Takeaways From Management Meeting

Research evidence excerpt

Takeaways From Management Meeting

27E REV 1,115.07 1,115.07

explosion of code volume driven via agents. Going forward, mgmt. remains focused FY28E REV 1,288.50 1,288.50

on converting pilots to production and ramping new customer adoption, though

mgmt. assumes no material revenue contribution in FY27 from DAP. In regard to FY27E EPS 0.80 0.80

FY28E EPS 1.25 1.25EQUITY GTLB's GM outlook for FY27, the bulk of the pressure is from mix-shift to SaaS

though DAP is also a driver. Revenue (M)

■ New Products Set To Be Unveiled At Transcend: Next week GTLB will host its FY Jan 2026A 2027E 2028E

Transcend event where it will unveil new product launches and host customer Q1 214.51 264.16A 304.16

and partner spotlights from companies such as Mercedes-Benz (MBG, Not Rated), Q2 235.96 272.99 316.05

Anthropic (Private), and more. Orbit is one of the products set to be formally Q3 244.35 278.89 322.74RESEARCH announced, which is a knowledge graph that maps source code and the entire Q4 260.40 299.03 345.55

SDLC which can then be queried by humans and agents (with context then filtering

into DAP). Flex Pricing will also be unveiled, which allows users to mix seats and FY REV 955.22 1,115.07 1,288.50

credits. Mgmt. sees Flex pricing as a natural evolution as more dev tooling shifts to FY EV/S 4.8x 4.1x 3.6x

consumption and is a way to monetize the value provided to the customer. Mgmt. FY P/S 5.8x 5.0x 4.3x

noted CEO Bill Staples has ~15 years running consumption-based businesses and EPS (Adjusted)

GTLB has spent time learning more about consumption trends (via tracking free FY Jan 2026A 2027E 2028E

credit usage), though we see Flex pricing striking a good balance of predictability for

customers while also fostering greater adoption onto the platform and GTLB's new Q1 0.17 0.23A 0.24