GitLab Inc.

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Before we begin, I'll cover the safe harbor statement. As is customary, the content of today's call and presentation will be governed by this language. In addition, during today's call, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures exclude certain unusual or non-recurring 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. I will now turn the call over to 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. 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. Dapp 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 four of our top 10 deals. Over the course of FY27, we intend to transition Duo Pro and Duo Enterprise subscriptions into Dapp, consolidating our AI portfolio into a single agentic platform and onto the consumption business model. 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 two and a half 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. 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. 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. 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. 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. Second, agentic workloads are pushing DevSecOps infrastructure 100%. 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. 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. 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. 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. 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. 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. DAP is unlocking access to incremental AI budgets beyond existing DevSecOps spend. That's a different commercial dynamic than seed 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. One customer story makes the dynamic concrete. A top 10 U.S. bank ran a dual agent platform pilot across everyday engineering workflows. In Q1, developers averaged an hour and a half 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. 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. 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. Second, the head of software engineering at a top-ten 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. 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. 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. 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. 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. 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. 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 commoditize 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 dApp 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. 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. 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. 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. 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. 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. 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 U.S.' '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. AI-scale workloads added to Zillow's coding agent providers and Zillow's internal agents have meant fundamentally different infrastructure needs as AI-assisted workflows help engineering teams ship 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. 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. 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. Thank you. The opportunity ahead isn't incremental growth on a DevSecOps platform. We are 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. With that, I'll turn it over to Jessica.