Jamf Holding Corp.

Thank you for standing by and welcome to Jamf's first quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer 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 your host for today's program, Jennifer Gamon, Vice President, Investor Relations. Please go ahead.

Good afternoon, and thank you for joining today's call to discuss Jamf's first quarter 2025 financial results. Joining me on today's call are John Strossel, CEO, and David Rudow, CFO. Before we begin, a reminder that shortly after the market closed today, we issued a press release announcing our first quarter financial results. We also published our Q1 investor and earnings presentations along with an Excel file containing quarterly financial statements to assist with modeling. You may access this information on the investor relations section of Jamf.com. Today's discussion includes forward-looking statements, which involve risks and uncertainties that could cause actual results and trends 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. GAMF assumes no obligation to update forward-looking statements, which speak only as of the date they are made. We also reference some non-GAAP measures related to GAMF's performance. Reconciliations to the nearest comparable GAAP measures are available in our earnings release. To facilitate a full Q&A, please limit yourself to one initial question and one follow-up. Now, I'll turn it over to John.

Thanks, Deanna. Champ achieved solid results in Q1, with year-over-year revenue growth of 10% and non-GAAP operating income margin of 22%, exceeding the high end of our outlook for both metrics. Total ARR grew 9% year-over-year to $658 million. Our net new commercial ARR saw year-over-year growth. And excluding FX, total net new ARR growth accelerated for the first time since Q2 of 2022. Additionally, we saw strong new logo bookings in both commercial and education driven by higher ARR per customer. Security bookings were also strong, driving 17% year-over-year growth in security ARR to $162 million. Contributing to this performance was the successful launch of two new platform solutions in early March, Jamf for Mac and Jamf for K-12. These device-based offerings represent the next evolution of Jamf's platform capabilities, helping remove barriers to Apple adoption by providing customers with everything they need for security and management in a single SKU. These solutions are tailored to specific buyer personas and leverage Jamf's strong relationships with the IT admins. This enables Jamf to deliver across our four key growth factors, security, mobile, international, and channel. Jamf for Mac empowers customers to easily embrace Mac in their operations, including multi-layered security that integrates with existing tooling while reducing the organization's security risk footprint. A global education publishing group recently expanded and converted to Jamf for Mac. The solution provided the IT admin the ability to enhance the company's device security posture with the IT and not the infosec budget. Jamf for K-12 is an enhanced education solution with a powerful yet simple security and management solution combining Jamf Pro or Jamf School with Jamf Safe Internet. With this platform solution, we're transforming classrooms, supporting student success, and ensuring equitable opportunities for every learner, whether an individual school, district, or an entire nation. A large school district in Louisiana recently converted for Jamf K-12. The district's previous security product did not meet their growing security needs and required too many IT hours to manage. Jamf for K-12 provided the perfect solution at an attractive price, meeting the district's requirements and making the IT team more efficient. Deals like this have helped drive strong education performance in Q1, typically a seasonally light quarter for education. On the heels of this performance and leading into the traditional education buying season, we closed the acquisition of Identity Automation, a dynamic identity and access management platform solution. Security remains a key growth driver contributing to continued demand for Jamf's Apple-first security platform, especially in the mobile space. By acquiring Identity Automation, Jamf gains almost 90 employees as well as a key product differentiator, which is dynamic identity management for mobile. In K-12 education and other mobile-centric industries, roles and accesses constantly shift. Identity Automation's platform dynamically adjusts access device, and security policies in real time based on schedules, locations, and role changes. Identity Automation has a strong foothold in education with more than 500 customers, primarily in the U.S. Identity Automation has been a longstanding Jamf partner with over 250 shared customers, including five of the top 10 school districts. Combining forces will continue to deliver a solution to benefit schools and other industries that rely on mobile-centric and deskless workflows, especially where Jamf has a strong presence, such as healthcare, retail, aviation, and field services. Additionally, a significant opportunity exists for leveraging our 40,000 existing Jamf Education customers, international footprint, and established Jamf channel relationships. While Jamf is known for its Apple-best platform, identity automation offers solutions across multiple endpoints. By unifying Jamf endpoint management and security expertise with Identity Automation's adaptive identity technology, organizations can streamline and enhance overall user experience all within a single platform. We're excited to have the Identity Automation team on board and looking forward to bringing the power of Jamf and Identity Automation to our customers. David will review the financial impact of the acquisition later. Now there's one key growth factor that I haven't touched on yet, which is our channel. With respect to the channel, as you recall, we launched our new global partner program in August of 2024 to accelerate the growth of Jamf's channel partners and managed service providers. In just six months, the program is delivering measurable results. Since the launch, Jamf has streamlined partner-led deal registrations, allowing for real-time visibility of the status, progress, and upcoming renewals, helping Jamf's partners engage more effectively with customers. This has resulted in deal registration growth of nearly 50% year-over-year and more than 25% growth in new partners added since the program launched, expanding Jamf's global reach. We continue to be a strong channel-first business with partner-driven ARR representing over 60% of Jamf's total ARR. Outside of the U.S., partner-driven ARR accounts for over 80%. In recognition of our channel efforts, Jamf recently received a five-star rating in the 2025 CRN Partner Program Guide. The five-star award is an elite recognition given to companies that have built their partner programs on the key elements needed to nurture lasting, profitable, and successful channel partnerships. The Jamf Global Partner Program reaches partners in over 70 countries worldwide. The program leverages a point-based system that rewards partners and equips them with the necessary resources they need to grow their business while helping organizations of all sizes succeed with Apple. Jamf Partner Hub is the one-stop shop for Jamf's partner community, offering them the ability to monitor deal registration status, check on upcoming customer renewal, complete training certification, and a host of other co-selling functionality. Now, before I hand it over to David, I want to discuss how we are operating given the current geopolitical climate. We continue to see demand for Jamf's solutions and expect it to continue given Jamf's industry-leading Apple-first solutions. We're closely monitoring customer sentiment and buying cycles. The cost of Jamf is a relatively small portion of an overall IT or security budget, and we believe Jamf's mission-critical status for many organizations allows Jamf to be insulated from efficiency efforts. With respect to our federal government exposure, outside of education, government-related ARR makes up approximately 2% of our total ARR. This amount includes state, local, and federal, with federal being the smallest portion. In K-12 education, the vast majority of funding comes from the state and local level, with only a small portion coming from federal funds. As such, we haven't seen an impact to our K-12 budget. It should be noted that Q2 and Q3 are technically our strongest K-12 education quarters, so we'll be watching this space closely over the next coming months. In summary, considering the fluid situation, we're continually monitoring and adjusting as needed. We believe that we are well-positioned, given Jam's ability to meet both the security and the management needs for Mac and mobile devices with the most robust Apple-first platform. In closing, I want to thank our customers, our partners, employees, and shareholders for all of your ongoing support. Next, I'll turn it over to David to review our Q1 results and provide our Q2 and full-year 2025 outlook.