Great. Thanks, everyone, for joining us. I'm Mike Cikos, the lead analyst here covering infrastructure software. I'm proud to say that we have with us the management team from JFrog, the CFO, Ed Grabscheid, as well as IR, Jeff Schreiner. Thank you both for your participation and continued support today. Really appreciate it. Thank you for having us. The one thing, just to get some of the logistics out of the way for the folks in the audience, but there should be a chat function if you want to ask a question. We'll make sure we're efficiently using your time if you have it inbound and try to get it to management while we have them here. If email is easier, just feel free to send that question to msikos@nedimco.com. With that, let's have some fun, guys. So thank you again. We are fresh off the earnings cycle, which now we're all headed into the fiscal quarter ends, but for the calendar quarter ends, we're done. Can you just give us a quick 30-second overview? What are some of the key takeaways from JFrog's Q3 earnings as a refresher for the audience? Yeah. So first, Mike, thank you for having us this morning. And I'm looking forward to having some fun because Q3 was a fun quarter. It was a strong quarter of operational execution. We closed several large customer wins during the quarter. And what's really exciting about these wins reflects this commitment that we've made to our strategic focus and the investments over the past several years. These were wins that, A, were in the enterprise, t hey were multi-year. These were cloud migrations. And some of these wins included a very large commitment to our advanced security products. We are also, from a cloud perspective, encouraged by what we saw in the cloud. Compared to the prior quarter, we saw stabilization, which is a good thing. We're still not seeing overusage from our commits. The usage is still below previous levels, but we were encouraged by what we saw during Q3. Lastly, we're very pleased by our operational efficiency. We saw improved operating margins on a sequential basis. This is even during a historically high expense quarter due to our annual SwampUp event that we hold during Q3. Awesome. And I know we're going to be tackling a lot of that over the remaining fireside. But maybe just on the large deals specifically, I wanted to get a better sense because I know there's some confusion out there. If I go back to the June quarter, we did see some large deals push. So the large deals that we're talking about today that were signed in the September quarter, were most of those pushed from June? Or were those, t hey were expected to land in September? Were any pulled forward from Q4? How do we go through that process from the outside in? Yeah, so you recall what happened in Q2, and we discussed at the end of the quarter in Q2 a very large opportunity that pushed out. This was due to this, what we call, the very rigid procurement practice, a decision that was made by the customer to try and handcuff us in terms of the ability to grow in future periods based on renewals and caps. It proved to be the right decision to pause on those discussions and wait until Q3 to resume the negotiations. Not only did we close this deal, but we closed it with better terms, and we closed it very early in the quarter as well. I think there was a lot of confusion because as we paused on those discussions and we paused on that deal, there was maybe concern from the analyst community and from the investor community that by pausing, this deal had fallen out of the pipeline. That was not actually the case. What you see here is that once a customer is committed with JFrog in their roadmap, we don't necessarily have the crystal ball in terms of aligning the budgetary commit. It's nearly a guarantee that they'll proceed with us. The deals, these very large deals that we saw in Q3, one of them happened to be that deal that pushed at the end of the quarter, which we closed in quarter. Other deals are deals that we expected in the second half. As we talked about, we've kind of de-risked. But this was not necessarily deals that pushed out. But the one large deal that we talked about did close during Q3. Terrific. And I just want to make sure as well, and this might just be me remembering things or misremembering things. Let me phrase it that way. I know we're citing this one large deal that closed early in Q3 that pushed out of Q2. Were there multiple deals that pushed out of Q2? I know that deals move each quarter. But when we were going back to the June quarter for a second, was it really just that one primary large deal that we were looking at? Or was there more than just that one deal? In terms of the magnitude of the impact, it was one deal that had a significant impact to the results during the second quarter. There's always deals, Mike, that will pull in and push out. But the company, in terms of the efforts around going more downstream with enterprise, is shifting and changing. So you could have one deal that has a significant swing in terms of the revenue contribution in a quarter. And this is specifically why we called this out due to the magnitude of the impact that it has on the top line. But there's always movement in and out. Some of those smaller deals can be replaced. But in this case, with such a large deal, this one had to be called out specifically. And that's the one that we're alluding to in the second quarter. Got it. Thank you for helping me on that one. I know Q3 also, a number of us were evaluating the reported metrics and really strong results. If I look at RPO, CRPO bookings, fair to assume that those larger deals that we've spoken about, that is really what's starting to shine in those metrics? Or is there another interpretation we should take away from those? Yeah, so you called that out in the public call, and I appreciate that because I think that's a metric that certainly we should put a spotlight on based on how we performed during Q3. It's not only the large deals, but the fact that we had several multi-year deals, which is strategically what we're focused on, and that's what you see in terms of the RPO. Now, what I would tell you, the sequential growth in the RPO, somewhere around a little over $70 million, as that compares to the current RPO, that difference is about $50 million or so. That's really what is being driven in our RPO by the multi-year contribution. The current RPO during Q3 is really driven by these very large deals that were closed during the quarter with security on top of it. So strong in terms of our CRPO, the RPO is really led by these large deals, but also the multi-year component on top of that. Just another cleanup here. Let's say customers now using JFrog, they just expanded their agreement that would show up in CRPO. Is there some sort of delay that I would need to think through if team Needham all of a sudden signs a large contract that's showing up in your CRPO? Is there a potential one, two, or even four, six-month delay until deployment? Is it up to the customer to schedule that? How does that play out once it's already showing up in your CRPO? Yeah, that's a great question. In terms of the revenue recognition and how we recognize in the 12 months and the CRPO, it's ratable. So we've moved a majority of our customers on the cloud side to a monthly use-it-or-lose-it structure in their contracts, which allows us to recognize that revenue ratably. And therefore, once we close the agreement, and there's even an upsell in terms of the cloud data consumption to that cloud customer, we would start recognizing the revenue ratably from that point. So the clock's ticking. OK. OK. Great. If I move over to the guide, I know investors looking at the revenue guide here, for Q, we have 17%-18% in hand. Management tends to be conservative in its posture, especially with some of the de-risk dynamics that we're talking about. But maybe high level before we start drilling down, can you talk about some of the puts and takes incorporated into that guidance that management considered when providing that number to the investment community? Yeah, sure. So first, just to kind of level set, we generate revenue on our cloud through data consumption and storage. On the self-hosted or self-managed products, it's through the number of servers. And now with our advanced security platform, which is an add-on to our enterprise subscription, the highest level of our platform, we do that on the number of developers. So we're continuing to build this strong pipeline consisting of what we saw in Q3, these large deals, which includes cloud migration and advanced security. And these opportunities are not born in the quarter. They take time to develop. We demonstrate technical wins. There's this uncertain macro environment that's taking place. It's a little less predictable when these are going to close. So as a result, Mike, what we've done is we've de-risked our outlook. We've removed some of these opportunities, especially in this environment where it's uncertain and the timing of the budgetary commit isn't always aligned with what we think the customer is going to do, and because these de-risked opportunities come with migration and security, it's very important to the growth opportunity, but again, we can't necessarily commit to those. Now, we're also taking a more conservative approach to our guidance going forward, so relative to what you're accustomed to, you're going to see probably more of a conservative guidance going forward. We saw kind of the dark side of that in Q2, I'm sorry, where some of these large deals were pushed, or a large deal was pushed, and you saw the light in Q3, so what you're seeing in terms of our guidance for Q4 is very much aligned with that philosophy. It's more of what we know rather than taking any risk in terms of our outlook by bringing in some of these larger deals, which have a significant impact on our ability to achieve top-line results. And I'll just add quickly, Mike, relative to his predecessor. I think one thing that's changed is the magnitude of deals we're talking about. And when Jacob was here and the way Jacob guided, he guided very close to what we could deliver, given that these swing deals, if one was to slip, could be replaced. I would just point to the fact that if you look at last year when we were talking about AT&T as our largest customer and the win we had there, it's almost an order of magnitude in terms of just one year later now what we're talking about the size of our largest customer is. So I think the conservative stance we're taking is multiple reasons. We've gotten to the deal size now. We're at the strategic level for a lot of these enterprises. So the deal size is larger. The opportunity for them to move from quarter to quarter is much riskier for us now to then try to put them exactly into guidance for you guys. Great. Appreciate the additional color there, Jeff, and the thorough response that it makes sense intuitively when you think about the broader portfolio today. You become a more strategic partner. But as a result, those procurement cycles are just longer because there's more constituents sitting around that table. So I appreciate that color. I did want to just drill a little bit more into that revenue guide that we have today. When I think about cloud, I know management maintained its expectations for around 40% growth this year and just wanted the sanity check. But does this assume that the steady usage patterns that we're talking about among those committed annual customers in Q3, that behavior exhibited, persists into Q4? What are some of the assumptions to get to that target that you have out there? Yeah. Yeah. So the cloud guidance of around 40%, that indicates that this existing customer base is stable. We're still not seeing widespread usage above our commitment. And the pace of migration certainly has slowed down as it compared to the prior year and even more pronounced deceleration from what we saw in the highs in 2022. But what we're seeing in Q4 will also benefit from these large cloud migration deals. We'll get a full quarter's worth of revenue. Some of those deals during Q3 closed towards the back end of the quarter. So we're benefiting from that. I also want to clarify that what we said around 40% would indicate that it could be a few points below or a few points above. And we stated that as well during the second quarter. So what we're seeing in terms of the behavior in Q4 is similar to what we saw in Q3, but with the benefit of the large deals that closed during Q3. Thanks for that. And that all makes sense to me as well. I just wanted to take another tack. Now, I know we've spoken about those annual committed customers, excuse me. How is behavior different if I look at customers that might be operating more under monthly arrangements? Was there any change there if I think about their behavior in the September quarter versus the June quarter? Yeah. Yeah, that's a good question. We continue to drive more of our monthly, these are the pay-as-you-go customers, to our annual commitments. We see this as top of funnel, and we have an opportunity to move those customers as they reach certain levels from a monthly to an annual commitment, and we're continuing to see this migration of our self-managed customers to the cloud, so the monthly pay-as-you-go contribution is becoming a smaller percentage of our overall cloud revenues. Today, it's a little less than 20% of our cloud revenue. You may recall it was a quarter or so of our revenue, and even two years ago, a third of our revenue. That piece is becoming smaller. Now, during Q3, what we experienced was a stabilization in usage from those customers. Compared to the prior quarter, we did see a significant drop in Q2. So stabilization was good, and it's an encouraging sign. But we also know that as we go into Q4, Q4 is a challenging quarter because of the holiday season. It's challenging, I think, across the board, not just for JFrog. But you have in November the Thanksgiving holidays. You have December with Christmas and other holidays like Hanukkah, et cetera, if you're outside of the US and in Israel. But those create some challenges in terms of usage. But I think in general, what we're seeing is, A, a decline in contribution from those monthly customers, stabilization. And we're also seeing that many of those customers, we have an opportunity to start migrating those to annual. And Mike, I would just quickly add that in a way to say that the reason the decline is happening is look at the size of the new customers we're adding on the committed side. And that's just relative to the size of the new customer base that we're building at the top end. Excuse me. These guys are just going to be less important going on in terms of revenue contribution. But as Ed said, I think very relevant to JFrog as top of funnel. Understood. Understood. And I just wanted to just double down on the aspect around the Q4 holiday season and some of the challenges there from a seasonality standpoint. Is that more a function of, hey, Mike might be on holiday around Thanksgiving or for Christmas? Or is it more a function of maybe I'm not doing as much on the software side because I don't want to mess up how the application is delivering the performance to the end customer? Is it both, or is it more just because there's less butts in seats, if you will? Yeah. From what we saw and what we've seen historically, it typically just is a result of people being out on holiday and deprioritizing certain workloads and only focusing on the high priority. So you see a dip in the usage. It's been consistent over the last four or five years that I've been with JFrog. We see this pattern. It's consistent with the holiday season, specifically around Thanksgiving and the end of December. Awesome. OK. And for usage patterns, this is not seasonal. This is more of a secular question here, how you guys view the market. But to drive stronger usage patterns, feel free to feather in. This will be the first time I'm talking about Gen AI for the record this morning. This is my third fireside, so that's a good thing. But feel free to talk about the Gen AI tailwind as potentially benefiting usage patterns, as well as I am a firm believer that those cloud migrations will come. It's a matter of, I guess, when, not necessarily if. But can you help us think about your longer-term view for those usage patterns? Yeah. I'm surprised, as us being the third fireside, that it's the first time that you've talked AI. I'm trying to be muted. I've been muted 15 minutes without having a discussion around AI, to be honest with you. So I was waiting. But I will tell you, first, AI will certainly be an important driver in terms of the usage pattern. There's the thesis that more code generation means more binaries. More binaries is obviously an opportunity for JFrog. And that will drive increased usage over time. But there also is this little thing that's kind of sitting on top of our heads at the moment, which is the macro. And until we see an improved macro, I really don't see this loosening of the tight budgetary discipline that we see right now with our customers. They are very much focused on staying within their commitments and not spending above commitments and not letting usage go above commitments. We have a very sophisticated customer nowadays with lots of tools. And they're very disciplined around that. Where maybe a year or two ago, what we saw, developers going significantly above commitment. And they were rewarded by them being more productive and hardworking. Today, it's a situation where you have to explain it to the CFO why you're spending more than what you've committed to. And so right now, it's very disciplined. Once that loosens up, I do see opportunity for an increase in usage. But I would also think about maybe the steady rate of retention among our annual customers and with the upside really coming from the migration rather than from the usage. Because of the tools and everything that our customers have today, I think they can align their projects and their usage closer to their commitments. So driving incremental usage above the commit might be something of the past unless AI really starts to take shape. And they're still learning about how AI is driving usage. But I think more what you'll see in terms of driving growth in the cloud will come from the migrations. And just to remind you, when we have a migration of a like-for-like subscription, we see anywhere from 20%-80% uplift moving from a self-hosted instance into the cloud. So I see that as more of a driver nowadays rather than usage above commitments. Great. And I know that there's a number of different ways software vendors such as yourself are trying to conquer, is the wrong word, but help customers use the product, potentially accelerate that usage pattern. And I don't know if it's potentially having more of a white-glove service from the sales rep to better scope projects and get a better inside look at that organization. But can you talk about what JFrog is doing today to help customers through that macro dynamic to potentially benefit usage? Or is it really just the C-suite is so tightly wound around that budget constraint that there's not much in the interim? Yeah, so obviously, one of the strategic growth drivers for us is this movement from self-hosted to cloud. We're focused on that. But we also want to be very balanced. We give the customer the option to choose if they want to go self-hosted or if they want to go cloud, and we're balanced and not trying to force customers into the cloud. That's first and foremost. We want them to make the decision. We've seen this go sideways where a company decides that everything is going to move to the cloud. We're not going to do that, especially in this macro environment. Instead, what we're doing is we're working with our customers to demonstrate the full value of what they get from the cloud, universal across their organization, the fact that it's easy to make sure you're on the latest version. There's a lot of benefits to being in the cloud. Now, on the inside, there are incentives that we do, obviously, with our sales organization to incentivize the migrations. And we certainly offer a lot of tools to our customers to transfer workloads from self-hosted to cloud to kind of get this motion going a little bit quicker. Got it. OK. Another one, and sorry to put you guys on the spot here, but if I'm thinking about net retention, I know that you guys gave some qualitative commentary that you expect net retention to track around the mid-teens in Q4. From a definition standpoint, and I know it varies from company to company, but if I look at the benefit to cloud in Q4 of last year that came from that annual true-up, is that something that benefited net retention, which will probably have more of a muted impact in Q4? Is that something we should consider when thinking about net retention for JFrog? So actually, net dollar retention was not impacted by the one-time true-up in Q4 of 2023. However, the cloud growth rate was impacted, if you recall, by six percentage points in the quarter. So from a revenue perspective, it was impacted. This will also cause some more difficult compare when you think about cloud in the current quarter, Q4 of this year, because we don't expect a similar true-up because of the change in the contract structure of the monthly use it or lose it. So I would expect in Q4 this year that I would have less of this one-time true-up that we saw in Q3 in the prior year. But in terms of net dollar retention, it doesn't necessarily impact net dollar retention. And we maintain our guidance of mid-teens. Perfect. That's really understood on the growth dynamic. And I think everyone hopefully is aware of that. But the net retention was something we were trying to think through on our side. So sorry for making you suffer through the definitional commentary. If I look out, again, maybe longer term and market, given the pressure we've experienced more on some of those monthly arrangements, can you help us think about, I know the company has its 27 longer-term targets out there. Does that embed an assumption around what those monthly arrangement customers contribute? I have to imagine if we've already gone from a third down to 25%-20%, that in some way you did embed that, but just wanted to be maybe more explicit around that driver. Yeah. To be honest, Mike, the monthly customers today have a very little impact in terms of our overall growth dynamic. From a cloud perspective, as we mentioned, it's starting to be a smaller piece of the business. And as Jeff alluded to, the focus is really around landing large strategic migrations and deals. And so I would expect over time that this would become less and less of an impact. And I don't really think about, from a long-term perspective, the monthly customers, these pay-as-you-go customers being a large contributor to the top line growth. Got it. OK. And we've seen other organizations kind of wrestle with growth versus profitability in this macro. And I think one thing I'll give JFrog credit for is you guys have always had this balanced approach. Even following the Vdoo acquisition, you've obviously shown meaningful expansion in the interim. If macro remains pressured at these levels, are you guys weighing potentially showing more of those margin targets earlier? Or no, this is still, hey, we're here for the long term because obviously you have a business to optimize besides just satiating on quarterly focus sometimes. Right now, we're in the planning season, as I'm sure most companies are towards the end of the year. And we're really thinking about all the different factors that are going to impact 2025 and beyond. And we're taking all of those data points. We still have a macro environment that we're not totally out of the woods. There's the geopolitical. And then we're going to have a change in our president in the beginning part of 2025. So we're taking all of these things into consideration. And we'll certainly provide some more color around that during our fiscal year-end and Q4 earnings call. But what we really think about is, hey, we don't necessarily control what comes in. And we continue to execute against our strategy. We can control what goes out. And I think we've demonstrated over time, we do a very good job of aligning our operating expenses and making sure that operating margin expansion is top of mind without really sacrificing this momentum that we've built in terms of driving go-to-market with enterprise, driving migrations in the cloud, driving and injecting new technology to the platform with security, with MLOps. And we'll continue to do that while still balancing operating margin and profitability and free cash flow. You look at the free cash flow and what we've demonstrated over the last several years in terms of generation of free cash flow has been very strong. Sorry, I'm jumping around a little bit now. From a cloud migration standpoint, I know we cited those larger deals in the September quarter. Is there anything that would give us confidence in maybe a potential resumption of those cloud migrations or any green shoots to call out? Or at this point, is that macro remains front and center? Again, I'll go to the comment. We don't have the crystal ball in terms of the timing. What I have visibility into is a pipeline. We don't necessarily share the pipeline, but we see it internally, and we see what we're doing and what we're building, which is cloud migrations, large multi-year deals with security added on top of that, and we're going to just continue to focus on execution and building that pipeline. Again, what we saw in some of the proof points in Q3 is that when it's committed, the customer's committed to JFrog, it's on the roadmap, there's a high probability that they'll move forward and almost a guarantee that they move forward with JFrog, so right now, we're focused on the execution. We're focused on building the pipeline. When that happens, it's still not totally clear. We have better visibility, obviously, in Q4 and maybe Q1. But beyond that, there's so many factors that are impacting decision-making. And until we have better clarity on that, I don't know that we'll see improvement or better clarity as to when those deals will close. Understood. OK. If I jump over to the security side of the house, I know that's. I don't want to leave that hanging out there. But with security, it's great to hear how it's driving more of these deals, the anticipation for more material contribution next year to the company's P&L. Can you discuss how the procurement cycle changes when you do engage customers with respect to security? Yeah. So we released Advanced Security product general availability the second half of 2023. And what we did in order to get the foot in the door, and this is very much aligned to how we did this on the DevOps side, in some introductory pricing, land the customer, expand that customer. So very favorable kind of pricing. We talked about tens of customers. We thought this strategy would hold true as we entered 2024. But what we found actually was that as we were working with these enterprise customers and they wanted to bring JFrog Advanced Security to secure their binaries, they had a roadmap to replace the point solutions. And rather than taking a one-year opportunity and coming back to the table to renegotiate, that we were on the roadmap for a two- or three-year opportunity, this became a much larger commitment to JFrog. Therefore, the conversations became a little bit more complex. The sales cycle became a little bit longer. The opportunity became much bigger. This is what we started to see. Rather than focusing on landing small deals velocity using introductory pricing, we saw the customer really wants to commit. It's a heavy lift to replace the point solutions. They're committed over a longer period of time. This is great news, actually, because I would much rather take a seven or eight-figure deal over a longer period of time than a six-figure deal over one year. It's a little bit of a short-term pain. It definitely generates a long-term gain for JFrog. And Mike, I would just want to add real quickly that of the large deals we saw, one of those large deals, and certainly this is one of our first large deals in security, was in fact driven by the CISO. So many have asked over the last few years, when will JFrog lead with security? I think we've shown that leading with just a point product isn't going to be the way forward and that having a platform approach will really work. Now, certainly one win is not a trend. But I think it's certainly promising and can show how security can lead for us. And what that did was the CISO turned to the DevOps and said, "Hey, we're migrating. I want you to take more JFrog." I'm very excited about what they can do with advanced security. So I think that's very unique for us, given that it was one of our early large wins. That's great to hear, especially that dynamic around being able to tap into that new persona. So thanks for qualifying that, Jeff. I think the other thing, too, you guys obviously have a large customer base you're selling into. But would be curious, are you seeing a larger percentage of new logos when they come to JFrog? Are those new logos initially adopting security as well? Or no, it's still, hey, we need to be with JFrog for some time before we get more comfortable with the security. Yeah. The efforts are really around existing customer base. So as you mentioned, we have a very large customer base. More than half of those are using today X-Ray. And for us, it's a focus on those customers that today use X-Ray and bringing them to advanced security. We don't typically see, and it's not that it's zero, but we don't typically see new customers coming to JFrog with security on top of it. They typically land at a lower subscription and then grow from there. Remember, it's for the enterprise level. Enterprise X or Plus, given that you've moved up the subscription hierarchy. More than likely than not, you're utilizing in a meaningful way X-Ray as well within the organization. Got it. OK. And when I'm trying to think, I know the management qualitatively described the upgrade when customers migrate to cloud. Oh, I'm sorry, quantitatively. You guys have called out that 20%-80% lift, right? We have. Curious, for security, are we getting to a point where the team can start calling out the ACV uplift that they see when a company, sorry, a customer adopts security? Or is it still maybe too small of a cohort or still too early days? We're probably still a little bit too early. We have now a few hundred customers that are using security, advanced security. The large wins certainly skew that number. So I would say at this point, Mike, it's probably too soon to come back and tell you what the uplift from security, what that will do over the long term. Great, and just as a reminder for folks here as well on the security side of the house, when thinking about that go-to-market, can you talk about how it's being sold today? Is there an independent sales org? Is there an overlay specialist team? Probably partially answered by Jeff calling out that CISO in that large deal. But again, how is this being brought to the customer base? Yeah. So today, there is no more just DevOps. It's DevSecOps, which means that every salesperson in the company should be able to sell security. That wasn't the case necessarily two years ago. We had to build that muscle. We didn't know how to sell security. We were a DevOps company. Today is a different motion. In order to do that, you had to bring in the right talent that knew how to sell security, that had the connections. We also had to bring in the architecture, solution engineers, the support organization. And we've built that over the last two-plus years. Now, and we still have an overlay team. But we're working to integrate that overlay team into the sales organization and just have one team that's focused on selling security. So you will have both the knowledge of obviously selling DevOps. But the intention is to sell DevSecOps as one. Is the anticipation, or let me rephrase that because I know you said you're working to integrate it with where we are today? Is there an additional sales incentive driver to sell security? Or how do you guys put that carrot out in front of the horse? Yeah. So this year in 2024 was the first year that we separated the sales targets between the DevOps and the security. So we have a separate security target that each sales team, including management, is focused on driving within their geographies. And they're incentivized to meet those targets with certain kickers in order to make sure that they're well compensated for bringing in the security. Excellent. In a more basic way, Mike, you really need to kind of hit your security baseline in order to collect on what you may have done within DevOps in 2024. Perfect. Perfect. Yeah. OK. Probably the last one we have time for here. But from a product standpoint, wanted to jump into the acquisition of Qwak as well as what MLOps means for the company go forward. How are you viewing this opportunity? I think it's a tectonic shift, Mike, right? We saw one of these once before with security, and you were here. It was a little bit before I joined when the company acquired Vdoo. And at that time, there was a lot of pushback, obviously. They were point solutions. Why are you guys getting into security? You don't need to be doing this, but at the time, we saw a shift that we believed that the industry would be moving to a platform approach and that you would need to also be able to deliver security on top of that platform. As we move forward as a platform company, I think you have to see these tectonic shifts before they happen so that you remain relevant as a platform. What I think we'll see in terms of the MLOps solution is we've brought in Qwak and the Qwak team and still integrating. They have their own platform that we're going to be continuing to work on, integrate initially with the JFrog Platform, sell to the data scientist persona. That's probably two, three years from now, three to five years, full integration of the platform to make the platform relevant to all customers as we see that data scientist and the LLM team move into much more of the code generation going forward. Perfect. Perfect. OK. And with that, I'm not seeing any questions in the queue. But happy to wrap it up there. Thank you very much for the time, everyone. Feel free to reach out if you have additional follow-ups. Thanks, Jeff. Thanks, Ed. Thanks, Mike. Take care.