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JFrog Announces Fourth Quarter and Fiscal 2022 Results

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  • Total Fiscal Year 2022 Revenues of $280 million; up 35% Year-over-Year
  • Total Fiscal Year 2022 Cloud Revenues of $80 million; up 60% Year-over-Year
  • Quarterly Cloud Revenues Up 53% Year-over-Year; driven by customer expansion
  • Multiple customers purchased newly-released JFrog Advanced Security for DevSecOps

SUNNYVALE, Calif.–(BUSINESS WIRE)–$FROG #developersJFrog Ltd. (“JFrog”) (Nasdaq: FROG), the Liquid Software company and creators of the JFrog Software Supply Chain Platform, today announced financial results for its fourth quarter and fiscal year ended December 31, 2022.

“Our fourth quarter revenue results were in line with the guidance range we provided, and we met our commitments on profitability, despite macroeconomic headwinds increasing near the end of the year,” said Shlomi Ben Haim, JFrog Co-founder and CEO. “We are excited to see the continued expansion in the adoption of the JFrog Software Supply Chain Platform, as customers continue to favor a single, universal platform to manage their DevOps and DevSecOps processes. The release of JFrog Advanced Security saw rapid adoption by both new and existing customers looking to incorporate the comprehensive set of capabilities and consolidate current security point solutions. As we enter 2023, we expect our investments in binary management, security and cloud – all in one platform – to bear fruit and fuel our growth.”

Fourth Quarter Financial Highlights

  • Revenue equaled $76.5 million, an increase of 29% year-over-year.
  • GAAP Gross Profit was $59.3 million; GAAP Gross Margin was 77.4%.
  • Non-GAAP Gross Profit was $64.0 million; Non-GAAP Gross Margin was 83.7%.
  • GAAP Operating Loss was ($24.9) million; GAAP Operating Margin was (32.5%).
  • Non-GAAP Operating Profit was $1.6 million; Non-GAAP Operating Margin was 2.1%.
  • GAAP Net Loss Per Share was ($0.23); Non-GAAP Earnings Per Share was $0.04.
  • Operating Cash Flow was $7.3 million, with Free Cash Flow of $6.4 million.
  • Cash, Cash Equivalents, and Investments were $443.2 million as of December 31, 2022.
  • Remaining performance obligations were $204.7 million as of December 31, 2022.

Fiscal Year 2022 Financial Highlights

  • Revenue equaled $280.0 million, an increase of 35% year-over-year.
  • GAAP Gross Profit was $217.8 million; GAAP Gross Margin was 77.8%.
  • Non-GAAP Gross Profit was $235.2 million; Non-GAAP Gross Margin was 84.0%.
  • GAAP Operating Loss was ($89.8) million; GAAP Operating Margin was (32.1%).
  • Non-GAAP Operating Profit was $1.3 million; Non-GAAP Operating Margin was 0.5%.
  • GAAP Net Loss Per Share was ($0.91); Non-GAAP Earnings Per Share was $0.04.
  • Operating Cash Flow was $21.4 million, with Free Cash Flow of $17.1 million.
  • 7,200 customers, compared to 6,650 in the year ago period: growth of 8% year-over-year.

Q4 Recent Business & Product Highlights

  • Software Supply Chain Platform adoption

    • Customers adopting the complete JFrog Platform represented 43% of total revenue compared to 35% in the year ago period.
    • $100K ARR customers increased 37% year-over-year to 736 customers, compared to 537 in the year ago period.
  • JFrog Advanced Security release – recorded multiple design wins for JFrog Advanced Security. Best-of-breed security approach combined with an integrated, hybrid platform addresses market needs.
  • Customer expansion

    • Net Dollar Retention rate for the trailing four quarters was 128%.
    • $1 million ARR customers increased 27% year-over-year to 19 customers, up from 15 customers as of December 31, 2021.
  • Cloud & multi-cloud

    • Revenue equaled $22.6 million during the fourth quarter of 2022, an increase of 53% over the year ago period, and $80 million for fiscal 2022, up 60% year-over-year.
    • Cloud revenue represented 30% of total fourth quarter revenue, compared to 25% in the year ago period.

First Quarter and Fiscal Year 2023 Outlook

  • First Quarter 2023 Outlook:

    • Revenue between $78 million and $79 million.
    • Non-GAAP operating income between $1.5 million and $2.5 million.
    • Non-GAAP net income per diluted share between $0.03 and $0.05, assuming approximately 107 million weighted average diluted shares outstanding.
  • Fiscal Year 2023 Outlook:

    • Revenue between $340 million to $344 million.
    • Non-GAAP operating income between $17 million and $19 million.
    • Non-GAAP net income per diluted share between $0.18 and $0.20 assuming approximately 110 million weighted average diluted shares outstanding.

The section titled “Non-GAAP Financial Information” below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.

Conference Call Details

  • Event: JFrog’s Fourth Quarter and Fiscal 2022 Financial Results Conference Call
  • Date: Wednesday, February 8th, 2023
  • Time: 2:00 p.m. PT (5:00 p.m. ET)

A live webcast of the conference call will be accessible from the investor relations website at https://investors.jfrog.com/events-and-presentations.

About JFrog

JFrog Ltd. (Nasdaq: FROG), is on a mission to power all the world’s software updates, driven by a “Liquid Software” vision to allow the seamless, secure, fearless flow of binaries from developers to the edge. The JFrog Software Supply Chain Platform enables software creators to power their entire software supply chain throughout the full binary lifecycle, so they can build, secure, distribute, and connect any source with any production environment. JFrog’s hybrid, universal, multi-cloud platform is available as both self-hosted and SaaS services across major cloud service providers. Millions of users and thousands of customers worldwide, including a majority of the Fortune 100, depend on JFrog solutions to securely embrace digital transformation. Once you leap forward, you won’t go back! Learn more at jfrog.com and follow us on Twitter: @JFrog.

Forward-Looking Statements:

This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the U.S. federal securities laws, including but not limited to statements regarding JFrog’s future financial performance, including our outlook for the first quarter and for the full year of 2023, our leadership position in the markets in which we participate, our ability to drive growth, our expectations regarding the market and revenue potential for JFrog.

JFrog Artifactory, JFrog Xray, JFrog Distribution, JFrog Connect, and JFrog Advanced Security for DevSecOps, including the efficacy and benefit of integrating of any of the foregoing with other products and platforms, the growth potential of our cloud business, including hybrid and multi-cloud, our ability to provide effective tools and solutions to detect and remediate security vulnerabilities, the ability of our strategic sales team to grow the business across top-tier accounts, our ability to expand usage of our platform in the government and commercial sectors, our ability to successfully integrate acquisitions into our business operations, including the software supply chain platform, and realize anticipated benefits and synergies from such acquisitions, our ability to contribute data to global security standards bodies, and our ability to innovate and meet market demands and the software supply chain needs of our customers. These forward-looking statements are based on JFrog’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause JFrog’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.

There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with managing our rapid growth; our history of losses; our limited operating history; our ability to retain and upgrade existing customers our ability to attract new customers; our ability to effectively develop and expand our sales and marketing capabilities; our ability to integrate and realize anticipated synergies from acquisitions of complementary businesses; risk of a security breach incident or product vulnerability; risk of interruptions or performance problems associated with our products and platform capabilities; our ability to adapt and respond to rapidly changing technology or customer needs; our ability to compete in the markets in which we participate; our ability to successfully integrate technology from recent acquisitions, into our offerings; our ability to provide continuity to our respective customers following our acquisitions, and our ability to realize innovations following the acquisition; general market, political, economic, and business conditions; and the duration and impact of the COVID-19 pandemic. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission, including in our annual report on Form 10-K our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the Securities and Exchange Commission. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.

About Non-GAAP Financial Measures:

JFrog discloses the following non-GAAP financial measures in this release and the earnings call referencing this press release: non-GAAP operating income (loss), non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, non-GAAP net income (loss) per basic share, and free cash flow. JFrog uses each of these non-GAAP financial measures internally to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate JFrog’s financial performance. JFrog believes they are useful to investors, as a supplement to GAAP measures, in evaluating its operational performance, as further discussed below. JFrog’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on JFrog’s reported financial results.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future such as share-based compensation, the effect of which may be significant.

JFrog defines non-GAAP gross profit, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income (loss) and non-GAAP net income (loss) as the respective GAAP balances, adjusted for, as applicable: (1) share-based compensation expense; (2) the amortization of acquired intangibles; (3) acquisition-related costs; (4) legal settlement costs and (5) income tax effects. JFrog defines free cash flow as Net cash provided by (used in) operating activities, minus capital expenditures. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

Management believes these non-GAAP financial measures are useful to investors and others in assessing JFrog’s operating performance due to the following factors:

Share-based compensation. JFrog utilizes share-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of its shareholders and at long-term retention, rather than to address operational performance for any particular period. As a result, share-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.

Amortization of acquired intangibles. JFrog views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of acquired intangibles is an expense that is not typically affected by operations during any particular period.

Acquisition-related costs. Acquisition-related costs include expenses related to acquisitions of other companies. JFrog views acquisition-related costs as expenses that are not necessarily reflective of operational performance during a period.

Legal settlement costs. From time-to-time JFrog incurs charges related to litigation settlements. We exclude these charges and related professional service costs when associated with a significant settlement because they are not reflective of JFrog’s ongoing business and operating results.

Income tax effects. JFrog’s non-GAAP financial results are adjusted for income tax effects related to these non-GAAP adjustments and changes in our assessment regarding the realizability of our deferred tax assets, if any. Excluding income tax effects of non-GAAP adjustments provides a more accurate view of JFrog’s operating results.

Non-GAAP weighted average share count. Diluted GAAP and non-GAAP weighted-average shares are the same, except in periods that there is a GAAP loss and a non-GAAP income. The non-GAAP weighted-average shares used to compute the non-GAAP net income per share – diluted are adjusted to reflect dilution equal to the dilutive impact had there been GAAP income.

Additionally, JFrog’s management believes that the non-GAAP financial measure, free cash flow, is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered to be a necessary component of ongoing operations.

Operating Metrics

JFrog’s number of customers with annual recurring revenue (“ARR”) of $100,000 or more is based on the ARR of each customer, as of the last month of the quarter. JFrog’s number of customers with ARR of $1 million or more is based on the ARR of each customer, as of the last month of the quarter. JFrog defines ARR as the annualized revenue run-rate of subscription agreements from all customers as of the last month of the quarter. The ARR includes monthly subscription customers, so long as JFrog generates revenue from these customers. JFrog annualizes its monthly subscriptions by taking the revenue it would contractually expect to receive from such customers in a given month and multiplying it by 12.

JFrog’s net dollar retention rate compares its ARR from the same set of customers across comparable periods. JFrog calculates net dollar retention rate by first identifying customers (the “Base Customers”), which were customers in the last month of a particular quarter (the “Base Quarter”). JFrog then calculates the contracted ARR from these Base Customers in the last month of the same quarter of the subsequent year (the “Comparison Quarter”). This calculation captures upsells, contraction, and attrition since the Base Quarter. JFrog then divides total Comparison Quarter ARR by total Base Quarter ARR for Base Customers. JFrog’s net dollar retention rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters.

JFROG LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data; unaudited)

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Subscription—self-managed and SaaS

 

$

70,954

 

 

$

54,148

 

 

$

261,452

 

 

$

190,046

 

License—self-managed

 

 

5,592

 

 

 

5,088

 

 

 

18,588

 

 

 

16,637

 

Total subscription revenue

 

 

76,546

 

 

 

59,236

 

 

 

280,040

 

 

 

206,683

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Subscription—self-managed and SaaS(1)(2)(3)

 

 

17,062

 

 

 

12,644

 

 

 

61,407

 

 

 

41,023

 

License—self-managed(3)

 

 

220

 

 

 

220

 

 

 

880

 

 

 

800

 

Total cost of revenue—subscription

 

 

17,282

 

 

 

12,864

 

 

 

62,287

 

 

 

41,823

 

Gross profit

 

 

59,264

 

 

 

46,372

 

 

 

217,753

 

 

 

164,860

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development(1)(2)

 

 

33,481

 

 

 

25,938

 

 

 

121,225

 

 

 

79,604

 

Sales and marketing(1)(2)(3)(4)

 

 

36,489

 

 

 

30,850

 

 

 

130,812

 

 

 

96,962

 

General and administrative(1)(2)(4)

 

 

14,146

 

 

 

12,194

 

 

 

55,556

 

 

 

56,663

 

Total operating expenses

 

 

84,116

 

 

 

68,982

 

 

 

307,593

 

 

 

233,229

 

Operating loss

 

 

(24,852

)

 

 

(22,610

)

 

 

(89,840

)

 

 

(68,369

)

Interest and other income, net

 

 

2,935

 

 

 

18

 

 

 

5,094

 

 

 

744

 

Loss before income taxes

 

 

(21,917

)

 

 

(22,592

)

 

 

(84,746

)

 

 

(67,625

)

Income tax expense (benefit)

 

 

1,238

 

 

 

103

 

 

 

5,438

 

 

 

(3,422

)

Net loss

 

$

(23,155

)

 

$

(22,695

)

 

$

(90,184

)

 

$

(64,203

)

Net loss per share, basic and diluted

 

$

(0.23

)

 

$

(0.23

)

 

$

(0.91

)

 

$

(0.68

)

Weighted-average shares used in computing net loss per share, basic and diluted

 

 

100,486

 

 

 

97,022

 

 

 

99,244

 

 

 

94,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes share-based compensation expense as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue: subscription—self-managed and SaaS

 

$

2,169

 

 

$

1,261

 

 

$

6,991

 

 

$

4,027

 

Research and development

 

 

7,396

 

 

 

5,516

 

 

 

24,664

 

 

 

14,572

 

Sales and marketing

 

 

6,658

 

 

 

4,704

 

 

 

22,753

 

 

 

15,256

 

General and administrative

 

 

4,070

 

 

 

2,757

 

 

 

14,253

 

 

 

23,094

 

Total share-based compensation expense

 

$

20,293

 

 

$

14,238

 

 

$

68,661

 

 

$

56,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes acquisition-related costs as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue: subscription–self-managed and SaaS

 

$

6

 

 

$

13

 

 

$

25

 

 

$

16

 

Research and development

 

 

2,782

 

 

 

2,482

 

 

 

9,610

 

 

 

5,489

 

Sales and marketing

 

 

298

 

 

 

184

 

 

 

762

 

 

 

463

 

General and administrative

 

 

71

 

 

 

134

 

 

 

315

 

 

 

1,006

 

Total acquisition-related costs

 

$

3,157

 

 

$

2,813

 

 

$

10,712

 

 

$

6,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3) Includes amortization of acquired intangibles as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue: subscription–self-managed and SaaS

 

$

2,385

 

 

$

2,374

 

 

$

9,543

 

 

$

4,147

 

Cost of revenue: license—self-managed

 

 

220

 

 

 

220

 

 

 

880

 

 

 

800

 

Sales and marketing

 

 

375

 

 

 

261

 

 

 

1,145

 

 

 

952

 

Total amortization of acquired intangible assets

 

$

2,980

 

 

$

2,855

 

 

$

11,568

 

 

$

5,899

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4) Includes legal settlement costs as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

$

 

 

$

2,550

 

 

$

 

 

$

2,550

 

General and administrative

 

 

 

 

 

203

 

 

 

216

 

 

 

203

 

Total legal settlement costs

 

$

 

 

$

2,753

 

 

$

216

 

 

$

2,753

 

JFROG LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands; unaudited)

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

45,595

 

 

$

68,284

 

Short-term investments

 

 

397,605

 

 

 

352,844

 

Accounts receivable, net

 

 

62,117

 

 

 

50,483

 

Deferred contract acquisition costs

 

 

8,102

 

 

 

5,271

 

Prepaid expenses and other current assets

 

 

18,603

 

 

 

22,140

 

Total current assets

 

 

532,022

 

 

 

499,022

 

Property and equipment, net

 

 

8,021

 

 

 

6,689

 

Deferred contract acquisition costs, noncurrent

 

 

13,501

 

 

 

9,120

 

Operating lease right-of-use assets

 

 

24,602

 

 

 

25,999

 

Intangible assets, net

 

 

37,544

 

 

 

47,980

 

Goodwill

 

 

247,955

 

 

 

247,776

 

Other assets, noncurrent

 

 

7,576

 

 

 

15,942

 

Total assets

 

$

871,221

 

 

$

852,528

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

14,867

 

 

$

10,868

 

Accrued expenses and other current liabilities

 

 

28,848

 

 

 

27,954

 

Operating lease liabilities

 

 

7,132

 

 

 

7,293

 

Deferred revenue

 

 

158,725

 

 

 

129,149

 

Total current liabilities

 

 

209,572

 

 

 

175,264

 

Deferred revenue, noncurrent

 

 

16,990

 

 

 

17,957

 

Operating lease liabilities, noncurrent

 

 

16,829

 

 

 

20,014

 

Other liabilities, noncurrent

 

 

3,057

 

 

 

712

 

Total liabilities

 

 

246,448

 

 

 

213,947

 

Shareholders’ equity:

 

 

 

 

 

 

Share capital

 

 

283

 

 

 

272

 

Additional paid-in capital

 

 

856,438

 

 

 

776,690

 

Accumulated other comprehensive income (loss)

 

 

(2,772

)

 

 

611

 

Accumulated deficit

 

 

(229,176

)

 

 

(138,992

)

Total shareholders’ equity

 

 

624,773

 

 

 

638,581

 

Total liabilities and shareholders’ equity

 

$

871,221

 

 

$

852,528

 

JFROG LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands; unaudited)

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(23,155

)

 

$

(22,695

)

 

$

(90,184

)

 

$

(64,203

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,866

 

 

 

3,606

 

 

 

14,655

 

 

 

8,746

 

Share-based compensation expense

 

 

20,293

 

 

 

14,238

 

 

 

68,661

 

 

 

56,949

 

Non-cash operating lease expense

 

 

1,908

 

 

 

1,810

 

 

 

7,357

 

 

 

6,108

 

Net amortization of premium or discount on investments

 

 

(660

)

 

 

1,040

 

 

 

2,354

 

 

 

5,522

 

Loss on foreign exchange

 

 

(138

)

 

 

 

 

 

1,799

 

 

 

 

Changes in operating assets and liabilities, net of business combinations:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(12,401

)

 

 

(6,638

)

 

 

(11,186

)

 

 

(12,810

)

Prepaid expenses and other assets

 

 

4,181

 

 

 

969

 

 

 

9,286

 

 

 

(17,715

)

Deferred contract acquisition costs

 

 

(1,742

)

 

 

(2,350

)

 

 

(7,212

)

 

 

(6,195

)

Accounts payable

 

 

1,974

 

 

 

1,183

 

 

 

4,102

 

 

 

504

 

Accrued expenses and other liabilities

 

 

(947

)

 

 

7,426

 

 

 

2,242

 

 

 

13,089

 

Operating lease liabilities

 

 

(1,846

)

 

 

(1,116

)

 

 

(9,058

)

 

 

(5,051

)

Deferred revenue

 

 

15,981

 

 

 

20,188

 

 

 

28,609

 

 

 

42,958

 

Net cash provided by operating activities

 

 

7,314

 

 

 

17,661

 

 

 

21,425

 

 

 

27,902

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of short-term investments

 

 

(105,527

)

 

 

(95,645

)

 

 

(411,242

)

 

 

(266,319

)

Maturities and sales of short-term investments

 

 

88,936

 

 

 

59,381

 

 

 

362,711

 

 

 

341,354

 

Purchases of property and equipment

 

 

(891

)

 

 

(1,038

)

 

 

(4,328

)

 

 

(4,228

)

Payments for business combinations, net of cash acquired

 

 

 

 

 

 

 

 

(179

)

 

 

(195,752

)

Purchase of intangible asset

 

 

 

 

 

 

 

 

(300

)

 

 

(600

)

Net cash used in investing activities

 

 

(17,482

)

 

 

(37,302

)

 

 

(53,338

)

 

 

(125,545

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from exercise of share options

 

 

1,247

 

 

 

2,077

 

 

 

5,922

 

 

 

6,837

 

Proceeds from employee share purchase plan

 

 

 

 

 

 

 

 

5,176

 

 

 

3,092

 

Proceeds from employee equity transactions, net of payments to tax authorities

 

 

89

 

 

 

461

 

 

 

(71

)

 

 

(8,485

)

Net cash provided by financing activities

 

 

1,336

 

 

 

2,538

 

 

 

11,027

 

 

 

1,444

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

246

 

 

 

 

 

 

(2,047

)

 

 

 

Net decrease in cash, cash equivalents, and restricted cash

 

 

(8,586

)

 

 

(17,103

)

 

 

(22,933

)

 

 

(96,199

)

Cash, cash equivalents, and restricted cash—beginning of period

 

 

54,193

 

 

 

85,643

 

 

 

68,540

 

 

 

164,739

 

Cash, cash equivalents, and restricted cash—end of period

 

$

45,607

 

 

$

68,540

 

 

$

45,607

 

 

$

68,540

 

Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

45,595

 

 

$

68,284

 

 

$

45,595

 

 

$

68,284

 

Restricted cash included in prepaid expenses and other current assets

 

 

12

 

 

 

13

 

 

 

12

 

 

 

13

 

Restricted cash included in other assets, noncurrent

 

 

 

 

 

243

 

 

 

 

 

 

243

 

Total cash, cash equivalents, and restricted cash

 

$

45,607

 

 

$

68,540

 

 

$

45,607

 

 

$

68,540

 

Contacts

Investor Contact:
Jeff Schreiner

jeffs@jfrog.com

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