Hi, everyone. Thanks for those that are joining in the room and those that are online for the virtual webcast. My name is Jake Roberge. I'm the research analyst here at William Blair that covers Jamf. And just to kick things off, for a full list of our research disclosures, please visit our website, williamblair.com. But with that, thank you for joining us today, John Strosahl, CEO of Jamf, Ian Goodkind, CFO of Jamf. Excited to learn more about the story, and John and Ian are gonna kick things off with a presentation, and then we will open things up for a fireside chat. But John, I'll hand it over to you to kick things off. Thanks. Thanks, Jake. Appreciate that. I'm gonna stand here so that I can actually see what's on the screen, so I have to kind of look down, down here. We'll just give a real brief overview of the company, just for those of you that are not as familiar, as other, but we'll be around for questions, of course, afterwards. So we'll breeze through this. Very similar to what we, we published in our investor deck not too long ago. Well, first and foremost, we are the undisputed leader in modern management and comprehensive security for the Apple ecosystem, and we do that at scale, from small companies all the way up to 8 of the top 10 Fortune 100 companies. We've had tremendous growth since our IPO. We went IPO about $225 million in ARR, and we've just posted over $600 million in ARR. So we're approaching about a 30% CAGR since we went IPO not quite four years ago. And all of that, virtually all of that, is subscription business. 98% is recurring revenue. Means it's very predictable and very sustainable. And our customers vote with their dollars, and we have a 107% net retention and gross retention approaching 90%, and that's been very consistent over the past years. So very satisfied customer base. And again, they vote with their dollars there. You know, we outlined a lot of things in our Investor Day about what keeps, what keeps that moat around us and keeps and, and allows us to have that competitive edge. A couple of those I'll, I'll touch on here today, but again, we can certainly answer more questions, after the quick presentation. First and, you know, I mentioned that we have the modern management and comprehensive security, and we're the only ones that can really do that at scale, specifically for the Apple ecosystem. That's one competitive moat. No, no other company does that. But secondly, we have some very powerful partners in this area. We work alongside Okta, for example, Google, AWS, Microsoft. We have integrations across all these great partners and, and help support that ecosystem as well, as the ones that we service. We have probably one of the most undervalued assets of our company is our user group. Jamf Nation is how we refer to it, and it has over 100,000 very active Mac admins. It's the most active Mac admins group on the planet, and it really supports our existing customers as well as new potential customers, and they support each other in a very great fashion as well. So that's a barrier of entry. We've done that over two decades, and you can't create that type of user group with that scale and substance and tenacity overnight. And I think last on here, and probably most important, is the culture that we have in the company. If any of you have ever spoken to anyone that has worked at Jamf or read anything about Jamf, we have a really, really good culture. We have 94% voluntary retention rate. We have employee engagement scores in the high seventies, and that's really something that we really relish throughout our organization. As I mentioned, we do modern management and comprehensive security. We started off with device management, where you can enroll devices, you can make sure that applications are updated. Our customers asked us to extend that into security. We talked to CISOs and InfoSec organizations, and they said: "We love this Apple device. We want more of them in our ecosystem, but we want to be able to trust all of those Apple devices to access our corporate resources. And in doing so, we extended that out into endpoint management and also into network and identity authentication capabilities. We put that together in an outcome that we call Trusted Access. That's not a SKU. It's an outcome that our customers get when they have these management and security together. You know, you might ask yourself, "Well, there's a lot of other. There's so many devices out there, there's got to be other products that can, you know, manage your device, enroll your device, update your applications, have endpoint security, control your network access, those types of things." And you're absolutely right. There's a lot of them. There's a lot of point products that can do those specific things, and all of them were written for the Windows operating system. But when you look at the Apple ecosystem, things that are, that all of these different pieces were the only ones that actually have created the both management and security products together and integrated them into a consolidated platform. You can't have a secure device without it also being managed. If you find out there's a threat on that device, how do you stop access to the device? How do you make sure that that application that has a vulnerability is updated? All of these things. You need a management product to actually deploy a security product. So management and security really go hand in hand, and as I mentioned, we're the only ones that can do that in the Apple ecosystem at scale. We have great scalability in the company as well from our customer base. We have everything from small to medium-sized customers, all the way up to eight of the top 10 Fortune 100 companies. We have all of the top U.S. banks. We have 80% of the largest school districts in the U.S. We have all of the top global universities all using our products. It really speaks to two-thirds of our business being in the SMB market, which we would qualify as 200 and 2,500 employees and below. But then we also have the biggest largest organizations scaling with our product, including Apple itself. You want to talk about the TAM? Sure. ... switch spots with you here. Thanks. So just talking, building on what John talked about, we have two large addressable markets. We started in commercial. That is a large market. It's a $1.4 billion market, of which we have 11% of. Still a really good opportunity, but that's actually not the key driver even of our business. The commercial side is the key driver of our business. We have over a $20 billion, TAM or SAM, market that we can go after, and we only have 2%. But what we've seen, if I get this clicker to work right here, you can see our growth has been significant on the commercial side. This is just a breakdown showing where we've grown. And really, again, we started our roots in the education side. That's where we go to market with Apple and other players. On the commercial side is really where we've been building out our business, and there you can see our CAGR in the commercial side is 13%. And on or what we're seeing from a market perspective, and even from a market perspective from education, we see that growing at 9%. And the last note, and I couldn't see it here, but the market is expected to be $27 billion by the end of 2026. So, John talked about the fact we're the only company at scale that does both management and security from an Apple standpoint. You can see from this chart, our security has been a significant growth driver of our business. When we IPO'd, it was roughly $5 million-$7 million, and today it represents, actually, it's now, I think, $138 million. So that has been a significant driver. It's been growing 31% year-over-year based on this last quarter, and we continue to see that market grow, not just our trajectory, but the market grow as well. I think, you know, what we're seeing out there is that there's more threats now at Apple because more people are using them within the workplace, and that's becoming a bigger vulnerability. Well, we're the only ones at scale that have Apple-specific security technology. So talking about our pillars of growth, we think of these in 4 buckets. The first one is our extending our leadership, and that's really Macs. We started on the Mac. We are the clear leader on Macs. When you just Google or whatever you may do, you go out and you ask, "Who's the leader in the enterprise on Macs?" It's us. We continue to see that market expand. We continue to see MacBooks grow in the enterprise. I know most of this group is financial services, so you haven't seen that as much. But in other industries, tech, for example, you can't, you don't find PCs, you only find Apple. But we are seeing changes in these industries as well. So we're gonna continue to strengthen that leadership position. We talked about security. Again, that's been a big growth driver. We're gonna continue with that. We have really, the way we think about it, we have a couple components of security. One we call our Connect product. That really has both identity and network security, and then our Protect product, which is endpoint security. And so we've integrated that within management. So if you see a security vulnerability, you can go back with a response on the management side and, "Oh, I'm gonna shut off that device," "Oh, I'm gonna remediate that application," or whatever it may be. So expanding with that security has been a big tenet of our strategy. Another tenet is really going from Mac to mobile. We were known more on the Mac side. Now, when I say mobile, think of as iOS devices. I mean, who doesn't walk around with an iPhone now, and you're, you're accessing your corporate resources and trying to understand... You're looking at, oh, you're probably looking at Jamf. Hey, what do they, what do I know about them?" Well, you're accessing corporate data that you don't want people, you know, looking at as well, and we help protect that. That, now we're getting stronger and stronger with mobile. We bought in some technology back in 2021 that accelerated our platform and helped us really get into mobile. The other area there, we see a great replacement market there. We've seen a competitor that has been bought, bought and sold a few times, I'll say now, and that we've seen significant opportunity there. We've seen in the tens of thousands replacements there per quarter, and that's helped us support our growth. Then lastly, is the international front. We see tremendous opportunity there. If you go out and look at Apple's results, about 57% of their business, based on recent reports, comes from outside the U.S. About a third of our business comes from outside the U.S. We have tremendous opportunity outside the U.S. We've built a sustainable, strong growth model and profitable model for our business. Looking at our growth, our revenue, it's really driven off of three things: new logo, device expansion, or cross-sell, cross-sell being the management. Very predictable business, you know, 98% recurring revenues. We've set margins. We've achieved over 80% gross margins throughout our history, and our operating margins continue to expand. We have guided this year to approximately 15% operating income margins for the year, which is almost 700 basis points more than last year. We've also driven consistent cash flows. Our unlevered trailing twelve-month unlevered free cash flow trailing on a trailing twelve-month basis has always been in double digits. So we've built a model that delivers cash. And lastly, we've had a disciplined approach where we've allocated our capital back to those areas that provide the highest returns. So we talked a little bit about security earlier, just wanted to give a little bit more chart. So we do the security both on the commercial side and on the education. Security has been the biggest driver, though, and we've given a little bit more context around what our commercial security is and where it's gone. It used to be 5% of our total ARR. Now it's up to 21%. We've had this strong profile that I talked about earlier. If, when you look at the CAGR, it's almost 30%. It's a high 20% for both annual recurring revenue, the ARR we keep mentioning, and total revenue since we've IPO'd. And then, as you can see on the margins, we had historically 8%. This year, we're targeting almost 15% based on our guidance. And then last but not least, we recently, in March, I think it was March 13th, we had an investor day where we've given the color around where we've been and where we're going in the future, and we've set targets for ourselves over the next three years, which is what this slide represents. You can see that a lot of this is. There's two things going on here. We're re-accelerating growth. That's based on the fact that our cross-sell opportunity with the security is now setting a floor with our net retention, and that helps accelerate growth in the future, and we're focused on being more scalable. Over time, you know, we've had a direct sales motion, now we're going a little bit more indirect. We did a reduction in workforce here in January that helped us scale that part of our business. We're doing some automation and other scalability efforts, and we're gonna increase margins over the next year, three years. I think that's what we've got, Jake. Well, thank you. Thanks, John. Thanks, Ian. Appreciate you all sharing the slides. I guess to just kick off the question session here, a question I get a lot from investors is just around what Apple's plans are for this space. So they obviously have the devices in place, but they acquired a product around management called Fleetsmith a few years ago. I'm curious if you could just kinda dig into what is your relationship with Apple, how has it changed over the last few years, and just how you see things moving forward? Yeah, I mean, our relationship with Apple is very good. It's been very strong. We've worked very closely with them for two decades. They're actually a customer of ours. They use Jamf to manage Apple devices inside of Apple, and not just in their corporate environment, but then also in their executive briefing centers and in Apple Retail. So they're all using Jamf to manage those devices. You know, when I first got to Jamf, I naively asked the question: "Well, who owns the Apple relationship?" And I got a lot of strange looks because there are many touch points across the organization. It's not just one person owning that relationship. We have, you know, people in our product organization have deep relationships within a product organization and the development side, so that we're ready when they release a product, that we're actually come out with a product that's available and works the same day that they do, that they release an update. You know, our go-to-market teams work extensively together. I've actually spoken at their sales kickoff for their enterprise group down in Austin for their US enterprise group. And, you know, we have territory overlays between our sales reps and their sales rep on the commercial side. They resell our product in education, so they actually sell directly and then have Jamf as a line item on those purchase orders when they sell Apple devices. Internationally, we work very closely with them as well. I meet regularly with the person who runs Japan for Apple, and the person who runs Enterprise Worldwide, who actually lives in London, but then US handles the Worldwide Enterprise group. We work closely with them on emerging markets as they, you know, are moving more into India, as they've indicated themselves, and we're supporting them there. We have an office there, we have staff there that work very closely with their local teams and co-sell into that environment. You know, Apple's done the math, and we've done the math, that when companies deploy Apple devices and they have Jamf on them to manage and secure those devices within their organization, it becomes easier to do so, and they buy more Apple devices. So there's a vested interest for them and us to work together, and we've done so for the last, you know, couple decades. And, you know, we expect for that to continue. Let me answer your question on Fleetsmith. That was a competitor, a very small competitor years ago. Apple did acquire them, with the intention, their stated intention was to really provide that small company with a bit of an on-ramp into device management. We welcome that because if you look at the very small customers, that's the most where our churn comes from. They, you know, and they also need the most help, so it was great to have Apple produce something that could, you know, help onboard those devices into device management. Then we could upgrade them to the Jamf or Jamf Pro, depending on what they needed as they scaled larger. We have yet to... I have yet to talk to a salesperson within Jamf where their competitor in a deal is Fleetsmith or, well, Apple Business Essentials is what they call it. So it's, it's, you know, it's out there. We don't see it in the competitive landscape, but we welcome the fact to help upgrade those customers that have chosen it at some point. Yeah. No, I always love hearing that. But four years ago, it happened, but today, I mean, Apple, every device in Apple's enterprise is still managed by Jamf. Mm-hmm. So just shows the commitment to that partnership and what they're doing there. Another question I get is just how dependent is Jamf kind of on Apple's future ability to continue gaining market share? So maybe talk about where Apple was from a market share perspective five years ago, where they are today, and then just also the opportunity that you have if they didn't win more market share, just even addressing the devices that are in market today. Yeah, I mean, Ian talked a little bit about, you know, our footprint and Apple's footprint in the marketplace. There's a ton of devices, both on the Mac and the iOS, that we have that are already sold into enterprise, that either unmanaged or undermanaged, that we haven't yet had the opportunity to serve, and we're working on those all the time, as well. There's, you know, there's a large competitor that we had that was recently sold and then resold again, and that's a great replacement market for us to work. So even if there was not another Apple device sold, we still have room, significant room for growth, and we'll continue to do that. We do benefit from Apple continuing to gain market share, and they have done. If you look at the Q1 reports from Gartner and IDC, they'll say that, you know, Apple grew about 14.5% year-over-year, where PCs only grew about 1.5%. So they continue to expand their footprint, and we continue to make it easier for organizations to do that very thing. Yeah. And if you look, there's the market share stats. I mean, I think Apple had 6% of the market five years ago, and today it's approaching 10%. Yeah. So really- Yep ... gaining a lot of share there, which is a nice tailwind for you. I guess, you touched on the competitive environment a little bit, but would love to kinda, if you could frame the landscape, PC versus Apple. And then you also mentioned the acquisitions of Workspace ONE, and just curious if there's been a notable uptick over the last year, since those acquisitions have taken place in terms of the displacement opportunities that you're seeing. Yeah, we certainly have. You know, on the high end, many companies will start with a UEM, which is a product that's written for all operating systems. But what they tend to do is dilute the user experience down to the lowest common denominator, and they, they're kind of a jack of all trades, master of none. But then when they really need to start scaling their Apple footprint within their organization, they turn to somebody who's specialized specifically in Apple, both on the management and the security side. And so we're winning, and Ian mentioned in his presentation that we've had significant wins in that competitive space as well. As that replacement market becomes available, they have multi-year contracts, so they don't all renew at one time. But we're in there talking to those customers. You know, they have concerns about the new organization, the new sponsors, you know, innovating and at the pace of Apple. And so those customers are looking to us to help them do that, and we certainly are more than willing to accommodate them. And then on—we have on the lower side, there are some Apple-specific competitors. They just do management. They don't do management and security together, but they're what we would consider sub-scale, Apple-specific competitors that we haven't seen really come upstream very much or do a whole lot of damage, on the lower end. But certainly, we're prepared to work both the small to medium-sized companies all the way up into the large UEM companies that scale. Yeah, that's helpful. Ian, maybe I'll come over to you with the next question. But you've noted the macro still remains variable, especially in regard to the technology and education sector. So curious if you could kinda share where we're at today, how things have trended over the last few years versus the past few quarters. And then, are things improving at all, or is it kinda still the same pressure that we've been seeing? Yeah. To level set for the group here, about 45% of our ARR comes from tech and K through 12. The next 25% of our ARR comes from financial services, professional services, and wholesale and retail. So what we've seen in those, in those first two groups, two different dynamics going on, but at the same time. With the K through 12, we've really seen the overhang of COVID. You know, when students went home right away, there was a lot of devices bought, so teachers and schools were working through how many devices they really needed and that sort of thing. So we've seen that overhang, but we also know there's got to be a refresh cycle. You may say, "Hey, what does a refresh cycle mean? If they're just getting a new device, does that really mean any more seats for you?" But it typically does. We still continue to see schools. During COVID, they bought either the iPads or one of the other competitors. And I'll say, some of those other competitors maybe weren't as durable at times, maybe don't last as long. And so we've seen some choice programs where you know, educators may shift more to iPads, which would benefit us, meaning there's more seat count there. We've also come out in the education side. We've taken some of the security that we have on the commercial side, and we're applying it now to the education. So think of content filtering. If you have a kid at school and they're going on looking at stuff they shouldn't, our tool actually prevents that. And so we've added Jamf Safe Internet, which is our security tool for the education piece. What we're seeing there in that particular industry, we're not ready to call bottom. We're just seeing a little bit of green shoots here or there, both domestically and internationally. Just a, "Hey, you know, we're thinking about going to your security," or, "Hey, you know, in other parts of the world, they didn't go to one-to-one devices either," and, "Hey, we're gonna expand that more to a one-to-one ratio for students to devices." So we're just starting to see that. Not ready to call bottom, but we're just seeing those signs of stability there. On the tech side, that, you know, everyone understands there, that tech, you know, got hit hard. The macro really has been, you know, tough. The higher inflation, higher interest rates have had customers going back and saying, "Do we need this?" Well, we haven't seen much of a change in our gross retention, which we showed at our Investor Day, hasn't changed throughout our life cycle of our business. So it means customers are staying with us. They understand that, especially in tech. What we've seen, though, on tech, is that there's been a reduction in seats. There's been a lot of reduction in workforce actions within that area, and we're starting to see. We're just, again, starting to see those again, you know, a little bit of stability there. I'm not ready to call bottom on that, but we're starting to see some opportunities there. During that time of reduced seat expansion, we've gotten a lot better at selling security, and that's been the component that we've leaned into. Then lastly, on this topic, in that second group that I talked about, professional services, financial services, wholesale, and retail, they've all been chipping in and, I'll say, growing at a faster rate than our overall growth rates. Which is really interesting to see because some of those industries aren't considered tech-leaning-forward industries, and we're starting to see them lean into tech. And we've seen some really interesting case studies out there with them. So we're really excited about those next industries. Yeah, very helpful and, nice to hear. I know, not calling a bottom, but that things are hopefully seeing some green shoots there. But you mentioned security there. You've obviously talked about it a lot in the presentation. Just curious, how is the Trusted Access messaging resonating with customers, and how do you feel like the go-to-market motion has changed to really better sell security into customers? Yeah, I can, I can take that one. We have really made a concerted effort because our customers asked us to go into security, and we accommodated them in that. It really has resonated well, hence the $138 million in ARR growing at 31% year-over-year that Ian mentioned. From a go-to-market perspective, we've trained our reps to really start the conversation with the Trusted Access story, to lead with that and to explain why that is beneficial. You don't have to explain long when you're talking to anyone that has any security background because they get the fact that not only do you wanna know about something, you wanna be able to do something about it, and that's where the management and security come together. That, that's really-... And again, it's one of our, our differentiators and, and helps create that competitive mode, and to be able to do that at scale, that's very Apple specific, is, is helpful. There's some things that happen on the Mac, macOS and iOS that are different than how Windows would operate. And as I mentioned, there's a lot of great security products written for Windows that, you know, do some of that on the Mac, but they can also yield false positives. Yeah. That's just the way a Mac is supposed to operate. They're supposed to access that file a bunch of times, so that's actually not a vulnerability. That's the benefit of having an Apple-specific product on it. And Apple, again, creates the world's best, most secure environment, except that as it leans more into the enterprise and it becomes a larger and a more valuable target, more bad actors have an incentive to focus on that. So that's where we come to help. Yeah, that's helpful. And then another interesting thing about security is just what it gives you a notable uplift on both win rates and retention. It does. Could you talk about kind of what, what that actually does for win rates and retention? How big a portion of the pipeline is security today, and then, yeah, just where you see that opportunity trending? Do you want to hit that? Yeah, yeah, I can hit that. So, win rates are almost double, when, when we see management and security being sold together. You know, customers, to, to what John was talking about, again, when a customer comes in, and we, we have scale from all sizes, from SMB to enterprise, but when you have an SMB customer, as an example, and they see the fact that they, "Oh, I can manage my tool, but then if I have a security issue, I can go back from the security tool directly to the management tool and remediate it," that's what's really resonating well, and that's what's really producing the win rates in the SMB. I think, you know, over time, what's happening now is we're becoming more and more known for security. Again, showing that dynamic of, you know, $5 million-$7 million when we IPO'd, no one knew us for security at that time. Well, we've evolved over that time, and people look at us, and they go, "Oh, they are the leaders in, in Apple security." And, and I think that's really what's resonating well. What we showed in our Investor Day, from a numbers standpoint now, we showed that basically, when you think of NRR, so net retention rate, within, you know, a common term within technology, that that cross-sell opportunity is now setting a floor for NRR, and that will help actually accelerate NRR after this year. We do believe that's going to come down throughout this year, but then that cross-sell opportunity actually accelerates our growth rates. Yeah, that's helpful. Then another new opportunity you have is the mobile. You have about 5 million mobile devices on your platform today, but I know you've thrown out stats of 104 million corporately owned devices, as well as, I mean, there's also bring your own devices that are a phenomenon that the enterprise... So maybe talk about what you're doing to better address the mobile opportunity based off of the positioning you have in Mac. Yeah, yeah. I mean, one of the biggest cross-sells that we have is from management to security, to include security, but then also from the Mac to the mobile and the iOS devices. And not even talking about all the deskless workflows in retail and in manufacturing, construction, transportation, that type of stuff. There's significant opportunity that Apple even helped create with account-based enrollment, where you can enroll your personal device in work, and the IT organization can only see those applications that are associated with work. So you really do put a firewall between those two parts of your device. They can't see the applications that you have on your personal side, yet they can protect the data that you're accessing, the corporate data that you're accessing from your personal device. That's created a great runway for us to continue to expand on the mobile side. Yeah, that's helpful. And then you, you mentioned a little bit there, but I would love if you could flesh it out, just what is the opportunity with deskless- Yeah ... deskless workflows, especially retail, considering maybe an iPad as a point-of-sale system, but just when you think about deskless workflows more broadly, like, how is that ramping within your customer base? Yeah, that's probably one of the things that's got me most excited. I mean, there's a lot of MacBooks out there, and that we, you know, we still have an opportunity to go and help manage and secure. But when you think about deskless, that opportunity is unlimited, and it's not even those that are even purchased or installed yet. It's where companies want to go with this. If you... You know, when's the last time you walked into a retail store, and you came across an old-school cash register? I mean, it's all iPads now, or even, you know, I went to Lululemon, they didn't have the shirt that I needed in my size, so- Mm ... the salesperson pulled up an iPhone and says, "Okay, we got it in this other store over here." All of that stuff is done through those devices. And the fact that, you know, when that first shift leaves, and they turn those devices in, and the second shift comes in and picks up that same device, they log in with their credentials, and it's all specific to that particular salesperson and what they can see, whether they're a manager or whatever they do within that store. And so those are really benefits, and that's just starting to proliferate across the retail side. You know, I've spoken to many customers that are not tech-forward companies, the airline industries or, transportation companies, and they're all, you know, "When are you gonna get the watch under management?" Apple has just announced that they've created that framework, and then as soon as that's available, we'll have that watch under management as well. And my question is: well, what are you doing with that? Well, we want to be able to have the baggage handlers, every time they touch a bag, they'll be wearing a watch, and they'll know exactly where that bag is, versus pulling out a device and scanning the bag tag and then putting the device back in and putting their gloves back on. They've done the math. They save millions of dollars a year, and we have many airline customers- Yeah ... for one, as an example. So there's all these things that these drivers, these transportation companies, they want to know where that driver is, and they don't want them on a phone, but they want to be able to track them and see exactly where they are, how fast they're going, and that type of stuff, which they can do from a watch. The nice part about that is, too, it's a one-to-one device. They don't share watches. Everybody has their own watch, so there's even more devices going out there. And one of the things that has fascinated me about this is that in my past experience, you'll meet with a customer, large enterprise customers, and they'll say, "This is our process. Build the technology to support the process that we have in place." Now what I'm seeing for the first time in my career is companies coming, saying, "Give us the technology so that we can create our processes around the technology. Yeah. That's fascinating to me, and I think that the scope for that is unlimited. Yeah. Well, I know we're up on time here, but thanks, John, thanks, Ian. Appreciate you all taking the time here for the presentation. And for those that are interested, we'll have a breakout session following this. It'll be in Mayer Room on the second floor. But thanks, everyone, for joining online and in person.