Thank you for standing by, and welcome to Jamf's First Quarter 2021 earnings conference call. At this time all participants are in a Iisten-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session you will need to press star one on your telephone. Please be advised that today's conference is being recorded. Should you require any further assistance please press star zero. I w ould now like to hand the conference over to your host, VP of Investor Relations, Jennifer Gaumond. Please go ahead. Good afternoon, and thank you for joining us on today's conference call to discuss Jamf's First Quarter 2021 Financial Results. With me on today's call are Dean Hager, Chief Executive Officer, and Jill Putman, Chief Financial Officer. Before we begin, I'd like to remind you that shortly after the market closed today, we issued a press release announcing our First Quarter 2021 Financial Results. We also published an updated investor presentation and an Excel file containing quarterly financial statements for fiscal years 2019, 2020, and 2021 year to date to assist with modeling. Additionally, this afternoon we also issued a press release and accompanying presentation announcing the acquisition of Wandera. You may access all this information on the investor relations section of jamf.com. Today's discussion may include forward-looking statements. Please refer to our most recent SEC filings, including our most recent annual report on Form 10-K, where you will see a discussion of factors that could cause actual results to differ materially from these statements. I would also like to remind you that during the call, we will discuss some non-GAAP financial measures related to Jamf's performance. You can find the reconciliation of those measures to the nearest comparable GAAP measures in our quarterly financial statements. Additionally, to ensure we can address as many analyst questions as possible during the call, we ask that you please limit your questions to one initial question and one follow-up. Now, I'd like to turn the call over to Dean Hager. Dean? Thank you, Jennifer. Thank you to everyone for joining us. On today's call, I will share highlights from our first quarter and discuss our recent announcement regarding our intent to acquire Wandera, a leader in zero- trust cloud security and access for mobile devices. Jill will then review our first quarter financial results and provide our outlook for the second quarter and fiscal 2021. Last quarter, we talked about our remarkable balance and momentum across our business in 2020, and we continue to see this in the first quarter, driving our overall ARR growth of 37%. Once again, our first quarter ARR year-over-year growth for every one of our priced products was at least 25%. Additionally, our ARR growth in all three major geographic regions, Americas, EMEA, and APAC, was also at least 25% in each geography. When examining the top industries Jamf serves, ARR growth year-over-year was also at least 25% for both SMB and enterprise organizations. Additionally, current trends in mobile work, education technology, and digital health continue to strengthen our value to customers as well as our business results. We again saw evidence of these trends and the momentum of Apple in the Enterprise in the first quarter. According to our recent IDC report, first quarter 2021 PC sales increased 55% year-over-year. While this is impressive growth, Apple Mac sales led the way with an even more impressive 111.5% growth year-over-year. The power, efficiency, and speed of the M1 Mac, combined with increasing individual Mac preference, is helping drive this growth. We believe Mac will increasingly become the device of choice for many in the workplace, and Jamf is best positioned to help organizations easily adopt and get the most out of this new technology over time. The depth and breadth of our Apple Enterprise Management Platform and our commitment to innovating at the pace of Apple are key differentiators for Jamf. Last month, we announced same-day support of all new operating systems and hardware. Many other providers, both cross-platform and Apple focused, are not same-day ready to support Apple hardware and software releases. This can cause some organizations to adopt the Mac slower than their users want, as well as create potential security issues for organizations that have already adopted Mac. However, with Jamf, enterprises can adopt Mac choice programs that meet both the security and device management needs of their organizations. In Q1, Jamf played a significant role in organizations growing their Mac fleet. In fact, Jamf's 10 largest annual subscriptions signed in the first quarter were all driven by Mac growth in Commercial businesses. In total, these 10 customers grew their Jamf Pro licenses for Mac by over 93,000 seats. Furthermore, six of the 10 customers also contracted for either Jamf Connect or Jamf Protect, or both, to enhance their security profile while also providing the best possible user experience. In the healthcare market, we continue to see strong demand for our innovative solutions that enhance patient care. Many hospitals are expanding their use of Jamf for additional new workflows, resulting in our healthcare segment achieving the second highest growth of the top industries we serve. For example, during our third quarter earnings call last year, we highlighted UCHealth in Colorado, a large healthcare system that benefits from a number of Jamf innovations. In 2018, UCHealth began using Jamf to streamline their technology management and improve patient experience by offering an iPad at each patient's bedside. They use Jamf Healthcare Listener, Jamf Setup, and Jamf Reset to digitally sterilize the device between each patient and easily set it up for the next patient without the need for IT assistance. As virtual healthcare needs spiked last year, UCHealth was an early adopter of our virtual visits workflow for in-patient isolation telehealth, which helped greatly increase the virtual visit sessions each day. UCHealth has now expanded its use of Jamf with iPhones at many of its vaccination sites, including a mass vaccination event at Coors Field in February, where approximately 10,000 Colorado residents received COVID-19 vaccinations. Compared to their initial vaccination site pilot that leveraged PC terminals and required complex network infrastructure, their iPhone-based delivery model leveraged the latest mobile technology to simplify the process. This reduced per-patient vaccination time from three minutes to only 30 seconds. UCHealth is a great example of how organizations continue to leverage Jamf to solve new problems, a testament to the flexibility of our architecture and breadth of our solutions. In education, increased global buying patterns have continued through Q1, driven by several government funding programs, including the CARES Act in the United States. The most recent rounds of CARES funding also include provisions for higher education. We see many colleges and universities utilize these funds to accelerate their technology initiatives. Florida A&M University, or FAMU for short, is a prime example of setting students up for success today and well into the future with technology. Their School of Journalism and Graphic Communication primarily uses Apple to ensure students have the tools that they'll be leveraging in their professional careers. With hundreds of on-campus Mac already managed through Jamf, FAMU purchased additional Mac hardware to empower students to learn remotely. Their School of Journalism and Graphic Communication provides a zero-touch Mac deployment experience to give students access to the same learning resources at home as in the classroom. FAMU's program is indicative of the technology awakening that's occurring in education, with education technology programs growing in importance whether students are learning in the classroom, remotely, or a combination of both. Programs like FAMU's demonstrate the significant impact a well-thought-out education technology program can bring to student learning and career preparation. With the backdrop of our outstanding Q1 performance and these examples of how we will continue to deliver innovative solutions to help organizations succeed with Apple, I'd like to discuss our Wandera acquisition announcement. First, some context. There has been a mass proliferation of Apple devices in the Enterprise. According to IDC's 2020 Enterprise Survey, the average penetration of macOS devices is around 23%, compared with 17% in 2019, a six-point movement in just one year. iPhones account for 49% of the smartphone install base amongst enterprises, while iPads make up the majority of tablets used in business. As a result of its growth in the Enterprise, Apple devices are now a bigger target for security threats. This, coupled with greater mobility at work and dependence on sensitive cloud resources, is accelerating the demand for zero- trust solutions. In 2020, we recognized the changing requirements for security solutions and launched Jamf Protect, which was purchased by approximately 400 customers in its very first year. In 2021, the momentum for Jamf Protect continues to grow as we added over 300 new Jamf Protect customers in the first quarter alone. Wandera, an Apple first provider of unified cloud security, brings Zero- Trust Network Access, content filtering data policies, and mobile threat defense to Jamf's platform, rounding out our security solution from access through endpoint protection and solidifying Jamf's security offering for the Enterprise. Wandera strengthens Jamf's overall position in Apple Enterprise Management and offers a number of expansion opportunities. Our first opportunity is with iPhones and iPads in commercial markets. Since 2002, Jamf has been a leader with the best whole product solution for Mac, helping any organization manage, protect, and connect their macOS devices with their enterprise resources. This strength in Mac has led more organizations to also use Jamf for iOS device management, consolidating all Apple management into one tailored solution for the Apple ecosystem. In fact, in Q1, Jamf's iOS Commercial business was our fastest ARR growth segment year-over-year. Yet, to date, Jamf has not expanded our iOS solution into the access and security space the way we have with Mac. Wandera's mobile access and threat defense products, coupled with Jamf's industry-best iOS device management capabilities, will complete the whole solution our customers require. Both Jamf and Wandera sales are driven by the same market forces. Like Jamf, Wandera's product team takes an Apple first approach, leading to iOS representing approximately 80% of the devices Wandera secures. Yet there is no overlap between our solutions. The addition of Wandera products to the Jamf portfolio will increase Jamf's iOS competitiveness, which is the largest segment of our total addressable market. Even more exciting, Wandera's solutions will grow Jamf's TAM by $5 billion across all global commercial markets. That market expansion doesn't include non-Apple devices, which the Wandera solution also supports and will continue to be a valuable part of Jamf's product portfolio. Our second opportunity is in the education market. Educators are coming off a year that provided the greatest education technology awakening in history. The very technology that was required for distance learning can now transform classrooms and provide student-centered personal learning plans that are engaging and equitable. As exciting as this is, technology also presents potential danger to students and greater concern for parents. Jamf is already the clear leader in deploying Apple education technology. Wandera's solution offers a valuable follow-on that can be used to secure school resources, protect student privacy, and restrict student access to inappropriate, threatening, or prohibited content. This opportunity is also additive to Jamf's solution and represents an additional $1 billion in the total addressable market in our Education sector. Jamf's third opportunity with Wandera is leveraging our complementary teams and go-to-market channels. Headquartered in London, the majority of Wandera's customers are based in Europe. While Jamf has a strong presence in EMEA, an increased European customer base will accelerate our international growth. Additionally, one of the key channels for Wandera has been mobile carriers. In fact, more than half of Wandera's historical sales have come through carriers, while less than 1% of Jamf's sales have come through that channel. With Wandera, we believe Jamf can now offer carriers a better whole product solution. Finally, we are also very excited that most of Wandera's employees are on the product side of the company. Historically, Wandera has invested little in direct go-to-market channels. Jamf's go-to-market direct and indirect channels have proven extremely efficient and effective. We believe with the additional scale of Jamf's sales and marketing teams, we can help many more organizations globally experience success with the Wandera solution. Together, Jamf and Wandera can help mitigate barriers to Apple adoption in the enterprise. Jamf is the leading provider of Apple enterprise management with significant market share and differentiation. Wandera's Apple- first solution complements Jamf's leadership and end user focus with unique mobile and security capabilities. Now, from a single provider, customers can benefit from an Apple- first enterprise solution that connects, manages, and protects all Apple devices, data, and users while preserving the legendary Apple user experience with same-day Apple technology support. Many of Wandera's largest customers are also Jamf customers, utilizing Jamf for Mac and Wandera for mobile to connect, manage, and protect devices with no overlap in the solutions provided. Customers like these will provide compelling use cases for both Jamf- only and Wandera- only customers, helping drive significant cross-sell opportunities. With Jamf's capability to install new apps to the existing 21.8 million Apple devices on our platform, Wandera's cloud-based solutions can be easily deployed to our existing customer base. Jamf's heritage and focus on Apple, paired with Wandera's Zero- Trust and Advanced Security Solutions, greatly extends the Jamf platform to uniquely position us to help IT and security teams continue to succeed with Apple. We're so excited to welcome the Wandera team into the Jamf family. In closing, 2021 is off to a great start with continued momentum in our business. The strategic acquisition of Wandera extends our leadership position in Apple Enterprise Management, solidifying Jamf as an enterprise security provider and helping accelerate Apple's continued growth in the enterprise. Now, Jill will walk through our financial results and guidance. Jill? Thanks, Dean, and thanks again to everyone for joining us today. As Dean mentioned, we had a strong start to the year with continued momentum across all aspects of our business. Total revenue for the first quarter grew 34% year-over-year to $81.2 million. Revenue growth exceeded our expectations primarily due to outperformance in subscription revenue and the timing of license revenue from one large customer who significantly grew their Mac fleet that we were initially anticipating closing in the second quarter. Recurring revenue grew 37%, representing 92% of our total revenue. Total ARR as of March 31st was $308 million, an increase of 37% year-over-year. Similar to the prior quarter, this was driven by greater than 25% growth across every product, geography, and each of our top industries. With particular strength in our international business, with ARR again growing over 50% year-over-year. As a reminder, ARR represents the annualized value of all subscription, support, and maintenance contracts as of the end of the period. ARR mitigates fluctuations due to seasonality, contract term, and the sales mix of subscriptions for term-based licenses versus SaaS. The three primary drivers of our ARR growth are our consistently high device expansion rates, our strong new logo acquisition, and the upselling and cross-selling of products into our install base. We expect to continue benefiting from these trends going forward. We end the quarter with 21.8 million devices on our platform, representing 34% year-over-year growth as we continue to realize strength in both the Education and Commercial verticals in all geographies. Adding devices to our platform and expanding our customers' adoption of add-on products also drives our high dollar-based net retention rate, which remains strong at 117% for the trailing 12 months ended March 31st. The remainder of my remarks on margins, expense items, and profitability will be on a non-GAAP basis. Our GAAP financial results, along with the reconciliation between GAAP and non-GAAP, are found in our earnings release. Gross profit margin was 83% compared to 80% in the prior year quarter. We expect our gross margins to remain at approximately these levels going forward, given we've reached scale in customer support and hosting costs. Additionally, we've invested to create the flexibility to deliver our services remotely, a priority which was accelerated due to COVID. With respect to operating expenses, we remain focused on improving the leverage in our business while balancing investments for growth. Increases in operating expenses over the prior year were primarily due to these investments for growth as well as public company costs, partially offset by lower related expenses. Operating margin was 11%, representing a four percentage point increase compared to the same period last year. During the first quarter, our annual effective tax rate was -0.5%, which was impacted by the establishment of a valuation allowance as previously disclosed, as well as the exercise of stock options. Unlevered free cash flow was $800,000 in Q1 compared to -$2.1 million in the prior year period. Q1 is seasonally low due to multiple factors, including the payout of our annual bonus and large annual software contract renewals. We made significant investments to retrofit our offices to meet our needs post-COVID. This year's first quarter represents the first cash flow positive Q1 in recent years. Our operating model of high growth and improving efficiency continues to yield strong cash flow generation and allows us to continue to make investments in innovation and top-line growth. We end the first quarter with $196 million in cash and cash equivalents. I'll provide thoughts on guidance for the second quarter and full year 2021. We anticipate the Wandera acquisition to be completed in the third quarter, I'll also provide some insights into the anticipated impact of the acquisition on our full-year results. We expect our strong performance to continue given our results the first quarter and continued momentum in our business. We expect the second quarter to benefit from continued strength in Education, followed by increasing strength in our Commercial business in the second half of the year as the economy improves and Enterprise hiring rebounds. We began to see some early signs of this improvement in the U.S. in late Q1. Uncertainty related to the pandemic recovery and its impact on the IT spending environment remain key considerations. As we discussed during our Q4 call, beginning in the third quarter, planned updates to how we deliver our Jamf Connect product will result in a change in revenue recognition, with less revenue recognized up front as on-premise subscription revenue, as it will now be recognized ratably over the term of the subscription, in line with the majority of our revenue. While there is no impact to ARR, we anticipate this change will defer approximately $9 million of revenue in the second half of the year into future quarters, which impacts our full-year revenue growth rate by approximately 3 percentage points. Given these considerations, for the second quarter of 2021, we expect total revenue in the range of $82 million-$84 million, representing growth of 32%-35% year-over-year. Non-GAAP operating income in the range of $5.5 million-$6.5 million. For the full year 2021, we expect total revenue in the range of $335 million-$341 million, representing growth of 24%-27% year-over-year. Non-GAAP operating income in the range of $27.5 million-$31.5 million. Provided that the Wandera acquisition closes as expected early in the third quarter of 2021, we expect Wandera to contribute an additional $9 million-$11 million of revenue in 2021. This amount reflects the impact of our initial purchase accounting adjustments analysis, but is subject to change when the analysis is completed, as well as if there are any changes in expected timing of the closing. Additionally, for modeling purposes, we are providing the following information. Please note that these amounts exclude the impact of the Wandera acquisition. For the second quarter and full year 2021, amortization is expected to be approximately $8.5 million and $33.9 million respectively. For the second quarter and full year 2021, stock-based compensation and payroll-related taxes is expected to be approximately $5.6 million and $55.7 million respectively. We expect an annual effective tax rate to be less than 5%, which should also be used when calculating tax effects of non-GAAP adjustments. This annual effective tax rate is impacted by the establishment of a valuation allowance during 2021. In addition, we do not pay cash taxes on a U.S. federal basis. For calculating EPS, we expect basic and diluted weighted average shares outstanding to be approximately 117.7 million and 120.6 million respectively for the second quarter of 2021. For the full year, we expect basic and diluted weighted average share outstanding to be approximately 117.8 million and 121.6 million respectively. In closing, we had a great start to the year. We're excited about the strategic acquisition of Wandera as we expand our platform to bring innovative, value-added products to our customers to help them succeed with Apple. With that, Dean and I will take your questions. Operator? Thank you. As a reminder, to ask a question, you will need to press star one on your touchtone telephone. Again, that's star one on your touchtone telephone to ask a question. To withdraw your question, press the pound key. We'd like to remind you to restrict yourself to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from the line of Bhavan Suri of William Blair. Your question please. First question comes from Bhavan Suri. Your line's open. Hello? Yeah, you're good. Hello? Bhavan, is that you? Yeah, can you guys hear me or not? Yes, I can hear you great now. Good. Thank goodness. Sorry. This is weird. Okay. I'll back up. Congrats. That was a good quarter. Thank you. Congrats on Wandera. I'll dive right in. I was going to talk about Jamf Business Plan. You announced it late last year, and it was a great way to make the adoption of full stack easier for customers. I guess, what kind of traction are you seeing with the bundling approach, and how is that impacting the attach rates of Protect and Connect with new customers? Is Wandera kind of the idea to become part of the bundle to sort of drive ASP lift? How should we think about that? Just kind of how is Business Plan doing? How does that impact Protect and Connect and the Wandera integration into that? Thanks for the question, Bhavan, we are very pleased with the uptick that we're seeing in Jamf Business Plan. The intended use case that we had for it was simply to make it easier for our customers to purchase multiple products from us, indeed, it has done that. We continue to move in the neighborhood of hundreds of Jamf Business Plan licenses within a given quarter. You're right in that it's pretty common that if a customer is thinking about multiple products, it just starts to make a lot of sense to lean over to Jamf Business Plan. We're seeing a lot of that product being purchased if they're interested in either Jamf Connect or Jamf Protect to accompany Jamf Pro. What ends up happening is the customer contracts for it and ends up using both products, which is great for them. Oh, your question on Wandera. Yes. Specifically. It will sell, when we do come together, obviously as a standalone product, just like Jamf Connect and Jamf Protect sell as a standalone product. Regarding any bundling plans, it's way too premature to determine what we might do there. We're just happy with the value-added solution that it'll have for our customer base. Got you. I think the other piece I wanted to touch on a little bit was the Apple relationship, and this comes up when we talk to investors a lot. Just can you speak a little bit about the continued co-development with Apple? Any update in conversations with that partner, obviously since they bought Fleetsmith? It feels like the fervor around the risk there has died down, but I'd love to get your take as you talk to Apple obviously much more directly than we do. Yeah. Our partnership is still multi-dimensional. Obviously, we're each other's customer. Apple resells us in Education and also through retail. Then, of course, we have several joint projects that we'll work on, and we developed Apple technology working with their worldwide development organization as anybody else would. There has been no change to that relationship over the past year of us being public. We consider our relationship with Apple to be at the strongest point that we've ever had. I had mentioned a year ago that the Fleetsmith acquisition would have little to no impact on our business. Now a year later, I would suggest that it's been even less than what I implied a year ago. Great. I appreciate the candor there, Dean, and the clarity. Thank you, guys, and really nice job. Thank you. Appreciate it. Thank you. Our next question comes from the line of Rod Hall. Your line is open. My first question, I guess, is this $9 million accounting impact. I wonder if you guys could dig into that a little bit more. I think I heard you say it's a change to the way you're recognizing ratable revenue, but maybe, Jill, could you explain a little bit more on that? Dean, whoever wants to take it, and then I have a follow-up. Hey, Rod. Good to hear from you. It's Jill. Mid-year here, we're going to have a change in some feature updates to our Jamf Connect product. When those go into effect, that product is now going to be deployed more like a cloud product versus an on-prem product as it is currently. It's going to trigger a different accounting revenue recognition treatment, whereas prior or currently, right now, because it's treated on-prem, about 80% of the revenue is recognized upfront in the first month that it's deployed with a 20% ratable. Going forward, about approximately mid-year here when the change kicks in, all of it will be treated as a cloud deployment, so it'll be all recognized ratably. The impact is about $9 million we're estimating will be the impact to the second half of this year. That's essentially just going to get deferred into next year. It's just a timing difference of the rev rec. Has zero impact on the ARR. The ARR is going to remain whole. Right. Okay, that makes sense. Just going to add on a quick comment for clarity. The reason why Jamf Connect was treated at rev rec from an on-premises perspective is because it deployed as an app on the Mac itself, and now it's changing technically to be more of a cloud delivery. Oh, great. Okay. Yeah, that's great. My follow-up is just on visibility into H2. You're kind of guiding a little bit below consensus here, I guess, or implying below consensus a little bit, the $9 million affects that, it's a little better if you account for that. I'm just curious what your visibility looks like into the second half of the year. Do you feel like people are ordering on out into the end of the year, or are you kind of having to guess what the back end of the year is going to look like? Yeah, I'll take that. Go ahead. You take that, Jill. I'll take that, Rod. Consistent with the full-year guidance we gave at the beginning of the year, we're just updating that. In fact, it raised it here off of our guidance from a quarter ago, really based on the strength that we're seeing in the Commercial pipeline. As Dean and I were anticipating as we got into 2021, Education's going to continue to have some tailwinds, but our Commercial business and pipeline is really starting to come back. Predominantly, we're seeing that in the SMB market right now, and we're starting to see that as we exited March, strong pipeline going into Q2, continuing to build then, particularly in the U.S. It's a tiny bit slower outside of the U.S., that would be upside to our model should that come back faster. We've tried to layer in just a little bit of, it's not absolutely certain how the pandemic's going to play out here for the next couple of months and the economy. Based on what we're seeing in our pipeline, that's the numbers that we've used to update our guidance. Okay. All right. Thanks a lot, Jill. Thank you. Our next question comes from the line of Raimo Lenschow of Barclays. Your line is open. Hey, thank you. Congrats on the acquisition as well. Dean, can I stay on that one? If I think about Wandera a little bit, so you guys were more endpoint. This seems more on the networking side. How do I think about that cross-sell, upsell? How natural is that Jamf Protect and Wandera kind of potential sales motion? Give us a little bit more color since we're not so deep in there. Thank you. Sure. Thanks for the question, Raimo. Yes, you're right that Wandera would have a more network focus, but frankly, being able to block attacks from the network at the point that they're hitting the device is an important part of also protecting the user and the device. 80% of the activations on the Wandera platform are for iOS specifically, they are an Apple- first developer, their solution is also Apple best. If you think about it, maybe I'll simplify it this way. With Jamf, we have, as you know, management, connection, and protection products. Management we have for all iOS and all Mac for everything Apple. Our connection and our protection products have really been only for Mac. What Wandera brings is connection and protection solutions also for iOS. Combined now, we provide the entire Apple Enterprise Management Solution of management, connection, and protection for every type of Apple device. Does that make sense? Yeah, that's super helpful. Okay, perfect. Jill, how did they sell in terms of revenue treatment for, and deferred revenue write-downs, et cetera, that we need to kind of consider? Yeah. For Wandera, we've done some high-level estimates at this point. We haven't gone through our complete analysis. We've layered in kind of a range of where we expect that to land. Of course, that $9 million-$11 million that we've put out there- Yeah. ...for the second half will be subject to completing that analysis. It's too early really for us to nail that down right now. Okay, perfect. Hey, thanks. Congratulations. Thank you. Our next question comes from Rob Owens with Piper Sandler. Your line is open. Great. Thanks for taking my question. Let me drill down into device counts a little bit. Is a lot of that acceleration we're seeing Enterprise? Secondarily, how should we discount any potential supply chain issues that Apple's having right now relative to your outlook for Q2 in the back half? Thanks. I'll grab that. Regarding the supply chain, occasionally, just anecdotally, we may hear of a supply problem every once in a while, but there's been no material impact on our business at all. Regarding the industries that are driving those device counts, of course, as Jill mentioned, we continue to see a great strength in the Education market. As predicted, towards the end of Q1, we did see a surge of Enterprise interest as well. It really was a nice mix. If you take a look at both sides of our business, the Education and Commercial side, as we mentioned, our growth was extremely balanced between the two. Great. Thank you very much. That was our fourth consecutive quarter of momentum in our device growth. Accelerating growth. Thank you. Our next question comes from Matt Hedberg of RBC Capital Markets. Your line is open. Hey, guys. Thanks for taking my question. Congrats on the quarter. A lot of strength here to talk about. Obviously, Education was strong, too. I think that was a question mark that a lot of us had, is the durability. Dean, I think you mentioned you expect strong Education results this year. I'm just wondering, when you think about the path of Education spend this year, obviously it's different versus last year, but now you've got CARES Acts and a number of other international drivers. How do you anticipate the trajectory of this year from an ad spend perspective relative to last year when we were obviously in the thick of COVID? Yeah. Thanks, Matt. Appreciate the question. First of all, just to level-set everybody, as we've mentioned before, over 60% of our ARR is on the Commercial side. Our Commercial ARR still year-over-year grows faster than the Education ARR does. We've just seen those growth rates closer in the last year than what they typically are because of the tremendous strength we've seen in Education. One of the things I would say, we saw it through continued strength through Q1 with Education. It's largely because it is such a global initiative. We mentioned on the call that there are several government funding programs, like what we mentioned with the CARES Act. What we didn't mention is, gosh, almost every European country has some similar type of funding act. Even though students are starting to come back into the classroom, it's why we call it an education awakening when it comes to technology, because even if they did not have technology deployed in time for the pandemic or in the middle of the pandemic, even as we start to come out of it, as we are in various regions, there is an awareness of how important technology is in education right now. Some funding programs are just getting started. We see buying continue to be strong there, and in the coming months, we are anticipating it to remain strong. Got it. That's great. Jill, you maybe I missed it, you noted that there was one large early renewal. I don't think you quantified it, but any way to kind of get a sense for, I don't know if it's a device count or ARR that just sort of shifted from Q2 to Q1, just trying to get a sense for how we would right size that when we think about the sequential growth this quarter. Yeah, it was actually an existing customer who had a large license expansion as well as, of course, the maintenance contract that goes along with that. We originally anticipated closing in early Q2. It actually swapped into Q1. That was what part of our exceed in the quarter. Got it. Thanks a lot, guys. Thanks, Matt. Thank you. Our next question comes from the line of Gregg Moskowitz of Mizuho. Your line is open. Okay. Thank you very much. Hi, guys. A bit of a follow-up to start, just from what Raimo was asking about, and I realize you're going to be selling Wandera and Jamf Protect discreetly. Dean, is there an opportunity to integrate and optimize some of the IP where perhaps you can enhance Wandera's ZTNA technology with Protect's anti-malware? Thanks for the question, Gregg. Yeah, you threw me a softball there. In that, yes is the answer. We see tremendous opportunity. One of the things that we love about this acquisition is that Wandera's sales have been driven by the same market forces that have been driving our sales. The desire to connect, manage, and protect devices with a mobile workforce in an Apple-first way. Yet we don't have any overlap in our solutions. They're incredibly complementary. In other words, one customer, it makes sense, and there are a few customers out there that have already done this, literally own everything that Jamf offers and everything that Wandera offers, but then they've integrated themselves together. By us providing that integration, we'll take two valuable solutions and make them even more valuable together for our customers. Yes, many integration opportunities, and it won't simply be for iOS either. ZTNA is a great cross-platform solution integrated with identity, and there are going to be potentially millions of Mac users out there that we are going to bring a better work connection experience to than what they've had using historical virtual private networks. All right. That's very helpful. Thanks, Dean. Are you guys able to say roughly how many customers Wandera has and just how much customer overlap does exist between the two companies at any level? They have over 2,000 customers. We're not prepared at this time to talk about customer overlap. We're still doing that analysis. What's terrific is even when we have a customer that has both solutions, very frequently, what we have already found, it's because they're using Jamf for the Mac and they're using Wandera for the mobile devices, and we still have more solution from Jamf that can go in and provide even greater value by bringing in our iOS device management as well. While we might be running within the same customer base, we're not necessarily running on the same devices today. All right. Terrific. Thanks very much, Dean. Thank you. Our next question comes from David Hynes of Canaccord. Hey, thanks, guys. Congrats on the strong results. Dean, I wanted to ask you about the stat you shared around penetration for macOS. I think you said 17%-23%, which is pretty exceptional growth. I think we typically talk about two to three-point annual gains. Can you just talk about your view of what drove that acceleration? Whether it was COVID driven, how you're thinking about the pace of Mac share gains in 2021. Any color along those lines would be helpful. Sure. Just for clarity, that was an IDC Enterprise Study in the U.S. of organizations of greater than 1,000 people. They published that study, I believe, in December or January. I can't remember the exact date of it now. Their data showed that in 2019, that was 17% penetration. In 2020, it was 23%, so a six-percentage point movement for organizations 1,000 and more. That was reinforced by the Mac growth on units report that they did in December, which was about 50% growth for Mac. Of course, in Q1, it was over 111% growth for Mac. We have seen that growth, and we are seeing definitely an increase of Mac use within the Enterprise. We believe that the overall driver of that is the consumerization of IT, that people no longer want to use at home what they're issued at work, but rather use at work what they already love in their homes, and that is Mac. As that movement continues, we believe that Mac growth will continue, provided that the organization has a solution to secure and manage the Mac that allows it to still work consumer simple that Apple is so known for. That's exactly what Jamf does. Yep. Perfect. Jill, I just want to make sure I'm understanding the guidance correctly. You raised the range for the full year on revenue by $5 million. Two questions there. Did the prior guidance range already exclude that $9 million of Connect from the second half that pushes out? That's question one. Question two, the $9 million-$ 11 million that you talk about expected from Wandera, that would be incremental to this $335 million-$ 341 million, correct? Yeah. Hey, DJ, good questions. Yeah, the previous guidance already did exclude the $9 million. We talked about that and explained it. We did back that out on our original guidance for the year. We're holding consistent to that. The $9million-$11 million would absolutely be incremental to the guidance we're giving. We have not layered Wandera in to any of the information we've given, other than just that $9 million-$11 million range that would be on top. Perfect. Makes sense. Okay. Thank you, guys. Congrats. Yep. Thanks. Thank you. Our next question comes from Sterling Auty of JP Morgan. Your line is open. Yeah. Thanks. Hi, guys. Most of my question's been asked, but one from my side would be, Dean, when we think about the innovation, especially when M1 chip devices were made available, you're really the only platform that could support day one. How does that stand today? Where's your competitive differentiation from a technology side, say, relative to the other options on the market, especially with the new iOS 5G enabled devices? Yeah. Thank you for the question, Sterling. Without a doubt, the M1 chip and the emergence of Big Sur, the operating system for the Mac, shined a light on Jamf's differentiation because both the operating system and the chip were supported by all Jamf solutions the very day that they were available. There are several other providers out there that still today, even though that was released late last fall, still today do not support that chip or the operating system. I think that is one of the reasons why Jamf has seen some good fortune here in our ability to be able to help customers succeed with Apple. As you look at iOS, the same is true. Our same-day readiness with all Apple operating systems as we showcased in Q1 with all of our products as well, is a key part of the differentiation. Overall, I believe that that is just a small part of the overall Jamf differentiation, which is allowing things or empowering users with consumer simple Apple technology. In other words, giving them the privacy, the performance, and the user experience that they want, but yet doing it in a way that still delivers the security and the control and the efficiency that the organization requires. One of the things that we loved about Wandera is they built solutions in the same way we did, focusing on that end- user empowerment and still delivering the organization what was required. Excellent. Thank you. Thank you. Thank you. Our next question comes from Joshua Reilly of Needham. Your line is open. Thanks, guys. Congrats on the strong quarter. I had a question on Connect. Obviously that product's done quite well over the last year. How should we think about demand correlation for that product relative to growth for the cloud identity providers like Okta or Azure that the product integrates with? I'd like to get some more color on what's driving adoption there, and then I had a quick follow-up. Sure. Clearly, as more and more organizations are adopting cloud identity providers themselves, being able to use that one single cloud identity for your authentication, whatever you happen to be authenticating to, is a really useful security tool and also a user experience tool. You've seen great adoption of Jamf Connect as organizations have been adopting cloud identity, because essentially we can use that cloud identity to authenticate to the Mac. We're not an identity provider ourselves, but we leverage and partner with the identity providers to create a better overall experience on the Mac. With Wandera, we're actually going to take that to a next level, because once you authenticate to the device itself using your cloud identity, you will also have private access connection into all of your work resources, both in the network at work and also through the cloud using Jamf Private Access. That's, once again, going to be a solution that creates a great user experience and actually improves security at the same time. Okay, great. Just to follow up on that, how much of the outperformance in the on-premise subscription revenue was related to Connect product revenue versus actual on-premise subscriptions? Any color there would be helpful. Yeah, I'll take that one. It was really a combination of the two, both Pro and Connect. Nothing unusually large on either side of that. Great. Thanks, guys. Thanks. Thank you. Our next question comes from Koji Ikeda of Bank of America. Your line is open. Great. Thanks, guys. Hey, Dean. Hey, Jill. Just a couple questions here. On Wandera, Dean, I think you said in your prepared remarks that iOS is about 80% of the business. What's the other 20% of the business? Is that Mac, or is there anything else in there? Thanks. Great question. The remaining 20% would be a mix of pretty much all the other endpoints that you'd be familiar with. Windows, Android, Mac would make up that remainder 20%. Okay, got it. I guess a lot of questions on Wandera, but I wanted to switch gears a little bit and talk about cmdSecurity. Saw that you guys completed that acquisition. It's still new, but is that fully integrated within the tech stack? I guess any sort of color from initial reaction from customers, partners, anything on early adoption would be helpful. Thank you. Yeah, thanks for the question. Just for everybody's information, we acquired the assets of cmdSecurity, closed that acquisition in the first quarter. The product called cmdReporter essentially grabs security telemetry from the Mac and is able to hand that off to whatever the security logging system or SIEM is for the organization. That is something that was just very well received by our customers when we closed. It was a small tuck-in acquisition. The word that we got from our customers is the exact type of combination of Jamf with them delivers, again, where the integration delivers greater value to the customer. Nothing quantifiable to give you just yet, but overall, just anecdotal, we've received terrific response from our customers on that. Got it. Thanks for taking my questions. Congrats on a great quarter and the Wandera acquisition. Thanks a lot. Appreciate it. Thank you. Our next question comes from Pat Walravens of JMP Securities. Your line is open. Thank you so much, guys. This is Joey Moricz on for Pat. Just two from our end. First, I want to dig in on net retention, which continued to be strong. What is driving that? Secondly, can you just give us an update on Wandera and how that's playing out? Thank you. Absolutely. Thanks for the question. First of all, on retention, I'm assuming you mean the net revenue retention. I'll just speak first to overall, just without our retention of customers, what drives that is just great customer support and a product that does what you say it does. By providing those products and that support to our customers, that's the number one thing we do for net revenue retention. Beyond that, I'll let Jill handle the rest of that question, and then I'll take up on Wandera. Yeah. Our drivers are really device growth. That's our primary driver of net retention, as well as on the add-on products that we sell. Then, kind of mixed over top of that is the mix of Commercial and our Education business, with our Commercial Business, A, growing faster and at a higher price point. That tends to kind of pull it forward. Going through COVID here, if we saw a little bit of softness anywhere, it was really offset by some of those growth factors. Then when we think about our Commercial versus Education, there's really nothing significantly different about the retention rates across those two verticals as well. Just absolute consistency over the last several quarters from both verticals. That was super helpful. Just on Wandera, if you can just give us an update on that? Oh, yes. I'm sorry. We've already integrated the solution and provided more value to our customers. We're today supporting over 500 application titles for the Mac. It's just been tremendous reception from our customers and appreciation for so quickly taking, again, a small tuck-in acquisition and delivering customer value. We're not done yet. We actually have ideas for greater improvement for the installation and updating on the Mac itself. The initial integration done, customer value delivered, and we're not done innovating on that front. Great. Super helpful. Thank you, guys. Thank you, ladies and gentlemen. This concludes today's conference call. 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