Today, as well as over the webcast, really excited to have David Rudow, Chief Financial Officer of Jamf, and Jennifer Gaumond, Head of Investor Relations for Jamf. Before we kick off, my name is Jacob Roberge. I am the research analyst at William Blair that covers Jamf. For a full list of our research disclosures, please visit our website at williamblair.com. Before we get into a fireside chat, David's actually going to kick things off with just a few slides to give level set for those that might be newer to the story on what Jamf does, what the market looks like, and what they're really going after. Perfect. David, I'll hand it over to you. Great. Thank you very much. I appreciate it. Good morning, everybody. OK, we'll just run through this real quick. We are the number one vendor in the Apple space. We were created back 22 years ago. We started in the education space, strictly focusing on Apple management. We have since moved to security. We bought an identity management company at the beginning of April. And then we also added support for Android, which will be coming out in January for mobile devices, too. Subscription revenue is about 98% of total revenues. We sell into all verticals around the world. We have a global presence, selling to 120 different countries, I believe it is now. The biggest verticals that we service are the technical--I mean, sorry, technology and education. Education is about a quarter of the business now. We've experienced about 17% CAGR since 2021. Our net retention rate is 104%. We are fully SaaS. All of our revenues are SaaS-based. We have built a platform that manages all Apple devices. These are Macs. You think about laptops and regular computers. We also manage mobile devices and iOS, ranging from iPhones, iPads, watches. We even have customers that use Vision Pro. We have expanded onto the Vision Pro side. It is all seamlessly platformed together. It is a much different experience on Apple versus the Windows vendors that move into the Apple space. We have a great relationship with Apple. We are connected at multiple levels within the Apple team. We come out with new releases that support any updates that Apple does very quickly after they release them, too. We have a very, very tight relationship with Apple. Our SAM, and we define this between security and management in countries that we sell into around the world. We have about an 11% market share within education. And again, that's our core business that we originally started with 22 years ago. We've expanded internationally now, too. We sell into individual countries now that support us. Singapore is one of them that it rolled out Macs to all their students around the country. We manage and we secure those devices. There's other countries, too, Japan. There's a lot of activity within the APAC region on the education side. On the commercial side, we have about a 2% market share. And again, this is leading with technology as number one. We actually have professional services. Financial services is actually a very big vertical for us as well. In total, we have about 3% market share to our SAM. We have a number of growth drivers that we are working on. We sell mainly through the channel internationally. As we set up our international business, we really leveraged the channel so that we could really afford to move into many different countries. About 85% of our revenues are through the channel internationally. Within the U.S., it's about 55%. We've hired a new channel manager about nine, ten months ago now. We've added an investment there. We're pushing hard in the channel. We're trying to funnel more business through the channel in the U.S. That is a driver of growth because we are seeing them actually bring us deals now. Security is a product that we actually bought. We started with that when we bought Wandera back in 2020. 2021. 2021. About a quarter of our ARR now is security. We have networking. We have device management as well. Mobile is a massive opportunity for us. You think about how many devices are out there. It's a smaller piece of our business, but that's management and security. With our addition of Android support, now we can also manage an Android device. We could secure those devices in the past. It's for mixed-use environments. If somebody has about 80% Apple and 20% Android, now we have a solution to be able to enroll those devices and secure those as well. Internationally, we have about 35% of our revenues are international. We think that should get to above 50%. If you look at Apple's exposure internationally, about 55% of revenues are outside the U.S. We would expect our revenues to increase, continue to grow. I think we were at mid-teens the last quarter. Strong growth internationally. Summary of history: 16% CAGR, ARR, 17% revenue. We have been working very hard on margin expansion. We increased margins by about 1,100 basis points over the last two years. We expect another 500 basis point improvement. We like to be a profitable growth company. We are looking at investments and requiring further analysis to make sure that we're adding, as we invest in them, that we can actually see that growth come. We have been focused on margin expansion while growing the business. Q1 highlights: 9% ARR growth, 10% revenue growth. Operating margin came in at 22%. We closed the Identity Automation deal. It's identity management. We call it dynamic identity management. April 1, it was $215 million. We also closed a Term Loan A two weeks ago for $400 million. We had a convert that goes current, about $375 million that goes current in September, matures September 2026. We now have $400 million to cover that convert. We will be buying that down over time and throwing some cash in the balance sheet. We also are launching—we launched a couple of new platforms. We have Jamf for Mac, for enterprise, Jamf for Mobile. We came out with K through 12. We are coming out with a new small-medium business offering as well soon, I think this month. I think that's it. Thank you, David. Appreciate the quick overview and kind of where things level set there. Appreciate that. I guess just to kick things off, David, you're relatively newer to the Jamf team. Maybe talk about what attracted you to Jamf, why you wanted to join, and kind of what opportunity you saw in the business moving forward. Yeah, what I looked for is I wanted to work for a company that was a leader in its space. We dominate on the Apple side. We work very close with Apple. There's no better solution to manage and secure Apple devices than us. I wanted a larger company that had a global reach. I think the global opportunity here is pretty massive. The management team, I met with the management team. I think it's great. I think there's a ton of opportunity. I was on the buy and sell side for 18 years. I know what you guys do. I sat in that seat. I look at this as a company that has a ton of potential. The valuation is very reasonable. We're going to execute the plan and build credibility over time and hopefully see the valuation go up. That's helpful. Just thinking about the market, you talked about being the market leader in Apple First, device management, security. Who are you competing with most in this space? How has the kind of market evolved as you've added the security business to the platform? Yeah, I think we see smaller subscale competitors out there, Kandji and Mosyle. Mosyle is mainly on the education side. Of course, Microsoft Intune, they're everywhere. Workspace ONE, which is now Omnissa, we see them as well. We compete. Like if you go head- to- head on functionality with an Apple, we dominate on that. There's nobody that does it any better than us. You think about Kandji and Mosyle, that's mainly management. Intune is management and some security. Workspace ONE is management and security as well. OK. And just to double-click on Workspace ONE, I know they recently changed the name over there. But they've obviously gone through a few different ownership changes over the last few years. So maybe talk about how competition with them may or may not have changed since those changes of control. The good news is there's always competition. It's healthy competition. They make you better as a competitor to make sure your products are good. I'd say we compete in an Apple environment very well against Workspace ONE. We've done very well. I think they've had some changes in ownership. We've been able to gain some share from them. That continues even now. We compete well in an Apple environment. We win head- to- head with any of these vendors. In the mixed environments, that's kind of where you might see additional competitive pressures to that. They're a great competitor. Yeah, that makes sense. Just taking a step back, thinking about the current macro environment, it's obviously top of mind for a lot of people. You have a unique lens, given you have both SMB exposure as well as you serve quite literally some of the largest enterprises in the world. Can you talk about how things have been going through the macro, how demand has been holding up, and especially as it relates to kind of post the tariff announcements, if there's been any change in the business since then? Yeah. As you said, we have an interesting business model. We serve the smallest to the biggest. I mean, Apple is one of our—they're our partner. I mean, we service them. We get to see many different environments around the world. We're global as well. What we saw in Q1 was there were a few deals that slipped. There were a few deals that canceled. It was directly tariff-related. Nothing that made us—I think it made us cautious as we looked out. Nothing that told us, oh, you need to take numbers down because of this. It was not consistent. Any quarter you see deals, you come up to the end of the quarter, there's stuff that slips, there's stuff that pulls in. April came, and it was more of the same. I think it was—it feels similar to what we saw in Q1 through Q3 of last year, where there was still uncertainty. There is still cautiousness. Hiring has not come back. We grow as our customers add more people and put more devices in their hands. We have seen nothing yet that tells us that there is a cliff coming. We continue to watch pipeline, how it is building. It kind of seems normal. We are cautious. We did not raise numbers. We just maintained guidance for the year because of that. We talked to the sales team. I talk to them a lot. I think they get tired of me questioning them. There is some disruption. It is just not meaningful yet. OK. That makes sense. You have mentioned Apple a few times. Obviously, a big customer, a big partner. Can you talk about that relationship and how it has evolved over the years? Yeah. Jen can join, too, because she's been here longer. We have an excellent relationship. We have connections with them at all levels within the organization. We work very closely with them. Obviously, the development teams work very well because they have to know and understand what they're doing from a product direction perspective. They're an excellent partner. Yeah. We also go to market in education with Apple. That is really our roots, is education. Those relationships have been built over time. I think we have a similar philosophy that the best thing that could happen is more devices in organizations, more Apple devices in organizations. We are both agreed on that, and we work towards that. Yeah, that makes sense. Just double-clicking on the education front, there's obviously a ton of devices were adopted during the pandemic back in 2020. We've been waiting a little bit for a device refresh to take place. Curious, have you seen any movement on that front, any changes on the device refresh cycle in education? Not yet. Yeah, nothing meaningful yet. Yeah. I do not know. I think it remains to be seen whether or not we will see something all happen at once. I think just every company, I think every school is also thinking about how do we time the funding. A lot of those devices, to your point, have been around for a long time, getting knocked around in backpacks by kids. You would think something is definitely on the come. It is just a matter of when. Just a matter of when, not if. Back to Apple. Some investors view Jamf as somewhat dependent on Apple's success of penetrating new markets, gaining shares. Could you talk about how their market share has trended? Also, what the opportunity is with devices they've already landed? It does not matter if they land another device, but just increasing your penetration within the Apple ecosystem, how big that market opportunity is in and of itself. Yeah. I think Apple has expanded aggressively internationally. I think on the mobile side, they've sold a ton of devices. If you think about when you go to the retail store now, when you check out, what do you check out on? It is not a POS that you walk up and do. It is more of an iPad or an iPhone that they use to sell. Same thing with transportation. You look at transportation, there's a lot of new deskless solutions that are coming. These are devices that have already been sold. Our opportunity is going and help manage and secure those devices because they access the corporate network. They access all the corporate information. You have to secure them and manage them appropriately. Think about a pilot. They now got on a plane with an iPad with their flight plans and all the maps and everything else. If it's not secure, there's a chance it could be breached and you would have problems in the air. We've got a very good market share on the transportation side. It's for many other areas, too. We can sell—there's a lot of selling we can do on mobile because these devices are already deployed. Yeah, it's just a matter of going out. A lot of these customers already are customers that are using it on the Mac side. I think with our Mac or Jamf for Mobile, I think there's a huge opportunity for us to go out and actually push the new platform product to get additional sales. Yeah, that's helpful. Maybe just double-clicking into that mobile opportunity. The last time you disclosed, it was just over five million devices on the platform. I know corporately owned devices, there's more than 100 million that are out there. Pretty big opportunity. How do you more effectively address that market? You've obviously dominated the Mac ecosystem. How do you take that kind of brand recognition and transition it over to the mobile side of the ecosystem? Yeah, I think the platform solution, Mac for mobile, I think will help us. Now we have an individual product that has management and security within it that we can aggressively target customers with, whether they're existing or new customers. I think it's more of the selling motion, I think, should get easier now. The other thing with Android added as a management piece within there. Now, we're not going after Android 100%. This is more of I've got 80% Apple and 10%-20% Android. They need a solution to be able to at least enroll those devices. We can secure them currently, but we can't manage and enroll them into and manage them. This will allow us, it's shipping in July. This will allow us to enroll that device and secure it then. It's just additive to the Apple ecosystem within a customer, the mobile environment. We're excited about it. The feedback has been really good so far that we've picked up from customers. I would also add on that from a deskless workflow perspective, it's really capitalizing on the specific workflows that we've built that are industry specific. In health care and retail and transportation, and really bringing those to more of our customers. OK, that's helpful. And then just on the Android ecosystem standpoint, do you see that as a mobile- specific opportunity? Or do you think that on the road there could be more kind of cross-ecosystem launches within the Mac- PC kind of ecosystem, if that makes sense? We add functionality. We do acquisitions because customers ask for it. Customers have been asking us for the mobile support of that, which is why we rolled it out. If we get additional requests or enough requests, we will look elsewhere. I think for now, we're very tight on Apple. I think this opportunity on Android is helpful because it solves a customer's need. It simplifies their back end. They can have one vendor to manage all the mobile. I think we'll have more than enough demand on the Android side for mobile management over the next couple of years. OK, that's helpful. Just last one on the mobile opportunity. Does the competitive environment, does competition change as you switch over to mobile? Or is it fairly similar to your core? I'd say it's similar. Similar. Intune. Yeah. OK, that's helpful. Switching gears to security, it's obviously grown nicely over the past year. Now makes up over 25% of your total ARR. Can you talk about the evolution of that platform and how you think things progress from here? I'll let Jen do it because she has the history behind how it all came about. I would go back to what David said, right? Listening to our customers and what they have asked for and needed. We started down the security path kind of 2017, 2018 with some acquisitions that are now our Jamf Connect, which is our identity product, as well as identity and connection, as well as Jamf Protect, which is our endpoint threat detection product. When we IPO'd, our security business was single digits of ARR, single digit dollar ARR, now over $160 million. We have really seen, we believe that managing and securing with one vendor is the right way to go, especially on Apple. If you have Apple, Jamf makes sense. I think those lines between management and security are blurring. You can have a great threat detection product, but then you need to remediate. How do you do that? Making sure that those two products are tied together is really key. That is really why you see more from us coming from a platform perspective. We will absolutely sell single point solutions if people want them. We believe the value is having those two tied together because I think we will eventually get to a place where there is no kind of management or security. It is the and. Yeah. That platform approach, you all have talked about some pretty interesting stats out there. I think last time it was talked about, it was north of 40% of your pipeline was coming from these combined deals. It was increasing win rates by 2x and retention by a couple hundred basis points. Maybe talk about how kind of the combination of security and management kind of increases your competitive edge when you're going to market with customers. Yeah, I would say the more products they deploy, the more stickier you get. If you're managing a device and securing a device, it's harder to get off of the platform. Because it's quite a bit of work to get, like if you're an enterprise, it's quite a bit of work to get it up and running and live. It works. The user experience is great. The management of the devices is relatively easy. I think that's what causes or creates kind of the lower churn rate that we see. It's a much lower churn rate when they use multiple solutions. Packaging it up into a single platform is an easier go-to-market. There's one contract. You don't have to go up multiple groups. You can sell into the management space, too. You can sell security within there. The minute you go manage it to security budgets, that's where you have longer sales cycles, too. It should compress the sales cycle, too. Yeah, that makes sense. There are obviously some large players out there in endpoint detection response and zero trust network access. Can you talk about kind of the co-opetition dynamic of how you see the security landscape PC versus Apple and how those partnerships, but also maybe a little bit competition, relates to some of those larger vendors in the market? Yeah, we go to market with an and solution. What we would like to see is devices being managed and secured on Jamf. We can feed security telemetry data to whatever your security vendor of choice is. We have the best solution. Apple OS works differently than Windows OS, and we know how to work it. If you put another tool on there, you get a lot of false positives and false negatives. We just know exactly how Apple OS works, and it makes it a much better experience. We look at it and say, you can use us, plug us into CrowdStrike. We'll feed the telemetry data. You can look at it on their screen. That's perfectly fine. At least you have the best management security solution for Apple. Yeah, that makes sense. You recently announced the Identity Automation acquisition in this space. What attracted you to that deal? What opportunities do you see for that combined platform moving forward? It's customers who are asking for that identity management. What Identity Automation does is we call it dynamic identity management. You think about in a school how a student goes through their life cycle as a student. If you do not have identity management, you put all their data into the student management system. You would have to upload a spreadsheet. You would have to feed and allow them, they would have to carry different passwords. You would have to give them access to apps, whatever else. With our solution, it is a very complex identity situation. The student, the user experience will follow that student throughout their life. If Johnny is in second grade, he has access to this. When he goes to second semester, he has access to that. As the student management system is updated, it is fed right down to his individual identity. He just goes through and pulls up his iPad the next day. He can access everything else. You do not have to carry 25 different passwords. It is a seamless experience. It follows you all the way through your life as a student, assuming you stay in the same school. It is a huge problem for schools. They do not have big IT groups. They might not have anybody in IT. This is a solution we can put in, deploy. It is very sticky. We have won very large school districts with it. It is a problem among many schools. It is a way to secure and allow access in an easy to manage format for the education people. Yeah. How are you thinking about kind of the integration timeline from both the product and a go-to-market perspective? My understanding, pretty impressive kind of financial profile over there. Maybe kind of double-click into the high-level financial profile of Identity Automation versus Jamf. Yeah, yeah. It was a competitive deal. M&A happens when it happens. You can never plan for something to happen. It was accretive on the top line and the bottom line. It was a very well-managed company. It was U.S. only. I think they had two customers in Norway. It was very competitive. I think we strategically fit very well with them because we already partner with them. They have 500 customers. We have 250 customers that overlap with them. It made a lot of sense strategically. We actually won the deal. We did not pay the most out of anybody, which is great. We are integrating it on the back end. I think for this busy season, we left our salespeople in position because busy season is now. We did not want to disrupt that. We are training international. We're training the channel as well and getting ready for that. We do have synergy. We actually saw some synergies in the opposite, which we didn't plan for. We've actually sold a number of deals into their base. On day two after the close, we actually closed a deal selling Jamf into one of their customers, which is great. I talked to the Head of the Americas Education the other day. She's excited. She goes, yeah, it's surprising. There's a lot of Jamf demand on their side, too, which is great. The team is excited. It's busy season right now. Education sales are now Q2 and Q3. I think the team is very, I think they're positioned well to be successful with it. International, I think international, we'll see some traction, probably slower because they're not familiar with it. We are training everybody on the southern hemisphere, too, for the busy season coming up at the end of the year. Yeah. One thing I would just add, too, is the longer-term plan, right? Dynamic identity is not solely an education issue. If you think about from a retail perspective, health care relies a lot on dynamic identities. If you think of hospital personnel, nurses assigned to specific wards depending on the day and where the need is, or in retail where you have shift changes all the time. There are many opportunities outside of education where this can be meaningful. Yeah, a lot of opportunities there. I love that. Accretive on the top line, accretive on the bottom line, not the highest bidder. Those are typically good things in an acquisition. Taking a step back, Jen, maybe I'll go to you for this one. You've recently made a lot of operational changes at Jamf. You’ve seen over the years changes in the market side. You implemented a new ERP system, so some back office changes. How are you thinking, how are those things progressing? How are you thinking about driving the efficiencies in the business following those changes? Sure. Yeah, I think any time you do that amount of system change at once, it is certainly an interesting time for an organization. I think overall, we're progressing pretty well. We did have some, obviously, changes. We have to look at it as what it gives us in the end. The efficiencies that come from it, obviously, are great. Also the insight that we get from a data perspective on the business has been so meaningful for us. A lot of that has driven what we've done with the new platform solutions. Jamf for Mac, Jamf for Mobile, really saying, how do these, we get much better data on how our customers buy, how we retain them. I would say everything is moving along, as you would expect. We're starting to see the benefits of it. There are still efficiencies, I think, that can be had from that process. We did have some slowdown in billings and collections and things like that as things work through the system. Those are all things that are in the process of cleanup right now. OK, that's helpful. Just thinking moving forward, how should investors think about the margin trajectory of the business? When should these changes kind of be fully—I know we're through the bulk of it—when should we expect them to be fully finalized in the model? The goal is rule of 40. Yeah. exiting Q4 of 2026, the goal is rule of 40. We continue to expand margins. We're being very responsible in spending. Sorry, I'm losing my voice. The focus is profitable growth. We will invest appropriately, but really focus on expanding the bottom line, too. Rule of 40, I think, is the goal. I think we can do that exiting Q4 2026. Yeah, but a lot of those detailed things related to the systems things are all in process now. I don't think we see them having a multi-year tail on them. They're all being worked through. OK, that's helpful. We're coming up on time here, so maybe just one more question on my end. Capital allocation, you've been acquisitive over the years. You just raised some debt. You have a convert on the balance sheet. How should we think about capital allocation moving forward? Yeah, we closed a Term Loan A. That will cover some of the buyback of the convert. $40 million will go out in October for Identity Automation and last payment. We are going to have the rest on the balance sheet. We do look at M&A. We just closed something. We got to integrate it. That is what the focus is right now. Sorry. I got you. I think you covered it all. Yeah, Term Loan A, the convert coming current here in September. We have more than enough. We also guided to unlimited free cash flow dollar growth of at least 75% for the year. Very solid cash generation to cover that. The Term Loan A just brings another level of optionality for us. OK, that's really helpful. Thanks, Jen. Thanks, David. Really appreciate the time. Thanks, everyone, for joining today. If you are interested in attending the breakout session, it'll be in Jenny B. And that starts in about 10 minutes.