GitLab says Q4 was record quarter with $100K, $1M ARR net adds

The company states: “In comparing Q4 with Q3 of FY 2024, we have seen improved buying behavior across all customer sizes. In particular, performance with our enterprise customers exceeded expectations. We had a record quarter for $100,000 ARR and $1 million ARR customer net adds. While the spending environment remains cautious, we believe we are starting to see buying behavior normalize with accelerated adoption of our DevSecOps platform. Churning contraction during Q4 also improved for the fourth consecutive quarter and is even better than levels we saw six quarters ago. And finally, we continue to see strong growth in Ultimate, our top tier. Ultimate represent over 50% of Q4 ARR bookings driven by customer wins for security and compliance use cases… Turning to guidance, I’d like to make a couple of comments. First, we’re entering our third year as a public company. As I mentioned, we’re seeing normalization in buying behavior as a result, I expect our guidance philosophy to be less conservative this year than in our first two years. We want to communicate the right expectations and are sharing guidance accounting for the current environment.” Comments taken from Q4 earnings conference call.