GitLab Inc.: Adjusting CRR Calculation, Highlighting First Order Strength

研报英文原文证据摘录

GitLab Inc.: Adjusting CRR Calculation, Highlighting First Order Strength

Equity Research

U.S. Software

8 July 2026

GitLab Inc.

Adjusting CRR Calculation,

Highlighting First Order Strength First Look

GTLB released a new investor slide deck that highlights GTLB UNDERWEIGHT

changes to how it calculates CRR (lowering Q1 for one-time U.S. Software POSITIVE

items, though notes continued positive momentum into Q2) Price Target USD 25.00

Price (07-Jul-26) USD 32.59

as well as highlighting +100% growth in first orders for Q2 to Potential Upside/Downside -23.3%

date (vs. +30% y/y in Q1) Source: Bloomberg, Barclays Research

U.S. SoftwareKey takeaway: We believe GitLab's strong first-order growth, highlighted in its 8-K filing,

Raimo Lenschow, CFA

suggests that investments in its sales-led and product-led growth motions are driving improved

+1 212 526 2712

win rates and pipeline momentum, though it will likely take sustained traction for those gains to raimo.lenschow@barclays.com

be fully reflected in base customer count and total revenue growth. We are encouraged by signs BCI, US

of improving usage and new business formation metrics, though would get more constructive

Eamon Coughlin

on the GTLB story following stabilization in net retention / revenue growth, base customer

+1 212 526 6142

count, and cRPO / RPO growth. eamon.coughlin@barclays.com

BCI, US

1.1. Adjusted CRR metric: On the 1Q27 earnings call, management stated that CRR was “nearly

$20 million,” but the company has since adjusted the metric by incorporating Flex and

excluding certain one-time customer credits and incentives. Under the updated

methodology, the comparable 1Q27 CRR would have been closer to $15 million rather than

nearly $20 million. Despite this lower normalized starting point, GTLB highlighted that