JFrog Ltd.

please raise your hand. If you have dialed into today's call, please press star 9 to raise your hand and star 6 to unmute. I will now hand the conference over to Jeffrey Schreiner, VP, Investor Relations. Jeffrey, please go ahead.

Thank you, Nicole. Good afternoon, and thank you for joining us as we review JFrog's fourth quarter and fiscal 2024 financial results. which were announced following the market close today via press release. Leading the call today will be JFrog CEO and co-founder Shlomi Ben-Haim and Ned Grabscheid, JFrog CFO. During this call, we may make statements related to our business that are forward-looking under federal security 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 Q1 and the full year of 2025. The words anticipate, believe, continue, estimate, expect, intend, will, and similar expressions are intended to identify forward-looking statements or similar indications of future expectations. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our views only as of today and not as of any subsequent date. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For discussion of material risks and other important factors that could affect our actual results, please refer to our Form 10-K for the year ended December 31, 2023, 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-K for the year ended December 31, 2024, to be filed with the SEC on February 14, 2025, and other filings and reports that we may file from time to time with the SEC. Additionally, non-GAAP financial measures will be discussed on this conference call. These non-GAAP financial measures, which are used as measures of JFROG's performance, should be considered in addition to, not as a substitute for, or in isolation from GAAP measures. Please refer to the tables in our earnings release for a reconciliation of those measures to their most directly comparable GAAP financial measures. A replay of this call will be available on the JFrog Investor Relations website for a limited time. With that, I'd like to turn the call over to JFrog's CEO, Shlomi Benhaim. Shlomi?

Thank you, Jeff. Good afternoon to you all, and thank you for joining our call. I'm excited to share that JFog closed the fourth quarter and fiscal year 2024 on a high note with meaningful results across all key focus areas, which we will discuss today. We believe that JFog's strong cloud growth and adoption of our holistic advanced security solutions by enterprises underscore the strength of our platform strategy. We are honored to gain the trust of many of the world's leading companies, which are choosing JFrog as their go-to software supply chain infrastructure. Our enterprise-focused go-to-market strategy in 2024 has secured multi-year, sizable platform subscriptions from customers who choose JFrog as the single source of tools for all types of software packages and AI models. This approach has driven higher customer lands, delivered durable revenue growth, and reinforced our leadership in the market. As we close out 2024, I'm pleased by the focused execution of our vision, making software universally accessible, continuously updated, and trusted everywhere, a true realization of the liquid software revolution in the era of AI. This momentum propels us into 2025, fueled and energized. Let me review some of our results in more detail. In 2024, JFrog's total revenue was $428.5 million, up 22% year-over-year. Cloud revenue for 2024 was $168 million, representing 41% year-over-year growth. Our gross margin for the year was 83.8%, alongside strong free cash flow of $107.8 million, or free cash flow margin of 25% for the year. 2024 successes were driven by strong execution with our enterprise customers. Our investments in the first half of the year fueled their initiatives, resulting in some of JFrog's largest deals ever, closing in the second half of the year. In today's call, Ed will further discuss the fourth quarter results and dive deeper into our annual performance. Now, let me discuss the core of what fueled our accomplishments in Q4 and throughout 2024. First, JFrog's cloud success. As we embarked on 2024, we showed our outlook, recognizing that the challenges of 2023, specifically around project migration and consumption discipline, would persist. Despite navigating tight budgetary environment and rigid procurement processes in 2024, we remained focused on execution and securing strong wins. As a result, we were pleased in Q3 and Q4 to see large companies demonstrate confidence in JFrog with multi-year commitments as they reignited their strategic cloud migration journeys with us once they had reached their optimal timing. Our 2024 cloud revenues were in line with the guidance we provided in Q2. We remain focused on driving more enterprise adoption of our cloud platform and building even tighter relationships with our cloud partners at AWS, Google Cloud, and Microsoft Azure. As an outcropping of our strategic partnerships with the cloud providers, I'm pleased to report that we have recently signed a strategic collaboration agreement with AWS that we believe will enable joint enterprise customers to cost effectively scale their DevSecOps and AI-driven software solutions in the cloud. We are looking forward to keeping the cloud momentum and promoting partnerships to support customers' cloud adoptions. Second, to security. JFrog was early to the market with the concept of the DevOps and security were inseparable and believed the powerful combination should displace all point solution via one platform. We continue to envision a future where security is no longer fragmented, a secured future powered by a single, holistic, and modern solution that optimizes operation and budget for JFOG users. Emboldened by this vision, we set out to deliver a platform designed not only to consolidate tools, but to amplify development teams' work, delivering unmatched protection and risk mitigation to our users' entire software supply chain. For over three years, we have doubled down on this security vision and invested organically and inorganically in what became the industry standard, a single solution that automates a system of record and security as a unified process, as demanded by global CIOs and CISOs. I'm pleased to report that 2024 closed on a strong note with our security core becoming a mission critical piece of our enterprise offering. JFrog Advanced Security and JFrog Curation as part of our JFrog platform was successfully adopted by approximately 250 customers that are migrating from point solution tools like Snyk, BlackDock, Mend, Veracode, Checkmarks, Coverity, and others. In 2024, our most sizable deals included not only DevOps migration to the cloud, but the clear bet placed by customers on one solution, one platform that also covers the modern security requirements. We were excited to see the validation of this trend led by standardization and consolidation as some of the world's most recognizable companies demonstrated their trust in JFrog across verticals in 2024, including four wins across the top five companies in automotive, financial, healthcare, and telecommunication. Each of these industry leading companies placed multi-million dollar, multi-year, security driven platform deals in 2024. In 2024, we invested not only in sales but also in strategic partnerships focusing on the security persona experience. Through our GitHub partnerships, we enabled a one-platform experience that coupled AI capabilities with security in GitHub Copilot and JFrog curation. This is all supported by our advanced JFrog Catalog vulnerability database. backed by our security research team, enhancing enterprise security. To summarize our security success for 2024, I'm happy to report our core security solutions comprise over 5% of our final ARR and approximately 12% of our ending RPO in 2024. And third, to our enterprise strategic success. To successfully focus on the enterprise market, an organization needs more than just a dedicated sales force targeting high-end customers. This shift demands a comprehensive transformation in how a company operates and delivers value. It requires evolving the platform offering to address broader and more complex challenges, especially in the face of rapid technological changes. Additionally, it calls for an adjusted customer success approach, engagement with diverse persona and budget holders within client organizations, and a redefined partner strategy. Sometimes it even involves making difficult decisions, such as parting ways with a subset of low-subscription customers to remain focused on the enterprise segment and ensure long-term success in the upmarket space. I'm pleased to report that with our focus and efforts targeting the enterprise market, we have delivered consistent goals. In Q4, customers with ARR over $100,000 grew to a total of 1,018, up from 886 in the year ago period. The number of customers with ARR exceeding $1 million increased to 52, up from 37 in the year ago period. Now, before handing over to Ed, I want to dive into JFrog's perspective on MLOps and responsible AI. In 2024, we acquired Quack AI, making JFrog the first company to unify DevOps, DevSecOps, and MLOps within a single platform as the industry increasingly demands. In recent weeks, we launched the first implementation of JFrog ML available now to our cloud customers. Our core values, such as multi-cloud and hybrid enterprise-grade offerings, are further empowering the GenAI and MLOps ecosystem with JFrog's strong partnerships and integrations, including Hugging Face, GitHub, and NVIDIA, to enhance users' workflows. Today's enterprises know that machine learning operation, MLOps, is inseparable from DevOps and DevSecOps, as getting AI models to production requires the same principle across development, security, deployment, and maintenance of binaries. Just as we have expanded our offering with security capabilities, building on Artifactory as the secured registry and the foundation of our platform, this MLOps expansion will empower our customers as they embrace AI-driven technologies. We are excited about what's ahead and look forward to promoting our partnerships with our customers and the community. With that, I will turn the call over to our CFO, Ed Grebscheid, who will provide an in-depth recap of Q4 financial results and our outlook for 2025 Q1 and full fiscal year of 2025. Ed?