“For the third quarter of FY 2026, we expect total revenue of $238 million to $239 million, representing a growth rate of approximately 23% year over year.”

In context

“Brian Robbins (CFO): It's been a life-changing opportunity and a real privilege to be able to contribute to GitLab Inc.'s success and growth in this chapter of my career. I want to thank the entire GitLab Inc. team and the board for their partnership throughout my tenure, letting me be part of this journey. Sid and Bill, thank you for your support and trust you place in me as a partner. We built a category-defining leader and architected the company for global scale, with improving margins and free cash flow generation. The world needs GitLab Inc. today more than ever. I'm confident in GitLab Inc.'s future and look forward to tracking our continued success for decades to come. Now let's turn to the results. I'm pleased with our second quarter results, which resulted in 29% revenue growth and significant year-over-year operating margin expansion. Our continued growth underscores the incredible value customers realize with our AI native DevSecOps platform. Second quarter revenue reached $236 million, an increase of 29% from Q2 of the prior year. We now have 10,338 customers with ARR of at least $5,000, which contributed over 95% of total ARR in Q2. Our larger customer cohort of $100,000 plus in ARR increased 25% year over year and reached 1,344. We continue to have a diversified customer base both by industry and geography, and no single customer accounts for more than 2% of ARR. On the expansion front, we ended the quarter with a dollar-based net retention rate or DBNRR of 121%. Q2 DBNRR was driven by a combination of seat expansion at approximately 80%, increased customer yield at approximately 5%, and the balance due to tier upgrades. I'd like to reiterate some of the one-time disclosures on seats that Bill discussed. Over 70% of our revenue growth in FY 2026 is due to paid seat growth, and over the last four quarters, we've seen an accelerating double-digit rate of paid seat year-over-year growth. Less than 10% of the FY 2026 revenue growth was derived from the premium price increase. I'd like to take a moment to discuss the power of our business model. Our customer retention metrics continue to reflect the strength and durability of our platform value proposition. We maintain consistently strong net dollar retention rates across our customer cohorts. Most importantly, our historical customer cohorts continue to expand, speaking to the value of the proposition of our platform even in challenging environments. Our 2016 cohort, now nearly a decade old, has grown 103.6 times in ARR since its inception. This continued expansion from one of our oldest cohorts demonstrates the power of our land and expand model, validating that our customers continue to derive value from our AI native platform long after initial deployment. Total RPO grew 32% year over year to $988.2 million, while CRPO grew 31% year over year to $621.6 million. We encourage investors to look at these numbers over a multi-quarter period. Non-GAAP gross margin was 90% for the quarter. The team continues to do a good job of driving operating efficiencies to maintain our best-in-class gross margin even as our SaaS business is quickly scaled. Driven in part by the strength of GitLab Inc. dedicated. SaaS now represents approximately 30% of total revenue and grew 39% year over year. Once again, we saw a significant increase in operating leverage. Q2 non-GAAP operating income was $39.6 million compared to $18.2 million in Q2 of last year. Non-GAAP operating margin was 16.8% compared to 10% in Q2 of last year, an increase of approximately 682 basis points year over year. We believe we have a very strong business model that gives us the flexibility to continue to invest in the business and expand operating margins. Q2 FY 2026 adjusted free cash flow is $46 million, with adjusted free cash flow margins of 20%, compared to $10.8 million in the prior year. We ended the quarter with $1.2 billion in cash and investments, providing us with significant flexibility to navigate market fluctuations while continuing to invest in both our AI capabilities, platform enhancements, and go-to-market organization. Separately, I'd like to provide an update on Jihu, our China joint venture. In Q2 FY 2026, non-GAAP expenses related to Jihu were $3.3 million compared to $3.3 million in Q2 of last year. Our goal remains to deconsolidate Jihu. However, we cannot predict the likelihood or timing of when this may potentially occur. Thus, for FY 2026 modeling purposes, we forecast approximately $18 million of expenses related to Jihu compared with $13 million from last year. Now turning to guidance. For the third quarter of FY 2026, we expect total revenue of $238 million to $239 million, representing a growth rate of approximately 23% year over year. We expect non-GAAP operating income of $31 million to $32 million, and we expect a non-GAAP net income per share of 19¢ to 20¢, assuming 171 million weighted average diluted shares outstanding. For the full year of FY 2026, we expect total revenue of $930 million to $942 million, representing a growth rate of approximately 24% year over year. We expect a non-GAAP operating income of $133 million to $136 million, and we expect a non-GAAP net income per share of 82¢ to 83¢, assuming 171 million weighted average diluted shares outstanding. We're maintaining our full-year revenue guidance at the present time to account for the go-to-market organizational changes we're implementing that Bill discussed earlier. We see these changes as foundational for the company and expect they will position us for strong future performance. Additionally, we're seeing incremental softness in SMB that we expect will persist through the rest of this year. While GitLab Inc. continues to benefit from consolidation versus point solutions, budget pressures as a whole are weighing on this segment. Against this, we have raised our full-year profit outlook, reflecting strong operating leverage in the business and a commitment to responsible, sustainable growth. In summary, I'm pleased with our second quarter results. GitLab Inc. stands uniquely positioned as the only cloud-agnostic, model-neutral DevSecOps platform with comprehensive contextual AI capabilities that span planning through deployment, capable of running anywhere, including air-gapped environments. Our TAM continues to grow, and we are investing strategically against opportunities that we expect will drive long-term value. We are delivering sustainable growth while enhancing profitability and free cash flow. We're positioning GitLab Inc. for long-term success regardless of market conditions. With that, I'll turn the call over to Cassidy who will moderate the Q&A.”