Jfrog Ltd (FROG) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to JFrog's fourth-quarter and fiscal 2024 financial results conference call. (Operator Instructions)

女士們，先生們，感謝你們的加入，歡迎參加 JFrog 第四季和 2024 財年財務業績電話會議。（操作員指令）

I will now hand the conference over to Jeffrey Schreiner, VP, Investor Relations. Jeffrey, please go ahead.

現在，我將會議移交給投資者關係副總裁 Jeffrey Schreiner。傑弗裡，請繼續。

Thank you, Nicole. Good afternoon, and thank you for joining us as we review JFrog's fourth-quarter and fiscal 2024 financial results, which were announced following the market close today via a press release. Leading the call today will be JFrog's CEO and Co-Founder, Shlomi Ben-Haim; and Ned Grabscheid, JFrog's CFO.

謝謝你，妮可。下午好，感謝您加入我們，一起回顧 JFrog 第四季度和 2024 財年的財務業績，這些業績是在今天收盤後透過新聞稿公佈的。今天主持電話會議的將是 JFrog 的執行長兼聯合創始人 Shlomi Ben-Haim；以及 JFrog 的財務長 Ned Grabscheid。

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 1995, including statements related to our future financial performance, and including our outlook for Q1 and the full year of 2025.

在本次電話會議中，我們可能會根據聯邦證券法並依據 1995 年私人證券訴訟改革法的安全港規定做出與我們業務相關的前瞻性聲明，包括與我們未來財務業績相關的聲明，以及我們對 2025 年第一季度和全年的展望。

The words anticipate, believe, continue, estimate, expect, intend, will, and similar expressions are intended to identify forward-looking statements or similar indications of future expectations. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our views only as of today and not of any subsequent date.

預期、相信、繼續、估計、期望、打算、將和類似表達旨在識別前瞻性陳述或對未來預期的類似指示。請注意不要過度依賴這些前瞻性陳述，因為它們僅反映我們截至今天的觀點，而不反映任何後續日期的觀點。

Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

請記住，我們沒有義務根據新資訊或未來事件修改或公開發布這些前瞻性陳述的任何修改結果。這些聲明受各種風險和不確定因素的影響，可能導致實際結果與預期有重大差異。

For a discussion of material risks and other important factors that could affect our actual results, please refer to our Form 10-K for the year ended December 31, 2023, which is available on the Investor Relations section of our website and the earnings press release issued earlier today. Additional information will be made available in our Form 10-K for the year ended December 31, 2024, to be filed with the SEC on February 14, 2025, and other filings and reports that we may file from time to time with the SEC.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱我們截至 2023 年 12 月 31 日的年度 10-K 表，該表可在我們網站的投資者關係部分找到，以及今天早些時候發布的收益新聞稿。其他資訊將在我們於 2025 年 2 月 14 日向美國證券交易委員會提交的截至 2024 年 12 月 31 日的年度 10-K 表中提供，以及我們可能不時向美國證券交易委員會提交的其他文件和報告中提供。

Additionally, non-GAAP financial measures will be discussed on this conference call. These non-GAAP financial measures, which are used as measures of JFrog's performance should be considered in addition to, not as a substitute for or in isolation from GAAP measures. Please refer to the tables in our earnings release for a reconciliation of those measures to their most directly comparable GAAP financial measures. A replay of this call will be available on the JFrog Investor Relations website for a limited time.

此外，本次電話會議將討論非公認會計準則財務指標。這些非 GAAP 財務指標被用來衡量 JFrog 的業績，應作為 GAAP 指標的補充，而不是替代或孤立於 GAAP 指標。請參閱我們的收益報告中的表格，以了解這些指標與最直接可比較的 GAAP 財務指標的對帳情況。本次電話會議的重播將在 JFrog 投資者關係網站上限時提供。

With that, I'd like to turn the call over to Jay Frog's CEO and Shlomi Ben-Haim. Shlomi?

說到這裡，我想把電話轉給 Jay Frog 的執行長和 Shlomi Ben-Haim。施洛米？

Thank you, Jeff. Good afternoon to you all, and thank you for joining our call. I'm excited to share that JFrog closed the fourth-quarter and fiscal year 2024 on a high note with meaningful results across all key focus areas, which we will discuss today.

謝謝你，傑夫。大家下午好，感謝大家參加我們的電話會議。我很高興地告訴大家，JFrog 在所有關鍵重點領域都取得了有意義的成果，以高調結束了 2024 財年第四季和全年業績，我們今天將對此進行討論。

We believe that JFrog's strong cloud growth and adoption of our holistic advanced security solutions by enterprises underscore the strength of our platform strategy. We are honored to gain the trust of many of the world's leading companies, which are choosing JFrog as their go-to software supply chain infrastructure.

我們相信，JFrog 強勁的雲端成長以及企業對我們整體先進安全解決方案的採用凸顯了我們平台策略的實力。我們很榮幸獲得許多世界領先公司的信任，他們選擇 JFrog 作為其首選軟體供應鏈基礎設施。

Our enterprise-focused go-to-market strategy in 2024 has secured multiyear sizable platform subscriptions from customers who choose JFrog as the single source of tools for all types of software packages and AI models. This approach has driven higher customer lens, delivered durable revenue growth, and reinforced our leadership in the market.

我們 2024 年以企業為中心的市場進入策略已經獲得了客戶的多年大規模平台訂閱，這些客戶選擇 JFrog 作為所有類型的軟體包和 AI 模型的唯一工具來源。這種方法提高了客戶關注度，實現了持久的收入成長，並鞏固了我們在市場上的領導地位。

As we close out 2024, I'm pleased by the focused execution of our vision, making software universally accessible, continuously updated, and trusted everywhere, a true realization of the liquid software revolution in the era of AI. This momentum propels us into 2025 fueled and energized. Let me review some of our results in more detail.

隨著 2024 年即將結束，我很高興看到我們專注於執行我們的願景，讓軟體變得普遍可訪問、持續更新、隨處可信賴，真正實現人工智慧時代的液態軟體革命。這一勢頭將推動我們充滿動力和活力地邁向 2025 年。讓我更詳細地回顧一下我們的一些成果。

In 2024, JFrog's total revenue was $428.5 million, up 22% year over year. Cloud revenue for 2024 was $168 million, representing 41% year-over-year growth. Our gross margin for the year was 83.8%, alongside strong free cash flow of $107.8 million or free cash flow margin of 25% for the year.

2024年，JFrog的總收入為4.285億美元，年增22%。2024 年雲端營收為 1.68 億美元，年增 41%。我們今年的毛利率為 83.8%，同時擁有強勁的自由現金流，達到 1.078 億美元，即今年的自由現金流利潤率為 25%。

2024 successes were driven by strong execution with our enterprise customers. Our investments in the first half of the year fueled their initiatives, resulting in some of JFrog's largest deals ever closing in the second half of the year. In today's call, Ed will further discuss the fourth-quarter results and dive deeper into our annual performance.

2024 年的成功得益於我們與企業客戶的強大合作。我們在今年上半年的投資推動了他們的計劃，使得 JFrog 有史以來最大的交易在下半年完成。在今天的電話會議中，Ed 將進一步討論第四季度的業績並深入了解我們的年度業績。

Now let me discuss the core of what fueled our accomplishments in Q4 and throughout 2024. First, JFrog's cloud success. As we embarked on 2024, we shared our outlook recognizing that the challenges of 2023, specifically around project migration and consumption discipline would persist. Despite navigating tight budgetary environment and rigid procurement processes in 2024, we remained focused on execution and securing strong wins.

現在，讓我來討論一下我們在第四季和整個 2024 年取得成就的核心動力。首先，JFrog 的雲成功。當我們踏入 2024 年時，我們分享了我們的展望，並認識到 2023 年的挑戰，特別是在專案遷移和消費紀律方面的挑戰將持續存在。儘管 2024 年預算環境緊張、採購流程嚴格，我們仍然專注於執行並取得強勁勝利。

As a result, we were pleased in Q3 and Q4 to see large companies demonstrate confidence in JFrog with multiyear commitments as they reignited their strategic cloud migration journeys with us once they had reached their optimal timing. Our 2024 cloud revenues were in line with the guidance we provided in Q2. We remain focused on driving more enterprise adoption of our cloud platform and building even tighter relationships with our cloud partners at AWS, Google Cloud, and Microsoft Azure.

因此，我們很高興在第三季和第四季看到大型公司對 JFrog 表現出信心，並做出了多年的承諾，因為他們在達到最佳時機後就與我們一起重新開啟了戰略雲端遷移之旅。我們的 2024 年雲端收入與我們在第二季提供的指導一致。我們仍致力於推動更多企業採用我們的雲端平台，並與 AWS、Google Cloud 和 Microsoft Azure 的雲端合作夥伴建立更緊密的關係。

As an outcropping of our strategic partnerships with the cloud providers, I'm pleased to report that we have recently signed a strategic collaboration agreement with AWS that we believe will enable joint enterprise customers to cost effectively scale their DevSecOps and AI-driven software solutions in the cloud. We are looking forward to keeping the cloud momentum and promoting partnerships to support customers' cloud adoptions.

作為我們與雲端供應商策略合作夥伴關係的產物，我很高興地報告，我們最近與 AWS 簽署了一項策略合作協議，我們相信這將使聯合企業客戶能夠以經濟高效的方式在雲端中擴展他們​​的 DevSecOps 和 AI 驅動的軟體解決方案。我們期待保持雲端運算的發展動能並促進合作夥伴關係以支援客戶的雲端採用。

Second, to security. JFrog was early to the market with the concept of the DevOps and security were inseparable and believe the powerful combination should displace all point solution via one platform. We continue to envision a future where security is no longer fragmented a secured future powered by a single holistic and modern solution that optimizes operation and budget for JFrog users.

第二，安全。JFrog 很早就進入了市場，提出了 DevOps 和安全性密不可分的理念，並相信強大的組合應該透過一個平台取代所有點解決方案。我們繼續設想這樣一個未來：安全不再是分散的，而是由一個整體的、現代化的解決方案提供支援的安全的未來，該解決方案可以為 JFrog 用戶優化營運和預算。

Emboldened by this vision, we set out to deliver a platform designed not only to consolidate tools but to amplify development teams work delivering unmatched protection and risk mitigation to our users' entire software supply chain. For over three years, we have doubled down on the security vision and invested organically and inorganically in what became the industry standard: a single solution that automates a system of record and security as a unified process as demanded by global CIOs and CISOs.

在這一願景的鼓舞下，我們著手提供一個平台，該平台不僅旨在整合工具，還旨在擴大開發團隊的工作，為用戶的整個軟體供應鏈提供無與倫比的保護和風險緩解。三年多來，我們加倍重視安全願景，並透過有組織和無組織的方式投資於行業標準：按照全球 CIO 和 CISO 的要求，以統一的流程實現記錄和安全系統的自動化。

I'm pleased to report that closed on a strong note with our security core becoming a mission-critical piece of our enterprise offering. JFrog Advanced Security and JFrog Curation as part of our JFrog platform was successfully adopted by approximately 250 customers that are migrating from point solution tools like Snyk, Black Duck, Mend, Veracode, Checkmarx, Coverity, and others.

我很高興地向大家報告，我們的安全核心已成為我們企業產品的關鍵部分。作為我們 JFrog 平台的一部分，JFrog Advanced Security 和 JFrog Curation 已被約 250 名客戶成功採用，這些客戶正在從 Snyk、Black Duck、Mend、Veracode、Checkmarx、Coverity 等點解決方案工具遷移。

In 2024, our more sizable deals included not only DevOps migration to the cloud, but a clear bet place by customers on one solution, one platform that also covers their modern security requirements. We were excited to see the validation of this trend led by standardization and consolidation as some of the world's most recognizable companies demonstrated their trust in JFrog across verticals in 2024 including four wins across the top 5 companies in automotive, financial, healthcare, and telecommunication. Each of these industry-leading companies placed multimillion dollar multiyear security-driven platform deals in 2024.

2024 年，我們規模更大的交易不僅包括 DevOps 遷移到雲端，還包括客戶明確押註一個解決方案、一個平台，該解決方案和平台也能滿足他們的現代安全要求。我們很高興看到標準化和整合引領的趨勢得到驗證，因為一些全球最知名的公司在 2024 年的各個垂直領域都展示了對 JFrog 的信任，其中包括汽車、金融、醫療保健和電信領域前五名公司的四次勝利。這些行業領先的公司均在 2024 年簽訂了價值數百萬美元的多年期安全驅動平台交易。

In 2024, we invested not only in sales but also in strategic partnerships focusing on the security persona experience. Through our GitHub partnerships, we enabled a one platform experience that coupled AI capabilities with security in GitHub Copilot and JFrog Curation. This is all supported by our advanced JFrog catalog vulnerability database, backed by our security research team, enhancing enterprise security. To summarize our security success for 2024, I'm happy to report our core security solutions comprise over 5% of our final ARR and approximately 12% of our ending RPO in 2024.

2024 年，我們不僅投資了銷售，還投資了專注於安全角色體驗的策略夥伴關係。透過與 GitHub 的合作，我們實現了將 AI 功能與 GitHub Copilot 和 JFrog Curation 中的安全性結合在一起的單一平台體驗。這一切都由我們先進的 JFrog 目錄漏洞資料庫支持，並由我們的安全研究團隊支持，從而增強了企業安全性。總結我們 2024 年的安全成功，我很高興地報告，我們的核心安全解決方案占我們 2024 年最終 ARR 的 5% 以上和期末 RPO 的約 12%。

And third, to our enterprise strategic success. To successfully focus on the enterprise market and organization needs more than just a dedicated sales force targeting high-end customers. This shift demands a comprehensive transformation in how a company operates and delivers value. It requires evolving the platform offering to address broader and more complex challenges, especially in the face of rapid technological changes.

第三，對我們企業的策略成功來說。要成功地專注於企業市場，組織需要的不僅僅是一支針對高端客戶的專門銷售團隊。這種轉變要求公司運作和創造價值的方式進行全面變革。它需要不斷發展平台來應對更廣泛、更複雜的挑戰，尤其是在快速的技術變化面前。

Additionally, it calls for an adjusted customer success approach engagement with diverse persona and budget holders within client organizations and a redefined partner strategy. Sometimes, it even involves making difficult decisions such as parting ways with the subset of low subscription customers to remain focused on the enterprise segment and ensure long-term success in the upmarket space.

此外，它要求調整客戶成功方法，與客戶組織內的不同角色和預算持有者互動，並重新定義合作夥伴策略。有時，它甚至需要做出艱難的決定，例如與低訂閱客戶子集分道揚鑣，以繼續專注於企業領域並確保在高端市場的長期成功。

I'm pleased to report that with our focus and efforts targeting the enterprise market, we have delivered consistent growth. In Q4, customers with ARR over $100,000, grew to a total of 1,018, up from 886 in the year-ago period. The number of customers with ARR exceeding $1 million increased to 52, up from 37 in the year-ago period.

我很高興地報告，憑藉我們針對企業市場的專注和努力，我們實現了持續的成長。第四季度，ARR 超過 10 萬美元的客戶總數從去年同期的 886 家成長至 1,018 家。ARR 超過 100 萬美元的客戶數量從去年同期的 37 位增加到 52 位。

Now before handing over to Ed, I want to dive into JFrog's perspective on MLOps and responsible AI. In 2024, we acquired Qwak AI making JFrog the first company to unify DevOps, DevSecOps, and MLOps within a single platform as the industry increasingly demands. In recent weeks, we launched the first implementation of JF ML available now to our cloud customers.

現在，在交給 Ed 之前，我想深入了解 JFrog 對 MLOps 和負責任的 AI 的看法。2024 年，我們收購了 Qwak AI，使 JFrog 成為第一家在單一平台內統一 DevOps、DevSecOps 和 MLOps 的公司，以滿足行業日益增長的需求。最近幾週，我們推出了 JF ML 的第一個實現，現已向我們的雲端客戶開放。

Our core values, such as multi-cloud and hybrid enterprise-grade offerings are further empowering the Gen AI and MLOps ecosystem with JFrog's strong partnerships and integrations, including Hugging Face, GitHub, and NVIDIA to enhance users' workflows. Today's enterprises know that machine learning operation, MLOps, is inseparable from DevOps and DevSecOps as getting AI models to production requires the same principle across development, security, deployment and maintenance of binaries.

我們的核心價值，例如多雲和混合企業級產品，透過 JFrog 強大的合作夥伴關係和整合（包括 Hugging Face、GitHub 和 NVIDIA）進一步增強 Gen AI 和 MLOps 生態系統，以增強用戶的工作流程。現今的企業知道機器學習操作 MLOps 與 DevOps 和 DevSecOps 密不可分，因為將 AI 模型投入生產需要在二進位檔案的開發、安全、部署和維護方面遵循相同的原則。

Just as we have expanded our offering with security capabilities, building on Artifactory as the secured registry and the foundation of our platform, this MLOps expansion will empower our customers as they embrace AI-driven technologies. We are excited about what's ahead and look forward to promoting our partnerships with our customers and the community.

正如我們透過安全功能擴展了我們的產品，以 Artifactory 作為安全註冊表和我們平台的基礎一樣，這次 MLOps 擴展將在我們的客戶採用人工智慧驅動技術時為他們提供支援。我們對未來充滿期待，並期待與我們的客戶和社區加強合作關係。

With that, I will turn the call over to our CFO, Ed Grabscheid, who will provide an in-depth recap of Q4 financial results and our outlook for 2025 Q1 and full fiscal year of 2025. Ed?

接下來，我將把電話轉給我們的財務長 Ed Grabscheid，他將深入回顧第四季度的財務業績以及我們對 2025 年第一季和 2025 年全年的展望。艾德？

Thank you, Shlomi, and good afternoon, everyone. During the fourth quarter of 2024, total revenues were $116.1 million, up 19% year over year. For the full year 2024, revenues equaled $428.5 million, up 22% year over year. Fourth quarter cloud revenues grew to $49.4 million, up 37% year over year and representing 43% of total revenues versus 37% in the prior year. Our strength in the cloud was driven by contribution from large customer wins as well as smaller customer migration activity during the quarter.

謝謝你，Shlomi，大家下午好。2024 年第四季，總營收為 1.161 億美元，年增 19%。2024 年全年營收為 4.285 億美元，年增 22%。第四季雲端運算收入成長至 4,940 萬美元，年增 37%，佔總營收的 43%，而去年同期為 37%。我們在雲端運算領域的優勢得益於本季贏得大量客戶的貢獻以及較小規模的客戶遷移活動。

In the fourth quarter of 2024, we recognized cloud revenues from customer migrations to a new enhanced cloud database product launched in 2024, which was previously delivered as an on-prem product. Contributions from this product in Q4 were approximately $1.3 million. Future customer migrations will be included as cloud revenues on a going-forward basis.

2024 年第四季度，我們確認了客戶遷移至 2024 年推出的新型增強型雲端資料庫產品所帶來的雲端收入，該產品之前是作為本地產品交付的。該產品在第四季度的貢獻約為 130 萬美元。未來客戶遷移將納入雲端收入。

For the full year 2024, cloud revenues equaled $168 million, up 41% year over year. Full year cloud revenues equaled 39% of total revenues versus 34% in the prior year. During the fourth quarter, our self-managed or on-prem revenues were $66.7 million, with full year 2024 equaling $260.5 million, up 13% year over year.

2024 年全年，雲端收入達到 1.68 億美元，年增 41%。全年雲端運算收入佔總收入的 39%，而上年度為 34%。第四季度，我們的自營或內部部署收入為 6,670 萬美元，2024 年全年營收為 2.605 億美元，年增 13%。

Aligned with our strategy, we continue to see the majority of our new customers land and expand with our cloud solutions. JFrog's cloud-first approach naturally results in a slowing of customers' on-prem investments as they look forward to capturing even greater value coming from our cloud solutions. During 2024, we experienced another year of strong customer adoption of the complete JFrog platform driven by customers looking to consolidate tooling and secure their software supply chain.

與我們的策略一致，我們繼續看到大多數新客戶透過我們的雲端解決方案加入並擴展。JFrog 的雲端優先方法自然會導致客戶的內部部署投資放緩，因為他們期待從我們的雲端解決方案中獲得更大的價值。2024 年，我們又經歷了客戶對完整 JFrog 平台的強勁採用，這得益於客戶希望整合工具並保護其軟體供應鏈。

In Q4, 54% of total revenues came from Enterprise+ subscriptions, up from 49% in the prior year while delivering year over year revenue growth of 31%. Driven by the strong execution of our enterprise go-to-market strategy and upsell from our security core products, revenue contributions from Enterprise+ subscriptions grew 35% year over year in 2024.

第四季度，總營收的 54% 來自 Enterprise+ 訂閱，高於去年同期的 49%，同時營收年增 31%。在我們企業行銷策略的強力執行和安全核心產品的追加銷售的推動下，2024 年 Enterprise + 訂閱的收入貢獻同比增長了 35％。

Our security core, which includes JFrog Curation, JFrog Advanced Security, and JFrog Runtime has gained momentum as customers actively consolidate point solutions. As Shlomi noted, JFrog Curation and Advanced Security were key drivers of many of our enterprise deals closed in the second half of the year. Revenue contribution from security core in 2024 was impacted by expanded proof of concept and timing of purchasing decisions.

我們的安全核心（包括 JFrog Curation、JFrog Advanced Security 和 JFrog Runtime）隨著客戶積極整合點解決方案而獲得了發展動力。正如 Shlomi 所說，JFrog Curation 和 Advanced Security 是我們今年下半年完成許多企業交易的關鍵驅動力。2024 年安全核心的收入貢獻受到概念驗證擴大和購買決策時機的影響。

For the full year of 2024, security core revenue was 3% of total revenues, with our core security products now comprising more than 5% of our ending total ARR. Driven by a number of large multiyear commitments to JFrog, our security core represented approximately 12% of our remaining performance obligation, or RPO, as of December 31, 2024. We continue to anticipate that security core products will achieve material revenue contribution in 2025.

2024 年全年，安全核心收入佔總收入的 3%，其中我們的核心安全產品目前占我們期末總 ARR 的 5% 以上。在對 JFrog 的一系列多年期大額承諾的推動下，截至 2024 年 12 月 31 日，我們的安全核心約占我們剩餘履約義務或 RPO 的 12%。我們繼續預期安全核心產品將在 2025 年實現實質的收入貢獻。

Net dollar retention for the four trailing quarters was 116%. We continue to demonstrate that our customers view JFrog solutions as mission-critical to their software supply chain with gross retention that equaled 96% in 2024. As noted by Shlomi, during 2024, we continue to focus our go-to-market initiatives around the enterprise, demonstrated by our success in the second half as we secured some of the largest deals in the company's history.

過去四個季度的淨美元保留率為 116%。我們繼續證明，我們的客戶認為 JFrog 解決方案對他們的軟體供應鏈至關重要，到 2024 年總保留率將達到 96%。正如 Shlomi 所指出的，2024 年，我們將繼續把我們的市場進入計劃重點放在企業上，這從我們下半年的成功就可以看出，我們達成了公司歷史上一些最大的交易。

Our team also prioritized new customer acquisition specifically targeting opportunities with higher initial ARR and greater expansion durability. Given our enterprise go-to-market focus, our customer count in fiscal 2024 equaled approximately 7,300.

我們的團隊也優先考慮新客戶的獲取，特別瞄準具有更高初始 ARR 和更大擴展持久性的機會。鑑於我們對企業上市的關注，我們 2024 財年的客戶數量約為 7,300 家。

Now I'll review the income statement in more detail. Gross profit in the quarter was $96.5 million, representing a gross margin of 83.2% in line with our expectations compared to 84.6% in the year-ago period. The change in gross margin relative to the year-ago period was primarily due to the increased mix of our cloud revenues. We expect annual gross margins to remain between 82.5% and 83.5% in the near future.

現在我將更詳細地回顧一下損益表。本季毛利為 9,650 萬美元，毛利率為 83.2%，符合我們的預期，去年同期為 84.6%。與去年同期相比，毛利率的變化主要是由於我們的雲端收入結構增加。我們預計近期年毛利率將維持在 82.5% 至 83.5% 之間。

Operating expense in the fourth quarter was $75.6 million, flat sequentially, equaling 65% of total revenues. This compares to $66.1 million or 68% of revenues in the year-ago period. We remain focused on expense discipline while we continue to invest in strategic initiatives.

第四季營業費用為 7,560 萬美元，與上季持平，佔總營收的 65%。相較之下，去年同期的營收為 6,610 萬美元，佔總營收的 68%。我們繼續投資於戰略計劃的同時，仍將專注於費用紀律。

Our operating profit in Q4 increased to $20.9 million or an operating margin of 18% and compared to $16.2 million and 16.6% operating margin in the fourth quarter of 2023. For the full year 2024, we delivered non-GAAP earnings per share of $0.65 and a 27% increase year over year, assuming approximately 115 million weighted average diluted shares. This compares to $0.51 in the prior year and 109 million weighted average diluted shares.

我們第四季的營業利潤增至 2,090 萬美元，營業利益率為 18%，而 2023 年第四季的營業利潤為 1,620 萬美元，營業利潤率為 16.6%。2024 年全年，我們實現的非 GAAP 每股收益為 0.65 美元，年增 27%，假設加權平均稀釋股份約為 1.15 億股。相比之下，去年同期的每股收益為 0.51 美元，加權平均稀釋股份為 1.09 億股。

Cash flow from operations equaled $49.1 million in the fourth quarter. After taking into consideration CapEx requirements, our free cash flow reached $48.5 million or 42% margin, a record quarter for JFrog. For the full year 2024, we generated $110.9 million in operating cash flow and $107.8 million in free cash flow, a 25% margin.

第四季經營活動現金流為 4,910 萬美元。考慮到資本支出要求後，我們的自由現金流達到了 4,850 萬美元，利潤率為 42%，這是 JFrog 創下的季度紀錄。2024 年全年，我們產生了 1.109 億美元的營運現金流和 1.078 億美元的自由現金流，利潤率為 25%。

Now turning to the balance sheet, we ended 2024 with $522 million in cash and short-term investments compared to $545 million at the end of 2023 and primarily due to the consideration paid for the acquisition of Qwak AI during Q3 2024. As of December 31, 2024, our RPO totaled $403 million a 55% increase year over year, benefiting from multiyear commitments to our security and platform solutions.

現在回顧資產負債表，截至 2024 年底，我們的現金和短期投資為 5.22 億美元，而 2023 年底為 5.45 億美元，這主要歸因於 2024 年第三季支付的收購 Qwak AI 的對價。截至 2024 年 12 月 31 日，我們的 RPO 總額為 4.03 億美元，年增 55%，這得益於我們對安全和平台解決方案的多年承諾。

Now I'd like to speak about our outlook and guidance for the first quarter and full year of 2025. As a reminder, our guidance philosophy will be more conservative than what was provided in the past. Our outlook for the first quarter of 2025 assumes no change in the current macroenvironment and reflects historical seasonality as JFrog's lowest volume renewal quarter.

現在，我想談談我們對 2025 年第一季和全年的展望和指導。提醒一下，我們的指導理念將比過去更保守。我們對 2025 年第一季的展望假設當前宏觀環境不會發生變化，並反映了歷史季節性，即 JFrog 的續約量最低的季度。

Our outlook for the full year implies increased contributions from our security core, continued adoption of our full platform and cloud migration activity consistent with 2024. We estimate full year 2025 baseline cloud growth to be in the range of 30% to 32% and expect our net dollar retention to stabilize in the mid-teens.

我們對全年的展望包括：我們的安全核心貢獻將增加，我們的完整平台將繼續採用，並且雲端遷移活動將與 2024 年保持一致。我們預計 2025 年全年基線雲端成長率將在 30% 至 32% 之間，並預計我們的淨美元保留率將穩定在 15% 左右。

For Q1, we expect revenues to be in the range of $116 million and $118 million, equaling 17% year-over-year growth at the midpoint, with non-GAAP operating profit anticipated to be between $16.5 million and $17.5 million and non-GAAP earnings per diluted share of $0.15 to $0.17, assuming a share count of approximately 118 million shares.

對於第一季度，我們預計收入在 1.16 億美元至 1.18 億美元之間，相當於同比增長 17%，非 GAAP 營業利潤預計在 1,650 萬美元至 1,750 萬美元之間，非 GAAP 每股攤薄收益在 0.15 美元至 0.17 美元之間（18 億收益約為 1.17 美元之間（18 億股票數量約為 1.17 美元之間（18 億股票）。

For the full year of 2025, we would anticipate a revenue range of $499 million to $503 million, up 17% year over year at the midpoint. Non-GAAP operating income is expected to be between $73 million and $75 million and non-GAAP diluted earnings per share of $0.67 to $0.69, assuming a share count of approximately 120 million shares.

我們預計 2025 年全年營收在 4.99 億美元至 5.03 億美元之間，中位數年增 17%。假設股票數量約為 1.2 億股，非 GAAP 營業收入預計在 7,300 萬美元至 7,500 萬美元之間，非 GAAP 攤薄每股收益預計在 0.67 美元至 0.69 美元之間。

During 2025, we will remain focused on investing in innovation to expand capabilities of our platform and deliver more value to our customers. We continue to be guided by balanced investing and disciplined spending philosophy in line with prior execution.

2025 年，我們將繼續專注於投資創新，以擴展我們平台的功能並為客戶提供更多價值。我們將繼續按照先前的執行方式，堅持平衡投資和嚴謹支出的理念。

Now I'll turn the call back to Shlomi for some closing remarks before we take your questions.

現在，在回答大家的問題之前，我會把電話轉回給 Shlomi，請他做一些結束語。

Thank you, Ed. 2024, although tough was a remarkable year for JFrog with successes driven by our global team operating under an umbrella of adversity. Frogs, I'm proud and honored to stand beside you as my superheroes throughout the year. As we set our sights on 2025, we remain committed to quality growth and expanding our portfolio bringing us closer to realizing our liquid software vision, a world where software delivery is effortless, secure, and seamless.

謝謝你，埃德。 2024 年，雖然艱難，但對 JFrog 來說是非凡的一年，在我們的全球團隊在逆境中努力下取得了成功。青蛙們，我很自豪也很榮幸能夠作為我的超級英雄常年站在你們身邊。當我們將目光投向 2025 年時，我們將繼續致力於高品質的成長和擴大我們的產品組合，使我們更接近實現流動軟體的願景，即軟體交付輕鬆、安全且無縫的世界。

Before we move on to questions, and as we gratefully acknowledge that some of the Israeli hostages have been safely returned and reunited with their families, we continue to hope and pray for the safe return of all those still held captive in Gaza. May 2025 bring pieces to the region, and may the Frog be with you. Operator, we are now open to take questions.

在我們開始提問之前，我們欣慰地獲悉部分以色列人質已經安全返回並與家人團聚，同時，我們繼續希望並祈禱所有仍被關押在加沙的人質能夠安全返回。祝福 2025 年為該地區帶來好運，願青蛙與您同在。接線員，我們現在可以回答問題。

(Operator Instructions) Pinjalim Bora, JPMorgan Chase.

(操作員指示) Pinjalim Bora，摩根大通。

Congrats on a great close to the year. Shlomi, obviously, you were seeing really strong security traction now 12% of RPO, 5% of ARR. Given these successes, would you say you are seeing kind of a tangible change in prospective customer conversations especially in those organizations where security is kind of a completely different silo rather than software development or engineering? Basically, I'm trying to understand if the recent successes around security is opening up more doors and if there are more kind of large heat figure kind of deals in the pipeline.

恭喜您度過了一個美好的新年。什洛米，顯然，您看到了非常強大的安全牽引力，現在 RPO 佔 12%，ARR 佔 5%。鑑於這些成功，您是否認為您看到潛在客戶對話中發生了切實的變化，特別是在那些安全性與軟體開發或工程完全不同的組織中？基本上，我想了解最近在安全方面取得的成功是否會打開更多的大門，以及是否有更多大型熱門交易正在醞釀中。

Yes. Thank you, Pinjalim, and Happy Valentine's, everyone. Specifically regarding security, we hear more and more of the CIOs and the CISOs of the world looking at consolidating point solution tools. It's across the board. It's mainly around the coverage of the software supply chain aligned with the new threats and integration with other players.

是的。謝謝你，Pinjalim，祝大家情人節快樂。具體到安全性方面，我們聽到越來越多的 CIO 和 CISO 正在考慮整合點解決方案工具。這是全面的。它主要圍繞著與新威脅一致的軟體供應鏈的覆蓋範圍以及與其他參與者的整合。

So the basic assumption is that our users would like to see an outcome, which is kind of all the findings are presented on a single plant. Therefore, we are encouraged by what we hear. We are encouraged by what we see in the pipeline of our customers and prospects keep pushing through consolidation one one holistic security solution coming together with DevOps.

因此，基本的假設是，我們的使用者希望看到一種結果，即所有發現都呈現在單一工廠上。因此，我們所聽到的消息令我們感到鼓舞。看到客戶和潛在客戶不斷推動將整體安全解決方案與 DevOps 結合起來，我們感到很受鼓舞。

Understood. And Ed, just maybe one question for you, trying to understand kind of the assumptions on the guidance. A few parts to it. One is when you see NRR being mid-teens, are you talking about plus/minus kind of 215, plus/minus, basically trying to figure out if it's going to drop down from the current levels or it's kind of stay around the current levels? And then are you baking in any migrations into this guidance as well as -- what would you say kind of contribution from the recent pricing and packaging changes you have done?

明白了。艾德，我只想問您一個問題，試著理解指導中的假設。它有幾個部分。一個是當您看到 NRR 處於十幾歲的中間位置時，您談論的是正負 215 左右，正負，基本上是想弄清楚它是否會從當前水平下降，還是保持在當前水平左右？那麼，您是否將任何遷移納入本指南中？

So first off, I'll start with the net dollar retention rate. We're really pleased with where we ended, considering a really tough year in 2024. And what we see is, as I stated in the prepared statements, we're stabilizing in the mid-teens. That means somewhere between 1 to 2 percentage points is what we would anticipate.

首先，我將從淨美元留存率開始。考慮到 2024 年確實非常艱難，我們對我們的結果感到非常滿意。正如我在準備好的聲明中所述，我們看到的是，我們正在穩定在十幾歲的水平。這意味著我們預計將出現 1 到 2 個百分點的成長。

Now in terms of migration activity, the migration activity is very similar. What we're seeing going into the year is what we saw during 2024 and 2023. It's really around data consumption, and the data consumption changes above minimum commits have not changed.

現在就遷移活動而言，遷移活動非常相似。我們在今年看到的是 2024 年和 2023 年所看到的情況。這確實與數據消耗有關，並且高於最低提交的數據消耗變化並沒有改變。

Therefore, this is why we see that stabilization of our net dollar retention rates. We don't see much of a pickup in activity in that migration activity. It's relatively stable.

因此，這就是我們看到淨美元保留率穩定的原因。我們沒有看到遷移活動有太大的回升。比較穩定。

Anything on pricing, Ed?

艾德，有關於價格的問題嗎？

The last thing on the pricing -- pricing, we do have a pricing change, and we've done that now for consecutive years. The impact on the pricing in 2025 would be comparable to what we saw during 2024. So it's not a significant change on a year over year basis. The focus was more on Pro subscriptions but in terms of our upper tier subscriptions, it remains relatively same year over year with a similar impact on a year-over-year basis.

關於定價的最後一件事——定價，我們確實有一個定價變化，而且我們已經連續幾年這樣做了。2025 年對定價的影響將與我們在 2024 年看到的相當。因此，與去年同期相比，這並不是一個顯著的變化。我們的重點更放在專業版訂閱上，但就我們的高級訂閱而言，其同比變化仍然相對相同，且同比影響也類似。

Michael Cikos, Needham.

麥可·西科斯，尼德姆。

And congrats on a strong finish to the quarter and for the year as well. I wanted to start off just to get some more color on the cloud growth that we saw in Q4, and I guess the expectation is great to hear on that 30% to 32% you're looking for next year. Can we just dive into the database comment?

並祝賀您本季和今年取得了良好的業績。首先我想先對第四季度的雲端運算成長情況進行更詳細的介紹，我認為聽到您預計明年雲端運算成長 30% 至 32% 是件好事。我們可以深入研究資料庫評論嗎？

I think that might be new for me, and apologies if I missed it, but that $1.3 million in revenue that we generated in Q4, was that anticipated? And how should we think about that scaling as we look out over the upcoming year?

我認為這對我來說可能是新鮮事，如果我錯過了，請原諒，但我們在第四季度創造的 130 萬美元收入是預期的嗎？展望未來一年，我們該如何看待這項擴張？

Yes, Mike, hi. This is Shlomi. I'll start, and Ed, feel free to chime in. Our research team during 2024 was busy building cloud service, which is the JFrog Catalog that serves as the database of all of our security suites. JFrog Xray, JFrog Advance Security, JFrog Curation, and Runtime. This is now being a cloud service provided to all of our customers, so faster than cloud. And therefore, we recognize that as part of our new security suite and part of our cloud services.

是的，麥克，你好。這是 Shlomi。我先開始，艾德，請隨意加入。我們的研究團隊在 2024 年忙於建立雲端服務，即作為我們所有安全套件的資料庫的 JFrog Catalog。JFrog Xray、JFrog Advance Security、JFrog Curation 和 Runtime。這現在是向我們所有客戶提供的雲端服務，因此比雲端更快。因此，我們將其視為我們新安全套件和雲端服務的一部分。

In addition to that, Mike, regarding the $1.3 million, it's not material first off. Secondly, it's a decision by our self-hosted customers they migrate from an older version to this new version. The newer database version is a cloud service. Therefore, going forward, we will reflect that in our cloud guidance of 30% to 32%.

除此之外，麥克，關於那 130 萬美元，首先這並不是什麼大問題。其次，這是我們的自架客戶決定從舊版本遷移到新版本。較新的資料庫版本是一種雲端服務。因此，展望未來，我們將在 30% 至 32% 的雲端運算指導中反映這一點。

Got it. Got it. And then the second question I have for you, again, just hitting on the cloud migrations, and I think Pinjalim was teasing at this a little bit before me. But to drive that 30% to 32%, again, it sounds like you guys are assuming relatively consistent pace of cloud migrations? But just wanted to make sure I was hearing that properly.

知道了。知道了。然後我要問您的第二個問題，同樣是關於雲端遷移的問題，我認為 Pinjalim 在我之前已經稍微提到過這個問題。但為了將這一比例從 30% 提高到 32%，聽起來你們似乎假設雲端遷移的速度相對一致？但只是想確保我聽得清楚。

Yes, Mike, as we guided before, we are being conservative looking at our pipeline and derisking it, looking at migration as step one as we saw mainly in the second half of the year and consumption increasing as an upside as step two. We are looking at the pipeline. We are looking at the portfolio. We are looking at the trend in the market, and this is how we based our guidance on.

是的，麥克，正如我們之前所指導的那樣，我們對我們的管道持保守態度並降低風險，將移民視為第一步，正如我們主要在下半年看到的那樣，將消費增加視為第二步的上行趨勢。我們正在查看管道。我們正在審視投資組合。我們正在觀察市場的趨勢，並以此作為我們制定指導的依據。

Great. And congrats on all the security disclosures as well.

偉大的。同時也祝賀所有安全揭露。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Congrats on a strong Q4. To that point, we rewind about a year ago, you guys also had a strong quarter, particularly in cloud. And then I think the expectations got a little bit muddled to start the year.

恭喜您第四季業績強勁。回顧大約一年前，你們也度過了一個強勁的季度，特別是在雲端運算領域。然後我認為今年年初的期望有點混亂。

So I was wondering if you could sort of again go through the assumptions, is there sort of a natural cadence in terms of the customer base in terms of how they think about optimization and then investment following optimization in terms of like a Q1 first half versus second half dynamic?

所以我想知道您是否可以再次回顧這些假設，就客戶群而言，他們如何看待優化以及優化後的投資（例如第一季上半年與下半年的動態）是否存在某種自然的節奏？

It seemed like that was kind of a theme in 2023 and 2024. Is that the sort of the right storyline as we think about 2025, potentially another optimization cycle to start to the year followed by projects coming online and the incremental investment in cloud?

這似乎是 2023 年和 2024 年的一個主題。當我們思考 2025 年時，這是否是正確的故事情節？ 可能在年初出現另一個優化週期，隨後出現專案上線和對雲端運算的增量投資？

So first off, regarding Q4 of '23, we had a onetime benefit in there. So I want to put that out. They're very different than what we saw in Q4 of '24. This is not a onetime benefit, and it's strength in the cloud. As we step into 2025, what we see is customers that remain are very cost conscious, and they are built into their commits and minimum commits. They are not spending above those minimum commits per stock. So we're not seeing usage above the minimum commit.

首先，就 23 年第四季而言，我們在其中獲得了一次性福利。所以我想把它說出來。它們與我們在 24 年第四季看到的情況非常不同。這不是一次性的好處，這是雲端運算的優勢。當我們進入 2025 年時，我們看到剩下的客戶非常注重成本，並將成本融入他們的承諾和最低承諾中。他們支付的每隻股票金額不會超過最低承諾金額。因此，我們沒有看到超過最低承諾的使用情況。

Secondly, as you stated, we start to see projects, these large projects that we talked about that we derisk from our pipeline. Many of those projects happen towards the second half of the year. Regardless of when we start those conversations, we just see those projects starting towards the second half of the year, and I would anticipate that we would see something very similar in '25 as we did in 2024.

其次，正如您所說，我們開始看到項目，我們談到的這些大型項目，我們已經從管道中消除了風險。許多項目都在今年下半年進行。無論我們何時開始這些對話，我們都會看到這些項目將在今年下半年開始啟動，我預計我們將在 2025 年看到與 2024 年非常相似的情況。

Understood. That's great. And then Shlomi, on the security side, with the business at 5% of ARR, is there going to be any additional sort of change in sales motion? I imagine that you're seeing traction with some of these really large customers, some of these large deals that you signed, particularly in the second half, buying onto the security vision. As you kind of try and push down into the mainstream of the enterprise base within the JFrog customer base, are you contemplating any changes, incentives to drive -- to broaden the breadth of that adoption of the security solutions or the core security solutions?

明白了。那太棒了。然後，Shlomi，從安全方面來說，由於業務佔 ARR 的 5%，銷售動態是否會發生任何其他變化？我想您已經看到了一些真正大客戶、您簽署的一些大交易（特別是在下半年）對安全願景的認可。當您嘗試在 JFrog 客戶群中深入企業基礎的主流時，您是否考慮進行任何變更或激勵措施來擴大安全解決方案或核心安全解決方案的採用範圍？

Yes, Sanjit, our strategic team and the entire sales force is on with what it takes in order to scale with our security offering now matured and 2024 demonstrates that we were very pleased by these very big contracts that were -- that triggered a much larger deal because of the security addition. And it's now not only JFrog Advanced Security and JFrog Curation. We launched JFrog Runtime recently, as you know.

是的，Sanjit，我們的策略團隊和整個銷售團隊都在努力擴大規模，我們現在已經成熟的安全產品和 2024 年的業績表明，我們對這些非常大的合約感到非常高興——由於安全方面的增加，這些合約引發了一筆更大的交易。現在不隻隻有 JFrog Advanced Security 和 JFrog Curation。如你所知，我們最近推出了 JFrog Runtime。

And the MLSecOps is stepping in. Customers are starting to inquire more and more about how they can secure AI models with the JFrog suite. We reported today 250 customers that embrace our security solution. That means that we have a mission with additional 7,000 and the rest of the industry. So we are very optimistic about it, and we will take it leap by leap.

MLSecOps 正在介入。客戶開始越來越多地詢問如何使用 JFrog 套件來保護 AI 模型。今天我們報告有 250 位客戶採用了我們的安全解決方案。這意味著我們還要與另外 7,000 名員工和業內其他人員一起完成任務。所以我們對此非常樂觀，並且會一步一步實現這一目標。

Kingsley Crane, Canaccord.

金斯利‧克蘭 (Kingsley Crane)，Canaccord。

And congrats on a strong year to fiscal '24. On the strategic collaboration agreement, SCA, that's also a software competition analysis, it's great to see. But just curious like what what's truly incremental about the agreement? And then wondering what sort of increased resources might be allocated for procurement on AWS's side?

並祝賀 24 財年取得強勁業績。關於策略合作協議SCA，這也是一個軟體競爭分析，很高興看到。但只是好奇，該協議的真正增量是什麼？然後想知道 AWS 方面可能會為採購分配哪些增加的資源？

Yes, Kingsley, as you know and as we described in the past, we are not just building our cloud solution, we are also building the relationship with the cloud providers. And with each of them, it's a different effort that we are pushing, not only on the technology integration and improvement of the user experience in different regions, but also the commercial part of it.

是的，金斯利，正如您所知以及我們過去所描述的，我們不僅建立我們的雲端解決方案，我們還在與雲端供應商建立關係。而且對於每一個地區，我們都在推動不同的努力，不僅在技術整合和不同地區使用者體驗的改善上，而且在商業部分上。

What we've managed to do with the AWS together with our partner team is that we got to an agreement that will have more cost-effective scale to our customers. So basically, with the better conditions with AWS, we can be more attractive with our customers. And this is a very important agreement as we keep scaling with the cloud overall and AWS specifically.

我們與合作夥伴團隊攜手 AWS 達成協議，為我們的客戶提供更具成本效益的規模。因此基本上，有了 AWS 的更好條件，我們就能對客戶更具吸引力。這是一個非常重要的協議，因為我們將繼續擴大雲端運算規模，尤其是 AWS 的規模。

That's helpful. And then, Ed, you officially became CFO Jan 1 of last year. I think there's this idea out there in the market that the guidance philosophy may be changing and that there could be more upside to guidance now than in years past. So just how much credence is there to that idea? And then second, could you speak to just the fundamental drivers of upside this next year?

這很有幫助。然後，艾德，您於去年 1 月 1 日正式成為財務長。我認為市場上有這樣的想法，即指導理念可能正在發生變化，現在的指導可能比過去幾年有更多的上行空間。那麼這個想法到底有多大可信度呢？第二，您能談談明年經濟上漲的根本驅動因素嗎？

Well, I don't think it's an idea. I think it's a fact. We've said it now a couple of times on the prepared statements that we're going with a much more conservative guide, and that's the philosophy that I'm taking. It's focused on a couple of things here, Kingsley. Number one is the derisking of these large deals that create swings in the quarter. We are taking those out of our guidance.

嗯，我不認為這是個好主意。我認為這是事實。我們在準備好的聲明中已經說過幾次了，我們將採用更保守的指導方針，這就是我所採取的理念。金斯利，這裡主要集中討論幾件事。首要的是這些大型交易的風險降低，導致本季出現波動。我們將這些從我們的指導中刪除。

Usage is certainly not something that we take in consideration in the guidance, and we're only looking at those opportunities that are committed, strong commitments going forward. Therefore, I'm not pegging a number necessarily in terms of the beat, but I'm saying that it's much more conservative going forward and what you're used to from JFrog.

使用情況當然不是我們在指導中考慮的事情，我們只專注於那些已經承諾的機會，以及未來堅定的承諾。因此，我不一定會根據節拍來確定一個數字，但我想說的是，它在未來會更加保守，也更符合 JFrog 的習慣。

Makes perfect sense. Looking forward to this year.

非常有道理。期待今年。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

For Shlomi, how has macro been since the start of the fourth quarter? And did you notice any changes or improvement in your conversations with customers since the US presidential election?

對於 Shlomi 來說，自第四季開始以來宏觀經濟狀況如何？自從美國總統大選以來，您是否注意到您與客戶的對話有什麼變化或改善？

Well, thank you for the question. We don't see a big change in the macro. We still see very conservative usage of the cloud solution. We still see very conservative bets on the commitment, even if it's multiyear contracts. Projects that are in the pipeline are still being discussed. There is a lot of discussions about AI and MLOps in production, but still customers are being very hesitating.

嗯，謝謝你的提問。我們沒有看到宏觀有什麼大的變化。我們仍然看到雲端解決方案的使用非常保守。我們仍然看到人們對承諾持非常保守的態度，即使是多年期合約。正在籌備的項目仍在討論中。關於生產中的 AI 和 MLOps 有很多討論，但客戶仍然非常猶豫。

And more specifically about the new administration, now that the executive order will change, they are taking a bit more time to wait and see, what will the new administration bring in terms of regulation of AI adoption in production. But no specific change that I can report on.

更具體地說，對於新政府來說，既然行政命令將會改變，他們需要更多的時間觀望，新政府將在生產中採用人工智慧的監管方面帶來什麼。但我找不到任何可以報告的具體變更。

Perfect. And then love to see the strong security commentary. Do you think the fourth quarter going forward could see more seasonality for security sales? Like as people make these decisions towards year-end and is more of an enterprise sale for JFrog?

完美的。然後喜歡看到強而有力的安全評論。您是否認為未來第四季的證券銷售會呈現更多的季節性？就像人們在年底做出這些決定一樣，對 JFrog 來說這更像是企業銷售嗎？

Well, if there is one thing, Ryan, that we've learned in 2024 is that if you want to go after big contracts, you have to be patient. And to remind you all, we started the year with introductory prices of our security suite thinking that maybe this will be more attempting, but the big guys are taking their time before they are displacing other products and before they are betting on a holistic solution.

好吧，瑞安，如果說我們在 2024 年學到了一件事，那就是如果你想要獲得大合同，你必須要有耐心。需要提醒大家的是，我們在今年年初就以安全套件的介紹價格推出了該產品，當時我們認為這也許會更具挑戰性，但大公司在取代其他產品並押注於整體解決方案之前還需要時間。

And they also want to make sure it's a modern security suite that will fit the requirements in the future. So I don't think that you will see any type of special seasonality here. But I do think -- and this is how we look at the pipeline. This is why we are being a bit more conservative than last year. I do think that proof of concept for security tools will take longer. And at the end, if the customers choose JFrog, this might be a multiyear multimillion deals as we delivered in 2024.

他們還希望確保它是一套能夠滿足未來要求的現代安全套件。所以我不認為你會在這裡看到任何類型的特殊季節性。但我確實認為——這就是我們看待管道的方式。這就是為什麼我們比去年更保守。我確實認為安全工具的概念驗證需要更長的時間。最後，如果客戶選擇 JFrog，這可能是為期多年的數百萬美元的交易，因為我們將在 2024 年交付。

Billy Mandl, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Billy Mandl。

Andrew Sherman, TD Cowen.

安德魯·謝爾曼（TD Cowen）

Great. Can you hear me?

偉大的。你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Congrats on the quarter. Just a quick one for you. Could you confirm there were no true-ups or overages in the cloud number for Q4?

恭喜本季取得佳績。對你來說這只是一個快速步驟。您能否確認第四季度的雲端資料沒有偏差或超額的情況？

There's no true-ups. As we stated before, most of our customers have moved to a monthly use it or lose it mechanism for the cloud. So we don't have the true-up that you saw previously. And so there was nothing that was significant or large true-ups like we did in 2023.

沒有真相。正如我們之前所說，我們的大多數客戶已經轉向採用按月使用或丟失雲端的機制。因此，我們沒有您之前看到的真實情況。因此，我們並沒有做出像 2023 年那樣重大或大規模的調整。

Okay. Perfect. And then Shlomi, and I know these aren't in guidance anymore, but you had a lot of strong big deals in Q3 this year. Would love to hear what you're seeing in the pipeline, given these are long sales cycles. Are there similar types of deals in the pipeline? And any commentary along enterprise traction would be great.

好的。完美的。然後是 Shlomi，我知道這些不再是指導，但今年第三季你有很多強勁的大交易。鑑於銷售週期很長，我很想聽聽您目前看到的情況。是否有類似類型的交易正在進行中？任何有關企業吸引力的評論都是很好的。

Yes. A lot of big deals in Q3 and some of them in Q4, and we were very pleased with the second half of 2024. We are looking at the pipeline. We have some big opportunities there to include not only cloud migration but couple it with the security. As we reported before, we are looking at it being very conservative with how we derisk the pipeline. And we will report in the next quarter and after about the future success.

是的。第三季有很多大交易，第四季也有一些大交易，我們對 2024 年下半年的表現非常滿意。我們正在查看管道。我們擁有巨大的機遇，不僅包括雲端遷移，還包括將其與安全性結合。正如我們之前報導的那樣，我們在降低管道風險方面採取非常保守的態度。我們將在下個季度及之後報告未來的成功。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Congrats, guys. So Shlomi, of course, you highlighted the 250 customers adopting the Advanced Security and Curation, so it's a real great job. I was just curious, beyond the big deal pipeline, again, I mean, that's it's a great execution that we have shown so far. But seeing any signs of potential kind of correlation between kind of now having an integrated platform approach and also seeing some traction sort of faster expansion or just in terms of visibility, upsell, cross-sell since you mentioned about Runtime seeing traction? So just curious in terms of incremental adoption of these advanced security modules or features? And then I have a follow-up for Ed.

恭喜你們，夥伴們。所以 Shlomi，當然，你強調了 250 位客戶採用了高級安全和管理，所以這是一項非常偉大的工作。我只是很好奇，除了大交易管道之外，我的意思是，這是我們迄今為止展示的出色執行力。但是，看到任何跡象表明現在擁有一種整合平台方法，並且也看到某種更快擴展的牽引力，或者只是在可見性、追加銷售、交叉銷售方面，就像您提到 Runtime 看到的牽引力一樣，存在潛在的關聯嗎？所以只是好奇這些先進的安全模組或功能的逐步採用情況？然後我要跟進一下 Ed 的情況。

Yes. Thank you, Shrenik, for the question. Obviously, out of 250 customers we reported today that are using the new security suite of JFrog as part of the platform, there are several that are really multiyear, multimillion-dollar deals. The rest are supposed to grow with the by seat model, and we hope to see this growth coming in 2025 and after.

是的。感謝 Shrenik 提出這個問題。顯然，在我們今天報告的使用 JFrog 新安全套件作為平台一部分的 250 位客戶中，有幾位確實是簽訂了多年期、數百萬美元的交易。其餘的預計會隨著座位數模式而增長，我們希望在 2025 年及以後看到這種增長。

Regarding the rest of the portfolio, the practices are there, the price plan is there. The team is mature, and we are ready to go after the opportunity. I think JFrog offer not only the best holistic security in the market but also aiming to future opportunities like MLSecOps threats and also better integration. One of them is with GitHub another one with Hugging Faces, as we mentioned. So I'm really excited about what the future brings.

至於投資組合的其餘部分，做法在那裡，價格計劃在那裡。我們的團隊已經成熟，我們已準備好抓住機會。我認為 JFrog 不僅提供市場上最好的整體安全性，而且還著眼於未來機遇，例如 MLSecOps 威脅以及更好的整合。其中一個是 GitHub，另一個是 Hugging Faces，正如我們所提到的。所以我對未來會發生什麼感到非常興奮。

Great. Appreciate that, Shlomi. And just, Ed, just in light of what Sean just said, just curious how should we think about incremental top line and potentially margin contribution attributable to the incremental security adoption that you are seeing going forward? Not necessarily asking for the rest of the year, but just a broad framework of, how should we think about incremental margin.

偉大的。非常感謝， Shlomi。艾德，根據肖恩剛才所說的，我只是好奇我們應該如何看待增量營收和潛在利潤貢獻，這些貢獻歸因於您所看到的未來​​增量安全採用？不一定要問今年剩餘的時間，而只是一個廣泛的框架，我們應該如何考慮增量利潤。

Yes. So we have a very strong margin profile. We guide at the corporate level. So the 82.5% to 83.5% takes into consideration all products and all deployments. We do not break it out by security or other products. It's captured holistically in our corporate guidance that we provide in terms of our gross margin.

是的。因此我們的利潤率非常高。我們從公司層面進行指導。因此，82.5% 到 83.5% 考慮了所有產品和所有部署。我們不會透過安全性或其他產品來打破它。我們在提供的公司毛利率指導時全面反映了這一點。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Only one from me here. Nice performance on the free cash flow margin to end 2024 at 25.2%, which is really close to your 2027 target model here but when I look at the guide for 2025, 19%. So really just trying to understand the 6 points of margin degradation there in the free cash flow. Anything we should think about there and from 2025 and the progression to 2027? Or is this just kind of an effect of guidance conservatism on the revenue flowing down to the cash flow side?

這裡只有我一個人。到 2024 年底，自由現金流利潤率表現良好，達到 25.2%，這非常接近您 2027 年的目標模型，但是當我查看 2025 年的指南時，該數字為 19%。所以其實只是想了解自由現金流中利潤率下降的 6 個點。我們應該考慮什麼？或者這只是指導保守主義對流向現金流方的收入的一種影響？

Yes. Thank you, Koji. That's a great question. So first off, we're very happy with our free cash flow and our free cash flow margin and the performance. But you also have to take into consideration a lot of large multiyear deals. Some of those customers choose to pay upfront. We don't necessarily know when they choose to do that. So you get some benefit of customers paying upfront.

是的。謝謝你，Koji。這是一個很好的問題。首先，我們對我們的自由現金流、自由現金流利潤率和業績非常滿意。但你還必須考慮許多大型多年期交易。其中一些客戶選擇預付款。我們不一定知道他們何時選擇這樣做。因此，您可以從客戶預付款中獲得一些好處。

We also have very strong and disciplined practice around collections. So you see some of that benefit of that as well. As we head into 2025, again, we go off of a fundamental practice of around 4% to 5% difference from the operating margin. So as you start to see growth in the top line, I would expect that would trickle down to the bottom.

我們在收藏方面也有非常強大和嚴謹的實踐。所以您也會看到它的一些好處。當我們邁入 2025 年時，我們再次遵循與營業利潤率相差約 4% 至 5% 的基本做法。因此，當你開始看到營收成長時，我預期這種成長會逐漸蔓延至營收底部。

And Koji, may I add -- this is Shlomi -- this is not surprising, I hope. Because if there is one thing that you saw us delivering from the beginning is a very disciplined, efficient DNA around the efficiency of the business. So it's part of our strategy. It was not different in 2021, and it's not different in 2024, and the performance are speaking for themselves.

還有 Koji，請容許我補充一下 —— 這是 Shlomi —— 我希望這並不奇怪。因為如果說我們從一開始就表現出了什麼特點的話，那就是圍繞著業務效率的非常自律、高效的 DNA。所以這是我們戰略的一部分。2021 年和 2024 年也沒有什麼不同，表現已經說明了一切。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

This is Ethan on for Rob today. So I just want to ask with the AI conversation shifting more and more towards genetic solutions. How does this kind of change the opportunity -- the AI opportunity for JFrog, if at all, especially as we consider kind of the new capabilities brought by block?

今天由 Ethan 代替 Rob 主持。因此，我只想問一下，人工智慧對話越來越多地轉向基因解決方案。這如何改變 JFrog 的 AI 機會，如果有的話，尤其是當我們考慮到區塊帶來的新功能時？

Well, Rob, putting all the AI class side, I will say that majority of our enterprise customers are already inquiring about having Artifactory as the model of registry and making JFrog the single source of record for AI models as well. That by itself is a huge opportunity for JFrog and our R&D and product team are focusing on foster this opportunity.

好吧，Rob，就所有 AI 類別而言，我想說的是，我們的大多數企業客戶已經在詢問將 Artifactory 作為註冊模型，並將 JFrog 作為 AI 模型的唯一記錄來源。這本身對 JFrog 來說是一個巨大的機會，我們的研發和產品團隊正致力於培養這個機會。

On the security side, there is a lot of kind of big future about how you secure AI, how you secure your IP and what the administration will set as the regulation. And we are setting our security tools with future demand. We just released our first JFrog ML as a result of the Qwak acquisition as part of our platform, and we are learning more about our customers' demand.

在安全方面，如何保護人工智慧、如何保護智慧財產權以及政府將制定哪些法規，都有許多重大的未來。我們正在根據未來的需求設定我們的安全工具。作為收購 Qwak 後我們平台的一部分，我們剛剛發布了第一個 JFrog ML，並且我們正在進一步了解客戶的需求。

We said that we are conservative about the pipeline. Therefore, we didn't include any MLOps guidance in 2025. And we will learn as we go, focusing on the value for the customers.

我們說過，我們對管道持保守態度。因此，我們沒有納入 2025 年的任何 MLOps 指導。我們將邊走邊學，並專注於客戶價值。

Got it. That makes sense. And just as a quick follow-up, I think you mentioned in your prepared remarks around parting ways with some smaller customers as you kind of focus on the enterprise opportunity. And I was wondering if you could kind of provide some more color on that and maybe how that might have impacted the customer count number that you reported, given it was down slightly year over year, I believe.

知道了。這很有道理。作為一個快速的跟進，我認為您在準備好的演講中提到了與一些較小的客戶分道揚鑣，因為您專注於企業機會。我想知道您是否可以提供更多詳細信息，以及這可能對您報告的客戶數量產生什麼影響，因為我認為該數字同比去年略有下降。

Yes. We said starting Q1 of the previous year that you were going to be focused on execution, and we are going to be focused on enterprise execution. We replaced 740 logos with 640 logos that have more chances to grow with JFrog and with what we offer.

是的。我們從去年第一季開始就說過，你們將專注於執行，而我們將專注於企業執行。我們用 640 個徽標取代了 740 個徽標，這些徽標有更多機會與 JFrog 和我們提供的服務一起成長。

Some of the low subscribers, some of them are monthly users of our cloud. We had to focus the business. We had to focus the team. We had to focus our technology and offering and that's some of the results. I hope that you will see more and more growth coming from the customers that choose to stay with JFrog and still the retention is super high.

其中一些低訂閱者，其中一些是我們雲端的月度用戶。我們必須集中精力做生意。我們必須集中精力於團隊。我們必須集中我們的技術和產品，這就是部分成果。我希望您會看到選擇繼續使用 JFrog 的客戶數量不斷增長，並且保留率仍然非常高。

(Operator Instructions) Billy Mandl, KeyBanc Capital Markets.

（操作員指示）Billy Mandl，KeyBanc 資本市場。

Can you guys hear me all right?

你們聽得到我說話嗎？

We can hear you, Billy.

我們聽得到你的聲音，比利。

Congratulations on a strong 4Q. Just wanted to ask about the GitHub partnership, which was, of course, a hot topic in 2024. curious to hear how you're seeing that drive pipeline? And maybe as we look out to the balance of 2025, what's the evolution of that partnership might look like?

恭喜您第四季取得強勁業績。只是想問 GitHub 合作夥伴關係，這當然是 2024 年的熱門話題。或許當我們展望2025年時，這種合作關係的發展將會是什麼樣的呢？

Yes. Well, we are getting wonderful feedback from the field about the GitHub integration. Customers who chose GitHub and JFrog together are now enjoying a one platform experience. We deliver that on the DevOps level, security level, and Copilot with AI.

是的。嗯，我們從現場得到了關於 GitHub 整合的非常好的回饋。同時選擇 GitHub 和 JFrog 的客戶現在可以享受單一平台體驗。我們在 DevOps 等級、安全等級以及帶有 AI 的 Copilot 上實現了這一點。

I think that what we currently hear is that customers are more interested in having a solution of Copilot with the JFrog platform. So working with Copilot and enhancing the software supply chain management through this integration is mainly what they are focusing about because they are immediately pointing the ROI of their development team using both of us together. So that would probably be our main focus.

我認為我們目前聽到的是客戶對採用 JFrog 平台的 Copilot 解決方案更感興趣。因此，與 Copilot 合作並透過這種整合增強軟體供應鏈管理是他們主要關注的重點，因為他們正在透過我們雙方的合作立即指出其開發團隊的投資回報率。所以這可能是我們關注的重點。

There are no further questions at this time. I will now turn the call back to Shlomi for closing remarks.

目前沒有其他問題。現在我將請什洛米致結束語。

Thank you, everyone, for joining our call. May the Frog be with you, and Happy Valentine.

感謝大家加入我們的電話會議。願青蛙與你同在，情人節快樂。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的參加。您現在可以斷開連線。