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Sep 30, 2020
JFrog Q3 2020 Earnings Report
JFrog's Q3 2020 results demonstrated growth and strong momentum.
Key Takeaways
JFrog reported a 40% increase in revenue for the third quarter of 2020, reaching $38.9 million. The company's free cash flow was a record $9.7 million. They ended the quarter with 313 customers with ARR greater than $100,000; 9 customers with ARR above $1 million.
Revenue for the third quarter of 2020 was $38.9 million, an increase of 40% from $27.8 million for the third quarter of 2019.
GAAP Gross Margin was 81.3%.
Non-GAAP Operating Income was $5.1 million; non-GAAP operating margin was 13%.
Operating Cash Flow was $10.8 million, with Free Cash Flow of $9.7 million.
Forward Guidance
JFrog is providing the following guidance for the fourth quarter and full year 2020:
Positive Outlook
- Fourth Quarter 2020 Outlook: Revenue between $40.9 million and $41.9 million.
- Fourth Quarter 2020 Outlook: Non-GAAP operating income between $1.2 million and $2.2 million.
- Fourth Quarter 2020 Outlook: Non-GAAP net income per share between $0.00 and $0.02 assuming approximately 104 million weighted average diluted shares outstanding.
- Full Year 2020 Outlook: Revenue between $149.0 million and $150.0 million.
- Full Year 2020 Outlook: Non-GAAP operating income between $12.0 million and $13.0 million.
Challenges Ahead
- Full Year 2020 Outlook: Non-GAAP net income per share between $0.11 and $0.13 assuming approximately 101 million weighted average diluted shares outstanding.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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