Jamf Holding Corp (JAMF) 2024 Q3 法說會逐字稿

Thank you for standing by and welcome to Jamf's third-quarter, 2024 earnings conference call. (Operator Instructions) As a reminder today's program is being recorded. And now I'd like to introduce Jennifer Gaumond, Vice President, investor Relations.

感謝您的耐心等待並歡迎參加 Jamf 2024 年第三季財報電話會議。（操作員說明）提醒一下，今天的節目正在錄製中。現在我想介紹投資人關係副總裁 Jennifer Gaumond。

Good afternoon. And thank you for joining today's call to discuss Jamf's third-quarter, 2024 financial results. Joining me on today's call are John Strosahl, Chief Executive Officer; and Ian Goodkind, outgoing CFO, and David RDO incoming CFO.

午安.感謝您參加今天的電話會議，討論 Jamf 2024 年第三季的財務表現。與我一起參加今天電話會議的還有執行長 John Strosahl；即將離任的財務長伊恩‧古德金德 (Ian Goodkind) 和即將上任的財務長戴維‧RDO (David RDO)。

Before we begin, a reminder that shortly after the market closed today, we issued a press release announcing our third quarter financial results. We also published our Q3 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.

在我們開始之前，請提醒大家，今天收盤後不久，我們發布了一份新聞稿，宣布了我們的第三季財務業績。我們還發布了第三季投資者和收益簡報以及包含季度財務報表的 Excel 文件，以協助建模。您可以在 jamf.com 的投資者關係部分存取此資訊。

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.

今天的討論包括前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果和趨勢與我們的預測有重大差異。如需了解更多詳情，請參閱我們最新的 SEC 報告（包括我們最新的 10-K 表格年度報告）中討論的風險因素和其他資訊。

Jamf's 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 the call over to John.

Jamf's 不承擔更新前瞻性陳述的義務，這些陳述僅代表發布當日的情況。我們還將參考與 Jamf 績效調整相關的一些非 GAAP 衡量標準，以與我們的收益發布中提供的最接近的可比較 GAAP 衡量標準進行比較。為了便於進行完整的問答，請將自己限制在一個初始問題和一個後續問題上。現在我將把電話轉給約翰。

Thanks, Jen. Q3 was another quarter of strong performance with revenue and non-GAAP operating income exceeding the high end of our outlook. Q3 year over year revenue growth was 12% with subscription revenue representing 98% of the total. Non-GAAP operating income reached $27.7 million, representing a non-GAAP operating income margin of 17% and 800 basis points. Improvement from the prior year period.

謝謝，珍。第三季度是另一個表現強勁的季度，收入和非公認會計原則營業收入超過了我們預期的上限。第三季營收年增 12%，其中訂閱收入佔總營收的 98%。非 GAAP 營業收入達到 2,770 萬美元，非 GAAP 營業利潤率為 17% 和 800 個基點。較上年同期有所改善。

ARR grew 12% year over year to $635 million driven by our commercial business and continued demand for our security solutions. Our platform now supports 33.9 million devices and 76,000 customers. Due to our recent comprehensive systems update, we made a one-time adjustment to reset both our device and our customer accounts.

在我們的商業業務和對安全解決方案的持續需求的推動下，ARR 年比成長 12%，達到 6.35 億美元。我們的平台現在支援 3,390 萬台設備和 76,000 名客戶。由於我們最近進行了全面的系統更新，我們進行了一次性調整以重置我們的設備和客戶帳戶。

The adjustment includes items like updating MSPs to count as a single customer each. In addition, we recognize revenue for certain licenses that mirrors the expected life of the device or expected usage of the product.

調整包括更新 MSP 以將每個 MSP 計為單一客戶等項目。此外，我們也確認某些許可證的收入，這些許可證反映了設備的預期壽命或產品的預期使用情況。

Some customers with these licenses are extending the usage of devices past the revenue recognition period. Therefore, as we are no longer recognizing revenues for these licenses, we have removed them from our device and customer accounts. Excluding these adjustments, device ads would be similar to Q2 and customer ads would be similar to Q1.

一些擁有這些許可證的客戶將設備的使用時間延長到收入確認期之後。因此，由於我們不再確認這些許可證的收入，因此我們已將它們從我們的設備和客戶帳戶中刪除。排除這些調整，設備廣告將與第二季類似，客戶廣告將與第一季類似。

42% of our customers run both a Jamf management and security solution, up from 41% in Q2. Security, ARR reached another milestone. Surpassing $150 million of ARR. In Q3. We ended Q3 with security ARR of $152 million, representing growth of 26%.

42% 的客戶同時運行 Jamf 管理和安全解決方案，高於第二季的 41%。安全性方面，ARR 達到了另一個里程碑。ARR 超過 1.5 億美元。在第三季。第三季結束時，我們的安全 ARR 為 1.52 億美元，成長了 26%。

Security represented 24% of Jamf's total ARR in Q3, up from 23% in Q2. This growth was driven primarily by demand for Jamf business plan which saw its largest customer increase in the history of the bundle demand remains strong across a diverse set of industries despite tight customer budgets and extensive approval processes.

第三季度，安全性佔 Jamf 總 ARR 的 24%，高於第二季的 23%。這一增長主要是由對 Jamf 業務計劃的需求推動的，該計劃見證了歷史上最大的客戶增長，儘管客戶預算緊張且審批流程廣泛，但各個行業的捆綁需求仍然強勁。

We're encouraged by growth again in three of our top five industries, professional services, financial services, and retail. While we continue to see muted growth in tech and K-12. PC shipment reports showed slightly overall industry declines in Q3, following two quarters of growth.

我們對前五個行業中的三個行業——專業服務、金融服務和零售——的成長再次感到鼓舞。儘管我們繼續看到科技和 K-12 領域的成長乏力。PC 出貨量報告顯示，繼兩季的成長之後，第三季整個產業略有下降。

Mac shipment data was mixed with, IDC showing a decline and Gartner showing growth in Q3. When looking at year-to-date shipments, Apple shipments remained flat despite the slowness in the PC market. Industry analysts expect a recovery, fueled by demand for AI-PCs and the end of Windows 10 support in late 2025.

Mac 出貨量數據好壞參半，IDC 顯示第三季下降，Gartner 顯示第三季成長。從今年迄今的出貨量來看，儘管個人電腦市場成長緩慢，蘋果的出貨量仍保持穩定。產業分析師預計，在 AI-PC 需求以及 Windows 10 支援將於 2025 年底終止的推動下，經濟將出現復甦。

Shipment data and quarterly fluctuations there in do not directly impact our business and are more of a barometer for the health of the industry. This is even more true in the mobile space due to the large number of overall devices currently in the market that are unmanaged or undermanaged.

其中的出貨數據和季度波動不會直接影響我們的業務，更多的是產業健康狀況的晴雨表。在行動領域更是如此，因為目前市場上有大量設備不受管理或管理不足。

I'm especially proud of our strong performance this quarter, given the recent go live of our comprehensive system update which will enhance both the customer and partner experience. This is a key milestone for our scalability and efficiency initiatives to drive future growth and margin expansion.

鑑於我們最近上線的全面系統更新將增強客戶和合作夥伴的體驗，我對本季的強勁表現感到特別自豪。這是我們推動未來成長和利潤擴張的可擴展性和效率計劃的一個重要里程碑。

We also launched our Jamf partner hub and new partner program which will drive more business through our channel partners, increasing the efficiency of our go to market organization. We recently brought on a new channel leader to execute our strategy, focusing on ecosystem growth, and removing friction from the sales process.

我們還推出了 Jamf 合作夥伴中心和新合作夥伴計劃，這將透過我們的通路合作夥伴推動更多業務，提高我們進入市場組織的效率。我們最近任命了一位新的通路領導者來執行我們的策略，專注於生態系統的成長，並消除銷售流程中的摩擦。

In Q3, we entered into two strategic agreements with key partners to help drive additional value for customers. First, a five year agreement as part of the Microsoft ISV partner program, expanding our existing collaboration with Microsoft with new and innovative Microsoft cloud and AI powered solutions for our joint customers Jamf solutions will be hosted on Azure and available for purchase on the Azure marketplace by late 2024.

在第三季度，我們與主要合作夥伴簽訂了兩項策略協議，以幫助為客戶帶來額外價值。首先，作為Microsoft ISV 合作夥伴計畫的一部分，我們簽訂了一份為期五年的協議，透過為我們的共同客戶提供全新的創新Microsoft 雲端和AI 驅動的解決方案，擴大了我們與Microsoft 的現有合作Jamf 解決方案將託管在Azure 上，並可在Azure 市場上購買至 2024 年底。

Second, we joined the Okta Elevate Partner Program to drive further go to market alignment and accelerate our product innovation between our two companies. This partnership will enhance our cloud identity solutions for Apple devices, providing a seamless secure log in experience for shared customers.

其次，我們加入了 Okta Elevate 合作夥伴計劃，以進一步推動市場協調並加速我們兩家公司之間的產品創新。此次合作將增強我們針對 Apple 裝置的雲端身分解決方案，為共享客戶提供無縫的安全登入體驗。

We're excited to see the benefits of these initiatives to our business as we continue to progress toward our goal of achieving the Rule of 40 as outlined at our investor day. We capped off a busy Q3 with our premier customer event, the 15th annual Jamf Nation User Conference or JNUC. Under the theme, Go Further, we highlighted innovations making management and security simpler for Apple driven teams. Key announcements included enhancements to compliance features, our new AI assistant and insights from partners like Apple.

我們很高興看到這些舉措為我們的業務帶來的好處，因為我們將繼續朝著實現投資者日所概述的 40 條規則的目標前進。我們以我們的首要客戶活動——第 15 屆年度 Jamf Nation 用戶大會（JNUC）結束了忙碌的第三季。在「進一步發展」這個主題下，我們重點介紹了讓 Apple 驅動的團隊的管理和安全變得更加簡單的創新。主要公告包括合規功能的增強、我們新的人工智慧助理以及來自蘋果等合作夥伴的見解。

We also hosted an investor product session led by our Chief Innovation Officer, Jason Wudi, showcasing our latest innovations and how each drives value for our key buyer personas which are Mac Enterprise, Enterprise Mobile, SMB, and K-12. Moving forward, we will be focusing on these buyer personas as we refine our go to market approach.

我們還舉辦了由首席創新長 Jason Wudi 主持的投資者產品會議，展示了我們的最新創新以及每項創新如何為 Mac Enterprise、Enterprise Mobile、SMB 和 K-12 等關鍵買家角色帶來價值。展望未來，我們將在完善市場策略時重點關注這些買家角色。

For the remainder of my remarks, I'd like to use the strategic growth drivers we discussed during our Investor Day, Mac leadership, mobile expansion, management plus security, and international expansion, to highlight some of the successes we saw in Q3.

在接下來的發言中，我想利用我們在投資者日討論的策略成長驅動因素、Mac 領導力、行動擴張、管理加安全性以及國際擴張來強調我們在第三季度取得的一些成功。

In Mac leadership, we continue to demonstrate our ability to support Mac in any business setting. A clinical health care company that leverages AI to automate their patient journey. Recently expanded from Jamf Pro to Jamf business plan, adding nearly 1,000 devices.

在 Mac 領域的領導地位，我們繼續展示我們在任何商業環境中支援 Mac 的能力。一家臨床醫療保健公司，利用人工智慧實現患者旅程自動化。最近從 Jamf Pro 擴展到 Jamf 商業計劃，增加了近 1,000 台設備。

The company is a long time Jamf customer who previously utilized Jamf Pro through an MSP but has now moved it entirely in house. Key to this win was our ability to demonstrate the value of our trusted access platform for a seamless user experience and vendor consolidation.

該公司是 Jamf 的長期客戶，之前透過 MSP 使用 Jamf Pro，但現在已完全將其轉移到內部。此次勝利的關鍵是我們能夠展示我們值得信賴的存取平台對於無縫用戶體驗和供應商整合的價值。

Second, mobile expansion saw a number of large deals in Q3 with seven of the TOP10 including the mobile component. Our largest deal was one of the world's largest biotech companies that expanded with Jamf for their 30,000 IOS devices.

其次，行動業務擴張在第三季出現了一系列大型交易，其中 TOP10 中有 7 個交易包括行動業務。我們最大的交易是世界上最大的生物技術公司之一，該公司與 Jamf 合作擴展其 30,000 台 IOS 設備。

Customers are not only expanding with mobile for their desk bound workers but also in the deskless space. Jamf's deskless workflows continue to provide unique solutions for use cases across transportation, health care, and many other industries. We believe the deskless opportunity is significant and will continue to grow as companies look to manage and secure all devices in their fleet regardless of location.

客戶不僅在為坐在辦公桌前的員工提供行動服務，也為無辦公桌空間的員工提供行動服務。Jamf 的無桌面工作流程繼續為運輸、醫療保健和許多其他行業的用例提供獨特的解決方案。我們相信，無辦公桌機會是巨大的，並且隨著公司希望管理和保護其設備中的所有設備（無論位於何處），無辦公桌機會將繼續增長。

In Q3, we saw a number of customers in the emergency care space choose Jamf. A US based air ambulance service provider was struggling with iPad, updating midflight, creating safety issues along with slow performance and decreased reliability of their solution.

在第三季度，我們看到緊急護理領域的許多客戶選擇了 Jamf。一家美國空中救護服務供應商在使用 iPad 時遇到了困難，在飛行途中更新、造成安全問題以及解決方案性能緩慢和可靠性下降。

An upcoming device refresh gave our team the opportunity to showcase Jamf Pro as well as introduce our new mobile security skew. This new SKU is the perfect solution providing a cost effective way to solve these pain points. We've seen great traction with this solution since its launch in August.

即將推出的設備更新使我們的團隊有機會展示 Jamf Pro 並介紹我們新的行動安全傾斜。這個新的 SKU 是完美的解決方案，提供了一種經濟有效的方法來解決這些痛點。自八月推出以來，我們看到了該解決方案的巨大吸引力。

The power of Jamf management and security delivered seamlessly on one platform continues to resonate with our customers as they heighten their security posture and look for ways to reduce overall vendor spend.

在一個平台上無縫交付的 Jamf 管理和安全功能繼續引起我們客戶的共鳴，因為他們加強了安全狀況並尋找減少供應商整體支出的方法。

The number of deals we saw with both a management and security component continues to grow with 16 of our top 20 deals in Q3 including a security component. Currently, approximately 40% of our overall commercial pipeline is made up of security opportunities.

我們看到的管理和安全組件的交易數量持續成長，第三季前 20 筆交易中有 16 筆包含安全元件。目前，我們整個商業管道的大約 40% 由安全機會組成。

Investments in strategic geographies with growing Apple adoption is a key area of focus. Given the growth opportunities we see outside the United States. In Q3, a leading public IT service provider in Germany serving over 270 schools purchased 18,500 seats of Jamf safe internet after facing a youth protection case when a student accessed a violent website from a home network. Our teams were able to provide a long term solution that not only covered the customer's immediate issue but equip them with a solution to potentially deploy across their entire customer set.

隨著蘋果公司的採用率不斷提高，對戰略地區的投資是一個重點關注領域。鑑於我們在美國以外看到的成長機會。第三季度，德國一家領先的公共IT 服務提供者為270 多所學校提供服務，該提供者在面臨青少年保護案件（一名學生從家庭網路訪問暴力網站）後購買了Jamf 安全互聯網的18,500 個席位。我們的團隊能夠提供長期解決方案，不僅涵蓋客戶當前的問題，還為他們提供了一個可以在整個客戶群中部署的解決方案。

In Q3 A military organization purchased Jamf executive threat protection for its executives and VIPs in an effort to improve their security posture and reduce administrative workload. As a reminder, JETP is a one of a kind solution that provides deep analysis of mobile security threats that's easy to use, scalable, and privacy centric, and it looks for indicators of attacks as well as indicators for compromise on mobile devices.

第三季度，一個軍事組織為其高階主管和 VIP 購買了 Jamf 高層威脅防護，以改善其安全狀況並減少管理工作量。提醒一下，JETP 是獨一無二的解決方案，可對行動安全威脅進行深入分析，易於使用、可擴展且以隱私為中心，並且它會查找攻擊指標以及行動裝置上的妥協指標。

JETP opens up additional opportunities for Jamf with high profile global organizations and further cements Jamf as a leader in security. Before I hand it over to Ian, I'd like to thank him for his contributions over the last five years and wish him the best. I'd also like to welcome David Rudo as our new CFO, David will say a few words at the end of our prepared remarks.

JETP 為 Jamf 與知名全球組織合作提供了更多機會，並進一步鞏固了 Jamf 作為安全領域領導者的地位。在將其交給 Ian 之前，我要感謝他在過去五年中所做的貢獻並祝他一切順利。我還要歡迎 David Rudo 成為我們的新任首席財務官，David 將在我們準備好的發言結束時說幾句話。

Thanks John. Q3 year over year revenue growth was 12%, exceeding the high end of our revenue outlook. SaaS recurring revenue remains strong in Q3, growing 13%. Less strategic revenue sources like license services and on-premise revenues continue to experience year over year decline.

謝謝約翰。第三季營收年增 12%，超過了我們收入預期的上限。第三季 SaaS 經常性營收依然強勁，成長 13%。許可證服務和本地收入等策略性較低的收入來源繼續逐年下降。

We ended Q3 with total ARR of 635 million, representing year over year growth of 12%. Jamf commercial ARR was 75% of Jamf's total ARR; and security ARR was 24% of the total. Net retention remained flat at 106% when compared to Q2.

第三季末，我們的總 ARR 為 6.35 億，年成長 12%。Jamf 商業 ARR 佔 Jamf 總 ARR 的 75%；安全ARR佔總數的24%。與第二季相比，淨留存率持平於 106%。

The remainder of my remarks on margins, expense items, and profitability will be on a non-GAAP basis. Our GAAP financial results along with the reconciliation between GAAP and non-GAAP are found in our earnings release.

我對利潤率、費用項目和盈利能力的其餘評論將基於非公認會計原則。我們的 GAAP 財務表現以及 GAAP 和非 GAAP 之間的調整表可在我們的收益報告中找到。

Q3, non-GAAP gross profit margin was 82% flat with Q2 and within our expectations. We continue to expect gross margins in the low 80% range and expect slight fluctuations each quarter.

第三季度，非 GAAP 毛利率為 82%，與第二季持平，符合我們的預期。我們繼續預計毛利率將在 80% 左右，並且每季都會出現小幅波動。

Non-GAAP operating income exceeded the high end of our Q3 outlook at $27.7 million or 17% margin due to cost saving initiatives and increased revenue. The 17% margin represents an 800 basis point improvement over Q3 2023.

由於成本節約措施和收入增加，非 GAAP 營業收入超出了我們第三季預期的上限，達到 2,770 萬美元，利潤率為 17%。17% 的利潤率比 2023 年第三季提高了 800 個基點。

Our trailing 12 month unlevered free cash flow margin was 13% compared to 11% in the prior year. Our effective tax rate for Q3 was negative 12% consistent with our expectations.

我們過去 12 個月的無槓桿自由現金流利潤率為 13%，而前一年為 11%。我們第三季的有效稅率為負 12%，符合我們的預期。

As a reminder for non-GAAP metrics, we use our domestic statutory rate for calculating tax impacts which is currently 24%. Please note that we pay a nominal amount of cash taxes.

作為非 GAAP 指標的提醒，我們使用國內法定稅率來計算稅收影響，目前為 24%。請注意，我們象徵性地繳納現金稅。

During our investor day in March, we outlined some key milestones that will help you track our progress against our goals in 2024. One, meet our quarterly financial outlook. In Q3, we exceeded the high end of both our revenue and non-GAAP operating income guidance ranges; two, achieve at least 25% growth in security ARR. Q3 year over year growth of security ARR was 26%.

在 3 月的投資者日期間，我們概述了一些關鍵里程碑，這些里程碑將幫助您追蹤我們 2024 年目標的進度。第一，滿足我們的季度財務展望。第三季度，我們的收入和非 GAAP 營業收入指引範圍均超出了上限；二、實現安全ARR至少25%的成長。第三季安全 ARR 年成長 26%。

Three, decreased G&A expense as a percent of total revenue. Q3 non-GAAP G&A margin was 14% similar to Q1 and Q2 and an approximate 100 basis point improvement from Q4 2023; four, decrease sales and marketing expense as a percent of total revenue. Q3 non-GAAP S&M margin was 32% improving 200 basis points from Q2 and improving approximately 400 basis points from Q4 2023.

第三，降低一般管理費用佔總收入的百分比。第三季非 GAAP G&A 利潤率為 14%，與第一季和第二季相似，較 2023 年第四季提高約 100 個基點；第四，降低銷售和行銷費用佔總收入的百分比。第三季非 GAAP S&M 利潤率為 32%，較第二季提高 200 個基點，較 2023 年第四季提高約 400 個基點。

Now turning to our outlook for Q4 and full year 2024. We continue to expect softness and device up sell through the remainder of 2024 while driving new local growth and cross sell in the areas John highlighted. With respect to profitability, we continue to see the cost savings benefits of our efficiency efforts.

現在轉向我們對第四季和 2024 年全年的展望。我們繼續預期 2024 年剩餘時間將出現疲軟和設備銷售上升，同時推動 John 強調的領域新的本地成長和交叉銷售。在獲利能力方面，我們繼續看到我們的效率努力帶來的成本節約效益。

Based on these factors for the fourth quarter of 2024, we expect total revenue of $161.9 million to $162.9 million, representing year over year growth of 7% to 8%. Non-GAAP operating income of $25.5 million to $26.5 million, representing a non-GAAP operating income margin of 16% at the midpoint.

基於這些因素，我們預計 2024 年第四季的總營收為 1.619 億美元至 1.629 億美元，年增 7% 至 8%。非 GAAP 營業收入為 2,550 萬美元至 2,650 萬美元，相當於非 GAAP 營業利潤率中點 16%。

For the full year 2024, given our continued strong performance in Q3, we are increasing our expectations as falls reflecting another beat and raise quarter. Total revenue of $626.3 million to $627.3 million, representing year over year growth of 12% at the midpoint. This reflects a midpoint increase of $2.8 million from our previous outlook.

對於 2024 年全年，鑑於我們在第三季的持續強勁表現，我們正在提高我們的預期，因為下跌反映了另一個季度的改善和上漲。總營收為 6.263 億美元至 6.273 億美元，較去年同期成長 12%。這反映出我們先前預期的中點增加了 280 萬美元。

Non-GAAP operating income of 98.8 to $99.8 million representing a non-GAAP operating income margin of 15.8% at the midpoint, an approximate 780 basis point improvement over fiscal year 2023. This also reflects a midpoint increase of $2.3 million from our previous outlook.

非 GAAP 營業收入為 98.8 至 9,980 萬美元，相當於中點的非 GAAP 營業利潤率為 15.8%，比 2023 財年提高約 780 個基點。這也反映出我們先前預期的中點增加了 230 萬美元。

We also provide estimates for amortization stock-based compensation and related payroll taxes and other metrics to assist with modeling in the earnings presentation as part of the webcast and also posted on our investor relations website. I'll now hand it over to David to say a few words.

我們還提供基於攤銷股票的薪酬和相關工資稅以及其他指標的估算，以協助在收益演示中進行建模，作為網絡廣播的一部分，並發佈在我們的投資者關係網站上。我現在請大衛說幾句話。

Thanks Ian. I'm delighted and honored to join the talented team at Jamf. The company has the market leadership position, a proven strategy of success, significant market opportunity, and a clear and attractive financial road map.

謝謝伊恩。我很高興也很榮幸能加入 Jamf 這個才華洋溢的團隊。該公司擁有市場領導地位、經過驗證的成功策略、重要的市場機會以及清晰且有吸引力的財務路線圖。

I'm excited to work with the entire team to continue and expand on Jamf success. I look forward to connecting with all of you in the coming weeks. Now, we will take your questions. Operator.

我很高興能與整個團隊合作，繼續並擴大 Jamf 的成功。我期待在接下來的幾週內與大家聯繫。現在，我們將回答您的問題。操作員。

Joshua Reilly, Needham.

約書亞賴利，尼達姆。

Yeah, thanks for taking my questions. Nice job on the quarter here. I guess maybe as we're kind of looking to close out the year here, you know, do you have any updated thoughts on the full year ARR growth? And maybe what are some of the puts and takes we should be considering that could influence or swing the exit year ARR growth?

是的，謝謝你回答我的問題。本季工作做得很好。我想也許是因為我們希望在這裡結束這一年，您對全年 ARR 成長有什麼最新的想法嗎？也許我們應該考慮哪些可能影響或改變退出年 ARR 成長的看跌期權和看跌期權？

Josh, it's Ian here. I'll take that question. You know, as you know, we don't guide to ARR but I'm going to give you the puts and takes, like you suggested, I'll maybe talk a little bit about them on Q3 and then how they roll on the Q4. But during the quarter, some of the things that were headwinds for us, education was a headwind. We, we saw was a little like continue to be tough sledding there. The new logos device expansion was tough sledding.

喬什，我是伊恩。我來回答這個問題。你知道，正如你所知，我們不指導 ARR，但我將向你提供看跌期權和看跌期權，就像你建議的那樣，我可能會在第三季度談論它們，然後討論它們如何在Q4。但在本季度，一些對我們不利的事情，教育是一個不利因素。我們，我們看到有點像繼續在那裡艱難地滑雪橇。新標誌設備的擴展是艱難的。

What we did see in education though, we actually saw our education bundle was pretty darn successful during the quarter, which gets us excited about the security side there. And we are looking forward to doing more with in the future.

不過，我們在教育方面確實看到了，我們實際上看到我們的教育包在本季度非常成功，這讓我們對那裡的安全方面感到興奮。我們期待未來能做更多的事。

And then on the commercial side, we saw a really good growth rates just on commercial in general. We saw growth rates. It was very strong for security, and we released a mobile security skew this quarter, which was one of our most successful launches for a product. And those are the things we factored in for Q4 as we've thought about it. And we, we believe that ARR growth rate will be similar to what we've seen from a revenue perspective for the year.

然後在商業方面，我們在商業方面總體上看到了非常好的成長率。我們看到了成長率。它的安全性非常強大，我們本季發布了行動安全傾斜，這是我們最成功的產品發布之一。這些是我們在考慮第四季時考慮的因素。我們相信，ARR 成長率將與我們從今年收入角度看到的成長率相似。

Got it. That's helpful. And then, you know, maybe just more broadly, you know, it seemed like the attendance was pretty strong at JNUC. I was there. I talked to a number of customers. It seemed like, you know, the dynamic was a little more positive versus the prior year.

知道了。這很有幫助。然後，你知道，也許更廣泛地說，你知道，JNUC 的出席人數似乎相當多。我在那裡。我和一些客戶交談過。你知道，與前一年相比，情況似乎更加積極。

I guess. I'm just curious, you know, more broadly, what's the feedback you heard from customers at the event in terms of their confidence to buy more products and maybe get back to a device expansion cadence in 2025. Thanks guys.

我猜。我只是好奇，更廣泛地說，您在活動中從客戶那裡聽到的反饋是什麼，他們有信心購買更多產品，並可能在 2025 年恢復設備擴展節奏。謝謝你們。

Yeah, Josh, John Strosahl here, I'll take your call or your question. And you were there, you really heard the applause that we got during the keynote and we started talking about some of our new product enhancements, blueprints, for example, self-service plus, which gives us a common dashboard for both management and security.

是的，喬什，約翰·斯特羅薩爾在這裡，我會接聽你的電話或你的問題。你在場，你真的聽到了我們在主題演講期間獲得的掌聲，我們開始談論我們的一些新產品增強功能、藍圖，例如自助服務增強版，它為我們提供了一個用於管理和安全的通用儀表板。

You know, our compliance benchmarks, really the capability of using our scale to the benefit of our other customers really resonated with them. And just walking the halls, there was even -- it's always been a good feel, but certainly this year, there was really a pep of people, step walking around. Very excited about some of the things that they've asked for that we've delivered. And we're excited about that and how it's going to carry us forward.

您知道，我們的合規基準，以及利用我們的規模為其他客戶謀取利益的能力，確實引起了他們的共鳴。就在大廳裡走來走去，甚至——這一直是一種很好的感覺，但今年，確實有一群人在四處走動。對於我們已經交付的他們要求的一些東西感到非常興奮。我們對此以及它將如何推動我們前進感到興奮。

Got it. Thank you.

知道了。謝謝。

Hamza Fodderwala, Morgan Stanley.

哈姆扎·福德瓦拉，摩根士丹利。

Hey, this is John Eisenson on for Hamza. Thank you very much for taking my question. So for John, can you talk a little bit more about how the data point have looked for the apple refresh across all devices? And then just for a follow up.

嘿，我是哈姆札的約翰‧艾森森。非常感謝您回答我的問題。那麼約翰，您能多談談蘋果在所有裝置上刷新資料點的情況嗎？然後只是為了跟進。

On top line, can you help us kind of frame expectations for next year's ARR growth? I don't know if there's any, any puts and takes you can provide on this call. And if there's any change from the prior guidance given at the Analyst Day earlier this year. Thank you.

最重要的是，您能否幫助我們建立對明年 ARR 成長的預期？我不知道您是否可以在這次電話會議上提供任何看跌期權和看跌期權。今年早些時候分析師日給出的指導是否有任何變化。謝謝。

Yeah, yeah, John, I'll answer the first part and, and and we can have one of our CFOs in the room talk about the second part of that. But certainly, you know, we're still awaiting a refresh in. And so the rest of the market and a couple of our largest industries and we've mentioned before, both tech hiring has been muted as well as education refresh.

是的，是的，約翰，我將回答第一部分，我們可以讓我們的財務長在房間裡談論第二部分。但當然，你知道，我們仍在等待更新。因此，市場的其餘部分和我們之前提到的幾個最大的行業，技術招聘和教育更新都已被抑制。

We're still anticipating that. We're starting to see little bits of that, especially out by the US. But we haven't seen that come in full force yet. If you look at the, reports the year over year increase in devices, you know, we've had a couple of years of declines and then the first two quarters of the year there were increases, with this last quarter showing a slight decline overall in a mixed bag on Apple. One agency will have Apple slightly down, the other will have them slightly up.

我們仍然對此充滿期待。我們開始看到一些這樣的情況，尤其是在美國。但我們還沒有看到它完全發揮作用。如果你看一下設備同比增長的報告，你就會知道，我們經歷了幾年的下降，然後今年的前兩個季度出現了增長，最後一個季度總體上略有下降蘋果的情況好壞參半。一家機構將蘋果的評級略微下調，另一家機構則將蘋果評級的評級稍高。

So we're not seeing that come back in full force yet. Just in speaking to customers, some of the things that we've heard that there is an anticipation of some more devices coming out with more powerful devices with Apple Silicon to help really address some of that on board AI processing. And so we believe in times of tight budgets, especially on the commercial side, some of these are waiting for some of these more powerful machines to come out. But you know, some are going along as the refresh cycle happens. But certainly that's something that we see that's still in front of us.

所以我們還沒有看到這種情況全面恢復。就在與客戶交談時，我們聽到的一些消息是，預計會有更多配備 Apple Silicon 的功能更強大的設備問世，以幫助真正解決一些機載人工智慧處理問題。因此，我們相信，在預算緊張的時期，尤其是在商業方面，其中一些正在等待一些更強大的機器問世。但你知道，有些是隨著刷新週期的發生而發生的。但當然，我們所看到的仍然擺在我們面前。

Yeah. And then John, this is David. The incoming CFO. I'll answer your question on ARR. We are in the process of building out our plan for next year. So hold tight, we will disclose details when we report our Q4 numbers, which probably February at some point.

是的。然後約翰，這是大衛。即將上任的財務長。我會在ARR上回答你的問題。我們正在製定明年的計劃。因此，請耐心等待，我們將在報告第四季度數據時披露詳細信息，可能是二月份的某個時候。

Got it. Thank you.

知道了。謝謝。

Jake Roberts, William Blair.

傑克羅伯茨，威廉布萊爾。

Thanks for taking the questions. Great to hear that Jamf business plan had the the largest customer increase in its history. Was there anything specific on the product front that helped drive that uptick or was that more of just the maturity of the go to market motion, and that team becoming more comfortable selling the product?

感謝您提出問題。很高興聽到 Jamf 業務計劃實現了其歷史上最大的客戶成長。產品方面是否有任何具體因素有助於推動這種成長，或者更多的是市場進入動向的成熟，以及團隊在銷售產品方面變得更加自如？

Yeah, Jake, I'll take that one. It, it's quite honestly both. You know, that the management and security together really has resonated with our customer base. And in fact, we've known or we've seen through the data that we have less churn and we have more upsell with those customers that actually buy the business plan. So we know that that's something that's doing really well.

是的，傑克，我要那個。確實，兩者都很誠實。您知道，管理和安全確實引起了我們客戶群的共鳴。事實上，我們已經知道或透過數據看到，我們的客戶流失率較低，而且我們對那些實際購買業務計劃的客戶進行了更多的追加銷售。所以我們知道這件事做得非常好。

And at the same time, as we talked about before, our go to market teams are really getting their arms around how to, how to work into how to lean heavily into the security. And the fact that they're becoming better at selling it and the fact that those two products work together so seamlessly, that's really helped us benefit in the business plan.

同時，正如我們之前談到的，我們的市場團隊確實正在努力研究如何、如何致力於如何大力關注安全性。事實上，他們的銷售能力越來越強，而且這兩種產品可以無縫地協同工作，這確實幫助我們在商業計劃中受益。

And as Ian mentioned in our mobile security solution, that also has really, really done well. The fact that they get multiple security solutions in one skew that they can put in, that's helped, that's helped us lean into security as well.

正如伊恩在我們的行動安全解決方案中提到的那樣，這也確實做得非常好。事實上，他們可以一次獲得多種安全解決方案，這很有幫助，也幫助我們轉向安全。

Helpful. Thank you. And then great to hear that 7 of the top 10 deals during the quarter include mobile. Curious if you're starting to see those opportunities ramp up just following the acquisition of workspace one. And maybe customers being frustrated by those changes of control or is it kind of just steady execution of mobile versus seeing those those opportunities ramp up?

有幫助。謝謝。很高興聽到本季排名前 10 的交易中有 7 個涉及行動業務。好奇您是否在收購工作區一後就開始看到這些機會增加。也許客戶對這些控制權的變化感到沮喪，或者這只是行動裝置的穩定執行而不是看到這些機會的增加？

You know, the replacement market has been really good for us. And we've mentioned the last couple quarters that, you know, some of our largest deals have come from that replacement market. And we continue to execute on that.

你知道，替換市場對我們來說非常有利。我們已經提到，過去幾個季度，我們的一些最大的交易都來自替換市場。我們將繼續執行這一點。

The fact that, you know, we have spent two decades working with Apple and innovating along with Apple at the pace of Apple has not done a notice by our customer base. And if there's any hesitance or lack of confidence in the customer's minds that their next solution isn't going to be as innovated as fast as Apple is going to do it, then obviously, that presents an opportunity for us. And we've leveraged that opportunity very well.

你知道，我們與蘋果合作了二十年，並以蘋果的步伐與蘋果一起創新，這一事實並沒有引起我們的客戶群的注意。如果客戶有任何猶豫或缺乏信心，認為他們的下一個解決方案不會像蘋果那樣快速創新，那麼顯然，這為我們提供了機會。我們很好地利用了這個機會。

Great. Thanks for taking the questions and congrats on the results.

偉大的。感謝您提出問題並對結果表示祝賀。

Thank you.

謝謝。

Remola Shah, Barclays.

雷莫拉·沙阿，巴克萊銀行。

Perfect. And can you address the Microsoft relationship a little bit? You know, on the one hand, you know, you're, you're partnering up, but like it's obviously a different ecosystem. And on the other hand, they're also like a competitor to some degree. Like how, how do we have to think about it? And what's the opportunity there?

完美的。您能談談與微軟的關係嗎？你知道，一方面，你知道，你正在合作，但就像這顯然是一個不同的生態系統。另一方面，他們在某種程度上也像競爭對手。比如，我們該如何思考？那裡有什麼機會？

Thanks Remola for the question. This is John, you know, Microsoft and Jamf is much more of an and than it is an or. And the fact that, you know, we already have several integrations today with Microsoft. Really, we just helped continue to progress that relationship even up until now and into the go to market motion.

感謝雷莫拉的提問。我是 John，您知道，Microsoft 和 Jamf 更像是“與”，而不是“或”。事實上，您知道，我們今天已經與 Microsoft 進行了多次整合。事實上，我們只是幫助繼續發展這種關係，直到現在並進入市場動議。

We've historically worked with AWS and selling our product to the AWS marketplace and that has gone really, really well and we're going to continue to do that and lean into AWS. But we also wanted to offer our customers that have, you know, a Microsoft footprint, an opportunity as well or an option as well in that area.

我們過去一直與 AWS 合作並將我們的產品銷售到 AWS 市場，進展非常非常順利，我們將繼續這樣做並傾向於 AWS。但我們也希望為那些擁有 Microsoft 足跡的客戶提供該領域的機會或選擇。

So we've deployed a multi cloud strategy that has allowed us to have our products hosted in the Azure cloud as well. And because of that, part of the ISD program, we're actually working with Microsoft and going to market so their sales team can co sell along with, with our sales team. And that, that's really been something we're excited about.

因此，我們部署了多雲策略，使我們的產品也可以託管在 Azure 雲端。因此，作為 ISD 計劃的一部分，我們實際上正在與 Microsoft 合作並進入市場，以便他們的銷售團隊可以與我們的銷售團隊共同銷售。這確實是我們感到興奮的事情。

We're going to actually officially launch, launch that at ignite here in November and this quarter. And we've got some great plans working with Microsoft really that both companies can benefit. There's very slight overlap in that area, but there's a wild amount of collaboration that we can do. And we have a lot of mutual customers.

我們將在 11 月和本季的 ignite 上正式發布。我們與微軟合作制定了一些偉大的計劃，確實使兩家公司都能受益。該領域的重疊非常少，但我們可以進行大量的合作。我們有很多共同的客戶。

Okay, perfect. And then one follow up, I know you addressed it in the foot note and I only saw it later. So I apologize for that. But like, can you talk a little bit about the customer, the total customer account? What you do -- what you did there? And is that -- was that a one off thing or are you still looking through that? And there's kind of more changes coming? Thank you.

好的，完美。然後，我知道你在腳註中提到了這一點，我後來才看到它。所以我對此表示歉意。但是，您能談談客戶、客戶總帳戶嗎？你做什麼——你在那裡做了什麼？那是——這是一次性的事情還是你仍在尋找它？還有更多的變化即將到來嗎？謝謝。

I'll take that question. So there was two aspects to it and you definitely touch on one. Any time you have any type of comprehensive system update you look at, you know, different metrics within your system. We did have kind of a one time as, as you talked about there, and that is truly just taking.

我來回答這個問題。所以它有兩個方面，你肯定會觸及其中一個方面。每當您進行任何類型的綜合系統更新時，您都會查看系統內的不同指標。正如您所說，我們確實有過一次這樣的經歷，那確實只是一次。

And a good example that looking at an MSP that maybe we count as multiple customers before now, it's one customer. So that that's definitely more of a one-time nature. There was also -- we recognize revenue for certain licenses over the period over an estimated period of the life of the device and education. And some of those educators came back and actually didn't refresh at the end of the quarter. But they're still using the device.

一個很好的例子是，我們之前可能將 MSP 視為多個客戶，但現在它只是一個客戶。所以這絕對是一次性的。還有 - 我們在設備和教育的預計使用壽命期間確認某些許可證的收入。其中一些教育工作者回來後實際上在季度末並沒有更新。但他們仍在使用該設備。

But our revenue ran off. So we took -- not only do we take the revenue off, I have enumerated, we took off the denominator too. We do think that's a little bit more contained within the quarter and everything else that could come from that is factored in within our guidance. So that is something that we've already contemplated within the numbers that we've provided you.

但我們的收入卻流失了。所以我們不只去掉了收入，我已經列舉了，我們還去掉了分母。我們確實認為本季度的情況有所改善，而由此可能產生的所有其他問題都已納入我們的指導範圍內。因此，我們已經在向您提供的數字中考慮到了這一點。

Okay, perfect. Thank you.

好的，完美。謝謝。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Thank you. Both of mine are going to be for David. Hi David. I'm really glad to see you took this job. So question number one is just, what made this opportunity stand out? So why did you want the role at Jamf?

偉大的。謝謝。我的兩個都是給大衛的。嗨大衛。我真的很高興看到你接受這份工作。所以第一個問題是，是什麼讓這個機會脫穎而出？那你為什麼想在 Jamf 擔任這個角色呢？

And then question number two is I mean, I checked the investor deck to see if the three-year model was still in slide 50. And obviously, it's awkward to come into a new role with a three-year model sitting out there but if you could just give us your thoughts on that, I think, everyone would really appreciate it. Yeah.

第二個問題是，我檢查了投資人資料，看看第 50 張投影片中是否還存在三年期模型。顯然，在一個工作了三年的模特兒的陪伴下進入一個新的角色是很尷尬的，但如果你能告訴我們你對此的想法，我想，每個人都會非常感激。是的。

Great, nice to speak with you again Pat after all these years. Yeah. No, I think, when, when I got the call on Jeff and I did some initial research and I had the opportunity to meet with John and the management team, really stood out of the dominance on the Apple ecosystem. And it's market leader. I think it's a great story.

太好了，很高興這麼多年後再次與你交談，帕特。是的。不，我認為，當我接到傑夫的電話時，我做了一些初步研究，並且有機會與約翰和管理團隊會面，真正從蘋果生態系統的主導地位中脫穎而出。它是市場領導者。我認為這是一個很棒的故事。

We have international expansion; we have expansion into security; we've got an awesome customer base. And I think the opportunity is quite impressive from here. So that's the reason why I came here. I'm looking forward to filling the big shoes that Ian leaves behind. But I'm very excited to be here, and I think it's going to be a great run that we're going to have in the coming years.

我們有國際擴張；我們已經擴展到安全領域；我們有一個很棒的客戶群。我認為這裡的機會非常令人印象深刻。這就是我來這裡的原因。我期待著填補伊恩留下的空缺。但我很高興來到這裡，我認為我們在未來幾年將會有一個偉大的發展。

And now a three-year model. Of course, coming in somewhere new, I took a look at three-year model. I studied the investor deck. I think it was a great set of information. We are currently building out the plan for next year. I think it seems reasonable. But we will update everybody as we look to provide guidance for fiscal '25 next year as we do that when we report Q4. But everything I'm seeing now seems that the model is reasonable.

現在是三年模型。當然，來到新的地方，我看了一下三年模型。我研究了投資者的牌組。我認為這是一組很棒的訊息。我們目前正在製定明年的計劃。我認為這似乎很有道理。但我們將向大家通報最新情況，因為我們希望為明年的 25 財年提供指導，就像我們在報告第四季時所做的那樣。但我現在看到的一切似乎該模型是合理的。

All right, perfect. Thank you very much.

好吧，完美。非常感謝。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Great. Thanks a lot guys. I first of all, best of luck in your next role. And David congrats from me as well. You know, John, I mean, you're not going to guide to 2025 yet, but I'm kind of curious when you sit here and you look at, you know, some of the puts and takes to this year and you kind of think about sources of offsite, obviously security is becoming a bigger part of the mix and it's growing a lot faster than the base business, bundles seem to be doing well, channel, etcetera. I mean, how would you sort of rank some of the most important world drivers that could maybe become even a bigger deal next year?

偉大的。非常感謝大家。首先，祝你在下一個角色中一切順利。大衛也向我表示祝賀。你知道，約翰，我的意思是，你還不會指導 2025 年，但當你坐在這裡，看看今年的一些看跌期權和拿單時，我有點好奇，你會喜歡考慮一下異地來源，顯然安全性正在成為組合中更重要的一部分，而且它的成長速度比基礎業務快得多，捆綁包、頻道等似乎表現良好。我的意思是，你會如何對一些最重要的世界車手進行排名，這些車手明年可能會變得更重要？

Yeah. Well, thanks Matt. I mean, we've got several -- if we just look at the environment, we've got several tailwinds that are helping us. We've got an anticipated refresh cycle that we haven't seen yet. We believe the tech hiring is going to come back. We believe also that education is going to at some point refresh those devices that, that they have. You know, those kids are only going to keep those iPads for so long before they need to refresh them.

是的。嗯，謝謝馬特。我的意思是，我們有幾個——如果我們只看一下環境，就會發現有幾個有利的因素在幫助我們。我們已經有了一個我們尚未看到的預期刷新周期。我們相信技術招聘將會回歸。我們也相信，教育將在某個時候刷新他們所擁有的設備。您知道，這些孩子只會保留 iPad 一段時間，然後就需要更新它們。

You know, we're -- the security is getting a lot of tractions. You see, we got over $150 million in ARR and security this quarter, we've surpassed that. And it continues to grow in the mid 20s. And it not only resonating with our customers, but we go to market motion is getting a lot more efficient as well.

你知道，我們的安全性受到了極大的關注。您看，本季我們在 ARR 和安全方面獲得了超過 1.5 億美元的收入，我們已經超過了這個數字。並且在 20 年代中期繼續增長。它不僅引起了我們的客戶的共鳴，而且我們的市場行動也變得更有效率。

And you know, some of the things that we talked about that comprehensive system update gave us the capability to do things like leverage our channel more. And we, we spoke about this before, but it gives us an opportunity to have a partner portal where channel partners can come in and actually register their own deal as opposed to having to call a Jamf sales person, which is very inefficient on our side, very inefficient on their side.

你知道，我們談到的一些全面系統更新讓我們有能力做更多事情，例如更多地利用我們的管道。我們之前談過這一點，但這讓我們有機會擁有一個合作夥伴門戶，通路合作夥伴可以進來並實際註冊自己的交易，而不必致電 Jamf 銷售人員，這對我們來說效率非常低，他們這邊效率非常低。

So we've had that. We've had hundreds of transactions already go through that model just in the first quarter of actually releasing it. So that's going to help us quite a bit as well. I think, you know, I mentioned already the expansion of Apple in the marketplace. If you look at the choice programs out there, two thirds of the people will choose a Mac according to the studies that we have seen that have been published in a couple of different companies, and more and more companies are offering that choice program.

所以我們就這樣了。僅在實際發布的第一季度，我們就已經有數百筆交易通過了該模型。所以這也會對我們有很大幫助。我想，你知道，我已經提到蘋果公司在市場上的擴張。如果你看看那裡的選擇計劃，根據我們看到的幾家不同公司發布的研究，三分之二的人會選擇 Mac，而且越來越多的公司正在提供這種選擇計劃。

So we have every reason to believe that Apple will continue to expand in the enterprise as have been their stated intention that they have noted on their earnings calls as well. We've got a great opportunity in mobile. We've talked about that before as well.

因此，我們有充分的理由相信，蘋果將繼續在企業領域擴張，正如他們在財報電話會議中所指出的那樣。我們在行動領域有一個很好的機會。我們之前也討論過這個問題。

This deskless opportunity is tremendous. And we haven't even talked about the international expansion, which international continues to grow at a faster pace than our domestic sales do. Even though the sales in the US are growing as well. There's just a great opportunity out there.

這種無辦公桌機會是巨大的。我們甚至還沒有談論國際擴張，國際擴張的速度繼續快於我們國內銷售的成長速度。儘管美國的銷量也在成長。那裡有一個很好的機會。

Just -- especially when we look at education, we've had a lot of international deals in education in Japan, and in Germany, in Taiwan. And not only as I mentioned earlier, we're getting some precursors of that refresh cycle going to happen, but there's also additional markets that we're working with apple and leading into those as well. And so those are really coming well in the pipeline. So all of those things together give us confidence.

只是——特別是當我們關注教育時，我們在日本、德國和台灣達成了許多教育的國際協議。不僅正如我之前提到的，我們正在獲得即將發生的更新周期的一些先兆，而且我們還與蘋果合作並進入了其他市場。所以這些確實正在順利進行中。所有這些都給了我們信心。

Thanks a lot. Great answer. Best of luck.

多謝。很好的答案。祝你好運。

Thank you. This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen for your participation. You may now disconnect. Good day.

謝謝。問答環節和今天的節目到此結束。謝謝女士們、先生們的參與。您現在可以斷開連線。再會。