GitLab(NASDAQ:GTLB) 
GitLab is a web-based DevOps lifecycle tool that provides a Git repository manager providing wiki, issue-tracking and continuous integration and deployment pipeline features, using an open-source license, developed by GitLab Inc.
Website: https://about.gitlab.com/
Founded: 2011
IPO Price: $77 (Oct 14, 2021)
Full Time Employees: 2,100 (Jan 2023)
CEO / Co-Founder: Sid Sijbrandij
Sector: Technology
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At a glance:
- Revenue Growth Driven by Seat Expansion and Upsell: GitLab continues to grow primarily through expanding usage within existing customers and upselling higher-tier plans and add-ons, supported by broad adoption of its DevSecOps platform.
- Path Toward Profitability Hinges on Operating Leverage: Improving margins and disciplined expense growth suggest increasing operating leverage, with profitability progress closely tied to balancing R&D and go-to-market investment against scaling subscription revenue.
- Enterprise Demand and Large-Deal Execution Are Key: Performance is sensitive to enterprise IT budgets and GitLab’s ability to land and expand large customers, including renewal execution and multi-year commitments that influence near-term billings trends.
- Competitive Pressure Remains Elevated in DevOps Tooling: GitLab faces ongoing competition from integrated platform providers and point solutions, making product velocity, security capabilities, and total cost of ownership central to maintaining differentiation.
Bull Thesis:
- Comprehensive DevSecOps Platform: GitLab's 'single application for the entire DevOps lifecycle' strategy, including integrated security (DevSecOps), is a strong differentiator. It helps organizations consolidate tools, reduce complexity, improve collaboration, and streamline workflows, leading to significant cost savings and efficiency gains compared to fragmented toolchains.
- Strong AI Integration Across the Platform: GitLab is aggressively integrating AI capabilities (e.g., Code Suggestions, AI-powered security scanning, incident management) throughout its platform. This enhances developer productivity, improves code quality, accelerates time-to-market, and strengthens security postures, making the platform increasingly valuable and sticky for users.
- Open-Core Model and Vibrant Community: GitLab's open-source roots and open-core business model foster a large, active community that contributes to innovation, bug fixes, and feature development. This community-driven approach helps accelerate product development, ensures broad adoption, and builds strong brand loyalty, while the enterprise features drive monetization.
- Cloud Agnostic and Hybrid Cloud Flexibility: GitLab offers unparalleled deployment flexibility, supporting on-premise, any public cloud, or its SaaS offering (GitLab.com). This cloud-agnostic approach appeals to a wide range of enterprises with diverse compliance, security, and infrastructure requirements, making it resilient to cloud vendor lock-in and broadening its market reach.
Bear Thesis:
- Intense Competition, Especially from GitHub: GitLab faces formidable competition from well-capitalized players like Microsoft's GitHub, which benefits from deep integration with Azure and Visual Studio. Other competitors include Atlassian (Jira, Bitbucket), Jenkins, and numerous specialized point solutions, creating pricing pressure and making customer acquisition challenging.
- Persistent Unprofitability and Free Cash Flow Concerns: Despite strong revenue growth, GitLab has historically struggled to achieve consistent profitability and positive free cash flow. Investors may be concerned about the company's path to sustainable financial health, especially in a higher interest rate environment where profitability is increasingly scrutinized over pure growth.
- Macroeconomic Headwinds and IT Spending Slowdown: A general slowdown in global IT spending or a recession could significantly impact GitLab's growth. Enterprises might defer or reduce investments in new DevOps tools, scale back existing subscriptions, or opt for cheaper alternatives, leading to slower revenue growth and increased churn.
- Complexity and Potential for Partial Adoption: While comprehensive, the breadth of GitLab's platform can also be a double-edged sword. Some organizations might find the full suite of features complex to implement and manage, leading to partial adoption or a preference for simpler, specialized tools, potentially limiting the perceived value and upsell opportunities.
Main Competitors:
- GitHub (Microsoft) ($MSFT) (GitHub (Repos, Actions, Issues, Packages, Advanced Security, Codespaces)), GitHub is GitLab's most direct competitor, offering a comprehensive suite of DevOps tools including Git repository hosting, CI/CD (GitHub Actions), issue tracking, package management, and advanced security features. Its strong community, open-source focus, and integration with the broader Microsoft ecosystem make it a formidable rival, often preferred for its ubiquity and ease of use.
- Microsoft ($MSFT) (Azure DevOps (Azure Repos, Pipelines, Boards, Artifacts, Test Plans)), Azure DevOps provides a full suite of integrated services for the entire software development lifecycle, including Git repositories, CI/CD pipelines, agile planning tools, artifact management, and testing. It competes with GitLab by offering a comprehensive, enterprise-grade platform, particularly appealing to organizations already invested in Microsoft Azure and its ecosystem.
- Atlassian Corporation Plc ($TEAM) (Bitbucket, Jira Software, Confluence, Bamboo, Opsgenie, Statuspage), Atlassian competes with GitLab through its ecosystem of best-of-breed tools that cover various aspects of the DevOps lifecycle. While not a single integrated platform like GitLab, its popular products like Bitbucket (Git hosting), Jira Software (issue tracking and project management), and Bamboo (CI/CD) are widely adopted and often integrated to form a complete DevOps solution, especially in larger enterprises.
- CloudBees (for enterprise support), Open-source community (for Jenkins) (Jenkins (CI/CD server), CloudBees CI/CD), Jenkins, as the leading open-source automation server, directly competes with GitLab CI/CD. While it requires more manual integration with other tools for repository management, issue tracking, and security, its flexibility, vast plugin ecosystem, and cost-effectiveness make it a popular choice. CloudBees offers enterprise-grade Jenkins distributions and additional features, competing for the same enterprise CI/CD market.
Moat:
GitLab's primary competitive moat lies in its 'single application for the entire DevOps lifecycle' strategy. By integrating Git repository management, CI/CD, security scanning, project management, and more into one platform, GitLab aims to reduce toolchain complexity, integration overhead, and context switching for development teams. This contrasts with a highly fragmented market where many organizations piece together best-of-breed point solutions (e.g., Jira for issues, Jenkins for CI/CD, Snyk for security, Bitbucket for Git).
However, GitLab faces intense competition from several fronts. Microsoft's GitHub and Azure DevOps offer increasingly comprehensive and integrated platforms, leveraging their vast user bases and cloud ecosystems. Atlassian, with its suite of widely adopted products like Bitbucket and Jira, provides a powerful alternative for organizations preferring a collection of tightly integrated, specialized tools. Additionally, open-source solutions like Jenkins continue to offer flexible and cost-effective CI/CD options, albeit requiring more manual integration. GitLab's challenge is to continue demonstrating the superior value of its unified platform against both integrated suites and best-of-breed ecosystems, while also innovating rapidly to stay ahead in a dynamic market.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | |||||||||||||||||
subscription—self-managed and saas | 223,262,000 | 212,684,000 | 194,481,000 | 185,562,000 | 175,257,000 | 163,181,000 | 151,179,000 | 142,026,000 | 130,993,000 | 122,096,000 | 111,191,000 | 105,055,000 | 98,435,000 | 88,936,000 | 76,923,000 | 69,621,000 | 59,774,000 |
license—self-managed and other | 21,091,000 | 23,276,000 | 20,028,000 | 25,869,000 | 20,790,000 | 19,403,000 | 18,008,000 | 21,753,000 | 18,675,000 | 17,485,000 | 15,687,000 | 17,852,000 | 14,546,000 | 12,105,000 | 10,484,000 | 8,175,000 | 7,026,000 |
total revenue | 244,353,000 | 235,960,000 | 214,509,000 | 211,431,000 | 196,047,000 | 182,584,000 | 169,187,000 | 163,779,000 | 149,668,000 | 139,581,000 | 126,878,000 | 122,907,000 | 112,981,000 | 101,041,000 | 87,407,000 | 77,796,000 | 66,800,000 |
yoy | 24.64% | 29.23% | 26.79% | 29.10% | 30.99% | 30.81% | 33.35% | 33.25% | 32.47% | 38.14% | 45.16% | 57.99% | 69.13% | ||||
qoq | 3.56% | 10.00% | 1.46% | 7.85% | 7.37% | 7.92% | 3.30% | 9.43% | 7.23% | 10.01% | 3.23% | 8.79% | 11.82% | 15.60% | 12.35% | 16.46% | |
cost of revenue: | |||||||||||||||||
total cost of revenue | 32,221,000 | 28,505,000 | 25,035,000 | 22,869,000 | 22,125,000 | 21,370,000 | 18,776,000 | 15,989,000 | 15,084,000 | 14,696,000 | 13,939,000 | 14,238,000 | 14,564,000 | 13,030,000 | 9,848,000 | 9,173,000 | 7,195,000 |
gross profit | 212,132,000 | 207,455,000 | 189,474,000 | 188,562,000 | 173,922,000 | 161,214,000 | 150,411,000 | 147,790,000 | 134,584,000 | 124,885,000 | 112,939,000 | 108,669,000 | 98,417,000 | 88,011,000 | 77,559,000 | 68,623,000 | 59,605,000 |
yoy | 21.97% | 28.68% | 25.97% | 27.59% | 29.23% | 29.09% | 33.18% | 36.00% | 36.75% | 41.90% | 45.62% | 58.36% | 65.12% | ||||
qoq | 2.25% | 9.49% | 0.48% | 8.42% | 7.88% | 7.18% | 1.77% | 9.81% | 7.77% | 10.58% | 3.93% | 10.42% | 11.82% | 13.48% | 13.02% | 15.13% | |
gross margin % | 86.81% | 87.92% | 88.33% | 89.18% | 88.71% | 88.30% | 88.90% | 90.24% | 89.92% | 89.47% | 89.01% | 88.42% | 87.11% | 87.10% | 88.73% | 88.21% | 89.23% |
operating expenses: | |||||||||||||||||
sales and marketing | 104,974,000 | 109,583,000 | 107,587,000 | 98,753,000 | 95,340,000 | 97,778,000 | 92,424,000 | 90,762,000 | 86,978,000 | 92,116,000 | 86,537,000 | 81,513,000 | 81,080,000 | 80,689,000 | 66,710,000 | 57,192,000 | 50,543,000 |
research and development | 68,715,000 | 71,488,000 | 65,410,000 | 62,885,000 | 61,354,000 | 61,273,000 | 54,140,000 | 52,388,000 | 49,058,000 | 49,007,000 | 50,387,000 | 43,680,000 | 41,113,000 | 39,520,000 | 31,830,000 | 28,610,000 | 24,664,000 |
general and administrative | 50,799,000 | 44,735,000 | 51,087,000 | 46,262,000 | 45,960,000 | 43,168,000 | 57,487,000 | 39,523,000 | 38,815,000 | 37,819,000 | 34,248,000 | 29,750,000 | 33,186,000 | 33,104,000 | 21,892,000 | 23,378,000 | 16,939,000 |
total operating expenses | 224,488,000 | 225,806,000 | 224,084,000 | 207,900,000 | 202,654,000 | 202,219,000 | 204,051,000 | 182,673,000 | 174,851,000 | 178,942,000 | 171,172,000 | 154,943,000 | 155,379,000 | 153,313,000 | 120,432,000 | 109,180,000 | 92,146,000 |
income from operations | -12,356,000 | -18,351,000 | -34,610,000 | -19,338,000 | -28,732,000 | -41,005,000 | -53,640,000 | -34,883,000 | -40,267,000 | -54,057,000 | -58,233,000 | -46,274,000 | -56,962,000 | -65,302,000 | -42,873,000 | -40,557,000 | -32,541,000 |
yoy | -57.00% | -55.25% | -35.48% | -44.56% | -28.65% | -24.14% | -7.89% | -24.62% | -29.31% | -17.22% | 35.83% | 14.10% | 75.05% | ||||
qoq | -32.67% | -46.98% | 78.97% | -32.70% | -29.93% | -23.56% | 53.77% | -13.37% | -25.51% | -7.17% | 25.84% | -18.76% | -12.77% | 52.31% | 5.71% | 24.63% | |
operating margin % | -5.06% | -7.78% | -16.13% | -9.15% | -14.66% | -22.46% | -31.70% | -21.30% | -26.90% | -38.73% | -45.90% | -37.65% | -50.42% | -64.63% | -49.05% | -52.13% | -48.71% |
interest income | 11,704,000 | 11,511,000 | 10,862,000 | 10,292,000 | 12,586,000 | 12,827,000 | 12,030,000 | 11,813,000 | 10,874,000 | 9,112,000 | 7,315,000 | 6,249,000 | 4,657,000 | 3,064,000 | 526,000 | 510,000 | 127,000 |
other income | -6,334,000 | -911,000 | 3,730,000 | 4,992,000 | 1,032,000 | -567,000 | -11,318,000 | 569,000 | -1,330,000 | 253,000 | -1,024,000 | 2,661,000 | 1,500,000 | 18,448,000 | -9,598,000 | -10,209,000 | |
income before income taxes | -6,986,000 | -7,751,000 | -33,719,000 | -5,316,000 | -11,154,000 | -27,146,000 | -42,177,000 | -34,388,000 | -28,824,000 | -46,275,000 | -50,665,000 | -41,049,000 | -49,644,000 | -60,738,000 | -23,899,000 | -49,645,000 | -42,623,000 |
provision for income taxes | 1,811,000 | 2,245,000 | 2,539,000 | -10,543,000 | -39,421,000 | -39,420,000 | 12,710,000 | 1,767,000 | 256,788,000 | 4,016,000 | 1,486,000 | 379,000 | 65,000 | -57,000 | 2,511,000 | -2,881,000 | -875,000 |
net income | -8,797,000 | -9,996,000 | -36,258,000 | 5,227,000 | 28,267,000 | 12,274,000 | -54,887,000 | -37,571,000 | -286,355,000 | -51,208,000 | -52,899,000 | -42,121,000 | -50,465,000 | -61,497,000 | -26,613,000 | -46,764,000 | -41,748,000 |
yoy | -131.12% | -181.44% | -33.94% | -113.91% | -109.87% | -123.97% | 3.76% | -10.80% | 467.43% | -16.73% | 98.77% | -9.93% | 20.88% | ||||
qoq | -11.99% | -72.43% | -793.67% | -81.51% | 130.30% | -122.36% | 46.09% | -86.88% | 459.20% | -3.20% | 25.59% | -16.53% | -17.94% | 131.08% | -43.09% | 12.01% | |
net income margin % | -3.60% | -4.24% | -16.90% | 2.47% | 14.42% | 6.72% | -32.44% | -22.94% | -191.33% | -36.69% | -41.69% | -34.27% | -44.67% | -60.86% | -30.45% | -60.11% | -62.50% |
net loss attributable to noncontrolling interest | -521,000 | -788,000 | -383,000 | -577,000 | -1,298,000 | -675,000 | -243,000 | -1,104,000 | -1,197,000 | -1,128,000 | -430,000 | -3,388,000 | -2,010,000 | -2,473,000 | -514,000 | -979,000 | -521,000 |
net income attributable to gitlab | -8,276,000 | -9,208,000 | -35,875,000 | 5,804,000 | 29,565,000 | 12,949,000 | -54,644,000 | -36,467,000 | -285,158,000 | -50,080,000 | -52,469,000 | -38,733,000 | -48,455,000 | -59,024,000 | -26,099,000 | -45,785,000 | -41,227,000 |
net income per share | -0.22 | -0.35 | -0.22 | -1.84 | -0.33 | -0.35 | -0.26 | -0.33 | -0.4 | -0.18 | -0.06 | -0.62 | |||||
basic | -0.05 | -0.06 | -0.02 | 0.18 | 0.08 | ||||||||||||
diluted | -0.05 | -0.06 | -0.02 | 0.18 | 0.08 | ||||||||||||
weighted-average shares used for eps calculation | 164,491 | 160,580 | 158,157 | 154,283 | 155,123 | 153,644 | 151,692 | 148,407 | 148,883 | 147,797 | 146,643 | 79,755 | 67,018 | ||||
basic | 167,407 | 165,953 | 161,317 | 159,677 | |||||||||||||
diluted | 167,407 | 165,953 | 167,436 | 166,346 | |||||||||||||
other expense | -9,971,000 | ||||||||||||||||
net income per share | -0.22 | -0.35 | -0.22 | -1.84 | -0.33 | -0.35 | -0.26 | -0.33 | -0.4 | -0.18 | -0.06 | -0.62 | |||||
weighted-average shares used for eps calculation | 164,491 | 160,580 | 158,157 | 154,283 | 155,123 | 153,644 | 151,692 | 148,407 | 148,883 | 147,797 | 146,643 | 79,755 | 67,018 | ||||
loss from equity method investment, net of tax | -1,416,000 | -743,000 | -917,000 | -748,000 | -693,000 | -756,000 | -816,000 | 203,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 | 2021-10-31 | 2021-01-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 224,231,000 | 261,371,000 | 255,719,000 | 227,649,000 | 176,632,000 | 438,616,000 | 420,322,000 | 287,996,000 | 285,309,000 | 273,225,000 | 315,933,000 | 295,402,000 | 372,169,000 | 410,757,000 | 887,489,000 | 884,672,000 | 824,714,000 | 282,850,000 |
short-term investments | 980,077,000 | 903,806,000 | 849,113,000 | 764,728,000 | 740,340,000 | 644,488,000 | 641,173,000 | 748,289,000 | 704,325,000 | 713,058,000 | 621,706,000 | 641,249,000 | 555,583,000 | 519,433,000 | 47,292,000 | 50,031,000 | 100,031,000 | |
accounts receivable | 221,140,000 | 197,775,000 | 201,408,000 | 264,565,000 | 197,555,000 | 165,001,000 | 135,195,000 | 166,731,000 | 135,614,000 | 105,815,000 | 126,079,000 | 130,479,000 | 97,580,000 | 89,344,000 | 68,009,000 | 77,233,000 | 56,976,000 | 39,651,000 |
deferred contract acquisition costs, current | 36,522,000 | 35,306,000 | 35,455,000 | 38,964,000 | 34,518,000 | 33,841,000 | 31,034,000 | 32,300,000 | 27,196,000 | 25,069,000 | 25,093,000 | 26,505,000 | 23,599,000 | 23,648,000 | 23,904,000 | 24,363,000 | 19,880,000 | 18,700,000 |
prepaid expenses and other current assets | 44,979,000 | 37,912,000 | 39,066,000 | 40,411,000 | 43,120,000 | 32,410,000 | 35,319,000 | 45,601,000 | 29,892,000 | 26,053,000 | 26,409,000 | 24,327,000 | 20,454,000 | 20,807,000 | 17,537,000 | 15,544,000 | 10,749,000 | 7,292,000 |
total current assets | 1,506,949,000 | 1,436,170,000 | 1,380,761,000 | 1,336,317,000 | 1,192,165,000 | 1,314,356,000 | 1,263,043,000 | 1,280,917,000 | 1,182,336,000 | 1,143,220,000 | 1,115,220,000 | 1,117,962,000 | 1,069,385,000 | 1,063,989,000 | 1,044,231,000 | 1,051,843,000 | 1,012,350,000 | 348,493,000 |
property and equipment | 10,193,000 | 7,642,000 | 4,856,000 | 4,013,000 | 3,563,000 | 2,899,000 | 2,820,000 | 2,954,000 | 3,690,000 | 4,080,000 | 4,936,000 | 5,797,000 | 5,560,000 | 5,459,000 | 4,347,000 | 3,271,000 | ||
goodwill | 16,919,000 | 16,634,000 | 16,029,000 | 16,139,000 | 16,131,000 | 16,017,000 | 16,070,000 | 8,145,000 | 8,145,000 | 8,145,000 | 8,145,000 | 8,145,000 | 8,145,000 | 8,145,000 | 8,145,000 | 8,145,000 | ||
intangible assets | 11,789,000 | 13,804,000 | 15,819,000 | 17,834,000 | 19,536,000 | 21,867,000 | 16,637,000 | 1,733,000 | 2,254,000 | 2,774,000 | 3,321,000 | 3,901,000 | 4,484,000 | 5,081,000 | 5,684,000 | 6,285,000 | 515,000 | 797,000 |
deferred contract acquisition costs, non-current | 20,288,000 | 18,961,000 | 19,830,000 | 20,142,000 | 17,248,000 | 15,753,000 | 17,738,000 | 19,317,000 | 15,104,000 | 14,743,000 | 15,014,000 | 15,628,000 | 14,240,000 | 13,945,000 | 13,872,000 | 14,743,000 | 11,776,000 | |
other non-current assets | 4,701,000 | 4,583,000 | 4,366,000 | 4,437,000 | 3,552,000 | 4,888,000 | 4,776,000 | 4,390,000 | 5,200,000 | |||||||||
total assets | 1,570,839,000 | 1,498,187,000 | 1,441,990,000 | 1,399,263,000 | 1,252,639,000 | 1,376,262,000 | 1,321,627,000 | 1,317,861,000 | 1,226,896,000 | 1,189,069,000 | 1,164,108,000 | 1,169,200,000 | 1,120,241,000 | 1,115,419,000 | 1,098,953,000 | 1,091,438,000 | 1,028,808,000 | 362,566,000 |
liabilities and stockholders’ equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
accounts payable | 9,187,000 | 11,395,000 | 11,288,000 | 7,519,000 | 2,224,000 | 3,219,000 | 3,230,000 | 1,738,000 | 5,023,000 | 4,165,000 | 3,029,000 | 5,184,000 | 6,233,000 | 5,379,000 | 5,691,000 | 4,984,000 | 4,943,000 | 3,111,000 |
accrued expenses and other current liabilities | 58,406,000 | 52,339,000 | 66,308,000 | 54,680,000 | 51,821,000 | 272,164,000 | 306,734,000 | 286,178,000 | 269,980,000 | 24,643,000 | 28,885,000 | 25,954,000 | 23,753,000 | 24,474,000 | 29,165,000 | 24,571,000 | 9,572,000 | 7,348,000 |
accrued compensation and benefits | 33,402,000 | 30,164,000 | 28,119,000 | 40,233,000 | 27,274,000 | 29,117,000 | 22,743,000 | 35,809,000 | 23,272,000 | 23,504,000 | 15,716,000 | 20,776,000 | 16,716,000 | 15,503,000 | 11,682,000 | 32,820,000 | 16,980,000 | 13,179,000 |
deferred revenue, current | 464,813,000 | 459,459,000 | 450,668,000 | 442,599,000 | 383,183,000 | 362,348,000 | 341,830,000 | 338,348,000 | 287,647,000 | 268,883,000 | 263,423,000 | 254,382,000 | 217,777,000 | 201,348,000 | 188,062,000 | 179,224,000 | 147,395,000 | 103,543,000 |
total current liabilities | 565,808,000 | 553,357,000 | 556,383,000 | 545,031,000 | 464,502,000 | 666,848,000 | 674,537,000 | 662,073,000 | 585,922,000 | 321,195,000 | 311,053,000 | 306,296,000 | 264,479,000 | 246,704,000 | 234,600,000 | 241,599,000 | 178,890,000 | 127,181,000 |
deferred revenue, non-current | 28,977,000 | 25,749,000 | 25,981,000 | 26,369,000 | 14,138,000 | 14,732,000 | 15,267,000 | 23,794,000 | 23,016,000 | 25,860,000 | 28,043,000 | 28,355,000 | 28,946,000 | 24,401,000 | 27,938,000 | 32,568,000 | 30,625,000 | |
other non-current liabilities | 8,057,000 | 7,499,000 | 7,029,000 | 6,557,000 | 3,776,000 | 6,678,000 | 17,465,000 | 14,060,000 | 24,776,000 | 10,774,000 | 9,411,000 | 9,824,000 | 12,125,000 | 13,994,000 | 18,213,000 | 18,002,000 | 11,078,000 | |
total liabilities | 602,842,000 | 586,605,000 | 589,393,000 | 577,957,000 | 482,416,000 | 688,258,000 | 707,269,000 | 699,927,000 | 633,714,000 | 357,829,000 | 348,507,000 | 344,475,000 | 305,550,000 | 285,099,000 | 280,751,000 | 292,169,000 | 219,401,000 | 168,884,000 |
commitments and contingencies | ||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized; no shares issued and outstanding as of october 31, 2025 and january 31, 2025 | ||||||||||||||||||
class a common stock | ||||||||||||||||||
class b common stock | ||||||||||||||||||
additional paid-in capital | 2,141,732,000 | 2,080,759,000 | 2,013,228,000 | 1,952,031,000 | 1,891,653,000 | 1,833,786,000 | 1,768,947,000 | 1,718,661,000 | 1,658,375,000 | 1,610,072,000 | 1,542,603,000 | 1,497,373,000 | 1,453,349,000 | 1,413,491,000 | 1,355,224,000 | 1,320,479,000 | 1,292,710,000 | 186,892,000 |
accumulated deficit | -1,220,973,000 | -1,212,697,000 | -1,203,489,000 | -1,167,614,000 | -1,161,952,000 | -1,191,517,000 | -1,204,466,000 | -1,149,822,000 | -1,113,355,000 | -828,197,000 | -778,117,000 | -725,648,000 | -686,915,000 | -638,460,000 | -579,436,000 | -553,337,000 | -507,552,000 | -398,199,000 |
accumulated other comprehensive income | 1,956,000 | -8,508,000 | -4,996,000 | 570,000 | 3,360,000 | 2,335,000 | 1,547,000 | 1,782,000 | 1,003,000 | -705,000 | -2,874,000 | 3,456,000 | 6,306,000 | 7,724,000 | -19,915,000 | |||
total gitlab stockholders’ equity | 922,715,000 | 866,551,000 | 808,280,000 | 775,909,000 | 724,705,000 | 642,839,000 | 567,841,000 | 571,174,000 | 546,567,000 | 783,657,000 | 765,489,000 | 771,020,000 | 763,560,000 | 778,487,000 | 782,094,000 | |||
noncontrolling interests | 45,282,000 | 45,031,000 | 44,317,000 | 45,397,000 | 45,518,000 | 45,165,000 | 46,517,000 | 46,760,000 | 46,615,000 | 47,583,000 | 50,112,000 | 53,705,000 | 51,131,000 | 51,833,000 | 36,108,000 | 24,403,000 | 25,007,000 | |
total stockholders’ equity | 967,997,000 | 911,582,000 | 852,597,000 | 821,306,000 | 770,223,000 | 688,004,000 | 614,358,000 | 617,934,000 | 593,182,000 | 831,240,000 | 815,601,000 | 824,725,000 | 814,691,000 | 830,320,000 | 818,202,000 | 799,269,000 | 809,407,000 | -231,222,000 |
total liabilities and stockholders’ equity | 1,570,839,000 | 1,498,187,000 | 1,441,990,000 | 1,399,263,000 | 1,252,639,000 | 1,376,262,000 | 1,321,627,000 | 1,317,861,000 | 1,226,896,000 | 1,189,069,000 | 1,164,108,000 | 1,169,200,000 | 1,120,241,000 | 1,115,419,000 | 1,098,953,000 | |||
operating lease right-of-use assets | 393,000 | 329,000 | 381,000 | 444,000 | 482,000 | 543,000 | 405,000 | 533,000 | 673,000 | 1,300,000 | 998,000 | |||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of july 31, 2025 and january 31, 2025; no shares issued and outstanding as of july 31, 2025 and january 31, 2025 | ||||||||||||||||||
accumulated other comprehensive loss | -1,511,000 | -1,459,000 | -758,000 | |||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of april 30, 2025 and january 31, 2025; no shares issued and outstanding as of april 30, 2025 and january 31, 2025 | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of january 31, 2025 and january 31, 2024; no shares issued and outstanding as of january 31, 2025 and january 31, 2024 | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of october 31, 2024 and january 31, 2024; no shares issued and outstanding as of october 31, 2024 and january 31, 2024 | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of july 31, 2024 and january 31, 2024; no shares issued and outstanding as of july 31, 2024 and january 31, 2024 | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of april 30, 2024 and january 31, 2024; no shares issued and outstanding as of april 30, 2024 and january 31, 2024 | ||||||||||||||||||
equity method investment, net of impairment of 8,858 and 0 as of january 31, 2024 and january 31, 2023, respectively | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of january 31, 2024 and january 31, 2023; no shares issued and outstanding as of january 31, 2024 and january 31, 2023 | ||||||||||||||||||
equity method investment | 9,634,000 | 10,574,000 | 11,735,000 | 12,682,000 | 13,624,000 | 14,581,000 | 15,615,000 | |||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of october 31, 2023 and january 31, 2023; no shares issued and outstanding as of october 31, 2023 and january 31, 2023 | ||||||||||||||||||
other long-term assets | 4,860,000 | 4,437,000 | 4,087,000 | 4,803,000 | 4,219,000 | 7,059,000 | 7,151,000 | 4,510,000 | 1,500,000 | |||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of july 31, 2023 and january 31, 2023; no shares issued and outstanding as of july 31, 2023 and january 31, 2023 | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of april 30, 2023 and january 31, 2023; no shares issued and outstanding as of april 30, 2023 and january 31, 2023 | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of january 31, 2023 and january 31, 2022; no shares issued and outstanding as of january 31, 2023 and january 31, 2022 | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of october 31, 2022 and january 31, 2022; no shares issued and outstanding as of october 31, 2022 and january 31, 2022 | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of july 31, 2022 and january 31, 2022; no shares issued and outstanding as of july 31, 2022 and january 31, 2022 | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares authorized as of april 30, 2022 and january 31, 2022, respectively; no shares issued and outstanding as of april 30, 2022 and january 31, 2022, respectively | ||||||||||||||||||
liabilities, convertible preferred stock, and stockholders’ equity | ||||||||||||||||||
convertible preferred stock | ||||||||||||||||||
convertible preferred stock, 0.0000025 par value; no shares and 79,959 shares authorized as of january 31, 2022 and january 31, 2021, respectively; no shares and 79,551 shares issued and outstanding as of january 31, 2022 and january 31, 2021, respectively | 424,904,000 | |||||||||||||||||
stockholders’ equity | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares and no shares authorized as of january 31, 2022 and january 31, 2021, respectively; no shares issued and outstanding as of january 31, 2022 and january 31, 2021, respectively | ||||||||||||||||||
total gitlab stockholders' equity | 774,866,000 | 784,400,000 | -231,222,000 | |||||||||||||||
total liabilities, convertible preferred stock, and stockholders’ equity | 1,091,438,000 | 1,028,808,000 | 362,566,000 | |||||||||||||||
deferred contract acquisition costs, long-term | 11,433,000 | |||||||||||||||||
deferred revenue, long-term | 27,589,000 | |||||||||||||||||
other long-term liabilities | 12,922,000 | |||||||||||||||||
convertible preferred stock, 0.0000025 par value; no shares and 79,959 shares authorized as of october 31, 2021 and january 31, 2021, respectively; no shares and 79,551 shares issued and outstanding as of october 31, 2021 and january 31, 2021, respectively | ||||||||||||||||||
preferred stock, 0.0000025 par value; 50,000 shares and no shares authorized; no shares issued and outstanding as of october 31, 2021 and january 31, 2021 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-10-31 | 2025-07-31 | 2025-04-30 | 2025-01-31 | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||
net loss, including amounts attributable to noncontrolling interest | -8,797,000 | -9,996,000 | -36,258,000 | 5,227,000 | 28,267,000 | 12,274,000 | -54,887,000 | -37,571,000 | -286,355,000 | -51,208,000 | -52,899,000 | -42,121,000 | -50,465,000 | -61,497,000 | -26,613,000 | -46,764,000 |
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||
stock-based compensation expense, net of amounts capitalized | ||||||||||||||||
change in fair value of acquisition related contingent consideration | 0 | 0 | ||||||||||||||
charitable donation of common stock | 1,970,000 | 1,787,000 | 1,739,000 | 2,956,000 | 2,957,000 | 2,957,000 | 2,957,000 | 2,675,000 | 2,675,000 | 2,675,000 | 2,675,000 | |||||
amortization of intangible assets | 2,015,000 | 2,015,000 | 2,020,000 | 2,195,000 | 2,511,000 | 2,333,000 | 1,087,000 | 521,000 | 521,000 | 546,000 | 579,000 | 595,000 | 591,000 | 595,000 | 581,000 | 414,000 |
depreciation expense | 869,000 | 759,000 | 556,000 | 499,000 | 680,000 | 744,000 | 937,000 | 1,039,000 | 1,123,000 | 1,114,000 | 1,092,000 | 1,033,000 | 912,000 | 728,000 | 558,000 | |
amortization of deferred contract acquisition costs | 13,478,000 | 13,370,000 | 13,899,000 | 14,064,000 | 12,704,000 | 11,837,000 | 11,109,000 | 12,397,000 | 10,447,000 | 10,070,000 | 10,549,000 | 12,265,000 | 11,075,000 | 10,805,000 | 10,813,000 | 9,813,000 |
net amortization of premiums or discounts on short-term investments | -1,741,000 | -2,609,000 | -2,996,000 | -3,813,000 | -3,792,000 | -4,241,000 | -4,900,000 | -5,988,000 | -5,867,000 | -4,898,000 | -3,596,000 | -2,731,000 | -2,053,000 | |||
unrealized foreign exchange loss | 2,416,000 | 1,069,000 | 9,901,000 | -4,084,000 | -5,184,000 | -803,000 | 545,000 | 4,396,000 | -573,000 | 354,000 | -2,509,000 | -1,341,000 | -231,000 | 637,000 | ||
other non-cash expense | 231,000 | 192,000 | 208,000 | 162,000 | 467,000 | -111,000 | 412,000 | 1,013,000 | 420,000 | 155,000 | -30,000 | 737,000 | -268,000 | 325,000 | ||
changes in assets and liabilities: | ||||||||||||||||
accounts receivable | -23,472,000 | 3,859,000 | 65,928,000 | -67,991,000 | -32,883,000 | -29,847,000 | 31,072,000 | -31,050,000 | -30,572,000 | 20,441,000 | 4,840,000 | -32,006,000 | -8,595,000 | -22,242,000 | 8,674,000 | -20,873,000 |
prepaid expenses and other current assets | -7,036,000 | 1,219,000 | 1,527,000 | 5,926,000 | -10,773,000 | 2,917,000 | 10,354,000 | -15,671,000 | -3,935,000 | -2,161,000 | -2,087,000 | -3,589,000 | 168,000 | -3,330,000 | -2,158,000 | -4,846,000 |
deferred contract acquisition costs | -15,898,000 | -12,304,000 | -8,126,000 | -22,421,000 | -14,751,000 | -12,415,000 | -8,540,000 | -21,340,000 | -13,623,000 | -9,640,000 | -8,497,000 | -15,410,000 | -11,935,000 | |||
other non-current assets | 233,000 | -198,000 | 379,000 | -1,034,000 | 1,348,000 | -78,000 | -419,000 | 865,000 | ||||||||
accounts payable | -2,302,000 | -472,000 | 3,586,000 | 5,472,000 | -1,317,000 | 14,000 | 1,336,000 | -3,219,000 | 799,000 | 1,135,000 | -2,158,000 | -1,106,000 | 865,000 | -272,000 | 800,000 | 91,000 |
accrued expenses and other current liabilities | 6,140,000 | -14,257,000 | 9,979,000 | -11,665,000 | -220,071,000 | -41,250,000 | 19,617,000 | 12,436,000 | 244,674,000 | -1,606,000 | 2,789,000 | 1,370,000 | 3,159,000 | -1,479,000 | 1,569,000 | 12,934,000 |
accrued compensation and benefits | 3,168,000 | 2,021,000 | -13,084,000 | 13,558,000 | -1,913,000 | 6,250,000 | -13,152,000 | 12,331,000 | 231,000 | 7,732,000 | -5,121,000 | 3,457,000 | 1,530,000 | 3,926,000 | -20,606,000 | 15,943,000 |
deferred revenue | 8,011,000 | 8,284,000 | 1,205,000 | 74,240,000 | 19,665,000 | 19,286,000 | -4,448,000 | 50,189,000 | 17,983,000 | 2,792,000 | 8,383,000 | 32,803,000 | 22,651,000 | 10,862,000 | 6,687,000 | 37,605,000 |
other non-current liabilities | 461,000 | 346,000 | 12,000 | 3,295,000 | -2,985,000 | -10,889,000 | 2,806,000 | -10,821,000 | 14,270,000 | |||||||
net cash from operating activities | 31,428,000 | 49,369,000 | 106,302,000 | 63,222,000 | -177,028,000 | 11,697,000 | 38,138,000 | 24,853,000 | -5,961,000 | 27,109,000 | -10,961,000 | -11,720,000 | -1,197,000 | -36,335,000 | -28,156,000 | -1,094,000 |
capital expenditures | 0 | -2,904,000 | -912,000 | -1,157,000 | -1,057,000 | -851,000 | -700,000 | -329,000 | -736,000 | -277,000 | -256,000 | -1,052,000 | -1,784,000 | -1,360,000 | -1,874,000 | 0 |
free cash flows | 31,428,000 | 46,465,000 | 105,390,000 | 62,065,000 | -178,085,000 | 10,846,000 | 37,438,000 | 24,524,000 | -6,697,000 | 26,832,000 | -11,217,000 | -12,772,000 | -2,981,000 | -37,695,000 | -30,030,000 | -1,094,000 |
cash flows from investing activities: | ||||||||||||||||
purchases of short-term investments | -314,385,000 | -237,946,000 | -245,952,000 | -204,304,000 | -240,136,000 | -118,866,000 | -144,392,000 | -242,021,000 | -238,680,000 | -276,132,000 | -58,864,000 | -189,671,000 | -111,287,000 | -473,303,000 | -47,361,000 | 0 |
proceeds from maturities of short-term investments | 241,641,000 | 184,280,000 | 163,606,000 | 183,520,000 | 148,763,000 | 121,412,000 | 254,687,000 | 207,028,000 | 253,995,000 | 189,484,000 | 83,500,000 | 108,925,000 | 72,670,000 | 0 | 50,031,000 | |
proceeds from sales of short-term investments | 0 | 0 | 1,367,000 | |||||||||||||
additions to property and equipment | ||||||||||||||||
payments for business combination, net of cash acquired | 0 | 0 | 0 | -20,210,000 | ||||||||||||
payments for asset acquisition | 0 | -346,000 | ||||||||||||||
other investing activities | 0 | 0 | ||||||||||||||
net cash from investing activities | -75,782,000 | -56,570,000 | -81,891,000 | -21,941,000 | -92,776,000 | -5,162,000 | 89,385,000 | -35,772,000 | 14,579,000 | -89,425,000 | 24,380,000 | -81,798,000 | -40,401,000 | -474,663,000 | -8,824,000 | 46,136,000 |
cash flows from financing activities: | ||||||||||||||||
proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases | 8,182,000 | 3,947,000 | 3,328,000 | 6,069,000 | 7,822,000 | 4,980,000 | 5,093,000 | 9,810,000 | 4,715,000 | 10,264,000 | 7,513,000 | 7,061,000 | 6,143,000 | 5,994,000 | 5,317,000 | 10,780,000 |
issuance of common stock under employee stock purchase plan | 0 | 5,624,000 | 0 | 5,182,000 | 0 | 4,824,000 | 0 | |||||||||
payments for taxes related to net share settlement of equity awards | ||||||||||||||||
settlement of acquisition related contingent cash consideration | 0 | |||||||||||||||
net cash from financing activities | 7,653,000 | 12,351,000 | 3,328,000 | 11,693,000 | 2,922,000 | 12,912,000 | 5,093,000 | 14,992,000 | 4,715,000 | 18,015,000 | 7,513,000 | 11,885,000 | 7,059,000 | 34,815,000 | 43,723,000 | 9,597,000 |
impact of foreign exchange on cash and cash equivalents | -439,000 | 502,000 | 331,000 | -1,957,000 | 4,898,000 | -1,153,000 | -290,000 | -1,386,000 | -1,249,000 | -907,000 | -401,000 | 4,866,000 | -4,049,000 | -549,000 | -3,926,000 | |
net decrease in cash and cash equivalents | 51,017,000 | 12,084,000 | ||||||||||||||
cash and cash equivalents at beginning of period | 0 | 0 | 227,649,000 | 0 | 0 | |||||||||||
cash and cash equivalents at end of period | -37,140,000 | 5,652,000 | 255,719,000 | 51,017,000 | -261,984,000 | |||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||
cash paid (refunds) for income taxes related to the bilateral advance pricing agreement | ||||||||||||||||
other cash paid for income taxes | ||||||||||||||||
supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
unpaid property and equipment in accounts payable and accrued expenses | 13,000 | |||||||||||||||
stock-based compensation capitalized as internal-use software cost | ||||||||||||||||
stock-based compensation expense | 54,284,000 | 55,827,000 | 46,636,000 | 48,042,000 | 48,969,000 | 42,252,000 | 43,017,000 | 41,334,000 | 46,368,000 | 32,330,000 | 33,641,000 | 33,708,000 | 37,747,000 | 17,471,000 | 12,767,000 | |
purchases of property and equipment | -2,904,000 | -912,000 | -1,157,000 | -1,057,000 | -851,000 | -700,000 | -329,000 | -736,000 | -277,000 | -256,000 | -1,052,000 | -1,784,000 | -1,360,000 | -1,874,000 | ||
net increase in cash and cash equivalents | 5,652,000 | 28,070,000 | 18,294,000 | 132,326,000 | 20,531,000 | -76,767,000 | 2,817,000 | |||||||||
cash paid (refunds) for income taxes | -381,000 | -1,295,000 | ||||||||||||||
unpaid direct transaction costs related to the asset acquisition in accrued expenses | ||||||||||||||||
vesting of early exercised stock options | 38,000 | 98,000 | 517,000 | 2,146,000 | ||||||||||||
unpaid property and equipment in accounts payable | 135,000 | |||||||||||||||
gain from deconsolidation of arch, formerly meltano | ||||||||||||||||
loss from equity method investment | 776,000 | 940,000 | 1,161,000 | 947,000 | 942,000 | 957,000 | 1,034,000 | 256,000 | ||||||||
impairment of equity method investment | ||||||||||||||||
deconsolidation of arch, formerly meltano | ||||||||||||||||
escrow payment related to business combination, after acquisition date | 0 | 0 | ||||||||||||||
contributions received from noncontrolling interests, net of issuance costs | 0 | 4,053,000 | 22,145,000 | 35,528,000 | ||||||||||||
cash paid for income taxes related to the bilateral advance pricing agreement | 0 | |||||||||||||||
acquisition measurement period adjustment | ||||||||||||||||
reconciliation of cash, cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statements of cash flows above: | ||||||||||||||||
cash and cash equivalents | ||||||||||||||||
restricted cash, included in prepaid expenses and other current assets | ||||||||||||||||
total cash, cash equivalents and restricted cash | ||||||||||||||||
cash paid for income taxes | 792,000 | 1,011,000 | 888,000 | 1,828,000 | 3,121,000 | 1,066,000 | 311,000 | 218,000 | 136,000 | 173,000 | ||||||
cash, cash equivalents, and restricted cash at beginning of period | 287,996,000 | 0 | 0 | 0 | 297,902,000 | 0 | 0 | 0 | 887,172,000 | |||||||
cash, cash equivalents, and restricted cash at end of period | 420,322,000 | 2,687,000 | 12,084,000 | -45,208,000 | 318,433,000 | -76,767,000 | -38,588,000 | -476,732,000 | 889,989,000 | |||||||
right-of-use assets obtained in exchange for new operating lease liabilities | 284,000 | |||||||||||||||
gain from the fair value change of acquisition related contingent consideration | ||||||||||||||||
payments for business combination, net of cash acquired and consideration withheld in an escrow | ||||||||||||||||
proceeds from initial public offering, net of underwriting discounts | 0 | |||||||||||||||
proceeds from warrants exercised | ||||||||||||||||
repurchase of common stock in a tender offer | ||||||||||||||||
partial settlement of acquisition related contingent cash consideration | 0 | |||||||||||||||
payments of deferred offering costs | -1,269,000 | |||||||||||||||
cash donations | ||||||||||||||||
issuance of common stock upon conversion of preferred stock | ||||||||||||||||
unpaid property and equipment in accrued expenses | 33,000 | |||||||||||||||
unpaid deferred offering costs | ||||||||||||||||
restricted cash, included in other non-current assets | ||||||||||||||||
gain from deconsolidation of meltano inc. | 0 | 0 | 0 | -17,798,000 | ||||||||||||
deconsolidation of meltano inc. | 0 | 0 | 0 | -9,620,000 | ||||||||||||
other long-term assets | -419,000 | -302,000 | 962,000 | -650,000 | 2,761,000 | -61,000 | -254,000 | |||||||||
unrealized foreign exchange gain | -262,000 | |||||||||||||||
other non-cash income | -59,000 | |||||||||||||||
other long-term liabilities | -164,000 | -1,174,000 | -576,000 | -3,115,000 | 2,419,000 | -1,496,000 | ||||||||||
proceeds from short-term borrowings from an investor in jihu | ||||||||||||||||
operating lease non-cash expense | ||||||||||||||||
payments for asset acquisitions | ||||||||||||||||
reconciliation of cash, cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above: | ||||||||||||||||
restricted cash, included in other long-term assets | ||||||||||||||||
costs deferred related to contract acquisition | -10,249,000 | -17,933,000 | ||||||||||||||
proceeds from short-term borrowings from a potential investor in jihu | 2,878,000 | |||||||||||||||
unpaid issuance costs related to capital contributions from noncontrolling interest holders | 744,000 | |||||||||||||||
net proceeds from series e preferred stock financing | ||||||||||||||||
contributions received from noncontrolling interests | 0 | |||||||||||||||
impact of foreign exchange on cash, cash equivalents and restricted cash | ||||||||||||||||
net increase in cash, cash equivalents and restricted cash | ||||||||||||||||
cash, cash equivalents and restricted cash at beginning of period | ||||||||||||||||
cash, cash equivalents and restricted cash at end of period | ||||||||||||||||
intangible assets acquisitions, net of cash acquired | ||||||||||||||||
repurchase of common stock | ||||||||||||||||
net increase in cash | ||||||||||||||||
cash and cash equivalents, beginning of period | ||||||||||||||||
cash and cash equivalents, end of period | ||||||||||||||||
conversion of convertible preferred stock to common stock upon initial public offering |