10-Q 1 frog-20220331.htm 10-Q 10-Q
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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 March 31, 2022

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)

Israel

 

98-0680649

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

270 E. Caribbean Drive

Sunnyvale, California 94089

(408) 329-1540

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

        Trading Symbol(s)

Name of each exchange on which registered

Ordinary Shares, NIS 0.01 par value

FROG

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of April 29, 2022, the registrant had 98,799,956 ordinary shares, NIS 0.01 par value per share, outstanding.

 

 

 


Table of Contents

 

TABLE OF CONTENTS

 

 

PAGE

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

2

 

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

2

 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021

3

 

Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2022 and 2021

4

 

Condensed Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2022 and 2021

5

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

6

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

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

19

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4.

Controls and Procedures

29

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

31

Item 1A.

Risk Factors

31

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3.

Default Upon Senior Securities

38

Item 4.

Mine Safety Disclosures

38

Item 5.

Other Information

38

Item 6.

Exhibits

39

 

Signatures

40

 

 


Table of Contents

 

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “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 Quarterly Report on Form 10-Q 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;
anticipated trends, growth rates and challenges in our business and in the markets in which we operate;
the effects of increased competition in our markets and our ability to compete effectively;
our ability to maintain and expand our customer base, including by attracting new customers;
our ability to successfully expand in our existing markets and into new markets;
our ability to maintain the security and availability of our software;
our ability to maintain or increase our net dollar retention rate;
our ability to develop new products, or enhancements to our existing products, and bring them to market in a timely manner;
our business model and our ability to effectively manage our growth and associated investments;
our ability to integrate and realize anticipated synergies from acquisitions of complementary businesses;
beliefs and objectives for future operations, including regarding our market opportunity;
our relationships with third parties, including our technology partners and cloud providers;
our ability to maintain, protect, and enhance our intellectual property rights;
our ability to successfully defend litigation brought against us;
our ability to attract and retain qualified employees and key personnel;
sufficiency of cash to meet cash needs for at least the next 12 months;
our ability to comply with laws and regulations that currently apply or become applicable to our business in Israel, the United States and internationally;
our expectations about the impact of natural disasters, public health epidemics, such as COVID-19, protests or riots, and geopolitical tensions or war, such as the war in Ukraine, on our business, results of operations and financial condition; and
the future trading prices of our ordinary shares.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

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PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

JFROG LTD.

CONDENSED Consolidated Balance SheetS

(in thousands, except share and per share data)

(unaudited)

 

 

 

As of

 

 

 

March 31, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

59,577

 

 

$

68,284

 

Short-term investments

 

 

368,073

 

 

 

352,844

 

Accounts receivable, net

 

 

49,389

 

 

 

50,483

 

Deferred contract acquisition costs

 

 

5,949

 

 

 

5,271

 

Prepaid expenses and other current assets

 

 

24,363

 

 

 

22,140

 

Total current assets

 

 

507,351

 

 

 

499,022

 

Property and equipment, net

 

 

7,377

 

 

 

6,689

 

Deferred contract acquisition costs, noncurrent

 

 

10,499

 

 

 

9,120

 

Operating lease right-of-use assets

 

 

24,235

 

 

 

25,999

 

Intangible assets, net

 

 

45,138

 

 

 

47,980

 

Goodwill

 

 

247,955

 

 

 

247,776

 

Other assets, noncurrent

 

 

13,841

 

 

 

15,942

 

Total assets

 

$

856,396

 

 

$

852,528

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

12,050

 

 

$

10,868

 

Accrued expenses and other current liabilities

 

 

28,891

 

 

 

27,954

 

Operating lease liabilities

 

 

7,205

 

 

 

7,293

 

Deferred revenue

 

 

134,611

 

 

 

129,149

 

Total current liabilities

 

 

182,757

 

 

 

175,264

 

Deferred revenue, noncurrent

 

 

17,772

 

 

 

17,957

 

Operating lease liabilities, noncurrent

 

 

17,943

 

 

 

20,014

 

Other liabilities, noncurrent

 

 

1,406

 

 

 

712

 

Total liabilities

 

 

219,878

 

 

 

213,947

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; 98,641,858 and 97,312,040 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

 

 

276

 

 

 

272

 

Additional paid-in capital

 

 

795,808

 

 

 

776,690

 

Accumulated other comprehensive income (loss)

 

 

(870

)

 

 

611

 

Accumulated deficit

 

 

(158,696

)

 

 

(138,992

)

Total shareholders’ equity

 

 

636,518

 

 

 

638,581

 

Total liabilities and shareholders’ equity

 

$

856,396

 

 

$

852,528

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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JFROG LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

Subscription—self-managed and SaaS

 

$

59,069

 

 

$

41,338

 

License—self-managed

 

 

4,627

 

 

 

3,749

 

Total subscription revenue

 

 

63,696

 

 

 

45,087

 

Cost of revenue:

 

 

 

 

 

 

Subscription—self-managed and SaaS

 

 

13,643

 

 

 

8,236

 

License—self-managed

 

 

220

 

 

 

191

 

Total cost of revenue—subscription

 

 

13,863

 

 

 

8,427

 

Gross profit

 

 

49,833

 

 

 

36,660

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

27,101

 

 

 

13,836

 

Sales and marketing

 

 

29,180

 

 

 

19,765

 

General and administrative

 

 

12,691

 

 

 

13,671

 

Total operating expenses

 

 

68,972

 

 

 

47,272

 

Operating loss

 

 

(19,139

)

 

 

(10,612

)

Interest and other income, net

 

 

273

 

 

 

360

 

Loss before income taxes

 

 

(18,866

)

 

 

(10,252

)

Income tax expense (benefit)

 

 

838

 

 

 

(2,357

)

Net loss

 

$

(19,704

)

 

$

(7,895

)

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

$

(0.20

)

 

$

(0.09

)

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

 

 

97,883,814

 

 

 

92,679,756

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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JFROG LTD.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Net loss

 

$

(19,704

)

 

$

(7,895

)

Other comprehensive loss, net of tax:

 

 

 

 

 

 

Unrealized losses on available-for-sale marketable securities, net

 

 

(717

)

 

 

(30

)

Unrealized losses on derivative instruments, net

 

 

(764

)

 

 

(611

)

Other comprehensive loss

 

 

(1,481

)

 

 

(641

)

Comprehensive loss

 

$

(21,185

)

 

$

(8,536

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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JFROG LTD.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in thousands, except share data)

(unaudited)

 

 

 

Three Months Ended March 31, 2022

 

 

 

Ordinary Shares

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (loss)

 

 

Deficit

 

 

Equity

 

Balance as of December 31, 2021

 

 

97,312,040

 

 

$

272

 

 

$

776,690

 

 

$

611

 

 

$

(138,992

)

 

$

638,581

 

Issuance of ordinary shares upon exercise of share options

 

 

1,017,669

 

 

 

3

 

 

 

1,792

 

 

 

 

 

 

 

 

 

1,795

 

Issuance of ordinary shares upon release of restricted share units

 

 

109,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of ordinary shares under the employee share purchase plan

 

 

154,550

 

 

 

1

 

 

 

3,252

 

 

 

 

 

 

 

 

 

3,253

 

Issuance of ordinary shares related to business combination

 

 

48,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

14,074

 

 

 

 

 

 

 

 

 

14,074

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

(1,481

)

 

 

 

 

 

(1,481

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,704

)

 

 

(19,704

)

Balance as of March 31, 2022

 

 

98,641,858

 

 

$

276

 

 

$

795,808

 

 

$

(870

)

 

$

(158,696

)

 

$

636,518

 

 

 

 

Three Months Ended March 31, 2021

 

 

 

Ordinary Shares

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance as of December 31, 2020

 

 

92,112,447

 

 

$

257

 

 

$

628,054

 

 

$

372

 

 

$

(74,789

)

 

$

553,894

 

Issuance of ordinary shares upon exercise of share options

 

 

1,305,571

 

 

 

4

 

 

 

2,286

 

 

 

 

 

 

 

 

 

2,290

 

Issuance of ordinary shares related to business combination

 

 

49,823

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

11,750

 

 

 

 

 

 

 

 

 

11,750

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

(641

)

 

 

 

 

 

(641

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,895

)

 

 

(7,895

)

Balance as of March 31, 2021

 

 

93,467,841

 

 

$

261

 

 

$

642,090

 

 

$

(269

)

 

$

(82,684

)

 

$

559,398

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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JFROG LTD.

CONDENSED Consolidated StatementS of Cash Flows

(in thousands)

(unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(19,704

)

 

$

(7,895

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

3,519

 

 

 

1,006

 

Share-based compensation expense

 

 

14,074

 

 

 

11,750

 

Non-cash operating lease expense

 

 

1,806

 

 

 

1,278

 

Net amortization of premium or discount on investments

 

 

1,628

 

 

 

1,343

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

1,094

 

 

 

(14,375

)

Prepaid expenses and other assets

 

 

(889

)

 

 

(2,386

)

Deferred contract acquisition costs

 

 

(2,057

)

 

 

(1,384

)

Accounts payable

 

 

960

 

 

 

(954

)

Accrued expenses and other liabilities

 

 

1,524

 

 

 

3,658

 

Operating lease liabilities

 

 

(2,201

)

 

 

(1,367

)

Deferred revenue

 

 

5,277

 

 

 

18,137

 

Net cash provided by operating activities

 

 

5,031

 

 

 

8,811

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of short-term investments

 

 

(92,211

)

 

 

(88,580

)

Maturities and sales of short-term investments

 

 

74,637

 

 

 

61,825

 

Purchases of property and equipment

 

 

(1,143

)

 

 

(1,135

)

Payments related to business combination

 

 

(179

)

 

 

 

Net cash used in investing activities

 

 

(18,896

)

 

 

(27,890

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from exercise of share options

 

 

1,795

 

 

 

2,290

 

Proceeds from employee share purchase plan

 

 

3,253

 

 

 

 

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

 

 

107

 

 

 

(1,008

)

Net cash provided by financing activities

 

 

5,155

 

 

 

1,282

 

Net decrease in cash, cash equivalents, and restricted cash

 

 

(8,710

)

 

 

(17,797

)

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

 

 

68,540

 

 

 

164,739

 

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

 

$

59,830

 

 

$

146,942

 

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

 

$

59,577

 

 

$

146,676

 

Restricted cash included in prepaid expenses and other current assets

 

 

13

 

 

 

14

 

Restricted cash included in other assets, noncurrent

 

 

240

 

 

 

252

 

Total cash, cash equivalents, and restricted cash

 

$

59,830

 

 

$

146,942

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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JFROG LTD.

NOTES TO CONDENSED Consolidated StatementS

(unaudited)

1. Organization and Description of Business

JFrog Ltd. (together with its subsidiaries, “JFrog”, or the “Company”) was incorporated under the laws of the State of Israel in 2008. JFrog provides an end-to-end, hybrid, universal DevOps Platform that powers the software supply chain, enabling organizations to continuously deliver software updates across any system. JFrog’s platform is the critical bridge between software development and deployment of that software, paving the way for the modern DevOps paradigm. The Company enables organizations to build and release software faster and more securely while empowering developers to be more efficient. The Company’s solutions are designed to run on-premise, in public or private clouds, or in hybrid environments.

 

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of JFrog Ltd. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 11, 2022.

In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of March 31, 2022 and the Company’s consolidated results of operations, shareholders’ equity, and cash flows for the three months ended March 31, 2022 and 2021. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year ending December 31, 2022 or any other future interim or annual period.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, the allocation of transaction price among various performance obligations, the estimated customer life on deferred contract acquisition costs, the allowance for credit losses, the fair value of financial assets and liabilities, including the fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, the incremental borrowing rate for operating leases, loss contingency, the fair value of share purchase rights granted under the Company’s employee share purchase plan, and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.

Significant Accounting Policies

The Company’s significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes to these policies during the three months ended March 31, 2022.

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Geographical Information

Revenue by geographical region can be found in the revenue recognition disclosure in Note 3 below. The following table presents the Company’s long-lived assets by geographic region, which consists of property and equipment, net and operating lease right-of-use assets:

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in thousands)

 

United States

 

$

10,516

 

 

$

10,845

 

Israel

 

 

17,564

 

 

 

18,165

 

Rest of world

 

 

3,532

 

 

 

3,678

 

Total long-lived assets

 

$

31,612

 

 

$

32,688

 

 

3. Revenue Recognition

Disaggregation of Revenue

The following table presents revenue by category:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

Self-managed subscription

 

$

46,922

 

 

 

74

%

 

$

34,823

 

 

 

77

%

Subscription

 

 

42,295

 

 

 

67

 

 

 

31,074

 

 

 

69

 

License

 

 

4,627

 

 

 

7

 

 

 

3,749

 

 

 

8

 

SaaS

 

 

16,774

 

 

 

26

 

 

 

10,264

 

 

 

23

 

Total subscription revenue

 

$

63,696

 

 

 

100

%

 

$

45,087

 

 

 

100

%

 

The following table summarizes revenue by region based on the shipping address of customers:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

Amount

 

 

Percentage of Revenue

 

 

Amount

 

 

Percentage of Revenue

 

 

 

(in thousands, except percentages)

 

United States

 

$

39,717

 

 

 

62

%

 

$

28,292

 

 

 

63

%

Israel

 

 

1,623

 

 

 

3

 

 

 

893

 

 

 

2

 

Rest of world

 

 

22,356

 

 

 

35

 

 

 

15,902

 

 

 

35

 

Total subscription revenue

 

$

63,696

 

 

 

100

%

 

$

45,087