JFrog (FROG) 47th Annual Raymond James Institutional Investor Conference summary

Company vision and evolution

• Founded to manage binaries, addressing a gap in software deployment and updates as DevOps practices accelerated.

• Evolved from a point solution (Artifactory) to a comprehensive platform, now with over 56% of revenue from Enterprise+.

• Investments expanded the platform to include security, compliance, and governance, with DevGovOps and AppTrust as recent initiatives.

• Large enterprises increasingly adopt the platform, recognizing the critical role of binaries in the software supply chain.

Business segments and growth drivers

• Cloud segment saw 45% growth in 2025, driven by strong customer usage and expansion beyond minimum commitments.

• Self-hosted segment monetizes by server count, appealing to AI labs and offering resilience against developer seat-based pricing.

• Security offerings are often deployed in the cloud, even for self-hosted customers, ensuring up-to-date protection.

Financial strategy and guidance philosophy

• Focus remains on top-line growth, with disciplined investments in security, AI, and governance.

• Willingness to trade a few margin points for incremental growth, maintaining a strong Rule of 40/50 balance.

• Guidance philosophy shifted to set a floor based on committed revenue, excluding variable usage and large deals, to manage volatility.

• Outperformance is expected from usage above minimum commitments and timing of large deals.