Cybersecurity News that Matters

Cybersecurity News that Matters

JFrog Announces Fourth Quarter and Fiscal 2023 Results

by Business Wire

Feb. 15, 2024
9:16 AM GMT+9
  • Total Fiscal 2023 Revenues of $349.9 million; up 25% Year-over-Year
  • Cloud Revenues up 59% in 4Q23; up 50% in Fiscal 2023
  • Customers with ARR Greater Than $1 million Reached 37 in 4Q23, up 95% Year-over-Year
  • Enterprise+ Subscription Revenues Grew 50% Year-over-Year in 2023

SUNNYVALE, Calif.–(BUSINESS WIRE)–$FROG #DevOpsJFrog Ltd. (“JFrog”) (Nasdaq: FROG), the Liquid Software company and creators of the JFrog Software Supply Chain Platform, today announced financial results for its fourth quarter and fiscal year ended December 31, 2023.


“Our 2023 performance showcases JFrog’s solid execution across our strategic pillars; driving growth in the cloud, leveraging complete software supply chain capabilities, and enhancing our security offerings – all supported by our focused transition to enterprise sales while building an efficient business,” stated Shlomi Ben Haim, JFrog CEO and Co-founder. “The market demands a consolidated solution for DevOps and DevSecOps around binary management, and we are excited to see new opportunities for expansion in security in 2024, as well as potential tailwinds within MLOps and MLSecOps, which are supported natively by our platform.”

Fourth Quarter 2023 Financial Highlights

  • Revenue for the fourth quarter of 2023 equaled $97.3 million, up 27% year-over-year.
  • GAAP Gross Profit was $76.8 million; GAAP Gross Margin was 79.0%.
  • Non-GAAP Gross Profit was $82.3 million; Non-GAAP Gross Margin was 84.6%.
  • GAAP Operating Loss was ($15.4) million; GAAP Operating Margin was (15.8%).
  • Non-GAAP Operating Income was $16.2 million; Non-GAAP Operating Margin was 16.6%.
  • GAAP Net Loss Per Share was ($0.11); Non-GAAP Diluted Earnings Per Share was $0.19.
  • Operating Cash Flow was $32.6 million; Free Cash Flow of $32.0 million.
  • Cash, Cash Equivalents and Investments were $545.0 million as of December 31, 2023.
  • Remaining performance obligations were $259.8 million as of December 31, 2023.

Fiscal 2023 Financial Highlights

  • Revenue for fiscal 2023 equaled $349.9 million, up 25% year-over-year.
  • GAAP Gross Profit was $272.8 million; GAAP Gross Margin was 78.0%.
  • Non-GAAP Gross Profit was $293.0 million; Non-GAAP Gross Margin was 83.7%.
  • GAAP Operating Loss was ($75.5) million; GAAP Operating Margin was (21.6%).
  • Non-GAAP Operating Income was $39.0 million; Non-GAAP Operating Margin was 11.1%.
  • GAAP Net Loss Per Share was ($0.59); Non-GAAP Diluted Earnings Per Share was $0.51.
  • Operating Cash Flow was $74.2 million; Free Cash Flow of $72.2 million.
  • Approximately 7,400 unique customers versus 7,200 in the prior year.

Recent Business & Product Highlights

  • Cloud revenue equaled $36.0 million during the fourth quarter of 2023, an increase of 59% year-over-year. Cloud revenue represented 37% of total revenue, compared to 30% in the year ago period.
  • Net Dollar Retention rate for the trailing four quarters was 119%.
  • Customers with greater than $100K ARR increased to 886 customers, compared with 736 in the year-ago period.
  • Customers with greater than $1 million ARR increased to 37 customers, up from 19 customers in the year-ago period.
  • Customers adopting the end-to-end JFrog Platform Enterprise+ subscription represented 49% of total revenue during the fourth quarter of 2023 versus 43% in the year-ago period.
  • Announced new integration capabilities with Amazon SageMaker in January 2024, to accelerate secure machine learning development.

First Quarter and Fiscal Year 2024 Outlook

  • First Quarter 2024 Outlook:

    • Revenue between $98.0 million and $99.0 million
    • Non-GAAP operating income between $12.5 million and $13.5 million
    • Non-GAAP net income per diluted share between $0.13 and $0.15, assuming approximately 113 million weighted average diluted shares outstanding
  • Fiscal Year 2024 Outlook:

    • Revenue between $424.0 million to $428.0 million
    • Non-GAAP operating income between $56.0 million and $58.0 million
    • Non-GAAP net income per diluted share between $0.58 and $0.60, assuming approximately 116 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 Fourth Quarter and Fiscal 2023 Financial Results Conference Call
  • Date: Wednesday, February 14, 2024
  • 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 create a world of software delivered without friction from developer to device. Driven by a “Liquid Software” vision, the JFrog Software Supply Chain Platform is a single system of record that powers organizations to build, manage, and distribute software quickly and securely, ensuring it is available, traceable, and tamper-proof. The integrated security features also help identify, protect, and remediate against threats and vulnerabilities. JFrog’s hybrid, universal, multi-cloud platform is available as both self-hosted and SaaS services across major cloud service providers. Millions of users and 7K+ customers worldwide, including a majority of the Fortune 100, depend on JFrog solutions to securely embrace digital transformation. Learn more at www.jfrog.com or follow us @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 first quarter and for the full year of 2024, expectations regarding the market and revenue potential for JFrog Artifactory, JFrog Xray, JFrog Distribution, JFrog Connect, JFrog Curation and JFrog Advanced Security, including the efficacy and benefit of integrating of any of the foregoing with other products and platform, our expectations regarding the mission-critical nature of the “JFrog Software Supply Chain Platform” to our customers’ infrastructure, the growth potential of our cloud business, including hybrid and multi-cloud, our expectations regarding potential for growth in binary management within MLOps/MLSecOps, 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 JFrog 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 acquisitions, into our offerings; our ability to provide continuity to our respective customers and realize innovation following our acquisitions; and general market, political, economic, and business conditions. 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, 2023, 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.

JFROG LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data; unaudited)

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2023

 

2022

 

2023

 

2022

Revenue:

 

 

 

 

 

 

 

 

Subscription—self-managed and SaaS

 

$

92,052

 

 

$

70,954

 

 

$

330,193

 

 

$

261,452

 

License—self-managed

 

 

5,208

 

 

 

5,592

 

 

 

19,693

 

 

 

18,588

 

Total subscription revenue

 

 

97,260

 

 

 

76,546

 

 

 

349,886

 

 

 

280,040

 

Cost of revenue:

 

 

 

 

 

 

 

 

Subscription—self-managed and SaaS(1)(2)(3)

 

 

20,278

 

 

 

17,062

 

 

 

76,244

 

 

 

61,407

 

License—self-managed(3)

 

 

145

 

 

 

220

 

 

 

799

 

 

 

880

 

Total cost of revenue—subscription

 

 

20,423

 

 

 

17,282

 

 

 

77,043

 

 

 

62,287

 

Gross profit

 

 

76,837

 

 

 

59,264

 

 

 

272,843

 

 

 

217,753

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development(1)(2)

 

 

32,796

 

 

 

33,481

 

 

 

134,584

 

 

 

121,225

 

Sales and marketing(1)(2)(3)

 

 

40,922

 

 

 

36,489

 

 

 

150,675

 

 

 

130,812

 

General and administrative(1)(2)(4)

 

 

18,497

 

 

 

14,146

 

 

 

63,132

 

 

 

55,556

 

Total operating expenses

 

 

92,215

 

 

 

84,116

 

 

 

348,391

 

 

 

307,593

 

Operating loss

 

 

(15,378

)

 

 

(24,852

)

 

 

(75,548

)

 

 

(89,840

)

Interest and other income, net

 

 

6,411

 

 

 

2,935

 

 

 

21,032

 

 

 

5,094

 

Loss before income taxes

 

 

(8,967

)

 

 

(21,917

)

 

 

(54,516

)

 

 

(84,746

)

Income tax expense

 

 

2,266

 

 

 

1,238

 

 

 

6,740

 

 

 

5,438

 

Net loss

 

$

(11,233

)

 

$

(23,155

)

 

$

(61,256

)

 

$

(90,184

)

Net loss per share, basic and diluted

 

$

(0.11

)

 

$

(0.23

)

 

$

(0.59

)

 

$

(0.91

)

Weighted-average shares used in computing net loss per share, basic and diluted

 

 

105,310

 

 

 

100,486

 

 

 

103,318

 

 

 

99,244

 

 

 

 

 

 

 

 

 

 

(1) Includes share-based compensation expense as follows:

 

 

 

 

 

 

 

 

Cost of revenue: subscription—self-managed and SaaS

 

$

2,919

 

 

$

2,169

 

 

$

9,784

 

 

$

6,991

 

Research and development

 

 

9,123

 

 

 

7,396

 

 

 

32,689

 

 

 

24,664

 

Sales and marketing

 

 

8,877

 

 

 

6,658

 

 

 

30,338

 

 

 

22,753

 

General and administrative

 

 

7,332

 

 

 

4,070

 

 

 

22,360

 

 

 

14,253

 

Total share-based compensation expense

 

$

28,251

 

 

$

20,293

 

 

$

95,171

 

 

$

68,661

 

 

 

 

 

 

 

 

 

 

(2) Includes acquisition-related costs as follows:

 

 

 

 

 

 

 

 

Cost of revenue: subscription–self-managed and SaaS

 

$

4

 

 

$

6

 

 

$

20

 

 

$

25

 

Research and development

 

 

370

 

 

 

2,782

 

 

 

7,301

 

 

 

9,610

 

Sales and marketing

 

 

36

 

 

 

298

 

 

 

125

 

 

 

762

 

General and administrative

 

 

3

 

 

 

71

 

 

 

161

 

 

 

315

 

Total acquisition-related costs

 

$

413

 

 

$

3,157

 

 

$

7,607

 

 

$

10,712

 

 

 

 

 

 

 

 

 

 

(3) Includes amortization of acquired intangibles as follows:

 

 

 

 

 

 

 

 

Cost of revenue: subscription–self-managed and SaaS

 

$

2,386

 

 

$

2,385

 

 

$

9,546

 

 

$

9,543

 

Cost of revenue: license—self-managed

 

 

145

 

 

 

220

 

 

 

799

 

 

 

880

 

Sales and marketing

 

 

358

 

 

 

375

 

 

 

1,431

 

 

 

1,145

 

Total amortization of acquired intangible assets

 

$

2,889

 

 

$

2,980

 

 

$

11,776

 

 

$

11,568

 

 

 

 

 

 

 

 

 

 

(4) Includes legal settlement costs as follows:

 

 

 

 

 

 

 

 

General and administrative

 

$

 

 

$

 

 

$

 

 

$

216

 

JFROG LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands; unaudited)

 

 

 

December 31, 2023

 

December 31, 2022

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

84,765

 

 

$

45,595

 

Short-term investments

 

 

460,245

 

 

 

397,605

 

Accounts receivable, net

 

 

76,437

 

 

 

62,117

 

Deferred contract acquisition costs

 

 

11,378

 

 

 

8,102

 

Prepaid expenses and other current assets

 

 

12,976

 

 

 

18,603

 

Total current assets

 

 

645,801

 

 

 

532,022

 

Property and equipment, net

 

 

6,663

 

 

 

8,021

 

Deferred contract acquisition costs, noncurrent

 

 

18,032

 

 

 

13,501

 

Operating lease right-of-use assets

 

 

22,427

 

 

 

24,602

 

Intangible assets, net

 

 

25,768

 

 

 

37,544

 

Goodwill

 

 

247,955

 

 

 

247,955

 

Other assets, noncurrent

 

 

5,910

 

 

 

7,576

 

Total assets

 

$

972,556

 

 

$

871,221

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

16,970

 

 

$

14,867

 

Accrued expenses and other current liabilities

 

 

35,815

 

 

 

28,848

 

Operating lease liabilities

 

 

8,272

 

 

 

7,132

 

Deferred revenue

 

 

201,118

 

 

 

158,725

 

Total current liabilities

 

 

262,175

 

 

 

209,572

 

Deferred revenue, noncurrent

 

 

12,987

 

 

 

16,990

 

Operating lease liabilities, noncurrent

 

 

13,954

 

 

 

16,829

 

Other liabilities, noncurrent

 

 

4,317

 

 

 

3,057

 

Total liabilities

 

 

293,433

 

 

 

246,448

 

Shareholders’ equity:

 

 

 

 

Share capital

 

 

297

 

 

 

283

 

Additional paid-in capital

 

 

968,245

 

 

 

856,438

 

Accumulated other comprehensive income (loss)

 

 

1,013

 

 

 

(2,772

)

Accumulated deficit

 

 

(290,432

)

 

 

(229,176

)

Total shareholders’ equity

 

 

679,123

 

 

 

624,773

 

Total liabilities and shareholders’ equity

 

$

972,556

 

 

$

871,221

 

JFROG LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands; unaudited)

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2023

 

2022

 

2023

 

2022

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(11,233

)

 

$

(23,155

)

 

$

(61,256

)

 

$

(90,184

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,791

 

 

 

3,866

 

 

 

15,303

 

 

 

14,655

 

Share-based compensation expense

 

 

28,251

 

 

 

20,293

 

 

 

95,171

 

 

 

68,661

 

Non-cash operating lease expense

 

 

2,163

 

 

 

1,908

 

 

 

8,457

 

 

 

7,357

 

Net amortization of premium or discount on investments

 

 

(1,817

)

 

 

(660

)

 

 

(6,405

)

 

 

2,354

 

Losses (gains) on foreign exchange

 

 

448

 

 

 

(138

)

 

 

(421

)

 

 

1,799

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(15,446

)

 

 

(12,401

)

 

 

(14,109

)

 

 

(11,186

)

Prepaid expenses and other assets

 

 

1,632

 

 

 

4,181

 

 

 

2,162

 

 

 

9,286

 

Deferred contract acquisition costs

 

 

(3,038

)

 

 

(1,742

)

 

 

(7,807

)

 

 

(7,212

)

Accounts payable

 

 

1,824

 

 

 

1,974

 

 

 

1,705

 

 

 

4,102

 

Accrued expenses and other liabilities

 

 

5,746

 

 

 

(947

)

 

 

10,681

 

 

 

2,242

 

Operating lease liabilities

 

 

(1,898

)

 

 

(1,846

)

 

 

(7,716

)

 

 

(9,058

)

Deferred revenue

 

 

22,170

 

 

 

15,981

 

 

 

38,390

 

 

 

28,609

 

Net cash provided by operating activities

 

 

32,593

 

 

 

7,314

 

 

 

74,155

 

 

 

21,425

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of short-term investments

 

 

(89,096

)

 

 

(105,527

)

 

 

(392,406

)

 

 

(411,242

)

Maturities and sales of short-term investments

 

 

74,065

 

 

 

88,936

 

 

 

340,912

 

 

 

362,711

 

Purchases of property and equipment

 

 

(618

)

 

 

(891

)

 

 

(1,982

)

 

 

(4,328

)

Payments related to business combination

 

 

 

 

 

 

 

 

 

 

 

(179

)

Purchase of intangible asset

 

 

 

 

 

 

 

 

 

 

 

(300

)

Net cash used in investing activities

 

 

(15,649

)

 

 

(17,482

)

 

 

(53,476

)

 

 

(53,338

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from exercise of share options

 

 

4,552

 

 

 

1,247

 

 

 

9,985

 

 

 

5,922

 

Proceeds from employee share purchase plan

 

 

 

 

 

 

 

 

6,665

 

 

 

5,176

 

Proceeds from employee equity transactions, net of payments to tax authorities

 

 

2,053

 

 

 

89

 

 

 

1,721

 

 

 

(71

)

Net cash provided by financing activities

 

 

6,605

 

 

 

1,336

 

 

 

18,371

 

 

 

11,027

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

232

 

 

 

246

 

 

 

120

 

 

 

(2,047

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

23,781

 

 

 

(8,586

)

 

 

39,170

 

 

 

(22,933

)

Cash, cash equivalents, and restricted cash—beginning of period

 

 

60,996

 

 

 

54,193

 

 

 

45,607

 

 

 

68,540

 

Cash, cash equivalents, and restricted cash—end of period

 

$

84,777

 

 

$

45,607

 

 

$

84,777

 

 

$

45,607

 

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

 

$

84,765

 

 

$

45,595

 

 

$

84,765

 

 

$

45,595

 

Restricted cash included in prepaid expenses and other current assets

 

 

12

 

 

 

12

 

 

 

12

 

 

 

12

 

Total cash, cash equivalents, and restricted cash

 

$

84,777

 

 

$

45,607

 

 

$

84,777

 

 

$

45,607

 

Contacts

Investor Contact:
Jeff Schreiner

[email protected]

Read full story here

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