GitLab Inc. (GTLB) 2026 Q4 法說會逐字稿

Good day, everyone, and welcome to today's GitLab fourth quarter fiscal year 2026 conference call. (Operator Instructions) Please note, this call is being recorded.

大家好，歡迎參加今天的 GitLab 2026 財年第四季電話會議。（操作員指示）請注意，本次通話正在錄音。

It is now my pleasure to turn the conference over to Yaoxian Chew.

現在我很高興將會議交給周耀賢主持。

Good afternoon. We appreciate you joining us on GitLab's fourth quarter and fiscal year 2026 financial results conference call. With me are Bill Staples, our CEO; and Jessica Ross, our CFO. During this afternoon's call, we will provide an overview of the business, commentary on our fourth quarter and full year results and guidance for the first quarter and fiscal year 2027.

午安.感謝您參加 GitLab 2026 財年第四季財務業績電話會議。和我在一起的是我們的執行長比爾·史台普斯；以及我們的財務長傑西卡·羅斯。在今天下午的電話會議上，我們將概述公司業務，評論第四季度和全年業績，並給出 2027 年第一季和全年業績指引。

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 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.

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，這些因素可能導致我們的業績與《私人證券訴訟改革法案》意義上的任何前瞻性聲明中所表達的業績存在差異。按照慣例，今天電話會議和報告的內容將遵循以下語言。

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

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不尋常或非經常性項目。有關這些非GAAP財務指標以及與最直接可比的GAAP指標的調節表的更多信息，請參閱我們的盈利報告和演示材料。

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

現在我將把通話轉給比爾。帳單？

Thank you, Yao, and good afternoon, everyone. Fiscal 2026 was a significant year for GitLab. ARR surpassed $1 billion. We generated $220 million in free cash flow, an increase of over 80% and nearly 7 percentage points of margin expansion year over year.

謝謝你，姚，大家下午好。2026財年是GitLab的重要一年。年度經常性收入超過10億美元。我們創造了 2.2 億美元的自由現金流，年增超過 80%，利潤率年增近 7 個百分點。

FY26 and Q4 delivered our highest absolute net new ARR year and quarter ever, and we intend to build on that momentum. I'm really proud of the work the team is driving. Given our deep technological and structural advantages and the growing TAM ahead, we believe we can do even better. I believe we have the right team in place to execute the opportunity, and the rest of my remarks will lay out our plan. Jessica will then walk through the financials.

2026 財年和第四季實現了我們有史以來最高的絕對淨新增 ARR 年度和季度業績，我們打算在此基礎上繼續保持成長勢頭。我為團隊所做的工作感到非常自豪。鑑於我們擁有深厚的技術和結構優勢，以及未來不斷成長的潛在市場，我們相信我們還能做得更好。我相信我們已經組建了合適的團隊來把握這個機會，接下來我將詳細說明我們的計劃。接下來，傑西卡將逐項分析財務數據。

Let me address our FY27 outlook directly. We aren't satisfied with our revenue growth guidance. Like many companies reaching $1 billion in revenue, our focus has been shifting to scaling our growth. We've identified five specific strategies where we see the greatest opportunity to improve our growth at scale in FY27.

讓我直接談談我們對2027財年的展望。我們對營收成長預期並不滿意。與許多營收達到 10 億美元的公司一樣，我們的重點已經轉移到擴大成長規模。我們已經確定了五項具體策略，我們認為這些策略在 2027 財年最有機會實現規模化成長。

The five are: number one, reaccelerating first orders to fuel long-term expansion; number two, scaling sales capacity with dedicated leadership and investments; number three, expanding product packaging to unlock new monetization vectors; number four, engaging price-sensitive customers with greater value and coverage; and number five, continuing to execute an AI strategy aligned with our core platform strengths. We've already begun acting on all five.

這五項措施分別是：第一，重新加速首單交付，為長期擴張提供動力；第二，透過專案領導和投資擴大銷售能力；第三，拓展產品包裝，解鎖新的獲利途徑；第四，透過提供更高的價值和更全面的服務來吸引價格敏感型客戶；第五，繼續執行與我們核心平台優勢相符的人工智慧策略。我們已經開始著手處理這五件事。

FY27 is all about execution and proving our hypothesis with results. Let me walk through each one.

2027財年重點在於執行，並用結果證明我們的假設。讓我逐一解釋。

In FY26, we reversed a long period of first order deceleration. This is critically important because our customers often land small and extend steadily, a pattern that's held for over a decade. Sales led first orders began reaccelerating in Q2 FY26 right after Ian joined. On the product side, Manav has reinvigorated product-led growth. First order logos inflected in October, and we've seen four consecutive months of improvement.

在2026財年，我們扭轉了長期的一級減速趨勢。這一點至關重要，因為我們的客戶通常規模較小，然後穩定擴展，這種模式已經持續了十多年。伊恩加入公司後，銷售帶動的首批訂單在 2026 財年第二季開始重新加速成長。在產品方面，馬納夫重振了以產品為主導的成長模式。第一訂單標誌在 10 月出現波動，我們已經連續四個月看到改善。

For FY27, we now see a clear path to sustained acceleration in first orders, driven by continued sign-up momentum, new product like on-ramps, and a dedicated first order sales team with a new global leader for regional leads in place and rapid hiring underway. In fact, the team has already closed their first deals in Q1. As a proof point, this quarter, we secured a landmark deal with one of the semiconductor industry's most strategic players, a cornerstone supplier in the AI super cycle. After a competitive evaluation against incumbent tooling and AI-powered alternatives, they chose GitLab Premium and Duo Enterprise for over 5,000 users, validating our unified platform and AI capabilities.

2027 財年，我們看到了首單數量持續加速增長的清晰路徑，這得益於持續的註冊勢頭、新產品的推廣以及一支專門負責首單銷售的團隊，該團隊已任命了新的全球區域負責人，並且正在快速招聘。事實上，該團隊已經在第一季完成了首批交易。作為佐證，本季我們與半導體產業最具戰略意義的企業之一、人工智慧超級週期中的基石供應商達成了一項里程碑式的交易。在與現有工具和人工智慧替代方案進行競爭性評估後，他們為超過 5,000 名用戶選擇了 GitLab Premium 和 Duo Enterprise，這驗證了我們統一的平台和人工智慧功能。

With regard to sales capacity, we began increasing headcount in FY26, and we're entering FY27 with more capacity than we've ever had. And we have a path to even stronger ramped capacity beginning in Q3. With FY27 kick-off, we've overhauled territory design to also better serve all segments and strengthen enablement. When it comes to innovation, GitLab has a long history of delivering ongoing value with 172 consecutive months of new releases. Customers who consolidated repos and CI on GitLab consistently want to do more with us but have told us our pricing is too coarse-grained.

就銷售能力而言，我們從 2026 財年開始增加員工人數，進入 2027 財年時，我們的銷售能力比以往任何時候都要強。而且，從第三季開始，我們還有一條更強勁的產能提升之路。隨著 2027 財年的開始，我們徹底改革了區域劃分，以便更好地服務所有細分市場並加強賦能。在創新方面，GitLab 有著悠久的歷史，持續創造價值，並連續 172 個月發布新版本。在 GitLab 上整合了程式碼庫和 CI 的客戶一直希望與我們進行更多合作，但他們告訴我們，我們的定價過於粗略。

In FY27, we plan multiple new monetization opportunities each quarter: built-in artifact management, software supply chain security, integrated secrets management, and more. These will be opt-in a la carte offerings that provide intermediate options both Premium and Ultimate customers have been asking for ways to opt into more value at incremental price. Most of these are anticipated throughout the year, so we expect modest FY27 contribution but meaningful impact for FY28 and beyond.

在 2027 財年，我們計劃每季推出多個新的獲利機會：內建工件管理、軟體供應鏈安全、整合金鑰管理等等。這些將是可選擇的單項服務，為高級版和終極版用戶提供中間選項，他們一直要求以遞增的價格獲得更多價值。其中大部分預計會在年內完成，因此我們預計 2027 財年的貢獻不大，但對 2028 財年及以後的影響意義重大。

Our 50% Premium price increase a few years ago also coincided with rising AI code experimentation and flattish SaaS budgets. Simultaneously, our upmarket shift reduced technical resources at the lower end of the market. Together, these have slowed Premium growth, particularly among price-sensitive customers which we estimate at roughly 20% of our ARR, including the SMB weakness that we have been discussing recently.

幾年前，我們的高級版價格上漲了 50%，這也恰逢人工智慧程式碼實驗的增加和 SaaS 預算的停滯不前。同時，我們向高端市場的轉型減少了低端​​市場的技術資源。這些因素共同導致高級客戶成長放緩，尤其是在價格敏感型客戶群中，我們估計這部分客戶約占我們年度經常性收入的 20%，其中包括我們最近一直在討論的中小企業客戶疲軟的情況。

We are responding here on multiple fronts. We now have an AI product and platform in market since mid-January that helps accelerate the full software life cycle, and we are including compelling GitLab DAP promotional credits with Premium and Ultimate users to increase the value they see. We have adjusted coverage models as well for this cohort and we are investing in onboarding, adoption, and self-service experiences that will help all customers get value faster.

我們正在多方面做出應對。自 1 月中旬以來，我們已將人工智慧產品和平台推向市場，有助於加速整個軟體生命週期，並且我們正在向高級版和旗艦版用戶提供極具吸引力的 GitLab DAP 促銷積分，以增加他們所看到的價值。我們也調整了該群體的服務模式，並投資於新用戶引導、用戶採納和自助服務體驗，以幫助所有客戶更快獲得價值。

GitLab sits at the heart of how enterprises build and deliver software. In January, we launched GitLab Duo Agent Platform and repositioned GitLab for the AI era. Our intelligent orchestration platform lets users deploy AI agents across the software life cycle using the same context, permissions, and security model that they already have in place today.

GitLab 是企業建置和交付軟體的核心。1 月，我們推出了 GitLab Duo Agent Platform，並將 GitLab 重新定位為人工智慧時代的一員。我們的智慧編排平台使用戶能夠利用與目前相同的上下文、權限和安全模型，在整個軟體生命週期中部署 AI 代理程式。

This platform rests on three core pillars: workflows, a unified place where teams and AI agents collaborate on tasks across the software life cycle; context, rich semantic access to full SDLC data for high quality and more efficient outcomes; guardrails, with GitLab, you can deploy anywhere and have security and compliance embedded directly in your software factory. GitLab is positioned where AI systems are best leveraged, the point of execution. We bring together the missing context and take action where the code lives, where it is merged, built, deployed, where compliance is enforced, and where corrective actions prevent downstream bugs, technical debt, and security issues.

該平台基於三大核心支柱：工作流程，一個統一的平台，團隊和 AI 代理可以在此協作完成軟體生命週期中的各項任務；上下文，提供豐富的語義訪問，可獲取完整的 SDLC 數據，從而獲得高質量和更高效的成果；防護措施，借助 GitLab，您可以部署到任何地方，並將安全性和合規性直接嵌入到您的軟體工廠中。GitLab 的定位正是為了在最能發揮人工智慧系統優勢的地方——執行點——進行測試。我們將缺少的上下文整合起來，並在程式碼所在、合併之處、建置之處、部署之處、強制執行合規性之處以及糾正措施防止下游錯誤、技術債和安全問題之處採取行動。

Before AI, our platform reduced friction for developers. Now it can unlock step-function productivity gains by reducing friction for agents and the humans managing them. Duo Agent Platform also introduces usage-based pricing alongside our seat model. Customers pay for agent work, where every engineer can delegate tasks to multiple agents in parallel. As agents automate more across the software life cycle, revenue grows with the value we deliver.

在人工智慧出現之前，我們的平台已經降低了開發者的操作門檻。現在，透過減少代理商及其管理人員之間的摩擦，可以實現生產力的飛躍式提升。Duo Agent Platform 除了座位模式外，還引入了基於使用量的定價模式。客戶為代理商工作付費，每個工程師都可以將任務並行分配給多個代理商。隨著代理商在軟體生命週期中實現更多自動化，我們提供的價值也會隨之成長，收入也會成長。

Take one of our airline customers with a 3,000-person technology organization, they are deploying Duo Agent Platform to automate vulnerability remediation, dependency updates, and cloud migrations. Roughly 90% of their component updates now run autonomously, freeing developers for customer-facing feature work. We have an ambitious roadmap and plan to deliver new value every single month, with focused go-to-market to accelerate adoption. As a reminder, nearly 70% of revenue comes from self-managed customers who require an upgrade to release 18.8 or better, and we typically see it taking two quarters for over 50% to adopt the new release. We are investing alongside our partners to accelerate upgrades wherever possible.

以我們的一家擁有 3000 名技術人員的航空公司客戶為例，他們正在部署 Duo Agent Platform 來自動執行漏洞修復、依賴項更新和雲端遷移。現在，他們大約 90% 的元件更新都是自動運行的，這使得開發人員可以騰出時間來開發面向客戶的功能。我們制定了雄心勃勃的路線圖和計劃，力求每個月都帶來新的價值，並透過重點市場推廣來加速產品普及。提醒一下，近 70% 的收入來自需要升級到 18.8 或更高版本的自主管理客戶，我們通常看到超過 50% 的客戶需要兩個季度才能採用新版本。我們正與合作夥伴共同投資，盡可能加速升級進程。

FY27 is about converting pilots to production, not significant revenue contribution. We will share metrics as they become material. The software development market is undergoing a fundamental shift. AI is accelerating. It is increasing code volume, delivery complexity, and the stakes of getting it wrong are just higher than ever.

2027財年的目標是將試點計畫轉化為正式生產，而不是實現顯著的收入貢獻。我們會根據實際情況分享相關指標。軟體開發市場正在經歷根本性的轉變。人工智慧正在加速發展。程式碼量不斷增加，交付複雜性不斷提高，出錯的後果也比以往任何時候都更加嚴重。

Security, compliance, and governance aren't optional. They're existential. This is the environment GitLab was built for. The changes I have described, rebuilding our go-to-market capacity, creating new monetization vectors, and positioning GitLab at the center of agentic AI, these aren't separate initiatives. They're one integrated plan to capture a market that is moving in our direction.

安全、合規和治理並非可有可無。它們關乎存在主義。GitLab 正是為這樣的環境而設計的。我所描述的這些變化，包括重建我們的市場推廣能力、創造新的獲利途徑以及將 GitLab 定位為智慧 AI 的中心，這些並不是獨立的舉措。他們是同一個整體計劃，旨在搶佔一個正朝著我們方向發展的市場。

And our data confirms this. In Q4, we added the most $1 million customers in GitLab's history. Gross retention is consistent with historical trends, and churn is at its lowest it's been in four years.

我們的數據也證實了這一點。第四季度，我們新增了 GitLab 史上最多的百萬美元級客戶。總留存率與歷史趨勢一致，客戶流失率處於四年來的最低水準。

Ultimate is now 56% of ARR and accounted for nine of the top 10 deals. We see more than 60% year-over-year growth in Ultimate projects with security scanning and nearly 30% more security projects per seat. Indeed, operates the world's number one job site.

Ultimate 目前佔 ARR 的 56%，並且佔據了前 10 筆交易中的 9 筆。我們看到，採用安全掃描的 Ultimate 專案年增超過 60%，每個席位的安全專案數量增加了近 30%。Indeed經營著全球排名第一的求職網站。

They started with GitLab in 2015 for source control, expanded to Premium in 2020 to support CI/CD adoption, and upgraded to Ultimate in 2024 for advanced security, compliance, and governance capabilities across thousands of GitLab users, and saw an 80% increase in pipelines with lower infrastructure costs. This quarter, they are deepening their strategic partnership with a move to GitLab Dedicated as part of their infrastructure modernization journey.

他們於 2015 年開始使用 GitLab 進行原始碼控制，2020 年擴展到 Premium 版本以支援 CI/CD 的採用，並於 2024 年升級到 Ultimate 版本，以獲得面向數千名 GitLab 用戶的高級安全、合規性和治理功能，並且管道數量增加了 80%，而基礎設施成本降低了。本季度，作為基礎設施現代化進程的一部分，他們將遷移到 GitLab Dedicated，從而深化與 GitLab 的策略合作夥伴關係。

Mercedes-Benz expansion this quarter also illustrates our compounding growth potential. Today's vehicles contain more software code than fighter jets, driving companies like Mercedes to hire thousands of engineers. Our relationship began years ago with Source Code Management. Today, GitLab serves as a central platform powering their software-defined vehicle transformation, supporting thousands of developers across regions.

梅賽德斯-奔馳本季的擴張也體現了我們不斷增長的潛力。如今的汽車所包含的軟體程式碼比戰鬥機還要多，這促使像梅賽德斯這樣的公司僱用了數千名工程師。我們與原始碼管理公司的合作關係始於多年前。如今，GitLab 已成為推動其軟體定義汽車轉型的中央平台，為遍布各地的數千名開發人員提供支援。

Now, investor uncertainty is understandably high. When every developer has access to the same models, code generation becomes a commodity. The bottleneck shifts to everything after the code: reviews, security, pipelines, compliance, deployment. That's precisely where we live, and that position gets harder to replicate as AI proliferates.

現在，投資者的不確定性很高，這是可以理解的。當每個開發者都能存取相同的模型時，程式碼產生就成為一種商品。瓶頸轉移到了程式碼之後的所有環節：審查、安全性、流程、合規性、部署。這正是我們所處的境地，隨著人工智慧的普及，這種境地越來越難以複製。

Some of our customers already carry decades of technical debt, thousands of repositories, and compliance obligations tied to policies written years ago. GitLab holds all of that context. History, ownership, risk, intent, it's all getting indexed and connected across the software life cycle.

我們的一些客戶已經背負了數十年的技術債、數千個儲存庫，以及與多年前製定的政策相關的合規義務。GitLab 包含了所有這些背景資訊。歷史記錄、所有權、風險、意圖，所有這些都在軟體生命週期中被索引和關聯起來。

In the world of autonomous agents, context is the difference between useful action and a potentially catastrophic one. Every commit, every scan, every deployment makes our graph richer and our agents more accurate. The longer a customer runs on GitLab, the smarter the platform gets. That is a moat that widens over time.

在自主代理的世界裡，上下文決定了行動是有效還是可能造成災難性後果。每一次提交、每一次掃描、每一次部署都會使我們的圖表更加豐富，使我們的代理商更加準確。客戶使用 GitLab 的時間越長，平台就越聰明。這是一條隨著時間而不斷拓寬的護城河。

And with GitLab Duo Agent Platform, we're not just a tool that agents use. We are the environment where they run, the orchestration layer that governs what they do, in what order, and within which guardrails. We have the ingredients for a generational company: a growing market, trusted distribution at scale, deep customer relationships, and platform capabilities that have been built up over years. We operate from a strong financial position, with approximately $1.3 billion in cash and investments, and are sustainably generating free cash flow.

借助 GitLab Duo Agent Platform，我們不僅僅是代理商使用的工具。我們是它們運作的環境，是控制它們做什麼、以什麼順序以及在哪些限制條件下進行的編排層。我們具備成為世代企業的要素：不斷成長的市場、值得信賴的大規模分銷管道、深厚的客戶關係以及多年來累積的平台能力。我們財務狀況穩健，擁有約 13 億美元的現金和投資，並能持續產生自由現金流。

I am pleased to share that our Board has authorized GitLab's first share repurchase program at $400 million, reflecting confidence in our fundamentals and the growth plan ahead. We believe GitLab shares represent attractive value and remain committed to disciplined capital allocation. FY27 is about demonstrating that this foundation can deliver value to customers, momentum through consistent performance, and progress quarter by quarter.

我很高興地宣布，董事會已批准 GitLab 的首個股票回購計劃，金額為 4 億美元，這反映了我們對公司基本面和未來成長計劃的信心。我們認為 GitLab 股票具有吸引力的價值，並將繼續堅持嚴格的資本配置策略。2027 財年的目標是證明這一基礎能夠為客戶創造價值，透過持續的業績保持發展勢頭，並逐季取得進步。

With that, I would now like to turn it over to Jessica to walk through the financial results.

接下來，我將把發言權交給潔西卡，讓她來解讀財務表現。

Thank you, Bill, and thank you to everyone for joining us today. This is my first earnings call as GitLab's CFO, and I'm excited to be here. I joined GitLab because I see an incredible business at the center of unprecedented industry transformation. The opportunity to help shape how AI transforms software development through intelligent orchestration is compelling.

謝謝你，比爾，也謝謝今天所有到場的各位。這是我擔任 GitLab 財務長的第一次財報電話會議，我很高興能來到這裡。我加入 GitLab 是因為我看到了一家處於前所未有的產業變革中心的傑出企業。透過智慧編排幫助塑造人工智慧如何改變軟體開發的機會極具吸引力。

In my first few weeks, I've been impressed by the passionate customers and team members, the platform's technical depth, and the leadership team Bill has assembled. My focus is on building the financial discipline and operational rigor to support our next chapter of growth. I look forward to getting to know many of you in the coming weeks.

在最初的幾周里，我被充滿熱情的客戶和團隊成員、平台的技術深度以及比爾組建的領導團隊所深深打動。我的工作重點是建立財務紀律和營運嚴謹性，以支持我們下一個成長階段。我期待在接下來的幾週內認識你們中的許多人。

I will start with our full-year and fourth-quarter results, and cover our capital allocation framework, and FY2027 guidance. Fiscal 2026 was a strong year. Revenue grew 26% to $955 million. Non-GAAP operating margin reached 17%, up approximately 680 basis points year over year. Adjusted free cash flow grew 83% to $220 million, with over seven points of margin expansion.

我將首先介紹我們的全年和第四季度業績，並闡述我們的資本配置框架和 2027 財年指引。2026財年業績表現強勁。營收成長26%，達到9.55億美元。 （非GAAP準則）營業利益率達 17%，較去年同期成長約 680 個基點。經過調整後的自由現金流成長了 83%，達到 2.2 億美元，利潤率提高了 7 個百分點以上。

We now have 10,682 customers with ARR of at least $5,000, contributing over 95% of total ARR. Our $100,000-plus cohort grew 18% year over year to 1,456 customers, representing just over 75% of ARR. And as Bill mentioned, we added the largest number of $1 million-plus customers in GitLab's history in Q4, now more than 155, up 26% year over year.

我們現在有 10,682 位客戶，其年度經常性收入 (ARR) 至少為 5,000 美元，貢獻了超過 95% 的總 ARR。我們年收入超過 10 萬美元的客戶群年增 18%，達到 1,456 位客戶，佔 ARR 的 75% 以上。正如比爾所提到的，我們在第四季度新增了 GitLab 史上數量最多的年收入超過 100 萬美元的客戶，目前已超過 155 家，年增 26%。

Now let me move to our fourth-quarter results. Q4 revenue was $260 million up 23% year over year, 3.5 points above guidance. Non-GAAP operating margin reached 20.5%, five points above guidance. The revenue beat was in part due to approximately $3 million of one-time items related to favorable foreign exchange and Jehu performance.

現在讓我來談談我們第四季的業績。第四季營收為 2.6 億美元，年增 23%，比預期高出 3.5 個百分點。非GAAP營業利益率達20.5%，比預期高出5個百分點。營收超出預期部分原因是由於有利的匯率和 Jehu 的業績帶來的約 300 萬美元一次性收入。

First-order bookings were healthy, with particular strength in Asia Pacific. Enterprise win rates improved quarter over quarter and sales cycles remained consistent. We did see softer performance in the US. More broadly, we experienced a few large deals slipping from customers facing budget constraints and industry challenges.

首單預訂情況良好，亞太地區表現特別強勁。企業成交率逐季提高，銷售週期維持穩定。我們確實看到美國市場表現疲軟。更廣泛地說，由於預算限制和行業挑戰，一些大額交易從客戶手中溜走。

We also saw only a partial recovery in the public sector following the government reopening and continued weakness in the price-sensitive cohort Bill alluded to earlier. Dollar-based net retention was 118%. Gross retention remains well above 90% and consistent with historical trends. Our largest customers continue to expand, though we are seeing pressure in the mid-market and SMB segments that weighed on net retention.

政府重新開放後，公共部門也僅出現部分復甦，比爾先前提到的對價格敏感的群體仍然疲軟。以美元計的淨留存率為 118%。總留存率仍遠高於 90%，與歷史趨勢一致。雖然我們的大客戶仍在不斷擴張，但中端市場和中小企業市場面臨壓力，影響了淨客戶留存率。

Total RPO grew 20% year over year to $1.1 billion. Current RPO grew 24% to $719.4 million. Non-GAAP gross margin was 89%. SaaS now represents approximately 32% of total revenue and grew 38% year over year, driven by continued strength in GitLab Dedicated and Duo.

RPO 總額年增 20%，達到 11 億美元。目前RPO成長24%，達到7.194億美元。 （非GAAP準則）毛利率為 89%。SaaS 目前約佔總營收的 32%，年成長 38%，這主要得益於 GitLab Dedicated 和 Duo 的持續強勁成長。

Q4 non-GAAP operating income was $53.4 million with operating margin of 20.5%, up approximately 280 basis points year over year. Q4 adjusted free cash flow was $41.8 million at a 16% margin. We ended the quarter with $1.3 billion in cash and investments.

第四季非GAAP營業收入為5,340萬美元，營業利益率為20.5%，較去年同期成長約280個基點。第四季調整後自由現金流為 4,180 萬美元，利潤率為 16%。本季末，我們擁有13億美元的現金和投資。

On Jehu, Q4 non-GAAP expenses were $3.8 million compared to $3.2 million in the prior year. Our goal remains to deconsolidate Jehu, though we cannot predict the likelihood or timing of when that may occur. Before turning to guidance, let me briefly cover our capital allocation framework.

Jehu 第四季非GAAP費用為380萬美元，而上年同期為320萬美元。我們的目標仍然是削弱耶戶集團，儘管我們無法預測這種情況發生的可能性或時間。在給予指導意見之前，讓我先簡單介紹一下我們的資本配置架構。

First, investing in growth. Capital goes first to high-return investments that accelerate our product roadmap and strengthen our go-to-market motion, scaling sales capacity, building our first-order team, accelerating Duo Agent Platform, and deepening security innovation. We are reallocating resources towards the highest-return initiatives while balancing growth with profitability and cash generation.

首先，投資於成長。資金首先用於高回報投資，以加速我們的產品路線圖並加強我們的市場推廣，擴大銷售能力，組成我們的一流團隊，加速 Duo Agent 平台，並深化安全創新。我們正在將資源重新分配到回報最高的項目上，同時兼顧成長、獲利能力和現金流。

Second, balance sheet resilience. We are maintaining a strong liquidity position, with sustainable free cash flow and approximately $1.3 billion in cash, cash equivalents, and short-term investments. We have the flexibility to invest in ourselves and inorganic growth through cycles without constraint.

第二，資產負債表的穩健性。我們保持著強勁的流動性，擁有可持續的自由現金流，以及約 13 億美元的現金、現金等價物和短期投資。我們有能力在不受限制的情況下，透過週期性波動進行自我投資和非內生成長。

Third, share repurchases. Our Board has authorized GitLab's first $400 million share repurchase program, reflecting confidence in our fundamentals and a disciplined approach to capital allocation. We look at repurchases as a meaningful way to drive shareholder value and manage dilution, particularly around periods of share price dislocation.

第三，股票回購。我們的董事會已批准 GitLab 的首個 4 億美元股票回購計劃，這體現了我們對公司基本面的信心以及對資本配置的嚴謹態度。我們認為股票回購是提升股東價值和管理股權稀釋的有效途徑，尤其是在股價波動時期。

Now moving to our FY2027 guidance. Guidance represents our clearest view of the business given the current operating environment. Let me frame the key assumptions before getting into the numbers.

現在進入2027財年業績指引。該指引代表了我們在當前經營環境下對業務最清晰的看法。在深入探討具體數字之前，讓我先闡明一些關鍵假設。

First, ratable model dynamics. In a ratable model, revenue reflects the cumulative effect of bookings activity over multiple prior periods. As Bill shared previously, we are not satisfied with sustaining historical growth rates and are executing all five growth opportunities he identified. However, a significant portion of our FY27 guide acknowledges that the bookings growth rate has not scaled with revenue over the past three years, and that reality flows through mathematically.

首先，可評級模型動態。在按比例分配的模型中，收入反映了多個先前時期預訂活動的累積影響。正如比爾之前所說，我們並不滿足於維持歷史成長率，我們正在執行他提出的所有五個成長機會。然而，我們 2027 財年指南的很大一部分內容承認，過去三年預訂成長率並未與收入同步成長，而這一現實在數學上也得到了體現。

Second, nonrecurring FY26 tailwinds. FY2026 benefited from several items we are not embedding in guidance for FY27, in aggregate, approximately 300 basis points of growth. In order of magnitude, these include the Premium price increase from three years ago, positive FX dynamics, and specific clauses in certain customer contracts.

第二，2026 財年非重複性利多因子。2026 財年受惠於一些我們沒有納入 2027 財年業績指引的項目，總計成長約 300 個基點。按重要性排序，這些因素包括三年前的保費上漲、積極的外匯走勢以及某些客戶合約中的特定條款。

Third, segment caution. We expect better public sector performance in FY2027 but are not assuming a bounce back. We expect the price-sensitive cohort, approximately 20% of ARR, to remain under pressure given the trends we observed in Q4.

第三，注意細分市場。我們預計2027財年公共部門業績將會改善，但不認為會反彈。鑑於我們在第四季度觀察到的趨勢，我們預計對價格敏感的群體（約佔 ARR 的 20%）將繼續面臨壓力。

And finally, prudent assumptions on newer growth drivers. We are assuming minimal revenue contribution from GitLab Duo Agent in FY27. We launched seven weeks ago and need time to convert pilots to production deployments. Additionally, approximately 70% of our revenue comes from self-managed customers, which dictates a measured adoption curve.

最後，對新的成長驅動因素做出謹慎假設。我們預計 GitLab Duo Agent 在 2027 財年的營收貢獻將非常有限。我們七週前發布了產品，需要時間將試點專案轉化為生產部署。此外，我們約 70% 的收入來自自主管理的客戶，這決定了其採用曲線較為平緩。

With that context, for Q1 FY27, we expect total revenue of $253 million to $255 million representing approximately 18% to 19% year-over-year growth. We expect non-GAAP operating income of $32 million to $34 million. We expect non-GAAP net income per share of $0.20 to $0.21, assuming 173 million weighted average diluted shares outstanding.

基於此背景，我們預計 2027 財年第一季總營收為 2.53 億美元至 2.55 億美元，年增約 18% 至 19%。我們預計非GAAP營業收入為3,200萬美元至3,400萬美元。我們預計，假設加權平均稀釋後流通股數為 1.73 億股，則非 GAAP 每股淨收益為 0.20 至 0.21 美元。

Note that Q4 has three more days than Q1, creating a sequential headwind. For full year FY27, we expect total revenue of $1.099 billion to $1.118 billion, representing approximately 15% to 17% year-over-year growth. We expect non-GAAP operating income of $129 million to $137 million. We expect non-GAAP net income per share of $0.76 to $0.80, assuming 175 million weighted average diluted shares outstanding.

請注意，第四季度比第一季多三天，這會造成季度間的不利影響。預計 2027 財年全年總營收為 10.99 億美元至 11.18 億美元，年增約 15% 至 17%。我們預計非GAAP營業收入為1.29億美元至1.37億美元。我們預計，假設加權平均稀釋後流通股數為 1.75 億股，則非 GAAP 每股淨收益為 0.76 美元至 0.80 美元。

A few additional modeling points. We assume stable year-on-year growth rates across Q2 through Q4. Full-year gross margin of 85% to 87%, down from 89% in FY26, reflecting increased mix of SaaS, Dedicated, and GitLab Duo Agent Platform, which carry different cost structures.

一些額外的建模要點。我們假設第二季至第四季年增速保持穩定。全年毛利率為 85% 至 87%，低於 2026 財年的 89%，反映 SaaS、專用伺服器和 GitLab Duo Agent 平台的佔比增加，這些平台具有不同的成本結構。

For FY27 modeling purposes, we forecast approximately $15 million of expenses related to Jehu, compared with $13 million last year. We are operating from a position of strength. Our TAM continues to grow. Customer retention remains best in class. Our largest customers continue to expand. And first orders have returned to growth.

為進行 2027 財年建模，我們預測與 Jehu 相關的支出約為 1,500 萬美元，而去年為 1,300 萬美元。我們處於優勢地位。我們的潛在市場規模持續成長。客戶留存率依然維持業界領先水準。我們最大的客戶仍在不斷擴張。首單訂單已恢復成長。

We are building new multiyear growth drivers with GitLab Duo Agent Platform and hybrid pricing. Our FY27 guidance reflects where we are today. Early in a transformation with clear priorities, scaling sales capacity, stabilizing net retention, addressing the price-sensitive cohort, and converting DAP pilots to production. As we make progress, we'll update you. Thank you for joining us.

我們正在利用 GitLab Duo Agent 平台和混合定價模式，建立新的多年成長動力。我們的2027財年業績指引反映了我們目前的狀況。在轉型初期，要明確優先事項，擴大銷售能力，穩定淨留存率，滿足價格敏感型客戶群的需求，並將 DAP 試點計畫轉化為生產項目。我們會隨時向您報告進度。感謝您的參與。

I will now turn the call over to Yao to moderate Q&A.

現在我將把電話交給姚主持問答環節。

(Operator Instructions)

（操作說明）

Koji Ikeda, Bank of America, followed by Matt Hedberg from RBC.

美國銀行的池田浩二 (Koji Ikeda) 和加拿大皇家銀行的 Matt Hedberg 隨後發言。

Yeah. Thanks for taking the question. Jessica, great to have you on the call. So I have a question on security, and security is a big driver of Ultimate upsells and presumably agentic Duo security usage in the future.

是的。感謝您回答這個問題。潔西卡，很高興你能參加通話。所以我有一個關於安全性的問題，安全性是推動 Ultimate 升級銷售以及未來代理 Duo 安全性使用的重要因素。

And so with Claude code security making a lot of noise, and with the chance that other foundational model vendors potentially releasing their own code security products, how should we be thinking about the differentiation GitLab brings with its security portfolio, and why it should continue to drive Ultimate upsells and agentic usage in the future? Thank you.

因此，隨著 Claude 程式碼安全引起廣泛關注，以及其他基礎模型供應商可能會發布自己的程式碼安全產品，我們應該如何看待 GitLab 的安全產品組合帶來的差異化優勢，以及為什麼它應該在未來繼續推動 Ultimate 的追加銷售和代理商的使用？謝謝。

Thanks, Koji. I have been getting that question a lot, and it really comes down to the difference between suggestions and certification. Claude code security helps developers write better code at authoring time, and that is really valuable. But the tool that suggests secure code at authoring time can't be the same tool that certifies it is ready for production.

謝謝你，Koji。我常被問到這個問題，其實歸根究底，就是建議和認證的差別。Claude 程式碼安全功能可以幫助開發者在編寫程式碼時就寫出更好的程式碼，這真的很有價值。但是，在編寫程式碼時建議編寫安全程式碼的工具，不可能是用來驗證程式碼是否已準備好投入生產的相同工具。

And that is where GitLab comes in. GitLab is that independent system that answers a different question. It answers the question is this project, is this source code, ready to ship? A developer can ignore Claude's recommendations during authoring time. In fact, Anthropic's own page says developers always make the call.

而這正是 GitLab 的用武之地。GitLab 是一個獨立的系統，它回答的是另一個問題。它回答了「這個項目，這些原始碼，是否已經準備好發布了？」這個問題。開發人員在編寫程式碼時可以忽略 Claude 的建議。事實上，Anthropic 自己的頁面上也說了，最終決定權始終在開發商手中。

But with GitLab, they can't bypass the execution policy for the pipeline. They can't ignore the merge request approval rules. Companies ship what is secure and meets their engineering standards, and GitLab is the platform they rely on to uphold those standards.

但是使用 GitLab，他們無法繞過管線的執行策略。他們不能無視合併請求審批規則。企業交付的產品必須安全可靠，並符合其工程標準，而 GitLab 正是他們賴以維護這些標準的平台。

So, really, these are complementary. Claude improves source code at authoring time, and GitLab governs whether the software is allowed to ship.

所以，實際上，它們是互補的。Claude 在編寫原始程式碼時對其進行改進，而 GitLab 則控制軟體是否允許發布。

Matt Hedberg, RBC, followed by Rob Owens from Piper Sandler.

RBC的Matt Hedberg緊跟在後，Piper Sandler的Rob Owens也名列其中。

Great. Thanks for taking my questions. Thanks, Yao, and thanks, everybody. Bill, you started the call indicating you're not happy with current growth targets for the year. But I certainly do appreciate the five initiatives that you outlined. It seems like you guys have a lot to -- that could benefit growth.

偉大的。謝謝您回答我的問題。謝謝姚，也謝謝大家。比爾，你在電話會議開始時就表示你對今年的成長目標不滿意。但我非常讚賞您提出的五項措施。你們似乎有很多事情要做——這可能會有利於發展。

Kind of thinking about some of the considerations that Jessica outlined around fiscal '27 guidance, I guess, the question is, how should we think about timing of acceleration? And your path back to 20% or better growth, I'm sure you are aspiring to.

考慮到傑西卡概述的關於 2027 財年業績指引的一些考慮因素，我想，問題是，我們應該如何看待加速發展的時機？我相信，您一定渴望重回 20% 或更高的成長率。

Yeah. Fair question. As I think about those five growth initiatives and I think about what has the biggest immediate impact on FY27, it really starts with the investment we're making in go-to-market. That increased capacity to both covers our existing customers better and wins new logos at an accelerated rate.

是的。問得好。當我思考這五項成長計劃，以及哪些計劃對 2027 財年有最大的直接影響時，我認為一切都始於我們對市場推廣的投資。產能的提升既能更好地服務現有客戶，又能以更快的速度贏得新客戶。

As I mentioned, we're entering the fiscal year with the highest capacity ever, and we expect a step-function increase in the ramped capacity starting around Q3. So that is how I think about GitLab for FY27. But really stepping back and thinking about long-term growth, let us remind ourselves, we just delivered the highest new net ARR year and quarter ever. The core business is really healthy.

正如我之前提到的，我們進入本財年時產能達到了歷史最高水平，我們預計從第三季開始，產能將出現階躍式成長。這就是我對 GitLab 在 2027 財年的看法。但如果我們退後一步，認真思考長期成長，請記住，我們剛剛實現了有史以來最高的年度和季度淨新增 ARR。核心業務發展動能良好。

Gross retention is at its best in the last four years. Every customer cohort since inception continues to expand. Win rates are stable. Engagement is growing.

近四年來，總留存率達到了最佳水準。自成立以來，每個客戶群都在持續擴大。勝率穩定。參與度正在提高。

This is a business that's been decelerating based on bookings patterns and lapping mechanics over the last three years. It's not losing relevance. In fact, its relevance is only gaining momentum in the AI era.

根據預訂模式和圈速機制來看，這項業務在過去三年中一直在放緩。它並沒有失去意義。事實上，在人工智慧時代，它的重要性只會越來越凸顯。

To address the value-capture equation, that's why we are pursuing multiple new strategies. In addition to the increased capacity to go after the TAM, we're also introducing those new SKUs to provide additional adjacent value for customers to opt into. It's why we have also now launched Duo Agent Platform with a new hybrid pricing model that allows customers to get value and automate full life cycle tasks, and we get to charge based on work and value delivered, not just based on the seats.

為了解決價值獲取問題，我們正在探索多種新策略。除了增加開拓 TAM 的能力外，我們還推出了這些新的 SKU，為客戶提供更多可供選擇的附加價值。正因如此，我們現在也推出了 Duo Agent 平台，採用新的混合定價模式，讓客戶能夠獲得價值並實現全生命週期任務的自動化，而我們則可以根據工作量和交付的價值收費，而不僅僅是根據席位收費。

It's also why we are adjusting our coverage models and investing in included DAP credits for customers in that price-sensitive cohort to increase their value equation as well and their stickiness and growth. So long term, I believe this company has everything it needs to be a high-growth generational company, and it's ours to execute, starting here in FY27.

這也是為什麼我們正在調整我們的承保模式，並為對價格敏感的客戶群投資包含的 DAP 積分，以提高他們的價值等式、黏性和成長性。因此，從長遠來看，我相信這家公司具備成為一家高成長的世代公司所需的一切條件，而實現這一目標的重任就落在了我們肩上，從 2027 財年開始。

Rob Owens, Piper Sandler, followed by Sanjit Singh from Morgan Stanley.

羅伯歐文斯、派珀桑德勒，以及摩根士丹利的桑吉特辛格。

Great. Thank you so much for taking my question. Bill, I wanted to build on one of your comments around gross retention being at its highest levels, but yet your net retention comes down. And I know that you had mentioned some weakness in the mid-market. Maybe on the front of the question, you can unpack that NRR number for us a little bit and what is driven that overall.

偉大的。非常感謝您回答我的問題。比爾，我想就你之前提到的毛留存率達到最高水平，但淨留存率卻下降這一點再補充一點。我知道您曾提到中端市場存在一些疲軟跡象。或許在問題開頭，您可以為我們詳細解讀 NRR 這個數字，以及是什麼因素驅動了它。

Obviously, there is some concern about seats out there and potential seat expansion at customers. So help us understand that dynamic.

顯然，客戶對現有座位數量和潛在的座位擴容問題感到擔憂。所以請幫助我們理解這種動態關係。

And I guess number two, as we look forward and you're guiding to a total revenue less than where your retention rate is now your expansion rate, I should say, maybe some guardrails around where NRR could go over the coming year. Thanks.

第二點，展望未來，您預計總收入將低於目前的留存率（也就是您的擴張率），我應該說，或許應該對未來一年的淨收入成長（NRR）設定一些限制。謝謝。

Yeah. I will take the first part, then maybe Jessica can talk a little bit about where -- how to think about it in FY27. So yeah, dollar-based net retention is not something that we guide to or focus on. We think of it as an output of the business. As we look at the mix of deepening our (inaudible) segments, we see enterprise is really healthy.

是的。我先講第一部分，然後傑西卡或許可以談談在 2027 財年該如何看待這個問題。所以，我們不會以美元淨留存率為導向或關注該指標。我們將其視為企業的產出。當我們審視我們（聽不清楚）細分市場的組合時，我們發現企業市場發展非常健康。

Our $100,000 cohort, as I shared, grew by 18% year over year, and it represents 75% of our ARR. The million-dollar cohort grew even faster at 26% year over year. So our largest customers continue to expand, and that signal is really strong and consistent.

正如我之前所說，我們年收入 10 萬美元的客戶群年增了 18%，占我們年度經常性收入的 75%。百萬美元等級的客戶群成長速度更快，年增 26%。因此，我們最大的客戶持續擴張，而且這項訊號非常強烈且穩定。

The pressure that we see is concentrated in that price-sensitive cohort. And we estimate it around 20% of ARR, which includes the 8% of the business that we have previously discussed which is in SMB, as well as parts of mid-market and Premium. And we're addressing that in FY27 with now including DAP credits with every Premium seat. We have adjusted coverage models to give them better connection into GitLab, including technical services to accelerate value adoption and value realization. And we're investing in better time-to-value experiences.

我們看到的壓力集中在對價格敏感的那部分。我們估計這部分業務約佔 ARR 的 20%，其中包括我們之前討論過的 8% 的中小企業業務，以及部分中端市場和高端市場業務。我們在 2027 財年解決了這個問題，現在每個高級座位都包含 DAP 積分。我們調整了服務覆蓋模式，使其更好地與 GitLab 連接，包括技術服務，以加速價值的採用和實現。我們正在投資提升用戶體驗的反應速度和價值實現速度。

Jessica, do you want to talk a little bit about the number itself and where we expect it to go from here?

傑西卡，你想稍微談談這個數字本身以及我們預計它未來的走向嗎？

Yeah. As you indicated -- as Bill indicated, it's not a number that we guide to, but I do want to reinforce this is a year of stabilization for GitLab. And so I would expect DNR to trend down slightly before stabilizing.

是的。正如你所指出的——正如比爾所指出的，這不是我們關注的目標數字，但我確實想強調，今年是 GitLab 的穩定之年。因此，我預期 DNR 會先稍微下降，然後趨於穩定。

Sanjit Singh, Morgan Stanley, followed by Karl Keirstead from UBS. Sanji, do we have you online?

摩根士丹利的桑吉特辛格 (Sanjit Singh) 和瑞銀的卡爾基爾斯蒂德 (Karl Keirstead) 分別位列第二和第三。山治，你在線上嗎？

Yeah. Yeah. Can you hear me?

是的。是的。你聽得到我嗎？

Yep. We can.

是的。我們可以。

Perfect. Thank you for taking the questions, and Jessica, congratulations on the role. Bill, I had a question on essentially pricing. How do you sort of come to the pricing equation for DAP, for Duo Agents?

完美的。感謝您回答這些問題，傑西卡，恭喜你獲得這個角色。比爾，我有個關於定價的問題。對於 DAP 和 Duo Agents 來說，如何得出定價公式？

And I guess the context that I am thinking about is that the coding agents, the popular coding agents, a lot of them are still seat-based pricing, whether it is $20 a month or higher. This is more DAP, seems to be priced more on a consumption-based model. So how did you sort of arrive at the pricing mechanism for DAP? And then play this forward, how do you think about capturing more value in the GitLab platform?

我想說的是，目前流行的程式設計代理軟體，很多仍然採用按席位計費的方式，每月收費 20 美元或更高。這更像是DAP（每日可用套餐），似乎更傾向於以消費量定價。那麼，你們是如何確定DAP的定價機制的呢？那麼，接下來，您認為如何在 GitLab 平台中創造更多價值呢？

Yeah. Let me first start with that observation you made around competitors seeming to have more of a seat-based price. That's actually not entirely true. They may have a seat-based entry cost, but then they either throttle usage or charge you for overages, which is actually a less efficient model than what GitLab offers, which is we offer customers the ability to start with included credits.

是的。首先，我想談談你提到的競爭對手似乎更傾向於以座位定價的現象。其實這並不完全正確。他們可能會收取按席位計費的費用，但之後要么限制使用量，要么對超出部分收費，這實際上比 GitLab 提供的模式效率低得多，GitLab 為客戶提供包含一定額度的入門選項。

Every Premium seat gets $12 in credits. Every Ultimate seat gets $24 in credits. And that is because we want to win their hearts and minds with this phase of the platform. They can use it without having to sign new contracts or get new agreements. And if they are finding value, they can then choose to opt into on-demand credits.

每個高級座位可獲得 12 美元的代金券。每張終極座位卡可獲得 24 美元的積分。這是因為我們希望透過平台的這個階段贏得他們的心。他們無需簽訂新合約或達成新協議即可使用它。如果他們覺得物有所值，就可以選擇開通按需積分服務。

Think of on-demand credits as effectively pay-as-you-go. We do monthly bills based on actual usage at around a dollar a credit. What this does then is it creates a demand model for our sales force, where they see the signal of customers using and getting value, and they are able to go have a conversation with the customer and offer additional discounts for committed credits as a monthly minimum. That then drives the flywheel of ratable revenue and ARR because those monthly minimum commitments turn into a subscription that we recognize ratably.

可以將按需積分視為即用即付的模式。我們以實際使用量收取月費，每消費額約一美元。這樣一來，它就為我們的銷售團隊創建了一個需求模型，他們可以看到客戶使用產品並從中獲得價值的信號，然後他們就可以與客戶進行溝通，並為每月最低消費額度提供額外的折扣。這樣就能帶動可分配收入和 ARR 的飛輪效應，因為這些每月最低承諾會變成我們可以按比例確認的訂閱收入。

This is a really powerful model that we think is better value for customers than having to pay on a per-seat basis for throttled usage or overages. It's more efficient. And I will just offer this: the existing competitive tools are heavily subsidized by venture capitalists. I don't think that is going to last forever. In fact, I would predict this year you will see many of the enterprise tools beginning to move to API-based charges instead of seat-based charges, which could raise bills for enterprises in the years to come.

我們認為，與按座位付費以應對限速使用或超額使用相比，這種模式對客戶來說更有價值，因為它非常強大。它效率更高。我只想補充一點：現有的競爭工具得到了創投家的大量補貼。我不認為這種情況會永遠持續下去。事實上，我預測今年許多企業工具將開始從基於席位的收費方式轉向基於 API 的收費方式，這可能會在未來幾年增加企業的帳單。

Karl Keirstead, UBS, followed by Shrenik Kothari from Baird.

瑞銀集團的 Karl Keirstead 和 Baird 公司的 Shrenik Kothari 分別代表以下兩組候選人。

Yao, can you hear me now?

姚，現在妳聽得到我說話嗎？

We can. Hey, Karl.

我們可以。嘿，卡爾。

Okay. Thank you. Sorry about that. Hey, Jessica, I wouldn't mind probing a little bit on the initial fiscal '27 non-GAAP margin guide of -- it looks like 12% at the high end, which would be a five-point diesel from the year you just put up.

好的。謝謝。抱歉。嘿，傑西卡，我不介意稍微探究一下 2027 財年非 GAAP 利潤率指導的初始值——看起來最高值是 12%，這比你剛剛公佈的年份低了 5 個百分點。

Can you unpack that a little bit and talk through some of the investments? I'm guessing sales capacity and perhaps even some DAP free credits could be weighing on that margin guidance, but I'd love to hear your views.

您能詳細解釋一下，並談談其中的一些投資嗎？我猜測銷售能力，甚至一些DAP免費額度可能會對利潤率預期造成壓力，但我很想聽聽你們的看法。

And then just if we zoom out, understanding you are not going to give guidance, but how are you and Bill just conceptually thinking about the margin structure at GitLab? And if you think that this year could be the trough and how important is it for you and Bill to get those non-GAAP EBIT margins up to, say, 20% plus? Thank you.

然後，如果我們從更宏觀的角度來看，我知道您不會給予指導，但是您和 Bill 在概念上是如何看待 GitLab 的利潤結構呢？如果你認為今年可能是低谷期，那麼對你和比爾來說，將非GAAP EBIT利潤率提高到20%以上有多重要？謝謝。

No, I appreciate the question, Karl. So our FY27 margin guide reflects three discrete, well-understood investments, one of which we committed to at the IPO, and we believe we have clear line of sight to expansion from there. At the midpoint, approximately 300 bps of step-down comes directly from the gross margin mix shift that we have discussed. So the fab mix transition, which we pre-disclosed at IPO. And then the remaining compression reflects two very deliberate investments.

不，我很感謝你的提問，卡爾。因此，我們 2027 財年的利潤率預期反映了三項獨立的、明確的投資，其中一項是我們首次公開募股時就已承諾的，我們相信我們已經有了清晰的擴張方向。中間點大約有 300 個基點的下降直接來自我們討論過的毛利率結構變化。因此，晶圓廠組合轉型，我們在IPO時已經預先揭露了這一點。剩餘的壓縮量反映了兩項非常審慎的投資。

First, we are rebuilding go-to-market capacity, as Bill just talked about. It has been underinvested for several years, and so we are scaling sales capacity, building our first-order team, and continuing to deepen partner coverage.

首先，正如比爾剛才所說，我們正在重建市場推廣能力。多年來，該領域投資不足，因此我們正在擴大銷售能力，組成首批訂單團隊，並繼續深化合作夥伴覆蓋範圍。

Second, we are accelerating the Duo Agent Platform and deepening security and innovation. So our investment priority is clear. I highlighted in my remarks about the capital allocation framework, R&D first, then sales and marketing, then G&A. None of these are structural and each has a defined timeline and a clear return as the business scales.

其次，我們正在加速 Duo Agent 平台的發展，並深化安全性和創新性。因此，我們的投資重​​點很明確。我在資本配置架構的發言中強調，研發優先，銷售和行銷優先，一般及行政費用次之。這些都不是結構性的，每一項都有明確的時間表，隨著業務規模的擴大，都能帶來明確的回報。

So as we look to the future, this is really a year of investment, and we believe it's the right thing to do for long-term value creation. And we're going to be watching payoffs very closely and empowering the business with the right guardrails. That discipline has not changed.

展望未來，今年確實是投資之年，我們相信這對創造長期價值是正確的做法。我們將密切注意收益情況，並為企業提供適當的保障措施。這一紀律沒有改變。

I think one of the reasons that I joined is the business has really demonstrated an ability to grow profitably and responsibly. The evidence is the 1,700 bps of margin expansion that we've delivered over the past two years. And in the long run, we're not managing to margin percentage. We're managing to gross profit dollar growth and the durable returns that come from scaling our platform.

我認為我加入這家公司的原因之一是，該公司確實展現了盈利和負責任的成長能力。證據就是我們在過去兩年中實現了 1700 個基點的利潤率擴張。從長遠來看，我們無法達到利潤率目標。我們實現了毛利美元成長，並透過擴大平台規模獲得了持久的回報。

Shrenik Kothari, Baird, followed by Jason Ader from William Blair.

Shrenik Kothari，Baird，緊隨其後的是來自 William Blair 的 Jason Ader。

Yeah. Thanks a lot for taking my question, and welcome aboard, Jessica. Looking forward to working with you. Bill, you mentioned that, of course, fiscal '27 is largely about converting to [production] and the financial contribution still remaining modest.

是的。非常感謝您回答我的問題，歡迎加​​入，傑西卡。期待與您合作。比爾，你提到過，當然，2027 財年主要是為了轉型生產，而財務貢獻仍然有限。

I know you touched upon the timeline a little bit in the previous question from the standpoint of scaling the sales and rebuilding go-to-market. But just for some early customer feedback -- and there is a customer you mentioned about, can you tell a little bit about, just at a very high level, what are the potential gating factors on the customer side that you are seeing so far? Is it the trust in these AI end-to-end workflows? Is it more governance approvals? And what, in your view, helps successfully scale these into production environments? Thanks a lot.

我知道你在上一個問題中已經從擴大銷售規模和重建市場推廣的角度稍微談到了時間安排。但為了獲得一些早期客戶回饋——您提到了一位客戶，您能否簡要介紹一下，到目前為止，您在客戶方面看到的潛在阻礙因素是什麼？是對這些人工智慧端到端工作流程的信任嗎？是否需要更多政府審批？您認為哪些因素有助於成功地將這些技術擴展到生產環境？多謝。

Yeah. Let me start with the early customer feedback on DAP and then remind investors what it is that will take to convert those early pieces of feedback and trials into revenue. You know, the first is we're getting really clear signal on the feedback that customers appreciate a full life cycle approach to agentic AI. Customers want to use DAP to handle highly repetitive and mundane tasks that engineers do every single day as they manage code, manage builds and deployments, and manage the security of their software. For example, an airline, I think I shared some of this in the prepared remarks, they're using DAP already to automate security vulnerability remediation, dependency updates, and cloud migrations, and they now have approximately 90% of component version updates now running autonomously.

是的。首先，我想談談早期客戶對 DAP 的回饋，然後提醒投資者，將這些早期回饋和試用結果轉化為收入需要做些什麼。你知道，首先，我們從回饋中得到了非常明確的訊號，那就是客戶很欣賞智能體人工智慧的全生命週期方法。客戶希望使用 DAP 來處理工程師每天都要執行的高度重複性和單調的任務，例如管理程式碼、管理建置和部署以及管理軟體的安全性。例如，一家航空公司（我想我在準備好的發言稿中提到過一些），他們已經在使用 DAP 來自動執行安全漏洞修復、依賴項更新和雲端遷移，現在大約 90% 的組件版本更新都是自主運行的。

Think about what that means. Work that used to require developers to context switch and understand those component updates are now done completely through agents.

想想這意味著什麼。過去需要開發人員切換上下文並了解這些元件更新的工作，現在完全透過代理完成。

Another example is an insurance company that used DAP to run an AI hackathon, and they saw measurable improvements across compliance violations, legacy modernization, developer onboarding time, and their security posture. These are just some of the benefits that customers are finding as they evaluate and trial Duo Agent Platform. In order to convert and become a paid customer with committed contracts, our customers have to be running a version of GitLab that supports the Duo Agent Platform.

另一個例子是一家保險公司，他們使用 DAP 舉辦了一場 AI 黑客馬拉松，結果發現合規違規、遺留系統現代化、開發人員入職時間和安全狀況都得到了顯著改善。這些只是客戶在評估和試用 Duo Agent 平台時發現的一些好處。為了轉化為付費客戶並簽訂正式合同，我們的客戶必須運行支援 Duo Agent 平台的 GitLab 版本。

About 70% of our revenue is supporting customers with self-managed deployments. It's not like a cloud-native multi-tenant SaaS service. GitLab's s a very diverse portfolio, with 70% running their own infrastructure and GitLab on their own premises, including many who have air-gapped environments that can't even connect to the cloud.

我們約 70% 的收入來自為客戶自主部署提供支援。它不像雲端原生多租戶SaaS服務。GitLab 的產品組合非常多元化，其中 70% 的用戶運行著自己的基礎設施，並在自己的辦公室部署了 GitLab，包括許多擁有與雲端完全隔離的環境的用戶，這些環境甚至無法連接到雲端。

Those customers typically take about six months for up to 50% of them to be running a version like the 18.8 release that we just announced Duo Agent Platform GA with. So that is the first kind of timeline to keep in mind.

通常情況下，這些客戶需要大約六個月的時間，才能有高達 50% 的客戶運行像我們剛剛宣布 Duo Agent Platform 正式版發布的 18.8 版本這樣的版本。所以，這是需要記住的第一種時間線。

Obviously, the 30% of customers that are running in our multi-tenant cloud can start adopting today, and we're seeing early adoption there. But the bulk of the revenue won't have access to Duo Agent Platform for another couple of quarters.

顯然，在我們多租戶雲端環境中運行的 30% 的客戶今天就可以開始採用，而且我們已經看到那裡出現了早期採用的情況。但大部分收入用戶還需要幾個季度才能使用 Duo Agent 平台。

And then secondarily, think about the fact that committed credits is really subscription revenue we recognize ratably. So even if we are able to start converting the trials to production and committed credits in the back half of the year, that revenue won't be recognized until the following quarters, going into FY28.So that's the reason for -- that's the early feedback that we are hearing from customers, and that's the reason for the conservative projections on Duo Agent Platform revenue in FY27.

其次，也要考慮到承諾積分實際上是我們按比例確認的訂閱收入。因此，即使我們能夠在下半年開始將試用版轉化為正式版並承諾積分，這部分收入也要到接下來的幾個季度，也就是 2028 財年才能確認。這就是我們從客戶那裡得到的早期回饋，也是我們對 2027 財年 Duo Agent 平台收入做出保守預測的原因。

(Event Instructions) Jason Ader, Blair, followed by Miller Jump from Truist.

（賽事說明）Jason Ader、Blair，接著是 Truist 的 Miller Jump。

Yeah. Thanks, Yao. My question for Bill. Has customer decision-making changed at all over the last few quarters in the face of all this massive change? I guess what I am asking is, have you seen sales cycles shift at all? More focused on the enterprise with this question, but maybe just talk about how customers are navigating all this onslaught of change.

是的。謝謝你，姚。我的問題要問比爾。面對如此巨大的變化，在過去幾個季度裡，客戶的決策過程是否改變了？我想問的是，您是否觀察到銷售週期有任何變化？這個問題更著重於企業層面，但或許可以談談客戶是如何應對所有這些變革衝擊的。

Yeah. In my customer conversation, they are navigating it like most of the rest of us, which is every day, every week, there seems to be new innovation, new and exciting opportunities with AI, and they're excited about the potential, and they're trying to navigate the many challenges that come with it, starting with the privacy and security concerns with their business, and also the increased costs and expense of investing in AI versus other traditional workloads.

是的。在我的客戶交流中，他們和我們大多數人一樣，都在探索人工智慧帶來的新機會。每天、每週，人工智慧似乎都會湧現出新的創新和令人興奮的新機遇，他們對此感到興奮，同時也在努力應對隨之而來的諸多挑戰，首先是業務中的隱私和安全問題，其次是投資人工智慧相比其他傳統工作負載所帶來的成本和費用增加。

What is interesting is I think there is a ton of experimentation going, and, obviously, early results are really promising within certain workloads, especially around code generation and software development, and we're excited to take that early promise of building software using agents and turn it into actual software innovation with Duo Agent Platform.

有趣的是，我認為目前正在進行大量的實驗，而且顯然，早期結果在某些工作負載方面非常有前景，尤其是在程式碼生成和軟體開發方面，我們很高興能夠利用使用代理構建軟體的早期前景，並透過 Duo Agent Platform 將其轉化為真正的軟體創新。

I don't see customers' behaviors changing. Our win rates are consistent. As I shared earlier, our gross retention rate just hit the highest level it has in four years. Our competitive rates remain strong. And so, really, this is about focusing our increased capacity, executing a product strategy with increased pricing and packaging granularity to go after that opportunity in FY27 stronger than we did in FY26.

我沒有看到顧客的行為改變。我們的勝率一直很穩定。正如我之前提到的，我們的毛留存率剛剛達到了四年來的最高水準。我們的定價依然具競爭力。因此，實際上，這關乎於集中我們不斷成長的產能，執行產品策略，提高定價和包裝的精細度，以便在 2027 財年比 2026 財年更強勁地抓住這一機遇。

Miller Jump, Truist, followed by Kingsley Crane from Canaccord Genuity.

Miller Jump、Truist，緊隨其後的是 Canaccord Genuity 的 Kingsley Crane。

Hey. Great. Thank you for taking my question. Bill, top -- I think you mentioned you overhauled territory design. I guess I am wondering, has the number of accounts per rep changed, and how do you ensure that those handoffs go smoothly? And then just for Jessica, have you baked in any conservatism to guidance for that? Thank you.

嘿。偉大的。感謝您回答我的問題。Bill，上面——我想你提到你徹底改革了區域設計。我想知道的是，每位銷售代表負責的客戶數量是否有所變化，以及你們如何確保客戶交接順利進行？那麼，就傑西卡而言，你是否在指導方針中融入了任何保守主義思想？謝謝。

Yeah. It is a fair question. You know, every year, the territories end up getting resliced to some degree, and this year is no exception. But I believe it is going to pay off in the long run. We found we had more accounts than reps could effectively manage, and our upmarket shift a few years ago left the lower end of the market underserved.

是的。這是一個合理的問題。你知道，每年領土都會在某種程度上重新劃分，今年也不例外。但我相信從長遠來看，這是值得的。我們發現客戶數量超過了銷售代表能夠有效管理的數量，而且幾年前我們向高端市場轉型，導致低端市場服務不足。

So the overhaul territory design does reduce the number the rep has to manage, which should result in better customer intimacy, accelerated adoption, and value realization by the customer.

因此，重新設計的區域佈局確實減少了銷售代表需要管理的客戶數量，這應該會帶來更好的客戶親密度、更快的採納速度以及客戶價值的實現。

We're also investing on the technical services side, with increased overlay support, in particular for all segments, but also around two areas, and especially one around that price-sensitive cohort, with additional technical services to support their evaluation and adoption, and around AI. Many companies are needing help to adapt their workflows to AI. With Duo Agent Platform, there's a new set of technology and a new set of techniques to use with your software life cycle.

我們也在技術服務方面進行投資，增加疊加支援，特別是針對所有細分市場，但主要集中在兩個領域，其中一個領域是針對價格敏感型群體，提供額外的技術服務來支援他們的評估和採用，另一個領域是人工智慧。許多公司需要協助調整其工作流程以適應人工智慧。Duo Agent Platform 提供了一套全新的技術和一套全新的方法，可用於您的軟體生命週期。

And so our technical teams are getting highly trained on that to help customers unlock the value, and we're also going to begin investing in forward-deployed engineers who can go in and support that customer adoption cycle.

因此，我們的技術團隊正在接受這方面的嚴格培訓，以幫助客戶釋放價值，我們也將開始投資於前線部署工程師，以便他們能夠進入並支援客戶的採用週期。

And then the short answer to your question is, yeah. We have been very holistic in terms of how we are thinking about prudence as we evolve the go-to-market motion.

那麼，對於你的問題，簡短的回答是，是的。我們在製定市場推廣策略的過程中，一直非常注重審慎原則。

Kingsley Crane, Canaccord, followed by Howard Ma from Guggenheim.

金斯利·克萊恩（Kingsley Crane），Canaccord，隨後是古根漢美術館的霍華德·馬（Howard Ma）。

Great. Thank you for taking my question. Legacy code modernization has been in focus the past couple weeks. But when you rewrite millions of lines of COBOL, for example, that is not in a vacuum. It is still going to need to be version controlled, run through CI/CD, reviewed, tested.

偉大的。感謝您回答我的問題。過去幾週，遺留程式碼現代化一直是關注的焦點。但是，例如，當你重寫數百萬行 COBOL 程式碼時，這並非孤立發生的。它仍然需要進行版本控制，透過 CI/CD 流程運行，經過審查和測試。

Bill, you have been a developer for a long time. How much weight do you give to the idea that we are going to rewrite a lot of existing code versus creating that new code? And then could this be expansionary for GitLab?

比爾，你從事開發工作很久了。您認為重寫大量現有程式碼和創建新程式碼哪種方式更值得重視？那麼，這是否會成為 GitLab 的擴張契機呢？

Yeah. That's a great question, Kingsley. I think in theory, any software can be rewritten, and I see tons of really exciting experiments where developers are taking code generation tools, putting them into a closed loop, and giving them instructions to iterate until the code emulates another existing piece of software. And I think there are certain places where that can be done, for example, the discrete library or a simple application.

是的。金斯利，你問得好。我認為理論上任何軟體都可以重寫，我看到很多令人興奮的實驗，開發人員使用程式碼產生工具，將它們放入一個閉環中，並指示它們迭代，直到程式碼模擬另一個現有的軟體。我認為在某些地方可以做到這一點，例如離散庫或簡單的應用程式。

For the scenario you described, for example, a legacy COBOL application, maybe that is running on a mainframe or a piece of enterprise software that integrates with multiple third-party SaaS back ends, maybe Salesforce or Zendesk or other systems, I think it's a lot harder.

例如，對於您描述的場景，一個遺留的 COBOL 應用程序，可能運行在大型機上，或者是一個與多個第三方 SaaS 後端（例如 Salesforce、Zendesk 或其他系統）集成的企業軟體，我認為這要困難得多。

So much of the context for that code is in people's heads. It's not written down. It's not documented. It's been built up over many, many years. And it's very hard to discover those integrations and assumptions purely through the code.

這段程式碼的許多上下文資訊都存在於人們的腦海中。沒有寫下來。沒有相關記錄。這是經過很多很多年才建立起來的。僅僅透過程式碼很難發現這些整合和假設。

And so, the way I look at the future of software engineering, I think of it as kind of three modes that we're going to be in for quite a while. And there are parallels here to what we just lived through with the public cloud era. If you remember, when we started in the public cloud era, there was a big question of are enterprises going to leave their on-premise data centers behind and lift and shift everything to the public cloud? Or are they going to build just new applications in the public cloud and leave everything where it is?

因此，在我看來，軟體工程的未來大致可以分為三種模式，我們將在相當長的一段時間內處於這三種模式之中。而這與我們剛經歷的公共雲時代有著相似之處。如果你還記得的話，當我們開始進入公有雲時代時，有一個很大的問題是：企業是否會放棄他們的本地資料中心，並將所有內容遷移到公有雲？或者他們打算只在公有雲上建立新的應用程序，而將所有內容保留在原地？

Where we have ended is a similar place, I think, to where we are going with software. I think we are going to have three modes. The first mode is there will be a set of software that is so mission critical for the business maybe especially to financially regulated and public sector companies, where agents are just not allowed to touch the code, either for security, privacy, or just sensitivity reasons. That's a mode one.

我認為，我們最終到達的地方，與我們在軟體領域的發展方向是相似的。我認為我們會有三種模式。第一種模式是，會有一套對企業至關重要的軟體，尤其對於受金融監管的公共部門公司而言，出於安全、隱私或敏感性原因，不允許代理人接觸程式碼。這是模式一。

Mode two is where we are at today. And that's what Duo Agent Platform supports, which is human and agent collaboration on brownfield code bases, and these are orchestration patterns that are emerging and being used today, and I think that they will continue, especially for brownfield code bases like the one you mentioned, for some time to come.

模式二就是我們目前所處的階段。而這正是 Duo Agent Platform 所支援的，也就是在現有程式碼庫上實現人與代理人的協作。這些是目前正在興起和使用的編排模式，我認為它們將在未來一段時間內繼續存在，特別是對於像您提到的那種現有程式碼庫而言。

And then as we get better at orchestration and enable more closed-loop iteration on code, especially with new greenfield projects, those code bases can become increasingly fully automated through the intelligent orchestration platform that we're delivering, and there will be less involvement from humans in touching and managing that code, other than steering agents and orchestrating from above the loop. I hope that answers your question.

隨著我們在編排方面做得越來越好，並且能夠對程式碼進行更多閉環迭代，尤其是在新的全新專案中，這些程式碼庫可以透過我們提供的智慧編排平台實現越來越完全的自動化，除了控制代理程式和從循環上方進行編排之外，人類參與接觸和管理這些程式碼的程度將會降低。希望我的回答能解答你的疑問。

Howard Ma, Guggenheim, followed by Ryan MacWilliams.

Howard Ma，古根漢，緊隨其後的是 Ryan MacWilliams。

Hi. Thanks for taking the question. Bill, I wanted to ask you more about Duo Agent Platform. In some of our conversations with engineering leaders, there seems to be a hesitance in adopting too many agents from multiple third-party software vendors out of the gate, and meanwhile, larger enterprises may also be debating between a build-versus-buy approach to agents. Then on the pricing side, you have the new usage-based pricing for DAP, but you still have the seat-based pricing for Duo Pro and Duo Enterprise, which could cause some confusion for your customers.

你好。感謝您回答這個問題。比爾，我想再問你一些關於 Duo Agent 平台的問題。在我們與一些工程領導者的對話中，他們似乎對一開始就採用來自多個第三方軟體供應商的過多代理有所猶豫，與此同時，規模較大的企業可能也在討論是採用自建代理還是購買代理。在定價方面，DAP 採用了新的按使用量計費方式，但 Duo Pro 和 Duo Enterprise 仍然採用按席位計費方式，這可能會對您的客戶造成一些困惑。

So how do you address these potential challenges? And are you exploring a further evolution of the model that combines the currency-based and usage-based for Duo, for DAP, to make the pricing and packaging more seamless?

那麼，您如何應對這些潛在挑戰？您是否正在探索進一步發展這種模式，將 Duo 和 DAP 的基於貨幣和基於使用量的定價方式結合起來，以使定價和套餐更加無縫銜接？

Yeah. So to be clear, the Duo Pro and Duo Enterprise capabilities are already part of Duo Agent Platform, and Duo Agent Platform represents a massive superset on top of that. Think of it as like a 100x kind of capability beyond what Duo Pro and Enterprise provided. Those packages are still in market mostly for continuity perspective. Any customers who have already been planning or in the process of buying those, we did not want to disrupt and force them to reevaluate a new platform before making their purchase decisions.

是的。所以說清楚點，Duo Pro 和 Duo Enterprise 的功能已經是 Duo Agent Platform 的一部分，而 Duo Agent Platform 又在此基礎上擴展了一個龐大的超集。你可以把它想像成比 Duo Pro 和 Enterprise 提供的功能高出 100 倍。這些產品目前仍在市場上銷售，主要是為了滿足業務連續性的需求。對於已經計劃或正在購買這些產品的客戶，我們不想打斷他們的購買計劃，也不想強迫他們在做出購買決定之前重新評估新的平台。

And we'll be incentivizing both customers and our field to turn those contracts into Duo Agent Platform credits in the coming year ahead. So think of this as a transition period since Duo Agent Platform is just seven weeks in market. And over the next couple of quarters, it will be clear, Customers will see Duo Agent Platform as our AI offering going forward.

在接下來的一年裡，我們將激勵客戶和我們的現場人員將這些合約轉化為 Duo Agent Platform 積分。所以，請將此視為過渡期，因為 Duo Agent Platform 上市才七週。在接下來的幾個季度裡，情況將會很明顯，客戶將 Duo Agent Platform 視為我們未來的 AI 產品。

Ryan MacWilliams, Wells Fargo, followed by Nick Altmann from BTIG.

Ryan MacWilliams，來自富國銀行；接下來是來自 BTIG 的 Nick Altmann。

Two-part question. For Jessica, nice to meet you on the earnings call, and would love to hear about how you built up to this guide on the top-line side and any changes to the guidance philosophy there. And then for Bill, we would love to hear about barriers to entry around CI/CD. Why this is a strategic advantage for GitLab, and why this would be difficult to replicate for enterprise customers, like try to replicate CI/CD with AI. Thanks.

問題分為兩部分。Jessica，很高興在財報電話會議上見到你，很想了解你是如何制定這份營收指引的，以及這方面的指引理念是否有所改變。那麼，對於 Bill，我們很想了解 CI/CD 的進入門檻。為什麼這對 GitLab 來說是一個戰略優勢，以及為什麼這對企業客戶來說難以複製，例如嘗試用 AI 複製 CI/CD。謝謝。

Well, maybe I will start with the guidance philosophy, especially with this being my first quarter here as GitLab CFO. So I think there's a lot happening this year. In addition to me joining, a lot of moving parts. This is an investment and an execution year for GitLab. As we have talked about, we are moving from a seat to hybrid model, are in a new product cycle, the DAP launch, and we are also scaling our go-to-market motion. So a lot of moving parts.

嗯，或許我會從指導理念入手，尤其是這是我擔任 GitLab 財務長的第一個季度。所以我覺得今年發生了很多事。除了我之外，還有很多其他因素要考慮。對 GitLab 而言，今年是投資和執行的一年。正如我們之前討論過的，我們正在從座椅模式轉向混合模式，正處於新的產品週期，即DAP發布，我們也在擴大我們的市場推廣力度。所以牽涉的環節很多。

The first thing, I want to be clear: our process has not changed internally, and it is as rigorous as ever. And I spent my first few weeks getting into the details of the business so that I could stand behind the numbers with conviction. Additionally, when I joined, I ran an intentional listening campaign with investors, and the feedback was very clear: investors want more insight and transparency into how we arrive at the numbers. And so we heard you. And I hoping that you all see that reflected in our prepared remarks, and I expect to carry that forward with my guidance philosophy.

首先，我想先明確一點：我們的內部流程沒有改變，而且一如既往地嚴格。我花了最初的幾週時間深入了解業務細節，以便能夠自信地為這些數字負責。此外，我加入公司後，專門針對投資者開展了一次傾聽活動，反饋非常明確：投資者希望更深入地了解我們如何得出這些數字，並提高透明度。我們聽到了你們的聲音。我希望大家能從我們準備好的發言稿中看到這一點，我也希望將這種理念貫徹到我的執教理念中。

And then finally, I would just reiterate that this business is ratable, which gives us strong forward visibility, and we apply that visibility into our approach so that when we give you a number, we have high confidence that we will achieve it. So then as it relates to the revenue guide build-up, I think we gave you all the building blocks within my prepared remarks.

最後，我再次重申，這項業務是可評級的，這讓我們對未來有很強的可見性，我們將這種可見性應用到我們的方法中，因此當我們給出一個數字時，我們有很高的信心能夠實現它。那麼，關於收入指導方針的製定，我認為我在事先準備好的演講稿中已經包含了所有必要的要素。

But I do want to reiterate, FY26 and Q4 delivered the highest net new ARR year and quarter ever. And so because our model is ratable, a large part of the step down in our guide is mechanical. So it's not a change in the underlying health of the business. The guide reflects an honest view of where we are today, not where we hope to be.

但我還是要重申，2026 財年和第四季實現了有史以來最高的淨新增 ARR 年度和季度收入。因此，由於我們的模型是可評級的，我們指南中的降級步驟很大程度上是機械性的。所以，這並不是企業基本面健康狀況的改變。該指南反映了我們目前的真實處境，而不是我們希望達到的目標。

So I will just break down again what is driving that step down from 26%. First, the mechanics. FY26 benefited from approximately 300 bps of nonrecurring tailwinds, Premium price, favorable FX dynamics, and specific contract clauses that will not repeat. Strip those out, and the comparable growth rate gets you closer to 23%.

所以我再來分析是什麼原因導致這比例從 26% 下降。首先，我們來看看機制。2026 財政年度受益於約 300 個基點的非經常性利好因素、溢價、有利的匯率動態以及不會再次發生的特定合約條款。剔除這些因素，相應的成長率將接近 23%。

Beyond that, the ratable model means revenue today reflects bookings decisions made three years ago, and bookings growth has not kept pace with revenue growth over the past three years. So that mathematical reality flows through for FY27, regardless of what we do operationally this year.

除此之外，按比例分配的模式意味著今天的收入反映的是三年前的預訂決策，而過去三年預訂量的成長速度並沒有跟上收入成長的速度。因此，無論我們今年在營運方面採取什麼措施，2027 財年的數學現實都會受到影響。

Second, what is embedded in the guide? As we have discussed, our first-order team is coming online now but will not be fully ramped until the back half of the year. We have talked about the fact those investments take time to show up in bookings, and bookings take time to show up in revenue. So we have embedded prudence there.

其次，該指南包含哪些內容？正如我們之前討論過的，我們的首批訂單團隊現在正在上線，但要到今年下半年才能全面投入營運。我們已經討論過，這些投資需要時間才能轉化為預訂量，而預訂量也需要時間才能轉化為收入。所以，我們把謹慎原則融入其中。

And then we have also been very deliberately cautious on both public sector and mid-market, where we saw softness in Q4 and are not assuming an immediate bounce back. And then, as we have also talked about, DAP customer reception has been strong, but we are in the very early stages of the adoption cycle.

此外，我們對公共部門和中端市場也一直非常謹慎，因為我們在第四季度看到了疲軟的局面，並不認為這兩個市場會立即反彈。而且，正如我們之前也討論過的，DAP 的客戶反應很好，但我們仍處於採用週期的早期階段。

And on a billion-dollar business with a ratable revenue model, we are not embedding any meaningful revenue contribution from something that we just launched seven weeks ago.

對於一家擁有可調整收入模式、價值十億美元的企業來說，我們七週前才推出的產品並沒有帶來任何實質的收入貢獻。

Thanks, Jessica. Let me try and answer the first part of your question, which I will paraphrase as, how does the core GitLab platform stack up in a world where agents are quickly iterating, growing, getting stronger and better. And I think this is a common confusion with investors, so let me try to use an analogy, and I hope this makes it more clear.

謝謝你，潔西卡。讓我試著回答你問題的第一部分，我將其概括為：在代理快速迭代、發展壯大、變得越來越強大和優秀的今天，GitLab 核心平台表現如何？我認為這是投資者經常感到困惑的地方，所以讓我試著用一個類比來解釋一下，希望這樣能更清楚一些。

You should think of the core DevOps platform that GitLab has as core infrastructure that both humans need to take action as well as agents need. So, for example, there are many coding agents that can generate code, but that code needs to be stored. It needs to be version controlled. It needs to be tested. It needs to be reviewed. It needs to be secured and checked against all of the standards, the compliance frameworks, and everything else the business is accountable for.

你應該把 GitLab 的核心 DevOps 平台看作是人類採取行動和代理程式都需要的核心基礎設施。例如，有很多編碼代理可以產生程式碼，但這些代碼需要儲存起來。它需要進行版本控制。需要進行測試。需要重新審查。它需要經過安全檢查，並符合所有標準、合規框架以及企業應承擔的其他所有責任。

That infrastructure is what GitLab has been building for over a decade. It's what businesses rely on to ensure the integrity of their software, and it's not going anywhere.

GitLab 十多年來一直在建立這樣的基礎設施。這是企業用來確保軟體完整性的保障，而且它不會消失。

What agents do is offer an artificial intelligence alternative to the human intelligence that has long gone into both writing the code and managing that software complexity. So you can think of Duo Agent Platform as that alternative for GitLab customers. They can now use Duo Agent Platform to automate tasks, to hand -- to do seamless handoffs between humans and agents, and between agents and other agents, to do all of the tasks that are required to move that software from planning all the way through deployment. Competitors can obviously offer alternative agents, but they don't offer a replacement for the infrastructure that is GitLab.

智能體的作用是提供一種人工智慧替代方案，以取代長期以來用於編寫程式碼和管理軟體複雜性的人類智慧。所以你可以把 Duo Agent Platform 看作是 GitLab 客戶的替代方案。現在，他們可以使用 Duo Agent Platform 來自動化任務，實現人與代理商之間、代理商與代理商之間的無縫交接，從而完成從規劃到部署該軟體所需的所有任務。競爭對手當然可以提供替代代理，但他們無法取代 GitLab 的基礎設施。

Great. We're almost up in time, Nick, you're going to be wrapping up the call here with the last question. Go ahead, please.

偉大的。時間差不多到了，尼克，你馬上就要結束這通通話，最後一個問題你也要問了。請繼續。

Awesome. Thank you. Jessica, just on the net new ARR strength you alluded to in Q4, it sounds like the public sector improved sequentially. I know you said there were some deal slippages this quarter, but can you just give us a sense as to how much of the strength this quarter was driven from some of the 3Q public sector weakness we saw and that kind of getting across the finish line in Q4? Thanks.

驚人的。謝謝。傑西卡，就你提到的第四季度新增年度經常性收入的強勁增長而言，聽起來公共部門的業績環比有所改善。我知道您說過本季度有一些交易出現延誤，但您能否讓我們了解一下，本季度業績的強勁增長有多少是由於第三季度公共部門的疲軟以及第四季度最終完成交易所致？謝謝。

No. Thanks for the question. Yeah. As you alluded to, we delivered the net new ARR quarter ever, but the reality is results were mixed. First-order bookings were healthy with strength in Asia Pacific, and enterprise win rates improved quarter over quarter, and sales cycles have held steady. So, the softness was really concentrated in three areas.

不。謝謝你的提問。是的。正如您所提到的，我們實現了有史以來淨新增 ARR 季度，但實際情況是結果好壞參半。首單預訂狀況良好，亞太地區表現強勁，企業客戶成交率逐季提高，銷售週期維持穩定。所以，柔軟度主要集中在三個區域。

First, pubsec, which is about 12% of ARR. And I want to be clear here. The long-term thesis has not changed. We remain the partner to the US government, and they continue to view us as mission critical.

首先是公共安全，約佔 ARR 的 12%。我想在這裡明確一點。長期論點沒有改變。我們仍然是美國政府的合作夥伴，他們也繼續視我們為至關重要的合作夥伴。

That being said, we only saw a partial recovery following the government reopening. Some business moved into FY27, and visibility still is not where we would like it to be. I think the budget picture has been interesting. We have had increases in certain departments and a lot of uncertainty in others. So again, that's been built into our guide.

即便如此，政府重新開放後我們也只看到了部分復甦。部分業務已進入 2027 財年，但業務前景仍未達到我們預期。我認為預算情勢很有意思。某些部門的業績有所成長，而其他部門則存在許多不確定因素。所以，這一點已經納入了我們的指南中。

The second piece is the price-sensitive cohort that Bill talked about. And as we shared, we size this at about roughly 20% of ARR. It does include some of the SMB weakness that we've been discussing, as well as parts of mid-market Premium and customers with less budget flexibility.

第二部分是比爾提到的對價格敏感的群體。正如我們之前所說，我們將其規模設定為 ARR 的 20% 左右。它確實包含了我們一直在討論的一些中小企業弱點，以及部分中端市場高級客戶和預算靈活性較低的客戶。

But, again, we feel like we size this right. We're not seeing that in the rest of the business. I think that has been reinforced by our $100,000 growing 18% year over year and that million dollar cohort growing 26%, and enterprise DBNRR remains very healthy.

但是，我們再次覺得這個尺寸很合適。在其他業務領域，我們沒有看到這種情況。我認為，10萬美元客戶群年增18%，百萬美元客戶群年增26%，企業DBNRR依然保持非常健康的成長勢頭，都印證了這一點。

And then you get into the US performance and deal slippage that you were referring to, and that's just very customer specific. We experienced a few large deals slipping from specific customers facing budget constraints and some industry-specific challenges. For example, there was one retailer that had some Q4 challenges and another large customer that had some layoffs and restructuring. So these are real issues, and we are continuing to meet our customers where they are, but we found it to be something very specific. And that is all been embedded into our guide going forward.

然後，你就會涉及到你提到的美國市場表現和交易下滑問題，而這又與客戶的具體情況密切相關。由於預算限制和一些行業特有的挑戰，我們失去了一些來自特定客戶的大筆交易。例如，有一家零售商在第四季度遇到了一些挑戰，還有一家大客戶進行了裁員和重組。所以這些都是實際存在的問題，我們也一直在努力滿足客戶的需求，但我們發現這個問題非常具體。這些內容都已納入我們未來的指南中。

Great. Thank you. With that, that concludes our Q&A. We will be at the Morgan Stanley TMT conference this week and look forward to meeting many of you in person. Thank you for attending GitLab's 4Q and fiscal '26 earnings call. Have a good evening.

偉大的。謝謝。問答環節到此結束。本週我們將參加摩根士丹利TMT大會，期待與大家見面。感謝您參加 GitLab 2026 財年第四季及全年財報電話會議。祝你晚上愉快。