All right, let's get started. I'm Rob Owens with Piper. Pleased to welcome our next, I can't say presenting, but firesiding. Fireside, chat. Chatting company. We do like to make up words, as you know. David Rudow, CFO, Jennifer Gaumond, who runs Investor Relations. Thank you much for being here. Great. Thank you, Rob. Appreciate it. You've had any hot chicken since you've been in town? No, I have not. Somebody told me there was a breakfast. What was the breakfast they talked about? It was chicken and... Chicken burrito. Chicken burrito. All right. Burrito. Yeah. I was going to say chicken and waffles, but that's kind of standard. Pretty solid results out of you guys last month. While that was, it seems like forever ago, maybe a bit of a recap just to kick off the conversation. Highlights from the quarter from your perspective. Yeah, yeah, we had, I would say, a good quarter, the Q2. That was the first full quarter of Identity Automation. We are seeing good traction with our platform solutions that we released. We have Jamf for Mac, which is a bundling of the management product and security products, and that sells into the enterprise. We also released Jamf for Mobile, which is an enterprise-focused mobile solution. We saw it was released in April, and then K - 12 was released in March. We've seen nice traction there. What we're seeing on the bundles is that there's a lower level of churn, and customers have the ability to deploy more products, and they're usually longer-term deals too. We saw nice traction there. International has been a highlight for the business, both on the education and the commercial side. New logo actually in Q1 and Q2, we saw very good performance out of the new logo, which was a change to what we saw last year too. Overall, good quarter. We're progressing along. We continue to focus on margins. We've expanded with our guidance for this year, about 1,600 basis points of margin improvement over the last three years. EBITDA grew about 50%, and on lever free cash grew that 40%-50% range as well. We're scaling the business, investing for growth, and, you know, the cash flow and margin growth has been very good. What do you think is driving a lot of that new logo business? We talked for a while with Jamf and prior management about the PC cycle, Mac cycle, at some point this all kicking in, and we just never really got there. Now your new logo business is inflecting and maybe a little bit healthier end markets or some different packaging. What do you think is underpinning it, Dave? I don't know what you think, but I think it's around a number of the new customers did the bundle deal. We saw some bundled deal action, and we're actually winning share from some of the competitors as well. We're seeing new logos come on board from vendors that we compete with on the enterprise side, and we've been able to bring them in. It's really shown them the value of what we offer them from management. We always talk about you have to manage, you have to, you know, if you manage to secure the devices, and the combination of those two in the Apple environment, I think, sell well, and the customers respond pretty well to that. When you're talking competitors and wins, are these in the more PC Mac market? Are these more in the MDM mobile market? On which side of the equation? Yeah, it's a combination of the two. We see a nice balance of competitive wins on the Mac side, and then on the mobile side as well, we've had a number of key wins from competitors over the last number of quarters on the mobile side. If the way the workflows are moving within the mobile world, you have retail sales, you have transportation, a lot more devices being used, and you really need to manage and secure those devices because in some cases they were unmanaged or not managed at all or undermanaged. Right. I think, you know, as these workflows and as these processes on the mobile side move more mainstream, I think there's more demand for that, for our tools in that environment. Do you typically find those in retail or industrial types of applications where it's kind of more of a fixed solution for an iPad device, or is it more general than that? It runs the full gamut. If you think about what we do in healthcare, very healthcare-specific roles, whether it's setup and reset, which is wiping devices tied to the electronic health record and getting a patient room ready for the next patient. You think about it in transportation, with airlines and baggage, flight bags, even beverage service, things like that. It really does run the full gamut. What we're seeing, that would be what I would add to the new logo conversation, is really there are Apple devices and Apple workflows, and workflows provided by Jamf are becoming more, they're being used for more mission-critical things within organizations. I think that's helping us from a tailwind perspective. Where's the discussion around Mac in the enterprise, just from the old days? Obviously, the biggest expense of an organization is hiring an employee, right? I know there were surveys that give them a Mac, they're going to last 20%- 30% longer, right? They're much happier employees. We always thought there'd be a pretty massive tailwind. Where do you think we are in that discussion? Has the world changed a bit over the last four years? I don't believe so. I think it's slow. I still can't get a Mac, first of all. That's a financial services issue. Yeah, I know. It's not just you. Yeah. No, I think that has slowed. I think. It's not like I'm cranking on Excel anymore. I probably deserve. Yeah, let me tell you, I've been on a Mac for seven, eight years now, and it's a dream. My battery never dies. We sit in these meetings all day, and everybody's got an [AC] plug in their computer. We go all day without plugging it in. I think the choice programs, meaning employee starts work, and you have a choice of a PC or a Mac, I think that has slowed of late. We did see last quarter, there was a number of choice programs that were launched, which is not what we've seen over the last couple of years. There are studies done, you know, Cisco did a study, others done studies. If you look at, you know, I was at a large insurance company customer of ours, and I sat and had dinner with the Head of Infrastructure, and he said, you know, around the devices, you know, people think that the Macs are so expensive, but the MacBook Air is now on point with the Dell. When you look at the total cost of maintaining those devices over the lease period, the Dells or the PCs, their batteries die. You have to actually put hands on them and replace them. The Macs, they just work all the way through. He said all in the TCO, his TCO is much lower on a Mac device than on a PC device. They were talking about increasing their choice program from, I think, 25%- 35%, which I think you'll end up, I think we'll hear more of that. I think it seems like it had slowed a little bit as the funding environment and the cash dried up. Yeah, okay. Return to normalcy. Yeah, I mean, I think it'd be hard to, you know, when you're comparing against 2020 and 2022, we saw that rapid adoption. It's still happening, it's just not at those levels. Okay. You mentioned in your opening remarks the Identity Automation acquisition and its full contribution to last quarter. Maybe dig into the rationale for the acquisition, kind of where it fits the broader portfolio, and how it's impacting that second half. Yep. Yeah, we closed the Identity Automation deal on April 1st. We call it dynamic identity management. It's focused on schools, and they do have a portion of their business on the healthcare side too. You think about how much change happens in a school with your student. You know, your son, daughter goes to school, they're in a certain class, they get these classes, they have this access, then they move next semester to a different class with different access. This product integrates into the school management system, and it manages that individual's identity all through their career in school. It doesn't matter if they have Mac, Windows device, or Chromebook devices, it's device agnostic. The great thing about this too is it's user-based. We also can get visibility into all the devices that the customers use too. We can sell this to the 40,000 education customers we have around the world. They were U.S. mainly. They have one customer in Norway too. We'd have the opportunity to sell within the U.S. We had about, they had about 500 customers, about 250 overlapping customers. We could sell it internationally. We're pushing it to the international team. APAC, we're training the team for the Southern Hemisphere start of school. The feedback has been pretty good so far. These schools, they don't have IT departments. It's an administrator that does the management of the IT stack. This just helps tremendously with the management of the students because it's very complex. You have students, you have substitute teachers, you have teachers, you have parents that might substitute. It really does help manage. On the healthcare side, you think about anything that changes healthcare, temporary workers, even transportation, shared devices. This is a product that can be sold into that vertical as well. We will be expanding on the commercial side too in the future. Okay. Drilling down a little bit into the education side, you know, you go back to 2020, 2021, and we saw a lot of devices being deployed. Typically after four or five years, those things don't work quite as well. Thank you, Apple. To that end, is there a massive refresh opportunity and something for you to participate in? I think. What does the health of that channel look like? Yeah, the. Our perception versus what the reality is. The education market is lower growth, but there's a ton of opportunity with education. We can resell Identity Automation. The feedback on our K- 12 platform solution has been very good. We have seen very large deals internationally on the education side. The whole country is standardized on the idea of one device per student, and sometimes it takes years to roll out. We were part of the GIGA1 program in Japan, and GIGA 2 is now kicking off. We started seeing some revenue flow from that in Q2. APAC and the Middle East are rolling out these programs. There are a number of very large deals in the pipeline that we're working on for these country-wide deals. I wouldn't say, you know, education is still an exciting place. We love the fact that we can sell our identity product into that space, and the international opportunity, I think, is still quite large. Although we've talked about Mac nearly exclusively, you do support Android. You have for a while, and I think you're more vocal about it at this point. Maybe some discussion around the Android and Apple platform. Yeah, through our acquisition of Wandera, we were able to secure Apple and non-Apple devices. Android was in that. What we found is, just like we said, you have to, you know, in order to secure, you have to manage. It was really the same thing with the Android management side too. We did not manage Android devices. We released on July 1 st a very, you know, first version of our Android management. Now you can enroll a device, you can see that device, and now you can secure that device too. What we found is, as we were talking to customers, they were asking us, when are you going to support Android? I don't want to have two separate tools. I would like to have one tool to manage this. I prefer your device app, actually, because in most cases, our customers, the majority of their inventory is Apple. You might see, you know, 80%, 90%, 70% Apple with the balance being Android. They needed a way to manage those. They said they didn't want multiple vendors in there. Since we released that, we've closed a handful of deals on that, some larger deals that, and as I read, because I read all the deals, all the updates on there, part of it was because now we offer that support for Android. It will get better, like we'll mature that product over time. Really, for any of our customers that have, you know, the majority of their mobile devices on iOS, it's a great opportunity for us to walk in there. They've been asking for that too. One of the big growth vehicles for Jamf, which is really starting to get exposed, is based on the scales in the security portfolio. Maybe you can touch on some of the unique aspects there. I think it's an area that, you know, you've exclusively focused in. Threats to a PC environment and threats to a Mac environment aren't the same. Detection and response is not the same as the security guy. I know that. Maybe you can articulate what the value proposition has been, the successes that you've had, and where else you can go. Okay. I'll hand that to Jen. Sure. The value prop here is really that we believe the best solution for you, if you have an Apple device, is an Apple-specific solution. Bringing together management and security on those devices, you're going to get the best telemetry, the best experience for your users, more uptime, a whole host of things. We often get asked, you know, how do you compete with sort of best of breed on the security side? I try not to be flippant about it, but it's not about going up against anyone. It's about Jamf and. It's Jamf and whatever you choose for your PCs. We are happy to run alongside whatever you choose for your PCs and feed all of that Apple-rich telemetry into whatever single pane of glass you want to have. That's where we really go out and sell. The platform solution, which we were talking about, fit perfectly into that because it's really leveraging those IT admin relationships that we've built over the past 25 years where we have a really strong group of customers. These solutions are really tailored towards those needs. David, there was a strategic reinvestment plan that was laid out in July. Maybe walk us through the rationale where you think you can find efficiencies and kind of the doubling down on go-to-market when it comes out the other side. We announced a reinvestment plan in July where we're taking resources that were dedicated to the small side of the sales force, so the SMB market, and reallocating that to enterprise and to the channel investments and also some automation and AI to help on the small side. We did a system upgrade a year ago now, moved Oracle, a new version of Oracle, and we are now able to get much better data. We have a very large business. It's a SaaS business, but there is some complexity. We sell in 120 countries. We have 76,000 customers at last count, small all the way up to the big. What we're able to do now is really segment the business to say, you know, what are the 250 employees and below? What's 250, 2,000, 1,000 above? What we found is the LTV to CAC on the small side was much below the averages. The enterprise and the education, actually, we have really good LTV to CAC metrics. We can invest more, which is what we're going to do there. What we did is we exited some of the quota carrying reps and some of the support around the small side, small medium business side. We're adding additional quota capacity sales teams on the enterprise side. It's international. We have APAC, EMEA, and the U.S. The channel is receiving some investments as well. The hiring should occur, is occurring now. It happened right after we announced that. We would anticipate looking out to next year, we would have a higher level of quota capacity from the reps we have in place than we did previously with the old structure. These decisions are never easy to make by any means. I think this will help reaccelerate growth for us. Part of this too is we also really analyzed the business to look at the middle management layer. We did some trimming in the middle management to kind of compress the business and lower, you know, get rid of some of the levels within the organization too, which will help fall to the bottom line. There is an impact on, you know, the cost side too, which is helpful. This was really done to try to reaccelerate growth. Rarely do we see both occur, right? It's usually a trade-off between one or another. I think that you have walked us to an exit rate on next year, this Rule of 40. Given the scale of the business, given the profile, is that something you should aspire to at this point? Should you look more towards growth? Kind of walk us through the different calculus there. You can put on your old investor hat if you want. Yeah. Usually, you were just yelling at me, but yeah. Growth is always better. I mean, we prioritize growth, right? We had a meeting earlier today and the question, okay, hit Rule of 40, what happens? Do you get this magical multiple, right? I think we need to show that we can reaccelerate growth. We are going to be very responsible. We've done a really good job of managing costs and squeezing costs out of the business. It's more optimizing the business, right? We're getting the benefits on the margin side. We need to accelerate growth. That's the goal with all this, what we're doing. Everything we do in these meetings is not, okay, let's squeeze more on the bottom line. It's more of, okay, what are we doing today? What are we doing tomorrow to accelerate that growth? All of this was done to try to reaccelerate that. Anybody can cut costs, right? The more you cut, you could impact growth. Then what happens to the multiple? We are a much lower multiple than other companies in our space. We need to hit the growth button and get that moving. If we tick off all of those catalysts that are going to lend to you accelerating growth when we sit here next year and it's going to say, job well done, is it makes shifts to security, healthy end markets, better demand from an education perspective, healthcare? What do you think are the different inputs that really are going to drive that? I think we have, the great thing about Jamf is we have multiple ways to win, right? We have very strong international growth, which is made up of management and security and education. You look at the education deals that we have. Mobile, which is a growing business for us, it's still small relative to the others. There is a huge opportunity within mobile too, especially as we have the ability now to manage Android devices too. We have very small market share there. We think we can grow that. We've had really good proof points. We have really good stories about how we're helping customers. A few of the larger wins that we had were global retail customers of ours that are rolling it out across the world on their retail side. More enterprise helps, right? Both from a management and security. The platform deals too, we saw very good traction with these products out there. In some cases, I talked to the sales team last week about a deal, and we're going to triple the size of that customer because of this platform deal. I think it's not just one thing we're doing to try to accelerate growth. We're doing multiple things and we're balancing out the spending between all of them. We hope to be successful with that. All right. Any questions? Yeah, please. On the quest for the accelerated move, which seems like a noble cause, are you willing to sacrifice margin? I still think we are optimizing the business still. I think there's other things we can do to cut additional costs. We're going through the planning session right now for 2026, and we've not really dug into the non-comp cost yet. This year we're going through a zero-based budgeting, and we're going to squeeze cost out of there. We would prefer growth. If we see an avenue for growth, I think we would put money there, but we would find other areas of the business to streamline to do that. We are committed to the Rule of 40, of course. We would prefer growth, though. I think the equation is much better with higher growth and lower margins. That's the goal. [Ethan?] Yeah, we give seat count annually. We will update that at year-end. We've not seen, I mean, everybody's on AI. We're deploying AI internally. We've not had any customers come to us yet and say, yeah, we need to lower our seat count. Upon renewal, we need less seats because of AI. We've not heard that specifically. I think my guess is probably too early to hear that. I know internally at Jamf, we've deployed AI. We've not seen much cost savings yet from AI because I think it's still too early. Our assumptions, we're not assuming that AI has a contribution to the margin. I think it will over time. The question is, we've deployed AI within our development team. We've seen really interesting metrics. We had a development project that we looked at doing internally. It was going to take three months. We talked to three people. This was two pods, so eight, 10 people in the pod. It would have taken them three months to do it, and they had knowledge of the code already. We took a team that had no idea on the code. The developers, they had no idea on the code. They used Claude Code, and they did it in three weeks. To me, if I can get benefits from AI within development, I don't want to cut costs there. I would rather spend a little more and move faster, accelerate the speed of, because everybody's going to do it too. I don't know, is AI a risk or an opportunity? I think it's a little bit of both. I think it's just too early to say what the impact is on seats. We have not seen any real impact from that yet. What do you think are the one or two elements of the Jamf story that investors just don't appreciate? They don't appreciate our margin expansion, our cash flow growth, right? We have an 8x, 9 x multiple on EBITDA. We're growing EBITDA last quarter by 50%. It's funny because, you know, if you slow growth, you have to expand margins. When you expand margins, I need more growth. It's like this dichotomy of what do you want, you know? We have to run the business, you know, how we see fit. I think investors kind of want both, best of both worlds. At the end of the day, growth trumps everything, though, as you can see by the multiples of these companies. I think our relationship with Apple is very strong and it's really important. There's some confusion on Apple, but those that know us well, we have a great relationship with Apple at multiple levels within each organization. We do same-day release when they update their product too. They're an excellent partner of ours. They're important. They actually help us in the market too when we go to market. Right, anything else? Nope, I think you got it. All right. Thank you for your time. Thank you very much, everybody. Thank you. Thank you.