We believe JFrog continues to benefit from strong product-market fit, platform breadth, the heightened threat environment, and strong go-to-market execution. The sheer volume of binaries serves as a secular demand driver, particularly in the Agentic AI era; which we believe is recognized by investors crowning JFrog an AI-leader. Meanwhile, previously discussed npm hacks (click here) demonstrate the need for securing the Software Supply Chain, where JFrog is consolidating wallet-share with Advanced Security and Curation. We favorably view the 30%-32% yr-yr Cloud Revenue growth as a baseline from which the company can continue to beat-and-raise. Our estimates move higher, and we remain Buy-rated.