We can get this started. All right. Hey, everybody. My name is Koji Ikeda. I'm one of the mid-cap software analysts here at Bank of America. I am super, super, super thrilled here to have Ian Goodkind, CFO of Jamf. Thank you so much for doing this. We super, super appreciate it. So, so Ian, just from a background perspective, for those on the webcast and in the room that are not familiar with Jamf, maybe just a very high-level overview of what is Jamf, what do you guys do, what is the opportunity that you're going after? And, and maybe a few minutes on yourself. You are relatively new as a CFO. I think you're, you're over a year now. You're over a year. I'm almost two, actually. Almost two years. Yeah. So, a little bit about yourself would be great. Yeah, sure. And first, thanks for having us, Koji, and glad Bank of America could have us. But just to level set who we are, because, you know, it's still a newer story. We're four years in being public, so I think there's still some education there. But just stepping back, we help organizations simplify work. We do that by helping them succeed with Apple. Our SaaS product focuses on managing and securing devices within the Apple ecosystem. We went public back in 2020. At that time, our ARR was around $225 million. Just recently on our recent results, that's now over $600 million of ARR. In that same timeline, we went from just a management provider to management and security. When we IPO'd, our ARR was between $5-$7 million. Today, it's $138 million, growing 31% year-over-year. We started in education. Our roots are there. We've moved into the commercial side now as well. We did, we have commercial Macs is where we started. We moved into the management and security there, and Mac and mobile. So we've had a tremendous journey in the last four years, since we've been public. As for me, yeah, I'm coming up on the role in two years now, which, boy, I've gotten a few grays during that time, but definitely have been a great opportunity. You know, before that, I've been at companies that were much larger. I was a company that was $10 billion in revenue, so I've seen the playbooks on how to be an international or a global company and how to be a scalable company. If you look at our kinda tenets and growth pillars going forward here, those are two areas we've talked about at great lengths about being more international and being more scalable. Got it. Thank you. I thought Jamf had pretty good results in the last quarter, and it's been an interesting software tape, let's just say, for the past six months, both from a guidance perspective and a demand perspective. So this is gonna be the question on demand. How is Jamf seeing the demand today? How would you categorize that demand today versus, call it, January of this year, and then maybe one year ago today? Yeah, we get this question a lot, just overall. We get it in the form of this way or in the macro, what are you seeing? First, just to level set with numbers, and I'll back up to what we're seeing. What we did for our guidance in 2024 is we took the same things we saw in 2023, the muted macroeconomics, and layered them in into 2024. So, we've de-risked our value or our guidance model for this year. It's interesting, a year ago, you would call into a customer and say, "Hey, you know, what are some of the issues running into?" They would describe the same ones, say: "We're having this, we're having that." We'd say: "Hey, we can help with that." And there was this pause last year, a lot of times saying: "Well, not sure. Call me in a quarter or two." And now what we're seeing this year, not ready to call bottom, but we're seeing a little bit signs of stabilization. And what I mean by that is, we'll call on those same customers that we called into a year ago, and they're returning the call now. Like, "Hey, maybe there is a discussion to be had." But don't get me wrong, those sales processes are elongated. We continue to see that. We had one of our sales reps recently told us, "Hey, X customer that we've been working with for years, they used to have four approval levels, now they have 18 levels of approval." So we're just seeing that out in the market. We're seeing that same conservatism across the board and really the same elongated cycles. But I think we're in a position to really be in a good place based on how we set our guidance, and we're just starting to see those green shoots. So we're just seeing signs of stability right now. Got it. Got it. I gotta ask you the question, the AI question. Yeah. This is a technology conference, and so you sell products. Your, your product platform is for the Apple ecosystem, and AI is kind of topical there. Yeah. With the companies that you sell into, AI, I'm sure, is very topical. So how does your end market view the potential benefits, risks to AI, of AI, specifically, and what does that mean for the demand for Jamf? Yeah, a couple of things there. So, we think of AI in a couple of different buckets, three different buckets. One, the utilization in our tools, which I'll talk about in a minute. Two, how can we help answer customer questions? And three, how do we build additional automations within our organization? So starting on our product front, we already have some learned behavior within our security tools. When, you know, there's different threats coming in and it looks like a certain profile, our tools look at that and learn from it and can identify other types of threats. What we are looking at in the future here, what will come over time, is with those security tools and having management and security is what makes this work, is that we would be able to go in, identify the threat, and actually have it pump out with the AI tools. Here's the way to remediate it, and here's all the steps, and here's all the support for it. Are you good with this? And click a button and do it, right? And that's what we'll be looking at over the next couple of years as these AI tools build out and as ours builds out within our product. It's not revenue-producing today, but over time, that will be built in our products. On the second front is we have a community of the largest Apple users in the world. It's called Jamf Nation. We have the most Apple data of anyone on the planet. We're looking at how do we use that data to answer customer questions? Oh, I've got my Jamf Pro in there. There's something called Smart Groups. It helps you set up groups based on, if you're a finance role, here's the apps you get. I just push a button, there it is. How do I set this type of Smart Group up? You type that in, and it comes back with a full response. Here's all the steps you do it. Those are the things we're rolling out to help us on the customer success side, customer-facing side, to make us more efficient there. And then just internally, we're looking at different efficiencies, whether it's, you know, low-code to, you know, how we write our scripts for our earnings, to IT or legal efficiencies. We'll look at those and use those in-house to make us more efficient over time as well. You just mentioned Jamf Nation. I know that's a big, big conference for you guys. Yes. You have it every year. When is it this year? I know it's—I think it's coming up in a couple of months. Yeah. Tell me a little bit, is there some sort of early... preview that we can get of what you guys are thinking about with Jamf, Jamf Nation this year? Yeah, I'll say first, it's early October. Okay. It's in Nashville. You know, can't give you too much there, but what I will talk about is the Spring Event. We just had the Spring Event where we have two events a year. One is just kind of an online event. It's our Spring Event. And then we have JNUC, is what we call it, the Jamf Nation User Conference, and that's where we have our bigger releases. But we did just have a release with our Spring Event, where we released a few things. Most of it was focused on what I would call compliance, and we actually released compliance within all our tool sets, whether it's our management tool, which is Jamf Pro. In Jamf Connect, we had some compliance released as well, which is, think of that as identity and network security, and then in our endpoint protection product, we had some compliance released. Looking at different benchmarks, you know, are you compliant? That sort of thing within, across the tools. Interesting enough, one thing on the commercial side, and these are commercial-focused comments, other thing we released is what we would call Jamf Routines, and that's an interesting one I just want to spend a minute on, where we released a tool. It's an automation of workflows, and it communicates with your collaboration tools. So what that means is, let's say, me, Ian Goodkind, I haven't shut off my device and updated a few apps in a very long time. It automatically creates a workflow saying, "Ian hasn't done this," and sends an automated message to Slack or Teams, says, "Hey, this hasn't been done. Do you want to just tell the user they need to do it?" Admin just goes, "Yes," and he's done with his work. And that's the automation of that workflow. That's just one example of them. We have five or six of them that have been automated. We'll continue to add to that over time, but that's just a really neat functionality that our customers have been asking for, and that's actually only available in our bundles, which, so we're putting more and more value into those bundles, and I think that's an area that will continue to grow for Jamf. Year-over-year, our bundles have grown 63%. Sixty-three percent? Yep. Wow, that's amazing. So I, I wanted to ask you a question kind of on your vertical exposure. You know, you mentioned earlier that you started in education. Yep. So, could you maybe give an update on what is your vertical mix? Tech, education, maybe anything else to call out. Yeah, so, you know, where we have a highest concentration are in those areas or industries that lean into Apple first. So that would be our information and communication, which includes our tech, and then also K-12. Those two industries, for us, represent about 45% of our total ARR. And then when we look at our next three industries, professional services, financial services, and wholesale and retail, those represent about 25% of our total ARR. And those are actually growing at faster rates than we see in the top two industries. And what interests us quite a bit is those are not always considered leading tech industries. In fact, they're non-leading tech industries, and they're starting to lean more into tech and more into Apple, and that's what gets us excited. In fact, those are growing at faster rates than our overall growth rate. Okay, so you just recently had an Investor Day. You have some three-year targets out there accelerating growth. Very, very attractive if you're able to achieve it. But what I'm also hearing out there is kind of big exposure to tech and education, 45%. So let's take tech first. Yeah. What are kind of the upside and downside risks for tech, specifically from Jamf? Yeah, yeah. Sure. So one thing before I get into that: so if I roll back the clock, let's call it two quarters ago, we had a 47% ARR that related to tech and K- 12. Now, it's down to 45%, meaning those other, those next three industries are growing faster because of the non-leading piece. And what we talked about at Investor Day is we expect those to continue as those non-leading tech industries lean into tech. So I think our exposure balances out more and more. But with tech itself, what we've seen there is we've seen, and everyone else has seen this, you can go out to websites and look this up, there has been a significant amount of layoffs, and tech spending has really reduced. You get CFOs out there, like myself, that say, "I, you know, I don't know if I want to deploy a choice program today because I don't want to spend money," or they've reduced headcount. So that impacts us from a device expansion standpoint. But what we did in 2024, starting with that, we layered in the same economics as 2023, so we're not reliant on some return within tech. But in 2025 and 2026, if you look at that, there just has to be an incremental increase in the device expansion. In fact, if you look at it from an NRR perspective, the contribution to NRR from device expansion was 13% in 2023... in 2026, we're modeling that same 13%. So we're not trying to be reliant on the things we can't control, like the economy. We are focused on those things we can control, such as cross-sell. And cross-sell for us comes in three forms. It comes in the form of commercial security, education security, and mobile. Because a lot of times, again, we started on the Mac front, now we're cross-selling into the iOS devices. So that is how we are getting more and more comfortable, and I think we could all look around the room, we look around the conference, tech companies are going to hire again. It probably isn't going to be at the same rate we saw before, but it doesn't have to be much. And when we did the sensitivity, which we also showed at our investor day, just a 1% increase in that assumption alone in 2025 and 2026 was a meaningful impact. It was about $14 million of additional ARR. What that means is that we can ramp up very quickly, and our trajectory can change quickly if the macro improves. That is, what we rolled out, is a baseline plan. And then on the education side- Yeah. Just real briefly, what upside, downside drivers to that? Yeah, I mean, what we saw is, from COVID, there was this rush to buy devices for students when they went home, right, during COVID. That happened in 2020, so, those devices are getting a little older and, you know, it's about time to refresh those. What we see or what we hear, we read the same articles everyone else does, is that, other devices than iPads maybe aren't as durable and have shorter lives, and they actually have a finite life, and they're just not produced in the way that some schools have rushed and bought. So we see the potential for additional shifts from those other type of devices to iPads upon the refresh cycle. And that's why we get excited about that. I think what also supports a stronger growth rate as we go forward, not only that, I'll call it choice program, but also the fact that we have now security within education. We have a Jamf Safe Internet tool that we now are on, I'll call it version 2, that has the functionality that people are really excited about. That should bode well for us. And then lastly, outside the U.S., they actually didn't go to a 1-to-1 with children. They went to maybe a 6-to-1, a 4-to-1. But you know that doesn't work forever. So they are a lot of those countries are trying to move more to a 1-to-1, and that actually will support additional growth outside the U.S. and our education markets. Got it. Just one follow-up on the education side. I cover some edtech companies out there, and what's very topical with them is ESSER funding. The budget. Right. Right. And so when I hear education vertical spending money on tech, I think maybe some of those budgets or technology purchases were helped by ESSER. Yep. That is coming to an end. So how do you think about- Yeah ESSER with your opportunity? Yeah, there's a couple different funding mechanisms, right? There's the ESSER, there's other federal funding, and then there's state funding. And when you first look at that ESSER, it actually requires to have security on the device. So, knowing that, we know there's still an opportunity for that. We also know that once you give a student... I have a seventh grader and a fifth grader. Boy, if I tried to take away that iPad, there'd be heck to pay for that one. They're not letting go of those devices. We've opened a genie, it's out of the bottle, that's not going back in. So there are gonna be ways that school will have to, with the government, figure out how to fund those devices. The way to make them scalable is to have the management tool. We don't see that trend changing based on that budgets. What excites us about them, like I said, is the fact that some security is required of them, and the type of security is what we do. Is there any... And this is just maybe an off-the-wall question, but I just- Yeah. I was just thinking about it. Does Jamf help extend the life of devices somehow with better management, better security? Is that- It doesn't do that, but what it does, think about it this way: so it makes it much more scalable. We have, I'll just use an enterprise, no names here, but we have several enterprise customers that come to us and they say, "Look, we wish we had more Apple devices because our PC, the people who manage the PCs, have more tickets, there's more maintenance costs, the devices have to come in. With Jamf, we don't have to do any of that. Everything's automated with your management tool, and we can truly manage the life cycle of the device, sending a device home to an employee and no one from IT ever touching it, and they can be up and running, to ending that device at the end by pushing a button." And that's how it makes it easier and less tickets. It wouldn't extend the life, but what it does is it makes it much more efficient and scalable. I did have a question on contract structure. Yeah. Let's take it from a very simplistic one device approach. Sure. How does that work? Is the contract applied to the device or is it applied to the person attached to the device? Yeah. So let's just, the way we price our products and the way our products work, it's based on device. So like if you look at Jamf Pro, our management tool, that's priced on a device. So is Connect and so is Protect. Again, Connect is our identity and network, Protect is our endpoint. However, our bundles, our business one is our Business Plan, that is based on user, so it can be multiple devices under that. Is there any sort of average device per bundle metric that you guys have? Yeah, so we, we've looked at that. We do have, call it 1.5 devices on- under the bundles when they, when they were rolling that. Okay. Okay.... Security. Oh, I've been waiting. Big growth driver for you guys. I love to ask about security questions for you guys because you've been very successful with it. Now it's 23% of ARR. Growing very, very fast. It definitely feels like it's one of the core tenets of your growth algorithm going forward. And so what exactly is your security product? Maybe really kind of sum it up in a very easy to... What, what's the pitch on security, and- Yeah ... and how are you selling it, right? Yeah to these customers out there? Yeah. So, I'm going to start about why we got into it- Yeah ... and then touch on what each of the products do, and then what that sales motion looks like. So why we got into it is we did a survey in, I want to say it was 2018, where we went out and asked customers: What, how many Apple devices do you have in your fleet? Or what are your employees using today, and what do they want to use? And there was a huge difference between the, what they were using and what they wanted to use, and they wanted to use more Apple devices. And we said: "Well, what helps bridge that gap?" And what every IT person and CISO said to us is: "We're not sure how to trust those devices. So can you help us figure out how to trust a MacBook? Because our tools give us false positives, they degrade the machine. How do we, how do we trust those devices?" So we took it upon ourselves to meet our customer needs. And by the way, we have over 75,000 customers and run on 32.8 million devices, so we listen to what they say, right? And we got into security, and what we decided to do is make it, we build between what Apple builds and what the enterprise needs. So what did that mean? Well, they need better endpoint security. They need better security to log into the networks. And so we went out and started this journey on security. So we started out with Jamf Connect, which is kind of our longest runway pro-product. We started there with, I'll call it identity, more... When you look at Apple, they have password sync issues, and so we helped with that, that issue and bridged that gap. There was network. Well, how do I know this Apple device is really supposed to connect the network? You know, the, it used to be the old VPN, now it's Zero Trust network security. That's what we provide. And then we've got an endpoint, you know, whether it's content filtering, phishing, malware, you name it, we have those abilities. And so we delivered what our customers wanted, and we've helped them decide these are secure devices, and that's why we've seen such a uptick, because our customers asked for it. Now they're deploying it. They're buying it and saying: "Yep, we're good with this. Now we can deploy these, and we're just as confident in these Apple devices as a PC device." Now, what I'll say on this front, we get this question a lot, where people ask us: "Well, are, you know, are companies all Apple devices only or, or are they mixed environment?" The answer is yes, they're mixed environments. We are the only one at scale that can do the management and security seamlessly. And on the Apple side, there are others who can do it on the PC side, and that's why we've seen the success, because we can run alongside others or individually on those devices. And so we consolidate vertically versus horizontally, and we're trying to provide the best experience to the user and making sure the user or the CISO can trust that, that device. That's really what's resonated well, and our teams, from a go-to-market standpoint, see that and understand it, and we've been ramping them up over time. We had a security overlay team to teach our reps how to sell security, and you're seeing the successes. You know, we're at $138 million, growing, you know, 31%. We're seeing the success. This is embarrassing. I, I think I should know this answer, but I don't. Yeah. When I look at the guidance for the three-year guidance that you put out, what is the contribution of security from that growth stack? Meaning, is it- Yeah ... half of it? Is it a third? Is it two-thirds? Yeah, good question. So what we rolled out at our Investor Day, there's a NRR calculation that shows the contribution of cross-sell today versus what it will be in the future. And it, because of the size of it and the scale of it, becomes a bigger part of that NRR. And there's a slide in there on our commercial security that showed since Wandera, our CAGR on security was 39%. What we're projecting forward is a 28% CAGR. So we're actually doing less, and we're not having to be at the same levels, and that's what gives us a lot of confidence around that. And by the way, that's just the commercial security piece that's supporting that cross-sell right now. We also believe there's an opportunity for education to support that initially, and on the mobile side. We also showed at our Investor Day that we have about 5 million iOS devices under management, and there is 104 million corporate devices out there. So we have a tremendous opportunity, and again, that's not where we started, that's where we're moving. That's part of our tenet, of our strategy, and we're moving into that, and we're seeing great success there, especially in the replacement market. Got it. No, thank you. There's lots of vendors out there that do what you do for the Windows company. Yep. Why is it difficult for them to enter your ecosystem? Well, 23 years would tell me why, but part of it, part of it... There's only one player at scale on the Windows side that does management and security. The others only do a component of that. Maybe you have a security company just focused on endpoint. You have a security company just on the network side, or you have a management tool separate. And trying to stitch those together, that can cause, you know, some disruption, and you've got to write different interfaces. And every time one of those are updated, guess what? You've got to write new interfaces... No one else is doing it on the Apple side, and I—part of that is where have enterprises been? They were mostly on the PC. There is a shift, but there are still more devices on the PC side. So I think, you know, that's where people are playing and using a... I'm a Minnesotan, using a Minnesota analogy, we're skating to where the puck's going to be, and we're watching Apple, you know, continue to build in the enterprise, and we're continuing to see the benefits of that. So I—and we've been doing it for 23 years, and we have the largest Mac community out there. Jamf Nation is 100,000 users out there. So it is a big community, and we hear them, and we listen to them, and just ask one of those providers to keep up with the pace of Apple. I mean, Apple is an innovative machine, and we're focused on that. I, you know, I think, you know, all those things are what differentiate us from others and why I think, you know, it's tough for us. There's a barrier for others to jump into what we do. Yeah. No, that makes sense. Skating to where the puck is. Hockey is life, right, Minnesota? Hockey is life. I'm from Southern California. I don't even know where the puck is. Okay, so, so let's talk about go-to-market. sales force, how do you think about it? Well, what is your sales capacity today? How do you think about investing for sales capacity? How, I guess the real question here is, how do you make sure you're not underinvesting today- Yeah ... for the opportunity in the future? Yeah, it's a good question. Recently, we took an action in January of this year, where it was primarily focused on sales and marketing. It was primarily focused on our quota-bearing reps, QBRs. And what we saw, so rewinding the clock, we bought Wandera, we integrated it, we taught people how to market it, we taught people how to sell it. We brought in a sales security overlay, we taught salespeople to do it. So we've looked at the last five quarters of data to say, "Hey, now we've got some data around this, and who's really made the turn and who's not." And for the ones we let go, we saw that there was. They weren't hitting their quotas, and we could tell that they hadn't learned to sell Trusted Access. And so we made that decision to adjust, give the reps who understand selling management and security together bigger territories. And we already saw improvements in that. We saw a double-digit% improvement in rep productivity in Q1. And so we know, we looked back at 2022 as our kind of base year. It was a half a really good year and a half a tough macro as our base year to say, what would an average year look like from a rep productivity? And we're still not at that level this year. And we... That's what we're targeting in 2026 to be back to. So we adjusted. We know there's more capacity with under those reps, so if something turns, we still have more capacity under those reps, existing reps, to go. Now, if we cycle faster, yeah, we would contemplate adjusting and adding more, but we think we did it in a really good spot. The last comment I'd make here is we do have certain automation going in the second half of the year. Today, there's manual processes for the customer journey. Just getting a quote is a little bit manual. Also, from a partner perspective, we don't have a partner portal. These are things we're adjusting, and there's some technologies that go in later this year that make it so a rep's not like, "Oh, I got to get this quota. It's taking me forever," versus just automation. So it helps them reduce the time they're spending on some of those things. So it should, the automation should help that. That go in play, goes in play later this year, and we should see benefits in 2025. I actually wanted to ask you that exact question. You are the CFO. Yeah. You allocate budgets- I do ... how to think about capacity, but also utilization and technology usage. Yeah. So, as the CFO, how do you think about going after the end market with salespeople versus automation tools to drive better utilization? Is there a lot more you can do with technology? Is there- Yeah ... or do you just, are you there and you just throw people at it? No, we can do a lot more with automation. And something I was remiss to talk about is the channel, too. So we've been working on standardizing global channel partner program. We're done with that step. We're working on, you know, what's the... We work with a lot of MSPs. We work with the big global channel partners that you all know. We work with all sorts, carriers, you name it. And we are getting laser-focused with them and getting them up in the right areas to drive that value. So I think there's the automation on our side, which I think we were lagging there, and we're getting up, kind of up to par there. And then there's the fact we're becoming more scalable and leaning more in the channel. So we are always looking at ways. Lastly, this sets up the foundation for someday in the future to have in-product purchasing. We only have that in Jamf Now and Jamf School, but to have it in our bigger actual products will be a great win, too. Got it. Ian, we're almost out of time. Yeah. I do want to ask you one more question, and thank you so much for doing this. Jamf has been acquisitive in the past. You've been very successful with one that you did three years ago? Yeah. Right, three years ago. And so how do you think about the M&A strategy from here? Yeah, we always step back. If you ever want to figure out our strategy around that, go to our JNUC. You hear our customers say: "You know, this is one other problem I'm having. How do we solve this together?" And so we look first. We don't build it and hope they would come. We listen to our customers. They tell us what's needed within our solutions. That's where we focus. Then we look at tech and talent, and of course, it's got to be built Apple first. When you combine all those things, typically what you'll see us do is a lot of tuck-ins. You don't see a lot of Apple-scaled players. If there was one out there, don't get me wrong, we would look at it, and if it had the right tech and talent and met a customer need, it would make sense. But we don't see a lot of those. But we are definitely inquisitive. We are definitely looking at areas that can help us accelerate our roadmap. Got it. Ian, we're out of time. Thank you so much for doing this. Yeah. Super appreciate it. Good luck. Thank you. Thank you. Thanks for having us. Of course. Thank you.