February 11, 2021

JFrog Ltd. (NASDAQ: FROG), the liquid software company, today announced financial results for its fourth quarter and fiscal year ended December 31, 2020.

“The fourth quarter was a strong finish to what has been a milestone year for JFrog,” said Shlomi Ben Haim, CEO of JFrog. “Results were driven by increased demand for our hybrid, universal DevOps platform, expansion by current customers, along with accelerating growth in our multi-cloud business. In addition to 44% revenue growth for the year, we achieved record operating and free cash flow, while increasing our investments despite the pandemic reality. We believe we will see a full alignment with our Liquid Software vision in the market as organizations increasingly recognize they need to release software faster and more efficiently, without sacrificing security. JFrog’s ability to meet these demands, both self-hosted and in the cloud, is driving our excitement for the coming year.”

SUNNYVALE, Calif., Feb. 11, 2021 (GLOBE NEWSWIRE) — JFrog Ltd. (NASDAQ: FROG), the liquid software company, today announced financial results for its fourth quarter and fiscal year ended December 31, 2020.

“The fourth quarter was a strong finish to what has been a milestone year for JFrog,” said Shlomi Ben Haim, CEO of JFrog. “Results were driven by increased demand for our hybrid, universal DevOps platform, expansion by current customers, along with accelerating growth in our multi-cloud business. In addition to 44% revenue growth for the year, we achieved record operating and free cash flow, while increasing our investments despite the pandemic reality. We believe we will see a full alignment with our Liquid Software vision in the market as organizations increasingly recognize they need to release software faster and more efficiently, without sacrificing security. JFrog’s ability to meet these demands, both self-hosted and in the cloud, is driving our excitement for the coming year.”

Fourth Quarter Financial Highlights

  • Revenue for the fourth quarter of 2020 was $42.7 million, an increase of 39% from $30.8 million for the fourth quarter of 2019.
  • GAAP Gross Profit was $34.6 million; GAAP Gross Margin was 81.0%.
  • Non-GAAP Gross Profit was $35.2 million; Non-GAAP Gross Margin was 82.6%.
  • GAAP Operating Loss was ($8.0 million); GAAP Operating Margin was (18.8%).
  • Non-GAAP Operating Income was $2.2 million; Non-GAAP Operating Margin was 5.1%.
  • GAAP Net Loss Per Diluted Share was ($0.04); Non-GAAP Net Income Per Diluted Share was $0.02.
  • Operating Cash Flow was $12.8 million, with Free Cash Flow of $11.9 million.
  • Cash, cash equivalents and investments were $598 million as of December 31, 2020.

Fiscal Year 2020 Financial Results

  • Revenue for fiscal year 2020 was $150.8 million, an increase of 44% from $104.7 million for fiscal year 2019.
  • GAAP Gross Profit was $122.4 million; GAAP Gross Margin was 81.1%.
  • Non-GAAP Gross Profit was $124.3 million; Non-GAAP Gross Margin was 82.4%.
  • GAAP Operating Loss was ($14.2 million); GAAP Operating Margin was (9.4%).
  • Non-GAAP Operating Income was $13.0 million; Non-GAAP Operating Margin was 8.6%.
  • GAAP Net Loss Per Diluted Share was ($0.20); Non-GAAP Net Income Per Diluted Share was $0.13.

Fourth Quarter & Recent Business Highlights

  • At quarter end, 352 customers had ARR greater than $100,000; 10 customers had ARR above $1 million.
  • Net Dollar Retention for the trailing four quarters was 133%.
  • Cloud revenue in Q4 grew by 69% to $9.8 million over the same period last year, representing 23% of total revenue, up from 19% a year ago.
  • As of December 31, 2020, JFrog had approximately 6,050 paying customers versus approximately 5,600 on December 31, 2019.
  • At quarter end, customers using the platform (Enterprise+) represented 26% of revenue in the fourth quarter of 2020 versus 13% in the fourth quarter of 2019.