JFrog(FROG) - 2024 Q4 - Annual Results

Revenue Performance - Total Fiscal 2024 Revenues reached $428.5 million, representing a 22% Year-over-Year increase[5] - Cloud Revenues increased by 41% in 2024, driven by migrations and large customer wins[5] - Fourth Quarter 2024 Revenue was $116.1 million, up 19% Year-over-Year[6] - Cloud Revenue for Q4 2024 was $49.4 million, a 37% Year-over-Year increase, representing 43% of total revenue[6] - Total subscription revenue for Q4 2024 reached $116,078 thousand, a 19.3% increase from $97,260 thousand in Q4 2023[32] - First Quarter 2025 Revenue Outlook is projected between $116.0 million and $118.0 million[9] - Fiscal Year 2025 Revenue Outlook is projected between $499.0 million to $503.0 million[9] Profitability Metrics - GAAP Gross Profit for Fiscal 2024 was $330.2 million, with a GAAP Gross Margin of 77.1%[6] - Non-GAAP Operating Income for Fiscal 2024 was $63.3 million, with a Non-GAAP Operating Margin of 14.8%[6] - Gross profit for the year ended December 31, 2024, was $330,188 thousand, up 21.0% from $272,843 thousand in 2023[32] - Non-GAAP gross profit for the year ended December 31, 2024, reached $359,056 thousand, compared to $292,992 thousand in 2023, reflecting a 22.5% growth[38] - Non-GAAP net income for the year ended December 31, 2024, was $74,672 thousand, up from $56,127 thousand in 2023, marking a 33.1% increase[38] - Net income per share - diluted for the year ended December 31, 2024, was $0.65, compared to $0.51 in 2023, reflecting a 27.5% increase[38] Losses and Expenses - Operating loss for Q4 2024 was $(25,415) thousand, compared to $(15,378) thousand in Q4 2023, indicating a 65.5% increase in losses[32] - Net loss for the year ended December 31, 2024, was $(69,236) thousand, a 13.5% increase from $(61,256) thousand in 2023[32] - GAAP operating loss for the year ended December 31, 2024, was $91,098 thousand, compared to a loss of $75,548 thousand in 2023, reflecting a 20.6% increase in operating losses[38] - Share-based compensation expense for the year ended December 31, 2024, was $131,106 thousand, a 37.7% increase from $95,171 thousand in 2023[32] - Total operating expenses for the year ended December 31, 2024, were $421,286 thousand, up 20.9% from $348,391 thousand in 2023[32] Cash Flow and Assets - Cash and cash equivalents decreased to $49,869 thousand as of December 31, 2024, down from $84,765 thousand in 2023[34] - Total assets increased to $1,129,906 thousand in 2024, compared to $972,556 thousand in 2023, reflecting a 16.2% growth[34] - Free cash flow for Q4 2024 was $48,484 thousand, compared to $31,975 thousand in Q4 2023, representing a 51.5% increase[39] Customer Metrics - Customers with Annual Recurring Revenue (ARR) greater than $1 million increased to 52, up 41% Year-over-Year[5] - Net Dollar Retention rate for the trailing four quarters was 116%[6] Research and Development - Research and development expenses for the year ended December 31, 2024, were $160,864 thousand, a 19.5% increase from $134,584 thousand in 2023[32] Margins - GAAP gross margin for Q4 2024 was 75.4%, down from 79.0% in Q4 2023, showing a decline of 4.6 percentage points[38] - Non-GAAP gross margin for the year ended December 31, 2024, was 83.8%, slightly up from 83.7% in 2023[38] - Non-GAAP operating income for Q4 2024 was $20,945 thousand, up from $16,175 thousand in Q4 2023, indicating a 29.0% increase[38]