All right. Well, good afternoon, everybody, and welcome to the 25th Annual Needham Growth Conference. My name is Joshua Reilly, and I'm an analyst on the enterprise software team. This afternoon I'm excited to have Jamf. We have CEO Dean Hager and CFO Ian Goodkind. Ian, you're new to the seat, so I'm excited to have you. Maybe we'll just start off, Dean, maybe you can give us an overview of the business for those who are less familiar, and maybe touch specifically on how security over the last, you know, year and a half has become a more important part of the business. First of all, thanks everybody for joining us. Josh, thanks for having us. I appreciate it. Even saying that Ian is new, I had to do a double take 'cause it feels now that he's been in the seat for what feels like years. Why don't I take those two separate. I'll give just a real quick overview of Jamf first and then talk about the evolution of our security solution. At Jamf, our purpose is to bring consumer simplicity to the workplace. We believe the best consumer technology to fulfill that purpose is offered by Apple. That's really how we're in to helping organizations succeed with Apple. The result is that Jamf's strategy is to both manage and secure Apple at work. It's completely unique in the industry. Very few companies offer both device management and security solutions, or really only Microsoft successfully, and literally no one else does it in an Apple-first way. Jamf is very unique in that perspective. 2023 is our 21st year of business, and we've grown significantly over those years, now supporting approximately 71,000 customers running Jamf on approximately 30 million devices now. Of those 71,000 customers, there was a net add of approximately 11,000 customers in 2022 alone, just making Jamf the clear market leader in this space for Apple. Our diversity is tremendous. We really don't have, you know, we're not locked into, you know, any geography or reseller that we're overly dependent on. I think our largest customer is like a half of 1% of our ARR. Even there we have great, tremendous diversity in our install base. We obviously do extraordinarily well in industries where Apple performs well. In fact, years ago, we got our start in the education market, but that now represents under 30%, about 29% of our ARR. Over 70% of our ARR is from commercial markets, which is also our fastest-growing part of our business. We're used in 22 of the top 45 most valuable brands, nine of the top 10 largest companies in the world, seven of the top 10 technology companies, and all 15 of U.S. largest 15 banks. That's kind of a backdrop on Jamf. Just a touch on security. We really got in the business through device management for many, many years. Then in 2018, with Jamf Connect, we really started the first step into the security realm with a cloud identity-based solution connecting users and their devices to cloud identity providers, all the major cloud identity providers, and that's become Jamf's second best-selling product. In 2019, we expanded into the threat hunting and endpoint protection business with our Jamf Protect solution, and that was launched just months prior to Apple's launch of the Apple silicon Macs with the M1 chips. That wasn't a coincidence. We knew that the security market was gonna be disrupted with that new hardware, and we were able to really kinda come out of the gate really fast with our security solutions. In 2021, we branched into preventing threats from ever reaching the devices with filtering, anti-malicious download, anti-phishing, and cloud VPN solutions as part of our acquisition of Wandera. We just believe that security solutions are a natural extension of management solutions because almost every mitigation I can think of, as a result of a security threat would be done with device management. You know, blocking users from the network, updating software, quarantining software, that's all done with management software. The result of that has been, Jamf security business has grown ARR from less than $10 million in Q3 2020 to over $90 million in Q3 2022. Got it. Helpful, helpful overview there. All right, shifting to everybody's current favorite topic, the macro. I guess a couple items here to highlight. One, are you finding that the greater mix of security products is proving more defensive to growth in the current environment? Then second, can you just review kind of maybe how did demand ebb and flow throughout the year as the economy softened? Yeah. Obviously the topic of the day, nobody in technology is immune to it. Nothing about the today's economic environment changes Jamf's long-term strategic premise. We don't believe we're market limited. The demand for our unique solutions is strong, our customer loyalty is extraordinarily strong. Furthermore, you know, Apple's growth is tremendous. In 2022, iPhone actually overtook Android for market share in the United States. Everybody knows that Apple has the leading tablet. You know, the Mac even, IDC just came out with PC shipments for the year 2 days ago. Mac is, for the year, is the only computer that grew year-over-year. The Windows-based PCs all declined double digit, the entire market, of course, in Q4, you know, started to tail. The good news there is that Mac grew in market share compared to the rest of the PC industry by three percentage points, which is the biggest leap I've ever seen since tracking it. We think that all bodes well for the long term. With that said, you know, Jamf's economic unit is largely seats and therefore the number of people that are using devices. We all see the headlines of layoffs and slower hiring. As we said in Q3 was really that first quarter that we started to see the muted number of seats being signed on for with initial deals. Q3 was really the first quarter that we started seeing a muted device growth at renewal. We had said in those calls that we expected that to continue forward. I think everybody in the technology industry has been seeing that in Q4 as well. As you pointed out, you know, on the positive side, while Jamf's economic unit is devices, we now have such a broad set of security solutions that can sell back to the devices that we're already managing that it gives us another trajectory of growth other than just new seat adoption. You can see that in our ARR per device has just gone continually up. The other thing that I would mention is that, you know, 29% of our ARR comes from education and specifically providing student devices. Student count doesn't go down, right? The number of students in schools is still where it's at. Overall, you know, the entire tech industry is seeing, you know, the, you know, fewer people, you know, in the workplace. We of course, are seeing that as well. Our resiliency, our customer loyalty, our healthy financial profile, put us all in an excellent position. Now our broader solution base to sell back puts us in a terrific position to withstand a temporary economic challenges. Got it. I think that's a helpful overview there. If you look at the expected macro for 2023, do you feel that your current customer contracts are right-sized in terms of device counts, or was there a lot of volume that was sold ahead that could slow NRR more than current levels, that investors should be aware of? I can jump in and take that one. On the education side, let's start there. We did see a little bit of a reconciliation on the education side, right? During COVID, education did educator spot ahead a little bit, you know, too many of them right-sized that within Q3. We're gonna continue to monitor that, but we think that's probably the biggest adjustment, I'll say, on the education side. On the commercial side, we're continuing, as Dean alluded to a little bit earlier, we, you know, we'll continue to see muted growth in this economy based on companies' hirings plans and headcount plans. You know, again, you know, the good thing, a couple of things for us specifically, we on the commercial side typically have an annual renewal. What we'll see is that they, you know, grew so many heads, which is typically more than what they're actually laying off. We're still seeing that growth at renewal. It's just not as big and they're not buying ahead for the future, I think. That's one thing to consider. I think the other thing, and Dean hit on it in the last point, was that, you know, while we're still reliant on device count and growth on seats, we still have, again, the security portfolio now, right? We have typically companies will buy one management product, but they have a multitude of products to actually select from a security profile. That will drive our ARR up in the future as well. Got it. This is an important nuanced question which we're asking a lot of our companies as well as, on the macro and FX, can you touch on how pricing and contract structure is in US dollars or foreign currency? You know, thus far, the FX impact actually has been fairly limited for you guys versus some of the other companies we cover, given the strong mix of international business that you have. You know, we bill mostly in U.S. dollars, and we do have some, you know, exposures with some of our Wandera business and some of the Jamf School business. Most of our exposure is really on the expense side. Our markets outside the U.S. are growing faster than in the U.S., so you will see that exposure continue to grow over time. As a reminder, our ARR is on a constant currency basis, and we do adjust that annually. We do have a lot of things that mitigate it for us, but it is a growing, you know, exposure for us in the future. Got it. One thing I think is a bit underappreciated for you guys is product differentiation, especially versus the legacy UEM vendors. If you talk to the channel partners and the IT admins who actually use the product, I think they appreciate the differences. Is this becoming even more of a factor as Apple continues to accelerate innovation within their software stack, which, you know, just continually requires more updates? Josh, I think you are touching on something that is, as you said, hugely underappreciated, not only for how we got here, but what I believe will be a transformation going forward as well. The notion of unified endpoint management, which is really you know, organizations say, I'm gonna treat all the devices no matter what the manufacturer is, the same as if they were all a shade of gray, you know, within an organization. That notion grew in popularity, I wanna say, between 5 and 10 years ago after the invention of MDM. It was built on a false premise, and that was that the MDM framework could fully satisfy the enterprise requirements of all Apple, Google, and Microsoft ecosystems. It could had Apple, Google, and Microsoft all agreed to stop differentiating. Of course, none would agree to do that, especially Apple. Apple has continued to offer frameworks for solution providers like Jamf that are completely unique. Apple Business Manager, automated enrollment, customer enrollment, user enrollment, their SSO extensions, their security framework, they are all common across Mac, iPad, and iPhone. None of them work on Android or Windows. The cross-platform providers have been stretched to try and support the uniqueness of each ecosystem. Meanwhile, Apple sells the uniqueness of their ecosystem, and customers want it, which is why Jamf ends up getting selected. Jamf innovates at the pace of Apple so that IT teams never have to wonder whether a feature will be supported, and IT will never have to send that email to their users saying, "Hold off on upgrading to the latest operating system," something that Apple users expect to do the moment it's available, which virtually eliminates the cost of upgrade projects for IT teams. As you mentioned, in my view, the pace of Apple separating how Apple is managed and secured in the enterprise versus Android and Windows is actually accelerating, not converging. Apple is, you know, a large part, you know, the reason for Jamf's sustained success. While really all three leading UEM providers from five years ago, they've been consolidated or almost one is in the process of that happening. On that notion, you know, when VMware is ultimately acquired by Broadcom, who has been our historic largest competitor, we believe that's gonna end up creating the largest replacement market that Jamf's ever been faced with. We think that will probably really start more in volume in the latter half of 2023, you know, we're optimistic on the opportunities it will create. Excellent. Following up on product and the competitive dynamics, do you see any differences in the competitive landscape at the enterprise level versus the SMB level? I would say at the enterprise level, our competitors are almost always the UEMs that I just described. At the SMB level, which we define as 2,500 users or less, there are a couple of, now I'll say companies who are mimicking Jamf's strategy by focusing on Apple. That's actually good, I think, because it has shown that the market is accepting what Jamf's strategy is, and that is that each ecosystem needs a level of expertise. I should note, by the way, that that SMB market of less than 2,500, about 40% of Jamf's overall ARR, you know, and we won. You know, I mentioned that we had a net add of 11,000 customers in 2022. That would suggest that we're winning a lot of SMB business because there just aren't that many enterprise organizations. We still compete well there. You know, at the end of the day, those organizations that are attempting to sort of mimic Jamf's strategy, if you look at just LinkedIn, you know, publicly available information, you'll notice that when looking at the number of people that those organizations have added, very, very low. I think that they started to get a little bit challenged in 2022 because Jamf's breadth of scope of product and go-to-market, our pace of innovation, and our overwhelmingly amount of industry support from the likes of Apple, Amazon, Google, Microsoft, and Okta, is just super difficult to overcome. We've seen pretty much the same dynamics in that SMB space as we've seen the prior year. If anything, we saw those organizations competing with us maybe suffer just a touch in these tougher economic environments. Got it. you know, you highlighted BYOD at the September JNUC event. It was a great presentation you did there. I particularly liked how you separated work from life. That was interesting to see that on stage. What kinda demand are you seeing from that from customers at this point? Let me throw in one other kind of adjacent point that I just got a question from the audience. Can you just discuss how quarterly MacBook shipments affect the business or don't affect the business as well? Yeah. Two questions there. I'll take the MacBook shipments first. Quarterly, not much. Annually and beyond annually, yes, of course. The greater the popularity that Mac becomes of the better it is for us. Which is why, if you look at the last 3 years, these numbers come straight from IDC. Last 3 years, Mac has gained in share every year. On average, for 3 years, Mac has grown twice as fast as the rest of the PC industry. As I mentioned, they've reached double-digit growth worldwide. According to IDC numbers 2 days ago, Mac market share has gotten up to now 17% in the US in Q4. It is really coming on strong. I think every 10 percentage points of growth going forward is actually gonna be easier than what it's been historically, especially in the workplace. The growth from 15% share to 25% share is gonna be way easier than the growth from 5% share to 15% share, 'cause we had to overcome the whole notion that the Mac wasn't a business machine. I mean, frankly, the only industry that continues to be somewhat of a problem is the industry that your audience is in. Financial services is kind of the laggard industry when it comes to Macs. Oh, by the way, I blame Excel and the Bloomberg app for that. Yeah. In other industries, Mac's growth is much faster. On BYOD, of which this device that I have in my hand here is one, it presents an enormous opportunity for Jamf. In the early goings, it's gonna be a bit slow because there's so much market education that needs to occur to the uniqueness of the Jamf and Apple solution together. There's literally no combination like it, where the device actually gets segmented, partitioned natively into a user side and a work side, where we're able to fully secure the work side. All of the communication is just automatically going through a next gen cloud VPN. The apps are secured. You have a Data Loss Prevention, you know, fully managed work side. Personal side, 100% personal. IT has absolutely no ability to impact it whatsoever. It strikes that tricky balance of users being able to have complete and total privacy on their device without IT control, and yet have full access to work as well in a secure way. With the ability using Apple Focus features to simply say, "I think I'm gonna turn off work for now." All of a sudden, mail, texts, work apps, everything just disappears, and you go away for the weekend with a completely personal device. The ability to have a second eSIM on the device that is your work phone number means that you can also tell users, "Hey, we want all communication, all work communication to be done with work communication tools and work phone numbers." You can never say that you don't have it available to you because it's right there on your BYOD phone, and you have the power to mute them anytime you want. It really solves that tricky little having to carry two phones issue. So few organizations even know such tech is possible. We'll be going through a market education for a while. In Q3, we were pleased. We actually signed a couple of notable thousands of devices, BYOD devices, deals that not only wouldn't we have won one year ago, we wouldn't have competed for them one year ago because we didn't believe that we or anyone else had a differentiated BYOD solution. Now we do with BYOD pricing. Got it. That's helpful. A while ago, there was a lot of noise around Apple entering the market here. Interestingly, as you predicted, it all died down. We still get some questions about it, though. So what's the status of your relationship with Apple, and what has been the impact of ABE, Apple Business Essentials, for those who are less familiar, on your business over the last year? Sure. On this one, you will find that I'm gonna be as blunt as I possibly can be, because I've learned that I've just got to be. Actually, we just had a speaker today to our company, the author of Radical Candor, and so I am going to practice some radical candor on this. I have had, in the last year, several conversations about Apple Business Essentials with potential investors and people from the investment community. I have had nary a single conversation about Apple Business Essentials with a customer, nor have I heard a single, in a year, have I heard a single story of a Jamf customer being lost to Apple. I can't say that about any other competitor. When I say that it has had zero impact to our business, I mean zero impact to our business. While I actually think that that will be true for some complex reasons that I won't get into, I can't prove it with data, I won't claim it. I'm just gonna stick to zero impact on our business. On our relationship with Apple, it's as strong as ever. Apple continues to be a reseller of ours through Apple Retail, their small business channels, and also through their education channels. Apple continues to be an enterprise partner of ours, where we go to market hand in hand. Our dev teams work together using all public APIs. We have no private access to anything internally at Apple. We make sure we always keep that level of abstraction between our solution and their solutions. Apple continues to be a Jamf customer. As a matter of fact, Apple has been a Jamf customer since 2010, and at no time in their history have they been committed to being a Jamf customer for as many devices, using as many products for as long a period of committed time as they are today. Right now is their biggest commitment they've ever had to Jamf in that realm. All right. Got it. Can you discuss the priorities around security product development for the next year? One of the questions I get from investors a lot is Wandera, for those who are less familiar, provided security for non-Apple devices, as well. Does this remain a priority for the company going forward? Yeah. We actually support with, for instance, our Private Access capability, which is our next-gen VPN Zero Trust Network Access. That works across all device types. Now, because of our Apple specialty, that means a couple of things. One is we always make sure the experience is optimized on Apple. Therefore, we don't do like other providers do, where we don't embrace native Apple capabilities, and because we have to make it work exactly the same on every device type. No. We're gonna use the native Apple capabilities. We are gonna make sure that that experience is fantastic, and we expand from there to actually break down the potential buying hindrances there might be because we're not cross-platform. That's just a nuance. We're not Apple only. We're Apple first when it comes to security, that's one of the things that makes us so unique because we have to innovate at the pace of Apple. We do have security solutions across other device types as well. As a matter of fact, in education, where we launched Jamf Safe Internet on July 1st, and in Q3, we announced that it was the best first quarter product launch in Jamf history. That's all based on Wandera tech. We have already previewed that in 2023, we will be extending Jamf Safe Internet in education to Chromebooks as well, which, as you know, are very popular in schools. That's gonna give us a whole another trajectory of growth going forward that we haven't had historically. Got it. All right, just moving ahead here a little bit. What do you see in the education business here in 2023 in terms of renewals and RFPs? Is there a lot of business potential, or potential business coming up for renewal this year that investors should be aware of? What's the outlook for some of the countrywide education deals? Oh, yeah. Two big whopper of questions there. One is I still think that there's a little bit of post-COVID sort of reassessment and strategy development within schools in that, you know, like, when we went into COVID, it was buy as fast as you possibly can 'cause we've gotta get devices out to students. Now there's a little bit more of a wait a second, what is the optimal use of this? Now, working to our advantage there, some of that panic buying that occurred within COVID involved schools deploying devices without the required student safety solutions that needed to be on those devices, which is one of the reasons why we launched the student safety solution in July. I think in the coming years, while there may not be the type of device growth in education that, of course, I will, I will almost assuredly tell you there won't be the same type of device growth that we saw raging during the heart of distance learning with COVID. I think there's going to be a significant amount of strategy development of what type of software should be on those devices, and that's gonna actually make safe internet and security solutions very popular in the coming year. I think that's gonna be very popular within our current install base. When it comes to government investment, I mean, let's face it, governments woke up in the heart of COVID and went, "Wait a second. We've got students that have no ability to learn from home." Somebody said, "You know, that was always true." Meaning when we sent students home to do their homework, they did not have the same advantages equally. You had the poor kids with literally no ability to do some of the assignments that the Students that have far greater resources were able to do. Several governments you've seen, United States have offered funding for this. Japan has offered funding for this. Germany has offered funding for this. Taiwan, most notably, has offered funding, and we've already caught wind of some other governments looking for the same types of programs. You know, while we certainly can't disclose those things prior to the governments disclosing those things, we do see the potential of, you know, let's call it, you know, maybe 1 or 2 a year of additional governments going towards government-funded programs. Got it. All right. Well, let's move on to some financial and capital allocation questions. I actually got a financial question from the audience I think I'm gonna lead with, which I think you guys will like, will be helpful. Ian, maybe you can address this. Can you frame... and this is kinda following up on the earlier point. Can you frame the impact the device per customer headwind potentially can have over the next year or, you know, more in the more challenging macro? I guess the question they're asking is that headwind, can that be relatively contained in terms of the overall business, or could it get, from a magnitude perspective, be a bigger challenge? Yeah. I think the way I'll talk about is what we've been talking about for 2023, the headwinds and the tailwinds, right? What we look at is still the global macroeconomic environment, the hiring plans, you know. If companies, you know, continue to hire, you know, reduce another 10% of people, et cetera, et cetera, right? Those are things that would be headwinds to us. I think, you know, the other one that I, you know, is less prevalent, but we did mention it, is the elongated supply chain. Like, if there was any elongated supply chain issue with Macs specifically, that, you know, those could have impacts on our devices and other things as we move forward. I think from a tailwinds perspective, though, this is, this is what helps devices as we move forward, is a couple things. First, on the education side, when you think about that, Dean talked about the ability to go have safe internet on the Chromebook, right? That having the ability to go on Chromebook, that actually expands the ability to have devices. Some of those educational programs in other countries and, you know, again, having this management and security and education will help us. On the commercial side, you know, we see as Dean mentioned a little bit earlier, there's this ability to have a replacement market. We think we're gonna have this, the largest replacement market we've ever had in our history this year. That's, you know, something that we'll definitely weave in. Lastly, I talked about it a little bit earlier, but, I'm gonna mention it again. You know, again, you know, customers will buy one management product. We have, let's call it like 8 or 6-8 different security products. They have the ability to buy a multitude of those, which will also help our ARR per device go up over time. I think those are the things we think about from tailwinds, and we're gonna be monitoring both the headwinds and tailwinds in 2023. Got it. You'll hear more from us on our Q4 call. We all know you guys have a nice, attractive financial profile and strong free cash flow margins. That was one of the first things I noticed when I first started looking at picking up coverage of you guys. Maybe just give us some perspective here. If the economy continues to weaken, can you discuss what actions you can take on the cost front to kind of further strengthen those margins? Yeah, I will. I'll touch on a few things here first. First, you know, we've always been prudent. We're gonna continue to be prudent. We're gonna be balanced in our approach of balancing both growth and profitability and really try to manage the Rule of 40. As you saw in the last 2 quarters, Q2 and Q3, we did actually overachieve on our profitability metrics, and we did push that through for the full year. We have some of those abilities. As we move forward, we're gonna continue to use similar levers. I think one lever that we are continuing to focus on is hiring in those places only that provide the highest and fastest returns. We will slow hiring in those other areas. As a anecdotal point or a point that you can reference back to is in 2020 when we actually had the pandemic hit and everyone was just like, "Whoa, let's see what happens with this." We actually slowed down hiring and actually even froze it at that time. You could see, looking at that, how profitable we really became. How we're gonna look at it in management and think about as we move forward is on the hiring side. I think there's obviously other areas. You know, if you talk to any other software company, we're all looking at our software contracts, right? How do we manage that appropriately? Look at our facilities now that we're more of a hybrid workplace. How do we think about that, and how do we, you know, turn that from a cost center into profit center? Those are some of the ways we're gonna be looking at in 2023. Again, we'll invest in those areas that provide us the highest and fastest returns. Got it. You recently announced the 2022 end of year device and customer counts. You know, is this the correct run rate that we should think about for the business? How should investors think about both ARR device and customer growth going forward? I actually got a question from the audience that goes along with this. Why give the device and customer count, but not a preliminary look on revenue or ARR or some of the other metrics? Yeah. These are always fun ones to answer in this time, right? Let me start with customers first. I mean, customers, you saw, I mean, we added approximately 2,000 customers within the quarter. If you go back over time and you look at that, it's actually kind of within the norm. Last year we had Wandera, so that actually skewed it. Before that we had COVID, and I'm not sure what normal times are, by the way, but, during COVID we had customers. Then, you know, even you look at we announced the big Taiwan deal even this year in Q2. Do I think that's a run rate? Absolutely. That's, that's within the reasonable range of run rates. I think we're in different economic times today, so that will definitely ebb and flow all of us as depending on the global economy. On the devices specifically, I talked a little bit, just a little bit ago about headwinds and tailwinds. I would say those same things apply here, right? The thing that really makes us strong, I mean, again, we have 71,000 customers, 30 million devices. We, we're a diverse business. You know, we have a lot of different areas we can go at. We're really strong at industry workflows. You know, we applaud when Apple does things. We do things with them. We have our security portfolio now, and we're balancing profitability, you know, with growth. We take all those things, and that's what builds us some confidence within 2023, plus the replacement market, right? That we talked a little bit about. Our long-term thesis really hasn't changed. We're gonna continue to add the devices, but we're not gonna be as dependent as we move in the future on there. Again, back to that security, back to Q3 at least, you know, we're at 18% of our ARR came from security. If you think about that, and we, you know, again, over two years we've grown that to, you know, $90 million plus, right? To see that type of growth, really shows that we're able to have this additional product and really focus on management and security as we move forward. Again, we'll give you more details on our Q4 call. I know Dean, if you had something else you wanted to add. Yeah. I was gonna just comment specifically on the person's question about releasing the customer and device count. Obviously, customers and devices, that's not closing your financial books. We pretty much know that right away as you get into a new quarter, so we have the information, of course. We actually, we historically have released that pretty much the first week into January. The reason is, this week every January, we have what we call our SubZero event. We're a Minnesota headquartered company. It's SubZero in Minnesota. It's our company kickoff. We always like to announce to our employees where we're at when it comes to device and customer count. This is the one quarter that we release that information because we don't wanna release that information to our employees and not publicly share it with the market. It was just being transparent with something that we as a company want to celebrate the close of the year. Obviously, our financial statements, we got a little bit of work that we gotta do to go through and close those. That's why we would provide visibility to one and not the other. Got it. Then, we actually got another financial question from the audience I'll throw out there as well. How do you think about maintaining a Rule of 40 if growth decelerates below 20%? Like, how do you think about how much action you would take on the cost side to kinda maintain that structure? Yeah. It's a great question. I mean, what again, we're focused, you know, the first lever for any tech company is your people cost, and then it's really the hiring side. I mean, again, want to point back to, you know, I think it was second quarter of 2020, right? March hit. We actually froze hiring in April, and I think even part of May, and then, you know, opened it up in June. If you look at the profitability within that quarter, and even, I think, on the trailing 12 months that year, I think it was, like, 26%, if I'm remembering things right. It's a big unlevered free cash flow model. We do have the ability to ramp up cash flows. That's just one lever, right? You heard about some of the others. You know, again, software initiatives. One thing I'll preview just a little bit today, we'll talk about scalability, projects that we're gonna be working on from here and into the future as part of year- end. That's a way to focus, right, our back office operations, other operations, to make it more scalable and cost efficient. Again, you know, our footprint, our leasing footprint, again, we can definitely move the dial on this. This year, I mean, I think we just even turned those dials just a little bit this year, and you saw how much profitability we were able to ramp up. We move those dials a little bit harder, we'll be able to adjust profitability even more. Got it. For clarity, we're very committed to the Rule of 40 on a trailing twelve-month basis. We've already taken, as Ian mentioned, you know, pretty substantial cost actions to make sure that we have a level of confidence going forward as we assess what's going to happen with the market. You know, the what if questions in the future, we're gonna do what we need to do in those what if scenarios, but we watch it closely, and we're very committed to it. Got it. All right. Well, with that, I believe we are out of time, and I wanna thank Dean and Ian so much for the Q&A this afternoon, and look forward to what Jamf is gonna achieve in 2023. Thank you. Absolutely. Thank you so much. Appreciate it. Thank you.