Jfrog Ltd (FROG) 2025 Q3 法說會逐字稿

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

女士們、先生們，感謝各位的到來，歡迎參加 JFrog 2025 年第三季財務業績電話會議。（操作說明）

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

現在我將把會議交給投資者關係主管傑弗裡·施賴納。傑弗裡，請繼續。

Thank you, Nicole. Good afternoon, and thank you for joining us as we review JFrog's third-quarter 2025 financial results, which were announced following the 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，感謝各位收看 JFrog 於今日股市收盤後透過新聞稿發布的 2025 年第三季財務業績報告。今天主持電話會議的是 JFrog 的執行長兼聯合創始人 Shlomi Ben-Haim 和 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 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 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，我們可能會就我們的業務發表一些根據聯邦證券法屬於前瞻性的聲明，這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的，包括與我們未來財務業績相關的聲明以及我們對 2025 年全年的展望。「預期」、「相信」、「繼續」、「估計」、「期望」、「打算」、「將」等詞語以及類似表達旨在識別前瞻性陳述或對未來預期的類似指示。請注意，不要過度依賴這些前瞻性陳述，這些陳述僅反映我們截至今天的觀點，並不代表我們截至任何後續日期的觀點。

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

請注意，我們沒有義務根據新的資訊或未來事件修改或公開披露對這些前瞻性聲明的任何修改結果。這些聲明受到多種風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。

For a discussion of material risks and other important factors that could affect our actual results, please refer to our Form 10-K for the year ended December 31, 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 September 30, 2025, and other filings and reports that we may file from time to time with the SEC.

有關可能影響我們實際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 日止年度的 10-K 表格，該表格可在我們網站的投資者關係部分以及今天早些時候發布的盈利新聞稿中找到。更多資訊將在我們截至 2025 年 9 月 30 日的季度 10-Q 表格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 a measure 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GAAP財務指標。這些非GAAP財務指標被用來作為衡量JFrog績效的指標，應該作為GAAP指標的補充，而不是替代或孤立地考慮GAAP指標。請參考我們獲利報告中的表格，以了解這些指標與其最直接可比較的 GAAP 財務指標的調整。本次電話會議的錄音將在 JFrog 投資者關係網站上提供一段時間的回放。

With that, I'd like to turn the call over to JFrog's CEO, Shlomi Ben Haim. Shlomi?

接下來，我想把電話交給 JFrog 的執行長 Shlomi Ben Haim。什洛米？

Thank you, Jeff. Good afternoon, and thank you all for joining the call. JFrog's focus as a foundational platform and system of record for software delivery continues to drive momentum in our business, and I'm pleased to report another solid quarter across all metrics. Our execution remains focused. Our investments remain strategic, and our customers continue to tell us we are helping them to meet the demands of the fast-changing technology market.

謝謝你，傑夫。下午好，感謝各位參加本次電話會議。JFrog 作為軟體交付的基礎平台和記錄系統，其業務持續發展，我很高興地報告，我們迎來了一個各方面指標都表現穩健的季度。我們的執行力依然保持專注。我們的投資仍然具有戰略意義，我們的客戶也不斷告訴我們，我們正在幫助他們滿足快速變化的技術市場的需求。

In Q3, JFrog's total revenue was $136.9 million, up 26% year over year. Our operating margin was 18.7% in the quarter, demonstrating our ongoing discipline between expenses and strategic investments. Cloud revenue for Q3 equaled $63.4 million, representing 50% year-over-year growth. We experienced another strong quarter of cloud revenue growth driven by increased usage of conventional software packages and ongoing increases in usage of artifacts such as PyPI, Docker containers, NPM and models coming from Hugging Face for AI and machine learning.

第三季度，JFrog 的總營收為 1.369 億美元，年增 26%。本季我們的營業利潤率為 18.7%，這表明我們在支出和策略投資之間保持著持續的自律。第三季雲端業務收入為 6,340 萬美元，年增 50%。我們又經歷了一個強勁的雲端收入成長季度，這得益於傳統軟體套件使用量的增加，以及 PyPI、Docker 容器、NPM 等組件和來自 Hugging Face 的人工智慧和機器學習模式的使用量持續增長。

Our go-to-market teams are executing on a clear strategy of guiding cloud customers with usage overages toward higher annual commitments in order to build stronger partnerships and drive predictable long-term value for customers and for JFrog. Our enterprise sales motions continue to bear fruit with greater than $1 million customers growing to 71 compared to 46 in the year ago period, equaling 54% growth year over year. Customers spending more than $100,000 annually grew to 1,121 compared to 966 in the year ago period, equaling 16% year-over-year growth.

我們的行銷團隊正在執行一項明確的策略，即引導使用量超支的雲端客戶做出更高的年度承諾，從而建立更牢固的合作夥伴關係，並為客戶和 JFrog 帶來可預測的長期價值。我們的企業銷售策略持續取得成效，年收入超過 100 萬美元的客戶數量從去年同期的 46 家增加到 71 家，較去年同期成長 54%。與去年同期相比，每年消費超過 10 萬美元的顧客人數增至 1,121 人，而去年同期為 966 人，較去年同期成長 16%。

In Q3, our four trailing quarter net dollar retention was 118%, demonstrating sustained growth among our customer base driven by strong cloud usage and fueled by our holistic software supply chain security offering. Ed will further discuss net dollar retention later in the call.

第三季度，我們過去四個季度的淨美元留存率為 118%，這表明在雲端使用強勁和我們全面的軟體供應鏈安全產品推動下，我們的客戶群持續成長。Ed將在稍後的電話會議中進一步討論淨美元留存率問題。

Now let me spotlight Q3's wins, including cloud and security and discuss JFrog's AI and machine learning developments. First, addressing our cloud growth in Q3. Our ongoing growth in the cloud is supported by two vectors: our expertise in managing customers' binaries as they scale alongside AI-generated artifacts and our observation of emerging trends in AI software package volume. We believe Q3's cloud performance reinforces how customers view the JFrog platform and Artifactory at the core of their operations. JFrog is already positioned as the universal binary repository to manage all software artifacts and is becoming the model registry of their software supply chain.

現在讓我重點介紹第三季的成就，包括雲端運算和安全領域，並討論 JFrog 在人工智慧和機器學習方面的進展。首先，我們來談談第三季的雲端業務成長。我們在雲端領域的持續成長得益於兩個方面：一是我們擁有管理客戶二進位檔案的專業知識，能夠隨著 AI 產生的工件的擴展而擴展；二是我們對 AI 軟體包數量新興趨勢的觀察。我們相信，第三季的雲端效能進一步鞏固了客戶對 JFrog 平台和 Artifactory 的看法，認為它們是其營運的核心。JFrog 已定位為管理所有軟體工件的通用二進位儲存庫，並正在成為其軟體供應鏈的典範註冊中心。

As software continues to be created at an ever-growing pace by both humans and machines, the volume of artifact rises, demanding not just intelligent storage but a robust binary delivery system and a single reliable system of record. As their delivery pace increases, our customers are adopting hybrid fit-for-purpose cloud strategies for their emerging AI workloads. They tell us they value cloud elasticity for AI adoption and deployment but remain flexible in their approach due to the unpredictable compute costs, advising us that it's still too early for them to go all in on the public cloud.

隨著人類和機器不斷以越來越快的速度創建軟體，軟體製品的數量也在不斷增加，這不僅需要智慧存儲，還需要強大的二進位交付系統和單一可靠的記錄系統。隨著交付速度的加快，我們的客戶正在為其新興的 AI 工作負載採用混合的、適合特定用途的雲端策略。他們告訴我們，他們重視雲端的彈性，以便採用和部署人工智慧，但由於運算成本不可預測，他們仍然保持靈活的態度，並建議我們現在就全面投入公有雲還為時過早。

Meanwhile, the volume of AI-driven packages is rising, fueled by our hug-and-face integration and native support for ML models, Docker, NPM, PyPI and other key components demanded by AI. We continue to monitor cloud adoption and AI-driven usage closely and believe it is still too early to bet on significant cloud usage growth. Our hybrid and multi-cloud offerings differentiate JFrog and uniquely position us to capture expansion due to AI, whether in the cloud or on-prem, delivering unmatched software supply chain, holistic platform capabilities and deployment flexibility.

同時，人工智慧驅動的軟體包數量正在增長，這得益於我們與機器學習模型、Docker、NPM、PyPI 以及人工智慧所需的其他關鍵組件的無縫整合和原生支援。我們將繼續密切關注雲端運算的普及和人工智慧驅動的使用情況，並認為現在就押注雲端運算使用量大幅成長還為時過早。我們的混合雲和多雲產品使 JFrog 脫穎而出，並使我們能夠獨特地掌握人工智慧帶來的成長機遇，無論是在雲端還是在本地，都能提供無與倫比的軟體供應鏈、整體平台功能和部署靈活性。

Next, to security. In Q3, again, we saw some of JFrog's largest customers wins, including new logos and significant multiyear contracts. Many of these deals included JFrog's holistic security solutions such as JFrog Curation and JFrog Advanced Security. We experienced this customers' purchasing behavior across multiple verticals and geographies. For example, we closed a three-year deal with the United Kingdom's Customs and Revenue Agency with a TCV of $9 million.

其次，是安全問題。第三季度，我們再次見證了 JFrog 贏得一些最大的客戶，包括新客戶和重要的多年合約。這些交易中有很多都包含了 JFrog 的整體安全解決方案，例如 JFrog Curation 和 JFrog Advanced Security。我們在多個垂直領域和地區都觀察到了這類客戶的購買行為。例如，我們與英國海關和稅務局達成了一項為期三年、總合約價值為 900 萬美元的協議。

In a similar move, a key U.S. federal agency chose JFrog to shift left with JFrog Security Solutions and protect their software supply chain and 2,000 developers with an Enterprise+ subscription, JFrog Advanced Security and JFrog Curation as their open source software package firewall. In North America, our enterprise focus drove the closing of a net new customer deal with a TCV of more than $4 million for one of the world's top energy corporations. They were seeking to modernize and standardize software supply chain security and processes for their 3,500 developers choosing the core JFrog platform with JFrog Security Solutions in the cloud.

類似地，美國一家重要的聯邦機構選擇 JFrog 來左移，採用 JFrog 安全解決方案，並透過 Enterprise+ 訂閱、JFrog 高級安全性和 JFrog Curation 作為其開源軟體包防火牆來保護其軟體供應鍊和 2,000 名開發人員。在北美，我們以企業為中心的策略促成了與世界頂級能源公司之一達成一項總合約價值超過 400 萬美元的全新客戶交易。他們希望對其 3,500 名開發人員的軟體供應鏈安全和流程進行現代化和標準化，因此選擇了核心 JFrog 平台以及雲端的 JFrog 安全解決方案。

The example wins give us confidence that the future of the software supply chain security and software governance market is being written not by point solutions but by holistic system of record that incorporate binary management and end-to-end security consolidated into a single platform. A unified platform is a growing requirement as companies have seen software supply chain attacks increases significantly over the past year. These attacks have become more sophisticated, targeting build pipelines, AI and machine learning software supply chains and exploiting vulnerabilities in software binaries.

這些成功案例讓我們確信，軟體供應鏈安全和軟體治理市場的未來不是由點解決方案決定的，而是由將二進位管理和端到端安全整合到單一平台的整體記錄系統決定的。過去一年來，各公司遭遇的軟體供應鏈攻擊顯著增加，因此統一平台的需求日益增長。這些攻擊變得越來越複雜，目標是建立管道、人工智慧和機器學習軟體供應鏈，並利用軟體二進位檔案中的漏洞。

Recent NPM, PyPI and MCP attacks show hackers are keeping pace with technology but our security research team and the JFrog Curation solution have been praised by our customers for protecting them from this recent potentially devastating attacks.

最近針對 NPM、PyPI 和 MCP 的攻擊表明，駭客正在跟上技術發展的步伐，但我們的安全研究團隊和 JFrog Curation 解決方案因保護客戶免受最近這些可能造成毀滅性後果的攻擊而受到客戶的讚揚。

A cybersecurity lead at a Fortune 50 American company noted to us following the NPM attack. Our JFrog Curation deployment provides a very effective and efficient supply chain protection. We were able to shut down recent provider attacks minute once discovered, and the control has proven 100% successful since. Nothing fuels us more than our customers' feedback, and we are committed to safeguarding their software supply chains and aiming to ensure digital trust across their software package life cycle.

在 NPM 遭受攻擊後，一家財富 50 強美國公司的網路安全主管向我們指出：我們部署的 JFrog Curation 系統能夠提供非常有效且有效率的供應鏈保護。我們能夠在發現最近的供應商攻擊後立即將其製止，並且自那以後，控制措施已被證明100%成功。沒有什麼比客戶的回饋更能激勵我們，我們致力於保障客戶的軟體供應鏈，並力求確保客戶在其軟體包生命週期內的數位信任。

Hackers are targeting software supply chains. They know that binaries, software packages, containers and AI models are gateways into our customers' runtime environment. This is now a real threat to every organization. Without strong protection for your software supply chain and binaries, you remain exposed. Attacks are not a question of if but when. While one quarter doesn't define a consumption trend, Q3's adoption of JFrog Security solutions give us cautious optimism for broader long-term momentum.

駭客正將目標對準軟體供應鏈。他們知道二進位檔案、軟體包、容器和人工智慧模型是進入客戶運行時環境的入口。這現在對每個組織都構成了真正的威脅。如果你的軟體供應鏈和二進位檔案得不到強有力的保護，你仍然會面臨風險。攻擊不是會不會發生的問題，而是何時發生的問題。雖然一個季度的數據並不能定義消費趨勢，但第三季 JFrog Security 解決方案的採用讓我們對更廣泛的長期發展勢頭持謹慎樂觀態度。

Now to AI and machine learning. We continue to gain traction in the market as the model registry providers and are being positioned as a system of record for AI delivery validated by some of the world's leading AI companies.

接下來談談人工智慧和機器學習。作為模型註冊提供商，我們在市場上持續獲得發展動力，並被定位為人工智慧交付的記錄系統，並得到了世界一些領先的人工智慧公司的驗證。

In fact, Justin Boitano, VP of Enterprise AI at NVIDIA, noted at the JFrog Annual User Conference swampUP in mid-September that JFrog enables enterprises to securely build, manage and scale AI agents, the next generation of intelligent software from development to production. AI agents are the next wave of enterprise innovation but they are also the newest and most critical software artifact to secure. This is no longer just about models. It's about industrializing intelligent autonomous agents. By integrating with NVIDIA AI Enterprise and streamlining deployment onto AI factories, JFrog is delivering the essential pipeline to rapidly secure, manage and scale these AI agents from development straight into production.

事實上，NVIDIA 企業 AI 副總裁 Justin Boitano 在 9 月中旬的 JFrog 年度用戶大會 swampUP 上指出，JFrog 使企業能夠安全地構建、管理和擴展 AI 代理，這是從開發到生產的下一代智慧軟體。人工智慧代理是企業創新的下一波浪潮，但它們也是最新、最關鍵的需要保護的軟體產品。這不再只是關於模型的問題了。它關乎智慧自主代理的產業化。透過與 NVIDIA AI Enterprise 整合並簡化在 AI 工廠上的部署，JFrog 提供了必要的管道，可以快速安全地管理和擴展這些 AI 代理，從開發直接到生產。

Moving throughout 2025, JFrog has embraced the AI revolution, focusing on what we believe we do best, driving the next standards in the market as a single source of truth for AI software packages. We integrated JFrog ML into the JFrog platform, empowering data scientists and developers to build, test, experiment and deliver trusted models into production. We launched our MCP server alongside groundbreaking MCP security research. redefining how developers and AI agents interact with their software delivery platform. In addition, we introduced AI catalog, a new add-on to JFrog Curation designed to secure and govern both third-party and internally developed AI models, ensuring they are safe, compliant and aligned with company policies for responsible use across the organization.

展望 2025 年，JFrog 擁抱人工智慧革命，專注於我們最擅長的領域，引領市場成為人工智慧軟體套件的單一權威來源，引領下一代產業標準。我們將 JFrog ML 整合到 JFrog 平台中，使資料科學家和開發人員能夠建置、測試、實驗並將可信任模型交付到生產環境中。我們發布了MCP伺服器，同時也發布了突破性的MCP安全研究成果，重新定義了開發者和人工智慧代理與其軟體交付平台的交互方式。此外，我們還推出了 AI 目錄，這是 JFrog Curation 的一個新插件，旨在保護和管理第三方和內部開發的 AI 模型，確保它們安全、合規並符合公司政策，以便在整個組織內負責任地使用。

Our next generation of offerings in ML and AI as well as our DevOps and security products were highlighted for customers and analysts at swampUP in Q3. Every year, JFrog welcomes customers, prospects and partners to our swampUP conference, a key industry gathering for DevOps, DevSecOps and MLOps users. This year, JFrog innovations were front and center with pain solving solutions for customers.

在第三季的 swampUP 大會上，我們向客戶和分析師重點介紹了我們的下一代機器學習和人工智慧產品以及我們的 DevOps 和安全產品。每年，JFrog 都歡迎客戶、潛在客戶和合作夥伴參加我們的 swampUP 大會，這是 DevOps、DevSecOps 和 MLOps 用戶的重要行業活動。今年，JFrog 的創新成果成為關注焦點，為客戶解決了許多難題。

On stage, we announced a new way for companies to govern and trust their application with an innovative product, JFrog AppTrust. We were joined for the opening keynote by NVIDIA, ServiceNow, GitHub and Sona to showcase our partnerships in an industry-first DevGovOps solution. DevGovOps brings software development, security and GRC groups together, focusing on once again the key asset of any company, the software binary.

在舞台上，我們發布了一款名為 JFrog AppTrust 的創新產品，為企業提供了管理和信任其應用程式的新方法。在開幕主題演講中，我們與 NVIDIA、ServiceNow、GitHub 和 Sona 共同展示了我們在業界首個 DevGovOps 解決方案中的合作夥伴關係。DevGovOps 將軟體開發、安全性和 GRC 團隊聚集在一起，再次聚焦於任何公司的關鍵資產——軟體二進位。

As the complexity in the world of software increases, the requirements of security compliance and governance put pressure on development teams. The need to release fast and often, combined with high regulation requires automation and collection of evidence such as quality testing or security results to keep software flowing with confidence. With the new JFrog AppTrust product, companies will now have an automated way across platforms to manage governance as they deliver software faster than ever before.

隨著軟體世界的複雜性不斷增加，安全合規性和治理方面的要求給開發團隊帶來了壓力。快速頻繁發布的需求，加上嚴格的監管，要求自動化並收集證據（例如品質測試或安全結果），以確保軟體能夠持續穩定地運作。透過全新的 JFrog AppTrust 產品，企業現在可以跨平台自動管理治理，同時以前所未有的速度交付軟體。

True to our vision of cross-industry collaboration and our commitment to build solutions that are too integrated to fail, AppTrust was launched in partnership with ServiceNow as the IT ops system of record with JFrog as the system of record for the software supply chain in the worlds of Rahul Tripathi, General Manager of ITSM at ServiceNow. The future of software built by developers and AI agents must include automated governance, achievable only through evidence-based quality gates and systems. JFrog AppTrust is paving the way to make that vision a reality.

秉承我們對跨產業合作的願景，以及我們致力於建立高度整合、不會失敗的解決方案的承諾，AppTrust 與 ServiceNow 合作推出，作為 IT​​ 營運記錄系統，並與 JFrog 合作推出，作為軟體供應鏈的記錄系統。 ——Rahul Tripathi，ServiceNow ITSM 總經理。由開發者和人工智慧代理建構的軟體的未來必須包含自動化治理，而這只有透過基於證據的品質關卡和系統才能實現。JFrog AppTrust 正在為實現這一願景鋪平道路。

In security, we further showcased new abilities to secure developer extensions or the plug-ins developers use in their environments. This is a different type of supply chain attack and JFrog customers can now protect developer extensions in addition to their software assets. We also launched agentic remediation capabilities and demonstrated on stage how JFrog solutions use AI agents to detect vulnerabilities in source code, identify remediation methods, prioritize contextual path to fix problems and even protect against similar vulnerability in the future, first through our GitHub Copilot integration and soon available for other code assistance.

在安全性方面，我們進一步展示了保護開發者擴充功能或開發者在其環境中使用的插件的新功能。這是一種不同類型的供應鏈攻擊，JFrog 的客戶現在除了保護他們的軟體資產外，還可以保護他們的開發者擴充功能。我們還推出了智慧修復功能，並在舞台上演示了 JFrog 解決方案如何使用 AI 代理來檢測原始程式碼中的漏洞、識別修復方法、優先考慮上下文路徑來解決問題，甚至防止將來出現類似的漏洞，首先是透過我們的 GitHub Copilot 集成，很快將可用於其他程式碼輔助。

Finally, we introduced JFrog Fly, the world's first agentic repository, reimagining software supply chain management in the era of AI. With JFrog Fly, AI agents become co-builders alongside developers, orchestrating artifacts seamlessly across the entire software life cycle. This allows developers to focus on what matters most, delivering software to production faster at scale and without friction. Small teams now enjoy a zero hustle AI-driven experience, tightly integrated with GitHub and native AI tools like Cursor, Cloud Code, and GitHub Copilot.

最後，我們推出了 JFrog Fly，這是世界上第一個智能體儲存庫，在人工智慧時代重新定義了軟體供應鏈管理。借助 JFrog Fly，AI 代理可以與開發人員一起共同構建，在整個軟體生命週期中無縫地協調工件。這使得開發人員能夠專注於最重要的事情，更快地大規模地、無阻礙地將軟體交付到生產環境。小型團隊現在可以享受零麻煩的 AI 驅動體驗，與 GitHub 和 Cursor、Cloud Code 和 GitHub Copilot 等原生 AI 工具緊密整合。

JFrog Fly's Agentic capabilities will be shared with selected users, giving developer teams the opportunity to experience AI-assisted software creation and delivery. These capabilities are planned for full integration into the JFrog platform, powering our customers in the new era of intelligent automated software supply chain practices built on an agentic binary repository. We believe that these product innovations share that swampUP are in the words of our customers, AT&T, a home run for our users.

JFrog Fly 的 Agentic 功能將與選定的使用者分享，使開發團隊有機會體驗 AI 輔助的軟體建立和交付。這些功能計劃完全整合到 JFrog 平台中，為我們的客戶在新時代建立基於代理二進位儲存庫的智慧自動化軟體供應鏈實踐提供支援。我們相信，這些產品創新與我們的客戶 AT&T 的說法一致，即 swampUP 為我們的用戶帶來了巨大的成功。

With that, I'll turn the call over to our CFO, Ed Grabscheid, with an in-depth recap of Q3 financial results and our updated outlook for the full fiscal year of 2025. Ed?

接下來，我將把電話交給我們的財務長艾德‧格拉布沙伊德，他將深入回顧第三季財務業績以及我們對 2025 財年的最新展望。艾德？

Thank you, Shlomi, and good afternoon, everyone. During the third quarter of 2025, total revenues equaled $136.9 million, up 26% year over year. Our overachievement during the quarter was the result of strong go-to-market and operational execution, continued momentum in our cloud revenues, growing adoption in JFrog security products and expansion by customers within our enterprise-level subscriptions. As noted by Shlomi, third quarter cloud revenues grew to $63.4 million, up 50% year over year and represented 46% of total revenues versus 39% in the prior year.

謝謝你，什洛米，大家下午好。2025 年第三季度，總營收達到 1.369 億美元，年增 26%。本季我們取得的超額業績得益於強有力的市場推廣和營運執行、雲端收入的持續成長動能、JFrog 安全產品日益普及以及企業級訂閱客戶數量的成長。正如 Shlomi 指出的那樣，第三季雲端收入成長至 6,340 萬美元，年增 50%，佔總收入的 46%，而上年同期為 39%。

Our growth in the cloud was driven by increased usage across a broad set of package types, demand for JFrog Advanced Security and Curation and conversion of customers with usage above minimum commitments into higher annual contracts. During the third quarter, our self-managed or on-prem revenues were $73.5 million, up 10% year over year. We continue to proactively engage our on-prem customers to migrate DevSecOps workloads to our cloud or explore solutions better aligned with their specific use cases, including hybrid and fit-for-purpose deployments.

我們在雲端領域的成長得益於各種套餐類型的使用量增加、對 JFrog 高級安全和管理的需求，以及將使用量超過最低承諾的客戶轉化為更高年度合約。第三季度，我們的自主管理或本地部署收入為 7,350 萬美元，年增 10%。我們將繼續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，或探索更符合其特定用例的解決方案，包括混合部署和適用部署。

In Q3, 56% of total revenues came from Enterprise Plus subscriptions, up from 50% in the prior year, driven by ongoing execution of our enterprise go-to-market strategy and broader customer adoption of the JFrog platform, revenue contribution from Enterprise Plus subscriptions grew 39% year over year. Net dollar retention for the four trailing quarters was 118%, consistent with the prior quarter, highlighting the continued adoption of our security core products and increased cloud 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 third quarter 2025.

第三季度，企業版訂閱收入佔總收入的 56%，高於上年的 50%，這得益於我們持續推進企業市場策略以及客戶對 JFrog 平台的更廣泛採用，企業版訂閱收入同比增長 39%。過去四個季度的淨美元留存率為 118%，與上一季持平，這凸顯了我們安全核心產品的持續普及和雲端資料消費的增加，從而提高了客戶承諾。我們不斷證明，我們的客戶將 JFrog 解決方案視為其軟體供應鏈的關鍵組成部分，截至 2025 年第三季度，總留存率達到 97%。

Now I'll review the income statement in more detail. Gross profit in the quarter was $114.9 million, representing a gross margin of 83.9% versus 82.8% in the year ago period. We remain focused on cost optimization with the cloud service providers and continue to expect annual gross margins to remain between 82.5% and 83.5% for 2025. Operating expenses in the third quarter were $89.3 million, equaling 65% of revenues. This compares to $75.5 million or 69% of revenues in the year ago period. Our operating profit in Q3 increased to $25.6 million or an operating margin of 18.7% compared to $14.7 million and 13.5% operating margin in the third quarter of 2024.

現在我將更詳細地審查損益表。本季毛利為 1.149 億美元，毛利率為 83.9%，去年同期為 82.8%。我們將繼續專注於與雲端服務供應商進行成本優化，並繼續預計 2025 年的年度毛利率將保持在 82.5% 至 83.5% 之間。第三季營運支出為 8,930 萬美元，佔營收的 65%。相較之下，去年同期營收為 7,550 萬美元，佔總營收的 69%。第三季度，我們的營業利潤增至 2,560 萬美元，營業利益率為 18.7%，而 2024 年第三季的營業利潤為 1,470 萬美元，營業利潤率為 13.5%。

The continued balance between strategic investments and operational efficiency demonstrates our commitment to profitable growth. Cash flow from operations equaled $30.2 million in the third quarter. After taking into consideration CapEx requirements, our free cash flow reached $28.8 million or 21% margin compared to $26.7 million or 24% margin in the year ago period. During the third quarter, we completed payments totaling $5.7 million under a holdback agreement related to the acquisition of Qwak AI, which was completed in July 2024.

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。第三季經營活動產生的現金流量為 3,020 萬美元。考慮到資本支出需求，我們的自由現金流達到 2,880 萬美元，利潤率為 21%，而去年同期為 2,670 萬美元，利潤率為 24%。第三季度，我們根據與收購 Qwak AI 相關的保留金協議完成了總計 570 萬美元的付款，該收購已於 2024 年 7 月完成。

Now turning to the balance sheet. We ended the third quarter of 2025 at $651.1 million in cash and short-term investments compared to $522 million at the end of 2024. As of September 30, 2025, our RPO totaled $508 million, a 47% increase year over year. This performance highlights the successful execution of our go-to-market strategy as customers continue to make larger multiyear commitments to our DevSecOps offerings.

現在來看資產負債表。截至 2025 年第三季末，我們的現金和短期投資為 6.511 億美元，而 2024 年底為 5.22 億美元。截至 2025 年 9 月 30 日，我們的 RPO 總額為 5.08 億美元，年增 47%。這項業績凸顯了我們市場推廣策略的成功執行，客戶也持續對我們的 DevSecOps 產品做出更大的多年期承諾。

And now let's turn to the outlook and guidance for Q4 and the full year 2025. While we're encouraged by our strong year-to-date performance amid geopolitical uncertainty and ongoing macroeconomic volatility, we believe it remains prudent to continue to approach our forward outlook with measured caution. Our updated 2025 guidance range suggests sustained contributions from the JFrog Security core, steady expansion of customer commitments and adoption of the full JFrog platform.

現在讓我們來看看第四季和 2025 年全年的展望和指導。儘管在當前地緣政治不確定性和宏觀經濟持續波動的情況下，我們對今年迄今為止的強勁業績感到鼓舞，但我們認為，繼續以審慎的態度看待未來前景仍然是明智之舉。我們更新後的 2025 年業績指引表明，JFrog Security 核心業務將持續做出貢獻，客戶承諾將穩步擴大，並且 JFrog 平台將全面得到採用。

We continue to derisk our outlook by excluding our largest opportunities given the uncertainty regarding the timing of certain large customer deployments. We estimate our full year 2025 baseline cloud growth to now be in the range of 40% to 42%. Cloud revenue guidance continues to exclude any contribution from usage above annual customers' minimum commitments. Taking into account our strong year-to-date results and fourth quarter guidance, we are raising our expectation for net dollar retention to above 116% for 2025.

鑑於某些大型客戶部署時間存在不確定性，我們繼續排除最大的投資機會，以降低前景風險。我們預計 2025 年全年基準雲成長率將在 40% 至 42% 之間。雲端收入預期仍然不包括超出客戶年度最低承諾金額的使用量所產生的任何收入。考慮到我們今年迄今的強勁業績和第四季度的業績指引，我們將 2025 年淨美元留存率的預期上調至 116% 以上。

For Q4, we expect revenues to be in the range of $136.5 million and $138.5 million, with non-GAAP operating profit anticipated to be between $21 million and $22 million and non-GAAP earnings per diluted share of $0.18 to $0.20, assuming a share count of approximately 125 million shares. For the full year of 2025, we anticipate a revenue range of $523 million to $525 million, representing approximately 22.3% year-over-year growth at the midpoint.

對於第四季度，我們預計收入將在 1.365 億美元至 1.385 億美元之間，非 GAAP 營業利潤預計在 2,100 萬美元至 2,200 萬美元之間，非 GAAP 稀釋後每股收益預計在 0.18 美元至 0.20 美元之間（假設股份數量約為 1.25 億股）。我們預計 2025 年全年營收將在 5.23 億美元至 5.25 億美元之間，其中數值約為年增 22.3%。

Non-GAAP operating income is expected to be between $87.3 million and $88.3 million and non-GAAP diluted earnings per share of $0.78 to $0.80, assuming a share count of approximately 122 million shares.

預計非GAAP營業收入將在8,730萬美元至8,830萬美元之間，非GAAP稀釋後每股盈餘將在0.78美元至0.80美元之間（假設股份數量約為1.22億股）。

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

現在，我將把電話轉回給 Shlomi，請他做一些總結發言，然後再回答大家的問題。

Thank you, Ed. The third quarter of 2025 is behind us. We committed and we delivered on innovation, on product execution and across every financial metric. Despite macro challenges, the JFrog team sold, over the past three quarters, we not only earned the trust of the enterprise, we reinforced our position as the definitive system of record for the software supply chain. As the world becomes powered by AI-driven software and every aspect of software creation and delivery is being transformed, one fact stands out, more software means more packages, more artifacts, more binaries, and that's exactly where JFrog stands front and center now and in the future.

謝謝你，埃德。 2025年第三季已經過去了。我們承諾並實現了創新、產品執行以及所有財務指標的目標。儘管面臨宏觀挑戰，但 JFrog 團隊在過去三個季度中，不僅贏得了企業的信任，還鞏固了我們作為軟體供應鏈權威記錄系統的地位。隨著世界逐漸被人工智慧驅動的軟體所驅動，軟體創建和交付的方方面面都在發生變革，一個事實尤其突出：更多的軟體意味著更多的軟體包、更多的工件、更多的二進位文件，而這正是 JFrog 現在和未來都將處於核心地位的地方。

We're becoming the model registry of choice, securing the entire software supply chain of our customers from passport control at the gate to safe and trusted delivery. We manage the full life cycle of AI models, and we've introduced the world's first DevGovOps solution, preparing our customers for the ongoing tsunami of AI regulation and compliance. We continue to run our business with efficiency, focus and discipline while staying deeply energized by the opportunities ahead.

我們正成為首選的軟體註冊管理機構，保障客戶的整個軟體供應鏈，從入境檢查到安全可靠的交付。我們管理人工智慧模式的整個生命週期，並推出了世界上第一個 DevGovOps 解決方案，幫助我們的客戶應對人工智慧監管和合規的持續浪潮。我們將繼續以高效、專注和嚴謹的態度經營業務，同時對未來的機會充滿熱情。

This quarter was also a deeply meaningful one for our Israeli team as the war in the region came to an end and hostages were finally returned safely to their families after two long years. We stand in solidarity with the families of the remaining hostages still held by the terrorist Organization, Hamas, and we pray for their safe return home for proper burial.

對我們的以色列團隊來說，本季也意義非凡，因為該地區的戰爭結束了，人質在經歷了漫長的兩年後終於安全地回到家人身邊。我們與仍被恐怖組織哈馬斯扣押的人質家屬站在一起，我們祈禱他們能夠安全回家，並得到妥善安葬。

As we prepare for 2026, we are ready to leap forward in product, people and business. We remain determined to continue building on what we have created by developers for the developers of the modern software world.

展望 2026 年，我們已準備好在產品、人才和業務方面實現飛躍式發展。我們決心繼續發展我們為現代軟體世界的開發者所創造的一切。

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

感謝各位參與本次通話，願青蛙與你們同在。接線員，我們現在可以接受提問了。

(Operator Instructions) Michael Cikos, Needham.

（操作員說明）Michael Cikos，Needham。

Hey guys, thanks for taking the questions here. Jeff, great to hear you on the call and for Shlomi, congrats on the strong quarter. I wanted to tap into cloud. And first, just to sanity check, the results super strong here. Was there anything one time? Or was this really just a confluence of a number of different pieces of the platform coming alongside the execution? Can you help us unpack that?

大家好，感謝你們回答這些問題。Jeff，很高興在電話會議上聽到你的聲音；Shlomi，恭喜你本季業績出色。我想利用雲端運算。首先，為了確保結果準確，這裡的結果非常出色。曾經有過什麼嗎？或者，這實際上只是平台的多個不同部分與執行過程的匯合結果？你能幫我們解讀一下嗎？

Hey, Mike, this is Ed. I'll go ahead and start with that. There is nothing in the cloud revenues that is one time. This is a convergence of strong usage across multiple package types, geos and different verticals. In addition to that, we saw strong security. Security also is a leading driver of our cloud growth. So you had a combination of those two things happening but no one time. It was a very strong quarter.

嘿，麥克，我是艾德。我就從這裡開始吧。雲端收入中沒有任何一次性收入。這是多種套餐類型、地理位置和不同垂直領域用戶廣泛使用的匯聚結果。除此之外，我們也看到了嚴密的安保措施。安全性也是我們雲端業務成長的主要驅動力。所以，這兩種情況同時發生了，但並非同時發生。這是一個非常強勁的季度。

Excellent. And I did just want to tap in. I guess this is probably more for Shlomi but again, on the Cloud, we have a couple of quarters now of really strong growth. What is different, if anything has changed. But from an execution standpoint on the go-to-market, what have you guys implemented that continues to bear out here? How should we be thinking about that?

出色的。我當時只是想接入。我想這可能更多是針對 Shlomi 的，但再說一遍，在雲端，我們現在已經連續幾個季度實現了強勁增長。如果有什麼變化，那有什麼不同？但從市場推廣的執行角度來看，你們實施了哪些措施，而這些措施至今仍然有效？我們該如何看待這個問題？

Hi, Mike. This is Shlomi, and thank you for the kind words. I think that what you see in the cloud is a strong and consistent execution, not only of our technology but also the go-to-market philosophy of working with our customers that have over usage, converting them to higher commitments, and that's translated to consistent cloud growth and less volatility. As you know, even when we guide, we provide you with the commitments-based guidance and consumption might come and go but we wanted to have an alignment between the go-to-market philosophy and the execution of our cloud business.

嗨，麥克。我是Shlomi，謝謝你們的鼓勵。我認為，我們在雲端領域的成就，不僅體現在我們強大的技術實力上，也體現在我們與過度使用雲端服務的客戶合作，引導他們做出更高承諾的市場策略上，這最終轉化為持續的雲端業務成長和更小的波動性。如您所知，即使在我們提供指導時，我們也會提供基於承諾的指導，消費量可能會有起有落，但我們希望在市場推廣理念和雲端業務執行之間保持一致。

That's on top, of course, to what Ed said that our cloud customers are now also embracing our security solution, which obviously gives us more room to grow and to expand.

當然，除此之外，正如 Ed 所說，我們的雲端客戶現在也開始接受我們的安全解決方案，這顯然給了我們更大的發展和擴張空間。

Sanjeet Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

Yeah, thank you for taking the questions and congrats. My congrats on the strong results this quarter. Shlomi, I was wondering if you could expand a little bit more on the theme on your script around the broadening of the types of artifacts that Artifactory is managing and storing and serving as a system of record. What does that mix start to look like between kind of traditional software artifacts, containers registries and some of the AI artifacts that are starting to come through? How -- can you speak to some of the underlying trends in terms of what Artifactory is storing and managing these days?

是的，謝謝你回答問題，也恭喜你。祝賀貴公司本季取得優異業績。Shlomi，我想請你再詳細闡述一下你的腳本中關於 Artifactory 管理和儲存的工件類型不斷擴大，以及它如何作為記錄系統發揮作用的主題。傳統軟體製品、容器註冊表和一些正在湧現的人工智慧製品混合在一起會呈現出怎樣的面貌？您能否談談 Artifactory 目前儲存和管理的內容的一些潛在趨勢？

Yeah, Sanjit. What we see, and we're obviously monitoring it closely is that artifacts or different type of artifacts that are heavily used by AI creators are seeing kind of a growth in usage in our cloud and on-prem customers. We see that obviously, Hugging Face is scaling up. This is the open source models hub for AI models but also languages that support AI development like Python with PyPI, NPM, Docker containers for distribution of models, all of them are aligned and correlated and growing together.

是的，桑吉特。我們看到（而且我們顯然正在密切關注），人工智慧創建者大量使用的各種類型的工件，在我們的雲端和本地客戶中的使用量都在增長。很明顯，Hugging Face 的規模正在擴大。這是一個開源模型中心，不僅包含 AI 模型，還包含支援 AI 開發的語言，例如 Python（透過 PyPI、NPM 和 Docker 容器分發模型），所有這些都相互協調、相互關聯，並共同發展。

It's still too early for us to say that this trend is actually going to lead to a higher consumption in the future. But it's very encouraging to see that our customers are using JFrog as the system of record for all packages, including AI models, and that obviously drives the higher consumption as we reported.

現在就斷言這種趨勢未來必然會導致更高的消費還為時過早。但令人鼓舞的是，我們的客戶正在使用 JFrog 作為所有軟體包（包括 AI 模型）的記錄系統，這顯然推動了更高的使用量，正如我們所報導的那樣。

Kingsley Crane, Canaccord.

金斯利起重機，Canaccord。

Hey, thanks for taking the question. Really encouraging results. For Shlomi, the demo of JFrog Fly was really impressive at swampUP. The MCP capabilities are nice to see as well. It got me thinking AI is changing how consumers interact with technology. It's leading many companies to rethink their UI, their UX. How relevant is that for JFrog? And is that something that you're thinking about?

嘿，謝謝你回答這個問題。結果令人鼓舞。對於 Shlomi 來說，JFrog Fly 在 swampUP 上的演示真的令人印象深刻。MCP的功能也令人欣喜。這讓我開始思考，人工智慧正在改變消費者與科技互動的方式。這促使許多公司重新思考他們的使用者介面和使用者體驗。這對 JFrog 來說有多重要？這是你在考慮的事情嗎？

Yeah. Thank you, Kingsley. The JFrog Fly release is a disruption to the entire software supply chain system of record. We understand that software in the future will be created not just by developers but also by agents. And therefore, whatever repository you want to build must come with a agentic capabilities. This is what we wanted first to have a JFrog Fly. The second thing based on our research with thousands of developers was that developers want to be focused on what they need to be focused on, create software, deliver software with trust fast and rapidly. JFrog Fly provide that.

是的。謝謝你，金斯利。JFrog Fly 的發布對整個軟體供應鏈記錄系統造成了乾擾。我們了解到，未來的軟體不僅由開發人員創建，而且由代理商創建。因此，無論你想建立什麼儲存庫，都必須具備代理能力。我們最初想要的就是JFrog Fly。根據我們對數千名開發者的研究，第二點是，開發者希望專注於他們需要專注於的事情，即創建軟體，快速、可靠地交付軟體。JFrog Fly 提供此功能。

So instead of taking it feature by feature within Artifactory, we thought that what we will do better is to build a full agentic experience for our users, reimagining how software supply chain will look like and then slowly bring those capabilities into the JFrog platform, obviously, the enterprise market will adopt it one by one, feature by feature. The community and small team can run faster. So that's the idea behind Fly, and we are very excited to see how the market react to it.

因此，我們認為與其在 Artifactory 中逐一添加功能，不如為使用者建立完整的智慧體驗，重新構想軟體供應鏈的形態，然後逐步將這些功能引入 JFrog 平台。顯然，企業市場會逐一功能地採用這些功能。社區和小團隊可以運作得更快。這就是 Fly 背後的理念，我們非常期待看到市場對此的反應。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Yeah, hey guys. Thanks so much for taking the questions.I wanted to ask on NRR and maybe pick on the metric just a little bit because it was flat at 118%. But when I look at the cloud growth, that's really, really strong and just knowing that NRR is calculated on the trailing 12-month metric, on a 12-month basis, that just really means that there's some new customers that are growing very fast. Is that the right interpretation on kind of looking at NRR versus the cloud performance? And if that is true, how sustainable is that growth from these new customers going forward?

嗨，大家好。非常感謝您回答這些問題。我想問一下關於淨收益率（NRR）的問題，因為這個指標一直穩定在118%。但當我看到雲端業務的成長時，發現它真的非常強勁。要知道，NRR 是按過去 12 個月的指標計算的，也就是說，這意味著有一些新客戶正在快速成長。這種對淨收入報酬率 (NRR) 與雲端效能之間關係的解讀是否正確？如果情況屬實，那麼未來這些新客戶的成長能否持續？

Thank you, Koji. I'll start and Ed, feel free to chime in. NRR represent a tier of customers that are not committed to an annual NDR --

謝謝你，浩二。我先來，Ed，你也隨時可以補充。NRR代表​​未承諾簽訂年度NDR協議的客戶群—

Shlomi, let me go ahead and jump in here on the NDR. So first off, let me remind you that we had three of the largest customers closed during Q3 of last year. So we're building off of that. It's a trailing 12-month metric. But what I said in the beginning of the year, Koji, if you recall, if there was going to be an acceleration in net dollar retention, two things would have to happen. Number one, I want to see an uptick in my security. And number two, I want to see usage over minimum commit in the cloud, and both of those are happening.

Shlomi，讓我插一句關於NDR的話。首先，我想提醒各位，去年第三季我們失去了三位最大的客戶。所以我們正在以此為基礎繼續發展。這是過去 12 個月的滾動數據。但是，Koji，如果你還記得的話，我在年初說過，如果淨美元留存率要加速成長，那麼兩件事就必鬚髮生。首先，我希望我的安全狀況能有所改善。第二，我希望看到雲端使用量超過最低提交量，而這兩點都在發生。

So you start on a trailing 12-month metric with a very strong base off of those three very large deals that were closed at the end of Q3, and we've continued to build on that. So we've actually expanded our net dollar retention rate, and we're very happy with where it is as it's stabilized quarter over quarter at 118%.

因此，我們以過去 12 個月的指標為基礎，這得益於第三季末完成的三筆非常大的交易，我們在此基礎上繼續發展。因此，我們的淨美元留存率實際上有所提高，我們對目前的狀況非常滿意，因為它已經穩定在 118%（按季度計算）。

Yeah. And Koji, sorry, I heard NRR and answered about the cloud monthly usage. Regarding net dollar retention, we also have to remember that part of the strategy of embedding our security solution into the platform will be a way to also expand our customers with a different persona. Getting our customers expanding with security actually addresses a completely different addressable market.

是的。Koji，抱歉，我聽到了 NRR 的回答，問的是雲端服務的月度使用情況。關於淨美元留存率，我們也要記住，將我們的安全解決方案嵌入平台的部分策略也將是拓展不同類型客戶的一種方式。透過安全措施拓展客戶群，實際上針對的是一個完全不同的目標市場。

Mark Cash, Raymond James.

馬克卡什，雷蒙德詹姆斯。

Thank you. Shlomi, if I could start with you. I also want to ask around Fly but more around if you see Fly opening up new customers or buying centers that you haven't serviced previously? And then what kind of go-to-market plans or tweaks would be required to drive market awareness versus maybe the market mostly thinking about JFrog more large-scale artifacts.

謝謝。Shlomi，如果可以的話，我想先從你開始。我還想打聽一下 Fly 公司的情況，特別是如果你看到 Fly 公司開設了新的客戶中心或收購了你以前沒有服務過的中心？那麼，需要製定什麼樣的市場推廣計畫或進行哪些調整才能提高市場認知度，而不是讓市場主要關注 JFrog 的大型產品呢？

And then if I could sneak one in for Ed. I'm just -- I mean, you beat by $9 million, raised by additional $6.5 million. So I guess maybe some of that comes with better visibility from RPO, cRPO strength but you're still taking a prudent approach you laid out. So what are the key drivers that give you confidence to raise by such an amount maybe compared to 90 days ago?

如果我能偷偷替艾德加一個名額就好了。我只是——我的意思是，你贏了900萬美元，又額外籌集了650萬美元。所以我覺得，這其中一部分原因可能是 RPO 和 cRPO 的可見度提高了，但你仍然採取了你提出的謹慎方法。那麼，是什麼關鍵因素讓您有信心將融資額提高到與 90 天前相比的水平呢？

Yeah, I'll start with Fly. This is obviously an opportunity but it's not our goal. Our goal is to make sure that everything that you have at the JFrog platform in the future will support both agents and developers as they manage their software supply chain.

好的，我先從《Fly》開始。這顯然是一個機會，但這不是我們的目標。我們的目標是確保未來您在 JFrog 平台上擁有的一切都能支援代理商和開發人員管理他們的軟體供應鏈。

And why is that important? Because we know that in the future, the way that engineering team will be structured will be a combination of developers and agents. It will not be just developers. So software will be made by agents. And if you don't provide them, these agents will not have access to your repository, then they will have another system of record. So with Fly success, basically, what we see is how we fuel and power the entire JFrog platform.

為什麼這很重要？因為我們知道，未來工程團隊的組織形式將是開發人員和代理商的結合。不僅僅是開發者。因此，軟體將由代理商開發。如果你不提供這些信息，這些代理商將無法存取你的儲存庫，那麼他們將使用另一個記錄系統。所以，Fly 的成功，基本上體現了我們如何為整個 JFrog 平台提供動力和支援。

Now can small team use FLY and this will be another avenue of revenue generation? Yes, maybe. But our main goal is to make sure that we adopt this agentic experience across the platform and Fly is the North Star of adopting AI experience.

現在小型團隊也可以使用 FLY 了，這會成為另一種創收途徑嗎？或許吧。但我們的主要目標是確保我們在整個平台上採用這種智慧體驗，而 Fly 是採用人工智慧體驗的北極星。

Yeah. And regarding the guidance and the confidence that I had moving into Q4, first of all, I only guide on the commitments. So I'm confident that what I'm providing to you 90 days after the last time I provided to you a guidance is the fact that I have the strong commitment. We saw a strong performance during the quarter. That's built into my forecast based on those commitment levels. And I've removed anything that's related to usage over the minimum commitments and feel very confident with those numbers provided.

是的。至於我進入第四季時的指導和信心，首先，我只對已做出的承諾做出指導。因此，我確信，在我上次向您提供指導 90 天后，我向您提供的是，我擁有堅定的承諾。本季業績表現強勁。我已經根據這些承諾水平將這一點納入了我的預測中。我已經刪除了所有與超越最低承諾使用量相關的內容，我對所提供的這些數據非常有信心。

Miller Jump, Truist.

米勒跳躍，Truist。

Hey, thank you for taking the questions and congratulations on the strong results. Yes. So for Shlomi, maybe for a couple of quarters now, we've heard about the demand for hybrid solutions correlated with AI. I'm just trying to reconcile this with the clear momentum that you're seeing in cloud. Like is this something that you're seeing shift the pipeline composition right now?

嘿，謝謝你回答這些問題，也恭喜你取得了優異的成績。是的。所以對於 Shlomi 來說，可能在過去的幾個季度裡，我們已經聽到了對與人工智慧相關的混合解決方案的需求。我只是想把這種情況與你在雲端市場看到的明顯成長動能連結起來。您是否觀察到這種情況正在改變目前的管道組成？

And then if I could ask one for Ed as well, just throughout this year, maybe the last two quarters really, you've talked about the conversion of customers that are going over commit. And I'm just curious, like what are you seeing from the customers that do move on to new contracts? Like are they continuing to ramp up their consumption? How has that played out versus your expectations?

如果我能替 Ed 問一個問題的話，就在今年，或者說最近兩個季度，你一直在談論超出承諾期限的客戶轉換率。我很好奇，那些續約新合約的客戶，你們觀察到了哪些情況？他們的消費量是否還在持續成長？實際情況與你的預期相比如何？

Yeah. Thank you, Miller. I'll start. Well, first, what we see is what we reported in the past, and we see it still. In our pipeline, there are some big deals that part of them include cloud migration. So we hear from our customers that they need more certainty before they double down on the cloud and go there with the entire AI workload that is currently being built.

是的。謝謝你，米勒。我先來。首先，我們看到的情況與我們過去報導的情況相同，而且現在仍然如此。我們正在籌備一些大項目，其中一部分涉及雲端遷移。因此，我們從客戶那裡了解到，在加大對雲端的投入，並將目前正在建置的整個 AI 工作負載遷移到雲端之前，他們需要更多的確定性。

So for sure, the fit for purpose that we reported in the past is still relevant. But you also know that part of our guidance philosophy, these deals are being derisked from our pipeline. And we are being very cautious with kind of hanging the expectations high when it comes to cloud migration and cloud consumption.

所以可以肯定的是，我們過去報導的「適合用途」仍然適用。但你也知道，根據我們的指導理念，這些交易正在從我們的交易計畫中降低風險。我們對雲端遷移和雲端消費抱持非常謹慎的態度，不會過度高估其前景。

In terms of the consumption, as I answered before to Sanjit's question, we see more software packages that are related to the AI world being used. And still, we want to make sure that this is a new behavior and not just a trend that will pass when people will decide whether they go with cloud or on-prem.

就消費而言，正如我之前回答 Sanjit 的問題時所說，我們看到越來越多與人工智慧領域相關的軟體包被使用。不過，我們仍然希望確保這是一種新的行為，而不僅僅是一種趨勢，當人們決定選擇雲端還是本地部署時，這種趨勢就會消失。

Regarding what we see from the behavior of those customers that are above minimum commitments that go to a higher annual commitment, it's still not easy to do this. And the sales team has done a good job. That's strategically aligned with our philosophy.

從那些超出最低承諾額度、轉為更高年度承諾額度的客戶的行為來看，要做到這一點仍然不容易。銷售團隊做得很好。這與我們的理念在策略上是一致的。

Budgets are still not fully aligned there yet. But for those customers, they're now secure and it gives them that confidence to flex up and down. So we continue to see strong usage across the board, especially in Q3. But we also know heading into Q4, it's a seasonably slower quarter due to the holidays. So that's also something that we take into consideration.

那裡的預算尚未完全協調一致。但對於這些客戶來說，他們現在感到安全了，這給了他們更大的信心去靈活調整。因此，我們看到各方面的使用情況依然強勁，尤其是在第三季。但我們也知道，進入第四季後，由於假期原因，這是一個季節性的淡季。所以這也是我們會考慮的因素之一。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Hi, good afternoon. Thank you for taking the question and congrats from me as well on these results. They are really nice to see the acceleration. Maybe for Shlomi, could you -- any way to quantify what kind of lift you get in the quarter or you had in the quarter from conversions to cloud? And maybe what percentage of your customer base is kind of remaining to convert?

您好，下午好。感謝您回答這個問題，也祝賀您取得這樣的成績。看到這種加速真是太好了。或許對於 Shlomi 來說，您能否——有沒有什麼方法可以量化本季從雲端轉換中獲得的提升，或者本季您從雲端轉換中獲得的提升？那麼，你的客戶群中還有多少比例的人有​​可能轉換呢？

Yeah. So we are not disclosing this number, Brian. But what I can tell you that if you look at the report of the over $1 million customers, we have now 71. That's a growth of 54% year over year. I can say that the majority of them were not just using of more platform capabilities but also use it in the cloud. So while we are not disclosing it, the cloud for sure is a strong growth engine for the company.

是的。所以，布萊恩，我們不會透露這個數字。但我可以告訴你的是，如果你查看超過 100 萬美元客戶的報告，我們現在有 71 家。這比上年同期成長了54%。我可以肯定地說，他們中的大多數人不僅使用了更多的平台功能，而且還在雲端使用了這些功能。雖然我們不便透露具體數字，但雲端運算無疑是公司強勁的成長引擎。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

Yeah, thanks a lot for taking my question. So Shlomi, definitely securing the software supply chain for AI models, continuous packages sounds like a critical pain point right now. I just wanted to hear your thoughts on what do you think about customers of truly allocating new budgets towards this and just the sustainability of these budgets? Or do you think it's getting bundled into existing DevSecOps and you are gaining from consolidation. You did note many attacks like the recent NPM and PyPI threats that are thwarted by Curation. Just curious how customers are thinking about the budgets going forward? And then I have a follow-up for Ed.

是的，非常感謝您回答我的問題。所以 Shlomi，確保 AI 模型軟體供應鏈的安全，持續打包，聽起來確實是目前關鍵的痛點。我只是想聽聽您對客戶真正為此分配新預算的看法，以及這些預算的可持續性如何？或者您認為它會被整合到現有的 DevSecOps 中，而您將從整合中獲益？您確實注意到，像最近 NPM 和 PyPI 的威脅一樣，許多攻擊都因內容管理而受挫。很好奇客戶對未來的預算有什麼想法？然後我還有一個後續問題要問艾德。

Yeah, Shrenik, that's actually two different questions. First of all, there is a higher threat on software supply chain because hackers are after your software packages. And if you don't cover your software, it's -- as I said, it's a matter of when and not a matter of if you will be attacked. NPM, PyPI, MCP, in the past, you remember Log4j, these are all software packages and attackers are going there because this is binaries and binaries are also the asset that our customers have in the run time. So basically, if you are attacked from run time for the binaries, you have full access to the software supply chain. That's front and center for every CISO now.

是的，Shrenik，這實際上是兩個不同的問題。首先，軟體供應鏈面臨更高的威脅，因為駭客正覬覦你的軟體包。如果你不保護你的軟體，正如我所說，你遭受攻擊只是時間問題，而不是會不會遭受攻擊的問題。NPM、PyPI、MCP，還有以前的 Log4j，這些都是軟體包，攻擊者會攻擊它們，因為它們是二進位文件，而二進位也是我們客戶在運行時擁有的資產。所以基本上，如果你在運行時對二進位檔案發動攻擊，你就完全可以存取軟體供應鏈。現在，這已成為每位首席資訊安全長 (CISO) 的首要任務。

And the other question regarding new budget allocated to security in the world of AI, I believe the answer is yes. And it's not only the traditional security but also GRC budgets. So cyber risk organizations are also looking at what happened in terms of governance and regulation, a moment before AI is fully adopted by the biggest bank and the biggest car manufacturers and the biggest retail companies.

至於關於人工智慧領域安全方面新增預算的問題，我認為答案是肯定的。而且這不僅關乎傳統的安保，也關乎集選區預算。因此，網路風險組織也在關注在人工智慧被最大的銀行、最大的汽車製造商和最大的零售公司全面採用之前，治理和監管方面發生了什麼。

And the gap between full adoption of AI to what we see now is basically trust, control, security and governance. So for sure, there is more budget there and more attention of CISOs and CIOs to make sure that software delivery driven by AI is not putting the company in a risk.

人工智慧全面普及與我們目前所見的差距，主要體現在信任、控制、安全和治理方面。因此，可以肯定的是，這方面的預算更多了，首席資訊安全官 (CISO) 和首席資訊長 (CIO) 也更加關注如何確保由人工智慧驅動的軟體交付不會為公司帶來風險。

Just quickly, Ed, a follow-up, Federal wins were a highlight. You mentioned meaningful TCV. So just in light of the strong Q3 and traction around security AI, the guide for Q4 does appear measured. You did touch upon it. It's coming from place of prudence but just implied is more kind of 25% to 30%. Is there more prudence coming from the Fed side? Anything that you can comment on deal timing, variability just given the prolonged shutdown?

簡單補充一下，埃德，聯邦方面的勝利是一大亮點。您提到了有意義的TCV。鑑於第三季強勁的業績以及安全人工智慧領域的成長勢頭，第四季度的業績指引似乎較為謹慎。你確實提到了這一點。出於謹慎考慮，但暗示的比例大概在 25​​% 到 30% 之間。聯準會方面是否會採取更謹慎的措施？鑑於長期停工，您對交易時機和可能的變動有什麼看法？

Yeah. Thanks for the question, Shrenik. There's nothing related to a government shutdown that would change anything in terms of our sentiment going forward. We've managed this year with prudence. We're continuing to manage the year with prudence. There's a lot of factors that we take into consideration. I want to remind you, there is no usage over minimum commitments in our guide. We derisk for our largest deals as the timing of those deals are still uncertain but nothing has changed from our previous philosophy, and we're continuing to use that same philosophy in our Q4 and fiscal year guidance.

是的。謝謝你的提問，Shrenik。政府停擺不會對我們未來的情緒產生任何影響。今年我們一直謹慎行事。我們將繼續以謹慎的態度管理今年的工作。我們需要考慮很多因素。我想提醒您，我們的指南中沒有關於超出最低承諾的使用規定。由於最大交易的時機仍不確定，我們降低了這些交易的風險，但我們先前的理念並沒有改變，我們將繼續在第四季和財年業績指引中採用同樣的理念。

Ittai Kidron, Oppenheimer.

伊泰·基德隆，奧本海默。

Thank you, and hey, congrats, guys, really impressive. Maybe a couple for me. And just on this last comment that you made about that you don't give guide over the minimum commits. Can you tell us in the quarter itself this quarter, what was the upside from kind of spillover over the minimum commits?

謝謝，嘿，恭喜你們，真的很棒。也許我會要兩三個。還有，關於你最後提到的沒有給出最小提交次數的指導這一點。您能否告訴我們，在本季度，超出最低承諾額的溢出效應帶來了哪些好處？

Yeah. We didn't break that out, and we're not willing to provide that information. But if you think about what we've carried over from Q3 into Q4 sequentially, that is the commitment levels. Anything above that, I would consider to be usage over minimum commits.

是的。我們沒有公佈具體數據，也不願意提供這些資訊。但如果你想想我們從第三季延續到第四季的內容，那就是承諾水準。任何高於此值的提交次數，我都認為是超過了最低提交次數。

Okay. And then Shlomi, for you. Clearly, you're doing very well. I'm kind of wondering internally, what percent of your sales force is running above quota for the year? And if that's running at a level that's higher than your normal internal averages. I'm just trying to think about, you're soon to finish the year, you have to start thinking about how you make tweaks and changes. I was wondering if you have any initial thoughts given the change in the landscape, AI, the breadth of your portfolio, do you have any initial thoughts on how you're going to tinker with comp as you go into next year?

好的。然後是什洛米，為你準備的。顯然，你做得非常出色。我有點好奇，你們公司內部有多少銷售人員的年度表現超過了銷售目標？如果這個數值高於你正常的內部平均。我只是想說，一年快結束了，你必須開始考慮如何進行調整和改變。鑑於產業格局的變化、人工智慧的發展以及您投資組合的廣度，我想知道您對明年薪酬調整有什麼初步想法嗎？

Yeah, Ittai. So obviously, we will not share some operational metrics but of course, we are tracking it. There are very important takers for the go-to-market team when it comes to the growth engine, when it's security, when it's cloud, cloud migration, AI and MLOps adoption, now DevGovOps and compliance. What you can see in the numbers, and this is not the first quarter, it's, I think, the fifth quarter in a row that we are consistently deliver what we are committed to is that not only the sales team is focused but also they use the methodologies of top down enterprise sales, things that in the past, we didn't practice like three years ago or four years ago, when we used to sell to developers, there were no expansion.

是的，伊泰。很顯然，我們不會透露一些營運指標，但我們當然會追蹤這些指標。對於市場推廣團隊而言，在成長引擎方面有許多非常重要的目標，例如安全性、雲端、雲端遷移、人工智慧和 MLOps 採用，以及現在的 DevGovOps 和合規性。從這些數據中可以看出，而且這並非我們連續第五個季度（我認為是連續第五個季度）始終如一地兌現了我們的承諾，不僅銷售團隊專注，而且他們還採用了自上而下的企業銷售方法，而這些方法在過去，比如三四年前，當我們向開發人員銷售產品時，並沒有得到任何擴展。

And now what you can see not only by the reports of the big numbers or the big companies but also the entire revenue growth and the consistent growth is that the team is focused on enterprise sales upmarket, know exactly how to expand the platform, and we are very pleased with the results.

現在，不僅從大數位或大公司的報告中可以看出，而且從整體收入成長和持續成長來看，團隊專注於高端企業銷售，確切地知道如何擴展平台，我們對結果非常滿意。

Brad Reback, Stifel.

Brad Reback，Stifel。

Great, thanks very much. Shlomi, I'll take the five quarters one step further and say the magnitude of the SaaS speed over those five quarters continues to get bigger. So maybe building on Ittai's question, is there any reason why you wouldn't accelerate sales and marketing headcount spend as we head into next year to take advantage of all this opportunity you see?

太好了，非常感謝。Shlomi，我還要進一步說明，這五季 SaaS 的發展速度幅度持續增加。所以，或許可以接著 Ittai 的問題，隨著我們邁入明年，抓住您所看到的所有機會，您有什麼理由不加快銷售和行銷人員的投入呢？

No reason. We are investing in go-to-market. We are investing in go-to-market in a responsible way. We want to see that what we deploy also comes out as the right ROI for our investment. And it's on all fronts. You can see the amount of releases from the product side, but you can also see the alignment on the go-to-market side when we deliver the numbers with such a strong bid.

沒有理由。我們正在加大市場推廣的投入。我們正以負責任的方式投資市場推廣。我們希望看到我們投入的資源也能帶來正確的投資報酬率。各方面都是如此。從產品角度來看，你可以看到產品發布的數量，但當我們以如此強勁的報價交付數據時，你也可以看到我們在市場推廣方面的協調一致。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Great, thank you. Shlomi, I wanted to ask about the security wins and pipeline, some good color there in the quarter. But for the Q4 pipeline and beyond that, how is that tracking? How much is that pipeline up? What's your confidence in closing some of these big deals? Have the sales cycles changed at all? How is the market kind of shaping up competitively for these deals, too?

太好了，謝謝。Shlomi，我想問安全方面的進展和專案儲備情況，本季這方面有一些不錯的進展。但第四季及以後的產品線進度如何？那條輸油管的裝卸量是多少？你對促成這些大交易有多大信心？銷售週期是否有所改變？這些交易的市場競爭格局如何？

Yeah. Great question. We see a lot of opportunities in our pipeline, including security. Obviously, JFrog Curation following the incident of NPM is something that a lot of our customers are asking and inquiring about. The sales cycles are longer when it comes to security because no customer comes with 0 security coverage. So obviously, it's not just a matter of upgrading themselves but also displacing something that they used in the past. So the answer regarding the pipeline, it's growing, and we are very pleased with what we see there. It's also -- to remind you, it's only part of our Enterprise X and Enterprise+ subscription. So sometimes it's also drive an upgrade in the subscription.

是的。問得好。我們看到產品線中有很多機會，包括安全領域。顯然，在 NPM 事件發生後，JFrog Curation 的運作方式是許多客戶都在詢問和了解的問題。安防產品的銷售週期更長，因為沒有客戶會完全不採取任何安防措施。所以很明顯，這不僅是他們自身升級的問題，也是他們取代過去使用過的某些東西的問題。所以關於管道建設的問題，答案是它正在發展壯大，我們對目前的情況非常滿意。另外，再次提醒您，這只是我們 Enterprise X 和 Enterprise+ 訂閱的一部分。所以有時候它也會促使用戶升級訂閱。

And through to our methodology, when it comes to mega deals, in the world of platform that also includes security, we are derisking it to make sure that we are not missing a quarter because the customer needs a bit more time to conclude the proof of concept. Overall, the sales cycles are a bit longer but not massively longer. I would say three quarters in average, sometimes it's four quarter really depends on how many persona are involved in what you need to adopt from JFrog.

就我們的方法論而言，在涉及平台安全等重大交易時，我們會降低風險，以確保不會因為客戶需要更多時間來完成概念驗證而導致我們錯過一個季度。整體而言，銷售週期略有延長，但並未大幅延長。平均來說，大概是四分之三，有時候是四分之四，這真的取決於你需要從 JFrog 中藉鏡多少個使用者角色。

Jason Celino. KeyBanc.

傑森·塞利諾。KeyBanc。

Hey, great. Thanks for fitting me in, and really wonderful quarter. The two wins you talked about that I thought were interesting, so the one UK customer and then the US Federal Agency, did these deals directly benefit from the launch of AppTrust? I'm just trying to understand how AppTrust and the government opportunity might play as a catalyst.

嘿，太好了。謝謝你安排我參加，這學期真的太棒了。您提到的兩個成功案例我覺得很有意思，分別是英國客戶和美國聯邦機構，這些交易是否直接受益於 AppTrust 的推出？我只是想了解 AppTrust 和政府合作機會如何發揮催化作用。

Yeah. So that was really a big win. And obviously, it was an RFP. So not only JFrog compete over this opportunity, and we are very proud of the team that delivered that, by the way, a very long process, obviously, in front of the government. AppTrust is not yet included. AppTrust was just announced last month, a few weeks, a baby product.

是的。所以那真是一場大勝利。顯然，這是一份招標書。所以，參與這場競爭的不僅僅是 JFrog，我們為促成此事的團隊感到非常自豪，順便說一句，這顯然是一個非常漫長的過程，而且是在政府面前完成的。AppTrust尚未包含在內。AppTrust是上個月才發表的產品，還很年輕。

We announced that together with ServiceNow. We are building the pipeline for AppTrust. And the DevOps landscape, governance is something that we know that will get even more demanding when AI will fit in. So not yet. But I will answer something that you didn't ask. There is a room to grow with all of our customers when AppTrust is in.

我們與 ServiceNow 共同宣布了這一消息。我們正在為 AppTrust 建置管道。我們知道，隨著人工智慧的融入，DevOps 領域的治理將變得更加重要。所以還沒到時候。但我會回答一個你沒問到的問題。有了 AppTrust，我們與所有客戶都有發展的空間。

Eamon Coughlin, Barclays.

埃蒙·考夫林，巴克萊銀行。

Hey guys, thanks for the question and I would reiterate congrats on a great quarter. The strong enterprise customer adds really stood out in the quarter. Can you help us understand some of the key drivers there? Like are you spending more time engaging with your partner ecosystem? Is it a function of a more mature sales team? Just curious if there's anything you're doing to adjust a little bit of your sales motion or go-to-market motion.

嘿，各位，謝謝你們的提問，我再次祝賀你們度過了一個非常棒的季度。本季企業客戶的強勁成長尤為突出。您能幫我們了解其中的一些關鍵驅動因素嗎？例如，您是否花更多時間與合作夥伴生態系統互動？這是銷售團隊更成熟的結果嗎？我只是好奇您是否正在採取任何措施來稍微調整您的銷售策略或市場推廣策略。

Hi, Eamon, thanks for the question. Yeah, we're seeing great traction in the enterprise, especially those customers over $1 million. What we see, and Shlomi talked about this previously, security is becoming a driver of many of those large deals, and it's also in the cloud. So we see this expansion of the usage over the minimum commit and expanding to a bigger commitment, taking security on top of that.

嗨，埃蒙，謝謝你的提問。是的，我們在企業市場看到了巨大的成長勢頭，尤其是那些年收入超過 100 萬美元的客戶。我們看到，正如 Shlomi 之前談到的那樣，安全正在成為許多大型交易的驅動力，而且它也發生在雲端。因此，我們看到使用範圍從最小承諾擴展到更大的承諾，並在此基礎上增加了安全性。

That drove many of the deals that we saw 10 customers that we had over $1 million during the quarter, 54% growth. It's the efforts of the go-to-market team, and it's really a three- or four-year investment that we made, and we're starting to see the fruits of those labor.

這促成了許多交易，我們在本季獲得了 10 位客戶，每人交易額超過 100 萬美元，成長了 54%。這是市場推廣團隊努力的成果，也是我們三到四年來的投資，現在我們開始看到這些努力的成果了。

Jonathan Ruykhaver, Cantor.

喬納森·魯伊哈弗，坎托爾。

Yeah. Hey, guys. Congrats on the performance. I'm curious, so last week, OpenAI announced a private beta of security application called, I think it's Aardvark. But it seems to differentiate with an LLM-driven approach to vulnerability detection and remediation. And I'm curious if you could just talk about how this compares to X-ray's capabilities. But maybe I think more importantly, the announcement at swampUP around agentic remediation capabilities. How do you think this maybe further differentiates you from emerging competition?

是的。嘿，夥計們。恭喜你演出成功。我很好奇，上週 OpenAI 發布了一款名為 Aardvark 的安全應用程式的內部測試版。但它似乎與 LLM 驅動的漏洞檢測和修復方法有所不同。我很想知道您能否談談它與 X 射線的功能相比如何。但或許我認為更重要的是，swampUP 宣布了有關代理修復能力的消息。您認為這或許能讓您與新興競爭對手進一步拉開差距？

Yeah, Jon. Well, this was a very important announcement coming from OpenAI. And obviously, we saw it, and we work with OpenAI on a monthly basis, if not daily basis. This is great news because it's yet another proof that human security is -- sorry, human code creation is being covered by models. That's basically supporting the philosophy that what you need to invest in is to protect your binaries.

是的，喬恩。這是OpenAI發布的一項非常重要的公告。顯然，我們看到了這一點，我們每月甚至每天都與 OpenAI 合作。這是個好消息，因為它再次證明，人類的安全——抱歉，是人類程式碼的創建——正在被模型取代。這基本上支持這樣一種理念：你需要投資的是保護你的二進位。

The announcement from OpenAI is a solution that replaces static code analysis, basically code that is created in human language and not binaries. If it will drive something, I think it will drive more interest in what we bring to the market, which is a complementary solution to protect your entire software supply chain. So yeah, LLM can provide your source code security, but not binaries, and that was the release from OpenAI.

OpenAI 發布的這項解決方案可以取代靜態程式碼分析，而靜態程式碼分析本質上是用人類語言而不是二進位程式碼編寫的程式碼。如果它能帶來一些影響，我認為它會激發人們對我們推向市場的產品的更多興趣，這是一種可以保護您整個軟體供應鏈的補充解決方案。所以，LLM 可以提供原始碼安全，但不能提供二進位檔案安全，這是 OpenAI 發布的內容。

Rob Owens, Piper Sandler.

羅布歐文斯，派珀桑德勒。

Great, good afternoon. Thanks for squeezing me in. Just a couple of quick ones for me. Where you talked about cloud migration and some of those in the pipeline. Taking the other side of that, the customers that aren't moving to cloud, what are some of the governors or some of the reasons that they're not moving to cloud at this point? I understand that having a hybrid architecture is part of your value proposition. But just contemplating that move to cloud and maybe some of the barriers to get certain customers to move.

午安.謝謝你擠出時間陪我。我只簡單問幾個問題。您談到了雲端遷移以及一些正在籌備中的項目。另一方面，對於尚未遷移到雲端的客戶，他們目前尚未遷移到雲端的原因有哪些？我了解到，採用混合架構是你們價值主張的一部分。但光是思考向雲端遷移，以及讓某些客戶遷移可能面臨的一些障礙，就讓人感到困惑。

Yeah. That's a good question, Rob. So assuming that our customers -- enterprise big customers moving to the cloud from an on-prem setup means that they had their own projects. They understood the scope of these projects, and they wanted to move the workload to the cloud in order to kind of provide a better elasticity for the company.

是的。羅布，你問得好。因此，假設我們的客戶——從本地部署遷移到雲端的大型企業客戶——意味著他們有自己的專案。他們了解這些專案的範圍，並希望將工作負載遷移到雲端，以便為公司提供更好的彈性。

Now comes AI and they see a new workload. They don't know how much they will pay for storage. They don't know how much they will pay for data transfer when you train these models, where the data to train this model will be hosted. That takes a bit more time for them to analyze.

現在人工智慧來了，他們面臨新的工作量。他們不知道倉儲費用要多少錢。他們不知道在訓練這些模型時需要支付多少資料傳輸費用，也不知道訓練這些模型的資料將託管在哪裡。他們需要更多時間來分析。

Putting aside the cost predictability, they also have some security and governance concerns. Who is training this model, how this model is being exposed? What are we doing in order to protect the company from having any type of malicious models coming in. And this, I think, bring them to take a bit more time or at least this is what they tell us. They need a bit more time before they fully bet on the cloud like it used to be maybe in a process a year ago or two years ago.

撇開成本可預測性不談，他們也存在一些安全和治理上的擔憂。誰在訓練這個模型？這個模型是如何被推廣的？為了保護公司免受任何類型的惡意模型入侵，我們正在採取哪些措施？我認為這會讓他們多花一些時間，至少他們是這麼告訴我們的。他們需要更多的時間才能像一年前或兩年前那樣完全押注雲端運算。

JFrog is positioned to capture the opportunity both ways. Either they will stay an on-prem customer, and we will support them and grow with them there or they will move to the cloud, and we will do it in the cloud with them on a multi-cloud basis or one cloud. Basically, the hybrid solution that JFrog provided is the fit for purpose that they ask for.

JFrog 已做好充分準備，可以抓住這兩個機會。他們要么繼續作為本地部署客戶，我們將繼續支持他們並與他們共同成長；要么他們將遷移到雲端，我們將與他們一起在雲端以多雲或單雲的方式進行遷移。基本上，JFrog提供的混合解決方案完全符合他們的要求。

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

目前沒有其他問題了。現在我將把電話轉回給什洛米，請他作總結發言。

Thank you, everyone, for joining us on this quarter results and earnings call. May the frog be with you. Take care.

感謝各位參加本季業績及收益電話會議。願青蛙與你同在。小心。

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

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。