Jfrog Ltd (FROG) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to JFrog's first-quarter 2025 financial results conference call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions) I will now hand the conference over to Jeffrey Schreiner, VP Investor Relations. Jeffrey, please go ahead.

女士們，先生們，感謝你們的到來，歡迎參加 JFrog 2025 年第一季財務業績電話會議。在今天的準備好的發言之後，我們將舉行問答環節。（操作員指示）我現在將會議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 first-quarter 2025 financial results, which were announced following market close today via press release. Leading the call today will be JFrog's CEO and Co-Founder Shlomi Ben Haim, and Ed Grabscheid, JFrog's CFO.

謝謝你，妮可。下午好，感謝您加入我們，一起回顧 JFrog 2025 年第一季的財務業績，該業績於今天收盤後透過新聞稿公佈。今日電話會議主持人為 JFrog 執行長兼聯合創辦人 Shlomi Ben Haim 和 JFrog 財務長 Ed 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 Q2 and the full year of 2025. 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 as of any subsequent date.

在本次電話會議中，我們可能會根據聯邦證券法並根據 1995 年私人證券訴訟改革法案的安全港條款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第二季度和 2025 年全年的展望。預期、相信、繼續、估計、期望、打算、將要等詞語以及類似的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 can cause actual results to differ materially from expectations. 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, 2024, which is available on the Investor Relations section of our website and the earnings press release issued earlier today.

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。這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱我們截至 2024 年 12 月 31 日的 10-K 表格，該表格可在我們網站的「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。

Additional information will be made available in our Form 10-Q for the quarter ended March 31, 2025, and other filings and reports that we may file from time to time with the SEC. 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.

更多資訊將在我們截至 2025 年 3 月 31 日的季度的 10-Q 表以及我們可能不時向 SEC 提交的其他文件和報告中提供。此外，本次電話會議也將討論非公認會計準則財務指標。這些非 GAAP 財務指標用作 JFrog 業績的衡量標準，應作為 GAAP 指標的補充，而不是替代或與 GAAP 指標分離。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 財務指標之間的對帳情況。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 JFrog's CEO, Shlomi Ben Haim. Shlomi?

接下來，我想將電話轉給 JFrog 的執行長 Shlomi Ben Haim。什洛米？

Thank you, Jeff. Good afternoon and thank you for joining the call. We're kicking off 2025 on a strong note. Our first quarter results underscore JFrog's essential role as a system of record for software delivery from creation to production for customers prioritizing automation, scale, speed, and trust. The JFrog platform plays a pivotal role at the intersection of development, security, AI, and MLOps. And today, we're excited to share more details about quarterly performance driven by the solid execution of our strategic initiatives.

謝謝你，傑夫。下午好，感謝您參加電話會議。我們正以強勁的勢頭迎接 2025 年。我們第一季的業績凸顯了 JFrog 作為軟體交付記錄系統的重要作用，該系統從創建到生產，為優先考慮自動化、規模、速度和信任的客戶提供服務。JFrog 平台在開發、安全、AI 和 MLOps 的交叉點上發揮關鍵作用。今天，我們很高興與大家分享更多有關季度業績的細節，這得益於我們策略舉措的穩健執行。

In Q1, JFrog's total revenue was $122.4 million, up 22% year-over-year. Our operating margin of 17.4% demonstrates our commitment to profitable growth during a period of market uncertainty.

第一季度，JFrog 總營收為 1.224 億美元，年增 22%。我們的營業利益率為 17.4%，顯示我們在市場不確定時期致力於實現獲利成長。

Cloud revenue for Q1 equaled $52.6 million, representing 42% year-over-year growth, driven by increased consumption in addition to steady customer commitment. Our greater than $1 million customers grew to 54 compared to 40 in the year-ago period, equaling 35% growth year-over-year. Customers spending more than $100,000 annually grew to $1,051 compared to $911 in the year-ago period, equaling 15% growth year-over-year.

第一季雲端收入達到 5,260 萬美元，年增 42%，這得益於消費量的增加以及穩定的客戶承諾。我們的超過 100 萬美元的客戶從去年同期的 40 位成長到 54 位，較去年同期成長 35%。每年消費超過 10 萬美元的顧客數量從去年同期的 911 美元增長至 1,051 美元，年增 15%。

Our strategic enterprise sales motion fueled by JFrog's software supply chain platform drove both growth and high enterprise customer retention, resulting in stabilizing net dollar retention, which Ed will further discuss later today.

在 JFrog 軟體供應鏈平台的推動下，我們的策略企業銷售舉措推動了成長和高企業客戶保留率，從而實現了穩定的淨美元保留率，Ed 將在今天晚些時候進一步討論這一點。

Now, allow me to address the core drivers behind our Q1 achievements. First, cloud growth. In Q1, we saw an overachievement in the cloud, driven by increased customer usage beyond contractual commitments, primarily fueled by developer activity. However, purchasing and budget constraints across our portfolio persist, resulting in longer sales cycles and delayed decisions to convert into commitment at higher usage tiers. Given continued macroeconomic uncertainty, we remain cautious and do not yet view this overage as a sustained trend.

現在，請容許我談談我們第一季取得成就的核心驅動力。第一，雲端成長。在第一季度，我們看到雲端運算取得了超額完成的目標，這主要是由於客戶使用量超出了合約承諾，而這主要得益於開發人員的活動。然而，我們產品組合中的採購和預算限制仍然存在，導致銷售週期更長，並延遲了轉換為更高使用層級承諾的決策。鑑於宏觀經濟的不確定性持續存在，我們仍保持謹慎，並且尚未將這種超額視為持續的趨勢。

We have strategically invested in our multi-cloud and hybrid solutions, establishing them as a market standard, and work closely with our self-hosted customers to migrate to JFrog SaaS offering. We remain committed to capturing Q1's momentum across all core areas, DevOps, security, and MLOps.

我們對多雲和混合解決方案進行了策略性投資，將其確立為市場標準，並與我們的自託管客戶密切合作，遷移到 JFrog SaaS 產品。我們將繼續致力於在所有核心領域、DevOps、安全性和 MLOps 中抓住 Q1 的發展勢頭。

Next, to AI and machine learning. JFrog is the only platform that unifies DevOps, DevSecOps, and MLOps in a single solution. In Q1, we were proud to announce that all cloud enterprise customers now have access to JFrog ML, giving thousands of companies machine learning and model management technologies as part of their software supply chain solution. With the upcoming release of JFrog ML for hybrid customers, the JFrog platform is further solidifying its position as the system of record, not only for software packages, but also for AI models and artifacts.

接下來是人工智慧和機器學習。JFrog 是唯一一個將 DevOps、DevSecOps 和 MLOps 統一在單一解決方案中的平台。在第一季度，我們很自豪地宣布，所有雲端企業客戶現在都可以存取 JFrog ML，為數千家公司提供機器學習和模型管理技術作為其軟體供應鏈解決方案的一部分。隨著即將為混合客戶發布 JFrog ML，JFrog 平台將進一步鞏固其作為記錄系統的地位，不僅適用於軟體包，還適用於 AI 模型和工件。

We believe we are leading the market with our natural model package approach, giving customers the 360-degree ability to manage the secure development of traditional software applications, as well as testing, training, experimenting, hosting, securing, and deploying machine learning models in a single solution. Driven by our security research and product teams, we also recently expanded our platform capabilities to include detection of malicious ML models with unmatched accuracy as validated by the community. Attacks on the ML supply chain are growing more frequent, requiring a new set of tools to protect all companies from threats that utilize malicious ML models as a Trojan horse into companies' AI development processes.

我們相信，我們憑藉自然模型包方法引領市場，讓客戶能夠全方位管理傳統軟體應用程式的安全開發，以及在單一解決方案中測試、培訓、試驗、託管、保護和部署機器學習模型。在我們的安全研究和產品團隊的推動下，我們最近也擴展了我們的平台功能，包括偵測惡意 ML 模型，其準確度無與倫比，這已得到社群的驗證。針對 ML 供應鏈的攻擊越來越頻繁，需要一套新的工具來保護所有公司免受利用惡意 ML 模型作為特洛伊木馬進入公司 AI 開發流程的威脅。

This critical capability in security for ML or MLSecOps allows us to provide holistic security tooling across all package types, including AI artifacts, in one platform. Recognizing this reality, Hugging Face, the world's largest open-source AI and machine learning model hub, approached JFrog to help secure their entire repo of 1.5 million open-source ML models. Millions of global developers look to Hugging Face as their ML model hub, and Hugging Face is looking to JFrog to help fortify the community against malicious models.

ML 或 MLSecOps 安全性的這項關鍵功能使我們能夠在一個平台上為所有套件類型（包括 AI 工件）提供整體安全工具。認識到這一現實，全球最大的開源人工智慧和機器學習模型中心 Hugging Face 與 JFrog 接洽，以幫助保護其整個 150 萬個開源機器學習模型庫。全球數百萬開發人員將 Hugging Face 視為他們的 ML 模式中心，而 Hugging Face 則希望 JFrog 協助加強社群抵禦惡意模式的攻擊。

The CTO of Hugging Face, Julien Chaumond said, we are delighted to deepen our partnership with JFrog to implement high-quality scanning capabilities for our AI and ML models and deliver greater peace of mind for developers looking to create the next generation of AI-powered applications. As part of our focus on security for the community, we were also proud to recently release our annual software supply chain State of the Union report, driven by customers' data, global surveys, and our security research team's unique findings. For example, the report shows that there were over 40,000 new CVEs published in 2024.

Hugging Face 技術長 Julien Chaumond 表示，我們很高興深化與 JFrog 的合作，為我們的 AI 和 ML 模型實現高品質的掃描功能，並為希望創建下一代 AI 驅動應用程式的開發人員提供更大的安心。作為我們關注社區安全的一部分，我們還自豪地於最近發布了年度軟體供應鏈國情報告，該報告由客戶數據、全球調查和我們的安全研究團隊的獨特發現驅動。例如，報告顯示，2024 年發布了超過 40,000 個新的 CVE。

However, our security research team revealed only a very small amount of these vulnerabilities were exploitable, highlighting the value of research-backed tools that help DevSecOps teams prioritize tasks. The report also revealed more than 25,000 secrets, such as login information or API keys were unintentionally revealed publicly, highlighting the need for secret detection as part of a consolidated software supply chain management and security approach.

然而，我們的安全研究團隊發現，這些漏洞中只有極少數是可利用的，這凸顯了幫助 DevSecOps 團隊確定任務優先順序的研究支援工具的價值。該報告還披露了超過 25,000 個秘密，例如登入資訊或 API 金鑰被無意中公開洩露，凸顯了秘密檢測作為整合軟體供應鏈管理和安全方法的一部分的必要性。

A great example in Q1 of security tool consolidation alongside DevSecOps policy enforcements comes from WalkMe, an SAP company which provides a leading digital adoption platform that helps organizations streamline user experiences. WalkMe serves over 1600 customers, including approximately 30% of the Fortune 500, with more than 35 million users across 42 countries.

第一季安全工具整合與 DevSecOps 策略實施的一個很好的例子來自 WalkMe，這是一家 SAP 公司，它提供領先的數位採用平台，幫助組織簡化使用者體驗。WalkMe 為超過 1600 個客戶提供服務，其中包括約 30% 的財富 500 強企業，在 42 個國家/地區擁有超過 3500 萬用戶。

Using JFrog Artifactory as their binary repository, WalkMe made a decision in 2024 to migrate from various point solutions to JFrog Advanced Security and JFrog Eurasia. This migration delivered significant efficiency gains, unified their software supply chain security under a single platform, and enabled policy enforcements to curate and secure all externally sourced packages.

WalkMe 使用 JFrog Artifactory 作為其二進位儲存庫，並於 2024 年決定從各種點解決方案遷移到 JFrog Advanced Security 和 JFrog Eurasia。此次遷移顯著提高了效率，在單一平台下統一了軟體供應鏈安全，並使政策執行能夠管理和保護所有外部來源的軟體包。

Dan Adika, CEO of WalkMe shared, moving to JFrog not only improved our security posture across the software supply chain, but also allowed us to optimize our vendor landscape and consolidate around one system of record for DevSecOps. JFrog is looking forward to helping many organizations like WalkMe regain control and trust over the software supply chain, as we continue to see trends in consolidation of tooling and a move towards a holistic platform-based approach for DevSecOps.

WalkMe 執行長 Dan Adika 表示，轉向 JFrog 不僅改善了我們整個軟體供應鏈的安全態勢，而且還使我們能夠優化供應商格局並圍繞一個 DevSecOps 記錄系統進行整合。JFrog 期待幫助像 WalkMe 這樣的許多組織重新獲得對軟體供應鏈的控制和信任，因為我們繼續看到工具整合的趨勢以及向基於整體平台的 DevSecOps 方法的轉變。

As an important part of our commitment to developers and development teams, I'm also excited to provide an update on our partnership with GitHub. In Q1, JFrog was on the road, meeting with top customers across North America and Europe, sharing our 2025 roadmap and strategic direction. The powerful partnership between GitHub and JFrog unifies processes across our best-of-breed platforms.

作為我們對開發人員和開發團隊承諾的重要組成部分，我也很高興提供有關我們與 GitHub 合作的最新情況。第一季度，JFrog 一直在路上，與北美和歐洲的頂級客戶會面，分享我們的 2025 年路線圖和策略方向。GitHub 和 JFrog 之間強大的合作關係統一了我們最佳平台的流程。

With both solutions already standardized in many customers' development teams, we are jointly dedicated to providing a single-platform experience for users. We were proud to have GitHub CEO Thomas Dohmke join JFrog for our annual Leap events in New York and Frankfurt. As part of a fireside chat alongside customers, he noted, GiHub and JFrog are part of the same systems. GitHub is the single source of tools for [FOSSA] and JFrog is the binary site of that workflow. We are bringing the best of breed systems together to enable customer experiences.

由於這兩種解決方案已在許多客戶的開發團隊中實現標準化，我們共同致力於為使用者提供單一平台體驗。我們很榮幸 GitHub 執行長 Thomas Dohmke 能夠參加 JFrog 在紐約和法蘭克福舉辦的年度 Leap 活動。在與客戶的爐邊對話中，他指出，GiHub 和 JFrog 是同一系統的一部分。GitHub 是 [FOSSA] 工具的唯一來源，而 JFrog 是該工作流程的二進位網站。我們將最佳的系統整合在一起以提供最佳的客戶體驗。

We are committed to building more strategic partnerships and integrations to deliver a too-integrated-to-fail experience across our customers' software supply chain. Whether developing software, implementing AI and ML practices, or securing the flow end-to-end.

我們致力於建立更具策略性的合作夥伴關係和整合，以便在客戶的軟體供應鏈中提供萬無一失的體驗。無論是開發軟體、實施 AI 和 ML 實踐，或是確保端到端流程的安全。

Before I hand it over to Ed, I'm proud to share that the outcomes highlighted today have positioned JFrog as the backbone not only for the majority of Fortune 100 companies, but also for some of the most cutting-edge new innovators.

在將發言權交給 Ed 之前，我很自豪地告訴大家，今天強調的成果已使 JFrog 不僅成為大多數財富 100 強企業的支柱，而且成為一些最前沿的新創新者的支柱。

In Q1, we won a sizable Enterprise Plus deal with one of the world's most recognizable AI technology leaders, who are actively shaping the future of general artificial intelligence. Recognizing JFrog's unique hybrid capabilities, enabling fast developer velocity alongside enterprise-grade security, they selected JFrog as their system of record for software development and management.

在第一季度，我們與全球最知名的人工智慧技術領導者之一贏得了規模可觀的 Enterprise Plus 交易，他們正在積極塑造通用人工智慧的未來。他們認識到 JFrog 獨特的混合功能，能夠實現快速的開發人員速度以及企業級安全性，因此他們選擇 JFrog 作為其軟體開發和管理的記錄系統。

While the broad market remains challenging and the adoption of new technology faces growing pains and regulatory hurdles, we are energized by the strong business and technology accomplishments of Q1. We enter Q2 with excitement about the opportunities ahead, both across the industry and within our roadmap.

儘管廣闊的市場仍然充滿挑戰，新技術的採用也面臨成長的煩惱和監管障礙，但第一季強勁的業務和技術成就仍為我們帶來了活力。進入第二季度，我們對整個行業和我們的路線圖內的未來機會感到興奮。

With that, I will turn the call over to our CFO, Ed Grabscheid, with an in-depth recap of Q1 financial results and our updated outlook for Q2 and the full fiscal year of 2025. Ed?

接下來，我將把電話轉給我們的財務長 Ed Grabscheid，深入回顧第一季的財務業績以及我們對第二季和 2025 年全年財務年度的最新展望。艾德？

Thank you, Shlomi, and good afternoon, everyone. During the first quarter of 2025, total revenues were $122.4 million, up 22% year-over-year. Our strong revenue results demonstrate continued execution of our go-to-market strategy with strength in our cloud revenues, growth in our Enterprise Plus subscription, and ongoing demand for our security core products.

謝謝你，Shlomi，大家下午好。2025 年第一季度，總營收為 1.224 億美元，年增 22%。我們強勁的營收表現表明，我們繼續執行行銷策略，雲端收入強勁，Enterprise Plus 訂閱成長，以及對我們的安全核心產品的持續需求。

First quarter cloud revenues grew to $52.6 million, up 42% year-over-year, and represented 43% of total revenues versus 37% in the prior year. Our growth in the cloud was primarily driven by data consumption across our customer portfolio, which exceeded contractual minimum commitments. We believe this highlights the mission-critical nature of JFrog to our customers, and we strategically work towards converting this usage into annual commitments while continuing to navigate a rigid purchasing environment.

第一季雲端運算收入成長至 5,260 萬美元，年增 42%，佔總營收的 43%，而去年同期為 37%。我們在雲端運算領域的成長主要得益於我們客戶組合的數據消費，這超過了合約的最低承諾。我們相信這凸顯了 JFrog 對客戶的關鍵任務本質，並且我們策略性地致力於將這種使用轉化為年度承諾，同時繼續應對嚴格的採購環境。

During the first quarter, our self-managed or on-prem revenues were $69.8 million up 10% year over year. As a result of our cloud-first approach, we continue to observe our on-prem customers shift their investments in favor of capturing even greater value coming from our cloud solutions.

第一季度，我們的自主管理或內部部署收入為 6,980 萬美元，年增 10%。由於我們採用雲端優先方法，我們不斷觀察到我們的本地客戶轉移他們的投資，以從我們的雲端解決方案中獲得更大的價值。

In Q1, 55% of total revenues came from enterprise plus subscriptions up from 49% in the prior year. Driven by the ongoing execution of our enterprise go-to-market strategy and broader customer adoption of the JFrog platform, revenue contribution from enterprise plus subscriptions grew 37% year over year.

第一季度，總營收的 55% 來自企業+訂閱，高於去年同期的 49%。在我們持續執行企業市場策略和更廣泛的客戶採用 JFrog 平台的推動下，企業+訂閱的營收貢獻年增了 37%。

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 97% as of the first quarter 2025.

過去四個季度的淨美元保留率為 116%。我們繼續證明，我們的客戶將 JFrog 解決方案視為其軟體供應鏈的關鍵任務，截至 2025 年第一季度，總保留率達到 97%。

Now I'll review the income statement in more detail. Gross profit in the quarter was 101 million dollars representing a gross margin of 82.5% in line with our guidance compared to 85.1% in the year ago period. The change in gross margin relative to the year ago period was primarily driven by the increased mix of our cloud revenues. We expect annual gross margins to remain between 82.5% and 83.5% in the near future due to continued focus on cost optimization with cloud service providers.

現在我將更詳細地回顧一下損益表。本季毛利為 1.01 億美元，毛利率為 82.5%，符合我們的預期，去年同期為 85.1%。與去年同期相比，毛利率的變化主要是由於雲端收入結構的成長。由於持續注重與雲端服務供應商的成本優化，我們預計近期年毛利率將維持在 82.5% 至 83.5% 之間。

Operating expenses in the first quarter were $79.7 million of 5% sequentially equaling 65% of revenues. This compares to $71.3 million or 71% of revenues in the year ago period. The balance between strategic investments and operational efficiency demonstrates our commitment to profitable growth. Our operating profit in Q1 increased to 21.4 million dollars or an operating margin of 17.4% compared to $14.1 million or 14% operating margin in the first quarter of 2024.

第一季營運費用為 7,970 萬美元，比上一季成長 5%，佔營收的 65%。相比之下，去年同期的營收為 7,130 萬美元，佔營收的 71%。策略投資與營運效率之間的平衡反映了我們對獲利成長的承諾。我們第一季的營業利潤增至 2,140 萬美元，營業利益率為 17.4%，而 2024 年第一季的營業利潤為 1,410 萬美元，營業利潤率為 14%。

Cash flow from operations equaled $28.8 million dollars in the first quarter. After taking into consideration capex requirements our free cash flow reached $28.1 million or 23% margin compared to $16.6 million or 17% in the year ago period.

第一季經營活動現金流達 2,880 萬美元。考慮資本支出要求後，我們的自由現金流達到 2,810 萬美元或利潤率為 23%，而去年同期為 1,660 萬美元或 17%。

Now turning to the balance sheet we ended the first quarter of 2025 with $563.5 million dollars in cash and short-term investments compared to 522 million dollars at the end of 2024. As of March 31 2025 our RPO totaled $424.2 million a 62% increase year over year benefiting from customers multi-year commitments to the JFrog platform. And now let's turn to our outlook and guidance for Q2 and the full year 2025. While we see pipeline opportunities continuing to build the full year guidance does not capture the complete outperformance we achieved in Q1 due to the volatile macroeconomic environment which has grown more uncertain relative to the beginning of the fiscal year.

現在轉向資產負債表，截至 2025 年第一季末，我們的現金和短期投資為 5.635 億美元，而 2024 年底為 5.22 億美元。截至 2025 年 3 月 31 日，我們的 RPO 總額為 4.242 億美元，年增 62%，這得益於客戶對 JFrog 平台的多年承諾。現在讓我們來談談 2025 年第二季和全年的展望和指引。儘管我們看到通路機會持續增加，但由於宏觀經濟環境波動較大，相對於財年初而言，其不確定性有所增加，因此全年指引並未完全反映出我們在第一季取得的優異表現。

We believe it is prudent to exercise caution in our forward outlook due to the current economic backdrop. Our updated guidance range suggests growing contributions from the JFrog security core broader adoption of the full JFrog platform and migration activity consistent with 2024. We continue to de-risk our outlook by excluding our largest opportunities given the uncertainty regarding the timing of customer deployments.

我們認為，鑑於當前的經濟背景，謹慎地看待未來展望是明智之舉。我們更新後的指導範圍表明，JFrog 安全核心的貢獻將不斷增加，整個 JFrog 平台的廣泛採用以及與 2024 年一致的遷移活動也將不斷增加。鑑於客戶部署時間的不確定性，我們將繼續排除最大的機會，以降低前景風險。

We estimate full year 2025 baseline cloud growth to now be in the range of 31% to 33%. Cloud revenue guidance continues to exclude any contribution from usage above our annual customers' minimum commitments. We continue to expect our net dollar retention rate to stabilize in the mid-teens.

我們預計 2025 年全年基線雲端成長率將在 31% 至 33% 之間。雲端收入指引持續排除超過我們年度客戶最低承諾的使用量所產生的任何貢獻。我們繼續預計我們的淨美元留存率將穩定在十幾歲左右。

For Q2 we expect revenues to be in the range of $121.5 million and $123.5 million equaling 19% year-over-year growth at the midpoint with non-GAAP operating profit anticipated to be between $17 million and $18 million and non-GAAP earnings per diluted share of $0.15 to $0.17 assuming a share count of approximately 120 million shares. For the full year of 2025 we anticipate a revenue range of $500 million to $505 million. Non-GAAP operating income is expected to be $74 million and $77 million and non-GAAP diluted earnings per share of $0.68 to $0.70, assuming a share count of approximately 120 million shares.

對於第二季度，我們預計營收將在 1.215 億美元至 1.235 億美元之間，相當於同比增長 19%，非 GAAP 營業利潤預計在 1,700 萬美元至 1,800 萬美元之間，非 GAAP 每股攤薄收益預計在 0.15 美元至 0.17 美元之間假設股票數量約為 1.2 億股）。我們預計 2025 年全年營收將在 5 億美元至 5.05 億美元之間。假設股票數量約為 1.2 億股，非 GAAP 營業收入預計為 7,400 萬美元至 7,700 萬美元，非 GAAP 稀釋每股收益預計為 0.68 美元至 0.70 美元。

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

現在，在我們回答你們的問題之前，我將把電話轉回給 Shlomi 做一些結束語。

Thank you, Ed. Our strong Q1 results were a reflection of the successful execution of our strategy across all three calls. Before we take your questions, let me quickly recap a few key highlights from Q1.

謝謝你，艾德。我們強勁的第一季業績反映了我們在三次電話會議中成功執行了我們的策略。在回答您的問題之前，讓我快速回顧一下第一季的一些關鍵亮點。

We launched the world's first platform to unify DevOps, DevSecOps, and MLOps with the release of JFrog ML. We announced a partnership with Hugging Face to help secure millions of open source machine learning models and fortify the AI community. We also armed the community with our annual software supply chain state of the union report, illuminating the status of the enterprise software supply chain.

隨著 JFrog ML 的發布，我們推出了世界上第一個統一 DevOps、DevSecOps 和 MLOps 的平台。我們宣布與 Hugging Face 建立合作夥伴關係，以幫助保護數百萬個開源機器學習模型並加強人工智慧社群。我們也向社群提供了年度軟體供應鏈狀況報告，闡明了企業軟體供應鏈的現狀。

We hit the road and welcomed our partners at GitHub as we met with top customers around the world, all while efficiently growing the business and exceeding our guidance. The JFrog team delivered amazing results. To my team, I'm proud of your efforts and grateful to stand beside you as we drive JFrog forward.

我們上路了，在 GitHub 上歡迎我們的合作夥伴，與世界各地的頂級客戶會面，同時高效地發展業務並超越我們的指導。JFrog 團隊取得了令人驚嘆的成果。對於我的團隊，我為你們的努力感到自豪，並很高興能夠在我們推動 JFrog 前進的過程中與你們並肩站在一起。

These successes belong to you. Now while we are energized by these accomplishments, we also recently recognized Memorial Day and Independence Day holidays in Israel. We were quickly reminded of the many sacrifices that freedom requires. It is hard to truly celebrate when we know that 59 of our brothers and sisters, including American and European citizens, are still held captive in Gaza. We continue to hope and pray for a safe journey home and for peaceful days ahead.

這些成功屬於你們。在我們為這些成就感到振奮的同時，我們最近也慶祝了以色列的陣亡將士紀念日和獨立日假期。我們很快就意識到自由需要付出許多犧牲。當我們得知包括美國和歐洲公民在內的 59 個兄弟姐妹仍被囚禁在加薩時，我們很難真正慶祝。我們繼續希望並祈禱回家之路平安，未來的日子平安。

With that, thank you for joining our call and may the Frog be with you. Operator, we're now open to take questions.

最後，感謝您加入我們的電話會議，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.

（操作員指令）Pinjalim Bora，摩根大通。

Oh, great. Thanks for taking the questions and congrats on a very solid quarter. I just want to go back to some of your comments on the cloud numbers, Ed. Just want to make sure I understand this correctly. Was the consumption above commitment, was that broad-based across your customer base or was that a narrow set of customers and what have you seen in terms of consumption so far in April?

噢，太好了。感謝您回答這些問題，並祝賀本季業績表現穩健。我只是想回顧一下你對雲端數字的一些評論，艾德。只是想確保我理解正確。消費量是否高於承諾？是否廣泛存在於您的客戶群中，還是只針對一小部分客戶？四月到目前為止，您的消費狀況如何？

And lastly, when you talk about the longer sales cycles and delayed decisions, is that something incremental that you have seen in Q1 or are you saying kind of that's been the environment so far in the last several quarters?

最後，當您談到更長的銷售週期和延遲的決策時，這是您在第一季看到的漸進現象嗎？還是說這是過去幾季的環境？

First of all, thank you for your question. It was a really strong quarter and as I mentioned, it was driven by data consumption. This was across a broad set of our customers, not only from the customer in terms of industry, but also from the geo perspective.

首先感謝您的提問。這是一個非常強勁的季度，正如我所提到的，這是由數據消費推動的。這涉及我們廣泛的客戶群體，不僅從行業角度考慮客戶，而且從地理角度考慮。

Now, regarding your question on in-quarter, we don't comment on the in-quarter, so you'll have to wait until the public call in which we do a scheduled normal call in Q2. And then regarding the third question, which the life cycle on the third question, this is consistent with what we saw previously. It hasn't been an increase in terms of the sales cycle. This is what we stepped into 2025.

現在，關於您關於季度內的問題，我們不對季度內發表評論，因此您必須等到我們在第二季度進行預定的正常公開電話會議。然後關於第三個問題，即第三個問題的生命週期，這與我們之前看到的一致。從銷售週期來看，並沒有增加。我們就這樣跨入了2025年。

Understood. And Shlomi, I think you talked about a Q1 deal, most recognizable AI technology leader. I want to just understand, maybe help us understand a little bit more on that particular deal. Are we talking about a LLM provider? What kind of competitive dynamics did you see in the deal? Why did they make that choice? And is that basically end-to-end from artifactory to advanced security to everything?

明白了。施洛米，我想您談到了第一季的交易，最知名的人工智慧技術領導者。我只是想了解一下，也許能幫助我們更了解這筆具體的交易。我們談論的是 LLM 提供者嗎？您認為這筆交易存在什麼樣的競爭態勢？他們為什麼做出這樣的選擇？這基本上是從人工製品到高級安全到一切的端到端嗎？

Hi, Pinjalim. Wow. This is an amazing deal that we won a new logo, a company that we all know. And the first use case that they are now committed to is having JFrog platform as their system of records for all models and to provide services and agent services to their customers.

你好，Pinjalim。哇。這是一個令人驚奇的交易，我們贏得了一個新標誌，一家我們都知道的公司。他們現在致力於的第一個用例是將 JFrog 平台作為所有模型的記錄系統，並為其客戶提供服務和代理服務。

Next, they will consider, according to their roadmap, JFrog security to secure the models before they leave their data centers. And last, they will also look at the ML models solution that we provide with the platform. So this is just the first quarter. We won it in Q1. We are very excited about it. But the potential is amazing. And this logo demonstrates exactly what we built the platform to.

接下來，他們將根據路線圖考慮 JFrog 安全性，以確保模型在離開資料中心之前得到安全保護。最後，他們還將了解我們透過平台提供的 ML 模型解決方案。這只是第一季。我們在第一季度贏得了勝利。我們對此感到非常興奮。但其潛力是驚人的。這個標誌準確地表明了我們建造這個平台的目的。

Understood. Thank you so much.

明白了。太感謝了。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey, team. This is (inaudible) for Mike Cikos over at Needham. Thanks for taking our questions. I was wondering if you could give a little more color on how you thought through guidance construction. Have you seen any macro impact so far? And how exactly did you further de-risk the guidance on top of the more cautious approach you took entering the year? Was it more pipeline scrubbing or a broad cut? Any thoughts there would be great.

嘿，團隊。這是（聽不清楚）給 Needham 的 Mike Cikos 的。感謝您回答我們的問題。我想知道您是否可以更詳細地說明一下您是如何思考指導建構的。到目前為止，您是否看到任何宏觀影響？那麼，除了年初採取的更謹慎的態度之外，您究竟是如何進一步降低指導風險的呢？這是進一步的管道清理還是大規模的清理？任何想法都很棒。

Hi. I'll go ahead and start and then Shlomi can fill in. So first off, we had a very strong quarter, as I mentioned, during Q1. And we did not carry forward the full benefit of that over-performance into the full year. Why didn't we do that? It's not necessarily based on something we saw at JFrog. It's the fact that we see uncertainty in the market. And we are being more cautious and adding prudence into the outlook based on this uncertainty in the markets. So there's no change in our philosophy.

你好。我先開始，然後 Shlomi 可以補充。首先，正如我所提到的，我們在第一季表現非常強勁。我們並沒有將超額完成業績所帶來的全部利益延續到全年。我們為什麼沒有這麼做？它不一定是基於我們在 JFrog 看到的東西。事實上，我們看到了市場中的不確定性。鑑於市場的不確定性，我們對前景更加謹慎，更加審慎。所以我們的理念沒有改變。

As you recall, we went into the full year with conservative guidance. We've de-risked our pipeline of the largest deals. And in addition to that, we're adding more caution based on the outlook and uncertain macro environments.

大家還記得，我們​​以保守的指導態度進入了全年。我們已經降低了最大交易的風險。除此之外，基於前景和不確定的宏觀環境，我們更加謹慎。

In terms of the second half, again, we exclude our largest, more complex deals. And on a year-over-year comparison, if you remember, three of the largest deals were closed in the second half of 2024. Therefore, there may be some possible upside. But it's still too soon. We want to get through Q2, and then we can reevaluate where the markets are and provide updated guidance after Q2.

就下半年而言，我們再次排除了最大、更複雜的交易。與去年同期相比，如果你還記得的話，三筆最大的交易是在 2024 年下半年完成的。因此，可能會有一些好處。但現在還為時過早。我們希望度過第二季度，然後我們可以重新評估市場狀況並在第二季度後提供更新的指導。

Yes, Mike, not a lot to add. But I will just tell you that everything that we wanted to see in Q1 happened, from the deliveries, the overachievements, and the pipeline building. But it's just the first quarter, as Ed mentioned. And we need to be cautious with how we guide you guys. So we're very happy about it and also happy to update the guidance according to our philosophy.

是的，麥克，沒有什麼可補充的。但我只想告訴你，我們希望在第一季看到的一切都發生了，從交付、超額完成到通路建設。但正如艾德所提到的，這只是第一季。我們需要謹慎地引導你們。因此，我們對此感到非常高興，也很高興根據我們的理念更新指導。

That makes sense. Thank you. And then on the lower commitments and the tighter environment, in the past, you've spoken about customers sort of stopping on-prem expansion while they await migrating to the cloud. Did you see any hesitancy or delays of any sort connected to the macro exacerbating this during the quarter?

這很有道理。謝謝。然後，關於較低的承諾和更嚴格的環境，過去，您曾談到客戶在等待遷移到雲端時會停止內部擴展。您是否發現本季存在與宏觀因素相關的任何猶豫或延遲，從而加劇了這種情況？

We haven't seen any changes from the behavior through Q1 that we saw during 2024. It's a very similar behavior in terms of migration activity. Customers that are waiting to migrate will remain in their self-hosted instance, and they will not typically expand unless it's maybe security. However, we continue to build the pipeline, and we continue to see growth in our pipeline. And if everything plays out, we may see some of those opportunities in the second half.

我們沒有看到 2024 年第一季的行為有任何變化。就遷移活動而言，這是一種非常相似的行為。等待遷移的客戶將保留在其自託管執行個體中，通常不會擴展，除非出於安全考慮。然而，我們繼續建造管道，並且我們繼續看到管道的成長。如果一切順利的話，我們可能會在下半年看到一些這樣的機會。

Awesome. Thanks so much.

驚人的。非常感謝。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Yes, thank you for taking my question. And congrats on the really strong start to the year. Shlomi, I can remember the last time you spent so much time talking about the ML opportunity in your script. And so I wanted to dive into why and why now you're emphasizing this so much as part of your messaging. I mean, is there a theory there around models being the new binaries and JFrog not making that shift from compiled code binaries to securing models and how important that is to the business? I'd love to if you could just expand on the ML opportunity as you guys see it today?

是的，感謝您回答我的問題。祝賀您今年取得如此強勁的開局。Shlomi，我記得上次你在劇本中花了這麼多時間討論機器學習機會。所以我想深入探究為什麼以及為什麼現在你在訊息傳遞中如此強調這一點。我的意思是，是否存在這樣的理論：模型是新的二進位文件，而 JFrog 並沒有從編譯程式碼二進位檔案轉向保護模型，這對業務有多重要？我很想請您詳細說明你們今天所看到的機器學習機會？

Yes. Well, this is one of the most exciting things that we've released ever. Following the acquisition of Qwak AI, we worked very hard to implement their platform into the JFrog platform. And currently, JFrog is the only platform that provides DevOps, DevSecOps, and MLOps practices under the same solution. We are excited about it mainly because of the fact that it opens so many doors, including the Hugging Face integration, the integration with NVIDIA that we discussed in the past.

是的。嗯，這是我們迄今為止發布的最令人興奮的東西之一。在收購 Qwak AI 之後，我們非常努力地將他們的平台實施到 JFrog 平台中。而目前JFrog是唯一一個在同一解決方案下提供DevOps、DevSecOps、MLOps實踐的平台。我們對此感到興奮，主要是因為它打開了許多大門，包括 Hugging Face 整合、我們過去討論過的與 NVIDIA 的整合。

Our customers that are telling us that they start to use JFrog Artifactory as their model registry and JFrog X-Ray as their scanner. Listen, we stand ready to what this models revolution brings to the universe. And I'm happy that we expanded the platform. We are looking forward to see how it will be translated into the pipeline.

我們的客戶告訴我們，他們開始使用 JFrog Artifactory 作為他們的模型註冊表，並使用 JFrog X-Ray 作為他們的掃描器。聽著，我們已經準備好迎接這場模型革命為宇宙帶來的一切。我很高興我們擴展了這個平台。我們期待看到它將如何轉化為管道。

Excellent. And then, Ed, sort of a question back on like the cloud business. Those customers that are consuming an excess of contract, what do you think their behavioral response is likely to be as the year goes on? Is it a situation where ultimately they'll have to sign a new commitment contract with higher usage? Do they just get to consume sort of on demand at their sort of original unit pricing? Or do you expect them to sort of curtail or optimize usage to get usage more in line with their commitment? From what you see today, how do you see that element from those customers exceeding commitment playing out?

出色的。然後，艾德，我再問一個關於雲端業務的問題。對於那些合約消費量過大的客戶，您認為隨著時間的推移，他們的行為反應可能會是什麼？最終他們是否必須簽署一份使用率較高的新承諾合約？他們是否只是以原來的單位價格按需消費？或者您希望他們減少或優化使用量，以使使用量更符合他們的承諾？從您今天看到的情況來看，您認為這些客戶超越承諾的因素會扮演什麼角色？

Well, that's a great question, Sanjit. It's one quarter that we've actually seen usage over our minimum commit. If you recall, in 2024, we didn't have cases where we had so many customers across our portfolio, across geographies that have performed above our minimum commits at these levels. So we have to first evaluate, is this sustainable or is this something that is just one quarter?

嗯，這是一個很好的問題，Sanjit。實際上，有一個季度我們的使用量已經超過了最低承諾量。如果你還記得的話，在 2024 年，我們的投資組合中、跨地區的客戶中還沒有這麼多表現超出我們最低承諾水平的客戶。因此，我們必須先評估，這是可持續的嗎？還是這只是一個季度的事情？

Now, what do we see? We still know that we're in a rigid purchasing environment. We know that it has become uncertain in terms of the macro environment developers are using. There is opportunity and they're being pushed not only by their boards, by their management to continue to innovate and develop, but you have the other side, which is the procurement and the office of the CFO that is pushing back. We're still in a cost optimized type of environment.

現在，我們看到了什麼？我們仍然知道我們處於嚴格的採購環境。我們知道，就開發人員所使用的宏觀環境而言，情況已經變得不確定。機會是存在的，而且他們不僅受到董事會和管理層的推動，不斷創新和發展，而且還有另一方面的阻力，那就是採購部門和財務長辦公室。我們仍然處於成本優化的環境中。

So you know, it's still too soon to know what's going to happen. They can continue to use over their minimum commits and will happily take that. It's not part of my guidance looking forward. And we'll have to see what happens.

所以你知道，現在還不知道會發生什麼事。他們可以繼續使用他們的最低承諾，並且很樂意接受這一點。這不是我未來指導的一部分。我們將拭目以待。

Understood. Thanks so much, Ed, for the insights.

明白了。非常感謝 Ed 的見解。

Brad Reback, Stifel.

布拉德·雷巴克（Brad Reback），Stifel。

Great. Thanks very much. Ed, just following up on Sanjit's question. If a customer goes -- if they use up their full commit, do they then go to the rack rate or do they continue to be able to consume at the price they had under the contract?

偉大的。非常感謝。艾德，我只是想回答桑吉特的問題。如果客戶用完了全部承諾的金額，他們是否將按照門市價消費，還是可以繼續按照合約規定的價格消費？

When they go over their commit, we actually have a penalty rate that they go and they use. But typically what we find is that customers will re-up if they see that this usage becomes consistent. So we work very closely with the customer together with our sales organization to increase the data consumption package and get them pricing that's in line with expectations moving forward.

當他們超出承諾時，我們實際上會有一個懲罰率供他們使用。但通常我們發現，如果客戶發現這種使用方式變得一致，他們就會重新使用。因此，我們與客戶以及我們的銷售部門密切合作，以增加數據消費套餐並為他們提供符合未來預期的定價。

Great. And the RPO growth was as strong as it's been since the first quarter of '21 sequentially. Was that concentrated in a few large deals or was that broad-based?

偉大的。自 2021 年第一季以來，RPO 成長一直保持強勁。這些交易是集中在幾筆大交易中，還是廣泛存在的？

Well, Brad, you remember in Q3, we closed three of the largest deals and we continue to close sizable deals. These are multi-year deals. These include security. The timing of our booking will certainly depend on how the performance of the RPO and the CRPO. But in addition to that, we now start to see our customers doing multi-year agreements and that's what's reflected in our RPO. So we're seeing it across a broad number of customers. It's not concentrated to a few. It's not all of the customers, but it's certainly a strong indication of the demand coming to JFrog by our customers.

嗯，布拉德，你記得在第三季度，我們完成了三筆最大的交易，並且我們繼續完成規模較大的交易。這些都是多年期協議。其中包括安全性。我們的預訂時間肯定取決於 RPO 和 CRPO 的表現如何。但除此之外，我們現在開始看到我們的客戶簽訂多年協議，這也反映在我們的 RPO 中。我們在廣大客戶中都看到了這一點。它並不集中在少數人身上。雖然並非所有客戶都是如此，但這確實有力地表明了我們的客戶對 JFrog 的需求。

Great. Thanks very much.

偉大的。非常感謝。

Kingsley Crane, Canaccord.

金斯利·克蘭（Kingsley Crane），Canaccord。

Hey, thank you. So for Shlomi, over a million new models and data sets were out of the Hugging Face in 2024, tripled from the year prior. It's approaching Docker and NPM. We also saw a 6.5% increase in malicious models. So what inning are we in in terms of maturation of this ecosystem? And then with malicious models increasing at a faster pace, how aware are builders in the space of the potential risks out there?

嘿，謝謝你。因此對於 Shlomi 來說，2024 年 Hugging Face 將推出超過一百萬個新模型和資料集，比前一年增加了兩倍。它正在接近 Docker 和 NPM。我們還發現惡意模型增加了 6.5%。那麼，就這個生態系的成熟度而言，我們處於什麼階段呢？那麼，隨著惡意模型的快速成長，該領域的建構者對潛在的風險有多認識？

So Kingsley, thanks for the question. We are in the very early stage of implementing MLOps. Actually, to be honest with you, what we hear from our customers, specifically the enterprise customers, that there are two big question marks floating around the ML adoption. The first one is the security of the models and where models will go and how it would be governed and secured. And the second one, how much it's going to cost me when it will go up to production.

金斯利，謝謝你的提問。我們正處於實施 MLOps 的早期階段。實際上，坦白說，我們從客戶（特別是企業客戶）那裡聽說，圍繞機器學習的採用存在兩個大問號。第一個是模型的安全性以及模型將去往何處以及如何管理和保護它。第二個問題是，當它投入生產時需要花費多少錢。

So together with our customers, we are building the roadmap. We are working with them on QBRs to prepare to the strategy, to answer their bold questions. And I think that though we are at the early beginning of ML adoption, it's unstoppable. Developers are already using it. They are not waiting. So I think that what you will see next is that the enterprise start to align themselves with the demand coming from the bottom up.

因此，我們正在與客戶一起制定路線圖。我們正在與他們合作制定 QBR 策略，以回答他們提出的大膽問題。我認為，儘管我們正處於機器學習應用的早期階段，但它的發展卻是勢不可擋。開發人員已經在使用它了。他們沒有等待。所以我認為接下來你會看到企業開始適應自下而上的需求。

Thanks. That's helpful. So for Ed, I want to circle back on RPS. So obviously, we've had some really strong commitments starting back from Q3, but even some great sequential growth this quarter. So I just am trying to foot that with some of the challenges that you're seeing securing more commitments in Q1. I mean, were you expecting even higher RPO growth in this Q1?

謝謝。這很有幫助。因此對於 Ed，我想回到 RPS 上。顯然，從第三季開始我們就做出了一些非常有力的承諾，但本季甚至取得了一些連續的大幅成長。因此，我只是試圖應對您所看到的一些挑戰，以確保在第一季獲得更多的承諾。我的意思是，您是否預計第一季的 RPO 成長會更高？

Kingsley, we did exactly what we expected to do in Q1. In fact, we did better than we expected to do because the cloud usage was much higher than expectations. So we don't guide for it, but we were pleasantly surprised by our cloud usage ending the quarter.

金斯利，我們在第一季的表現完全符合我們的預期。事實上，我們做得比預期的要好，因為雲端的使用率遠高於預期。因此，我們不會對此進行指導，但我們對本季末的雲端使用情況感到驚訝。

Now, I would tell you the RPO, again, is based off of the multi-year and the strength in the multi-year that we see from several customers and where the market is going. They want to secure in this environment multi-year agreements to lock in pricing. And we also see now security being added on top of this. So all of these factors. And in addition to that, Kingsley, the timing of when these bookings happen. So Q1 of this quarter, as it's comparing to the prior year, is a significant increase because of the timing of the bookings, these large bookings happening towards the second half of 2024.

現在，我想告訴您，RPO 再次基於多年以及我們從多個客戶那裡看到的多年實力以及市場走向。他們希望在這種環境下達成多年期協議來鎖定價格。我們現在也看到在此基礎上添加了安全性。所有這些因素。除此之外，金斯利也提到了這些預訂發生的時間。因此，與去年同期相比，本季第一季的預訂量顯著增加，這是因為預訂的時間安排，這些大額預訂發生在 2024 年下半年。

Really helpful. Impressive results. Thanks, Ed.

真的很有幫助。令人印象深刻的結果。謝謝，艾德。

Miller Jump, Truist.

米勒跳躍，Truist。

Miller, I think you're on mute.

米勒，我想你靜音了。

Hi, can you hear me now?

嗨，你現在聽得到我說話嗎？

Yes.

是的。

Sorry about that. So thank you for taking the question. Just to follow up on that, you know, the scope of the deals has been obviously a big evolution point over the last year. Can you just talk about maybe any more detail on the pipeline you're seeing right now in terms of volume and number and dollar value of deals versus where you were at the same time last year?

很抱歉。感謝您回答這個問題。順便說一下，您知道，交易範圍顯然是過去一年的重大發展點。您能否更詳細地談談目前交易量、交易數量和交易金額與去年同期相比的情況？

So what we are seeing, as we saw in the previous year, is that our big companies, big enterprise companies are securing bigger deals, especially around the platform adoption, including security. And our sales team is also triggering discussions around that to encourage the adoption of the full platform and security on top of DevOps. So just like last year and the year before, the second half of the year is where we see more sizable deals coming in. And this is something that, as Ed mentioned, we are also de-risking when we provide you some guidance. But we see the pipeline growing and we are very encouraged about it.

因此，正如我們在去年看到的那樣，我們的大公司、大型企業正在達成更大的交易，特別是在平台採用（包括安全性）方面。我們的銷售團隊也正在圍繞這個問題展開討論，以鼓勵採用基於 DevOps 的完整平台和安全性。因此，就像去年和前年一樣，今年下半年我們將看到更多規模更大的交易。正如 Ed 所提到的，我們在為您提供一些指導時也在降低風險。但我們看到管道正在不斷增長，我們對此感到非常鼓舞。

Thanks. And then maybe for Ed, you know, you talked about de-risking on the revenue side. We have the guide for the bottom line as well. But just any color on, are you changing the way that you're thinking about investments going forward, given the macro uncertainty you called out, you know, either in the type of investments or the volume?

謝謝。然後也許對於 Ed 來說，您知道，您談到了降低收入方面的風險。我們也有底線指南。但無論怎樣，考慮到您所指出的宏觀不確定性，無論是投資類型還是投資數量，您是否會改變對未來投資的看法？

Well, Miller, you know, part of our DNA is to very much focus on profitability and make wise decisions. We balance our investments and our profitability and therefore never really get ahead of ourselves so that we can manage through these uncertain periods of time. And the way that we built the guidance, because of the conservatism on the top line, we believe anything that we overachieve would flow to the bottom line.

嗯，米勒，你知道，我們的 DNA 的一部分就是非常注重盈利能力並做出明智的決定。我們平衡我們的投資和盈利能力，因此從不真正超越自己，以便我們能夠度過這些不確定的時期。我們制定指導方針的方式是，由於頂線的保守性，我們相信任何我們超額完成的事情都會流向底線。

Yes. And with that, Miller, as you saw in the past, in 2024, it was Qwak AI. Before that, [Pidu] and other companies. When we need to move fast and when we need to invest more, whether it's on the go-to-market side or the R&D, the IP, the expansion of the platform, we use this efficiency also to become fast and to become aggressive toward the opportunities that we see in the market. Therefore, you see now that JFrog is the only solution in the world that provides all three practices under one platform.

是的。米勒，正如您過去所看到的那樣，2024 年，就是 Qwak AI。此前，還有【Pidu】等公司。當我們需要快速行動、需要投入更多資金時，無論是在市場進入方面，還是在研發、智慧財產權、平台擴展方面，我們都會利用這種效率來快速行動，積極抓住我們在市場上看到的機會。因此，您現在看到 JFrog 是世界上唯一一個在一個平台下提供所有三種實踐的解決方案。

Understood. Thank you.

明白了。謝謝。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hey, guys. This is Eamon Coughlin on for Raimo Lenschow. Thanks for the question. Great to hear your traction with the GitHub partnership. Are you seeing any impact to landing net new deals or expanding usage with your existing base from this partnership? Or is it too early to tell?

嘿，大家好。這是 Eamon Coughlin 代替 Raimo Lenschow 上場的比賽。謝謝你的提問。很高興聽到您對 GitHub 合作夥伴關係的關注。您是否認為此次合作對達成新交易或擴大現有客戶群的使用量有任何影響？還是現在說還太早？

Remo, we are completely astonished about the reaction of our customers to this partnership. It was so clear to everyone that these two best-of-breed platforms should play together as one. As I mentioned in the call, we traveled together with the GitHub CEO, with Thomas, in Europe and in the U.S. We met our top customers. Hundreds of them are already adopting the solution. Now, regarding new logos and new opportunities, obviously, it makes it much more stronger as a message to the state who is doing source code and who is doing binaries, and how the security plays together and how co-pilot and our AI capabilities are playing together.

雷莫，我們對客戶對這項合作的反應感到非常驚訝。每個人都清楚，這兩個最佳平台應該可以協同工作。正如我在電話中提到的，我們與 GitHub 執行長 Thomas 一起前往歐洲和美國，並會見了我們的頂級客戶。其中數百家企業已經採用了該解決方案。現在，關於新的標誌和新的機遇，顯然，它向國家傳達了一個更有力的信息，即誰在做源代碼，誰在做二進製文件，以及安全性如何協同工作，以及副駕駛和我們的人工智能能力如何協同工作。

But it's across the board. It's coming from developers' usage. It's coming from security adoption. I'm not sure that we can put the finger on what's specifically growing, but we see the growth, and we also see the growth in the pipeline.

但它是全面的。它來自開發人員的使用。它來自於安全採用。我不確定我們能否指出具體增長的是什麼，但我們看到了增長，我們也看到了管道的增長。

Got it. Thanks, Shlomi. And then for the JFrog's core security platform, just curious if the performance in 1Q was better than expected, how we should think about the pipeline for core security throughout 2025, and then how that go-to-market motion is evolving for this product.

知道了。謝謝，Shlomi。然後對於 JFrog 的核心安全平台，我只是好奇第一季的表現是否好於預期，我們應該如何考慮整個 2025 年的核心安全管道，以及該產品的上市動向如何發展。

We are very pleased with what we saw in Q1. As you know, we will disclose all numbers at the end of this fiscal year. We are pleased with what we saw coming in in Q1, and we are very much happy about what we see in the pipeline. Still on us to make sure that it keeps growing at the same pace as we demonstrated in 2024.

我們對第一季的表現非常滿意。如您所知，我們將在本財政年度結束時揭露所有數據。我們對第一季的成果感到滿意，對正在籌備中的項目也感到非常高興。我們仍需確保其持續以 2024 年所展現的速度成長。

Got it. Thanks, guys.

知道了。謝謝大家。

Mark Cash, Raymond James.

馬克卡許、雷蒙詹姆斯。

Thank you. Yes, so Shlomi, maybe going back to that last question, and realizing it was just last week, but JFrog's presence at RSA has really grown over the years. So just really curious as to any takeaways coming out of RSA for JFrog. Any areas that stood out as advantages to capitalize on from a product or channel partner perspective to you?

謝謝。是的，Shlomi，也許回到最後一個問題，並意識到就在上週，但 JFrog 在 RSA 上的影響力多年來確實在增長。所以我真的很好奇 RSA 能為 JFrog 帶來什麼啟示。從產品或通路夥伴的角度來看，有哪些突出的優勢可以發揮？

You mean overall or specifically on security?

您指的是整體安全還是具體安全？

Really on security, just because the way we've seen the booth and the presence grow in RSA.

確實在安全方面，只是因為我們看到展位和 RSA 的存在感不斷增長。

Yeah. So what we have heard in RSA is that two trends are heavily happening. The first one is consolidation of tools. One of them was included in today's call when I spoke about WalkMe and the consolidation of tools, moving from multiple tools to JFrog as a platform solution. The second thing, and this is another big opportunity for us to grow, is the security around models. It's not anymore just software packages.

是的。我們在 RSA 上聽到的是兩個趨勢正在顯著發生。第一個是工具的整合。其中之一是在今天的電話會議中，我談到了 WalkMe 和工具整合，從多種工具轉移到 JFrog 作為平台解決方案。第二件事，也是我們成長的另一個重大機遇，就是模型的安全性。它不再只是軟體包。

It's not anymore just a few type of binaries. It's also the new era of AI with the primary asset of models and how you secure that. So you will see more partnership coming in with JFrog, and you will see more use cases that developers are not just securing their software packages, but also models.

它不再只是幾種類型的二進位。這也是人工智慧的新時代，其主要資產是模型以及如何保護它。因此，您將看到與 JFrog 建立更多的合作夥伴關係，並且您將看到更多的用例，即開發人員不僅保護他們的軟體包，還保護模型。

As I said, we are happy about the Q1 results. We are more than happy, and thank you for reminding me, RSA and RSA results. And we are building the pipeline to make sure that we deliver what we committed to at the end of the year.

正如我所說，我們對第一季的業績感到滿意。我們非常高興，感謝您提醒我，RSA 和 RSA 結果。我們正在建造管道，以確保在年底兌現我們的承諾。

Great. And for Ed, you know, I think last year you guys had a focus on making sure you had quality accounts that would expand, you know, now we're a quarter into '25. I guess, how's your confidence in growing the base? Obviously, like the bigger customers are doing well, but just kind of growing the funnel and the base, and then what would be the key drivers of getting momentum there? Thank you.

偉大的。對於 Ed，你知道，我認為去年你們的重點是確保自己擁有可以擴展的優質帳戶，你知道，現在我們已經進入 25 年的四分之一了。我猜，你對於擴大基礎的信心如何？顯然，像大客戶一樣做得很好，但只是在擴大管道和基礎，那麼在那裡獲得動力的關鍵驅動力是什麼呢？謝謝。

Yes, we see still great momentum in our customers moving from lower subscriptions into the enterprise. And in particular, if you look at E+, the growth that we generate from our E+, customers, today now more than 55% of our revenue is coming from E+, and we have significant growth over 30-plus percent in year-over-year revenue growth coming from that particular subscription. So we do see nice momentum.

是的，我們看到客戶從低訂閱轉向企業訂閱的勢頭仍然強勁。特別是，如果你看一下 E+，我們從 E+ 客戶那裡獲得的成長，今天我們超過 55% 的收入來自 E+，而且我們來自該特定訂閱的收入同比增長了 30% 以上。所以我們確實看到了良好的勢頭。

Now, regarding how do we continue to carry that going forward, as we add more value to that platform, and we continue to add more products to enterprise, this quarter we added ML to the platform. We will start to see more of our customers moving from the lower subscription to higher subscription, and we have a long runway to go, still with less than 10% of our customers in E+.

現在，關於我們如何繼續推進這一進程，隨著我們為該平台增加更多價值，並繼續為企業添加更多產品，本季度我們在平台上添加了 ML。我們將開始看到更多的客戶從較低的訂閱轉向更高的訂閱，我們還有很長的路要走，目前仍有不到 10% 的客戶使用 E+ 服務。

Yes, Mark, I think just to add a bit about what Ed mentioned, the balance between what you want to add as a value only to your enterprise customers and what you have on the lower subscription is something that we work on for the past 15 years. On one hand, you want to promote the top of funnel, those who doesn't start at the platform level, and on the other hand, you want to differentiate the platform. This quarter, we added MLOps capabilities. We expect to see even more migration from lower subscription to the enterprise plus.

是的，馬克，我想補充艾德提到的內容，我們在過去 15 年裡一直在努力尋找為企業客戶增加的價值與較低訂閱費之間的平衡。一方面，你想推廣漏斗頂端的人，也就是那些沒有從平台層級開始的人，另一方面，你想區分平台。本季度，我們增加了 MLOps 功能。我們預計會看到更多用戶從低訂閱等級遷移到企業升級等級。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yes, hey, guys, thanks so much for taking the questions. When I look at the investor deck, I love how you guys are sticking with this 2027 revenue target. I really like the confidence there, but it does seem like growth kind of accelerates from here out of 2025, and so just curious on why are you so confident with that 2027 target still?

是的，嘿，夥計們，非常感謝你們回答這些問題。當我看到投資者的簡報時，我很高興看到你們堅持這個 2027 年的收入目標。我真的很喜歡那裡的信心，但從 2025 年開始增長似乎會加速，所以我很好奇為什麼你仍然對 2027 年的目標如此有信心？

Thank you for your question regarding the long-term model. We are still evaluating that. As we said actually last year, we are on track. We're on track, and in fact, after even Q1, we remain on track with the long-term model, but there is uncertainty right now that we have to take into consideration, and we'll revisit the long-term model, and we may come back to you in the second half of 2025 with updates.

感謝您關於長期模型的提問。我們仍在評估這一點。正如我們去年所說的那樣，我們正走在正確的軌道上。我們正走在正軌上，事實上，即使在第一季之後，我們仍然按照長期模型進行，但目前存在一些不確定性，我們必須考慮這些不確定性，我們將重新審視長期模型，並可能在 2025 年下半年向您提供更新資訊。

Got it. Thank you. And one thing I'm really liking about JFrog, maybe even more than the growth, is the cash flow generation, and so you did 23% free cash flow margin this quarter. I think this is the best ever for a Q1, and when you look historically, free cash flow margin generally builds throughout the year, so I'm trying not to get ahead of my skis here, so maybe help me understand the free cash flow dynamics in the first quarter. It does sound like cloud overage maybe helped out a little bit, but just really thinking about it against the 20% margin guide for 2025.

知道了。謝謝。我真正喜歡 JFrog 的一點，甚至可能比成長更重要的是現金流的產生，所以本季你們的自由現金流利潤率為 23%。我認為這是有史以​​來最好的第一季度，從歷史上看，自由現金流利潤率通常會在全年增加，所以我盡量不在這裡超前，這樣也許可以幫助我了解第一季度的自由現金流動態。聽起來雲過剩似乎有一點幫助，但只是根據 2025 年 20% 的利潤率指南來考慮。

Yes, so free cash flow in Q1 seasonably tends to be where we have many of our payments first off, so annual payments are in Q1, and the second piece to take into consideration is the conservatism on the top line, so because we remain conservative on the top line, we don't take into consideration the large customer opportunities, and we're not taking that into consideration in our free cash flow. It's not captured in free cash flow margin. So today, any overachievement that we would have on our top line would flow to the bottom and potentially improve free cash flow margin and what we're showing in the long-term model -- or in the investor deck, excuse me.

是的，因此第一季的自由現金流往往是我們首先支付大量款項的季度，因此年度付款都在第一季度，第二個需要考慮的因素是營業收入的保守性，因為我們對營業收入保持保守，所以我們不會考慮大客戶的機會，而且我們也不會在自由現金流中考慮到這一點。它沒有被計入自由現金流保證金中。因此，今天，我們在營收上取得的任何超額成績都會流向營收底部，並有可能提高自由現金流利潤率以及我們在長期模型中（或者在投資者平台上，對不起）所展示的情況。

Thank you.

謝謝。

Andrew Sherman, TD Cowen.

安德魯·謝爾曼（Andrew Sherman），TD Cowen。

Oh, great. Thanks. Shlomi would love to hear a little bit more about the pipeline of big deals in large enterprise, if you can, and given what you did last year, which was so strong in the second half, do you see that kind of playing out more Q2 or second half, and how is, like, pipeline coverage versus a year ago levels?

噢，太好了。謝謝。如果可以的話，Shlomi 很想聽聽關於大型企業大宗交易管道的更多信息，考慮到你們去年下半年的強勁表現，您是否認為這種情況會在第二季度或下半年更加明顯？與去年同期相比，通路覆蓋率如何？

Yes, Andy, you probably all understand that if we have a big deal in the pipe, it's already there. No big deal -- no sizable deal of multimillion-dollar deal is coming in a quarter before. So we are working on it, promoting it, building the relationship.

是的，安迪，你們可能都明白，如果我們在管道中有一個大交易，那麼它已經存在了。沒什麼大不了的——在此之前的一個季度不會出現價值數百萬美元的大額交易。因此，我們正在努力、推廣並建立關係。

And still, while we guide you guys, we de-risk those meaningful, sizable deals. So we have a few of them in the second half of the year currently projected, and we are very excited about it. All of them include not just DevOps but also security, the majority of them coming from the cloud as we plan it strategically. And some of them might even include other elements that we added this year, but it's too early to tell.

而且，在我們指導你們的同時，我們也會降低那些有意義的、規模可觀的交易的風險。因此，我們目前預計下半年將推出幾款產品，我們對此感到非常興奮。所有這些不僅包括 DevOps，還包括安全性，其中大多數來自雲端，正如我們戰略規劃的那樣。其中一些甚至可能包括我們今年添加的其他元素，但現在還為時過早。

Okay, great. And speaking of security, have you seen any change to the sales cycles there, specifically given that it's a different go-to-market motion? And on customer renewals, for those that have been on advanced security for a while, how have those renewals gone in the reception to the roll-off of intro pricing? And then if you're able to display some point solutions in the process, and that helps fund the budget, it would be great to hear about that.

好的，太好了。說到安全性，您是否看到那裡的銷售週期有任何變化，特別是考慮到這是一個不同的上市動議？關於客戶續約，對於那些已經使用高級安全一段時間的客戶來說，這些續約在推出介紹定價後進展如何？然後，如果您能夠在過程中展示一些點解決方案，並且這有助於資助預算，那麼我們會很高興聽到這個消息。

Yes, so first of all, regarding security, the pipeline is being built, as I mentioned. And cycles are the same. I'm happy to see that most of our customers and prospects that are now looking at JFrog are taking security as part of the complete solution. So cycles are the same cycle, but maybe with more capabilities included.

是的，首先，關於安全，正如我所提到的，管道正在建設中。且週期也是一樣的。我很高興地看到，現在關注 JFrog 的大多數客戶和潛在客戶都將安全性作為完整解決方案的一部分。因此，週期是相同的週期，但可能包含更多功能。

Regarding renewals, as you remember, the second half of 2024 was a bit more busy in terms of our security deals. So we'll see in the second half, I will be able to come up with maybe more information and insight about it. But what we've seen so far, one quarter behind us, what we've seen so far is very much aligned with our projection in terms of renewals and even upselling some of our customers.

關於續約，正如您所記得的，2024 年下半年我們的安全交易更加繁忙。因此，我們將在下半場看到，我將能夠提供更多有關它的資訊和見解。但就我們目前所看到的情況來看，雖然已經過了一個季度，但在續約甚至向部分客戶追加銷售方面，我們所看到的情況與我們的預測非常一致。

Great. Thanks, guys.

偉大的。謝謝大家。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Yes, congrats on the great quarter. So just to follow up on MLOps, I understand it's early days, and you and Ed have said that they're not baking any MLOPs-related monetization into this fiscal guidance. But I think you said you have rolled out a credit-based monetization model for AI usage.

是的，恭喜本季取得如此出色的成績。因此，只是為了跟進 MLOps，我知道現在還為時過早，您和 Ed 已經說過，他們不會將任何與 MLOPs 相關的貨幣化納入本財政指導中。但我認為您說過您已經推出了基於信用的人工智慧貨幣化模式。

Just as you are kind of test pricing levers across your customers, just if you can comment, Shlomi, on how the adoption telemetry is looking like. Is the AI usage exceeding kind of the commit minimums or any internal thresholds that you had in mind on these early accounts? And just curious, like, how to think about potential contribution here? And then I had a quick follow-up for Ed.

就像您在客戶中測試定價槓桿一樣，Shlomi，您能否評論一下採用遙測的情況？這些早期帳戶中的人工智慧使用量是否超出了您所考慮的最低提交量或任何內部閾值？只是好奇，例如，如何看待這裡的潛在貢獻？然後我對 Ed 進行了快速跟進。

Yes, thank you, Shrenik. ML is out as part of the JFrog platform for around two months. So while we are excited and some of our customers are already starting to use it, it's too early for me to judge whether it's going to be part of the pipeline building or it's too early.

是的，謝謝你，Shrenik。ML 作為 JFrog 平台的一部分已經推出大約兩個月了。因此，儘管我們很興奮，而且我們的一些客戶已經開始使用它，但現在判斷它是否會成為管道建設的一部分還為時過早。

As I mentioned, there are some governance and budget questions, not necessarily technology questions around it. And this is why we decided that the MLOps capabilities will be part of your Enterprise Plus subscription. And in order to grow with us, in order to scale with us, then you will be able to buy more ML credits.

正如我所提到的，存在一些治理和預算問題，不一定是技術問題。這就是我們決定將 MLOps 功能作為 Enterprise Plus 訂閱的一部分的原因。為了與我們一起成長，為了與我們一起擴大規模，您將能夠購買更多的 ML 積分。

So even if someone started to use it two months ago, it's still part of the package. We don't yet see a significant impact on the pipeline, but we are looking forward to providing you with more information once we will have evidence from the market.

因此，即使有人兩個月前就開始使用它，它仍然是軟體包的一部分。我們尚未看到對管道產生重大影響，但我們期待在獲得市場證據後為您提供更多資訊。

Got it. I appreciate that, Shlomi. And Ed, I know you said on the call that you won't comment on in-quarter, but just if we can elaborate on anything at all, any changes in linearity across the first quarter, particularly in enterprise accounts. Are you seeing more deals late in the quarter versus more the usual even staggered patterns that you typically see? Just any sense there?

知道了。我很感激，什洛米。艾德，我知道您在電話中說過您不會對本季度的情況發表評論，但如果我們可以詳細說明任何事情，第一季的線性變化，特別是在企業帳戶方面。您是否看到本季末的交易比通常看到的更頻繁、甚至交錯的交易模式更多？有什麼意義嗎？

So Shrenik, outside of the usage that we saw in Q1, that on a year-over-year basis is totally different than what we saw in Q1 of 2024. The linearity and our expectations were perfectly in line.

因此，Shrenik 除了我們在第一季看到的使用情況外，與去年同期相比，其使用情況與我們在 2024 年第一季看到的情況完全不同。線性和我們的期望完全一致。

Perfect. Thanks a lot. Appreciate it.

完美的。多謝。非常感謝。

Jason Celino, Keybanc.

傑森·塞利諾（Jason Celino），Keybanc。

Yes. Thanks for taking my question. You know, when we look at the sequential growth on the cloud side, it's the biggest Q1 we've seen and, frankly, one of your biggest quarters outside of a Q4 on the cloud side.

是的。感謝您回答我的問題。您知道，當我們查看雲端的連續成長時，這是我們見過的最大的第一季度，坦白說，也是第四季度以外雲端成長最大的季度之一。

It sounds like most of this was driven from consumption. Did any of the upside that you saw come from, you know, that enterprise deal that you signed, or was it just signed too late in the quarter that it wouldn't have contributed anyway?

聽起來這大部分是由消費驅動的。您看到的任何好處是否來自於您簽署的企業協議，還是只是在本季度簽署得太晚了，以至於無論如何都不會產生貢獻？

Yes. Hey, Jason. Consumption was above the average, especially after '23 and '24. We were excited to see developers coming back and using and consume from our cloud services. But let me be clear. It was across the board.

是的。嘿，傑森。消費量高於平均水平，尤其是在 23 年和 24 年之後。我們很高興看到開發人員回來使用我們的雲端服務。但請讓我明確一點。這是全面的。

The deals that we submitted in Q1, the contracts that we secured in Q1, the long-term contract, the adoption of our security solution. I think that on all fronts, and if you add to it also the free cash flow, RPO, all fronts, we scored high. And may I also remind you and everyone else, this is the third quarter in a row that we are exceeding our guidance, and we see a momentum here that we want to keep. It's not only because of technology adoption. It's also because of the strategic way we build and execute on the pipeline.

我們在第一季提交的交易、我們在第一季達成的合約、長期合約以及我們安全解決方案的採用。我認為，在所有方面，如果再加上自由現金流、RPO 等所有方面，我們的得分都很高。我還要提醒大家，這是我們連續第三個季度超出預期，我們看到了我們希望保持的勢頭。這不僅僅是因為技術的應用。這也是因為我們在管道建設和執行上採取了策略性的方式。

Okay. Excellent. And then maybe just a clarification for Ed. You know, given it was an acceleration in Q1, and then the guide you're taking up for cloud for the full year goes up by about a point. So your visibility to the rest of the year, I understand you're trying to be prudent and thoughtful with how you're thinking about the rest of the year. But how should we think about the pace of decel?

好的。出色的。然後也許只是向 Ed 澄清一下。您知道，考慮到第一季雲端運算業務的加速，那麼您對全年雲端運算業務的預期將上升約一個點。因此，對於您對今年剩餘時間的展望，我理解您正在嘗試謹慎和深思熟慮地考慮如何應對今年剩餘時間。但我們該如何思考減速的步伐呢？

Because you're looking at 10 points of deceleration just to end the year on an average basis. You know, would you think that the pace of decel would be, you know, more second-half weighted? Or any help you can help with the linearity there?

因為你看到，到年底，平均成長率將下降 10 個百分點。你知道嗎，你會認為減速的速度會更取決於下半年嗎？或者您能提供任何線性方面的協助嗎？

I'm happy to help, and I'll give you three very easy bullets to understand. Number one, the de-risk of our pipeline from the largest deals. And as you know, those typically happen in the second half, and those are typically cloud migration deals, and they're not factored into our guide.

我很樂意提供協助，我會給你三個非常容易理解的要點。第一，降低我們最大的交易管道的風險。如您所知，這些通常發生在下半年，而且通常是雲端遷移交易，因此它們並未計入我們的指南中。

The second is the conservatism that we've already built in our guidance, which we've explained as we stepped into 2025. So we're being more conservative. And the fact that I'm not carrying over the full outperformance of Q1 into the full year. We have to evaluate to see where we're at after Q2, and you may see some opportunity. But again, it's too soon to know.

第二個是我們在指導中已經建立的保守主義，我們在進入 2025 年時已經對此進行了解釋。所以我們變得更保守。事實上，我不會將第一季的優異表現延續到全年。我們必須評估第二季度之後的情況，你可能會看到一些機會。但現在還言之過早。

Okay, thank you, Ed.

好的，謝謝你，艾德。

Jonathan Ruykhaver, Cantor Fitzgerald.

喬納森·魯伊克哈弗，坎托·菲茨杰拉德。

Yes, hey, guys. So I just have one question. And I realize that code suggestion is not a focus of JFrog, but just looking at the impact of Open AIs proposed acquisition of Windsurf, it just makes one think.

是的，嘿，夥計們。所以我只有一個問題。我意識到程式碼建議不是 JFrog 的重點，但光是看看 Open AI 提議收購 Windsurf 的影響，就讓人深思。

There are a lot of dynamics at play. OpenAI seemingly is going to be competing more directly with GitHub Copilot, in addition to Amazon Code Whisperer. But I think that, you know, from my perspective, it seems to point to heightened competition, obviously, between the AI platforms. And, you know, we're seeing those platforms move towards tighter integration of the various solutions across the development tool chain. So I'm just curious, Shlomi, on your perspective on how this potentially impacts the repository opportunity. It doesn't, you know, drive more strategic partnerships.

有很多動態因素在起作用。除了 Amazon Code Whisperer 之外，OpenAI 似乎也將與 GitHub Copilot 展開更直接的競爭。但我認為，從我的角度來看，這顯然顯示人工智慧平台之間的競爭加劇。而且，您知道，我們看到這些平台正朝著整個開發工具鏈中各種解決方案的更緊密整合的方向發展。所以我只是好奇，Shlomi，你對這可能會如何影響儲存庫機會的看法。你知道，它不會推動更多的策略夥伴關係。

Yes, that's a great question. And as we know, this market evolves very fast. Currently, from what we see, and specifically from the player you mentioned, that we work very closely with them, the more, the merrier. It's not overlapping the model registry we provide.

是的，這是一個很好的問題。我們知道，這個市場發展非常快。目前，從我們所看到的情況，特別是從您提到的玩家來看，我們與他們合作非常密切，越多越好。它與我們提供的模型註冊表並不重疊。

For sure, it's not overlapping the other software packages that you need to use in order to drive AI. It's not covering the security and the model scanning that we provide. So what the future will bring, I don't know. But currently, we are collaborating. And the synergy is actually what our customers are asking for. So currently, my answer is that I see more collaboration than competition.

當然，它不會與驅動 AI 所需使用的其他軟體包重疊。它不包括我們提供的安全性和模型掃描。所以未來會發生什麼，我不知道。但目前，我們正在合作。而這種協同效應其實正是我們的客戶所要求的。所以目前，我的答案是，我看到的合作多於競爭。

Yes. Okay. Great. Thank you.

是的。好的。偉大的。謝謝。

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。現在我將把電話轉回給 Shlomi，請他作結束語。

Thank you, everyone. We are very, very excited about this quarter. We are excited about what ahead. And we wish you from here, from the swamp at Sunnyvale, a great afternoon. Thank you.

謝謝大家。我們對本季感到非常非常興奮。我們對未來充滿期待。我們從這裡，從桑尼維爾的沼澤地，祝福你們有個愉快的下午。謝謝。

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

今天的電話會議到此結束。謝謝您的出席。您現在可以斷開連線。