FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number: 001-39492 JFrog Ltd. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Israel 98-0680649 (I.R ...

Financial Data and Key Metrics - Total revenue for Q2 2023 was $84.2 million, up 24% year-over-year, driven by strong cloud business growth and higher subscription tiers [25][96] - Cloud revenue reached $27.6 million, up 44% year-over-year, while self-managed revenue was $51.8 million, up 17% year-over-year [78] - Gross profit was $70.4 million, with a gross margin of 83.6%, flat compared to the previous year [26] - Operating expenses were $62.2 million, down $1 million sequentially, representing 73.9% of revenue [26] - Net income for Q2 was $12.1 million, or $0.11 per diluted share, compared to a net loss of $2.2 million in the same period last year [87] - Cash and short-term investments stood at $470 million, up from $443 million at the end of 2022 [11] - Free cash flow margin was 19.3%, with expectations for low double-digit free cash flow margins for fiscal 2023 [11] Business Line Data and Key Metrics - The cloud business saw sequential expansion, with revenues of $27.6 million, up 44% year-over-year [78] - Self-hosted business growth remains constrained as customers transition to cloud and hybrid deployments [17] - Customers with ARR over $100,000 grew to 813, up 26% year-over-year, while customers with ARR over $1 million increased to 24, up 41% year-over-year [96] - Net dollar retention (NDR) for the trailing four quarters was 120%, a decline of 4 percentage points sequentially, with stabilization expected around this level [101][29] Market Data and Key Metrics - The company continues to see strong adoption of its security solutions, with tens of customers adding JFrog Advanced Security to their subscriptions [14] - JFrog Curation, a new security solution, has gained traction since its release in mid-July, with many customers exploring its capabilities [12][18] - The company is seeing consolidation of tooling around its binary-centric pipelines, with a Fortune 100 company migrating from Google's container management services to JFrog's platform [15] Company Strategy and Industry Competition - JFrog aims to provide end-to-end security across the software supply chain, with a focus on consolidating security solutions into a single platform [76][86] - The company believes its approach will outpace and displace point solutions in the market, particularly in the DevSecOps space [14] - JFrog is exploring AI-driven advancements to enhance its DevOps and security solutions, with a focus on managing AI models as binaries [74][77] - The company is leveraging partnerships with major cloud providers (AWS, GCP, Azure) to accelerate its go-to-market efforts [30] Management Commentary on Operating Environment and Future Outlook - Management expects cloud optimization to remain an ongoing exercise for large enterprises, with a baseline cloud growth rate of mid-40s for fiscal 2023 [78][41] - The company anticipates total revenue for 2023 to be between $343.5 million and $345.5 million, with non-GAAP operating income of $24 million to $25 million [60] - Management is optimistic about the potential of JFrog Curation and Advanced Security to re-accelerate revenue growth in the self-hosted business [17] - The company sees AI as a significant opportunity, with more code and binaries being generated, creating demand for JFrog's platform [74][56] Other Important Information - JFrog's annual swampUP user conference is scheduled for September 13, 2023, where the company will announce major product and strategy updates [103] - The company is exploring AI-driven enhancements for future versions of its DevOps and security solutions [77] - JFrog Curation is offered as an add-on to enterprise X and enterprise plus subscriptions, with a seat-based pricing model [12][120] Q&A Session Summary Question: Can you elaborate on the adoption of JFrog Curation and its impact on the DevSecOps lifecycle? [89] - JFrog Curation is targeted at both CIO and CISO offices, with demand driven by DevOps and DevSecOps engineers. It automates policy enforcement to prevent malicious binaries from entering the organization [18] Question: What is the outlook for net dollar retention (NDR) for the rest of the year? [43] - Management expects NDR to stabilize around 120% for the year, based on customer renewal trends and consumption patterns [29][64] Question: How is JFrog positioning itself in the AI space? [56] - JFrog sees AI as a driver of increased code and binary generation, with its platform well-positioned to manage AI models as binaries. The company is exploring AI-driven enhancements for its DevOps and security solutions [74][77] Question: Can you provide more details on the go-to-market strategy for security solutions? [143] - Security solutions are typically sold top-down, with decisions often involving both CIO and CISO offices. The company is focusing on consolidating security capabilities into a single platform to meet customer demand [117][118] Question: What is the TAM for JFrog Curation? [120] - The TAM for JFrog Curation aligns with the broader DevSecOps market, targeting all developers who consume software packages from external sources. The solution is priced based on the number of developers using it [147]

This presentation contains forward-looking statements that reflect our current views with respect to, among other things, the operations and financial performance of JFrog Ltd. and its subsidiaries (collectively, "JFrog," "we," "us," or "our"). All statements other than statements of historical facts contained in this presentation, including statements regarding matters such as our industry, business strategy, goals, and expectations concerning our market position, future operations, margins, profitability, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-39492 JFrog Ltd. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Israel 98 ...

Jfrog Ltd (NASDAQ:FROG) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET Company Participants Jeffrey Schreiner - VP, IR Shlomi Haim - Co-Founder, CEO & Chairman Jacob Shulman - CFO Conference Call Participants Sanjit Singh - Morgan Stanley Noah Herman - JPMorgan Chase & Co. Brad Reback - Stifel, Nicolaus & Company Michael Cikos - Needham & Company Ittai Kidron - Oppenheimer Koji Ikeda - Bank of America Merrill Lynch William Jump - Truist Securities Jonathan Ruykhaver - Cantor Fitzgerald & Co. Willia ...

Table of Contents JFrog Ltd. (Exact name of Registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-39492 (State or other jurisdiction of incorporation or organization) Israel 9 ...

JFrog Ltd. (NASDAQ:FROG) Q4 2022 Earnings Conference Call February 8, 2023 5:00 PM ET Company Participants Jeff Schreiner - VP, IR Shlomi Ben Haim - CEO and Co-Founder Jacob Shulman - CFO Conference Call Participants Pinjalim Bora - JPMorgan Sanjit Singh - Morgan Stanley Kingsley Crane - Canaccord Genuity Koji Ikedawith - Bank of America Jonathan Ruykhaver - Cantor Fitzgerald Mike Cikos - Needham Ittai Kidron - Oppenheimer Michael Turits - KeyBanc Ethan Weeks - Piper Sandler Operator Ladies and gentlemen, t ...

The Liquid Software Company This presentation contains forward-looking statements that reflect our current views with respect to, among other things, the operations and financial performance of JFrog Ltd. and its subsidiaries (collectively, "JFrog," "we," "us," or "our"). All statements other than statements of historical facts contained in this presentation, including statements regarding matters such as our industry, business strategy, goals, and expectations concerning our market position, future operati ...

Customer Growth and Employee Headcount - The total number of customers grew to approximately 7,200 organizations as of December 31, 2022, up from approximately 6,650 organizations as of December 31, 2021, representing an increase of about 8.3%[91] - Employee headcount increased significantly from approximately 1,000 as of December 31, 2021, to approximately 1,300 as of December 31, 2022, indicating a growth of 30%[91] Financial Performance - Total revenues for the years ended December 31, 2022, 2021, and 2020 were $280.0 million, $206.7 million, and $150.8 million, respectively, reflecting a growth rate of 35% for 2022 and 37% for 2021[95] - The company incurred a net loss of $90.2 million, $64.2 million, and $9.4 million for the years ended December 31, 2022, 2021, and 2020, respectively, leading to an accumulated deficit of $229.2 million as of December 31, 2022[97] Market and Competition Risks - The markets for the company's products are new and evolving, which may develop more slowly than expected, impacting future growth and demand[98] - The company faces risks related to competition, technological developments, and market acceptance, which could impact its financial condition and results of operations[99] - The company faces competition from various vendors, including home-grown solutions, DevOps-focused vendors, and cloud providers, which may impact market share[113] Revenue Recognition and Subscription Model - The company recognizes a significant portion of revenue from subscriptions over the term of the relevant subscription period, affecting the immediate reflection of sales downturns or upturns in results[91] - A significant portion of subscription revenue is recognized over the subscription period, leading to delayed reflection of sales downturns in financial results[122] - The company’s subscription structure is critical, with JFrog Artifactory at the core, and any decline in its demand will negatively impact overall business performance[115] Operational Challenges - The company anticipates that operating expenses will increase substantially in the foreseeable future due to efforts to enhance products and expand operations[97] - The company has experienced seasonality in customer bookings, with a higher percentage of subscription agreements typically occurring in the fourth quarter[119] - The company’s ability to integrate products with third-party technologies is essential for maintaining competitiveness and marketability[107] Customer Relations and Support - Customer satisfaction and the perceived need for additional features significantly influence the expansion of deployments within existing customers[118] - Customer support quality is crucial for renewals and sales; inadequate support could adversely affect business and reputation[140] Compliance and Regulatory Risks - The company is subject to stringent and changing laws related to privacy and data protection, which could harm its business if not complied with[173] - Non-compliance with privacy laws, such as the California Consumer Privacy Act, could result in significant liability and impact the company's reputation[177] - The General Data Protection Regulation (GDPR) imposes heavy penalties for non-compliance, potentially resulting in fines up to €20 million or 4% of global annual turnover[179] Intellectual Property Risks - The company’s ability to protect its intellectual property rights is crucial for its success, and failure to do so could harm its business[163] - The incorporation of open source software in products may lead to compliance risks and potential litigation, affecting product commercialization[172] Economic and Geopolitical Factors - The ongoing COVID-19 pandemic and geopolitical tensions may continue to harm the company's business and results of operations[91] - Adverse macroeconomic conditions, including inflation and reduced IT spending, may negatively impact consumer and business demand for the company's products[152][153] Financial Management and Capital Structure - The company had net operating loss carryforwards of $107.3 million in Israel, $0.2 million in U.S. federal, and $48.8 million in U.S. state as of December 31, 2022[221] - The company does not intend to pay dividends in the foreseeable future, relying on share price appreciation for investor returns[236] International Operations and Currency Risks - The company has customers located in over 90 countries and aims to continue international expansion[199] - The company utilizes foreign currency contracts to protect against foreign exchange risks, particularly with the NIS against the U.S. dollar[213] Management and Governance - The management team has limited experience managing a public company, which may strain resources and divert attention from daily operations[248] - The company is subject to significant legal and financial compliance costs due to its public company status, which may increase over time[249]

JFrog Ltd. (NASDAQ:FROG) Q3 2022 Earnings Conference Call November 2, 2022 5:00 PM ET Company Participants Jeff Schreiner - VP of IR Shlomi Ben Haim - CEO and Co-Founder Jacob Shulman - CFO Conference Call Participants Mike Cikos - Needham & Company Brad Reback - Stifel Kingsley Crane - Canaccord Bob Guan - Morgan Stanley Pinjalim Bora - JPMorgan Jason Ader - William Blair Ethan Weeks - Piper Sandler Ittai Kidron - Oppenheimer Operator Ladies and gentlemen, thank you for joining us, and welcome to JFrog's T ...