Business
JFrog Announces Third Quarter Fiscal 2021 Results
Quarterly Revenue Increases 38%; Cloud Revenue Increases 50% Customer Count with ARR Greater than $100K Increases 49% Completes Acquisition of Upswift
About this update from Jfrog Ltd.
[{"type":"text","content":"\nQuarterly Revenue Increases 38%; Cloud Revenue Increases 50%\n\nCustomer Count with ARR Greater than $100K Increases 49%\n\nCompletes Acquisition of Upswift\n\n SUNNYVALE, Calif.--(BUSINESS WIRE)--\nJFrog Ltd. (NASDAQ: FROG), the Liquid Software company and creators of the DevOps Platform, today announced financial results for its third quarter ended September 30, 2021.\n\n“JFrog’s strong performance in Q3 across all metrics demonstrated the company’s commitment to both new business and expansion of existing customers,” said Shlomi Ben Haim, CEO and Co-Founder of JFrog. “We successfully delivered on numerous fronts including technology innovation, revenue growth, cloud expansion, net dollar retention and gross margin. We started the second half of 2021 strong, and we will continue investing in our team and technology to drive further growth.”\n\nThird Quarter Financial Highlights\n\n\nRevenue for the third quarter of 2021 was $53.7 million, an increase of 38% over $38.9 million in the third quarter of 2020, and compared to 34% growth in the prior quarter.\n\n\nGAAP Gross Profit was $42.2 million; GAAP Gross Margin was 78.7%.\n\n\nNon-GAAP Gross Profit was $45.4 million; Non-GAAP Gross Margin was 84.5%.\n\n\nGAAP Operating Loss was ($20.9 million); GAAP Operating Margin was (38.9%).\n\n\nNon-GAAP Operating Income was $1.3 million; Non-GAAP Operating Margin was 2.5%.\n\n\nGAAP Net Loss Per Diluted Share was ($0.21); Non-GAAP Net Income Per Diluted Share was $0.01.\n\n\nOperating Cash Flow was ($17.7) million, with Free Cash Flow of ($18.7) million, due to $19.0 million in holdbacks related to recent acquisitions.\n\n\nCash, Cash Equivalents and Investments were $402.4 million as of September 30, 2021.\n\n\nThird Quarter & Recent Business Highlights\n\n\nAccelerating growth to 466 customers with ARR greater than $100k at quarter end, an increase of 49% from 313 as of September 30, 2020.\n\n\nStrong growth to 14 customers with ARR greater than $1 million at quarter end, an increase of 56% from 9 as of September 30, 2020.\n\n\nCloud revenue in Q3 was $13.1 million, 50% growth over the same period last year, compared to 47% growth in the previous quarter. Cloud represented 24% of total revenue, up from 22% in the same period last year.\n\n\nNet Dollar Retention rate for the trailing four quarters remained at 129%.\n\n\nCustomers usi...