JFrog Ltd. (FROG) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the JFrog second-quarter 2026 financial results earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加 JFrog 2026 年第二季財務業績電話會議。(接線員指示)

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

現在我將把會議交給投資人關係主管 Jeffrey Schreiner。Jeffrey，請開始。

Thank you, Nicole. Good afternoon, and thank you for joining us as we review JFrog's second-quarter 2026 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，Nicole。各位下午好，感謝各位加入我們，一同回顧 JFrog 2026 年第二季財務業績；我們已於今日收盤後透過新聞稿對外公布。今天的電話會議由 JFrog 執行長暨共同創辦人 Shlomi Ben Haim，以及 JFrog 財務長 Ed Grabscheid 主持。

During this call, we may make statements related to our business that are forward-looking under federal securities laws and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to our future financial performance and including our outlook for the third quarter and full year of 2026.

在本次電話會議中，我們可能會就本公司業務發表依據聯邦證券法所定義的前瞻性陳述，並依據 1995 年《私人證券訴訟改革法案》的安全港條款作出，包括與我們未來財務表現相關的陳述，以及我們對 2026 年第三季與 2026 全年的展望。

The words anticipate, believe, continue, estimate, expect, intend, will, and similar expressions are intended to identify forward-looking statements or similar indications of future expectations. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our views only as of today and not as of any subsequent date. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revisions 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.

「預期」、「相信」、「持續」、「估計」、「預計」、「打算」、「將」及類似用語，旨在識別前瞻性陳述或對未來預期的類似指示。敬請注意勿過度依賴這些前瞻性陳述；其僅反映我們截至今日的觀點，而非任何後續日期的觀點。亦請留意，我們並無義務因應新資訊或未來事件而修訂或公開發布對這些前瞻性陳述所作任何修訂的結果。這些陳述受多項風險與不確定性影響，可能導致實際結果與預期存在重大差異。

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 March 31, 2026, which is available on the Investor Relations section of our website and the earnings press release issued earlier today. Additional information will be made available in our Form 10-Q for the quarter ended June 30, 2026, and other filings and reports that we may file from time to time with the SEC.

關於可能影響我們實際結果之重大風險及其他重要因素的討論，請參閱我們截至 2026 年 3 月 31 日止季度的 Form 10-Q（可於本公司網站投資人關係專區取得）以及今日稍早發布的財報新聞稿。更多資訊將於我們截至 2026 年 6 月 30 日止季度的 Form 10-Q，以及我們不時向 SEC 提交的其他申報文件與報告中提供。

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

此外，本次電話會議將討論非 GAAP 財務衡量指標。這些作為衡量 JFrog 表現之非 GAAP 財務指標，應與 GAAP 指標一併考量，而非作為其替代，亦不應與 GAAP 指標隔離解讀。請參閱我們財報新聞稿中的表格，以了解這些指標與最直接可比之 GAAP 財務指標的調節。本次電話會議的重播將在 JFrog 投資人關係網站上於有限期間內提供。

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

接下來，我想把電話會議交給 JFrog 執行長 Shlomi Ben Haim。Shlomi？

Thank you, Jeff. Good afternoon, and thank you all for joining the call. We are pleased with our second-quarter results, which exceed the high end of our guidance across all metrics. Our first-half 2026 achievements reflect strong execution and the clear strategic importance of JFrog in enterprise software supply chains.

謝謝你，Jeff。各位下午好，感謝大家加入本次電話會議。我們對第二季的業績感到滿意，所有指標皆超越我們指引區間的上緣。我們在 2026 年上半年的成果反映了強勁的執行力，以及 JFrog 在企業軟體供應鏈中的明確策略重要性。

It is clear now that the world is moving at the speed of AI. What began as a technology shift is becoming the foundation of every business and increasingly ambient infrastructure as they build and deliver software. As AI accelerates software creation, engineering velocity, and code quality, the challenge is no longer generating source code, but managing the tsunami of binaries compiled. It is now about establishing trust in these software artifacts, models, agents, and packages that AI and human increasingly produce without sacrificing speed.

現在很清楚，世界正以 AI 的速度前進。起初是一場技術轉變，如今正成為每一家企業的基礎，並在其建置與交付軟體時，日益成為無所不在的基礎設施。隨著 AI 加速軟體創作、工程速度與程式碼品質，挑戰不再是產生原始碼，而是管理被編譯出的二進位檔的海嘯。如今的重點是在不犧牲速度的前提下，為 AI 與人類日益大量產出的軟體成品、模型、代理與套件建立信任。

The JFrog Platform is evolving for a future where AI agents become first-class citizens of the software supply chain. By extending our platform to treat AI agents as trusted participants alongside human developers, we believe JFrog is building the control plane for the next generation of software delivery.

JFrog 平台正為一個 AI 代理成為軟體供應鏈一等公民的未來而演進。透過擴展我們的平台，將 AI 代理視為與人類開發者並列的可信參與者，我們相信 JFrog 正在打造下一代軟體交付的控制平面。

We see software engineering evolving into software supply chain engineering, not because every developer becomes a supply chain expert, but because every developer or AI agent must rely on a trusted software supply chain delivered by the organization. For this new era, our customers are reaffirming JFrog as the single source of truth, and we believe this reality is fueling the momentum we are seeing across our business.

我們看到軟體工程正演進為軟體供應鏈工程；並非因為每位開發者都會成為供應鏈專家，而是因為每位開發者或 AI 代理都必須依賴由組織所交付的可信軟體供應鏈。在這個新時代，我們的客戶再次確認 JFrog 是唯一真實來源（single source of truth），而我們相信，這項現實正推動我們在整體業務上所見的動能。

During the second quarter, JFrog's total revenue was $163.8 million, representing 29% year-over-year growth. Cloud revenue grew 53%, driven by increased secure binary consumption through Artifactory, reinforcing its central role as the single source of truth for software supply chains.

第二季期間，JFrog 總營收為 1.638 億美元，年增 29%。雲端營收成長 53%，主要受 Artifactory 帶動的安全二進位檔消耗量增加所驅動，進一步強化其作為軟體供應鏈唯一真實來源的核心角色。

In addition to continued strength in cloud growth, our enterprise focus go-to-market strategy continues to deliver strong result at the high end of our customer base. Customers with annual spend exceeding $1 million grew to 97, up from 61 a year ago, representing 59% year-over-year growth. Customers spending more than $100,000 annually grew to 1,291 compared to 1,076 in the prior year, an increase of 20% year over year.

除了雲端成長持續強勁之外，我們以企業為核心的 go-to-market 策略，也持續在客戶群高端帶來亮眼成果。年支出超過 100 萬美元的客戶數增至 97 家，高於一年前的 61 家，年增 59%。年支出超過 10 萬美元的客戶數增至 1,291 家，較前一年 1,076 家增加，年增 20%。

On today's call, I will walk you through the second quarter in more detail, and Ed will then follow with additional financial insights and outlook.

在今天的電話會議中，我將更詳細地帶各位回顧第二季表現，接著 Ed 會補充更多財務洞見與展望。

First, I will cover our cloud business, where strong consumption trends continue to drive demand across traditional and AI software artifacts. Second, I will discuss our security business. As software supply chain attacks grow in scale and sophistication, customers are looking for unified security integrated with their system of record.

首先，我將說明我們的雲端業務；強勁的使用量趨勢持續推動傳統與 AI 軟體成品的需求。第二，我將討論我們的資安業務。隨著軟體供應鏈攻擊在規模與複雜度上不斷提升，客戶正在尋求與其系統紀錄（system of record）整合的統一式安全防護。

Last, I will discuss governance and compliance. The era of agentic software development is driving the industry's next evolution, DevGovOps.

最後，我將討論治理與合規。代理式（agentic）軟體開發時代正推動產業的下一次演進：DevGovOps。

I'll start with cloud. In Q2, our cloud business continued to expand as we supported the scaling volume of software artifacts flowing through our customers' software supply chain pipelines. As AI accelerates software development, customers are creating, storing, and distributing more binaries than before. Over the past several quarters, and even more since the beginning of the year, we have observed the following key trends driving this change in cloud consumption.

我先從雲端談起。在第二季，我們的雲端業務持續擴張，因為我們支援客戶軟體供應鏈管線中不斷擴大的軟體成品流量。隨著 AI 加速軟體開發，客戶正在比以往建立、儲存並分發更多二進位檔。在過去幾個季度，尤其是自今年年初以來，我們觀察到以下幾項推動雲端使用量變化的關鍵趨勢。

First, the rapid adoption of AI tools accelerates software development activity and increases the volume of binaries moving through our platform as agents and tools consume more software at a pace and scale no human workflow ever could. Second, the increase in the number of AI-specific software packages, such as MCP Skills and others that organizations create and manage. Third, continued uncertainty is making forecasting difficult for customers in the evolving AI economy, leading them to sometimes favor the flexibility of a consumption-based, on-demand cloud model.

第一，AI 工具的快速採用加速了軟體開發活動，並提高了在我們平台上流動的二進位檔量，因為代理與工具以任何人類工作流程都無法企及的速度與規模消耗更多軟體。第二，AI 專用軟體套件的數量增加，例如 MCP Skills 以及其他由組織建立與管理的套件。第三，持續的不確定性使客戶在演變中的 AI 經濟下更難進行預測，因而有時更偏好具彈性的、以用量計費、隨需的雲端模式。

These trends and the first-half results validate our strategy and business model, continuing to reinforce the value of our cloud offering, which enables customers to scale with demand while maintaining efficiency and operational flexibility.

這些趨勢與上半年業績驗證了我們的策略與商業模式，並持續強化我們雲端產品的價值：在維持效率與營運彈性的同時，讓客戶能隨需求擴展。

Our enterprise sales teams remain focused on securing long-term enterprise commitments, allowing customers better unit economics in the evolving AI spending environment. At the same time, and as always, we give customers the flexibility to determine the balance between committed capacity and on-demand usage.

我們的企業銷售團隊仍專注於爭取長期的企業承諾，讓客戶在不斷演變的 AI 支出環境中獲得更佳的單位經濟效益。同時，一如既往，我們也提供客戶彈性，讓其自行決定承諾容量與隨需使用之間的平衡。

Consistent with our guidance philosophy, we continue to exclude usage above committed levels from our outlook. Ed will refer to it later on the call.

依循我們的指引理念，我們仍將超出已承諾水準之上的使用量排除在我們的展望之外。Ed 將在稍後的電話會議中再提及。

Now to the continued momentum we're seeing in security. JFrog provides the infrastructure for creating, managing, and securing software artifacts at enterprise scale. By integrating comprehensive software supply chain security directly with Artifactory, our customers' single source of truth, we enable them to build and deploy software with trust at the scale and speed of AI.

接下來談談我們在資安領域持續看到的動能。JFrog 提供可在企業級規模下建立、管理並保護軟體成品（artifacts）的基礎設施。透過將全面的軟體供應鏈安全直接與 Artifactory（我們客戶的單一真實來源）整合，我們讓客戶能以 AI 的規模與速度，在可信任的前提下建置與部署軟體。

As software supply chain threats continue to grow in scale and sophistication, CSOs increasingly see JFrog Security as a mission-critical component of their software infrastructure, not an optional capability. Validating this fact, JFrog was recently named a leader in the Gartner Magic Quadrant for software supply chain security, based not only on our highest-rated ability to execute, but also on our strategy of incorporating security alongside the software supply chain single source of truth in one platform.

隨著軟體供應鏈威脅在規模與複雜度上持續升高，資安長（CSO）愈來愈將 JFrog Security 視為其軟體基礎設施中攸關任務的關鍵組件，而非可有可無的能力。為印證此點，JFrog 近期在 Gartner 軟體供應鏈安全魔力象限中被評為領導者，這不僅基於我們在「執行能力」上的最高評等，也基於我們將安全性與軟體供應鏈的單一真實來源一併納入同一平台的策略。

We continue to see strong momentum in our security business reflected in higher attach rate on new customer wins, continued expansion with existing accounts, and an increasing number of larger security-led transactions.

我們持續看到資安業務的強勁動能，反映在新客戶贏單的更高附加採用率（attach rate）、既有客戶的持續擴張，以及由資安帶動的更大型交易數量增加。

In the second quarter, more than 80% of the customers that joined our over $1 million cohort added security. This momentum extends to our new logo business, where over 40% of overall new logo wins included security as part of their initial land with JFrog. In addition, AI-powered software supply chain attacks continued to escalate this quarter, with threat actors increasingly targeting open-source package ecosystems.

在第二季，加入我們超過 100 萬美元客群（cohort）的客戶中，超過 80% 加購了資安。這股動能也延伸至我們的新客戶（new logo）業務，整體新客戶贏單中有超過 40% 在首次導入 JFrog 時就將資安納入。此外，本季由 AI 驅動的軟體供應鏈攻擊持續升溫，威脅行為者愈來愈鎖定開源套件生態系。

As AI accelerates software creation, it also accelerates the pace and sophistication of software supply chain attacks. Throughout these incidents, customers using JFrog Curation remain protected. By tightly integrating Curation with Artifactory, JFrog delivers a trusted, policy-driven software supply chain firewall that blocks malicious and risky packages before they enter the enterprise, allowing developers and AI coding agents to move fast without compromising trust or security.

AI 加速軟體產出，也同時加速軟體供應鏈攻擊的速度與複雜度。在這些事件中，使用 JFrog Curation 的客戶仍能保持防護。透過將 Curation 與 Artifactory 緊密整合，JFrog 提供一個可信、以政策驅動的軟體供應鏈防火牆，在惡意或高風險套件進入企業之前即加以阻擋，讓開發者與 AI 程式碼代理能在不犧牲信任或安全的前提下快速前進。

In Q2, we will focus on making sure our security solutions become too integrated to fail, powered by the AI ecosystem. In the past, we focused on securing human developers. Today, we are extending that same trusted experience to AI agents that increasingly interact with the JFrog Platform.

在第二季，我們將聚焦確保我們的資安解決方案在 AI 生態系的驅動下，整合到「不可失敗」（too integrated to fail）的程度。過去，我們著重於保護人類開發者。如今，我們正把同樣可信的體驗延伸到愈來愈多與 JFrog 平台互動的 AI 代理。

Consistent with our universal trust layer strategy, we recently announced integrations with leading AI coding agents, including Claude Code and Cursor, protecting our customers, developers, and agents from vulnerable or malicious dependencies, enforcing enterprise security policies, and receiving trusted remediation guidance in real time. By embedding security directly into AI-driven development workflows, JFrog helps customers accelerate software delivery while preserving trust across the entire software supply chain.

依循我們的通用信任層（universal trust layer）策略，我們近期宣布與領先的 AI 程式碼代理整合，包括 Claude Code 與 Cursor，藉此保護我們的客戶、開發者與代理免於脆弱或惡意相依套件的風險，強制執行企業資安政策，並即時取得可信的修復建議。透過將安全性直接嵌入 AI 驅動的開發工作流程，JFrog 協助客戶在加速軟體交付的同時，維持整個軟體供應鏈的信任。

The continued validation of our strategy by security leaders, accelerating customers' adoption, expanding platform usage, larger security-driven transactions, and our deep partnerships across the AI ecosystem reinforce our confidence in JFrog's security roadmap. We expect our Security Core to remain one of JFrog's most significant long-term growth drivers.

資安領導者對我們策略的持續肯定、客戶採用加速、平台使用擴大、更大型的資安驅動交易，以及我們在 AI 生態系中的深度合作夥伴關係，都進一步強化我們對 JFrog 資安路線圖的信心。我們預期 Security Core 將持續成為 JFrog 最重要的長期成長動能之一。

Finally, on security, we are excited to welcome keynote security executive from both Anthropic and Cursor as speakers at our annual swampUP user conference this September in New York City.

最後，在資安方面，我們很高興歡迎來自 Anthropic 與 Cursor 的資安高階主管擔任講者，出席今年 9 月在紐約市舉辦的年度 swampUP 使用者大會。

Next, I want to briefly address governance and DevGovOps. It is becoming increasingly clear that AI will only be adopted at enterprise scale if it is trusted. That trust requires governance, compliance, and auditability to be engineered directly into the software development workflows, not introduced as a separate manual step. The challenge is not whether these controls can be enforced, but how they can be enforced in a multi-agent and hybrid development environment without slowing AI-driven delivery. This is why we believe DevGovOps represent the next evolution of software supply chain management and automation, embedding governance into the software delivery life cycle so organizations can move fast while remaining secure, compliant, and auditable.

接下來，我想簡要談談治理與 DevGovOps。愈來愈明顯的是，AI 只有在可被信任的情況下，才能在企業級規模被採用。而這種信任要求將治理、合規與可稽核性直接工程化到軟體開發工作流程中，而不是以獨立的人工步驟事後導入。挑戰不在於能否強制執行這些控管，而在於如何在多代理與混合式開發環境中，在不拖慢 AI 驅動交付的前提下加以落實。因此，我們相信 DevGovOps 代表軟體供應鏈管理與自動化的下一次演進，將治理嵌入軟體交付生命週期，使組織能在保持安全、合規與可稽核的同時快速前進。

In Q2, a leading publicly traded provider of electronic design, simulation, validation, and test solutions for AI infrastructure signed a seven-figure agreement with JFrog, adopting JFrog AppTrust, bundled with our software supply chain security solutions. Building on JFrog's role as the customer's system of record, they expanded their investment to embed DevGovOps across the software delivery life cycle, enabling centralized governance, compliance, trusted software consumption, and policy enforcement to meet evolving global regulatory and audit requirements for distributed software assets.

在第二季，一家領先的上市公司（提供 AI 基礎設施的電子設計、自動模擬、驗證與測試解決方案）與 JFrog 簽署一份七位數美元合約，採用 JFrog AppTrust，並與我們的軟體供應鏈安全解決方案打包。在 JFrog 作為該客戶系統紀錄（system of record）的角色基礎上，他們擴大投資，將 DevGovOps 嵌入整個軟體交付生命週期，實現集中式治理、合規、可信軟體消費與政策強制執行，以因應分散式軟體資產在全球法規與稽核要求上的持續演進。

As governance, compliance, and DevGovOps continue to rise to the boardroom level, we believe JFrog is uniquely positioned to capture this opportunity. As the infrastructure layer powering the software supply chain, JFrog sits at the center of the software delivery life cycle, enabling customers to automate governance, enforce policies, and embed compliance natively into their development pipelines rather than relying on manual downstream processes.

隨著治理、合規與 DevGovOps 持續上升至董事會層級的議題，我們相信 JFrog 具備獨特優勢可掌握此一機會。作為驅動軟體供應鏈的基礎設施層，JFrog 位於軟體交付生命週期的核心，使客戶能自動化治理、強制執行政策，並將合規以原生方式嵌入其開發管線，而非仰賴下游的人工流程。

As we execute on the security expansion of our platform, we continue to invest in expanding our platform to help enterprises not only build and secure software but also govern it with the same level of control, automation, trust, and scale.

在我們推進平台資安擴展的同時，我們也持續投資擴大平台能力，協助企業不僅能建置並保護軟體，也能以同等程度的控制力、自動化、信任與規模來治理軟體。

Finally, I want to deliver comments on AI adoption and revenue. AI is meaningfully impacting our customers' software supply chain as they increasingly see the need for JFrog to function as their infrastructure for the software that both machines and humans build and consume. We see their usage of AI-specific packages and their dependencies expanding on top of their traditional DevOps and DevSecOps workload goals.

最後，我想就 AI 採用與營收發表一些看法。AI 正在對我們客戶的軟體供應鏈產生實質影響，因為他們愈來愈認為 JFrog 需要作為其軟體基礎設施，支撐機器與人類所建置與消費的軟體。我們看到他們在傳統 DevOps 與 DevSecOps 工作負載目標之上，AI 專用套件及其相依性使用量正在擴大。

In Q2, we were excited to announce partnerships and integrations that are solidifying JFrog as the enterprise standard for AI-powered software supply chain infrastructure. These investments included the tight integration with Anthropic that brings JFrog security and governance solutions to the millions of Claude Code developers.

在第二季，我們很高興宣布多項合作夥伴關係與整合，進一步鞏固 JFrog 作為企業 AI 驅動軟體供應鏈基礎設施的標準。這些投資包括與 Anthropic 的緊密整合，將 JFrog 的資安與治理解決方案帶給數百萬名 Claude Code 開發者。

We also announced the partnership with Cursor, which powers over a million daily users that now have access to development and governance workflows directly in their development environment. We also continue to expand our footprint with the world's leading AI-native companies, welcoming a new logo, displacing a competitive solution that failed to scale with its growth. This customer migrated to JFrog Platform as its software supply chain system of record and binary distribution engine across a multi-region hybrid deployment.

我們也宣布與 Cursor 的合作夥伴關係；Cursor 支援每日超過一百萬名使用者，現在可在其開發環境中直接存取開發與治理工作流程。我們也持續擴大在全球領先 AI 原生公司的版圖，迎來一個新客戶標誌（new logo），並取代一個無法隨其成長而擴展的競爭方案。該客戶已將其軟體供應鏈的系統紀錄與二進位分發引擎遷移至 JFrog 平台，並採用跨多區域的混合式部署。

As AI leaders increasingly build software with AI for AI, this win further validates our strategy and reinforces JFrog's position as the trusted software infrastructure for the next generation of AI-native, autonomous, and multi-agent software development.

隨著 AI 領導者愈來愈以 AI 為 AI 建置軟體，這項贏單進一步驗證我們的策略，並強化 JFrog 作為下一代 AI 原生、自主化與多代理軟體開發之可信軟體基礎設施的地位。

The accelerating adoption of AI development practices and coding agents across our customer base, combined with our deep partnerships with the world's leading AI companies, is also helping us navigate the enterprise shift toward token economy optimization.

我們客戶群中 AI 開發實務與程式碼代理的加速採用，再加上我們與全球領先 AI 公司的深度合作夥伴關係，也正協助我們因應企業朝向 Token 經濟最佳化的轉變。

As organizations increasingly govern and cap token consumption, the economics of software development are changing. JFrog's value proposition is fundamentally aligned with this transition because we are focused on the compiled output of software, the binary, not on the number of prompts or lines of code generated. Whether software is written by a human developer, an AI agent or both, it ultimately results in more trusted binaries that must be secured, managed, governed, and distributed.

隨著組織愈來愈對 Token 消耗進行治理與設上限，軟體開發的經濟模式正在改變。JFrog 的價值主張與此一轉型在根本上高度一致，因為我們聚焦於軟體的編譯輸出——二進位檔（binary）——而非提示（prompt）數量或產生的程式碼行數。無論軟體是由人類開發者、AI 代理或兩者共同撰寫，最終都會產生更多必須被保護、管理、治理與分發的可信二進位檔。

As AI reshapes how software is created, we remain focused not only on what is growing, but also on why it's growing and what matters most, the trusted binaries that power production.

隨著 AI 重塑軟體的打造方式，我們仍專注的不僅是什麼在成長，更在於為何成長，以及最重要的是什麼——為生產環境提供動力的可信任二進位檔。

With that, I will hand it over to Ed for a detailed review of our second-quarter financials and our updated outlook for the third quarter and full year of 2026. Ed?

接下來，我將把時間交給 Ed，請他詳細回顧我們第二季的財務表現，以及我們對 2026 年第三季與全年更新後的展望。Ed？

Thank you, Shlomi, and good afternoon, everyone. We are incredibly energized by our second-quarter results, which, as Shlomi noted, exceeded the top end of our guidance range across every key metric. These results once again showcase our consistent strategic execution and operational discipline.

謝謝你，Shlomi，各位下午好。我們對第二季的成果感到非常振奮；正如 Shlomi 所提到的，我們在每一項關鍵指標上都超越了指引區間的上緣。這些成果再次展現我們一貫的策略執行力與營運紀律。

During the second quarter, total revenues equaled $163.8 million, up 29% year over year. These results demonstrate the continued execution of our go-to-market strategy, fueled by our cloud revenues, growing demand for our Security Core products, and expansion in our Enterprise+ portfolio.

第二季總營收為 1.638 億美元，年增 29%。這些成果展現我們持續落實市場推進（go-to-market）策略，並受惠於雲端營收、對 Security Core 產品日益增加的需求，以及 Enterprise+ 產品組合的擴張。

Cloud revenues in the second quarter accelerated to $87.5 million, up 53% year over year, now representing 53% of total revenues versus 45% in the prior year. Our outperformance in the cloud was driven by robust usage across our customer portfolio, which continues to exceed contractual minimum commitments and increased adoption of our Security Core products. We strategically work towards converting this usage into higher annual commitments.

第二季雲端營收加速成長至 8,750 萬美元，年增 53%，目前占總營收 53%，高於去年同期的 45%。我們在雲端的優於預期表現，主要來自客戶組合中強勁的使用量，持續高於合約最低承諾，以及 Security Core 產品採用率提升。我們正策略性地推動將這些使用量轉化為更高的年度承諾。

During the second quarter, our self-managed or on-prem revenues were $76.3 million, up 9% year over year. We continue to proactively engage our on-prem customers to migrate workloads to our cloud or hybrid offerings as they explore solutions better aligned with the rapidly changing security environment.

第二季，我們的自管（self-managed）或地端（on-prem）營收為 7,630 萬美元，年增 9%。我們持續主動與地端客戶互動，協助其將工作負載遷移至我們的雲端或混合式方案，以因應其尋求更符合快速變動資安環境的解決方案。

In Q2, 59% of total revenues came from Enterprise+ subscriptions, up from 55% in the prior year. Driven by the ongoing execution of our enterprise go-to-market strategy and broader customer adoption of the JFrog Platform, revenue contribution from Enterprise+ subscriptions grew 39% year over year in Q2 2026. Net dollar retention for the four trailing quarters was 121%, representing a year-over-year increase of 3 percentage points and a 1 percentage point improvement sequentially.

第二季總營收中有 59% 來自 Enterprise+ 訂閱，高於去年同期的 55%。在我們持續執行企業市場推進策略，以及客戶更廣泛採用 JFrog Platform 的帶動下，2026 年第二季 Enterprise+ 訂閱的營收貢獻年增 39%。過去四個季度的淨美元留存率為 121%，年增 3 個百分點，且較前一季提升 1 個百分點。

These results continue to highlight the strong adoption of our Security Core products, increased cloud usage, and conversion of customers into higher annual contracts. We continue to demonstrate the strategic value of JFrog as a mission-critical, trusted system of record for our customers' software supply chain, with gross retention of 97% as of the second-quarter 2026.

這些成果持續凸顯我們 Security Core 產品的強勁採用、雲端使用量提升，以及客戶轉換至更高年度合約金額。截至 2026 年第二季，我們的總留存率為 97%，持續展現 JFrog 作為客戶軟體供應鏈中任務關鍵、可信任的系統紀錄（system of record）的策略價值。

Now, I'll review the income statement in more detail. Gross profit in the quarter was $136.2 million, representing a gross margin of 83.2% versus 83.1% 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 reiterate annual gross margins to be in the range of 82% to 83% in 2026.

接下來我將更詳細地說明損益表。本季毛利為 1.362 億美元，毛利率為 83.2%，相較去年同期的 83.1%。隨著我們預期雲端營收占比將提高，我們仍專注於雲端託管成本的最佳化。鑑於我們預期雲端營收對總營收的貢獻將增加，我們重申 2026 年全年毛利率預期為 82% 至 83%。

Operating expenses in the second quarter were $103.6 million, equaling 63% of revenues. This is compared to $86.4 million, or 68% of revenues in the year-ago period. Our operating profit in Q2 was $32.6 million, or an operating margin of 19.9%, compared to 15.2% operating margin in the second quarter of 2025.

第二季營業費用為 1.036 億美元，占營收 63%。相較之下，去年同期為 8,640 萬美元，占營收 68%。第二季營業利益為 3,260 萬美元，營業利益率為 19.9%，相較 2025 年第二季的 15.2%。

The continued balance between strategic investment and operational efficiency demonstrates our ongoing commitment to profitable growth. Cash flow from operations equaled $57.1 million in the second quarter. After taking into consideration CapEx requirements, our free cash flow reached a record $53.8 million, or 33% margin, compared to $35.5 million, or 28% margin in the year-ago period.

在策略性投資與營運效率之間持續取得平衡，展現我們對獲利性成長的長期承諾。第二季營運活動現金流為 5,710 萬美元。在考量資本支出（CapEx）需求後，我們的自由現金流創下新高，達 5,380 萬美元，或 33% 的利潤率，相較去年同期為 3,550 萬美元，或 28% 的利潤率。

Now turning to the balance sheet. We ended the second quarter with $824.5 million in cash and short-term investments compared to $704.4 million at the end of 2025. As of June 30, 2026, our RPO totaled $659 million, a 38% increase year over year, once again highlighting the successful execution of our go-to-market strategy as customers continue to make larger commitments to the JFrog Platform. As a reminder, RPO excludes any benefit from the customer's usage over contractual minimum commitments.

接著看資產負債表。我們在第二季末的現金與短期投資為 8.245 億美元，相較 2025 年底的 7.044 億美元。截至 2026 年 6 月 30 日，我們的剩餘履約義務（RPO）總額為 6.59 億美元，年增 38%，再次凸顯我們市場推進策略的成功執行，因為客戶持續對 JFrog Platform 做出更大承諾。提醒一下，RPO 不包含客戶使用量超過合約最低承諾所帶來的任何效益。

And now, let's turn to the outlook and guidance for the third quarter and full year of 2026. As we enter the third quarter of 2026, we remain optimistic by the strength in our pipeline and the tailwinds of emerging AI workload trends driving increased cloud usage and Security Core product adoption. Even as usage trends accelerated through the first half of 2026, our guidance philosophy will remain unchanged as we continue to de-risk large deals due to timing uncertainties and any benefit from cloud usage above contractual commitments.

接下來談 2026 年第三季與全年的展望與指引。進入 2026 年第三季，我們對管線的強勁表現以及新興 AI 工作負載趨勢所帶來的順風（tailwinds）仍感到樂觀，這些因素正推動雲端使用量增加與 Security Core 產品採用。即使使用量趨勢在 2026 年上半年加速，我們的指引理念仍將維持不變；我們會持續因時點不確定性而對大型交易去風險（de-risk），並且不將雲端使用量高於合約承諾的任何效益納入指引。

Looking ahead, our outlook remains anchored by three key drivers: growing contributions from Security Core products, ongoing adoption of our full platform, and cloud growth driven from higher annual customer commitments. We are raising our estimated full-year 2026 baseline cloud growth to be in the range of 41% to 43%. Given the anticipated contribution from our Security Core products and increased baseline cloud growth assumptions, we now expect our net dollar retention floor to be 120% for 2026.

展望未來，我們的前景仍以三大關鍵驅動因素為核心：Security Core 產品貢獻提升、完整平台的持續採用，以及由更高年度客戶承諾所帶動的雲端成長。我們將 2026 年全年基準雲端成長率預估上調至 41% 至 43%。考量 Security Core 產品的預期貢獻與基準雲端成長假設提高，我們現在預期 2026 年的淨美元留存率底線為 120%。

Turning to our operating expenses, we continue to focus investments on innovation across our entire platform. We remain committed to a disciplined spending philosophy and confident in our ability to drive ongoing operational efficiency in line with prior execution.

在營業費用方面，我們將持續把投資聚焦於整體平台的創新。我們仍致力於嚴謹的支出理念，並對我們能夠延續過往執行水準、持續提升營運效率充滿信心。

For Q3, we anticipate revenues to be in the range of $164 million and $166 million, with non-GAAP operating profit anticipated to be between $27 million and $29 million, and non-GAAP earnings per diluted share of $0.22 to $0.24, assuming a share count of approximately 130 million shares.

就第三季而言，我們預期營收介於 1.64 億至 1.66 億美元之間；非 GAAP 營業利益預期介於 2,700 萬至 2,900 萬美元之間；非 GAAP 稀釋後每股盈餘為 0.22 至 0.24 美元，假設流通股數約為 1.30 億股。

For the full year of 2026, we are again raising our revenue guidance, now anticipating a range of $648 million to $652 million, representing 22% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be between $116 million and $120 million, and non-GAAP diluted earnings per share of $0.96 to $1.00, assuming a share count of approximately 129 million shares.

就 2026 年全年而言，我們再次上調營收指引，現在預期介於 6.48 億至 6.52 億美元之間，以中位數計算年增 22%。非 GAAP 營業利益預期介於 1.16 億至 1.20 億美元之間；非 GAAP 稀釋後每股盈餘為 0.96 至 1.00 美元，假設流通股數約為 1.29 億股。

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

接下來我把電話交回給 Shlomi，在我們開始回答各位問題之前，請他做一些結語。

Thank you, Ed. Our second quarter reflected the strength of our strategy and the dedication of our team. We delivered continued cloud expansion, security as a meaningful growth engine, strong enterprise execution, increasing customer platform consolidation, and solid free cash flow momentum, all while maintaining the discipline to grow responsibly and efficiently.

謝謝你，Ed。我們第二季反映了策略的強勁力道與團隊的投入。我們在持續擴張雲端業務的同時，讓資安成為具意義的成長引擎，展現強勁的企業端執行力、提升客戶平台整合程度，以及穩健的自由現金流動能；同時也維持紀律，以負責且高效率的方式成長。

To every Frog around the world, thank you. These outstanding results are your achievements. Together, you turned Q2 into a major win for JFrog. Your passion, resilience, and focus on our customers didn't just deliver another great quarter but laid the foundation for future growth.

致全球每一位 Frog，謝謝你們。這些傑出成果都是你們的成就。大家一起把第二季變成 JFrog 的重大勝利。你們的熱情、韌性，以及對客戶的專注，不僅帶來又一個亮眼季度，也為未來成長奠定基礎。

As we conclude today's call, we look forward to welcoming many of you to swampUP New York in just a few weeks. Together with customers and industry leaders from Anthropic, Cursor, Morgan Stanley, Microsoft, CoreWeave, NVIDIA, and many others, we'll demonstrate how the software supply chain is evolving for the AI era and how JFrog is helping enterprises control, secure, govern, and scale software creation and delivery in a world powered by developers and AI agents alike. May the frog be with you.

在結束今天的電話會議之際，我們期待在幾週後於紐約的 swampUP 與各位中的許多人相見。我們將與來自 Anthropic、Cursor、Morgan Stanley、Microsoft、CoreWeave、NVIDIA 等眾多客戶與產業領袖一同展示：在 AI 時代，軟體供應鏈如何演進，以及 JFrog 如何協助企業在由開發者與 AI 代理共同驅動的世界中，掌控、保護、治理並擴展軟體的建立與交付。願青蛙與你同在。

Operator, we are ready for questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Mike Cikos, Needham.

(接線員指示) Needham 的 Mike Cikos。

This is Matt Calitri for Mike Secos over at Needham. Thank you for taking our questions.

我是 Needham 的 Matt Calitri，代替 Mike Secos。感謝你們回答我們的問題。

We were hoping you could share some color on the conversations you've been having since the OpenAI models discovered the self-hosted Artifactory zero-day vulnerability. It's worth noting from our perspective, it seemed like the whole ordeal was very well handled, but we were just curious if it's delayed pipeline conversions at all, or if there's any plan to continue to leverage these AI models to search for other potential patches going forward. Just anything you could share on that whole experience would be helpful.

我們希望你們能分享一些細節，談談自從 OpenAI 的模型發現自架 Artifactory 的零日漏洞以來，你們所進行的相關對話。從我們的角度來看，整個事件似乎處理得非常妥當，但我們想了解這是否在任何程度上延後了管線轉換，或是未來是否有計畫持續運用這些 AI 模型來尋找其他可能需要修補的地方。任何你們能分享的相關經驗都會很有幫助。

Yes. Well, thank you for the question. Obviously, one that we were dealing with in the past two weeks in great partnership with OpenAI. So as you mentioned, OpenAI have a self-hosted Artifactory, and they ran a model that walked on a sandbox with limited guardrails.

是的。嗯，謝謝你的提問。顯然，這是我們在過去兩週與 OpenAI 密切合作處理的事情。如你所提到，OpenAI 有一套自架的 Artifactory，他們執行了一個在沙箱中運行、護欄有限的模型。

AI models in today world should not be treated as free. They should be treated with zero trust with the security practices that are required around that. Once this AI model found a vulnerability within Artifactory, they contacted the JFrog team immediately. We remediated fast, worked in great partnership with the security researchers of OpenAI, and throughout last week, kept improving this communication between us.

在當今世界，AI 模型不應被視為「可隨意使用」。應以零信任方式對待，並採取所需的安全實務。當這個 AI 模型在 Artifactory 中發現漏洞後，他們立即聯繫了 JFrog 團隊。我們迅速完成修復，並與 OpenAI 的資安研究人員緊密合作；在上週期間，我們也持續改善彼此之間的溝通。

Obviously, this is also a great opportunity to discuss the cloud solution, the SaaS solution that, to remind everyone, was not breached, and also to discuss the security solution that JFrog can provide on top of Artifactory. So great relationship will build a better product. More and more vulnerabilities will be found as models are getting into the pipelines, and I think that what counts is how fast vendors are remediating. We are very pleased, very honored with the relationship we built with OpenAI before and during the incident.

顯然，這也是一個很好的機會來討論雲端解決方案、SaaS 解決方案——提醒大家，該方案並未遭到入侵——同時也能討論 JFrog 可在 Artifactory 之上提供的安全解決方案。良好的合作關係會打造更好的產品。隨著模型逐步進入各種管線，將會發現越來越多漏洞；我認為關鍵在於供應商修復的速度。我們對於在事件發生前與期間，與 OpenAI 建立的關係感到非常欣慰、也深感榮幸。

Miller Jump, Truist Securities.

Truist Securities 的 Miller Jump。

Congrats on the continued really strong momentum here. I want to stay on security. It was really great to hear about the momentum you saw in the quarter. There were a number of pretty significant open-source vulnerabilities that came to light at the end of Q1.

恭喜你們持續展現非常強勁的動能。我想繼續談安全性。很高興聽到你們本季看到的動能。在第一季末出現了幾個相當重大的開源漏洞。

I'm wondering, like did that have an impact on the Q2 security contribution in your view? And was there any of the second-half pipeline of security that actually got pulled forward into the first half as a result of those vulnerabilities? Thanks.

我想了解，從你們的角度看，這是否影響了第二季安全業務的貢獻？另外，是否因為那些漏洞，使得原本下半年安全相關的部分管線被提前拉到上半年？謝謝。

Yes, Miller. That's a great question that represents everything we've seen the past few quarters. Software supply chain attacks are becoming a daily thing. Just two days ago, another massive attack, over millions of open-source packages coming from NPM, yet another one.

是的，Miller。這是個很好的問題，也反映了我們過去幾季所看到的一切。軟體供應鏈攻擊正逐漸成為每天都會發生的事情。就在兩天前，又發生了另一場大規模攻擊，涉及來自 NPM 的數百萬個開源套件，又是一起。

So obviously, we start to see that every CSO ask herself or himself, what's the right firewall we should put from the get-go? Then what the right scanner we should put on top of our system of record? Obviously, this generates a lot of traction around JFrog, because JFrog is one of the unique security solution that is not just providing a security solution, but also the system of record that needs to be protected.

因此很明顯地，我們開始看到每位資安長（CSO）都在問自己：從一開始就應該部署什麼樣的防火牆才對？接著，在我們的系統紀錄（system of record）之上，應該放什麼樣的掃描器才對？這自然為 JFrog 帶來大量關注，因為 JFrog 是少數獨特的安全解決方案之一：不僅提供安全能力，同時也提供需要被保護的系統紀錄。

So yes, the pipeline is impacted by it. We were very pleased to see the results in Q2 that are showing yet another growth after the results of Q1. It supports not only our penetration into the DevSecOps world, but also the growth in the cloud. And looking forward, we are very optimistic, as mentioned on the call, that the security will keep being a very strong growth engine for the company.

所以是的，管線確實受到影響。我們很高興看到第二季的成果，在第一季的表現之後再次呈現成長。這不僅支持我們在 DevSecOps 領域的滲透，也支持雲端業務的成長。展望未來，我們非常樂觀——如同在電話會議中提到的——安全性將持續成為公司非常強勁的成長引擎。

Mark Cash, Raymond James.

Raymond James 的 Mark Cash。

Shlomi, if I could go back to the OpenAI incident. Look, absolutely novel. Your team was great and transparent with disclosing what happened, had solutions in place, take care of customers. And I completely understand this is a strong argument for adopting cloud and for security.

Shlomi，如果我可以回到 OpenAI 的事件。坦白說，這是前所未見的案例。你們團隊在揭露發生了什麼時做得很棒且很透明，也有解決方案並照顧客戶。我完全理解，這對採用雲端與安全性而言是很有力的論點。

So I did want to ask, though, considering 47% of your business is self-hosted, how have customers reacted? What have you done to ensure customers are patched and the risk wouldn't spread?

不過我確實想問，考量你們有 47% 的業務是自架部署，客戶的反應如何？你們做了哪些事情來確保客戶已完成修補，且風險不會擴散？

And then could you actually turn this to a positive for demand as we've seen with some other security companies that used incidents to actually get closer to customers and then drive broader platform adoption? That's it for me. Thank you.

另外，你們是否能把這件事轉化為需求面的正向因素？我們看到一些其他資安公司會利用事件更貼近客戶，進而推動更廣泛的平台採用。我就問到這裡。謝謝。

Thank you, Mark. Great point. So I'm thinking about how fast you remediate and how fast you take it to the market. But there is also a very responsible way to treat your customers, and that's transparency. The moment it happened, the first thing that our team did was protecting our cloud customers and releasing a patch to the self-hosted customers.

謝謝你，Mark。很好的觀點。所以我在想的是：你修復得有多快，以及你把它推向市場的速度有多快。但同時，對待客戶也有一種非常負責任的方式，那就是透明。事件一發生，我們團隊做的第一件事就是保護我們的雲端客戶，並向自架客戶釋出修補程式。

Obviously, this is not in our control, so it can become a tailwind of customers that see the SaaS as a more secured environment. But we immediately release the patched version. It was confirmed by OpenAI as resolving the vulnerability. We were very happy to see that they keep running their models to check if Artifactory is secured and bulletproof, and the answer was yes.

顯然，這不完全在我們的控制範圍內，因此可能會成為一股順風，讓客戶認為 SaaS 是更安全的環境。但我們立即釋出了已修補的版本。OpenAI 也確認該版本已解決此漏洞。我們很高興看到他們持續運行模型來檢查 Artifactory 是否安全且堅不可摧，而答案是肯定的。

And just yesterday, on a Black Hat stage, they shared with more transparency what happened there. And obviously, some of it has to do with how you configure your environment and what guardrails you put around models. I think that the entire industry is learning about it.

而就在昨天，他們在 Black Hat 的舞台上以更透明的方式分享了當時發生的情況。顯然，其中一部分與你如何設定環境，以及你在模型周邊設置哪些護欄有關。我認為整個產業都正在從中學習。

What I see inside JFrog is how fast we remediated, the level of transparency with the market, no hidden stuff, like going straight and bold to our customers and demand that they will protect the software supply chain. But I also see an opportunity here to say, hey, you can be much more secured in the cloud. You can even be more secured with security around models' behavior.

我在 JFrog 內部看到的是：我們修復的速度、對市場的透明程度，沒有任何隱瞞——直接且明確地面向客戶，並強調他們必須保護軟體供應鏈。但我也看到一個機會：也就是說，在雲端你可以更安全。而且你甚至可以透過針對模型行為的安全防護，變得更安全。

Now what we will see next, and have no doubt about that, we will see more models getting more sophisticated, finding more vulnerabilities. It's not a matter of being the scanner anymore. It's a matter of how fast and how efficient you are in remediating and communicating to your customers.

接下來我們會看到的——對此我毫不懷疑——是更多模型變得更精密，找到更多漏洞。這不再只是「誰是掃描器」的問題。而是你修復與對客戶溝通的速度與效率有多高的問題。

Howard Ma, Guggenheim.

Howard Ma，Guggenheim。

Congratulations on a really strong quarter and the full-year guidance raise. One for Ed. If you look at the Q2 outperformance, how would you compare the mix of higher commitments and overages relative to Q1? And if you could comment on if there was any contribution from the fourth Frontier Lab customer that you added in the quarter and for the full year as well. So kind of two questions there. Thank you.

恭喜你們本季表現非常強勁，並上調全年指引。有一題想問 Ed。若看 Q2 的優於預期表現，你會如何比較相較於 Q1，較高承諾額與超額使用（overages）的組合占比？另外也請你評論一下，本季新增的第四位 Frontier Lab 客戶，是否對本季以及全年有任何貢獻。所以大概是兩個問題。謝謝。

Yeah. Thanks for the question, Howard. We don't necessarily split out in terms of providing guidance or updates of what was over-committed revenue versus commitment revenue. But what I can tell you is In Q2, we saw something very similar to what we saw in Q1, which was strong usage across a diverse group of customers in our install base, continuation of packages going through the software development life cycle and Artifactory. And we didn't see a decline by any means in the usage over that minimum commitment, and we're very pleased with the end result.

是的。謝謝你的提問，Howard。我們不一定會在提供指引或更新時，拆分說明哪些是超出承諾的收入、哪些是承諾收入。但我可以告訴你的是，在 Q2 我們看到的情況與 Q1 非常相似，也就是我們既有客戶群中多元客戶的使用量都很強勁，套裝方案持續在軟體開發生命週期與 Artifactory 中推進。而且我們完全沒有看到低於最低承諾以上的使用量有任何下滑，我們對最終結果非常滿意。

In addition to that, we also had, as Shlomi talked about in the prepared statements, we extended our foundational AI labs. We have four of those customers, and Shlomi can share a little bit more about that customer that we landed during the quarter.

除此之外，正如 Shlomi 在事先準備的發言中提到的，我們也擴展了我們的基礎 AI labs。我們有四位這類客戶，Shlomi 可以再多分享一些我們在本季拿下的那位客戶。

George McGreehan, Bank of America.

George McGreehan，美國銀行。

This is George McGreehan on for Koji Ikeda at Bank of America. Thank you for taking our question. Wanted to ask about the contribution you guys are seeing from your suite of security products between the three, advanced security, runtime security, and curation. Kind of how do you stack rank the contribution from those?

我是美國銀行的 George McGreehan，代 Koji Ikeda 提問。謝謝你們回答我們的問題。想請教你們在三項安全產品——進階安全（advanced security）、執行期安全（runtime security）以及 Curation——這整套產品組合上，看到的貢獻情況。你們會如何對這三者的貢獻做排序？

Yeah, I'll take it, George, and thank you for the question. We spoke a moment ago about the amount of software supply chain attack and the kind of, I don't want to say panic, but alerted response from customers and prospects. So obviously, the first thing that they are applying is a firewall between the software supply chain, the organization, and the open-source apps. This is JFrog Curation, and we saw JFrog Curation being adopted rapidly and also referred on the call.

好的，George，我來回答，謝謝你的提問。我們剛才提到軟體供應鏈攻擊的數量，以及客戶與潛在客戶那種——我不想說是恐慌，但確實是提高警覺的反應。所以很明顯，他們首先會做的是在軟體供應鏈、組織與開源應用之間設置一道防火牆。這就是 JFrog Curation，我們看到 JFrog Curation 被快速採用，剛才在電話會議中也有提到。

JFrog Curation by itself is an amazing firewall, but when it comes with the Artifactory integration, that's a bulletproof solution that prevents any malicious package, any vulnerability known, any type of unrequired packages to come into your organization. So because it's so simple and because it's implemented in very high integration with Artifactory, obviously, our customers and prospects are betting on Curation. And as mentioned on the script, none of our customers got affected by this massive attack of software supply chain out there.

JFrog Curation 本身就是一個很棒的防火牆，但當它與 Artifactory 整合時，就成為一個萬無一失的解決方案，可防止任何惡意套件、任何已知漏洞、以及任何不需要的套件進入你的組織。因此，因為它非常簡單，且與 Artifactory 高度整合，顯然我們的客戶與潛在客戶都在押注於 Curation。而且如同講稿中提到的，我們沒有任何客戶受到外部這次大規模軟體供應鏈攻擊的影響。

The second thing is what happens once you start to run your pipeline. This is where JFrog Xray, JFrog Advanced Security are providing a comprehensive, holistic solution on top of your source code -- sorry, on top of your system of record to make sure that all the binaries, all the software packages, and everything that you will distribute will not only be secured but also known, traceable, and monitored. So later on, when you need to govern it, when you need to audit it, you have all the information.

第二件事是，當你開始跑你的 pipeline 之後會發生什麼。這就是 JFrog Xray、JFrog Advanced Security 在你的原始碼之上——抱歉，是在你的系統記錄（system of record）之上——提供一個全面、整體的解決方案，以確保所有二進位檔、所有軟體套件，以及你將要發佈的一切，不僅是安全的，也都是已知的、可追溯的、可監控的。因此之後當你需要治理、需要稽核時，你就擁有所有資訊。

So obviously, because of the amount of software supply chain attack, Curation gets the spotlights now. But our customers are requiring more and more security solutions from JFrog, mainly because of the advantage that we also manage all the binaries for them, and we also play as the single source of truth.

所以很明顯，因為軟體供應鏈攻擊的數量，Curation 現在成為焦點。但我們的客戶也愈來愈需要 JFrog 提供更多安全解決方案，主要是因為我們也替他們管理所有二進位檔，並且扮演單一真實來源（single source of truth）。

And if I could follow up with a second question here. Last quarter, in cloud consumption there was usage above commitment. This quarter, you guys noted as well. But I'm kind of wondering if there's any change in customer behavior in terms of are customers getting a better sense of maybe how much they're going to be consuming on JFrog over in the future and getting more comfortable committing at higher levels of usage. Or is that maybe not the case? Thank you.

如果我可以追問第二個問題。上季在雲端消費方面，有超出承諾的使用量。這一季你們也提到了同樣情況。但我想了解的是，客戶行為是否有任何改變：客戶是否更能掌握未來在 JFrog 上的消費量，並更願意在更高的使用水準上做出承諾？還是其實不是這樣？謝謝。

Well, George, this is a wonderful question. What we see is what I'm going to share. A, we see more AI tools being part of the software supply chain that drive scale. B, we see more AI software packages, unique software packages, and we call some specifics like MCP and Skills. Just half a year ago, you wouldn't hear those terms. There are new assets. These are all binaries, so new assets with new software packages.

George，這是個很棒的問題。我們看到的是，我會分享幾點。A，我們看到更多 AI 工具成為軟體供應鏈的一部分，帶動規模擴張。B，我們看到更多 AI 軟體套件、獨特的軟體套件，我們也點名了一些具體例子，例如 MCP 和 Skills。就在半年前，你還不會聽到這些名詞。這些都是新的資產。這些全都是二進位檔，因此是帶有新軟體套件的新資產。

And the third thing is the uncertainty. JFrog provides this flexibility that is amazing, not only for the CIO, but also for the CFO, they need to settle on what is the right estimation a moment before they decide what would be the budget of 2027. Now, with our philosophy of guiding you guys with the commitment only, if you combine that with the number of customers over $1 million, a number of customers over $100,000, the growth in the cloud, you probably understand that our team is doing great work converting those over usage to commitment.

第三點是不確定性。JFrog 提供的彈性非常出色，不僅對 CIO，也對 CFO 很重要；他們需要在決定 2027 年預算之前的某個時點，先確定什麼才是正確的估算。現在，基於我們只以承諾額來引導各位的理念，如果你把這點與年化超過 100 萬美元的客戶數、超過 10 萬美元的客戶數、雲端成長結合起來，你大概就能理解我們團隊在把超額使用轉為承諾方面做得非常好。

But we provide you with the full predictability and the certainty around our model, and this is why we follow commitments and not usage. Usage over commitment is growing, and we will still be focused on the commitment and the cloud migration of our self-hosted customers to the cloud.

但我們的模式能為你們提供完整的可預測性與確定性，這也是為什麼我們看的是承諾額而不是使用量。超出承諾的使用量正在成長，而我們仍將聚焦於承諾額，以及推動自架（self-hosted）客戶遷移到雲端。

Radi Sultan, UBS.

Radi Sultan，瑞銀。

Just one from me. Shlomi, wanted to ask on the shift we're seeing towards increased adoption of open source and open weight models. Could you just walk through how you see that trend impacting demand and usage? I'd imagine maybe this increasing pull-through on the security side, but be curious if this could increase the need on Artifactory as well. Thank you.

我只有一題。Shlomi，想請教我們看到市場正轉向更高的開源與開放權重（open weight）模型採用。你能否說明你如何看待這個趨勢對需求與使用量的影響？我想這可能會在安全面帶來更多帶動效應（pull-through），但也想了解這是否也會提高對 Artifactory 的需求。謝謝。

Well, yeah, if you refer to the security, you are very much right. That's a great driver that fuels the growth and the adoption of our security solution. But it's not only because of the open source that is brought into the organization. It's also because of the new practices that requires new packages to be managed and secure.

嗯，是的，如果你提到安全面，你說得非常對。這是一個很好的驅動因素，推動我們安全解決方案的成長與採用。但不只是因為把開源帶進組織。也因為新的實務做法需要管理並保護新的套件。

Now every vendor provide an MCP software package. You need to govern that. You need to have an MCP registry, and you need to make sure that it's secure. JFrog Security provide all of these assets on top of JFrog Artifactory, which makes the solution far more comprehensive and holistic. I'm not talking now about who has a better scanner. I'm talking about the outcome, what's the real value that we bring. So of-course, we see growth there, Radi.

現在每個供應商都提供一個 MCP 軟體套件。你需要治理它。你需要有一個 MCP registry，並且要確保它是安全的。JFrog Security 在 JFrog Artifactory 之上提供所有這些資產，讓解決方案更全面、更整體。我現在不是在談誰的掃描器比較好。我談的是結果，是我們帶來的真正價值是什麼。所以當然，我們在那裡看到成長，Radi。

And the second thing, it's also the speed and how fast things are happening. And we also mentioned that AI start to be a wallpaper. It start to be ambient infrastructure. People just use AI every day for everything, and they expect the software supply chain to be secure. They expect the pipeline to be secured.

第二件事也在於速度，以及事情發生得有多快。我們也提到，AI 開始變成一種「壁紙」。它開始成為環境式的基礎設施。人們每天在各種事情上都使用 AI，並且他們期望軟體供應鏈是安全的。他們期望整個管線是受到保護的。

Now, with the amount of attacks that they see out there, our customers were not affected by it. Just think about the amount of time that they save for not having the need to remediate and recover. So I think that more and more customers put their trust in JFrog Security and the holistic solution. And coming up next, also governance, because you also need to trust those software packages that you mentioned before you ship them.

現在，面對外界看到的攻擊數量，我們的客戶並未受到影響。想想看，他們因為不需要進行補救與復原而節省了多少時間。所以我認為，越來越多客戶把信任放在 JFrog Security 以及這個整體式解決方案上。接下來還有治理（governance），因為在你把前面提到的那些軟體套件出貨之前，你也需要信任它們。

Brian Essex, JPMorgan.

Brian Essex，摩根大通（JPMorgan）。

Congrats on the results. Hey, just want to follow up to a previous question that was asked about the way that customers are may or may not be managing their overages. It seems like demand is pretty healthy.

恭喜這次的業績。我想跟進先前有人問到的問題：客戶可能會、也可能不會如何管理他們的超額用量（overages）。看起來需求相當健康。

Shlomi, are you privy to any conversations with your customers in terms of how they might be addressing more efficient spend, just in general, but also on your platform? That's question number one.

Shlomi，你是否有參與任何與客戶的對話，談到他們如何在整體上、以及在你們平台上，提升支出效率？這是第一個問題。

And then, as we approach swampUP, just wanted to get a sense of sometimes it's difficult to time product releases with a specific conference. Sometimes companies release products when they're ready. What should we expect as we head into swampUP being kind of relatively new to the story here? Thank you.

另外，隨著我們接近 swampUP，我想了解一下：有時候很難把產品發佈時點與特定會議對齊。有時公司會在產品準備好時就發佈。對於 swampUP——我對這個故事還算相對新——我們應該期待看到什麼？謝謝。

Brian, thank you for bringing swampUP up. It's going to be an amazing conference again. We already see the speakers line up. I'll start with that.

Brian，謝謝你提到 swampUP。這將會再次是一場很棒的會議。我們已經看到講者陣容的安排。我先從這點開始。

I'll just say that, obviously, the main thing that we see at swampUP is that the world's biggest organization are using JFrog and willing to share their best practices, and this is gold for our users. Alongside that, there are the JFrog announcement, which are exciting, very much aligned with the future roadmap. But in the world of AI, if I will wait for swampUP to release our product, our company will go backward and not leap forward.

我想說的是，很明顯地，我們在 swampUP 看到的最主要事情，是全球最大的組織正在使用 JFrog，並且願意分享他們的最佳實務，這對我們的使用者來說非常珍貴。除此之外，也會有 JFrog 的發佈公告，令人興奮，並且與未來的產品路線圖高度一致。但在 AI 的世界裡，如果我等到 swampUP 才發佈我們的產品，我們公司就會倒退而不是躍進。

So expect a lot of excitement also on stage, but also with the customers' conversation.

所以可以期待舞台上會有很多令人興奮的內容，同時也會有與客戶之間的對話。

Regarding the efficiency and management of budget, so what is it that we see, right? We see more token being spent that generates more software because AI agents are being fueled, and that generates probably a higher cloud consumption.

關於效率與預算管理，我們看到的是什麼呢？我們看到更多 token 的支出，進而產生更多軟體，因為 AI 代理（agents）正在被驅動，這也可能帶來更高的雲端消耗。

But people are asking, will that be forever like that? The answer, for sure not. Because now, we are getting -- we are transforming from the CIO FOMO, which was around technology, to the CFO FOMO, which is around budget control.

但人們會問：這會永遠都這樣嗎？答案當然是否定的。因為現在我們正在——從 CIO 的 FOMO（錯失恐懼），也就是圍繞技術的焦慮，轉變到 CFO 的 FOMO，也就是圍繞預算控管的焦慮。

And then we have to ask ourselves, what is the desired outcome of software pipeline, of software supply chain, of the AI world? What's the desired outcome? The desired outcome is that you will have more software being shipped in a higher quality. What I just said equals binary, and this is what JFrog is monetizing on. We are monetizing on binary traffic. So we think, we suspect that CFOs will be smart enough and disciplined enough not to block innovation.

接著我們必須問自己：軟體管線、軟體供應鏈、AI 世界的「期望成果」是什麼？期望成果是什麼？期望成果是你能以更高品質出貨更多軟體。我剛剛說的等同於二進位（binary），而這正是 JFrog 的變現方式。我們是以二進位流量（binary traffic）來變現。因此我們認為、也推測，CFO 會足夠聰明且足夠自律，不會去阻擋創新。

Inside JFrog, we keep saying that you can also optimize how much you want to pay for the electricity you consume at home. But you still don't sit in the dark, right? You just train yourself to close the light before you leave. That's the difference between source code and binaries. The desired outcome of a better AI is better binaries in high quality and higher consumption.

在 JFrog 內部，我們常說，你也可以最佳化你在家裡用電要付多少錢。但你不會因此就坐在黑暗中，對吧？你只是訓練自己在離開前把燈關掉。這就是原始碼與二進位之間的差異。更好的 AI 所帶來的期望成果，是更高品質的二進位，以及更高的消耗量。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Congrats on another quarter of acceleration here. Ed, the billings at RPO were extremely strong. RPO added a record $84 million. Could you talk about the breadth and nature of the big deals that went into that? And was there any pull forward from the second half pipeline? And how is the second half pipeline looking? Thanks.

恭喜本季再次加速成長。Ed，RPO 的帳單與 RPO 表現非常強勁。RPO 增加了創紀錄的 8,400 萬美元。你能談談促成這些的大型交易的廣度與性質嗎？是否有從下半年管線提前拉進來的情況？以及下半年的管線目前看起來如何？謝謝。

Yeah. Thanks for recognizing that in the RPO. We're very proud of that, and that actually comes from the efforts that we have around our security products. That's a driving increase in our ASPs, and you saw that in the million-dollar number. 80% of the million-dollar customers that we added this quarter had security attached to it, and that, along with even the new customer lands, 40% of those customers with security, are driving much of the RPO.

是的。謝謝你注意到 RPO 的表現。我們對此非常自豪，而這其實來自我們在資安產品上的努力。這正在推動我們 ASP（平均售價）的提升，你也在百萬美元客戶數字上看到了。這一季我們新增的百萬美元客戶中，有 80% 都附帶了資安；同時，即便是新客戶落地（lands），其中也有 40% 的客戶包含資安，這些都在很大程度上推動了 RPO。

In addition to that, customers that land with security typically take a multi-year agreement as well. So the construct is a larger ASP, longer in duration, and that results in strong RPO. And that's what we're seeing.

此外，帶著資安落地的客戶通常也會簽多年的合約。所以其結構是更高的 ASP、更長的合約期間，進而帶來強勁的 RPO。這就是我們所看到的。

We did not pull really anything in from Q3. We just had strong build in the quarter and execution from the team. And that pipeline that we built really came from the Shai-Hulud events that started in Q3 of last year, and it continued to build the sales organization executed on those deals, and it's reflected in our results.

我們並沒有真的從 Q3 提前拉進任何東西。我們只是本季建立得很強、團隊執行也很到位。而我們建立起來的那條管線，確實源自去年 Q3 開始的 Shai-Hulud 事件，並且持續累積；銷售組織在那些交易上執行到位，並反映在我們的業績結果中。

I might just add to it is that completely agree with everything that Ed said. Some of those macro impact of open-source attack is out of our control, obviously. These are awful things that are happening. But AI also make the hacker more sophisticated, and this software supply chain rapid attack might expedite some of the opportunities we have in the pipeline.

我補充一下：我完全同意 Ed 所說的一切。一些開源攻擊的宏觀影響顯然不在我們控制之內。這些都是正在發生的可怕事情。但 AI 也讓駭客變得更精密，而這種針對軟體供應鏈的快速攻擊，可能會加速我們管線中的一些機會。

Jason Celino, KeyBanc.

Jason Celino，KeyBanc。

Shlomi, I don't think you've had the opportunity to talk about your important fourth AI customer here. But it seems like the hybrid deployment model is unique and interesting. Maybe can you speak to why this is maybe different from your other AI native customer deals?

Shlomi，我想你還沒有機會談到你們這裡重要的第四個 AI 客戶。但看起來混合式部署模型很獨特也很有意思。你能否談談為什麼這可能與你們其他 AI 原生（AI native）客戶的交易不同？

And then secondly, we on the Street always -- we always want more, right? Is there a pipeline or opportunity to land other AI natives of this magnitude? Thanks.

第二點，我們華爾街這邊總是——總是想要更多，對吧？是否有管線或機會，能再拿下其他同等規模的 AI 原生客戶？謝謝。

Yeah. Well, listen, we are so honored and so excited to add more and more companies that are building the world of AI. And this one that we just won this quarter was a great win, and it was sweeter also because of the fact that we displaced a competitor that couldn't scale. The amount of binaries and the traffic that needed to be supported was not something that they could do.

是的。聽著，我們非常榮幸、也非常興奮能夠加入越來越多正在打造 AI 世界的公司。而我們這一季剛拿下的這一家，是一次很棒的勝利；之所以更甜美，也因為我們取代了一個無法擴展的競爭對手。所需要支援的二進位數量與流量，並不是他們能做到的。

This AI factory moved to JFrog, and they moved to JFrog in a very interesting way. They took JFrog Platform as their mothership in the cloud and with some self-hosted Artifactory servers in their data center. So they will not only have the power of the JFrog Platform supported by our services, but also to have a super robust distribution mechanism from this mothership to all data centers, from Artifactory to Artifactory.

這家 AI 工廠遷移到 JFrog，而且他們遷移到 JFrog 的方式非常有意思。他們將雲端的 JFrog Platform 作為母艦，並在其資料中心部署一些自託管的 Artifactory 伺服器。因此，他們不僅能擁有由我們服務支援的 JFrog Platform 的能力，還能擁有從這艘母艦到所有資料中心、從 Artifactory 到 Artifactory 的超強韌分發機制。

Working with these companies that build with AI for AI makes JFrog better. We spoke earlier about the OpenAI incident. This is how JFrog become 1,000 times stronger, because these guys, they take you to the limit with the security scanning, with the scaling, with different deployment environment, and we are very pleased and very honored to have them on board. Obviously, they look at JFrog as the planners of the pipelines, the providers of the infrastructure to the software supply chain.

與這些為 AI 而建、用 AI 來建的公司合作，讓 JFrog 變得更好。我們先前談到 OpenAI 的事件。這就是 JFrog 變得強大 1,000 倍的方式，因為這些夥伴在安全掃描、擴展能力、不同部署環境等方面把你推到極限，而我們非常高興、也非常榮幸能與他們合作。顯然，他們把 JFrog 視為管線的規劃者、軟體供應鏈基礎設施的提供者。

Sanjit Singh, Morgan Stanley.

Sanjit Singh，摩根士丹利。

Congrats on an awesome quarter. It was great to see.

恭喜你們交出一個非常出色的季度。看到這樣的表現很棒。

Shlomi, I think you and I have discussed before in terms of some of the evolution that JFrog is going through. You guys were one of the key destinations for container registries and those kind of traditional software artifacts. You mentioned the initiative to be the home of models and some of the newer kind of AI native artifacts. Just to get a sense of how that trend is evolving in terms of winning those newer artifacts.

Shlomi，我想你我之前討論過 JFrog 正在經歷的一些演進。你們曾是容器登錄庫以及那類傳統軟體成品的主要目的地之一。你提到要成為模型之家，以及一些較新的、AI 原生的成品的倡議。我想了解一下，這個趨勢在贏得這些較新成品方面的演進情況如何。

Yes, Sanjit, great to see you on the call. You are right, and you watched the JFrog transformation before AI and hopefully with AI.

是的，Sanjit，很高興在電話會議上見到你。你說得對，而且你在 AI 出現之前、以及希望在 AI 的助力下，都見證了 JFrog 的轉型。

So what do we see happening? We see that the world of software supply chain management moved from just managing the pipelines to also secure them and govern them. And by being focused on the right asset, what we keep saying from the foundation days of the company, binary is the primary asset. By being focused on that, we are not only providing our customers with the smart storage that can scale in the cloud and on-prem, but we also provide them with a comprehensive security solution.

那我們看到什麼正在發生？我們看到軟體供應鏈管理的世界，已從僅僅管理管線，轉向也要保護它們並進行治理。而透過聚焦在正確的資產上——我們從公司創立之初就一直在說，二進位檔是最主要的資產。因為聚焦於此，我們不僅為客戶提供可在雲端與地端擴展的智慧儲存，也為他們提供全面的資安解決方案。

And now, as you probably heard on the call, we just started to win our first DevGovOps customers and deals. People understand, and we saw it again this week with OpenAI, models need to be governed. So to your point, Sanjit, we became the biggest container registry after Docker boom. And now, we are becoming the biggest model registry for our customers, mainly because of the following. They can scale with us, they can trust, and they can secure, and they can govern. So if we will provide them this fundamental, and it's on us to prove, then I think that you will see the next leap in our evolution.

而且現在，如你可能在電話會議中聽到的，我們剛開始贏得第一批 DevGovOps 客戶與交易。大家都明白——而且我們本週在 OpenAI 事件中再次看到——模型需要被治理。所以如你所說，Sanjit，在 Docker 熱潮之後，我們成為最大的容器登錄庫。而現在，我們正成為客戶最大的模型登錄庫，主要原因如下。他們可以與我們一起擴展，他們可以信任，他們可以確保安全，也可以進行治理。因此，如果我們能為他們提供這個根本能力——而且由我們來證明——那我認為你將會看到我們演進的下一次躍升。

What also matters is that the AI companies, the AI native, and the AI labs companies, trust JFrog to do it for them. So we are learning a lot. We are improving a lot. Just to stay humble, we are in the beginning of the journey.

同樣重要的是，AI 公司、AI 原生公司以及 AI 實驗室公司，信任 JFrog 來替他們完成這件事。因此我們學到很多。我們也改善很多。保持謙遜地說，我們仍在旅程的起點。

Kingsley Crane, Canaccord.

Kingsley Crane，Canaccord。

Just to build off what we've been talking about earlier. As novel agentic attacks, they become more apparent, how do you manage an intelligence that we don't necessarily fully understand that's now capable enough to be dangerous? So you mentioned earlier that AI models should not be treated as free. Is it consensus that customers are treating coding agents with that same scrutiny they do with third-party packages? Or are they still adjusting to that? Thanks.

延續我們先前談到的內容。隨著新型的代理式（agentic）攻擊變得更明顯，你們如何管理一種我們未必完全理解、但如今已足夠強大且可能具危險性的智慧？你先前提到 AI 模型不應被視為免費。目前是否已形成共識：客戶會以審視第三方套件同等的嚴格程度來看待程式碼代理（coding agents）？還是他們仍在適應中？謝謝。

Well, Kingsley, I'll be honest with you. With over 6,000 customers, you see everything. You see customers that are just kind of being attracted by the technology and adopt AI with no responsibility, and you see customers that are terrified and take it one step at a time.

嗯，Kingsley，我跟你坦白說。我們有超過 6,000 位客戶，你會看到各種情況。你會看到一些客戶只是被技術吸引、在沒有責任感的情況下採用 AI；也會看到一些客戶非常害怕、一步一步來。

I think that what is special for the experience that we get from companies like OpenAI and other leading AI labs is that they are showing us not only what need to be done but also what happen if you don't do it right. And if you don't do it right, models are becoming sophisticated and even smarter than our most senior developers and engineers. So I believe that the world will become mature, and the regulation and guardrails and security around models will become a bit more powerful.

我認為，像 OpenAI 以及其他領先 AI 實驗室這類公司帶給我們的特別經驗在於：他們不僅向我們展示需要做什麼，也讓我們看到如果做得不對會發生什麼。而如果做得不對，模型會變得更精密，甚至比我們最資深的開發者與工程師還要聰明。因此我相信，這個世界會逐步成熟，圍繞模型的法規、護欄與安全措施也會變得更有力。

What we are discussing with our customers is how important it is not only to host the models and to host the binaries and the outcomes for them, but also how we secure the entire pipeline. And there is no better school than these AI labs to learn it from them. It's a great privilege to have all of these as our customers.

我們與客戶討論的是：不僅要為他們託管模型、託管二進位檔與產出結果，更重要的是我們如何保護整條管線。而沒有比這些 AI 實驗室更好的學校，能讓我們向他們學習。能讓所有這些公司成為我們的客戶，是一項極大的榮幸。

This concludes the question-and-answer session. I will now turn the call back to Shlomi for closing remarks.

問答環節到此結束。我現在把電話會議交回給 Shlomi 作結語。

Thank you, everyone, for joining our call. Obviously, Q2 was yet an amazing quarter for us. We are focusing on delivering what we committed in 2026. And looking forward to seeing you at swampUP, where we will host an investor meetup, to keep answering your question in full transparency and with the right excitement. And may the frog be with you. Take care.

感謝各位參加我們的電話會議。顯然，第二季對我們而言又是非常出色的一季。我們正專注於交付我們在 2026 年所承諾的內容。也期待在 swampUP 與各位見面，屆時我們將舉辦投資人聚會，持續以完全透明、並帶著適度的熱情，完整回答各位的問題。願青蛙與你同在。保重。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。