GitLab Inc. (GTLB) 2027 Q1 法說會逐字稿

(audio in progress) (Operator Instructions) Please note this call is being recorded.

（音訊進行中）（接線員指示）請注意，本通話正在錄音。

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

現在我很榮幸將電話會議交給 Yao Chew。

Good afternoon. We appreciate you joining us for GitLab's first quarter 2027 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 first quarter and full year results and guidance for the second quarter and fiscal year 2027.

下午好。感謝各位參加 GitLab 2027 會計年度第一季財務業績電話會議。與我一同出席的有我們的執行長 Bill Staples，以及財務長 Jessica Ross。在今天下午的電話會議中，我們將概述業務情況，評論第一季與全年業績，並提供第二季及 2027 會計年度的指引。

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，我先說明安全港聲明。請各位參閱我們簡報第 2 頁以及今日稍早發布的財報新聞稿中，關於前瞻性陳述的警示性聲明；兩者皆可於我們網站的投資人關係專區取得。該簡報與財報新聞稿討論了若干風險、不確定性、假設及其他因素，這些因素可能導致我們的實際結果與任何前瞻性陳述所表達者不同；此等前瞻性陳述係依《私人證券訴訟改革法》之定義。依慣例，今日電話會議與簡報內容將受上述措辭所規範。

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，我們將討論若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標排除某些不尋常或非經常性項目，管理層認為這些項目會影響所提及期間之可比性。關於這些非 GAAP 財務衡量指標的更多資訊，以及與最直接可比的 GAAP 指標之調節表，請參閱我們的財報新聞稿與簡報資料。

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

接下來我把電話會議交給 Bill。Bill？

I'm pleased to report Q1 results. Revenue of $264 million, growth of 23%, operating profit of $38 million at a 14% non-GAAP operating margin, and 1,519 customers paying us more than $100,000 a year, up 18% year over year. Dollar-based net retention was 117%. These results help crystallize what has become increasingly clear: the opportunity ahead is massive, and speed matters. We announced GitLab's Act 2 a few weeks ago. Jessica will get into the details of the financial aspect of the restructuring shortly. I'll spend my time highlighting the signal we're getting on the opportunity and the strategic bets we're making to unlock GitLab's advantages against this structural tailwind.

我很高興報告第一季的業績。營收 2.64 億美元，成長 23%；營業利益 3,800 萬美元，非 GAAP 營業利益率 14%；年付費超過 10 萬美元的客戶數達 1,519 家，年增 18%。以美元計價的淨留存率為 117%。這些結果讓一件事更加明確：前方的機會非常龐大，而速度至關重要。我們在幾週前宣布了 GitLab 的 Act 2。Jessica 稍後將說明重組在財務面向的細節。我將把時間用來強調我們從機會中看到的訊號，以及我們為了在這股結構性順風之下釋放 GitLab 優勢而做出的策略性押注。

Our core enterprise DevSecOps business remains strong. Gross Bookings growth rate hit its highest level in four quarters. GitLab Dedicated crossed another milestone of $70 million in ARR. Ultimate now represents 57% of ARR and 7 of our top 10 deals.

我們核心的企業級 DevSecOps 業務依然強勁。總訂單（Gross Bookings）成長率達到近四季以來的最高水準。GitLab Dedicated 的 ARR 再度跨越一個里程碑，達到 7,000 萬美元。Ultimate 目前占 ARR 的 57%，並且占我們前十大交易中的 7 筆。

DAP contributed more net new ARR in its first quarter than Duo Pro and Duo Enterprise combined in any prior quarter, and it was attached to for of our top 10 deals. Over the course of FY27, we intend to transition Duo Pro and Duo Enterprise subscriptions into DAP, consolidating our AI portfolio into a single agentic platform and onto the consumption business model.

DAP 在其第一個季度所貢獻的淨新增 ARR，超過以往任何一個季度中 Duo Pro 與 Duo Enterprise 合計的淨新增 ARR，且它被附加在我們前十大交易中的四筆。在 FY27 期間，我們計畫將 Duo Pro 與 Duo Enterprise 訂閱轉換至 DAP，把我們的 AI 產品組合整合為單一的代理式（agentic）平台，並轉向用量（consumption）商業模式。

Platform activity is also surging. Code pushes across our paid SaaS customer base are up 49% year-over-year. CI pipeline growth accelerated from the mid-20s in late FY26 to 38% in April. One of our most advanced agentic customers grew the volume of code in their repositories by 2.5 times in just six months, and it's still accelerating. The agentic era is creating structural tailwinds for DevSecOps platforms, and GitLab is on the critical path to scaling agentic engineering in the enterprise.

平台活動也在快速攀升。在我們付費 SaaS 客戶群中，程式碼推送（code pushes）年增 49%。CI 流水線成長自 FY26 後期的 20% 多加速至 4 月的 38%。我們其中一位最先進的代理式客戶，在短短六個月內將其儲存庫中的程式碼量提升至 2.5 倍，而且仍在加速。代理式時代正在為 DevSecOps 平台帶來結構性順風，而 GitLab 正處於企業擴展代理式工程能力的關鍵路徑上。

Let's talk about the five growth initiatives I introduced last call. First, accelerating first order growth. We delivered 30% higher new logo growth versus the same period last year. The dedicated first-order team is ramping ahead of schedule and a strong resurgence in product-led growth produced our highest absolute first-order count in 10 quarters.

接著談談我在上次電話會議中介紹的五項成長計畫。第一，加速首單成長。我們的新客戶（new logo）成長較去年同期高出 30%。專責首單團隊的擴編進度超前，且產品導向成長（product-led growth）的強勁回升，使我們在過去 10 個季度中達到最高的首單絕對數量。

The reason this matters is simple. The changes we've made this past year are enabling GitLab to compete and win new business at a dramatically faster rate. And while net ARR contribution for many of these customers is small in year one, history is unambiguous about what comes next. For example, our 2016 cohort has expanded more than 100 times over the past 10 years. That is the type of customer journey we're working to replicate with all of our new customers.

這之所以重要，原因很簡單。我們在過去一年所做的改變，正讓 GitLab 以顯著更快的速度競爭並贏得新業務。雖然其中許多客戶在第一年的淨 ARR 貢獻不大，但歷史清楚顯示接下來會發生什麼。例如，我們 2016 年的客群在過去 10 年已擴張超過 100 倍。這正是我們希望在所有新客戶身上複製的客戶旅程。

Second, we told you we're scaling sales capacity. Our FY26 quota carrying headcount investments are already benefiting gross bookings as planned, and we've continued to grow capacity. Based on the timing of these hires and our historical ramp time, consistent with what we shared last quarter, we expect most of the benefit to land in the second-half of the year.

第二，我們曾告訴各位我們正在擴大銷售產能。我們在 FY26 對配額承擔人力（quota-carrying headcount）的投資，已如計畫開始帶動總訂單表現，我們也持續擴充產能。依據這些招募的時點與我們過往的上手（ramp）時間，並與上季分享的內容一致，我們預期大部分效益將在下半年落地。

Third, let's talk about our expanding monetization vectors. There are really three dynamics to highlight. First, our customers are starting to ask non-technical users, product managers, designers, security teams to begin using GitLab and agentic workflows, which translates to more seats needed over time. Governance, version control, audit trails, and approval workflows are now their problems too. That's a new footprint to grow into.

第三，談談我們正在擴大的變現途徑。這裡主要有三個動態值得強調。第一，我們的客戶開始要求非技術使用者、產品經理、設計師與資安團隊也開始使用 GitLab 與代理式工作流程，這意味著隨時間推進需要更多席位（seats）。治理、版本控制、稽核軌跡與核准工作流程，現在也成為他們需要處理的問題。這是一個可擴張的新使用版圖。

Second, agentic workloads are pushing DevSecOps infrastructure harder than it was designed for. The outages and reliability gaps of our competition you've all been reading about are showing up in customer conversations. Our cloud neutral architecture and platform reliability are real differentiators in those conversations, and a few of the architectural bets I'll talk about in a minute will position us to capture the agentic infrastructure opportunity ahead.

第二，代理式工作負載正以超出原先設計的強度推動 DevSecOps 基礎設施。各位近期讀到的競品停機與可靠性缺口，也在客戶對話中浮現。在這些對話中，我們的雲端中立架構與平台可靠性是明確的差異化優勢；而我稍後將提到的幾項架構性押注，將使我們能把握前方的代理式基礎設施機會。

Third, our consumption business is off to a really solid start. Consumption run rate is an internal metric we track to gauge uptake of GitLab credits. We're sharing CRR this quarter as an early signal. However, it's important to note that one quarter is not sufficient to establish a meaningful trend. At the end of our first full quarter of consumption, Duo Agent Platform paid consumption run rate was nearly $20 million.

第三，我們的用量型業務有一個非常扎實的起步。用量運行率（consumption run rate）是我們用來衡量 GitLab 點數（credits）採用情況的內部指標。本季我們分享 CRR 作為早期訊號。不過需要注意的是，單一季度不足以建立有意義的趨勢。在我們用量模式的第一個完整季度結束時，Duo Agent Platform 的付費用量運行率接近 2,000 萬美元。

Included in this number are minimum usage commitments made pre-GA and during Q1, as well as on-demand credits. As Duo Agent Platform adoption expands. And we bring new products to market, paid CRR will likely become a more meaningful forward indicator of where our commercial model is heading. We'll provide more formal metrics and disclosure cadence as this motion continues to mature.

此數字包含 GA 正式發布前與第一季期間所做的最低使用承諾，以及隨用隨付點數。隨著 Duo Agent Platform 的採用擴大，以及我們將新產品推向市場，付費 CRR 很可能會成為更具意義的前瞻指標，用以反映我們商業模式的走向。隨著這項動能持續成熟，我們將提供更正式的指標與揭露頻率。

Fourth, we're continuing to support price-sensitive customers. Headwinds have persisted with this cohort, which makes up about 20% of our ARR. The initiatives around increased coverage and faster time to value are underway and will take time to manifest.

第四，我們持續支援對價格敏感的客戶。這一客群持續面臨逆風，約占我們 ARR 的 20%。圍繞提升覆蓋範圍與加速實現價值的各項措施已在推進中，但需要時間才能顯現成效。

Fifth, we're executing our AI strategy. GitLab Duo Agent Platform reached general availability two weeks before the quarter began, and as I shared at the top of the call, contributed more net ARR in its first quarter than Duo Pro and Duo Enterprise combined in any previous quarter.

第五，我們正在落實我們的 AI 策略。GitLab Duo Agent Platform 在本季度開始前兩週正式全面可用（GA）；正如我在電話會議一開始分享的，它在首個季度所貢獻的淨 ARR，已超過過去任何一個季度中 Duo Pro 與 Duo Enterprise 合計的淨 ARR。

As code generation accelerates, the AI paradox is real. Every customer I talk to describes bottlenecks across code review, testing, security remediation, pipeline management, and more. Duo Agent Platform handles the repetitive engineering workflows across the software lifecycle so engineers can focus on consequential work. The pattern underneath these numbers matters, though, even more.

隨著程式碼生成加速，「AI 悖論」確實存在。我接觸的每位客戶都提到在程式碼審查、測試、安全修補、流水線管理等方面存在瓶頸。Duo Agent Platform 能處理軟體生命週期中重複性的工程工作流程，讓工程師能專注於更具關鍵性的工作。不過，這些數字背後的模式更為重要，甚至更勝於數字本身。

DAP is unlocking access to incremental AI budgets beyond existing DevSecOps spend. That's a different commercial dynamic than seat expansion, and it changes our addressable opportunity inside accounts. We also announced expanded relationships with AWS, Google Cloud, and Anthropic this quarter. Duo Agent Platform spend is now eligible against committed cloud budgets on Google, AWS, and Anthropic marketplaces, which removes a real procurement friction point.

DAP 正在解鎖既有 DevSecOps 支出之外的增量 AI 預算。這與單純擴增席位（seat expansion）是不同的商業動態，並改變了我們在客戶帳戶內可觸及的機會規模。本季度我們也宣布與 AWS、Google Cloud 與 Anthropic 的合作關係擴大。Duo Agent Platform 的支出現在可計入 Google、AWS 與 Anthropic 市集上的雲端承諾預算，這消除了實際存在的一個採購摩擦點。

One customer story makes the dynamic concrete. A top 10 US bank ran a Duo Agent Platform pilot across everyday engineering workflows. In Q1, developers averaged 1.5 hours of savings per task. Active rollout is now underway across hundreds of developers, with adoption and daily credit consumption climbing fast. Each cohort ramps faster than the last, and based on the customer's current rollout plan, the active user base is expected to grow nearly 20x upon full deployment later this year.

有一個客戶案例能把這種動態具體化。一家美國前十大銀行在日常工程工作流程中試行 Duo Agent Platform。在 Q1，開發者平均每個任務可節省 1.5 小時。目前已開始在數百名開發者中積極推廣，採用率與每日點數消耗快速攀升。每一批次的導入速度都比上一批更快；依據該客戶目前的推廣計畫，在今年稍晚完成全面部署後，活躍使用者基數預計將成長近 20 倍。

Next, I want to share our learnings from the evolving environment and where the market's going. We recently hosted our executive advisory board meeting, where we brought together leaders from our largest and most strategic customers. I wanted to share three insights from this event, which help illustrate where the market's heading and GitLab's growing value proposition.

接下來，我想分享我們從不斷演變的環境中得到的洞察，以及市場的走向。我們最近舉辦了高階主管顧問委員會會議，邀集了我們最大且最具策略性的客戶領導者。我想分享這次活動的三點洞察，幫助說明市場的發展方向，以及 GitLab 日益增強的價值主張。

First, the Head of Engineering at a major technology platform, put it this way, agents are like psychopathic interns. They lack good judgment. A human could go to jail for certain decisions, but what about an agent? That question doesn't have a legal answer yet. Governance and control is a systems level problem that needs a platform level answer. And that platform is GitLab.

第一，一家大型科技平台的工程負責人這樣形容：代理就像精神病態的實習生。它們缺乏良好判斷力。人類若做出某些決策可能會坐牢，但代理呢？這個問題目前還沒有法律上的答案。治理與控制是一個系統層級的問題，需要平台層級的解法。而那個平台就是 GitLab。

Second, the head of software engineering at a top 10 bank, after hearing our roadmap, told us he'd buy the full platform tomorrow. His one condition was tool optionality for his developers. In other words, GitLab's value is twofold: cloud, model and tool neutrality, and everything that happens around code generation, the tests, the controls, the governance.

第二，一家前十大銀行的軟體工程主管在聽完我們的產品路線圖後告訴我們，他明天就會買下完整平台。他的唯一條件是讓開發者保有工具選擇權。換句話說，GitLab 的價值有兩個面向：雲端、模型與工具的中立性，以及圍繞程式碼生成所發生的一切——測試、控制與治理。

And finally, one customer managing over 200,000 repositories told us they simply can no longer configure governance project by project. What they need is what they call mission control logic, policy injected at the platform level across the entire estate. That's a machine-scale problem and one of our architectural bets I'll describe in just a minute. The signals in our Q1 performance and from our customers are strong. Maximizing our ability to capture this opportunity requires change to our infrastructure, monetization, and how we operate.

最後，有一位管理超過 200,000 個儲存庫的客戶告訴我們，他們已經無法再逐一以專案為單位配置治理。他們需要的是他們所稱的「任務控制（mission control）邏輯」：在平台層級注入政策，覆蓋整個資產版圖。那是一個機器規模的問題，也是我稍後將描述的我們其中一項架構押注。我們在 Q1 的表現以及客戶回饋所釋出的訊號都很強勁。要最大化我們掌握這個機會的能力，需要調整我們的基礎設施、變現方式，以及營運方式。

I laid those out in my Act 2 letter. Here are the five architectural bets we're pursuing to create new value for customers, position ourselves to benefit even more from AI structural tailwinds, and expand our monetization vectors. Transcend next week will be live streamed on our website and really bring these to life.

我已在我的《Act 2》信中闡述這些。以下是我們正在推進的五項架構押注，用以為客戶創造新價值、讓我們更能受益於 AI 的結構性順風，並擴大我們的變現向量。下週的 Transcend 將在我們網站上進行直播，並會把這些內容更具體地呈現出來。

All right, bet number one, machine scale infrastructure. Agents work at machine scale and they're pushing competitors to the brink. This quarter, we began a generational rebuild of Git to support the scale and features required for 100x growth. This is a scale requirement that didn't exist before and has become a real pain point for every team on their agentic journey. We're partnering with an AI lab on the design and implementation of the new service, including APIs that are optimized for agents to store and retrieve context, including code. As the leading contributor to Git today, we have a right to win this layer of infrastructure. You're not going to want to miss the demo next week.

好，第一項押注：機器規模的基礎設施。代理以機器規模運作，正把競爭對手逼到極限。本季度，我們開始對 Git 進行世代級重建，以支援 100 倍成長所需的規模與功能。這是過去不存在、如今已成為每個團隊在代理化旅程中真實痛點的規模需求。我們正與一家 AI 實驗室合作設計與實作這項新服務，包括為代理最佳化的 API，用於儲存與取回上下文（包含程式碼）。作為當今 Git 的主要貢獻者，我們有權在這一層基礎設施中勝出。你絕對不會想錯過下週的展示。

Bet number two is around orchestration. Agents create activity. What businesses need is software that drives business outcomes. Orchestration is what connects the two. We've been connecting and automating the steps of software delivery for years with our CICD pipelines. We own the assembly line for code, building, testing, shipping, and securing it in a defined sequence.

第二項押注聚焦在編排（orchestration）。代理會產生活動。企業需要的是能推動業務成果的軟體。編排就是把兩者連接起來的關鍵。多年來，我們透過 CI/CD 流水線持續連接並自動化軟體交付的各個步驟。我們擁有程式碼的裝配線，依照既定順序完成建置、測試、發布與安全防護。

With Duo Agent Platform, GitLab can now coordinate software development lifecycle tasks between humans and agents. The next step expands our agentic infrastructure across artifact management, governance and compliance, and continuous deployment. For these new services, the value scales with the work performed, just as it does with Duo Agent Platform.

透過 Duo Agent Platform，GitLab 現在可以在人類與代理之間協調軟體開發生命週期的各項任務。下一步是把我們的代理化基礎設施擴展到成品（artifact）管理、治理與合規，以及持續部署。對於這些新服務，其價值會隨著完成的工作量而擴大，就如同 Duo Agent Platform 一樣。

Architectural bet number three is all about context. Code generation is commoditizing fast, and enterprise AI builds are climbing as fast as adoption. What doesn't come monetize is the connected data model across every project, every repo, and team accumulated over years. We're building a first-class, API-accessible service called GitLab Orbit that improves outcome quality and reduces the cost of agentic actions. Access to Orbit will be monetized through consumption credits and will be valuable to both DAP users and external agents, cloud code, cursor, codex, whatever the customers choose. Context is a compounding asset, every human and agent action actually makes it richer.

第三項架構押注完全圍繞「上下文（context）」。程式碼生成正在快速商品化，而企業 AI 的建置也正以與採用同樣快的速度攀升。真正尚未被變現的是：跨每個專案、每個儲存庫與團隊，經年累積而成的連結式資料模型。我們正在打造一項一級（first-class）、可透過 API 存取的服務，名為 GitLab Orbit，用以提升成果品質並降低代理化行動的成本。對 Orbit 的存取將透過用量點數（consumption credits）來變現，並將同時對 DAP 使用者與外部代理具有價值——無論是 cloud code、cursor、codex，或客戶選擇的任何工具。上下文是一種會複利成長的資產；每一次人類與代理的行動都會讓它更豐富。

Architectural bet number four is about governance. For enterprise scale adoption, governance is non-negotiable. We're designing identity, audit, policy, and deployment flexibility as core platform services from the start, so every agent, pipeline, and merge request runs through them by default. This builds on the work that already differentiates GitLab Ultimate, and you'll see more advancements in this area at Transcend next week.

第四項架構押注關於治理（governance）。要在企業規模下推動採用，治理是不可妥協的。我們從一開始就把身分識別、稽核、政策與部署彈性設計為核心平台服務，讓每個代理、每條流水線與每個合併請求預設都會經過這些服務。這建立在既有已使 GitLab Ultimate 脫穎而出的工作之上；你也將在下週的 Transcend 看到我們在此領域的更多進展。

Architectural bet number five is that one platform for all modes of software engineering will be incredibly valuable for customers. There are trillions of lines of code that exist in the world today, and most of it can't and won't be rewritten anytime soon. Software teams will build and manage software three ways for the coming decade.

架構層面的第五個押注是：一個涵蓋所有軟體工程模式的單一平台，將為客戶帶來極高價值。當今世界存在數兆行程式碼，其中大多數在短期內不可能、也不會被重寫。在未來十年，軟體團隊將以三種方式建置與管理軟體。

They'll do it the manual human software development lifecycle approach that we have led for the last decade. They'll use agents on tasks as they do today with Duo Agent Platform, and they'll embrace autonomous agentic engineering. Just like the cloud era, choosing a vendor strategy that splits your infrastructure and your developer experience is a painful and costly choice.

他們會採用我們過去十年所引領的、以人工手動為主的軟體開發生命週期方法。他們會像今天使用 Duo Agent Platform 一樣，讓代理在任務上協作，並且會擁抱自主的代理式工程。就像雲端時代一樣，選擇一種會把你的基礎架構與開發者體驗拆分開來的供應商策略，是痛苦且昂貴的選擇。

GitLab customers don't need to. GitLab is the one platform that already spans planning, coding, reviewing, securing, deploying and operating with one control plane, one data plane and governance underneath. Adding autonomy is an extension of the platform, not a separate stack. Customers get one place to manage all their software systems with cloud and model neutrality. That's the structural advantage others simply can't match.

GitLab 的客戶不需要如此。GitLab 是唯一一個已經以單一控制平面、單一資料平面與底層治理，橫跨規劃、撰寫程式、審查、安全、部署與營運的平台。加入自主能力是平台的延伸，而不是另一套獨立的技術堆疊。客戶可在同一處以雲端與模型中立的方式管理其所有軟體系統。這是其他人根本無法匹敵的結構性優勢。

I want to also talk about GitLab Flex. You see, as AI workloads change the relationship between cost, value, and predictability, our business model will need to follow suit. Consumption is the right model for it, which is why we added GitLab credits to our business. It's becoming increasingly clear that customers need even more flexibility in how they use our platform. That's why next week at Transcend, we'll be unveiling GitLab Flex, a buying program that lets customers mix seat-based and credit-based products in ways we believe that will be exciting for them and for GitLab. We look forward to sharing more with you then and in the quarters ahead.

我也想談談 GitLab Flex。你看，隨著 AI 工作負載改變成本、價值與可預測性之間的關係，我們的商業模式也需要隨之調整。以用量計費（Consumption）是適合的模式，這也是我們將 GitLab 點數（credits）納入商業模式的原因。愈來愈清楚的是，客戶在使用我們平台的方式上需要更高的彈性。因此，下週在 Transcend，我們將揭曉 GitLab Flex——一項採購方案，讓客戶能以我們認為對客戶與 GitLab 都很令人振奮的方式，混合採用按席位（seat-based）與按點數（credit-based）的產品。我們期待屆時以及在接下來的幾個季度與各位分享更多。

Let me close with two customer stories from the quarter. They illustrate a simple point. The problems that GitLab solves, security, compliance, governance at scale, only get harder in the agentic world ahead. Zillow Group operates the US's largest real estate marketplace and has been a GitLab customer for over a decade. Their internal AI-powered pipeline engine generates thousands of GitLab projects and pipelines.

最後我用本季度兩個客戶故事作結。它們說明了一個簡單的重點。GitLab 所解決的問題——安全、合規、以及大規模治理——在即將到來的代理式世界中只會變得更困難。Zillow Group 經營美國最大的房地產市場，並且成為 GitLab 客戶已超過十年。他們內部的 AI 驅動管線引擎會產生成千上萬個 GitLab 專案與管線。

AI-scale workloads added to Zillow's coding agent providers and Zillow's internal agents have met fundamentally different infrastructure needs as AI-assisted workflows help engineering teams shift 40% more code per engineer and focus on broader development priorities. This quarter, they're migrating more than 2,000 engineers to GitLab Dedicated to strengthen security and compliance with platform-level enforcement and scale with AI-driven growth. They're also piloting GitLab Duo Agent Platform as the context layer that makes their AI investments even more effective.

隨著 AI 規模的工作負載加入 Zillow 的程式碼代理供應商與 Zillow 內部代理，基礎架構需求出現了根本性的不同；AI 輔助工作流程幫助工程團隊讓每位工程師的程式碼產出提升 40%，並能聚焦於更廣泛的開發優先事項。本季度，他們正將超過 2,000 名工程師遷移至 GitLab Dedicated，以透過平台層級的強制控管強化安全與合規，並隨 AI 驅動的成長擴展規模。他們也在試行 GitLab Duo Agent Platform，作為情境層（context layer），讓其 AI 投資更具成效。

CSL Behring, a global biotech leader, is another long-time GitLab customer who signed a multi-year commitment to GitLab Ultimate and Duo Agent Platform this quarter, further deepening the relationship. Their challenge was not just consolidating fragmented tools, but doing it while standing up an AI development capability that their AI governance board could approve. And GitLab's unified platform provided enterprise model controls, audit logs, and security analysis embedded in the same pipeline developers already use.

全球生技領導者 CSL Behring 也是長期的 GitLab 客戶，本季度簽署了對 GitLab Ultimate 與 Duo Agent Platform 的多年期承諾，進一步加深合作關係。他們的挑戰不僅是整併分散的工具，還要在建立一套其 AI 治理委員會能夠核准的 AI 開發能力的同時完成整併。而 GitLab 的統一平台在開發者既有使用的同一條管線中，提供企業級模型控管、稽核日誌與安全分析。

Before I hand it over to Jessica, I want to take this moment to thank all team members who have helped bring GitLab to where it is today. Including those departing in connection with the workforce changes announced as part of Act 2. The work you've done here mattered and it continues to matter. You came to GitLab when we needed you. You laid the foundation on which we stand today.

在我把時間交給 Jessica 之前，我想藉此機會感謝所有團隊成員，正是你們幫助 GitLab 走到今天。也包括那些因 Act 2 所宣布的人力調整而即將離開的同仁。你們在這裡所做的工作很重要，而且將持續重要。當我們需要你們時，你們來到了 GitLab。你們奠定了我們今天所站立的基礎。

Thank you. The opportunity ahead is an incremental growth on a DevSecOps platform. We're now on the critical path to scaling agentic engineering in the enterprise and building toward becoming the trusted enterprise platform for software creation in the agentic era. I'm really excited for our Transcend event next week. You'll see Orbit, you'll see Flex, you'll see agents pushing Git at 100x scale, and our first delivery of autonomous engineering. That's where the next chapter starts. Our very best days are ahead.

謝謝。前方的機會是在 DevSecOps 平台上的增量成長。我們現在正處於在企業中擴展代理式工程的關鍵路徑上，並朝著在代理式時代成為值得信賴的企業級軟體創建平台邁進。我對下週的 Transcend 活動感到非常興奮。你們將看到 Orbit、看到 Flex、看到代理以 100 倍規模推送 Git，以及我們首次交付的自主工程能力。下一個篇章就從那裡開始。我們最好的日子還在前方。

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

接下來，我把時間交給 Jessica。

Thanks, Bill, and thanks to everyone joining us. I'll now cover three things, our Q1 results. What's driving them, and how we are thinking about the rest of the year. Revenue came in at $264 million, up 23% year=over-year and four points ahead of our guide. Enterprise performance was strong, with strength well distributed across all geographies.

謝謝你，Bill，也謝謝所有加入我們的各位。我接下來會涵蓋三件事：我們的第一季（Q1）業績結果、推動這些結果的因素，以及我們如何看待今年剩餘時間的走勢。推動它們的因素，以及我們如何看待今年剩餘時間。營收為 2.64 億美元，年增 23%，並較我們的指引高出 4 個百分點。企業客戶表現強勁，且各地區的成長動能分布均衡。

Public sector performance also outperformed our expectations, and GitLab dedicated across another milestone of $70 million in ARR. In addition, the quarter also benefited from $2 million of non-recurring overages and early renewals. We delivered this against an uncooperative macro backdrop.

公部門表現也超出我們的預期，而 GitLab Dedicated 的 ARR 也跨越了另一個里程碑，達到 7,000 萬美元。此外，本季度也受惠於 200 萬美元的一次性超額使用費與提前續約。我們是在不利的總體環境背景下達成這些成果。

As we expected, our price-sensitive cohort, roughly 20% of ARR, remained under pressure. Across the business, we saw more seat contraction than we anticipated, mostly tied to layoffs in our customer base. M&A-related contraction was an additional headwind. Without those dynamics, the quarter would have been even stronger.

如我們所預期，我們對價格較敏感的客群（約占 ARR 的 20%）仍承受壓力。在整體業務中，我們看到席位縮減（seat contraction）比預期更多，主要與客戶群的裁員相關。與併購（M&A）相關的縮減也是額外的逆風。若沒有這些動態，本季度表現會更強。

Where GitLabs platform really shows up is in our enterprise business, where we continue to see resilience. Our 100,000 plus customers grew 18% year-over-year to 1,519 and now represent just over 75% of ARR. We now have 10,831 customers paying us at least $5,000 in ARR, representing over 95% of our total ARR base.

GitLab 平台真正展現價值之處在於我們的企業業務，我們在此持續看到韌性。年經常性收入（ARR）超過 10 萬美元的客戶數年增 18%，達到 1,519 家，現在占 ARR 的比重略高於 75%。目前有 10,831 家客戶每年至少支付 5,000 美元 ARR，代表我們總 ARR 基礎的 95% 以上。

Gross retention remains well above 90%, in line with historical trends. Dollar-based net retention was 117%. As expected, the tale of two cities we've talked about before continues to play out. We saw healthy spend dynamics from our larger customers. And pressure in the mid-market and SMB segments that weighed on net retention.

總留存率（Gross retention）仍遠高於 90%，符合歷史趨勢。以美元計的淨留存率（Dollar-based net retention）為 117%。如預期，我們先前談到的「兩個城市的故事」仍在持續上演。我們看到大型客戶的支出動態健康。而中型市場與中小企業（SMB）區隔承受壓力，對淨留存率造成拖累。

Total RPO grew 18% year-over-year to $1.1 billion. Current RPO grew 24% to $724 million.

總剩餘履約義務（Total RPO）年增 18%，達到 11 億美元。當期剩餘履約義務（Current RPO）成長 24%，達到 7.24 億美元。

Now moving down the income statement, non-GAAP gross margin was 88% as SaaS continues to grow as a share of our revenue mix. It's now about a third of total revenue and grew 37% year-over-year, driven by continued strength in GitLab Dedicated and Duo.

接著往下看損益表，非 GAAP 毛利率為 88%，因為 SaaS 在我們的營收組合中占比持續提升。SaaS 現在約占總營收的三分之一，年增 37%，主要由 GitLab Dedicated 與 Duo 的持續強勁表現所帶動。

Q1 non-GAAP operating income was $38 million versus $26 million a year ago. Non-GAAP operating margin was 14%, up roughly 200 basis points year-over-year. On [JiHu], Q1 non-GAAP expenses were $3.1 million compared to $3.1 million in the prior year. Our goal remains to deconsolidate JiHu, though we cannot predict the likelihood or timing of when that may occur.

第一季非 GAAP 營業利益為 3,800 萬美元，較去年同期的 2,600 萬美元增加。非 GAAP 營業利益率為 14%，年增約 200 個基點。就 [JiHu] 而言，第一季非 GAAP 費用為 310 萬美元，與去年同期的 310 萬美元相當。我們的目標仍是將 JiHu 去合併，但我們無法預測其發生的可能性或時間點。

Adjusted free cash flow was $147 million, a free cash flow margin of 56%. Here, we benefited from timing of collections.

調整後自由現金流為 1.47 億美元，自由現金流利潤率為 56%。在此，我們受惠於收款時點的影響。

Before turning to guidance, I'll provide a quick update on capital allocation. The framework I laid out last quarter is the same one guiding us today, invest first in growth, maintain balance sheet resilience, and use buybacks to drive shareholder value and manage dilution. Q1 reflected all three. We ended the quarter with $1.36 billion in cash and investments. We repurchased about 2.4 million shares and have $350 million remaining on the authorization.

在進入財測之前，我先快速更新資本配置情況。我在上季提出的框架仍是目前指引我們的原則：優先投資成長、維持資產負債表韌性，並透過庫藏股回購提升股東價值與管理稀釋。第一季反映了這三項。我們在季末持有 13.6 億美元的現金與投資。我們回購了約 240 萬股，授權額度尚餘 3.5 億美元。

Now turning to guidance. Let me lay out our key assumptions for the balance of the year.

現在進入財測。我先說明今年剩餘期間的關鍵假設。

I'll begin with our Act 2 plan announced last month. A key component of this plan is a restructuring of our workforce. This is to ensure we have the right operating structure to capitalize on the opportunities ahead of us. As detailed in our initial announcement, we have engaged closely with our teams to reshape our company in the most effective and transparent way possible.

我先從上個月公布的 Act 2 計畫談起。此計畫的一個關鍵組成是我們的人力重整。這是為了確保我們具備正確的營運架構，以把握未來的機會。如同我們最初公告所述，我們已與團隊密切合作，以盡可能有效且透明的方式重塑公司。

We are finalizing these decisions and anticipate that approximately 14% or 350 of our team members as of January 31, 2026 will be impacted. We also expect to exit 22 countries and reduce our team member geographic footprint by approximately 37%. We are flattening our organizational structure with up to three layers of management removed. We expect to incur $30 million to $35 million of pre-tax restructuring charges of which approximately $19 million is expected to be incurred in Q2.

我們正在敲定這些決策，預期截至 2026 年 1 月 31 日約 14%（或 350 名）的團隊成員將受到影響。我們也預期將退出 22 個國家，並將團隊成員的地理據點覆蓋縮減約 37%。我們正在扁平化組織結構，最多將移除三層管理層級。我們預期將產生 3,000 萬至 3,500 萬美元的稅前重整費用，其中約 1,900 萬美元預計在第二季發生。

The majority of the remainder is expected to be recognized over the following three quarters.

其餘大部分預計將在接下來三個季度內認列。

We expect to reinvest the vast majority of the savings from this restructuring into several specific initiatives designed to accelerate our Act 2 strategy. These include investments in our team members, a reallocation of resources to lean into the architectural bets that Bill outlined, and further building out internal AI tooling and associated costs.

我們預期將把此次重整所節省的絕大部分資金再投資於數項特定計畫，以加速推進 Act 2 策略。這些包括對團隊成員的投資、重新配置資源以加碼 Bill 所概述的架構性押注，以及進一步建置內部 AI 工具與相關成本。

Additionally, our outlook reflects prudence on four key items. First, macro. While we did see an improvement in public sector performance this quarter, we continue to not assume a meaningful bounce back in FY27. We also continue to expect the price-sensitive cohort, which represents approximately 20% of ARR, to remain under pressure.

此外，我們的展望在四個關鍵項目上採取審慎假設。第一，總體環境。雖然本季我們確實看到公部門表現改善，但我們仍不假設 FY27 會出現顯著反彈。我們也仍預期對價格敏感的客群（約占 ARR 的 20%）將持續承壓。

Second, while we are pleased with the early progress, we continue to assume no material revenue contribution from GitLab Duo Agent platform in FY27. The focus this year remains on converting pilots to production and ramping new adopters.

第二，儘管我們對早期進展感到滿意，但我們仍假設 GitLab Duo Agent 平台在 FY27 不會帶來重大的營收貢獻。今年的重點仍是將試點轉為正式上線（production），並推動新採用者加速導入。

Third, we see accelerating layoffs concentrated in the tech sector and heightened customer caution associated with these changes.

第三，我們看到裁員加速且集中在科技產業，並且客戶因這些變化而更加審慎。

And fourth, the potential for some near-term disruption associated with organizational changes as we operationalize Act 2. We carefully considered business continuity when reviewing any restructuring affecting our quota-carrying sales force. We intentionally undertook a voluntary separation program. This was to head off future potential attrition associated with the changes we made. That said, changes of this scale carry some near-term disruption, and our guidance reflects that.

第四，在我們將 Act 2 落地營運的過程中，組織變動可能帶來一些短期干擾。在檢視任何影響到具配額責任的銷售團隊之重整時，我們已審慎考量營運持續性。我們刻意推動自願離職方案。這是為了提前因應我們所做變更可能引發的後續離職。即便如此，如此規模的變動仍可能帶來短期干擾，而我們的財測已反映此點。

Given our Q1 performance and the continued progress we are making across many of our five strategic priorities, we are raising our guidance for the full year. For Q2 FY27, we expect total revenue of $272 million to $274 million, representing approximately 15% to 16% year-over-year growth.

基於第一季表現，以及我們在五項策略優先事項上持續取得的進展，我們上調全年財測。針對 FY27 第二季，我們預期總營收為 2.72 億至 2.74 億美元，約代表年增 15% 至 16%。

We expect non-GAAP operating income of $30 million to $32 million, and we expect non-GAAP net income per share of $0.17 to $0.18, assuming 168 million weighted average diluted shares outstanding.

我們預期非 GAAP 營業利益為 3,000 萬至 3,200 萬美元，並預期非 GAAP 每股淨利為 0.17 至 0.18 美元，假設加權平均稀釋流通股數為 1.68 億股。

For the full year, we now expect total revenue of $1.112 billion to $1.118 billion, representing approximately 16% to 17% year-over-year growth non-GAAP operating income of $135 million to $141 million and non-GAAP net income per share of $0.79 to $0.82, assuming 166 million weighted average diluted shares outstanding. I'd also like to provide a few additional points for modeling purposes.

針對全年，我們目前預期總營收為 11.12 億至 11.18 億美元，約代表年增 16% 至 17%；非 GAAP 營業利益為 1.35 億至 1.41 億美元；非 GAAP 每股淨利為 0.79 至 0.82 美元，假設加權平均稀釋流通股數為 1.66 億股。我也想補充幾點，供建模參考。

First, we continue to expect full year gross margins to be between 85% and 87%. Second, we expect profitability to trough in Q3 due to timing of investments post-restructuring. Third, we are forecasting approximately $15 million of expenses related to JiHu compared with $13 million last year. This is a year where we are investing deliberately to capture the Act 2 opportunity.

第一，我們仍預期全年毛利率介於 85% 至 87%。第二，由於重整後投資時點的影響，我們預期獲利能力將在第三季觸底。第三，我們預估與 JiHu 相關的費用約 1,500 萬美元，去年為 1,300 萬美元。今年我們將有意識地投資，以掌握 Act 2 的機會。

The financial profile we've achieved over $1 billion in run rate revenue strong cash generation and $1.36 billion on the balance sheet is the foundation we're investing from not toward that's what gives us the flexibility to rebalance resources behind our highest return initiatives and return capital to shareholders all at the same time. The opportunity ahead has never been greater and the foundation we're investing from has never been stronger thank you for joining us. I'll now turn the call over to Yao to moderate Q&A.

我們已達成的財務輪廓——超過 10 億美元的年化營收規模、強勁的現金創造能力，以及資產負債表上 13.6 億美元——是我們投資的出發點，而非投資的目標；這正是讓我們能同時具備彈性：將資源重新平衡至最高報酬的計畫，並回饋資本給股東。前方的機會從未如此之大，而我們用以投資的基礎也從未如此之強。感謝各位參與。接下來我把電話交給 Yao 來主持問答。

(Event Instructions)

（活動說明）

Matt Hedberg, RBC; followed by Sanjit Singh, Morgan Stanley.

RBC 的 Matt Hedberg；接著是 Morgan Stanley 的 Sanjit Singh。

Great. Thanks, Yao. Thanks for taking my questions, guys. Congrats on the quarter. Really great to see the stabilization this quarter. I guess my question, Bill, for you, with all of the innovation that you guys have been delivering upon, can you talk about the competitive landscape? I guess specifically looking at GitHub, how win rates trended there? Is pricing holding up? Just any color on that, it feels like you guys are having quite a bit of success these days.

很好。謝謝你，Yao。謝謝各位回答我的問題。恭喜本季表現。很高興看到本季趨於穩定。我想問你，Bill，鑑於你們持續交付的各項創新，能否談談競爭態勢？我想特別看 GitHub，那邊的贏單率趨勢如何？定價是否仍然穩健？任何補充說明都可以，感覺你們最近相當成功。

Thanks so much, Matt. Yeah, it's a very interesting environment we live in. Agents are really driving infrastructure load higher than humans ever did or could and taking some of our competitors to the brink, as we've all seen. It's important to remember, competitors have a different mix of audiences. We're squarely focused on enterprise customers. And so there's different communities, in our case, a different pace and much higher stakes with our customers. We do see real opportunity here.

非常感謝你，Matt。是的，我們所處的環境非常有意思。Agent 正在把基礎設施負載推升到遠高於人類過去曾經、或能夠造成的程度，並如大家所見，讓一些競爭對手瀕臨極限。重要的是要記住，競爭對手的受眾組合不同。我們明確聚焦於企業客戶。因此社群不同；就我們而言，客戶的節奏不同，而且利害關係更高。我們確實看到這裡有真正的機會。

Remember though, for our customers, this workload is mission critical. It's hard to migrate and it takes time, especially at enterprise scale. That's because the decision of GitLab as a platform is a core infrastructure decision and requires the entire organization to align and make that decision. It's not as simple as someone downloading a tool onto their laptop.

不過請記住，對我們的客戶而言，這項工作負載是攸關任務的關鍵。遷移很困難且需要時間，尤其是在企業級規模。這是因為選擇 GitLab 作為平台是一項核心基礎設施決策，並且需要整個組織對齊並做出該決策。這不像有人把一個工具下載到筆電上那麼簡單。

So I don't expect to see an overnight swing here, but here is what we're seeing. In Q1, we saw a notable increase in enterprises looking to adopt GitLab as their platform, including new first orders as well as consolidation within our existing base. That did result in a small but meaningful improvement year-over-year against historical win rates.

所以我不預期會在一夜之間出現劇烈轉變，但以下是我們看到的情況。在第一季，我們看到企業採用 GitLab 作為其平台的意願明顯提升，包括新的首次訂單，以及在我們既有客戶基礎內的整併。這確實使得我們相較於歷史贏單率，在年對年上出現小幅但具意義的改善。

And as I shared in the prepared remarks, we also saw an inflection in first order count. We're now 30% year-over-year higher as a result of the combination of product-led and sales-led growth efforts that we've been investing in for the last few quarters.

而且如同我在事先準備的發言中分享的，我們也看到首次訂單數量出現拐點。由於我們在過去幾季投入的產品驅動與銷售驅動成長努力相結合，我們現在年對年提高了 30%。

We are running targeted go-to-market campaigns to seize this opportunity, and we're seeing early results from that. But I think what I'd point out for investors that's even more important is what I mentioned on the call. We're partnering with an AI lab on the design and development of the future of [Orbit] infrastructure.

我們正在執行有針對性的上市（go-to-market）行銷活動以把握這個機會，並且已看到初步成果。但我認為對投資人而言更重要的是我在電話會議上提到的內容。我們正與一家 AI 實驗室合作，設計並開發未來的 [Orbit] 基礎設施。

Our design requirement for that project is 100x scale versus what humans need today because we anticipate that's going to be required for enterprise customers as we move from the early adoption phase of agentic engineering to full teams embracing agentic engineering practices.

我們對該專案的設計需求是相較於當今人類所需達到 100 倍的規模，因為我們預期，當企業客戶從代理式工程（agentic engineering）的早期採用階段，走向由完整團隊全面採納代理式工程實務時，將需要這樣的能力。

So that's a really new, exciting opportunity for us. You'll see more about that next week at Transcend and encourage you to tune in.

所以這對我們而言是一個非常新且令人振奮的機會。你們下週在 Transcend 會看到更多相關內容，也鼓勵大家收看。

Thanks, Bill.

謝謝你，Bill。

Sanjit Singh, Morgan Stanley; followed by Radi Sultan, UBS.

摩根士丹利的 Sanjit Singh；接著是瑞銀的 Radi Sultan。

Hi. Thank you for taking our question. This is Oscar Saavedra for Sanjit. Maybe if I can touch a bit more on the guidance. And maybe any changes on the philosophy. So you've spoken to expected benefits from the scaling sales capacity in the second-half of the year, but also there's commentary around uncooperative macro backdrop and just you accounting for that not improving going forward and maybe also some potential execution disruption.

嗨。謝謝讓我們提問。我是代 Sanjit 提問的 Oscar Saavedra。也許我可以再多談一點關於財測指引。以及可能在理念上是否有任何改變。你們談到下半年擴大銷售產能所帶來的預期效益，但也提到宏觀環境不利、你們在假設上把它視為未來不會改善，並且可能也存在一些執行上的干擾。

So maybe I wanted to get a sense, maybe a finer point on the increased conservatism maybe that is being embedded into the guidance versus what you're seeing out there playing out today?

所以我想了解的是：相較於你們目前看到的實際情況，指引中是否嵌入了更高程度的保守性？能否更精準地說明一下？

Yeah, no, thanks for the question, a couple of things, just kind of speaking to last quarter, we deliberately did give a wider range, which we cited many moving parts in the business. And just as we think about how the quarter played out, so far assumptions have largely played out as expected, so we're now through one quarter where we beat both on revenue and NGOI and again, reminder, the business is largely ratable and we have very strong visibility.

好的，謝謝你的問題。有幾點想說，先回到上一季，我們確實刻意給了較寬的區間，因為我們提到業務中有許多變動因素。就本季的實際表現來看，目前為止各項假設大致如預期發展，因此我們已經走過一個季度，而且我們在營收與 NGOI 兩者都超出預期；再次提醒，這門生意大多是可按期認列（ratable）的，我們也有非常強的能見度。

As we're thinking about additional prudence, right, as we talked about, we did have some impact from churn and contraction related to risks and we had some unique to the quarter related to M&A. And again, with a large, even though we've been very intentional on the riff about protecting sales, photo carry, sales capacity and our engineering headcount.

在考量額外的審慎性時，正如我們所談到的，我們確實受到一些因流失（churn）與縮減（contraction）所帶來、與風險相關的影響，另外本季也有一些與併購（M&A）相關、屬於本季特有的因素。而且再次強調，儘管我們一直非常有意識地在重組（riff）時保護銷售、配額承擔（quota carry）、銷售產能以及我們的工程人力。

We know with any large-scale risk, there is some risk of disruption. So we have embedded that into the guide as well. So I'd say the four things again, so two carries over from last quarter, we don't still while we saw some strong performance in [PubSec] this quarter, we still don't expect an immediate bounce back.

我們知道，任何大規模的重組都存在一定的干擾風險。因此我們也把這點納入指引之中。所以我會說，四個因素再重申一次：其中兩個延續自上一季——即便我們本季在 [PubSec] 看到一些強勁表現，我們仍不預期會立刻反彈。

While we're very pleased with the results that we're seeing on DAP so far, we're not expecting material revenue there and then the additional new pieces are the risks and the execution risk.

另外，雖然我們對目前在 DAP 上看到的結果非常滿意，但我們並不預期那裡會帶來顯著營收；而新增的部分則是風險以及執行風險。

Radi Sultan, UBS; followed by Ethan Weeks, Piper.

瑞銀的 Radi Sultan；接著是 Piper 的 Ethan Weeks。

Awesome. Thank you very much. Bill, in your prepared remarks, you mentioned the opportunity to bring more non-technical users to the platform. My question is, how do you imagine monetizing those users? Do you think the current SKUs properly reflect the needs of that cohort? Maybe you could just walk through how you're thinking about shaping the product and monetization opportunity to capture that emerging cohort of non-technical users. Thank you.

太好了。非常感謝。Bill，你在事先準備的發言中提到，有機會把更多非技術使用者帶到平台上。我的問題是，你們打算如何將這些使用者變現？你認為目前的 SKU 是否能恰當反映該族群的需求？也許你可以說明一下，你們如何思考產品形塑與變現機會，以掌握這個新興的非技術使用者族群。謝謝。

Yeah, it was a notable increase this quarter in our customers asking for and exploring additional seats for those non-engineering users. I think it's been asked a few times in recent quarters, are we seeing that possibility?

是的，本季我們注意到，客戶要求並探索為那些非工程使用者增加席位的情況明顯增加。我想在最近幾季也被問過幾次：我們是否看到這種可能性？

And while we've had a few conversations this quarter, there was more of a pattern forming where we do see teams electing to ask project managers, designers, program managers and others to begin contributing code using agentic tools. And of course they need GitLab seats in order to do that to contribute to the core code repository and take advantage of the CI pipelines and everything else we give.

而雖然本季我們確實進行了幾次對話，但更像是出現了一個趨勢：我們看到一些團隊選擇讓專案經理、設計師、計畫經理等人開始使用代理式工具（agentic tools）貢獻程式碼。當然，他們需要 GitLab 席位，才能對核心程式碼儲存庫做出貢獻，並利用 CI 流水線以及我們提供的其他一切功能。

We currently are in several conversations along those lines and we're putting forward the same seat-based pricing model that we provide for engineers given the value and the requirements are the same. So we think our seat-based model is going to benefit from these conversations as well as our dual agent platform approach because those users have the same requirements in terms of agentic engineering across the software lifecycle.

目前我們正就此方向進行多場對話；基於其價值與需求相同，我們提出與工程師相同的按席位定價模式。因此我們認為，我們的按席位模式將從這些對話中受益；同時，我們的雙代理平台（dual agent platform）策略也會受益，因為這些使用者在軟體生命週期中的代理式工程需求同樣一致。

Thank you.

謝謝。

Ethan Weeks, Piper Sandler; followed by Derek Wood, TD Cowen.

Piper Sandler 的 Ethan Weeks；接著是 TD Cowen 的 Derek Wood。

Great. Thanks for taking my question. And this is Ethan filling in for Rob tonight. Bill, I wanted to ask around this rebuilding of Git and the much larger scale that you're trying to build this at, and specifically the point you made around partnering with an AI lab on this vision. And there's been some worries in the past around these AI labs looking to do this in-house or become competitive with you. And so I was wondering if you could touch on why they decided to partner with you in building this rather than trying to compete with you? Thanks.

很好。謝謝讓我提問。今晚我是代 Rob 提問的 Ethan。Bill，我想問關於你們重建 Git、以及你們試圖打造更大規模的這件事，特別是你提到與一家 AI 實驗室合作推動這個願景。過去曾有人擔心這些 AI 實驗室會想要自行內部開發，或變成你們的競爭對手。所以我想請你談談：為什麼他們決定與你們合作來打造這個，而不是嘗試與你們競爭？謝謝。

I think there's probably multiple factors there. Number one, we are -- I believe, the leading contributor to the open source Git community today. And we also serve several of the AI labs with GitLab. And so both being a customer and a notable GitLab -- Git open source contributor. Probably help them make the choice to partner with us.

我想這背後可能有多個因素。第一，我相信我們目前是開源 Git 社群中最大的貢獻者。而且我們也以 GitLab 服務多家 AI 實驗室。因此，既是客戶、同時也是重要的 GitLab——Git 開源貢獻者，可能有助於他們選擇與我們合作。

I think in addition, we serve more than half of the Fortune 100 today. We're a serious DevSecOps vendor in this market, have hundreds of thousands of organizations that use GitLab today, and they want to be able to deliver a great experience to their customers through GitLab. So it's been a great partnership. You'll see the demo next week. That we'll share the current progress on that and more details then.

我想另外，我們目前服務的《財富》100 大企業中超過一半。我們是這個市場中嚴肅且具規模的 DevSecOps 供應商，如今有數十萬家組織在使用 GitLab，而他們希望能透過 GitLab 為其客戶交付卓越的體驗。所以這一直是很棒的合作夥伴關係。你們下週會看到示範。屆時我們會分享目前的進展以及更多細節。

Derek Wood, TD Cowen; followed by Matt Calitri, Needham.

TD Cowen 的 Derek Wood；接著是 Needham 的 Matt Calitri。

Great. Thanks, guys. This is [Cole] on for Derek. Bill, can you just talk a little bit more about the kind of seat compression that you're seeing and how you guys expect this to unfold? And then secondly, just on that same point, how do you think the new monetization can help offset that in the model? Thanks.

很好。謝謝，各位。我是代替 Derek 的 [Cole]。Bill，你能否再多談一點你們看到的席位壓縮（seat compression）情況，以及你們預期這會如何發展？第二點，同樣針對這個議題，你認為新的變現方式如何能在模型中幫助抵消這個影響？謝謝。

Actually, we've seen seats growing this quarter. Obviously, with the growth that we delivered, we did see seats growing. That's our primary monetization model today. I think Jessica mentioned a few churn and contraction and M&A activity that was unique to the quarter, which had we not seen, the quarter would have been even stronger, but definitely seats are growing.

其實，我們這一季看到席位是在成長的。顯然，隨著我們交出的成長表現，我們確實看到席位增加。這也是我們目前主要的變現模式。我想 Jessica 提到了一些流失、縮減以及併購活動，這些是本季較為特殊的因素；如果沒有這些，本季表現會更強，但席位確實是在成長。

And in terms of new monetization, our GitLab Credits consumption program is also helping us start to take on new AI budgets, as I shared. It's also delivered our highest net ARR quarter, AI quarter ever. As I mentioned, it outperformed in its first quarter Duo Pro and Duo Enterprise combined over any previous quarter. And I think we've been in the Duo business two or three years. So an impressive start with the GitLab Credits program and Duo Agent platform and seeds continue to grow.

至於新的變現方式，我們的 GitLab Credits 用量（consumption）方案也在幫助我們開始承接新的 AI 預算，如我先前分享的。它也帶來了我們史上最高的淨 ARR 季度、也是史上最高的 AI 季度。如我提到的，它在第一季的表現就超越了以往任何一季的 Duo Pro 與 Duo Enterprise 合計表現。而我想我們做 Duo 業務已經兩到三年了。所以 GitLab Credits 方案與 Duo Agent 平台有個令人印象深刻的開局，而且席位也持續成長。

Yeah. And I would just add, again, I think to that point, AI workloads, they are really changing the relationship between cost, value and predictability. And we look at it all as additive and providing our customers with more optionality and flexibility.

是的。我再補充一點：AI 工作負載確實正在改變成本、價值與可預測性之間的關係。而我們把這些都視為增量（additive），並為客戶提供更多選擇性與彈性。

Matt Calitri, Needham; followed by Kingsley Crane, Canaccord Genuity.

Needham 的 Matt Calitri；接著是 Canaccord Genuity 的 Kingsley Crane。

Great. Thanks, guys. This is Matt Calitri on for Mike Cikos over at Needham. Thank you for taking our questions. Can you provide specifics on where you intend on reinvesting restructuring savings in order to drive the architectural strategy that Bill laid out? And how will you measure ROI on these changes?

很好。謝謝，各位。我是 Needham 那邊代替 Mike Cikos 的 Matt Calitri。感謝你們回答我們的問題。你能否具體說明，你們打算把重組節省下來的成本再投資到哪些地方，以推動 Bill 所提出的架構策略？以及你們將如何衡量這些變更的投資報酬率（ROI）？

No, great question. Thank you. So we're really looking at it in three places, people, technology and process. From a people lens, we are asking a lot of the people who are staying on with us for Act 2 and we want to ensure that we're investing in them and retaining for them because they're going to be playing a really significant role in this journey.

很好的問題。謝謝。我們主要從三個面向來看：人員、技術與流程。從人員角度來看，我們對留下來與我們一起進入「第二幕（Act 2）」的同仁有很高的期待，我們也希望確保對他們投入並留任，因為他們將在這段旅程中扮演非常關鍵的角色。

Second on technology, we're really leaning into the architectural effects that Bill outlined in his script. And we're going to be reallocating and investing in R&D resources to accelerate our roadmap. Again, we're really excited to share more at Transcend next week. So definitely check that out.

第二是技術面，我們會更積極投入 Bill 在講稿中概述的架構效應。我們將重新配置並投資研發（R&D）資源，以加速我們的產品路線圖。我們也非常期待在下週的 Transcend 分享更多內容。所以務必關注。

And then finally, from a process lens, we are reviewing our processes to take advantage of AI and go faster as an organization. And I think this is very much in line with our capital allocation strategy. We have high conviction that it's really the best path to durable growth, operating leverage and long-term shareholder value.

最後是流程面，我們正在檢視流程，以善用 AI，讓組織運作更快。我認為這也非常符合我們的資本配置策略。我們高度確信，這是通往可持續成長、營運槓桿以及長期股東價值的最佳路徑。

And then I think on the second point from an ROI lens, look, it's really too early to provide details, but we are, like everything else, going to be very intentional about how we invest with clear guardrails and the right trade-off. And I think we're very clear-eyed on both the risks and opportunities but believe that the market opportunity here is too big to not capitalize on it now.

至於第二點、從 ROI 的角度來看，坦白說現在要提供細節還太早；但我們會像做其他事情一樣，非常有意識地投資，設下清楚的護欄（guardrails），並做出正確的取捨。我想我們對風險與機會都看得很清楚，但也相信這裡的市場機會太大了，不應該不在此刻把握。

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

Canaccord 的 Kingsley Crane；接著是 Guggenheim 的 Howard Ma。

Great. Look, Bill, there's a lot of noise out there, but I just want to start by commending you for the candor in the Act 2 letter, the open approach that you're taking and how you've led through what's a difficult but pivotal time and you've navigated transitions before, so I think you know how much it's about people and trust, not just technology.

很好。Bill，外界雜音很多，但我想先肯定你在 Act 2 信函中的坦率、你採取的開放態度，以及你如何在這個艱難但關鍵的時刻帶領公司前進；你以前也經歷過轉型，所以我想你很清楚，這不只是技術，更關乎人與信任。

So two angles on that. First, I just want to touch on talent. You talk about deep technical problem solvers as the scarcest most valuable resource. How do you feel about attrition over the past couple of weeks and just generally retaining 10x engineers? And then on disruption, I know the guide had some sort of market disruption, but the letter talks about committing to new customer disruptions. Can you just help us get more confidence on that commitment?

所以我從兩個角度來問。第一，我想談談人才。你提到深度技術問題解決者是最稀缺、最有價值的資源。你如何看待過去幾週的人才流失（attrition），以及整體而言留住 10x 工程師的情況？第二是擾動（disruption）。我知道財測指引中提到某種市場擾動，但信函談到承諾推動新的客戶擾動。你能否幫助我們對這項承諾更有信心？

Yeah, thanks, Kingsley. Definitely these moments are difficult for any company to undertake. And maybe I should just pause for a second and express again my gratitude for all those that we separated with and are undergoing consultation with starting yesterday. We really appreciate the contributions from all of those who've been part of GitLab. Those who we separated with as well as those who chose to undertake the voluntary departure.

是的，謝謝你，Kingsley。這些時刻對任何公司而言都很艱難。也許我先停一下，再次表達我對所有已離開我們、以及從昨天開始進入諮詢程序的同仁的感謝。我們非常感謝所有曾是 GitLab 一份子的夥伴所做的貢獻。包括我們分開的同仁，以及選擇自願離職的同仁。

They came when GitLab needed them. They've delivered amazing things and the foundation that they built is what we're going to continue to build on. We were very careful in terms of how we went about the restructuring.

他們在 GitLab 需要他們的時候加入。他們交付了令人驚豔的成果，而他們建立的基礎，正是我們接下來要持續在其上建構的。在重組的推進方式上，我們非常謹慎。

In fact, as you can probably tell from the letter, we started by clearly articulating the why, the way we see the market, the future of software engineering, the first principles around our investments going forward. We then explained the what, the product strategy, business strategy as well to go after the opportunity.

事實上，從信函你大概也看得出來，我們先清楚闡述「為什麼」：我們如何看待市場、軟體工程的未來，以及我們未來投資的第一性原理。接著我們說明「做什麼」：產品策略與商業策略，以把握這個機會。

And then we talked about the how with team members and some of the tough challenges that we're trying to solve in order to allow us to go faster as an organization and capture this opportunity.

然後我們談到「怎麼做」：與團隊成員一起面對一些艱難挑戰，我們試圖解決這些問題，以便讓組織能更快運作並掌握這個機會。

And that included some of the things that I shared in the letter, like reducing our operational footprint as well as reducing management layers so that we can make faster decisions and flow communication faster. We're also forming smaller teams in R&D.

這也包含我在信函中分享的一些事項，例如縮減我們的營運足跡，以及減少管理層級，讓我們能更快做決策、也讓溝通更快速流動。我們也正在研發（R&D）中組建更小的團隊。

So all of that -- I share all of that context because it goes towards your question around retention. It's really important that team members understand the changes we're making and the opportunity ahead and are as excited about it as we are, which is another reason we actually issued the voluntary departure program because we understand this is a lot of change and maybe it's not for everyone and we wanted to head off future attrition by giving those team members who came maybe in a different era with different expectations and opportunity to move on if they weren't excited about the new direction.

所以我分享所有這些背景，是因為這些都與你關於留任的問題相關。團隊成員理解我們正在做出的改變、前方的機會，並且像我們一樣對此感到興奮，這點非常重要；這也是我們實際推出自願離職方案的另一個原因，因為我們理解這是很大的變動，可能不適合每個人。我們希望透過讓那些可能是在不同時期加入、帶著不同期待的團隊成員，在若對新方向不感到興奮時有機會離開，來提前降低未來的自然流失。

So we've executed that now. We were very careful in protecting our sales capacity to ensure that we can continue to deliver on the targets that we've set for this year. And as we shared, we're also investing in team members and in particular in R&D, we actually expect to grow our ability in the coming quarters. And so to execute on those architectural bets, we're investing in our team members and we'll continue to invest in R&D to make sure that we can deliver as quickly as possible.

所以我們現在已經執行完畢。我們非常謹慎地保護我們的銷售產能，以確保我們能持續達成今年所設定的目標。而且如同我們所分享的，我們也在投資團隊成員，特別是在研發（R&D）方面，我們實際上預期在接下來幾個季度提升我們的能力。因此，為了落實那些架構層面的押注，我們正在投資我們的團隊成員，並將持續投資研發，以確保我們能盡可能快速交付。

And then just on your comment on customer exposure, it's very limited. We have no sales presence in the geographies that we've exited and where customers exist, we're managing transitions very deliberately with a very focused communications plan.

另外，關於你提到的客戶曝險，影響非常有限。我們在已退出的地理區域沒有任何銷售據點；而在仍有客戶的地方，我們正以非常審慎的方式管理轉換，並搭配一個高度聚焦的溝通計畫。

Howard Ma, Guggenheim; followed by Nick Altmann, BTIG.

Howard Ma，Guggenheim；接著是 Nick Altmann，BTIG。

Thanks for taking the question. I just wanted to clarify two items. I'll ask them together. The first is the $20 million of Duo Agent Platform annualized consumption. I just want to be sure, is that a clean number in that it doesn't include any Duo Pro or Enterprise spending that converted into DAP commitments?

謝謝讓我提問。我想釐清兩件事。我會一起問。第一個是 Duo Agent Platform 年化消耗額（annualized consumption）的 2,000 萬美元。我想確認一下，這是一個乾淨的數字嗎？也就是說，它不包含任何從 Duo Pro 或 Enterprise 支出轉換成 DAP 承諾（commitments）的部分？

And then my second question is the 30% new logo growth, can you help reconcile that with the greater than $5,000 ARR customer net adds? Because I'm seeing it's about $149,000, but that was down 30%, maybe that reflects the one-time tech-related layoffs and M&A-related churn.

第二個問題是 30% 的新 Logo 成長，你能幫忙把這和 ARR 超過 5,000 美元的客戶淨新增數對起來嗎？因為我看到大約是 149,000，但那是下降 30%，也許反映了一次性的科技相關裁員以及併購（M&A）相關的流失。

First, it is a clean number, but I do want to just be very clear that this is not something that anyone should be looking at in their models. It's a very early signal, one we're excited about, but at the same time, it's like one quarter's worth of data. And we're not basing our forecasts on that, and I hope that you are not as well.

首先，這是一個乾淨的數字，但我也想非常清楚地說，這不是任何人應該放進模型裡的東西。這是一個非常早期的訊號，我們對此感到興奮，但同時它就像只有一個季度的資料。我們不會以此作為預測的基礎，我也希望你們同樣不要。

And then just on the customer count, again, the bottom layers can get pretty noisy. I just would, again, point to you've got to look at it holistically. I think the big message is our enterprise business remains strong. Our 100,000 customer cohort grew 18%. And I just, again, encourage that's the way we look at it is really more of a kind of holistic lens.

至於客戶數量方面，再次強調，底層區間的數字可能會相當雜訊。我仍然會建議你必須用更整體的方式來看。我認為最重要的訊息是，我們的企業業務依然強勁。我們 100,000 客戶群（cohort）成長了 18%。我再次鼓勵，這就是我們看待它的方式——更偏向用一個整體性的視角。

Nick Altmann, BTIG; followed by Raimo Lenschow, Barclays.

Nick Altmann，BTIG；接著是 Raimo Lenschow，Barclays。

Thank you. Jessica, can you just provide some color on the bookings because I believe you noted the gross bookings were very strong, but it seems like there's maybe some noise in the deferred revenue and the total RPO growth on a sequential basis was a bit lower versus historical level. So can you just parse out the gross booking strength that you guys alluded to versus the RPO and the billings growth?

謝謝。Jessica，你能否就訂單（bookings）提供一些補充說明？因為我記得你提到總訂單（gross bookings）非常強勁，但看起來遞延收入可能有些雜訊，而且總 RPO 的成長在連續季度（sequential）基礎上似乎比歷史水準低一些。所以你能否拆解一下你們提到的總訂單強勁，與 RPO 以及帳單（billings）成長之間的差異？

I'll focus on the leading indicators. And again, I think the general comment here is the combination of billing, the RPO, and aggregate, you can take those to look at the business, but they all have their own nuances. So at the end of the day, I think the best visibility we have is into revenue, which is where we guide. But yes, first on billing, those were at 12% growth this quarter, which was coming off a really tough comp. We had 35% for [growth] in Q1 of FY26.

我會聚焦在領先指標（leading indicators）。再次強調，這裡的一般性評論是：帳單、RPO 以及合計來看，你可以用它們來觀察業務，但它們各自都有一些細微差異。所以歸根結底，我認為我們能見度最好的其實是營收，也就是我們提供指引（guide）的項目。不過是的，先談帳單，本季成長 12%，這是在一個非常艱難的比較基期之上。我們在 FY26 的 Q1 帳單成長是 35%。

As I referenced, we had some larger seat contraction there than anticipated, which was mostly tied to layoffs in our customer base. And then in addition, we had some M&A contraction that was really unique to the quarter. Without those dynamics, the quarter would have been even stronger and we're very clear-eyed on that.

如我提到的，我們看到一些比預期更大的席位（seat）縮減，主要與我們客戶群的裁員有關。此外，我們也有一些併購（M&A）造成的縮減，這在本季相當特殊。如果沒有這些動態，本季表現會更強，我們對此看得非常清楚。

In terms of the other leading metrics, I'd talk about RPO for a second. I think there's a few things to note here. Yes, we are seeing some more uncertainty in the market, which is driving some more customer hesitancy on longer-term contracts, but we've also always prided ourselves on customer choice and meeting our customers where they are, which providing flexibility in contract terms is one of the ways that we've done that.

至於其他領先指標，我想談一下 RPO。我認為這裡有幾點需要注意。是的，我們確實看到市場不確定性增加，這使得部分客戶在簽更長期合約時更為猶豫；但我們也一直以來以「客戶選擇」為傲，並在客戶所在的位置與其相遇，而提供合約條款的彈性就是我們做到這點的方法之一。

At the same time, we are really looking to incentivize the field to drive greater multi-year contracts where it makes sense.

同時，我們也確實希望在合理的情況下，透過激勵前線團隊去推動更多多年期合約。

But again, kind of getting back to the conversations around monetization, we think longer-term as developer unit economics evolve, this is really why we are continuing to expand our portfolio with Flex and other monetization vectors, which you're going to learn more about at Transcend.

但再次回到關於變現（monetization）的討論，我們認為從更長期來看，隨著開發者單位經濟（developer unit economics）的演進，這正是我們持續透過 Flex 以及其他變現向量來擴充產品組合的原因；你們會在 Transcend 了解更多。

But then again, stepping back completely, it's always worth looking at this through the lens of our retention rate, which continues to be well above 90%, which really is I think what speaks to the overall health of the business.

不過再退一步看，從我們的留存率角度來看也總是很有價值；留存率仍然遠高於 90%，我認為這才真正反映了整體業務的健康狀況。

Raimo Lenschow, Barclays; followed by Ryan McWilliams, Wells.

Raimo Lenschow，Barclays；接著是 Ryan McWilliams，Wells。

Hey, guys, this is [Damien Kalganoff] from Raimo. Thanks for taking the question. Can you help us understand how we should be thinking about the recent momentum in your self-managed business? We noticed that the self-managed subscription revenue was roughly flat quarter-over-quarter for the first time since IPO. Was that tied to quarter specific seat contraction and M&A? Thank you.

嗨，各位，我是來自 Raimo 的 [Damien Kalganoff]。謝謝讓我提問。你能幫我們理解，該如何看待你們近期在自管（self-managed）業務上的動能嗎？我們注意到，自管訂閱營收（subscription revenue）自 IPO 以來首次在季對季（quarter-over-quarter）大致持平。這是否與本季特定的席位縮減以及併購（M&A）有關？謝謝。

Yeah, when we go to market with customers, we offer them the choice of self-managed, dedicated, or multi-tenant cloud. And really that's one of those strong value propositions of GitLab is you choose the cloud that you want to deploy in. That's up to our customers then to make that decision. And I think we noted that the multi-tenant and dedicated cloud growth was higher this quarter, which then of course offsets the self-managed growth that I think you're indicating there.

是的，當我們面向市場與客戶接觸時，我們提供他們自管、專屬（dedicated）或多租戶（multi-tenant）雲端的選擇。而這確實是 GitLab 的一個強大價值主張之一：你可以選擇你想部署的雲端。接著就由我們的客戶來做這個決定。我想我們也提到，本季多租戶與專屬雲端的成長較高，當然就會抵消你所指出的自管成長。

We see those fluctuations from time to time. Customers are in control of where they want to deploy. And we're seeing strong signal on the cloud side, which has been a trend since the IPO. So nothing more to note there than the dynamics of what customers are choosing, where customers are choosing to deploy.

我們不時會看到這些波動。客戶可以自行掌控他們想部署的位置。而我們在雲端端看到強勁訊號，這自 IPO 以來一直是一個趨勢。所以除了客戶選擇的動態、以及客戶選擇部署地點的動態之外，沒有更多需要補充的。

Ryan McWilliams, Wells; followed by Lucky Schreiner, DA Davidson.

Ryan McWilliams，Wells；接著是 Lucky Schreiner，DA Davidson。

Hey, thanks for taking the question. Love the shift to seat pricing for humans and consumption pricing for agents. I think we'll see that more from other software vendors. Just on Duo Agent Platform, the credits are included with the premium and ultimate plans. And I know it's early days, but how common is it to have overages above the credits that are included?

嗨，謝謝讓我提問。我很喜歡把「人」改為按席位定價、把「代理」改為按用量定價的轉變。我想我們會看到其他軟體供應商也更多採用這種方式。關於 Duo Agent Platform，點數包含在 Premium 與 Ultimate 方案中。我知道現在還很早期，但超出所含點數而產生超額用量的情況有多常見？

And do you think as a result users will shift to annual credit plans across their business? And then are there any use cases that customers are seeing more significant adoption of GitLab Duo Agent 4 at this point? Thanks.

另外，你是否認為因此使用者會在整個企業範圍內轉向年度點數方案？再來，目前客戶在 GitLab Duo Agent 4 上，有沒有看到哪些使用情境的採用更為顯著？謝謝。

Yeah. What you're referring to there with included credits are promotional credits that we've given in this first quarter of availability that lets individual developers and engineers experiment with Duo Agent Platform before the organization needs to commit. And we do see, healthy usage of those in some of our customers that are early adopters.

是的。你提到的「所含點數」，是我們在可用性的第一季提供的促銷點數，讓個別開發者與工程師在組織需要承諾之前，先行試用 Duo Agent Platform。我們確實看到一些早期採用的客戶對這些點數有健康的使用量。

It's important to note that, as I've shared in prior quarters, a large amount of our revenue, 70% of our revenue is self-managed, and it takes up to two quarters for them to upgrade to a build that includes new capabilities like Duo Agent Platform. So the early adoption we saw in Q1 is really largely from our SaaS customer base on gitlab.com.

需要強調的是，如同我在前幾季分享的，我們很大一部分營收——70% 的營收——來自自管（self-managed），而他們升級到包含 Duo Agent Platform 這類新功能的版本，通常需要長達兩個季度。因此，我們在第一季看到的早期採用，主要來自 gitlab.com 上的 SaaS 客戶群。

We're not sharing the numbers in terms of the way the patterns that we're seeing. It's just too early to share how many customers are going over those promotional credit amounts. And where they're leveling out on usage, but we do see healthy early adoption.

我們目前不會分享我們看到的模式相關數據。現在要分享有多少客戶超出那些促銷點數額度，仍然太早。以及他們的使用量會在什麼水準趨於平穩，但我們確實看到健康的早期採用。

And we'll continue to drive that. In terms of the use cases you asked about, we're seeing really healthy adoption across our top five use cases that include, for example, code reviews, which is something that basically every code change requires, fixing failed pipelines.

我們也會持續推動這件事。至於你問到的使用情境，我們在前五大使用情境上看到非常健康的採用，例如程式碼審查（code reviews）——基本上每一次程式碼變更都需要——以及修復失敗的流水線（failed pipelines）。

Also, we have an amazing feature around security vulnerability resolution, where once a security vulnerability is found by our scanners, you can enable Duo Agent Platform to automatically create a merge request on that vulnerability so that the engineer just needs to step in and review the vulnerability and accept it.

另外，我們在安全性弱點修復方面也有一個很棒的功能：一旦我們的掃描器發現安全性弱點，你可以啟用 Duo Agent Platform，自動針對該弱點建立一個合併請求（merge request），讓工程師只需要介入審查弱點並接受即可。

And we also have Duo Developer capabilities that allow engineers and non-engineering users to take requirements and define a set of tasks for the agent to do. And the dual developer agent will take those all the way through creating an MR and ultimately for deployment. So top five use cases we've had a lot of success with. And they have proven ROI that we sell now with customers when we go to market.

我們也有 Duo Developer 的能力，讓工程師與非工程使用者可以把需求轉換為一組要由代理執行的任務。而 Duo Developer 代理會一路完成到建立 MR，並最終走到部署。因此，我們在前五大使用情境上取得了很多成功。而且這些情境已證明具備投資報酬率（ROI），我們現在在推向市場時也會用這些 ROI 與客戶銷售。

(Event Instructions) Lucky Schreiner, DA Davidson.

(活動指示) Lucky Schreiner，DA Davidson。

Great. Thanks for taking my question. I wanted to follow-up on one of the earlier answers on [Duo Duration] and Duo Duration declining, is that -- to clarify, is that purely macro driven or is some of that customer conservatism around the pricing changes you've made and making sure with consumption they feel comfortable with the visibility they have or maybe just double click a little bit more on some of the Duo Duration changes? Thanks.

很好。謝謝讓我提問。我想追問先前一個關於 [Duo Duration] 以及 Duo Duration 下降的回答——為了釐清，這是否完全是由總體環境（macro）所驅動？還是其中一部分是客戶對你們所做的定價變更較為保守，並希望在用量計費下，對他們所掌握的可視性更有信心？或者能否再更深入說明一下 Duo Duration 的一些變化？謝謝。

Yeah, I think what you're asking about is multi-year contracts and Jessica shared kind of three dynamics there. The first is, especially in our category around software coding, there is a lot of uncertainty as the software engineering life cycle changes, as new tools emerge, as increasing spend shifts to AI and customers see all of those options and especially in budget in situations where budget is tight, they're choosing to make shorter agreements because the space is changing so fast. That uncertainty is well understood.

是的，我想你問的是多年期合約，而 Jessica 先前分享了大概三個動態。第一，特別是在我們這個軟體開發/寫程式的類別中，隨著軟體工程生命週期改變、新工具出現、以及更多支出轉向 AI，客戶看到所有這些選項後，會有很大的不確定性；尤其在預算吃緊的情況下，他們會選擇簽更短期的合約，因為這個領域變化太快。這種不確定性是可以理解的。

Second, we are very flexible with customers. If they are able to make a multi-year choice, obviously that's good with us and we incentivize our field teams to go after those. But if they want to make a single year agreement, that can be driven by multiple factors on their side. Then we're happy to do that as well.

第二，我們對客戶非常有彈性。如果他們能做出多年期的選擇，當然我們樂見其成，我們也會激勵前線團隊去爭取這類合約。但如果他們想簽一年期合約，這可能是由他們端的多種因素所驅動。那我們也很樂意配合。

And then finally, there is real opportunity here. The unit economics for developers are changing quite dramatically. If you think about looking backward, our ultimate seat price right now, retail price is $99 per user.

最後，這裡確實存在真正的機會。開發者的單位經濟（unit economics）正在相當劇烈地改變。如果回頭看，我們目前 Ultimate 的席位價格，零售價是每位使用者 99 美元。

But if you look at the numbers inclusive of AI tools. The amount of spend that companies are paying per engineer is changing dramatically. And so in many ways, I think customers see that as well. They're making decisions, thoughtful decisions about, what they're willing to spend this year and keeping a close eye on those trends to make sure that their multi-year agreements stay in check. And that's also an opportunity for us. As I mentioned, we're going to be introducing Flex next week, and that's going to open up new ways for customers to commit across seats and credits that we're excited about, and we'll share more next week.

但如果你看包含 AI 工具在內的整體數字，企業每位工程師所支付的支出金額正在大幅改變。因此在很多方面，我認為客戶也看到了這一點。他們正在做出審慎的決策，決定今年願意花多少錢，並密切關注這些趨勢，以確保他們的多年期合約仍在可控範圍內。而這對我們來說也是一個機會。如我提到的，我們將在下週推出 Flex，這將為客戶開啟新的承諾方式，能在席位與點數之間進行承諾配置；我們對此感到很興奮，下週也會分享更多。

Looking forward to it. Thanks.

很期待。謝謝。

Great for that. I'm seeing no further questions in queue, and that concludes the Q&A. We will be at the Bank of America Global Tech Conference this week and look forward to meeting many of you in person. Thank you for attending GitLabs first quarter in fiscal '27 earnings call. You may now disconnect.

很好。我看到隊列中沒有其他問題了，問答環節到此結束。我們本週將出席美國銀行全球科技大會（Bank of America Global Tech Conference），也期待能與各位當面交流。感謝各位參加 GitLab 2027 財年第一季財報電話會議。您現在可以斷線。