The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 38 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Startups should always maintain infinite runway without future funding
“Always make sure that you can get back to cash flow break, even with the cash you have in the bank. Never depend on a future fundraise.”
Sijbrandij: ARR is a vanity metric; track incremental ACV instead
“I think ARR is, is a vanity graph. If you're a subscription business, you should look at incremental ACV and that's the number we use throughout the company.”
GitLab's 270 fully remote employees work across 270 distinct locations
“We have 270 people working from 270 locations.”
GitLab raised $268M at a $2.75B post-money valuation
“We raised two hundred sixty eight million dollars in our last round at a post valuation of two dot seven five billion.”
GitLab priced its secondary at the preferred round price
“The price was the same as the Preferred price of the round.”
Enterprise deals account for 72% of GitLab's ARR
“The enterprise market is 72% of our ARR, and those are the bigger deals.”
GitLab net expansion is tracking well north of 150%
“Net expansion has been absolutely amazing and it's way north of a 150% and a 150% would already be kind of best in class if you look at public companies.”
GitLab expects net retention to drop as initial deals grow larger
“We expect the number to come down. So I'm not going to give the number today because we're doing a better and better job at landing a bigger initial deal.”
GitLab targets 80% of sales reps hitting full quota
“We want our goals to have 80% of our salespeople on a hundred percent or more of quota.”
GitLab is growing top-line revenue at 140% year-over-year
“I think last time we talked, we were closer to 200%. And I think we're at 1:40 today.”
GitLab budgeted $50M for product development in 2020
“This fiscal, we're spending fifty million dollars in development costs, like engineers shipping more functionality in the product.”
Sid Sijbrandij gave $1M to Lambda School for student stipends
“I gave money to them. I gave a million bucks to him.”
Sijbrandij: Open source communities accept monetization if stewarded properly
“I don't think that open source communities are against dollar signs, but what they do want to see is you being a good steward of the project and acting in the interest of the project. And that's a balance. That's a balance between things that generate revenue,…”
New GitLab buyers increasingly purchase directly without first using open source
“It used to be like that, that most of the people were coming in already using the open source, but we're seeing more and more people that have not used GitLab before that really want to modernize their DevOps workflow. They want to modernize how they do engine…”
GitLab doubled its incremental ACV every year for five straight years
“In the last five years, we've doubled our incremental ACV every single year, and we're on track to do that.”
GitLab ignores deal size and targets doubling incremental ACV yearly
“So sales speech in sales, we don't talk about deal size. Like even it's a multi-year deal, even if it's all cash upfront, we look at that. Incremental ACV number for any deal. If it's just a renewal, you didn't actually gain anything. So we try to do that thro…”
GitLab achieves net revenue expansion exceeding 175% year over year
“Now, on a net expansion basis, it's over one 75%. So if they spend a hundred dollars with us last year, they're going to spend a 175 dollars with us this year, the same cohort.”
GitLab allowed staff to sell 20% of vested shares in secondary
“And we said you could sell up to 20% of your vested shares, both current team members and ex-team members up to 20%.”
GitLab has raised over $420M in primary capital
“We now raised 400, more than four hundred twenty million.”
GitLab has 10,000 paying customers across 100,000 organizations
“So today, GitLab is used in over a 100,000 organizations. So we got millions of users. There's 10,000 paying customers.”
GitLab gross retention remains steady at approximately 90%
“No, gross retention or gross retention is still about 90%. So that's kept steady.”
Goldman Sachs expanded from 1,000 to over 5,000 GitLab users
“It's been amazing to see, for example, Goldman Sachs as a customer, and we came in and they said, look, if you're doing really well in nine months, we're going to be a thousand users. And then two weeks later, we're 1500 users. Now they're over 5000 users.”
Two-thirds of GitLab net expansion is driven by seat growth
“Two-thirds of the net expansion is driven by higher seed count, and we're really proud of that.”
GitLab sales reps take eight to nine months to ramp up
“There's about eight to nine months ramp up time where they where they go from zero to a hundred percent of quota per month.”
GitLab enterprise sales reps carry $1M+ ACV quotas
“For an enterprise salesperson making making like a quarter of a million or more it's north of a million dollars incremental ACV.”
GitLab's engineering org has 393 people and 143 vacancies
“Engineering function is 393 people and 143 vacancies.”
GitLab sized its Series E to match a potential IPO raise
“We raised a round that will be comparable to the amount we would raise if we would go public next year. That was the goal.”
Sijbrandij: GitLab employs 150 engineers, leads open-source project contributions
“Yes, we have a 150 engineers and we're by far the largest contributor to the project.”
Sijbrandij: GitLab's most popular paid tier is $19 per user monthly
“So the most popular one is the middle one of 19 dollars per user per month.”
GitLab's majority revenue comes from organizations with over 1,000 employees
“If I look like, where does the majority of our revenue come from? It's over a thousand people.”
GitLab converts 5,000 of 100,000 total free organizations to paid users
“So there's over a 100,000 organizations with millions of users using GitLab. Most are on the open source edition, but we've got over 5000 organizations, mostly the larger ones, paying us for one of our proprietary versions.”
Sijbrandij: GitLab retains well over 90% of customer logos
“We have way more than 90% of the people staying with us.”
Sijbrandij: GitLab targets zero-day cash CAC payback
“We try to keep our payback period on a cash basis to like zero days. As soon as the deal is signed, it should be paid back, and on a revenue recognition basis the first year.”