GitLab Inc at Piper Sandler Global Growth Frontiers Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Rob Owens - Piper Sandler Companies - Analyst : Well, thank you for being part of our inaugural Nashville conference. So when we met 15 years ago, [that had been early], I think I have a little more hair. You're CFO of Verisign. And I guess at a high level, with someone who has public company and private company experience, and I've known you throughout, talk about what compelled you to the GitLab story, especially from the outside and given how confusing DevOps is as a space?

Question: Rob Owens - Piper Sandler Companies - Analyst : So having joined two years ago, and then one of the common themes people have talked about, they have the great resignation and how to retain employees because people are working in different fashion. And for those of you who don't know, GitLab is 100% virtual. I've never been in one of your offices. I think the first time I met Sid was at his condo in Downtown San Francisco that he used as an office. So talk a little bit about the culture of the company, which I think is very important, relative to how people work nowadays. And are you seeing differences then in attrition and retention levels because of it?

Question: Rob Owens - Piper Sandler Companies - Analyst : That's great. So if you look at DevOps and DevSecOps in a broader opportunity, do you think most organizations have developed it? Like where are we on the scale relative to adoption of DevOps? I know I look at GitLab with only 6,000 customers but adding nearly 600, I think, it was just last quarter. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 13, 2022 / 6:30PM, GTLB.OQ - GitLab Inc at Piper Sandler Global Growth Frontiers Conference

Question: Rob Owens - Piper Sandler Companies - Analyst : Nearly 700. Tough numbers. I'm an analyst. But talk about where we are just in terms of DevOps and adoption within the customer base with a broader set of opportunity.

Question: Rob Owens - Piper Sandler Companies - Analyst : I'm really surprised it's on the 6,000 customers overall. I mean, I know there's more on the premium version. And maybe you can talk about how that transition looks.

Question: Rob Owens - Piper Sandler Companies - Analyst : And obviously, GitLab's vision is to stretch end-to-end. So where do you think you are from the platform proposition? And where are customers using you the most throughout that software development lifecycle?

Question: Rob Owens - Piper Sandler Companies - Analyst : And talk about pricing for the three solutions, I guess, with the two to be monetized. And there is a pretty big gap between Premium and Ultimate. So maybe you can address that.

Question: Rob Owens - Piper Sandler Companies - Analyst : Wow. And possibly talk a little bit about how and where the company lands. And if we look at the biggest growth drivers to revenue, is it the shift from Premium to Ultimate? Is it in new logos? How do you think about how you run the business especially with the growth rate you're achieving? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 13, 2022 / 6:30PM, GTLB.OQ - GitLab Inc at Piper Sandler Global Growth Frontiers Conference

Question: Rob Owens - Piper Sandler Companies - Analyst : Within that seat expansion, are you starting to get into other functional areas of the organization? Are you still primarily developer? If you have observability, you have some other capabilities that would address other units.

Question: Rob Owens - Piper Sandler Companies - Analyst : Okay. And if I look at the results over the last six months, even if we normalize for some changes and pull for web rank, you have growth that has been steady, if not accelerated. Why are you seeing it with this difficult macro right now?

Question: Rob Owens - Piper Sandler Companies - Analyst : You also talked recently about sales cycles compressing this environment. And you can elaborate on that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 13, 2022 / 6:30PM, GTLB.OQ - GitLab Inc at Piper Sandler Global Growth Frontiers Conference

Question: Rob Owens - Piper Sandler Companies - Analyst : And you talked about those unit economics because typically, a company growing at 74% is losing more.

Question: Rob Owens - Piper Sandler Companies - Analyst : So as we look at your background or relative to driving businesses to really steady stable unit economics and monopolistic in some cases with one of your private-public companies -- but you have .com and .net. They're given to you. So why not? Talk about the longer-term opportunity here. And is there a timeline that you see that crossover into positive free cash flow, positive margin?

Question: Rob Owens - Piper Sandler Companies - Analyst : Any questions from the floor at this point? Unidentified Analyst (inaudible - microphone inaccessible)

Question: Rob Owens - Piper Sandler Companies - Analyst : Yeah. Unidentified Analyst (inaudible - microphone inaccessible)

Question: Rob Owens - Piper Sandler Companies - Analyst : I think it's about talking about go-to-market because I think in the DevOps space, a lot of it is addressed through frictionless sales and self-service. If I looked at where -- [well, all have] started Atlassian, JFrog, more inside sales. Talk about GitLab's go-to-market.

Question: Rob Owens - Piper Sandler Companies - Analyst : Maybe you disclose hyperscalers when they become significant over 10%? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 13, 2022 / 6:30PM, GTLB.OQ - GitLab Inc at Piper Sandler Global Growth Frontiers Conference

Question: Rob Owens - Piper Sandler Companies - Analyst : Pitching that to you.

Question: Rob Owens - Piper Sandler Companies - Analyst : Great. I have time for one quick question if there is one. Go ahead, Justin. Unidentified Analyst (inaudible - microphone inaccessible)

Question: Rob Owens - Piper Sandler Companies - Analyst : All right. Well, we're blinking red. Brian, thank you.