I guess we're ready to kick this thing off. You guys are in the right spot for our fireside conversation today with Jamf. You know, today we have a couple of very special guests with us. We have David Rudow, CFO, Jennifer Gaumond, Investor Relations. And yeah, thank you guys so much for making the time. Yeah, thank you very much. Absolutely. Thanks for having us. An intimate gathering. If there's any questions, interrupt. Yeah. If you need to. Yeah, please. If anyone wants to, you know, raise their hand, we'd love to hear your voice too. I kind of wanted to kick it off maybe for, you know, those in the audience that might be a little bit newer to the story or kind of revisiting. I kind of wanted to ask about Jamf past, present, and future. Would you guys be able to give a brief background of maybe the problems that Jamf solved in the past, kind of where the roots are? As well as heading into the present and future, what sort of problems you might be able to solve going forward, maybe in light of security adoption, the Android announcement, and the Identity Automation acquisition? Perfect. Yeah. Jamf is about a 22, 23-year-old company now. We were started back in Eau Claire, Wisconsin, of all places. We originally started out managing education devices, right? Macs in the education side. Through the years, the company grew, and then we started to expand into the commercial side. About 25% of our ARR right now is education. We expanded into commercial. We did the Wandera acquisition in 2021, if I'm not mistaken. That pushed us into the security space too. When we went public, security was a small part of ARR. Now it sits at about $160 million of ARR. Nice growth there. We continue to expand globally. We sell in about 120 different countries around the world. We mainly sell through the channel. Internationally, about 85% of revenues are sold through the channel internationally and about 55% in the U.S. We have created over the last quarter a platform solution where we can sell into, we call it Jamf for Mac, Jamf for Mobile, Jamf for K-12, where it's a combined management product and security in the same bundle platform that we're selling now. We are coming out with a new SKU for the SMB space as well. We closed the Identity Automation acquisition on April 1, which puts our first entrance into identity management. That product manages, we call it dynamic identity management. Originally it started in schools. You think about how a student progresses through their life as a student. I'm in the first grade. I'm a teacher A, maybe teacher B. I need this access. This would tag the identity to that student, and then it can access apps, websites, everything else. It would not have to carry a password either. Each quarter, each semester, that changes. That is why it is the dynamic piece of that. It will carry them through their entire school year. It is for students, teachers, substitute teachers, parents that sit in on the education side as well. Originally, we sell into the education space. They had a small healthcare piece too. We do have the ability to sell that into our 40,000 education customers around the world. We are actively working now to get that out, training, and update the channel through this busy season, which is Q2 and Q3 in the northern hemisphere. We are also making investments in the channel and training for the southern hemisphere, which busy season should be Q4, Q1 of the coming period. We did announce through Bloomberg, they came out with a story that we're supporting Android for mobile. We've been supporting Android devices on the security side, but we haven't been able to manage them. This product is for mixed-use environments. A lot of our customers have Apple iOS devices and some Android. This gives us the ability to have one tool that our customers will use. We can manage and secure Android devices as well as the iOS devices that we support in the field too. I think that's it. Yep. Makes sense. You know, that comment on mixed device environments, I kind of want to dig into that. You know, obviously, Jamf comes first of mind when selecting a device for managing the Apple ecosystem. Can you kind of talk about how that leadership position helps position yourselves when you're selling to enterprise and schools with mixed device environments? Has there been any change in that competitive dynamic there? I'll take that one. I would say there hasn't really been a change in the dynamic. You know, for the most part, every situation that we sell into is a mixed environment. That's always been the case for us. The way that we go about that is really selling on the value proposition of managing and securing your Apple devices in the best way. It is a Jamf proposition. We are more than happy to feed the telemetry that we get on those devices into whatever pane of glass is used to manage and secure. It's really about providing what we believe is the best solution for those specific devices. Perfect. I kind of wanted to ask a question on pipeline. You know, kind of currently in your sales pipeline, which products and use cases are kind of driving the most interest? How do you maybe see that evolving over the medium term? Are there any sort of trends to kind of call out there? Yeah, we've been going to market with like an à la carte menu of products. We sell management, we sell Protect, we sell Connect. What we found is as we sell more and more of the combined products into our customers, they have much better, much lower churn and more adoption. The more that you sell them, the more they deploy, the lower churn rate is. We would sell into the IT department and the security department. What we did is we came out with these platform solutions and integrating the two together because you really, it is collapsing so that you need to manage and secure at the same time. Securely manage is what we call it. What we've done is offered that solution. We're seeing a lot of the pipeline built on the platforms of Jamf for Mac, Jamf for Mobile, and Jamf for K-12. We still sell à la carte if they want it. Most of the discussions are around the platform solutions that we're selling. Now, Identity Automation is also coming into it now since we acquired them. That's part of the pipeline build as well. The mobile too. Mobile, I think, is a very big opportunity. It's still early days. There's a lot of deskless solutions that are coming out there. You think about transportation, healthcare, professional services. You go to retail now too. Like, when was the last time you actually sat in front of a POS terminal, right? There's iPhones, there's iPads that are being used to sell things. I think the world is changing to more mobile solutions in the enterprise and with all these different verticals. And we're seeing a lot of activity there too. Makes sense. I wanted to ask on guidance, right? Macro has obviously been very dynamic over the past couple of months. Not asking for an update on kind of the demand environment currently, although if you guys want to provide it, we'd love to. You need to do an 8-K. So no. Would you be able to talk about what you were seeing when you formulated guidance and kind of what was factored in in terms of the demand environment and maybe what could drive upside or downside to that? Sure. Yeah. As we were preparing for a Q4 call and giving guidance for 2025, January, there were a bunch of layoffs that happened. We saw layoffs. Now, it was not a meaningful number, but I think what that told us is it is still an uncertain environment overall. You know, last year, there is still uncertainty. There is still a lot of signatures that go through. Q4 was strong from a budget flush perspective. We saw in Q1, it did not flow through. We believe in building an achievable model. I think the beat-and-raise story is relevant for any public company out there. That is in the back of our minds as we set the guidance for the year. When we reported Q1, we were at the high end of the guidance range. What we are seeing in the market did not justify lowering numbers further. We saw a handful of deals slip. There were a couple of cancellation of deals, three cancellation of deals in North America, a couple of slip deals. Europe saw a couple of slip deals too. It was not meaningful enough. These were deals that slipped specifically because of tariffs that were mentioned in the sales process. We did not think at that point it required us to lower numbers. What we did is just maintained the full year so we did not flow through the upside in Q1. You know, April came and went, and April was more or less in line with expectations. I think there still is a lot of certainty out there in the marketplace. We have not seen hiring come back in strength. You know, our biggest vertical is technology. We have seen a lot of growth in technology over the years, but hiring has been slower there. That's in the back of our mind as we gave the guidance for the year. We rolled in Identity Automation as well into the numbers too in Q1. That makes sense. I wanted to ask on NRR, which has been 104% for a couple of quarters in a row now. I wanted to ask what in quarter NRR kind of looked like. Has it stabilized? Has it kind of improved? And kind of maybe if there are kind of pockets of healthier NRR in the business mix. We really look at it at a TTM basis. You know, we're seeing that stabilization. You know, we talked about on our Q4 call how we do expect things to kind of level out around the 104% area. That's really due to the fact that the security business has now grown to be a size to support that. You know, we expect it to increase from here. I think a lot of that will depend on, obviously, continued penetration of security. The platform solutions certainly assist in that. I think, you know, the upside, you know, of how that could accelerate quicker would really be a boost in the hiring environment to kind of bring out that kind of upsell of devices to accelerate that. Yeah, that makes sense. I wanted to ask too, so you know, as you mentioned, Identity Automation, the acquisition was closed April 1, purchase price of $216 million, of which $40 million was deferred consideration. What are kind of the milestones for the deferred part of that purchase price? Yeah, so the deferred part of the purchase price is just time-based. Okay. In the negotiation process, for capital management, from our standpoint, we pushed for a piece that would be paid later in the cycle, in the period of the time frame. I might as well touch on it now. We did a TLA. I do not know if you are going to get this question, but I will answer it now. We just signed a TLA two weeks ago now, $400 million. It is attached to our line of credit that we had in place, the $175 million that is not pulled right now. Part of that money will fund the $40 million for Identity Automation. We also have our convert will go current in September of this year, and it matures in 2026 in September. Part of the cash will also be used to buy down some of that convert position as well. The balance will sit on the balance sheet. Okay. That makes sense. I wanted to ask too just how you see Identity Automation and maybe stepping back the kind of different parts of the growth algorithm. You know, how do those all tie together kind of over the medium term in terms of Mac and OS device management, security, and Identity Automation? For all those, yeah. I think management is a more mature market. In the U.S., it's more mature. Internationally, we still see a lot of opportunity where there's higher growth. Security is our growth engine, right? Because it's a newer product, but we see strong growth in the U.S. and international growth with 17% last quarter and 17% in Q4 of last year. Identity Automation will be a separate SKU. We aim to sell that into our install base within the education space around the world. We are seeing a benefit from Identity Automation. They're actually taking us into their customers now too. On day two since we closed the deal, we actually sold the deal into one of their customers. We do have overlapping customers. They have like 500. We overlap with 250. We have seen a lot of interest, and there are some deals in the pipeline as well for us to sell into the identity automation space. We also, with the Android support within mobile, I think that will help us with win rates because there are some customers that might not want to have multiple tools to support Android and Apple. This way, we can support Android and Apple at the same time. It's a matter of now we can finally enroll them and secure the devices. Yeah. That makes sense. I wanted to ask one kind of just about refresh cycles. You know, it's been called out that, you know, some customers in large verticals like tech and K through 12 are kind of seeing elongated device refresh cycles. What are some of the drivers of that hesitation to buy new devices for these customers in particular? And how long can they kind of sweat those devices? I think really we're in an environment, right? I think David was saying the same thing as everyone's looking at their cost structure and their spend and looking for ways to minimize cost creep, right? You know, asking about every single expense, doing zero-based budgeting, things like that. I think what we see as organizations and, you know, one of the benefits of Apple devices is they do have a longer life. I think what we're seeing is elongated life of those devices within those organizations. You know, for us, really, when someone goes for a refresh from Apple to Apple, you know, that's, you know, for the most part a net zero for us if you're keeping the same product set. Where we see the opportunity is when those devices are refreshed, could we add more of our products onto that device? Also, can we take share from other platforms? I think what we're going to see when refresh happens, I think it's going to be much more staggered than we've seen in the past, kind of with COVID, right? Massive device deployments happening in 2020 and 2021, both on the education and the commercial side. I think you're going to see it come in in just smaller waves as companies see like, well, this device, I always talk about, you know, a kid's device getting banged around in a backpack now for five years. It's got to be nearing end of life. Are companies and school districts being more surgical and just doing them device by device or, you know, smaller chunks of devices at a time? I wanted to ask too, last quarter, you guys called out strength in financial services, you know, as well as professional services, retail. Could you talk maybe a little bit more granularly about how that growth broke out between device growth from new headcount, additional devices per employee even, and maybe attaching additional modules? Yeah, we've seen nice new logo growth on the financial services side. We are seeing cross-sales as well with mobile. We've seen a lot of nice mobile traction on the financial services side and others. I think in Q1, there was some activity on the platform solution sales too for Mac. It really is kind of the new logos and mobile that are causing higher growth rates within the financial services vertical specifically. For retail, I would say it's really on the mobile side, right? So really shared devices within the retail sector at the point of sale side, dressing room management, a lot of things related to retail. Makes sense. Makes sense. I wanted to dive a little bit deeper into the new SKUs, Jamf for Mac, Jamf for K-12. Could you talk maybe about how those sales processes and the buyer might be different for those or maybe the same? Do you expect many customers to switch to those SKUs? Maybe if there's a pricing impact? Yeah. The way to think about the platform solutions is really tailoring a solution set to leverage the strong relationships we have within an organization. Those generally sit within the IT department. You know, we've been around for 20-plus years, and we've had very strong relationships with IT admins in organizations as well as in schools, right? We've really built an industry around it. If you look at Jamf Nation, right, really increasing the standards, doing certifications, things like that for that community. It offers a way for us to enter with Jamf products with a strong relationship and then build from there. That's not to say we don't still go after, you know, on the CISO side when we're selling in the security products, but it really helps us enter in where those relationships are the strongest and where we think we can leverage them the most. Perfect. I wanted to ask too, on the international opportunity, you know, maybe just given the success of the Enhanced Partner Program internationally, you know, how do you view the long-term potential for Jamf in international markets? Is there any sort of Mac versus PC adoption trends that kind of differ from the U.S. or maybe iOS is growing faster in those markets? Yeah, we've seen very good traction internationally within education and on the commercial side too. You know, APAC has been very strong for us. That's a very strong region for us. EMEA is a very, it's a big region for us as well. We have a very good financial services exposure there too. I think the growth that we're seeing is being driven by the management, kind of our core management product. The security add-on and mobile again is a big area for us too as we look out towards the future. In turn, we would expect that as we push on the channel more, channel's about 85% internationally. It's a natural motion. There's reasons that we still are, we need to go into. There's new regions that we can enter into, and we will do that with the partner channel. You know, as we rolled out our new systems update last summer, we do have the ability for partners to go out and actually register deals, get pricing information, quote as well. As the channel expands, we would expect them to start bringing more deals than us. Registered deals, we've seen a very nice uptick. It's from a small base, but that should be an enhancer to growth as well internationally. We're seeing that in the U.S. as well. That makes sense. Oh, I was just going to add, you know, we really prioritize specific regions on where we see Apple adoption accelerating because there are some areas like India, for example, that has, that you know, does not have Apple penetration near as where you see it in, say, the U.S. or in Europe, I should say. You know, how do we prioritize to capitalize on the opportunities where we see Apple adoption growing? That makes sense. I kind of wanted to ask, is international, does the mix of business kind of look similar to the U.S.? By product? Or kind of by education, by vertical. Oh, by vertical. Very similar. Yeah. Yeah, very similar. Yeah, in education, we are seeing countrywide deals out there too. We have sold a number of countries where they are deploying devices across the entire country in phases. We have been able to win those deals and expand with the countries as they do that on the education side. Perfect. Perfect. I wanted to ask too about margin expansion and kind of that side of the story. Operating margin guidance of 21% this year, five percentage points higher than last year. That is also kind of burdened by integration costs for the Identity Automation, FX changes. What is kind of a more normalized cadence of margin expansion? What levers are kind of available to pull there? Is there, you know, any sort of, how would a potential re-acceleration in the demand environment impact maybe that cadence? Yeah, so we've expanded margins by 1,100 basis points over the last two years. We're looking for another 500 basis points this year. Really what we're driving towards is exiting calendar fiscal 2026 Q4 at a rule of 40 run rate. We've been able to drop more incremental revenue or margin on the incremental revenues every single year. We've been doing a good job of controlling cost. We've been managing headcount well. I think as we look out towards the planning season for next year, we're going to do zero-based budgeting, really digging out with the new system we deployed. We can now look at more detail on vendors. We have access to all the contracts. Like we can do a lot more in terms of streamlining the business from a G&A perspective and from a non-comp side too. We'll be looking for that in the future. Really what we're looking towards is that rule of 40 exiting Q4 of next year. That makes sense. I guess I wanted to ask too about pricing, kind of just given the delta between the commercial and education sides of the business and as well between Mac and iOS. Do you think over time pricing there could converge, especially as iOS is increasingly important in a lot of areas like transportation, retail, construction? What's kind of the overall philosophy on pricing increases in general? Yeah, I think we've been slow to raise prices. We did a price increase on Jamf for what, two years ago, something like that. I think our new platform products, we have another bundled product too that has an annual price increase embedded too. You know, we add a lot of functionality for customers. And we look to, I mean, have a reasonable price increase. When you buy the new platforms, there's an embedded price increase in there every year. It's reasonable. I know we, you know, we see price increases all the time from our vendors. Some are small, some are bigger. I think if you are a core product, you'll absorb those. I still think we offer a ton of value for our products, what we provide our customers at a relatively low price in the market right now. Yeah. That makes sense. I wanted to ask too on capital allocation. As you currently see it, what are kind of the biggest priorities for Jamf? Yep. We have $400 million from the term loan. We have cash on the balance sheet post. We had $222 million at the end of Q1. We paid down $175 million. We had a balance left. We built cash from there. We're going to pay down some of the convert. We will pay the $40 million to Identity Automation. We'll leave the rest sitting on the balance sheet for flexibility. Okay. Perfect. Perfect. And then, you know, if, let's say, the demand environment did kind of pick up, what sort of incremental investments would be like the most attractive, the most pressing, whether that's S&M, R&D, and kind of? Yeah, I think we could, we would probably spend more in channel. I think channel you would see in the U.S. and international. I think we have a good level of quota-bearing reps right now. I think we have good, probably more marketing, right? I think you would push more to the marketing channel. Other than that, probably, you know, add some to R&D to accelerate some of the development of certain products. That is pretty much it. Like on the G&A side, I think there is still probably we are at a decent level relative to the comparables in terms of cost to revenue percentages. I do not think we would have to add a lot to stimulate that growth. Yeah. Okay. Perfect. Yeah. All right. Great. I appreciate it. Thank you very much. I'd like to turn it over to the audience. Anyone have a question? Here's your chance. Jackson. No. Stop. Thank you guys so much. Thank you very much. Appreciate it. Okay. Great. Great.