Jay Frog beat analysts’ forecasts in the top and bottom line

Jay Frog beat analysts’ forecasts in the top and bottom line
Jay Frog beat analysts’ forecasts in the top and bottom line

The technology company JFrog Published yesterday after the end of trading on NASDAQ its initial financial statements as a public company. JFrog , Which provides a solution that allows for continuous content updates, was first issued in September at a price of $ 44 per share that reflected a value of about $ 3.9 billion, and since then its share has risen by 63% and its market value stands at about $ 6.4 billion.

10 analysts surveyed JFrog stock and their average bottom-line forecast for the third quarter was a net loss of 2 cents a share, but JFrog actually posted a net income (Non-GAAP) of 5 cents a share.

Revenue for the quarter was $ 38.9 million, higher than analysts’ forecasts and a figure that reflects a growth of 39.7% compared to the corresponding quarter. Revenue is divided into subscription revenue and license revenue. The subscriber segment grew by 42.5% to $ 35.7 million (with a gross profitability of 80.3%) and the licensing segment grew by 14.3% to $ 3.2 million (with a gross profitability of 93.3%).

According to GAAP, the company posted an operating loss of $ 5.4 million in the third quarter, higher than the $ 3.3 million operating loss in the same quarter last year, and the bottom line was a net loss of $ 5.3 million compared to $ 3.1 million in the same quarter last year. On a non-GAAP basis, excluding various accounting expenses, including the capital reward for the company’s employees, JFrog recorded a net profit of $ 5.3 million on the bottom line, an increase of almost 2 times over the corresponding quarter.

In the first three quarters of 2020, revenues totaled $ 108 million – a growth of 46.2%. Growth in subscription revenue was 48.6% to revenue of $ 99.2 million, and revenue growth from licenses was at a more moderate rate of 24.4%, to $ 9 million. The net loss from the beginning of the year reached $ 5.7 million compared to a loss of $ 5.2 million in the same period in 2019, and on a non-GAAP basis a net profit of $ 11.3 million was recorded, which is 11 cents per share. In the first three quarters, the company generated $ 16.6 million in cash flow from operating activities and $ 14 million in free cash flow, and at the end of the quarter it had $ 578 million in cash.

Looking ahead, JFrog expects high earnings and earnings from analysts’ forecasts for the fourth quarter. Revenue will reach $ 40.9-41.9 million and non-GAAP net income will amount to 0-2 cents per share, or about $ 0-2.1 million. The year 2020 will end with revenues of $ 149-150 million, and with a non-GAAP net income of 11-13 cents per share, ie about $ 12.1 million.

“In our first quarter as a public company, JFrog showed growth, high retention rates and strong momentum that reflects the critical need for our products for our customers,” said Shlomi Ben Haim, CEO and co-founder. “Our customers continue to embrace cloud-based solutions and hybrid solutions . “DevOps continues to change the software update environment, and we look forward to leading the market in the fourth quarter and into the future.”

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