Jfrog Ltd (FROG) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the JFrog fourth quarter and fiscal year 2025 financial results call. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 JFrog 2025 財年第四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 fourth quarter and fiscal year 2025 financial results, which were announced following the market close today via a press release. Leading the call today will be JFrog's CEO and Co-Founder, Shlomi Ben Haim; and 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第四季度和 2025 財年財務業績回顧。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 first quarter and full year of 2026. 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 2026 年第一季度和全年的展望。「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。

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. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

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。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-Q for the quarter ended September 30, 2025, which is available on the Investor Relations section of our website in the earnings press release issued earlier today. Additional information will be made available in our Form 10-K for the year ended December 31, 2025, to be filed with the SEC on February 13, 2026, 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 2025 年 9 月 30 日的季度 10-Q 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 12 月 31 日止年度的 10-K 表格中提供，該表格將於 2026 年 2 月 13 日提交給美國證券交易委員會，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 table in our earnings release for a reconciliation of those measures to the 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 for joining our call. 2025 was a remarkable year for the frogs. We didn't just fire on all cylinders. We set the pace. JFrog paved the way for securing and managing the software supply chain in the area of AI, expanded our product portfolio, innovated at a faster pace than ever before, and build deep partnerships with the world's leading companies to strengthen our value to enterprise customers.

謝謝你，傑夫。下午好，感謝各位參加我們的電話會議。 2025年對青蛙來說是意義非凡的一年。我們並沒有火力全開。我們引領潮流。JFrog 為保障和管理人工智慧領域的軟體供應鏈鋪平了道路，擴展了我們的產品組合，以前所未有的速度進行創新，並與世界領先的公司建立了深入的合作夥伴關係，從而增強了我們對企業客戶的價值。

We delivered quarter after quarter, exceeding our commitments and pairing solid growth and expansion with strong business discipline and operational efficiency. This is what strategy focused execution and share belief look like. And it's what makes this journey special for us.

我們每季都超額完成了業績目標，在保持穩健成長和擴張的同時，也實現了強大的業務紀律和營運效率。這就是以策略為導向的執行和共同信念的體現。而這正是這段旅程對我們來說如此特別的原因。

On today's call, Ed and I will walk you through our fiscal year 2025 results in more detail, share our fourth quarter performance, and discuss our outlook and guidance for 2026. In fiscal year 2025, JFrog's total revenue was $531.8 million, up 24% year over year. Cloud revenue for 2025 was $243.3 million, representing 45% year-over-year growth.

在今天的電話會議上，我和 Ed 將更詳細地向大家介紹我們 2025 財年的業績，分享我們第四季的表現，並討論我們對 2026 年的展望和指導。2025 財年，JFrog 的總營收為 5.318 億美元，較去年同期成長 24%。2025 年雲端業務營收為 2.433 億美元，年增 45%。

In Q4, greater than $1 million customers grew to 74% compared to 52% in the year-ago period, equaling 42% year-over-year growth. Customers spending more than $100,000 annually, grew to 1,168 compared to 1018 in the year ago period, equaling 15% year-over-year growth. These strong consistent results reflect our alignment with modern enterprise market needs as software continues to transform how the world operates.

第四季度，年營收超過 100 萬美元的客戶比例從去年同期的 52% 成長至 74%，年增 42%。年消費額超過 10 萬美元的顧客人數從去年同期的 1,018 人增至 1,168 人，較去年同期成長 15%。這些強勁且持續的業績反映了我們與現代企業市場需求的契合度，因為軟體正在不斷改變世界的運作方式。

JFrog's 2025 performance highlights a clear trend, as human developers and AI agents generate software at a massive scale, the resulting surge in binaries demands a trusted platform to manage, secure, and govern them end to end. This reinforces JFrog's leadership as the foundational infrastructure for software delivery in an AGM-driven wall.

JFrog 2025 年的業績凸顯了一個明顯的趨勢，隨著人類開發者和 AI 代理大規模生成軟體，由此產生的二進位檔案激增需要一個值得信賴的平台來端到端地管理、保護和治理它們。這鞏固了 JFrog 作為 AGM 驅動型牆體中軟體交付基礎架構的領導地位。

Now, I will discuss our success in Q4 in security, cloud, and AI. Security first. In 2023, we set out to support our customers by giving them a complete chain of cyber trust from code creation to production. When we launched JFrog Advanced Security and JFrog Curation, we evolved rapidly from securing artifacts within JFrog Artifactory, with JFrog Xray to offering end-to-end trust and governance. JFrog has now has established itself as a complete system of record for software supply chain security that protects companies binaries, software packages and AI models even before software enters the organization.

接下來，我將討論我們在第四季度在安全、雲端運算和人工智慧領域的成功。安全第一。2023年，我們著手為客戶提供從程式碼創建到生產的完整網路信任鏈，從而支持我們的客戶。當我們推出 JFrog Advanced Security 和 JFrog Curation 時，我們迅速從使用 JFrog Xray 在 JFrog Artifactory 中保護工件發展到提供端到端的信任和治理。JFrog 現已確立其作為軟體供應鏈安全完整記錄系統的地位，即使在軟體進入組織之前，也能保護公司的二進位檔案、軟體包和 AI 模型。

We strategically challenged the security point solution market by unifying security and DevOps on a single platform built on one source of truth. We believe that's the only scalable way to protect our customers' software supply chain. The pain was real, the threat was growing, and our results in 2025 reaffirm that this approach was the right one. In today's AI-driven software environment, that source of truth becomes mission-critical. Organizations need a secure center of gravity and the foundational platform that stores, manages and governs all artifacts where they're created by humans or machines.

我們透過將安全性和 DevOps 統一到一個基於單一資料來源的平台上，對安全點解決方案市場提出了策略性挑戰。我們認為這是保護客戶軟體供應鏈的唯一可擴展方法。痛苦是真實的，威脅是日益增長的，而我們在 2025 年所取得的成果再次證明，這種方法是正確的。在當今人工智慧驅動的軟體環境中，這種真實來源變得至關重要。組織需要一個安全的重心和基礎平台，用於儲存、管理和治理所有由人或機器創建的工件。

Against this backdrop, we will continue to build JFrog as the system of record, the single source of truth that all developers and code agents rely on to securely manage and govern every binary and AI artifact in the software supply chain.

在此背景下，我們將繼續把 JFrog 打造成記錄系統，所有開發人員和程式碼代理都依賴它來安全地管理和控制軟體供應鏈中的每個二進位檔案和 AI 工件的唯一真理來源。

Just as we reported, strong early results for JFrog Security in 2024, our 2025 annual reporting reflects another year of significant momentum and success of our security solutions. In 2025, JFrog Security Core products, excluding contributions from JFrog Xray became an even more meaningful growth engine for the company.

正如我們先前報導的，JFrog Security 在 2024 年取得了強勁的早期業績，我們的 2025 年年度報告反映了我們的安全解決方案在新的一年中繼續保持著顯著的成長勢頭和成功。2025 年，JFrog Security Core 產品（不包括 JFrog Xray 的貢獻）成為公司更重要的成長引擎。

As of December 31, 2025, JFrog Advanced Security and JFrog Curation comprise over 10% of our total ARR. This past year, we built on strong RPO growth momentum, driven by increased cloud usage, DevOps adoption and our security core products. We are pleased to report that in 2025, JFrog Security represented 16% of our ending RPO compared to 12% in the prior year, and nearly doubled long-term revenue commitments. This growth highlights, not only the rapid adoption of JFrog Advanced Security, JFrog Curation or both by hundreds of our customers, but also the broad opportunity ahead to provide value to the thousands of existing enterprise customers over time.

截至 2025 年 12 月 31 日，JFrog 高級安全服務和 JFrog Curation 占我們總 ARR 的 10% 以上。過去一年，在雲端使用量增加、DevOps 採用率提高以及我們安全核心產品的推動下，我們保持了強勁的 RPO 成長動能。我們很高興地報告，2025 年，JFrog Security 占我們最終 RPO 的 16%，而前一年為 12%，長期收入承諾幾乎翻了一番。這一成長不僅凸顯了數百家客戶對 JFrog 高級安全、JFrog Curation 或兩者的快速採用，而且還凸顯了未來為數千家現有企業客戶提供價值的巨大機會。

JFrog Security Solutions tightly coupled with JFrog Artifactory, enabled end-to-end software supply chain protection, and are now offered as a bundle add-on with our enterprise subscriptions, increasing ASP, expansion in cloud usage, and triggering multiyear commitments. This approach resulted in tangible growth for JFrog. Our data indicates that customers adding JFrog Security drove a strong account expansion with growth extending beyond security and into broad product portfolio usage.

JFrog 安全解決方案與 JFrog Artifactory 緊密結合，實現了端到端的軟體供應鏈保護，現在作為企業訂閱的捆綁附加元件提供，提高了平均售價，擴大了雲端使用範圍，並促成了多年承諾。這種方法為 JFrog 帶來了切實的成長。我們的數據顯示，客戶在添加 JFrog Security 後，帳戶數量大幅增長，增長範圍不僅限於安全領域，還擴展到了更廣泛的產品組合使用。

We are pleased with our financial performance and the execution of our enterprise go-to-market teams. Our security, RPO and pipeline numbers show strong momentum carrying into 2026.

我們對我們的財務表現和企業市場推廣團隊的執行情況感到滿意。我們的安全、RPO 和管道數據表明強勁勢頭將延續到 2026 年。

Our success in security also reflects the deep alignment with the evolving threat landscape. Attackers are increasingly targeting the software supply chain through software packages. Our customers and community described the recent npm Shai-Hulud incident as a mega attack on software supply chain, exposing millions of Javascript developers echoing the impact of [LOG full J], PyPI, and other recent security events.

我們在安全方面的成功也反映了我們與不斷變化的安全威脅情勢的深度契合。攻擊者越來越多地透過軟體包攻擊軟體供應鏈。我們的客戶和社群將最近的 npm Shai-Hulud 事件描述為對軟體供應鏈的巨大攻擊，使數百萬 Javascript 開發人員面臨風險，這與 [LOG full J]、PyPI 和其他最近的安全事件的影響如出一轍。

JFrog customers using JFrog Curation as the firewall remained protected from the world's leading enterprises with tens of thousands of developers to a small development shop, JFrog Curation in-force policies, secured the software supply chain and prevented business impact.

使用 JFrog Curation 作為防火牆的 JFrog 客戶，無論是擁有數萬名開發人員的世界領導企業，還是小型開發公司，都能保持受到保護。 JFrog Curation 的有效策略保障了軟體供應鏈的安全，並防止了對業務的影響。

Expanding our security offerings in 2025, we also announced the availability of AI catalog and agentic remediation capabilities to address emerging challenges created by the introduction of AI models and agent-generated code into the software supply chain. JFrog is the mission-critical infrastructure of the company's primary software assets, the binaries. As more code is generated by human developers and AI coding agents, a tsunami of binaries is being created.

為了擴展我們在 2025 年的安全產品，我們也宣布推出 AI 目錄和代理修復功能，以應對將 AI 模型和代理程式產生的程式碼引入軟體供應鏈所帶來的新挑戰。JFrog 是公司主要軟體資產（二進位）的關鍵基礎設施。隨著人類開發者和人工智慧編碼代理產生越來越多的程式碼，二進位檔案的海嘯正在形成。

More binaries, artifacts, and model lead to a greater need for trusted infrastructure that manages secure and govern the software supply chain at scale. We anticipate these growing needs will drive sustained customer adoption of our holistic security solutions through 2026.

更多的二進位檔案、工件和模型導致對可信任基礎設施的需求更大，該基礎設施能夠大規模地管理、安全和治理軟體供應鏈。我們預計，到 2026 年，這些不斷增長的需求將推動客戶持續採用我們的整體安全解決方案。

Second, cloud. As we noted earlier on the call, 2025 was a year of high-quality sustained growth in our cloud business. We delivered 45% year-over-year growth, while remaining highly disciplined in usage management and continuing to migrate customers toward annual commitments. In addition, we drove a higher volume of security deals in the cloud, strong new logo wins, and deeper marketplace partnerships.

其次，是雲。正如我們在先前的電話會議中提到的，2025 年是我們雲端業務高品質持續成長的一年。我們實現了 45% 的年成長，同時在用量管理方面保持高度自律，並繼續引導客戶轉向年度承諾。此外，我們在雲端安全領域達成了更多交易，贏得了更多新客戶，並深化了市場合作夥伴關係。

During the year, we strengthened our partnerships with all major cloud providers, improved our commercial terms, and established a stronger long-term gross margin strategy. Our cloud momentum was also supported by focused investments in service performance and availability, the continued build-out of our global SRE organization, enhanced sales incentives, and the consumption-based pricing model aligned with the market standards.

年內，我們加強了與所有主要雲端服務供應商的合作關係，改善了商業條款，並制定了更強有力的長期毛利率策略。我們的雲端發展勢頭也得益於對服務性能和可用性的重點投資、全球 SRE 組織的持續建設、增強的銷售激勵措施以及與市場標準相符的基於消費的定價模式。

Customer purchasing decisions change in 2025 as CIOs with less focus on mega cloud migration initiatives and instead, increasingly emphasize building fleet to purpose hybrid and multi-cloud architectures as they adopted new AI solutions. Looking ahead, we see trends that we believe will continue to mature.

2025 年，客戶的購買決策將發生變化，資訊長們不再那麼關注大型雲端遷移計劃，而是越來越重視建立用於特定用途的混合雲和多雲架構，以採用新的 AI 解決方案。展望未來，我們看到一些我們認為會繼續成熟的趨勢。

First, clarity. While cloud remains the preferred deployment environment, CIOs are seeking greater clarity, cost predictability, and ROI as they assess the full impact of AI adoption at scale, along with the evolving security and regulatory requirements that comes with it. As AI adoption matures and clarity improves, we anticipate CIOs will increase investments in cloud infrastructures.

首先，要先明確一點。儘管雲端仍然是首選的部署環境，但資訊長們在評估大規模採用人工智慧的全部影響以及隨之而來的不斷變化的安全和監管要求時，正在尋求更高的清晰度、成本可預測性和投資回報率。隨著人工智慧應用日趨成熟和清晰度不斷提高，我們預計資訊長將增加對雲端基礎設施的投資。

Second, AI-driven software package ecosystem, such as PyPI, Hugging Face, npm, Conda, or Docker are driving consumption spikes from both developers and AI agents in some cases, going beyond customers' commitments. This has the potential to be a tailwind for JFrog, and we expect customers to align commitments once usage patterns stabilize.

其次，人工智慧驅動的軟體套件生態系統，如 PyPI、Hugging Face、npm、Conda 或 Docker，在某些情況下，正在推動開發者和人工智慧代理商的消費激增，甚至超過了客戶的承諾。這有可能成為 JFrog 的順風，我們預期一旦使用模式穩定下來，客戶就會調整承諾。

We will continue to provide guidance based on customers' annual commitment and proactively derisk exposures to volatile usage-driven and sizable deals. Our go-to-market strategy will remain focused on converting usage overages into annual commitments. Looking ahead, we believe that in 2026, we will continue to deliver durable growth in the cloud.

我們將繼續根據客戶的年度承諾提供指導，並主動降低因使用量波動較大和規模較大的交易而帶來的風險。我們的市場推廣策略將繼續專注於將超額使用轉化為年度承諾。展望未來，我們相信在 2026 年，我們將繼續在雲端運算領域實現永續成長。

Finally, I will address AI and MLOps. In 2025, we strategically built the foundation of JFrog ML as part of our platform to deliver the capabilities, enterprises will increasingly require to automate speed, trust, and control across the modern life cycle. At the same time, we introduced advanced functionality and integrations that extend beyond traditional B2B workflows into the emerging business to agent market.

最後，我將談談人工智慧和MLOps。2025 年，我們策略性地建構了 JFrog ML 的基礎架構，作為我們平台的一部分，旨在提供企業在現代生命週期中日益增長的自動化速度、信任和控制能力。同時，我們引進了超越傳統 B2B 工作流程的先進功能和集成，擴展到了新興的 B2B 市場。

We released JFrog's MCP server as a core integration layer, enabling AI agents and LLMs to securely interact with the JFrog platform. We introduced the JFrog AI catalog for model discovery and governance, extending the platform to manage AI and ML models, like other software packages. We also announced agent-based security and remediation, leveraging agent capabilities to drive detection, and automated recovery. To strengthen our position as a system of record for all AI artifacts, we partnered with NVIDIA Enterprise AI factory to serve as its secure NIM model and artifact registry while also partnering with Hugging Face to secure the world's leading open source hub for models supporting trusted enterprise consumption of AI.

我們發布了 JFrog 的 MCP 伺服器作為核心整合層，使 AI 代理和 LLM 能夠安全地與 JFrog 平台進行互動。我們推出了 JFrog AI 模型發現與治理目錄，擴展了該平台，使其能夠像其他軟體包一樣管理 AI 和 ML 模型。我們還宣布了基於代理的安全和修復方案，利用代理功能來驅動檢測和自動恢復。為了鞏固我們作為所有 AI 工件記錄系統的地位，我們與 NVIDIA 企業 AI 工廠合作，作為其安全的 NIM 模型和工件註冊表，同時還與 Hugging Face 合作，以確保全球領先的開源模型中心，支援可信任的企業級 AI 使用。

Looking into 2026, our road map includes capabilities designed to expand our growth and to support JFrog's users needs. Whether human, machines, or hybrid engineering teams of developers and AI agents. These expanding use cases represents a significant opportunity for JFrog. The market is experiencing a tsunami of binaries accelerating by AI. JFrog was built from day one to handle exactly this asset at this case. And we are focused and fully committed to providing the infrastructure modern software organizations need to confidently embrace the AI-driven revolution.

展望 2026 年，我們的路線圖包括旨在擴大我們成長並滿足 JFrog 用戶需求的各種能力。無論是人類、機器，或是由開發人員和人工智慧代理組成的混合工程團隊。這些不斷擴展的應用場景為 JFrog 帶來了巨大的機會。人工智慧加速了二元期權交易的浪潮，市場正經歷著一場二元期權交易的海嘯。JFrog從一開始就是為了處理這種情況下的資產而設計的。我們專注於並全力以赴地提供現代軟體組織所需的基礎設施，使其能夠自信地擁抱人工智慧驅動的革命。

With that, I'll turn the call over to our CFO, Ed Grabscheid, with an in-depth recap of Q4 and 2025 fiscal year financial results as well as our updated outlook for Q1 and the fiscal year of 2026. Ed?

接下來，我將把電話交給我們的財務長 Ed Grabscheid，他將深入回顧第四季和 2025 財年的財務業績，以及我們對第一季和 2026 財年的最新展望。艾德？

Thank you, Shlomi, and good afternoon, everyone. We are very pleased by the results of the fourth quarter, exceeding the high end of the range on every metric we guided for the quarter. It was a strong finish to an outstanding year, highlighting our consistent execution, operational discipline and durable business model.

謝謝你，什洛米，大家下午好。我們對第四季度的業績非常滿意，所有指標都超過了我們預期的上限。這是為傑出的一年畫下圓滿句號的佳績，凸顯了我們始終如一的執行力、營運紀律和永續的商業模式。

During the fourth quarter of 2025, total revenues equaled $145.3 million, up 25% year over year. For fiscal year 2025, total revenues were $531.8 million, up 24% year over year. Fourth quarter cloud revenues grew to $70.2 million, up 42% year over year and represented 48% of total revenues versus 43% in the prior year. Our growth in the cloud was driven by customers expanding annual commitments and increasing demand for JFrog Security Core as ongoing npm incidents during the quarter accelerated customer adoption.

2025 年第四季總營收為 1.453 億美元，年增 25%。2025 財年總營收為 5.318 億美元，年增 24%。第四季雲端業務營收成長至 7,020 萬美元，年增 42%，佔總營收的 48%，而上年同期為 43%。我們雲端業務的成長得益於客戶擴大年度承諾，以及本季持續發生的 npm 事件加速了客戶採用 JFrog Security Core，從而增加了對 JFrog Security Core 的需求。

For the full year 2025, cloud revenues equaled $243.3 million, up 45% year over year. Full year cloud revenues equaled 46% of total revenues versus 39% in the prior year. During the fourth quarter, our self-managed or on-prem revenues were $75.1 million with full year 2025 equaling $288.5 million or up 11% year over year.

2025 年全年，雲端運算收入達到 2.433 億美元，年增 45%。全年雲端業務收入佔總收入的 46%，而前一年為 39%。第四季度，我們的自主管理或本地部署收入為 7,510 萬美元，預計 2025 年全年營收將達到 2.885 億美元，年增 11%。

Aligned with our strategy, we continue to proactively engage our on-prem customers to migrate DevSecOps workloads to our cloud or explorer solutions better align with their specific use cases. including hybrid and fit-for-purpose deployments. We experienced another year of strong customer adoption of the complete JFrog platform driven by customers looking to consolidate their technology stack and secure their software supply chain.

秉承我們的策略，我們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端或探索解決方案，以更好地適應他們的具體用例，包括混合部署和客製化部署。我們又經歷了客戶對 JFrog 完整平台的強勁採用年，這主要得益於客戶希望整合其技術堆疊並確保其軟體供應鏈的安全。

In Q4, 57% of total revenues came from Enterprise Plus subscriptions, up from 54% in the prior year, while delivering year-over-year revenue growth of 33%. Driven by the ongoing execution of our enterprise go-to-market strategy and broader customer adoption of the JFrog platform, revenue contributions from Enterprise Plus subscriptions grew 36% year over year in 2025. Our security core products, which exclude any benefit from JFrog Xray, continue to gain momentum as customers actively consolidate point solutions.

第四季度，企業增強版訂閱收入佔總營收的 57%，高於上年的 54%，年增 33%。在企業市場推廣策略持續執行和客戶對 JFrog 平台的更廣泛採用的推動下，2025 年企業 Plus 訂閱的營收貢獻年增 36%。我們的安全核心產品（不包含 JFrog Xray 的任何優勢）正隨著客戶積極整合點解決方案而持續獲得發展動力。

For the full year of 2025, security core revenue was 7% of total revenues, with our security core products now comprising more than 10% of our ending total ARR. Driven by an increasing number of large multiyear commitments to JFrog, our security core represented 16% of remaining performance obligation, or RPO, as of December 31, 2025, compared to 12% in the prior year.

2025 年全年，安全核心業務收入佔總收入的 7%，而我們的安全核心產品目前占我們年終總收入的 10% 以上。受 JFrog 多年期大額承諾不斷增加的推動，截至 2025 年 12 月 31 日，我們的安全核心佔剩餘履約義務 (RPO) 的 16%，而前一年為 12%。

Net dollar retention for the four trailing quarters was 119%, an increase of 1 percentage point from 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 fourth quarter of 2025.

過去四個季度的淨美元留存率為 119%，比上一季成長了 1 個百分點，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 年第四季度，總留存率達到 97%。

Our customer count in fiscal year 2025 equaled approximately 6,600. During the year, we continued to execute on our strategy, focusing on our go-to-market initiatives around the enterprise. We further matured our approach by refining our customer logo methodology to eliminate friction for our customers and sales teams. This resulted in the consolidation of approximately 300 lower ASP subsidiaries into their parent entity.

2025 財年我們的客戶數約為 6,600 人。年內，我們繼續執行我們的策略，並專注於圍繞企業的市場推廣措施。我們進一步完善了客戶識別方法，以消除客戶和銷售團隊的摩擦，使我們的方法更加成熟。這導致大約 300 家 ASP 較低的子公司併入其母公司。

Our team also prioritized new customer acquisition, specifically targeting opportunities that land with higher value and greater expansion durability.

我們的團隊也優先考慮獲取新客戶，特別關注那些具有更高價值和更持久擴展潛力的機會。

Now I'll review the income statement in more detail. Gross profit in the quarter was $million, representing a gross margin of 83.7% versus 83.2% in the year ago period. We remain focused on cloud hosting cost optimization as we anticipate a larger share of our revenues being generated from the cloud. Given our expected increase in cloud revenue contribution to total revenue, we estimate annual gross margins to be in the range of 82% and 83% in 2026.

現在我將更詳細地審查損益表。本季毛利為百萬美元，毛利率為 83.7%，去年同期為 83.2%。我們將繼續專注於雲端託管成本優化，因為我們預計未來來自雲端的收入比例將越來越高。鑑於我們預期雲端收入對總收入的貢獻將會增加，我們估計到 2026 年，年度毛利率將在 82% 到 83% 之間。

Operating expenses in the fourth quarter were $95.8 million, equaling 66% of revenues. This compares to $75.6 million or 65% of revenues in the year ago period. We remain focused on expense discipline while we continue to invest in strategic initiatives.

第四季營運支出為 9,580 萬美元，佔營收的 66%。相較之下，去年同期營收為 7,560 萬美元，佔總營收的 65%。我們將持續注重成本控制，同時持續投資於策略性舉措。

Our operating profit in Q4 was $25.7 million or an operating margin of 17.7% compared to $20.9 million, an 18% operating margin in the fourth quarter of 2024. For the full year 2025, we delivered non-GAAP earnings per share of $0.82, a 26% increase year over year, assuming approximately 122 million weighted average diluted shares. This compares to $0.65 in the prior year and 115 million weighted average diluted shares.

我們第四季的營業利潤為 2,570 萬美元，營業利益率為 17.7%，而 2024 年第四季的營業利潤為 2,090 萬美元，營業利潤率為 18%。2025 年全年，我們實現了非 GAAP 每股收益 0.82 美元，年增 26%，假設加權平均稀釋股數約為 1.22 億股。相比之下，去年每股收益為 0.65 美元，加權平均稀釋股數為 1.15 億股。

Cash flow from operations equaled $50.7 million in the fourth quarter. After taking into consideration CapEx requirements, our free cash flow reached $49.9 million or 34% margin compared to $48.4 million and 42% margin in the year ago period.

第四季經營活動產生的現金流量為 5,070 萬美元。考慮到資本支出需求，我們的自由現金流達到 4,990 萬美元，利潤率為 34%，而去年同期為 4,840 萬美元，利潤率為 42%。

For the full year 2025, we generated $145.7 million in operating cash flow and $142.2 million in free cash flow, a 27% margin.

2025 年全年，我們產生了 1.457 億美元的營運現金流和 1.422 億美元的自由現金流，利潤率為 27%。

Now turning to the balance sheet. We ended 2025 with $704 million in cash and short-term investments compared to $522 million at the end of 2024. As of December 31, 2025, our RPO totaled $566 million, a 40% 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 offering.

現在來看資產負債表。截至 2025 年底，我們擁有 7.04 億美元的現金和短期投資，而截至 2024 年底，這一數字為 5.22 億美元。截至 2025 年 12 月 31 日，我們的 RPO 總額為 5.66 億美元，年增 40%。這項業績凸顯了我們市場推廣策略的成功執行，客戶不斷加大對我們 DevSecOps 產品的多年期承諾。

And now, let's turn to our outlook and guidance for the first quarter and full year of 2026. As we enter 2026, we are encouraged by the strength in our pipeline and a stabilized purchasing environment. While we are monitoring the increased cloud usage and early AI workload trends that could result in a tailwind for JFrog, our guidance philosophy will remain unchanged as we continue to derisk our largest deals due to timing uncertainties and any benefit from cloud usage above contractual commitments.

現在，讓我們來看看我們對 2026 年第一季和全年的展望和指導。進入 2026 年，我們對我們的專案儲備實力和穩定的採購環境感到鼓舞。儘管我們正在密切關注雲端使用量增加和早期人工智慧工作負載趨勢，這些趨勢可能會為 JFrog 帶來利好，但由於時間上的不確定性以及雲端使用量超出合約承諾所帶來的任何收益，我們將繼續降低最大交易的風險，因此我們的指導理念將保持不變。

Our outlook reflects growing contributions from our JFrog Security Core products, ongoing adoption of our full platform, and cloud growth driven from higher annual customer commitments. We estimate full year 2026 baseline cloud growth to be in the range of 30% to 32%. Given the anticipated contribution from our security core and baseline and cloud growth assumptions, we expect our net dollar retention rate to be 117% for 2026.

我們的前景反映了 JFrog Security Core 產品貢獻的不斷增長、我們完整平台的持續採用，以及由更高的年度客戶承諾推動的雲端成長。我們預計 2026 年全年基準雲成長率將在 30% 至 32% 之間。鑑於我們對安全核心和基準以及雲端成長假設的預期貢獻，我們預計 2026 年的淨美元留存率將達到 117%。

Turning to operating expenses. We will remain focused on investing in innovation across our platform and reinforcing JFrog's role as a system of record for all binaries and AI models. The weakening U.S. dollar against global currencies has created a year-over-year headwind for our operating expenses and is reflected in our operating profit guidance. We remain committed to a disciplined spending philosophy and are confident in our ability to manage expenses in line with prior execution.

接下來談談營運費用。我們將繼續專注於投資我們平台上的創新，並加強 JFrog 作為所有二進位檔案和 AI 模型記錄系統的作用。美元對全球貨幣走弱，對我們的營運支出造成了同比不利影響，並反映在我們的營業利潤預期中。我們將繼續秉持嚴格的支出理念，並有信心按照以往的執行水準控制支出。

For Q1, we anticipate revenues to be in the range of $146 million and $148 million with non-GAAP operating profit anticipated to be between $25 million and $26 million and non-GAAP earnings per diluted share of $0.20 to $0.22, assuming a share count of approximately 127 million shares.

對於第一季，我們預計收入將在 1.46 億美元至 1.48 億美元之間，非 GAAP 營業利潤預計在 2500 萬美元至 2600 萬美元之間，非 GAAP 稀釋後每股收益預計為 0.20 美元至 0.22 美元（假設股份數量約為 1.27 億股）。

For the full year of 2026, we anticipate a revenue range of $623 million to $628 million, representing 17.5% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be between $106 million and $108 million, and non-GAAP diluted earnings per share of $0.88 to $0.92, assuming a share count of approximately 128 million shares.

我們預計 2026 年全年營收將在 6.23 億美元至 6.28 億美元之間，其中點值年增 17.5%。預計非GAAP營業收入將在1.06億美元至1.08億美元之間，非GAAP稀釋後每股收益為0.88美元至0.92美元（假設股份數量約為1.28億股）。

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

現在我把電話轉回給什洛米，請他做些總結發言，之後我們再回答大家的問題。

Thank you, Ed. In today's market, nearly every company is looking to capitalize on AI. But in 2025, when the world's leading AI native company selected JFrog as the core infrastructure for the software supply chain, it was clear validation of our strategy. They became JFrog customers, not only for our industry-leading platform, but because we have become the trusted system of record for binaries, the foundational asset powering modern software delivery.

謝謝你，埃德。在當今市場，幾乎每家公司都在尋求利用人工智慧獲利。但到了 2025 年，當世界領先的 AI 原生公司選擇 JFrog 作為軟體供應鏈的核心基礎設施時，這清楚地驗證了我們的策略。他們成為 JFrog 的客戶，不僅是因為我們領先業界的平台，還因為我們已成為二進位檔案（現代軟體交付的基礎資產）值得信賴的記錄系統。

The adoption of our platform indicates that our road map is strongly aligned with where the industry is headed. As five engineering and coding agents accelerate software creation, enterprises are facing a massive surge of binaries that must be managed, automated, secured and governed across the software supply chain. This dynamic clearly differentiates JFrog as the trusted enterprise platform in the age of AI.

我們的平台被廣泛採用，這顯示我們的發展路線圖與產業的發展方向高度契合。隨著五大工程和編碼代理加速軟體創建，企業面臨大量二進位檔案的湧現，這些二進位檔案必須在整個軟體供應鏈中進行管理、自動化、安全和治理。這種動態使 JFrog 在人工智慧時代脫穎而出，成為值得信賴的企業平台。

2025 is now in the rearview and I'm proud to say that what we committed to our partners, customers and shareholders was consistently delivered. Despite significant macroeconomic and geopolitical challenges the JFrog team roles to new heights.

2025 年已經過去，我很自豪地說，我們對合作夥伴、客戶和股東的承諾始終如一地兌現了。儘管面臨巨大的宏觀經濟和地緣政治挑戰，JFrog 團隊依然取得了新的突破。

This period has also carried deep personal weight for many in our Israeli team. After years of paying, finally, all hostages are back at home. We move forward with renewed hope for peace, stability and a better future for the region and the world.

這段時期對我們以色列團隊的許多成員來說也具有深刻的個人意義。經過多年的贖金，所有人質終於都回家了。我們懷著對本地區和世界和平、穩定和更美好未來的新希望繼續前進。

To my frogs, thank you. 2025 was a challenging year of uncertainty, yet a remarkable one for us. You didn't just live through it, you want it. And for that, I'm proud and grateful.

致我的青蛙們，謝謝你們。 2025年是充滿挑戰和不確定性的一年，但對我們來說也是意義非凡的一年。你不僅經歷了這一切，你還渴望擁有它。為此，我感到自豪和感激。

As we step into 2026, we remain committed to quality growth, responsible investments, expanding our solutions to meet emerging needs, and bringing us all on lip closer to realizing our liquid software vision, a world where every software flow is effortless.

邁入 2026 年，我們將繼續致力於高品質成長、負責任的投資、擴展我們的解決方案以滿足新興需求，並使我們所有人更接近實現我們的流動軟體願景，一個所有軟體流程都毫不費力的世界。

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

那麼，感謝各位參與我們的通話，願青蛙與你們同在。接線員，我們現在可以接受提問了。

(Operator Instructions) Sanjit Singh, Morgan Stanley.

（操作說明）桑吉特‧辛格，摩根士丹利。

Hi, can you hear me now?

你好，現在能聽到我說話嗎？

Yes we can. Sanjit.

是的，我們可以。桑吉特。

This is Oscar Saavedra on for Sanjay. Thank you for taking my question and congrats on the great results. Really nice to see the continued growth on the cloud. I wanted to touch maybe on the customer count. I understand the intentionality of you're focusing more on the higher propensity to spend larger customers, and we see that on the 100,000 customer add.

這是奧斯卡·薩維德拉替桑傑報道。感謝您回答我的問題，並祝賀您取得如此優異的成績。很高興看到雲端運算的持續成長。我想稍微談談客戶數量的問題。我理解你們的意圖，也就是更重視消費意願更高的大客戶，我們在新增 10 萬名客戶中也看到了這一點。

But -- how should we think about that going forward? And how far along we are in that transition? Should we continue to expect that count to come down while the larger customers go up? Any additional color there would be helpful.

但是──我們接下來該如何看待這個問題呢？我們在這個轉型過程中進展到什麼程度了？我們是否應該繼續預期小客戶數量會下降，而大客戶數量會上升？如果能添加一些其他顏色就更好了。

Yeah. Thank you. This is Shlomi. I'll take this first question. So we are focused on our strategy, building for the enterprise as we said three years ago, and you can see the results on the customers over $1 million to significant growth of their -- you can see the results on the customers that are spending over $100,000 R&D increasing spending over there. This is our strategy. This is where our go-to-market is focused on.

是的。謝謝。這是是什洛米。我先回答第一個問題。因此，我們專注於我們的策略，正如我們三年前所說，為企業打造產品，您可以看到成果，研發支出超過 100 萬美元的客戶實現了顯著增長——您可以看到成果，研發支出超過 10 萬美元的客戶增加了這方面的支出。這就是我們的策略。這就是我們市場推廣的重點。

And sometimes, it means that we will have to let go to low ASP customers and to be focused on our customers. We also noted that we've made our internal consolidation to avoid friction in our go-to-market team and to focus our team on the big enterprise opportunities. And that, by itself, was at approximately 300 logos. And also, I should note that this includes the geographies regulation like churn in China, Russia, and other regulatory decisions.

有時，這意味著我們將不得不放棄那些平均售價較低的客戶，並將重點放在我們的客戶身上。我們也注意到，我們已經進行了內部整合，以避免市場推廣團隊內部出現摩擦，並將團隊的精力集中在大型企業機會上。光是這一項，就有大約 300 個標誌。另外，我還應該指出，這包括中國、俄羅斯等地的人員流動監管以及其他監管決策。

So we are very pleased with the stability and the growth. But more important than that, the fact that the customers that we brought in, hundreds of new customers that we brought into our portfolio are spending much more on ASP growing faster, and adopting not just DevOps, but also DevOps Security and other services in the cloud. So in the bottom line, it's very much aligned with our strategy and reflects our commitment as we enter deal.

因此，我們對公司的穩定性和成長非常滿意。但更重要的是，我們引入的客戶，我們產品組合中新增的數百名客戶，在應用服務提供商 (ASP) 上的支出更多，增長速度更快，並且不僅採用了 DevOps，還採用了 DevOps 安全和其他雲端服務。所以歸根究底，這與我們的策略非常契合，也反映了我們在達成交易時的承諾。

Radi Sultan, UBS.

Radi Sultan，瑞銀集團。

Awesome. Thanks for taking questions. My question is for Shlomi. Like it seems like every quarter we're seeing in other security incident, you had the npm attacks. And Q3 and Q4, you mentioned another one. I mean, are these becoming less like one-time events and more just like structural growth drivers? Like are we just permanently in a higher threat environment and maybe we should be penciling in a more consistent contribution from these types of incidents going forward? Or how should we think about sort of the long-term contribution from just the higher threat environment we're in today?

驚人的。謝謝回答問題。我的問題要問Shlomi。似乎每個季度我們都會在其他安全事件中看到 npm 攻擊。還有，你提到了第三季和第四季。我的意思是，這些事件是否正在從一次性事件轉變為結構性成長驅動因素？我們是不是一直都處於高威脅環境？或許我們應該預料到，未來這類事件會帶來更持續的影響？或者，我們該如何看待我們今天所處的高威脅環境所帶來的長期影響？

Radi, this is a great call out of what's happening today. There are more and more attacks over the software supply chain. Attacking the software supply chain by hackers means that they are going after the software packages, the binaries. It started three years ago, this trend with [LOG full J], then pPython, then and now npm and [Chaiklin] in three different incidents. Every customer, every enterprise, every software organization understand now that software supply chain is not protected if the software packages if the binaries are not protected.

Radi，你對當今情勢的描述非常精闢。針對軟體供應鏈的攻擊越來越多。駭客攻擊軟體供應鏈意味著他們的目標是軟體包和二進位。這種趨勢始於三年前，先是 [LOG full J]，然後是 pPython，再後來是 npm 和 [Chaiklin]，在三個不同的事件中都出現了這種情況。現在每個客戶、每個企業、每個軟體組織都明白，如果軟體包或二進位檔案沒有受到保護，那麼軟體供應鏈就無法受到保護。

Now putting aside this threat that is kind of floating over every company now code agents become far more faster in how they create code and therefore, create more binaries, using more open source software packages. So this threat and this trend is something that we anticipate that will only grow. And therefore, we build our JFrog security suite to tackle this threat.

現在暫且不談籠罩在每家公司頭上的這種威脅，程式碼代理在創建程式碼方面速度越來越快，因此，它們會創建更多的二進位文件，使用更多的開源軟體包。因此，我們預計這種威脅和趨勢只會日益加劇。因此，我們建立了 JFrog 安全套件來應對這項威脅。

Michael Cikos, Needham.

麥可·西科斯，尼德姆。

Hey, team. Thank you for taking the questions here. Some very encouraging data points and appreciate especially the RPO growth and ARR contribution when thinking about security as far as demonstrating that this truly is a platform and the attach you're seeing. One of the things I wanted to come back to, and we've been feeling on our side, with the heightened threat environment and some of these hacks, which unfortunately feel a little bit more commonplace now.

嘿，團隊成員們。感謝您接受大家的提問。一些非常令人鼓舞的數據點，尤其值得讚賞的是 RPO 成長和 ARR 貢獻，考慮到安全性，這證明了這確實是一個平台，而且您所看到的附加功能也是如此。我想再次談到的一件事，也是我們一直感覺自己處於有利地位的事情，就是在威脅環境加劇和駭客攻擊頻發的當下，不幸的是，這些攻擊現在似乎變得更加普遍了。

Is there a general rule of thumb where we would be able to draw parallels between a hack of the npm size would -- what that would equate to in revenue. Is there any broad parallels we could draw from? Or is it really just happenstance, depending on what part of the ecosystem is being hacked? Anything there would be beneficial.

是否有一條通用的經驗法則，可以讓我們比較 npm 規模的 hack 會帶來多少收入？我們能否從中汲取一些普遍的相似之處？或者這真的只是巧合，取決於生態系的哪個部分遭到攻擊了？那裡的任何東西都會有好處。

Thank you, Mike. It's Shlomi. I'll take this one. The only responsible way to look at the potential revenue growth is to look at the amount of enterprise customers in our portfolio that still didn't adopt the JFrog security. And while we are growing by 100 every year and the ASP is kind of growing significantly, there is still a lot of room to grow within our portfolio. JFrog Curation in the last two quarters is exploding mainly because of the fact that the threat is real. The scale is required and you have to move fast. And big companies are not taking any risks, especially in today's changing environment.

謝謝你，麥克。是什洛米。我選這個。衡量潛在收入成長的唯一負責任的方法是查看我們產品組合中仍未採用 JFrog 安全解決方案的企業客戶數量。雖然我們每年成長 100%，平均售價也顯著成長，但我們的產品組合仍有很大的成長空間。JFrog Curation 在過去兩個季度呈現爆炸性成長，主要是因為威脅是真實存在的。你需要用到秤，而且必須迅速行動。大公司不敢冒任何風險，尤其是在當今瞬息萬變的環境下。

The second thing that I should note, Mike, is that most of our new enterprise lenders, what I referred to before when we spoke about the new logos, are already adopting JFrog platform with security. So there are three avenues of growth. Number one, customers that are still not using JFrog Security and will, hopefully. Number two is with new logos that are joining enterprise logos. Again, we are not buying logos. We are going after the enterprise logos that are subscribing from the get-go with security. And number three is the number of projects and the scale within the companies that already adopted JFrog Security, and we still have room to go over there.

麥克，我要指出的第二點是，我們大多數新的企業貸款機構（我之前在談到新標誌時提到的那些機構）已經開始採用具有安全功能的 JFrog 平台。所以，發展有三種途徑。第一，那些尚未使用 JFrog Security 但希望將來會使用的客戶。第二點是新商標與企業商標的結合。再次聲明，我們不購買商標。我們的目標是那些從一開始就重視安全保障的企業客戶。第三點是已經採用 JFrog Security 的公司中的專案數量和規模，我們在這方面還有很大的提升空間。

Miller Jump, Truist.

米勒跳躍，Truist。

Awesome. All right. Thank you for taking the question. I'll echo my congrats for the acceleration this year. So Shlomi, I wanted to come back to your comment about the tsunam of binaries accelerated by AI. For the customers that have increased their commitments, are you still seeing them grow and consume beyond these re-up commitment levels? And can you give any more color around the consumption change for customers that have leaned into coding agent deployments versus the broader customer base?

驚人的。好的。感謝您回答這個問題。我再次祝賀你們今年取得如此顯著的進步。所以 Shlomi，我想回到你之前關於人工智慧加速二進制海嘯的評論。對於那些增加了續訂金額的客戶，您是否仍然看到他們的消費量超過這些續約金額？能否進一步說明一下，對於那些傾向於部署編碼代理的客戶而言，其消費變化與更廣泛的客戶群相比有何不同？

Great question, Miller. This is going to grow, and we call it tsunami because this is what we see. When we are reviewing the data on a weekly basis, we see how much more software artifacts are being created, how many binaries are being compiled, and that's mainly because of the fact that every developer now became a super developer.

問得好，米勒。這種情況還會繼續惡化，我們稱之為海嘯，因為我們看到的就是這樣的景象。當我們每週審查數據時，我們發現創建的軟體工件數量大幅增加，編譯的二進位檔案數量也大幅增加，這主要是因為現在每個開發人員都變成了超級開發人員。

And we hear how well the code agents are doing the Anthropic, the Open AI, the Gemini AI, these agents are faster than developers. They are powering developers, and therefore, creating more binaries. When you create more binaries, you need a single source of truth to go to whether you are an agent or a developer. And this is where JFrog into the picture; to secure, to govern, to build a trusted software supply chain for you and for your agents.

我們聽說程式碼代理做得非常好，例如 Anthropico、OpenAI、Gemini AI，這些代理程式比開發人員更快。它們為開發者提供了動力，因此也創造了更多的二進位檔案。當您建立更多二進位檔案時，無論您是代理商還是開發人員，都需要一個統一的資料來源。而這正是 JFrog 的用武之地；它能為您和您的代理商提供安全、管理和建構值得信賴的軟體供應鏈。

So think about the number of developers, call it, millions of developers in the world today, powered by millions of agents. And therefore, the result would be many more binaries. And hopefully, we will see it also in the scale of JFrog.

想想看，如今世界上有多少開發者，數以百萬計的開發者，而他們又是由數百萬個代理商提供支援的。因此，結果將會產生更多的二進位檔案。希望我們也能在 JFrog 的規模上看到這一點。

Mark Cash, Raymond James.

馬克卡什，雷蒙德詹姆斯。

Yeah. I think just on me, if I could ask, with all the code gen tools, we're just kind of talking about there, creating more software, you have new bottlenecks emerging in the software pipeline. So just kind of curious if you're thinking about AppTrust in 2026, being maybe the next catalyst to alleviate governance and regulatory pressure in adopting AI agentic tools organizations are going through right now? Thank you.

是的。我覺得就我個人而言，如果可以問一下，隨著各種程式碼產生工具的出現，我們正在討論如何創建更多軟體，但軟體開發流程中卻出現了新的瓶頸。所以，我很好奇您是否考慮過 AppTrust 在 2026 年的發展，它或許會成為下一個催化劑，以緩解企業目前在採用 AI 代理工具時所面臨的治理和監管壓力？謝謝。

Most of the very important highlights of our road map throughout the year since we established JFrog came from a real enterprise need. And our customers told us last year, listen, we are faster now with DevOps and we are more secured with DevSecOps. But there is a new bottleneck, which is governance, and this is going to be even more painful when it's not only humans that are building code and compile to binaries, but also agents.

自 JFrog 成立以來，我們全年路線圖中的大部分重要亮點都源自於企業的實際需求。去年，我們的客戶告訴我們，聽著，有了 DevOps，我們的速度更快了；有了 DevSecOps，我們的安全性更高了。但是現在出現了一個新的瓶頸，那就是治理，而且當不僅人類在編寫程式碼並編譯成二進位文件，而且還有代理在編寫程式碼和編譯成二進位時，這個問題會變得更加棘手。

So AppTrust is tackling that exactly. We are addressing this pain of automated governance with all the evidence, again, storing JFrog Artifactory is a system of record. And whether this code was generated by a developer or by a code agent the governance and the regulation, before the binary go to production will come out from a single source of tools, and this is what AppTrust is addressing to solve.

AppTrust 正是要解決這個問題。我們正在用所有證據來解決自動化治理的這個痛點，再次強調，儲存 JFrog Artifactory 是一個記錄系統。無論這段程式碼是由開發者還是程式碼代理程式產生的，在二進位檔案投入生產之前，其治理和監管都將來自單一的工具來源，而這正是 AppTrust 正在努力解決的問題。

Zane Meehan, KeyBanc Capital Markets.

Zane Meehan，KeyBanc Capital Markets。

Great. Thanks for taking questions. I'm on for Jason Celino today. I wanted to ask about your AI native customers. In the past, you've talked about having three of the top five AI natives, which is obviously great. But for the other two or maybe any of the adjacent players that aren't using JFrog, what would they be using? And how confident are you that you can eventually win them as well? Thanks

偉大的。謝謝回答問題。今天我代替傑森·塞利諾出場。我想了解你們的AI原生客戶狀況。過去，你們曾提到擁有排名前五的人工智慧原生開發者中的三位，這當然很棒。但對於其他兩家或任何未使用 JFrog 的相鄰玩家來說，他們會使用什麼呢？你有多大信心最終也能贏得他們？謝謝

This is -- every company now want to call it an AI-native company. When I'm speaking about the big players, I'm speaking about those that are moving the market and calling the trend and setting the standard. And they chose JFrog to be their power grid, to be the solution that will run their software supply chain. They build around Artifactory as their system of record, and they are using JFrog Xray to scan that and to collaborate and integrate with the ecosystem.

現在每家公司都想自稱是人工智慧原生公司。我所說的產業巨頭，指的是那些引領市場、預測趨勢、制定標準的公司。他們選擇 JFrog 作為他們的電網，作為運行其軟體供應鏈的解決方案。他們以 Artifactory 作為記錄系統，並使用 JFrog Xray 進行掃描，以便與生態系統進行協作和整合。

The other two, I don't know if it's two or more. I don't know what they are using. But from what we hear, some of them are evaluating tools and some of them are building their own tools, slowly, as we are going over release that our go-to-market team built together throughout the year. We're bringing them one by one. So I hope that every quarter, I will report another one that chose JFrog, not only as a partner or an ecosystem player but also as a customer.

另外兩個，我不知道是兩個還是更多。我不知道他們用的是什麼。但據我們了解，他們中的一些人正在評估工具，而另一些人則在慢慢建立自己的工具，與此同時，我們正在回顧我們的市場推廣團隊在過去一年中共同建立的版本。我們正在一個一個地把它們帶過來。所以我希望每季都能報導一個選擇 JFrog 的案例，他們不僅作為合作夥伴或生態系統參與者，而且作為客戶。

Kingsley Crane, Canaccord.

金斯利起重機，Canaccord。

Hey. Thanks for tkaing my question. Shlomi, you've had JFrog Fly in beta a bit now. You've had MCP server integrations out for a bit now. I'm just curious what kinds of usage trends you're seeing with either Fly or the MCP server and just what that tells you about how customers workflows are changing and then how you're positioning around that? Thank you.

嘿。謝謝你回答我的問題。Shlomi，你已經使用 JFrog Fly 一段時間了，目前還在測試階段。你們的 MCP 伺服器整合功能已經推出一段時間了。我只是好奇你們在使用 Fly 或 MCP 伺服器時觀察到了哪些使用趨勢，這能說明客戶的工作流程發生了哪些變化，以及你們是如何根據這些變化進行市場定位的？謝謝。

Yeah. Well, this is, Kingsley, a very important move that we've done during the year we understand, and I call it out on the script, we understand that the business to business is how we build JFrog [indiscernible] in the future, it will be a business to agent market.

是的。金斯利，這是我們今年採取的一項非常重要的舉措，我們明白，而且我在劇本中也提到了，我們明白，企業對企業模式是我們未來發展 JFrog 的方式，它將是一個企業對經紀人的市場。

And if I want agents to become my person of my customers, then I need to give them access to interact with my platform. This is where the MCP server comes in, but it's even greater than that. MCP itself is also a binary. So we start to see more and more of our customers using JFrog Artifactory, as the single source of tools for all MCPs in the market. So it's not only that agents will use JFrog as the best kind of area to pick up binaries from, but also other players will use JFrog to place the MCP servers in.

如果我希望代理商成為我客戶的專屬代表，那麼我需要讓他們能夠存取我的平台。這時 MCP 伺服器就派上用場了，但它的作用遠不止於此。MCP本身也是一個二進位。因此，我們開始看到越來越多的客戶使用 JFrog Artifactory，作為市場上所有 MCP 工具的單一來源。因此，不僅代理商會將 JFrog 作為獲取二進位檔案的最佳區域，而且其他玩家也會將 MCP 伺服器放置在 JFrog 上。

Now if you do that, if people work with one system of record, then consistency happens, secured solution governed software supply chain before the release production is important. And with the MCP server, agents can now interact with the JFrog platform as well.

如果這樣做，如果人們使用同一個記錄系統，那麼一致性就會得到保證，在發布生產之前，受安全解決方案控制的軟體供應鏈就非常重要。借助 MCP 伺服器，代理商現在也可以與 JFrog 平台進行互動。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Hi, good afternoon and thank you for taking the question. Maybe one for Ed. A bit of an acceleration in both sales and marketing and R&D in the quarter. Would love to get maybe a framework of how you're thinking about investment on both sides of those and how you expect that to materialize through fiscal '26? And maybe as part of that, maybe if we get the FX impact both for the quarter as well as what you're thinking about contemplating in your guidance. Thank yo.

您好，下午好，感謝您回答我的問題。或許艾德會得到一份。本季銷售、行銷和研發方面都有所加速。我很想了解您在投資方面的思路框架，以及您預計這些思路在 2026 財年將如何實現？或許作為其中的一部分，如果我們能了解本季的外匯影響，以及您在業績指引中考慮的因素。謝謝。

Sure. Let me first start with Q4 in the sales and marketing. What you're seeing is end of the year bonuses that flow through in our expenses, and that's what's actually happening there in Q4. But as we step forward into 2026, the reason we called out the weakening US dollar, as you know, more than 50% of our head count is distributed globally. So we wanted to call that out.

當然。首先讓我從銷售和行銷的第四季開始。你看到的是年終獎金計入我們的支出，而這正是第四季實際發生的情況。但隨著我們邁入 2026 年，如您所知，我們之所以指出美元走弱，是因為我們超過 50% 的員工分佈在全球各地。所以我們想指出這一點。

We have a very strong hedging program. So most of that risk is already covered and it's captured in our operating margin guide already. We also have a very disciplined operational execution in terms of maintaining expenses. So we continue to invest, but we continue to make sure we're doing it smart. Anything that we see in terms of the potential outperformance on the top line, we would still consider a meaningful portion of that to flow into operating margins.

我們擁有非常強大的對沖策略。因此，大部分風險已經受到控制，並且已經反映在我們的營業利潤率預期中。我們在控製成本方面也擁有非常嚴格的營運執行力。因此，我們會繼續投資，但同時也會確保投資方式得當。任何我們認為在營收方面可能出現的超額收益，我們仍然會認為其中相當一部分會轉化為營業利潤。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

Great. Thanks a lot. Apologies for my bad voice. But just beyond the foundational models that you touched upon, we are now a secure model registry for NVIDIA AI factory for hugging phase, arguably two of the most strategic on-ramps to model consumption.

偉大的。多謝。抱歉，我的聲音不太好。但除了您提到的基礎模型之外，我們現在是 NVIDIA AI 工廠擁抱階段的安全模型註冊表，這可以說是模型消費中最具戰略意義的兩個入口。

Just curious, Shlomi, how are these top-down partnerships driving new logos for you, number one? And two, when it comes to monetizing this unique position where are they on the adoption curve for the, quote-unquote, the additive legos that you've described in terms of AI catalog adoption then app trust and agentic to remediation. Thanks a lot.

Shlomi，我很好奇，首先，這些自上而下的合作關係是如何為你帶來新標誌的？第二，當談到如何利用這一獨特地位獲利時，他們在採用曲線上的哪個位置？正如你所描述的，人工智慧目錄採用、應用程式信任和代理修復等方面的「附加樂高積木」。多謝。

Yeah, Shrenik, we managed to expand our platform so successfully with security and with MLOps and with DevOps and distribution that every time that we have another partnership powering the community, it's kind of spread across all of these elements of the platform. Specifically with NVIDIA, beyond the fact that it validates JFrog as the single source of tooth for all AI tools and for models, it's also aiming to the enterprise, as we mentioned before.

是的，Shrenik，我們成功地在安全性、MLOps、DevOps 和分發方面擴展了我們的平台，因此每次我們與另一個合作夥伴一起為社區提供支援時，它都會擴展到平台的所有這些元素。具體來說，NVIDIA 除了認可 JFrog 作為所有 AI 工具和模型的唯一權威來源之外，還瞄準了企業市場，正如我們之前提到的。

This is our strategy. NVIDIA is being used by the enterprise. They are selling GPUs. We are providing them with a secured area for models interaction. And this supports the enterprise.

這就是我們的策略。企業正在使用NVIDIA的產品。他們正在銷售GPU。我們為他們提供了一個安全的模特兒互動區域。這對企業發展起到了支持作用。

Hugging Face, however, is a different scenario. Hugging Face can be a top of funnel for JFrog because it's the open source hub, but it's also support most of our customers that are using Hugging Face as a local repository for the models that they bring from outside. So they will have a secured environment.

然而，「擁抱臉」的情況則有所不同。Hugging Face 可以成為 JFrog 的漏斗頂端，因為它是一個開源中心，但它也支援我們的大多數客戶，他們將 Hugging Face 用作從外部引入的模型的本地存儲庫。這樣他們就能擁有一個安全的環境。

Now when we are looking forward into 2026, the two integrated to fail philosophy is something that we are not only collecting feedback from the market of what they would like to see, but also how can we serve them better, not just the human developers, but also the agents. How can we serve better and Anthropic Opus 4.6, how can we serve better an open AI agent, because these are the new tools that are now using, JFrog as their system of Jfrog.

現在，當我們展望 2026 年時，我們不僅要收集市場回饋，了解他們希望看到什麼，還要了解我們如何能更好地為他們服務，這不僅包括人類開發人員，還包括代理商。我們如何更好地服務於 Anthropic Opus 4.6，我們如何更好地服務開放的 AI 代理，因為這些是現在正在使用的新工具，JFrog 作為他們的 Jfrog 系統。

Ittai Kidron, Oppenheimer.

伊泰·基德隆，奧本海默。

Thanks and congrats guys. Real nice solid finish for the year. I guess, I got a couple of questions, one for each of you, for you, Ed. Nice to see the progress there on the security, and I appreciate the disclosure there. If one would do a back of the envelope, and strip out your security out of your business, what would that imply that the core business, excluding security is growing? Is there acceleration there, leveling off deceleration? Any color there would be great.

謝謝各位，也恭喜你們！今年的收官表現非常出色，堪稱完美。我想問你們幾個問題，每個問題一個，也問你，艾德。很高興看到安全方面的進展，感謝你們的披露。如果粗略估算一下，將安全業務從業務中剝離出來，那麼排除安全業務後，核心業務的成長如何？那裡有加速、減速和平穩過渡嗎？任何顏色都行。

And then for you, Shlomi, I would love to think about '26. What from your perspective, are the greatest risks to your business right now? And maybe clearly, with what's going on in the world right now in the context of AI and how they could potentially do everything, including our laundry. I guess my question is to you, in what way do you view -- in what way could AI be a risk to your business?

至於你，Shlomi，我很想想想 26 年的事。從您的角度來看，目前貴公司面臨的最大風險是什麼？或許很明顯，鑑於目前世界範圍內人工智慧的發展現狀，以及人工智慧有可能做到一切，包括幫我們洗衣服。我想問您的是，您如何看待人工智慧——或者說，人工智慧可能在哪些方面對您的業務構成風險？

I'll start here, and then Shlomi can finish. We gave you the results at the end of the year for the revenue contribution that's coming from security. And it's still a relatively small piece in terms of that contribution to the top line. We go to the market as a platform, selling together both Artifactory and Security together. So we don't want to carve that out.

我先開始，然後什洛米可以完成。年底我們向大家公佈了安保業務帶來的收入貢獻結果。而且就對總收入的貢獻而言，這部分仍然相對較小。我們以平台的形式進入市場，將 Artifactory 和 Security 同時銷售。所以我們不想把它排除在外。

The results that we show you on the top line were impressive. That included security. We're very happy with the direction that it's going. The sales team are instructed to sell together the solution and the offering, which we believe when you go to the market together with Artifactory in security, you secure your software supply chain at scale, what is needed for today's customer.

我們在頂部展示的結果令人印象深刻。這其中就包括安保。我們對它目前的發展方向非常滿意。銷售團隊被指示要將解決方案和產品一起銷售，我們相信，當您與 Artifactory 一起進入安全市場時，您就能大規模地保護您的軟體供應鏈，這正是當今客戶所需要的。

Yes. I'll answer the risk question, Ittai. It we are all standing at the edge of a cliff. Some people will tell you that we are going into a word of productivity. You mentioned laundry.

是的。我會回答風險問題，伊泰。我們都站在懸崖邊。有些人會告訴你，我們將進入一個生產力時代。你提到了洗衣。

Some people gave us other examples. And some people will tell you that we are all going to be replaced by robots. I think that for the business, and this is my job as the CEO, is to make sure that we are focused. That JFrog is differentiated and bring value to our enterprise customers. And what we see now is that we keep building for the future with them.

有些人還舉了其他例子。有些人會告訴你，我們最終都會被機器人取代。我認為對於公司而言，這也是我作為執行長的職責，那就是確保我們專注於核心業務。JFrog 的獨特之處在於它能為我們的企業客戶帶來價值。而我們現在看到的是，我們正與他們一起繼續為未來建設。

Just a few days ago, Elon Musk tweeted that code is going to replace -- the only outcome will be binary. It's reinforce again what we keep saying for the last 15 years, binary is the primary asset. This is where we should be focused. And my biggest risk is that I will get confused and start to follow trends and not serve my enterprise with what we do best, being the system of record.

就在幾天前，伊隆馬斯克發推文說，程式碼將會取代一切——唯一的結果將是二進位的。這再次印證了我們過去 15 年來一直強調的觀點：二進制是主要資產。這才是我們該關注的重點。我最大的風險是，我會感到困惑，開始追隨潮流，而沒有發揮我們最擅長的優勢——作為記錄系統——來服務我的企業。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Yeah, hi guuys. I hope I could speak to it as well. One quick one for Ed. One for Shlomi. For Ed, trying to understand the $800 million FY27 revenue target. Is that just kind of aspirational at this point just because it would require a pretty massive revenue acceleration in '27?

嗨，大家好。我希望我也能就此發表意見。給艾德一杯，給什洛米一杯。對 Ed 來說，他正在努力理解 2027 財年 8 億美元的營收目標。目前這是否只是一個美好的願望，因為這需要 2027 年收入大幅成長？

And then for Shlomi, I know you guys price Artifactory on capacity. So it should logically follow that the tsunami binaries that you called out should accelerate growth in your core solution. Are we seeing that at all yet? Or is that still to come? And when do you think that could come?

至於 Shlomi，我知道你們 Artifactory 的定價是根據產能來訂定的。因此，從邏輯上講，你提到的海嘯二進位檔案應該會加速你的核心解決方案的成長。我們已經看到這種情況了嗎？還是說那件事尚未發生？你覺得那一天什麼時候會到來？

Mike, Jason, I'm sorry, I'll start with the question regarding the $800 million on the long-term model. Listen, at the end of the day, we're focused on delivering and executing in 2026. That's what we're guiding to at this point. When we look at the results over the last 3 years, we're on track with that number. It does not reflect our conservative or responsible guidance philosophy, but the focus right now is on delivering in 2026.

麥克、傑森，抱歉，我先問一個關於長期模型中 8 億美元的問題。聽著，歸根結底，我們的目標是在 2026 年交付成果並執行到位。這就是我們目前努力的方向。從過去三年的成績來看，我們正朝著這個目標穩步前進。這並不反映我們保守或負責任的指導理念，但目前的重點是實現 2026 年的目標。

I'll take it from here and speaking about conservatism. We see, as we mentioned in the call, we see a rise on the AI-related binaries being consumed by our customers. We manage PyPI, npm, Docker, Conda,and others. But as Jason, we are not kind of promising metrics. We are being very, very disciplined with our guidance.

接下來我將談談保守主義。正如我們在電話會議中提到的，我們看到客戶對 AI 相關二進位檔案的消費量有所上升。我們管理 PyPI、npm、Docker、Conda 等。但身為傑森，我們並不是那種很有前途的指標。我們在指導方面非常、非常嚴謹。

And we commit -- when the customers commit, then we guide the market. We guide you by commitments and not by usage. So yes, we see spikes and yes, it's an uplift to our performance, but we will not guide based on this data transfer until it will follow a customer commitment and customer commitment usually comes when usage stabilized and not based on trends.

我們承諾－當客戶做出承諾時，我們才會引導市場。我們以承諾而非使用情況來引導您。所以，是的，我們看到了峰值，是的，這提升了我們的業績，但是，在客戶做出承諾之前，我們不會根據此次數據傳輸來指導業績，而客戶承諾通常是在使用穩定下來之後才會做出，而不是基於趨勢。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Great. Shlomi, has demand for Curation continue to accelerate post the second npm attack in late November. Does this pull any deals forward into Q4? And how much is the pipeline for that up year over year?

偉大的。Shlomi 表示，在 11 月下旬第二次 npm 攻擊之後，對內容策展的需求持續加速成長。這是否會將一些交易提前到第四季？而與去年相比，管道建設量增加了多少？

Yes. So Curation, listen, we are not celebrating these attackers coming after our customers. But obviously, we benefit from it because there was a very clear value that Curation both -- Curation is a tool that is out in the market for almost two years, and it's mature and it was ready, and it was ready not only in terms of the risk but also in terms of the scale . So not only that we performed amazingly in Q4 because of the NPM incident, but also build the pipeline moving forward, as I mentioned in the call.

是的。所以，策展團隊，聽著，我們並沒有歡迎這些攻擊者攻擊我們的客戶。但顯然，我們從中受益匪淺，因為Curation的價值非常明確——Curation是一款已經上市近兩年的工具，它成熟且準備就緒，不僅在風險方面，而且在規模方面也已準備就緒。。因此，我們不僅因為 NPM 事件而在第四季度取得了驚人的成績，而且還像我在電話會議中提到的那樣，建立了未來的發展管道。

Jonathan Ruykhaver, Cantor.

喬納森·魯伊哈弗，坎托爾。

Yeah. Hey. Congrats on a fantastic 2025 guys. Shlomi, I would love to hear more details around what you're seeing in terms of the potential convergence of the DevOps tool chain to address MLOps. And specifically, are they seeing the benefits of a -- or do they understand the benefits of a potential unified pipeline, particularly around security in governance? And I guess, lastly, as a part of that, just what are you seeing in terms of adoption trends for JFrog ML and your expectations for that in 2026?

是的。嘿。恭喜各位，2025年將會非常精彩！Shlomi，我很想聽聽你對 DevOps 工具鏈在解決 MLOps 問題方面的潛在融合有何看法。具體來說，他們是否看到了統一管道的好處，或者他們是否理解統一管道的潛在好處，尤其是在治理安全方面？最後，我想問一下，您認為 JFrog ML 的採用趨勢如何？您對 2026 年的採用趨勢有何預期？

Yes. JFrog ML was included in -- I think it was Q2 or Q3 this year in our platform. And some of our customers are already using JFrog ML to manage their full models life cycle. We treat model as a package model is yet another binary. So by providing them with these capabilities, we are reinforcing the fact that JFrog is the central trusted source of tooth not only for the legacy artifacts, but also to the new artifacts, which are modeled.

是的。JFrog ML 已經整合到我們的平台中了——我記得是今年第二季或第三季。我們的一些客戶已經在使用 JFrog ML 來管理其完整的模型生命週期。我們將模型視為一個軟體包，而模型又是另一個二進位。因此，透過提供這些功能，我們強化了 JFrog 不僅是傳統工件的中央可信來源，而且也是建模的新工件的中央可信來源。

I think that this will be evolved as the market evolves. MLOps will not stay as it used to be before the days of LLMs and what we see now is that code agents are also starting to kind of interact with the JFrog platform for any push and pull of binaries. So overall, it's growing, it's evolving. This entire landscape is changing, and we are tracking it, and we will keep you posted on it.

我認為隨著市場的發展，這種情況也會隨之演變。MLOps 不會像 LLM 出現之前那樣，我們現在看到的是代碼代理也開始與 JFrog 平台進行交互，以實現二進位檔案的任何推送和拉取。所以總的來說，它正在發展，它正在演變。整個情況都在發生變化，我們正在密切關注，並將隨時向您通報最新情況。

Eamon Coughlin, Barclays.

埃蒙·考夫林，巴克萊銀行。

Congrats on the continued execution. I just wanted to go back to the MLOps motion and how to think about that opportunity. Can you help us understand that consumption profile, like what that would look like for an LLM maybe compared to a traditional binary? And then what makes JFrog well positioned to be the default LLM repository for these enterprises? Thanks.

恭喜你們繼續取得佳績。我只是想回到 MLOps 的話題，以及如何看待這個機會。您能否幫助我們理解這種消費模式，例如，對於LLM（法學碩士）來說，與傳統的二元製相比，這種消費模式會是什麼樣的？那麼，是什麼讓 JFrog 具備成為這些企業預設 LLM 儲存庫的優勢呢？謝謝。

Yes. The MLOps solution is actually going after providing the CICD experience for models. It started with small models and then the world in the last year evolved and so is our tools and our platform. The idea around it in terms of consumption is that, if you treat model as a binary, which it is, then we should see more data transfer and we should see more storage.

是的。MLOps解決方案實際上是為了給模型CICD體驗而開發的。一切始於小型模型，然後在過去一年裡，世界發生了變化，我們的工具和平台也隨之發展。從消費的角度來看，其理念是，如果你把模型看作一個二元模型（它本來就是二元的），那麼我們應該會看到更多的資料傳輸和更多的儲存空間。

I think that there is a better potential for monetizing on storage because models by definition, are bigger binaries than the others. So we see -- since our pricing model is a consumption-based model, if we drag models to use the MLOps capabilities of JFrog together with the security and the storage you should see our consumption going high. And therefore, the commitment of the customers will go higher. And this is something that we are tracking closely and looking forward to see the results.

我認為儲存資料更有利於獲利，因為模型從定義上來說就是比其他資料更大的二進位檔案。因此我們看到——由於我們的定價模型是基於消費的模型，如果我們把模型拖到使用 JFrog 的 MLOps 功能以及安全性和存儲，你應該會看到我們的消費量很高。因此，客戶的忠誠度會更高。我們正在密切關注此事，並期待看到結果。

Lucky Schreiner, D.A. Davidson.

Lucky Schreiner，D.A. Davidson。

Can you hear me now?

現在能聽到我說話嗎？

Yes, we can hear you, Lucky.

是的，我們可以聽到你說話，Lucky。

Perfect. Congrats on the strong results here. If I look at cloud revenues, they seemed a little bit maybe the more stable quarter to quarter this year compared to historically. Maybe just -- on the seasonality side, as cloud revenue becomes a bigger portion of revenue, should we expect a little bit more stable seasonality? Or is it still the same as you target large enterprises in these larger deals no change on that front?

完美的。恭喜你們取得如此優異的成績。如果我看一下雲端運算收入，與歷史數據相比，今年的季度收入似乎更穩定一些。或許——從季節性角度來看，隨著雲端收入在收入中所佔比例越來越大，我們是否應該期待季節性會更加穩定？或者說，在這些大型交易中，你們的目標客戶仍然是大型企業，這方面沒有改變嗎？

Hi, Lucky. Well, when you think about the cloud revenue, you need to think about three different things. Our first is our guidance velocity, which we derisk for those largest deals as well as usage over minimum commitments, including emerging AI trends, that is what creates variability on a quarter-over-quarter basis, and that is excluded from there.

嗨，Lucky。嗯，在考慮雲端運算收入時，你需要考慮三件不同的事情。首先是我們的指導速度，對於最大的交易以及超過最低承諾的使用情況，包括新興的人工智慧趨勢，我們會降低風險，這會導致季度間的波動，而這些波動不包含在內。

And as you mentioned, it's also now a greater portion of our revenues. But when you think about sequential growth today, it would be linear until we start to layer in any usage if that potential continues or these large deal wins.

正如您所提到的，它現在也占我們收入的更大比例。但從今天的連續成長來看，除非這種潛力持續下去或贏得這些大單，否則成長將是線性的，直到我們開始將任何使用納入其中。

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. 2025 was a great year. We are looking forward to 2026, and we are very excited about the changes in the market and the new players in the market that we are looking forward to collaborate with may the frog be with you and maybe you have a wonderful Valentine's Day.

謝謝大家。 2025年是精彩的一年。我們期待著 2026 年的到來，我們對市場的變化以及我們期待與之合作的新市場參與者感到非常興奮。願青蛙與你同在，祝你情人節快樂。

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

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。