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

Company vision and evolution

• Founded to manage binaries, which are now recognized as critical to the software supply chain.

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

• Investments have expanded the platform to include security and, more recently, governance and compliance.

• Large enterprises have increasingly adopted the platform over the past three years.

• The company positions itself as the system of record for the software supply chain and AI companies.

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, not developer seats, making it resilient to AI-driven changes.

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

• Multi-year enterprise contracts and high gross retention (97%) support durable growth.

• The platform’s universality and integration capabilities create a strong moat against competitive threats.

Financial strategy and guidance philosophy

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

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

• Guidance philosophy shifted to only include committed revenue, excluding usage above minimums and large deals.

• Guidance is set as a floor, with upside from usage over commitments and large deal closures.

• Six consecutive quarters of 40%+ RPO growth, reflecting strong pipeline and customer commitment.