Jfrog Ltd (FROG) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the JFrog second-quarter 2025 financial results earnings call. (Operator Instructions)

女士們，先生們，感謝你們的加入，歡迎參加 JFrog 2025 年第二季財務業績收益電話會議。（操作員指示）

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

現在我將會議交給投資者關係主管 Jeffrey Schreiner。傑弗裡，請繼續。

Thank you, Nicole. Good afternoon, and thank you for joining us as we review JFrog's second-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 年第二季的財務業績，該業績於今天收盤後透過新聞稿公佈。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 Ed Grabscheid。

During this call, we may make statements related to our business that are forward-looking under federal securities laws and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to our future financial performance, including our outlook for Q3 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.

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有關的聲明，包括我們對第三季度和 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。

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. 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.

請注意不要過度依賴這些前瞻性陳述，這些陳述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。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。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of material risks and other important factors that could affect our 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. Additional information will be made available in our Form 10-Q for the quarter ended June 30, 2025, and other filings and reports that we may file from time to time with the SEC.

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。更多資訊將在截至 2025 年 6 月 30 日的季度 10-Q 表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 財務指標用作衡量 JFrog 業績的標準，應作為 GAAP 指標的補充而非替代或孤立地看待。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 JFrog's CEO, Shlomi Ben-Haim. Shlomi?

說到這裡，我想把電話轉給 JFrog 的執行長 Shlomi Ben-Haim。什洛米？

Thank you, Jeff. Good afternoon, and thank you all for joining the call. As the JFrog platform becomes the system of record for all software packages, I'm pleased to report another excellent quarter for the company. We continue to execute with discipline, aiming to meet the growing market demand for a unified platform that enables trusted, scalable software delivery.

謝謝你，傑夫。下午好，感謝大家參加電話會議。隨著 JFrog 平台成為所有軟體包的記錄系統，我很高興地報告公司又一個出色的季度。我們將繼續嚴格執行，旨在滿足市場對能夠實現可信賴、可擴展軟體交付的統一平台日益增長的需求。

In Q2, JFrog software revenue was $127.2 million, up 23% year over year. Our operating margin was 15.2% in the quarter, demonstrating consistent execution while maintaining disciplined strategic investments. Cloud revenue for Q2 equaled $57.1 million, representing 45% year-over-year growth. We observed sustained cloud usage while maintaining a strategic focus on converting customers with steady usage above minimum commitment into annual contracts.

第二季度，JFrog軟體營收為1.272億美元，年增23%。本季我們的營業利潤率為 15.2%，反映了我們在保持嚴謹的策略投資的同時，始終如一的執行力。第二季雲端運算營收為 5,710 萬美元，年增 45%。我們觀察到雲端使用情況持續，同時保持策略重點，將使用量穩定且高於最低承諾的客戶轉化為年度合約。

Our enterprise focus, product, and go-to-market bore fruit again this quarter. I'm pleased to report that our greater than $1 million customers grew to 61 compared to 42 in the year-ago period, equaling 45% growth year over year. Customers spending more than $100,000 annually grew to 1,076 compared to 928 in the year-ago period, equaling 16% year-over-year growth.

本季度，我們的企業重點、產品和行銷再次取得成果。我很高興地報告，我們的資產超過 100 萬美元的客戶數量從去年同期的 42 位增長到 61 位，同比增長 45%。每年消費超過 10 萬美元的顧客數量從去年同期的 928 人增加到 1,076 人，年增 16%。

Our trailing four quarters net dollar retention increased sequentially, driven by continued adoption of our security product and solid growth across our customer base. Ed will discuss this in greater detail later in the call.

由於我們安全產品的持續採用和客戶群的穩健成長，我們過去四個季度的淨美元保留率連續成長。埃德將在稍後的通話中更詳細地討論這個問題。

Entering the second half of 2025, we are confident that our focus on DevOps, security, and MLOps aligns with modern software demands. This quarter's success was fueled by continued cloud growth, rising demand for our unified security solutions, and a clear value proposition in the rapidly evolving world of Agentic AI and MLOps.

進入 2025 年下半年，我們相信我們對 DevOps、安全性和 MLOps 的關注符合現代軟體需求。本季的成功得益於雲端運算的持續成長、對我們統一安全解決方案的需求不斷增長，以及在快速發展的 Agentic AI 和 MLOps 世界中明確的價值主張。

Now I will take a moment to spotlight what powered our Q2 success, highlighting the key drivers behind our strong performance. First, on cloud growth. I want to address two items for JFrog Cloud, both our core business results and then talk about emerging market dynamics. Q2 delivered strong cloud results fueled by expanded annual commitments, helping our customers gain budget clarity and SaaS spending visibility, while growing our recurring revenue base.

現在，我將花點時間介紹我們第二季度成功的動力，強調我們強勁表現背後的關鍵驅動因素。首先，關於雲端成長。我想談 JFrog Cloud 的兩件事，首先是我們的核心業務成果，然後談談新興市場動態。在擴大年度承諾的推動下，第二季雲端運算業務取得了強勁的業績，幫助我們的客戶獲得預算清晰度和 SaaS 支出可見性，同時增加了我們的經常性收入基礎。

Now with AI adoption exploding, CIOs are rethinking infrastructure at its core. The unpredictable cost of running AI at scale is forcing a shift from cloud-first to fit-for-purpose. This might mean hybrid, balancing cost predictability with agility, compliance, security, and control.

現在，隨著人工智慧應用的爆炸性成長，資訊長們正在重新思考其核心基礎設施。大規模運行人工智慧的不可預測的成本迫使人們從雲端優先轉向適合用途。這可能意味著混合，平衡成本可預測性與靈活性、合規性、安全性和控制力。

JFrog has been hybrid from day one, a unified software supply chain platform that runs in the cloud, on-prem or both. We are not reacting to this hybrid demand. We've been building for it, giving our customers true freedom of choice.

JFrog 從第一天起就是混合型的，它是一個統一的軟體供應鏈平台，可以在雲端、本地或兩者中運作。我們沒有對這種混合需求做出反應。我們一直在為此而努力，為我們的客戶提供真正的選擇自由。

This strategic shift by companies might extend sales cycles of customers that were in the process of migrating workloads to public clouds, but it reflects a deeper enterprise commitment across infrastructures and setups. As customers bet big on AI, they need a robust solution, but also cost predictability, and that's exactly where JFrog can help them build smarter for the future. We're heading into H2 confident and focused, aligned with customers' demand, and build for what next, staying loyal to our disciplined derisked approach.

公司的這種策略轉變可能會延長正在將工作負載遷移到公有雲的客戶的銷售週期，但它反映了企業在基礎設施和設定方面更深層的承諾。隨著客戶大力押注人工智慧，他們需要一個強大的解決方案，同時也需要成本可預測性，而這正是 JFrog 可以幫助他們建立更聰明的未來的地方。我們滿懷信心、全神貫注地邁入下半年，與客戶的需求保持一致，為下一步做好準備，並始終堅持我們嚴謹的去風險方法。

Next, to AI and machine learning. Over the past few years, JFrog has not only invested in making our platform the system of record for MLOps and AI-driven software delivery, but also partnered with the world's largest companies and leading organizations in the AI ecosystem.

接下來是人工智慧和機器學習。在過去的幾年裡，JFrog 不僅投入資金將我們的平台打造為 MLOps 和 AI 驅動軟體交付的記錄系統，而且還與 AI 生態系統中全球最大的公司和領先組織建立了合作夥伴關係。

Last quarter, we highlighted our partnership with Hugging Face to secure open source AI models, the launch of JFrog ML to enterprise customers as part of our unified platform and the growing adoption of JFrog by native AI companies using Artifactory as the centerpiece model registry in their software supply chain.

上個季度，我們重點介紹了與 Hugging Face 的合作，以確保開源 AI 模型的安全，向企業客戶推出 JFrog ML 作為我們統一平台的一部分，以及越來越多的原生 AI 公司採用 JFrog，並使用 Artifactory 作為其軟體供應鏈中的核心模型註冊表。

In Q2, we were honored to be included in yet another mega initiative in the world of AI when NVIDIA's CEO, Jensen Huang, announced their new enterprise AI factory at the NVIDIA GTC Conference. As part of this emerging standard for enterprise AI development, JFrog was announced as the cornerstone software artifact repository and secure model registry for NVIDIA's initiatives.

在第二季度，NVIDIA 執行長黃仁勳在 NVIDIA GTC 大會上宣布了他們的新企業 AI 工廠，我們很榮幸能夠參與 AI 領域的另一個大型計畫。作為企業 AI 開發新興標準的一部分，JFrog 被宣佈為 NVIDIA 計畫的基石軟體工件儲存庫和安全模型註冊表。

Justin Boitano, NVIDIA's VP of Enterprise AI Products, noted, quote, enterprises building AI factories need to manage the complexity of AI adoption, while ensuring performance, governance, and trust. JFrog's unified software supply chain platform, paired with the NVIDIA Enterprise AI factory, validated, design enables rapid responsible AI innovation at scale, end quote.

NVIDIA 企業 AI 產品副總裁 Justin Boitano 指出，建置 AI 工廠的企業需要管理 AI 採用的複雜性，同時確保效能、治理和信任。JFrog 的統一軟體供應鏈平台與 NVIDIA 企業 AI 工廠相結合，經過驗證的設計能夠實現大規模快速負責任的 AI 創新，結束報價。

We also continue to gain traction with leading AI industry customers as referenced in Q1 as they rapidly adopt the JFrog platform as an infrastructure solution, a system of record for binaries. Just as we previously became the registry and single source of truth for all software packages, containers, and artifacts or in short, all type of binaries, we are on a mission to become the world's leading AI model registry, offering our customers comprehensive 360 coverage across the entire model life cycle.

正如第一季所提到的，我們也繼續受到領先的人工智慧產業客戶的青睞，因為他們迅速採用 JFrog 平台作為基礎設施解決方案，即二進位記錄系統。正如我們之前成為所有軟體包、容器和工件（簡稱所有類型二進位）的註冊中心和唯一真實來源一樣，我們的使命是成為世界領先的 AI 模型註冊中心，為我們的客戶提供整個模型生命週期的全面 360 度覆蓋範圍。

To achieve this, we are deepening partnerships with AI industry leaders, expanding our support for the AI ecosystem, and driving community standards for responsible ML and AI adoption. As AI continues to transform the way we live and work, developer tool stacks are evolving rapidly, integrating code assistant tools to meet growing demands for speed and efficiency.

為了實現這一目標，我們正在深化與人工智慧產業領導者的合作，擴大對人工智慧生態系統的支持，並推動負責任的機器學習和人工智慧採用的社群標準。隨著人工智慧不斷改變我們的生活和工作方式，開發人員工具堆疊正在快速發展，整合程式碼助理工具以滿足日益增長的速度和效率需求。

But it's not just tools that are changing. The architecture of software products must now be designed around MCP servers that enable agentic interaction, giving AI technologies access to tools and the system that power modern application development.

但改變的不僅是工具。現在，軟體產品的架構必須圍繞支援代理互動的 MCP 伺服器進行設計，使 AI 技術能夠存取支援現代應用程式開發的工具和系統。

JFrog is all in as an open platform, building a solution that deeply integrates into the AI ecosystem. Our commitment was also marked by the launch of the JFrog MCP server in mid-July during the AWS Summit in New York.

JFrog 作為一個開放平台，全力建構深度融入 AI 生態系統的解決方案。我們的承諾也體現在 7 月中旬在紐約 AWS 高峰會期間推出的 JFrog MCP 伺服器。

This is not all. As responsible members of the AI community and as a vendor committed to building trust across our customers' software supply chain, we recognize that as MCP adoption accelerates in the development world, so does interest from threat actors looking to exploit evolving MCP standards. Our security research team recently uncovered and published significant exploitation risks tied to MCP usage, and we're proud to lead the charge in securing the AI community from these emerging threats.

這還不是全部。作為人工智慧社群的負責任成員和致力於在客戶軟體供應鏈中建立信任的供應商，我們認識到，隨著 MCP 在開發領域的採用加速，威脅行為者對利用不斷發展的 MCP 標準的興趣也在增加。我們的安全研究團隊最近發現並發布了與 MCP 使用相關的重大漏洞風險，我們很自豪能夠帶頭保護 AI 社群免受這些新興威脅的侵害。

Finally, I want to highlight our DevSecOps solutions. In Q2, we saw multiple customers wins continue to be driven by security, with companies focused on the consolidation of tools, a model security, and software package curation. For example, during the second quarter, one of the world's largest telecommunication companies expanded its use of JFrog through JFrog Curation in a seven-figure deal. As part of their standardization and consolidation efforts across their DevOps and DevSecOps tool sets, they placed a strategic investment in our solution to enforce policies and act as a firewall for their software supply chain.

最後，我想強調一下我們的 DevSecOps 解決方案。在第二季度，我們看到多個客戶的成功繼續受到安全性的推動，公司專注於工具整合、模型安全性和軟體包管理。例如，在第二季度，全球最大的電信公司之一透過 JFrog Curation 以七位數的價格擴大了對 JFrog 的使用。作為其 DevOps 和 DevSecOps 工具集標準化和整合工作的一部分，他們對我們的解決方案進行了策略性投資，以執行政策並充當其軟體供應鏈的防火牆。

JFrog security solution are boldly transforming the industry, replacing legacy point solution tools with a unified software supply chain platform and blazing the trail with world-class research and cutting-edge innovations to deliver trusted AI. Some of these innovations will be announced at swampUP.

JFrog 安全解決方案正在大膽地改變產業，以統一的軟體供應鏈平台取代傳統的點解決方案工具，並以世界一流的研究和尖端創新開闢道路，提供值得信賴的人工智慧。其中一些創新將在 swampUP 上公佈。

I'm excited to remind you that JFrog will be holding our Annual User Conference on September 9 and 10 in Napa Valley, California. We'll be announcing new products and strategic partnerships, highlighting new innovations and delivering new solutions to the market. We look forward to welcoming our community to swampUP, where the world of every of op standards is crafted.

我很高興地提醒您，JFrog 將於 9 月 9 日至 10 日在加州納帕谷舉辦我們的年度用戶大會。我們將發布新產品和策略合作夥伴關係，重點介紹新創新並向市場提供新的解決方案。我們期待歡迎我們的社群加入 swampUP，這裡是精心打造各種操作標準的世界。

With that, I'll turn the call over to our CFO, Ed Grabscheid, with an in-depth recap of Q2 financial results and our updated outlook for Q3 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，深入回顧第二季的財務業績以及我們對第三季和 2025 年全年財務狀況的最新展望。艾德？

Thank you, Shlomi, and good afternoon, everyone. During the second quarter of 2025, total revenues were $127.2 million, up 23% year over year. Our strong performance during the quarter was a result of continued operational execution, driven by strength in our cloud revenues, accelerating adoption in security core products, and ongoing demand for our enterprise-level subscriptions.

謝謝你，Shlomi，大家下午好。2025 年第二季度，總營收為 1.272 億美元，年增 23%。我們本季的強勁表現得益於持續的營運執行，這得益於我們雲端收入的強勁成長、安全核心產品的加速採用以及對我們企業級訂閱的持續需求。

Second-quarter cloud revenues grew to $57.1 million, up 45% year over year, and represented 45% of total revenues versus 38% in the prior year. As Shlomi noted, our strategy remains focused on converting customers with usage above minimum commitments into higher annual contracts. Our growth in the cloud was driven by momentum in the JFrog Security Core and conversion of customers with usage above minimum commitments into higher annual contracts.

第二季雲端運算收入成長至 5,710 萬美元，年增 45%，佔總營收的 45%，去年同期為 38%。正如 Shlomi 所指出的，我們的策略仍然專注於將使用量超過最低承諾的客戶轉化為更高年度合約的客戶。我們在雲端運算領域的成長得益於 JFrog Security Core 的發展動能以及使用量超過最低承諾的客戶轉化為更高年度合約的推動。

During the second quarter, our self-managed or on-prem revenues were $70.1 million, up 10% year over year. Aligned with our cloud-first approach, we proactively engage our on-prem customers to migrate DevSecOps workloads to our cloud and enable them to capture even greater long-term value.

第二季度，我們的自我管理或內部部署收入為 7,010 萬美元，年增 10%。與我們的雲端優先方法保持一致，我們積極主動地與本地客戶合作，將 DevSecOps 工作負載遷移到我們的雲端中，並使他們能夠獲得更大的長期價值。

In Q2, 55% of total revenues came from Enterprise Plus subscriptions, up from 50% 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 36% year over year.

第二季度，55% 的總收入來自 Enterprise Plus 訂閱，高於去年同期的 50%。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，Enterprise Plus 訂閱的營收貢獻年增了 36%。

Net dollar retention for the four trailing quarters was 118%, up 2 points sequentially, driven by the adoption of our security core products and increased data consumption, resulting in higher customer commitments. 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 second-quarter 2025.

過去四個季度的淨美元留存率為 118%，比上一季增長 2 個百分點，這得益於我們安全核心產品的採用和數據消費的增加，從而帶來了更高的客戶承諾。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 年第二季度，總保留率達到 97%。

Now I'll review the income statement in more detail. Gross profits in the quarter were $105.7 million, representing a gross margin of 83.1%, in line with our guidance range, versus 84.4% 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.

現在我將更詳細地回顧一下損益表。本季毛利為 1.057 億美元，毛利率為 83.1%，符合我們的預期範圍，去年同期為 84.4%。與去年同期相比，毛利率的變動主要是由於雲端收入組合的增加。

We expect annual gross margins to remain between 82.5% and 83.5% in 2025 due to continued focus on cost optimization with the cloud service providers. Operating expenses in the second quarter were $86.4 million, equaling 68% of revenues. This compares to $73.3 million, or 71% of revenues in the year-ago period. Our operating profit in Q2 increased to $19.4 million, or an operating margin of 15.2%, compared to $13.6 million and 13.2% operating margin in the second quarter of 2024.

由於持續關注雲端服務供應商的成本優化，我們預計 2025 年年毛利率將維持在 82.5% 至 83.5% 之間。第二季營運費用為 8,640 萬美元，佔營收的 68%。相比之下，去年同期的營收為 7,330 萬美元，佔營收的 71%。我們第二季的營業利潤增至 1,940 萬美元，營業利益率為 15.2%，而 2024 年第二季的營業利潤為 1,360 萬美元，營業利潤率為 13.2%。

The continued balance between strategic investments and operational efficiency demonstrates our commitment to profitable growth. Cash flow from operations equaled $36.1 million in the second quarter. After taking into consideration CapEx requirements, our free cash flow reached $35.5 million, or 28% margin, compared to $16 million, or 15% margin in the year-ago period.

策略投資與營運效率之間的持續平衡反映了我們對獲利成長的承諾。第二季經營現金流為 3,610 萬美元。考慮到資本支出要求後，我們的自由現金流達到 3,550 萬美元，利潤率為 28%，而去年同期為 1,600 萬美元，利潤率為 15%。

Now turning to the balance sheet. We ended the second quarter of 2025 at $611.7 million in cash and short-term investments, compared to $522 million at the end of 2024. As of June 30, 2025, our RPO totaled $476.7 million, a 75% increase year over year, benefiting from customers' multi-year commitments to JFrog's DevOps and security offerings.

現在轉向資產負債表。截至 2025 年第二季度，我們的現金和短期投資為 6.117 億美元，而 2024 年底為 5.22 億美元。截至 2025 年 6 月 30 日，我們的 RPO 總額為 4.767 億美元，年增 75%，這得益於客戶對 JFrog 的 DevOps 和安全產品的多年承諾。

And now let me turn to our outlook and guidance for Q3 and the full-year 2025. While we are pleased with our strong performance in the first half of the year and see pipeline opportunities continuing to build, given the current macro uncertainties, we believe it is prudent to continue to exercise caution in our forward outlook. Our updated guidance range suggests growing contributions from the JFrog Security Core, increases in cloud commitments, and continued adoption of the full JFrog platform. We continue to derisk our outlook by excluding our largest opportunities given the uncertainty regarding the timing of customer deployments.

現在，讓我來談談我們對第三季和 2025 年全年的展望和指導。雖然我們對上半年的強勁表現感到滿意，並看到管道機會繼續增加，但考慮到當前的宏觀不確定性，我們認為繼續對未來展望保持謹慎是明智之舉。我們更新的指導範圍表明 JFrog 安全核心的貢獻不斷增加、雲端承諾不斷增加以及完整 JFrog 平台的繼續採用。鑑於客戶部署時間的不確定性，我們繼續排除最大的機會來降低我們的前景風險。

We estimate full-year 2025 baseline cloud growth to now be in the range of 34% to 36%. 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 remain in the mid-teens during 2025.

我們預計 2025 年全年雲端運算基線成長率將在 34% 至 36% 之間。雲端收入指引持續排除超出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，到 2025 年，我們的淨美元留存率將保持在 15% 左右。

For Q3, we expect revenues to be in the range of $127 million and $129 million, with non-GAAP operating profit anticipated to be between $16.5 million and $18.5 million, and non-GAAP earnings per diluted share of $0.15 to $0.17, assuming a share count of approximately 122 million shares.

對於第三季度，我們預計營收將在 1.27 億美元至 1.29 億美元之間，非 GAAP 營業利潤預計在 1,650 萬美元至 1,850 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 1.22 億股）。

For the full-year 2025, we anticipate a revenue range of $507 million to $510 million, representing approximately 18.7% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be between $75 million and $78 million, and non-GAAP diluted earnings per share of $0.68 to $0.70, assuming a share count of approximately 121 million shares.

對於 2025 年全年，我們預計營收在 5.07 億美元至 5.1 億美元之間，中位數年增約 18.7%。假設股票數量約為 1.21 億股，非 GAAP 營業收入預計在 7,500 萬美元至 7,800 萬美元之間，非 GAAP 稀釋每股收益預計在 0.68 美元至 0.70 美元之間。

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. This quarter demonstrated yet another powerful example of JFrog's strong execution and even more remarkable given the adversity we faced. Our team in Israel, supported by the global JFrog team, worked under unimaginable threat, literally under fire during the recent conflict with Iran. This resilience and brotherhood are woven into our DNA, and I'm truly grateful and honored to stand alongside such a courageous and dedicated team. Together, we continue to live stronger no matter the challenge.

謝謝你，Ed。本季再次展現了JFrog強大的執行力，考慮到我們面臨的逆境，這一點更加令人矚目。在全球 JFrog 團隊的支持下，我們在以色列的團隊在難以想像的威脅下工作，在最近與伊朗的衝突中，他們確實遭到了砲火的攻擊。這種韌性和兄弟情誼已經融入我們的 DNA，我由衷地感激和榮幸能夠與這樣一支勇敢而敬業的團隊站在一起。無論面臨怎樣的挑戰，我們都會一起變得更強壯。

We continue to hold on to hope and pray for peace in the world and for the fast release of the 50 hostages held captive by the brutal terror organization from us. We deeply wish for their safe return home well before reaching two years in captivity in Gaza's underground tunnels.

我們繼續抱持希望，祈禱世界和平，祈禱被殘酷恐怖組織劫持的50名人質盡快獲釋。我們衷心祝福他們能夠在被關押在加薩地下隧道兩年之前安全返回家園。

JFrog's business remains strong. Our technology continues to lead and innovation is growing. We're making meaningful progress towards becoming the system of record for all software. H1 of 2025 was solid, and we're focused on building even more success ahead.

JFrog 的業務依然強勁。我們的技術持續領先，創新不斷成長。我們正在朝著成為所有軟體的記錄系統的方向取得有意義的進展。2025 年上半年業績穩健，我們致力於在未來取得更大的成功。

With that, thank you for joining our call and may the frog be with you. Operator, we are 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) Sanjit Singh, Morgan Stanley.

（操作員指示）摩根士丹利的 Sanjit Singh。

Can you hear me?

你聽得到我嗎？

Yes, we can. Hi, Sanjit.

是的，我們可以。你好，桑吉特。

Awesome. Congrats on a strong Q2. Shlomi, I wanted to talk a little bit about the evolutions, cloud-first, fit-for-purpose. If I rewind it back a couple of years ago, there was this sort of customer hesitation on self-managed data center offering and then sort of looking to secure budget for their cloud initiatives.

驚人的。恭喜您第二季業績強勁。什洛米，我想稍微談一下雲端優先、適合用途等方面的演變。如果我把時間倒回幾年前，就會發現客戶對於自我管理資料中心產品猶豫不決，並希望確保其雲端計畫的預算。

Could you just talk a little bit more about the evolution that you're seeing now? I just want to sort of unpack your comments in terms of how it would translate into continued cloud growth versus potential self-managed growth going forward given the evolution that you were speaking to in your earnings script?

您能否再多談談您現在所看到的演變？我只是想對您的評論進行一些解讀：考慮到您在收益腳本中提到的發展情況，它將如何轉化為持續的雲端成長，而不是未來潛在的自我管理成長？

Absolutely. Thank you for the question, Sanjit. What we are hearing from our customers, especially those that were in the process of migrating workloads to the cloud, to the public cloud, is that there is a new type of uncertainty coming from the predictability or the ability to predict costs in the world of AI.

絕對地。謝謝你的提問，Sanjit。我們從客戶那裡聽到的消息是，特別是那些正在將工作負載遷移到雲端、公有雲的客戶，在人工智慧領域，可預測性或預測成本的能力帶來了一種新的不確定性。

AI is being adopted rapidly. And therefore, you need to think or rethink, where your models will be, where the data will be, how you will train it. And therefore, just going blindly to the cloud is not a responsible move for them. So they take a bit more time to consider that.

人工智慧正在被迅速採用。因此，您需要思考或重新思考，您的模型將在哪裡，資料將在哪裡，以及您將如何訓練它。因此，盲目地轉向雲端運算對他們來說並不是一個負責任的舉動。所以他們花了更多時間來考慮這個問題。

Obviously, this is more relevant to the high-scale companies. A small developer shop that are practicing AI will not start its own data center, but big organizations that are betting heavy on AI will think and rethink where their data centers will be, whether it would be in the cloud, on-prem or hybrid as most of them are now talking about.

顯然，這與規模較大的公司更為相關。實踐人工智慧的小型開發公司不會建立自己的資料中心，但大力投資人工智慧的大型組織會反覆思考他們的資料中心將設在哪裡，無論是在雲端、本地還是混合部署，正如他們現在大多數人所談論的那樣。

Understood. My follow-up question goes to a little bit about how some of the product portfolio decisions the team is making is translating to your -- both your growth and your partnerships within the ecosystem. And specifically, what I'm referring to is like the sunsetting of the JFrog Pipelines product, I was wondering to what extent has that improved your go-to-market collaboration and initiatives with some of the CI/CD players, including Microsoft GitHub.

明白了。我的後續問題是關於團隊做出的一些產品組合決策如何轉化為您的成長以及您在生態系統內的合作關係。具體來說，我指的是 JFrog Pipelines 產品的停產，我想知道這在多大程度上改善了您與一些 CI/CD 參與者（包括 Microsoft GitHub）的市場合作和計劃。

And is there any way where that's actually helping put more focus on the security part of the portfolio, which seems like it's also seeing some rising adoption. I'm trying to connect the dots there, but tell me if I'm over extrapolating.

有沒有什麼方法可以真正幫助人們更加關注投資組合的安全部分，而這似乎也正在得到越來越多的採用。我正在嘗試將這些點連接起來，但請告訴我我是否推斷過度了。

Yeah. So as you know, our growth is based on a very diverse portfolio, all sectors, all industries, all size of companies, cloud, on-prem, so different setups, but also different practices. JFrog is the only unified platform that provides DevOps practices, MLOps practices, and DevSecOps practices. This means that we are active in three different course to accelerate our growth.

是的。所以，如您所知，我們的成長是基於非常多樣化的投資組合，所有部門、所有行業、所有規模的公司、雲端、本地，因此設定不同，實踐也不同。JFrog是唯一提供DevOps實踐、MLOps實踐、DevSecOps實踐的統一平台。這意味著我們正在積極採取三種不同的措施來加速我們的成長。

Specifically regarding JFrog Pipeline, the moment we found out that most of the world is betting on GitHub action and there are new CI practices coming with the trend of AI, we decided to be number one in what we know how to be number one.

具體到 JFrog Pipeline，當我們發現世界上大多數人都在押注 GitHub 行動，並且隨著人工智慧的趨勢出現了新的 CI 實踐時，我們決定在我們所知道的領域中成為第一名。

Pipeline was not one of them. Therefore, we were focused on the execution and the growth that we established with the new core, mainly security and mainly the migration to the cloud. And I think it was a very smart decision because now, as you can see by the numbers, we are even more focused on the execution.

管道不是其中之一。因此，我們專注於透過新核心建立的執行和成長，主要是安全性以及向雲端的遷移。我認為這是一個非常明智的決定，因為現在，正如您從數字中看到的那樣，我們更加專注於執行。

The other thing around it is that it opened door to better integration and better partnership with companies like GitHub, with companies that are doing CI/CD on top of the source code. And I think it's also accelerated the partnership and the go together to the market without confusing our customers.

另一件事是，它為與 GitHub 等公司以及在原始碼之上進行 CI/CD 的公司進行更好的整合和更好的合作打開了大門。我認為這也加速了合作夥伴關係和共同進入市場，而不會讓我們的客戶感到困惑。

Andrew Sherman, TD Cowen.

安德魯謝爾曼 (Andrew Sherman)，TD Cowen。

Congrats. Shlomi, it would be great to hear more about the pipeline of large enterprise deals. It sounds like you had some in the quarter. It would be great to hear more about those, maybe about this Curation telco big deal. What do they find so compelling? And can that be a good indicator of deals to see in the second half?

恭喜。什洛米，如果能聽到更多有關大型企業交易管道的消息就太好了。聽起來你在本季已經有一些了。很高興能聽到更多關於這些的消息，也許是關於 Curation 電信公司的大交易。他們覺得什麼如此引人注目？這能成為下半年交易的良好指標嗎？

Yeah. Well, thank you, Andrew. Our pipeline is obviously being focused on executing big deals that are combining three factors. Factor number one, migrating to the cloud some workloads and making sure that we are working with our customers in full partnership to have the right commitment. As you know, our guidance are based on commitments and not usage.

是的。好吧，謝謝你，安德魯。我們的管道顯然專注於執行結合三個因素的大交易。第一個因素是將一些工作負載遷移到雲端，並確保我們與客戶充分合作，做出正確的承諾。如您所知，我們的指導是基於承諾而不是使用情況。

Second thing, the addition of security, holistic software solution for all the software supply chain in terms of security. One of the things that we noted is this big telecommunication company that added on top of JFrog Advanced Security added JFrog Curation as their firewall for binaries between the public hub and their internal software supply chain. And this new emerged solution coming from JFrog -- and based on the same practices of every Ops is the MLOps, managing your models, 360 all the way to deployment as part of one unified platform. This all goes to the differentiator, super strong differentiator that we bring, which is Artifactory as a centerpiece, the model registry, the system of record for the platform. And on top of that, we build capabilities.

第二件事，增加安全性，為整個軟體供應鏈提供安全方面的整體軟體解決方案。我們注意到的一件事是，這家大型電信公司在 JFrog Advanced Security 的基礎上添加了 JFrog Curation 作為公共中心和其內部軟體供應鏈之間的二進位檔案的防火牆。這個新出現的解決方案來自 JFrog——並且基於每個 Ops 的相同實踐，即 MLOps，作為統一平台的一部分管理您的模型，從 360 度一直到部署。這一切都歸因於我們帶來的差異化因素，超強的差異化因素，即以 Artifactory 為核心、模型註冊表、平台記錄系統。在此基礎上，我們也增強了能力。

So in terms of the pipeline moving forward in the second half of the year, we are very positive. We keep the conservative way of looking at the pipeline and derisking the big deals that might move a week or a month here or there. And we are very positive and based our guidance based on what we've seen.

因此，對於下半年的管道推進，我們非常樂觀。我們以保守的方式看待管道，並降低可能在一周或一個月內發生變動的大交易的風險。我們非常樂觀，並根據我們所看到的情況制定指導。

That's great, Shlomi. The security sounds like it had a big impact in the quarter. That's great to see. Was that expected? Or I thought there were a lot of the renewals coming up in the second half. Did any of those pull into this quarter? And how are those renewals going so far, especially for those that were kind of on trial intro pricing and now you're trying to convert to bigger paying customers?

太好了，Shlomi。聽起來安全問題對本季產生了很大的影響。很高興看到這一點。這是預料之中的事嗎？或者我認為下半年會有很多續約。這些有進入本季的嗎？到目前為止，這些續約進展如何，特別是對於那些正在試用介紹定價並且現在您正試圖轉化為更大付費客戶的客戶？

Yeah. So we are very excited about what we see in the security landscape, not only that our technology is addressing the real pain and the real threat of today's software supply chain, but also the narrative of consolidating security around the platform and [endpoint] solution is catching up really, really fast.

是的。因此，我們對安全領域的發展感到非常興奮，不僅因為我們的技術正在解決當今軟體供應鏈的真正痛點和威脅，而且圍繞平台和[端點]解決方案鞏固安全性的敘述也正在迅速趕上。

In terms of renewal, I think that if you look at our retention rate, it's still very, very high. So it says something about all the renewals that happened in this year. And also, in terms of the adoption of more and more security tools with more partners that are reaching out to JFrog and ask to partner with our security tools, we are very positive about 2025 as we were in 2024.

在續約方面，我認為如果你看看我們的保留率，它仍然非常非常高。所以它說明了今年發生的所有更新。此外，隨著越來越多的合作夥伴採用越來越多的安全工具，並與 JFrog 聯繫並要求與我們的安全工具合作，我們對 2025 年抱持著與 2024 年一樣樂觀的態度。

Miller Jump, Truist.

米勒跳躍，Truist。

Thank you for taking the questions and congratulations on the strong results. I just want to stay with this idea of Artifactory getting used as the centerpiece and as a model registry for customers. Can you just talk about the consumption trends that you see when customers make this decision? Is there like a notable step-up or acceleration that's being driven there?

感謝您回答問題，並祝賀您取得的優異成績。我只是想堅持這個想法，將 Artifactory 用作核心並作為客戶的模型註冊表。您能談談當客戶做出這項決定時您所看到的消費趨勢嗎？那裡是否有明顯的提升或加速？

Absolutely, Miller. Listen, you guys remember that JFrog started as a software package and artifact repository company. And then 2014 to 2016, Docker changed every developer's life with bringing containers in. And JFrog became the biggest container registry of the world, the biggest Docker registry of the world.

絕對如此，米勒。聽著，你們還記得 JFrog 最初是一家軟體包和工件儲存庫公司。從 2014 年到 2016 年，Docker 透過引入容器改變了每個開發人員的生活。JFrog 成為世界上最大的容器註冊中心，也是世界上最大的 Docker 註冊中心。

What we are now facing is an amazing opportunity because AI models are yet another binary. So part of our strategy is to become the model registry of the world. And by that, we are not only supporting software packages, containers, and all type of artifacts, but also models as the infrastructure of the primary asset of AI.

我們現在面臨的是一個絕佳的機會，因為人工智慧模型是另一個二進位。因此，我們的策略之一就是成為世界模範註冊機構。這樣，我們不僅支援軟體包、容器和所有類型的工件，還支援模型作為 AI 主要資產的基礎架構。

That means that most of our customers, when they are now looking at the need for model registry because everybody is implementing AI, when they are looking at the need for a model registry, they actually have two choices: A, to consolidate it around one system of record, one single source of tools, which is Artifactory, with all other 30 packages; or to have a standalone model registry, which will break the system of record rule to keep your company safe, secure, and efficient when you build software and release software. That we estimate -- AI is a big, big world today.

這意味著，當大多數客戶考慮模型註冊表的必要性時（因為每個人都在實施人工智慧），他們實際上有兩種選擇：A、圍繞一個記錄系統、一個單一工具來源（即 Artifactory）以及所有其他 30 個包進行整合；或者擁有一個獨立的模型註冊表，這將確保您的公司在構建軟體和發佈軟體時安全、可靠和發佈軟體。我們估計——人工智慧在當今是一個龐大的世界。

But we estimate that, that will not only contribute to the stickiness of the platform and the expansion of the platform. With all the add-ons that we added on top of Artifactory, it will also position JFrog as a centerpiece of your software supply chain because there is no primary asset, no other primary asset, but models in the world of AI. And it doesn't matter if software is being created by human beings or by agents, it will still require a system of record.

但我們估計，這不僅有助於平台的黏性和平台的擴展。憑藉我們在 Artifactory 之上添加的所有附加元件，它也將使 JFrog 成為您的軟體供應鏈的核心，因為在 AI 世界中沒有主要資產，沒有其他主要資產，只有模型。無論軟體是由人類還是代理人創建的，它仍然需要一個記錄系統。

So to your question, we assume that the need for Artifactory and the fact that it's playing a centerpiece will only grow.

因此，對於您的問題，我們假設對 Artifactory 的需求以及它所扮演的核心角色只會增長。

Makes sense. I want to stay with AI. Last quarter, you talked about a key AI technology leader that you landed as a customer. I'm just curious if there's any update on the work that you're doing with them and then how that ramped versus your expectations in the quarter.

有道理。我想繼續從事人工智慧工作。上個季度，您談到了您作為客戶獲得的關鍵的人工智慧技術領導者。我只是好奇，您與他們合作的進展是否有任何更新，以及與本季度您的預期相比進展如何。

We are extremely, extremely excited about the partnership with them. It was not included in the call, but I can tell you that they upgraded their subscription and doubled their bet on the annual basis with JFrog in just one quarter. So we are not just operating in the world of AI, but also security and DevOps, but AI is growing fast.

我們對與他們的合作感到非常非常興奮。這並沒有包含在通話中，但我可以告訴你，他們僅在一個季度內就升級了訂閱，並且與 JFrog 的年度賭注翻了一番。因此，我們不僅在人工智慧領域開展業務，還在安全和 DevOps 領域開展業務，但人工智慧正在快速發展。

Kingsley Crane, Canaccord.

金斯利‧克蘭 (Kingsley Crane)，Canaccord。

Congrats on the quarter. First question, so with AI enabling smaller teams to ship code faster, do you see a world where JFrog becomes even more critical to smaller orgs and teams? And are you already starting to see that with some new customer interest?

恭喜本季。第一個問題，隨著人工智慧使小型團隊能夠更快地交付程式碼，您是否認為 JFrog 對小型組織和團隊變得更加重要？您是否已經開始看到一些新客戶的興趣了？

What a great question, Kingsley. And I think that what we see today is that something fundamental has been changed.

金斯利，這個問題問得真好。我認為我們今天所看到的是一些根本性的改變。

First of all, if you were a developer yesterday, you had your IDE, you had your CI/CD source code and JFrog, fine.Now there is a new piece. It's called code assistance. So it's not only you. There is a code assistance next to you.

首先，如果您昨天是開發人員，您有 IDE，有 CI/CD 原始碼和 JFrog，那也很好。現在有了一個新的部分。這被稱為代碼協助。所以不只是你一個人。您旁邊有程式碼協助。

And the second piece is the architecture that was changed as well with MCP. This is how you build platform today. In both cases and with every environment that you will have, cloud, on-prem, this AI or another, this code assistance or another, you will still need a model registry, it's fundamental. And you will still need to manage your security around one flow, one pipeline.

第二部分是架構，它也隨著 MCP 而改變。這就是您今天建立平台的方式。在這兩種情況下，以及在您擁有的每個環境中，雲端、本地、這種人工智慧或其他人工智慧、這種程式碼輔助或其他，您仍然需要一個模型註冊表，這是基礎。而且您仍然需要圍繞一個流程、一個管道來管理您的安全性。

Therefore, we see JFrog stepping in in a very kind of strong infrastructure role, and we are betting on that and with the expertise that we built through our deals.

因此，我們看到 JFrog 將在基礎設施領域中扮演非常強大的角色，我們押注於此，並憑藉我們透過交易累積的專業知識。

Great. That's really encouraging to hear. And Ed, really impressive cash flow in the front half of the year. Is there any reason why this year would be more front-end loaded than last year? Thanks.

偉大的。聽到這個消息真是令人鼓舞。艾德，今年上半年的現金流確實令人印象深刻。有什麼原因可以解釋為什麼今年的前端負載會比去年更高嗎？謝謝。

Yeah. That's a great question, Kingsley. As you remember, we have many multi-year deals that we've closed. It's reflected in our RPO that happened in the second half of 2024, and that continued in the first half of 2025. And this is what's really driving the free cash flow.

是的。金斯利，這個問題問得非常好。正如你記得的那樣，我們已經達成了許多多年期交易。這反映在我們 2024 年下半年發生的 RPO 中，並且持續到 2025 年上半年。這才是真正推動自由現金流的因素。

In the second half of the year, as Shlomi had noted, we are derisking our largest deals. This is a big driver of our cash flow. Assuming that those deals come through, I don't see a change in our free cash flow from what we would anticipate going forward, but it's all contingent, of course, on the multi-year deals as well as these large deals.

正如 Shlomi 所指出的，下半年我們將降低最大交易的風險。這是我們現金流的一大推手。假設這些交易能夠達成，我認為我們的自由現金流不會與我們預期的未來相比發生變化，但當然，這一切都取決於多年期交易以及這些大型交易。

But we remain very focused on profitability. We remain very focused on our free cash flow. And we've delivered strong cash flow in the past, and we continue to focus on that going forward.

但我們仍然非常關注盈利能力。我們仍然非常關注我們的自由現金流。我們過去實現了強勁的現金流，未來我們將繼續關注這一點。

Mark Cash, Raymond James.

馬克卡許、雷蒙詹姆斯。

Shlomi, if I could start with you. I wanted to ask on the overconsumption happening in the cloud. I think last quarter, you talked about how you didn't really see the budgets that may have been developers experimenting here and there. And you have another really strong performance this quarter and seeing success with converting to larger commits.

Shlomi，我可以從你開始。我想問一下雲端發生的過度消耗問題。我想上個季度，您談到您並沒有真正看到開發人員可能在這裡和那裡進行實驗的預算。本季您又有非常強勁的表現，並且成功轉換為更大的承諾。

So has there been a change in budgets? And are you seeing experimentation move to actual programs now?

那麼預算有變化嗎？現在看到實驗轉向實際程序了嗎？

Yeah, Mark, so you remember very well. First of all, we see more usage, mainly around -- when you use JFrog infrastructure for your models, so there will be more data consumption, there will be more storage consumption. Same thing for containers and everything that has to do with AI, if you refer to this specifically.

是的，馬克，你記得很清楚。首先，我們看到了更多的使用情況，主要是當您使用 JFrog 基礎架構作為模型時，因此會有更多的資料消耗，也會有更多的儲存消耗。如果您特別提到這一點，那麼對於容器和與 AI 相關的一切來說，情況也是一樣的。

You have to remember that our strategy is that every time that we see an over usage on top of the commitment of the customer, our team is being sent to offer a better deal for the customer and to get an annual commitment. This is how we guide you. This is how we preserve our conservatism and keep ourselves in line with the plans. But overall, we see a healthy consumption, not yet in the days of 2022, but we see a healthy growing consumption.

您必須記住，我們的策略是，每當我們看到客戶承諾的過度使用情況時，我們就會派出團隊為客戶提供更好的交易並獲得年度承諾。這就是我們指導您的方式。這就是我們保持保守主義並遵守計劃的方式。但總體而言，我們看到了健康的消費，雖然還沒有到2022年，但我們看到消費正在健康成長。

Okay, thank you. And Ed, if I could ask you one, just an absolutely another massive RPO quarter that's actually accelerating, going to be lapping three very large deals this quarter in 3Q. Is there anything we should be considering from an RPO or cRPO dynamic when looking at quarter-over-quarter or year-over-year comparison to make sure we're not getting too far ahead of ourselves in like a booking perspective for 3Q or the second half? Thank you.

好的，謝謝。艾德，如果我可以問你一個問題，這絕對是另一個大規模的 RPO 季度，它實際上正在加速，本季度將在第三季度完成三筆非常大的交易。在進行季度環比或年度環比比較時，我們應該從 RPO 或 cRPO 動態角度考慮什麼，以確保我們在第三季度或下半年的預訂方面不會走得太遠？謝謝。

Yeah, thank you. That's a very smart question, Mark. And we don't always see a correlation between our cRPO or RPO to revenue. So we think revenue is a good indicator, and the guidance that I've given you in the revenue is what I would use to forecast going forward.

是的，謝謝。這是一個非常聰明的問題，馬克。我們並不總是看到 cRPO 或 RPO 與收入之間的關聯。因此，我們認為收入是一個很好的指標，我在收入方面給予的指導就是我用來預測未來的指導。

But you have to remember, our RPO takes into consideration factors of multi-year, takes into consideration the timing of when those bookings happened. We had three of the largest deals during the second half of 2024. So RPO may be impacted if larger deals do not transpire, but by the way, derisked out of our guidance going forward. So RPO is a great indicator, but it's not the indicator that we would lead you to continue to look at the guidance that we provide on our revenues.

但你必須記住，我們的 RPO 考慮了多年的因素，考慮了這些預訂發生的時間。2024 年下半年，我們完成了三筆最大的交易。因此，如果大型交易沒有發生，RPO 可能會受到影響，但順便說一句，這不會影響我們未來的指導。因此，RPO 是一個很好的指標，但它並不是我們會引導您繼續專注於我們提供的收入指導的指標。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

This is Zach Schneider on for Shrenik. Thanks for taking our questions and congrats on the strong results. So following up on a previous question with cloud adoption continuing and DevSecOps needs shifting earlier in the life cycle, how are you leveraging your hyperscaler partnerships for co-sell marketplace attach? Maybe what percent of new security wins in the quarter were sourced via these marketplaces or just driven by this channel influence?

這是 Zach Schneider 為 Shrenik 報導的。感謝您回答我們的問題，並祝賀您取得的優異成績。因此，繼續回答先前的問題，隨著雲端採用的持續進行以及 DevSecOps 需要在生命週期的早期進行轉變，您如何利用超大規模合作夥伴關係來實現共同銷售市場附加？本季有多少比例的新安全勝利是透過這些市場獲得的，或者只是受到這個管道的影響？

Yeah, Shrenik (sic - "Zach"), this is Shlomi. I'll take the call, and Ed, feel free to chime in. The collaboration with the cloud providers is very important because of two reasons: A, it helps us to accelerate deals, especially mega deals that are coming in, that mainly through the marketplace and with a lot of collaboration from AWS, GCP, and Microsoft Azure.

是的，Shrenik（原文如此 - “Zach”），這是 Shlomi。我會接電話，艾德，請隨意加入。與雲端供應商的合作非常重要，原因有二：A，它可以幫助我們加速交易，特別是即將到來的大型交易，這些交易主要透過市場以及與 AWS、GCP 和 Microsoft Azure 的大量合作來實現。

We have strong relationship with them. Some of the deals we are accelerating together. This is not just co-sell and partnership. This is also kind of co-services even when we are going with the customer, scaling with the customer.

我們與他們有著密切的關係。我們正在共同加速一些交易。這不僅僅是共同銷售和合作。即使我們與客戶一起發展、與客戶一起擴展，這也是一種共同服務。

The second side of it is obviously optimizing the cost. As Ed mentioned on the call, we are optimizing the contracts with this hyperscaler. We are looking at the gross margin, being very responsible to how we grow in the cloud. So not just pushing the pedal all the way down, but also to do it in a responsible, smart way.

它的第二個方面顯然是優化成本。正如 Ed 在電話中提到的，我們正在優化與這個超大規模企業的合約。我們關注的是毛利率，對我們在雲端的成長非常負責。因此，不僅要把踏板踩到底，還要以負責任、聰明的方式去做。

Great. It makes total sense. And then I guess switching gears a little. Obviously, it sounds like strong sequential growth in AI/ML package usage across the platform. Are there any new usage tiers, ingestion thresholds? Should we expect any pricing model changes in 2026 to really capitalize on this trend?

偉大的。這完全有道理。然後我想稍微轉換一下話題。顯然，這聽起來像是整個平台的 AI/ML 套件使用量出現了強勁的連續成長。是否有新的使用層級、攝取閾值？我們是否應該期待 2026 年的任何定價模式變化能真正利用這一趨勢？

Yeah. So what we saw actually in terms of the usage for AI packages, and I think you're probably calling out the Hugging Face and PyPI that we called out in the first quarter, it was more of stabilization or sustained usage on a quarter-over-quarter basis. It's still very early, and we're evaluating the monetization of AI is still in the infancy stage. But once that starts to mature, we'll certainly capture value.

是的。因此，就 AI 軟體包的使用情況而言，我們實際上看到的是，我認為您可能會提到我們在第一季度提到的 Hugging Face 和 PyPI，它的使用情況在季度環比上更加穩定或持續。現在還為時過早，我們評估人工智慧的貨幣化仍處於起步階段。但一旦它開始成熟，我們肯定會獲得價值。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Yeah, thank you. Can you hear me okay?

是的，謝謝。你聽見我說話嗎？

We hear you well, Jason.

我們聽清楚了你的意思，傑森。

Okay. Good to talk to you guys. Shlomi, I just want to take a step back. Can you talk about the impact of all the AI coding tools? I mean there's just so much happening there. Every week, it seems like there's a new announcement, and it's pretty powerful stuff, obviously.

好的。很高興和你們交談。什洛米，我只是想退一步。能談談所有 AI 編碼工具的影響嗎？我的意思是那裡發生了太多事情。每週似乎都會有新的公告，而且顯然都是相當有影響力的公告。

What impact has that had on the DevOps tool chain in general and on your business in specific? And if it hasn't had an impact yet, can you just talk about how you think it might play out over time?

這對 DevOps 工具鏈整體以及您的業務具體產生了什麼影響？如果還沒有產生影響，您能否談談您認為隨著時間的推移它會如何發揮作用？

Yes. As I mentioned before, Jason, there is a new creature in the tool stack of every developer now. It's called code assistance. If you're a junior developer or experienced developer, it doesn't really matter. No matter what language you use and no matter what code you are writing, this is part of your tool chain.

是的。正如我之前提到的，傑森，現在每個開發人員的工具堆疊中都有一個新產品。這被稱為代碼協助。無論您是初級開發人員還是經驗豐富的開發人員，這並不重要。無論您使用什麼語言，無論您編寫什麼程式碼，這都是您的工具鏈的一部分。

And this item in your tool chain is now helping you to build faster and create more. What you create more is more binaries. And therefore, we are happy about this change as long as these binaries are hosted in JFrog. So we are happy about that.

工具鏈中的這個項目現在可以幫助您更快地建立並創造更多。您創建的二進位檔案越多。因此，只要這些二進位檔案託管在 JFrog 中，我們就對這項變更感到高興。所以我們對此感到高興。

It also means that there are all kind of new threats that are coming. We mentioned the MCP server. MCP is the number one change in every company today. If you refresh your browser, you will see five more companies that added MCP to their tool stack. The fact that it is being adopted so fast is also the biggest risk that come with it. The threat and the hackers are there. They know how fast this is happening.

這也意味著各種新的威脅即將到來。我們提到了 MCP 伺服器。MCP 是當今每家公司面臨的首要變革。如果您刷新瀏覽器，您將看到另外五家公司將 MCP 新增至他們的工具堆疊中。事實上，它被如此迅速地採用也是隨之而來的最大風險。威脅和駭客都存在。他們知道這件事發生得有多快。

And every new company that adopt MCP architecture and the new code assistant tools, they are also subject to maybe a threat of a security solution -- a security threat, sorry. Therefore, we see how JFrog become more and more relevant, not only with the technology, but also with the holistic approach of building these layers of security and automation on top of Artifactory.

每家採用 MCP 架構和新程式碼輔助工具的新公司也可能面臨安全解決方案的威脅——抱歉，是安全威脅。因此，我們看到 JFrog 變得越來越重要，不僅在技術上，而且在 Artifactory 之上建構這些安全和自動化層的整體方法。

Now remember, this is not just a one kind of partnership with one tool in the market. JFrog tools are agnostic to all integrations. So whether it's Cursor or Windsurf or whether it's MCP from this company or another company, JFrog is still the system of record for you.

現在請記住，這不僅僅是市場上一種與一種工具的合作關係。JFrog 工具與所有整合無關。因此，無論是 Cursor 還是 Windsurf，無論是該公司還是其他公司的 MCP，JFrog 仍然是您的記錄系統。

Okay, great. So I mean, just to round out the question, do you feel like it's benefiting you guys yet, all of this kind of front-end AI coding or it's still not moving the needle yet?

好的，太好了。所以我的意思是，只是為了完善這個問題，你是否覺得所有這些前端 AI 編碼已經為你們帶來了好處，還是還沒有起到什麼作用？

Well, for sure, there are new threats that are coming. And when you speak with the customer about security and what you need to protect, model security are coming on every discussion. So the answer is yes. It's still very early in the process. People are still trying to understand how this new environment looks like, but all of them are aware of the threat and therefore, open to have discussion with modern solution and not yesterday's solution.

嗯，可以肯定的是，新的威脅即將出現。當您與客戶談論安全性以及需要保護的內容時，每次討論都會提到模型安全性。所以答案是肯定的。這個過程還處於非常早期的階段。人們仍在試圖了解這個新環境是什麼樣的，但他們都意識到了威脅，因此願意討論現代解決方案而不是昨天的解決方案。

The second thing, as I mentioned before, if you have your Docker registry in Artifactory, your Python Registry in Artifactory, your Java repository in Artifactory, then why you would go with a model registry as a standalone? So my answer is yes. And still, I will stay humble and say it's still too early to say it will completely change everything we guided for in the next years.

第二件事，正如我之前提到的，如果您在 Artifactory 中有 Docker 註冊表，在 Artifactory 中有 Python 註冊表，在 Artifactory 中有 Java 儲存庫，那麼為什麼要使用獨立的模型註冊表呢？所以我的答案是肯定的。儘管如此，我還是會保持謙虛，現在說它將徹底改變我們未來幾年所指導的一切還為時過早。

Okay, great. And then just if I could sneak one in for Ed. Ed, you guys have talked about security being a material part of the business in 2025. Can you just update us on that? And will you be able at some point to give us some more granularity around the contribution of security to the JFrog business?

好的，太好了。然後，如果我可以偷偷地告訴 Ed 一點的話。 Ed，你們已經談到安全將成為 2025 年業務的重要組成部分。能向我們介紹一下最新情況嗎？您能否在某個時候向我們詳細介紹安全對 JFrog 業務的貢獻？

Yeah. What we've committed to you, Jason, and we did this at the end of 2024, was we gave the metrics around our attach rates with security, and we plan to do the same thing during 2025. We see nice momentum. We're excited about what security can bring, but we'll give you an update at the end of the year.

是的。傑森，我們在 2024 年底向你承諾的是，我們給了有關安全附加率的指標，我們計劃在 2025 年做同樣的事情。我們看到了良好的動力。我們對安全帶來的好處感到興奮，但我們將在年底向您提供最新消息。

Jonathan Ruykhaver, Cantor. Jonathan, just a reminder to unmute yourself.

喬納森‧魯伊克哈弗 (Jonathan Ruykhaver)，領唱。喬納森，只是提醒一下，請取消靜音。

Can you hear me?

你聽得到我嗎？

Oh, we can hear you now, Jonathan.

哦，我們現在能聽到你的聲音了，喬納森。

Okay. Yeah. So the MCP opportunity, I'd just like you to talk a little bit more about that. I think it was two weeks ago that GitHub announced a critical flaw in its MCP server. And I think some attackers were actually able to manipulate AI agents into leaking sensitive data.

好的。是的。因此，關於 MCP 機會，我只想讓您再多談一談。我認為兩週前 GitHub 宣布其 MCP 伺服器存在一個嚴重缺陷。我認為一些攻擊者實際上能夠操縱人工智慧代理洩露敏感資料。

So how do you see that solution not only today, but when you look at securing AI agent behavior relative to repositories, what is that opportunity for you? And will you see additional capabilities? It seems like from what I understand, it's a basic kind of entry-level offering, but there are a lot of other threats around protocols, around access for these MCP servers that still need to be addressed. So just talk about that position and what it looks like 12 months from now.

那麼，您如何看待這個解決方案，不僅是現在，而且當您考慮保護與儲存庫相關的 AI 代理行為時，這對您來說意味著什麼？您還會看到其他功能嗎？據我所知，這似乎是一種基本的入門級產品，但圍繞這些 MCP 伺服器的協定和存取還存在許多其他威脅需要解決。所以只討論一下這個職位以及 12 個月後的前景。

Yeah, Jon. MCP is the new way in the world of software products to interact with your product, to build the integration. JFrog's philosophy from day one was the philosophy of too integrated to fail. Basically, there is no tool on the planet -- on our planet, which is software supply chain, that doesn't integrate with JFrog, CI/CD, security, databases, storage, because we became the system of record for all binaries. So it was based on APIs, and it was based on rest technology.

是的，喬恩。MCP 是軟體產品領域中與您的產品互動、建立整合的新方式。JFrog 從第一天起就秉持著「整合至上，不會失敗」的理念。基本上，地球上沒有任何工具——在我們的星球上，即軟體供應鏈，不與 JFrog、CI/CD、安全性、資料庫、儲存集成，因為我們成為了所有二進位檔案的記錄系統。所以它是基於 API 的，並且基於 REST 技術。

And now in the world of AI, when it's not only a human being that need to integrate with your tool, but also agents and machines, MCP is the protocol that will allow them to come in and integrate with JFrog platform or with any other platform. So therefore, MCP became a very, very important for every product provider. If you want the world of AI to interact with your tool or with your platform, you have to enable MCP at the front.

現在在人工智慧的世界裡，不僅人類需要與工具集成，代理和機器也需要與工具集成，MCP 是一種允許它們進入並與 JFrog 平台或任何其他平台集成的協定。因此，MCP 對於每個產品提供者來說都變得非常非常重要。如果您希望 AI 世界與您的工具或平台進行交互，則必須在前端啟用 MCP。

In terms of the other note, was everybody is using MCP and everybody is installing MCP and everybody is having an MCP user, and that by itself is a threat that is addressed by hackers. So JFrog Research team also unveiled a threat and a vulnerability in the world of MCP, and we shared it obviously immediately with the public. That obviously will give us points when we come to AI security and trustable AI in your software supply chain.

另一方面，每個人都在使用 MCP，每個人都在安裝 MCP，每個人都有 MCP 用戶，這本身就是駭客要解決的威脅。因此，JFrog 研究團隊也揭示了 MCP 世界中的一個威脅和漏洞，我們立即與公眾分享了這一點。當我們談到軟體供應鏈中的人工智慧安全性和可信任人工智慧時，這顯然會為我們帶來好處。

Yeah. And Shlomi, as a quick follow-on, where do you see this opportunity? Will it be aimed more at the foundational model providers like OpenAI and Anthropic or large enterprise or both?

是的。施洛米，請快速跟進一下，您認為這個機會在哪裡？它將更多地針對 OpenAI 和 Anthropic 等基礎模型供應商還是大型企業，或者兩者兼而有之？

No, it's not at all one company or another. Every agent, you can assume that in the future -- or not in the future, it's already in the present, but it will exceed in the future. Not only developers will write code, but also agents. So if I want this new persona to see JFrog as a system of record, I have to open the door for it. So every type of Agentic AI that will interact with JFrog will come through an MCP integration.

不，這根本不是某家公司的問題。每個代理，你可以假設在未來——或不在未來，它已經存在於現在，但它將超越未來。不只開發人員會寫程式碼，代理也會寫。因此，如果我希望這個新角色將 JFrog 視為記錄系統，我必須為它打開大門。因此，與 JFrog 互動的每種類型的 Agentic AI 都將透過 MCP 整合實現。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

This is Eamon Coughlin on for Raimo, Thanks for taking the question and a great quarter. Can we dig a little deeper into linearity in the quarter? Should we view 2Q's performance broadly as a continuation of the customer usage from Q1? And did you see a continuation of these trends in July?

我是 Eamon Coughlin，代替 Raimo 回答問題，感謝您回答這個問題，這是一個很棒的季度。我們能否更深入了解本季的線性？我們是否應該將第二季的表現廣泛地視為第一季客戶使用情況的延續？您是否看到這些趨勢在七月持續延續？

So first, let me just start by saying I will not comment on anything in the third quarter. I'll go back to the second quarter and give you an update on what happened.

首先，我要說的是，我不會對第三季的任何事情發表評論。我將回到第二季並向您介紹最新發生的事情。

There was three dynamics with our cloud. First was security wins. We're starting to see customers uptake in their security and big security wins, those tend to land in the cloud. So that was dynamic number one.

我們的雲端有三種動態。首先是安全勝利。我們開始看到客戶對安全性的重視以及巨大的安全勝利，這些都體現在雲端。這就是第一個動態。

The second piece was the usage. We had customers that saw benefit of taking a larger agreement, annual agreement with JFrog. These were users that were using over minimum commitments, and we secured those. The confidence that gave me is reflected in my guidance that I gave to you in the 34% to 36% on the cloud.

第二部分是用法。我們的客戶看到了與 JFrog 簽訂更大協議（年度協議）的好處。這些用戶的使用量超過了最低承諾，我們確保了他們的安全。給我的信心體現在我在雲端 34% 到 36% 給你們的指導中。

The third piece is the sustained usage. So for those customers that were using over minimum commitments, that has been sustained on a quarter-over-quarter basis.

第三部分是持續使用。因此，對於那些使用超過最低承諾額的客戶來說，這種情況已經逐季維持下去。

Got it. Thanks. That's super helpful. And then great to see continued cloud growth acceleration in the quarter. But can you help us understand the key drivers of your subscription self-managed portfolio?

知道了。謝謝。這非常有幫助。很高興看到本季雲端運算成長持續加速。但是您能幫助我們了解您的訂閱式自我管理投資組合的關鍵驅動因素嗎？

Yeah. Why don't I answer it here? Self-managed, we addressed that on the call as well. There is a new trend now that AI might need a hybrid solution. Now what can be better than an identical product, hybrid means that it's identical in the cloud and on-prem? So that's a new trend, mainly driven by the AI adoption and the seek for cost predictability and stability.

是的。我為什麼不在這裡回答？自我管理，我們在電話中也解決了這個問題。現在出現了一種新趨勢，即人工智慧可能需要混合解決方案。現在還有什麼比相同的產品更好呢？混合意味著它在雲端和本地是相同的？這是一個新趨勢，主要由人工智慧的採用以及對成本可預測性和穩定性的追求所推動。

The second thing that we see in the on-prem is just like what Ed mentioned in the cloud. Our on-prem customers are also looking for security. So the fact that we have our security available for you in the cloud, but also as a self-hosted or private cloud is also a benefit, and we see that this growth generated by these trends as well.

我們在本地看到的第二件事就像 Ed 在雲端中提到的一樣。我們的本地客戶也在尋求安全性。因此，我們在雲端中為您提供安全保障，同時也以自託管或私有雲的形式提供安全保障，這也是一個優勢，我們也看到了這些趨勢帶來的成長。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

This is George McGreehan on for Koji. I just wanted to ask with the strong momentum we're seeing in security deals and how that's contributing to forward-looking metrics like the acceleration in RPO, what would you say, is there any change in the competitive landscape for security? And any notable changes in win rates? And how really are the tone of conversations with customers now when you're talking about security deals versus maybe in the past year or two years ago?

喬治·麥格里漢 (George McGreehan) 代替 Koji 發言。我只是想問一下，我們在安全交易中看到的強勁勢頭以及這對 RPO 加速等前瞻性指標有何貢獻，您認為安全競爭格局是否發生了變化？勝率有什麼顯著變化嗎？與過去一兩年相比，當您談論安全交易時，與客戶的談話語氣究竟有何不同？

Yeah. Thank you, George, for this question. It comes in two different ways, as I mentioned, and as you know, on the JFrog go-to-market strategy with security.

是的。喬治，謝謝你提出這個問題。正如我所提到的，正如你所知，它以兩種不同的方式體現在 JFrog 的安全上市策略上。

First of all, our customers, whether it's the CSO or the CIO or both, they are asking to look for consolidation, and they will push very hard on it, not only because of the cost benefit from it, but also from the enormous number of scanners that they used to have just two years ago, three years ago. Every developer bought another tool, every compliance group bought another tool. It became a zoo of scanners, and they are looking for consolidation and obviously also benefiting from the efficiency and the cost perspective. This is more business side and management side.

首先，我們的客戶，無論是 CSO 還是 CIO，或者兩者兼而有之，他們都在尋求整合，並且會非常努力地推動整合，不僅因為整合帶來的成本效益，還因為他們在兩年、三年前就擁有了數量龐大的掃描儀。每個開發人員都購買了另一個工具，每個合規小組都購買了另一個工具。它變成了掃描儀的動物園，他們正在尋求整合，顯然也從效率和成本角度受益。這更多的是業務方面和管理方面。

What happened on the technology side is that there are a lot of new threats that cannot be identified by the previous software that covered software supply chain security. If you remember what we spoke about in the previous quarter, the fact that we scanned the entire Hugging Face 1.5 models and provided not only vulnerability findings, but also contextual analysis, telling you not only that we found this vulnerability that maybe every scanner can find, but also how exposed are you to this risk and if you should waste time on doing it.

技術方面的情況是，出現了許多新的威脅，這些威脅是以前覆蓋軟體供應鏈安全的軟體無法識別的。如果您還記得我們在上一季討論的內容，我們掃描了整個 Hugging Face 1.5 模型，不僅提供了漏洞發現，還提供了上下文分析，不僅告訴您我們發現了每個掃描器可能都能發現的這個漏洞，而且還告訴您您在多大程度上面臨這種風險，以及您是否應該浪費時間去做這件事。

And the third thing is that modern security is a new thing. Nobody know really how to cover it. And since models are hosted at JFrog, and also the data, the metadata that you train models with, we have better access to this asset and better visibility to this asset. And I would welcome you to swampUP when we will speak about it even more and even share some great innovations with you to address this pain.

第三，現代安全是一個新事物。沒有人真正知道如何掩蓋它。由於模型以及用於訓練模型的資料和元資料都託管在 JFrog 上，因此我們可以更好地存取此資產並更好地了解此資產。我歡迎您加入 swampUP，我們將進一步討論這個問題，甚至與您分享一些偉大的創新來解決這個痛點。

There is no CSO in today's world that is not waking up at night several times because of model security. And I think that this is another driver that pushes JFrog to be a relevant player, not only in the world of DevSecOps, but in the world of MLSecOps as well.

當今世界上沒有哪個 CSO 不會因為模型安全問題而在夜裡醒來好幾次。我認為這是推動 JFrog 成為重要參與者的另一個驅動力，不僅在 DevSecOps 領域，而且在 MLSecOps 領域也是如此。

William Mandl, KeyBanc Capital Markets.

William Mandl，KeyBanc 資本市場。

This is Billy on for Jason Celino. Shlomi, it sounds like there's strong demand for the security core, but curious what customer reception has been around runtime security, maybe how that is contributing to the strength you're seeing in your security business.

這是 Jason Celino 的 Billy。Shlomi，聽起來對安全核心的需求很強烈，但我很好奇客戶對運行時安全的接受度如何，也許這對您在安全業務中看到的優勢有何貢獻。

Yeah. Hi, Billy. I think that cyber is important. Run time is important, and DevSecOps and software supply chain is important. This is a complementary solution.

是的。你好，比利。我認為網路很重要。運行時間很重要，DevSecOps和軟體供應鏈也很重要。這是一個補充解決方案。

We were all very excited to see the acquisition of Palo Alto, which emphasized their advantage in the world of cyber and run time. And if you look at the growing demand for software supply chain security, it's coming from a different threat and a different need. And I think that they will co-exist together.

我們都非常高興看到對 Palo Alto 的收購，這強調了他們在網路和運行時領域的優勢。如果你看一下軟體供應鏈安全日益增長的需求，你會發現它來自不同的威脅和不同的需求。我認為它們將會共存。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Obviously, very exciting about the security success that you guys are seeing here. Curious if you look at those deals. I know you're going to give us more information around attach rates at year's end, but any sense that you can give us in terms of what this is doing to pricing, especially as you're seeing certain customers maybe take that end-to-end portfolio? Thanks.

顯然，你們在這裡看到的安全成功令人非常興奮。如果你看一下這些交易，你會感到好奇。我知道您將在年底向我們提供更多有關附加率的信息，但您能否告訴我們這對定價有何影響，特別是當您看到某些客戶可能會採用端到端產品組合時？謝謝。

Yeah, hi, Rob. So yes, as you've mentioned, we will provide more details at the end of the year as we did in 2024. Pricing and subscription model is something that we are looking at, especially now when there are some innovations and new offerings that we will announce at swampUP. There might be new packages for security and new packages for advanced adopters of our security solution.

是的，你好，羅布。是的，正如您所說，我們將在年底提供更多詳細信息，就像我們在 2024 年所做的那樣。我們正在研究定價和訂閱模式，尤其是現在我們將在 swampUP 上宣布一些創新和新產品。可能會有新的安全軟體包和新的安全解決方案高級採用者軟體包。

And we also have to think about the fact that JFrog started to bring the software supply chain security not too long ago to the market. So we have to be focused on the adoption. We have to be focused on growing within our portfolio with a number of logos. So the entry point is also important. But stay tuned, there are some announcement that will change some of the subscription package on the security layer as well.

我們還必須考慮到 JFrog 不久前才開始將軟體供應鏈安全性推向市場。因此我們必須集中精力於採用。我們必須專注於透過多個標誌來擴大我們的投資組合。所以切入點也很重要。但請繼續關注，有些公告也會改變安全層上的一些訂閱包。

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, for joining the call. We are very, very excited about the momentum. We also appreciate all of your questions, and may the frog be with you.

感謝大家參加此次電話會議。我們對這一勢頭感到非常興奮。我們也感謝您提出的所有問題，願青蛙與您同在。

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。