GitLab Q1 Earnings: Revenue Beat, EPS Beat, Raised Guidance And More

GitLab Inc (NASDAQ:GTLB) reported first-quarter financial results after the market close on Monday. Here’s a look at the key metrics from the quarter.

Q1 Earnings: GitLab reported first-quarter revenue of $169.187 million, beating analyst estimates of $165.887 million. The company reported first-quarter adjusted earnings of 3 cents per share, beating analyst estimates for a loss of 4 cents per share, according to Benzinga Pro.

Revenue was up 33% on a year-over-year basis. Customers with more than $5,000 of ARR increased to 8,976, up 21% year-over-year. Customers with more than $100,000 of ARR increased to 1,025, up 35% year-over-year.

GitLab reported operating cash flow of $38.1 million in the first quarter. The company also said it generated $37.4 million of adjusted free cash flow during the quarter. GitLab ended the quarter with approximately $420.3 million in cash.

“Our results show that customers see the value of our end-to-end DevSecOps platform, which enables them to leverage AI throughout the software development lifecycle and enhance productivity while creating better and more secure code,” said Sid Sijbrandij, co-founder and CEO of GitLab.

Outlook: GitLab sees second-quarter revenue in the range of $176 million to $177 million versus estimates of $176.733 million. The company expects second-quarter adjusted earnings to be between 9 cents and 10 cents per share versus estimates for 5 cents per share.

GitLab also raised its full-year outlook. The company now expects full-year revenue to be between $733 million and $737 million versus estimates of $731.672 million. The company expects full-year adjusted earnings to be between 34 and 37 cents per share versus estimates of 21 cents per share.

Management will hold a conference call to discuss its quarterly results at 4:30 p.m. ET.

GTLB Price Action: GitLab shares were down approximately 25% year-to-date heading into the print. The stock was volatile in Monday’s after-hours session, down 1.83% at $46.45 at publication time, per Benzinga Pro.

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