Well, I heard they have also raised the service price > 50%. Maybe it will balance out. Specially with current deskilling movement in industry where every little service and tools have to be 3rd party SAAS, people may just be forced to use Github and the likes.
Has their revenue ranked as well? Are they bleeding customers? Has top talent left? Have they been forced to lay off large portions of their staff? Has their stock price dipped in relation to similar companies?
Looking at the trend of one number seems quite simplistic.
Look at their fundamentals - it's not as simple as that. They've been going deeper into the red, but revenue is growing a lot. They're also not that highly leveraged - $771m in equity out of $1200m in total assets. [0]