Earnings Roundup – JFrog; Twilio; DoorDash – February 17, 2024

Third-Party Content. Provided for informational purposes only. Not investment advice or a recommendation to buy or sell any security. See disclosure here.

Earnings Roundup – JFrog; Twilio; DoorDash – February 17, 2024

JFrog (FROG)

As many of you know, I exited JFrog late last year due to geopolitical chaos in the Middle East. It had nothing to do with the fundamental quality or price tag of the company. I continue to love everything about this investment case – except the geopolitical risk that I’m not willing to stomach at this time. Regardless, this quarter was excellent and shareholders should be pleased.


  • Beat revenue estimates by 4.7% & beat guidance by 4.6%.
    • Its 31.6% 3-year revenue CAGR compares to 31.6% as of last quarter and 32.3% 2 quarters ago.
    • It has 886 customers contributing over $100,000 in annual revenue vs. 848 Q/Q and 736 Y/Y.
    • Its dollar based net revenue retention rate was 119% vs. 119% Q/Q and 128% Y/Y.
  • Beat EBIT estimates by 59% & beat guidance by 54%.
  • Beat $0.12 EPS estimates & beat its identical guidance by $0.07.

Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases

2024 Guidance:

  • Revenue beat by 1.0%.
  • EBIT beat by 12.6%.
  • EPS beat $0.53 expectations by $0.06.

Balance Sheet:

  • $540 million in cash & equivalents.
  • No debt.
  • Share count +4.4% Y/Y. This is the negative part of the report.

Twilio (TWLO)


  • Beat revenue estimate by 3.3% & beat guide by 4.0%.
    • Its 25.2% 3-year revenue CAGR compares to 32.1% as of last quarter and 35.9% 2 quarters ago.
  • Beat EBIT estimate by 36.2% & beat guide by 44.2%.
  • Beat $0.58 EPS estimate by $0.28 & beat guide by $0.31.

Dollar Based Net Expansion Rate

Next Quarter Guidance:

  • Missed revenue estimates by 1.8%.
  • Slightly missed EBIT estimates.
  • Beat $0.54 EPS estimates by $0.04.

Slow growth paired with negative GAAP operating profit is not an ideal combination, to say the least.

Balance Sheet:

  • $4 billion in cash & equivalents.
  • $1 billion in debt.
  • Share count -1.8% Y/Y.

DoorDash (DASH)


  • Beat volume estimates by 2.3% and beat its guidance by 2.6%.
  • Beat revenue estimates by 2.2%.
  • Beat EBITDA estimates by 2.0% & beat guidance by 3.7%.
  • Missed GAAP EBIT estimates by 56%.
  • Missed -$0.14 GAAP EPS estimates by $0.23.


Annual EBITDA guidance was 4.3% ahead of expectations (a bit light for Q1, but not concerning given annual beat). It missed annual volume estimates by 0.7%.

Balance Sheet:

  • Around $3 billion in cash & equivalents; $583 million in long-term marketable securities.
  • Share count rose by 5.8% for the full year.

Disclaimer: Third party content is provided for informational purposes only and should not be construed as an offer to sell or a solicitation of an offer to buy or sell any security. Third party content is not intended to serve as a recommendation to buy or sell any security and is not intended to serve as investment advice. Third party content creators are not affiliated with BBAE Holdings LLC, (“BBAE”) Redbridge Securities LLC (“Redbridge Securities”) or BBAE Advisors LLC (“BBAE Advisors”). All investments involve risk, including the possibility of total loss of principal. For additional important information, please click here.

Related Posts
BBAE Blueprint

BBAE: Up to $400 First Deposit Bonus!

Tailored insights, powerful tools. Automatic bonus at signup.
Get Started with BBAE Now!