Q3 2024 Jfrog Ltd Earnings Call Transcript
Key Points
- JFrog Ltd (FROG) reported a strong Q3 with total revenue of $109.1 million, up 23% year over year.
- Cloud revenue grew significantly, reaching $42.4 million, representing a 38% year-over-year increase.
- The company saw an increase in large platform wins, driven by demand for cloud and security offerings.
- JFrog's customer base with ARR over $100,000 grew to 966, up from 848 in the previous year.
- The company maintained a high gross retention rate of 97%, indicating strong customer loyalty.
- JFrog Ltd (FROG) remains cautious about large migration deals, as customer migration activity has not yet fully recovered.
- The macroeconomic environment continues to present challenges, affecting the timing of large-scale budgetary commitments.
- Gross margin decreased slightly to 82.8% from 83.7% in the previous year, due to a higher mix of cloud revenue.
- Some customers planning to migrate to the cloud have paused their investment in on-premise deployments.
- The company is cautious about its forward outlook, derisking large-scale pipeline opportunities from current guidance.
Thank you, ladies and gentlemen, thank you for joining us and welcome to Jfrog's third quarter, 2024 financial results conference call.
I'll now hand the conference over to Jeffrey Schreider, Vice President of Investor Relations. Jre, please go ahead.
Good afternoon and thank you for joining us as we review Jfrog's third quarter, 2024 financial results which were announced following market close today via press release leading the call. Today will be Jfrog's CEO and Cofounder, Shlomi Bendheim and Ed grabs Jfrog's CFO during this call, we may make statements related to our business that are forward-looking under federal securities laws and are made pursuant to the safe harbor provisions of the private Securities Litigation Reform Act of 1,995 including statements related to our future financial performance and including our outlook for Q4 and the full year of 2024. The words anticipate believe, continue estimate, expect, intend will and similar expressions are intended
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