Business
JFrog Announces Third Quarter Fiscal 2022 Results
Total Revenues of $72.0m; up 34% Year-over-Year Cloud Revenues Up 60% Year-over-Year; driven by increased usage in Security and DevOps Launched Advanced
About this update from Jfrog Ltd.
[{"type":"text","content":"\n\nTotal Revenues of $72.0m; up 34% Year-over-Year\n\n\nCloud Revenues Up 60% Year-over-Year; driven by increased usage in Security and DevOps\n\n\nLaunched Advanced Security; the world’s first DevOps-Centric solution protecting customers’ software supply chain from end-to-end\n\n\nJFrog Connect Completed its First Large Deal; bridging DevOps and IoT\n\n\n SUNNYVALE, Calif.--(BUSINESS WIRE)--\nJFrog Ltd. (“JFrog”) (Nasdaq: FROG), the Liquid Software company and creators of the JFrog DevOps Platform, today announced financial results for its third quarter, ended September 30, 2022.\n\n“Our third quarter results exceeded the high-end of guidance across all metrics, as cloud revenues grew 60%, driven with our cloud marketplace partners and higher levels of customer usage,” said Shlomi Ben Haim, JFrog Co-founder and CEO. “We are reimagining the way DevOps and Security play together. As part of our strategy, we launched JFrog’s Advanced Security, a ground shaking DevSecOps product that is now part of our platform, and provides our users a binary-focused approach to software supply chain security.”\n\nThird Quarter Financial Highlights\n\n\nRevenue for the third quarter of 2022 equaled $72.0 million, an increase of 34% year-over-year.\n\n\nGAAP Gross Profit was $56.1 million; GAAP Gross Margin was 77.9%.\n\n\nNon-GAAP Gross Profit was $60.6 million; Non-GAAP Gross Margin was 84.2%.\n\n\nGAAP Operating Loss was ($23.4) million; GAAP Operating Margin was negative (32.6%).\n\n\nNon-GAAP Operating Profit was $1.2 million; Non-GAAP Operating Margin was 1.7%.\n\n\nGAAP Net Loss Per Share was ($0.24); Non-GAAP Earnings Per Share was $0.02.\n\n\nOperating Cash Flow was $5.1 million, with Free Cash Flow of $3.8 million.\n\n\nCash, Cash Equivalents and Investments were $434.0 million as of September 30, 2022.\n\n\nRemaining performance obligations were $189.8 million as of September 30, 2022\n\n\nRecent Business & Product Highlights\n\n\nCloud revenue equaled $21.0 million during the third quarter of 2022, an increase of 60% over the year ago period. Cloud revenue represented 29% of total revenue, compared to 24% in the year ago period.\n\n\nNet Dollar Retention rate for the trailing four quarters was 130%.\n\n\n$100K ARR customers increased 49% year-over-year to 696 customers, compared with 466 in the year ago period.\n\n\n$1 million ARR cust...