JFrog Ltd.

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 first quarter 2025 financial results, which were announced following market close today via press release. Leading the call today will be JFrog CEO and co-founder Shlomi Ben-Haim and Ed Grabscheid, JFrog CFO. 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 Q2 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 can 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-K for the year ended December 31st, 2024, which is available on the investor relations section of our website and the earnings press release issued earlier today. Additional information will be made available in our Form 10-Q for the quarter ended March 31, 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 CEO, Shlomi Benhaim. Shlomi?

Thank you, Jeff. Good afternoon, and thank you for joining the call. We're kicking off 2025 on a strong note. Our first quarter results underscore JFrog's essential role as a system of record for software delivery from creation to production for customers prioritizing automation, scale, speed, and trust. The JFrog platform plays a pivotal role at the intersection of development, security, AI, and MLOps, and today, We're excited to share more details about quarterly performance driven by the solid execution of our strategic initiatives. In Q1, JFOG's total revenue was $122.4 million, up 22% year over year. Our operating margin of 17.4% demonstrates our commitment to profitable growth during a period of market uncertainty. Cloud revenue for Q1 equaled $52.6 million, representing 42% year-over-year growth, driven by increased consumption in addition to steady customer commitment. Our greater than $1 million customers grew to 54 compared to 40 in the year-ago period, equalling 35% growth year-over-year. Customers spending more than $100,000 annually grew to 1,051 compared to 911 in the year-ago period, equalling 15% growth year-over-year. Our strategic enterprise sales motion fueled by JFrog Software Supply Chain Platform drove both growth and high enterprise customer retention, resulting in stabilizing net dollar retention, which Ed will further discuss later today. Now, allow me to address the co-drivers behind our Q1 achievements. First, cloud goals. In Q1, we saw an overachievement in the cloud driven by increased customer usage beyond contractual commitments primarily fueled by developer activity. However, purchasing and budget constraints across our portfolio persist, resulting in longer sales cycles and delayed decisions to convert into commitment at higher usage tiers. Given continued macroeconomic uncertainty, we remain cautious and do not yet view this overage as a sustained trend. We have strategically invested in our multi-cloud and hybrid solutions, establishing them as a market standard, and work closely with our self-hosted customers to migrate to JFork SaaS offering. We remain committed to capturing Q1's momentum because all code area, DevOps, security, and MLOps. Next to AI and machine learning. JFrog is the only platform that unifies DevOps, DevSecOps, and MLOps in a single solution. In Q1, we were proud to announce that all cloud enterprise customers now have access to JFrog ML, giving thousands of companies machine learning and model management technologies as part of their software supply chain solution. With the upcoming release of JFrog ML for hybrid customers, the JFrog platform is further solidifying its position as the system of record, not only for software packages, but also for AI models and artifacts. We believe we are leading the market with our natural model package approach, giving customers the 360 degree ability to manage the secure development of traditional software applications, as well as testing, training, experimenting, hosting, securing, and deploying machine learning models in a single solution. Driven by our security research and product teams, we also recently expanded our platform capabilities to include detection of malicious ML models with unmatched accuracy as validated by the community. Attacks on the ML supply chain are growing more frequent, requiring a new set of tools to protect all companies from threats that utilize malicious ML models as a torsion horse into companies' AI development processes. This critical capability in security for ML or ML SecOps allows us to provide holistic security tooling across all package types, including AI artifacts in one platform. Recognizing this reality, Hugging Face, the world's largest open source AI and machine learning model hub, approached JFrog to help secure their entire repo of 1.5 million open source ML models. Millions of global developers look to Hugging Face as their ML model hub, and Hugging Face is looking to JFrog to help fortify the community against malicious models. The CTO of Hugging Face, Julian Chowmon, said, quote, We're delighted to deepen our partnership with JFrog to implement high quality scanning capabilities for our AI and ML models and deliver greater peace of mind for developers looking to create the next generation of AI powered applications." As part of our focus on security for the community, We were also proud to recently release our annual Software Supply Chain State of the Union Report, driven by customers' data, global surveys, and our security research team's unique findings. For example, The report shows that there were over 40,000 new CVEs published in 2024. However, our security research team revealed only a very small amount of these vulnerabilities were exploitable, highlighting the value of research-backed tools that help DevSecOps teams prioritize tasks. The report also revealed more than 25,000 secrets such as login information or API keys were unintentionally revealed publicly, highlighting the need for secret detection as part of a consolidated software supply chain management and security approach. A great example in Q1 of security tool consolidation alongside DevSecOps policy enforcement comes from WalkMe, an SAP company which provides a leading digital adoption platform that helps organizations streamline user experiences. WalkMe serves over 1,600 customers, including approximately 30% of the Fortune 500, with more than 35 million users across 42 countries. Using JFrog Artifactory as their binary repository, WalkMe made a decision in 2024 to migrate from various point solutions to JFrog Advanced Security and JFrog Curation. This migration delivered significant efficiency gains, unified their software supply chain security under a single platform, and enabled policy enforcements to curate and secure all externally sourced packages. Lena Deca, CEO of WalkMe shared, moving to JFrog not only improved our security posture across the software supply chain, but also allowed us to optimize our vendor landscape and consolidate around one system of record for DevSecOps. JFrog is looking forward to helping many organizations like WalkMe regain control and trust over the software supply chain as we continue to see trends and consolidation of tooling and a move towards a holistic platform-based approach for DevSecOps. As an important part of our commitment to developers and development teams, I'm also excited to provide an update on our partnership with GitHub. In Q1, JFrog was on the road, meeting with top customers across North America and Europe, sharing our 2025 roadmap and strategic direction. The powerful partnership between GitHub and JFrog unifies processes across our best of breed platforms. With both solutions already standardized in many customers development teams, we are jointly dedicated to providing a single platform experience for users. We were proud to have GitHub CEO Thomas Domke join JFrog for our annual leap events in New York and Frankfurt. As part of a fireside chat, alongside customers, he noted, quote, GitHub and JFrog are parts of the same systems. GitHub is the single source of tools for source code, and JFrog is the binary side of that workflow. We are bringing the best of breed systems together to enable customers' experiences, end quote. We are committed to building more strategic partnerships and integrations to deliver a two integrated to fail experience across our customer software supply chain, whether developing software, implementing AI and ML practices, or securing the flow end to end. Before I hand it over to Ed, I'm proud to share that the outcomes highlighted today have positioned JFrog as the backbone not only for the majority of Fortune 100 companies, but also for some of the most cutting-edge new innovators. In Q1, we won a sizable Enterprise Plus deal with one of the world's most recognizable AI technology leaders. who are actively shaping the future of general artificial intelligence. Recognizing JFrog's unique hybrid capabilities, enabling fast developer velocity alongside enterprise-grade security, they selected JFrog as the system of record for software development and management. While the world market remains challenging and the adoption of new technology faces growing pains and regulatory hurdles, we are energized by the strong business and technology accomplishments of Q1. We enter Q2 with excitement about the opportunities ahead, both across the industry and within our roadmap. With that, I will turn the call over to our CFO, Ed Grebscheidt, with an in-depth recap of Q1 financial results and our updated outlook for Q2 and the full fiscal year of 2025. Ed?