JAMF - Earnings call transcript Q1 2021

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Operator

Thank you for standing by, and welcome to Jamf's First Quarter 2021 Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your host, VP of Investor Relations, Jennifer Gaumond. Please go ahead.

Jennifer Gaumond

Good afternoon, and thank you for joining us on today's conference call to discuss Jamf's first quarter 2021 financial results. call Chief Hager, Financial today's and Executive on Putman, Jill Officer. me are Chief Dean Officer; With

Before we a begin, shortly our after I'd quarter like to market first today, remind closed we financial issued XXXX press announcing the release results. you that

an assist published and presentation with financial modeling. investor containing XXXX and an years for fiscal updated XXXX, file XXXX quarterly also We Excel statements year-to-date to

accompanying afternoon, Additionally, issued presentation and announcing also release Wandera. the we this press of acquisition a

Investor access Relations I XX-K, Please the could recent related you at factors to filings, discussion see would actual all discussion call, this a like statements. that include cause may our on that SEC where performance. discuss the Jamf's to measures may on You Today's section information we recent Form annual remind financial to some non-GAAP will report differ will most jamf.com. during results of also forward-looking refer to you including statements. our materially these from most

find You comparable quarterly Instructions]. [Operator the the financial statements. in nearest measures GAAP measures to our can of those reconciliation

turn to the over Hager. Dean? to like I'd Now Dean call

Dean Hager

was XXXX. quarter Thank highlights discuss Jennifer, balance a business first fiscal our will Jamf review remarkable for again, growth quarter, second across the in driving organizations. our our financial all our XX%. serves, Americas, results quarter, least On growth overall I today's both XX% priced And also quarter quarter at and one of about share was access examining ARR ARR and provide And least industries at for regions: zero and trust in then in APAC and outlook year-over-year least this devices. growth our Jill to XX%. we in products was joining momentum Additionally, quarter leader in XX% to regarding the thank EMEA call, when for mobile geographic enterprise and the our for we and ARR will of XXXX. you, first everyone major our And geography. and our each our Last see announcement top our year-over-year growth to X us. and our talked Wandera, for recent first also intent from ARR every first you acquire continued at SMB security Once cloud

Additionally, current momentum evidence to first the to to saw our quarter. first technology continue customers digital year-over-year. business strengthen recent well our trends PC mobile and in in trends as work, increased education of According in XXXX these our enterprise value health We as IDC the results. XX% report, the Apple and again of sales quarter

issues are all both releases. Enterprise cross-platform Jamf. that hardware. already platform for announced Apple Last individual differentiators will not get for While Mac workplace, month, their depth adopt to in this some our help out Apple many breadth time. for increasingly increasing The innovating sales our are and most hardware The Apple and this at support key same-day other providers, Management than can This same slower organizations the Many pace year-over-year. the organizations technology with choice over growth, even Mac. the power, commitment well more of the the new and way MX as adopt is create and Mac the of We we operating to of organizations become best XXX.X% to helping drive to is of and potential easily of positioned cause the Mac, support of impressive and security have and day preference led want Mac Mac new this growth. device Jamf combined as software focused, impressive adopted systems ready efficiency Apple growth speed an and believe with users Apple is

a However, adopt in organizations. In device management Jamf choice with meet needs the organizations played and that programs of security QX, of their Jamf, role enterprises their fleet. significant Mac can Mac both growing

we Jamf's strong second providing that enhance Connect best for industries first total, we In also these by over resulting Mac of new commercial highest Mac possible in contracted our were additional Healthcare of XX,XXX for enhance the growth driven demand the signed innovative their their either health to Protect quarter In care. grew continue for while use fact, experience. customers growth market, Jam Jamf or of patient in Many largest in all subscriptions segment profile see seats. XX the by both user In Furthermore, XX XX their licenses for annual businesses. are customers also the Jamf security workflows. Pro X Jamf our the serve. expanding care solutions the to hospitals achieving top or

Act in leveraging same graphic to Trust of in technology school to mass that's Reset early indicative funds number each as virtual to year, of Jamf prime these For education, their purchased last both. funding sterilize highlighted Florida large patient give benefits a empower needs Jamf breadth organizations solve call impact remotely Compared their for FAMU in during and students a leverages students sites, continue they'll how many simplify example, on-campus of third virtual the uses minutes education, PC to to today be Field or Coors already program earnings utilized program accelerate Jamf isolation, received problems, FAMU's Listener, initial workflow of of terminals CARES our Jamf, spiked only their Health importance, our per tools to using easily our the government future Colorado whether its network at by rounds the architecture including students to IT management with careers up of setting UC by the for patient's and adopter of patterns now professional improve the vaccinations. into combination a learning flexibility communication health United we and began the in COVID-XX A&M UCHealth and are of UCHealth great success each recent include In FAMU's pilot XX the Programs education in short, innovations. driven including increase funding buying time preparation. many classroom, to where was awakening programs a sessions leverage testament an leveraged for our health residents Colorado, learning inpatient expanded Their iPhone-based and vaccination for Healthcare that process. demonstrate well-thought-out or visits to a Macs well has patient of Mac see to learn journalism need of provides latest year, bedside. They career FAMU site the patient through managed telehealth, that global can additional education a day. greatly its of journalism students the it to vaccination and each as solutions. in set deployment use have February, Jamf from the provisions and Jamf approximately required Zero device through is virtual also offering infrastructure, graphic we with at States. the quarter remotely. XX,XXX without technology between that complex school jam in technology a several patient helped communication education use increased The higher an event hundreds next XXXX, experience with mobile at QX, University last with from initiatives. and of for to their continued This home is the assistance. ensure Their of to and of most the programs, UCHealth resources model and access the CARS which primarily their is technology at vaccination Apple UCHealth learning seconds. care Setup Max system colleges of universities streamline digitally example reduced iPad to bring delivery students X technology. classroom. the the example new like technology occurring growing in technology visit up and vaccination a Jamf care to have significant for student experience iPhones In hardware

continue of With the performance deliver Apple, with our innovative will backdrop succeed to organizations outstanding acquisition our to solutions QX help to we Wandera of discuss examples and announcement. like how these I'd

make XX% of to compared a with mass up account in of movement XXXX IDC's is average XX% XXXX, majority iPhones There some And According just First, the macOS Enterprise devices while proliferation amongst in the X in the year. has used business. the tablets survey, enterprises, in iPads penetration for smartphone installed base X-point of devices XX%, context. around enterprise. of been Apple a

defense its filtering brings alone. threats. Zero In customers Jamf Jamf access, cloud requirements the This, its we Zero of in continues data launch new of to growth security Protect opportunities. Protect. cloud Apple-first approximately quarter rounding which an our security grow in as solution recognized security result devices added by security and in and and endpoint Trust a we in Jamf's was solidifying are solutions. network offering provider coupled for Wandera, mobility mobile and the Wandera position greater year. customers access and the Management overall In Apple momentum policies platform, out offers first at XXX work demand of content accelerating for the threat over Protect unified protection expansion strengthens solutions resources, with first now for Jamf a XXXX, for changing XXX for sensitive purchased from Jamf's Jamf's XXXX, very dependent Enterprise the bigger on enterprise. the is to through enterprise, security target number As Apple Trust a

is Jamf whole their solution a manage, consolidating led X macOS best ecosystem. for markets. the organization solution devices Jamf This Apple with iPads protect connect and management, has strength management helping to for and resources. use product Apple their in Mac Since opportunity for first iPhones leader iOS device XXXX, into in more enterprise has any the commercial with with organizations tailored all Mac, Our been also

In exciting, our yet in security Yet, and iOS Jamf's to the the products space commercial solution ARR addition forces. more valuable also threat iOS Wandera into business will and QX, will total growth the access industry-best TAM product competitiveness, overlap addressable iOS the our capabilities Wandera between device access Wandera's the segment on has Jamf's iOS an And that driven Jamf's of XX% we continue by year-over-year. devices, approximately non-Apple Jamf will fastest Wandera The to require. Apple-first is be our the with of fact, and same with coupled solution and have Jamf like which mobile way Even Jamf there global expanded a which solutions defense largest doesn't include no Wandera to sales iOS secures Wandera's whole will part not market. was across $X markets. customers representing Mac. our by are management team all complete leading billion of takes our products, expansion Jamf's Jamf, commercial approach, solution Both today, is And Wandera the portfolio grow segment devices portfolio. product market solutions. Jamf's increase of the supports market

also based exciting and majority as technology Apple student-centered additional $X for that off Jamf's in provide leader Wandera's our Our in to follow-on Jamf's represents can classrooms and for teams addressable are provided opportunity our resources, opportunity and Wandera's total very can engaging market. education solution the But threatening additive learning the learning valuable parents. equitable. be that personal transform an is clear distance as already restrict to to and also student the awakening school privacy this concern London, technology student potential The in leveraging education required the Wandera Jamf in Educators technology market students greatest history. a education second is, prohibited third plans deploying that Europe. education or in customers is to content. in offers year coming in are are now of technology. greater protect go-to-market that access a presents is sector. was the and complementary with secure and inappropriate, is used Headquartered opportunity This billion solution channels. danger

presence Jamf international increased accelerate a will growth. has an While strong our EMEA, base customer European in

channels key has Wandera been carriers. the of one mobile Additionally, for

through that sales In carriers, less sales of better Wandera, than historical now we than offer while fact, come of Wandera's Jamf carriers full through come With half a product Jamf can X% more solution. have have channel. believe

success in Finally, additional company. we excited and go-to-market and the have marketing direct sales very scale of effective. of invested go-to-market Jamf's most Together, are in with Apple Management direct believe the indirect Wandera's We Wandera the many can solution more and extremely can focus to side efficient with complements Historically, capabilities. enterprise. Apple-first experience adoption are barriers has Jamf's with differentiation. significant help Wandera proven user the we solution. also Apple the with leadership the Enterprise that and and share is mitigate security channels market of Jamf organizations little product globally Wandera Jamf's channels. Jamf mobile on help end leading and teams, of unique and Wandera's provider employees But

and solutions for Wandera-only provide opportunities. customers family. the our as security compelling Wandera with Jamf for in excited both and Jamf with can to are XXXX platform, these platform leadership provider team Wander to manage with customers Jamf's and benefit and Trust Jamf's devices, and And growth In of solution cases position customers, solutions Apple devices so users. enterprise. existing to us Apple technology preserving help accelerate enterprise and teams XX.X the to Wandera's while to with from Apple greatly and the in cross-sell with and Mac welcome Customers deployed cloud-based We're that of helping user drive new to million is no our base. can helping Enterprise extends an a will start on continued devices Zero Jamf-only Jam and legendary business. focus be apps uniquely connects, mobile Now our Jamf the Wandera's Apple-first manages connect, great data The same-day solutions, extends existing on overlap Apple closing, from off capability paired strategic like to a for Many utilizing in an Apple, momentum use the acquisition Management protect protects security Jamf easily also significant the provided. customers, advanced IT enterprise install security single support. with Apple's Apple largest the experience customer to to position Wandera provider, succeed in Wandera's solidifying into continued continue our Apple. all heritage

Jill? results guidance. Jill our will through walk financial Now, and

Jill Putman

and today. Dean, to everyone Thanks, us thanks again joining for

revenue the quarter. XX% total ARR increase year-over-year. the million, was revenue. XX% in XX% $XXX our prior was March second large as and top quarter, in outperformance the of business, year-over-year particular we As due strong of the growth this an XX Revenue their growth with to by quarter Dean to aspects growing a license $XX.X revenue across to greater our grew first who geography Recurring Mac million. exceeded fleet Total grew our strength expectations representing our primarily momentum of driven of continued every customer our year international revenue ARR in across over had mentioned, XX%, than timing we XX% again grew significantly were all product, in of industries, each year-over-year. XX% start with the of subscription with X Total to for from revenue that initially closing Similar anticipating business.

the represents As period. of ARR maintenance and all a for logo our support high versus subscription, and sales licenses ARR drivers growth rates, contract to seasonality, are: base. of of the fluctuations products strong the contracts and due new of our installed as of value cross-selling expansion reminder, upselling acquisition end term mitigates The primary consistently of our the term-based the device mix into X subscriptions our ARR staff. and annualized

commercial in the XX quarter our of on products, adoption XX% basis. to the forward. to a XXX% strong representing we devices for growth items We customers' margins, also verticals XX. dollar-based our continue remained million months Adding high retention expanding education geographies. drives add-on trends benefiting non-GAAP and remarks trailing of expect continue strength ended going remainder will be these and The the profitability with as devices all our net in year-over-year platform my expense March at on which We both realize and to on and from XX.X ended platform, rate, the

non-GAAP in Our year along profit the earnings between found reconciliation margin compared in with release. financial to quarter. our prior and results XX% was GAAP XX% are the GAAP Gross

forward, our costs. gross support reached going and these approximately expect levels We scale at margins given customer remain hosting to in we've

percentage for to operating our to Additionally, COVID. to create remotely, which focused representing to due primarily XX%, on related [indiscernible] respect year. last margin were we've priority the these to for balancing compared remained accelerated invested offset costs, operating our as investments lower growth. in Operating by was the to deliver leverage while services prior growth same over company X a flexibility was a year the expenses. improving With investments expenses point expenses, period business in as due partially well Increases the public We increase

impacted tax allowance QX quarter, as first of flow Unlevered exercise well our $X.X the QX the negative was large renewals. software X.X%, free as compared rate of million prior in and by which disclosed due contract establishment valuation annual bonus cash year effective including options. During was is annual stock the period. low was factors, a our to of as the negative payout multiple annual previously to the seasonally $XXX,XXX in

our Additionally, in the to first post flow we first COVID. positive quarter cash significant our offices represents This investments retrofit needs year's meet recent made to years. QX

We and $XXX growth innovation Our in operating and yield investments ended million top allows first cash efficiency with in the us to cash strong make to model growth. and equivalents. flow continues improving of high quarter and to continue generation. line cash

provide year some results. on second XXXX. impact for third acquisition full our the be in insights and anticipate of full year completed anticipated to acquisition into Wandera quarter, the also on thoughts the provide quarter I'll Since the we Now the I'll guidance

the in first to our continued continue We strong for business. our and results quarter momentum expect given performance our

the second strength We and our hiring from education, to improvement half quarter enterprise by in rebounds. the second as increasing economy year, the followed strength late in U.S. the see to some business in in expect this signs the improves continued of in early began commercial QX. benefit of We

pandemic its However, impact environment and IT recovery uncertainty to considerations. related the on the key spending remain

now QX revenue ratably during over Jamf less product the update we upfront the third As result on-premise our quarter, change to with we beginning be of a discussed will line deliver of majority revenue subscription, recognized revenue in our revenue. and as how it with our the in will call, recognized recognition in an the term in subscription Connect

While is growth approximately $X will there X anticipate percentage ARR, the second the half year of to this no impacts defer revenue of rate approximately by in impact our year full we points. revenue change quarters, into which future million

million for we of Given of in to these of $XX to income XXXX, XX% considerations, to $X.X XX% revenue total Non-GAAP representing the the million. of in million expect $X.X second $XX million, range growth quarter range the year-over-year. operating

For there $XXX closes XXXX, that range million we the million, operating to the income expected impact additional subject the in as Provided million Wandera of accounting we an initial in expect timing XXXX, of purchase in XXXX. of of expected well $XX.X million amount changes XX% to acquisition the XX% quarter the as in to growth full third reflects when total year non-GAAP year-over-year; the $XXX $XX.X range the million. of expect to revenue the but of $X revenue are representing early in as analysis completed $XX closing. contribute change is is of adjustment any if to analysis This Wandera to our million

Wandera providing of exclude purposes, acquisition. modeling the these that note are we information. following Do the the amounts impact for Additionally,

approximately to quarter second million million, the is and and respectively. year amortization XXXX, expected $XX.X For full be $X.X

million payroll-related be quarter taxes $XX.X year the $X.X full expected XXXX, stock-based For million, second and respectively. and approximately and to is compensation

X%, This rate adjustments. establishment effective annual calculating to be which valuation a effects should annual rate is of tax than effective an also expect tax when We the less during allowance be used by XXXX. tax impacted of non-GAAP

pay cash basis. on a taxes In federal addition, we U.S. not do

approximately basic to quarter we XXXX. For be and the expect shares million XXX.X average EPS, of for respectively, million, diluted calculating and weighted XXX.X outstanding second

value-added Dean to succeed and our the XXX.X In we of strategic respectively. We're your expect closing, start as innovative, customers that, we million share the take and basic average Apple. bring million, With about we to to and I be great Wandera approximately our expand full to year, XXX.X outstanding with platform weighted diluted products year. a had For the to will questions. help them acquisition Operator? excited

Operator

[Operator Instructions].

line first of Our Suri the from question of Blair. Bhavan comes William

Dean Hager

is that you? Bhavan,

Bhavanmit Suri

or Yes, can hear you not? guys me

Dean Hager

Yes. I can hear you great now. goodness. Thank

Bhavanmit Suri

was Wandera. It Congrats. and going a up. right was business to dive about back I'll congrats I talk plan. I'll in. Jamf's quarter good Okay. on

Wandera it the And customers? with of How of kind attach idea It how plan great business the we a I way So easier kind how doing? should you ASP guess the lift. to and of customers. Protect and of announced and integration You drive Connect that new of was How impacting make the with bundling Wandera rate that? adoption kind have become the of approach. sort seen year. to what bundled last full late is traction stack is of Connect sort that? Protect does for And is part into that of about impact think the

Dean Hager

had the from plan. case for to And to for we question, that. use pleased And in Thanks it seeing that it very make Jamf's are that simply customers purchase for indeed, our The it business products done was multiple with the uptick has intended we us. we're Yes. Bhavan. easier

you're of in products, that lean in within move just to starts make And neighborhood hundreds right over Jamf's sense to common it given pretty continue plan about We a a business that lot of thinking customer to if plan. licenses quarter. is multiple business the it's a to of Jamf

on standalone in product either do then it interested specifically, And just premature Jamf a Jamf regarding with Connect Protect happening of happy for both great to as Jamf which way and any So stand-alone a sell up if what solution sell being your like we're Jamf come Jamf to it then seeing And customer Pro. as product, just plans contracts -- is and a for ends ends what a we is Protect Wandera that product Connect them. purchased the for up using base. It question will together, lot have there. might obviously, accompany value-added do that customer determine or our then we as bundling We're they're products, when will is the

Bhavanmit Suri

you. Got you. Got you. Got

any to other talk continued the Apple I the piece think Apple? do. was when little update your speak lot, on conversations down, with And than want that we can touch as Fleetsmith. a died with to the risk more you is I'd a like relationship, to bit obviously comes partner, on you obviously, I It since there little the this but they much feels bit to investors we about love co-development up their directly just take around bought and a fervor then get Apple talk

Dean Hager

Yes.

I And consider us had. impact And being public. that business. as now year it's developed multidimensional. our a implied in we're that we suggest than education customer. that would strongest partnership a and their is And Apple then, we've no year at we'll still would We had mentioned technology, So have later, ago. to to to projects I to else over year have little change worldwide There working other's the Apple work resells retail. us a the we that no development I would. of And been be Obviously, relationship also relationship what each our through year on on. joint Fleetsmith acquisition that Apple several past anybody ever our point organization even has with with of less been ago course, the

Operator

comes question from line next of Rod Hall. Our the

Roderick Hall

guys more. that bit I guess, is little My $X into I dig if impact. first this accounting question, could million a you wonder

you're maybe, a Jill, that? could more you I revenue. But it's whoever explain heard it? take then way change the I to think follow-up. I Dean, bit And ratable to you on have say little a recognizing Or wants

Jill Putman

from Jill. It's Yes. hear good Rod, you.

we this our So last at shared update. quarterly

is going as going here, when When a have that to into now a like Jamf future Connect our -- effect, change to is go those updates be on-prem currently. midyear product versus deployed product that we're cloud in So some product to product. an it more

So XX% it's the because a recognition of ratable. is that the about first right deployed the to currently, trigger is prior or treatment, accounting in revenue treated with different now, revenue upfront going month recognized on-prem, whereas XX% it's

to second recognized about cloud impact will all is approximately going the we're is all when ratably. of The to year. million midyear estimating Going forward, deployment, here it timing ARR it treated the about of will next a be the the change $X of impact will The the ARR. in, this essentially so impact It remain be rec. That's kicks half as year. X It's into get has just rev going the just deferred on difference whole. to be

Dean Hager

now an be was And delivery. a comment just Mac at going reason Connect to treated to technically is deployed more Jamf add and from clarity. cloud perspective on rev the on The as quick itself a app changing for why rec an on-premise of is it because

Roderick Hall

Great.

And just my Okay. is That's on HX. follow-up then great. into visibility

You're then below guiding a a consensus or implying I that below bit little guess, consensus million that. kind are $X But affects of here, bit. little

just account better little of into the back people the like But second of you Are the the looks year that. visibility the a end you curious of the I'm into is like? to half what like having guess for ordering year? you it's end do what your are So feel look on if to of kind out Or year? going

Dean Hager

ahead. Go

that, take Jill. You

Jill Putman

raised here that So based of the pipeline. updating and from of in consistent just beginning guidance a with on that year. quarter in gave we ago fact, seeing it really the full the commercial we're off our We're guidance the at strength year the

is out see have our it's absolutely as model really then, into going commercial in going pandemic pipeline bit to as the faster. tiny couple how to next Education we're right got for the were -- pipeline to Again, bit to should in economy. the the we build that be to Dean we've and we just back. that of market starting and months a going of And seeing little U.S., in the and what XXXX, some exited based QX. upside continuing play -- seeing strong a outside that as March, on to business certain But As so update our we're into to trying guidance. here numbers layer we're slower SMB in starting continue not used now. that our the back tailwinds, come come would is particularly of U.S., the I we but that pipeline, anticipating Predominantly, our to to that's is

Operator

of Our next Raimo Barclays. question comes from line Lenschow of the

Raimo Lenschow

Dean, cross-sell, if color as Jamf can more Protect like on Like in like so like sales guys the bit, I you Wandera kind the Congrats just potential acquisition were motion? think Like how do how little a that side. I upsell? work you is endpoint. natural This and I stay about little more one? networking give deep on think Can seems well. a us of since Wandera more there. about bit that so Like that on we

Dean Hager

to XX% Sure. protecting on activations device more is Wander from But Thanks for the specifically. that an able frankly, they're important point are network you're the would Raimo. user hitting also attacks the focus. part the a have of Wandera iOS that being of yes, block the for device. the question, the right platform and network at the And

an connection When and this know, you with are about best. and we everything and and have Mac. and it, solution But they iOS. connection you Jamf, So products. their have, for Apple-first Apple What Mac really all maybe I'll protection way, protection products been think protection also simplify for management, we our it for if developer iOS only is also our connection Wandera brings apple. solutions as is Management for have all --

we that of make the for connection provide Management Does entire type every and Apple now, of Apple combined management solution So Enterprise device. protection sense?

Raimo Lenschow

helpful. super That's Yes.

Perfect. to Okay. did -- like write-downs, And terms et we they Jill, for and deferred terms consider? in revenue then treatment of -- revenue kind how that cetera, of sell of in need

Jill Putman

Yes.

So we've for point. some estimates done Wandera, at high-level this

analysis. a haven't We complete through gone

where expect So we've what in layered that range a kind land. of we to

too analysis. early right that there really have to just $XX half the for out put be that that down course, it's to -- us $X Of million nail completing for that we've we'll -- now. We million second

Operator

Rob question Owens Piper Our from of next comes Sandler.

Robbie Owens

Great.

Is into down having right enterprise? that its your discount And we Apple issues we're acceleration device half? back a me the for seeing then drill secondarily, any QX as now to supply that relative should how lot potential of outlook in count Let is advancing. in chain

Dean Hager

grab I'll that.

occasionally, chain, may been hear supply the once at Regarding of just all. but supply anecdotally, there's impact a in no our business we while, on material problem a every

towards as end Regarding strength those of interest see in the counts, of a Jill industries as market. continue predicted well. device QX, mentioned, did But are enterprise see we as course, of great driving education surge the the that to we

So nice it really was a mix.

you commercial the our business, take two. between -- and at as If mentioned, balanced our side, both was we the education a our sides look of growth extremely

Jill Putman

consecutive device quarter our growth. was growth in of fourth That our momentum -- accelerating

Operator

Our next Hedberg of Capital question from comes Matt RBC Markets.

Matthew Hedberg

the How -- relative when about. spend year us path spend you last now durability. of Act education trajectory we of this question year, education strength of education last strong A year. drivers. too. of the think perspective to versus had think was Dean, the expect year. when about just this mentioned, an strong, And sort talk of other wondering, the this international But COVID? a is was year CARES lot think lot a here number of that And a obviously, anticipate sort you this results to in obviously were I'm got you of I Obviously, I different and from that back do it's you of ad you've

Dean Hager

Yes. question. Matt. the Appreciate Thanks,

is, level are in our the right because We education, we've through when education time grows call on come important have regions, saw similar because education in faster to year-over-year of almost the how various in -- technology funding awakening mentioned What is global call the now. ARR technology I ARR an why education. of We've than is of classroom. commercial has those of in the we've with continued does. tremendous government First middle growth with we education it's some or strength of just on are seen as still CARES awareness to start initiative. the And every is side. they it is students seen that didn't in Even would are deployed an commercial say, it rates of all, they even before, through technology the comes are than everybody, European starting programs there our like pandemic as back on of the one funding because we if did mentioned And it things XX% we we not the of the such over year and act. for the largely what type there we just mentioned even as set pandemic, come country the gosh, closer several in we out ARR a Act. typically strength QX it into to to though mention It's what last

funding some So started. just programs are getting

continue are in to be anticipating And coming buying strong to we see it strong. we there. the remain So months,

Matthew Hedberg

missed great. Got That's I Jill, it. And it. then, maybe

was way think You quantified get it, QX. of device large know, ARR just a or don't to count shifted early that it's a I but sense X sort don't to any QX kind noted there you if from that for renewal. of I --

sequential to think a rightsize about would growth we trying how get we when that this Just for the quarter. sense

Jill Putman

had in actually Yes. well we closing as, large It early the -- into anticipated license it was originally with QX. a QX, contract course, who anticipated large license as of swapped We that. existing maintenance -- along goes a actually expansion that customers

part of in was that our exceed So quarter. the

Operator

the from of Moskowitz comes question Gregg Mizuho. next line Our of

Gregg Moskowitz

Okay.

to ZTNA I optimize be was IP opportunity is Wandera's So a technology follow-up Jamf Dean, to realize asking Protect enhance selling from going can Wandera And about. to just there bit what and where Protect's and discretely. the of of integrate perhaps some an But you you're start anti-malware. Raimo a with

Dean Hager

Thanks softball tremendous a yes, there. the question, that, And yes for In answer. We threw opportunity. is Gregg. the see you me

words, there solutions and By own literally there and few done customers are then sense, make have themselves everything driving mobile they've providing that market that X out a One valuable by but offers acquisition our don't Apple-first with that offers, have a forces the even other it They're we same overlap in complementary. for our this, customers. together. love protect about more workforce X that manage been solutions. Jamf to this connect, have driven Wandera's take been of Yet, is and sales things together customer, makes in us that valuable everything have In way. incredibly will and the Wandera we our integrated them already any an sales. devices that that desire The integration

to millions private So it many great using iOS better there they've yes, simply had a we're going what experience users Mac than to won't integration that there opportunities with work of be a either. and bring cross-platform going for and out are integrated be networks. potentially ZTNA solution is historical to identity, connection virtual

Gregg Moskowitz

And companies That's customer right. how level? just helpful. very overlap between you All say the much how guys are at roughly and exist customers to Wandera many has does able any two

Dean Hager

using and mobile Jam even value Wandera that they're they're is still from customer And can very But terrific we They Jamf by even we have both at go devices, have the time provide on for for what not management We're the over have solutions, overlap. when found, iOS it's using our still in talk what's greater that customers. that to prepared well. analysis. bringing device have this Mac. a customer we solution has doing frequently already in We're X,XXX more about and because as

on we're running might So base, today. same the be devices running while we not necessarily customer the within same

Operator

David next of Canaccord. from question comes Our Hynes

David Hynes

Congrats macOS. on the shared about you results. I ask wanted strong Dean, stat the around for penetration to you

to pretty exceptional I said is XX% XX%, growth. think you which

what whether that the talk we Mac's just COVID those helpful. typically How point acceleration, about you're think along X gains you talk 'XX? gains. driven? about it was X Any in color about pace would I Can of thinking of to share annual lines be drove Your view

Dean Hager

Sure.

more. and in organizations was for that that Just I was the January. which of on that X,XXX that the that that penetration study in than exact data organizations XXXX, did movement by U.S. point XXX% It was units for so but was showed remember report X growth percentage December, XXXX. for XX% X,XXX I then Mac growth course, it Mac in over then, in of clarity, they of and Mac. published an now, believe, people. can't enterprise QX, XX%, their They in of or study, data IDC greater was And about XX% the a reinforced was December it in growth

that of consumerization homes, of seen the they're home issued but within want longer to enterprise. that we IT, have increase use the we believe definitely And already love work use seeing we people driver an that and overall So is Mac's is growth what that that no they and in are rather the what of work use Mac. their at that

that it believe So that Apple does. as organization to consumer-simple that growth known work the solution that we exactly movement still continue, will provided for. is Jamf so what to secure Mac the Mac and That's continues, that allows manage has a

David Hynes

just to want I sure Yes. Perfect. Jill, And make the correctly. I'm understanding guidance

prior year $X million Did for range $X Connect exclude from there. full that by of the half raised million. the you questions the on revenue Two that guidance range second So already expected XX% about the that's to talked So question one. from out? then million, $XXX to $XXX would incremental million pushes two, be that that X% this to you question correct? And Wandera, the

Jill Putman

already the did would guidance we're X% Yes, the talked back did out that we the then incremental it, about we're question. previous the be on original We to giving. to absolutely $X Good and Yes. to consistent exclude guidance so explained And XX% our for that. the guidance that year, million. that holding and

million other layered not to that Wandera of would that information have given range just top. $XX $X the be on into We than million we've any

Operator

Auty comes question Sterling next Our JPMorgan. from of

Sterling Auty

the think available, questions made could your really have been but other is stand one especially technology with when the Dean, the iOS today? devices we you're side the options chip were Where relative side innovation, from only asked, my of platform X. that does set the my especially to XG-enabled the devices? MX new Most about market, be, would support from competitive that How on differentiation when day

Dean Hager

some day both customers and Sur, Jamf the chip several the for there today Jamf's fall, that help that were the system. chip And the system to was that very good late the operating differentiation released There MX though the for or X Without by operating doubt, not available. other Sterling. the that our question, even a support to providers reasons out solutions operating succeed you were ability of here light fortune is in the able be a that emergence chip they has do of why still and system last Apple. shine seen on big, think all today, the the Jamf because still I Thank with Mac Yes. \ supported Big are

true. As at same look iOS, is the you

showcased all with And same-day experience our loved they part same QX operating solutions Apple with is X believe did, and end and that Our we still organization the built readiness of But key systems of in the still user delivering of organization as efficiency differentiation. we the we yet about privacy, way empowerment of control that that focusing the but want small the technology. way or the they the the in other the all on is that our and as overall, part user a Wandera allowing security it delivers the and the is In products that was -- empowering giving users Jamf which well that performance is what in Apple things just doing the things that, simple overall differentiation, with a required. them requires. a words, I consumer

Operator

Josh question comes next of from Needham. Our Reilly

Joshua Reilly

on Congrats quarter. the strong

had question I a So on Connect.

to demand And what's product on Azure the cloud then product that for relative follow-up. should well we that with? color I the growth Okta about the more for some over think obviously, I'd integrates last So like adoption quite driving to get year. done a like that identity there? or providers product have has quick How correlation

Dean Hager

the single user a adopting are authentication, and identity whatever a experience happen being for to useful security able cells, authenticating that Sure. use as tool in more your to, tool. cloud really you also be providers and Clearly, is more organizations cloud identity to X

been can to that great you've So because of Mac. Jamf the as adoption we Connect identity use essentially cloud authenticate organizations have adopting seen cloud to identity

and a the creates private and will to once have at don't because same the identity, the with going that we're to authenticate -- a partner So ourselves to on we're you better level we next overall access a But again at be a that you actually cloud With using going time. to your we into great also solution device providers also And Wandera the work create improve the cloud using take of to Wandera, in identity an identity experience Mac. actually itself, all the leverage not connection work your network, resources once user through Access. both that's experience security Private provider and

Joshua Reilly

And Connect Any much Great. in how on-premise be then would revenue there versus follow-up was Okay. related that, of just helpful. product on subscriptions? actual on-premise a to revenue the color outperformance the subscription

Jill Putman

both the that. and take unusually was a that Connect. of really combination X, It of on I'll one. Yes, large side either Pro Nothing

Operator

Ikeda Our America. Koji next comes Bank question of of from

Koji Ikeda

anything business. of couple in there here. I iOS the of else prepared your is Mac On that you the or Dean, questions other said Wandera, Is business? that about think a of there? What's in remarks XX% the is Just XX%

Dean Hager

The all remainder would be much make of question. that XX% be Windows, up endpoints Android, Mac, with, familiar Great other would pretty mix remaining you'd of Thanks. XX%. a the that

Koji Ikeda

But color a wanted to anything initial would that new. I early Got saw that you customers, reaction Okay. from partners, of it. within helpful. Security. still lot fully any completed of is adoption but talk on it's on and I guess, bit from questions guys a And sort little I be the CMD then guess, stack? about tech integrated that I acquisition, gears mean, I Wandera, switch

Dean Hager

Yes. the for question. Thanks

organization. telemetry Jamf integration closed. received information, a greater is well hand customers Just off Mac customers. to when for that called our the where to the word product CMDreporter to that CMD is And acquisition. was acquisition of the closed or type the system of acquired is And everybody's from grabs the the assets and is from first the whatever the with quarter, security telemetry value again, SIM very from of for customers was in log-in exact that small that combination that we by Security, tuck-in essentially delivers something delivers, able our It we the we them, the security got

overall, to our terrific just quantifiable nothing So received just yet. anecdotal, you we've that. on But response customers from give

Koji Ikeda

Congrats a great it. quarter Got the and on Wandera acquisition.

Dean Hager

Thanks it. a Appreciate lot.

Operator

from next Pat of Our JMP question Securities. Walravens comes

Joey Marincek

This is Joey for Marincek on Pat.

our from end. two Just

an What So be just strong. us retention, which want is can update on playing. you dig first, that? that's on to net then driving And and in secondly, Mondada I second give to how -- continues

Dean Hager

Absolutely. Thanks question. the for

what customers, just I'm customer all, the net is just it first to does. drives a you great you overall of product support that retention speak retention. mean First revenue retention, of and on just our say I'll without assuming does what that --

products So those that's by support for revenue to and retention. our customers, net we do providing the #X that thing

question, take that, that then Beyond Jill and I'll let handle up rest the I'll of on Mondada.

Jill Putman

Yes.

anywhere, about by offset And There's two verticals retention when of those it those that of rates driver think our That's retention growing add-on net of over top on mix But of our kind business we kind here a some the different are it through well point sell. And commercial of price the So we drivers commercial growth. that across really of and saw to the our our mix faster really nothing products education of as pull then education. with device bit versus business, factors. going a, is a softness and primary tends was forward. commercial at higher as COVID as then that if our we about growth well. little significantly really

last from consistency just the quarters So over several absolute single verticals.

Joey Marincek

give if on can on then that? update And just just Mondada, you an us

Dean Hager

the already provided supporting customers our reception application so for I'm quickly value. acquisition and improvement And not value on Mac, titles integrated taking, to the just sorry. yet. solution ideas again, greater itself. We a Mac over tremendous XXX been today for and have and our done updating small We've it's delivering and from we're for installation customer Yes, We're the tuck-in customers. appreciation for more actually and the

we're not and delivered, that front. on innovating value customer done, integration initial done the So

Operator

concludes for participating. Ladies Thank you. gentlemen, conference and today's you Thank call. this

You disconnect. now may

Jamf Holding (JAMF) 12 May 212021 Q1 Earnings call transcript