Thanks for joining us today for GitLab's Third Quarter twenty twenty two Financial Results. Today, GitLab's Co-Founder and CEO, Sid Sijbrandij; and GitLab's Chief Financial Officer, Brian Robins will provide commentary on the quarter. Please note, we will be opening up the call for panelists' questions. To ask a question, please use the chat feature. Post your question directly to the IR chat channel using the drop-down menu. With that, I'll turn the call over to Taylor Giles to cover the Safe Harbor.

Thank you, Kevin. Before we begin, during this conference call, we may make forward-looking statements within the meaning of the Federal Securities laws. These statements involve assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated. For a complete discussion of risks associated with these forward-looking statements in our business, we encourage you to refer to our earnings release distributed today and our SEC filings, including our Quarterly Report on Form 10-Q for the fiscal quarter which ended, October thirty one, twenty twenty one. Our forward-looking statements are based upon information currently available to us. We caution you not to place undue reliance on forward-looking statements and we do not undertake any duty or obligation to update or release any revisions to any forward-looking statements or to report any future events or circumstances, or to reflect the occurrence of unanticipated events. In addition, during this call, certain financial performance measures may be discussed that differ from comparable measures contained in our financial statements prepared in accordance with US Generally Accepted Accounting Principles, referred to by the Securities and Exchange Commission as non-GAAP financial measures. These non-GAAP measures are not intended to be a substitute for our GAAP results. We believe these non-GAAP financial measures assist management and investors in evaluating our performance and comparing period-to-period results of operations as discussed in greater detail in the supplemental schedules to our earnings release. A reconciliation of these non-GAAP measures to the most comparable GAAP financial measures is included in our earnings press release submitted to the SEC. These reconciliations together with additional supplemental information are available at the Investor Relations section of our website. A replay of today's call will also be posted on the website.

Thank you for joining us for our first quarterly earnings call as a public company. We had a great quarter and we're excited to share today we exceeded our own expectations for the third quarter of fiscal year twenty twenty two with revenue of sixty six point eight million dollars. This represents revenue growth of fifty eight percent year-over-year this quarter. Our dollar-based net retention rate was above one hundred thirty percent, reflecting the significant return on investment that GitLab provides to our customers. As we look forward, we are seeing continued strong momentum for customers adopting The DevOps Platform and we feel we are still early in a large and growing market. I want to take a moment to express my gratitude to our investors, customers, the wider community, and team members. We are excited to share more details with you about the quarter and our overall business, but first I want to reflect on our initial public offering. I believe we are the first all-remote and most transparent company to go public. Our value of transparency has been prevalent as we've scaled the business. One example of this transparency is our publicly accessible Handbook, which is more than two thousand webpages documenting how we run GitLab. Another example of our transparency took place on listing date, October fourteen, twenty twenty one. GitLab was the first company to publicly stream its entire end-to-end listing day at NASDAQ. You can watch the recording of the live stream by searching GitLab History. While our IPO was a major milestone for GitLab, it was one of the many important steps in the evolution of the company. Because this is our first earnings call, I thought it might be helpful to go over the history of DevOps. I'll explain the value that GitLab provides and tell you about the large market opportunity with the tailwinds that we believe we have in front of us. In a world where software defines the speed of innovation, we believe every company has to be great at developing, securing and operating software. We also believe that to remain competitive, organizations in every industry must digitally transform. This represents a dramatically different approach to software development and operations, known as DevOps. DevOps is a set of practices that allow development, security, and operation teams to collaborate and work together to shorten the software development lifecycle, typically from months to hours. As DevOps adoption increases, the toolset continues to evolve. I'll explain the evolution of DevOps toolsets in four phases. The first phase was bring your own DevOps, where each team selected their own tools, which caused problems when teams tried to work together. This was because each team was not familiar with the tools of the other teams. The second phase was best-in-class DevOps, where organizations standardized on the same set of tools but struggled to quickly move software changes through the tools. So teams moved to a third phase, which required doing a set of custom work to integrate DevOps point solutions together in a do-it-yourself DevOps solution. In this phase, tools were not designed to use the same concepts, so they never fit quite right and were hard to maintain. I believe the true potential of DevOps was not fully realized in any of these phases. A single platform approach is needed to improve the team experience and to improve business efficiency. GitLab, the DevOps Platform, is the fourth phase of this evolution, replacing DIY DevOps and allowing for visibility and control over all stages of the DevOps lifecycle. According to Gartner, by twenty twenty-four, sixty percent of organizations will have switched to a DevOps value stream delivery platform to streamline application delivery versus twenty percent in twenty twenty-one. Based on our own calculations and as we mentioned during our IPO, we believe we have a forty billion dollars market opportunity for our DevOps platform. GitLab as The DevOps platform allows teams to collaboratively and efficiently plan, build, secure and deploy software in one application. With one user interface and a unified data model, teams across development, security, and operations can use GitLab for every stage of the software development lifecycle. GitLab replaces the need for teams to switch between tools, allowing companies to cut their complex point solution tool chain. We believe our single application helps companies to deliver software faster, improve organizational efficiency, and reduce security and compliance risks. The DevOps Platform also enables our customers to manage and secure their entire DevOps workflow across any hybrid or multi-cloud environments. This enables our customers to select the best cloud provider for their applications, and it allows our customers to avoid vendor lock-in and over-reliance on a single cloud vendor. We believe this provides us with a competitive advantage to help empower our customers to embrace the full benefits of a multi-cloud strategy. In twenty twenty, Gartner created a new market category for DevOps tools called the value stream delivery platforms. GitLab's position as the pioneer in the market of DevOps platforms is evidenced by the fact that in October twenty twenty-one, Gartner listed GitLab as a representative vendor for their market guide for value stream delivery platforms for the second year in a row. At GitLab, we prioritize and are extremely effective in improving the platform. We have a dual flywheel development strategy that leverages both our research and development group and our open-core community. By leveraging the power of each, we create a cycle where more contributions lead to more features, which leads to more users, leading back to more contributions. As an example of this innovation, in the third quarter, we introduced over one hundred new features. A few of our top new features are GitLab Operator, which enables customers to standardize their deployment and manage the full lifecycle of GitLab on Kubernetes-based platforms, including Red Hat and OpenShift. In addition, this feature lays the foundation for automating common tasks, which we believe ultimately reduces the total cost of ownership. Another new feature is GitLab's proprietary next-generation static application security testing engine. This new engine was built in-house to enable customers to detect and eliminate security risks faster than before. We also released improvements to the Wiki experience with the new 'what you see is what you get' markdown attitude. This rapid increase in features in The DevOps Platform enables customers to use GitLab for more tasks, replace more point solutions, and achieve a faster cycle time. The DevOps Platform delivers positive business outcomes for a very wide range of customers from single users to tens of thousands of users, from small organizations to Fortune 500 companies. GitLab's wider community is spread across every geography and across a wide number of verticals, including the public sector. Most people start using GitLab with our industry-leading source control and testing functionality. After they start using GitLab, customers often expand their usage in their platform, realizing that they no longer need the custom tool chain with individual point solutions. I'm proud to share that in the third quarter, we added four hundred and twenty-five new customers; some of the new and expanded logos include Suzuki Motor Corporation, Smartsheet, and Lockheed Martin. Let me give you a few examples of expansion at auto companies. In Q3, we had many expansions with our public sector clients. We continue to play a critical role for our government contractors supporting military programs. The contractor migrated two thousand users to a single integrated DevSecOps environment. Another key license expansion was with one of the largest logistics e-commerce and business services companies in the world. They continue to expand enterprise modernization initiatives with GitLab in Q3. This expansion of GitLab's DevOps Platform reduced development cycle time from ideas to release and accelerated their data center consolidation efforts. I'd like to highlight another expansion from a major telecommunications customer. The customer added more development teams to GitLab, which further simplifies their toolchain infrastructure. The team was able to reduce their complete data center deployment process to under eight hours. Because of that streamlined deploy and build process, they enabled using GitLab. I believe that a platform solution that integrates security is the future. In today's threat landscape, you need to secure one hundred percent of your applications one hundred percent of the time. We believe that the only practical way to do that is to integrate security into the platform, and GitLab's DevOps Platform does this. In Q3, we also welcomed our newest Board member, Sunny Bedi. Sunny is the Chief Information Officer and Chief Data Officer at Snowflake, and we're very pleased to welcome him to the GitLab Board of Directors. On November ten, we shared that my co-founder and the creator of GitLab, Dmitriy Zaporozhets, made the decision to leave his position as Engineering Fellow after completing his personal commitment of ten years to GitLab. I'm excited to continue to lead GitLab and build on what we created. I would like to thank Dmitriy for all of his contributions.

Thank you, Sid, and thank you again to everyone for joining us today. I will quickly recap our third quarter financial results and key operating metrics, and then conclude with our guidance. Before I dive into the quarter, I'll give a brief overview of our go-to-market strategy and our business model. In today's innovative world, we believe that every company must become a software company or they will be disrupted by a software company. GitLab goes to the market with a proven land and expand model to help organizations modernize their DevOps. Because customers often come to us seeking to address their most immediate needs and for the best developer experience, we have seen viral adoption and expansion of our platform. This is evidenced by our best-in-class dollar-based net retention that has consistently been over one hundred thirty percent. Our platform is offered with a free version and two paid subscription tiers, Premium and Ultimate, which are priced per user and based on the features available within those plans. The free version and both the paid subscription tiers are available as a SaaS and self-managed offering. Ultimate continues to be our fastest growing plan. Going forward, we expect our SaaS offering, which is recognized ratably to become a larger portion of our business. Our self-managed offering has both ratable and upfront revenue recognition, including a license component which is usually less than ten percent of the contract value and is recognized upfront. Post contract support, which is usually about ninety percent of the contract value, is recognized ratably over the contract period. Our contract terms are typically annual deals with cash collected upfront. Historically, we have had some multi-year contracts where multiple years were invoiced upfront. However, we expect the vast majority of our multi-year deals going forward will be invoiced annually. Now, let me turn to the quarter. Revenue of sixty-six point eight million dollars was up fifty-eight percent from the prior year. As of quarter-end, we had over four thousand customers with ARR of at least five thousand dollars, up from over three thousand six hundred and over two thousand four hundred customers compared to the prior quarter and year, respectively. Current customers with greater than five thousand dollars in ARR represent approximately ninety-five percent of our ARR. We also measure the performance and growth of our largest customers, who we define as those spending more than one hundred thousand dollars in ARR with us. For the quarter, we had over four hundred twenty customers with ARR of at least one hundred thousand, up from over three eighty and over two forty customers compared to the prior quarter and year, respectively. For both our five thousand dollars and one hundred thousand dollars customers, I think it is important to note that we have already well exceeded the number of new customers we've added to our platform compared to FY twenty twenty-one and FY twenty twenty. We think this is due to the increased market demand for DevOps platforms and the business imperative to become better at DevOps. As many of you know, we do not believe calculated billings to be a good indicator of our business. This quarter was an excellent example of this as we saw strong revenue growth and even higher ARR growth. Calculated billings year-over-year grow like both ARR and revenue growth due to the prior period being impacted by a number of factors, most notably our history of large prepaid multi-year deals. Non-GAAP gross margin was eighty-nine point seven percent for the quarter, which compares to eighty-eight percent in the immediate preceding quarter and eighty-nine point two percent for the third quarter last year. As we move forward, we are estimating a moderate decline in this metric due to the rapid growth rate of our SaaS offering year-over-year, which remains above one hundred percent. We saw improved operating leverage across the business this quarter. Non-GAAP operating loss of twenty-three point nine million dollars, or thirty-five point seven percent of revenue compared to a loss of twenty-two point three million dollars or fifty-two point nine percent of revenue in Q3 of the last fiscal year. The main factors contributing to this were higher revenue and lower-than-expected team member growth during the quarter. We anticipate hiring to accelerate in the fourth quarter and into FY twenty twenty-three to support the growth in our business. Operating cash used was ten point one million dollars in the quarter compared to fourteen point one million dollars used in the same quarter last year. We performed well during the quarter and believe our business is set up for continued strength. As Sid mentioned earlier, we believe we have a very substantial market opportunity as it is relatively underpenetrated and we're well-positioned to capture an outside portion of it. Turning to guidance. For the fourth quarter of FY twenty twenty-two, we expect total revenue of sixty-nine point five million dollars to seventy-seven point five million dollars, representing a growth rate of fifty-one percent to fifty-three percent year-over-year. We expect the non-GAAP operating loss of thirty-three million dollars to thirty-two million dollars and we expect a non-GAAP net loss per share of zero point two six dollars to zero point two five dollars, assuming one hundred forty-four million dollars weighted average shares are outstanding. Let's turn to the full year FY twenty twenty-two. We now expect total revenue of two hundred forty-four million dollars to two hundred forty-five million dollars, representing a growth rate of sixty percent to sixty-one percent year-over-year. We expect the non-GAAP operating loss of one hundred four million dollars to one hundred three million dollars and we expect the non-GAAP net loss per share of one point four three dollars to one point four two dollars, assuming eight million dollars weighted average shares outstanding.

Our first question should be coming from Kash Rangan.

Hi. Thank you very much, and congratulations on the first quarter as a public company. Sid, I'm curious if you could give us an update on your perspective in a post-pandemic world, if that were to ever happen, how does software development and release cycle change? Did it become faster or about the same? And also if you could just give us a quick commentary on the competitive landscape, any interesting displacements that you did that put you on the strategic roadmap for large Fortune 500 corporations? Thank you so much, and congrats again.

Yes. Thanks, Kash. I appreciate it. We continue to see strong demand for The DevOps Platform and compared to a quarter ago, we saw that the labor market for developers, security experts, and operators got tighter. So we believe that with GitLab, customers can get more done with the people they have, and right now they're really struggling to hire more people. For example, at T-Mobile, they increased their delivery frequency by ten times due to GitLab, so ten times more frequent updates to their software, and we believe we're still early in a massive market with untapped potential.

Right. And the comment on any competitive displacements or any changes in the competitive arena where you are poised to take more share relative to the competition? Thank you so much.

Yes. It's still the case that we're competing with DIY DevOps. According to the latest Gartner numbers that came out in October, they see the adoption of DevOps platforms being at twenty percent right now. They see that grow to sixty percent by twenty twenty-four, but right now it's all about customers replacing their point solutions with a platform and convincing them that that is the way forward.

Brilliant. Thank you so much. Happy Holidays.

You too. Thanks, Kash.

Next up, we will move to Sterling Auty.

Yes. Thanks. Hi, guys. So you had mentioned the different pricing tiers that you've got. I'm curious what you saw in terms of any additional shift that you might have seen towards that Ultimate tier and any impact on the business?

Thanks, Sterling. Ultimate continues to be our fastest growing tier, more than doubling year-over-year. As we continue to drive business outcomes for these customers, let's say, increasing ROI. And so we're really happy with the growth in Ultimate.

And then one follow-up also regarding our metrics, when you look at over seventy percent growth in customers spending over one hundred thousand dollars with you, can you give us a sense? Is that just those customers existing adding more developers? Is it a shift to Ultimate? Is it brand new customers? What's kind of the mix or makeup of the growth in that top tier for you?

So in the customers, we see the majority of it from existing customers adopting more users and then second is up-tiering.

Got it. Thank you.

Thank you.

Next up, we have a question from Rob Owens.

Great. Good afternoon, and thanks for taking my question. I'd love to dovetail Sterling's question a little bit and understand just how you're landing with customers. Are you landing larger at this point? And are you landing broader with customers in terms of that use case than more of the platform proposition? Thanks.

Thanks, Rob. We're continuing to see bigger land as well as more expansion. On the land side, we are landing larger; average new ARR for new lands had a meaningful year-over-year increase. On the expand side, we're really happy with our expansion. Our net dollar retention continues to be in excess of one hundred thirty percent, which is best in class. It's driven by new users as well as up-tiering Ultimate, and also we don't see many people leaving, so we don't really have contraction or loss of customers.

And relative to that mix of Ultimate then, are you landing more often with Ultimate say than you were a year ago at this point?

Yes, Ultimate is continuing to grow at a faster rate, and we're securing more clients with Ultimate while also seeing an increase in upgrades to Ultimate.

Thank you very much, Brian.

Yep. Thanks, Rob.

Next up, we have a question from Joel Fishbein.

Hey, congrats on the quarter, gentlemen. And I just have a quick follow-up to Rob's question. Brian, where are you in terms of sales productivity and also building up the enterprise sales force? That would be helpful.

Yes, Joel. We believe the productivity remains healthy and continues to get better. We currently can anticipate continuing to build sales teams in all market segments. And so we're adding an enterprise at a mid-market and some in SMB as well. This quarter, we added a number of new salespeople and we're happy with their productivity.

Great. Thank you.

Moving on now to Koji Ikeda.

Hey, Sid. Hey, Brian. Congrats on a nice first quarter and your IPO. I was wondering if you could tell us how your conversations may have changed or evolved over the past year with your customers and prospects and their thinking with letting developers choose their own DevOps tools, maybe for speed or familiarity versus taking a more standardized approach from the top down. What typically is the catalyst that drives more of a top-down standardization strategy?

Thank you for your question. Companies are noticing that their integration efforts are increasing. They have more DevOps tools, and simultaneously, the number of projects within the company is also on the rise. This is leading to a significant surge in integration projects, which is becoming unmanageable. Hence, they are moving towards a DevOps Platform. It's similar to how, in the past, you had a Walkman, a camera, and a flashlight. As more electronic devices became available, carrying all of them became impractical. You eventually want a solution that brings everything together in one device, like an iPhone.

Got it. Thanks. And then maybe just one quick follow-up for Brian. I think in your prepared remarks, you mentioned something about lower-than-expected team growth. Just wanted to follow up on that a little bit. Can you walk us through that comment? Was this because you were maybe a bit front-loaded last year, maybe at the beginning of this year, and this is a pause year, or is there anything else we should be aware of there? Thank you.

Yeah. Thanks for the question. We just wanted to point that out. When Sid and I were on the road, we talked about the number one objective was growth, but we do that responsibly. We added more team members this quarter than any of the last six quarters. And so we had a big quarter in terms of team members, but we had it less anticipated, and so that fell to the bottom line. We'll look at reinvesting that back in the business when we can.

Got it. Thanks, Brian. Thanks, guys. Appreciate it.

Thank you.

Moving on now to a question, I believe, from Jeff Hickey.

Hi, guys. Thanks for taking my question. The first question I have is, how do you think about the broader opportunity with over thirty million registered users? The numbers are out there around the estimated number of professional developers, but the opportunity you have is much broader outside of maybe more technical audiences. So the first part would be, how do you think about that moving forward as you move away from use cases primarily focused on source code management?

Thanks, Jeff. We think that the broader opportunity is enormous. If you look at us today combined with GitHub, we think combined we're less than three percent. It's a forty billion dollar TAM and we're just getting started. So we're really early in the market. Every company has to become a software company or you're going to lose, and we're helping companies make software better, faster, and more secure, and the ROIs that we're driving in the business outcomes are extremely positive. So we're really excited about the opportunity in front of us.

Got it. And then one quick follow-up would be on just the billings growth. I think you guys were lapping a big deal or something in Q3 last year. Could you elaborate more on that? And is billings a metric we should really focus on going forward, or do you expect it to be volatile?

Yes, billings is a little choppy, and so we tried to steer people away from billings when we're on the road. In particular, short-term billings is a little lower this quarter. But if you remove professional services and true-ups and then the billing from one of the largest deals in company history last quarter, the growth rate is consistent from the last couple of quarters. When you see our 10-Q, RPO grew seventy percent year-over-year, and our ARR growth for Q3 exceeded that.

Next up, we have a question from Matt Hedberg.

Hi, guys. Thanks for taking my questions. I think, Brian, you mentioned SaaS is growing north of one hundred percent. As it continues to increase in the mix, does that open up new ways for you to leverage data to make the platform even more robust? Maybe it's even from a customer benchmarking perspective?

Yes. I'll take that question if you don't mind, Matt. It's a great question, and it does open up new possibilities. You mentioned benchmarking. Another thing is that we can train ML models that accelerates cycle time. For example, figure out who to assign something to. We can also make more relevant suggestions to embrace new GitLab functionality. These improvements don't just benefit our SaaS customers; we can frequently reuse them to also benefit our self-managed customers.

That is super exciting considering the growth in that product. And then my second question on the security side, I think we're all aware of the DevSecOps movement and sort of shift left. When you think about where you can take your security portfolio longer term, how do you think about that beyond sort of releasing packages today?

Yeah. Thanks for that. We are really bullish on what we already have. Our Secure Stage is the most complete offering in the market, that's static analysis, secret detection, code quality, dynamic analysis, API security, testing, dependency scanning, license compliance, and vulnerability management. We anticipate that we'll be further expanding into Protect Stage. In that stage, we already offer basic versions of container scanning, security orchestration, container host security, and container network security.

Thank you.

Thank you.

And a question now from Derrick Wood.

Great. Thanks. And I'll echo my congrats. First one for Sid. Given the trend of companies wanting to buy a DevOps Platform, how do you think about selling more bundles out of the gate, like create and verify, sold as an initial sale out of the gate? Is that something we could see more of or is it still going to be a motion of landing in one area and then expanding from there?

Yes. Thanks for that question. What's important to know about our pricing model is that every tier includes every stage. Even in our free tier, you get all the stages of GitLab. We charge for functionality on top of that. If that functionality is aimed at an executive, it will be in our Ultimate tier. If you look at how customers adopt it, it's a gradual process. It's not possible to rip and replace. This DevOps process is so core to what customers do; it's really hard to change everything day one. If you look at the Forrester study we released together, you find that customers replace three point solutions in the first year, then in the second year, and then in the third year, a linear pace of adoption. Customers can keep growing with GitLab for a very, very long time.

That is helpful. And, Brian, you're modeling pretty minimal deceleration in growth in Q4. So I guess a couple of questions. I mean you alluded to why there was a tough comp in Q3; does that more normalize in Q4? Is there anything else to think about it? And then, I think you guys have a decent amount of government business, can you remind us what government seasonality is in Q3 and is there some seasonal downtick in Q4? Just kind of flush out the second-half seasonal motions.

Absolutely. Thanks for the question. Derrick, from a public perspective, Q3 is the biggest quarter for them, and so it will be lighter for us in Q4. On the velocity or the acceleration in growth, really the reference there was to the billings number. The billings scheme and the calculated total billings year-over-year and calculated current billings year-over-year growth was lower, and so I wanted to explain the normalization of that. On the revenue growth, fifty-eight percent this quarter, we guided for the full year at the implied growth rate of sixty percent to sixty-one percent.

Yep. Thank you.

All right. Moving on to Michael Turits.

Hey guys. Sid, Brian, everybody, congratulations. So Brian, question for you and go to market and engagement with the customers. How is it going, especially as you build out the enterprise sales force in terms of selling more top down as opposed to bottoms up to developers, and are you starting to see that kind of standardization across the enterprise as you move up in terms of what you are selling?

Yes. Thanks, Michael, and I appreciate the comments on the quarter. We've been a direct sales motion to the enterprise really since the company's inception. We just added some additional go-to-market motions over the last year, which are new but very positive early results, and that's channel alliances and partnerships, and so forth. As you know, our normal sales motion sort of is to land relatively small and then expand within the client, but there are examples, such as UBS where we did wall-to-wall implementation in less than a year. We do land at the top sometimes as well. We do both motions, but the one where you land in the division, department, one hundred licenses at a time is probably the more normal motion for us.

Sid, if I could ask you about customer perspectives. Many customers view your core offering as a code repository for FCM and CI. Can you elaborate on your security focus while also discussing how you've been expanding into the CD pipeline management area? How successful have you been in that regard?

Thanks for the question, Michael. We do land with source code management and testing code, and that testing code is now also proper land. It's not just source control; some customers use it exclusively for testing the code. From there, from those two land areas we expand in security, package, and release. We replace solutions like Checkmarx, Synopsys, and BlackDuck in the security area and package, we replace things like JFrog Artifactory. When it comes to release, we commonly replace the custom scripts that customers made before, which are hard to maintain. Those are our expansion points, and we're investing there, particularly since Secure has driven a lot of up-tiering to Ultimate, because it's really important for customers to test one hundred percent of their projects one hundred percent of the time.

All right. Thanks, Sid. Thanks, Brian.

Thank you.

Yeah, hi guys. My question is on the accelerants to growth in calendar twenty twenty-two, fiscal twenty twenty-three. If you have to talk through the kind of different accelerants, whether it's adding more sales headcount, more channel alliances, or more product releases. How would you kind of think about those three elements or maybe there are some other accelerants that I'm not thinking about?

Yes, thanks, Jason. As I stated earlier, it's a forty billion dollars TAM, barely penetrated, so there are a lot of different areas. One is, we're continuing to do more product investment, and the more investment we do in product, the more differentiated driving positive business outcomes. Secondly, we will land new logos. When we have new logo expansion, obviously we hit landed TAM, and then we can expand them and up-tier them. We're also investing in channel and alliances, and then we're doing international expansion. There are a number of different areas that I think give us opportunity to continue to grow in this very enormous market.

And do you expect the average new ARR, Brian, to continue to trend higher?

It has done that historically. I can't make a forward-looking statement, but historically, it has every quarter.

Thank you, guys.

Yes. I appreciate it, Jason.

Yeah, thanks so much. Those were some great questions. I thank you very much for joining this call. It's great to be able to announce our first earnings, and I want to thank our investors, the wider community around GitLab, our contributors, our team members, our users, and our customers for the great quarter. Thank you very much.

Ladies and gentlemen. Thanks again once more for joining us. Have a great day.