe we're in a good position with (inaudible) platform to capture our fair share of that demand because we're solving inherently different problems than other AI tools on the market.

所以，是的，我相信人工智慧工具的使用在我們的客戶群中非常普遍。其中許多公司在目前的人工智慧策略中實施了多種人工智慧工具。我相信，憑藉（聽不清楚）平台，我們處於有利地位，能夠獲得我們應有的份額，因為我們解決的問題與市場上其他人工智慧工具本質上是不同的。

Final question will come from (inaudible) at Raymond James, and I will pass it over to Bill for closing remarks.

最後一個問題將來自 Raymond James 公司的（聽不清楚），我會把問題交給 Bill 做總結發言。

Bill, maybe building on that last question. So we've seen some larger players with opening and Google add more device op functionality alongside the smaller AI natives this quarter. Just curious how you're considering deploying that $1.2 billion of cash and really strong free cash flow we're seeing, maybe help further wedge GitLabs differentiation that spans (inaudible)-- life cycle against those guys.

比爾，或許可以接著上一個問題繼續問下去。因此，我們看到一些大型企業和Google在本季度除了規模較小的AI原生應用之外，還增加了更多設備操作功能。我很好奇您打算如何部署這 12 億美元的現金和我們目前看到的強勁自由現金流，或許可以幫助進一步鞏固 GitLabs 在（聽不清楚）生命週期上的差異化優勢，從而與那些競爭對手抗衡。

Yes. There's being two parts to that question. How do I think about what -- how GitLab competes with small and large vendors. And then there's deployment of capital. Maybe, James, you can take the second part.

是的。這個問題包含兩個部分。我該如何思考——GitLab 如何與小型和大型供應商競爭？然後就是資金部署。詹姆斯，或許你可以承擔第二部。

I'll take the first part. Really, when you think about what agents are made of, there's really four ingredients to every agent. There's an LLM and we provide like almost every vendor access to all of the major foundational LLMs in the market.

我來回答第一部分。實際上，當你思考構成特工的要素時，你會發現每個特工其實都包含四種要素。我們有LLM，並且我們為幾乎所有供應商提供存取市場上所有主要基礎LLM的權限。

And the cost of those is going to continue to go down. The qualities going to continue to go up. Not a lot of differentiation to be had there. It's just like electricity for any kind of electronic system. Second part of an agent is the prompt that steers the LLM into solving the problem.

而且這些產品的成本還會持續下降。這些品質將會持續提升。這方面並沒有太大的差別。它就像任何電子系統的電力系統一樣。代理的第二部分是引導 LLM 解決問題的提示。

And that's defined with human language. And again, here, the IP value is fairly shallow. There are many, many libraries of open source prompts there and available. There's only so many ways you can tell them to sell the problem. And we provide Duo agents with great prompts out of the box. But we also allow customers to customize and extend those profits. So a little level of extensibility beyond what competitors offer today.

而這是用人類語言定義的。同樣，這裡的 IP 價值相當有限。那裡有很多開源提示字元庫可供使用。你能用的方法也就那麼幾種，讓他們把問題推銷出去。我們為 Duo 客服人員提供開箱即用的優質提示。但我們也允許客戶定制和擴大這些利潤。因此，它比競爭對手目前提供的產品具有一定程度的可擴展性。

But those two ingredients, I would say largely our commodity. And it's really the second two ingredients that make GitLabs out and that even the large AI vendors can't match. The first is context. We provide not only the system of record for all of the source code at our customer store, but all of the changes to that source code over time, all of the testing and quality validation of that source code, the security of that source code, all of the related plans and bug tracking and everything else.

但我認為，這兩種原料基本上是我們主要的供應品。真正讓 GitLabs 脫穎而出，甚至連大型 AI 供應商都無法匹敵的，正是後兩個要素。首先是背景。我們不僅為客戶商店的所有原始程式碼提供記錄系統，還為這些原始程式碼隨時間推移所做的所有更改、這些原始程式碼的所有測試和品質驗證、這些原始程式碼的安全性、所有相關的計劃和錯誤追蹤以及其他一切事項提供記錄。

That context all goes into feeding agents the ability to reason and make good decisions. And virtually no other competitor has the breadth of context that we have as part of our unified platform approach, and we believe that's a durable differentiator over time.

所有這些背景資訊都用於賦予智能體推理和做出正確決策的能力。幾乎沒有其他競爭對手擁有我們統一平台方法所帶來的如此廣泛的背景信息，我們相信這將在長期內成為我們持久的差異化優勢。

The fourth ingredient that agents have are made up of is tools to actually action on behalf of users various actions. And here, again, our unified platform really comes out as a strength because anyone can generate code. It basically involves generating streams that get written into text files, right?

代理商的第四個組成部分是代表使用者執行各種操作的工具。而在這裡，我們統一的平台再次展現了其優勢，因為任何人都可以產生程式碼。它的基本原理是產生寫入文字檔案的資料流，對吧？

But when it comes to full life cycle software engineering, you're talking about much more sophisticated operations everything from planning and testing and securing and integrating and deploying code that requires a rich set of capabilities that have to be integrated one with another.

但說到全生命週期軟體工程，它涉及更複雜的操作，包括規劃、測試、安全、整合和部署程式碼，這需要一系列豐富的功能，而這些功能必須相互整合。

And we've delivered that to humans for now more than a decade, but with dual agent platform, we're unlocking all of those rich capabilities for agents as well. So agents can take those actions. And that's the really exciting differentiator and value that we provide our customers that I really don't think either small or large AI competitors to match.

十多年來，我們已經為人類提供了這些功能，但藉助雙代理平台，我們也為代理解鎖了所有這些豐富的功能。因此，代理人可以採取這些行動。而這正是我們為客戶提供的真正令人興奮的差異化優勢和價值所在，我認為無論是小型還是大型人工智慧競爭對手都無法與之匹敵。

And then on the cash position, the $1.2 billion of cash and investments really puts us in a position of strength in this market. And we have a strong track record of fiscal discipline here, and we're constantly looking at the most optimal avenues for capital allocation that best deliver value both to our customers and to our shareholders.

此外，12億美元的現金和投資也使我們在這個市場中處於非常有利的地位。我們在財務紀律方面有著良好的記錄，並且我們一直在尋找最佳的資本配置途徑，以最大限度地為我們的客戶和股東創造價值。

With that, that concludes our Q&A. I would like to now turn the call over to Bill for closing remarks. Bill, go ahead, please.

問答環節到此結束。現在我謹將電話交給比爾，請他作總結發言。比爾，請繼續。

Thank you, everyone, for joining today's call. One year into my journey with GitLab, and I believe we're executing stronger than ever with a blueprint towards scaled responsible growth. As we shared, we're expanding our sales capacity in our field and investing behind dedicated first-order team in order to take advantage of our growing TAM.

感謝各位參加今天的電話會議。加入 GitLab 一年了，我相信我們比以往任何時候都更強大，並制定了規模化、負責任的成長藍圖。正如我們之前所說，我們正在擴大在該領域的銷售能力，並投資組建專門的一站式服務團隊，以充分利用我們不斷增長的潛在市場。

Product innovation and differentiation are also accelerating, and we're earning our right to define the future of software development with AI. We're now in the cusp of declaring general availability for our agent AI platform, which will evolve our business model from a purely [seed-based] model to a hybrid seed plus usage-based model as we create new pathways to deliver value for our customers.

產品創新和差異化也在加速發展，我們正在憑藉人工智慧贏得定義軟體開發未來的權利。我們現在即將宣布我們的代理商 AI 平台正式上線，這將使我們的商業模式從純粹的[種子]模式演變為種子加使用量的混合模式，同時我們將創造新的途徑為我們的客戶創造價值。

These are all really significant structural improvements to GitLab. One thing that isn't changing, we remain committed to investing and building for responsible growth to drive shareholder value. I'll close the call where I started off. There has never been a more exciting time to be at GitLab.

這些都是GitLab非常重要的結構性改進。有一點始終不變，我們將繼續致力於投資和建設，以實現負責任的成長，從而提升股東價值。我將結束通話，回到我最初開始的地方。現在正是加入 GitLab 的最佳時機。

And James and I are in Phoenix, Arizona this week, and we'll be speaking at the UBS Global Technology and AI Conference. We hope to see you there or elsewhere during the quarter. Thank you again, and good night.

本週我和詹姆斯在亞利桑那州鳳凰城，我們將出席瑞銀全球科技與人工智慧大會並發表演講。我們希望在本季能在那裡或其他地方見到您。再次感謝，晚安。