I'm DJ Hynes. I'm the senior software analyst here at Canaccord. This is the 44th year Canaccord has put this event on. We couldn't do it without the support of the companies that bring the great content and the growth, and the investors who are here to support and, and listen and hear the stories. We're thrilled to have the Jamf team here with us this morning. We're gonna do this as a fireside chat. We have CEO John Strosahl, CFO Ian Goodkind here. If there are any questions from the audience, interrupt me, raise your hand, we can integrate them into the conversation. But I think with that, we can get right into it. Sounds good. John, you know, I, I'm gonna assume most folks are familiar with the business, but maybe we have some new faces in here. You wanna give, like, a 30-second kind of overview intro to Jamf, just to kind of set the playing field, and then we can dig in? Yeah, sure. We've been around 22 years now. We're the undisputed leader in Apple management, device management, and also now security. In fact, we have over 76,000 customers, manage over 33 million devices now. And the thing that differentiates us from our competitors is having that management and security piece together, because not only do you know about a vulnerability on a device, that you could actually do something about it or remediate it from the security side, and the management side working together. We entered security because our customers asked us to. They wanted to trust all of those Apple devices in their environment, to be able to access their corporate resources, and so, we leaned in the security side. We do endpoint security, mobile threat defense, we do network security as well, identity federation, as well as, of course, device management. Yeah. Maybe we can hit on kind of Q2 results- Yeah how you felt like the quarter was. What's top of mind coming out of the quarter, and what's the message you want to send? Yeah, I mean, Q2, we had a great quarter. Q2, if you've listened to the prepared remarks or seen our releases, we actually did have a beat and raise. We released a three-year long range plan at the request of our investors, to kind of outline where we're going over those next three years, and we've continued to execute against that, and Q2 was no different. We did the same thing actually in Q1 when we released the long-term plan. So continuing to execute on that, expanding margins, maintaining the growth, especially that's possible in this times of uncertainty or macro environment that we have, and we're gonna continue to do that throughout the rest of the plan. Yeah. Can we double-click on the current demand environment and just what- Yeah you're seeing, and may be helpful to kind of speak to commercial versus education, if there's different dynamics there? Sure, sure. You know, I mean, I think we're not unique in the fact that we've recognized the demand environment shift a bit, certainly after the pandemic. Two of our largest industries together make up about 45% of our business, and that being K through 12 education and also the tech industry. Now, we've got some others that are coming up very rapidly in professional services, financial services, as well as wholesale and retail. But those two large industries that we have, they were early adopters, which is one of the reasons for Apple, which is one of the reasons why they make up a good percentage of our business, and they were both impacted the most post-COVID. We know on the education side, we believe that a lot of that investment to a one-to-one, one device per student, came about during COVID because the kiddos had to learn at home. And so we saw a lot of investment there, which really just kind of accelerated some of the advancements in technology for education. We're still waiting on that refresh cycle. That's been four years ago now, and that's typically the average life cycle of a device, and education is four years or so. So we're talking with some of those districts about that refresh cycle, but it hasn't happened in earnest yet. On the tech side, we all very familiar with what happened there. A good percentage of our business, because we have a land and expand strategy, we'll go in with a new logo, and as Apple expands within that organization, they'll add more seats over time, and now cross-selling into security products and that type of thing. However, we did see during the times of layoff where that device expansion wasn't as prevalent, and in some cases, we had downsell associated with that. However, we've seen some of that abate, as certainly in Q2, we've seen less downsell. In fact, we've started to see some more upsell, where in years past or, you know, quarters past, customers would come in and say, "You know, we have 1,500 devices under management. We're gonna renew those 1,500, and we'll take another 500 because we know that we have open requisitions." During the uncertainty of post-pandemic, of course, though, that went down a bit, but now we're starting to see less downsell, and even a little bit of upsell, and we'll see that in our numbers. And I also talk to the sales guys on the floor, and they're all telling me the same thing, where customers are saying... Well, they're not telling me they want less necessarily, or if so, maybe just a little less, but they're now talking about upsell. Not as it's been historically, but maybe another 5 devices or 10 devices, which is a lot better than going backwards, and so we're seeing some encouraging signs there. Yeah, that's a great summary and a good indicator of- Yeah hopefully where the business is going. I wanna ask about, like, Apple device shipments as a leading indicator for growth, right? Yeah. Like, how important is it to your growth story, and what should investors read into those numbers? You know, is the growth predicated upon new devices, or is there a penetration story into kind of what's already in the market, if that makes sense? I think there's both. Certainly, Apple gaining market share and growing faster than the PC devices is encouraging, and that's happened in the past as well, but just the last two quarters, we've seen IDC release some data that suggests that certainly just in last quarter, it was over a 20% year-over-year increase in Apple shipments versus a 3% in PC. So we know Apple is expanding and taking market share. Now, to note, that is also that includes consumer devices as well, so there's not a direct one-to-one correlation. Oh, you know, Apple sold 20% more, therefore your revenue should go up. But it does create a bigger playing field for us to sell into. Generally, we'll see that when the renewal time comes, when they renew, they'll have more devices, more employees, and then they'll add the upsell on top of that. Yep, yep. It's not a direct correlation, but it's certainly a good leading indicator. Yep, makes sense. Let's dig in on the product a little bit, talk about cross-sells, specifically security, right? Yeah. You're seeing a lot of momentum there. Maybe help folks understand kind of what's-- what uniquely positions Jamf to win in the Apple market versus maybe a horizontal security vendor. Like, what are you guys doing that's different? Yeah, I think the biggest difference is, well, one is we're Apple first and Apple best, so we focus on the Apple ecosystem. We don't support all different platforms and device management, because we believe that focusing on making something native for Apple allows you to really and use and enjoy the entire Apple ecosystem. When you build a device management product that also has to handle Windows and Android, you kinda dilute the user experience down to the lowest common denominator, and that certainly is not taking full advantage of the Apple capabilities. So that's one piece of it. But the big piece of it, and again, it's not something that we just decided to do one day, it was in the security space, and our customers really said: "We like these Apple devices. We're expanding more Apple devices in our environment. We would expand it even faster if we trusted that all of those devices could access our corporate resources securely." Now, Apple has the most secure Apple operating system on the planet, but as more and more companies utilize it, it becomes a larger and a more valuable target for bad actors to really try to penetrate that. And so again, those InfoSec and those CISOs are really looking for an additional component on top of Apple naturally being secure, but then also added on top of that. You know, a lot of phishing things and, and those types of things can happen, malware, and so having that, that's specifically written for the Apple ecosystem included with the management piece of it, is really core, to our, our advantage. And because it... Again, if you can't have a secure device without it also being managed, because if you know about a vulnerability, how do you make sure that that application that has the vulnerability is updated? Or how do you stop access to that device? All of those things require a device management product. Having those two, both Apple first and Apple best, by design integrated to work together, really resonate with our customer base. Yeah. And Ian, maybe you could support kind of that fundamental backdrop with some numbers. Like, where, where- Yeah is the security business today in terms of penetration, scale, growth rates, and, like, how do you see the mix evolving over time? Yeah. When looking at our ARR, security represents 23% of our total ARR. That's growing at upper 27%. That's been a really good opportunity for us. We started more in the commercial sector. That's been a faster growth area. We've recently, in the last couple of years, released an education product as well, which we're seeing great success with. So, and also from a penetration standpoint, we have 41% of our customers that use both management and security. That doesn't mean they use all our security products. And lastly, I'd say on this topic, at our Investor Day that we held in March, we had shared some information. If you took customers just on the commercial side that use either Pro, Pro and Connect, or Pro and Protect, and moved them to our Business Plan, which is basically our management and full security suite, there's still $350 million of ARR room left for us to go. Yeah, yeah, so nice runway. John, maybe you can talk a little bit about mobile. Mm-hmm. Q2 is seemed to be a bright spot there. You know, the economics of that business, maybe mobile versus the Mac market, and kind of how you see the mix evolving going forward. Yeah, mobile certainly it's proliferated through both businesses and education considerably, and only growing. Apple has a very good position there. On the, we mentioned two large deals in our prepared remarks on the investor call, and both of them had a significant mobile component. We're really seeing more and more companies leaning into that mobile side. That's not even including the BYO, bring your own device, where you can have an account-based enrollment from Apple that allows you to bifurcate your device to a personal side and a work side, so that you can use one device for those, for both purposes. So we're seeing considerable capabilities and opportunity in that. The other thing with mobile we've talked about a bit is the deskless workflow, and that is, if you think about airlines, where they've asked us, you know, "We want to get that watch, Apple Watch under management because we want to track bags with, you know, using an RFID inside the baggage tag connected to the watch." We've seen pilots use iPads as flight bags as opposed to those big boxes they used to carry years ago- Hmm with all of their flight plans in it. Retail, for example, we have several large retail customers, and we're seeing it expand. We've got a retail customer in Europe. I was just over there for our Jamf Nation in Amsterdam, and I was speaking with the retailer, and they took me around the stores and showed me that each individual, each staff member, has a mobile device, and they're expanding the number of mobile devices so that every employee has one, so that at any point in time, they can actually scan your merchandise and then tap your phones to pay for it, and you can walk out the door. It's amazing the innovative ways that our customers are figuring out how to use this mobile device, and we don't even have our arms around the total addressable market of that space because it's so innovative and new and expanding. Yeah. I mean, there's really no limit to that. So when we talk about our opportunity, and we just think about the laptop sitting in an office or an iPad with a school kid—that's only part of what we see as an opportunity coming in the future as more and more companies and entities use these in innovative ways. Yeah, that's really interesting. Everyone's favorite topic: AI. Yeah. Let's, and there's kind of two sides that I want to hit on. One is like, what is Jamf doing- Mm-hmm with AI, and how does that feed into product strategy? And then second is like, what is Apple doing with AI? Yeah. As they kind of embed more AI functionality into their devices, like how does that change, if at all, your value prop? Yeah, as far as AI, there's a couple sides of that. First and foremost, we use it internally, for threat prevention or threat detection, for example, behavior uses, abnormal uses of files. We have a product internally, we refer to as MI:RIAM, and MI:RIAM is in our threat prevention, threat defense, product. And just in one month, MI:RIAM scanned over—and I said this in my prepared remarks, I think it was 320,000 domains in one month, and caught over 50,000 potential zero-day threats or same-day threats. And that's just one month, and that's just. And we're still growing from there. So significant leverage and capability, by being able to take all that data and synthesize it down into something that's usable. The other thing that we have is the endpoint data. All of the Apple data for every device that we manage, we are the ones that capture the most information or data from that Apple endpoint, and that is so useful in training these large language models and things that you can actually do to leverage the power of AI. You need that data, so better data, better AI. That's another area that we use it extensively. What else do we... We're using it internally as well. Internally for efficiencies, you know, the third side of that coin, if you will, is just using it for efficiencies, looking at how do we be more scalable, how do we, you know, do different data, you know, for internal reasons, process through that. So those are the areas, and then on the Apple side, we are excited about Apple Intelligence. That is something they just talked more and more about recently on their earnings call. They talked about their WWDC, which is their Worldwide Developer Conference. And it's really, they're doing it in the Apple way, right? Privacy is a human right, and they've made it so the devices will actually process these large language models, 'cause they're the strongest, most powerful devices out there. When it can't handle that, they all have a private cloud, which if you're a CISO, and you're going, "Well, wait, it's going to private cloud, I wanna know what the security looks like around this, and where are we best positioned," right? Yeah. To help, to help do those things. So we're really excited about that part too. Yeah. Yeah, interesting. Maybe we could hit on some go-to-market tactics, right? You, you, you talked about kind of that trusted access message resonating in the market and landing- Mm you know, with increasingly security and device management at once. Maybe tactically, some of the changes you're thinking or how you're evolving the go-to-market motion. You talked a lot about, you know, the new partner portal- Mm-hmm ... in the Q2 call. Maybe just double-click on kind of what you're doing there and how that better enables your partners. Yeah, I mean, one of the things that we outlined in our Investor Day, the long-range plan, is gaining some efficiencies, particularly in our go-to-market side and organization, and we've done that. And we'll continue to do that. One of the ways that we're leveraging is through our partner program. So we have about 50, a little over 50% of our business comes totally through the channel or is touched by the channel. Outside the US, it's over 80%. But we're gaining that in the US because we realize there's a lot of leverage to be had there. What we didn't have internally is the technology to be able to allow partners to come in and use a partner portal that leveraged registering their own deals, creating their own quotes. In the past, we always had to engage a Jamf salesperson or channel representative. Super inefficient for the channel partner, super inefficient for us at Jamf, and costly. Now, we have that technology rolled out, and we're just in the process of rolling it out now in a full ERP system that allows those partners to do those things themselves. And so we expect certainly some efficiencies on both sides of the aisle for that. And then internally, for the in-product side would be another capability that we would gain from that technology. We're working on what we call One Jamf, or just a platform that has different capabilities, whether they're mobile threat defense or network security or device management. These different capabilities can be really under one roof and one platform. They're integrated now, but we're gonna even make that more possible. And from within that and you can actually purchase from within the product, so if you wanna add mobile threat security or add seats to that, or add more device management, you can do that from within the product and pay in local currency. So there's a lot of efficiencies that we'll get through that technical implementation, that will, that will help us on the go-to-market side. Yeah. Can you talk a little bit about price? Like, how price sensitive are buyers? I guess I'm, you know, particularly curious on the security side. Yeah. Do you feel like you have leverage there? Is that a tactic that you'll use to, you know, continue to drive growth? How are you thinking about it? Yeah, I mean, we've historically always sold against free in many cases. You know, when there's large companies that do multiple platforms, they tend to sell it under an enterprise license agreement, and it covers Windows and Android and Apple. None of them really, really well or deeply, certainly not on the Apple side, but it covers kinda all things in one. So we've always had that pricing dynamic, and we feel that we just add the most value, especially by combining management and security together, that we warrant the pricing that we've had. Sure, there's competitors, subscale Apple-specific competitors on the management side only that will come up with pricing challenges. We've seen them kind of come and go. That's generally not really sustainable, but we've certainly had to do that. We're well-versed in that motion, in selling and selling the value of what we bring. Yeah. Yeah. And maybe kind of pushing on that competitive dynamics thread a little bit, what do you see as kind of the longer-term replacement opportunity as you look at some of these horizontal vendors, and are there catalysts that you're paying attention to there? There, there is. One of the largest UEM providers was recently sold, well, VMware was sold then to Broadcom, and as a piece of the business, and we've seen a lot of opportunity there, just given the fact that there's some concern about innovating at the pace of Apple, specifically on the Apple side of the business, and we've been able to leverage that opportunity in the renewal cycle to win those customers over. And in fact, you know, we mentioned two large deals in the prepared remarks in our earnings announcement, and one of them was a takeaway from that particular competitor. So we're again used to this kind of environment. We've been dealing with it since as long as I've been with the company, which is almost nine years, and I'm sure long before that as well. Yeah. Yeah. I have a handful of questions I want to hit on, on the numbers, and we can conclude with that, but is there anything that the audience wants to click into before we go there? All right. Ian, let's talk about the Analyst Day. Yeah. You guys shared some medium-term financial targets, you know, accelerating growth, margin expansion. Just kind of talk about what gives you the confidence that you're gonna be able to drive that reacceleration and growth on, you know, largely keeping OpEx, you know, more or less flat, going forward. Yeah, I think, first I'll just start out, it's all our management's plan. This is what we've aligned to. We all have conviction around it. We do get a question: "Hey, you're showing reaccelerated growth and expanded margins." John really hit on a lot of pieces that related to the expanded margins. So if you're giving tools to resellers and partners, such as the tools we were talking about, the partner portal, we just released a new incentivized program that's more of a points-based program, so it rewards the partners in the right way for the work they're doing. We released Jamf Insights, which is a tool for MSPs that make it so they have a visualization dashboard across all their customers, versus before they had to look at single instances. We're giving them the tools to really ramp up velocity. Not only does that make you. The ability to have that faster velocity, that makes you more scalable and more efficient. So that gives us all the tools that we need to really ramp up. At the same time, that helps your sales, right? You've got more hands out there, so to speak, selling your product with more incentives to do that. We took the actions earlier this year, where we looked at, you know, our employee base. Or we took an action where we did a workforce reduction. It was very focused on the sales and marketing, and looked at the teams that maybe hadn't made the turn into selling management and security. So those are the things we did, we did already, we're doing right now, and will continue in the future, that'll help us both accelerate, reaccelerate, and, be more profitable at the same time. And then I talk a lot about the headwinds and the tailwinds. And thinking about the headwinds, the biggest one is still the macro, right? Like, if the macro gets worse, that's kinda everybody. That impacts everyone. But we have so many tailwinds behind us. You know, continued adoption of Apple and the enterprise. We had Fletcher Previn at our last JNUC talk about, you know, that two-thirds of employees would choose a Mac, that the return on investment was, I think it was $several hundred higher on, on a-- or better on a, on a Apple device. So there's a lot of momentum building for Apple. There's a replacement market that John spoke about, the successes we've seen on the iOS side, the selling of management security, us still growing very well in the security side. There's just a lot of opportunity and tailwinds behind it, and that those are the things that give us confidence around that point. Do you feel like you need an improvement in the macro environment to hit the growth targets that you're talking about? Yeah, so what we released as part of that Investor Day was a breakdown of NRR today, or for 2023 versus 2026, and what we showed is the device expansion component in 2023 versus in 2026, and that percentage of contribution is the same, meaning you don't need a significant step up in the macro for us to achieve it. We're focused on what we can control, and we're gonna execute on those things. Yeah. Yeah. So we obviously have a three-year view of what you think this business might look like. If we thought about a longer-term view- Yeah ... like, and I'm not putting any timelines to this or anything like that, but, like, a terminal margin kind of profile for the business, where could this go over time? I mean, it's, it seems to me to be positioned to generate a lot of cash. Yeah. I mean, we've, you know, I look back, and we've always generated, you know, on a trailing twelve-month basis, unlevered free cash flow margins of double digits. We've always done that. We've always been a cash-generating business. And you see the targets we've laid out there, they are higher, and I do think we can continue that. The thing I would just say is, you know, we're gonna evolve with where the economy's at too, where we wanna be a Rule 40 or stronger type company. And so if we see growth too, we wanna invest and capture that opportunity too. So we don't just think of it as one side of the equation, we think of it as both sides of growth and profitability. But yes, we can be a profitable, a much more profitable company as we go. I do think those margins we've laid out in the three-year plan can continue and can be even more. Yeah. Yeah. Maybe in the final minute here, John, like, concluding thoughts, what's the message you want folks to leave the room with today? Kind of what makes Jamf an attractive investment? Yeah, I mean, we're bullish. You know, we see, Ian mentioned, the expansion of Apple in the enterprise. We have a dominant position there. We see a lot of potential growth drivers, selling more security. Right now we have a handful of security products, but we can expand the security footprint out even more, and we talked about some of those ways that we can do that at the Investor Day. So we have additional security capacity that we can add to. We've got an expanding market penetration in Apple. We have a great opportunity outside the U.S. Over 50% of Apple's business comes from outside the U.S., yet it's only about 35% of our business, meaning we have some opportunity to gain, and we've been leveraging a lot of that. We have a very diversified revenue source, both by geography, by product line, as well as, segmentation and industry. So we're not really focused on any one of those places, and we've seen that happen in times where one geography is doing really well while the other's not doing so well, but it can certainly offset that, and we'll continue to expand and diversify that. You know, lastly, I think what really excites me is just the opportunity. I spoke briefly about the deskless. I'm so enthusiastic about that because I don't know where it ends. Mm. I just know that it's growing fast, and I'm so excited to hear the innovative ways that customers are leveraging the Apple technology. And because Apple's is standardized, it's consumer simple, it's robust, and the fact that we're the leader in that area certainly benefits us. And I guess maybe lastly, what I will say is with AI becoming such a flashpoint, or maybe not even a flashpoint, it's here to stay, but such a concentration point, when you look at Apple expanding, the thing that you need for that AI is that data, and no one has more Apple endpoint data than we do, and we're growing that at a fast pace. Yeah. It's a great summary. Lots of exciting tailwinds. Mm-hmm. Look forward to tracking progress and seeing that it real