The Liquid Software Company

News Release Details

JFrog Announces Second Quarter Fiscal 2022 Results

Aug 03, 2022 at 4:05 PM EDT
  • Total Revenues of $67.8m; up 39% Year-over-Year
  • Cloud Revenues Up 68% Year-over-Year; driven by increased demand for hybrid and multi-cloud
  • Customers over $100k grew 56% Year-over-Year driven by Platform adoption
  • Advanced Security Package announced, including new functionalities from Vdoo acquisition and market demands

SUNNYVALE, Calif., Aug. 03, 2022 (GLOBE NEWSWIRE) -- JFrog Ltd. (“JFrog”) (Nasdaq: FROG), the Liquid Software company and creators of the JFrog DevOps Platform, today announced financial results for its second quarter, ended June 30, 2022.

"During the second quarter, we delivered and exceeded our commitments to the market. Revenue growth in our cloud business accelerated sequentially, showing that hybrid and multi-cloud DevOps is what enterprises are driving at scale. We believe that our success in the second quarter provides further validation that the JFrog Platform is the backbone of their software supply chain,” said Shlomi Ben Haim, JFrog Co-founder and CEO. "We remain laser-focused on making our Liquid Software vision a reality. We are investing in binary lifecycle solutions, uncompromised security across all DevOps stages, and delivering software updates to the distributed network of edge devices - all in one Platform."

Second Quarter Financial Highlights

  • Revenue for the second quarter of 2022 equaled $67.8 million, an increase of 39% compared to the year ago period.
  • GAAP Gross Profit was $52.6 million; GAAP Gross Margin was 77.5%.
  • Non-GAAP Gross Profit was $56.8 million; Non-GAAP Gross Margin was 83.7%.
  • GAAP Operating Loss was ($22.4) million; GAAP Operating Margin was negative (33.0%).
  • Non-GAAP Operating Loss was ($2.0) million; Non-GAAP Operating Margin was (3.0%).
  • GAAP Net Loss Per Share was ($0.24); Non-GAAP Net Loss Per Share was ($0.02).
  • Operating Cash Flow was $4.0 million, with Free Cash Flow of $3.0 million.
  • Cash, Cash Equivalents and Investments were $430.2 million as of June 30, 2022.

Recent Business & Product Highlights

  • Cloud revenue equaled $19.2 million during the second quarter of 2022, an increase of 68% over the year ago period. Cloud revenue represented 28% of total revenue, compared to 24% in the year ago period.
  • Net Dollar Retention rate for the trailing four quarters was 132%.
  • $100K ARR customers increased 56% year-over-year to 647 customers, compared with 415 in the year ago period.
  • $1 million ARR customers increased 42% year-over-year to 17 customers, up from 12 customers as of June 30, 2021.
  • Customers adopting the complete JFrog Platform represented 36% of total revenue versus 32% in the year ago period.
  • Announced new advanced security innovations demonstrating the integration and collaboration following the acquisition of Vdoo and the first delivery of an additional security offering.
  • Delivered JFrog Connect, a new solution designed to help developers update, manage, monitor and secure OTA software updates on devices.
  • Announced new integrations for JFrog Artifactory and JFrog Xray with industry leaders ServiceNow's Lightstep and Microsoft Teams to create a DevOps environment from developers to the runtime that delivers coexisting best-of-breed products that avoid vendor lock-in.

Third Quarter and Fiscal Year 2022 Outlook

  • Third Quarter 2022 Outlook:
    • Revenue between $70.5 million and $71.5 million
    • Non-GAAP operating income between ($0.5) million and $0.5 million
    • Non-GAAP net income per diluted share between ($0.01) and $0.01, assuming approximately 106 million weighted average diluted shares outstanding
  • Fiscal Year 2022 Outlook:
    • Revenue between $278.5 million to $280.5 million
    • Non-GAAP operating income between ($1.0) million and $1.0 million
    • Non-GAAP net income per diluted share between ($0.01) and $0.01 assuming approximately 107 million weighted average diluted shares outstanding

The section titled "Non-GAAP Financial Information" below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.

Conference Call Details

  • Event: JFrog’s Second Quarter Fiscal 2022 Financial Results Conference Call
  • Date: Wednesday, August 3rd, 2022
  • Time: 2:00 p.m. PT (5:00 p.m. ET)

A live webcast of the conference call will be accessible from the investor relations website at https://investors.jfrog.com/events-and-presentations.

About JFrog

JFrog Ltd. (Nasdaq: FROG), is on a mission to power all the world’s software updates, driven by a “Liquid Software” vision to allow the seamless, secure, fearless flow of binaries from developers to the edge. The JFrog DevOps Platform enables software creators to power their entire software supply chain throughout the full binary lifecycle, so they can build, secure, distribute, and connect any source with any production environment. JFrog’s hybrid, universal, multi-cloud DevOps platform is available as both self-hosted and SaaS services across major cloud service providers. Millions of users and thousands of customers worldwide, including a majority of the Fortune 100, depend on JFrog solutions to securely embrace digital transformation. Once you leap forward, you won’t go back! Learn more at jfrog.com and follow us on Twitter: @JFrog.

Forward-Looking Statements:
This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the U.S. federal securities laws, including but not limited to statements regarding JFrog’s future financial performance, including our outlook for the third quarter and for the full year of 2022, our leadership position in the markets in which we participate, our ability to drive growth, our expectations regarding the market and revenue potential for JFrog

Artifactory, JFrog Xray, JFrog Distribution and JFrog Connect, including the efficacy and benefit of integrating of any of the foregoing with other products and platform, the growth potential of our cloud business, including hybrid and multi-cloud, our ability to provide effective tools and solutions to detect and remediate security vulnerabilities, the ability of our strategic sales team to grow the business across top-tier accounts, our ability to expand usage of our platform in the government and commercial sectors, our ability to successfully integrate acquisitions into our business operations, including the DevOps platform, and realize anticipated benefits and synergies from such acquisitions, our ability to contribute data to global security standards bodies, and our ability to innovate and meet market demands and the software supply chain needs of our customers. These forward-looking statements are based on JFrog’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause JFrog’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.

There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with managing our rapid growth; our history of losses; our limited operating history; our ability to retain and upgrade existing customers our ability to attract new customers; our ability to effectively develop and expand our sales and marketing capabilities; our ability to integrate and realize anticipated synergies from acquisitions of complementary businesses; risk of a security breach incident or product vulnerability; risk of interruptions or performance problems associated with our products and platform capabilities; our ability to adapt and respond to rapidly changing technology or customer needs; our ability to compete in the markets in which we participate; our ability to successfully integrate technology from recent acquisitions, into our offerings; our ability to provide continuity to our respective customers following our acquisitions, and our ability to realize innovations following the acquisition; general market, political, economic, and business conditions; and the duration and impact of the COVID-19 pandemic. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission, including in our annual report on Form 10-K for the year ended December 31, 2021, our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the Securities and Exchange Commission. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.

About Non-GAAP Financial Measures:

JFrog discloses the following non-GAAP financial measures in this release and the earnings call referencing this press release: non-GAAP operating income (loss), non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, non-GAAP net income (loss) per basic share, and free cash flow. JFrog uses each of these non-GAAP financial measures internally to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate JFrog’s financial performance. JFrog believes they are useful to investors, as a supplement to GAAP measures, in evaluating its operational performance, as further discussed below. JFrog’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on JFrog’s reported financial results.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future such as share-based compensation, the effect of which may be significant.

JFrog defines non-GAAP gross profit, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income (loss) and non-GAAP net income (loss) as the respective GAAP balances, adjusted for, as applicable: (1) share-based compensation expense; (2) the amortization of acquired intangibles; (3) acquisition-related costs; (4) legal settlement costs and (5) income tax effects. JFrog defines free cash flow as Net cash provided by (used in) operating activities, minus capital expenditures. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

Management believes these non-GAAP financial measures are useful to investors and others in assessing JFrog’s operating performance due to the following factors:

Share-based compensation. JFrog utilizes share-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of its shareholders and at long-term retention, rather than to address operational performance for any particular period. As a result, share-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.

Amortization of acquired intangibles. JFrog views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of acquired intangibles is an expense that is not typically affected by operations during any particular period.

Acquisition-related costs. Acquisition-related costs include expenses related to acquisitions of other companies. JFrog views acquisition-related costs as expenses that are not necessarily reflective of operational performance during a period.

Legal settlement costs. From time to time JFrog incurs charges related to litigation settlements. We exclude these charges and related professional service costs when associated with a significant settlement because they are not reflective of JFrog’s ongoing business and operating results.

Income tax effects. JFrog’s non-GAAP financial results are adjusted for income tax effects related to these non-GAAP adjustments and changes in our assessment regarding the realizability of our deferred tax assets, if any. Excluding income tax effects of non-GAAP adjustments provides a more accurate view of JFrog’s operating results.

Non-GAAP weighted average share count. Diluted GAAP and non-GAAP weighted-average shares are the same, except in periods that there is a GAAP loss and a non-GAAP income. The non-GAAP weighted-average shares used to compute the non-GAAP net income per share - diluted are adjusted to reflect dilution equal to the dilutive impact had there been GAAP income.

Additionally, JFrog’s management believes that the non-GAAP financial measure, free cash flow, is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered to be a necessary component of ongoing operations.

Operating Metrics

JFrog’s number of customers with annual recurring revenue (“ARR”) of $100,000 or more is based on the ARR of each customer, as of the last month of the quarter. JFrog’s number of customers with ARR of $1 million or more is based on the ARR of each customer, as of the last month of the quarter. JFrog defines ARR as the annualized revenue run-rate of subscription agreements from all customers as of the last month of the quarter. The ARR includes monthly subscription customers, so long as JFrog generates revenue from these customers. JFrog annualizes its monthly subscriptions by taking the revenue it would contractually expect to receive from such customers in a given month and multiplying it by 12.

JFrog’s net dollar retention rate compares its ARR from the same set of customers across comparable periods. JFrog calculates net dollar retention rate by first identifying customers (the “Base Customers”), which were customers in the last month of a particular quarter (the “Base Quarter”). JFrog then calculates the contracted ARR from these Base Customers in the last month of the same quarter of the subsequent year (the “Comparison Quarter”). This calculation captures upsells, contraction, and attrition since the Base Quarter. JFrog then divides total Comparison Quarter ARR by total Base Quarter ARR for Base Customers. JFrog’s net dollar retention rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters.

Investor Contact:
Jeff Schreiner
jeffs@jfrog.com


JFROG LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data; unaudited)

    Three Months Ended June 30,     Six Months Ended June 30,  
    2022     2021     2022     2021  
Revenue:                        
Subscription—self-managed and SaaS   $ 63,679     $ 45,312     $ 122,748     $ 86,650  
License—self-managed     4,128       3,345       8,755       7,094  
Total subscription revenue     67,807       48,657       131,503       93,744  
Cost of revenue:                        
Subscription—self-managed and SaaS(1)(2)(3)     15,024       8,881       28,667       17,117  
License—self-managed(3)     220       190       440       381  
Total cost of revenue—subscription     15,244       9,071       29,107       17,498  
Gross profit     52,563       39,586       102,396       76,246  
Operating expenses:                        
Research and development(1)(2)     28,945       16,688       56,046       30,524  
Sales and marketing(1)(2)(3)     31,991       22,026       61,171       41,791  
General and administrative(1)(2)(4)     14,037       15,103       26,728       28,774  
Total operating expenses     74,973       53,817       143,945       101,089  
Operating loss     (22,410 )     (14,231 )     (41,549 )     (24,843 )
Interest and other income, net     517       346       790       706  
Loss before income taxes     (21,893 )     (13,885 )     (40,759 )     (24,137 )
Income tax expense (benefit)     1,880       (736 )     2,718       (3,093 )
Net loss   $ (23,773 )   $ (13,149 )   $ (43,477 )   $ (21,044 )
Net loss per share, basic and diluted   $ (0.24 )   $ (0.14 )   $ (0.44 )   $ (0.23 )
Weighted-average shares used in computing net loss per share, basic and diluted     98,956       93,666       98,423       93,175  
                         
(1) Includes share-based compensation expense as follows:                        
Cost of revenue: subscription—self-managed and SaaS   $ 1,613     $ 824     $ 2,919     $ 1,586  
Research and development     5,330       2,680       10,462       4,509  
Sales and marketing     4,792       3,522       9,547       6,245  
General and administrative     3,342       7,078       6,223       13,514  
Total share-based compensation expense   $ 15,077     $ 14,104     $ 29,151     $ 25,854  
                         
(2) Includes acquisition-related costs as follows:                        
Cost of revenue: subscription–self-managed and SaaS   $ 6     $     $ 13     $  
Research and development     2,149       351       4,524       702  
Sales and marketing     112             236        
General and administrative     68       361       234       361  
Total acquisition-related costs   $ 2,335     $ 712     $ 5,007     $ 1,063  
                         
(3) Includes amortization of acquired intangibles as follows:                        
Cost of revenue: subscription–self-managed and SaaS   $ 2,386     $     $ 4,772     $  
Cost of revenue: license—self-managed     220       190       440       381  
Sales and marketing     236       182       472       364  
Total amortization expense of acquired intangible assets   $ 2,842     $ 372     $ 5,684     $ 745  
                         
(4) Includes legal settlement costs as follows:                        
General and administrative   $ 122     $     $ 216     $  


JFROG LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands; unaudited)

    June 30, 2022     December 31, 2021  
Assets            
Current assets:            
Cash and cash equivalents   $ 55,194     $ 68,284  
Short-term investments     374,957       352,844  
Accounts receivable, net     53,004       50,483  
Deferred contract acquisition costs     6,643       5,271  
Prepaid expenses and other current assets     20,390       22,140  
Total current assets     510,188       499,022  
Property and equipment, net     7,650       6,689  
Deferred contract acquisition costs, noncurrent     11,354       9,120  
Operating lease right-of-use assets     25,585       25,999  
Intangible assets, net     42,296       47,980  
Goodwill     247,955       247,776  
Other assets, noncurrent     12,649       15,942  
Total assets   $ 857,677     $ 852,528  
Liabilities and Shareholders’ Equity            
Current liabilities:            
Accounts payable   $ 13,332     $ 10,868  
Accrued expenses and other current liabilities     34,641       27,954  
Operating lease liabilities     7,035       7,293  
Deferred revenue     138,721       129,149  
Total current liabilities     193,729       175,264  
Deferred revenue, noncurrent     18,346       17,957  
Operating lease liabilities, noncurrent     18,034       20,014  
Other liabilities, noncurrent     2,144       712  
Total liabilities     232,253       213,947  
Shareholders’ equity:            
Share capital     278       272  
Additional paid-in capital     811,961       776,690  
Accumulated other comprehensive income (loss)     (4,346 )     611  
Accumulated deficit     (182,469 )     (138,992 )
Total shareholders’ equity     625,424       638,581  
Total liabilities and shareholders’ equity   $ 857,677     $ 852,528  


JFROG LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands; unaudited)

    Three Months Ended June 30,     Six Months Ended June 30,  
    2022     2021     2022     2021  
Cash flows from operating activities:                        
Net loss   $ (23,773 )   $ (13,149 )   $ (43,477 )   $ (21,044 )
Adjustments to reconcile net loss to net cash provided by operating activities:                        
Depreciation and amortization     3,572       1,076       7,091       2,082  
Share-based compensation expense     15,077       14,104       29,151       25,854  
Non-cash operating lease expense     1,796       1,380       3,602       2,658  
Net amortization of premium or discount on investments     760       1,543       2,388       2,886  
Changes in operating assets and liabilities:                        
Accounts receivable     (3,615 )     15,353       (2,521 )     978  
Prepaid expenses and other assets     5,025       1,013       4,136       (1,373 )
Deferred contract acquisition costs     (1,549 )     (896 )     (3,606 )     (2,280 )
Accounts payable     1,267       785       2,227       (169 )
Accrued expenses and other liabilities     3,933       1,048       5,457       4,706  
Operating lease liabilities     (3,225 )     (1,275 )     (5,426 )     (2,642 )
Deferred revenue     4,684       (1,809 )     9,961       16,328  
Net cash provided by operating activities     3,952       19,173       8,983       27,984  
Cash flows from investing activities:                        
Purchases of short-term investments     (89,068 )     (62,634 )     (181,279 )     (151,214 )
Maturities and sales of short-term investments     81,232       164,129       155,869       225,954  
Purchases of property and equipment     (988 )     (1,139 )     (2,131 )     (2,274 )
Payments related to business combinations                 (179 )      
Prepayment for purchase of intangible asset           (600 )           (600 )
Net cash provided by (used in) investing activities     (8,824 )     99,756       (27,720 )     71,866  
Cash flows from financing activities:                        
Proceeds from exercise of share options     1,078       1,316       2,873       3,606  
Proceeds from employee share purchase plan                 3,253        
Payments to tax authorities from employee equity transactions, net     (602 )     (7,699 )     (495 )     (8,707 )
Net cash provided by (used in) financing activities     476       (6,383 )     5,631       (5,101 )
Net increase (decrease) in cash, cash equivalents, and restricted cash     (4,396 )     112,546       (13,106 )     94,749  
Cash, cash equivalents, and restricted cash—beginning of period     59,830       146,942       68,540       164,739  
Cash, cash equivalents, and restricted cash—end of period   $ 55,434     $ 259,488     $ 55,434     $ 259,488  
Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above:                        
Cash and cash equivalents   $ 55,194     $ 259,220     $ 55,194     $ 259,220  
Restricted cash included in prepaid expenses and other current assets     13       13       13       13  
Restricted cash included in other assets, noncurrent     227       255       227       255  
Total cash, cash equivalents, and restricted cash   $ 55,434     $ 259,488     $ 55,434     $ 259,488  


JFROG LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands except per share data; unaudited)

    Three Months Ended June 30,     Six Months Ended June 30,  
    2022     2021     2022     2021  
Reconciliation of gross profit and gross margin                        
GAAP gross profit   $ 52,563     $ 39,586     $ 102,396     $ 76,246  
Plus: Share-based compensation expense     1,613       824       2,919       1,586  
Plus: Acquisition-related costs     6             13        
Plus: Amortization of acquired intangibles     2,606       190       5,212       381  
Non-GAAP gross profit   $ 56,788     $ 40,600     $ 110,540     $ 78,213  
GAAP gross margin     77.5 %     81.4 %     77.9 %     81.3 %
Non-GAAP gross margin     83.7 %     83.4 %     84.1 %     83.4 %
                         
Reconciliation of operating expenses                        
GAAP research and development   $ 28,945     $ 16,688     $ 56,046     $ 30,524  
Less: Share-based compensation expense     (5,330 )     (2,680 )     (10,462 )     (4,509 )
Less: Acquisition-related costs     (2,149 )     (351 )     (4,524 )     (702 )
Non-GAAP research and development   $ 21,466     $ 13,657     $ 41,060     $ 25,313  
                         
GAAP sales and marketing   $ 31,991     $ 22,026     $ 61,171     $ 41,791  
Less: Share-based compensation expense     (4,792 )     (3,522 )     (9,547 )     (6,245 )
Less: Acquisition-related costs     (112 )           (236 )      
Less: Amortization of acquired intangibles     (236 )     (182 )     (472 )     (364 )
Non-GAAP sales and marketing   $ 26,851     $ 18,322     $ 50,916     $ 35,182  
                         
GAAP general and administrative   $ 14,037     $ 15,103     $ 26,728     $ 28,774  
Less: Share-based compensation expense     (3,342 )     (7,078 )     (6,223 )     (13,514 )
Less: Acquisition-related costs     (68 )     (361 )     (234 )     (361 )
Less: Legal settlement costs     (122 )           (216 )      
Non-GAAP general and administrative   $ 10,505     $ 7,664     $ 20,055     $ 14,899  
                         
Reconciliation of operating income (loss) and operating margin                        
GAAP operating loss   $ (22,410 )   $ (14,231 )   $ (41,549 )   $ (24,843 )
Plus: Share-based compensation expense     15,077       14,104       29,151       25,854  
Plus: Acquisition-related costs     2,335       712       5,007       1,063  
Plus: Amortization of acquired intangibles     2,842       372       5,684       745  
Plus: Legal settlement costs     122             216        
Non-GAAP operating income (loss)   $ (2,034 )   $ 957     $ (1,491 )   $ 2,819  
GAAP operating margin     (33.0 )%     (29.2 )%     (31.6 )%     (26.5 )%
Non-GAAP operating margin     (3.0 )%     2.0 %     (1.1 )%     3.0 %
                         
Reconciliation of net income (loss)                        
GAAP net loss   $ (23,773 )   $ (13,149 )   $ (43,477 )   $ (21,044 )
Plus: Share-based compensation expense     15,077       14,104       29,151       25,854  
Plus: Acquisition-related costs     2,335       712       5,007       1,063  
Plus: Amortization of acquired intangibles     2,842       372       5,684       745  
Plus: Legal settlement costs     122             216        
Less: Income tax effects     1,201       (1,160 )     1,381       (3,896 )
Non-GAAP net income (loss)   $ (2,196 )   $ 879     $ (2,038 )   $ 2,722  
Net income per share - basic   $ (0.02 )   $ 0.01     $ (0.02 )   $ 0.03  
Net income per share - diluted   $ (0.02 )   $ 0.01     $ (0.02 )   $ 0.03  
Shares used in non-GAAP net income per share calculations:                        
GAAP weighted-average shares used to compute net loss per share - basic and diluted     98,956       93,666       98,423       93,175  
Add: Dilutive ordinary share equivalents(1)           9,091             9,873  
Non-GAAP weighted-average shares used to compute net income (loss) per share - diluted     98,956       102,757       98,423       103,048  
                         
(1) Potentially dilutive shares are excluded in calculating the non-GAAP diluted shares for the three and six months ended June 30, 2022 as the inclusion of such shares would have been anti-dilutive due to net loss in these periods.  


JFROG LTD.
RECONCILIATION OF GAAP CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW
(in thousands; unaudited)

    Three Months Ended June 30,     Six Months Ended June 30,  
    2022     2021     2022     2021  
Net cash provided by operating activities   $ 3,952     $ 19,173     $ 8,983     $ 27,984  
Less: purchases of property and equipment     (988 )     (1,139 )     (2,131 )     (2,274 )
Free cash flow   $ 2,964     $ 18,034     $ 6,852     $ 25,710  

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Source: JFrog Ltd.

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