Jamf Holding Corp.

session. To ask a question during this session, you'll need to press star 1-1 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded. And now I'd like to introduce Jennifer Kamon.

Good afternoon, and thank you for joining us on today's conference call to discuss JAMF's second quarter 2024 financial results. With me on today's call are John Strohsel, Chief Executive Officer at and Ian Goodkind, Chief Financial Officer. Before we begin, I'd like to remind you that shortly after the market closed today, we issued a press release announcing our second quarter financial results. We also published a Q2 earnings presentation, investor presentation, and Excel file containing quarterly financial statements to assist you with modeling. You may access this information on the investor relations section of Jamf.com. Today's discussion includes forward-looking statements. These statements involve the risks and uncertainties that could cause actual results to differ materially from our forecast. For more details, please refer to the risk factors and other information discussed in our most recent SEC reports, including our most recent annual report on Form 10-K. Jamf assumes no obligation to update forward-looking statements, which speak only as of the date they are made. I would also like to remind you that during the call, we will discuss some non-GAAP measures related to Jamf's performance. You can find the reconciliation of those measures to the nearest comparable gap measures in our earnings release. Additionally, to ensure we can address as many analyst questions as possible during the call, we ask that you please limit your questions to one initial question and one follow-up. Now, I'd like to turn the call over to John Strozell. John?

Thanks, Jen. In Q2, we continued to deliver on the expectations we set for 2024. Q2 revenue and non-gap operating income again exceeded the high end of our outlook, Q2 year-over-year revenue growth was 13%, and non-GAAP operating income was $23.5 million, representing a non-GAAP operating income margin of 15%. This margin represents more than 1,000 basis points improvement from Q2 of 2023. At the end of Q2, ARR grew 13% year-over-year to $621.7 million. We ended Q2 with 33.6 million devices on our platform and 76,600 customers. Of these customers, 41% run both a Jamf management and security product. Security ARR grew 27% to $145 million, representing 23% of Jamf's total ARR. We continue to see strength across a diverse group of industries, while the tech and K-12 industries continue to see softness related to device expansion. We're seeing great traction in industries where technology adoption has lagged historically through our platform's ability to deliver unique workflows for purpose-based devices, which we refer to as deskless. We're also encouraged by the two consecutive quarters of PC shipment growth after two years of declines. IDC estimates Q2 year-over-year worldwide PC shipment growth of 3%, with Apple experiencing the highest year-over-year growth in shipments of any manufacturer at nearly 21%, gaining market share. As a reminder, our outlook for 2024 does not rely on significant uplift in device expansion. Before we cover some of our customer successes in Q2, I'd like to touch on some exciting updates coming out of Apple's Worldwide Developer Conference. At the June event, Apple unveiled a suite of updates across its platform while reiterating their focus on privacy, user experience, and seamless integration within its ecosystem. Apple continues to innovate to help organizations embrace Apple devices as their secure and stable endpoint of choice. This includes further improvements to manage OS software updates, enhanced phishing-resistant identity provider integrations, zero-touch deployment for Vision Pro, and hardening of managed device attestation by leveraging Apple Silicon chipsets. Combined, Apple continues to demonstrate their commitment to winning over IT and security teams alike with their endpoint platform. Jamf is fully committed to helping organizations realize all of these capabilities through Jamf's comprehensive platform of software and enterprise integration. Apple also introduced their take on generative large language models through their implementation of Apple Intelligence. Apple Intelligence is unique in the AI space in that Apple maintains their privacy and security model not only through on-device techniques, but also through leveraging a revolutionary innovation in cloud computing, which is Apple Private Cloud Compute. This new combined model provides cloud-scale computing power to pick up processing where the device leaves off. all in an auditable privacy-first implementation. These capabilities are incredibly powerful and will benefit users as protecting sensitive or confidential data makes device security even more important now than ever. Jamf remains committed to helping organizations realize the best that Apple has to offer on their device beyond traditional device management. As Apple continues to innovate Jamf provides the tools and expertise necessary to harness these advancements, optimizing the benefit to businesses globally. We have a number of exciting announcements planned for our Jamf Nation user conference in October to demonstrate our commitment. As we like to say at Jamf, when Apple innovates, Jamf celebrates. For the remainder of my remarks, I'd like to use the strategic growth drivers we discussed during our investor day. Mac leadership, mobile expansion, management plus security, and international expansion to highlight some of our successes we saw in Q2. In Mac leadership, we continue to see customers choose Mac along with Jamf Pro to meet the needs of highly technical development organizations, like a U.S.-based strategic technology company focused on developing augmented reality software. This customer chose Jamf to manage their global fleet of Mac, Key to this win was the ease with which Jamf Pro can help safely and efficiently deploy applications across the organization with little to no impact to end users. Efficiency and ultimately end user productivity were also key reasons a leading private sector bank in India decided to make the move to Jamf. The bank was experiencing extensive delays in deployment and configuration with their legacy vendor. Our team was able to demonstrate a number of efficiencies through a pilot period for senior leaders of the bank. This investment in Jamf licenses underscores the bank's commitment to leveraging cutting-edge technology to enhance operational efficiency and security. And Jamf's technology continues to be recognized in the industry. Recently, Jamf was named a leader in the IDC Marketscape Worldwide UEM Software for Apple Devices 2024 Vendor Assessment. a testament to our leadership in managing and securing Apple at work. Our second strategic growth driver, expanding with mobile, was particularly strong in Q2, with the two largest deals of the quarter having a large mobile component. First is one of the top 10 largest school districts in the U.S. The district recently hired a new CISO who is interested in stronger security for district Mac devices. Jamf was able to demonstrate our strong security features and expand the conversation to Jamf Connect as well as Jamf Pro for iOS. This key win displaced a well-entrenched incumbent provider for a significant number of devices, both Mac and iOS, over a five-year term. As I mentioned earlier in my remarks, Jamf's deskless workflows for mobile continue to provide unique solutions for countless industry use cases, representing a large growth opportunity within mobile. iPads as point-of-sale devices and pilot flight bags, Apple Watch for driver tracking and baggage handling, and Vision Pro for medical use cases are just a few. In all cases, these devices need to be managed and secured within their organization's environment. Additionally, in Q2, one of our Lighthouse customers in the telecom space expanded with Jamf beyond Mac, adding a significant number of seats of Jamf Pro and Jamf Connect for iOS across thousands of retail locations, representing the second of the largest deals in Q2. This is an incredible competitive win for Jamf against the legacy UEM that reflects not only expanding with mobile, but also Jamf's ability to deliver both management and security at scale. This ability to deliver both management and security on one platform is a key differentiator for Jamf, providing a unified experience for users and driving customers to consider moving away from Windows to Apple. The number of deals we see with both a management and a security component continues to grow. In Q2, 16 of our top 20 deals included a security component. These deals include both new customers and our management customers expanding into security. Currently, approximately 40% of our new customer commercial pipeline is made up of a security opportunity, similar to Q1. Another example of our success with both management and security or what we refer to as delivering our trusted access vision is a leading airline in India who has embraced trusted access for their Mac devices. Jamf's holistic approach with trusted access, allowing the airline to see the benefits of our platform capabilities and building a strong relationship with the CISO were what ultimately secured this competitive win. And last, international expansion. As we laid out at our investor day, we continue to invest in strategic geographies with growing adoption of Apple. In addition to the two deals I've already mentioned in India, an area where Apple and Jamf are expanding rapidly, we continue to see the strength in more mature international markets like Western Europe and Japan. In Q2, a Western European government agency expanded with Jamf, almost doubling their fleet. Jamf is now the primary threat defense and secure remote access partner for the agency's iPhone fleet, with Jamf Connect and Jamf Protect. Key aspects of this win were tied to the strength of our technology from the superior experience of ZTNA with Jamf Connect to our ability to demonstrate the power of Jamf Protect with Miriam, our AI and machine learning engine for mobile threat prevention. On average, over a one-month period, Miriam evaluated nearly 320,000 domains and identified nearly 50,000 zero-day phishing attacks. I'll now turn it over to Ian to review our Q2 results and provide our Q3 and 2024 outlook.