JFrog Ltd. Files 2023 Annual Report on Form 10-K

TL;DR

<b>JFrog Ltd. has submitted its 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

JFrog Ltd (FROG) filed a Annual Report (10-K) with the SEC on February 15, 2024. JFrog Ltd. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 270 E Caribbean Drive, Sunnyvale, CA 94089. JFrog Ltd. is incorporated in L3 and operates within the Services-Prepackaged Software industry (SIC 7372). The report includes financial data and disclosures relevant to the 1934 Act.

Why It Matters

For investors and stakeholders tracking JFrog Ltd, this filing contains several important signals. This 10-K filing provides a comprehensive overview of JFrog's financial health, operational strategies, and risk factors for investors and stakeholders. The detailed disclosures within the report are crucial for understanding the company's market position, growth prospects, and potential challenges in the software industry.

Risk Assessment

Risk Level: medium — JFrog Ltd shows moderate risk based on this filing. The company operates in the competitive software industry, facing risks related to product concentration and customer concentration, as indicated by disclosures related to 'ProductConcentrationRisk' and 'CustomerConcentrationRisk'.

Analyst Insight

Review the detailed financial statements and risk factor disclosures in the 10-K to assess JFrog's growth trajectory and competitive landscape.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-02-15 — Filing Date (The date the 10-K was filed with the SEC.)
• 001-39492 — SEC File Number (The SEC file number assigned to JFrog Ltd.)

Key Players & Entities

• JFrog Ltd. (company) — Filer of the 10-K report.
• 270 E Caribbean Drive, Sunnyvale, CA 94089 (location) — Business and mailing address of JFrog Ltd.
• 1934 Act (regulation) — The SEC Act under which the filing is made.
• 7372 (industry_code) — Standard Industrial Classification code for Services-Prepackaged Software.

FAQ

Risk Factors

• Product Concentration Risk [medium — market]: The company faces risks if a significant portion of its revenue is derived from a limited number of products.
• Customer Concentration Risk [medium — market]: The company is exposed to risks if a substantial amount of its revenue comes from a small number of customers.

Industry Context

JFrog Ltd. operates in the software industry, specifically focusing on software supply chain solutions. This sector is characterized by rapid technological advancements and evolving security demands.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze JFrog's revenue streams and customer base for concentration risks.
2. Evaluate the company's product development and market strategy in relation to industry trends.
3. Assess the company's financial health and operational efficiency based on the 10-K disclosures.

Year-Over-Year Comparison

This is the annual report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Filing Documents

• frog-20231231.htm (10-K) — 3447KB
• frog-ex10_17.htm (EX-10.17) — 43KB
• frog-ex10_18.htm (EX-10.18) — 9KB
• frog-ex10_19.htm (EX-10.19) — 165KB
• frog-ex21_1.htm (EX-21.1) — 4KB
• frog-ex23_1.htm (EX-23.1) — 5KB
• frog-ex31_1.htm (EX-31.1) — 23KB
• frog-ex31_2.htm (EX-31.2) — 22KB
• frog-ex32_1.htm (EX-32.1) — 15KB
• frog-ex32_2.htm (EX-32.2) — 15KB
• frog-ex97_1.htm (EX-97.1) — 46KB
• img191605191_0.jpg (GRAPHIC) — 137KB
• img191605191_1.jpg (GRAPHIC) — 153KB
• 0000950170-24-015873.txt (&nbsp;) — 15289KB
• frog-20231231.xsd (EX-101.SCH) — 1761KB
• frog-20231231_htm.xml (XML) — 3017KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 51 Item 1C. Cybersecurity 52 Item 2.

Properties

Properties 53 Item 3.

Legal Proceedings

Legal Proceedings 53 Item 4. Mine Safety Disclosures 53 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 54 Item 6. [Reserved] 55 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 65 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 67 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 101 Item 9A.

Controls and Procedures

Controls and Procedures 101 Item 9B. Other Information 101 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102 PART III Item 10. Directors, Executive Officers and Corporate Governance 102 Item 11.

Executive Compensation

Executive Compensation 102 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 102 Item 13. Certain Relationships and Related Transactions, and Director Independence 102 Item 14. Principal Accountant Fees and Services 102 PART IV Item 15. Exhibits, Financial Statement Schedules 103 Item 16. Form 10-K Summary 104 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these words, or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit, operating expenses, operating cash flow and free cash flow, and our ability to achieve, and maintain, future profitability; market acceptance of our products; our expectations about the impact of global economic disruptions resulting from natural disasters, public health epidemics, protests or riots, and geopolitical tensions or war, such as the war between Hamas and Israel and the war in Ukraine, on our business, results of operations and financial condition; our expectati

Business

Item 1. Business Overview JFrog's vision is to power a world of continuously updated, secure, trusted software – we call this Liquid Software. We provide an end-to-end, hybrid, universal Software Supply Chain Platform that enables organizations to continuously and securely create and deliver software updates across any system. This platform is the critical bridge between software development and deployment of that software, paving the way for modern software supply chain management and software release processes. We enable organizations to build and release software faster and more securely while empowering developers, security teams and Machine Learning Operations (MLOps) teams to be more efficient. Digital transformation has become an imperative for all organizations, and as such, organizations of all types and sizes are increasingly dependent upon software to better engage with their customers, partners, and employees. As a result, the continuous and trusted release of new software has become mission critical. An organization's failure to keep software current or react to problems with timely software updates, whether feature oriented or security-demanded, can lead to lost revenue and reputational damage, and even threaten human safety and lives. We believe the end state of digital transformation is a non-stop, always-on, secure, continuous delivery of value to users, enabled by a world of version-less software. DevOps and DevSecOps enables the software innovation that is driving digital transformation. The need for organizations to better serve their customers, partners, and employees through software is driving the demand for constant innovation of the software build and release workflow. As the pace and variety of software creation have increased, the domains of software "developers" and IT "operators" have converged, rapidly including "security" professionals. Since our inception, we have embraced the culture and methodologies of modern software dev

View Full Filing

View this 10-K filing on SEC EDGAR