JFrog Ltd.

I will now hand the conference over to Jeffrey Schreiner, head of investor relations. Jeffrey, please go ahead.

Thank you, Nicole. Good afternoon, and thank you for joining us as we review JFrog's second quarter 2025 financial results, which were announced following market close today via press release. Leading the call today will be JFrog's CEO and co-founder, Shlomi Benhaim, and Ed Grabscheid, JFrog's CFO. During this call, we may make statements related to our business that are forward-looking under federal security 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 Q3 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 a discussion of material risks and other important factors that could affect our results, please refer to our Form 10-K for the year ended December 31, 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 June 30, 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 all for joining the call. As the JFrog platform becomes the system of record for all software packages, I'm pleased to report another excellent quarter for the company. We continue to execute with discipline, aiming to meet the growing market demand for a unified platform that enables trusted, scalable software delivery. In Q2, JFrog's total revenue was $127.2 million up 23% year-over-year. Our operating margin was 15.2% in the quarter, demonstrating consistent execution while maintaining disciplined strategic investments. Cloud revenue for Q2 equaled $57.1 million, representing 45% year-over-year growth. we observe sustained cloud usage while maintaining a strategic focus on converting customers with steady usage above minimum commitment into annual contracts. Our enterprise focus, product, and go-to-market bore fruit again this quarter. I'm pleased to report that our greater than $1 million customers grew to 61 compared to 42 in the year-ago period, equalling 45% growth year-over-year. Customers spending more than $100,000 annually grew to 1,076 compared to 928 in the year-ago period, equalling 16% year-over-year growth. Our training for quarters net dollar retention increased sequentially, driven by continued adoption of our security product and solid growth across our customer base. Ed will discuss this in greater detail later in the call. Entering the second half of 2025, we are confident that our focus on DevOps, security, and MLOps aligns with modern software demands. This quarter's success was fueled by continued cloud growth, rising demand for our unified security solutions, and a clear value proposition in the rapidly evolving world of agentic AI and MLOps. Now, I will take a moment to spotlight what powered our Q2 success, highlighting the key drivers behind our strong performance. First, on Cloud Goals. I want to address two items for J4Cloud, both our core business results and then talk about emerging market dynamics. Q2 delivered strong cloud results fueled by expanded annual commitments, helping our customers gain budget clarity and suspending visibility while growing our recurring revenue base. Now with AI adoption exploding, CIOs are rethinking infrastructure at its core. The unpredictable cost of running AI at scale is forcing a shift from cloud first to fit for purpose. This might mean hybrid, balancing cost predictability with agility, compliance, security, and control. JFrog has been hybrid from day one, a unified software supply chain platform that runs in the cloud, on-prem, or both. We are not reacting to this hybrid demand. We've been building for it, giving our customers true freedom of choice. This strategic shift by companies might extend sales cycles of customers that were in the process of migrating workloads to public clouds. But it reflects a deeper enterprise commitment across infrastructures and setups. As customers bet big on AI, they need a robust solution, but also cost predictability. And that's exactly where J4 can help them build smarter for the future. We're heading into H2 confident and focused, aligned with customers' demand, and build for what's next, staying loyal to our disciplined, de-risked approach. Next, to AI and machine learning. Over the past two years, JFrog has not only invested in making our platform the system of record for MLOps and AI driven software delivery, but also partnered with the world's largest companies and leading organizations in the AI ecosystem. Last quarter, we highlighted our partnership with Hugging Face to secure open source AI models. the launch of JFogML to enterprise customers as part of our unified platform, and the growing adoption of JFog by native AI companies using Artifactory as the centerpiece model registry in their software supply chain. In Q2, we were honored to be included in yet another mega initiative in the world of AI when NVIDIA's CEO, Jensen Wong, announced the new enterprise AI factory at the NVIDIA GTC conference. As part of this emerging standard for enterprise AI development, JFrog was announced as the cornerstone software artifact repository and secure model registry for NVIDIA's initiatives. Justin Boitano, NVIDIA's VP of enterprise AI products, noted, quote, enterprises building AI factories need to manage the complexity of AI adoption while ensuring performance, governance, and trust. JFrog's unified software supply chain platform paired with the NVIDIA Enterprise AI Factory validated design enables rapid responsible AI innovation at scale." End quote. We also continue to gain traction with leading AI industry customers as referenced in Q1, as they rapidly adopt the JFrog platform as an infrastructure solution, a system of record for binaries. Just as we previously became the registry and single source of truth for all software packages, containers, and artifacts, or in short, all type of binaries, we are on a mission to become the world's leading AI model registry, offering our customers comprehensive 360 coverage across the entire model lifecycle. To achieve this, we are deepening partnerships with AI industry leaders, expanding our support for the AI ecosystem, and driving community standards for responsible ML and AI adoption. As AI continues to transform the way we live and work, developer tool stacks are evolving rapidly, integrating code assistance tools, to meet growing demands for speed and efficiency. But it's not just tools that are changing. The architecture of software products must now be designed around MCP servers that enable agentic interaction, giving AI technologies access to tools and the system that power modern application development. JFrog is all in as an open platform, building a solution that deeply integrates into the AI ecosystem. Our commitment was also marked by the launch of the JFrog MCP server in mid-July during the AWS Summit in New York. This is not all. As responsible members of the AI community and as a vendor committed to building trust across our customer software supply chain, we recognize that as MCP adoption accelerates in the development world, so does interest from threat actors looking to exploit evolving MCP standards. Our security research team recently uncovered and published significant exploitation risks tied to MCP usage and we're proud to lead the charge in securing the AI community from these emerging threats. Finally, I want to highlight our DevSecOps solutions. In Q2, we saw multiple customers' wins continue to be driven by security, with companies focused on the consolidation of tools, AI model security, and software package curation. For example, during the second quarter, one of the world's largest telecommunication companies expanded its use of JFrog through JFrog curation in a seven-figure deal. As part of their standardization and consolidation efforts across their DevOps and DevSecOps tool sets, they placed a strategic investment in our solution to enforce policies and act as a firewall for the software supply chain. JFrog Security Solutions are boldly transforming the industry, replacing legacy point solution tools with a unified software supply chain platform and blazing the trail with world-class research and cutting-edge innovations to deliver trusted AI. Some of these innovations will be announced at SwampUP. I'm excited to remind you that JFrog will be holding our annual user conference on September 9th and 10th in Napa Valley, California. We'll be announcing new products and strategic partnerships, highlighting new innovations, and delivering new solutions to the market. We look forward to welcoming our community to SwampUP, where the world of every op standards is crafted. With that, I'll turn the call over to our CFO, Ed Grabscheid, with an in-depth recap of Q2 financial results and our updated outlook for Q3 and the full fiscal year of 2025. Ed.