All right, house music down. That must mean we're ready to go. I'm Rob Owens with Piper. Thank you for attending this session. John Strosahl, who's the CEO, and Ian Goodkind, CFO from Jamf. So gentlemen, thank you for joining us again in Nashville this year. Thanks, Rob. Thanks. Timing is everything, John, and it's been just over a year. It has. Not challenging whatsoever in terms of landscape, some of the buying verticals. Yeah that you have. Yeah. I guess, putting a little bit in perspective, just the last year, but love to understand just the opportunities you see. As you've focused the company, both short-, medium-, and long-term, what some of those priorities are from here for Jamf. Sure. I mean, we're still... we've still got a couple major industries that have seen some struggles. And it's not just, I mean, not just Jamf, of course, but all the CIOs that I speak with in the market, you know, are facing some similar headwinds. And two of our major markets, being K-12 and high tech, have both really felt some headwinds from that. We saw a lot of the tech layoffs. Tech hiring has abated, the layoffs, at least, the downsell have abated. And we're actually seeing, instead of the upsells that we've seen in the past, where a company would renew and say, "Well, we need, you know, we need another two or three hundred seats because, you know, we've got some open racks, and we know that we're going to grow." We saw that go the other direction during the downsell phase. But now we're seeing some of that stabilize, where companies are saying, "You know, we may not need another couple hundred seats, but we need five," and which is encouraging to us. We're still awaiting the refresh cycle in education. Right. That typically happens, you know, four-year cycles, and we're in the fourth year, so we anticipate that, but on the other side, you know, we've got, we've had some great traction in security. We've talked about that. We had, when we went IPO, we had about $5 million in ARR in security, and now here we sit, a few years later, with $145 million, growing at 27% year over year, so good traction on that. We're seeing companies really understand the value of having management and security under the same hood, if you will, to be integrated. Because not only do you find a vulnerability on your Apple device, but you can actually do something about it with the management side, and we did enter the security space because our customers asked us to. Sure. We just didn't build it, so that's really resonated with our customer base and has indicated itself in the numbers, so we have the security piece of it. We also have our international expansion. That's another area. You know, we've continued to grow outside the U.S. at a faster rate than we have grown inside the U.S. Particularly last quarter, we saw really nice strength in both Europe and in Asia, and only about a third of our business is outside the U.S., when Apple will report over half of their revenue comes from outside the U.S. So we have some opportunity there, and diversity being our friend, certainly with respect to segments, with respect to verticals, and also geographies, so we're really working on those areas. So I would say security, international expansion. Then the last thing I would point out where we're seeing some great traction is the deskless workflows, where one of our industries that's growing quickly, professional services, financial services, but then also in the wholesale retail. And so some of the larger deals that we had announced over the last two quarters were retail. So you would, for example, deskless workflows, somebody out sitting there with a laptop on their desk, but working in a retail outlet, as an example. And one of our largest retail customers, when we were over at Jamf Nation Live here just this summer, a few weeks ago, took me around and showed me within their locations that now every different staff member will have an iPhone. Anybody can go and pick up some merchandise, find that staff member, that staff member can scan the merchandise, they can tap phones to pay, and they can walk out the door. Those are the types of things that, you know, are really gaining a lot of traction, and we haven't even addressed the total addressable market on that yet. Right. Can you drill down on the tech a little bit more, just in terms of it bottoming? Because we have seen a couple of your major customers, and I know it's not customer concentration- Yeah ... but Cisco is a big customer of yours, right? Their JNUC last year, I think, gave a great talk. Yep. Going through pretty meaningful downsizing. SAP meaningful downsizing. But do you feel comfortable that we've kind of hit a bottom, I guess, relative to pipeline indicators and things of that nature? Yeah. I mean, of course, I can't call a bottom on that, and we have a lot of customers. Even if they're doing some adjustment on their employee base, they'll have a greater Apple footprint. Cisco is a great example- Okay ... of that. They'll have a greater footprint inside the organization that we can sell into. So that's helped mitigate some of that, those effects. And, you know, if you look at... I forget what the website was. We always take a gander. It shows tech layoffs, and it shows it by month and then by quarter. And we even saw, you know, some happen earlier this year. In fact, January was a pretty decent tech layoff. But as I said, over the last couple of quarters, we've seen where in the past we've seen that downsell, now we're just starting to see it flattening out a bit. Again, too early to call bottom, but the signs are encouraging. No, that's great. And how do we think about the education market then? Is that a kind of Q2, Q3 next year opportunity, just given spending cycles and either falling into the end fiscal fourth June or a Q1? Is that typically where you might start to see some recovery? Yes. Again, it's hard to pinpoint the exact quarter that's going to happen, but I can say, because we're so diversified from a geographical perspective in education as well, we had the, you know, the DigiPak happened in Germany. Yeah. We had the GigaProject in Japan. Japan. We had Taiwan Ministry of Education. So we've been working with all of those on their refresh cycle, and we've seen some budget allocation for those, so we know that they're coming. One of our largest wins in this last quarter that we called out in the prepared remarks was one of the top five school districts, and that was a new logo to us, so that wasn't even an expansion. So that was encouraging. The last thing I would say on education is, you know, we have Safe Internet, and it's a security product that a lot of districts, in fact, most are mandated to have some sort of a security product on there. When we rolled that out, that was one of the fastest-growing security products that we have released. Now the only thing that would throttle that would be the jurisdictions that they're in. All of those different jurisdictions need to have that student data in their jurisdiction, and we combined it in some areas, and we're rolling out other residency data residency issues, so that will help us expand that safe internet outside of the districts that we have today or the regions that we have today. So I thank you for coming to Nashville this month, because I know you'll be back at the end of this month, start of next month. That's right. - for JNUC, the Jamf Nation User Conference. Yes, sir. I happened to attend last year in Austin. Yeah. So, curious if you've got a thing for country music or- Well, I like both kinds of music- ... country number one. Both country and western. Country and western. No, but this was probably, you know, in a 30-year career of being an analyst, one of the more excited user bases I have ever seen. I would liken it to VMware in the early days- Yeah ... and Citrix, when they used to carry Mark Templeton in on, like, a throne type of thing - and then people would go nuts. But- Yeah ... you have such a loyal and excited customer base. It just, it feels like a disconnect relative to... You know, look, it's been difficult from a growth perspective- Yeah ... and just overall scale. How do you get in and monetize that base more? And I know security's been a great play for you, and you're seeing the mix shift, and that's gonna hopefully help growth moving forward. But- Yeah ... Wow, that user base is so loyal and so committed. Yeah, and thanks. And that's happened and started a long time before I was in the seat, for sure. We're 22 years old, and it was really started in the early days. And we call it Jamf Nation. It's one of the most engaged IT Apple administrator communities in the world. In fact, you know, people even advertise for jobs with Jamf certifications on there, and people can come in, and if you've got a problem with an Apple device, you just go out to Jamf Nation. Even if you're not a Jamf customer, you'll go out there. And the nice thing is that they will refer you back to Jamf, and that helps monetize it in that way. You know, we really like to invite investors to that Jamf Nation User Conference because they can see that very enthusiastic. They love our product, and they love the company. They love the things that we've worked with them on. We listen to them. That's how we got into security. We don't just create things and hope that they will come. We listen and address those concerns, and I think that's played itself out over the last couple decades. We're excited about that. You know, we continue to leverage that capability and try to propagate that enthusiasm. ... out in the market. I think the struggles that we've seen, again, were not specific to Jamf, and they're specific to the industry, for sure, but we have really seen that user base. It's not because they don't like our product or don't think we're going the right direction. If their companies aren't hiring, or there's some uncertainty because of the election or because of interest rates, then those are the things that are giving us those headwinds. It's not that our users don't love our products and want to buy more of it the minute they can. Not at all. All right, so PC shipments are starting to trend the right way. Yep. And maybe talk about... You know, Mac growth has been great, I think, within this. Yeah. What's the lag typically that you'll see between... And you mentioned a bottoming, and I think a lot of that could be mix shift, too- ... that's happening in the market right now, given where PC growth is. Yeah. But what is a typical lag? What's a customer look like? Is this just they're increasing their population of Macs, ergo, I need more seats of Jamf? Is there an opportunity within refresh to new devices that you go in and start selling some of the security capabilities? Yeah. Well, I think a couple things are at play, so last quarter, IDC reported that the PC shipments had increased 3% year over year, after two consecutive years of decline. decline, yep. So that's 3%. Now, of that 3%, Apple grew 20.9%, so Apple's growing at a faster pace and gaining market share. One thing we have to remember, that also includes consumer devices. But a lot of those make their way into corporations- Right ... we've seen. So there is a correlation. We can't really call it a direct correlation, but there is. It's not a one-to-one, so there is a lag time there. If more Apple devices are going into the marketplace, that's great for us because it creates a bigger installed base opportunity for us. But usually, we'll recognize that at a refresh cycle or at a renewal cycle. So it won't be the next quarter, there's now a Mac there, someone needs a license for it. It'll actually be at that renewal cycle. They say, "Okay, now we have more Macs, we need more seats," which is what we've seen typically before- Yeah ... these headwinds. What about macOS versus iOS? Are you seeing more iOS types of devices as people are looking at more companion devices versus a pretty expensive full, full-blown laptop at this point? Because there is a pricing delta for you guys on that, obviously. There is. Mac still is, you know, a vast majority of our business today. Albeit, though, it is. We're seeing some really nice inroads into the iOS. In fact, the last two quarters in our prepared remarks, we had outlined two major wins in both of those quarters, and both of those were a significant iOS. ... portion of that, and both of them were actually deskless. So there again, you get that new workflow. If a user or an employee comes in from first shift, they turn in that device, the second-shift worker comes in, picks up that same device, logs on, it has all of that person's no credentials on that. That's something that we do specifically that sets us apart, and that really helps us leverage the iOS. And on top of that, every device, whether it's a watch, whether it's the iPad, whether it's the Vision Pro, all of those things need to be managed and secured, because you've got a lot of data on those devices that anybody can actually pick up. So the security pieces are real important, which is, again, one of the opportunities we've had, to cross-sell our security products in this. Okay, so then, Ian, puts and takes around growth. Yeah. You've got all these different vectors and factors, and I think last year we had talked about an acceleration out of this at- ... at some point, given a lot of the things that we're weighing on the story. You should have some VMware dislocation in your favor right now... around AirWatch. So help us just, I think, with the different vectors around growth opportunities. Yeah. So you coined it well there. We do look at those opportunities. So what are our headwinds or our tailwinds? I mean, the headwinds, as in the macro, and, you know, John talked about the tech industry and the K through twelve being two big industries for us. But there is a long list of tailwinds that are going to help us. So again, refresh cycles need to happen, and a lot of people went home during COVID. They got computers at that point. We know there's a refresh cycle. Fletcher Previn was up on our stage and talked about two-thirds of employees at Cisco, and he had done the similar study at IBM, would choose a Mac over a PC. Meaning, as a refresh cycle comes, there's more opportunity for us typically to get more Macs. You know, another driver on the iOS side we talked about, that's where we're seeing a really great success on the UM replacement market. We've taken tens of thousands of devices from a UM player, where we're also seeing then the deskless workflow come in to play as well, and we've really built out that security solution on the mobile side. People see that, and that resonates well with them. Then we've seen success with management and security being one together. People understand, hey, you can't actually have a secure device without having the management side on it. For example, if you have a security vulnerability, your security tool detects it, but you need the management tool to remediate. Maybe a software update, something else. So you need these to go hand-in-hand. Our customers are understanding that. They see that also as a tailwind. And then we've just seen the expansion, you know, in other international geographies, as John had alluded to, we've seen great success there. We've seen more opportunities there. And in fact, this year, we aligned more resources outside the US to grab some of that growth. In terms of how you've thought about expectations and what's discounted in there, it feels like- Yeah ... you have removed a lot of this. Yeah potential opportunity, just given That's right. You don't have a sense of timing. Yeah, I, we—what we did for 2024 guidance is we took the 2023, what we saw in the macro economics, the layoffs, you know, you name it, we took that and layered that in 2024. So we took out all those potential tailwinds and just focused on what we can control. And what I think is a key growth vector driver for us is that cross-sell, whether it's commercial security, education security, or the mobile. That will be something we continue to focus on and drive more enhancements within the industry. John, what's the customer conversation like when they choose to bundle management and security together? To that end, being a couple of decades security guy, who are you even competing with in true Mac security? Because I know there's still a lot of bit players out there, but is there really anybody besides Jamf that offers scale to customers? Not, not Apple-specific, no. Yeah. And again, we only got into that because our customers said, "You know, we love... We would install more Apple devices within our environment if we trusted all of those devices to access our corporate resources." And that's when we really started to lean into the endpoint security, to the mobile threat defense, to the network security, because things work on a Mac operating system or Apple operating systems differently than they do on the Windows side. And we've heard from our customers, for example, there's some fantastic products that are specifically written for Windows that can also be used across other platforms, but really specifically for Windows. You not only can degrade the performance of the machine, but you can generate false positives, because- Right ... you see, you know, a file getting accessed repeatedly, and a Windows device product will flag that as a potential vulnerability, when in fact, that's just how the Mac operating system is supposed to operate. So we don't have Infosec teams chasing their tail as much, and it's lower support costs in that regard. So we have seen, you know, that scalability happen and the ease of use and the native functionality on Apple that we haven't seen a lot of direct vendors at all. So where you're winning, are you seeing two agents, one device, or are you seeing Jamf only? So do they still keep a CrowdStrike or a SentinelOne on there- ... or not? It depends on the segment. Yeah ... so the smaller, the SMB will typically buy our bundled business plans product, which has management and security together. Remember, SMB, 2,500 users and less, is two-thirds of our business. We have a pretty significant area of our business in SMB. But we also have 75% of the Fortune 100 using our products as well. And so on the enterprise side, they will typically have, you know, a CrowdStrike or something deployed across their entire fleet, and then they'll come install us side by side with that on the Apple devices. And now we do integrate with many of those products, both the CrowdStrikes and on the Microsoft side as well. We have the best Apple endpoint device information available, and so we can feed those into SIMs or whatever, databases or areas that you would use that telemetry from Apple. In last quarter, you did mention 40% of the new commercial pipeline lies in security. 16 of the top 20 deals included a security component. Is there more you can do from a security perspective? And you've been acquisitive in this market- ... but it just feels like a burgeoning opportunity for you guys- Yeah ... relative. So either it's execution on existing portfolio, or are there more things that kind of are compelling from a Mac perspective or security perspective? Yeah, and as we've said, too, only 23% of our business today is security, which means we have a lot of opportunity to upsell other security products. Another data point is that every device has one device management product on it, whether it's Jamf Pro or Jamf Now, or Jamf School. But that same one device can have five different security products- Right ... depending on endpoint security or network security. A couple of areas that our customers have said, "You know, we'd really like you to expand your functionality in, in the security space," which is the areas that we're looking at. DLP is one of them. We do some DLP things, but we could do more on the DLP side. We could also expand our app security functionality. Again, we do some of that, but we've got some room to, to grow there. So those are a couple of areas that we're really looking at, at broadening out that functionality. And, you know, we typically well, we want Apple first and Apple best, first and foremost, but then we would lean more toward a tech tech and talent tuck-in, but we would do something larger if the right opportunity came along. All right, Ian, at the last Investor Day, you laid out a path to Rule of 40. Yeah. Is that still your view over the next couple of years? And remind us of some of those key drivers that are going to help get you there. Yeah, so we did lay out a Rule of 40 plan, and yes, we still have high conviction over that plan. There, there's two big facets to it. One is reacceleration of growth. So what we did there is we modeled out the revenue side using our net retention. And so if you look at our net retention this year, it's been. It started at 108, down to 106. That's what we've said. We said this is going to come down to 104. Why we've said that is we looked at the components of that, and we saw that the muted upsell or device expansion was the number that was really driving that down, and that our cross-sell eventually sets a floor. And that's why we've said 104, based on our current guidance, where it should bottom out. Then actually, the cross-sell, because of the size of the business now, actually helps it reaccelerate. So it's actually just kind of math through that. We even showed through 2026, if you look at the component that drives the NRR from a device expansion, we modeled the same thing in 2026 as we did in 2023. So meaning, it has to all come from cross-sell. And that's where we're focused on the commercial security. Rob, you mentioned some of the numbers there. I mean, $145 million, growing at 27%. We're seeing great success there. Both commercial education have been good, and mobile, I'm very excited about, too. I mean, the deskless is an interesting... Seven of our top ten deals this quarter included a mobile component. So those are the things we're looking at from the top-line perspective that will help us drive to the Rule of 40 from that side. But we also focused on investing in scalability. And so this year has been a good year that John and I have worked hand in hand, driving us to be more scalable and more profitable. We took a reduction in workforce in January. We focused mostly on sales and marketing. We looked at, you know, the profiles of each of our QBRs and said, "Who has really made the turn into trusted access and understands how to sell management and security?" So we made that turn, so we have a higher productive workforce, if you will. We've also now really leaned into channels. So outside of the U.S., that represents about 80% of our business. Overall, it's about 50%-55%. So we really want to get the U.S. looking more like that. So we've been rolling out tools. So this year, we rolled out a tool, Partner Portal. We didn't have that before. That makes it easier. Instead of coming to us and talking to a few people and getting a manual code out the door- Sure ... they can do it in an automated fashion. Same thing, we just released a new intensified program for partners. So now you have your tiers, and that will get them really excited about going out and selling our product. Those tiers are going to be very important within the U.S. We just released Jamf Insights, which is a tool for MSPs that allow them to look at multiple instances of our product. So if you're an MSP and you have ten customers, before you had to look at each instance to say, "Have they done the updates?" Now, you can look across our, our visualization dashboard and see who's all done what, and you can actually instill it that way and say, "Hey, you haven't done this, you haven't done this." We're giving all those tools to third parties, like channel partners, MSPs, you name it, to give them the ability to sell our product at more velocity and make us more scalable. We already talked about our SMB, or under 2,500 employees or less, represents two-thirds of our business. If you can add velocity to that, that speeds that up and provides us more margin. We've also just finished a comprehensive systems update recently, and that's providing us the ability to... Same, same thing, we had a lot of manual touchpoints along the process. We've been watching invoices go through without a touch. So it gets us really excited. Sure ... about the ability to scale both our sales, marketing, and G&A, and drive that higher profitability. In the U.S., are you 100% channel fulfilled or some fulfilled direct? In the U.S., a lot of it's filled. Fulfilled. Not originated, but fulfilled. Uh, both- So how much... Okay. So I'm curious, what is channel led for you guys now, and what's the goal on that? Yeah. So today, it's about 55% overall. That's how much goes through the channel. Channel actual led itself- Yes ... is a much smaller number than that. It's almost hard to just- Yeah ... because we haven't had a Partner Portal. That's right. Every time- Got it ... they've had to go, they had to come to us- That's right ... and we had to have a Jamf salesperson help generate the quote. Now, it's automated, so we'll have a much better- Yeah ... indicator of that going forward. That's right. Great. Any questions? Yeah, I think we got time for one. Go ahead, Ethan. Yeah, I was wondering if you'd speak a little bit to the competitive environment, specifically within the Apple-focused management companies, right? There's been some raises in the space recently. Are you seeing any pressures, like for pricing, maybe on the lower end of the market, any other dynamics you'd call out, either favorable or unfavorable? Yeah, I guess I only know of one raise. It was. You know, we've heard competitors that are Apple-specific, sub-scale competitors that have kind of come and gone, and there's been noise over a period of time. Most recently, we had a pretty acute competitive pressure in January. We didn't see it persist into February and certainly not in the second quarter either. But we later found out later that that particular competitor was looking for a round of funding. You know, they've been in business for quite a few years. I'm just happy that they needed funding to continue their business, on one side. You know, and then leading up to that, during that acute pressure, there was a lot of, you know, crazy pricing out there, like three-year deals with the first, you know, year free and 50%-60% discount on the second two years. I'm not sure how sustainable that is, but again, those competitors have kind of come and gone over the years. But, you know, we've seen. Most recently, there were some pricing competitive. We have never been the cheapest provider, and we don't intend to be, because we believe we add the most value. We're the only ones that can do Apple management and security at scale. And certainly, those other companies that are specific to the device management don't have the management or the security capability as well. So that really takes half the equation away immediately, and then the scale side of it and the longevity and that type of stuff, the relationship with Apple, I mean, those are all things that we've built over 22 years that's high barrier to entry. Great. Well, that's all we have time for. Thank you. Thank you. Thanks.