JFrog Ltd. (FROG) Tops Q1 EPS by 1c, Revenues Beat; Offers 2Q & FY21 Revenues Outlook

May 6, 2021 5:44 PM EDT
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JFrog Ltd. (NASDAQ: FROG) reported Q1 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $45.1 million versus the consensus estimate of $44.82 million.

First Quarter Financial Highlights

  • Revenue for the first quarter of 2021 was $45.1 million, an increase of 37% from $32.8 million for the first quarter of 2020.
  • GAAP Gross Profit was $36.7 million; GAAP Gross Margin was 81.3%.
  • Non-GAAP Gross Profit was $37.6 million; Non-GAAP Gross Margin was 83.4%.
  • GAAP Operating Loss was ($10.6 million); GAAP Operating Margin was (23.5%).
  • Non-GAAP Operating Income was $1.9 million; Non-GAAP Operating Margin was 4.1%.
  • GAAP Net Loss Per Diluted Share was ($0.09); Non-GAAP Net Income Per Diluted Share was $0.02.
  • Operating Cash Flow was $8.8 million, with Free Cash Flow of $7.7 million.
  • Cash, cash equivalents and investments were $605.7 million as of March 31, 2021.

“Our strong first quarter results are setting a solid tone for the year, with 37% revenue growth, 130% net dollar retention rate for the trailing four quarters, and increasing net new customer additions,” said Shlomi Ben Haim, CEO of JFrog. “In Q1, we took a significant leap forward in product innovation, releasing capabilities around modern DevOps scalability; enhanced security, software distribution and the developer ecosystem in response to increasing demand for a full, end-to-end DevOps platform. It’s our goal to make developers the transformers in the digital era, and we’re proud to partner with them and their organizations as they continuously deliver software rapidly and securely to the edge.”

GUIDANCE:

JFrog Ltd. sees Q2 2021 EPS of $0.00-$0.01, versus the consensus of $0.01. JFrog Ltd. sees Q2 2021 revenue of $47.6-48.6 million, versus the consensus of $48.12 million.

JFrog Ltd. sees FY2021 revenue of $198-204 million, versus the consensus of $201.26 million.

Second Quarter 2021 Outlook:

  • Revenue between $47.6 million and $48.6 million
  • Non-GAAP operating income between $0.5 million and $1.5 million
  • Non-GAAP net income per share between $0.00 and $0.01, assuming approximately 104 million weighted average diluted shares outstanding

Full Year 2021 Outlook:

  • Revenue between $198 million to $204 million
  • Non-GAAP operating income between $5 million and $7 million
  • Approximately 3% increase in weighted average diluted shares

For earnings history and earnings-related data on JFrog Ltd. (FROG) click here.



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