Will Van Ullen

[Will Van Ullen @wvanullen]

@JaredSleeper @keisan_15 @midwit_capital Looks like the deck got updated but the 5% Gitlab figure is still there on slide 37 (other went from 12% to 9% so assuming that's the avg you mention). Great deck and helpful survey data

[Will Van Ullen @wvanullen]

@Dave153707806 @DannyOcean555 Also has had 2 HFs with activist history (Glenview, Sachem Head) in top 10 shareholders. Big existential question though around the continued value of the data asset and AI impact on sales org structure / biz model

[Will Van Ullen @wvanullen]

@dakplusev @LEJCapital @liensofnewyork I understand, it still plays into backlog (i.e., fwd sub. revenue). 3 yr contracts + pricing dynamics that mitigate a 1:1 relationship for less employees = less total contracted revenue due to i) FSE floor ii) volume discounted pricing make it less likely to sharply drop QoQ

[Will Van Ullen @wvanullen]

@dakplusev @LEJCapital @liensofnewyork Think you should dig in more on how their contracts actually work re: your thesis on headcount reductions having near-term impact. Contracts are typically 3+ years with floor on FSE for fees, there is annual true-up if headcount is higher but not in reverse