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Billionaires have seen their combined wealth shoot up 121 percent over the past decade to $14 trillion, Swiss bank UBS said Thursday, with tech billionaires' coffers filling the fastest. Switzerland's biggest bank, which is among the world's largest wealth managers, said the number of dollar billionaires increased from 1,757 to 2,682 over the past 10 years, peaking in 2021 with 2,686. The 10th edition of UBS's annual Billionaire Ambitions report, which tracks the wealth of the world's richest people, found that billionaires have comfortably outperformed global equity markets over the past decade. The report documents "the growth and investment of great wealth, as well as how it's being preserved for future generations and used to have a positive effect on society", said Benjamin Cavalli, head of strategic clients at UBS global wealth management. Between 2015 and 2024, total billionaire wealth increased by 121 percent from $6.3 trillion to $14.0 trillion -- while the MSCI AC World Index of global equities rose 73 percent. The wealth of tech billionaires increased the fastest, followed by that of industrialists. Worldwide, tech billionaires' wealth tripled from $788.9 billion in 2015 to $2.4 trillion in 2024. "In earlier years, the new billionaires commercialised e-commerce, social media and digital payments; more recently they engineered the generative AI boom, while also developing cyber-security, fintech, 3D printing and robotics," UBS said. The report found that since 2020, the global growth trend had slowed due to declines among China's billionaires. From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10 percent, but growth has plunged to one percent since 2020. Chinese billionaire wealth more than doubled from 2015 to 2020, rising from $887.3 billion to $2.1 trillion, but has since fallen back to $1.8 trillion. However, North American billionaire wealth has risen 58.5 percent to $6.1 trillion since 2020, "led by industrials and tech billionaires". Meanwhile billionaires are relocating more frequently, with 176 having moved country since 2020, with Switzerland, the United Arab Emirates, Singapore and the United States being popular destinations. In 2024, some 268 people became billionaires for the first time, with 60 percent of them entrepreneurs. "The year's new billionaires were mainly self-made," said UBS. The report said US billionaires accrued the greatest gains in 2024, reinforcing the country's place as the world's main centre for billionaire entrepreneurs. Their wealth rose 27.6 percent to $5.8 trillion, or more than 40 percent of billionaire wealth worldwide. Billionaires' wealth from mainland China and Hong Kong fell 16.8 percent to $1.8 trillion, with the number of billionaires dropping from 588 to 501. Indian billionaires' wealth increased 42.1 percent to $905.6 billion, while their number grew from 153 to 185. Western Europe’s total billionaire wealth rose 16.0 percent to $2.7 trillion -- partly due to a 24 percent increase in Swiss billionaires. UAE billionaires' aggregate wealth rose 39.5 percent to $138.7 billion. UBS said billionaires faced an "uncertain world" over the next 10 years, due to high geopolitical tensions, trade barriers and governments with mounting spending requirements. Billionaires will therefore need to rely on their previous distinctive traits: "smart risk-taking, business focus and determination". "Risk-taking billionaires are likely to be at the forefront of creating two technology-related industries of the future already taking shape: generative AI and renewables/electrification," UBS predicted. And more flexible wealth planning will be needed as billionaire families move country and spread around the world. The heirs and philanthropic causes of baby boom billionaires are set to inherit an estimated $6.3 trillion over the next 15 years, UBS said. rjm/gv
SAN FRANCISCO--(BUSINESS WIRE)--Dec 5, 2024-- All Remote – GitLab Inc. (NASDAQ: GTLB), the most comprehensive AI-powered DevSecOps platform, today reported financial results for its third quarter fiscal year 2025, ended October 31, 2024. “GitLab’s growth at scale is a testament to the demand for a platform approach to software development,” said Sid Sijbrandij, co-founder and executive chair of the board of directors, GitLab Inc. “Our end-to-end DevSecOps platform addresses our customers’ need to accelerate the pace of software development to remain competitive, innovate faster, and ship software more securely.” In a separate press release issued today, December 5, 2024, the company announced Bill Staples was named CEO and a member of the board of directors effective today. Staples succeeds co-founder and CEO Sid Sijbrandij, who is stepping down from his day-to-day role to focus on his health. Sijbrandij will transition to executive chair of the GitLab board of directors. The announcement can be found at https://ir.gitlab.com/ . “We delivered record non-GAAP operating margins as our third quarter fiscal year 2025 revenue reached $196 million dollars, an increase of 31% year-over-year,” said Brian Robins, GitLab chief financial officer. “I am very pleased with our results and the team’s execution as we continue to deliver against our commitment to responsible growth.” Third Quarter Fiscal Year 2025 Financial Highlights (in millions, except per share data and percentages) : Q3 FY 2025 Q3 FY 2024 Y/Y Change Revenue $ 196.0 $ 149.7 31 % GAAP Gross margin 89 % 90 % Non-GAAP Gross margin 91 % 91 % GAAP Operating margin (15 )% (27 )% Non-GAAP Operating margin 13 % 3 % GAAP Operating loss $ (28.7 ) $ (40.3 ) $ 11.6 Non-GAAP Operating income $ 25.9 $ 4.7 $ 21.2 GAAP Net Income (loss) attributable to GitLab $ 29.6 $ (285.2 ) $ 314.8 Non-GAAP Net income attributable to GitLab $ 39.1 $ 14.4 $ 24.7 GAAP Net income (loss) per share attributable to GitLab, basic $ 0.18 $ (1.84 ) $ 2.02 GAAP Net income (loss) per share attributable to GitLab, diluted $ 0.18 $ (1.84 ) $ 2.02 Non-GAAP Net income per share attributable to GitLab, basic $ 0.24 $ 0.09 $ 0.15 Non-GAAP Net income per share attributable to GitLab, diluted $ 0.23 $ 0.09 $ 0.14 GAAP net cash used in operating activities $ (177.0 ) $ (6.0 ) $ (171.0 ) Non-GAAP adjusted free cash flow $ 9.7 $ (6.7 ) $ 16.4 A reconciliation between GAAP and non-GAAP financial measures is contained in this release under the section titled “Non-GAAP Financial Measures.” Additional Financial Highlights: Customers with more than $5,000 of ARR reached 9,519, an increase of 16% year-over-year. Customers with more than $100,000 of ARR reached 1,144, an increase of 31% year-over-year. Dollar-Based Net Retention Rate was 124%. Total RPO grew 48% year-over-year to $811.8 million, while cRPO grew 39% to $515.2 million. Business Highlights: Recognized as a Leader in the Gartner® Magic QuadrantTM for DevOps Platforms for the second consecutive year. Announced an integrated offering with AWS that brings together GitLab Duo and Amazon Q. Together, GitLab Duo and Amazon Q provide a seamless AI-powered developer experience that combines DevSecOps workflows and AWS environments to help organizations ship secure software faster. Announced the general availability of Advanced SAST for GitLab Ultimate customers, leveraging technology acquired with Oxeye, for more accurate vulnerability detections in first-party code. Fourth Quarter and Fiscal Year 2025 Financial Outlook For the fourth quarter and fiscal year 2025, GitLab Inc. expects ( in millions, except share and per share data) : Q4 FY 2025 Guidance FY 2025 Guidance Revenue $205.0 - $206.0 $753 - $754 Non-GAAP operating income $28.0 - $29.0 $69 - $70 Non-GAAP diluted net income per share assuming approximately 170 million and 168 million weighted average shares outstanding during Q4 FY 2025 and FY 2025, respectively. $0.22 - $0.23 $0.63 - $0.64 These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below in Non-GAAP Financial Measures. We have not provided the most directly comparable GAAP financial guidance measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, a reconciliation of non-GAAP guidance for operating income (loss) and net income (loss) per share to the corresponding GAAP measures is not available. Conference Call Information GitLab will host a conference call today, December 5, 2024, at 1:30 p.m. (PT) / 4:30 p.m. (ET) to discuss its third quarter fiscal year 2025 financial results and its guidance for the fourth quarter and fiscal year 2025. Interested parties may register for the call in advance by visiting https://bit.ly/3Ul8cwM . A live webcast of this conference call will be available on GitLab’s investor relations website ( ir.gitlab.com ), and a replay will also be archived on the website for one year. About GitLab GitLab is the most comprehensive AI-powered DevSecOps platform for software innovation. GitLab enables organizations to increase developer productivity, improve operational efficiency, reduce security and compliance risk, and accelerate digital transformation. More than 40 million registered users and more than 50% of the Fortune 100 trust GitLab to ship better, more secure software faster. Non-GAAP Financial Measures GitLab believes non-GAAP measures are useful in evaluating its operating performance. GitLab uses this supplemental information to evaluate its ongoing operations and for internal planning and forecasting purposes. GitLab believes that non-GAAP financial information, when taken collectively with its GAAP financial information, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We define non-GAAP financial measures as GAAP measures, excluding certain items such as stock-based compensation expense, amortization of acquired intangible assets, foreign exchange (gain) loss, equity method investment loss and impairment, acquisition related expenses, changes in the fair value of acquisition related contingent consideration, charitable donation of common stock, restructuring charges, a non-recurring income tax adjustment related to bilateral advance pricing agreement (“BAPA”) negotiations, and other expenses that the Company believes are not indicative of its ongoing operations. Shares used for net income per share on a non-GAAP basis include incremental dilutive shares related to restricted stock units, options, and shares issuable under GitLab Inc.’s 2021 Employee Stock Purchase Plan that are anti-dilutive on a GAAP basis. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. Adjusted Free Cash Flow Adjusted free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used for purchases of property and equipment, plus any non-recurring income tax payments related to BAPA. We believe that adjusted free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and any non-recurring income tax payments related to BAPA, can be used for strategic initiatives, including investing in our business, and strengthening our financial position. One limitation of adjusted free cash flow is that it does not reflect our future contractual commitments. Additionally, adjusted free cash flow does not represent the total increase or decrease in our cash balance for a given period. Forward-Looking Statements This press release and the accompanying earnings call contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although we believe that the expectations reflected in the forward-looking statements contained in this release and the accompanying earnings call are reasonable, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to the following: our ability to effectively manage our growth; our revenue growth rate in the future; our ability to achieve and sustain profitability, our business, financial condition, and operating results; security and privacy breaches; intense competition in our markets and loss of market share to our competitors; our ability to respond to rapid technological changes; the market for our services may not grow; a decline in our customer renewals and expansions; fluctuations in our operating results; our incorporation of artificial intelligence features into our products; our transparency; our publicly available company Handbook; customers staying on our free self-managed or SaaS product offering; our ability to accurately predict the long-term rate of customer subscription renewals or adoption, or the impact of these renewals and adoption; our hiring model; the effects of ongoing armed conflict in different regions of the world on our business; and general economic conditions (including changes in interest rates, inflation, uncertainty of the federal budget, increased volatility in the capital markets, and instability in the global banking sector) and slow or negative growth of our markets. Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in the filings and reports we make with the Securities and Exchange Commission. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law. Operating Metrics Annual Recurring Revenue (“ARR”): We define annual recurring revenue as the annual run-rate revenue of subscription agreements, including our self-managed and SaaS offerings but excluding professional services, from all customers as measured on the last day of a given month. We calculate ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR for each month is calculated by aggregating, for all customers during that month, monthly revenue from committed contractual amounts of subscriptions, including our self-managed license, self-managed subscription, and SaaS subscription offerings but excluding professional services. Dollar-Based Net Retention Rate: We calculate Dollar-Based Net Retention Rate as of a period end by starting with our customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current Period ARR”). The calculation of Current Period ARR includes any upsells, price adjustments, user growth within a customer, contraction, and attrition. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the Dollar-Based Net Retention Rate. GitLab Inc. Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) October 31, 2024 (1) January 31, 2024 (1) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 176,632 $ 287,996 Short-term investments 740,340 748,289 Accounts receivable, net of allowance for doubtful accounts of $891 and $673 as of October 31, 2024 and January 31, 2024, respectively 197,555 166,731 Deferred contract acquisition costs, current 34,518 32,300 Prepaid expenses and other current assets 43,120 45,601 Total current assets 1,192,165 1,280,917 Property and equipment, net 3,563 2,954 Operating lease right-of-use assets 444 405 Goodwill 16,131 8,145 Intangible assets, net 19,536 1,733 Deferred contract acquisition costs, non-current 17,248 19,317 Other non-current assets 3,552 4,390 TOTAL ASSETS $ 1,252,639 $ 1,317,861 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 2,224 $ 1,738 Accrued expenses and other current liabilities 51,821 286,178 Accrued compensation and benefits 27,274 35,809 Deferred revenue, current 383,183 338,348 Total current liabilities 464,502 662,073 Deferred revenue, non-current 14,138 23,794 Other non-current liabilities 3,776 14,060 TOTAL LIABILITIES 482,416 699,927 STOCKHOLDERS’ EQUITY: Preferred stock, $0.0000025 par value; 50,000 shares authorized as of October 31, 2024 and January 31, 2024; no shares issued and outstanding as of October 31, 2024 and January 31, 2024 — — Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of October 31, 2024 and January 31, 2024; 140,528 and 114,670 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively — — Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of October 31, 2024 and January 31, 2024; 21,555 and 42,887 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively — — Additional paid-in capital 1,891,653 1,718,661 Accumulated deficit (1,161,952 ) (1,149,822 ) Accumulated other comprehensive income (loss) (4,996 ) 2,335 Total GitLab stockholders’ equity 724,705 571,174 Noncontrolling interests 45,518 46,760 TOTAL STOCKHOLDERS’ EQUITY 770,223 617,934 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,252,639 $ 1,317,861 (1) As of October 31, 2024 and January 31, 2024, the consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $43.4 million and $47.6 million, respectively, and liabilities of $6.1 million for each period presented. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the general credit of GitLab Inc. GitLab Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue: Subscription—self-managed and SaaS $ 175,257 $ 130,993 $ 489,617 $ 364,280 License—self-managed and other 20,790 18,675 58,201 51,847 Total revenue 196,047 149,668 547,818 416,127 Cost of revenue: Subscription—self-managed and SaaS 17,170 11,559 47,639 33,321 License—self-managed and other 4,955 3,525 14,632 10,398 Total cost of revenue 22,125 15,084 62,271 43,719 Gross profit 173,922 134,584 485,547 372,408 Operating expenses: Sales and marketing 95,340 86,978 285,542 265,631 Research and development 61,354 49,058 176,767 148,452 General and administrative 45,960 38,815 146,615 110,882 Total operating expenses 202,654 174,851 608,924 524,965 Loss from operations (28,732 ) (40,267 ) (123,377 ) (152,557 ) Interest income 12,586 10,874 37,443 27,301 Other income (expense), net 4,992 569 5,457 (508 ) Loss before income taxes and loss from equity method investment (11,154 ) (28,824 ) (80,477 ) (125,764 ) Loss from equity method investment, net of tax — (743 ) — (2,408 ) Provision for (benefit from) income taxes (39,421 ) 256,788 (66,131 ) 262,290 Net income (loss) $ 28,267 $ (286,355 ) $ (14,346 ) $ (390,462 ) Net loss attributable to noncontrolling interest (1,298 ) (1,197 ) (2,216 ) (2,755 ) Net income (loss) attributable to GitLab $ 29,565 $ (285,158 ) $ (12,130 ) $ (387,707 ) Net income (loss) per share attributable to GitLab Class A and Class B common stockholders: Basic $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) Diluted $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) Weighted-average shares used to compute net income (loss) per share attributable to GitLab Class A and Class B common stockholders: Basic 161,317 155,123 159,756 153,504 Diluted 167,436 155,123 159,756 153,504 GitLab Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss), including amounts attributable to noncontrolling interest $ 28,267 $ (286,355 ) $ (14,346 ) $ (390,462 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Stock-based compensation expense 48,042 41,334 139,263 120,032 Change in fair value of acquisition related contingent consideration — — 3,750 — Charitable donation of common stock 2,957 2,675 8,871 8,025 Amortization of intangible assets 2,511 521 5,931 1,646 Depreciation expense 680 1,123 2,361 3,329 Amortization of deferred contract acquisition costs 12,704 10,447 35,650 31,066 Loss from equity method investment — 940 — 3,048 Net amortization of premiums or discounts on short-term investments (3,792 ) (5,867 ) (12,933 ) (14,361 ) Unrealized foreign exchange loss (gain), net (5,184 ) (573 ) (5,442 ) 252 Other non-cash expense, net 467 420 768 317 Changes in assets and liabilities: Accounts receivable (32,883 ) (30,572 ) (31,658 ) (5,291 ) Prepaid expenses and other current assets (10,773 ) (3,935 ) 2,498 (8,183 ) Deferred contract acquisition costs (14,751 ) (13,623 ) (35,706 ) (31,760 ) Other non-current assets 1,348 (453 ) 851 (1,174 ) Accounts payable (1,317 ) 799 33 (224 ) Accrued expenses and other current liabilities (220,071 ) 244,674 (241,704 ) 245,857 Accrued compensation and benefits (1,913 ) 231 (8,815 ) 2,842 Deferred revenue 19,665 14,270 34,503 29,158 Other non-current liabilities (2,985 ) 17,983 (11,068 ) 16,070 Net cash provided by (used in) operating activities (177,028 ) (5,961 ) (127,193 ) 10,187 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of short-term investments (240,136 ) (238,680 ) (503,394 ) (573,676 ) Proceeds from maturities of short-term investments 148,763 253,995 524,862 526,979 Purchases of property and equipment (1,057 ) (736 ) (2,608 ) (1,269 ) Payments for business combination, net of cash acquired — — (20,210 ) — Payments for asset acquisition (346 ) — (7,660 ) — Escrow payment related to business combination, after acquisition date — — — (2,500 ) Other investing activities — — 457 — Net cash provided by (used in) investing activities (92,776 ) 14,579 (8,553 ) (50,466 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases 7,822 4,715 17,895 22,492 Issuance of common stock under employee stock purchase plan — — 7,932 7,751 Settlement of acquisition related contingent cash consideration (4,900 ) — (4,900 ) — Net cash provided by financing activities 2,922 4,715 20,927 30,243 Impact of foreign exchange on cash and cash equivalents 4,898 (1,249 ) 3,455 (2,557 ) Net decrease in cash and cash equivalents (261,984 ) 12,084 (111,364 ) (12,593 ) Cash and cash equivalents at beginning of period 438,616 273,225 287,996 297,902 Cash and cash equivalents at end of period $ 176,632 $ 285,309 $ 176,632 $ 285,309 GitLab Inc. Reconciliation of GAAP to Non-GAAP (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Gross profit on GAAP basis $ 173,922 $ 134,584 $ 485,547 $ 372,408 Gross margin on GAAP basis 89 % 90 % 89 % 89 % Stock-based compensation expense 1,993 1,648 5,924 4,760 Amortization of acquired intangibles 2,511 521 5,931 1,546 Restructuring charges — — — 463 Gross profit on non-GAAP basis $ 178,426 $ 136,753 $ 497,402 $ 379,177 Gross margin on non-GAAP basis 91 % 91 % 91 % 91 % Sales and marketing on GAAP basis $ 95,340 $ 86,978 $ 285,542 $ 265,631 Stock-based compensation expense (17,012 ) (16,523 ) (54,290 ) (51,582 ) Restructuring charges (130 ) 54 (1,126 ) (3,623 ) Sales and marketing on non-GAAP basis $ 78,198 $ 70,509 $ 230,126 $ 210,426 Research and development on GAAP basis $ 61,354 $ 49,058 $ 176,767 $ 148,452 Stock-based compensation expense (14,384 ) (12,738 ) (42,834 ) (36,917 ) Restructuring charges — (72 ) (393 ) (2,119 ) Research and development on non-GAAP basis $ 46,970 $ 36,248 $ 133,540 $ 109,416 General and administrative on GAAP basis $ 45,960 $ 38,815 $ 146,615 $ 110,882 Stock-based compensation expense (14,653 ) (10,425 ) (36,215 ) (26,773 ) Amortization of acquired intangibles — — — (100 ) Restructuring charges 11 4 (377 ) (1,634 ) Charitable donation of common stock (2,957 ) (2,675 ) (8,871 ) (8,025 ) Changes in the fair value of acquisition related contingent consideration — — (3,750 ) — Acquisition related expenses (140 ) — (2,849 ) — Other non-recurring charges (872 ) (413 ) (1,084 ) (413 ) General and administrative on non-GAAP basis $ 27,349 $ 25,306 $ 93,469 $ 73,937 Loss from operations on GAAP basis $ (28,732 ) $ (40,267 ) $ (123,377 ) $ (152,557 ) Stock-based compensation expense 48,042 41,334 139,263 120,032 Amortization of acquired intangibles 2,511 521 5,931 1,646 Restructuring charges 119 14 1,896 7,839 Charitable donation of common stock 2,957 2,675 8,871 8,025 Changes in the fair value of acquisition related contingent consideration — — 3,750 — Acquisition related expenses 140 — 2,849 — Other non-recurring charges 872 413 1,084 413 Income (loss) from operations on non-GAAP basis $ 25,909 $ 4,690 $ 40,267 $ (14,602 ) Other income (expense), net on GAAP basis $ 4,992 $ 569 $ 5,457 $ (508 ) Foreign exchange gains (losses), net (5,096 ) (488 ) (5,326 ) 506 Other income (expense), net on non-GAAP basis $ (104 ) $ 81 $ 131 $ (2 ) Net income (loss) attributable to GitLab common stockholders on GAAP basis $ 29,565 $ (285,158 ) $ (12,130 ) $ (387,707 ) Stock-based compensation expense 48,042 41,334 139,263 120,032 Amortization of acquired intangibles 2,511 521 5,931 1,646 Restructuring charges 119 14 1,896 7,839 Charitable donation of common stock 2,957 2,675 8,871 8,025 Changes in the fair value of acquisition related contingent consideration — — 3,750 — Acquisition related expenses 140 — 2,849 — Loss from equity method investment, net of tax — 743 — 2,408 Foreign exchange gains (losses), net (5,096 ) (488 ) (5,326 ) 506 Income tax adjustment (39,965 ) 254,392 (78,047 ) 254,392 Other non-recurring charges 872 413 1,084 413 Net income attributable to GitLab common stockholders on non-GAAP basis $ 39,145 $ 14,446 $ 68,141 $ 7,554 GAAP net income (loss) per share, basic $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) GAAP net income (loss) per share, diluted $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) Non-GAAP net income per share, basic $ 0.24 $ 0.09 $ 0.43 $ 0.05 Non-GAAP net income per share, diluted $ 0.23 $ 0.09 $ 0.41 $ 0.05 Shares used in per share calculation - basic on GAAP basis 161,317 155,123 159,756 153,504 Effect of dilutive securities 6,119 7,671 7,637 7,774 Shares used in per share calculation - diluted on non-GAAP basis 167,436 162,794 167,393 161,278 GitLab Inc. Reconciliation of GAAP Cash Flow from Operating Activities to Adjusted Free Cash Flow (in thousands) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Computation of adjusted free cash flow GAAP net cash provided by (used in) operating activities $ (177,028 ) $ (5,961 ) $ (127,193 ) $ 10,187 Less: Purchases of property and equipment (1,057 ) (736 ) (2,608 ) (1,269 ) Add: Income tax payments related to BAPA 187,735 — 187,735 — Non-GAAP adjusted free cash flow $ 9,650 $ (6,697 ) $ 57,934 $ 8,918 View source version on businesswire.com : https://www.businesswire.com/news/home/20241205686308/en/ CONTACT: Media Contact: Lisa Boughner VP, Global Communications GitLab Inc. press@gitlab.com Investor Contact: Kelsey Turcotte VP, Investor Relations GitLab Inc. ir@gitlab.com KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: DATA MANAGEMENT SECURITY APPS/APPLICATIONS TECHNOLOGY SOFTWARE ARTIFICIAL INTELLIGENCE SOURCE: GitLab Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:06 PM/DISC: 12/05/2024 04:05 PM http://www.businesswire.com/news/home/20241205686308/en
KyKy Tandy scored a season-high 21 points that included a key 3-pointer in a late second-half surge as Florida Atlantic roared back to beat Oklahoma State 86-78 on Thursday in the opening round of the Charleston Classic in Charleston, S.C. Florida Atlantic (4-2) advances to play Drake in the semifinal round on Friday while the Cowboys square off against Miami in the consolation semifinal contest, also Friday. Oklahoma State led by as many as 10 points in the first half before securing a five-point advantage at halftime. The Owls surged back and moved in front with four and a half minutes to play. It was part of an 11-1 run, capped by a 3-pointer from Tandy that made it 75-68 with 2:41 remaining. Ken Evans added 14 points for Florida Atlantic, with Leland Walker hitting for 13 and Tre Carroll scoring 11. The Owls went 35-of-49 from the free throw line as the teams combined for 56 fouls in the game, 33 by Oklahoma State. Khalil Brantley led Oklahoma State (3-1) with 16 points while Robert Jennings added 14 points and 11 rebounds for the Cowboys, who hit one field goal over a 10-minute stretch of the second half while having three players foul out. The Owls were up by as many as seven points in the early minutes and by 13-10 after a layup by Carroll at the 11:32 mark of the first half. Oklahoma State leapfrogged to the front on Abou Ousmane's layup off a Brantley steal, fell behind again on a 3-pointer by Evans and then responded on a 3-pointer by Jennings to take a 17-16 lead. From there, the Cowboys stoked their advantage to double digits when Jamyron Keller canned a shot from beyond the arc with five minutes to play in the half. Florida Atlantic got a layup and a monster dunk from Matas Vokietaitis and a pair of free throws from Walker in a 6-2 run to end the half to pull within 39-34 at the break. Jennings and Ousmane tallied seven points apiece for Oklahoma State over the first 20 minutes, as the Cowboys led despite shooting just 33.3 percent from the floor in the half. Carroll and Vokietaitis scored seven points apiece to pace the Owls, who committed 11 turnovers that translated to seven points for Oklahoma State before halftime. --Field Level Media
HONG KONG (AFP) – Equities extended losses in Seoul yesterday, while the won stabilised as South Korea entered a period of uncertainty with President Yoon Suk Yeol clinging to power after his brief imposition of martial law this week. And Bitcoin broke past the USD100,000 mark for the first time yesterday on hopes United States (US) President-elect Donald Trump will push through measures to deregulate cryptocurrencies when he takes office next month. The digital unit hit USD100,010 in early Asian trade, having enjoyed a blistering rally since the November 5 election of Trump, who pledged on the campaign trail to make the US the “bitcoin and cryptocurrency capital of the world”. On Wednesday, the crisis in East Asia kicked off a day of high drama, as hours later the three-month-old government of French Prime Minister Michel Barnier was brought down in a no-confidence vote linked to a controversial budget proposal. The news out of the eurozone’s number-two economy had been expected and the euro saw no major impact, but the move injected fresh uncertainty into an already fraught political situation in France after divisive elections earlier this year. All eyes in Asia are on Seoul, where the opposition has pushed for Yoon’s impeachment, accusing him of declaring martial law to stop criminal investigations into himself and his family. A trader walks near the screens at a foreign exchange dealing room in Seoul, South Korea. PHOTO: AP United States President-elect Donald Trump speaks at a Bitcoin 2024 Conference. PHOTO: AP But while the leader of Yoon’s People Power Party (PPP) called for the president to resign from the party and stressed he was “not trying to defend the president’s unconstitutional martial law”, a key PPP member vowed all its lawmakers would “stay united” to reject the impeachment motion. Also yesterday, it emerged that Defence Minister Kim Yong-hyun had resigned over the issue. The upheaval comes as Asia’s number-three economy struggles to gain traction and worries build on the possible impact of Donald Trump’s presidency as he prepares to reignite his hardball trade policy when he takes power next month. But analysts saw some optimism. “The silver lining we think is that the swift reversal of the martial law underscores the resilience of South Korea’s institutions,” said analysts at BMI, a unit of Fitch Solutions. “For now, we expect limited implications for the economy and financial markets as the Bank of Korea and the ministry of finance have responded swiftly by reassuring investors. “Notably, the central bank committed to boosting short-term liquidity and enacting measures to stabilise the forex markets, which aligns with our view that risks around the South Korean won should remain contained for now.” And senior economist for emerging Asia at Natixis CIB Trinh Nguyen said: “We believe this is a growth shock rather than a sovereign risk given the political reverberation of the martial law, which was short-lived. “The incident shows the strength of Korean institutions that prevented it and will indeed raise the questions of how Yoon will govern (already a lame duck) and whether he can continue to govern (impeachment or resignation very likely).” In early trade, Seoul’s Kospi was down 0.3 per cent, having finished more than one per cent down on Wednesday – itself an improvement on the initial drop. And the won remained at around 1,415 to the dollar, slightly up from its levels before the crisis erupted when it sank about three per cent.
‘All we can do is fight’BEIRUT (AP) — Syrian insurgents swept into the central city of Hama on Thursday and government forces withdrew, dealing another major blow to Syrian President Bashar Assad days after insurgents captured much of Aleppo, the country’s largest city. The stunning weeklong offensive appeared likely to continue, with insurgents setting their sights on Homs, the country’s third-largest city. Homs, which is about 25 miles south of Hama, is the gate to the capital, Damascus, Assad’s seat of power and the coastal region that is a base of support for him. The offensive is being led by the jihadi group HTS and an umbrella group of Turkish-backed Syrian militias called the Syrian National Army. Their sudden capture of Aleppo, an ancient business hub in the north, was a stunning prize for Assad’s opponents and reignited the Syrian civil war that had been largely a stalemate for the past few years. Hama is one of the few cities that has remained mostly under government control in the conflict, which broke out in March 2011 following a popular uprising. By sunset, dozens of jubilant fighters were seen shooting in the air in celebration in live footage from Hama’s Assi Square. The square was the scene of massive anti-government protests in the early days of the uprising in 2011, before security forces stormed it and got the city under control. The Syrian army on Thursday said it redeployed from Hama and took positions outside the city to protect civilians. Abu Mohammed al-Golani, the de facto leader of the Syrian insurgency, announced in a video message that fighters had reached Hama in a “conquering that is not vengeful, but one of mercy and compassion.” Al-Golani is the leader of the most powerful insurgent group in Syria, Hayat Tahrir al-Sham, which previously served as al-Qaida’s branch in Syria and is considered a terrorist group by the United Nations as well as countries including the U.S. The group that was known as the Nusra Front in the early years of Syria’s conflict changed its name and said in recent years that it cut ties with al-Qaida. Al-Golani publicly toured Aleppo on Wednesday and spoke about Hama on Thursday from an undisclosed location in what appeared to be a video filmed with a mobile phone. “This is a massive win for the rebels and a strategic blow for the (Syrian) regime,” Dareen Khalifa, a senior adviser with the International Crisis Group and an expert on Syrian groups. She said the question is whether the opposition will be able to reach Homs and take over the area, which she said would be a game-changer. “I think then we are going to have to pause and consider whether or not this regime can actually survive this war,” she added. Turkish President Recep Tayyip Erdogan, whose country supports the opposition fighters, reiterated during a telephone call with the U.N. Secretary General Antonio Guterres that the Syrian government should urgently engage with its people “for a comprehensive political solution.” Guterres said in a statement later that after 14 years of war in Syria, “it is high time” for all parties to engage seriously in talks to resolve the conflict in line with Security Council Resolution 2254.” That resolution, which was adopted unanimously in December 2015, endorsed a road map to peace in Syria. The measure called for a Syrian-led political process, starting with the establishment of a transitional governing body, followed by the drafting of a new constitution and ending with U.N.-supervised elections. The Britain-based Syrian Observatory for Human Rights — an opposition war monitor — said after fierce battles inside Hama, opposition gunmen now control the police headquarters in the city as well as the sprawling air base and the central prison from where hundreds of detainees were set free.
Arteta on differences from last Sporting meeting - Arsenal.com
‘Some kind of range war’: Testimony in ex-Illinois speaker's corruption trial reveals big political fight over tiny piece of landAccording to the News & Observer, Belichick "blew them away in the interview," yet he is not likely to move forward because he is pushing 73 years old and has no experience in the college game. After he and the New England Patriots agreed to part ways following a 24-year stint, Belichick interviewed for the head job with the Atlanta Falcons, who instead hired Raheem Morris. The North Carolina interview is the first known instance of Belichick showing interest in a college position. Belichick is expected to draw interest for NFL openings in the upcoming hiring cycle. The Tar Heels retained an outside advisory firm to identify coaching candidates to replace Mack Brown, whom they fired at the end of the regular season. North Carolina went 6-6, including 3-5 in the Atlantic Coast Conference. "We've had a tremendous response of people across the country, of agents calling us, coaches, people calling on behalf of other people that are in the industry," North Carolina athletic director Bubba Cunningham said in an in-house interview the school posted online earlier this week. "We are very optimistic of where we are, the interest in our program is just extraordinary, and we'll get a great coach to lead us. Who can lead us in the next three, five, 10 years? We need somebody that can come in and take us from good to great." --Field Level MediaLOS ANGELES — The four words were first spoken here on a bright spring afternoon at Camelback Ranch, my astonished syllables joining similar tones of amazement floating from every corner of a crowded press box. "Are you kidding me?" Down to his last pitch in his first spring training game as a Dodger, Shohei Ohtani had just launched a two-run home run. "Are you kidding me?" The crowd gasped in disbelief at the perfect timing and wondrous theater, the four words reverberating around the stadium like an anthem to the unimaginable. "Are you kidding me?" Eight months later, Los Angeles still asks that question. Was Shohei Ohtani's first season as a Dodger really real? Was the best baseball player on the planet even better than that? Could the man with arguably the highest expectations in baseball history actually exceed them? Yes, yes and unbelievably, yes. In being named the National League most valuable player on Thursday — becoming only the second player to win an MVP in both leagues — Ohtani completed a summer decorated with an even higher honor. Most Valuable Season Ever By A Los Angeles Athlete. This city has witnessed many memorable seasons by many legendary athletes, from Magic Johnson's rookie year to Fernando Valenzuela's rookie year to Sandy Koufax's 1963 to Eric Dickerson's 1984 to Shaquille O'Neal's 2000. But never before has one player during one season dominated the sport, transformed the town, awed the world and brought home a championship. After back-to-back playoff collapses, this was not a Dodgers town when Ohtani drove up the freeway from Anaheim this winter. It is overwhelmingly a Dodgers town now. His team was considered a bunch of underachievers before Ohtani signed a 10-year, $700 million contract. His team is now World Series champions. There was little international interest in the Dodgers before Ohtani brought his magical aura to Chavez Ravine. The Dodgers are now the most popular baseball team in the world. One man changed everything, an MVP of MVPs, the greatest Dodgers newcomer since Valenzuela, the greatest Dodgers season ever. "It will be a special moment that I will never forget," he said Thursday through an interpreter, after a special season that no one will ever forget. He led the league with 54 home runs, 130 RBIs, a 1.036 on-base-plus-slugging percentage, and that doesn't tell half of the story. Ohtani made such an impact, he significantly and unselfishly improved the team before he ever even stepped on the field. By agreeing to annually defer all but $2 million of his contract, he gave Dodgers president of baseball operations Andrew Friedman the financial flexibility to add other great players. Without Ohtani's generosity, Friedman might not have acquired Teoscar Hernández, Yoshinobu Yamamoto or Tyler Glasnow. Ohtani was a giant before he was a giant. Then the games started and here came those four words. You surely recognize them, because you've surely said them, time and again during a summer of dazzle. "Are you kidding me?" His season began in controversy, as longtime interpreter Ippei Mizuhara admitted to stealing more than $16 million from Ohtani to support a gambling addiction. The scandal was salacious. Ohtani was scrutinized. He was questioned. He was not believed. He finally was cleared, but only after his reputation was put through a wringer. Yet through it all he kept swinging, slugging seven home runs with a 1.017 OPS in the first 32 games. "Are you kidding me?" As the summer progressed, he quietly got stronger and faster, smoothly making the transition to leadoff hitter and base stealer, hitting a dozen home runs in June, stealing a dozen bases in July, all while rehabbing a surgically repaired pitching shoulder. "Are you kidding me?" On Aug. 23 against the Tampa Bay Rays, needing one home run to become the sixth person in the 40-homer, 40-steal club, Ohtani did it with a walk-off grand slam in the bottom of the ninth inning. "Are you kidding me?" On his Aug. 28 bobblehead night, his dog, Decoy, delivered the first pitch in a sprint from the mound to the plate, then in the first inning Ohtani casually stepped up and homered. "Are you kidding me?" On Sept. 19 in Miami, on the verge of becoming the first member of the 50-50 club, Ohtani barged into the record books with arguably the greatest offensive game in baseball history, going 6 for 6 with three homers and two stolen bases. "Are you kidding me?" After consistently stating that he signed with the Dodgers to win a championship, on Oct. 5 he stared down the San Diego Padres in the third inning of his first playoff game and promptly hit a three-run home run. "Are you kidding me?" In the seventh inning of Game 2 of the World Series against the New York Yankees, he suffered a partial dislocation of his left shoulder on a slide into second. Even though the injury was serious enough to later require surgery, he insisted on playing the rest of the Series, and he did so with one arm, his left arm seemingly painfully stuck to his body. In those final three games he still managed a hit and drew a walk and forced the Yankees to account for his presence. "Are you kidding me?" This is not only Ohtani's record third unanimous MVP, it's the first one in history won by a player who didn't play an inning in the field, and he acknowledged Thursday that his inability to pitch led to an increased offensive focus. "My goal was to be able to pitch and contribute offensively and the fact that I knew I wasn't going to be able to pitch this season made me focus more on my offensive game," he said. "Fortunately I was able to produce and get this award which is very humbling." One wonders what he possibly can do for an encore, yet he's already preparing for one, undergoing the shoulder surgery immediately after the season, his elbow rehab in full fling, his aim clear. "The goal is to be ready for opening day," he said. "That includes hitting and pitching." March 18, in Tokyo, against the Chicago Cubs, starting on the mound and batting leadoff ... Shohei Ohtani! "Are you kidding me?" ©2024 Los Angeles Times. Visit latimes.com . Distributed by Tribune Content Agency, LLC.
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