Balance sheet analysis
GitLab’ s total assets were $1.32 billion and $1.17 billion as of January 31, 2024 and as of January 31, 2023, respectively.
Total current assets were $1.28 billion at January 31, 2024, accounting for 97% of total assets.
The 97% is a extreme number.
Non-current assets was very minimal.
Total liabilities was about $700 million as of January 31, 2024.
Cash and cash equivalents were $288 million as of January 31, 2024.
Short-term investments were $748 million as of January 31, 2024.
The combined of cash, cash equivalents and short-term investments was about $1 billion, which was more than the amount of total liabilities.
We could see that GitLab’ s balance sheet is rather healthy.
Profitability analysis
GitLab’ s total revenue was $580 million, $424 million and $253 million in fiscal 2024, in fiscal 2023,and fiscal 2022, respectively.
Total revenue in 2024 was up 36.8% year-on-year.
Total revenue in 2023 was up 67.6% year-on-year.
Gross profit was $520 million, $373 million and $223 million in 2024, 2023 and 2022, respectively.
Gross profit margin was 90%, 88% and 88% for 2024, 2023 and 2022, respectively.
Operating loss was $187 million, $211 million and $129 million in 2024, 2023 and 2022, respectively.
Generally, we need to look at stock-based compensation expense.
Stock-based compensation expense was $163 million, $122 million and $30 million in 2024, 2023 and 2022, respectively.
Cash flow analysis
Net cash provided by operating activities was $35 million, -$77 million and -$50 million in 2024, 2023 and 2022, respectively.
Net cash from operations in 2024 was positive.
Conclusion
GitLab’ s balance sheet was very healthy.
The company has been in loss in the past three years.
Stock-based compensation would reduce valuation in company.
We think that GitLab ‘s investment value has not yet emerged.
Disclaimer: The content is for reference only and does not constitute investment advice.
Introduction
In today’s world, software defines the speed of innovation. Every industry, business, and every function within a company is dependent on software. Nearly all companies must digitally transform and become experts at building, delivering, and securing software to remain competitive and survive.
To meet these market needs, GitLab pioneered The DevSecOps Platform, a fundamentally new approach to software development and delivery. Our platform is uniquely built as a single application with native artificial intelligence, or AI, assisted workflows, and a single interface with a unified data model, enabling all stakeholders in the software delivery lifecycle – from development teams to operations teams to security teams – to work together in a single tool with a single workflow. With GitLab, they can build better, more secure software, faster.
GitLab is the solution to significant business transformation needs. Across every industry – and across companies of every size – technology leaders want to make developers more productive so they can deliver better products faster; they want to measure productivity so they can increase operational efficiency; they want to secure the software supply chain so they can reduce security and compliance risk; and, they want to accelerate secure cloud migration, so they can unlock digital transformation results. These technology leaders need a platform that enables a value stream-driven mindset that shortens the time from idea to customer value and establishes a powerful flywheel for data collection and aggregation. And they are looking for a platform approach that unifies the entire development experience, so that customers can be faster than their competition in moving from idea to customer value.
