Jfrog Ltd at UBS Global Technology and AI Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Radi Sultan - UBS AG - Analyst : Awesome. Maybe just to kick it off. You guys have seen one of the strongest accelerations in the software group over the past few quarters, 6-point [accel] to 26% in the most recent quarter. So maybe just to level set what's changed? What have been the biggest growth drivers behind that acceleration?

Question: Radi Sultan - UBS AG - Analyst : Yeah. Awesome. And maybe just on that point, you reported, I believe, was the strongest top-line beat ever in the most recent quarter, a little over 6% above the high end. You've been vocal, your guidance excludes large deals and usage over minimum commit. So maybe just walk through those two variables, how those have been trending? And sort of what have those two sort of been the biggest driver lately? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 02, 2025 / 3:55PM, FROG.OQ - Jfrog Ltd at UBS Global Technology and AI Conference

Question: Radi Sultan - UBS AG - Analyst : Awesome. Maybe just on that point, as we think about the outlook for Q4, a common question I got was sort of the full-year cloud guide does imply a pretty steep deceleration in Q4. So maybe just -- is there any way to talk about sort of the puts and takes on the Q4 guide, specifically understanding there probably is some conservatism in there, but maybe just anything over and above that when you think about puts and takes for Q4 specifically?

Question: Radi Sultan - UBS AG - Analyst : Awesome. And then maybe just on that cloud migration point specifically, is there any way to think about sort of the pace of those cloud migrations, how that's changed? And maybe when you think about like what has been the biggest catalyst behind those cloud migrations, of the functionality, features, et cetera? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 02, 2025 / 3:55PM, FROG.OQ - Jfrog Ltd at UBS Global Technology and AI Conference

Question: Radi Sultan - UBS AG - Analyst : 2022.

Question: Radi Sultan - UBS AG - Analyst : Got it. And I guess -- maybe when you think about like next year, I understand you're not giving guidance, but maybe just as you think about the biggest growth drivers for next year, we talked about security, cloud migrations, usage, AI, et cetera. Like how do you think about sort of ranking the biggest growth drivers for next year?

Question: Radi Sultan - UBS AG - Analyst : Got it. And maybe just dovetailing off that, at SwampUP this year, you had a heavy list of product announcements really attacking like a bunch of different growth vectors, right, AppTrust, AI catalog, Fly among others. I guess what these are you most excited about near term and long term? And maybe why? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 02, 2025 / 3:55PM, FROG.OQ - Jfrog Ltd at UBS Global Technology and AI Conference

Question: Radi Sultan - UBS AG - Analyst : Got it. I get the question a lot that like can Fly, longer term, recatalyze sort of new customer growth and really start introducing that as a as a growth lever longer term? I mean, I'm curious if you have any thoughts on that.

Question: Radi Sultan - UBS AG - Analyst : Got it. I guess maybe just drilling onto the AI growth drivers. I mean, one thing that came through my own work was there's a lot of AI tailwinds sort of impacting your business today. You have sort of the AI developer tool impact on sort of usage, you have model registry, governance, the actual binaries that are using AI application development. There's a lot of different growth drivers here. Maybe you could just sort of dissect those as you think about high level which of those sort of AI growth drivers you think will be most impactful? And then maybe how you think that sort of evolves?

Question: Radi Sultan - UBS AG - Analyst : Got it. And maybe just drilling down into that, I mean, how much of -- when you think about sort of the revenue benefit from those AI code gen tools is sort of that security angle versus just sort of court (inaudible), I need more binary to support 20%, 30% improve developer productivity.

Question: Radi Sultan - UBS AG - Analyst : Got it. Maybe just on the model registry side, you guys have talked about being the model registry of choice. So maybe you could just talk through the competitive landscape there, how that may be different from sort of the core artifact management business, but then sort of how that -- maybe how your sort of mode around Artifactory translates into competitive edge there.

Question: Radi Sultan - UBS AG - Analyst : Got it. And actually, one growth driver you did call on the most recent call was sort of the supporting the binaries used in AI application development, like Docker and MPM, they're sort of getting pulled along as well. So maybe you could just talk through what you're seeing there. How much usage today is actually associated with those binaries to support AI application development.

Question: Radi Sultan - UBS AG - Analyst : Got it. I guess maybe just switching gears. You mentioned the Hugging Face integration. I mean, could you just talk to that relationship. I do get quite a bit of questions sort of how that works, what the dynamic is there and sort of how that pulls through to your business?

Question: Radi Sultan - UBS AG - Analyst : Got it. Maybe just a related topic on a different integration you announced was the ServiceNow integration, I kind of stood out to me as an interesting growth angle. I don't think people like investors traditionally think about you guys as being sort of partners are sort of integrated. And so maybe you could just talk through, should maybe any early wins there, the dynamic behind that integration.

Question: Radi Sultan - UBS AG - Analyst : Got it. I guess maybe just shifting gears to sort of the dynamic between GitHub and GitLab and you guys' sort of where you sit within the ecosystem. I mean how has that relationship evolved? I know you guys have invested heavily in the GitHub integration, deprecated pipelines, right? And I think that's kind of brought closer to GitHub. So maybe you could just talk through sort of the competitive dynamic or the relationship there.

Question: Radi Sultan - UBS AG - Analyst : Yeah. No, I mean, it seems like the sort of fear that GitHub one day is in a wake up and try and build an artifact repository, just isn't -- that's been a sort of fear for a long time, it hasn't come to (inaudible).

Question: Radi Sultan - UBS AG - Analyst : Got it. Maybe just shifting gears to security. At least in my own customer conversations, curation has sort of been the biggest standout where I've heard the most traction. Maybe you could just speak to sort of where within the securities site you're seeing the most pull-through where you think there's still room to grow and sort of the biggest growth vectors there.

Question: Radi Sultan - UBS AG - Analyst : I guess when you think about sort of the -- where that growth is actually coming from, like how much is sort of consolidation of stand-alone DevSecOp vendors? Because it does seem like at least in my own customer conversations, those guys are under a little bit of pressure to LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 02, 2025 / 3:55PM, FROG.OQ - Jfrog Ltd at UBS Global Technology and AI Conference sort of consolidate away from them towards a platform like JFrog. So maybe how much is coming from sort of platform consolidation versus different growth driver?

Question: Radi Sultan - UBS AG - Analyst : Got it. Maybe just switching gears to go-to-market. When we think about sort of the usage above minimum commit, which is sort of been a key part of how you guys guide and a key part of the go-to-market strategy right is attacking those customers that have usage over the minimum commit. So maybe you could just talk through sort of the trend you're seeing there in that usage above minimum commit. What has been the biggest driver? And how are you architecting the go-to-market to go and get those guys on longer-term commence?

Question: Radi Sultan - UBS AG - Analyst : Got it. Maybe just one to wrap it up, high-level question. I think I've been surprised, and I think most investors have been surprised at the durability of the competitive moat around the core Artifactory business at the DevOps space, in general, has gotten more competitive. So maybe just longer term, as you think out over the next several years, how do you think about sort of the investments you're making to maintain that competitive moat over the next couple of years?

Question: Radi Sultan - UBS AG - Analyst : Awesome. Thank you, guys, so much for being here.