JFrog Ltd. (FROG) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to JFrog's third-quarter 2026 earnings conference call.

各位女士、先生，感謝各位加入我們，歡迎參加 JFrog 2026 年第三季財報電話會議。

(Operator Instructions)

(接線員指示)

I'll now hand the call over to Shanti Ariker, JFrog's Chief Legal Officer. Shanti, please go ahead.

現在我將把電話交給 JFrog 首席法務長 Shanti Ariker。Shanti，請開始。

Thank you, Warren. Good afternoon and thank you for joining us, as we review JFrog's third-quarter 2026 financial results, which were announced, following the market close today, via press release.

謝謝你，Warren。各位午安，感謝各位加入我們，一同回顧 JFrog 2026 年第三季財務結果；該結果已於今日收盤後透過新聞稿對外公布。

Leading the call today will be JFrog's CEO and Co-Founder Shlomi Ben Haim; and Ed Grabscheid, JFrog's CFO.

今天的電話會議將由 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 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 fourth 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 年第四季與 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.

「anticipate（預期）」、「believe（相信）」、「continue（持續）」、「estimate（估計）」、「expect（預期）」、「intend（打算）」、「will（將會）」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。

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.

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。

Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements, in light of new information or future events.

請留意，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的任何修訂結果。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of material risks and other important factors that could affect our actual results, please refer to our Form 10-Q for the quarter ended June 30, 2026, which is available on the Investor Relations section of our website; and the earnings press release issued earlier today.

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有重大差異。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 6 月 30 日止季度的 Form 10-Q（可於我們網站的投資人關係專區取得），以及今日稍早發布的財報新聞稿。

Additional information will be made available in our Form 10-Q for the quarter ended September 30, 2026, and other filings and reports that we may file from time to time with the SEC.

更多資訊將於我們截至 2026 年 9 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 in isolation from, GAAP measures.

此外，本次電話會議也將討論非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標作為衡量 JFrog 營運表現之用，應與 GAAP 指標一併考量，而非取代 GAAP 指標，亦不應單獨使用。

Please refer to the tables in our earnings release for a reconciliation of these measures to their most directly comparable GAAP financial measures.

請參閱我們財報新聞稿中的表格，以了解這些指標與其最直接可比的 GAAP 財務衡量指標之調節。

A replay of this call will be available on the JFrog Investor Relations website for a limited time.

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，我想把電話交給 JFrog 執行長 Shlomi Ben Haim。Shlomi？

Thank you, Shanti. Good afternoon, everyone, and thank you for joining our call.

謝謝你，Shanti。各位午安，感謝各位參加我們的電話會議。

In the past few quarters, we have been sharing how AI is changing the way software gets built and that every line of AI-generated code, whether prompted by a human developer or by agents, becomes an artifact, a binary that has to be stored, secured, governed, and delivered with trust and control.

在過去幾個季度，我們一直在分享 AI 如何改變軟體的建置方式；而每一行由 AI 生成的程式碼，不論是由人類開發者提示或由代理（agents）產生，最終都會成為一個成品（artifact）、一個必須被儲存、保護、治理並以可信與可控方式交付的二進位檔（binary）。

This quarter, again, this shift is reflected in our results. We are pleased with our third-quarter results, the solid growth, and the consistent execution by our team.

本季度，這項轉變再次反映在我們的業績之中。我們對第三季的結果、穩健的成長，以及團隊一貫的執行力感到滿意。

In Q3, revenue was above the high end of our guidance at $179.2 million, representing 31% year-over-year growth. Cloud revenue grew 60% year over year, driven by a higher consumption and growing security adoption, reflected in our four-trailing-quarters net dollar retention rate of 124%.

第三季營收高於我們指引區間上緣，達 1.792 億美元，年增 31%。雲端營收年增 60%，主要受更高的使用量與持續成長的資安採用所帶動，並反映在我們過去四個季度的淨美元留存率（net dollar retention rate）為 124%。

Our durable growth continued to be supported by converting customers to higher annual cloud commitments and by the strong customers value reflected in software supply-chain security adoption across our portfolio.

我們的持續性成長，仍受惠於將客戶轉換為更高的年度雲端承諾，以及客戶價值的強勁展現——這體現在我們整體產品組合中對軟體供應鏈安全的採用。

As enterprises increasingly standardize on JFrog as their system of record for software packages, binaries, and other AI assets, software supply-chain security becomes a top priority. Reflecting this, our enterprise go-to-market strategy delivered strong results among our high-end customer base:

隨著企業日益將 JFrog 標準化為其軟體套件、二進位檔及其他 AI 資產的記錄系統（system of record），軟體供應鏈安全成為首要優先事項。反映在此，我們的企業級市場進入策略（go-to-market strategy）在高端客戶群中交出強勁成果：

Customers exceeding $1 million in ARR grew to 112, up from 71 a year ago, representing 58% year-over-year growth. Customers spending more than $100,000 in ARR grew to 1,357 compared to 1,121 in the prior year, an increase of 21% year over year.

年經常性收入（ARR）超過 100 萬美元的客戶數增至 112 家，高於一年前的 71 家，年增 58%。ARR 支出超過 10 萬美元的客戶數增至 1,357 家，較前一年 1,121 家增加，年增 21%。

On today's call, I will walk you through the third quarter in deeper detail. And Ed will then follow with additional financial insights and our outlook for the year.

在今天的電話會議中，我將更深入地帶各位回顧第三季。接著 Ed 會補充更多財務洞見，以及我們對今年的展望。

First, addressing our cloud growth. We will discuss the ongoing partnership with our customers that are converting over-usage into larger commitments with JFrog SaaS.

首先，談到我們的雲端成長。我們將討論與客戶持續合作的進展：客戶正把超額使用量轉換為更大的 JFrog SaaS 承諾。

Second, I will discuss how AI is increasing demand for JFrog solutions.

第二，我將說明 AI 如何提升對 JFrog 解決方案的需求。

Last, I will cover how rising adoption of our holistic software supply-chain security solutions, together with our platform expansion into governance, further deepens enterprise reliance on JFrog.

最後，我將說明我們整體式軟體供應鏈安全解決方案的採用率提升，如何與我們將平台擴展至治理（governance）相互結合，進一步加深企業對 JFrog 的依賴。

Starting with the cloud, JFrog cloud revenue growth reflects our strategy to migrate self-managed customers by offering a flexible migration path that fits their needs.

先從雲端談起，JFrog 雲端營收成長反映了我們的策略：透過提供符合其需求的彈性遷移路徑，將自管（self-managed）客戶遷移至雲端。

JFrog SaaS is not only powering the software supply chains of the world's biggest companies. We are also providing them with a secure cloud solution that fits the scalability, reliability, and control that AI-driven software supply chains need.

JFrog SaaS 不僅為全球最大型企業的軟體供應鏈提供動力。我們也為他們提供安全的雲端解決方案，以符合 AI 驅動的軟體供應鏈所需的可擴展性、可靠性與控制力。

In Q3, our cloud business continued to accelerate. This growth has been consistent over the past several quarters and driven by two main trends:

在第三季，我們的雲端業務持續加速成長。這項成長在過去幾個季度一直保持一致，並由兩大主要趨勢所驅動：

First, the ongoing adoption of AI tools and agents by developers continues to accelerate customer usage across our platform, increasing the demand for binary management and security enforcement.

第一，開發者對 AI 工具與代理（agents）的持續採用仍在加速，帶動客戶在我們平台上的使用量提升，進而增加對二進位管理與資安強制執行的需求。

Second, the continued rise of AI-specific artifacts, such as skills, MCP servers, plug-ins, and others, which customers naturally manage, store, and secure, alongside their other binaries in the same system of record.

第二，AI 專屬成品（artifacts）持續增加，例如 skills、MCP 伺服器、外掛（plug-ins）等；客戶自然會在同一個記錄系統中，與其他二進位檔一起管理、儲存並保護這些項目。

In Q3, JFrog secured a $76 million multi-year SaaS agreement with one of the world's leading telecommunications companies. This deal represents 167% growth in cloud-data consumption compared to the customer's prior usage commitment.

第三季，JFrog 與全球領先的電信公司之一簽訂了一份 7,600 萬美元的多年期 SaaS 合約。相較於該客戶先前的使用承諾，本交易代表雲端資料消耗量成長 167%。

Additionally, this customer expanded into AI security and governance solutions, adopting full platform capabilities. This demonstrates the durable growth in both usage and business value that enterprise customers gain from our platform.

此外，該客戶也擴展採用 AI 安全與治理解決方案，導入完整平台能力。這展現了企業客戶從我們平台所獲得的使用量與商業價值兩方面的持續性成長。

It's important to mention that, even at this scale, as of the end of Q3, no single customer represents more than 3% of JFrog's total revenue.

值得一提的是，即使在這樣的規模下，截至第三季末，沒有任何單一客戶占 JFrog 總營收超過 3%。

During the quarter, our sales team continued to successfully convert cloud-usage overages into annual and multi-year commitments across our portfolio.

在本季度，我們的銷售團隊持續成功地將雲端使用超額轉換為涵蓋我們產品組合的年度與多年期承諾。

We remain focused on partnering with our customers, as they scale, offering them usage on-demand flexibility, alongside a discounted-price offering for higher annual commitments.

我們仍專注於與客戶合作，隨著他們擴張，在提供隨需使用彈性的同時，也提供針對更高年度承諾的折扣價格方案。

As noted previously, any usage above contractual annual commitments is excluded from our guidance. And we'll later discuss our cloud outlook for the remainder of the year.

如先前所述，任何超出合約年度承諾的使用量均不納入我們的指引。我們稍後也會討論今年剩餘期間的雲端展望。

Now, to the momentum we are seeing in AI-powered software supply chain: We believe AI is increasing demand for the JFrog platform, supporting not only our enterprise customers but also powering the major AI labs that create AI with AI.

接下來談談我們在 AI 驅動的軟體供應鏈所看到的動能：我們相信 AI 正在提升對 JFrog 平台的需求，不僅支援我們的企業客戶，也為那些以 AI 打造 AI 的主要 AI 實驗室提供動力。

As we have shared over the past several quarters, the tsunami of binaries that AI-powered software creation was expected to produce has materialized and is now accelerating.

正如我們在過去幾個季度所分享的，原先預期由 AI 驅動的軟體創作將產生的二進位檔海嘯已經成真，且目前正在加速。

Coding agents are empowering human developers and the creation of source code, which is then compiled into more binaries than ever before.

程式碼代理正在賦能人類開發者並促進原始碼的產生，而這些原始碼接著被編譯成前所未有數量的二進位檔。

Binaries have become the desired outcome of AI-powered development. And every one of them must be stored, secured, and governed.

二進位檔已成為 AI 驅動開發所追求的成果。而每一個都必須被儲存、保護並加以治理。

AI also introduces entirely new artifacts, such as models, datasets, MCP servers, skills, and AI-generated packages. This requires a system of record, just like every other binary in the software supply chain.

AI 也帶來全新的成品（artifacts），例如模型、資料集、MCP 伺服器、技能，以及 AI 生成的套件。這需要一個記錄系統（system of record），就像軟體供應鏈中的其他每一個二進位檔一樣。

They are not a separate category outside the software supply chain. They belong in the same governed flow, with the same traceability, versioning, security, and policy controls.

它們並不是軟體供應鏈之外的獨立類別。它們應該屬於同一個受治理的流程，具備相同的可追溯性、版本控管、安全性與政策控制。

Next, AI demands a system of records that can scale rapidly to meet enterprise needs. As the tsunami surges, customers are looking for a reliable software supply-chain platform, with a system of record at its centers, so they can standardize on a trusted and scalable solution.

接著，AI 需要一個能快速擴展以滿足企業需求的記錄系統。隨著海嘯來襲，客戶正在尋找可靠的軟體供應鏈平台，其核心具備記錄系統，讓他們能以可信且可擴展的解決方案進行標準化。

At swampUP, our annual user conference, we were honored to share the keynote stage with speakers from Anthropic, Cursor, CoreWeave, and other innovative leaders driving the AI transformation. Their messages aligned on two pillars upon which a modern software supply-chain platform must be built:

在我們的年度使用者大會 swampUP 上，我們很榮幸與來自 Anthropic、Cursor、CoreWeave 及其他推動 AI 轉型的創新領導者同台發表主題演講。他們的訊息一致聚焦於現代軟體供應鏈平台必須建立的兩大支柱：

First, on a secure system of record that serves as the single source of truth for the binaries created by both AI agents and human developers.

第一，建立在安全的記錄系統之上，作為由 AI 代理與人類開發者所建立之二進位檔的單一真實來源（single source of truth）。

And, second, scalability at a volume the world hasn't yet seen and it's about to experience over the next few years.

第二，具備可擴展性，以因應世界尚未見過、但未來幾年即將經歷的規模與量級。

We believe JFrog is uniquely positioned to meet these needs. And our Q3 performance, following H1's numbers, shows the growing impact of AI on our business.

我們相信 JFrog 具備獨特優勢來滿足這些需求。而我們第三季的表現，延續上半年數據，也顯示 AI 對我們業務日益增長的影響。

Finally, to the growth engine of JFrog security solutions: CISOs tell us that integrating software supply-chain security with their single source of truth is enabling their development teams to move confidently at the speed of AI.

最後，談到 JFrog 安全解決方案的成長引擎：CISO 告訴我們，將軟體供應鏈安全與其單一真實來源整合，正讓他們的開發團隊能以 AI 的速度自信前進。

Security growth is driven by a few key factors: We continue to see an increase in software supply-chain security incidents and malicious campaigns across the industry that drive the need to adopt more comprehensive solutions at scale.

安全成長由幾個關鍵因素驅動：我們持續看到整個產業的軟體供應鏈安全事件與惡意攻擊活動增加，推動以規模採用更全面的解決方案之需求。

In Q3, JFrog Curation customers continued to be protected from novel supply-chain attacks. By tightly integrating Curation with Artifactory, JFrog provides software supply-chain firewall protection from malicious and risky packages before they enter the organization, enabling developers and AI agents to move fast with trust.

在第三季，JFrog Curation 客戶持續受到保護，免於新型供應鏈攻擊。透過將 Curation 與 Artifactory 緊密整合，JFrog 在惡意與高風險套件進入組織之前，即提供軟體供應鏈防火牆保護，使開發者與 AI 代理能在信任基礎上快速前進。

Last quarter, we shared our security momentum and impact on our large customer spending. This increase in security-product adoption continued in Q3, contributing to our increasing net dollar retention and RPO, which Ed will describe in more detail on today's call.

上個季度，我們分享了安全業務的動能及其對大型客戶支出的影響。第三季安全產品採用的提升仍在延續，推動我們的淨美元留存率與 RPO 持續上升；Ed 將在今天的電話會議中更詳細說明。

The market is looking for a trusted security solution that holistically covers software supply-chain needs and ties it to a system of record in one platform.

市場正在尋找一個可信的安全解決方案，能以整體方式涵蓋軟體供應鏈需求，並在同一平台上將其與記錄系統連結。

For example, Ford Motor Company recently migrated over a petabyte of artifacts to be hosted in Artifactory. By utilizing JFrog security solutions like JFrog Curation and JFrog Advanced Security, they have been able to adopt a fix-what-matters approach to reduce incoming technical debt and malicious threats, with Curation evaluating 47 million new open-source packages request in a single quarter.

例如，福特汽車公司（Ford Motor Company）近期將超過 1PB 的成品（artifacts）遷移至 Artifactory 託管。透過使用 JFrog Curation 與 JFrog Advanced Security 等 JFrog 安全解決方案，他們得以採取「修復最重要事項」（fix-what-matters）的做法，以降低新增的技術債與惡意威脅；其中 Curation 在單一季度內評估了 4,700 萬筆新的開源套件請求。

In another example, Credit Karma, due to their use of JFrog Curation across 100% of their remote repository, can now catch risk at the gates before they ever reach a build, enabling a measurable shift, from reactive to proactive security, that has supported zero-detected supply-chain attacks since implementation.

另一個例子是 Credit Karma，由於他們在 100% 的遠端儲存庫上使用 JFrog Curation，現在能在風險進入建置（build）之前就於入口處攔截，促成可衡量的轉變，從被動式安全轉為主動式安全；自導入以來，已支援達成零起被偵測到的供應鏈攻擊。

These stories share a pattern. Customers choose to consolidate their security solutions, alongside the system of record, with one platform that holistically covers modern software supply-chain needs.

這些故事呈現出一個共同模式。客戶選擇將其安全解決方案與記錄系統一併整合到同一平台上，以整體方式涵蓋現代軟體供應鏈需求。

We continue to work with leading security partners, AI labs, cyber tools, and the community to ensure that our customers' software-delivery lifecycle remains secure.

我們持續與領先的安全合作夥伴、AI 實驗室、資安工具與社群合作，確保客戶的軟體交付生命週期維持安全。

I'd like to discuss our opportunities in governance and the emerging DevGovOps domain. The voice of our customers at our recent swampUP conference was clear: AI will only be adopted at enterprise scale, if trust through governance is embedded in the software supply chain.

我想談談我們在治理以及新興 DevGovOps 領域的機會。在近期 swampUP 大會上，客戶的聲音很清楚：唯有透過治理建立信任並將其內嵌於軟體供應鏈中，AI 才能在企業規模被採用。

Enterprises building with AI face a fundamental operational challenge: Autonomous agents and AI-assisted developers can plan, code, test, and deploy in hours. Manual governance processes take weeks or months.

以 AI 進行建置的企業面臨一項根本性的營運挑戰：自主代理與 AI 輔助開發者可以在數小時內完成規劃、撰碼、測試與部署。而人工治理流程則需要數週甚至數月。

At our investor event in New York, we were pleased to welcome Christophe Romatier, the VP of PathWave Software at Keysight Technologies, to talk about DevGovOps.

在我們於紐約舉辦的投資人活動中，我們很高興邀請到 Keysight Technologies 的 PathWave Software 副總裁 Christophe Romatier，分享 DevGovOps。

On stage, he noted that, with JFrog AppTrust, his teams no longer need to make the trade-off between compliance and speed, with governance now baked into their pipelines.

他在台上提到，透過 JFrog AppTrust，他的團隊不再需要在合規與速度之間取捨，因為治理已被內建到他們的管線（pipelines）之中。

Keysight is not the only enterprise seeing these needs. Governance, compliance, and reliable auditability must be part of the DevGovOps workflow at AI speed.

Keysight 並非唯一看到這些需求的企業。治理、合規與可靠的可稽核性必須成為以 AI 速度運作的 DevGovOps 工作流程的一部分。

What agents are trusted to accomplish, the evidence and resources they use, and the governance of their behavior and output is increasingly the concern of every company.

代理被信任去完成哪些任務、它們使用的證據與資源，以及對其行為與輸出進行治理，正日益成為每一家公司的關切。

Last comment before I hand it over to Ed: AI reshaping how software gets built is no longer news. What is clear is that this revolution needs solid infrastructure, a control plane that brings trust to every development workflow.

在我交棒給 Ed 之前的最後一點：AI 正在重塑軟體如何被建置，這已不再是新聞。清楚的是，這場革命需要堅實的基礎設施，以及一個能為每個開發工作流程帶來信任的控制平面（control plane）。

Our Q3 results show consistent execution of our strategy and growing market demand across our growth pillars.

我們第三季的結果顯示，我們的策略執行一貫穩健，且在各項成長支柱上看到市場需求持續提升。

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

接下來，我把時間交給 Ed，請他詳細回顧我們第三季財務表現，以及我們對 2026 年第四季與全年更新後的展望。Ed？

Thank you, Shlomi. And, good afternoon, everyone.

謝謝你，Shlomi。各位下午好。

We are extremely pleased by our third-quarter results, which exceeded the top end of our guidance range across every key metric. These results continue to showcase our consistent strategic execution and operational discipline.

我們對第三季的結果感到非常滿意，因為在每一項關鍵指標上都超越了我們指引區間的上緣。這些結果持續展現我們一貫的策略執行力與營運紀律。

During the third quarter, total revenues equaled $179.2 million, up 31% 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 of our Enterprise+ portfolio.

第三季總營收為 1.792 億美元，年增 31%。這些結果顯示我們持續落實市場推進（go-to-market）策略，並由雲端營收、對我們安全核心產品日益增長的需求，以及 Enterprise+ 產品組合的擴張所帶動。

Cloud revenues in the third quarter accelerated to $101.5 million, up 60% year over year, now representing 57% of total revenues versus 46% in the prior year. Our strong performance in the cloud was driven by successfully converting customer overages into higher annual contracts and increased adoption of our security core products.

第三季雲端營收加速至 1.015 億美元，年增 60%，目前占總營收的 57%，高於去年同期的 46%。我們在雲端的強勁表現，主要來自成功將客戶超額使用量轉換為更高的年度合約，以及我們安全核心產品採用率的提升。

During the third quarter, our self-managed or on-prem revenues were $77.7 million, up 6% 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.

在第三季，我們自主管理或地端（on-prem）營收為 7,770 萬美元，年增 6%。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產品，因為他們正在尋找更符合快速變動之資安環境的解決方案。

In Q3, 61% of total revenues came from Enterprise+ subscriptions, up from 56% 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 contributions from Enterprise+ subscriptions grew 42% year over year this quarter.

第三季，總營收中有 61% 來自 Enterprise+ 訂閱，高於去年同期的 56%。在我們持續推進企業級市場策略（go-to-market strategy）以及客戶更廣泛採用 JFrog 平台的帶動下，本季 Enterprise+ 訂閱的營收貢獻年增 42%。

Net dollar retention for the trailing four quarters was 124%, representing a year-over-year increase of 6 percentage points and a 3 percentage points improvement sequentially.

過去四季的淨美元留存率為 124%，較去年同期提高 6 個百分點，且較前一季再提升 3 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.

這些成果持續凸顯我們資安核心產品的強勁採用、雲端使用量增加，以及客戶轉換至更高年度合約金額。

We continue to demonstrate the strategic value of JFrog as a mission-critical, trusted system of record for our customer software supply chain, with gross retention of 97%, as of the third-quarter 2026.

截至 2026 年第三季，我們的總留存率為 97%，持續展現 JFrog 作為客戶軟體供應鏈中關鍵任務、值得信賴的系統紀錄（system of record）的策略價值。

Now, I'll review the income statement in more detail:

接下來，我將更詳細地說明損益表：

Gross profit in the quarter was $149.8 million, representing a gross margin of 83.6% versus 83.9% in the year-ago period.

本季毛利為 1.498 億美元，毛利率為 83.6%，相較去年同期的 83.9%。

Our proactive focus on cloud-hosting cost optimization allowed us to deliver stable gross margins throughout the year, even as the cloud became an increasingly larger share of our revenues. We now project annual gross margins to be in the range of 83% to 83.5% for 2026.

我們主動聚焦雲端託管成本最佳化，使我們即使在雲端營收占比持續提高的情況下，仍能在全年維持穩定的毛利率。我們目前預估 2026 年全年毛利率將落在 83% 至 83.5% 的區間。

Operating expenses in the third quarter were $109.1 million, equaling 61% of revenues. This compares to $89.3 million or 65% of revenues in the year-ago period.

第三季營業費用為 1.091 億美元，占營收 61%。相較之下，去年同期為 8,930 萬美元，占營收 65%。

Our operating profit in Q3 was $40.7 million or an operating margin of 22.7% compared to an 18.7% operating margin in the third quarter of 2025.

第三季營業利益為 4,070 萬美元，營業利益率為 22.7%，相較 2025 年第三季的 18.7% 營業利益率。

The continued balance between strategic investment and operational efficiency demonstrates our ongoing commitment to quality growth.

在策略性投資與營運效率之間持續取得平衡，展現我們對高品質成長的持續承諾。

Cash flow from operations equaled $69.3 million in the third quarter. After taking into consideration CapEx requirements, our free cash flow reached $66.5 million or 37% margin compared to $28.8 million or 21% margin in the year-ago period.

第三季營運活動現金流為 6,930 萬美元。在考量資本支出（CapEx）需求後，我們的自由現金流達到 6,650 萬美元，或 37% 的利潤率，相較去年同期為 2,880 萬美元或 21% 的利潤率。

Now, turning to the balance sheet, we ended the third quarter with $880.9 million in cash and short-term investments compared to $704.4 million at the end of 2025.

接著看資產負債表，我們在第三季末的現金與短期投資為 8.809 億美元，相較 2025 年底的 7.044 億美元。

As of September 30, 2026, our RPO totaled $812 million, a 60% increase year over year. This record performance highlights the successful execution of our go-to-market strategy, as enterprise customers continue to trust JFrog and make larger commitments to the JFrog platform, reinforcing our long-term revenue durability.

截至 2026 年 9 月 30 日，我們的 RPO 總額為 8.12 億美元，年增 60%。這項創紀錄的表現凸顯我們成功執行市場策略；企業客戶持續信任 JFrog，並對 JFrog 平台做出更大承諾，進一步強化我們長期營收的持久性。

As a reminder: RPO excludes any benefit from customers' usage over contractual minimum commitments.

提醒一下：RPO 不包含客戶使用量超過合約最低承諾的任何效益。

And, now, let's turn to our outlook and guidance for the fourth quarter and full year of 2026:

接下來，我們來看 2026 年第四季與全年展望與指引：

We're entering the fourth quarter with confidence in our strategy and strength in our pipeline. Our updated 2026 guidance range reflects continued contributions from our security core products, ongoing adoption of our full platform, and cloud growth, driven by higher annual customer commitments.

我們帶著對策略的信心與強勁的商機管線進入第四季。我們更新後的 2026 年指引區間，反映資安核心產品的持續貢獻、客戶對完整平台的持續採用，以及在更高年度客戶承諾帶動下的雲端成長。

We continue to de-risk our outlook by excluding our largest opportunities due to timing uncertainties.

由於時點不確定性，我們持續透過排除最大型機會來降低展望風險。

Taking into account our strong year-to-date results, we are, once again, raising our estimated full-year 2026 baseline cloud growth to be in the range of 52% to 54%.

考量我們今年迄今的強勁表現，我們再次上調 2026 年全年基準雲端成長率預估至 52% 至 54% 的區間。

Cloud revenue guidance continues to exclude any contribution from usage above our annual customers' minimum commitments.

雲端營收指引仍不包含年度客戶使用量超過其最低承諾的任何貢獻。

Given the anticipated contribution from our security core products and increased baseline cloud-growth assumptions, we now expect our trailing [fourth-quarter] net dollar retention floor to be 122% for 2026.

鑑於資安核心產品的預期貢獻以及基準雲端成長假設提高，我們目前預期 2026 年過去[四季]淨美元留存率的底線為 122%。

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

在營業費用方面，我們持續將投資聚焦於整體平台的創新。我們仍致力於紀律性的支出理念，並對我們能延續既有執行成果、持續推動營運效率充滿信心。

For Q4, we anticipate revenues to be in the range of $183 million and $185 million, with a non-GAAP operating profit anticipated between $36.2 million and $38.2 million; and non-GAAP earnings per diluted share of $0.28 to $0.30, assuming a share count of approximately 131 million shares.

針對第四季，我們預期營收將介於 1.83 億至 1.85 億美元之間，非 GAAP 營業利益預期介於 3,620 萬至 3,820 萬美元之間；非 GAAP 稀釋後每股盈餘為 0.28 至 0.30 美元，假設流通股數約為 1.31 億股。

For the full year of 2026, we are, again, raising our revenue guidance, now anticipating a range of $680 million to $682 million, representing 28% year-over-year growth at the midpoint.

針對 2026 年全年，我們再次上調營收指引，目前預期介於 6.80 億至 6.82 億美元之間，以中位數計算年增 28%。

Non-GAAP operating income is expected to be between $142.5 million and $144.5 million; and non-GAAP diluted earning per share of $1.14 to $1.16, assuming a share count of approximately 129 million shares.

非 GAAP 營業利益預期介於 1.425 億至 1.445 億美元之間；非 GAAP 稀釋後每股盈餘為 1.14 至 1.16 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，在我們開始提問之前，我會把電話交回給 Shlomi 做一些結語。

Thank you, Ed.

謝謝你，Ed。

At swampUP, our customers told us the adoption of our solution is critical and that the roadmap ahead is aligned with their future needs and positions JFrog as the anchor of today's AI-powered software supply chain.

在 swampUP 大會上，我們的客戶告訴我們，他們採用我們的解決方案至關重要，而未來的產品路線圖與他們的未來需求一致，並使 JFrog 成為當今 AI 驅動軟體供應鏈的核心支柱。

The world needs a scalable, hybrid, reliable solution to holistically power the modern software-delivery lifecycle, one that is secure and governed, whether it serves developers, AI agents, or both.

世界需要一個可擴展、混合式且可靠的解決方案，以整體方式驅動現代軟體交付生命週期；無論服務對象是開發者、AI 代理（AI agents）或兩者兼具，都必須具備安全性與治理能力。

JFrog has become the control plane that enterprises depend on, as they power their software supply chains in the era of AI.

在 AI 時代，JFrog 已成為企業所依賴的控制平面（control plane），用以驅動其軟體供應鏈。

We are proud of this quarter's results and remain focused on execution, as we close out 2026 and plan for the future.

我們為本季的成果感到自豪，並在結束 2026 年、規劃未來之際，持續專注於落實執行。

To my team, every frog across the globe, thank you. Few companies have the privilege of shaping the future of software infrastructure. And you do it every day.

致我的團隊、全球每一位 frog，謝謝你們。很少有公司有幸能塑造軟體基礎設施的未來。而你們每天都在做到。

Your devotion, dedication, and unstoppable spirit delivered another record-breaking quarter. I am proud to stand alongside you, honoring our commitments to customers and to shareholders every day.

你們的投入、奉獻與勢不可擋的精神，帶來了又一個破紀錄的季度。我很榮幸能與你們並肩，並每天履行我們對客戶與股東的承諾。

May the frog be with you, as we keep leaping forward. Operator, we are ready for questions.

願青蛙與你同在，讓我們持續向前躍進。主持人，我們準備好回答問題了。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（主持人說明）

Sanjit Singh, Morgan Stanley.

Morgan Stanley 的 Sanjit Singh。

Yeah. Thank you for taking the questions. Congrats on an awesome quarter.

是的。謝謝讓我提問。恭喜你們交出非常出色的一季。

There are so many things to talk about with these set of Q3 results. Where I wanted to start was, just, those customers that have been exceeding commitment and then, stepped up to, say, take on a new contract -- a higher commitment contract -- as they do that, Shlomi, are you seeing any evidence of attach of the security portfolio or other parts of the product portfolio?

這組第三季結果有很多面向可以討論。我想先從這些超出承諾用量的客戶談起，接著他們進一步簽訂新合約——更高承諾額度的合約——當他們這麼做時，Shlomi，你是否看到資安產品組合或產品組合其他部分的附加採用（attach）有任何跡象？

As they sign up, make larger commitments with JFrog, are you seeing that product portfolio attach?

當他們註冊、對 JFrog 做出更大的承諾時，你們是否看到產品組合的附加採用（attach）？

Yes. Hi, Sanjit. Thank you for your question.

是的。嗨，Sanjit。謝謝你的提問。

The answer is absolutely yes. Our customers are not just exceeding their commitments with more data transfer and storage of new artifacts coming in the world of AI and, therefore, raise their consumption base, but also adopting more solutions from the platform.

答案絕對是肯定的。我們的客戶不僅因為 AI 世界中新工件（artifacts）帶來更多資料傳輸與儲存而超出其承諾、因此提高其消費基礎（consumption base），也在平台上採用更多解決方案。

As I mentioned on the call, some of them are coming with more security demands; other, with more governance demand and, therefore, are feeling more comfortable, not only to raise their commitment but also to sign on a multi-year deal, seeing the future growth together with JFrog.

正如我在電話會議中提到的，其中一些客戶提出更多安全方面的需求；另一些則有更多治理方面的需求，因此他們更有信心，不僅提高承諾，也願意簽署多年期合約，與 JFrog 一起看見未來的成長。

Radi Sultan, UBS.

Radi Sultan，瑞銀（UBS）。

Awesome. Yeah. Thanks for taking the question. And great stuff here.

太棒了。是的，謝謝讓我提問。而且這裡的表現很出色。

If I think about the rate of cyber incidents that we're seeing, just, being structurally higher, going forward, your customers are getting a lot more value out of your security offering.

如果我想想我們看到的資安事件發生率，結構性地在未來會更高，你們的客戶正從你們的安全產品中獲得更多價值。

So how do you think about monetizing more of that, maybe, in terms of pricing-model changes, price increases, or adding more security [SKUs] to capture more of that security wallet?

那你們如何看待把其中更多價值變現，可能包括定價模型的變更、漲價，或新增更多安全相關的 [SKU]，以捕捉更多的安全預算（security wallet）？

Maybe, just walk us through, like, what are the levers you have to capture more security wallet at existing customers? Would love to get both your perspectives on this. Thank you.

也許請帶我們走一遍：你們有哪些槓桿可以在既有客戶中捕捉更多安全預算（security wallet）？很希望聽到你們兩位對此的看法。謝謝。

Yes, Radi.

是的，Radi。

We see more and more software supply-chain attack coming from everywhere. Attacker became far more sophisticated in the world of AI.

我們看到越來越多來自各方的軟體供應鏈攻擊。在 AI 的世界裡，攻擊者變得更加老練。

So, obviously, this increases the demand for our security solutions, starting from JFrog Curation at the gate as a firewall all the way to JFrog Advanced Security, Xray, and other solutions.

因此，這顯然提升了對我們安全解決方案的需求，從作為入口防火牆的 JFrog Curation，一直到 JFrog Advanced Security、Xray 以及其他解決方案。

Currently, we are not yet sharing the results of our security numbers in 2026. We will do it at the end of the year. But we are very, very pleased with the impact it made on our total growth and the expansion into a whole new world of software supply-chain protection.

目前我們尚未分享 2026 年安全相關數據的結果。我們會在年底公布。但我們對它對整體成長帶來的影響，以及我們擴展到全新的軟體供應鏈防護領域，感到非常、非常滿意。

We will look at 2027 and the opportunities, next to the risk. And we will take decision then.

我們會在 2027 年檢視機會以及相伴的風險。並且到時再做決策。

Miller Jump, Truist.

Miller Jump，Truist。

Hey. Great. Thank you for taking my questions. And congrats on another, just, great set of results here.

嘿，很好。謝謝讓我提問。也恭喜你們再一次交出非常亮眼的一組成績。

I think -- along the same lines of the questions we've heard but, last quarter, it did sound like security was a standout driver of the upside you saw. I am curious, like, it really sounds like everything was clicking this quarter.

我想——沿著我們聽到的問題脈絡——但在上一季，確實聽起來安全是你們看到超預期表現的一個突出驅動因素。我很好奇，這一季聽起來幾乎所有事情都很順。

So how do you really highlight -- what was the biggest driver of upside between the AI tailwinds that you called out and security?

那你們會如何強調——在你們提到的 AI 順風與安全之間，最大的超預期驅動因素是什麼？

And then, Ed, if you could just remind us how we should think about the Q4 security pipeline this year versus prior years. Thank you.

然後，Ed，如果你能提醒我們，今年第四季（Q4）的安全銷售管線（pipeline）相較於往年應該如何看待。謝謝。

Thanks for the question, Miller. Why don't I go ahead and start? I will talk a little bit about what to expect, from a pipeline perspective.

謝謝你的問題，Miller。不如我先開始。我會從管線的角度談一下可以期待什麼。

This is no longer a situation where we are seeing an event and then, you are building a pipeline, based on an event. This has been sustained.

這不再是那種我們看到某個事件，然後你再基於該事件去建立管線的情況。這股趨勢是持續性的。

We have had, now, multiple quarters of really strong security outcomes. We talked about it at the end of Q2. And we saw that momentum carry into Q3.

我們現在已經連續好幾個季度在安全方面取得非常強勁的成果。我們在第二季（Q2）末談過，而我們看到這股動能延續到第三季（Q3）。

As Shlomi mentioned previously, we will provide you with those results at the end of the year. But we continue to see this momentum in security.

如同 Shlomi 先前提到的，我們會在年底向各位提供那些結果。但我們持續看到安全方面的這股動能。

And it is a very healthy purchasing environment, at the moment, when it comes to security, in particular with the amount of attacks that are happening in the open source and with the protection that is needed with AI.

而且就安全而言，目前的採購環境非常健康，特別是考量到開源領域正在發生的攻擊數量，以及 AI 所需的防護。

Mike Cikos, Needham.

Mike Cikos，Needham。

Hey. Terrific. Thank you for taking the questions here, guys. And I will echo the congratulations on, just, a fantastic quarter that you guys posted.

嘿，太棒了。謝謝各位回答問題。我也要呼應一下恭喜，你們公布的這一季真的非常出色。

I wanted to come back to the commitments for a second. And it is a bit of a two-parter.

我想回到「承諾」這件事再談一下。而且這有點像兩個部分。

But, one, can you help us think about the timing for when these customers sign these larger commitments? Was there anything to note, from a linearity standpoint, if we think about Q3 and when these commitments were signed?

第一，你們能否幫我們理解這些客戶簽下更大承諾的時間點？如果我們看第三季（Q3）以及這些承諾是在何時簽署的，從線性度（linearity）的角度，有沒有什麼值得注意的？

And then, the follow-up on that commitment, it just -- I would love to hear -- but it feels like customers are coming back to you at a faster pace versus historical precedent in terms of re-engaging JFrog and then, willingness to sign a larger commitment. Can you give us any data points around that?

然後，關於承諾的追問是——我很想聽聽——但感覺客戶回來找你們的速度比歷史慣例更快，也就是重新與 JFrog 接觸，並且更願意簽下更大的承諾。你們能否提供一些相關數據點？

My assumption there -- I just want to see if we can validate that or confirm that in any capacity because it does feel like, between the go-to-market traction that you guys have, the expanded platform, the customer outreach to you -- it does feel like they're coming back at a faster pace.

我這裡的假設——我只是想看看我們是否能以任何方式驗證或確認——因為確實感覺到，介於你們的 go-to-market 牽引力、平台擴展、以及客戶主動聯繫你們——感覺他們回來的速度更快。

But would just love to get your insight. And, thank you, again.

但很希望聽到你們的洞見。也再次謝謝。

Thank you, Mike.

謝謝你，Mike。

So there is nothing new about the methodology and the strategy that we are following, right? So it has been more than two years that we are converting over-usage into commitments, coming to the customers proactively, and offering them a better deal for a higher commitment.

所以，我們所遵循的方法論與策略並沒有任何新變化，對吧？我們把超額使用（over-usage）轉換為承諾（commitments）已經超過兩年了；我們會主動接觸客戶，並為更高承諾提供更好的方案。

This helps us not only to stabilize the cloud usage but also to build a long-term partnership with our customers.

這不僅幫助我們穩定雲端使用量，也有助於與客戶建立長期合作夥伴關係。

So some of them are reaching out to us, understanding that the volume of AI introduces them to a completely new demand on the cloud. And others are reaching out to us or we are reaching out to them proactively to discuss their future needs, as we see their over-usage on a monthly basis.

因此，有些客戶會主動聯繫我們，因為他們理解 AI 的規模（volume）讓他們在雲端面臨全新的需求。也有一些是他們聯繫我們，或是我們主動聯繫他們，基於我們每月看到的超額使用情況，來討論他們未來的需求。

This is an ongoing discussion with our customers. As we mentioned on the call, the flexibility model -- the flexibility in the model is super important because there is no pressure there.

這是我們與客戶之間持續進行的討論。如同我們在電話會議中提到的，彈性模型——模型中的彈性非常重要，因為那裡沒有壓力。

They can keep on going with the on-demand. And this will be usage over commitment that we will not guide you for. But, if they are willing to take a higher commitment for a longer year, then, obviously, we are working with them.

他們可以繼續採用按需（on-demand）方式。而這會是使用量高於承諾的部分，我們不會就此向你們提供指引（guidance）。但如果他們願意以更長年期做出更高承諾，那麼很顯然，我們會與他們合作。

And this is what we report as part of our guidance. And you see the consistent growing and the durable growth every quarter.

而這就是我們在指引（guidance）中所報告的一部分。你們也看到每一季一致的成長與具韌性的成長。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Great. Thank you. Wow. Absolutely phenomenal quarter.

很好。謝謝。哇。絕對是現象級的一季。

I wanted to take the time to ask, maybe, a higher-level question. So it has been widely publicized that Anthropic spent six to nine months developing their own internal version-control system.

我想花點時間問一個可能更高層次的問題。眾所周知，Anthropic 花了六到九個月開發他們自己的內部版本控制系統。

So, coming from a person who is not a developer -- and most investors are not developers -- but, presumably, some might think that, with AI coding, a company like this could spend another six to nine months to develop more in the software-development stack.

所以，從一個不是開發者的人來看——而且大多數投資人也不是開發者——但推測有些人可能會認為，透過 AI 寫程式，像這樣的公司可以再花六到九個月，在軟體開發堆疊中開發更多東西。

So, on this forum, I wanted to give you, Shlomi, the opportunity to discuss why it does not make sense or why it would be incrementally more difficult to develop, like, a complete gating Artifactory solution.

所以在這個論壇上，我想給你，Shlomi，一個機會來談談，為什麼這樣做沒有意義，或為什麼要開發例如一個完整的、具備閘道控管（gating）的 Artifactory 解決方案，會是逐步更困難的事。

Yeah. Absolutely.

是的。當然。

Well, Jason, we were honored to have Anthropic on stage at swampUP just last month in New York and then, again, in Barcelona, stating what we keep saying: The world is demanding for more trust and control over the software supply chain. And this can only come with a system of record.

Jason，我們很榮幸上個月在紐約的 swampUP 舞台上邀請到 Anthropic，之後又在巴塞隆納再次邀請他們，他們也重申了我們一直在說的：世界對軟體供應鏈的信任與控管需求正在提升。而這只能透過一個「記錄系統」（system of record）來實現。

We see and we use the products that Anthropic or OpenAI provides. And both of them are honored customers of JFrog.

我們看到並使用 Anthropic 或 OpenAI 提供的產品。他們兩家也都是 JFrog 倍感榮幸的客戶。

But there would be no developer nirvana in the age of AI, if it will be just for a faster model or a smarter agent. It is only reachable with a scalable, universal, governed system of record, one trusted source of truth for everything that goes from the build to the consume to the ship.

但在 AI 時代，開發者不會因為模型更快或代理（agent）更聰明就進入「極樂世界」。只有透過可擴展、通用、受治理的記錄系統——一個可信的單一事實來源（single source of truth），涵蓋從建置、使用到交付的一切——才能達成。

You cannot trust what you ship, if you do not have a system of record. Adn, if it is not universal, then it will be a one-vendor or a one-agent-focused solution.

如果你沒有記錄系統，你就無法信任你交付出去的東西。而且，如果它不是通用的，那它就會變成只針對單一供應商或單一代理的解決方案。

So, actually, when we see what they are building, it goes complementary with what we provide. And I think that our customers see the same. That is the growth that we keep on delivering.

所以實際上，當我們看到他們在打造的東西時，它與我們提供的能力是互補的。我認為我們的客戶也看到同樣的情況。這就是我們持續交付的成長。

Mark Cash, Raymond James.

Mark Cash，Raymond James。

Yes. Thank you.

是的。謝謝。

Shlomi, a question for you: So I know we have talked a lot about the AI driving a tsunami of binaries. So I wanted to ask or wanted to know, as the frontier models accelerate vulnerability discoveries, are you seeing that translate into more artifact rebuilds, transfer storage, and security scans, which, in turn, helps drive a surge in cloud results and guidance?

Shlomi，我有個問題：我知道我們談了很多 AI 會帶來二進位檔（binaries）的海嘯。我想問的是，隨著前沿模型加速漏洞發現，你們是否看到這轉化為更多的成品（artifact）重建、傳輸儲存與安全掃描，進而推動雲端業績與指引的躍升？

And, If you are seeing that tailwind, this has also created a natural upsell conversation for security and governance for you, as well. Thank you.

另外，如果你們確實看到這股順風，這是否也為你們在安全與治理方面帶來自然的加購（upsell）對話？謝謝。

Yeah.

是的。

So, Mark, the facts are that there are new artifacts introduced to us by AI, right? None of us spoke about MCP skills and others a year ago. These artifacts belong to the same place as you manage the rest of your binaries.

Mark，事實是 AI 會帶來新的成品（artifacts），對吧？一年前我們沒有人在談 MCP 技能（skills）和其他東西。這些成品應該放在與你管理其他二進位檔相同的地方。

You have to manage their dependencies, their security, their governance, and everything that comes along that.

你必須管理它們的相依性、安全性、治理，以及隨之而來的一切。

So, yes, we see it as a tailwind, in terms of storage and data transfer. Not only that, we also see Artifactory, the system of record, expand to become your MCP Registry, your Skill registry. And this is how our customers are looking at it.

所以是的，就儲存與資料傳輸而言，我們把它視為一股順風。不僅如此，我們也看到作為記錄系統的 Artifactory 正在擴展，成為你的 MCP Registry、你的 Skill registry。而這正是我們客戶看待它的方式。

So what would be the impact of it on the long run? Will it be more than your Python or npm or Docker? I do not know. But, for sure, more and more artifacts, binaries, and software packages are added to the solution we provide.

那麼長期來看它會有什麼影響？它會比你的 Python、npm 或 Docker 還多嗎？我不知道。但可以確定的是，越來越多的成品、二進位檔與軟體套件會被加入到我們提供的解決方案中。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

Yeah. Thanks a lot for taking my question. And echoing my congrats on the great results.

是的。非常感謝讓我提問。也呼應一下我對優異成果的祝賀。

So, just stepping back, your results and some of the customer examples do suggest you are becoming more deeply embedded in enterprise-wide infrastructure, especially with the Ford migration that you talked about with a petabyte of artifacts.

所以，先退一步看，你們的業績以及一些客戶案例確實顯示，你們正更深地嵌入企業級的基礎設施中，尤其是你們提到 Ford 的遷移案例，涉及 1PB 的成品。

It seems customers are increasingly consolidating security around you as a single system of record.

看起來客戶也越來越把安全性整合到你們這裡，作為單一的記錄系統。

So my question is: Beyond the new AI-generated binaries and the tsunami of binaries you mentioned, Shlomi, as AI is seemingly accelerating modernization of these legacy applications -- and it looks like there are some examples -- just wanted to understand, like, broadly, are you seeing these legacy-software assets already creating this another significant adoption cycle? And are there evidences building of more enterprise-wide standardization coming from that?

所以我的問題是：除了你提到的 AI 生成的新二進位檔與二進位檔海嘯之外，Shlomi，隨著 AI 似乎正在加速這些舊有應用程式的現代化——而且看起來也有一些例子——我想更廣泛地了解，你們是否看到這些舊有軟體資產已經在創造另一個顯著的採用週期？而且是否有更多企業範圍的標準化跡象正在形成？

Yeah. Shrenik, thank you for the question.

是的。Shrenik，謝謝你的問題。

As I mentioned on the call -- and we gave three examples of giant organizations that are scaling, a, with new artifacts, as I mentioned before; but, b, with the fact that every developer is now powered by an agent and have more to produce.

正如我在電話會議上提到的——我們舉了三個大型組織擴展的例子：第一，隨著我先前提到的新成品增加；第二，因為現在每位開發者都由代理（agent）賦能，產出更多東西。

The desired outcome of the world of AI results in a binary, a software package, whether it is a new artifact or something that belongs to the previous world of npm, Python, Docker, Maven, and 40 other technologies that are supported in JFrog.

AI 世界的期望產出最終會落在一個二進位檔、一個軟體套件上，不論它是新成品，或是屬於先前世界的 npm、Python、Docker、Maven，以及 JFrog 所支援的另外 40 種技術。

JFrog Artifactory is the Switzerland of system of record. We support all technologies, as long as they are binaries.

JFrog Artifactory 是記錄系統的「瑞士」。只要是二進位檔，我們就支援所有技術。

And the fact that you are now powered by agent provides us with one challenge -- is to scale to where you want us to go.

而你現在由代理驅動這件事，對我們帶來一個挑戰——就是要擴展到你希望我們達到的規模。

And you mentioned Ford and others. We are scaling with them to infinity.

你提到了 Ford 和其他客戶。我們正與他們一起把規模擴展到無限。

Howard Ma, Guggenheim Securities.

Howard Ma，Guggenheim Securities。

Hey. Thanks. Incredible quarter.

嗨。謝謝。非常驚人的一季。

I wanted to ask about the massive telco deal. Shlomi, could you talk about the characteristics of this expansion that you believe are repeatable versus not repeatable with other similar-type very large enterprises?

我想問一下那筆大型電信交易。Shlomi，你能談談你認為這次擴張有哪些特徵是可複製的、哪些是對其他類似的超大型企業不一定可複製的嗎？

And, for Ed, on a related note, you gave us the numbers to do the math. We calculated to, like, a $40 million expansion. And, if you assume five years, maybe it is like ratable of $2 million a quarter. And, if I back that out from Q3 -- I think you would have still accelerated cloud revenue in Q3, even without this massive deal.

另外，給 Ed 一個相關問題，你給了我們一些數字可以做推算。我們算出來大概是 4,000 萬美元的擴張。如果假設五年期，可能等於每季約 200 萬美元的按期認列（ratable）。如果我把這個從 Q3 回推扣掉——我認為即使沒有這筆超大型交易，你們在 Q3 的雲端營收仍然會加速成長。

So any color to help investors do the math would be helpful. Thank you.

所以如果能提供一些補充說明，幫助投資人做推算，會很有幫助。謝謝。

Why don't I go ahead and start? And then, Shlomi can talk about the construct of the large telco deal and why we won that deal.

不如我先開始回答？然後 Shlomi 可以談談這筆大型電信交易的架構，以及我們為什麼贏得這筆交易。

But, first off, we are not going to go into the math of what we saw in that deal. It was a very strong deal. You saw it was a capture of a commitment, 167% in terms of data consumption and storage. So we are capturing over-usage as a commitment.

不過首先，我們不會深入討論那筆交易的數學拆解。那是一筆非常強勁的交易。你看到我們把承諾（commitment）拿下來了，以資料消耗與儲存量來看是 167%。所以我們把超額使用（over-usage）也以承諾的形式納入。

And it also showed the power of the platform. We were able to not only capture an expansion of security but we also captured governance in that deal. And it turned out to be a very, very strong outcome, a $76 million deal -- multi-year deal.

這也展現了平台的力量。我們不僅在那筆交易中拿下了安全性的擴展，也同時拿下了治理。結果非常、非常強勁——一筆7,600萬美元的交易——多年期合約。

And that will be reflected as a commitment, going forward. And this is why you saw the confidence that we are showing in our guidance, as we head into Q4.

而這將在未來以承諾的形式反映出來。這也是為什麼在邁入第四季時，你會看到我們在指引中展現出的信心。

Yeah.

是的。

Well, first, I will mention, again, that none of our customers represent more than 3% of our total revenue. That is a very diverse portfolio. And we are very disciplined with that.

首先，我再提一次，我們沒有任何單一客戶占我們總營收超過3%。這是一個非常多元的客戶組合。而我們在這方面非常自律。

Second, we were honored to sign this contract and to scale with this customer, covering tens of thousands of developers that are powered by tens of thousands of agents. That generated more consumption -- more data consumption -- on Azure Cloud. And it also introduced this organization to new needs of governance.

第二，我們很榮幸能簽下這份合約，並與這位客戶一起擴大規模，涵蓋數以萬計的開發者，而這些開發者由數以萬計的代理（agents）所驅動。這帶來了更多的使用量——更多的資料使用量——在 Azure 雲端上。同時也讓這個組織意識到新的治理需求。

The fact that you are faster and stronger, powered by AI does, not mean that you are scaling at the same pace with your governance system. So the adoption of AppTrust was a very important leap forward with this customer.

你因為 AI 的加持而更快、更強，並不代表你的治理系統也能以同樣的速度擴張。因此，採用 AppTrust 對這位客戶而言是一個非常重要的躍進。

And the second thing is obviously, the security-iron dome that we managed to put on top of the software supply chain and scale with them.

第二點當然是，我們成功在軟體供應鏈之上建立起安全的「鐵穹」，並且能與他們一起擴大規模。

So having this size of customers with this size of contract, it is not only the platform, it is not only the technology, it is not only the environment, it is the trust that our customer success, our sales team, our product team is building with these customers.

所以，擁有這種規模的客戶、這種規模的合約，這不僅僅是平台，不僅僅是技術，不僅僅是環境，更是我們的客戶成功團隊、銷售團隊、產品團隊與這些客戶建立起來的信任。

And we are very, very honored to scale to these limits of contracts.

我們非常、非常榮幸能把合約規模擴展到這樣的程度。

George McGreehan, Bank of America Securities.

美國銀行證券（Bank of America Securities）的 George McGreehan。

Hi. This is George McGreehan, on for Koji Ikeda. Thank you for taking our question.

嗨。我是 George McGreehan，代 Koji Ikeda 提問。謝謝你們回答我們的問題。

I wanted to also ask a bit of a theoretical one. So, obviously, we are seeing the tsunami of binaries. And, upstream of that, how much has production-ready code improved today in terms of code quality versus a year ago? And how much better do you think it can get over the next few years and, specifically, why?

我也想問一個比較偏理論的問題。很顯然，我們正在看到二進位檔（binaries）的海嘯。而在其上游，就程式碼品質而言，今天可投入生產（production-ready）的程式碼相較一年前提升了多少？你認為未來幾年還能提升到什麼程度，特別是為什麼？

Yeah. George, that's a great question.

是的。George，這是個很好的問題。

We are not necessarily breaking down the numbers now to how much of it was produced by this, specifically. But what I can tell you is what I also said on the call -- is that developers are now running much faster.

我們目前不一定會把數字拆分到有多少是特別由這個產生的。但我可以告訴你——我在電話會議上也提到——開發者現在的速度快了很多。

They become more product managers than developers. They are managing tens or hundreds of agents and produce more and more.

他們更像是產品經理，而不只是開發者。他們在管理數十或數百個代理（agents），並產出越來越多。

The result of everything they build, if it's a quality result, will end as a binary -- a binary that need to be governed, that need to be secured, that need to be deployed, that need to be managed from versioning perspective, and so on. So we see more and more of it coming.

他們所建構的一切成果，如果是高品質的成果，最後都會以二進位檔呈現——而二進位檔需要被治理、需要被保護、需要被部署、需要從版本管理的角度被管理，等等。所以我們看到這類需求越來越多。

And, on the other hand, what we see -- and you probably read the news in the last weeks -- that, source code, becoming commoditized.

另一方面，我們看到——你可能也在最近幾週讀到新聞——原始碼正在變得商品化（commoditized）。

So, on one hand, there is a lot of efforts to secure your primary asset, which is the binary. On the other hand, generating source code by agent or developers, becoming commoditized.

所以，一方面，大家投入大量努力去保護你的主要資產，也就是二進位檔。另一方面，由代理或開發者生成原始碼正在變得商品化。

So that obviously raises the volume and the demand for the JFrog platform.

因此，這顯然提高了 JFrog 平台的量能與需求。

Brian Essex, JP Morgan.

摩根大通（JP Morgan）的 Brian Essex。

Hi. Good afternoon. Thank you for taking the question. And great to see the acceleration with margin expansion. Really nice results.

嗨，午安。謝謝你們回答問題。也很高興看到在毛利率擴張的同時出現加速成長。成果非常亮眼。

Maybe, Shlomi, for you, would love to understand how your budget environment has evolved throughout the year. Have you maintained the same stakeholders? Or with the elevated threat environment and some of the vulnerabilities that we've seen, some of the incidents that we've seen, has that scope of stakeholders within enterprises expanded?

也許 Shlomi，想請你談談你們的預算環境在今年以來是如何演變的。你們是否維持相同的利害關係人（stakeholders）？或者在威脅環境升高、以及我們看到的一些弱點與事件之下，企業內部的利害關係人範圍是否擴大了？

And then, as part B of that, is awareness of your platform moving up to CIO C-suites more frequently and garnering more stakeholder support within the enterprises?

另外，作為第二部分，你們的平台是否更常被提升到 CIO 等 C-level 高層的視野中，並在企業內部獲得更多利害關係人的支持？

Just trying to get a sense of the momentum that you have. Is your budget visibility expanding, as you head into the end of the year and think about the set-up for next year? Thank you.

只是想了解你們目前的動能。在接近年底、並思考明年的布局時，你們的預算能見度是否正在擴大？謝謝。

Yes. Brian, thank you for the question.

是的。Brian，謝謝你的問題。

I believe that we all understand that a $76 million deal is not being signed by a developer. So, of course, the introduction to the C-suite of our customers is something that enable us to scale.

我想我們都明白，一筆7,600萬美元的交易不可能是由開發者簽下的。所以，當然，讓我們進入客戶的 C-suite 高層視野，是使我們能夠擴大規模的關鍵。

And we report, quarter after quarter, the growth of our over $1 million in ARR customers that are betting more and more on JFrog.

而且我們一季又一季地報告，年經常性收入（ARR）超過100萬美元的客戶數持續成長，這些客戶越來越多地押注在 JFrog 上。

So that's obviously a great achievement of our strategic and sales team that managed to build this relationship with the C-suite of our customers, which, by the way, are the biggest organizations in the world.

因此，這顯然是我們策略團隊與銷售團隊的一項重大成就，他們成功與客戶的 C-suite 建立關係；順帶一提，這些客戶都是全球最大的組織。

The second thing, to your point, you are very much right. This is not just the CIO or CTO that used to pay for DevOps.

第二點，正如你所說，你非常正確。這不再只是過去為 DevOps 買單的 CIO 或 CTO。

A lot of our new customers are coming from the CISO office, the CISO, itself, whether it's for governance and compliance or security demand.

我們許多新客戶是從 CISO 辦公室而來，也就是 CISO 本人，不論是出於治理與合規需求，或是安全需求。

And the security momentum that we see and the adoption of the JFrog security solution that contributed to the growth of the net dollar retention, as we mentioned, this comes with larger checks that are being signed only by the C-suite.

而我們看到的安全動能，以及 JFrog 安全解決方案的採用——如我們提到的，這也促進了淨美元留存率（net dollar retention）的成長——這些都伴隨著更大金額的支票，而這些通常只有 C-suite 才會簽核。

So the answer is yes on the C-suite and yes on the expansion of the C-suite.

所以答案是：是的，C-suite；也是的，C-suite 的參與範圍正在擴大。

Matt Hedberg, RBC.

RBC 的 Matt Hedberg。

(Operator Instructions)

（接線員指示）

Oh. Hey, guys. Sorry about that. Just had to hit star-six. Thanks for taking the question. Congrats on the quarter from me, as well.

喔，嗨，各位。抱歉剛剛那樣。我只是得按一下星號六。謝謝你們回答問題。我也要恭喜你們這一季的表現。

Maybe, just to follow up on that last question on expansion, obviously, it's great to see the tick up, both year on year and sequentially here.

也許就延續上一題關於擴張的問題，顯然很高興看到這裡無論是年對年還是季對季都有所上升。

Ed, you guys have a lot of drivers of that. We talked about a lot of them on the call tonight.

Ed，你們有很多驅動因素。我們今晚在電話會議上談到了其中很多。

But how should we think about the guardrails for, like, where NRR could go, especially as we start to think about calibrating our models for next year, as we think about 4Q and into next year?

但我們應該如何思考一些「護欄」（guardrails），例如 NRR 可能走到哪裡，特別是當我們開始為明年校準模型、思考第四季以及進入明年時？

Yeah. Thanks for the question, Matt.

是的。謝謝你的問題，Matt。

Really, today we are seeing a very, very healthy buying environment. And we are focused on that momentum, just to continue to build with execution in 2026.

確實，今天我們看到的是一個非常、非常健康的採購環境。而我們專注於這股動能，透過在 2026 年的執行持續把它做大。

We have seen strong usage over minimum commitment. We have been able to capture some of those customers into higher annual commitments.

我們看到超出最低承諾額度的使用量很強勁。我們也能把其中一些客戶轉換為更高的年度承諾。

We are also seeing usage, broadly, across our platform above minimum commitments. It was sustained usage during Q3.

我們也看到在我們的平台上，整體而言，使用量普遍高於最低承諾。這在第三季是持續性的使用。

So the focus, today, is really around the execution in 2026. We set the floor for 2026. And we will provide some insights next quarter, when we close out Q4 and the full year.

所以，今天的重點其實是在 2026 年的執行。我們已為 2026 年設定了底線。而我們會在下個季度、當我們結束第四季與全年時，提供一些洞見。

Jonathan Ruykhaver, Cantor.

Jonathan Ruykhaver，Cantor。

Yeah. Hey, guys. Once again, very, very impressive print.

是的。嗨，各位。再一次，非常、非常令人印象深刻的成績。

I am just curious, when you look at the AI and ML model-development trends, it does sound like, Shlomi, based on some of your comments -- that you are seeing incremental usage.

我只是好奇，當你們看 AI 與 ML 的模型開發趨勢時，聽起來 Shlomi，根據你的一些評論——你們看到使用量有增量提升。

Any way to quantify that use case and usage trends versus traditional-software development? And are AI-related repositories growing faster than traditional-software repositories?

有沒有辦法量化這個使用情境與使用趨勢，相較於傳統軟體開發？以及 AI 相關的儲存庫是否比傳統軟體儲存庫成長更快？

And then, just, finally, how does AI-model development compare to software, as it relates to data usage?

最後，AI 模型開發在資料使用方面，與軟體開發相比如何？

Yeah. Well, that is obviously something that we track closely.

是的。嗯，這顯然是我們密切追蹤的事情。

We are looking at the data, not only in our cloud but, also, when we speak with our self-hosted customers to understand the level of adoption of AI.

我們在看資料，不僅是在我們的雲端，也會在與自架（self-hosted）客戶交流時，了解 AI 的採用程度。

Obviously, the more progressed companies are adopting MCP skills, datasets, plug-ins, and other new artifacts that were introduced during the era of AI.

顯然，較為成熟的公司正在採用 MCP 技能、資料集、外掛，以及其他在 AI 時代引入的新型工件（artifacts）。

We are not yet ready to disclose the break-down of the numbers but, for sure, this is increasing. This is first thing.

我們目前還沒準備好揭露數字的拆分，但可以肯定的是，這正在增加。這是第一點。

The second thing, by using those tools, skills, and MCP, more specifically, it enables agents as first-level citizens on JFrog platform, using JFrog as a system of record, being protected by our security.

第二點是，透過使用這些工具、技能，尤其是 MCP，它讓代理（agents）能以第一級公民的身分存在於 JFrog 平台上，使用 JFrog 作為記錄系統（system of record），並受到我們的安全防護。

So this generates not only those new packages but, also, the usage of others, such as the legacy binaries that we all know from the open-source environment.

因此，這不僅會產生那些新的套件，也會帶動其他項目的使用，例如我們在開源環境中都熟悉的既有二進位檔（legacy binaries）。

So we are collecting the information. Once we would be ready and feel comfortable with it, we will share, of course, more information about it.

所以我們正在蒐集資訊。一旦我們準備好、並且對其感到有把握，當然會分享更多相關資訊。

Yi Fu Li, StoneX.

Yi Fu Li，StoneX。

Hey, congratulations, Shlomi and the JFrog team. Such a monster quarter. Obviously, 60% RPO growth, et cetera.

嗨，恭喜 Shlomi 以及 JFrog 團隊。這真是個爆發性的季度。顯然，RPO 成長 60% 等等。

Just want to get a sense on the AI-naïve customers. I understand the biggest debate was, like, converting the [overage] to long-term commitment, which you guys have done.

我想了解一下所謂 AI-naïve（對 AI 尚未成熟/尚未導入）的客戶。我理解最大的爭論點在於把（超額用量）轉成長期承諾，而你們已經做到了。

Was wondering what was it that, this quarter, drove the, you could say, customer crossing the chasm, right, to sign longer term with you? Is there certain things that drove this behavior?

想請問是什麼在這一季驅動了——你可以說——客戶跨越鴻溝（crossing the chasm），對吧，去跟你們簽更長期的合約？是否有某些因素驅動了這種行為？

And then, Ed, I know you're not going to give it but, like, I'm going to try anyway. On the longer term, right -- in the back of the deck, obviously, we have our long-term model. After this monster beat, is there anything you could, like, comment on that? Any changes?

然後，Ed，我知道你不會給，但我還是想試試看。就長期而言——在簡報後面顯然有我們的長期模型。在這次大幅超預期之後，你能否對此做任何評論？有任何變動嗎？

That's it for me. Thanks, guys.

我就這些。謝謝各位。

Thanks for the question, Yi Fu. I'll go ahead and start.

謝謝你的提問，Yi Fu。我先開始回答。

First, let me remind you that the AI-naïve customers are primarily self-hosted customers. We did talk about one that we closed in Q2, which is a hybrid customer.

首先，提醒你一下，AI-naïve 的客戶主要是自架（self-hosted）客戶。我們確實談到過一個在第二季簽下的客戶，那是一個混合（hybrid）客戶。

That just started. It's very early in the life cycle with JFrog. And so we're not going to necessarily comment on anything around conversion or capture for that particular customer.

那才剛開始。在 JFrog 的生命週期還非常早期。因此，我們不一定會就該特定客戶的轉換或承接（capture）做任何評論。

Again, reminding you that there's not one single customer that represents more than 3% of our revenues.

再次提醒你，沒有任何單一客戶占我們營收超過 3%。

But. in terms of what we saw in a very, very strong quarter, as you mentioned, RPO was strong, capture of some customers to higher annual commitments.

但是，就如你提到的，在這個非常、非常強勁的季度中，我們看到 RPO 表現強勁，也把部分客戶承接到更高的年度承諾。

When we look at the investor deck, I think you're referring, probably, to the long-term model, we're tracking very nicely against that.

當我們看投資人簡報時，我想你指的可能是長期模型；我們目前的進展與該模型的軌跡非常吻合。

We will come back to you at the end of the year. And we can talk a little bit more about 2027. We are not ready to disclose anything, at this point.

我們會在年底再回來更新你。屆時我們可以多談一點 2027 年。目前我們還沒準備好揭露任何內容。

But we are building momentum, we are building strength. As I mentioned, it is a healthy purchase environment. And we are capturing, through the execution of our strategy, very strong outcome and results.

但我們正在累積動能、建立實力。如我所提到，這是一個健康的採購環境。而我們透過策略的執行，正在取得非常強勁的成果與結果。

And Shlomi can talk a little bit about what we saw in terms of those customers that we did capture bigger commitments.

Shlomi 也可以談談我們在那些被我們承接到更大承諾的客戶方面，看到了什麼。

Yeah.

好的。

Well, Yi Fu, the commitment of these customers is obviously growing by the self-hosted demand, which is more projects, more departments, more regions. And we are very happy to see the collaboration with them.

嗯，Yi Fu，這些客戶的承諾顯然是由自架（self-hosted）需求所帶動而成長的——更多專案、更多部門、更多區域。我們很高興看到與他們的合作。

Some of them shared, on stage, at swampUP, the partnership that they are building with JFrog. We are not commenting on one by one. But we are very honored to have those that are building AI with AI using JFrog as their system of record.

其中一些客戶在 swampUP 的舞台上分享了他們與 JFrog 正在建立的合作夥伴關係。我們不會逐一評論。但我們非常榮幸能與那些正在用 AI 打造 AI、並以 JFrog 作為其記錄系統（system of record）的客戶合作。

Jason Ader, William Blair.

Jason Ader，William Blair。

Yeah. Thank you. Good afternoon.

是的，謝謝。下午好。

Can you talk, Shlomi, a little bit about the competitive landscape in supply-chain security, who you see the most in bake-offs?

Shlomi，你能否談談供應鏈安全（supply-chain security）的競爭態勢，你們在評選（bake-offs）中最常遇到誰？

And, related to that, it seems like GitLab and GitHub are, at least, talking about security more, maybe investing more, maybe because their [repo] business is under pressure.

另外，相關地看起來 GitLab 和 GitHub 至少在談安全方面更多了，可能投資也更多，或許是因為他們的（儲存庫）業務正承受壓力。

But maybe just talk about that picture for us.

但也請你就這個整體圖景跟我們談談。

Yes. Well, Jason, the competitive landscape is very diverse.

是的。嗯，Jason，競爭格局非常多元。

On the landscape of security, obviously, we see point solutions trying to provide a scalable solution for artifact firewall and for SBOM, AI BOM solutions, software-composition analysis, and things like that.

在安全領域的版圖上，顯然我們看到一些點狀解決方案（point solutions）試圖提供可擴展的工件防火牆（artifact firewall）與 SBOM、AI BOM 解決方案、軟體組成分析（software-composition analysis）等。

I think that JFrog is well-positioned, as it differentiates itself by having those security solution very tightly integrated with Artifactory, the system of record.

我認為 JFrog 的定位很好，因為我們的差異化在於：這些安全解決方案與 Artifactory（記錄系統，system of record）做了非常緊密的整合。

So what our customers keep telling us -- that there is no complete security solution and no complete governance solution without the very tight integration with Artifactory.

因此，我們的客戶一直告訴我們——如果沒有與 Artifactory 的非常緊密整合，就不可能有完整的安全解決方案，也不可能有完整的治理（governance）解決方案。

Now, if you look at the point solution that I just mentioned, all of them need an access to Artifactory. And this is something that we look at and we consider every day.

現在，如果你看我剛才提到的點狀解決方案，它們全部都需要存取 Artifactory。而這是我們每天都在檢視並加以考量的事情。

But it gives us a very strong reason to believe that our customers would prefer one platform over point solutions.

但這也給了我們一個非常強的理由，相信客戶會偏好單一平台，而不是點狀解決方案。

Regarding the system-of-record landscape, you know the players there, most of them are providing solution that are not hybrid, not universal, and, for sure, not scalable to the level of Artifactory. Therefore, the worlds of enterprise trust JFrog and scale with us.

就系統記錄（system-of-record）的版圖而言，你也知道那裡的玩家，多數提供的解決方案並非混合式、並非通用，而且肯定無法擴展到 Artifactory 的規模。因此，企業信任 JFrog，並與我們一起擴展規模。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊。

Hey, guys. This is Eamon Coughlin, on from Raimo. Thanks for taking the question.

嗨，各位。我是 Eamon Coughlin，代 Raimo 發問。謝謝讓我提問。

Ed, on the commentary of converting some of those over-usage into higher annual commitments, has that timeline shortened, over time, as customers gain more confidence in AI workload durability? Or do procurement and forecast uncertainty still make these conversions primarily on a case-by-case basis?

Ed，關於把部分超額使用轉換為更高的年度承諾這件事，隨著客戶對 AI 工作負載的持續性更有信心，這個時間軸是否隨時間縮短了？還是採購流程與預測不確定性仍使得這些轉換主要以個案方式進行？

And then, is there any way to rank higher consumption, security adoption, and self-managed migrations contribution to cloud growth this quarter?

另外，有沒有辦法把本季雲端成長的貢獻，按較高用量、安全性採用，以及自管（self-managed）遷移，做個排序？

Thanks, guys. Congrats on the quarter.

謝謝各位。恭喜這一季的表現。

Yeah. Let me start. And then, Shlomi can fill in, if there's anything that I'm missing here.

好的。我先開始回答。然後如果我有漏掉什麼，Shlomi 可以補充。

But what we saw in the first half of 2026 was a hesitation. And we saw customers, almost like an insurance policy, spending more than their minimum commitments.

但我們在 2026 年上半年看到的是一種猶豫。我們看到客戶幾乎像買保險一樣，支出超過他們的最低承諾。

That trend is continuing, even, still today in Q3. But what we saw is some of our largest customers, with clarity, that AI workloads are continuing to grow and that they need to make commitments to JFrog, not only with their offerings to increase data consumption but also with security and governance.

這個趨勢仍在延續，甚至到今天的第三季也是如此。但我們看到一些最大的客戶已經更明確：AI 工作負載持續成長，他們需要對 JFrog 做出承諾，不僅是在我們的產品以提升資料用量方面，也包括安全與治理。

It's not necessarily that those timelines have shortened. But the clarity around the decision-making became much clearer in Q3.

不一定是那些時間軸縮短了。但在第三季，決策的清晰度變得更高、更明確。

So this is why we saw some of those customers converting. And it was more of those large customers.

所以這就是為什麼我們看到部分客戶完成了轉換。而且主要是那些大型客戶。

Nick Altmann, BTIG.

Nick Altmann，BTIG。

Hey. Awesome. Thanks, guys.

嗨。太棒了。謝謝各位。

I wanted to circle back to the $76 million TCV contract. And the question is: Can you just give us a flavor of where that compares to your other deals that have historically been very large on, like, an [ACV] basis?

我想回到那筆 7,600 萬美元的 TCV 合約。我的問題是：你們能否大概說明一下，這筆交易相較於你們過去在（例如）[ACV] 基礎上歷來非常大的其他交易，處於什麼樣的水準？

And what I'm trying to get at is, it seems like you guys are in a different atmosphere in terms of the deal sizes that you were really in, even a year ago.

我想了解的是，看起來你們在交易規模方面，已經進入不同的層級，甚至相較一年前也是如此。

And so, Ed, I know that you guys don't include these large transactions in the guidance but maybe just talk us through how long that deal took to close, whether there's other transactions of a similar-size opportunity in the pipeline, or whether this deal had maybe some anomalies that maybe leads it to an outsized opportunity versus what you guys see.

所以，Ed，我知道你們不會把這些大型交易納入財測指引，但也許可以帶我們了解一下：這筆交易花了多久才成交、管線裡是否還有其他類似規模的機會，或是這筆交易是否有一些特殊因素，使其成為相較你們平常所見更為突出的機會？

Thanks.

謝謝。

Thank you, Nick. I will start. And Ed can chime in with more details about it.

謝謝你，Nick。我先開始回答。Ed 也可以補充更多細節。

Signing an $80 million deal is not something that is based on a product or on a sales maneuver. It is an investment -- a long-term investment -- building trust with the customer for many years.

簽下一筆 8,000 萬美元的交易，並不是靠某個產品或某種銷售手法就能做到的。這是一項投資——一項長期投資——多年來與客戶建立信任。

It started with the migration from Sonatype Nexus to Artifactory, then the scalability, then the migration to the cloud, then the additional security solution, then more and more petabyte of usage, and then, AI came and changed everything in terms of the attack surface and the governance requirement.

它始於從 Sonatype Nexus 遷移到 Artifactory，接著是可擴展性，然後是遷移到雲端，再來是額外的安全解決方案，接著是越來越多 PB 等級的使用量；然後 AI 出現了，徹底改變了一切，包括攻擊面與治理需求。

So I think that this specific customer found a partner that could scale with it and provide the flexibility of a universal solution that will support several vendors, several agents, several solutions that they are adopting and using at the scale of AI.

所以我認為，這位特定客戶找到了一個能與其一同擴展、並提供通用解決方案彈性的合作夥伴；該解決方案能在 AI 規模下支援多家供應商、多種代理（agents）、多種他們正在採用與使用的解決方案。

It is not necessarily different from other customers we see. Obviously, the magnitude is different. But we see more and more multimillion-dollar deals, not only in 2026 results but also in our pipeline. And, therefore, we felt comfortable to raise the guidance for the year, as we looked at the pipeline.

這不一定與我們看到的其他客戶有本質不同。當然，量級不同。但我們看到越來越多的數百萬美元級交易，不僅反映在 2026 年的成果中，也出現在我們的管線裡。因此，當我們檢視管線時，我們有信心上調全年指引。

This comes not only from one region, not only from one sector, not only from one size. It is across our portfolio. And we have a very strong confidence in our pipeline.

這不僅來自單一地區、不僅來自單一產業、不僅來自單一規模。而是橫跨我們的產品組合。我們對管線非常有信心。

Just to close out Shlomi's, what he was saying here, in terms of the timing and the cadence, we see these very large deals typically come in the back half of the year.

補充一下 Shlomi 剛才所說的，關於時點與節奏，我們通常看到這些非常大型的交易會在下半年出現。

So, if you recall, we had three of the largest deals a few years ago in Q3. This seems to be more of the theme, where these type of deals close towards the back half of the calendar year.

所以，如果你還記得，幾年前我們有三筆最大的交易是在第三季。這似乎更像是一個主題：這類交易會在曆年下半年接近尾聲時完成簽約。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the call back to Shlomi for closing remarks.

我現在把電話交回給 Shlomi 做結語。

Thank you, everyone, for joining the call. We are very, very pleased with our Q3 results.

感謝各位參與本次電話會議。我們對第三季的業績表現非常、非常滿意。

We are looking forward to seeing you at the end of 2026. And may the frog be with you.

我們期待在 2026 年底與各位再見。願青蛙與你同在。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。