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Image source: The Motley Fool. Tuesday, Sept. 1, 2026, at 4:30 p.m. ET VP of finance, strategy, and operations-Nick Edwards Chief Executive Officer-Bill Staples Chief Financial Officer-Jessica Ross Operator: Good day, everyone. And welcome to today's GitLab's second quarter fiscal year 27 conference call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. If you would like to ask a question, please use the raise-hand feature located in the menu at the bottom of your Zoom toolbar. In addition, please ensure your Zoom name reflects your full name and the firm you are with. And if you are joining via phone, you may press 9 to ask a question. Please note this call is being recorded. It is now my pleasure to turn the conference over to Nick Edwards. Good afternoon, and welcome to GitLab's second quarter 27 financial results earnings call. I am Nick Edwards, VP of finance, strategy and operations, and 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 second quarter and full year results, and guidance for the second quarter and fiscal year 27. In addition to our prepared remarks on this call, additional information can be found in our shareholder letter, press release, investor presentation. And SEC filings on our Investor Relations website at ir.gitlab.com. Before we begin, I will 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 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, and 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. We will now turn the call over to Bill. Bill? William Staples: Bill? Thanks, Nick, and good afternoon, everyone. Q2 was an exceptional quarter. Let me start with just some of the highlights. Revenue was 286.3 million, up 21% year over year. And non GAAP operating income was 42.6 million representing a 15% operating margin. Our sales team delivered the largest gross bookings quarter in company history. And net ARR grew more than 40% year-over-year, our highest in several years. We also beat all of our targets on first orders, which grew more than 100% year over year. Underneath those highlights, I would like to share a brief update on each of the 5 growth initiatives that we laid out for this year. First, we told you it was important that we accelerate first orders. Q2 was our largest first order quarter in 3 years. First order count grew more than 100% year over year, and first order net ARR increased nearly 40%. Our dedicated first order organization is building more repeatable sales motions, while our product led investments are widening the top of the funnel. The combination is bringing significantly more new customers into GitLab. it is important to win customers of all sizes including AI start-ups, and others with small orders to begin with, because more than half of our current $1 billion-plus in run rate revenue comes from customers whose first order was <$5 thousand. Our strategy is to land customers wherever they are ready to start and grow with them over time. Second, we said increased predictive sales capacity would be an important driver of reacceleration. And in Q2, we saw that thesis begin to pay off. Account executive capacity increased approximately 30% year-over-year, while productivity per rep improved 10%. Attrition also improved year over year for the second consecutive quarter. Adding capacity while simultaneously increasing productivity is difficult, and we believe it demonstrates that the investments that we have made into our sales organization are beginning to compound. The result was the largest gross bookings quarter in GitLab history, and net ARR growth of more than 40%. Third, we told you it was important for us to expand our monetization vectors. Our seat based business continues to grow, and AI is creating an additional opportunity for GitLab to monetize an increasing amount of work happening across the software life cycle. Flex is an important enabler of that strategy. After only 6 weeks in market, more than 130 customers committed >$20 million to Flex. That early response reinforces our belief that customers want a simpler way to allocate their GitLab spend across seats and new consumption products as their needs evolve. Prior to flex, customers committed dollars to fixed quantities of seats for premium or ultimate access to our platform. Flex changes that. Customers now make a dollar commitment and each month, they could decide how to put it to work across seats, and all of our consumption products. The commitment is fixed and can be used for any product in the platform. With work accelerating due to agents and more builders coming into the picture, we have a tremendous opportunity ahead to create and capture value. Anything we can do to shorten the time between customer interest and realized value is good for customers and is good for GitLab. Flex was designed to do this in 3 important ways. First, it helps customers get more value from every dollar they commit to GitLab. Instead of leaving unused capacity stranded as shelfware, customers can redirect dollars toward products creating the most value for them. We believe better utilization should strengthen our already healthy retention profile by reducing the potential for churn and contraction driven by unused spend. Flex also reduces sales and procurement friction. Because once the financial commitment is in place, customers can allocate dollars across existing and new products on their own timing throughout the year without requiring a new commercial agreement each time. We have already increased sales capacity and productivity, Flex should help us make that capacity even more productive by allowing our teams to spend less time on incremental contracting and more time helping customers realize value. And third, it lets usage expand seamlessly as customer needs grow. Customers can consume any eligible product on demand. above reserve capacities, Including premium and ultimate seats. And any usage above their commitment or reservation is billed in the month it occurs. That removes many of the true up and contracting cycles that are required today to capture that incremental usage and gives customers more flexibility It creates another potential growth tailwind for GitLab as usage expands. Paid consumption run rate ended the quarter >$40 million. Up from $15 million exiting in Q1 thanks to the introduction of Flex. As a reminder, paid CRR is a point in time annualized measure that includes GitLab credit commitments, flex commitments, and paid on demand consumption. It excludes trials and promotional credits. We believe paid CRR gives investors a useful way to track the dollars moving through our consumption model as it scales. Our objective is to exceed $100 million of paid CRR by the end of this fiscal year. We entered this year with a business monetized entirely through seat subscriptions. And we now expect to exit it with seats continuing to grow alongside a meaningful and scaling consumption business. Fourth, we need to improve our performance in our price sensitive customer segments. And I am pleased to report that we now have seen stabilization in SMB and mid market this quarter with performance ahead of our targets for both of those segments in both expansion and first orders. Our thesis was increased focus and investment in this segment could improve performance, and this quarter's results are encouraging. We want to see that performance sustained over the next few quarters. We are increasingly confident that we are on the right path. Fifth, we are executing a bold AI strategy. This quarter, Duo Agent Platform CRR grew roughly 50% quarter over quarter, inclusive of credit commitments, paid on demand credits, and flex reservations. We also broadened adoption geographically. After a more US centric first quarter. And 1 top 20 US commercial bank expanded its AI credit pool nearly tenfold this quarter. But I think the broader AI story is even more important. For more than a decade, GitLab has brought together the context of how software is built, secured, and shipped. Across source code, issues, merge requests, pipelines, vulnerabilities, policies, approvals, deployments. As AI becomes more capable, we believe that connected context becomes even more valuable. And we are seeing early evidence of that with GitLab Orbit our context graph for the software life cycle. Since opening the beta in June, more than 2.2 thousand organizations have enabled orbit indexing an increase of 70% in 4 weeks. Customers have generated more than a 170 thousand+ queries and roughly 80% of customer query volume comes from customers connecting Orbit to external agents such as Claude code and Cole. We are also beginning to see evidence that better context improves agent performance. Compare the market tested Orbit against traditional rag with 79 real merge requests and saw accuracy improve 58% to 70%. And the same dynamic is visible across our platform, Year over year, secure repositories grew 60%, code pushes grew 50%, and CICD pipelines grew 40%. Among some customers moving aggressively into AI assisted development, we have seen codebases grow as much as 500%. The pattern is increasingly clear. As enterprises adopt more AI development tools, they use more of GitLab. That matters because our core business remains very strong. Ultimate now represents 59% of ARR, and 8 of our top 10 deals this quarter. Premium and ultimate are the foundation of a business now exceeding a billion dollars in trailing 4 quarter revenue and we continue to see significant opportunity ahead. AI gives us the opportunity to build on top of that foundation, with new products, new consumption, and entirely new kinds of work flowing through GitLab. Before I turn it over to Jessica, I want to recognize 2 important groups. First, Ian Steward, our CRO, and the entire sales organization. Ian has now been with GitLab for 5 quarters. The results we are seeing today reflect many quarters of disciplined work building the fundamentals, sharpening our strategy, and creating a team capable of executing against it. I especially also want to recognize the entire GitLab team because at the beginning of this quarter, we made the difficult decision to restructure the company. Many people chose to stay and help build GitLab's next chapter. Together, we delivered 1 of the strongest quarters in our company's history. To everyone at GitLab, thank you for your hard work, your resilience, and your trust. I am so incredibly proud of you and what we have accomplished. We are entering act 2 from a position of strength, a healthy core business, accelerating customer growth, new products gaining traction, and a consumption model designed for a world where humans and agents increasingly build software together. With that, I will turn it over to Jessica. Jessica Ross: Thanks, Bill. And thanks to everyone joining us today. Q2 was an exceptional quarter, and we believe an important inflection point for this business. Revenue was 286.3 million up 21% year over year and roughly 5 points ahead of our guidance. We delivered the strongest gross bookings quarter in company history. Net ARR grew 42% year-over-year, our second highest growth quarter in the last 4 years. Dollar based net retention accelerated sequentially for the first time since Q1 2024. And we did all of this while also beating our profitability expectations. The strength in our business was broad based across new and existing customers and multiple geographies. Every customer size and across our core platform. That breadth is why we are increasingly confident in the underlying trajectory of this business. Our go to market team executed at an extremely high level. We closed significantly more large deals than we forecasted, We saw better than expected linearity. And sales attainment improved. Deals of $500 thousand or more grew more than 150% year over year. A clear signal that our largest customers are deepening their commitment to GitLab. Public sector also rebounded meaningfully in the quarter, and we see room for that recovery to continue as buying patterns normalize through the back half of the year. We also saw a genuine step change in new customer formation. We had approximately 1.7 thousand first orders in the quarter, More than double a year ago. And new logo net ARR grew 39% year-over-year. The magnitude of this quarter's performance exceeded even our own ambitious expectations. We care about all the customers that choose GitLab, large and small. More than half of our $1 billion-plus run-rate revenue base today came from customers whose very first order was under $5 thousand. Landing them early and growing with them is part of our competitive advantage. It allows us to acquire customers efficiently and grow with them over time. GitLab Ultimate had an exceptional quarter as well. Ultimate ARR grew approximately 35% year-over-year and now represents 59% of our total ARR. Security, governance, and compliance are becoming more central to buying decisions. As artificial intelligence proliferates across the software development life cycle. We are starting to see demand extend beyond the traditional developer seat entirely as AI makes software creation accessible to a much broader set of builders across the enterprise. We think that expands who GitLab can ultimately serve. Turning to customer metrics. Gross retention stayed well above 90%. Consistent with our historical trends. Dollar based net retention was 117%, up sequentially for the first time since Q1 2024. Total RPO grew 16% year over year to $1.2 billion, and current RPO grew 20% to $744.7 million. Calculated billings grew 24%, doubling the 12% growth rate we posted just last quarter. Our emerging products are gaining real traction. Duo agent platform's paid CRR grew 50%, sequentially, and platform wide paid consumption run rate exceeded $40 million exiting the quarter. Usage trends tell the same story. CI pipelines created and push actions were both up more than 40% year over year. Moving down the income statement. Non GAAP gross margin was 86.5%. SaaS was 34% of total revenue and grew 36% year-over-year. Powered by continued strength in GitLab dedicated, and Duo. Non GAAP operating income was 42.6 million, up from $39.6 million a year ago. For a non GAAP operating margin of approximately 15% ahead of our expectations driven by improved sales and marketing productivity and the timing of certain investments. We incurred approximately $23.3 million in restructuring charges, in line with what we outlined last quarter. On JiHu, Q2 non GAAP expenses were essentially flat year over year at $3 million. Our goal remains to deconsolidate Juhu though we cannot predict if or when that will happen. Adjusted free cash flow was $9.8 million, a 3% margin, with the timing of collections weighing on the number this quarter. We returned capital to shareholders by repurchasing approximately 3.5 million shares. We have about $245 million remaining under our current authorization. We ended Q2 with $1.3 billion in cash and investments. Before I get to guidance, I wanna spend some time on Flex, because it is central to where this business is going and because it changes how some of our results will show up in reported financials. This is the first quarter Flex shows up in our results. And the impact was therefore immaterial relative to the size of our existing revenue base. However, in the first 6 weeks on the market, over 130 customers committed more than $20 million to Flex, That is a fast, emphatic signal of demand for a fundamentally better way to buy from us. At its core, Flex is a single annual or multi year dollar commitment that customers draw down flexibly across premium and ultimate seats, GitLab credits, and other usage based capabilities. Without renegotiating a contract or restarting procurement every time their needs shift. We think this is simply a better model for customers, and we believe over time, it becomes the default way customers transact with GitLab. it is a better model for us too. It means our growth is tied to how much value customers get from the whole platform. Not just how many seeds they buy. Given the strong signal we are seeing from our customers, we have become more convicted in the growth and adoption of Flex. It also means Flex may become materially impactful to our financial results as this commercial model becomes our customer's first choice for transacting with us. From that standpoint, there are 2 reporting implications investors will need to understand clearly when it comes to the impact of a more material adoption of Flex by our customer base. Revenue recognition, and RPO. First, revenue recognition. Today, approximately 15% of a traditional self managed license is recognized upfront. Under flex, the license fee is no longer recognized upfront. Since customers can shift product mix within their committed dollars that revenue is instead recognized over the contract term. To help you model this, for every 50 million of our self managed available to renew that converts to flex in FY27, we estimate approximately 5 million of revenue that would otherwise have landed in FY27 instead shifts to be recognized over future periods. Given the size of the available to renew pool in the back half of the year, as well as our visibility into the H2 pipeline, we expect the maximum potential impact on our revenue to be approximately $13 million in FY27. To be clear, this is just a timing change in revenue recognition. It is not a change in the underlying customer commitment and it is not a change in cash economics. Customer commitments are unchanged, and cash billings continue to be billed annually upfront regardless of which model a customer is on. Because flex is a contractual dollar commitment, the full committed amount is captured in total RPO. However, flex is excluded from current RPO because it is signing. The customer controls the timing, product mix, and pace of future consumption. So we cannot reliably say how much relates to the next 12 months. That means as Flex scales, you may see total RPO and revenue growth move at different paces, and you should expect that. This quarter, CRPO saw a 3-point headwind relative to RPO purely from the absence of flex commitments in that metric. Every quarter, as flex adoption grows, we will explicitly quantify its impact so you can cleanly separate the accounting effect of Flex from the underlying performance of the business. Now turning to our outlook. Our confidence in the underlying trajectory of this business has increased following our first half performance. A few things to keep in mind as you think about the second half. First, we are taking a more constructive view of public sector. Given the improved buying patterns we saw this quarter. And we expect that recovery to continue gradually through the rest of the year. Second, Q2 benefited from exceptional execution. More large deals than forecasted, improved linearity, our best pipeline conversion ever. Our second half outlook assumes a more normalized pace of bookings from here. Not a repeat of q 2's exceptional levels. Third, on DuoAgent platform, we assume limited contribution in FY 2027, relative to our large existing revenue base. Our focus this year remains on adoption, converting pilots into production to deployments, and building the foundation for monetization ahead. And finally, to remain consistent with the guidance and forecasting methodology we have had all year, we have not incorporated the potential impact of flex in our guide. But we do intend to quantify the revenue recognition impacts through the rest of the year. With these points in mind, I am pleased to share that we are raising our guidance to reflect the strong momentum we experienced in the first half of the year. As well as the momentum we anticipate will continue into the back half. For Q3 FY 27, we expect total revenue of $281 million to $283 million representing approximately 15% to 16% year-over-year growth. We expect non GAAP operating income of $35 million to $37 million and non GAAP net income per share of $0.19 to $0.20, assuming approximately $172 million weighted average diluted shares outstanding. For the full year, we now expect total revenue of $1.129 billion to $1.133 billion representing approximately 18% to 19% year-over-year growth. We expect non GAAP operating income of $148 million to $152 million and non GAAP net income per share of $0.85 to $0.87, assuming approximately 172 million weighted average diluted shares outstanding. There is no change to our underlying investment priorities or how we are balancing growth and profitability. I would also like to provide a few additional points for modeling purposes. First, we continue to expect full year gross margins to be between 85% to 87%. We expect approximately $50 million of JiHu-related expenses for the year, compared with $13 million last year. Stepping back, this was a genuinely exceptional quarter and it gives a strong foundation as we begin the transition to flex. We believe Flex is the right long term model for our customers and for GitLab. Even though the transition will introduce some near term noise in revenue timing and reported metrics Our job through that transition is to give you the transparency to see through those timing effects to the performance underneath. During this quarter, we saw record bookings, accelerating net ARR growth strong retention, broad based strength across the business, and profitability ahead of plan. This performance is what gives us real confidence in where the business is headed. Thank you for joining us today. Analyst: Will now turn it over to Nick to open it up for Q&A. Operator: At this time, you would like to ask a question, please use the raise hand function located on your Zoom toolbar if you joined via phone, you may press 9. We request that you limit yourself to 1 question in the interest of time. We will take our first question, from Kingsley Crane at Canaccord Genuity. Kingsley Crane: Hi. Thanks for taking the question. And congrats on what is truly a monumental quarter Bill, you have talked about how AI labs are building custom systems around their Git providers because Git was not designed for agent scale operations. And since then, you are now rebuilding source code management to better service agents. So was wondering if you could just expand on that strategy. Is this for all customers? Does this allow you to do more with AI natives or labs? that you otherwise may not have? Thanks. William Staples: Hey. Thanks, Kingsley. This quarter's performance really demonstrated what we have always believed possible with GitLab. And now we are focused on systematically executing that opportunity to repeat that performance. In terms of the product road map, the demands of AI are really creating tailwinds for GitLab and some really exciting opportunities. As you mentioned, 1 of those is the next generation Git product. But let me put it into context because we started this year by introducing our first consumption product, Duo agent platform, it is been now in market for 2 quarters and then performing really well. Last month in August, we also launched Secrets Manager and Dedicated Runners. Our second and third new consumption products this year. Adding to that, now we have also got GitLab Orbit, which entered public beta in Q2, that is our knowledge graph. it is really the secret sauce of GitLab as we connect code, issues, MRs, pipeline, security findings so that agents and humans get better, answers to questions and higher quality agentic outcomes, at lower cost. We highlighted on the call early beta adoption is really promising. Over 2.2 thousand organizations enabled it. 70% increase in just 4 weeks. And 80% of the queries come from external tools like Claude, Code, and Code Llama. They drive more consumption of GitLab platform. The other 1 that you mentioned is the next generation Git product. As experts in Git, we are 1 of the leading contributors to that project. We are now in the middle of rearchitecting that Git infrastructure, to achieve roughly 100x scale what humans have ever required. that is really important because agents operate at that machine scale level with 1 engineer or builder invoking you know, dozens and sometimes hundreds of agents to accomplish a particular task. The other product road map item I wanna highlight in addition to next generation Git is our artifact management product. Which is in private beta now, but we expect will be coming in public beta this quarter extends our platform to allow for our customers to store, version, govern, and sign binaries and artifacts. That we can complete the software supply chain. We already have their source code. We already build and test that source code, we help them deploy it And with artifact management, we will also help them store those artifacts so that they can have secure end to end software supply chain all within GitLab. that is 1 of the top concerns of enterprises today is how do they trust their software supply chain in an agentic era where agents are doing a lot of the work. So DAP is our agentic layer, and underneath that, we have got these new consumption based products like you asked about: next-generation Git, GitLab Orbit, and artifact management, all coming into the market this coming year. With capabilities that help software engineers, and their agents operate at much higher scale. it is a pretty exciting time, and maybe it is a good time for me to also tee up our GitLab transcend event coming in just about 6 weeks. We hope you tune in for more information on the road map ahead. Kingsley Crane: Appreciate all the work. Thank you. William Staples: Thank you. Thank you. Operator: Following question will be from Matthew Hedberg at RBC. Matthew Hedberg: Hey, guys. Can you hear me OK? Yeah. Hey, Matthew. Great. Hey, guys. Congrats on the results. Really, really good to see. I guess for Bill or Jessica, a lot of things to think about here. You know, the seat growth is really, really exciting to see, and know, I think when we think about that plus the optimism around flex, it feels like there could be some increased durability here. I guess I am wondering on the seat side of it, obviously, developers are a focus. But could you talk about that non developer opportunity? I mean, I think we all think that could be a pretty significant, driver as well. But could you touch on that piece as well? William Staples: Yeah. Absolutely. AI is proving to be a real durable secular tailwind for GitLab. And, really, not just the seeds, but every component of our growth algorithm. Maybe this is also a good time for a quick plug New to this quarter, we published an investor letter which Jessica and I wrote to give you a look into how we think about the growth algorithm for GitLab going forward. Give you a quick summary and cover as part of that your question around the opportunity for seats. So the growth algorithm really touches on 3 components. First, more customers. And within more customers, more builders than ever. We believe GitLab's opportunity here is enormous. We are underpenetrated in the global market, and we have been building a stronger competitive position as evidenced by our first by this quarter's results. We added more than 1.7 thousand first orders this quarter. that is more than a double a year ago. And first order net ARR is up nearly 40%. 1 of the things that is also inside of that more new customers number is really an increased demand for seats. AI has significantly enabled anyone to become a builder. I am guessing many people on this call have experimented with AI tools and been able to create dashboards or applications with code entirely written by the agent. Well, that code has to be stored somewhere. It has to be governed by the organization if it belongs to an enterprise. It has to meet those organizational compliance and security standards, and that is what GitLab is best at. So AI is creating a secular tailwind for more customers and more builders within every 1 of our customer accounts. Second, part of our growth algorithm is around more products, and you have heard me talk, in response to Kingsley's question about some of the exciting product road maps ahead but this is an important part of our growth strategy because we are expanding beyond just the platform Seas capabilities that we have had that led to a $1 billion run rate business that is still growing strong. The proof that this part of our growth algorithm is working is also evidence in this quarter. We have shared, for example, that secure repositories are growing at 60%, code pushes 50%, and CIDC pipelines at over 40% year-over-year. that is our core platform in action. Also, exciting beyond just the core platform is the introduction of our consumption model and credits. Evidence of this in the quarter we can highlight is our dual agent platform growth sequentially we saw a 50% increase. Finally, the third part of our growth algorithm is all around unlocking consumption for every customer. that is where Flex comes in. Because it unlocks friction free usage across both seats and credits with a single commitment that allows customers to choose every month how they wanna consume the platform to solve their specific problems. Jessica highlighted in the last 6 weeks of Q2, more than 130 customers opted into Flex, They committed >$20 million. And our paid CRR Went up thanks to Flex from $15 million exiting Q1 to over 40 million exiting Q2. So stepping back, AI is dramatically lowering the bar to build software Anyone can become a builder. Customers are needing more of GitLab than ever. And we have seen that pattern now for several quarters in a row. Thanks for the question. Operator: Alright. Our following question will be from Sanjit Singh at Morgan Stanley. Sanjit Singh: Hi. Thank you for taking the questions, and congrats. My congrats on an excellent quarter. it is great to see. When I think about, how the business model, the pricing model evolves, you guys have a lot of things that you are working on. Bigger picture, Bill, when we think about ultimate versus premium, is that still a relevant construct? I mean, you guys have, the growing seats. It sounds like the nondeveloper population could be a secular driver for that. So does a model potentially just simplify to seats, and then you have these other monetization vectors with these product add ons. And I am sure there is going to be a lot more of that over the couple of years. So just wanted to think, like, bigger picture on how the business model and pricing model progresses from here. William Staples: Yeah. Thanks, Sanjit. Seat's absolutely core to our business, continue to grow healthy, and we are excited about continuing to offer those premium and ultimate capabilities that led to a $1 billion run rate business continuing to grow strong. But to up level the question a little bit, I think the way that investors should think about our growth going forward is to understand the customer benefits and the GitLab benefits of Flex. So let me unpack the GitLab strategy here. Because that is core to understanding our business model going forward. We introduced Flex in Q2, and I already highlighted some of the early wins, 130 customers, >$20 million committed, And you might ask yourself, like, why are we introducing that? What is driving customers to adopt at such a rapid early rate? Benefits are pretty clear. For customers, Flex represents more value for every dollar. Because every month, they get a chance to redirect unused capacity from shelfware toward whatever products that create the most value for them. So for example, with the emerging need to give GitLab to nonengineering users, they can flex capacity onto more premium or ultimate seats. In addition, those users may have a need for DuoAgent platform, to provide agents that assist their work across the software life cycle they can allocate a reservation on DuoAgent platform. Second, it also gives them the ability to adopt new products without going through a new contract cycle, without securing more new budget, from procurement. This is 1 of the major benefits of the flex model because right inside the flex portal, new products show up, They can allocate reservations against them. They can even set budgets so they have control over where they spend their commitment. And finally, it also allows customers to seamlessly expand usage even beyond their commitment So if they see the demand, they can provision more seats and more credits as needed going beyond their commitment and those are then billed each month. For GitLab, then the benefits are pretty clear. First, we believe Flex will help us drive already healthy profile around retention, even better It allows for us to capture any unused capacity into a flex commitment and then allow customers to redirect that as needed. Increasing our retention that is already, as Jessica mentioned, gross retention already above 90%. This also stands to help us with improving our already improving productive sales capacity. I mentioned that we would increase capacity 30% this quarter, a 10% increase in per rep productivity, well, now reps can spend more time helping customers realize value and less time negotiating contracts and true ups and working through procurement. And finally, this also represents a new growth tailwind customers can unlock usage on demand, and we build them immediately as that usage is incurred. Giving us another monetization tailwind. So the strategy around the business model is pretty clear. Wanna see customers shifting to flex, because it gives them more value. It reduces sales. And contracting friction, allows for on demand consumption. We started the year with 100% seat-based subscription business. And now we are focusing on ending the year continuing to grow that core platform, but also we also want to focus on exiting the year with a meaningful consumption business scaling toward our goal as we monetize as we monetize the work that humans and agents are doing together. Operator: Alright. Our following question will be from Ethan Drake Weeks at Piper Sandler. Ethan Drake Weeks: Great. Thanks for taking my question. This is Ethan filling in for Robin tonight. Bill, I wanted to ask just how much of the strength in the core did you think was driven by internal execution improving versus the overall demand environment just accelerating as all organizations really start to think about the toolchains that they are enabling their developers with? William Staples: Yeah. Great question. As we mentioned, a record gross bookings quarter in company history. Net ARR growing more than 40% year-over-year. it is our second highest growth quarter in the last 4 years. To give you a sense of that. And I think it is really a result of many quarters of investment and some tailwinds kicking in across multiple dimensions. As Jessica mentioned, public sector rebounded meaningfully, This is a really strong signal after a few quarters of less than ideal results given government shutdowns and other things. We also see AI tailwinds, though, helping drive large deals. Jessica mentioned our $500 thousand and above deals grew more than 150% year over year, our largest customers deepening their commitment with GitLab, Those commitments span both seats and credits, for our new consumption products. Underneath all of this, we really do see AI beginning to be a durable tailwind for GitLab. It really impacts all 3 levers of our growth algorithm. it is leading to more customers, it is leading to new products getting early adoption as we highlighted with GitLab Orbit. and it is leading to more consumption. You should think of net ARR as that output metric for the growth algorithm. Because it takes into account all 3 of those dimensions compounding 1 another. Operator: Alright. Our next question will come from Koji Ikeda from Bank of America. Koji: Yeah. Hey, guys. Really nice job here with the commentary and the gross bookings. And so with a lot of the focus on flex over the next, call it, couple years, there is a lot of moving pieces in the financial model with Flex And so what would be the single best metric to gauge the performance of Flex And just 1 quick, I guess, housekeeping question. On the guide, would the guide have been raised 13 million more? If there was no flex this year? Just, you know, around the question of is the guide actually understating what is happening with the business because of what is happening in the shifting with Flex? Thank you. Jessica Ross: Thanks, Koji. Let me just step back and give you some thoughts about, like, how we thought about guidance. This quarter. So first, again, Flex has only been in the market for 10 weeks. So it is just too new to bake into our guidance with Precision. At the same time, we have been really pleasantly surprised by customer demand and how potentially impactful Flex could be in the back half of the year. So as we thought about our guide, we did want the accounting mechanics to distort the guidance or investors' views of the underlying health of the business. So we have really applied I would say, 2 key principles to our approach, consistency and transparency. So first on consistency, we wanted to guide the same way all year So we started FY 2027 guiding without the accounting timing impact of Flex. And we have stayed consistent with that methodology rather than changing course midyear. Second, on transparency. In line with our commitment to transparency, we are providing a couple of key data points help you think about your models. First, the heuristic, which I mentioned in my remarks. So for every 50 million of self managed customers that convert to Flex, there is about a $5 million revenue recognition timing impact that shifts out of FY 2027 into the future period and then the maximum FY 2027 impact of $13 million So going forward, we will continue to explicitly and transparently quantify the flex accounting timing impact each quarter So you all can separate the accounting effect from the underlying business performance. We are committed. And I think just in terms of that 13 million the other thing I would highlight is we have got a lot of visibility into our business. So in calculating that amount for us, we feel confident in the Precision because, 1, we understand our self managed available to renew for the back half of the year, and we have also got very clear line of sight on pipeline. Operator: And Koji, in terms of the other part of your question around what metric to look at, that paid CRR metric that we introduced last quarter and updated this quarter with more than 40 million of paid CRR is really the best way to understand how dollars are flowing through our consumption model. William Staples: Paid CRR captures both Flex commitments credit commitments, as well as on demand paid usage. So all 3 of those inside of that metric. It does not take into account promotional usage or trials or other unpaid usage. And, as we mentioned on the prepared remarks, we are setting a bold target to achieve more than $100 million paid CRR by the end of this fiscal year. Operator: Alright. Our following question will come from Radi Sultan at UBS. Radi Sultan: Awesome. Yeah. Thanks for taking the question. Now that you have some data points on conversion to Flex, I mean, in sizing those initial Flex deals you convert customers, like, is there a higher propensity to upsize their deals because of, the increased flexibility and sort of new product consumption? I am trying to understand how much is just the form factor shift to flex versus baking in anticipated new product consumption or seat expansion would be great. Thank you. Jessica Ross: Yeah. No. You know, again, we are really excited about it. it is been about 10 weeks in market, so it is too early for us to tell. But I just I think really leaning into the strategy, Bill, is there anything you wanna add there on from that lens? William Staples: Yeah. From a sales strategy perspective, it is an opportunity to do multiple things. First, some customers are early adopters and already testing our beta products. And Flex gives us a way not only to renew their seat based subscription, but shift that commitment into a flex agreement where they can create headroom to start using those products as soon as they become generally available. Wherever we can do that, great headroom for customers and their commitment, obviously, we wanna take advantage of that. It also lets us look at customers who may have unused capacity because they were previously forced to commit to a seat forecast for the full year, and rather than take some contraction on the account, keep their commitment the same or even higher, and redeploy that budget onto new consumption based products. It really helps us on both the upside as well as reducing or mitigating potential downside. Which we are really excited about deploying anywhere we can align with customers on the value of their GitLab commitment. Operator: Alright. Thank you. Our following question would be from Derrick Wood at TD Cowen. Derrick Wood: Congrats from me, Bill. Could you touch on just what you are seeing across the competitive landscape when it comes to both new AI natives coming onto the scene as well as what is going on with your traditional competitors and where you feel that you are competing better or gaining share right now? William Staples: Yeah. Great question. You know, competitive dynamics have been really consistent in this quarter. We still have 1 primary competitor. Our position versus that competitor is, I think, stronger than it is ever been. They have struggled with reliability and meeting the needs of customers in this new agentic era with security and trust and other dimensions. And so we are seeing higher win rates, We are seeing both wins on the first order side as well as on the expansion side, As reflected in our numbers. A 100% growth in first orders and, more than 40% net ARR expansion. In terms of AI natives, what I would say there is really, this is an opportunity. They are creating tailwinds for us. They have dramatically simplified the ability for anyone to create code and all of that code needs GitLab. And so we are now seeing, as I have mentioned, our customers coming to us and saying they need more GitLab seats. Because of nonengineering people who need access to the platform and those same users who are now needing seats will ultimately also need credits order to use our consumption based products. So we are happy to partner with any agentic coding tools out there because we see it as creating tailwinds for the business that we have. Operator: Our following question will be from Howard Ma at Guggenheim. Howard, are you there? Let's make sure you are off mute. Howard Ma, are you there? Let's move on to the next question. Our following question will be from Nick Altman at U.S. Bancorp. Nick Altman: Hey. Awesome. Thanks, guys. I wanted to follow-up on Roddy's earlier question But how much of the interest in Flex or the $100 million CRR target is being driven by some of the newer products like Duo Agent Platform, Orbit, Secrets Manager, and the dedicated hosted runners? Because I think you mentioned that not all of it will be incremental to revenue, but presumably some of those newer products should be incremental. So just so any color on how much those newer products are driving some of the interest in flex or that $100 million CRR target would be super helpful. Thanks. Jessica Ross: Just on just on the financials piece of it, it is it is really early to tell. But I will let Bill speak to a little bit more on terms of the interest that we are seeing so far. William Staples: We only had 6 weeks in Q2, so the 130 customers, and 20 million is what we have already captured. But I think it is important to step back and understand the strategy because even when customers are shifting to flex, and drawing down on that commitment with seats, it changes the nature of the relationship. And it is an important part of the strategy to understand because the needs today of software engineering teams are changing dramatically every week, every month, every quarter. New tools emerge, new techniques emerge, new models come into market, and customers want the flexibility to allocate their spend as their needs evolve. If the current seat based subscription model was meeting their needs, there would be no need for flex. There would be no demand for it. We would not be seeing the rapid and adoption that we have already seen. So, clearly, customers see the benefit of it, and they may start to fund their flex agreement with their previous seat based subscription dollars but they see the value proposition and have the flexibility to adapt and evolve that as our new products come into market. And, certainly, some of that is driven by our current consumption product, dual agent platform that launched in January, and then the new emerging ones that just launched in August, the secrets manager and the dedicated hosted runners. But we have meaningful usage of our beta products already going on. And I think customers are also looking ahead and appreciating the flexibility that we are extending to them via the flex agreement. Nick Altman: Right. Thank you. Operator: Thank you. Our following question will be from Shrenik Kothari at Baird. Zach: Hey, guys. This is Zach on for Shrenik. Thanks for taking our question, and I will echo our congrats on the strong quarter. So my question on gross margins, have obviously come down a bit as the business has begun supporting more AI and usage-based workloads. While credit's still increasingly monetized both the human and nonhuman activity. So I guess the question is just how much of the recent gross margin movement is actually related to AI inference and infrastructure versus other factors. And then as agent usage scales, what gives you guys the confidence that pricing, model efficiency, orbit, and just your ability to route workloads across models can drive attractive incremental economics maybe rather than creating a structurally lower margin revenue mix? Thanks. Jessica Ross: Yep. No. Thanks for the question. I just I think in terms of gross margins for the quarter, there is not really a big shift from what we have said previously. So our SaaS dedicated contribution is about 34%. That grew 36% year-over-year. And so that is really in line with what we have been messaging at the time of the IPO. We were at 22%, so we expect those margins to come down over time. And then, you know, as we think about going forward, again, this is a year of execution. We have intentionally invested in consumption products and pushing customers to focus on transitioning pilots to production. And so that is what you are seeing there. But, Bill, I do not know if you have anything to add there. William Staples: Yeah. On the sort of alluded to tokens and AI optimization. Potential within how GitLab looks at AI native products. So let me talk just a little bit about that because I think we are in the very early days, and we actually have several structural advantages versus maybe a typical AI native tools whose almost entire monetization is based on tokens. 1 of the beautiful things about Duo Agent platform is that we provide it in a cloud agnostic model agnostic way. Meaning, all of the models, including open source open weight models, and we allow customers to deploy it and use it any in any cloud, including, for example, air gapped data center environments that they run. And what that means is for, many of our customers the token or inference cost is actually not embedded in the GitLab agreement. Pay us for the access to the platform, and they pay for the work done in the platform the context, the harness, the governance, and auditability that we provide, not the inference. Those are all very those are all very high margin products. In addition to that, we are in the very early days of AI adoption. there is very simple things on the road map that we and others are approaching over time would allow for dynamic model routing, model optimization, to deliver high quality agentic outcomes in a more cost efficient way. Those are also things that we wanna provide, give customers the very best experience and price to value performance So I encourage you to think about gross margins maybe a little bit differently than maybe the typical AI natives. And as Jessica alluded to, a lot of the margin changes that we have seen in the business have been driven more by the mix shift to SaaS than the early AI adoption. Operator: Alright. Our following question will be from Jonathan Ho from Truist Securities. Jonathan, go. Alright. Our last question will come from Miller Jump from Truist. Alright. Our last question will come from Lucky Schreiner from D.A. Davidson. Lucky Schreiner: Can you guys hear me OK? Yes, we can. Okay. Great. This is lucky with Pete. Thanks for taking my question. Maybe just on the customer story who expanded their commitments by 10x. Was that primarily driven by an increase in usage and the ROI they got? And how much of that was maybe from vendor consolidation and replacement of other tools And how applicable do you view that kind of expansion motion, across your customer base? Thanks. William Staples: Yeah. it is a top US bank, and they previously had started with a fairly modest commitment to DuoAgent platform. And once they, started rolling it out across their engineers and seeing the value that it provides, saw the need to increase their commitment 10x this quarter, which you know, we would love to replicate across every single customer. We believe that the value of Duo Agent Platform is there, and it is complementary to other AI native tools that are more focused on the coding aspects of software. So we are really excited by that lighthouse customer. We have got several now that are spending multiples in excess of their premium or ultimate seat price, Now in terms of credits, And it is a pattern that we are trying to learn and optimize for and repeat everywhere we can. Alright. Operator: Thank you. That is the end of our call. William Staples: Thank you, everyone, for joining our Q2 call this quarter. We are really excited by the results we are able to deliver this quarter. Thank you for joining us. We will see you in the investor conferences to come. Before you buy stock in GitLab, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and GitLab wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,413,876!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of September 8, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends GitLab. The Motley Fool has a disclosure policy. GitLab (GTLB) Q2 2027 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved the largest gross bookings quarter in company history, driven by a 30% increase in sales capacity and a 10% improvement in rep productivity. First order count grew more than 100% year-over-year, validating a strategy to land customers at any entry point, as over half of current $1 billion-plus run rate revenue originated from initial orders under $5,000. Introduced 'Flex' to eliminate procurement friction, allowing customers to dynamically allocate a single dollar commitment between seat-based subscriptions and new consumption products. Observed a stabilization in SMB and mid-market segments, with performance exceeding internal targets for both expansion and new customer acquisition. AI is acting as a durable tailwind, expanding the user base beyond traditional developers to 'non-engineering builders' who require GitLab for governance and compliance of AI-generated code. The 'GitLab Orbit' context graph saw a 70% increase in indexing organizations within four weeks, with 80% of queries originating from external agents like Claude and Code Llama. Management set a target to exceed $100 million in Paid Consumption Run Rate (CRR) by the end of the fiscal year, up from $40 million at the end of Q2. The FY27 revenue guidance excludes the potential impact of Flex adoption to maintain consistency, though management expects a maximum $13 million revenue timing headwind as self-managed licenses shift from upfront to ratable recognition. Assumes a more normalized pace of bookings for the second half of the year, cautioning that Q2's exceptional execution and pipeline conversion may not be immediately repeatable. Expects a gradual recovery in the public sector to continue through the back half of the year as buying patterns normalize following previous volatility. Anticipates the launch of an 'artifact management' product in public beta this quarter to complete the end-to-end software supply chain offering. Incurred $23.3 million in restructuring charges during the quarter following a strategic reorganization to align with the new growth initiatives. The transition to Flex will create a reporting discrepancy where Flex commitments are included in Total RPO but excluded from Current RPO (CRPO) due to customer control over consumption timing. Gross margins are expected to trend between 85% and 87%, reflecting a continued mix shift toward SaaS and GitLab Dedicated, which grew 36% year-over-year. Management continues to seek the deconsolidation of JiHu, though the timing and certainty of this action remain unpredictable. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management is rearchitecting Git infrastructure to achieve 100x the scale required by humans to accommodate agents operating at machine-scale levels. The strategy focuses on providing the 'agentic layer' and knowledge graph (Orbit) that improves agent accuracy from 58% to 70% by providing better lifecycle context. For every $50 million of self-managed renewals that convert to Flex, approximately $5 million in revenue shifts from the current year to future periods due to the loss of upfront license recognition. Management clarified that this is strictly an accounting timing change and does not impact cash economics, as billings remain upfront. GitLab views AI-native coding tools as partners rather than threats, as code generated by these tools still requires GitLab for storage, testing, and security. Management noted higher win rates against their primary competitor, citing reliability issues and a lack of integrated security/trust features in the competitor's platform.

For the quarter ended July 2026, GitLab Inc. (GTLB) reported revenue of $286.25 million, up 21.3% over the same period last year. EPS came in at $0.24, compared to $0.24 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $273.3 million, representing a surprise of +4.74%. The company delivered an EPS surprise of +33.33%, with the consensus EPS estimate being $0.18. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Gitlab performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenue- License-self-managed and other: $27.94 million versus $25.76 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +20.1% change. Revenue- Subscription-self-managed and SaaS: $258.31 million versus $247.31 million estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +21.5% change. Revenue- SaaS: $97.6 million versus the two-analyst average estimate of $91.5 million. The reported number represents a year-over-year change of +35.5%. Revenue- License-self-managed: $20.66 million compared to the $20.6 million average estimate based on two analysts. The reported number represents a change of +13.9% year over year. Revenue- Subscription-self-managed: $160.71 million versus $154.68 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +14.3% change. Revenue- Professional services and other: $7.28 million compared to the $6.26 million average estimate based on two analysts. The reported number represents a change of +41.8% year over year. View all Key Company Metrics for Gitlab here>>> Shares of Gitlab have returned +23.6% over the past month versus the Zacks S&P 500 composite's +2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GitLab Inc. (GTLB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: $286.3 million, up 21% year-over-year. Non-GAAP Operating Income: $42.6 million, representing a 15% operating margin. Net ARR Growth: Grew more than 40% year-over-year. Dollar-Based Net Retention: 117%, up sequentially for the first time since 2024. Gross Retention: Stayed well above 90%. Total RPO: $1.2 billion, up 16% year-over-year. Current RPO: $744.7 million, up 20% year-over-year. Calculated Billings: Grew 24% year-over-year. Non-GAAP Gross Margin: 86.5%. SaaS Revenue: 34% of total revenue, grew 36% year-over-year. Adjusted Free Cash Flow: $9.8 million, a 3% margin. Cash and Investments: $1.3 billion at end of Q2. Ultimate ARR: Grew approximately 35% year-over-year, representing 59% of total ARR. Paid Consumption Run Rate: Exceeded $40 million, up from $15 million in Q1. Flex Commitments: More than 130 customers committed over $20 million in the first six weeks. First Orders: Approximately 1,700 in the quarter, more than double a year ago. Deals of $500,000 or More: Grew more than 150% year-over-year. Restructuring Charges: Approximately $23.3 million in Q2. JiHu Non-GAAP Expenses: $3.0 million in Q2, essentially flat year-over-year. Share Repurchases: Approximately 3.5 million shares repurchased in Q2. Warning! GuruFocus has detected 2 Warning Sign with GTLB. Is GTLB fairly valued? Test your thesis with our free DCF calculator. Release Date: September 01, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. GitLab Inc (NASDAQ:GTLB) delivered an exceptional Q2 with revenue of $286.3 million, up 21% year-over-year, and record gross bookings, with net ARR growing over 40% year-over-year. The company saw strong new customer acquisition, with first orders growing more than 100% year-over-year and new logo net ARR up 39%, indicating successful expansion of its customer base. GitLab Inc (NASDAQ:GTLB) reported significant traction with its new Flex consumption model, with over 130 customers committing more than $20 million in just six weeks, and paid consumption run rate exceeding $40 million. The company's AI strategy is gaining momentum, with Duo Agent Platform CRR growing roughly 50% quarter-over-quarter and GitLab Orbit beta adoption increasing 70% in four weeks, with 80% of queries from external agents. GitLab Inc (NASDAQ:GTLB) saw broad-based strength across customer segments, including stabilization in SMB and mid-market, a rebound in public sector, and a 150% year-over-year growth in deals over $500,000. The company raised its full-year guidance, reflecting increased confidence in the business trajectory, with revenue expected to grow 18-19% year-over-year. GitLab Inc (NASDAQ:GTLB) reported improved sales productivity, with account executive capacity up 30% year-over-year and productivity per rep up 10%, leading to record bookings. The company's core business remains strong, with Ultimate now representing 59% of ARR and gross retention staying above 90%, while dollar-based net retention improved sequentially for the first time since 2024. GitLab Inc (NASDAQ:GTLB) faces near-term revenue recognition headwinds from Flex adoption, with an estimated maximum impact of $13 million on FY27 revenue due to timing shifts. The company's guidance for Q3 revenue growth of 15-16% year-over-year is lower than the 21% growth seen in Q2, indicating a potential slowdown in the near term. GitLab Inc (NASDAQ:GTLB) incurred restructuring charges of approximately $23.3 million in Q2, reflecting the difficult decision to restructure the company, which may impact employee morale and operations. The company's gross margins are under pressure due to the mix shift toward SaaS and investments in consumption products, with expectations for full-year gross margins to remain between 85-87%. GitLab Inc (NASDAQ:GTLB) faces uncertainty regarding the deconsolidation of JiHu, with expenses expected to increase to $15 million for the year, and no predictable timeline for resolution. The company's Flex model introduces complexity in financial reporting, with current RPO excluding Flex commitments, potentially making it harder for investors to gauge near-term performance. GitLab Inc (NASDAQ:GTLB) noted that Q2 benefited from exceptional execution and large deals, and the second-half outlook assumes a more normalized pace of bookings, which may not sustain the same level of growth. The company's AI products, such as Duo Agent Platform, are still in early stages with limited contribution to FY27 revenue, and the focus remains on adoption rather than monetization. Q: What is the single best metric to gauge the performance of Flex, and would the guidance have been raised by $13 million more if there was no Flex this year? A: CFO Jessica Ross explained that the guidance was kept consistent with the methodology used all year, excluding the accounting timing impact of Flex. She provided a heuristic: for every $50 million of self-managed customers converting to Flex, there is approximately a $5 million revenue recognition timing impact that shifts out of FY27. The maximum potential FY27 impact is estimated at $13 million. CEO Bill Staples added that the best metric to track is paid consumption run rate (CRR), which captures Flex commitments, credit commitments, and paid on-demand usage. The company has set a bold target to exceed $100 million in paid CRR by the end of the fiscal year. Q: How much of the strength in the quarter was driven by internal execution versus an accelerating demand environment? A: CEO Bill Staples attributed the record gross bookings quarter and 40%+ net ARR growth to a combination of many quarters of investment and multiple tailwinds. Public sector rebounded meaningfully after several quarters of government shutdown-related headwinds. AI tailwinds helped drive large deals, with deals over $500,000 growing more than 150% year-over-year. He emphasized that AI is becoming a durable tailwind impacting all three levers of the growth algorithm: more customers, more products, and more consumption. Q: Can you expand on the strategy around rebuilding source code management for agent-scale operations, and is this for all customers? A: CEO Bill Staples detailed the product roadmap, highlighting the next-generation Git product being rearchitected to achieve roughly 100x the scale humans have required, which is critical for AI agents operating at machine scale. He also mentioned GitLab Orbit, the knowledge graph connecting code, issues, and security findings, which has seen over 2,200 organizations enable indexing with 80% of query volume coming from external agents like Claude Code and Codex. Additionally, artifact management is entering public beta this quarter to complete the software supply chain. These new consumption-based products are designed to help software engineers and their agents operate at much higher scale. Q: How much of the interest in Flex or the $100 million CRR target is being driven by newer products like Duo Agent Platform, Orbit, Secrets Manager, and Dedicated Hosted Runners? A: CFO Jessica Ross noted it's too early to tell financially. CEO Bill Staples explained that the rapid uptake of Flex (130 customers, $20 million committed in six weeks) demonstrates customers see value in flexibility as their needs evolve. While customers may initially fund Flex agreements with previous seat-based subscription dollars, they appreciate the ability to adapt as new products come to market. Some interest is driven by current consumption products like Duo Agent Platform, but customers are also looking ahead to beta products and the flexibility Flex provides. Q: How much of the recent gross margin movement is related to AI inference and infrastructure versus other factors, and what gives confidence in attractive incremental economics as agent usage scales? A: CFO Jessica Ross clarified that gross margin changes are primarily driven by the mix shift to SaaS (now 34% of revenue, growing 36% year-over-year), not AI adoption. CEO Bill Staples highlighted structural advantages: Duo Agent Platform is cloud-agnostic and model-agnostic, supporting open-source models and air-gapped environments. For many customers, token/inference costs are not embedded in the GitLab agreementthey pay for platform access, context, governance, and auditability, which are high-margin products. Future roadmap items like dynamic model routing will further optimize cost efficiency. Q: On the seat side, could you talk about the non-developer opportunity as a significant driver? A: CEO Bill Staples outlined the growth algorithm with three components: more customers, more products, and more consumption. AI has enabled anyone to become a builder, creating a secular tailwind for more customers and more builders within every account. Non-engineering users need access to GitLab for governance, compliance, and security of AI-generated code. The company added more than 1,700 first orders in the quarter (more than double year-over-year), and first order net ARR grew nearly 40%. This expansion beyond traditional developers is expanding who GitLab can ultimately serve. Q: When thinking about the business model evolving, is the premium versus ultimate construct still relevant, or does it simplify to seats plus product add-ons? A: CEO Bill Staples emphasized that seats remain core to the business, with Ultimate now representing 59% of ARR. However, the strategy going forward centers on Flex, which allows customers to redirect unused capacity toward products creating the most value. Flex reduces sales and procurement friction, allows adoption of new products without new contracts, and enables seamless usage expansion billed monthly. For GitLab, Flex improves retention, increases sales productivity, and creates a new growth tailwind. The company started the year with 100% seat-based subscription and is now scaling toward a meaningful consumption business. Q: What are you seeing across the competitive landscape with AI natives and traditional competitors? A: CEO Bill Staples stated the competitive position versus the primary competitor is stronger than ever, with higher win rates in both first orders and expansions. AI natives are creating tailwinds rather than threatsthey've simplified code creation, and all that code needs GitLab for storage, governance, and security. Customers are coming to GitLab needing more seats for non-engineering people, and those users will ultimately need credits for consumption-based products. GitLab is happy to partner with any agentic coding tools as they create tailwinds for the business. Q: Regarding the customer who expanded their monthly commitments by 10x, was that driven by increased usage, vendor consolidation, and how applicable is that expansion motion across the customer base? A: CEO Bill Staples identified the customer as a top US bank that started with a modest Duo Agent Platform commitment and expanded 10x after rolling it out across engineers and seeing value. He noted several customers are now spending multiples in excess of their premium or ultimate seat price in credits. This pattern is something the company is trying to learn from, optimize, and replicate across the customer base, as Duo Agent Platform is complementary to other AI native tools focused on coding. Q: In sizing initial Flex deals, is there a higher propensity to upsize deals because of increased flexibility and new product consumption? A: CFO Jessica Ross For the complete transcript of the earnings call, please refer to the full earnings call transcript.

GitLab Inc (NASDAQ:GTLB) reported second-quarter revenue and profit that beat analyst estimates, as the company's shift toward consumption-based artificial intelligence revenue gained momentum, sending its shares up more than 14% on Wednesday morning. The DevSecOps platform provider posted revenue of $286.3 million for the quarter, above the $273 million analysts had expected and up 21% year-over-year. Adjusted earnings per share came in at $0.24, topping estimates of $0.18. Non-GAAP operating income reached $42.6 million, well ahead of the $31.2 million analysts had projected. The company's new consumption-based AI offering, GitLab Flex, saw triple-digit annual recurring revenue growth year-over-year. GitLab said its guidance does not assume material contribution from Flex, leaving room for further upside if adoption continues to accelerate. Net ARR growth exceeded 40% year-over-year, with the company citing record gross bookings and accelerating net retention. Dollar-based net retention rate stood at 117%. "Q2 was an exceptional quarter, with record gross bookings and net ARR growth exceeding 40% year over year," said Bill Staples, GitLab’s CEO. "As AI drives more software creation and more work through the development lifecycle, the context, security, governance and control GitLab provides become increasingly valuable. We believe this creates a significant opportunity for GitLab as humans and agents increasingly build software together." For the third quarter, GitLab guided revenue of $281 million to $283 million, in line with the $281 million analyst estimate, and non-GAAP operating income of $35 million to $37 million, above the $29.6 million estimate. Adjusted EPS guidance for the quarter was $0.19 to $0.20. For fiscal 2027, the company raised its outlook, guiding revenue of $1.129 billion to $1.133 billion, above the $1.12 billion estimate, and adjusted EPS guidance of $0.85 to $0.87. Subscription revenue for the quarter totaled $258.3 million, while license revenue came in at $27.9 million. Non-GAAP gross margin was 86%, and adjusted free cash flow was $9.8 million. Total remaining performance obligations reached $1.2 billion, up 16% year-over-year, while current RPO rose 20% to $744.7 million. The number of customers with more than $100,000 in annual recurring revenue climbed 17% year-over-year to 1,571. During the quarter, GitLab launched its Secrets Manager product and introduced the GitLab Flex commercial model.

Investing.com -- William Blair upgraded GitLab to Market Perform from Underperform, saying the software company's strong second-quarter results and improving operating trajectory had created a more balanced risk-reward profile. The brokerage said GitLab delivered broad-based improvements in growth, sales execution and customer expansion, including record gross bookings, accelerating net annual recurring revenue growth and a sequential improvement in net dollar retention for the first time since 2024. GitLab's second-quarter revenue rose 21.3% to $286.3 million, beating the Street estimate of $273.1 million by $13.1 million. Adjusted operating income came in at $42.6 million, versus an expected $31.3 million, while adjusted earnings per share was 24 cents, beating the 18-cent consensus estimate. William Blair said the quarter showed strength across customer types, geographies and products. Deals worth at least $500,000 increased more than 150% from a year earlier, while Ultimate-tier ARR grew about 35% and accounted for 59% of total ARR. SaaS revenue increased 36% and represented 34% of total revenue. The brokerage also pointed to improving sales execution. First-order counts more than doubled to about 1,700, first-order net ARR rose 39%, account executive capacity increased about 30% and productivity per representative improved roughly 10%. SMB and midmarket activity also stabilized, while competitive win rates improved. The brokerage's new Market Perform rating reflects its view that GitLab's improving fundamentals and expanding AI and consumption opportunities are offset by the need to prove the durability and economics of its newer growth initiatives. William Blair said GitLab's artificial-intelligence strategy was also gaining credibility. Paid consumption for its Duo Agent Platform rose about 50% sequentially, while secure repositories increased 60%, code pushes rose 50% and CI/CD pipelines grew roughly 40%. The brokerage said those trends support the view that higher AI-generated code volumes could increase demand for source-code control, security and governance rather than undermine GitLab's opportunity. GitLab raised its full-year fiscal 2027 outlook, with revenue now expected at $1.131 billion, up 18.4% from the prior year, while adjusted operating margin is forecast at 13.3% and adjusted EPS at 86 cents. Third-quarter revenue guidance was set at $282 million, with adjusted EPS of 20 cents. Despite the upgrade, William Blair said it still wanted evidence that the recent bookings strength was sustainable and that Flex would generate incremental growth rather than mainly shift existing customer commitments. It also cited competition and potential pressure on seat-based pricing as key risks. Related articles William Blair upgrades GitLab to Market Perform after strong second quarter Citi pushes back Fed rate cuts to May after blowout January jobs report Goldman expects lower but still attractive stock market returns in 2026

GitLab Inc. GTLB used its second-quarter fiscal 2027 earnings call to frame Flex as the centerpiece of its next growth phase, linking seat subscriptions with a broader consumption model for AI-era software development. The quarter also gave management more confidence in the business. Revenues were $286.3 million, beating the Zacks Consensus Estimate of $273.3 million. Non-GAAP earnings were $0.24 per share, above the consensus mark of $0.18. GitLab Inc. price-consensus-eps-surprise-chart | GitLab Inc. Quote CEO Bill Staples said that more than 130 customers committed over $20 million to Flex in its first six weeks, helping platform-wide paid consumption run rate, or CRR, rise above $40 million. Staples also mentioned that the model lets customers redirect committed dollars among Premium and Ultimate seats, GitLab credits and eligible usage products without repeated contracting cycles. CFO Jessica Ross added that management expects Flex to become increasingly important, while stressing that its near-term impact is primarily about revenue timing rather than customer commitments or cash economics. Ross raised fiscal 2027 revenue guidance to $1.129-$1.133 billion and projected non-GAAP earnings of $0.85-$0.87 per share. For the fiscal third quarter, Ross guided revenues of $281-$283 million, non-GAAP operating income of $35 million-$37 million and diluted earnings of $0.19-$0.20 per share. Ross cautioned that the second-half outlook assumes normalized bookings after unusually strong fiscal second-quarter execution. She said that guidance excludes Flex's potential accounting impact, with a maximum fiscal 2027 revenue-timing effect of approximately $13 million. Staples said that account executive capacity increased about 30% year over year while productivity per representative improved roughly 10%, contributing to GitLab's largest gross bookings quarter. Ross said that net ARR grew 42% year over year, dollar-based net retention reached 117%, and the company recorded approximately 1,700 first orders, more than double the prior-year level. Ross also highlighted better public-sector activity and a sharp increase in larger transactions, with deals of at least $500,000 growing more than 150% year over year. Staples described AI as a driver of more customers, more products and more consumption. Duo Agent Platform paid CRR grew about 50% sequentially. Staples said that more than 2,200 organizations enabled GitLab Orbit indexing, while about 80% of customer query volume came from customers connecting Orbit to external agents. In Q&A, a Canaccord Genuity analyst asked about GitLab's next-generation Git strategy. Staples said that the company is rearchitecting Git infrastructure for roughly 100 times the scale required by human workflows and is also advancing artifact management. A BofA Securities analyst asked which metric best captures Flex progress. Staples pointed to paid CRR, which includes Flex commitments, credit commitments and paid on-demand usage, with a fiscal year-end target above $100 million. A UBS analyst asked whether Flex customers were increasing commitments. Ross said that it was too early to quantify that, while Staples stated that Flex can create headroom for new products and reduce contraction tied to unused seat capacity. A Baird analyst pressed on gross-margin pressure from AI. Ross said that SaaS represented 34% of revenues, while Staples said that recent margin changes were driven more by SaaS mix than early AI adoption. Staples closed with an emphasis on repeating the second-quarter's execution while expanding monetization beyond seats. His growth framework centers on new customers, additional products and consumption. Ross maintained that the transition to Flex will create reporting noise, particularly in revenue recognition and current RPO, and committed to quantifying those effects each quarter. GTLB carries a Zacks Rank #3 (Hold). Within the Zacks framework, the Style Scores complement the Rank and grade value, growth and momentum characteristics from A through F. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. GTLB's Growth Score of A is its strongest style signal, while the Value Score of F is the weakest. It has a Momentum Score of C and a VGM Score of C. Higher grades indicate better expected performance within the framework, but the Zacks Rank can change as earnings estimates are revised following the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GitLab Inc. (GTLB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in GitLab Inc.? Here are five stocks we like better. Strong Q2 performance: GitLab reported revenue of $286.3 million, up 21% year over year, while non-GAAP operating income reached $42.6 million. Net ARR growth accelerated 42%, and the company raised its full-year revenue outlook to $1.129 billion-$1.133 billion. Enterprise demand strengthened: First orders more than doubled to approximately 1,700, new-logo net ARR rose 39%, and deals worth at least $500,000 increased more than 150%. Dollar-based net retention improved to 117%, while current RPO grew 20% to $744.7 million. Flex and AI adoption are expanding: More than 130 customers committed over $20 million to GitLab Flex within its first six weeks, helping paid consumption run rate rise to more than $40 million. Duo Agent Platform paid consumption grew about 50% sequentially, though broader Flex adoption could shift up to $13 million of fiscal 2027 revenue into future periods. GitLab’s Price Recovery Gains Traction—Time to Get On Board? GitLab (NASDAQ:GTLB) reported second-quarter fiscal 2027 revenue of $286.3 million, up 21% from a year earlier, as the company cited record gross bookings, accelerating net annual recurring revenue growth and increased demand for its software development platform. Non-GAAP operating income was $42.6 million, representing a 15% operating margin, compared with $39.6 million a year earlier. Chief Executive Officer Bill Staples said the company’s sales organization delivered its largest gross bookings quarter on record, while net ARR increased more than 40% year over year. → OneMain’s Yield Comes With a Catch GitLab Sell-Off Overdone: AI and Cash Flow Signal a Rebound Chief Financial Officer Jessica Ross said net ARR grew 42% year over year, marking the company’s second-highest quarterly growth rate in the last four years. Revenue exceeded the company’s prior guidance by roughly five percentage points, according to Ross. GitLab said first-order activity strengthened during the quarter. The company recorded approximately 1,700 first orders, more than double the figure from a year earlier, while new-logo net ARR increased 39%. First-order net ARR rose nearly 40%, Staples said. → Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Strong Quarter, Weak Reaction: Why GitLab Shares Dropped The company said more than half of its current revenue base exceeding a $1 billion run rate originated from customers whose initial order was below $5,000. Staples said this supports GitLab’s strategy of acquiring customers early and expanding relationships over time. Large customer activity also contributed to the quarter’s performance. Ross said deals valued at $500,000 or more rose more than 150% year over year, while public-sector activity “rebounded meaningfully.” The company expects public-sector buying patterns to continue normalizing through the second half of the fiscal year. → Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally GitLab increased account executive capacity by approximately 30% year over year, while productivity per representative improved about 10%, according to Staples. He also said sales attrition improved year over year for the second consecutive quarter. Dollar-based net retention was 117%, improving sequentially for the first time since 2024. Gross retention remained above 90%. Total remaining performance obligations rose 16% year over year to $1.2 billion. Current RPO increased 20% to $744.7 million. Calculated billings grew 24%, compared with 12% growth in the prior quarter. A central focus of the call was GitLab Flex, a commercial model that allows customers to make annual or multiyear dollar commitments and allocate spending across Premium and Ultimate seats, GitLab Credits and other consumption-based offerings. Staples said that in the first six weeks after Flex entered the market, more than 130 customers committed more than $20 million. The company’s paid consumption run rate, or paid CRR, exceeded $40 million at the end of the quarter, up from $15 million at the end of the first quarter. Paid CRR includes Flex commitments, GitLab Credit commitments and paid on-demand consumption, while excluding trials and promotional credits. GitLab is targeting more than $100 million in paid CRR by the end of fiscal 2027. Management said Flex is intended to reduce contracting and procurement friction, let customers shift spending away from unused capacity and enable on-demand usage beyond a customer’s committed amount. Ross cautioned that broader Flex adoption will affect how revenue and RPO appear in reported results. Under a traditional self-managed license, approximately 15% of the license is recognized upfront, she said. Under Flex, the license component is recognized over the contract term because customers can change the mix of products they use. For every $50 million in self-managed renewals that convert to Flex during fiscal 2027, GitLab estimates that approximately $5 million of revenue that otherwise would have been recognized during the year would shift into future periods. The company estimated a maximum potential fiscal 2027 revenue impact of about $13 million from this timing effect. Ross said the change does not affect customer commitments or cash economics, as customers continue to be billed annually upfront. GitLab said artificial intelligence is contributing to usage and product demand. Duo Agent Platform paid CRR grew roughly 50% sequentially, including credit commitments, paid on-demand credits and Flex reservations. One top-20 U.S. commercial bank expanded its AI credit pool nearly tenfold during the quarter, Staples said. The company also highlighted early adoption of GitLab Orbit, its context graph for the software development lifecycle. More than 2,200 organizations enabled Orbit indexing since the beta opened in June, a 70% increase in four weeks. Customers generated more than 170,000 queries, with roughly 80% of query volume coming from organizations connecting Orbit with external agents such as Cloud Code and Codex. Staples said GitLab is re-architecting its Git infrastructure to support approximately 100 times the scale historically required by human users, citing the potential for individual engineers to invoke dozens or hundreds of agents. The company also launched Secrets Manager and Dedicated Runners in August and expects its artifact management product, currently in private beta, to enter public beta during the current quarter. Ultimate ARR grew approximately 35% year over year and represented 59% of total ARR. Eight of GitLab’s 10 largest deals during the quarter involved Ultimate, according to management. GitLab also reported year-over-year increases of 60% in secure repositories, 50% in code pushes and 40% in CI/CD pipelines. Non-GAAP gross margin was 86.5%. SaaS revenue represented 34% of total revenue and grew 36% year over year, driven by GitLab Dedicated and Duo, Ross said. The company incurred approximately $23.3 million in restructuring charges during the quarter. Adjusted free cash flow was $9.8 million, or a 3% margin, which Ross attributed to the timing of collections. GitLab repurchased approximately 3.5 million shares and had about $245 million remaining under its repurchase authorization. It ended the quarter with $1.3 billion in cash and investments. For the third quarter of fiscal 2027, GitLab forecast revenue of $281 million to $283 million, representing 15% to 16% year-over-year growth. It projected non-GAAP operating income of $35 million to $37 million and non-GAAP earnings per share of $0.19 to $0.20. For the full fiscal year, the company raised its outlook to revenue of $1.129 billion to $1.133 billion, or growth of approximately 18% to 19%. GitLab expects non-GAAP operating income of $148 million to $152 million and non-GAAP earnings per share of $0.85 to $0.87. The company continues to expect full-year gross margin of 85% to 87% and approximately $50 million in JiHu-related expenses. GitLab Inc (NASDAQ: GTLB) is a leading provider of a unified DevOps platform designed to streamline the software development lifecycle. Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, the company initially gained recognition for its open-source Git repository manager. Over time, GitLab expanded its offerings to encompass planning, source code management, continuous integration/continuous deployment (CI/CD), security testing, and monitoring in a single application. This integrated approach enables development teams to collaborate efficiently, reduce toolchain complexity, and accelerate release cycles. The GitLab platform is offered through both cloud-hosted and self-managed deployment models, catering to organizations of all sizes. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "GitLab Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for September 2026.

GitLab GTLB reported second-quarter fiscal 2027 non-GAAP earnings of 24 cents per share, which remained unchanged year over year and 33.33% above the Zacks Consensus Estimate. Revenues of $286.25 million rose 21.3% year over year and beat the consensus mark by 4.74%.Broad-based strength across new and existing customers supported the quarter. Net annual recurring revenue (ARR) growth accelerated to 42% year over year, while the dollar-based net retention rate was 117%. Subscription, self-managed and SaaS revenues increased 21.5% year over year to $258.31 million. License, self-managed and other revenues rose 20.1% year over year to $27.94 million. GitLab Inc. price-consensus-eps-surprise-chart | GitLab Inc. Quote SaaS revenues represented 34% of total revenues and increased 36% year over year. Calculated billings grew 24%, while total remaining performance obligations rose 16% to $1.2 billion and current RPO increased 20% to $744.7 million. Customers generating more than $5,000 of ARR reached 11,114, up 8% year over year. Customers with more than $100,000 of ARR increased 17% year over year to 1,571. Ultimate ARR grew roughly 35% and accounted for 59% of total ARR. Eight of GitLab’s 10 largest second-quarter deals purchased Ultimate, while gross retention remained above 90%.GitLab recorded approximately 1,700 first orders, more than double the year-ago level, while first-order net ARR increased 39%. Deals worth at least $500,000 grew more than 150% year over year. Account executive capacity increased about 30%, while productivity per rep improved about 10%. GitLab Flex attracted more than 130 customers with over $20 million in commitments during its first six weeks in market. Paid consumption run rate exceeded $40 million at quarter-end, up from $15 million exiting the first quarter. Management is targeting more than $100 million by fiscal year-end.Duo Agent Platform paid consumption run rate increased roughly 50% sequentially. GitLab Orbit, which entered public beta in June, had more than 2,200 organizations enabled indexing and generated more than 170,000 customer queries. Roughly 80% of query volume came from customers connecting Orbit to external agents. In the second quarter of fiscal 2027, non-GAAP gross margin was 86%, down from 90% in the prior year. On a non-GAAP basis, sales and marketing expenses rose 15.8% year over year to $103.82 million, research and development costs increased 24.6% year over year to $65.17 million, and general and administrative expenses advanced 19.1% year over year to $36.00 million.Non-GAAP operating income increased 7.6% year over year to $42.57 million. However, the corresponding operating margin was 15%, down from 17% in the year-ago quarter. As of July 31, 2026, cash and cash equivalents and short-term investments were $1.26 billion compared with $1.36 billion as of April 30, 2026.Operating cash outflow was $3.09 million compared with operating cash flow of $49.37 million in the year-ago quarter. Adjusted free cash flow declined to $9.75 million from $46.45 million.The company repurchased approximately 3.5 million shares during the quarter and had about $245 million remaining under its current authorization. For the third quarter of fiscal 2027, GitLab expects revenues of $281-$283 million, implying 15%-16% year-over-year growth. Non-GAAP operating income is projected to be $35-$37 million, while non-GAAP earnings are expected to be between 19 cents and 20 cents per share.For fiscal 2027, revenues are now projected to be $1.129-$1.133 billion, representing 18-19% growth. Non-GAAP operating income is expected to be $148-$152 million, and earnings are likely to be between 85 cents and 87 cents per share. The outlook assumes a normalized bookings pace, modest Duo Agent Platform revenue contribution and excludes the potential revenue-timing impact of Flex. Management estimates a maximum $13 million fiscal 2027 revenue-timing impact from Flex adoption. GitLab currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader Zacks Computer and Technology sector include Ciena CIEN, Docusign DOCU and Micron Technology MU. Each stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.Ciena shares have surged 268.4% in the year-to-date period. Ciena is set to report third-quarter fiscal 2026 results on Sept. 3.Shares of Docusign have plunged 13.3% year to date. Docusign is set to report second-quarter fiscal 2027 results on Sept. 3.Shares of Micron Technology have rallied 129.9% year to date. Micron Technology is slated to report fiscal fourth-quarter 2026 results on Sept. 30. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GitLab Inc. (GTLB) : Free Stock Analysis Report Ciena Corporation (CIEN) : Free Stock Analysis Report Micron Technology, Inc. (MU) : Free Stock Analysis Report Docusign Inc. (DOCU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research