Jamf Holding Corp.

Ladies and gentlemen, thank you for joining us and welcome to Jamf's second quarter earnings call. After today's prepared remarks, we will host a question and answer session. If you'd like to ask a question, please raise your hand. If you have dialed in to today's call, please press star nine to raise your hand and star six to unmute.

Hello. Hi. There he is.

What's going on, buddy? Not much. Just getting everything set up. To be honest, I think we're pretty good. I have everything up. I've got the stream going to the webcast, so I think we're in a good spot.

Judy, I have a few questions, but they're all for the client.

You sent us an email. You're cutting in and out right now.

Am I?

Yeah. One sec. Okay. I wonder if it's because I have the door open.

One second. All right, how's this? Any better? Yep. All right, let me know if that happens again because it comes up once in a while on this for some reason. Yeah, no, you're solid right now. Cool. uh so they sent us an apl um not many of the people on it have registered i'll double check it again now but Yeah, we've only got five registered on the webcast.

Yeah, that's what Christophe was telling me earlier today. I think maybe when the client joins, you just kind of walk them through that and just show them that only five analysts, if that's still the case, have signed up and then ask them if they have an order for that.

So here's the weird part. The Zoom registration list, I don't know if you've ever gone into that when you've downloaded off of Zoom.

No, I've always grabbed it from the Q4 platform.

Yeah, which is, according to Marcus, what we should be doing. The Zoom version has a bunch of other people. Well, not a bunch, but it was nine the last time I checked, and there's only five registered through the platform one. So there's like extra people which have somehow registered but are not showing up on that registered analyst report, which is scary to me. yeah so i've got all their names down anyway just in case just to have something to reference yeah uh and then the other problem when i'll go through with the client is they gave me a bunch of names but they didn't have last names for any of them so i have to just confirm i've kind of

googled a bunch of them and figured most of them out but i have to confirm a few with them okay cool yeah now you can definitely just walk walk through that with them once uh the client joins i think if anything maybe even just shoot marcus a quick message now letting him know the discrepancy between the two apls and see if christoph did christoph did and he said that he hadn't had time to figure it out yet so

of on our own on that one but marcus just said that yeah i think he just asked him a few minutes ago so i can check with him on my own too just to see if he has anything else to say but um i've got the the people who have joined on the zoom i've got them on this sort of separate list that i'm going off of the only problem is those people didn't put their company in Because it wasn't on the registration form.

Are any of the names on the Zoom list matching to the APL? All five of them are there, yeah.

So they... But what about the other four? No, so there's... And not the... The APL is, like, completely different. It's just a random list they sent us. But the actual... Like, most of the people on the APL were not on... why don't i mark these i'll have to go back through these actually but most of the people in the apl were not registered so okay um on either list so that's the that's confusing part she also gave like three names for different firms like of who could be joining yeah yeah so like the easiest or you know what i'll i'll go through the names with her for sure just to double check the last name if that's the people they have then i don't really care who else registered anyway um and then uh i guess the other thing will be once we actually started and see who's joined then i'll just figure out who's in there and try to figure out the rest but yeah yeah and i can i can help you do that too like i'll uh i'll download the csv a bunch of times to see if anybody new has kind of slipped through the cracks and then yeah that's the annoying thing uh i'm gonna share this with you you don't have to worry too much about it but it's just what i'm gonna be is the sheet that i'm talking about that i'm referencing okay uh and then are you good to essentially bring up analysts and then all lower their hand and remove them when they're done yep okay sick uh yeah as long as you're lowering their hand i know there was another event that they weren't getting their hands lowered and then it plant freaked out about it after so yeah as long as you're good with that yep yep all right your co-host right yeah okay cool Oh, let me set before I do anything, my chat and participants, chat, host and panelists. Apparently when you set that, it does it for the client, but it won't do it for me. So if you're a co-host, you have to set that every time. Say it again. If you're a co-host, you have to set the chat to host and panelists. Oh, okay. You can set it for everybody else. So like the client will have the ability, but I have to set mine.

Cool name, DJ Heinz. Oh, I see. By registered. Okay.

Yeah. So those, is this nine of them? One, two, three, four, five, six, seven, eight. There's one more that was from Jamf who I didn't include because obviously he's not going to be asking a question. So I just took them out. But those eight that are listed under registered, those are all from the Zoom thing. And all of them are also on the... on the platform one, all the five that are in the platform are also in that nine or that eight.

Okay. And then what are, what are the names highlighted in green?

I have to revise this actually, because I have, it's when you click that main analyst thing and they go green like that. And the reason I'm clicking those is because they're on the APL. That's the only reason I'm going to do that.

Okay. And you, you grab this from zoom. This is what it looks like from zoom.

No, Mitch made this whole list and I just filled in all the companies and names and emails and all that. Got it. Okay. So yeah, sorry to make that confusing, but that's what my head is trying to wrap it around right now.

Honestly, we got time on our side though. So I'll make my intro fairly quick and then I'll let you walk through all this with the client just to make sure that we're all good.

Yeah, there's another... Again, you don't have to worry much about this list, but if I do like message you like, hey, I need a hand or can you check the registration list or something? I got you. That's the only reason you might have to look at this just to make sure I'm kind of on the same page as you. Cool. And you're talking about the registration list from the Q4 platform, right? Yeah, just stick to that one.

If that's best practice, then we'll stick with that. I don't even know, to be honest with you, I don't even know where the Zoom one is.

Because I don't think they want us getting it. yeah apparently it's like wonky but the fact that it has people registered that aren't on the other list is scary to me yeah just like how did they even get that axed like how did they find that link unless the client shared the wrong the wrong uh registration link that's probably it's probably related to something like that or the or they sent it to another person their link or something i don't know I don't have the answer for it, but I think you're right that it's probably like something being sent.

Yeah. And I just pulled the list from the Q4 platform and it's still just a five.

Yeah. Which is, that's what is tripping me out. I feel like it should have more, but and then the thing is why I'm clicking more than five names here is because the actual APL has way more names on it.

How many names does the APL have?

It's got 10 firms and like multiple people for each of them okay except for one of them two of them two two of these firms only have one person listed the rest of a bunch so that's why i'm

interesting off all these main analysts because they're people that we would potentially expect a question from so then i would definitely be super clear with the client once they join and just show them because one of the things that i noticed from doing these is that the client always asks like can i rearrange the people that have raised their hand into the order that we want i just just show them like off the top that that's not possible and then just to communicate with you in the chat what order they would like to go in based off of who's raised their hand

yeah and the only the good thing about this list i'm using is i can put the order in here and then rearrange it so i can actually do that on my end i can oh great okay order it on my end but we won't i won't show the client that it's morphed just so i go in the right order okay got it but yeah i'll do that when they get in here yeah uh yeah i think i think christoph might have mentioned that they're aiming to join like

45 early. So maybe around now. That would be lovely. Yeah. Yeah.

This is like my last crazy day of earnings. So Sammy, I have like no events tomorrow. They just gave me the day off. Yeah. I got a little worried. I'm like, am I, do I still have a job?

Am I still here? Yeah. No, I think, I think I have like a few like trickling events. Like I think I've got one tomorrow and then maybe two next week, but that's about it.

let me see yeah mine gets i have a few my next week is a little bit heavier because i think i have a lighter like yesterday i didn't have a very heavy day really like oh tuesday was like i had like 10 events in like seven pre-records or something on tuesday that's wild and then today's like a little busy but not bad um so that's yeah i get like a few into the next few weeks

Yeah, I think most of my clients just report early. Like the first week when everybody's sort of like easing into things is always my craziest week.

Yeah.

Okay. All right, well, I think we're good here. Let's check the webcast. Yeah, everything's good. Everything's set up. So I think we'll just chill here, throw ourselves on mute, and then once the client joins, we'll figure everything out.

Sounds good. If you see, you can click that SS at the bottom of this document too. I have like the pre-call checks and everything. Well, Mitch did all this, but I've got all that stuff too. So I'll go through all that with the client when we get there. Okay. Sounds good.

Cool. All right, brother. Hey, Jennifer.

How are you? Paolo from Q4 here.

Hi, Paolo. How are you?

Not too bad. I'm going to be producing this event. Christophe introduced me in the email yesterday. Yeah. We also have Tyler here who will be our operator for the day as well.

Okay. Hi, Tyler.

Hello again. How are you?

Doing well. Thank you.

Good. Quick question for you. Are we waiting for other people from your team to join still? Or will everybody be joining through your?

Everyone will be here in the room with me.

Okay, great. So this is the main room, correct?

Main speaker line. Yep.

Okay, perfect. And then Tyler, did you want to just rename that?

uh yeah i can do that and uh jennifer uh i just had a few things i wanted to go through um before even the speakers are ready do you want me to go through that with you then yeah absolutely okay give me one second to just rename you here and okay so i have a few questions just bear with me as i sort of go through all of it here but uh so just confirming call title we have jamp's second quarter earnings call Okay. And I think you've already seen the script because I think Andrea filled it in for us, but just to give you the full thing. So ladies and gentlemen, thanks for joining. Welcome to Jamf's second quarter earnings call. After today's prepared remarks, we'll host a question and answer session. And if you'd like to ask a question, please raise your hand. We'll just go through those instructions. And then at the end, I will hand the conference over to Jennifer Gaumont, right?

Yep. Gaumont. Yep.

Is that the best way to say that? Okay. Yep. Great. And then turning the call back after the Q&A, John Strosol, like that? Strosol. Strosol. Okay, good. Got it. Okay. And then in terms of the Q&A, so we'll obviously ask one question. Are we allowing one follow-up as well?

Yes.

Okay. And I have that in my script that please limit yourself to one question, one follow-up. You're okay saying that?

Actually, I have it in mine, so you don't even have to say it.

Oh, okay, perfect. I will take that out then. Just bear with me while I edit that. Okay, so the last kind of thing I wanted to go through before the final thing, I'll just do a quick sound check with all the speakers once they're all settled in the room there for the Q&A. I just wanted to verify some names off the AP or the... participant list that Andrea sent earlier. Cause I, we got the first names and the firms, but I didn't have last names for everyone.

Oh, sure. Yep.

So I kind of went through and found as many as I could, but, um, if you were sort of familiar with all of them, if you can.

Oh, yeah, yeah. I'm happy to. Yep.

Okay. So I have, uh, from Canaccord, uh, Genuity, it's DJ Hines.

Yep. H Y N E S. Yep.

And then is it Luke Hannon?

Uh, Luke Morrison. M O R I S O N. Got it.

Thank you. Uh, Barclays, uh, Rhymo Lenshow. Do you know?

Lenshow. Yeah.

Lenshow. Okay. Perfect. That's all I'll go with yours. And, uh, and Rhymo is, uh, correct there.

Do you think? Yeah. Rhymo.

Okay. Got it. And, uh, is it Isaac Stahl?

Uh, it's Isaac. I don't know how to say Isaac's last name. It's like P-I-L-I-A-V-A-N.

P-I-L-I-A-V-A-N?

Yes.

Okay. I will do my best on that one.

Yeah.

No problem. At least having the name is kind of the main thing I want, just so I can call on them fully. For Piper, it is Rob Owens.

Yep.

Okay. And then I had two for Ethan. It was either, or it might be somebody else, but Ethan Dang or Sullivan?

Weeks.

weeks. Okay. There we go. Yeah. I was just sort of doing some Googling.

No worries. Sorry about that. We'll put last names in next time.

It's okay. Once we've done one event too, I'll have a list of everybody that joined this time and it'll make it a little easier for next time. So I know Sameek Chatterjee, we've had on a call before. So that one was easy. And then do you know Priya's last name?

I couldn't find it. It's Thapa. T-H-A-P-A.

H-A-P-A.

Yeah. And she goes by Priya, but she may show up as Priyanka. But she goes by Priya.

Got it. Okay, Needham is Josh Riley.

Yep.

Got it. William Blair. So Jake, is it Roberge?

Roberge, yep.

Roberge. And then I had two for Jacob. Could be wrong on either, but Jacob Stoiger or Schwartz?

It's actually Zerb, Zerbib, Z-E-R-B-I-B.

Zerbib?

Yep.

Got it. Okay. Morgan Stanley is Keith Weiss. Mm-hmm. And Jonathan Isenson, right?

Correct.

Yeah. Jonathan's actually already registered, so that one came in. Okay. I couldn't find Matt from RBC, if you have this one.

Matt Hedberg. H-E-D-B-E-R-G.

Got it. Okay. And then B-A-M-L, Koji Akita? Mm-hmm. Okay, is it George Staffos?

George McGreehan, M-C-G-R-E-E-H-A-N.

Okay. And Natalie, there was a few. I tried Reska, but a few.

It's Howe, H-O-W-E.

Got it. And lastly, is it Citizens Bank is better to list them as? They registered as Citizens, but I just wanted to be sure.

Yeah, Citizens JMP, that would be Pat Walravens. And Nick Lee.

Wall Ravens. The W-A-L-R-A-V-E-S. And Nick Lee, sorry?

L-E-E. Yep.

Got it. Okay. That was it from me for the names. Thanks for going through all of those. No problem. So we've already verified the question and answer. Any other questions?

Thank you for attending. Okay. You're breaking up. I don't know. Hello. Can you hear Tyler?

Yeah. Your line was cutting in and out Tyler. Okay. I'm just trying to adjust.

Is it any better now? Yeah. Keep speaking for a second. Yeah. I'll keep speaking. One, two, three, four, one, two, three. Yep. Coming through clear. I might've just leaned away from my mic there. Sorry. So just the final question. We'll just, do you want to say like the last question comes from, or we have time for one more question. Any preference there?

No preference. That's fine, though.

Okay.

I know today's a busy day, so I'm guessing we won't have too many questions.

Okay, no problem. So the last thing before soundcheck, I just wanted to confirm the speaker's name. So we have yourself, John and David. Those are three speakers. That's correct. Perfect. Okay. That was it for me. So I can wait until you all get settled there and we can go through a soundcheck before we start.

I think we're settled.

Oh, OK, great. So if everybody's in the room, Jennifer, I can hear you coming in nice and clear. So I guess starting with John, if you want to just give me your full name and count to five for me.

John Strozel, one, two, three, four, five.

OK, and David?

David Rudeau, one, two, three, four, five.

Great I would say john and David are coming in a little bit. You know quieter than Jennifer i'm guessing you're a little closer to the speaker.

i'll move it closer to them.

john strolls all 12345 okay that's great go ahead, David David rudo 12348.

uh so john sounded really good there david's still a little bit uh lighter than the two of you you can still hear him pretty clearly but right now project more checked from the diaphragm there you go and go ahead and give me one more count david if you know mine david rudo one two three four yeah that sounds good thank you All right. That was it for all of my kind of pre-call checks. Was there any questions on your end or anything you wanted answered before we get started?

I guess the only thing is we just wanted to make sure the replay was queued up for our pre-record to play.

Yep, absolutely. So I have that all lined up. If you would like, I can play the first few seconds for you just so that you can hear the audio.

Yeah, just to make sure, just because we're paranoid since it's our first time on this new system. For sure.

Okay. Give me one second here.

Thank you.

Ladies and gentlemen, thank you for joining us and welcome to Jamf's second quarter earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed in to today's call, please press star nine to raise your hand and star six to unmute. I will now hand the conference over to Jennifer Gaumont, Vice President, Investor Relations. Please go ahead.

Good afternoon, and thank you for joining today's call to discuss Jamf's second 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 announcement.

Okay, perfect.

Thank you.

you're very welcome so i have that lined up um essentially how this will work is i'll give you a few different countdowns so i'll let you know when we're 10 minutes out i'll let you know when we're five minutes out and then at the two minute mark what we do is we we call it going dark so essentially everybody here will go on mute and it'll be silent leading up to the start of the live event and you'll know that the event has gone live because you'll hear the start of the pre-record And we just do this so that there's nothing that, you know, there's a delay to the webcast. So we just want to make sure that none of the audio during this pre-call kind of leaks over to the wider live webcast. Okay. All right. And then the same thing when we end the call, when we end the call, just stay on mute. You can either disconnect from the call entirely once it's done. But if you didn't want to stick around, just stay on mute until I let you know that we're all clear. And then we can discuss anything.

Sounds good.

amazing other than that we should have everything good to go um if you do have any questions feel free to give me a shout um but everything looks looks ready to go okay great thank you you're very welcome

Hey, Jennifer, just one more question if you're still there.

I'm here.

Okay, I also raised my mic volume, so hopefully that should deal with any issue there, but just making sure I still sound okay. Yep, you do. Great, and then only question, we did have a Kincaid LaCourte from Citizens Register as well. I know we had Pat and Nick on.

That's fine. Yeah, it's probably somebody.

Okay, but you're okay taking a question from them?

That's fine.

Okay, thank you.

All right team, we are about 10 minutes out again. I'll give you a 5 minute warning and I'll give you a 2 minute warning where we will go silent until the calls live.

Great Thank you.

You're very welcome.

Oh, and sorry, just one more quick thing before we get things fired up here. When the event is live, we're going to utilize the chat function to communicate. Yep. Do you have the chat window open in front of you right now?

Yep, I do.

Okay, perfect. And then where it says to, does it say host and panelists in blue?

Yeah.

Okay, perfect. So that's where we'll communicate if, you know, if Tyler has any questions surrounding analyst, analyst order, anything like that, he'll throw that in the chat there.

Great, thank you.

You're welcome. All right, team, we are now five minutes out from going live. One more quick note at the bottom left of the screen, you'll also see that you have your participants button. If you click that, it'll open up a window that will show all of us back here. But to the right, there's an attendees tab. In that tab, only once we go live, you'll actually be able to see the list of analysts that are on this call right now. So that's where they'll raise their hands. That's where you'll have visibility into that.

Okay, got it.

So I will let you know when we're two minutes out. We'll go silent and then we'll fire everything up right at 4.30.

Okay, yep. We may need to delay by like one or two minutes. We're working on something here, but I'll let you know.

Got it. If you can, just let me know in the chat if it's past that two minute mark.

Okay, got it.

All right, team, we are two minutes till 430. So at this point, we will go silent. All communications will be through the chat. So if you do want to delay, just let me know there.

Yeah, can we just do 332, please?

Yeah, absolutely.

We'll delay by two minutes.

Ladies and gentlemen, thank you for joining us and welcome to Jamf's second quarter earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed in to today's call, please press star nine to raise your hand and star six to unmute. I will now hand the conference over to Jennifer Gaumont, Vice President, Investor Relations. Please go ahead.

Good afternoon, and thank you for joining today's call to discuss Jamf's second 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 second quarter financial results. We also published our Q2 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. Jamf assumes no obligation to update forward-looking statements which speak only as of the date they are made. We will also reference some non-GAAP measures related to Jamf'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, Chen. We saw very strong results in Q2, with year-over-year revenue growth of 15% and non-GAAP operating income margin of 19%, exceeding the high end of our outlook for both metrics. Total ARR grew 14% year-over-year to $710 million, driven by growth in security ARR from the addition of identity automation and the launch of our platform solutions. For the first time, we achieved over $700 million in total ARR, over $500 million of commercial ARR, and over $200 million of security ARR. Our platform strategy removes the barriers to Apple adoption by providing customers with our suite of security and management solutions in a single SKU. Each offering is tailored to specific buyer personas, leveraging Jamf's strong and long-tenured IT admin relationships. This enables Jamf to deliver across our four key growth factors, security, mobile, international, and channel. First, Jamf for mobile. By investing in mobility, organizations can fundamentally change how they do business by enabling transformational workflows throughout their operations. Jamf has a proven track record of helping organizations to invest in a mobile-first strategy for both desktop and deskless users in multiple industries. By going beyond the mobility framework and providing comprehensive solutions and an extensive partner ecosystem, Jamf enables organizations to fully realize their digital transformation initiatives other vendors simply cannot provide. Mobile devices are at higher risk, with internal research data showing 1 in 10 users click on a malicious phishing link. With Jamf for Mobile, we help IT and security teams confidently protect users, devices, data, and applications without impacting the end user experience. This helps risk intolerant teams feel comfortable with introducing mobile into more workflows. Jamf for Mobile also makes it easy for mobility teams to plan, deploy, and scale mobile-first strategies and workflows. Layered capabilities provide controls for users, devices, and applications. With our vast partner ecosystem for vertical specific use cases, organizations can implement a fully baked solution to make their digital transformation a reality. With Jamf for Mobile creating tailored experiences based on the employee's role, organizations can provide the exact resource employees need at the moment of need. For example, in retail, 40% of employees share or go without a mobile device. Insufficient IT infrastructure, complexity of integration, and technical issues are all highly cited reasons for not providing devices. The same challenge is also present in manufacturing, healthcare, hard hat industries, and transportation. In Q2, a Middle Eastern airline purchased Jamf for mobile for 10,000 iPads to be used as crew devices and electronic flight bags. Jamf was chosen over the two largest UEM vendors for this four-year deal due to a number of factors, including... protecting a rapidly scaling mobile fleet worldwide with a layered defense of network threat defense, secure DNS, real-time OS health with instant remediation and quarantine, feeding the airline's security operations center with actionable telemetry, via native SIEM integration, delivering rich, mobile-specific events, providing a granular data usage and roaming governance policies that cap spend without hindering operations, and combining all electronic flight bag critical controls into a single SKU, which is far simpler than piecemeal licensing offered by the competition. Helping make Jamf for mobile even more robust, we recently announced Android Enrollment Support, which was available starting July 1st. Jamf has long delivered cross-platform mobile security. Android devices have already been protected by our mobile threat defense, web protections like phishing, content filtering, and zero trust access technologies. However, without Android enrollment support, many organizations had to rely on third-party unified endpoint management tools to meet cross-platform requirements. In those scenarios, Apple devices often ended up managed through platforms that weren't built with Apple in mind, leading to subpar experiences and limited access to native capabilities. With Android enrollment, Jamf for Mobile will enable organizations to manage their full mobile fleet through one solution, while keeping Apple at the center of their mobile strategy. This addition is designed for organizations that want to select Apple as their strategic mobile platform, but operate in environments where a small subset of Android devices still need support. And historically, that meant additional vendors, extra complexity, or compromises to the Apple experience. For Mac, endpoints have evolved, and management alone is no longer enough. Customers need a solution that not only simplifies Mac at work, but also secures and protects it with built-in security, compliance, deep visibility, and identity controls. This is where Jamf for Mac stands apart, enhancing security while integrating seamlessly with existing tools and ensuring onboarding is quick and easy. Jamf for Mac is designed to complement, not replace the security investment customers have already have in place. Filling the gaps where Windows first security tools miss and our Apple first approach reduces risk. In Q2, a German car manufacturer purchased Jamf for Mac after a proof of concept period where we won a full migration away from a legacy competitor. The process also included satisfying dozens of security requirements and numerous certifications as testament to Jamf's commitment to security. Additionally, in Q2, a healthcare solutions provider recently converted to Jamf for Mac for its 5,000 Mac across a variety of users. This longtime Jamf customer was looking to expand their use of Mac and offering it as a choice to their employees. Part of this process included showing that total cost of ownership to support Mac was lower or within the range of what it costs to support their PCs. Key to this win was demonstrating how Jamf for Mac offers all the tools to support Mac at scale, including purpose-built security for Mac environments and providing additional automation through Jamf routines. Ultimately, the customer chose a three year agreement with growth built in for years two and three, which will significantly increase the customer's back footprint over time. In education, technology goals have changed dramatically with a focus on meeting individual learner needs. This means that management, security, and classroom support have also changed, bringing a need for empowerment into the classroom with technology to support learning in multiple ways. As schools use devices more often in classrooms with less IT-specific knowledge, the need for students to have the right apps at the right time in a secure and safe environment where learning takes place is essential. Non-IT specialist staff don't want to be concerned with IT issues arising in a lesson and want to know that students are only using the devices and internet for subject-specific focused learning. As deployments grow, IT departments want to scale in an efficient and effective way. This includes making it simple and seamless to add additional devices, ensuring compliance with security policies, and meeting various end-user needs without increasing their workload through help desk ticket fatigue. Jamf K-12 meets these goals by bringing a full solution that meets IT, learning, and teaching needs with device management, security, and classroom workflows. In Q2, a large school district in Kentucky switched from a UEM to Jamf for K-12 for both its student and faculty iPads. The district was struggling with their existing vendor's technical limitations, including the ability to track devices, remove pre-installed apps, and lock security settings effectively. Key to this four-year deal were Jamf's zero-touch deployment, the Jamf Teacher and Parent app, blueprints for group device updates, and activity logging for individual devices. With Jamf K-12, the district has stronger device control, improved device visibility, enhanced support, and increased value. This win also represents one of our first cross-sell wins with Identity Automation. We're delighted to have the identity automation team on board and are pleased with the team's performance in Q2. The team is focused on delivering the remainder of the education buying season. As we look to the future, our vision is for Jamf to deliver secure, seamless access for every user on any device or platform while unlocking deeper, more personalized experience on Apple. By extending the identity platform into the native Apple ecosystem, Jamf transforms authentication into a frictionless advantage. In order to accelerate the execution of our platform strategy, we recently announced a strategic reinvestment plan to support the continued success of our business. This plan includes strategic reallocation of resources to allow for investments in areas with the highest growth potential and drive additional operational leverage in the business. We're focused on two key areas. First, we made enhancements within go-to-market. We're taking steps to realign our go-to-market organization to allow for investments in areas that have the greatest opportunity for growth and align with our platform strategy. In enterprise, that means increasing investment and resources to support enterprise customers who deliver higher growth, stronger retention, and greater return on investment. This includes investing in enterprise sales talent to expand our reach. In addition, SMB customers are an important part of our base representing a significant portion of our customer count and ARR. In order to streamline our go-to-market efforts within this segment, we're simplifying our approach to these customers by scaling our reach through the channel. Additionally, we're developing a more automated customer solution and experience to deliver greater customer value and improve operational efficiency. The second area of focus is enhancing our artificial intelligence capabilities. We've experienced meaningful efficiencies over the last year from deploying AI within our operations, sales, product, and customer success groups. For example, we've embedded AI across our sales forecasting, customer success, and support functions, driving improved forecasting accuracy, earlier risk detection, and scalable, cost-efficient customer engagement. In our product organization, the team has deployed AI tools for maintenance cogeneration, bulk update processing, and model context protocol server projects. We will continue to accelerate delivery of AI and automation-driven solutions across the entire organization and have established a governance process around it. Our strategic reinvestment plan will help expand our capabilities by accelerating investments in AI to further enhance the customer experience. We believe these initiatives will help drive long-term growth, improve operational efficiency, and enhance shareholder value. Recent AI innovations, along with enhanced automation compliance and identity management capabilities, were showcased during our global customer event series Jamf Nation Live across seven cities in Europe and the US. For AI, we featured new capabilities to enhance IT experiences, simplify operations, and improve efficiency. Jamf AI Assistant empowers IT administrators with intelligent action-oriented capabilities designed to enhance productivity and support better decision-making. We introduced two new capabilities within AI Assistant, Search Skill and Explain Skill, now available in beta for testing. The Search skill allows IT admins to perform quick, natural language inventory queries, making it faster and easier to identify devices that meet specific criteria, accelerating tasks like troubleshooting, compliance auditing, and fleet management. The Explain skill simplifies the complexity of mobile device management by translating intricate configurations and policies into clear, easy-to-understand language, helping admins make informed decisions, streamline troubleshooting, and manage policies with greater confidence. The platform remains read-only with opt-in activation, ensuring customer controls and security compliance. The Jamf Nation Live series will continue in the upcoming months with events in Asia Pacific. And there's more to come during our Jamf Nation User Conference, October 7th through 9th in Denver. We hope you'll all join us for three days of the best of Apple management and security. Jen will be reaching out to all of you with invitations shortly. Now, I'll turn it over to David to review our Q2 results and provide our Q3 and full-year 2025 outlook. Thanks, John.

As a reminder, all non-revenue metrics I'll be discussing will be on a non-GAAP basis. We achieved strong results in Q2, exceeding the high end of both our revenue and non-GAAP operating income outlook. Year-over-year total revenue growth was 15% to $176.5 million, exceeding the high end of our guidance range by $7 million. This performance was primarily due to the timing of certain revenues that were recognized in the second quarter and solid results from identity automation. As a reminder, we closed the acquisition on April 1st, so Q2 reflects a full quarter of identity automation results, which were better than expected. Total ARR grew 14% year-over-year to $710 million. Security bookings were strong, driving 40% year-over-year growth and security ARR to 203 million. This was driven by both the inclusion of identity automation into our results and the launch of our platform solutions. Additionally, net new commercial ARR saw year-over-year growth. After viewing the increasing level of local currency billings that are made possible due to our system update last year, we are moving to a quarterly FX adjustment to ARR from our previous annual timing. This change will allow for better comparability with our revenue, RPO, and operating income, and will also result in a more moderate quarterly impact than waiting until Q1 to post the annual adjustments. The adjustment in Q2 for the first half was a less than 1% impact to total ARR balance. Recurring revenue grew 16% and represented 98% total revenues. We saw significant growth acceleration in RPO, with total RPO growing over 20% and long-term RPO growing nearly 40%. Excluding identity automation, we saw total RPO growth of nearly 15% and long-term growth of approximately 28%, showing the increasing level of commitment from customers as they continue to expand both the size and length of their Jamf contracts. Trailing 12-month net retention rate remained relatively flat to Q1 at 103% and gross retention rates remained consistent with historical levels. Non-GAAP operating income was $33.5 million, or a 19% margin, a 360 basis point improvement over Q2 2024. Sales and marketing as a percent of total revenue improved approximately 300 basis points compared to the prior year period, and G&A improved approximately 150 basis points. We remain committed to improving efficiencies across our business. Q2 adjusted EBITDA grew 40% to $35.3 million, representing a 20% margin. Training 12-month unlevered free cash flow surpassed $100 million for the first time, growing 24% to $102.9 million. This represents a 15.4% margin compared to a 13.8% margin in the prior year. We made good progress on collections from billings that were delayed due to our comprehensive systems update last year and still expect DSOs to return to normal levels over the next few quarters. From a cash perspective, we ended Q2 with $482 million compared to 222 million at the end of Q1. This increase in cash was driven primarily by the $400 million term loan facility we entered into in May, partially offset by the $175 million payment associated with the close of the identity automation acquisition on April 1st. This term loan facility was entered into under the same terms as our revolving credit facility. We intend to use the proceeds to finance the $40 million deferred payment for the identity automation acquisition to repurchase a portion of our convertible senior notes due 2026 and for general corporate purposes. Turning to our outlook for the third quarter and full year 2025, we remain committed to being a profitable growth company and will continue improving efficiencies and strategically investing for growth. This outlook reflects our belief in creating an achievable model and is reflective of the recently announced strategic reinvestment plan and the current parking conditions. For the third quarter 2025, we expect total revenue of $176 to $178 million, representing year-over-year growth of 11% at the midpoint. Non-GAAP operating income of $41.5 to $42.5 million, representing a non-GAAP operating margin of 24% and growth of 52% at the midpoint. For the full year 2025, we're raising our outlook. We now expect total revenue of $701 to $704 million, representing year-over-year growth of 12% at the midpoint and an increase of $9.5 million from our prior outlook. non-GAAP operating income of $153.5 to $155.5 million, representing a non-GAAP operating margin of 22% at the midpoint and approximately 600 basic point improvement over fiscal year 2024. This also reflects an $8.5 million increase from our prior outlook and year-over-year growth of 50%. Additionally, given our strong margin profile, we continue to expect to generate unlevered free cash flow growth of at least 75% for the year. In closing, we remain committed to growth while driving incremental operating margin improvement. Our objective is to exit fiscal 2026 at a rule of 40 run rate as defined as the sum of the year-over-year revenue growth plus adjusted EBITDA margin. I want to thank all our hardworking and dedicated employees for their continued excellent execution. Now we will take your questions.

Operator? Thank you. We will now begin the question and answer session. If you'd like to ask a question, please raise your hand now. If you have dialed into today's call, please press star 9 to raise your hand and star 6 to unmute. Please stand by while we compile the Q&A roster. And your first question comes from the line of Raimo Lenshao with Barclays. Your line is open. Please go ahead. Perfect.

Thank you. Can you hear me OK?

Yes, we can.

Perfect. Thank you. The quick question. So, you know, the decision to support the broader ecosystem now is obviously very interesting. How quickly do you think that will happen? drive results now that you do Android in terms of opening up like a new sales, you know, new momentum around sales, sales pitches, etc.? ?

Yeah. Hey, Raymond, it's John here. I'll take the question. You know, really, we developed this because at the behest of our customers, like we do with most things like security and others, and it's really, there have been mobile installments where a portion of that has been on the Android side and the majority of it has been on the iOS side. And they've asked us, hey, we want to use your security products. So is there a way that we can enroll these Android devices so that we can roll that out? And that's really the reason behind this. And so not only because they've been requesting it, we've had some pretty good traction on that so far. And we've gone back to those same customers and said, okay, now we can do this as of July 1st.

take yeah okay okay perfect and then one question for david like identity automation you said it's going better like um how much of revenue are we talking about now like uh that you think q2 and and as it's now part of the bigger group like how should we think about it the contribution here for the rest of the year yeah so we've integrated that into the education business and actually the ceo of identity automation is actually now running the entire education group

So all the salespeople within education now have identity automation in their bag to sell, which is great. So we've seen good traction with that. We've had a couple of cross-sells, which is really good. And the pipeline is building around that. We talked about the upside in the quarter. Half of that was generated from identity automation, partially because we built a conservative model. It's a new acquisition. We had to get a good understanding of the business. And they also did outperform our expectations in the quarter. The other half is Jamf-related, improved performance out of Jamf. And then we also had some partner-related business that were signed in Q1, but we recognized revenues in Q2. And that was the other reason for that upside in the quarter. Okay, perfect. Thank you. Congrats.

Thank you. Your next question comes from the line of Sameek Chatterjee with JP Morgan. Your line is now open. Please go ahead.

Hi, thanks for taking my question here. Maybe just starting with the strategic sort of action plan that you took creative to resource allocation. I know it's sort of moving resources around to better align for growth, but since you're sort of reiterating your plan to exit the exit 2026 with the rule of 40, just curious if sort of as you've taken a closer look at your cost profile, has your view changed? in terms of how to meet the rule of 40 when you exit 2026 more in relation to sort of your 25% operating margin target that you have for that time period? And I have a follow up, thank you.

Yeah, so our strategic reinvestment plan that we put in place was really around kind of moving around resources to further support areas of growth of the business. What we found through our new data that we can review and analyze from the system update is that I think there's ways that we can further improve efficiencies in the small business side. Still a very important channel for us. We're going to make investments in the channel. We will also invest in automation and AI. And then in turn, We will also expand our enterprise sales and support team as well. And the channel will see investments around the world too, because we've seen very good traction. We're still targeting a rule of 40 exiting 2026. There's no change there. You know, there will be some cost savings, but really the efforts around this was to strategically realign the business to accelerate growth.

Okay, okay, got it. And then maybe just turning back to sort of the near-term drivers here, in relation to the fiscal 3Q guide here, you did mention this is sort of a less than normal seasonality from 2Q that you're guiding to, from what I can see from the last couple of years. And I think some of this is probably what you mentioned in terms of timing of revenue recognition in Q2, but maybe if you can just talk seasonality or what the magnitude of those timing impacts on Q2 were, or are you seeing anything different from normal seasonality in relation to your Q3 guide?

Yeah, no, I think if you remove those one-time revenue numbers from Q2, it'd be more seasonal. It'd be kind of a more seasonal ramp into Q3. We have identity automation, you know, it is a heavy season for them on education side in Q3. And so we will see, we expect to see a little bit better improvement there James Forrest, Norcal PTAC, identity automation and then Q4 on identity automation that they will have a little bit lighter sequentially down revenue number for Q4 as well.

Okay, great. Thank you. Thanks for taking my questions.

Thank you. Next question comes from the line of Jake Roberge with William Blair. Your line is open. Please go ahead.

Hello, could you hear me? We can hear you.

Yep, we can hear you.

Thanks. Hi, this is Jacob for Jake Roberge. And thank you for taking my questions. You talked a little bit about how you're increasing go to market efficiency. I just wanted to touch on your partner network. Can you talk a little bit about how progress with partners in the US is going? And do you think this channel could eventually drive similar revenues to your international channel? Thank you.

Yeah, Jake, I'll take the question here. It's John. You know, we've really been leaning into the channel, specifically domestically. And we have a majority of our business, as you mentioned, outside the U.S. already goes through the channel because we started with channel first. And in the U.S. here, really leaning into the channel and part of this technical upgrade or systems upgrade that we've been working on. not only gave us visibility into the company to show us where we can invest and where our growth is and things where we can really accelerate that growth, but it's also on the channel capability side. And now the fact that we have a channel partner portal that they can come in and register their own deals and create their own quotes without involving a salesperson at Jamf, a lot of the efficiencies that they get in addition to the new partner program that we've rolled out that gives higher incentives for deal registration and really helping us build the top of the funnel being channel first now over two-thirds of our business coming from the channel globally again 80 of that coming from from outside the us and increasing pretty rapidly inside the us so To answer your question, yes, we believe we can get to those levels worldwide that we have internationally, and we're continuing to do that to help leverage the growth, especially as it relates to some of our smaller customers or mid-market customers.

Got it. Thank you. And then I just wanted to ask about security. You've done a really good job with management and also in the education sector in the international market. Can you talk a little bit about demand for your security solutions there? Thank you.

Yeah, I can take that question as well, John. And as I mentioned earlier in Ramo's question, again, this was something that we had done on behest at the behest of our customers. And so we continue to see increased demand for our security products. You can't have a secure device without having management and security together on that. And we've seen it in the results that we've had this quarter as well with substantial growth in security. We continue to see our customers leaning into that, especially as it relates to mobile. And that's been one of our fastest growing projects. types of business. And we see that across our retail customers, across our transportation customers, professional services, even into manufacturing. All of those areas where the security, those businesses that are working that deskless workflow understand that those endpoints need to be both managed and secured. And that's where we're getting a lot of good traction there as well.

Got it. Thank you for taking my question.

Thank you. Your next question comes from the line of Patrick Walravens with Citizens Bank. Your line is open. Please go ahead.

Hi, team. This is Kincaid on for Pat. You know, super excited to hear about this go to market shift, but I was wondering if you could highlight any specific changes in rep quotas or what you're trying to push people to sell through that.

Yeah, I can take that, Kincaid. This is John. As we look at what we're pushing the reps to sell, I guess, is the platform solutions that we have. It really blends management and security, whether it's a different persona, a customer buying for the Mac or a customer buying for the mobile. And those... solutions really oriented toward that persona have done really well. And as we look at focusing our go-to-market efforts, as David mentioned, the small to medium-sized customer base is significant for us, and we're going to continue to support that in a way that those customers want to be supported. and also to lean more into the enterprise. And so as we invest in some of our sales resources and go to market resources on the enterprise side, really we see a lot of growth there and very low churn. Our LTV to CAC is very good in that area, and we're going to continue to lean into it to exercise that muscle and generate accelerated growth. Spectacular. Thank you so much.

Okay, there are no further questions at this time. I will turn the call back over to John Strozel for closing remarks.

Well, thank you, everyone, for your time today, and we hope to see some of you at the upcoming conferences and our annual user conference, JNUC, which is early October. Have a great evening.

Thank you. This concludes today's call. Thank you for attending.

You may now disconnect.